That’s the thing about mark-to-market accounting. In the worst of times, it creams you, but then those marks can reverse, which is exactly how AIG (AIG) managed to be profitable this quarter.
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (AIG) today reported a profit in the third quarter of 2009, as certain of its businesses continue to stabilise and the company’s results reflected positive market valuation changes.
For the third quarter ended September 30, 2009, AIG reported net income attributable to AIG of $455 million, including net income attributable to AIG common shareholders of $92 million, or $0.68 per diluted common share, compared with a net loss of $24.5 billion or $181.02 per diluted share in the third quarter of 2008. Third quarter 2009 adjusted net income was $1.9 billion, compared with an adjusted net loss of $9.2 billion in the third quarter of 2008.