AIG Q2 Profit Rises - Update

(RTTNews) - American International Group Inc., (AIG) on Tuesday reported a profit for the second quarter that increased from a year ago, driven largely by gains. AIG's earnings for the quarter trumped Wall Street estimates.

New York-based AIG reported a second-quarter profit of $1.91 billion or $1.68 per share, compared to $1.80 billion or $1.32 per share a year ago.

Excluding items, operating earnings for the quarter dropped to $1.11 billion or $0.98 per share from $1.89 billion or $1.39 per share in the prior year. On average, 21 analysts polled by Thomson Reuters estimated earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.

The results for the quarter included pre-tax realized capital gains of $928 million from the sale of shares in PICC Property and Casualty Company Limited.

Book value per share grew 6 percent to $83.08 during the quarter. The company authorized the repurchase of additional shares of up to $3.0 billion.

AIG closed Tuesday's trading at $54.14, down $0.07 or 0.13%, on the NYSE. The stock, however, gained $1.86 or 3.44%, in the after-hours trade.