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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology US insurer AIG reports $2.65 bln quarterly loss AFP - Saturday, August 7 Send IM Story Print US insurer AIG reports $2.65 bln quarterly loss WASHINGTON (AFP) - – Ailing US insurance giant AIG swung Friday to a 2.65-billion-dollar loss in the second quarter from a year-ago profit, hurt by massive costs to be incurred in the sale of a key subsidiary. American International Group, which was rescued by the government during the financial crisis, said the loss largely came from a 3.3-billion dollar "non-cash goodwill impairment charge" linked to the sale of Alico, AIG's second-largest foreign life-insurance business. Excluding the charge, AIG said it made an adjusted net income of 1.3 billion dollars. AIG president and chief executive Robert Benmosche said its "continuing insurance operating results remain solid, while the company continues to execute on its restructuring plans and prepares for separation from the US government. "Our overall strategy remains unchanged. We remain focused on monetizing AIA and ALICO as quickly as possible in order to repay taxpayers, at values reflecting the unique strengths of these highly attractive franchises." AIG received more than 180 billion dollars in government aid during the financial crisis as bad bets on mortgage-backed securities and other toxic assets threatened to engulf the company. Recommend Send IM Story Print News Search Top Stories England on top after latest rout of Pakistan Putin sparks food worries with grain export ban US economy sheds 131,000 jobs in July US insurer AIG reports $2.65 bln quarterly loss State-rescued bank RBS scrapes into profit More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended 40 US billionaires pledge half wealth to charity Wyclef Jean flying to Haiti to announce presidential run Fannie Mae loss shrinks to 3.1 billion dollars US attends Hiroshima atomic memorial for first time Scientists find sea sponges share human genes More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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