AIG In Talks With U.S. Government, Sees $60 Billion Loss: Source

Submitted by Kathleen McGrath on Thu, 02/26/2009

American International Group, rescued twice last year by the U.S. government, is asking for more aid and bracing for a fourth-quarter loss of roughly $60 billion, a source familiar with the matter said. It would be the biggest loss in a quarter in corporate history.

The $60 billion would exceed Time Warner's $54 billion single-quarter loss in 2002 and dwarf the $24.5 billion loss AIG posted in the third quarter, when the government increased its rescue package for the insurer to about $150 billion.

By contrast, two analysts polled by Reuters Estimates have forecast on average a net loss of $5.46 billion.

Also, see AIG Gets Bids From Metlife, Axa For Life Unit: Report and AIG Willing To Cede Control Of Asia "Jewel": Sources.

http://www.insurancebroadcasting.com/insurance-news-022509-2.htm

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