AIG (AIG) reported quarterly earnings on Thursday that beat analysts’ expectations as improvements in its commercial insurance business helped soften struggles in its consumer segment.

The company also announced it would repurchase up to $3.5 billion in stock.

The largest U.S. commercial insurer posted first-quarter earnings of $1.22 per share, up 3 percent from $1.18 per share a year earlier.

AIG’s stock was slightly higher in extended trading Thursday. “We continued to proactively manage our capital resources through both common stock and debt repurchases,” said CEO Peter Hancock in a release. Analysts expected AIG to report earnings of $1.19 per share and revenue of $14.52 billion, according to a consensus estimate from Thomson Reuters. After-tax operating income in the company’s insurance business declined 7 percent year over year, hit by consumer insurance slipping 19 percent to $945 million. After-tax operating income in the commercial insurance segment rose 3 percent to $1.46 billion. AIG generated $15.98 billion in total revenue in the quarter. Premium revenue hit $8.82 billion, down from $9.07 billion a year earlier. General operating expenses fell 3 percent year over year. Hancock in the release said AIG, the recipient of a $180 billion federal bailout package after the financial crisis, has built an “improved risk profile.” The insurance giant earlier this month completed its acquisition of Laya Healthcare, an Irish health insurance provider. AIG last month agreed to take a controlling stake in NSM Insurance Group.

Hancock took over the company in September, and this marked his second full quarter of management.

AIG shares are slightly positive this year.