INSURER American International Group (AIG) reported a quarterly profit yesterday that beat analysts’ estimates, driven primarily by higher operating income in its property and casualty business.
AIG shares were up three per cent in after-market trading. Net income fell to $1.98bn (£1.27bn), or $1.34 per share, in the first quarter, from $3.05bn, or $1.71 per share, a year earlier. Analysts had expected earnings of 87c per share.
AIG was given a $182bn bailout in 2008 but eliminated the state’s last financial interest in it in March.
City A.M. Reporter