American International Group posts 3Q profit

Markets Associated Press

American International Group Inc. (AIG) on Wednesday reported third-quarter net income of $462 million, after reporting a loss in the same period a year earlier.

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On a per-share basis, the New York-based company said it had profit of 42 cents. Earnings, adjusted for one-time gains and costs, came to $1 per share.

The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.

The insurer posted revenue of $12.85 billion in the period.

American International Group shares have dropped slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. In the final minutes of trading on Wednesday, shares hit $60.55, a decrease of 5 percent in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIG at https://www.zacks.com/ap/AIG

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Keywords: American International Group, Earnings Report

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This story has been corrected to show that total revenue was $12.85 billion, not $13.01 billion.