American International Group, Inc. (AIG) announced yesterday that it will incur a net, after tax charge of $1.8 billion in the fourth quarter of 2002 related to an increase of general insurance net loss and loss adjustment reserves. This action follows the completion of AIG's annual year-end loss reserve study.
In discussing the reserve increase, AIG Chairman M. R. Greenberg made the following comments:
"AIG annually reviews and assesses its general insurance loss reserves and makes necessary adjustments as required. As part of the process, we take into consideration a number of external f...
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