Banking, finance, and taxes
AIG's Billions in Losses Overshadows Repayment Plans (AIG)
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American International Group Inc. (NYSE: AIG) has some wide losses being reported, even if comparing these to any real estimates will be a challenging feat. Most headlines are keying on a $2.4 billion loss due to charges after unit sales. This comes to -$17.62 EPS on a net basis, but from operations after eliminating asset divest charges and considering a tax benefit it posted a loss of -$1.47 EPS for the quarter. As far as revenues, this figure was down about 3% to $19.09 billion.
An interesting figure is that the stigma against AIG may be abating. Its net written premiums rose by close to 7% to $8.6 billion.
CEO Bob Benmosche said he is feeling well and still jogging despite his cancer; he also noted that property & casualty and its life insurance and retirement services are running well.
The headlines are taking the cake away from shareholders this morning. So far the government repayment plan and payback plan remains as it was earlier in the week after AIG raised roughly $37 billion that will be used in the government payback plan.
With about an hour until the market opens, AIG shares are down 3.1% at $43.35 and the 52-week trading range is $21.54 to $45.90.
JON C. OGG
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