AIG Posts $3.04 Billion Loss, Adding to CEO Hancock's Woes
- Hancock has posted losses in four of past six quarters
- Insurer increases buyback authorization by $3.5 billion
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American International Group Inc. posted its fourth loss in six quarters, burned again by higher-than-expected claims costs as Chief Executive Officer Peter Hancock struggles to sustain profitability.
The net loss widened to $3.04 billion, or $2.96 a share, from a $1.84 billion, or $1.50, a year earlier, the New York-based insurer said Tuesday in a statement. The fourth quarter’s operating loss, which excludes some investment results, was $2.72 a share, missing the average estimate in a survey of 18 analysts for a profit of 42 cents.