American International Group, Inc. (NYSE: AIG) Monday said its after-tax adjusted profit dropped sharply in the first quarter of 2020. Earnings also missed estimates and the company’s stock dropped during the extended trading session.
Adjusted earnings of the New York-based insurance giant dropped sharply to $0.11 per share from $1.58 per share last year and missed the Street view. Reported profit was $1.74 billion or $1.98 per share, compared to $654 million or $0.75 per share in the first quarter of 2019.
Net investment income was $2.5 billion, compared to $3.9 billion in the prior-year quarter. Revenues grew 16% annually to $14.4 billion. Shares of AIG closed Monday’s regular trading higher. Last month, the stock slipped to a multi-year low and has been trading slightly below $25 since then.
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