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Home · News · AIG Suffers Over $2 Billion Loss for 3rd Quarter 2010

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AIG Suffers Over $2 Billion Loss for 3rd Quarter 2010

The 3rd Quarter of 2010 is looking very bleak for the American International Group, a well known insurance company. It turns out that the group posted more than $2 billion in a loss for this quarter even though it is continuing to repay bail out loans given to it by the government of the United States, write down assets where it can and divest itself of business units, as well. That means a stock price drop of $17.62 for share holders and is far below to $0.68 rise in profits seen during the 3rd Quarter of 2009.

AIG is deleveraging in a big way and that means that group is having to sell off its assets for much lower prices than would typically be asked. For example, American General finance sold for $1.9 billion in losses and Japanese subsidiaries AIG Star Life and AIG Edison Life Insurance Company took a goodwill impairment charge of $1.3 billion as their sale to Prudential Financial is pending. All of these changes are putting the hurt on investors that had been worried that things could get rough for AIG.

Analysts were not certain what to expect and there were many varying predictions across the industry, but most saw some sort of drop in the company's shares, though few expected it to be quite so dramatic as it turned out to be. According to Robert Benmosche, the CEO of AIG, the company is working hard to repay the Fed for all debts so that the United States Department of Treasury will no longer hold ownership stake in the company as a result of the bail out loans it received.

12.11.2010. 06:57



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