NEW YORK (AP) — NEW YORK (AP) — American International Group Inc. (AIG) on Wednesday reported first-quarter net income of $1.22 billion.
On a per-share basis, the New York-based company said it had net income of $1.74. Earnings, adjusted for non-recurring costs, came to $1.77 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.66 per share.
The insurer posted revenue of $12.58 billion in the period. Its adjusted revenue was $12.47 billion, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $12.04 billion.
American International Group shares have increased 12% since the beginning of the year, while the S&P’s 500 index has risen 5%. In the final minutes of trading on Wednesday, shares hit $75.81, a rise of 43% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIG at https://www.zacks.com/ap/AIG
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