AIG reports $6bn loss
American International Group made a $6 billion net loss, or $6.85 per common share, for the year, compared with a $3.3 billion profit in 2019.
The loss was primarily driven by a $6.7 billion after-tax loss from the sale and deconsolidation of Fortitude Group Holdings last June.
Bermudian-born Brian Duperreault delivered the full-year earnings report for the final time as chief executive officer of AIG. He will become its executive chairman from March 1 when AIG president Peter Zaffino assumes the role of CEO.
For the fourth quarter, AIG reported net loss attributable to shareholders of $60 million, or seven cents per common share, compared to a profit of $922 million for the same period a year ago.
Mr Duperreault, who has been at the helm of AIG since 2017, said the fourth quarter and full-year results demonstrated progress to position the group for “long-term, sustainable and profitable growth”.
He added: “We are effectively managing the impacts of Covid-19 and natural catastrophes and remain well capitalised in this environment of unprecedented uncertainty.”
Regarding his changing role at AIG, Mr Duperreault said: “As I transition into my role as executive chairman, I want to thank our global colleagues who have shown unyielding resilience, dedication and perseverance in their efforts to serve our clients, distribution partners, communities and other stakeholders – even as their own lives and work situations have been severely disrupted by the Covid-19 crisis.
“This strength of human spirit is at the core of AIG and visible in all that we do. I look forward to supporting Peter Zaffino as he becomes the next chief executive officer of AIG and, along with our world-class team, continues AIG’s journey to become a top performing company and leading insurance franchise.”