Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


AIG Posts Surprise Q4 Adjusted Profit

Friday, February 22, 2013 4:27 AM
Insurance giant, American International Group (NYSE: AIG) reported late on Thursday that it swing into a loss in the fourth quarter as its bottom line took a hit from a loss stemming from the sale of its aircraft leasing business and Super storm Sandy; however, on adjusted basis, earnings topped Street’s estimate sending shares 4.27% higher in aftermarket trading. For the fiscal first quarter, AIG reported a net loss of $4 billion or $2.68 a share, compared to a profit of $21.5 billion or $11.31 a share, in the year-earlier quarter. The recently concluded quarter included a loss of $4.4 billion linked to a loss arising from the sale of aircraft leasing business, The International Lease Finance Corporation (ILFC) and $2 billion in payouts linked to Super Storm Sandy. Earlier in December 2012, AIG entered in a deal with an investors group to sell 90% stake in ILFC. The deal is likely to close in the fiscal second quarter of 2013, provided it is approved by regulators both in China and the U.S.  However, after adjusting onetime items, earnings came at 20 cents, which dumbfounded the Street. Analysts’ consensus estimate was for quarterly loss of 8 cents a share on revenue of $8.70 billion. In the same period of last year, AIG posted adjusted earnings of 82 cents a share. Among insurer’s different revenue generating segments, after-tax operating income from AIG's life-insurance business climbed 20 percent jump in the recently concluded quarter.  In direct investment book segment, the insurer reported after tax operating income of $509 million, up from after tax loss of $27 billion while capital markets operation segment posted after tax operating income of $300 million, up from after tax operating income of  $46 million in the year earlier quarter. In property and casualty division, AIG posted an after-tax operating loss of $945 million owing to the Sandy losses. In the fiscal 2012 net income came at $3.4 billion, or $2.04 per diluted share, compared to $20.6 billion, or $11.01 per diluted share, reported in fiscal 2011.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

China stocks retreat despite new moves to stave off crashChina stocks retreat despite new moves to stave off crash
SHANGHAI (Reuters) - Chinese stocks fell on Thursday in another highly volatile session even as regulators intensified efforts to put a floor under the sliding market. Before the market opened, Chin...
Asia shares subdued by Greek anxiety, dollar stands tallAsia shares subdued by Greek anxiety, dollar stands tall
TOKYO (Reuters) - Asian stocks were subdued on Thursday as Greece`s refusal to back down in a standoff with its creditors kept most markets on edge, while the dollar got a boost from upbeat U.S. eco...
ArcelorMittal Mexico unit to slash 2,800 jobs ArcelorMittal Mexico unit to slash 2,800 jobs
MONTERREY (Reuters) - ArcelorMittal, the world`s largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednes...
Asian markets tread water, China opens weak, investors watch Greek standoffAsian markets tread water, China opens weak, investors watch Greek standoff
HONG KONG (Reuters) - Asian shares lost early steadiness and Chinese stocks got off to a weak start on Thursday, while upbeat U.S. economic data helped the dollar gain as investors globally opted fo...
Oil prices stabilize after sliding on U.S. stock buildOil prices stabilize after sliding on U.S. stock build
SINGAPORE (Reuters) - Oil prices were broadly unchanged from their previous close in early trading on Thursday after tumbling 4 percent a day earlier as U.S. stockpiles rose for the first time in mo...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.