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Member, Beacon International Group, Ltd.
NEW YORK (Reuters)—Insurer American International Group Inc. lost more than $4 billion in the third quarter, as its aircraft leasing unit took an impairment charge on a portion of its fleet and the fair value of the company's one-third stake in Asian insurer AIA Group Ltd. fell.
AIG reported a loss of $4.11 billion, or $2.16 per share, compared with a year-earlier loss of $2.52 billion, or $18.53 per share. In the year-earlier period AIG took a number of charges on asset sales; it also had a smaller share count.
On an operating basis AIG lost $3.04 billion, or $1.60 per share.
Analysts polled by Thomson Reuters I/B/E/S had on average expected a loss of 63 cents per share in the quarter, though the range of estimates was extremely wide, from a loss of 22 cents to a loss of 99 cents.
AIG said that International Lease Finance Corp., its plane leasing business, took a $1.5 billion impairment on 95 planes as customers' appetites shifted toward newer, more fuel-efficient planes. The fair value of its AIA stake also fell $2.3 billion, the company said.