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AIG reports a $19.8bn profit
BAILED-OUT insurer AIG last night reported a whopping $19.8bn (£12.6bn) profit for the fourth quarter, nearly double the amount seen this time last year, after an accounting determination let it release the value of some tax benefits.
And the firm’s property insurance unit, Chartis, returned to profitability in the quarter. It earned $348m, despite $368m in catastrophe losses related to the flooding in Thailand.
The firm’s shares jumped three per cent after hours, taking AIG stock through the break-even level for the US government’s 77 per cent stake.