Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

Yelp revenue rises 40 percent, CFO to step downYelp revenue rises 40 percent, CFO to step down
(Reuters) - Consumer review website operator Yelp Inc reported a 40 percent rise in quarterly revenue and said Chief Financial Officer Rob Krolik would step down. The company reported a net loss of ...
LafargeHolcim receives revised divestment order from IndiaLafargeHolcim receives revised divestment order from India
ZURICH (Reuters) - LafargeHolcim has received a revised order from the Competition Commission of India (CCI) to divest its interest in Lafarge India, including three cement plants and two grinding sta...
Economic expansions don't die of old age: Fed studyEconomic expansions don't die of old age: Fed study
SAN FRANCISCO (Reuters) - Just because the U.S. economic recovery is nearly seven years along is no reason to think that the nation is due for a recession, according to a study published Monday by the...
ECB's Coeure sees G20 coordination emerging market currenciesECB's Coeure sees G20 coordination emerging market currencies
PARIS (Reuters) - Weakness in emerging market economies risks triggering further depreciation of their currencies and will be addressed in a coordinated manner, ECB Executive Board member Benoit Coeur...
ECB's Coeure sees coordinated action on emerging market currenciesECB's Coeure sees coordinated action on emerging market currencies
PARIS (Reuters) - Weakness in emerging market economies risks triggering further depreciation of their currencies and will be addressed in a coordinated manner, ECB Executive Board member Benoit Coeur...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More