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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 suffers $8.9 bln fourth quarter loss AFP - Saturday, February 27 Send IM Story Print The American International Group (AIG) head office in New York. AIG has reported fourth quarter net losses of 8.7 billion dollars and net losses of 10.9 billion dollars for all of 2009 -- 10 times less than in 2008. NEW YORK (AFP) - – US insurance giant AIG reported Friday a fourth quarter net loss of 8.9 billion dollars, better than the worst of market fears, as it strove to repay a multi-billion dollar taxpayer bailout. Net loss for the year hit 10.9 billion dollars but was much lower than the 99.2 billion dollars chalked up by the insurer in 2008 as it was saved from collapse by a government bailout. On a per share basis, AIG reported a quarterly loss of 65.51 dollars. This compares to a loss of 61.7 billion dollars or 458.99 dollars per share in the fourth quarter of 2008, the biggest loss in US corporate history. AIG said the loss stemmed mainly on charges tied to paying down its debt from the bailout, that eventually ran into a staggering 180 billion dollars, and boosting commercial insurance reserves. AIG chief executive and president Robert Benmosche said the company made "great progress" in executing its strategic restructuring plan as it stabilized and strengthened insurance businesses, reduced financial product exposures and positioning certain businesses for sale. "We are increasingly confident in how we see the mix of AIG's businesses over the long term. We are taking the right steps to regain our stature as one of the most respected and diverse property-casualty operations in the world," he said. Analysts at Briefing.com said the net result looked "a bit better than the worst fears," pointing out that it included multiple items making it incomparable with the Street's expectations. The improvements in the global financial markets is helping AIG amend the losses, they said. "The improved results are relative but still spectacularly poor," said Douglas McIntyre of 24/7Wall Street. In addition to the poor earnings, McIntyre noted AIG plans not to use securitized US life insurance policies to repay the government. Reports said AIG had abandoned plans to give the Federal Reserve Bank of New York securitization notes of up to 8.5 billion dollars representing embedded value of certain of its US life insurance businesses to pay down its loan. "This may help the firm's balance sheet but it is a slap at taxpayers," McIntyre said. Recommend Send IM Story Print News Search Top Stories US economy surged 5.9 percent in fourth quarter US insurer suffers $8.9 bln fourth quarter loss British economic growth data revised upwards Lloyds bank suffers 2009 loss as bad debts rocket UN to review controversial climate panel More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Florida killer whale to stay in park after deadly attack China may be hiding US Treasury bonds: experts 'Zombies' have free speech rights too, US court rules Date-rape drugs, illegal online pharmacies on rise Tearful Toyota chief says sorry for auto defects More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Sugary soft drinks linked to pancreatic cancer: study Scientists recreate Big Bang heat of 4 tln degrees C 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 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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