Executives with American International Group said the first-quarter losses the insurer suffered may not see a turnaround soon, as the housing credit crisis that affected earnings is expected to continue for a while.

Speaking during a financial analyst's conference call today, Steven J. Bensinger, vice chairman-financial services, said the credit crisis that has hit the nation and caused a $15.2 billion write-down for the insurer is "expected to continue for some time," and the economic stress "is not over."

Martin J. Sullivan, AIG's president and chief executive officer, said that although the company felt the investments it made were "prudent," it is making adjustments to its investments portfolio.

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