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Quarterly profit of AIG remained below expectations

Noam Stiekema

Quarterly profit of AIG remained below expectations, after the cost of benefits to employees weighed on revenues. The insurance company announced quarterly adjusted earnings per share to 97 cents, down from 1.13 USD for the same period of the previous year. “Our results for the fourth quarter showed progress in terms of cost control, current […]

AIG

AIGQuarterly profit of AIG remained below expectations, after the cost of benefits to employees weighed on revenues. The insurance company announced quarterly adjusted earnings per share to 97 cents, down from 1.13 USD for the same period of the previous year.

“Our results for the fourth quarter showed progress in terms of cost control, current investments in businesses and our commitment to balanced management”, said CEO Peter Hancock.

AIG also announced that it will buy back own shares at worth of 2.5 billion USD. The analysts had expected AIG to a profit of 1.05 USD per share and revenue of 8.64 billion USD. The company reported an operating profit of 1.37 billion USD from 1.67 billion USD an year earlier. The profit after tax from the trading segment increased to 1.22 billion USD from 973 million USD an year ago. The same indicator in the consumer segment, however, declined to a profit of 923 million USD from 1.16 billion USD an year earlier.

Last month, the insurer said it would buy Laya Healthcare, which the second largest provider of health insurance in Ireland. The company also announced last month that it has completed the acquisition of British insurer Ageas Protect. The shared of AIG rose more than 6% last year compared to surge by about 14% for the S&P 500. During the trade on Wall Street on Thursday, a security company is traded for 52.45 USD.

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