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26
Feb

AIG Losses Narrow In 4th Quarter

By Susan Mitchell

AIG, the insurer bailed out by the U.S., posted a narrower fourth- quarter loss on smaller investment writedowns.

The net loss of $8.87 billion narrowed from $61.7 billion, a year earlier when AIG posted the biggest loss in U.S. corporate history, the New York-based firm said today in a regulatory filing.

“It’s extremely important to see the earnings stabilize somewhat,” said Robert Haines, analyst at credit research firm CreditSights Inc. in New York. “You had a much improved environment for everybody because of the credit and equity markets.”

AIG has slipped about 8.2 percent this year through yesterday in New York Stock Exchange composite trading. The company plunged 97 percent in 2008, the year it almost collapsed, and 4.5 percent last year. The company executed a reverse stock split, in which investors turned in 20 shares for a new one with a higher price, after its June 30 annual shareholders meeting.

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