AIG earnings beat estimates, revenue come in light
AIG delivered quarterly earnings that surpassed analysts' expectations on Thursday, but revenue came in light.
After the earnings announcement, the company's shares fell nearly 3 percent in after-hours trading. What is AIG stock doing now? (Click here to get the latest quote.)
Net income rose 17 percent to $2.17 billion, or $1.46 per share, from $1.86 billion, or $1.13 per share, a year earlier.
Excluding items, the company earned $1.46 billion, or 96 cents per share, down $1.13 billion or 99 cents a share in the year-earlier period.
Revenue decreased 4 percent to $8.43 billion from $8.75 billion a year ago. The company said its net income for the third-quarter dropped 15 percent to $2.13 billion vs. $1.86 in the year-ago earlier period.
Analysts had expected the insurance provider to report earnings excluding items of 94 cents a share on $8.63 billion in revenue, according to a consensus estimate from Thomson Reuters.
Following the report, AIG CEO Bob Benmosche called the third quarter a "solid" one.
"We're continuing to modify some of our risk profile, but we're continuing to grow as we shrink some of our businesses, so I think It's a pretty good quarter," Benmosche said.
The company is looked to slim certain risk categories.
"We're becoming much more selective in how we do that business," he said. "This is about making sure the right risk profile and we're getting paid for our risk."