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Business

AIG is still losing money, but less of it: $4.35 billion in first quarter

Latest update : 2009-05-08

Beleaguered insurance giant AIG, bailed out by the US government last year, has announced a loss of 4.35 billion dollars for the first quarter of 2009. This is, however, its smallest loss in 18 months.

REUTERS - American International Group, the giant insurer bailed out by the U.S. government, reported its smallest loss in six quarters on Thursday, hurt once more by investment losses and write downs.

AIG has lost more than $100 billion over those periods, largely from excessive mortgage bets taken by a financial products unit. In the fourth quarter of 2008, AIG had a loss of $61.7 billion, the largest quarterly loss in corporate history.

The first-quarter loss was $4.35 billion, equal to $1.98 per share, compared with a loss of $7.81 billion, of $3.09 a share, in the same period a year ago.

Unlike other quarterly announcements since its federal rescue last September, AIG's most recent quarter did not include a new iteration of its bailout plan.

But as in past periods, costs related to AIG Financial Products again burned a hole in the insurer's financials. The quarter included a $1.9 billion restructuring charge primarily related to its wind-down of the controversial financial products unit.

AIG warned that future quarters could include similar charges.

The insurer also recorded $2.5 billion in pretax investment losses and write-downs, and had to pony up about $1.5 billion in interest and amortization charges for a Federal Reserve credit facility.

Date created : 2009-05-08

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