CORRECTED-UPDATE 1-AIG posts second consecutive quarterly profit
NEW YORK, Nov 6 (Reuters) - American International Group Inc, the insurer
bailed out by the U.S. government, posted its second-straight quarterly profit
on Friday, helped by recovery in the value of its investments.
Net profit was $455 million, or 68 cents a share, compared with a loss
of $24.47 billion, or $181.02 a share, in the year-earlier quarter.
Adjusted profit, excluding realized gains and losses, was $1.9 billion,
or $2.85 a share, compared with a loss of $9.2 billion, or $68.36 a share in
the year-earlier period.
U.S. taxpayers have put up to $180 billion at AIG's disposal since
September 2008, including more than $80 billion in loans that the company has
been trying to repay through asset sales.
Once the world's largest insurer, AIG nearly collapsed under massive
losses and collateral demands from credit default swaps it had sold to
financial firms to guarantee residential mortgage investments.
Its shares fell more than 10 percent to $35 in premarket trading.
(Reporting by Lilla Zuill; Editing by Derek Caney) Keywords: AIG/
(lilla.zuill@thomsonreuters.com;+1 646 223 6281)
[AMERICAN INTERNATIONAL GROUP INC,AIG,US,,US0268741073]
2009-11-06 12:23:18
3N|ERN REG NEW GEN|USA|INS FIN|
UPDATE 2-AIG posts second consecutive quarterly profit
NEW YORK, Nov 6 (Reuters) - American International Group Inc, the insurer
bailed out by the U.S. government, posted its second straight quarterly profit
on Friday, helped by recovery in the value of its investments.
Net profit was $455 million, or 68 cents a share, compared with a loss
of $24.47 billion, or $181.02 a share, in the year-earlier quarter.
The results included $1.95 billion in special gains, including from
improvement in the value of securities held by AIG Financial Products, the unit
largely responsible for AIG's massive losses in 2008, which led to the U.S.
bailout.
Adjusted profit, excluding realized gains and losses, was $1.9 billion,
or $2.85 a share. On that basis, analysts on average expected $1.98 a share,
according to Thomson Reuters I/B/E/S.
Since September 2008, U.S. taxpayers have put up to $180 billion at
AIG's disposal, including more than $80 billion in loans the company has been
trying to repay through asset sales.
Once the world's largest insurer, AIG nearly collapsed under massive
losses and collateral demands from credit default swaps it sold to financial
firms to guarantee residential mortgage investments.
Its shares initially fell more than 10 percent in premarket trade but
later were down just 4 percent at $37.60.
(Reporting by Lilla Zuill; Editing by Derek Caney)
((lilla.zuill@thomsonreuters.com;+1 646 223 6281)) Keywords: AIG/
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COPYRIGHT
[AMERICAN INTERNATIONAL GROUP INC,AIG,US,,US0268741073]
2009-11-06 12:42:19
3N|ERN REG NEW BND GEN|USA|INS FIN|
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