American International Group (AIG) plummeted Wednesday after reporting a larger-than expected quarterly loss, but the insurer says it’s still on track to return $25 billion in capital to shareholders by the end of December.
Shares of the New York-based insurer slid 9% to close at $60.85, bringing its year-to-date loss to 6.8%.
AIG’s net loss of $2.96 a share in the last three months of 2016, far wider than the 61-cent loss estimated by analysts in a FactSet survey, was mostly due to a $5.6 billion increase in reserves for future insurance claims, the company said.
