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Banking, finance, and taxes

AIG Back to Making Billions, Sort Of (AIG)

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By Jon C. Ogg Updated Published
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American International Group, Inc. (NYSE: AIG) is making money on an operating basis.  Joe Public, a.k.a. the Taxpayer, is making money then rightg?  Maybe.  Uncle Sam Insurance reported earnings of $1.14 EPS, above the Thomson Reuters estimate of $0.99. The earnings were apparently $1.99 on an adjusted basis.

After all items, the loss came to $2.7 billion  on a net basis due to a $3.3 billion non-cash goodwill impairment charge that came from discontinued operations.  This is also being reported as a $538 million loss attributable to shareholders based on 80% government ownership.

Revenue for the quarter came in at $19.99 billion versus the Thomson Reuters estimate of $19.18 billion.

AIG may also be selling all of its $2.4 billion stake in American General as it continues to sell assets to raise cash.

Our caution here is that “consensus” is such a small group of analysts that the numbers effectively could anything.

So far this morning we have a 2.6% gain to $40.95 before the employment data.  The gain was about 5% just 15 minutes ago.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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