AIG’s Life and Retirement Business Made $650 Million: Earnings
August 5, 2020 by Allison Bell
American International Group (AIG) is reporting a $9.7 billion pre-tax operating loss for the second quarter, but the life and retirement business did fine, after adjustments.
AIG is reporting a $7.9 billion net loss for the second quarter on $9.4 billion in revenue, compared with $1.1 billion in net income on $13 billion in revenue for the second quarter of 2019.
About $8.4 billion of the operating loss was due to the sale of businesses outside of the life and retirement sector.
The company’s life and retirement unit is reporting $650 million in adjusted pre-tax income on $4.5 billion in revenue, compared with $804 million in adjusted pre-tax income on $3.8 billion in revenue for the year-earlier quarter.
The individual retirement unit is reporting $550 million in adjusted pre-tax income on $1.3 billion in revenue, compared with $588 million in adjusted pre-tax income on $1.5 billion in revenue.
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