AIG handily beats earnings expectations, buying back more shares
American International Group Inc. reported quarterly earnings Monday that were far better than analysts expected, and announced plans to buy back more shares. The insurer announced net income of $1.8B, or $1.32 a share, on revenue of $15.7 billion; after adjustments, profits reached $1.39 a share. Analysts surveyed by FactSet had expected AIG to report adjusted earnings of $1.22 a share on revenue of $14.9 billion. The company also detailed an increase in share buybacks, adding $5 billion to a current stock-repurchase plan. AIG stock wavered between slight gains and losses in late trading after adding 2 cents in the regular session to $64.14.
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