According to the financial services provider, the figure is equivalent to a loss of $17.62 per share and is lower than the $455 million, or $0.68 per share seen during the same three month period in 2009.
The bank attributed the loss to $4.5 billion worth of charges tied to the sale of assets as it looks to repay the Federal Reserve Bank of New York (FRBNY) for fiscal stimulus provided during the financial crisis.
AIG borrowed more than $180 billion in government money during the global credit crunch.
Robert H Benmosche, AIG president and chief executive officer, said: "We were extremely pleased to announce a few weeks ago our plan to repay the US government. We will continue with our aggressive plan to close pending transactions in order to repay the FRBNY in full, and provide for the exit of US Treasury ownership over time.â
The bankâs core insurance unit is one of the best performing parts of the business â it raised $2.1 billion worth of profit during the three-month period.
By Jim Ottewill