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

Valeant CEO 'disappointed' in Allergan poison pill: CNBCValeant CEO 'disappointed' in Allergan poison pill: CNBC
(Reuters) - The chief executive officer of Valeant Pharmaceuticals, which made a $47 billion unsolicited offer for competitor Allergan Inc. on Tuesday, said during an interview on CNBC that he was "di...
China to allow private investment in 80 projectsChina to allow private investment in 80 projects
BEIJING (Reuters) - China will allow private investment in 80 projects spanning the energy, information and infrastructure sectors as part of reforms to increase privatization, Premier Li Keqiang said...
Boeing posts higher adjusted profit, lifts 2014 forecastBoeing posts higher adjusted profit, lifts 2014 forecast
(Reuters) - Rising jet production helped Boeing Co post a 14 percent rise in adjusted net profit in the first quarter, beating estimates, and the company notched up its full-year forecast. On a non-...
Procter & Gamble quarterly profit rises on home care salesProcter & Gamble quarterly profit rises on home care sales
(Reuters) - Procter & Gamble Co <PG.N>, the world`s largest household products maker, reported a higher quarterly profit on Wednesday, helped by an increase in sales of its home care product...
Dow Chemical profit rises 75% on strong plastics pricing, marginsDow Chemical profit rises 75% on strong plastics pricing, margins
April 23 (Reuters) - Dow Chemical Co reported a 75 percent rise in quarterly profit, helped by higher prices for its plastics products and higher margins in most of its businesses. Net income rose t...

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.