Following the completion of an internal review, insurer American International Group Inc. finally filed its repeatedly delayed 2004 annual report.

The insurer, which is under investigation by state and federal regulators over accounting issues, restated its results for 2000 through 2003 and adjusted its 2004 results, lowering profits by nearly $4 billion.

The Securities and Exchange Commission filing comes on the heels of a civil lawsuit against the company, its former chief executive, Maurice "Hank" Greenberg, and its former chief financial officer, Howard Smith.

The lawsuit, filed last week by New York Attorney General Eliot Spitzer and State Insurance Superintendent Howard Mills, alleges that the firm manipulated its books to deceive regulators and investors.

AIG said that it overstated net income for the past five years by $3.9 billion, or 10 percent, and cut shareholders' equity at Dec. 31, 2004, by $2.26 billion, or 2.7 percent.

The company said that it expects to file its quarterly report for the first quarter of 2005 by the end of June.

In a statement, AIG president and chief executive officer Martin J. Sullivan said that the company is cooperating "to the fullest possible extent with all ongoing government and regulatory investigations."

"We are embarking on a new era for AIG that will be marked by changes in the way we operate -- including greater responsiveness and transparency," Sullivan said.

AIG also said that it will commission an independent actuarial review of the loss reserves of its principal property-casualty insurance operations, which it expects to be completed before it reports its full year 2005 financial results.

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