AIG profit misses estimate on lift unit review, staggering loss period


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AIG profit misses estimate on lift unit review, staggering loss period

On Friday, the 1st of November 2019, the NY-based multinational finance and insurance company, American International Group with 56,400 employees in more than 80 countries, called as AIG in short, had released its quarterly earnings’ report for Q3, 2019, which had missed an analysts’ estimate by a wider margin following a period of perilous losses alongside a potential review of scepticisms that the company used to write life insurance policies.

Meanwhile, according to AIG’s Q3 earnings’ report released on Friday (November 1st), the NY-based financial behemoth’s retirement and life businesses were hit with a whiplash of 9 per cent to a pre-tax figure of $646 million, as the company had set aside roughly $143 million in charges linked to a review of its insurance policies, nonetheless, despite a downbeat quarter with catastrophic losses, shares of one of the largest US insurers, AIG, wrapped up Friday’s (November 1st) Wall St.

1.5 per cent higher to $53.76 per share after a steep nosedive of 1.91 per cent during pre-market trading following reveal of the earnings’ report. Besides, the insurer’s net earnings’ available to common shareholders had been 72 cents per share or $648 million on Q3, 2019, up from a loss of $1.26 billion or $1.41 a share on a year-on-year basis, while the company had also reported a narrowed loss of $273 million in underwriting of its general insurance business from a loss of $1.73 billion a year earlier.