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AIG 3Q profit rises 17 percent

October 31, 2013
Associated Press

NEW YORK (AP) — American International Group Inc. said Thursday that its third-quarter net income rose 17 percent as its core insurance business improved.

But its property and casualty unit still paid out more in claims than it took in, and its shares fell in after-hours trading.

The company earned $2.17 billion, or $1.46 per share, for the quarter that ended Sept. 30. That was up from $1.86 billion, or $1.13 per share, during the same period a year earlier.

If not for one-time items it would have earned 96 cents per share for the most recent quarter, down from 99 cents a year earlier.

Analysts surveyed by FactSet had been expecting a profit of 96 cents per share.

Operating income in its property casualty unit grew 33 percent to $ 1 billion on a pretax basis, the company said.

AIG reported a combined ratio of 101.6 in its property casualty operation. A number below 100 indicates an underwriting income; more than 100 means it had a loss. During the same period last year AIG's property and casualty unit had a combined ratio of 105.

AIG got the biggest bailout of the financial crisis five years ago. It has repaid the bailout money and has undergone a massive restructuring that cut its size in half as focused on its core insurance business.

AIG shares had fallen 32 cents to close at $51.65 before the results were released. They fell another $1.75, or 3.4 percent, to $49.90 in after-hours trading.

Also Thursday, AIG said it was naming Monika Machon as treasurer, effective immediately. She takes over for AIG's executive vice president, Brian Schreiber, who has been named as deputy chief investment officer along with Geoffrey Cornell.

 
 

 

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