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AIG Posts 2Q Results

American International Group (AIG) reported a 2010 second quarter net loss of $2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairment charge.

By Phil Gusman | Updated on August 05, 2010

American International Group (AIG) reported a 2010 second quarter net loss of $2.7 billion, which the company said was primarily due to a $3.3 billion goodwill impairment charge.

Robert Benmosche, the New York-based insurer’s chief executive officer, said in recorded comments that the impairment was taken to write off the goodwill that had been allocated to life unit ALICO, which is being sold to MetLife for $15.5 billion. Mr. Benmosche said he expects that deal to close later this year.

The $3.3 billion impairment was part of $3.4 billion in net losses from discontinued operations. The $2.7 billion quarterly net loss compares to 2009 second quarter net income of $1.8 billion.

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