DAILY NEWS Feb 22, 2013 11:09 AM - 0 comments

AIG reports net loss of $4 billion for Q4 2012, net income of $3.4 billion for the year

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AIG has reported a net loss of $4 billion for the fourth quarter of 2012, reflecting an after-tax loss of $1.3 billion from Hurricane Sandy.

AIGThe insurer’s net income for the entire year was $3.4 billion, compared with $20.6 billion for the full year of 2011.

Its after-tax operating income in Q4 2012 was $290 million, compared with $1.5 billion, in the same quarter of 2011, while its after-tax operating income for the full year of 2012 was $6.6 billion, compared with $2.1 billion the previous year.

For its property and casualty business, after-tax operating income for the year was $1.8 billion.

“AIG’s operating profit this quarter shows the power and financial strength of our diverse global franchise,” Robert H. Benmosche, AIG president and CEO commented in a statement on the financials.

Related: AIG obtains $400 million in reinsurance coverage for U.S. hurricanes and earthquakes

“We achieved these operating profits in spite of Storm Sandy – the second largest single catastrophe event for AIG in the U.S.,” he noted.

“In so many ways, this was an historic quarter -- from the positive return we delivered to the American taxpayers on the investment in AIG, to our ability to monetize non-core assets, and to again becoming a unified AIG,” he added.

“We still have work to do, but we have confidence in the opportunities we will create in 2013 and beyond. We remain committed to investing in our business, but expect to take continued actions to improve our efficiencies through technology and streamlined work processes.”

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