(Reuters) - Insurer American International Group Inc on Monday posted a 56% fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns. Adjusted after-tax income attributable to AIG common shareholders fell to $571 million in the second quarter ended June 30, from $1.3 billion a year earlier. Excluding items, AIG earned a profit of 66 cents per share compared with $1.43 per share a year earlier, exceeding Factset expectations of 50 cents per share, the company said. Shares of AIG, one of the largest U.S. insurers, rose 3.7% in after-hours trading. AIG posted an underwriting loss of $343 million in its general insurance business, compared with a $147 million profit a year earlier.

Source: International New York Times August 03, 2020 20:48 UTC