AIG's 3Q profit tops Wall Street's estimate
NEW YORK (AP) — American International Group
) on Monday reported better-than-expected third-quarter profit and announced plans to buy back more shares.
The New York-based company said it earned $2.19 billion, or $1.52 per share.
Its after-tax operating income came to $1.21 per share. The average estimate of analysts surveyed by Zacks Investment Research was for $1.08 per share.
AIG also said Monday that it plans to repurchase up to $1.5 billion worth of its shares. The company has repurchased roughly $3.4 billion of its stock this year.
AIG shares rose 0.8% in after-hours trading to $54.25. The stock has gained 5.4% in 2014, closing Monday at $53.80, while the Standard & Poor's 500 index has increased 9%.