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NEW YORK (AP) — NEW YORK (AP) — American International Group Inc. (AIG) on Thursday reported first-quarter profit of $698 million.
The New York-based company said it had net income of $1.16 per share. Earnings, adjusted for non-recurring costs, were $1.17 per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The insurer posted revenue of $6.78 billion in the period. Its adjusted revenue was $6.62 billion, falling short of Street forecasts. Three analysts surveyed by Zacks expected $6.79 billion.
American International Group shares have increased 11% since the beginning of the year, while the S&P's 500 index has dropped nearly 5%. In the final minutes of trading on Thursday, shares hit $80.84, a climb of roughly 7% 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