Last $55.58 USD
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As of 8:04 PM 03/3/15 All times are local (Market data is delayed by at least 15 minutes).

american international group (AIG) Key Developments

American International Group Opens Four New Branches in Oman

American International Group announced the opening of four new branches in Oman. These branches will be located in Nizwa Ibri Salalah and Sur and will allow AIG to further expand its business in the sultanate where it has been active for the past 14 years. AIG's core focus in Oman will be to broaden its existing customer base and grow its market share through the introduction of new products and services across both its retail and corporate segments. In keeping with its strong commitment to develop local talent AIG plans to further invest in a new training academy and will introduce world-class learning and development training programmes for its local staff and distribution partners in Oman. The new training academy will be based in Muscat and will play an important role in developing the overall Omani insurance sector and further enhancing customer service. AIG will also increase its own Omanisation rate which is already at 85% against a requirement of 65% for the sector. The company is also investing in the greater application of customer service technology.

American International Seeks Acquisitions

American International Group, Inc. will consider acquisitions. Peter Hancock, President and Chief Executive Officer of American International said, "We maintain a disciplined risk appetite for new businesses and acquisitions. Our acquisitions have not been capital-intensive and have provided unique capabilities, clients and distribution and are not driven by a desire for acquiring assets or short-term earnings."

American International Group, Inc. Declares Common Stock Dividend, Payable on March 26, 2015

American International Group, Inc. announced that its board of directors declared a dividend of $0.125 per share on AIG common stock, par value $2.50 per share. The dividend is payable on March 26, 2015, to stockholders of record at the close of business on March 12, 2015.

American International Group, Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Effective Tax Rate Guidance for the Year 2015

American International Group, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported pre tax income from continuing operations of $729 million compared with $2,150 million for the same period a year ago. Pre-tax operating income was $1,740 million compared with $2,480 million for the same period a year ago. Net income attributable to AIG was $655 million or $0.46 per diluted share compared with $1,978 million or $1.34 per diluted share for the same period a year ago. After-tax operating income attributable to AIG was $1,371 million compared with $1,666 million for the same period a year ago. Return on equity was 2.4% compared with 7.9% for the same period a year ago. Return on equity - after-tax operating income, excluding AOCI was 5.7% compared with 7.2% for the same period a year ago. Return on equity - after-tax operating income, excluding AOCI and DTA was 6.8% compared with 8.8% for the same period a year ago. Income from continuing operations per diluted share was $0.49 compared with $1.33 for the same period a year ago. For the full year, the company reported pre tax income from continuing operations of $10,501 million compared with $9,368 million for the same period a year ago. Pre-tax operating income was $9,574 million compared with $9,390 million for the same period a year ago. Net income attributable to AIG was $7,529 million or $5.20 per diluted share compared with $9,085 million or $6.13 per diluted share for the same period a year ago. After-tax operating income attributable to AIG was $6,630 million compared with $6,650 million for the same period a year ago. Return on equity was 7.1% compared with 9.2% for the same period a year ago. Return on equity - after-tax operating income, excluding AOCI was 6.9% compared with 7.4% for the same period a year ago. Return on equity - after-tax operating income, excluding AOCI and DTA was 8.4% compared with 9.3% for the same period a year ago. Book value per common share was $77.69 compared with $68.62 for the same period a year ago. Book value per common share excluding accumulated other comprehensive income was $69.98 compared with $64.28 for the same period a year ago. Book value per common share excluding accumulated other comprehensive income and DTA was $58.23 compared with $52.12 for the same period a year ago. Income from continuing operations per diluted share was $5.24 compared with $6.08 for the same period a year ago. For 2015, the company expects the annual interest expense to be just under $1.1 billion. The company expects operating effective tax rate for 2015 to be 33% to 34%.

AIG Announces Executive Changes

Richard Daniels as executive vice president and chief information officer, succeeding Philip Fasano who left last fall to take on a similar role at AIG. Before taking on the interim CIO job, Daniels was senior vice president of enterprise shared services at Kaiser, where he was responsible for 'oversight of technology end user services, national facilities services and national pharmacy operations'. Prior to joining Kaiser, he held senior IT jobs at JP Morgan Chase and Capital One.

 

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