Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

American insurer reports biggest loss in history

Staff Reporter 1 minute read

Part nationalised American insurance giant AIG yesterday reported a net loss for 2008 of US$99.3 billion (A$158 billion), with a net loss of US$61.7 billion (A$98 billion) in the fourth quarter alone.’

In response to the devastating result the American government said it would invest a further US$30 billion (A$38 billion) into the insurer, on top of its already close to 80 per cent stake.

Advertisement
Advertisement

"Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high," a statement from the US Treasury and Federal Reserve said.

COMMENT HERE

American insurer reports biggest loss in history
default
TheAdviser logo
default
more from the adviser
houseandmoneyrates ‘Don’t rush in’: Risks of new housing scheme flagged

Broker support is critical for borrowers looking to capitalise on...

speed boat ta AFG welcomes specialist lender to its panel

The aggregator has welcomed specialty asset finance lender Austra...

business handshake 2 Finsure expands third-party team, appoints new BDMs

The mortgage aggregator has announced the appointment of new busi...

FROM THE WEB