AIG beats EPS estimates, announces $3.5B buyback
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.
Hancock took over the company in September, and this marked his second full quarter of management.
AIG shares are slightly positive this year.