Finance Feeds logo

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.

Subscribe

Read this next

Uncategorized

US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Takeprofit Tech
Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Tether
Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.

Technology

SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

<
✖