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AIG reports drop in value on book of credit swaps

Posted On: Dec. 7, 2007 12:00 AM CST

NEW YORK--The market value of American International Group Inc.'s book of credit default swaps dropped by about $1.05 billion to $1.15 billion between Sept. 30 and Nov. 30, the insurer said Friday in a filing with the Securities and Exchange Commission.

The insurer also reported in the SEC filing that its residential mortgage-backed securities investments dropped by an estimated 2.1% in book value, or by about $2.6 billion, during the same period.

AIG stock closed Friday at $61.45 per share on the New York Stock Exchange. It had closed a week earlier on Nov. 30 at $58.13.