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Chief Executive Martin Sullivan of American International Group (AIG) on Tuesday told investors that the insurance company's recent issue of equity and debt raised in the region of $20 billion, far more than initially expected.
Published on May 20, 2008
Speaking at an investor conference in London, Sullivan said that the capital raising, announced after AIG reported a record $7.8 billion first-quarter loss, would give the insurer the ability to invest in future growth, while at the same time position the company for further volatility in the credit markets.
AIG's quarterly loss was largely driven by write-downs of assets linked to subprime mortgage investments.
The company had initially planned to raise $12.5 billion.
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