Hey, AIG only lost almost $8 billion, yes billion. That’s not really too bad. We are well positioned to move forward and should continue to invest $20 million a year in BDs salary. Lol, wtf is the board doing!
Overall, AIG swung to a second-quarter loss of $7.94 billion, or $9.15 a share, from a profit of $1.1 billion, or $1.24 a share, a year earlier. AIG completed the sale of a 76.6% stake in Fortitude on June 2, in a move that Mr. Duperreault said “de-risks our balance sheet,” by reducing the company’s exposure to long-term liabilities in products it no longer sells. This so-called runoff business exposed AIG to interest-rate risk over a large number of years, as premiums are invested and reinvested over time before liabilities come due, among other reasons for its divestiture.
On an adjusted basis, profit fell to 66 cents a share from $1.43 a share a year earlier. Analysts surveyed by FactSet expected 50 cents a share.