AIG 4th-Quarter Profit Rises 3.9%
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American International Group Inc. said fourth-quarter profit rose 3.9%, less than expected by analysts, as the biggest insurer took losses related to the collapse of Enron Corp. and boosted reserves for claims still pending from the 1994 Northridge earthquake.
The New York-based insurer’s fourth-quarter net income rose to $1.87 billion, or 70 cents a share, from $1.8 billion, or 68 cents, a year earlier. Revenue rose 8.3% to $16.7 billion.
Excluding the Enron losses and quake costs, AIG’s operating profit was 80 cents a share. Shares of AIG fell 36 cents to close at $71.11 on the New York Stock Exchange.
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