American International Group Inc (AIG
) released its third quarter earnings results on Thursday after the closing bell, posting earnings that beat analyst expectations, while revenues missed.
AIG’s Q3 Performance in Brief
- Revenues came in at $8.43 billion, a drop from the $8.75 billion reported a year ago. Analysts had expected AIG’s revenues to come in at $8.63 billion.
- Net after-tax operating income came in at $1.4 billion, or $0.96 per share; analysts had expected EPS to come in at $0.94.
- Growth in insurance operating income rose 38% from a year prior to $2.2 billion.
- Investors should note that net income attributable to AIG for the quarter exceeded after-tax operating income attributable to AIG largely due to valuation allowance releases associated with deferred tax assets from capital loss carryforwards, partially offset by a $260 million after-tax increase to litigation reserves related to legacy crisis matters.
CEO Commentary
CEO and President Robert H. Benmosche commented, “AIG's solid performance this quarter underscores the strong fundamentals of our businesses, and builds upon the momentum that we generated in the first half of this year. Our insurance operations reported improved pre-tax operating profits this quarter from the third quarter of 2012, and we continue to remain optimistic about the future.”
AIG’s Dividend
AIG pays a quarterly dividend of $0.10 per share, or $0.40 annualized. AIG is set to pay its next dividend on December 19, 2013 to shareholders of record on December 5, 2013, with an ex-dividend date of December 3, 2013.
AIG reinstated a dividend of 10 cents on September 26, 2013. Prior to that, AIG had not paid a dividend since September of 2008.
Shares Slip
American International Group shares slipped 0.62% during Thursday’s session. Year-to-date, the stock is up 42.46%
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