AIG Dinged by Tax Reform and Catastrophes in 4Q but Avoids Reserve Development Issues
AIG reported a substantial loss of for the fourth quarter, due mainly to a $6.7 billion tax charge as it wrote down the value of its substantial deferred tax assets. This doesn’t concern us, however, as the charge was expected and we don’t see tax reform as having a negative impact on the company from an economic perspective. Excluding the tax charge and other non-operating items, ROE for the full year came in at 4%. This was in large part due to an unusually large amount of catastrophe losses t...
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