American International Group
posted a rise in quarterly profit, but missed Wall Street forecasts.
The insurer reported third-quarter net profit of $1.84 billion, or 70 cents a share, compared with $326.8 million, or 12 cents a share, in last year's third quarter. The year-earlier earnings were skewed, however, by heavy World Trade Center claims.
Excluding realized investments and other one-time items, earnings in the quarter were 85 cents a share, compared with 55 cents a year ago. That missed Wall Street's forecast of 88 cents, according to Thomson Financial/First Call.
"There are no signs that the market will soften in the foreseeable future," Chief Executive Maurice Greenberg said in a statement. "If anything, rates in many classes of business will continue to rise for some time."