AIG Rises Slightly After Q4 Results
American International Group (NYSE: AIG) is up less than one percent in after hours trading after the company announced its fourth quarter results.
The company reported a Q4 EPS of $1.15 versus the Street estimate of $0.96.
Earnings per share were up 475 percent from the year-ago period.
"AIG's strong performance in both the fourth quarter and the full year of 2013 represents another successful milestone in our journey to further build on AIG's core insurance operations," Robert H. Benmosche, AIG President and Chief Executive Officer, said in a company release. "Global demand for our products and services, combined with our reputation for innovation, has helped to reestablish AIG as one of the world's preeminent insurance companies.
"I am also pleased to announce the Board's capital management decisions to increase AIG's quarterly dividend by 25 percent and authorize the repurchase of up to an additional $1.0 billion worth of AIG Common Stock, both of which reaffirm the Board's confidence in our strategy and allow us to return a portion of our success directly to our shareholders."
AIG boosted its dividend by 25 percent, raising it from $0.10 to $0.125. The company also announced a $1 billion buyback plan.
Net premiums earned came in at $8.621 billion.
After the close, Bloomberg reported that AIG planned to reduce its headcount by three percent.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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