AIG keeps profitable for second quarter

11:13, November 07, 2009      

Email | Print | Subscribe | Comments | Forum 

American International Group Inc., the troubled insurance giant, said Friday it was profitable for the second straight quarter.

Net income available to common shareholders was 92 million U.S. dollars in the third quarter, compared with a loss of 24.47 billion dollars during the same quarter last year.

Including the government's portion of the profit, AIG earned 455 million dollars, or 68 cents per share, during the latest quarter.

Adjusted earnings, which excludes the government's stake and realized investment gains and losses totaled 385 million dollars, or 2.85 dollars per share, compared with a market forecast of 1.98dollars per share.

"We continue to focus on stabilizing and strengthening our businesses, but expect continued volatility in reported results in the coming quarters, due in part to charges related to ongoing restructuring activities," AIG CEO Robert Benmosche said in a statement.

AIG also said it plans to record a 5-billion-dollars charge in the fourth quarter as it proceeds with spinning off two major life insurance businesses.

Shares of AIG fell 3.80 dollars, or 9.67 percent, to 35.48 dollars on the New York Stock Exchange.

Source: Xinhua
  • Do you have anything to say?
Special Coverage
Major headlines
Editor's Pick
Most Popular
Hot Forum Dicussion