Arab Today, arab today aig q3 losses widen on market turmoil
Last Updated : GMT 16:55:22
Arab Today, arab today
Arab Today, arab today

AIG Q3 losses widen on market turmoil

Arab Today, arab today

Arab Today, arab today AIG Q3 losses widen on market turmoil

New York - AFP

Market turmoil drove insurance giant AIG\'s losses higher in the third quarter, the company said Thursday, as well as a large writedown in its aircraft leasing subsidiary. AIG, which collapsed and took a massive government bailout to survive during the financial crisis three years ago, said it lost $4.1 billion in the quarter ended September 30, compared to $2.5 billion a year earlier. On an adjusted per-share basis, the loss was $1.60, nearly double the 84 cents loss a year earlier. \"The results for the quarter were negatively affected by several macroeconomic drivers, including declining equity markets, widening credit spreads and declining interest rates,\" the company said in a statement. \"Declining equity markets contributed to a loss of $2.3 billion in the market valuation of AIG\'s holding of AIA Group Limited ordinary shares.\" Meanwhile, the company said the board had agreed to a buyback program for up to $1 billion in shares. AIG\'s share price was down 2.15 percent to $24.10 in after-market trade.

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