AIG 1st-quarter loss narrows to $4.35 billion
05.07.09, 04:51 PM EDT
Battered insurer American International Group says its first-quarter loss narrowed, and was sharply lower than the record-setting lost it posted a quarter ago.
The New York-based insurance giant says it lost $4.35 billion, or $1.98 per share, during the quarter ended March 31. AIG ( AIG - news - people ) lost $7.81 billion, or $3.09 per share during the year-ago period.
AIG is coming off the biggest quarterly loss in U.S. corporate history. It lost $61.7 billion during the fourth quarter.
The first-quarter loss was primarily tied to costs from the winding down of its financial products unit, which was the at the center of its near collapse last fall. AIG was bailed out by the government, and has received a package of loans worth up to $180 billion to help the firm.
---- remark : buy in at US$1.65 5th May (est S.+8hour) sell at US$2.10 (before the report out)
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