AIG, still in need of more Taxpayer Aid:After $165 million in bonuses last march AIG Reports $8.9 Billion Quarterly Loss
By DAN BURROWS
Troubled, taxpayer-owned insurance giant American International Group (AIG) reported a narrower fourth-quarter loss Friday, helped by easy year-over-year comparisons, but the company still lost nearly $9 billion in the most recent period, and shares sold off sharply.
AIG recorded a net loss of $8.9 billion, or $65.51 a share, versus a loss of $61.7 billion, or $459 a share, in last year's fourth quarter, which was the widest quarterly loss in history. On an adjusted basis, the insurer's loss came to $7.2 billion, or $53.23 a share, against a year-ago loss of $38.5 billion, or $287.69 a share.
The company's domestic and foreign life insurance and retirement businesses swung back to profitability on a pre-tax operating income basis, as did the financial services division, but that was more than offset by write-downs and debt reductions, among other charges and red ink.