American Intl (AIG) reported Q4 FY 2016 loss of $2.96 per share (versus loss of $1.10 in Q4 FY 2015), missing analysts' consensus estimate of profit of $1.16. The company stated the Q4 results included a $5.6 bln or ($3.56) per share impact from prior year adverse reserve development.

AIG also announced its board of directors authorized an additional increase to its previous repurchase authorization of AIG Common Stock of $3.5 bln, resulting in an aggregate remaining authorization of approximately $4.7 bln.

AIG fell to $63.58 (-4.95%) in pre-market trading.