Insurer AIG's 3rd-qtr profit beats Wall Street expectations; Adds up to $1.5B to buyback fund

Markets Associated Press

NEW YORK (AP) — American International Group Inc. on Monday reported better-than-expected third-quarter profit and announced plans to buy back more shares.

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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 added 30 cents to $54.10 in aftermarket trading. The stock has gained 5.4 percent in 2014, closing Monday at $53.80, while the Standard & Poor's 500 index has increased 9 percent.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. AIG stock research report from Zacks.

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Keywords: American International Group, Earnings Report