AIG reports return to the black in Q4 and 2010
by Richard Kilner
Story link: AIG reports return to the black in Q4 and 2010
American International Group, Inc. has announced its financial results for the quarter and the year ended 31 December 2010.
In the fourth quarter, the firm made a net income of $11.2bn, equating to diluted earnings per share of $16.60, in stark contrast to the $8.9bn net loss ($16.50 per share) incurred during the same quarter in 2009.
It is also a great improvement on Q3 2010, when AIG made a net loss of $2.4bn.
Annual net income of $7.8bn was reported ($11.60 per share), a return to annual profitability after the net loss of $10.9bn ($90.48 per share) suffred during 2009.
President and Chief Executive Officer Robert H. Benmosche said that AIG reached many significant milestones during the year and remained committed to achieving long term profitability.
Benmosche added that 2011 would be a time for the firm to focus upon growth in its global businesses, as well as reducing costs.