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AIG (AIG) Sinks 7.5% on Massive $7.8B Q1 Loss
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Shares of American International Group, Inc. (NYSE: AIG) are down 7.5% this AM after reporting a massive $7.8 billion loss after the close.
AIG incurred a net loss for the first quarter of $7.81 billion or $3.09 per diluted share. AIG reported a Q1 adjusted net loss of $3.56 billion or $1.41 per share, versus the analyst estimate of $0.76 loss. AIG also announced a plan to raise approximately $12.5 billion in capital to fortify its balance sheet and provide increased financial flexibility.
AIG said a weak U.S. housing market, the disruption in the credit markets, as well as equity market volatility, had a substantial adverse effect on its results.
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