Updated from 12:01 p.m. EDT
American International Group
reported second-quarter earnings Thursday, with American International Group meeting Wall Street's expectations and Chubb beating them.
Investors responded positively to both companies' news. AIG finished Thursday regular trading up 4 7/8, or 3.9%, at 129 3/4. Chubb, meanwhile, closed up 1 7/16, or 1.9%, at 75 15/16.
Excluding realized investment gains, New York-based AIG posted operating earnings of $1.43 billion, or 92 cents a diluted share, compared to $1.27 billion, or 81 cents a diluted share, a year ago. Wall Street expected 92 cents in the quarter, according to
First Call/Thomson Financial
AIG's net income was $1.41 billion, or 90 cents a diluted share, up 10% from $1.28 billion, or 81 cents a diluted share, a year ago.
"It was a good quarter for AIG overall, with strong results from most of our major businesses and continued progress in terms of firm pricing in the U.S. property-casualty market," said Maurice R. Greenberg, chairman and CEO, in a statement.
For the second quarter ended June 30, Warren, N.J.-based Chubb reported operating earnings, which exclude realized investment gains, totaling $180.7 million, or $1 a share, compared to $163.5 million, or $1 a share, a year ago. A consensus of analysts polled by First Call/Thomson Financial had anticipated 97 cents a share.
During the second quarter, Chubb repurchased about 1 million of its shares.
Net income, which includes realized investment gains, was $184.6 million, or $1.02 a share, compared to $193.3 million, or $1.18 a share, in the second quarter a year ago.
"Chubb had an excellent second quarter in all three major business segments," said Dean R. O'Hare, chairman and CEO, in a statement.