AIG Dropping Conference Call After Releasing Second-Quarter Earnings

American International Group Inc. will not hold a conference call with analysts to discuss the second-quarter earnings it is scheduled to release before the markets open on Aug. 7.

AIG spokeswoman Christina Pretto said the company would not discuss the reasons for not holding the conference call, which AIG has held routinely in the past and which most major companies normally hold after announcing quarterly earnings.

?We?ll have ample information about our earnings, as we always do, in our financial filings and earnings statement,? Pretto said.

AIG named Robert H. Benmosche, the retired chief executive of MetLife, as its president and chief executive officer Aug. 4. He assumes that role Aug. 10, as Chairman and Chief Executive Officer Edward M. Liddy retires.

Liddy, the retired chief executive of Allstate, was recruited last year by then-Treasury Secretary Henry Paulson to lead AIG after it nearly went bankrupt in September before being bailed out by a federal rescue plan that has grown to up to $182.5 billion in loans and other aid. The company has been selling assets to repay the aid (BestWire, May 22, 2009).

AIG reported a first-quarter net loss of $4.35 billion, a little over half the loss it reported for the same period a year ago and a fraction of the record-setting loss it posted for the last quarter of 2008. (BestWire, May 8, 2009).

Most AIG insurance companies currently have a Best's Financial Strength Rating of A (Excellent) with a negative outlook.

Shares of AIG (NYSE: AIG | Quote | Chart | News | PowerRating) were $21.99 in afternoon trading on Aug 5, up 62.7% from the previous close.

(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)