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AIG

American International Group Inc

5/21/2013, 8:47 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, May 21, 8:07 AM Keep an eye on property casualty insurers (TRV, ALL, CB, AIG) after all posted notable declines amid the Oklahoma City tornado disaster yesterday. The dip following Sandy proved a great buying opportunity (though from much lower levels). Comment! [Financials]
Monday, May 20, 1:37 PM AIG announces an investment of about $92.5M - in accordance with its pro rata share - in a rights offering of Hong Kong's PICC Property & Casualty Company. The participation will hold AIG's stake in the company at 9.9%. (PR) Comment! [Financials, Breaking News]
Wednesday, May 15, 11:50 AM Seth Klarman added two new positions to Baupost in Q1, with Elan (ELN) now 3.5% of his portfolio and DirecTV (DTV) 0.38%. He added to already major positions in BP, AIG, ROVI, and IDIX, and completely sold out of GNW, and ANV. 1 Comment
Tuesday, May 14, 10:12 AM Up 2.1%, AIG is back near its 52-week high as David Tepper gives the stock a shout on his CNBC interview and Jeremy Hoskins - presenting at London Value - makes the familiar bull case: Trading at a fraction of book value, a cyclical improvement in underwriting results, and a hoped-for $5B/year in buybacks reducing the share count by 30% by 2015. The TARP warrants +2.2% to $19.31. 1 Comment [Financials, On the Move]
Monday, May 13, 2:34 PM More on the insurance upgrades (I, II) by Barclays: Not convinced AIG can boost P&C results much more, or that either it or Hartford Financial (HIG) can do much to improve returns at their life insurance units, Jay Gelb says both should aim to boost value by buying back shares trading at steep discounts to book value. He sees $5B in buybacks for AIG for both 2014 and 2015, and $750M for Hartford. 1 Comment [Financials]
Monday, May 13, 7:22 AM AIG gains 1.2% premarket after Barclays upgrades to Buy - more details as we get them. The stock has pulled back about $1.50 over the last few days following a big move higher. 1 Comment [Financials]
Thursday, May 9, 3:18 PM U.K. mobile banking specialist Monitise PLC (MONIF.PK +9.1%) pops as Lee Cooperman - presenting at SALT in Las Vegas - calls it his top conviction pick: "no financial risk .. no debt ... the blessing of Visa." He owns more than 10% of the company. Other top picks: ESRX, QCOM, C, AIG, MET, and RIG. 3 Comments [Quick Ideas]
Tuesday, May 7, 3:56 PM More on Goldman's AIG downgrade (earlier): Better bets are Travelers (TRV) and Allstate (ALL) - like AIG, set to benefit from improving insurance margins, but also able to return capital without the regulatory risk. Prudential (PRU) and MetLife (MET) might also be better ideas - like AIG, they do face regulatory risk over capital returns, but both have more muted expectations and trade at lower valuations. 3 Comments [Financials]
Tuesday, May 7, 1:02 PM A new twist in the legal battle between AIG and BAC as a judge rules the insurer did not give up its right to sue BofA over $7B in MBS-related losses even though it unloaded the paper as part of its bailout. The FRBNY has already settled with BofA over MBS its Maiden Lane II took in from AIG as part of the rescue. 14 Comments [Financials]
Tuesday, May 7, 7:30 AM AIG's property-casualty unit receives its first upgrade since the financial bust, with S&P bumping the group's credit rating to A+ from A. The life business is reiterated an A+. "Management is committed to maintaining and enhancing AIG's competitive position in the global P/C and U.S. life businesses." Comment! [Financials]
Tuesday, May 7, 7:06 AM AIG's huge run is halted for the moment as Goldman has seen enough, downgrading the stock to Hold. Still bullish on the AIG's business prospects, analyst Michael Nannizzi says it's priced into the stock. Further gains would need to come from a big dividend or buyback announcement, and he's not convinced AIG is ready to go there for just yet. Shares -2.9% permarket. 7 Comments [Financials, On the Move]
Friday, May 3, 2:44 PM Bank of America's (BAC +0.5%) $8.5B settlement to take care of claims from Countrywide-backed MBS should be rejected, says a group of investors led by AIG in a NY State Supreme Court filing today. Separately however, the FHFA withdrew its "conditional objection" to the settlement. The Article 77 hearing is set to begin on May 30. BofA would be open to massive liability should a judge throw out the agreement. 8 Comments [Financials]
Friday, May 3, 8:14 AM AIG plans one more "liability management" exercise in 2013, says management on the earnings call (slides), and that's the call of at least part of $7.4B in hybrids. Together with other actions taken, it should reduce the company's annual interest tab by $290M (company earned about $2B in Q1). Shares +2.3% premarket. 1 Comment [Financials]
Friday, May 3, 7:31 AM "We would like to get into the commercial insurance business very big time," says Warren Buffett, asked about Berkshire's (BRK.B) hiring of 4 P&C execs from AIG. Buffett says the 4 initiated the move themselves, maybe prompted by AIG's scaling back of coverage in capital-intensive areas. 6 Comments [Financials]
Thursday, May 2, 10:03 PM More on AIG's Q1 earnings: Property & Casualty is back with operating income of $1.6B vs. $1B a year ago. The combined ratio falls to 97.2 from 102.1 a year ago - it was the 2012 Q3 report in November when the stock got hit for 5.5% after the company reported a combined ratio of 105 (higher is worse; over 100 means claims exceed premiums). Conference call Friday at 8 ET. Shares +2.4% AH. (PR) Comment! [Earnings, On the Move, Financials]
Thursday, May 2, 4:22 PM More from AIG's Q1 earnings: A slight miss on revenues ($8.56B vs. $8.64B expected) isn't damping AH enthusiasm with shares up 2.5%. Q1 after-tax operating income of $2B compares with prior-year $3B - which had included pretax income from investments (including Maiden Lane) disposed of in 2012. Insurance operating income of $3B is up 28% Y/Y. "Our priority this year is to improve operating fundamentals and reduce costs," says CEO Robert Benmosche. 11 Comments [Financials, Earnings, On the Move]

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