Boston, MA 01/30/2014 (wallstreetpr) – American International Group Inc. (NYSE:AIG) stock jumped in the market after an announcement by Bank of America that the mega insurer intends to buy back $10billion worth of stock during the next two financial years. The company stock on Tuesday soared by 2.5% to trade at $48.46 in New York. The company has already been pointed out as the top pick among property and casualty insurers for 2014 by analysts such as Jay Cohen. AIG Chief Executive officer intends to return more capital to its shareholders after successfully paying back the bailout package of 2012.
American International Group Inc. (NYSE:AIG) has been improving in the market having announced dividends for the first time in August last year accompanied with the expected stock repurchase program of $1 billion. It is only last month that the company reached an agreement to sell its New York based plane leasing unit for a total of $5 billion. Analysts expect the sale to pave way for more aggressive capital management. AIG as a result expects to benefit exceedingly well from better underwriting and higher prices for its commercial coverage. The company expects operational expenses to decline after staying at a high for the past two years as a result of investments in risk analysis and financial reporting services
American International Group Inc. (NYSE:AIG) cash balance continues to attain balance especially after agreeing to sell its International Lease Finance corp for a total of $3 billion to AerCap Holdings NV. The company had long been looking for a buyer especially after its government bailout package soared to a whopping $182.3 billion. After the full payment of the bailout package its Chairman Steve Miller could not hide his joy by saying “We were the most disrespected brand name on the planet and now we have come back,” the company has restored its name to its main units and even gone on board to sponsor rugby teams in the US and New Zealand
