New York City: ­ Struggling US insurer American International Group (AIG) on Monday in New York reported a record third quarter net loss of 24.47 billion dollars compared to a net profit of 3.09 billion dollars in the same period last year.

Commenting on the results, AIG Chairman and Chief Executive Officer Edward M Liddy said, "third quarter results reflect extreme dislocations and volatility in the capital markets and significant charges related to restructuring activities."

The report represents the fourth straight quarter of losses for the insurer, totalling 43 billion dollars.

Despite the poor economic environment, AIG - one of the world's largest insurers - reported a nearly 7 per cent rise in insurance premiums.

Meanwhile, the US government on Monday raised its total lifeline to AIG to an estimated 150 billion dollars, according to media reports.

In September, the US central bank - the Federal Reserve - provided the company a line of credit of 85 billion dollars in exchange for 80 per cent of the AIG shares. An additional 38 billion was supplied in October.

The new package is to reduce the credit line to 60 billion dollars while the government would purchase 40 billion dollars' worth of AIG preferred stock.

The terms of the US federal aid have been made less onerous with reduced interest payments and a longer repayment schedule. (dpa)