American International Group swings to loss in the fiscal fourth quarter.

American International Group Inc. (NYSE: AIG) said on Tuesday that it swung to a loss of £43.15 million in the fiscal fourth quarter. In comparison, AIG had recorded a profit in the comparable quarter of last year. The U.S. firm attributed its loss primarily to the ongoing COVID-19 crisis that has so far infected more than 28 million people in the United States and caused a little under half a million deaths.  

AIG shares closed the regular session over 1% up on Tuesday but lost almost the entire intraday gain in after-hours trading. The stock is now exchanging hands at £30 per share. The price action should come in handy if you are interested in investing in the stock market.

AIG reports £6.96 billion of revenue in fiscal Q4

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American International Group’s loss in Q4 translates to 5.04 pence per share. Adjusted for one-time items, AIG earned 67.62 pence per share in the recent quarter. Analysts, on the other hand, had called for a higher 70.50 pence of adjusted earnings per share for the insurance conglomerate in Q4.

The New York-headquartered company said that it generated £6.96 billion of revenue in the fourth quarter. Its adjusted revenue in Q4 stood at an even higher £8.62 billion. American International Group reported a 10% year over year decline in its fourth-quarter adjusted income. In comparison, it had posted a much broader 56% decline in adjusted earnings in the fiscal Q2.

Other prominent figures in the multinational finance firm’s earnings report on Tuesday include £128.04 million of underwriting losses attributed to the Coronavirus pandemic in the recent quarter. AIG also noted £264 million of losses in Q4 due to natural catastrophes, including hurricanes Delta, Laura, Zeta, and Sally.