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AIG Loses More than $5 Billion in Quarter

Charges and capital losses of more than $7 billion factored heavily in the overall loss.
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American International Group

(AIG) - Get American International Group, Inc. Report

lost more than $5 billion in the second quarter, saying the continuation of the weak U.S. housing market and disruption in the credit markets, along with global equity volatility, hampered its operations.

The insurer had a loss for the quarter of $5.36 billion, or $2.06 a share, compared with a profit of $4.28 billion, or $1.64 a diluted share, in the year-earlier period. Charges and capital losses of more than $7 billion factored heavily in the overall loss.

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AIG had an adjusted loss of $1.32 billion, or 51 cents a share, in the most recent quarter.

This article was written by a staff member of TheStreet.com.