Net income climbed to $2.19 billion, or $1.52 a share, in the third quarter, from $2.17 billion, or $1.46, a year earlier, New York-based AIG said today in a statement. Operating profit, which excludes some investing results, was $1.21 a share, beating the $1.09 average estimate of 24 analysts surveyed by Bloomberg.
Hancock, 56, took over from Robert Benmosche at the start of September. He’s reshaped management after the departure of life-unit CEO Jay Wintrob, and is also working to improve margins at the property-casualty operation by expanding the use of science in underwriting.
“Peter is bringing a hard-nosed view of data,” Josh Shanker, an analyst at Deutsche Bank AG, said in an interview before results were announced. “Historically, AIG has been criticized, I think correctly, that they’ve been really soft on data.”
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