American International Group Inc. (AIG) Reports Q3 Results

American International Group Inc. (NYSE: AIG) shares are down after the insurer reported its third-quarter financial results. Shares were down 0.40% to $$.56, at last check, on volume of 4.90 million. The stock touched an intra-day low of $43.03. It has a 52-week range of $21.54-$45.90. Today, the company reported its third quarter financial results 2010, with a net loss of $2.4 billion, or a loss of $17.62 per diluted common share, compared to net income of $455 million, or $0.68 per diluted common share for the previous year. The income from continuing insurance operations was stable, at $2.1 billion. This net loss resulted from restructuring-related charges of $4.5 billion. Partially offsetting these charges was a $1.4 billion tax benefit related to a deferred tax valuation allowance release. The third-quarter results demonstrated the aggressive plan to close pending transactions in order to repay the FRBNY in full, and provide for the exit of U.S. Treasury ownership over time. The repayment of the FRBNY credit facility, in full, will trigger an accelerated amortization of the balance of the prepaid commitment fee asset which stood at $4.7 billion at September 30. AIG is a New York City-based insurance company. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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