AIG Profit Falls 67% on Debt Repayment, Reserve Costs
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American International Group Inc., the largest commercial insurer in the U.S. and Canada, said profit declined 67 percent on costs to pay down debt and add to reserves.
Net income fell to $655 million, or 46 cents a share in the fourth quarter, from $1.98 billion or $1.34 a year earlier, the New York-based insurer said Thursday in a statement. Operating profit, which excludes some results tied to investing and debt redemptions, was 97 cents a share, missing the $1.06 average estimate of 22 analysts surveyed by Bloomberg.