AIG posts $6.7bln loss on tax reform

NEW YORK: American International Group Inc posted a $6.7 billion fourth-quarter loss on Thursday as the U.S. insurer booked a big charge related to U.S. tax reform and losses from global catastrophes.

Excluding one-time items, adjusted fourth-quarter earnings were $526 million, or 57 cents per share, compared with an adjusted loss of $2.8 billion, or $2.72 per share, in the same period a year earlier. Analysts were expecting earnings of 75 cents per share, on average, according to Thomson Reuters I/B/E/S. AIG booked $762 million of catastrophe losses during the quarter, largely from wildfires that raged through California and caused significant damage to homes and businesses.