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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American International Group Inc | NYSE:AIG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.01 | 1.29% | 79.11 | 78.86 | 76.22 | 77.76 | 6,715,713 | 01:00:00 |
By Leslie Scism
American International Group Inc. boosted its common-stock dividend by 124% and raised its share-repurchase target by $5 billion, signs of health that seemed unfathomable seven years ago when it nearly collapsed into bankruptcy.
The moves came as the global insurer posted a 5.4% increase for the second quarter in its closely watched operating profit, to $1.89 billion, handily beating Wall Street analysts' expectations.
While operating profit topped views, net income still fell 41%. The company's bottom line was up against a tough comparison with the year-earlier quarter, which had enjoyed a substantial gain tied to the sale of an aircraft-leasing business. The most-recent results included a loss in retiring some debt early, as the company continued its effort to simplify its balance sheet.
But AIG's several-year restructuring effort to improve profitability in its core business of selling property and casualty insurance to businesses faced strong headwinds in the quarter. Pricing pressures hurt some of the unit's business lines, and the strong dollar in many countries worked against revenue growth. The unit's results also were hurt as it bolstered some older claims reserves.
The 5.4% increase in AIG's overall operating profit was largely courtesy of gains in the value of AIG's remaining stake in the aircraft-leasing business, which was among businesses sold to repay U.S. taxpayers for its nearly $185 billion bailout, and an investment in a Chinese insurer, PICC Group, as well as lower corporate expenses and reduced interest payments on debt.
Write to Leslie Scism at leslie.scism@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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