American International Group announced that it suffered lower profit earnings by 60 percent compared to what it got in the same quarter last year.
According to an official report by NASDAQ, the company have said that its bottom line totalled $0.69 billion or $0.52 per share, which is lower than $1.72 billion or $1.19 per share in last year's third quarter.
In a similar note, News Watch International reported that American International Group have an estimated revenue of $14.26 billion, with an earnings per share of $0.52. Meanwhile, analysts estimated that the company had estimated an earnings-per-share of $1.04.
Currently, the company insiders own 0.03 percent of the American International Group, Inc. shares according to the proxy statements. Moreover, Institutional Investors own about 85.22 percent of the company.
The company has dropped at least 5.16 percent during the last 3-month period and the year-to-date stock performance stands at 9.76 percent. American International Group's shares have also have rallied 18.21 percent from its 1 year high price.
Additionally, on a July 23, 2015 report, the shares of the company have registered a one year high at $64.93 and the one year low was seen on Jan. 29, 2015.
American International Group also has a reported market cap of $78,824 million and there are 1,293,886,920 shares in outstanding. The 52-week low of the share price is $48.68.
The 50-day moving average of the company is at $58.39 and the 200-day moving average price on the other hand, is recorded at $60.15
As reported by Value Walk, the company said that its general operating expenses have dropped by six percent, during the first nine months of the year. The company's book value per share, excluding AOCI and DTA, climbed by 7 percent to $61.9
It also said that it's normalized ROE, excluding AOCI and DTA increased by 5.9 percent during the quarter.
American International Group president and CEO Peter D. Hancock said that this quarter's results, although falling short of the expectations set by the company, is due to the market's volatility. He countered that despite that, the company is showing signs of progress that enables AIG to transform for long-term competitiveness.
Furthermore, Hancock added: "Our strategy focuses on four major objectives: to narrow our focus on businesses where we can grow profitably, drive for efficiency, grow through innovation and optimizing our data assets, and return excess capital."
During the quarter, one of the largest insurance companies also repurchased about 61 million shares that is worth a whopping $3.7 billion. In addition to that, it also repurchased an additional $602 million worth of shares by the end of October.
