May 8 (U.S. time), the world's largest insurance company American International Group (AIG) released 2008 first quarter financial report, the credit default swaps and the loan-to-business losses, AIG quarter loss of 7.81 billion U.S. dollars, per share Loss of 3.09 U.S. dollars, while its net profit for the year earlier 4.13 billion U.S. dollars, 1.58 U.S. dollars per share net profit. Earlier, analysts expected a loss per share of 76 cents a share. AIG is the second consecutive quarter of a loss, on the first quarter of AIG's loss of 5.29 billion U.S. dollars.
After the earnings release, AIG shares in the New York stock market fell 7 percent after-hours trading, its stock rating agency Fitch lowered, and so many. The Standard & Poor's debt rating to AIG from "AA" to "AA-", the reasons for its losses in the level than expected.
And many other financial services companies, like, AIG in the credit crisis has been severe impact, in the fourth quarter of the group were over 11 billion U.S. dollars of assets write-down.
First quarter of this year, AIG Credit default swaps in the loss reached 9.11 billion U.S. dollars; investment for the loss of 6.09 billion U.S. dollars, mostly from mortgage-backed securities losses, mortgage insurance losses 352 million U.S. dollars.
Quarterly Bulletin, the first quarter of 2008 AIG general insurance business with the same period last year unchanged, the premium income of 12.08 billion U.S. dollars, comprehensive cost rate from 87.52 percent a year earlier rose to 96.86 percent. It is understood that the comprehensive cost of an insurance company as a measure of insurance profitability of the most commonly used indicator is the amount and cost of claims and the total premium ratio, the indicator is less than or equal to 100% of that business is profitable.
On that day, AIG also announced that the planned capital increase of 12.5 billion U.S. dollars plan.
AIG spokesman Chris Winans said the company adopted a to the issue of new shares, stock-related securities and fixed income securities to finance the planned 12.5 billion U.S. dollars. Including plans to sell 7.5 billion U.S. dollars in stock and equity units issued and the value of 5 billion U.S. dollars of fixed-income securities.
AIG has been listed in 1969, there were never two consecutive quarters of losses.
Analysts said, AIG CEO Martin Sullivan (Martin Sullivan) the prospect of imminent danger, unless he can stop the secondary mortgage-related losses, AIG shares reverse the 12 months since the fall. December last year, he said the city can make up for the impairment of assets, and in February this year, AIG said it changed the city can not make up for the possible impairment of assets.
After the earnings release, AIG shares in the New York stock market fell 7 percent after-hours trading, its stock rating agency Fitch lowered, and so many. The Standard & Poor's debt rating to AIG from "AA" to "AA-", the reasons for its losses in the level than expected.
And many other financial services companies, like, AIG in the credit crisis has been severe impact, in the fourth quarter of the group were over 11 billion U.S. dollars of assets write-down.
First quarter of this year, AIG Credit default swaps in the loss reached 9.11 billion U.S. dollars; investment for the loss of 6.09 billion U.S. dollars, mostly from mortgage-backed securities losses, mortgage insurance losses 352 million U.S. dollars.
Quarterly Bulletin, the first quarter of 2008 AIG general insurance business with the same period last year unchanged, the premium income of 12.08 billion U.S. dollars, comprehensive cost rate from 87.52 percent a year earlier rose to 96.86 percent. It is understood that the comprehensive cost of an insurance company as a measure of insurance profitability of the most commonly used indicator is the amount and cost of claims and the total premium ratio, the indicator is less than or equal to 100% of that business is profitable.
On that day, AIG also announced that the planned capital increase of 12.5 billion U.S. dollars plan.
AIG spokesman Chris Winans said the company adopted a to the issue of new shares, stock-related securities and fixed income securities to finance the planned 12.5 billion U.S. dollars. Including plans to sell 7.5 billion U.S. dollars in stock and equity units issued and the value of 5 billion U.S. dollars of fixed-income securities.
AIG has been listed in 1969, there were never two consecutive quarters of losses.
Analysts said, AIG CEO Martin Sullivan (Martin Sullivan) the prospect of imminent danger, unless he can stop the secondary mortgage-related losses, AIG shares reverse the 12 months since the fall. December last year, he said the city can make up for the impairment of assets, and in February this year, AIG said it changed the city can not make up for the possible impairment of assets.
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