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Troubled Insurer AIG Posts $24 Billion Loss
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Troubled insurer American International Group posted its largest-ever quarterly loss on Monday, hurt once more by write-downs on assets linked to subprime mortgages and capital losses.
AIG—saved from bankruptcy by a $123 billion government lifeline in recent weeks—said its third-quarter net loss was $24.47 billion, or $9.05 a share, compared with a year-earlier profit of $3.09 billion, or $1.19 a share.
The loss included write-downs of $7.05 billion on credit default swaps, adding to the $25 billion in market losses on these debt guarantees in the previous three quarters.
AIG also recorded $18.31 billion in capital losses in the third quarter.
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On Monday, AIG said it had reached an agreement to revise terms of an earlier federal rescue plan, which cuts its holdings of troubled mortgage debt and eases repayment terms.
AIG shares [AIG
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] rose about 14 percent to $2.41 after the third-quarter report, issued before regular trading on the New York Stock Exchange.
A year ago, AIG stock was trading at about $57 a share.
It closed at $2.11 on Friday, off an all-time low of $1.25 in the hours before the federal government stepped in on Sept. 16 with an $85 billion loan.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
