American International Group Inc (AIG) shares are trading 2.73% higher to $54.08 in Monday’s extended trading hours in reaction to earnings. The insurance giant reported second-quarter results that came in significantly ahead of Wall Street’s consensus estimate.
AIG said for the second quarter ended June 30, 2014 its net income rose to $3.1 billion, compared to $2.7 billion for the second quarter of 2013. Diluted EPS were $2.10 from $1.84 a share, in the same period a year ago. After-tax operating income totaled $1.8 billion, up from $1.65 billion year-over-year [y/y].
AIG said after-tax operating income per diluted share was $1.25 a share, that’s $0.13 higher y/y and above the $1.05 consensus. Book value p/sh of $75.71 jumped 15% from June 30, 2013, while book value p/sh excluding accumulated other comprehensive income of $67.65 grew 10% over the same period. Net premium earned of $8.53 billion was largely in-line with the $8.56 billion analysts were expecting.
“AIG’s results in the second quarter were solid. Overall, our businesses demonstrated our continued discipline and resilience, underscoring our focus on improving the results of our core insurance businesses,” AIG President and CEO Bob Benmosche said in a statement.
AIG shares climbed almost 3% in extended hours after closing the day up over 1% at $52.66. Its 52-week range is $45.94 to $56.00.
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