(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 U.S. bailout the previous year.
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