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AIG Revises 2010 and 2011 Results

Posted on 19 Apr 2012

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American International Group Inc. (AIG) revised its 2010 and 2011 results to change the accounting of deferred acquisition costs related to acquiring or renewing insurance contracts.

The New York insurer, which is still roughly 70%-owned by the U.S. Treasury as a result of its rescue during the financial crisis, said adopting the new standard raised its 2010 profit to $10.06 billion from its previously reported profit of $7.79 billion.

Revised 2011 earnings were $20.62 billion, up from the previously reported earnings of $17.8 billion.