Spitzer and tsunami fail to dent AIG
David Teather in New York
Thursday February 10, 2005
http://www.guardian.co.uk/business/story/0,,1409333,00.html
American International Group, the world's largest insurer, shrugged off physical and regulatory storms in the fourth quarter to produce $3bn (£1.6bn) in profits, an 11% increase on the previous year.
The figures included $170.5m of losses related to the Indian Ocean tsunami and charges from hurricanes and typhoons incurred in the third quarter.
The New York-based group also took a $53m charge to settle allegations by the US justice department and financial watchdog that it sold products to two companies, PNC Financial Services and mobile phone distributor Brightpoint, that helped them to inflate earnings.
Revenues in the quarter rose 16% to $25.8bn. Full year profits were just over $11bn, up from $9.3bn in 2003.
AIG has been implicated in the investigation into insurance fraud by New York attorney general Eliot Spitzer, with two AIG executives pleading guilty in October to charges of bid-rigging
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