(Bloomberg) -- American International Group Inc. said it will repurchase another $3.5 billion in stock after first- quarter profit climbed 53 percent on gains at the unit selling property and casualty insurance to commercial clients.
Net income rose to $2.47 billion, or $1.78 a share, from $1.61 billion, or $1.09, a year earlier, the New York-based insurer said Thursday in a statement. Operating profit, which excludes some investing results, was $1.22 a share, beating the $1.19 average estimate of 21 analysts surveyed by Bloomberg.
Chief Executive Officer Peter Hancock has sought to increase the use of technology in underwriting while limiting sales in volatile lines of commercial coverage to avoid the surprises that hurt AIG in prior periods when reserves proved inadequate. The insurer has also been redeeming high-cost debt and paying a dividend since 2013 after exiting a bailout the previous year.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.