AIG Profit Rises

(RTTNews) - American International Group Inc (AIG) on Thursday reported first-quarter net earnings of $2.47 billion or $1.78 per share, compared with $1.61 billion or $1.09 per share last year.

Excluding items, operating earnings for the quarter were $1.22 per share, compared with $1.18 per share a year ago.

On average, 22 analysts polled by Thomson Reuters estimated earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.

AIG said that at its consumer insurance segment, retirement revenues slid 4 percent from last year to $2.39 billion, life revenues were almost flat at $1.61 billion, and earned premiums at personal insurance fell 5 percent to $2.78 billion.

At its commercial insurance segment, earned premiums at property casualty fell 2 percent to $4.93 billion, mortgage guaranty earned premiums rose 8 percent to $230 million, and institutional markets revenues fell 10 percent to $624 million.

Separately, AIG said it would buyback $3.5 billion of its shares, in addition to about $300 million remaining under prior authorization.

AGI also declared a dividend of $0.125 per share.