American International Group Inc., the nation's largest insurer, reported losses of nearly $7.81 billion for its fiscal first quarter and said it would seek to raise $12.5 billion in capital to shore up its balance sheet.
The company lost $3.09 per share, for the three months ended March 31. That's down 383% from the same period last year when AIG reported a net profit of $1.58 per share.
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