AIG loses $1bn in first quarter

Bailed-out insurer American International Group (AIG) lost more than $1bn (£609m) from its ongoing operations in the first-quarter, as the company took a huge charge for the termination of its credit facility with the Federal Reserve. AIG reported a loss from continuing operations of $1.18bn compared with a profit on the same basis a year earlier of $2.09bn. Its Chartis unit also racked up $864m in catastrophe losses related to the 11 March earthquake in Japan. The company, one of the top foreign insurers in Japan, had previously warned of substantial quake charges.