AIG records almost $9bn loss in Q4 of 2009

1 March 2010

American insurer AIG has posted a net loss of $8.9 billion during the fourth quarter of 2009.

Official figures from the company were higher than the $61.7 billion loss recorded during the same period in 2008.

Up to $2.3 billion of the loss was accounted for by strengthening its General Insurance reserves.

Robert H Benmosche, AIG president and chief executive officer, said: “Our team made great progress during the year in executing our strategic restructuring plan, by stabilizing and strengthening AIG's insurance businesses, reducing AIG Financial Products Corp. (AIGFP) exposures, and positioning certain businesses for sale.”

He added: “We are taking the right steps to regain our stature as one of the most respected and diverse property-casualty operations in the world, with a strong US life and annuity operation and several other businesses that will enhance our nucleus.”

Statistics for the whole year showed that AIG recorded a net loss of $10.9 billion, a figure lower than the $99.3 billion loss of 2008.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development