Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

AIG Target Raised at Deutsche Bank After Hancock Meeting

Don't Miss Out —
Follow us on:

June 19 (Bloomberg) -- American International Group Inc. had its price target raised by Deutsche Bank AG after the bank’s equity analysts met with Peter Hancock, the chief executive officer of AIG’s property-casualty unit.

AIG shares will rise to $56, Deutsche Bank’s Joshua Shanker said in a note to investors dated yesterday. His previous share price estimate was $52.

Shanker is “more confident” that New York-based AIG is ahead of schedule on a plan to improve margins in its property-casualty business after meeting with Hancock, he said in the note. The company will probably start paying a dividend of 17 cents a share in the third quarter, he said.

“We are more confident about the pace of loss-ratio improvement offset by less confidence in expense management,” Shanker wrote. “The engines of this improvement relate to business mix, improved claims processes, de-emphasis of casualty business, more scientific approach to modeling loss trends.”

AIG climbed less than 1 percent to $45.48 at 12:52 p.m. in New York and may post its first gain in four trading days. It has advanced 29 percent this year.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.