AIG Q3 Profit Tops Estimates; Board Authorizes $1.5 Bln Share Repurchases

(RTTNews) - American International Group, Inc. (AIG) reported third-quarter net income to company of $2.19 billion or $1.52 per share, compared to $2.17 billion or $1.46 per share, prior-year. After-tax operating income attributable to AIG increased to $1.75 billion from $1.42 billion, a year ago. After-tax operating income per share was $1.21 for the third quarter of 2014.

On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $1.09 for the quarter. Analysts' estimates typically exclude special items.

AIG Property Casualty's net premiums earned were $8.63 billion, compared to $8.43 billion, previous year. Analysts expected revenue of $8.57 billion, for the quarter.

American International Group, Inc. announced its Board has authorized the repurchase of additional shares of AIG common stock with an aggregate purchase price of up to $1.5 billion. AIG's aggregate remaining share repurchase authorization, inclusive of the announced authorization, is approximately $1.5 billion. As of November 3, 2014, AIG has repurchased approximately $3.4 billion of shares of AIG common stock year to date, pursuant to prior authorizations from the Board.

The Board also declared a dividend of $0.125 per share on AIG common stock, par value $2.50 per share. The dividend is payable on December 18, 2014, to stockholders of record at the close of business on December 4, 2014.