American International Group Inc. posted a loss for the fourth quarter but the Insurer managed to keep it down comparing to the loss reported in the same period last year. The loss reported in the fourth quarter ended December 2009 was mainly attributable to the charges tied to paying down its bailout debt and boosting commercial insurance reserves. This is the first non profitable quarter for the company after two quarters.
In the fourth quarter of FY 2009, the company posted a net loss of $8.87 billion or $65.51 per share, while in the same period last year the company posted a loss of $61.7 billion or $458.99 per share. The loss in the fourth quarter last year was considered as the biggest loss in U.S. corporate history. The adjusted net loss in Q4 2009 was reported $7.2 billion or $53.23 per share, comparing to the same quarter last year when the adjusted net loss was reported of $38.5 billion or $287.69 a share. The adjusted net loss completely missed the market estimates as the analysts were expecting the adjusted net loss of $3.94 per share for the period.
For the full year 2009, the company posted a net loss of $12.3 billion, while in FY 2008 the net loss was reported more than $100 billion.