May 6 (Bloomberg) -- American International Group Inc., the insurer saved from collapse by the U.S., may report tomorrow that its first-quarter loss was about $5 billion, said a person familiar with the matter.

The result is an improvement from the record $61.7 billion fourth-quarter loss that New York-based AIG posted in March, said the person, who declined to be identified because the company is scheduled to report tomorrow after the close of trading on the New York Stock Exchange.

AIG’s quarterly report tomorrow may be the first since its bailout in September in which taxpayers weren’t asked for more cash to stabilize the insurer, deemed by regulators to be crucial to the financial system. The firm’s narrowing loss won’t trigger a fresh capital injection from the government, Bloomberg News reported May 4.

The company climbed 11 cents to $1.84 at 4:15 p.m. New York Stock Exchange composite trading. AIG rose 33 percent this week.

A loss would be the sixth straight unprofitable quarter from AIG, which was first saved in September after ratings downgrades forced the company to post collateral on credit- default swaps sold to banks. The insurer posted $99.3 billion in losses last year amid declines tied to swaps and investments.

The Federal Reserve and Government Accountability Office said in March that AIG might need more funds on top of the $182.5 billion already committed, souring Congress on expanded U.S. aid to financial firms.

Christina Pretto, an AIG spokeswoman, declined to comment. The size of the quarterly loss was reported by the Wall Street Journal earlier today, citing unidentified people familiar with the matter.

To contact the reporters on this story: Hugh Son in New York at hson1@bloomberg.net;

Last Updated: May 6, 2009 16:37 EDT