AIG stung by weak investment results; down 3% AH

• Q1 operating income of $773M or $0.65 per share vs. $1.7B and $1.22 one year ago. Investments took a hit of $0.48 per share in this year's Q1.
• $3.5B of stock bought back during quarter and $173M of warrants (along with $363M of dividends). From the end of Q1 until today, the company bought back another $870M of stock.
• Property Casualty operating income of $720M down 38% Y/Y. Net premiums written of $4.3B down 15%. Net premiums earned of $4.7B down 5%. Net investment income of $577M down 44%. Adjusted combined ratio of 93.2% improves a hair. Cat losses of $222M up 213%.
• Mortgage Guaranty operating income of $163M up 12% Y/Y.
• Consumer Insurance operating income of $461M down 42%, with investment income of $1.3B down 17%.
• Excluding forex impact, expenses fell 5% Y/Y.
• Conference call tomorrow at 8 ET
• Previously: American International Group misses by $0.35 (May 2)
• AIG -3% after hours