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AIG Slides To A Loss, Hurt By Superstorm Sandy

American International Group says it posted a loss in the fourth quarter as the insurer absorbed billions in losses related to payouts on damage caused by Superstorm Sandy and the sale of its airplane leasing unit...

By ALEX VEIGA, AP Business Writer
Associated Press

American International Group Inc. says it posted a loss in the fourth quarter as the insurer absorbed billions in losses related to payouts on damage caused by Superstorm Sandy and the sale of its airplane leasing unit.

The New York-based company said Thursday it lost $4 billion, or $2.68 per share, in the three months ended Dec. 31.

That compares with net income of $21.5 billion, or $11.31 per share, in the prior-year quarter, when AIG benefited from a hefty tax-related accounting gain.

AIG's stock rose 1 percent in after-hours trading.

Copyright: (c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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