AIG Posts Loss; Shares Rise on ’03 Forecast
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American International Group Inc. had its first quarterly loss in at least three decades as it added $3.2 billion to reserves.
Shares rose as much as 5.4% after the insurance company said it expected to earn more this year than analysts predicted.
The fourth-quarter loss of $103.8 million, or 3 cents a share, contrasts with a profit of $1.87 billion, or 70 cents, in the same period a year earlier. In making its first earnings forecast, AIG said sales have outpaced expectations so far this year.
The company’s stock climbed $1.47 to $47.97 on the New York Stock Exchange.
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