Insurance premiums grow nearly 7%
American International Group, Inc. (AIG) has reported a net loss for the third quarter of 2008 of $24.47bn or $9.05 per diluted share.
This compared to 2007 third quarter net income of $3.09bn or $1.19 per diluted share.
Third quarter 2008 net loss was $9.24bn or $3.42 per diluted share, compared to adjusted net income of $3.49bn or $1.35 per diluted share for the third quarter of 2007.
AIG said its results in the third quarter were negatively affected by financial dislocation in global markets, as well as catastrophe losses and charges related to ongoing restructuring-related activities.
The company said insurance premiums and other considerations grew nearly 7 %, despite these challenging conditions.
Commenting on third quarter 2008 results, AIG Chairman and chief executive officer Edward Liddy said: ‘Third quarter results reflect extreme dislocations and volatility in the capital markets and significant charges related to restructuring activities. Reported earnings are not indicative of the underlying core earnings power of our insurance businesses, which remain solidly capitalized. Retention of our customers remains strong and reflects the support and loyalty of our long-term partners, intermediaries and sponsors.’
