AIG 2Q Oper. EPS Tops Ests; Adds Up to $3b to Share Buyback Plan
(Bloomberg) -- AIG 2Q oper. EPS 98c, est. 92c (range $0.61-$1.16).
- Co. to repurchase up to $3b of additional stock; remaining authorization ~$4b
- YTD capital return $7.9b; in Jan., co. announced plans to return $25b over next 2 yrs
- CEO Peter Hancock: “Our confidence in reaching our 2017 financial targets is high as our earnings become more sustainable”
- 2Q book value $83.08 vs $78.28 q/q
- 2Q commercial P&C results:
- Pretax oper. income $791m, down 34% y/y
- Combined ratio 102.1 vs 98.8 y/y
- Net premiums written $4.42b, down 21% y/y
- Net premiums earned $4.65b, down 9% y/y
- Results include $100m reserve charge tied to increased potential workers’ comp. liability in Florida
- 2Q mortgage guaranty combined ratio 36.9% vs 46.0% y/y
- 2Q ROE 8.6% vs 6.8% y/y
- ROE ex. AOCI/DTA 6.7% vs 9.3% y/y
- Normalized ROE ex. AOCI/DTA 8.8% vs 6.7% y/y
- 2Q results include pretax gain of $928m from sale of PICC Property & Casualty
- Conf. call 8am tomorrow, webcast
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HALISTERSource: BFW (Bloomberg First Word)
Tickers AIG US (American International Group Inc)
People Peter Hancock (American International Group Inc)
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