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AIG Announces $3 Billion Buyback as Asset Sales Boost Profit

  • Operating profit of 98 cents a share beats analyst estimates
  • Results include pretax $928 million gain on PICC P&C shares
Bloomberg business news

AIG Announces $3B Stock Buyback

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American International Group Inc. said it will buy back $3 billion of stock after second-quarter profit climbed 6.3 percent, helped by asset sales. The insurer climbed in extended trading in New York.

Net income advanced to $1.91 billion, or $1.68 a share, from $1.8 billion, or $1.32, a year earlier, New York-based AIG said Tuesday in a statement. Operating profit, which excludes some investment results, was 98 cents a share, beating by 6 cents the average estimate of 20 analysts surveyed by Bloomberg.