CHARLOTTE, N.C. -- Wachovia is nearly doubling its loss for the first quarter to $708 million after reviewing its portfolio of bank-owned life insurance.

The Charlotte bank reported last month a $393 million first quarter loss, cutting its dividend and seeking a 7 billion dollar cash injection at the same time.

Wachovia said Monday it had reviewed information regarding stable value agreements totaling 360 million dollars, which were provided by a third-party guarantor with respect to three related contracts within its bank-owned life insurance portfolio.

The nation's fourth largest bank said it will record valuation losses of $315 million on the assets, increasing its net loss to $708 million or 36 cents a share.