Shares of insurance giant AIG were up better than 2% in after hours trade after the company reported second quarter earnings that topped expectations.
For the second quarter, AIG reported after-tax operating income per share of $US1.25, topping analysts’ estimates for $US1.05. The company also reported Q2 net premiums earned totaled $US8.53 billion, up 2% from the $US8.35 billion earned a year ago.
During the quarter, AIG repurchased $US1.1 billion worth of its common stock, and said that $US1.5 billion remains under its current share repurchase authorization.
This quarter also marks the end of an era for the company, as it is outgoing CEO Bob Benmosche’s final quarter at the helm of the company he took over in August 2009 after it nearly went bust during the financial crisis.
“As we look towards the future, I have every confidence that [incoming CEO Peter Hancock] will lead AIG to even more sustainable prosperity in the days and years ahead,” Benmosche said. “Under Peter’s leadership, I have no doubt that we will continue advancing our core strategies and priorities with integrity and a profound sense of the responsibility that AIG exceed the expectations — financial, regulatory, and community — of all of our stakeholders.”
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