* AIG Q1 loss equal to $1.98 per share

* No new government bailout plan

* Loss driven by investment losses, restructuring costs

* Shares unchanged in after-market trading
(Adds financial details, background)

NEW YORK, May 7 (Reuters) - American International Group
(AIG.N: Quote, Profile, Research), the insurer bailed out by the U.S. government, reported
its sixth consecutive quarterly loss on Thursday, hurt once more
by investment losses and writedowns.

AIG had a first-quarter loss of $4.35 billion, equal to
about $1.98 per share, according to a company statement issued
after U.S. markets closed on Thursday.

The result was lower than the loss of $7.81 billion, in the
same period a year ago.

AIG reported a $61.7 billion loss in the fourth quarter, the
largest quarterly loss in corporate history.

Unlike AIG's other quarterly results announcement since its
federal rescue last September, the first-quarter announcement
did not include a new iteration of its bailout plan.

Overall, the government has stepped forward three times to
help the insurer, committing some $180 billion in its efforts to
rescue AIG. The aid includes some $85 billion in loans that the
insurer is trying to repay through divestitures.

So far, AIG has reached deals for a dozen businesses,
raising more than $4 billion.

COSTLY QUARTER

AIG's quarterly loss included $1.2 billion of costs related
to AIG's wind-down of a controversial financial products unit,
almost $1 billion of interest and costs related to a credit line
from the Federal Reserve, and investment losses or writedowns of
$1.6 billion.

On an adjusted basis, AIG posted a first-quarter loss of
$1.6 billion, or 97 cents a share. Analysts on average expected
AIG to report an adjusted loss of 6 cents a share, according to
Reuters Estimates.

The adjusted figure excludes net realized capital losses and
FAS 133 losses. FAS 133 relates to accounting for derivative
instruments and hedging activities.

On the same basis, AIG lost $3.56 billion, or $1.41 a share,
in the year-ago period.

AIG, once the world's largest insurer, said its global
general insurance business wrote $10 billion in net premiums
during the quarter, a 17.5 percent decline. Premiums and other
considerations also fell for its life insurance and retirement
services division by about 10.5 percent to $8.3 billion.

The insurer, which operates in 130 countries around the
world, is trying to line up some of these businesses for sale,
potentially through initial public offerings.

The company said on Thursday it also plans to combine its
U.S. life insurance and retirement services businesses, and
re-brand the division to differentiate it from AIG, the parent
company.

AIG has posted more than $100 billion in losses over the
past six quarters stemming largely from excessive mortgage bets
taken by a financial products unit.

AIG shares, which closed up 6 percent at $1.95 in the
regular session on Thursday, were unchanged after the report. In
the last year the shares have traded between 33 cents and
$48.65, according to Reuters data.
(Reporting by Lilla Zuill; Editing by Steve Orlofsky and
Matthew Lewis)