- White House Plans to Freeze Spending to Cut Deficit
- Week Ahead: Investors Go for Quality, Assess Recovery
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Cities With the Most Home Price Reductions
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- This Year's Biggest Thanksgiving Leftover: Cash
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
MOST SHARED
- Today's Market Action
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Israel Going Green
- Low Interest Rate Investing
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
- Inside Wal-Mart's Acai Berry Juice Maker
- China's Role as Lender Alters Dynamics for United States
Text Size 
American International Group [AIG
Loading...
()
], the world's largest insurance company, said quarterly net income grew due to higher insurance premium revenue.
Second-quarter net earnings rose to $4.28 billion, or $1.64 a share, from $3.19 billion, or $1.21 a share, in the year-earlier quarter.
On an adjusted basis, the New York-based company reported earnings of $1.77 a share, above the Thomson Financial consensus forecast of $1.61 a share.
"Overall, AIG performed very well in the second quarter," said CEO Martin J. Sullivan, in a prepared statement. "AIG's financial performance continues to reflect the competitive advantages of our diverse, global operations."
Shares of AIG rose more than 2% in after-hours trading, boosted in part by comments regarding the company's housing-related exposure.
"We continue to be very comfortable with our exposure to the U.S. residential mortgage market, both in our operations and our investment activities," the company said in the release.
AIG said it bought back more than 22 million shares during the second quarter with an additional 24.5 million purchased through Aug. 6, 2007, for a year-to-date buyback amount of about 49.0 million.
The company said it continues to expand global operations, noting that it recently received approval to launch a general insurance subsidiary in China.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes