“NEW YORK (Reuters) – Bailed-out insurer American International Group lost more than $1 billion from its ongoing operations in the first quarter, as the company took a huge charge for the termination of its credit facility with the Federal Reserve.
AIG’s Chartis unit also racked up $864 million in catastrophe losses related to the March 11 earthquake in Japan. The company, one of the top foreign insurers in Japan, had previously warned of substantial quake charges.
AIG shares, which have lost more than 30 percent of their value since late January, fell about 1 percent in after-hours trade to $30.50.
AIG reported a loss from continuing operations of $1.18 billion, or $1.41 per share, compared with a profit on the same basis a year earlier of $2.09 billion, or $2.16 per share.”
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