Represents the largest loss ever in American corporate history
American International Group (AIG) reported the largest loss in American corporate history with a fourth quarter loss of $61.7bn in 2008.
AIG reported a total loss of $99.29bn for 2008, compared with a profit of $6.20bn for 2007.
The net Q4 loss of $22.95 per diluted share compared to a 2007 fourth quarter net loss of $5.3bn or $2.08 per diluted share.
AIG said in a statement that its results in the fourth quarter were negatively affected by continued severecredit market deterioration, particularly in commercial mortgage backed securities (CMBS), and charges related to ongoing restructuring-related activities.
The statement said: 'Despite these challenging conditions, insurance premiums and other considerations declined only modestly by 1.9 % for the fourth quarter compared to the fourth quarter of 2007. For the year, premiums and other considerations grew by 5.3 %.'