American International Group (AIG) reported a second quarter net loss of $2.7 billion, compared to 2009 second quarter net income of $1.8 billion.
The company said the loss was due primarily to a $3.3 billion goodwill impairment charge from the sale of its overseas life insurance company ALICO, which it is selling to MetLife Inc., New York, for $15.5 billion. That deal is expected to close later this year, said Robert Benmosche, the company’s CEO.
The $3.3 billion impairment was part of $3.4 billion in net losses from discontinued operations.
Adjusted net income for the quarter–which excludes the impairment and other gains and losses on sales of businesses as well as excluding the $564 million net realized capital losses–was $1.3 billion, the company reported, compared to adjusted net income in the second quarter of 2009 of $1.1 billion.