Credit Crunch hits AIG
Posted on February 29, 2008
Filed Under Business |
Credit Crunch Hits American International Group Inc brute force, as insurers for a worldwide reported $ 5.3 billion in the fourth quarter, in large part because of a loss of write-down surpassed that many analysts’ expectations. It was by far the worst quarterly loss reported, the company in its history, which dates back to the period of 1919.
Writing down on derivatives as part of Subprime partly on mortgages, the company said in New York fell to a value of $ 11.12 billion, down, during the fourth quarter. It remains open to the possibility that the actual losses on the portfolio could be “material” in a future course of the reporting period.
The results were published after the market closes. AIG-hand, according to the 2, $ 10, or 4% to $ 50.15 in 4 pm composite trading on the New York Stock Exchange yesterday, while another fell $ 1.20 or 2.4% Dollar 48.95-hour-commerce.
The write-down was not just the mortgage market in relation to the new company. In addition, AIG said it recorded 2.63 billion, largely the loss of capital, because the facts in its investment portfolio, and $ 643 million in the context of investment, because their financial products.
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