AIG on Thursday posted net income of $11.2 billion in the fourth quarter, aided by large reported gains on overseas units the giant insurer sold to repay its government bailout.
But the company’s core insurance businesses, whose growth prospects will factor heavily in a large stock offering that AIG is preparing for this spring, turned in a weaker performance during the period. Overall, AIG’s remaining units reported an operating loss of $2.2 billion in the fourth quarter, versus a $1.3 billion operating loss a year ago; their full-year loss was $898 million.Deal Journal colleagues Serena Ng and Erik Holm are live blogging it:
This morning AIG officials led by Chief Executive Robert Benmosche will host AIG’s first earnings conference call in two years to discuss the company’s performance and outlook for its businesses.
AIG CEO Robert Benmosche is starting the call with a thank you to the American people, and says the company is on a path that will allow the U.S. to recoup its entire investment in AIG....MORE