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Home / Insurance / AIG Q4 win top goal; viruses, disaster, derivatives weigh results

AIG Q4 win top goal; viruses, disaster, derivatives weigh results



(Reuters) – American International Group Inc. reported a net loss of $ 60 million in the fourth quarter, mainly due to a loss of $ 1.2 billion from derivatives, the company said on Tuesday, but the insurer's adjusted results reached analysts' targets .

Quarterly adjusted earnings were $ 827 million, or 94 cents per share, down from $ 923 million or $ 1.03 per share a year ago. Analysts had expected 93 cents per share, according to data from Refinitiv.

For the full year, AIG reported a net loss of $ 6 billion, largely due to the sale of Fortitude Group Holdings LLC in June last year. But it met analysts' estimates with a full-year adjusted profit of $ 2.2 billion, or $ 2.52 per share.

The lower results for 2020 reflected $ 1

.1 billion in COVID-19-related costs for the year and higher losses in disaster coverage, the company said.

The company noted that the adjusted pre – tax income of $ 809 million for the fourth quarter increased by 4% compared to a year ago. For its life and pension segment, the figure increased by 20% to $ 1,027 billion.

AIG did not provide any prospects for 2021 after revoking such guidance after the first quarter of 2020. Nor did it provide any update on the plan to close. the life and pension industry as it announced last year.

The company will hold a conference call with analysts on Wednesday morning.

More insurance and risk management news about the coronavirus crisis here .

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