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AIG Reports Fourth Quarter Operating Income Of $290 Million, Including After-Tax Storm Sandy Losses Of $1.3 Billion; Fourth Quarter Net Loss Of $4.0 Billion

American International Group, Inc. (NYSE: AIG) today reported a net loss of $4.0 billion, or $2.68 per diluted share, for the fourth quarter ended December 31, 2012, compared with net income of $21.5 billion, or $11.31 per diluted share, in the prior year quarter. Full year 2012 net income was $3.4 billion, or $2.04 per diluted share, compared with $20.6 billion, or $11.01 per diluted share, for the full year of 2011.

After-tax operating income in the 2012 fourth quarter was $290 million, or $0.20 per diluted share, compared with $1.5 billion, or $0.77 per diluted share, in the prior year quarter. After-tax operating income for the full year of 2012 was $6.6 billion, or $3.93 per diluted share, compared with $2.1 billion, or $1.16 per diluted share, in 2011.

Fourth quarter and full year 2012 results included pre-tax catastrophe losses from Storm Sandy of $2.0 billion ($1.3 billion after-tax). Net income for the fourth quarter and full year of 2012 included a $4.4 billion net loss on sale from discontinued operations associated with the agreement to sell International Lease Finance Corporation (ILFC), which reduced book value per share by $2.97 per share. Net income for the fourth quarter and full year of 2011 reflected a U.S. consolidated income tax deferred tax asset valuation allowance release of $19.3 billion and $18.4 billion, respectively.

“AIG’s operating profit this quarter shows the power and financial strength of our diverse global franchise,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We achieved these operating profits in spite of Storm Sandy – the second largest single catastrophe event for AIG in the U.S. These results show how the people of AIG are working together and getting the job done.

“In so many ways, this was an historic quarter -- from the positive return we delivered to the American taxpayers on the investment in AIG, to our ability to monetize non-core assets, and to again becoming a unified AIG. When history is written, we will look back and see that by the end of 2012, a new era for AIG had begun. As one AIG, we will expand on our accomplishments. Teams from our core businesses are working together, sharing experiences, and providing complementary skill sets to create new opportunities and better serve our customers. This partnership is AIG’s global foundation for growth.”

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