American International Group posts 1Q profit

Markets Associated Press

American International Group Inc. (AIG) on Wednesday reported first-quarter net income of $1.19 billion, after reporting a loss in the same period a year earlier.

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The New York-based company said it had net income of $1.18 per share. Earnings, adjusted for non-recurring costs, were $1.36 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.

American International Group shares have declined nearly 6 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 7 percent. They closed Wednesday at $61.54, an increase of 10 percent in the last 12 months.

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Elements of this story were generated by Automated Insights 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