American International Group reported third-quarter net profit of $2.19 billion, or $1.52 a share, up from $2.17 billion, or $1.47 a share, in the year-earlier period. After-tax operating per-share earnings, which excludes non-recurring items and earnings from discontinued operations, rose to $1.21 from 96 cents, and topped the FactSet consensus analyst estimate of $1.09 a share. Among AIG's businesses, net premiums written increased by 3% to $8.95 billion in property casualty, by 15% to $9.66 billion in life and retirement and by 5% to $5.5 billion in its commercial insurance business. The insurer also said it authorized the repurchase of an additional $1.5 billion worth of its common stock, after it bought back $1.5 billion shares during the third quarter. AIG's stock, which edged up 0.6% in after-hours trade, had gained 5.4% year to date through Monday, compared with a 9.2% rise in the S&P 500.
Copyright © 2014 MarketWatch, Inc.