AIG Reports Fourth Quarter Net Income of $11.2 Billion.

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AIG Reports Fourth Quarter Net Income of $11.2 Billion.

NEW YORK -- The after-tax operating income (loss) earnings per share numbers in the tables in the press release are corrected and replaced.

The corrected release reads:

AIG REPORTS FOURTH QUARTER NET INCOME OF $11.2 BILLION

American International Group, Inc. (NYSE: AIG) today reported net income of $11.2 billion for the quarter ended December 31, 2010, and $7.8 billion for the full year 2010. Diluted earnings per share were $16.60 for the fourth quarter and $11.60 for the full year, compared with a loss of $18.53 for the third quarter of 2010, and losses of $65.51 and $90.48 for the fourth quarter and full year of 2009, respectively.

Included in the 2010 fourth quarter results is a previously announced $4.2 billion net charge to strengthen Chartis loss reserves and gains of $17.6 billion from the sale of divested businesses, primarily from the proceeds of the AIA Group Limited (AIA) initial public offering and a gain of $4.1 billion from the sale of American Life Insurance Company (ALICO), included in discontinued operations. After-tax operating loss attributable to AIG was $2.2 billion for the quarter and $898 million for the full year.

"We completed several key restructuring milestones in the quarter and we remain focused on long-term growth and building value at our ongoing insurance operations and other businesses," said Robert H. Benmosche, AIG President and Chief Executive Officer. "In 2010, we said we would realign AIG to grow our businesses and to ultimately repay the U.S. taxpayer. We remain extremely grateful to the taxpayers and have made significant progress since January 2010 towards independence from this support.

"At Chartis, net premiums written remained healthy as we maintained price discipline. In the SunAmerica Financial Group businesses, profitability has held steady and investment performance was ...

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