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AIG buying back US$3b of stock as asset sales boost profit

Published Wed, Aug 3, 2016 · 09:50 PM
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AMERICAN International Group Inc said it will buy back US$3 billion of stock after profit in the second quarter climbed 6.3 per cent, helped by asset sales. The insurer climbed in extended trading in New York.

Net income advanced to US$1.91 billion, or US$1.68 a share, from US$1.8 billion, or US$1.32, a year earlier, New York-based AIG said on Tuesday. Operating profit, which excludes some investment results, was 98 US cents a share, beating by six cents the average estimate of 20 analysts surveyed by Bloomberg.

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