NEW YORK - American International Group reported a $61.7 billion (43.5 billion pound) fourth-quarter loss on Monday, the largest quarterly loss in U.S. corporate history, after a revised rescue plan from the U.S. government.
The massive loss, equal to $22.95 a share, is the company's fifth consecutive quarterly loss, bringing the total loss over that period to in excess of $100 billion.
Investment losses, write downs and restructuring charges were the largest drivers of AIG's fourth-quarter loss, more than wiping out operating profits posted by its insurance subsidiaries.
AIG, the recipient of $150 billion in taxpayer aid last year, on Sunday reached a deal that revises its government bailout to give the company more financial flexibility, and head off rating cuts that could have triggered crippling collateral calls and termination clauses in policyholder contracts.
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