AIG market cap grew with 1.5%

Noam Stiekema

The AIG market cap grew with 1.5% after the insurer announced its quarterly financial results after the closing bell. American International Group announced better than expected quarterly financial results. The insurer reported earnings per share amounted to 1.21 USD, excluding one-time charges. Revenues amounted to 8.63 billion USD (2% annual growth), while the profit after […]

AIG Wall street

AIG Wall streetThe AIG market cap grew with 1.5% after the insurer announced its quarterly financial results after the closing bell. American International Group announced better than expected quarterly financial results. The insurer reported earnings per share amounted to 1.21 USD, excluding one-time charges. Revenues amounted to 8.63 billion USD (2% annual growth), while the profit after tax amounted to 2.2 billion USD. The results exceeded analysts’ expectations, as their average estimate was for earnings per share amounted to 1.09 USD in revenues of 8.6 billion USD.

In September, the former head of JPMorgan Chase Peter D Hancock inherit Robert Benmoshe in his role as president and CEO of AIG. New appointment means a continuation of the strategy of clear and improve business performance.

In the third quarter, AIG also repurchased 24.8 million shares. Now the company intends to expand its program to buy back shares in order to make their shares more attractive. Last year, AIG has already redeemed their shares worth 3.4 billion USD and now was announced the addition of another 1.5 billion USD. The insurer, which during the financial crisis in 2008 was rescued by the US government 182 billion USD, reported in the fourth quarter of 2008 because of unpaid Credit Default Swaps the highest corporate loss of 61.7 billion USD.

However, these times are long gone. AIG today provides insurance services to more than 90 million customers worldwide.

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