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AIG Posts $2.7 Billion Loss on Restructuring Charges

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American International Group reported a net loss of $2.7 billion for the second quarter of 2010, or $-3.96 per share, compared to net income of $1.8 billion, or $2.30 per share in the second quarter of 2009. The company says the loss was primarily due to a $3.3 billion non-cash “goodwill impairment charge included in discontinued operations.”

When the charge is removed, AIG earned $1.99 per share, up from $1.71 per share in the second quarter of 2009. The company said performance improved in its general insurance sector, despite claims in the quarter related to the floods in the Southeastern United States, Hurricane Alex, U.S. hailstorms, the Deepwater Horizon oil rig explosion, and the Icelandic volcano. Analysts polled by Thomson Reuters, on average, expected profit of 99 cents per share.

Second quarter 2010 adjusted net income was $1.3 billion (compared to $1.1 billion in the second quarter of 2009.

Domestic Life Insurance & Retirement Services, now branded SunAmerica Financial Group, reported second quarter 2010 operating income before net realized capital gains (losses) of $1.1 billion compared to operating income of $254 million in the second quarter of 2009.

Financial Services reported pre-tax income of $42 million for the second quarter of 2010 compared to a pre-tax loss of $103 million during the second quarter of 2009, with operating earnings at International Lease Finance Corporation (ILFC) offset by losses at AIG Financial Products Corp. (AIGFP).


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