NEW YORK (Reuters) - American International Group Inc (AIG - News) reported a quarterly loss of $8.9 billion on Friday, hurt by charges related to U.S. loan payback, asset divestments and higher loss reserves.
AIG, in a regulatory filing, warned that it may need additional U.S. government support, as it did last fall. But it also said it will have adequate liquidity to "finance and operate AIG's businesses and continue as a going concern for at least the next twelve months."
AIG shares were down 8.4 percent in premarket trading.
AIG, which is nearly 80 percent-owned by the government, reported an adjusted loss of $7.2 billion, or $53.23 per share, compared with an adjusted loss of $38.5 billion, or $287.69 per share, a year earlier.
Analysts had been expecting a loss of $3.94 per share. It was not immediately clear whether the results were comparable with the estimates, according to Thomson Reuters I/B/E/S.
"The numbers are so hard to normalize that it's difficult to know what the final business looks like," said Thomas Russo, partner and portfolio manager at Gardner Russo & Gardner.
"We think the combination of strategic asset sales and reviving businesses will generate sufficient funds to repay the taxpayer, mooting the need to pursue the previously contemplated life insurance securitization," AIG spokesman Mark Herr said.
"We think the combination of strategic asset sales and reviving businesses will generate sufficient funds to repay the taxpayer, mooting the need to pursue the previously contemplated life insurance securitization," AIG spokesman Mark Herr said.
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