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

In April, the nation's fourth-largest bank reported a $393 million first-quarter loss, cut its dividend and said it would raise $7 billion in new capital.

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

The Charlotte-based 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.