Why AIG Stock Is Dropping After the Bell

NEW YORK (TheStreet) -- AIG  (AIG) stock is slipping after the bell Monday following the insurance company's first-quarter report. Net income of $1.6 billion was down 27% from a year earlier.

In post-market trading, shares had dropped 2% to $51.65.

Dragging on profits, AIG reported a 5% drop in property casualty insurance, while consumer insurance fell 7% on higher catastrophe and severe loss claims.

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Adjusted profits of $1.21 a share beat analysts' estimates of $1.07 a share, according to those polled by Thomson Reuters

Revenue slid 4% year over year to $8.2 billion. Analysts had expected $9.4 billion. 

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