AIG reports $4.4 billion loss in Q1

AIG reports $4.4 billion loss in Q1


Insurer American International Group Inc (AIG), whose near collapse in September fanned the global financial crisis, said Thursday it lost $4.4 billion in the first quarter.

The New York-based insurance giant said it lost $4.35 billion, or $1.98 per share, during the quarter ended March 31, compared with $7.81 billion, or $3.09 per share, during the same quarter last year.

Historic loss

AIG lost $61.7 billion during the fourth quarter — the most ever in a quarter by a US corporation — amid the mushrooming credit crisis and shortly after its near collapse.
The US Federal Reserve rescued AIG in September 2008 , acquiring some 80 pc of its shares.

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