Home > economy, united states > AIG posts $61.7B 4Q loss, bailout is restructured

AIG posts $61.7B 4Q loss, bailout is restructured

American International Group Inc., once the world’s largest insurer, said Monday it lost $61.7 billion in the fourth quarter, the biggest quarterly loss in U.S. corporate history, amid continued financial market turmoil.

The results come as the U.S. government also Monday announced a restructuring of a bailout plan for the troubled insurer, extending $30 billion in additional aid to the company.

New York-based AIG said it lost $22.95 per share in the last three months of 2008. It lost $5.3 billion, or $2.08 per share, in the same quarter a year ago.

Revenue fell to negative $23.8 billion, as the company had to reverse gains it recorded from investments in past quarters.

[ Continue reading original article on Business Week ]

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