AIG plans for independence amid $2.4bn loss

American International Group posted a quarterly net loss after recording more than $3bn in write-downs on assets which are being sold to repay US bailout funds.

Two years after the government injected $180bn into AIG to rescue the insurer from collapse during the financial crisis, the company has emerged with a plan to reclaim its independence.

The third-quarter results reflect the flurry of deals AIG struck during recent months to help chip away at its debt burden, including the sales of American General Finance, AIG Star Life Insurance and AIG Edison Life Insurance.

Including the restructuring charges, AIG recorded a net loss of $2.4bn, or $17.62 a share, compared with net income of $455m, or 68 cents, in the year-earlier period.

Read Full Article from Financial Times

- Posted: 2010-11-05 10:19:07

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