AIG acknowledges accounting improprieties

American International Group Inc., the huge insurance company that is being investigated by state and federal regulators over accounting issues, filed its long-awaited 2004 annual report with the Securities and Exchange Commission on Tuesday, restating financial results for 2000 through 2003 and adjusting the firm's 2004 results.

As part of the restatement, AIG cut shareholders' equity at Dec. 31, 2004 by $2.26 billion, or 2.7 percent, to $80.61 billion, in line with an earlier estimate. This included an after-tax reduction of $1.19 billion for changes in estimates for the fourth quarter of 2004.

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