NEW YORK (AP) _ American International Group Inc. (AIG) on Monday reported first-quarter profit of $1.75 billion.
The New York-based company said it had net income of $1.98 per share. Earnings, adjusted for non-recurring gains, were 11 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
The insurer posted revenue of $14.44 billion in the period. Its adjusted revenue was $10.92 billion.
American International Group shares have decreased 53% since the beginning of the year, while the Standard & Poor's 500 index has declined 12%. In the final minutes of trading on Monday, shares hit $24.07, a drop of 49% in the last 12 months.