AIG Breezes by Estimates [TheStreet.com]
Summary: American International Group, the world's biggest insurance company, reported a more-than-doubling of Q3 earnings to $4.02bn, ahead of Street forecasts. Like its competitors, AIG was helped by the absence of any serious hurricanes or other weather catastrophes this season. EPS came in at $1.53 vs. analyst expectations of $1.43. Revenue, at $29.2 billion, also beat expectations by a whisker, and policy premiums rose 9.3%. Shares of AIG rose $0.81 to $68.85 on the news in after-hours trading.
Related links: Additional coverage: Reuters, MarketWatch • Commentary: Insurance Stocks: Wall Street's Biggest Secret
Potentially impacted stocks and ETFs: American International Group Inc. (AIG) • Competitors: Allianz AG (AZ), AXA (AXA), Chubb Corp. (CB), Hartford Financial Services Group Inc. (HIG) • ETFs: iShares Dow Jones US Insurance (IAK) [AIG represents 24% of its assets], iShares Russell 1000 Value Index (IWD), iShares Russell 3000 Value Index (IWW), DIAMONDS Trust, Series 1 (DIA), streetTRACKS DJ Wilshire Large Cap Value (ELV)
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