AMGEN POSTS Q2 LOSS ON PAYMENT OF UK PRU BREAK-UP FEE

Texas-based life assurer American General (AmGen) has posted a $312m second-quarter net loss after bailing out of its proposed merger deal with UK Prudential. Breaking the proposed $26.5bn deal in favour of a counter-bid from AIG cost the assurer $425m in break-up fees. However, AmGen otherwise met market expectations with an 11% rise in second-quarter operating profit, buoyed by the performance of its consumer lending business.