Tags: US | Earns | AIG

AIG Posts Loss of $538 Million on Restructuring Costs

Friday, 06 Aug 2010 09:02 AM

The insurance giant AIG is reporting a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout.

AIG, which was rescued by the government during the financial meltdown, said Friday its net loss attributable to common shareholders amounted to $3.96 per share. It had a profit of $311 million, or $2.30 per share, a year ago.

The net loss attributable to AIG was a larger $2.66 billion. That is much bigger than the $538 million loss attributed to its shareholders because it includes the portion that the government is shouldering. The government owns 80 percent of AIG.

Removing the charges, AIG's profit is $1.99 per share. Wall Street expected 99 cents per share.

AIG shares soared $2.10, or 5.3 percent, to $42 in pre-market trading.

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The insurance giant AIG is reporting a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout.AIG, which was rescued by the government during the financial meltdown, said Friday its net loss attributable to...
US,Earns,AIG
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2010-02-06
Friday, 06 Aug 2010 09:02 AM
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