Posted by: youngragingbull | February 21, 2013

AIG posts $3.96 billion quarterly net loss

American International Group Inc. said Thursday it swung to a net loss of $3.96 billion, or $2.68 per share, in the fourth quarter, as the insurer suffered $2 billion in pre-tax catastrophe losses caused by Hurricane Sandy.

In the same period a year ago, AIG posted net profit of $21.5 billion, or $11.31 per share.

After-tax operating income in the 2012 fourth quarter was $290 million, or 20 cents per share, compared with $1.5 billion, or 77 cents per share, in the year-ago quarter. Net premiums written edged marginally lower to $7.8 billion from the same period a year ago.

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