AIG posts bigger loss, adds $3.5 billion to buyback program

Shares of the company, which also raised its share buyback program by up to $3.5 billion, were down 4.5 percent in after-hours trading on Tuesday. The adverse reserve development cover reduced the risk of further reserve additions in some of the most volatile lines, AIG Chief Executive Peter Hancock said in a statement. AIG agreed last month to pay about $10.2 billion to Warren Buffett's Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already w