On Friday, American International Group, Inc. (AIG) released its results for the fourth quarter and full year 2009. AIG reported a Q4 net loss of $8.9 billion, bringing 2009’s total net losses to $10.9 billion. This loss follows two consecutive quarters of gains for AIG. In its release, AIG said the loss resulted from a $6.2 billion of interest and amortization expense, a $2.8 billion loss recognized on the pending sale of Nan Shan Life Insurance Company, and $2.7 billion valuation allowance charge for tax benefits not presently recognizable.
AIG President and CEO Robert H. Benmosche cited progress in the restructuring, including the sale of American International Assurance Company and the related reduction of debt resulting from an agreement with the Federal Reserve Bank of New York. In addition, Mr. Benmosche noted that AIG was taking the right steps “to meet our goal of repaying taxpayers and provide value to the communities where we operate.”