AIG Shares Tumble After First-Quarter Results Miss Expectations
- Company projects underwriting profit by end of the year
- Insurance results were dragged down by catastrophe costs
Pedestrians walk near the American International Group Inc. headquarters in New York.
Photographer: Michael Nagle/Bloomberg
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American International Group Inc. shares dropped to the lowest level in almost two years after first-quarter profit declined and fell short of analysts’ estimates.
Insurance results were hurt by catastrophe costs and a decline in net premiums written, the company said Wednesday. AIG has said it’s making progress in its turnaround, but investors aren’t seeing the results they want yet.