AIG Q4 earnings miss estimates on low rates

New York

AMERICAN International Group reported lower-than-expected fourth-quarter earnings on Thursday as low interest rates and refinancing expensive debt hurt the insurer's results.

The New York-based company, the largest commercial insurer in the United States and Canada, reported a 67 per cent drop in net income to US$655 million, or US$0.46 per share for the quarter ended Dec 31, compared with US$2 billion, or US$1.34 per share, a year earlier.