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AIG posts $6.7 billion loss on new US tax reforms and global catastrophes

The quarter also reflected a "modest" reserve boost to cover future claims, driven by losses in its international commercial businesses


American International Group Inc posted a $6.7 billion fourth-quarter loss on Thursday as the U.S. insurer booked a big charge related to U.S. tax reform and losses from global catastrophes. Excluding one-time items, adjusted fourth-quarter earnings were $526 million, or 57 cents per share, compared with an adjusted loss of $2.8 billion, or $2.72 per share, in the same period a year earlier. Analysts were expecting earnings of 75 cents per share, on average, according to Thomson Reuters I/B/E/S. AIG booked $762 million of catastrophe losses during the quarter, largely from ...

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First Published: Fri, February 09 2018. 23:56 IST