News Summary: AIG slides to a 4Q loss

News Summary: Losses from Superstorm Sandy, sale of airplane leasing unit drag AIG to 4Q loss

Associated Press

BIG LOSS: American International Group slid to a loss in the fourth quarter as the insurer absorbed costs related to damage caused by Superstorm Sandy and the sale of its airplane leasing unit. Still, AIG posted an operating profit that was better than analysts were expecting.

THE NUMBERS: AIG reported a loss of $4 billion, or $2.68 per share, compared with net income of $21.5 billion, or $11.31 per share, in the prior-year quarter, when AIG benefited from a tax-related accounting gain.

PAID OFF: The government sold the last of its stake in the bailed-out company in December.

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