NEW YORK, Feb. 26 (UPI) -- U.S. insurance giant American International Group said it lost $8.87 billion in the fourth quarter of 2009, as it posted an annual loss of about $11 billion.
The fourth quarter loss was widely anticipated, as the company had warned investors for months it would take a one-time charge due to restructuring huge loans extended to the firm by the government during the financial crisis, The New York Times reported Friday.
By repaying $25 billion of its debt to the government, the company posted a pretax loss of $5.2 billion, the Times said.
While the overall loss is steep, it does not come close to the company's 2008 record, when it lost $61.7 billion.
Besides restructuring its bailout loans, AIG also put $2.7 billion in reserves in the fourth quarter.
On the positive side, AIG said annuities sales rebounded last year.
