Wachovia nearly doubles previously reported loss : US Business

NEW YORK (Reuters) - Wachovia Corp , the fourth-largest U.S. bank, on Tuesday nearly doubled the size of its previously reported first-quarter loss because of a write-down on three contracts in its life insurance portfolio.

The company is now reporting a net loss available to common stockholders of $708 million, or 36 cents per share. On April 14, it reported a loss of $393 million, or 20 cents per share.

Wachovia said it increased the loss after reviewing information regarding $360 million of stable value agreements provided by a third-party guarantor.

The bank said it may be able to realize benefits from these agreements in future quarters.

Wachovia disclosed the increased loss in a U.S. Securities and Exchange Commission filing. The bank is based in Charlotte, North Carolina.

(Reporting by Jonathan Stempel, editing by Dave Zimmerman)

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