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AIG, dubbed the 'world's insurer', has unveiled quarterly losses of almost $62 billion, a record low in the history of corporate America.

The insurance giant recorded losses of $61.659 billion (£43.9 billion) in the final three months of 2008, prompting the latest stage of a government rescue.

The US treasury and Federal Reserve responded to the unprecedented losses by pledging $30 billion towards a new rescue package. AIG, which has operations in 130 countries, has already received $150 billion (£106.7 billion), making it the largest beneficiary of government bailouts.

"The government's restructuring is designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture programme," a joint Fed and treasury statement said.

"The company continues to face significant challenges, driven by the rapid deterioration in certain financial markets in the last two months of the year and continued turbulence in the markets generally. The additional resources will help stabilise the company, and in doing so help to stabilise the financial system."

AIG, which lost the equivalent of $22.95 (£16.32) a share in the final quarter of 2008, said its results in the fourth quarter were "negatively affected by continued severe credit market deterioration, particularly in commercial mortgage backed securities and charges related to ongoing restructuring-related activities".