NU Online News Service, March 30, 2005, 10:17 a.m. EST
American International Group Inc., New York, says its shareholders’ equity may fall as much as 2%, or up to $1.66 billion, as a result of accounting changes.[@@]
AIG made that disclosure today in an announcement that it plans to delay the filing of its Form 10-K annual financial report until the end of April.
AIG is reviewing the accounting for a variety of transactions, including one with a Barbados reinsurer that has the potential to reduce shareholders equity as of Dec. 31, 2004, by $1.1 billion the company says.
AIG also says its heavily investigated $500 million reinsurance transaction with General Reinsurance was improperly reported.