American International Group (AIG) has finally filed its 2004 annual report with the US Securities and Exchange Commission (SEC), restating results for the past five years.

The report was delayed twice because of a comprehensive internal accounting review instigated by New York Attorney-General Eliot Spitzer and the SEC’s probes into finite – or financial – reinsurance contracts.

The investigations revealed AIG had accounted improperly for some of its contracts and its five-year results reflect this, with the company forced to reduce its net income to $US9.7 billion from $US11 billion for 2004 alone.

So this time round, AIG’s filing acknowledged “improper or inappropriate transactions”.

The company also had to restate premiums, net investment income, total liabilities, loss and loss expense reserves and realised capital gains.

AIG also announced a boost in reserves for asbestos cases by $US850 million.