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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 | |
---|---|---|---|---|---|---|---|---|
0.4629 | 0.62% | 75.0929 | 75.025 | 74.24 | 74.43 | 5,027,159 | 01:00:00 |
American International Group Inc. said its first-quarter profit jumped 53%, buoyed by the sale of investment holdings, while the one-time government ward continued a strong share-buyback program.
Net income rose to $2.47 billion, or $1.78 a share, including $874 million in net realized capital gains from investment sales that included a stake in a Chinese insurer. In the prior-year period, the New York insurance conglomerate logged $1.61 billion, or $1.09 a share, in net income.
AIG's operating income, which excludes realized capital gains and losses and is closely watched by investors, slipped 2.9% to $1.69 billion, from $1.74 billion, but on a per-share basis rose to $1.22 from $1.18 a share.
The operating results exceeded Wall Street expectations of $1.19 a share as compiled by Thomson Reuters. AIG shares edged up fractionally in after-hours trading.
The results reflect the second full quarter of management of the company by Peter Hancock, who took over last September as chief executive. Mr. Hancock succeeded Robert Benmosche, who restored the company to profitability and helped it fully repay a financial-crisis bailout package that had topped $180 million at its peak.
Mr. Benmosche, who died in February, slimmed down the once-sprawling financial-services behemoth. He sold many businesses to raise money to pay back the government and narrowed the company's focus primarily to a world-wide property-casualty insurance business and a U.S. life-insurance and retirement-services business.
Write to Leslie Scism at leslie.scism@wsj.com
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