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AIG Q4 profit tops target; virus, disaster, derivatives weigh on results

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NEW YORK, Feb 16 (Reuters) - Insurer American InternationalGroup Inc posted a net loss of $60 million in the fourthquarter, mainly due to a $1.2 billion loss from derivatives, thecompany said on Tuesday, but its adjusted earnings hit analysts'targets.

Quarterly adjusted profit totaled $827 million, or 94 centsa share, down from $923 million, or $1.03 a share, a year ago.Analysts had expected 93 cents a share, according to data fromRefinitiv.

For the full year, AIG posted a $6 billion net loss, largelydue to its sale of Fortitude Group Holdings LLC last June. Butit met analysts' estimates with full-year adjusted earnings of$2.2 billion, or $2.52 a share.

The lower 2020 results reflected $1.1 billion in costsrelated to COVID-19 for the year, and higher losses oncatastrophe coverage, the company said.

It company noted that fourth-quarter adjusted pre-tax incomeof $809 million for its general insurance was up 4% from a yearago. For its life and retirement segment, the figure rose 20% to$1.027 billion.

AIG did not provide a 2021 outlook, having suspended suchguidance after the first quarter of 2020. It also did notprovide an update on the plan to exit the life and retirementbusiness that it announced last year.

The company will hold a conference call with analysts onWednesday morning.(Reporting by Alwyn Scott and Suzanne Barlyn; Editing by DanGrebler)