AIG (AIG) Numbers Trimmed at Piper Jaffray as Core Operating Results Fall Short
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AIG Reports Third Quarter 2015 Results, $0.5 Billion in Restructuring Charges to Simplify Organization, Improve Efficiency and Rationalize Businesses
November 2, 2015 4:16 PM ESTAfter-tax operating income of $691 million or $0.52 per diluted share; net loss of $231 million or $0.18 per share on a reported basis Restructuring initiatives expected to result in pre-tax restructuring and other costs of approximately $0.5 billion for organizational simplification, operational efficiency and business rationalization, and expected to generate annualized savings of approximately $0.4 billion to $0.5 billion when fully implemented. Results for the third quarter of 2015 include approximately $274 million of pre-tax restructuring and other costs, with the remainder expected to be recognized through 2017 General operating expenses, operating basis (GOE), decreased 6 percent pre-tax... More
