American International Groupreported a quarterly loss that was narrower than last year's shortfall but much deeper than analysts had expected. Shares dropped steeply in late trading.
The troubled insurance company, a regular target of criticism related to the U.S. government's economic bailout efforts, said it lost 97 cents a share on an adjusted basis in its fiscal first quarter. In the same period last year, AIG lost $1.41 a share.
Analysts who follow the company saw AIG reporting a loss of 6 cents a share, according to an average estimate from Thomson Reuters.
The adjusted figure excludes net realized capital losses and FAS 133 losses. FAS 133 relates to accounting for derivative instruments and hedging activities.
AIG shares were down about 4 percent in extended trading Thursday. The stock finished the regular New York Stock Exchange session up almost 6 percent at $1.95. Get after-hour quotes for AIG here.