“AIG Posts $7.9 Billion Loss Driven by Deal to Unload Risks”
August 4, 2020
“American International Group Inc. posted a $7.9 billion second-quarter loss driven by the sale of a majority stake in a business of runoff policies, as well as costs from the pandemic and civil unrest.
The sale of the Fortitude Group Holdings stake, which was announced in late 2019 and completed in June, was used to de-risk the balance sheet, Chief Executive Officer Brian Duperreault said in a statement Monday. Adjusted net income of 66-cents a share beat the 48-cent estimate of analysts in a Bloomberg survey, as the company improved profitability in property-casualty underwriting…”
https://finance.yahoo.com/news/aig-posts-7-9-billion-202222906.html