The company blamed the continued severe credit market deterioration, particularly in commercial mortgage backed securities and charges related to ongoing restructuring-related activities, on its record net loss for the fourth quarter of $61.7bn (Q4 2007: $5.3bn loss).
The full year 2008 adjusted net loss was $52.1bn compared to adjusted net income of $9.3bn. It added: "Despite these challenging conditions, insurance premiums and other considerations declined only modestly by 1.9% for the fourth q
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