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AIG Set to Repurchase as Much as $2 Billion of Stock

Robert S. Miller, chairman of American International Group. The  International Lease Finance Corp. sale “and our strong capital position have allowed us to authorize this share repurchase, which enables us to return a portion of our sale proceeds directly to our shareholders,” said Miller in a statement. Photographer: Peter Foley/Bloomberg
Robert S. Miller, chairman of American International Group. The International Lease Finance Corp. sale “and our strong capital position have allowed us to authorize this share repurchase, which enables us to return a portion of our sale proceeds directly to our shareholders,” said Miller in a statement. Photographer: Peter Foley/Bloomberg

June 5 (Bloomberg) -- American International Group Inc., the largest commercial insurer in the U.S. and Canada, said it may repurchase as much as an additional $2 billion of common stock after selling its aircraft-leasing business.

The insurer has bought back about $418 million of shares since the end of the first quarter, according to a statement today from the New York-based company. It has $2.12 billion remaining on its share-repurchase authorization.

AIG sold International Lease Finance Corp. to AerCap Holdings NV last month for $3 billion in cash and about $4.6 billion in AerCap stock. The insurer got rid of about $26 billion of liabilities in the deal.

The ILFC sale “and our strong capital position have allowed us to authorize this share repurchase, which enables us to return a portion of our sale proceeds directly to our shareholders,” AIG Chairman Robert S. Miller said in the statement.

AIG shares were little changed today at $54.95 in New York. They have gained 7.6 percent this year, beating the 5 percent advance of the Standard and Poor’s 500 Index.

To contact the reporter on this story: Dan Reichl in San Francisco at dreichl@bloomberg.net

To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net David Scheer, Dan Reichl

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