Insurer AIG posts 1st-quarter loss on write-downs
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Thu, 08 May 2008 20:24:02 GMT |
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Reuters |
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NEW YORK (Reuters) - American International Group Inc , the world's largest insurer, posted a second consecutive quarterly loss, hurt by the write-down of derivatives exposed to bad mortgage investments.AIG said on Thursday its first-quarter net loss was $7.81 billion, or $3.09 a share, compared with net income of $4.13 billion, or $1.58 a share, a year earlier.The company said plans to raise about $12.5 billion to fortify its balance sheet.AIG is a multi-line carrier that provides life insurance, property casualty, asset management and services such as aircraft leasing.(Reporting by Lilla Zuill; Editing by Andre Grenon)
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