AIG is trying to turn around its main business, selling property and casualty insurance to corporations, but California mudslides, major winter storms and other natural disasters cost the insurer $376 million.American International Group shares sank more than 9 percent Thursday after the insurance giant posted a disappointing 30 percent decline in adjusted income.
Taking out nonrecurring items, overall adjusted profit was $963 million, or $1.04 a share, down from $1.36 a share in last year's first quarter.Analysts were forecasting $1.26 a share.