AIG reports $7.81B loss
The company says it plans to raise $12.5 billion to strengthen its balance sheet.
May 8, 2008: 4:28 PM EDT
NEW YORK (CNNMoney.com) -- American International Group Inc., the nation's largest insurer, reported a net loss of nearly $7.81 billion for the first quarter and said it would seek to raise $12.5 billion in capital to shore up its balance sheet.
The company reported a net loss of $7.81 billion, or $3.09 per share, for the first quarter. Excluding certain charges, AIG said it lost $3.56 billion, or $1.41 per share.
Analysts were expecting a loss of 76 cents per share, according to consensus estimates compiled by Briefing.com.
The company said it plans to issue a common stock offering and an equity-linked offering worth about $7.5 billion.
Shares of AIG (AIG, Fortune 500) fell nearly 7% Wednesday amid a broad selloff in financial stocks and record high oil prices. To top of page
The company says it plans to raise $12.5 billion to strengthen its balance sheet.
May 8, 2008: 4:28 PM EDT
NEW YORK (CNNMoney.com) -- American International Group Inc., the nation's largest insurer, reported a net loss of nearly $7.81 billion for the first quarter and said it would seek to raise $12.5 billion in capital to shore up its balance sheet.
The company reported a net loss of $7.81 billion, or $3.09 per share, for the first quarter. Excluding certain charges, AIG said it lost $3.56 billion, or $1.41 per share.
Analysts were expecting a loss of 76 cents per share, according to consensus estimates compiled by Briefing.com.
The company said it plans to issue a common stock offering and an equity-linked offering worth about $7.5 billion.
Shares of AIG (AIG, Fortune 500) fell nearly 7% Wednesday amid a broad selloff in financial stocks and record high oil prices. To top of page