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 2014 the year you get RICH!

Latest Headlines

Audi expects to sell half million cars in China this yearAudi expects to sell half million cars in China this year
BEIJING (Reuters) - Volkswagen`s <VOWG_p.DE> luxury division Audi plans to sell about half a million cars this year in China, the world`s biggest auto market, and raise the number of its Chine...
Monte Paschi approves increasing size of capital increase to 5 billion eurosMonte Paschi approves increasing size of capital increase to 5 billion euros
MILAN (Reuters) - The board of Italy`s Monte dei Paschi di Siena <BMPS.MI> approved increasing the size of a planned capital increase to 5 billion euros ($6.9 billion) from 3 billion euros to ab...
GM could benefit, too, from an ignition-switch victims fundGM could benefit, too, from an ignition-switch victims fund
(Reuters) - If General Motors Co creates a fund to compensate victims of its faulty ignition switches, an option that a top legal adviser suggested it is exploring, the company could give up strong ...
Compensation battle rages four years after BP's U.S. oil spillCompensation battle rages four years after BP's U.S. oil spill
(Reuters) - Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the cris...
Japan investment in Southeast Asia surges amid China slumpJapan investment in Southeast Asia surges amid China slump
TOKYO (Reuters) - Japanese companies` investments in Southeast Asia surged last year to almost three times the amount invested in China, after relations between Beijing and Tokyo soured in 2012 and Ch...

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.