Financial Modeling Definition
Used to create a financial representation of some, or all, aspects of a firm or given security.
American International Group Inc. said it had overstated net income for the past five years by $3.9 billion, or 10 percent, as it struggles to clean up past errors. Following an extensive internal review, the world's largest insurer by market value in a regulatory filing also said it cut its net worth through the end of 2004 by $2.26 billion, or 2.7 percent, less than it previously warned.Dealer Package Insurance
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The $3.9 billion reduction in net income for the five years through 2004 included an increase in AIG's asbestos reserve of $850 million for the fourth-quarter of 2004, AIG said in its 10-K annual report filed with the U.S. Securities and Exchange Commission.Finance and Insurance Products dealerships
The thrice-delayed report was filed with the SEC one week after New York authorities filed a civil lawsuit against AIG, its former chief executive, Maurice "Hank" Greenberg, and its former financial chief, saying they committed fraud and manipulated the books.vehicle service contracts
"There is both good and bad news," said Michael Chren, senior portfolio manager of National City Investment Management Co. He said investors were pleased to finally see the filing and called the smaller-than-expected reduction in net worth a positive.restaurant liability insurance New York
The insurer's press statement and securities filing on Tuesday followed several releases by the company laying out numerous accounting errors going back more than a decade.
"We are embarking on a new era for AIG that will be marked by changes in the way we operate -- including greater responsiveness and transparency...," said AIG President and Chief Executive Officer Martin Sullivan in a statement.
In its latest filing, which ran to over 400 printed pages, AIG said its management identified material weaknesses in its internal control over financial reporting.
It now expects to file its 10-Q report for the first quarter of 2005 by the end of June.
Until AIG is up to date with securities regulators, the insurer said it will not be able to sell securities to the public. The company said it will also commission an independent actuarial review of loss reserves of its main property and casualty insurance operations.