AIG Posts Higher 2Q Profit; Declares Dividend
August 1, 2013 by ALEX VEIGA, AP Business Writer Associated Press
American International Group Inc. says its profit grew 17 percent in the second quarter as the insurer benefited from higher net premiums, prices and income from investments.
The New York-based company also declared a10-cent quarterly dividend and announced board approval of a share buyback plan of up to $1 billion.
AIG said Thursday that net income rose to $2.7 billion, or $1.84 per share, in the three months ended June 30. That compares with net income of $2.33 billion, or $1.33 per share, a year earlier.
Analysts polled by FactSet expected, on average, adjusted earnings of86 cents per share.
Net premiums written at AIG’s property casualty business increased 1.8 percent to $9.3 billion, aided by higher prices.
Shares of AIG gained 5.5 percent in after-hours trading.