NEW YORK (AP) - American International Group says it swung to a $7.81 billion loss during the first quarter due to losses in credit swaps and mortgage-related operations.
AIG says it lost $3.09 per share, compared with earnings of $1.58 per share, or $4.13 billion, during the year-ago period.
Analysts surveyed by Thomson Financial, on average, forecast a loss of 76 cents per share.
New York-based American International Group Inc. lost $9.11 billion in its credit-default swaps portfolio, which promise to cover losses on $579 billion in bonds or other kinds of debt.
Losses in its investment portfolio, which includes debt backed by troubled mortgages, totaled $6.09 billion.
AIG says it lost $352 million in its mortgage insurance business, United Guaranty.
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