American International Group has reported a net income of $6.20 billion, or $2.39 per diluted share for FY 2007, compared to a net income of $14.05 billion, or $5.36 per diluted share for FY 2006.
Full year 2007 adjusted net income declined to $9.31 billion, or $3.58 per diluted share from $15.41 billion, or $5.88 per diluted share in 2006.
At December 31, 2007, American International Group’s (AIG) consolidated assets were $1.061 trillion and shareholders’ equity was $95.80 billion.
The net loss for the fourth quarter of 2007 was $5.29 billion, or $2.08 per diluted share compared to net income of $3.44 billion, or $1.31 per diluted share for the same quarter of 2006.
Martin Sullivan, president and CEO of AIG, said: AIG’s results in 2007 were clearly unsatisfactory. Following record performance through the first six months of 2007, AIG experienced deteriorating results in its mortgage guaranty and consumer finance businesses in the second half of the year, primarily in the fourth quarter.