Fourth Quarter 2011 After-Tax Operating Income of $1.6 Billion
Fourth Quarter Net Income Includes Deferred Tax Asset Valuation Release of $17.7 Billion
February 23, 2012 04:19 PM Eastern Time
NEW YORK--(EON: Enhanced Online News)--American International Group, Inc. (NYSE: AIG) today reported net income attributable to AIG of $19.8 billion for the quarter ended December 31, 2011, compared to $11.2 billion in the prior year quarter. Diluted earnings per share were $10.43 for the fourth quarter and $16.60 for the prior year quarter. For the full year 2011, net income attributable to AIG was $17.8 billion compared to $7.8 billion in 2010. Diluted earnings per share were $9.44 for the full year and $11.60 for the prior year.
“Two years ago, skeptics – and even some supporters – thought it inconceivable that we would be in a position to post our second consecutive annual profit.”
Net income reflected a U.S. consolidated income tax group deferred tax asset valuation allowance release of $17.7 billion for the quarter and $16.6 billion for full year 2011. As previously disclosed, AIG established a framework for assessing the recoverability of its deferred tax assets. Based on the application of this framework, AIG concluded that it is more likely than not that a substantial portion of the deferred tax assets of the U.S. consolidated income tax group will be realized, and therefore released the valuation allowance equal to that portion in the fourth quarter 2011.
After-tax operating income in the 2011 fourth quarter was $1.6 billion, or $0.82 per diluted share compared to a loss of $2.2 billion, or $15.99 per diluted share in the corresponding prior year quarter. After-tax operating income for the full year of 2011 was $1.8 billion, or $1.02 per diluted share compared to a loss of $898 million, or $6.57 per diluted share in 2010.
Full year net income includes catastrophe losses totaling $3.3 billion in 2011, up from $1.1 billion in 2010, $1.7 billion in impairment charges and fair value adjustments at International Lease Finance Corporation (ILFC) related to its fleet during 2011, and a net $2.9 billion pre-tax loss on extinguishment of debt, primarily representing the accelerated amortization of the prepaid commitment fee asset related to the full repayment of the Federal Reserve Bank of New York Credit Facility, partially offset by a gain on the exchange of junior subordinated debentures for senior notes. Full year 2010 net income included pre-tax gains of $17.6 billion from the sale of properties and divested businesses and a $4.2 billion net charge to strengthen Chartis loss reserves. The January 2011 issuance of AIG common stock to the U.S. Department of the Treasury affected the determination of net income or losses attributable to AIG common shareholders and the weighted average shares outstanding, both of which are used to compute earnings per share.
“Fourth quarter and full year profitability reflects the tremendous commitment and focus on business fundamentals by everyone at AIG,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “The quality of our earnings, against the backdrop of record natural catastrophes, enables this great company to again stand proud as a market leader. I am also extremely proud that when natural catastrophes strike, we stand with our customers and provide them with the peace of mind that we’re there for them.
“Two years ago, skeptics – and even some supporters – thought it inconceivable that we would be in a position to post our second consecutive annual profit,” Mr. Benmosche continued. “During 2011, we completely repaid the Federal Reserve Bank of New York Credit Facility and restructured the U.S. government ownership to provide the U.S. Department of the Treasury a clear exit path, while maintaining our investment grade ratings. We proved to investors that AIG is back and worthy of investor confidence through the $8.7 billion equity offering and our ability to raise capital at competitive rates in the public debt markets. We also completed much of the work necessary to stabilize and de-risk our businesses, among so many other critical accomplishments.
“In 2011, we began to prosper once again,” Mr. Benmosche concluded. “We have a high degree of confidence in our future earnings prospects, which is a critical element in our assessment supporting the release of the deferred tax asset valuation allowance. As we look to 2012 and beyond, we anticipate we’ll continue to be competitive in all areas of our core insurance businesses. We’re seeing markets hardening at Chartis. At SunAmerica, we have taken a leadership position to meet the critical needs of retirees, and at United Guaranty, we’ve become the market leader and we’re creating innovative products that help protect lenders, homeowners, communities, and local economies from mortgage default. In 2011, United Guaranty helped about 40,000 families stay in their homes.”
See the full AIG release here.
Tampilkan postingan dengan label u.s. department of the treasury. Tampilkan semua postingan
Tampilkan postingan dengan label u.s. department of the treasury. Tampilkan semua postingan
Jumat, 24 Februari 2012
Selasa, 27 Desember 2011
U.S. Savings Bonds are going electronic after December 31 - Move to Online Savings Bonds to Save Taxpayers $120 Million
U.S. Savings Bonds are going electronic after December 31 - Move to Online Savings Bonds to Save Taxpayers $120 Million
WASHINGTON, Dec. 27, 2011 /PRNewswire/ -- The U.S. Department of the Treasury today reiterated that paper U.S. Savings Bonds are going electronic after December 31 – a move that will save taxpayers $120 million over five years. To commemorate the rich history of savings bonds from 1935 to present, the Treasury Department has launched an online timeline that captures major milestones through the years.
"As we transition our savings bond program online – a move that will produce significant taxpayer savings – we wanted to step back and remember how savings bonds came to symbolize the events, people and places that shaped our nation through good times and difficult periods over the past 76 years," said Rosie Rios, Treasurer of the United States.
The interactive timeline features archived images of savings bond posters, special events and other memorabilia through the years, including photos or videos of movie stars such as Judy Garland and Mickey Rooney and popular television programs such as "Lassie," "The Bugs Bunny Show" and "Cheers." The interactive timeline is available at www.treasurydirect.gov/timeline.htm.
Ending the sales of paper savings bonds at financial institutions, originally announced in July 2011, supports the Treasury Department's goal to increase the number of electronic transactions with citizens and businesses. In December 2010, the Treasury Department ended the sale of paper savings bonds through traditional payroll plans. Both actions will save taxpayers $120 million over five years.
Series EE and I electronic savings bonds remain available for purchase on TreasuryDirect, a secure, web-based system operated by Public Debt – where investors have been purchasing savings bonds since 2002.
Although paper savings bonds are no longer available at financial institutions, local banks and credit unions will continue redeeming paper savings bonds. For more information about how to purchase savings bonds and other Treasury securities, or how to replace lost, stolen or destroyed bonds, visit www.treasurydirect.gov.
Series I paper savings bonds remain available for purchase using part or all of one's tax refund. For more information on this feature, visit www.irs.gov.
WASHINGTON, Dec. 27, 2011 /PRNewswire/ -- The U.S. Department of the Treasury today reiterated that paper U.S. Savings Bonds are going electronic after December 31 – a move that will save taxpayers $120 million over five years. To commemorate the rich history of savings bonds from 1935 to present, the Treasury Department has launched an online timeline that captures major milestones through the years.
"As we transition our savings bond program online – a move that will produce significant taxpayer savings – we wanted to step back and remember how savings bonds came to symbolize the events, people and places that shaped our nation through good times and difficult periods over the past 76 years," said Rosie Rios, Treasurer of the United States.
The interactive timeline features archived images of savings bond posters, special events and other memorabilia through the years, including photos or videos of movie stars such as Judy Garland and Mickey Rooney and popular television programs such as "Lassie," "The Bugs Bunny Show" and "Cheers." The interactive timeline is available at www.treasurydirect.gov/timeline.htm.
Ending the sales of paper savings bonds at financial institutions, originally announced in July 2011, supports the Treasury Department's goal to increase the number of electronic transactions with citizens and businesses. In December 2010, the Treasury Department ended the sale of paper savings bonds through traditional payroll plans. Both actions will save taxpayers $120 million over five years.
Series EE and I electronic savings bonds remain available for purchase on TreasuryDirect, a secure, web-based system operated by Public Debt – where investors have been purchasing savings bonds since 2002.
Although paper savings bonds are no longer available at financial institutions, local banks and credit unions will continue redeeming paper savings bonds. For more information about how to purchase savings bonds and other Treasury securities, or how to replace lost, stolen or destroyed bonds, visit www.treasurydirect.gov.
Series I paper savings bonds remain available for purchase using part or all of one's tax refund. For more information on this feature, visit www.irs.gov.
Rabu, 05 Januari 2011
Federal Consumer Agency to Partner with State Regulators on Supervision of Providers of Consumer Financial Products and Services
U.S. Department Of The Treasury Press Release
WASHINGTON – The Consumer Financial Protection Bureau (CFPB) implementation team currently housed within the US Department of the Treasury and the Conference of State Bank Supervisors (CSBS) today signed a memorandum of understanding (MOU) to establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services.
Specifically, state regulators and the CFPB will endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden and efficiently deploy supervisory resources. Further, the MOU provides that state regulators and the CFPB will consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of providers of consumer financial products and services, including non-depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders.
The consumer financial protection regime established by the Dodd-Frank Wall Street Reform and Consumer Protection Act strikes a constructive balance between federal and state regulation of firms offering many of the financial products families rely on every day. This MOU is an important step in implementing this balance and provides a starting point for additional state agreements as the states and the CFPB work to fulfill their mandates. Whether shopping for a mortgage for their first home or exploring possibilities to finance their child’s education, consumers will benefit from this partnership as the CFPB and CSBS coordinate efforts to enforce applicable federal and state law and to protect consumers. For the first time, a federal agency with the sole job of looking out for consumers as they interact with the financial system will work with state regulators to review businesses’ practices and ensure that firms that provide consumer financial products, such as mortgages, are following the law.
“The new consumer financial agency and the state banking regulators are forging an alliance to protect American families,” said Elizabeth Warren, special advisor to the Secretary of the Treasury on the CFPB. “This agreement allows us to bring thousands of financial service providers out of the shadows and to begin the process of ensuring that all lenders comply with the same basic rules.”
"Today is an important day for financial supervision," said Thomas Gronstal, Chairman of CSBS. "The formalized coordination between the states and the federal government established by the MOU will do much to create a comprehensive and seamless system of financial supervision and is a step toward a more cooperative system of supervision, which will benefit consumers and financial services providers alike."
WASHINGTON – The Consumer Financial Protection Bureau (CFPB) implementation team currently housed within the US Department of the Treasury and the Conference of State Bank Supervisors (CSBS) today signed a memorandum of understanding (MOU) to establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services.
Specifically, state regulators and the CFPB will endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden and efficiently deploy supervisory resources. Further, the MOU provides that state regulators and the CFPB will consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of providers of consumer financial products and services, including non-depository mortgage lenders, mortgage servicers, private student lenders, and payday lenders.
The consumer financial protection regime established by the Dodd-Frank Wall Street Reform and Consumer Protection Act strikes a constructive balance between federal and state regulation of firms offering many of the financial products families rely on every day. This MOU is an important step in implementing this balance and provides a starting point for additional state agreements as the states and the CFPB work to fulfill their mandates. Whether shopping for a mortgage for their first home or exploring possibilities to finance their child’s education, consumers will benefit from this partnership as the CFPB and CSBS coordinate efforts to enforce applicable federal and state law and to protect consumers. For the first time, a federal agency with the sole job of looking out for consumers as they interact with the financial system will work with state regulators to review businesses’ practices and ensure that firms that provide consumer financial products, such as mortgages, are following the law.
“The new consumer financial agency and the state banking regulators are forging an alliance to protect American families,” said Elizabeth Warren, special advisor to the Secretary of the Treasury on the CFPB. “This agreement allows us to bring thousands of financial service providers out of the shadows and to begin the process of ensuring that all lenders comply with the same basic rules.”
"Today is an important day for financial supervision," said Thomas Gronstal, Chairman of CSBS. "The formalized coordination between the states and the federal government established by the MOU will do much to create a comprehensive and seamless system of financial supervision and is a step toward a more cooperative system of supervision, which will benefit consumers and financial services providers alike."
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