NEW YORK (AFX) -- Insurance giant American International Group said Thursday its fourth quarter 2005 profit fell 72% after booking more than $2 billion of charges for regulatory settlements and increased reserves.
The company said it earned $444 million, or 17 cents a share in the quarter compared to $1.61 billion, or 62 cents a share a year ago.
The latest quarterly results included a charge of $1.15 billion from previously announced regulatory settlements, as well as a $1.19 billion after tax charge for increased reserves for losses and loss expenses.
Analysts polled by Thomson First Call had, on average, expected the company to earn 24 cents a share. This story was supplied by MarketWatch. For further information see www.marketwatch.com.