AIG announces restated net income

American International Group Inc. (AIG) recently reported a net income of $10.02 billion for its delayed third-quarter earnings, which represents an increase of 20.9% above its restated prior-period result.
AIG’s third-quarter 2005 net income was $1.72 billion, down 36.1% from the restated prior-period figure, due to net aftertax catastrophe losses of $1.57 billion related to hurricanes Katrina and Rita and other natural catastrophes.
AIG is correcting its financials for 2002 through 2004along with certain data for 2000 and 2001and quarterly earnings statements for 2004 and the first two quarters of 2005. The insurer’s longtime auditor, PricewaterhouseCoopers L.L.P., consulted AIG on the latest restatement.