NEW YORK--(BUSINESS WIRE)--Dec. 7, 2012--
American International Group, Inc. (NYSE:AIG) announced today that its
preliminary estimate of AIG’s after-tax losses related to Storm Sandy,
net of reinsurance, will total approximately $1.3 billion.
This estimate reflects a pre-tax loss estimate, net of reinsurance,
totaling approximately $2.0 billion.
AIG expects to make a capital contribution to its U.S. property casualty
insurance subsidiaries of $1 billion from existing, readily available
funds. In 2012, AIG Property Casualty has paid dividends to AIG Inc.
totaling $2.4 billion. As of September 30, 2012, AIG Property Casualty’s
equity totaled $49.6 billion, and AIG Inc.’s equity totaled $102.4
This preliminary estimate involves the exercise of considerable
judgment. Due to the complexity of factors contributing to the losses,
there can be no assurance that AIG’s ultimate losses associated with
this storm will not differ from this estimate, perhaps materially.
Losses related to Storm Sandy will be reflected in AIG’s fourth quarter
2012 results, and any subsequent changes will be recorded in the period
in which they occur.
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are not historical facts but instead
represent only AIG’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside AIG’s control. Except
for AIG’s ongoing obligation to disclose material information as
required by federal securities laws, AIG is not under any obligation
(and expressly disclaims any obligation) to update or alter any
projections, goals, assumptions, or other statements, whether written or
oral, that may be made from time to time, whether as a result of new
information, future events or otherwise. Factors that could cause these
forward-looking statements to differ, possibly materially, from that
currently contemplated include the factors set forth in AIG’s filings
with the United States Securities and Exchange Commission.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
| YouTube: www.youtube.com/aig
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all jurisdictions, and coverage is subject to
actual policy language. Non-insurance products and services may be
provided by independent third parties. Certain property-casualty
coverages may be provided by a surplus lines insurer. Surplus lines
insurers do not generally participate in state guaranty funds, and
insureds are therefore not protected by such funds.
Source: American International Group, Inc.
Jon Diat, 917-239-9241 (Media)
Ankner, 917-882-7677 (Media)
Werner, 212-770-7074 (Investors)