American International Group (NYSE: AIG) Monday said its after-tax adjusted profit dropped sharply in the second quarter of 2020 but exceeded the consensus forecast.
Adjusted after-tax income attributable to shareholders was $571 million or $0.66 per share in the second quarter, compared to $1.27 billion or $1.43 per share last year. However, the bottom line came in above analysts’ projection.
On an unadjusted basis, the insurance giant reported a net loss of $7.94 billion or $9.15 per share for the quarter, compared to earnings of $1.1 billion or $1.24 per share in the second quarter of 2019.
At $3.4 billion, total consolidated net investment income was down 8% year-over-year, reflecting bigger private equity losses compared to last year.
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