News for AIG
Mar 1 · 10:21:00 AM · Source: Company Press Release
American International Group, Inc. announced today a definitive agreement for the sale of the AIA Group, Limited, one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
This deal will provide some of the needed cash AIG sorely needs.
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by Larry Etter
Dec 1 · 2:16:00 PM · Source: Company News Release
American International Group, the insurance giant bailed out by the federal government, Tuesday said it had completed a deal to reduce its debt to the Federal Reserve by $25 billion. To do this, AIG gave the Federal Reserve Bank of New York preferred stakes in two of the company's crown jewels -- Asian-based American International Assurance, or AIA, and American Life Insurance Co., or Alico, which operates in more than 50 countries. The deal had been announced earlier this year.
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by Larry Etter
Nov 6 · 5:28:00 PM · Source: Company News
AIG said Friday its net income rose to $455 million, or 68 cents per share, an improvement over the $24.5 billion loss from a year earlier. Results included a one-time net charge of $1.5 billion for capital losses and hedging. Sales for the New York-based company rose 189% to $26 billion, topping analysts' forecasts of $23 billion.
The troubled insurer said it continues to benefit from stabilization in the housing and credit markets, but future quarters will continue to be volatile.
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by Larry Etter
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