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AIG slides to a loss, hurt by Superstorm Sandy

Published on NewsOK Modified: February 21, 2013 at 4:47 pm •  Published: February 21, 2013
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AIG's property casualty segment bore the brunt of the impact from losses related to Superstorm Sandy, which made landfall on Oct. 29, spreading a swath of devastation that affected New York, New Jersey, Connecticut and eight other states.

All told, AIG booked an after-tax loss of $1.3 billion due to the storm. That led to a fourth-quarter operating loss of $945 million in its property casualty unit. It recorded operating income of $367 million a year earlier.

AIG's latest results also included a $4.4 billion loss related to its agreement to sell International Lease Finance Corp. The deal reduced AIG's per-share book value by $2.97.

AIG's operating income for the quarter was $290 million, or 20 cents per share. That's down from $1.5 billion, or 77 cents per share, in the prior-year period. Analysts, on average, had expected a loss of 7 cents per share, according to FactSet.

For all of 2012, AIG reported net income of $3.4 billion, or $2.04 per share, compared with net income of $20.6 billion, or $11.01 per share, in 2011.

AIG shares ended regular trading down 29 cents at $37.28. The stock added $1.53, or 4 percent, to $38.81 in after-hours trading. It's up about 6 percent this year.