American International Group Inc. shares rose late Tuesday after the insurer reported better-than-expected second-quarter results. AIG said it earned $1.9 billion, or $1.68 a share, in the second quarter, compared with $1.8 billion, or $1.32 a share, in the year-ago period. After-tax operating income declined to $1.1 billion, or 98 cents a share, in the quarter, from $1.8 billion, or $1.39 a share, a year ago. Analysts polled by FactSet had expected adjusted second-quarter per-share earnings of 92 cents a share. AIG's bottom line was affected by changes in net loss reserve discounts on workers' compensation reserves, and a decline in earnings from market sensitive assets, the company said in a statement. Shares rose 2.5% in late trading after ending the regular session down 0.1%.
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