NEW YORK (Reuters) - Insurer American International Group Inc. (AIG.N: Quote, Profile, Research) said on Wednesday it will delay filing its third-quarter results until November 14, giving it time to correct errors as it addresses previous accounting weaknesses.

The world's largest insurer by market value has already been the subject of state and federal investigations into its accounting practices after errors were discovered this year.

AIG warned investors not to rely on its prior financial statements. It did, however, estimate it made a net profit in the third quarter of $1.7 billion despite big losses from the hurricanes in the United States.

The company said errors identified in the third quarter resulted in an understatement of previously reported consolidated retained earnings at June 30 of about $500 million. The effect on prior-period profits may be positive or negative and the amount will vary from quarter to quarter, AIG said.

It said it will restate previously reported financial results since 2002, mainly related to derivatives and hedges. AIG said it believes its hedging activities were effective, but that they do not qualify for hedge accounting treatment.

The company said its efforts to repair its weaknesses in controls will continue and that it will discuss further developments in future SEC filings.

It said it will restate its annual financial statements from 2002 through 2004, as well as selected consolidated financial data for 2001, 2002 and quarterly data for 2004 and the first half of this year.

For the third quarter, AIG said it recorded $1.57 billion of losses related to Hurricanes Katrina, Rita and other catastrophes, but still estimated the net income of $1.7 billion for the period.

The company also estimated its adjusted net income, which excludes capital gains or losses, at $1.8 billion. These third-quarter estimates, however, may change as AIG completes its third-quarter financial statements.

The quarter's catastrophe losses, net of reinsurance recoveries, included $1.03 billion attributed to Katrina, $200 million from Rita, and smaller amounts linked to other catastrophes, non-insurance losses and losses on minority investments.

AIG also said it has reduced the previously stated statutory surplus of its General Insurance units by $3.5 billion to about $20.6 billion. AIG also added $750 million of capital to this surplus.

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