Boston, MA 08/05/2014 (wallstreetpr) – American International Group Inc. (NYSE:AIG) went past profit expectations of Wall Street on Monday by delivering eye-popping Q2 earnings of $1.25 per share to shareholders. It was 20 cents more than what consensus anticipated.
History Repeats Itself:
It is not the first time when American International Group Inc. (NYSE:AIG) has beaten market expectations by a good margin. It posted a net income figure of $3.1 billion in the previous year which was up by $2.7 billion from a year old net income figures. Even after extracting taxes, the net growth in net income was estimated around $1.7 billion.
Last time when company’s CEO Robert Benmosche announced the positive financial performance of the company, he looked determined for future success. He also narrated two milestones that played a significant role in his company’s success; first of them was Peter Hancock’s appointment as his successor and the second one was the completion of the sale of ILFC to AerCap.
Road Ahead:
Robert Benmosche has taken American International Group Inc. (NYSE:AIG)’s business on a new level over the last many years and his successor Peter Hancock is expected to continue the same success story. So far he has been handling property consultancy business of the company. Benmosche said in a press conference, “I have full confidence that Peter will take AIG on the next level and write a new success story in the future.”
Robert Benmosche is famously known for taking eye steering steps just after financial crisis to regain company’s lost glory. He will be missed for his legacy and risk taking ability. Under his leadership, the share prices of American International Group Inc. (NYSE:AIG) moved by as much as 300% over a period of last five years. As soon as he made public the Q2 earnings, AIG’s shares gained 2.4% in after-hours trading. The investors are eager to see how Peter Hancock will fit in the shoes of Robert Benmosche.
