AIG (AIG) Reports Prelim. Post-Tax Sandy Losses of $1.3B
Tweet Send to a FriendGet Alerts AIG Hot Sheet
Price: $44.89 --0%
EPS Growth %: -18.8%
Financial Fact:
Income tax expense (benefit): 694M
Today's EPS Names:
RXN, KID, CNET, More
EPS Growth %: -18.8%
Financial Fact:
Income tax expense (benefit): 694M
Today's EPS Names:
RXN, KID, CNET, More
Trade AIG Now!
American International Group, Inc. (NYSE: AIG) that its preliminary estimate of AIG’s after-tax losses related to Storm Sandy, net of reinsurance, will total approximately $1.3 billion.
This estimate reflects a pre-tax loss estimate, net of reinsurance, totaling approximately $2.0 billion.
AIG expects to make a capital contribution to its U.S. property casualty insurance subsidiaries of $1 billion from existing, readily available funds. In 2012, AIG Property Casualty has paid dividends to AIG Inc. totaling $2.4 billion. As of September 30, 2012, AIG Property Casualty’s equity totaled $49.6 billion, and AIG Inc.’s equity totaled $102.4 billion.
This preliminary estimate involves the exercise of considerable judgment. Due to the complexity of factors contributing to the losses, there can be no assurance that AIG’s ultimate losses associated with this storm will not differ from this estimate, perhaps materially.
Losses related to Storm Sandy will be reflected in AIG’s fourth quarter 2012 results, and any subsequent changes will be recorded in the period in which they occur.
UPDATE - Shares are trading lower in after-hours activity.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
This estimate reflects a pre-tax loss estimate, net of reinsurance, totaling approximately $2.0 billion.
AIG expects to make a capital contribution to its U.S. property casualty insurance subsidiaries of $1 billion from existing, readily available funds. In 2012, AIG Property Casualty has paid dividends to AIG Inc. totaling $2.4 billion. As of September 30, 2012, AIG Property Casualty’s equity totaled $49.6 billion, and AIG Inc.’s equity totaled $102.4 billion.
This preliminary estimate involves the exercise of considerable judgment. Due to the complexity of factors contributing to the losses, there can be no assurance that AIG’s ultimate losses associated with this storm will not differ from this estimate, perhaps materially.
Losses related to Storm Sandy will be reflected in AIG’s fourth quarter 2012 results, and any subsequent changes will be recorded in the period in which they occur.
UPDATE - Shares are trading lower in after-hours activity.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- AIG (AIG) Takes 9.9% Stake in PICC
- Emerson Electric (EMR) Reports 5% Drop in Orders for April
- Canadian Solar (CSIQ) Continues Higher Following Arbitration Win Over LDK (LDK)
Create E-mail Alert Related Categories
Corporate News, GuidanceRelated Entities
Dividend
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
