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AIG Down 72% For Quarter, Up 6.5% For Year

American International Group, Inc. yesterday reported that 2005 fourth quarter net income fell by 72.5 percent, driven down by a $1.15 billion charge to settle accounting infractions and $1.82 billion

By Staff Writer | Updated on March 17, 2006

American International Group, Inc. yesterday reported that 2005 fourth quarter net income fell by 72.5 percent, driven down by a $1.15 billion charge to settle accounting infractions and $1.82 billion to beef up reserves.

While income for the fourth quarter dropped to $444 million from $1.62 billion in the same quarter of 2004–to 17 cents per share from 62 cents per share–AIG managed a 6.5 percent net income gain for the year. Full-year results included $2.11 billion after tax net catastrophe losses

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