AIG Swings to Fourth-Quarter Loss on Risky Debt
American International Group, the world's largest insurer, the world's largest insurer, swung to a fourth-quarter loss, hurt by a write-down of derivatives exposed to bad mortgage investments.
AIG said on Thursday its fourth-quarter loss was $5.29 bllion, or $2.08 a share, compared with a profit of $3.44 billion, or $1.31 a share, in the year-ago quarter.
Shares of AIG , a Dow component, closed lower Thursday. The results came out after the bell.
Over the past 8 quarters, AIG has beat expectations 4 times and missed expectations 4 times. The stock has averaged a loss of 0.7% one day after reporting results, and a gain of 0.7% after one week.