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AIG shares fall after company posts $5.3 billion loss

NEW YORK
Fri Feb 29, 2008 8:33am EST

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NEW YORK (Reuters) - American International Group Inc (AIG.N) shares fell nearly 5 percent in premarket trading on Friday, the day after the insurer reported a record $5.29 billion quarterly loss.

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The stock was down 4.9 percent at $47.70 after closing down 4 percent during Thursday's regular session.

After Thursday's market close, the world's largest insurer reported the largest loss in its 89-year history, hurt by an $11.12 billion write down of credit swaps exposed to bad mortgage bets.

Early on Friday, Keefe, Bruyette & Woods cut AIG shares to "market perform" from "outperform." And Fitch Ratings said late on Thursday that the company's ratings remained on "negative watch," indicating the possibility of downgrades.

(Reporting by Lilla Zuill; Editing by Lisa Von Ahn)
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