American International Group, Inc. (NYSE: AIG) beat Wall Street estimates Thursday, posting a 27% profit increase in the second quarter from the year-earlier period.
The insurance company reported net income of $2.34 billion, while operating profit was $1.06 a share, higher than Wall Street analyst estimates of 57 cents a share, according to data compiled by Reuters.
AIG reported $9.1 billion in revenue for the second-quarter, referred to as net premiums written. This is down 0.8% from the year-earlier period but better than Wall Street analyst expectations of $8.84 billion.
Chartis, the property insurance arm of AIG, reported operating income of $936 million in the second quarter, compared to $783 million in the year-earlier period.
The U.S. government still owns 61% of AIG after it bailed out the company for $182 billion during the height of the financial crisis.
Shares are down 0.32% to $30.74 in the first 30 minutes after market close.
Samuel Weigley
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