NEW YORK (TheStreet) -- Shares of American International Group (AIG) were retreating in after-hours trading on Wednesday as the insurance company posted 2016 fiscal third-quarter earnings that were below analysts' expectations.
After today's closing bell, AIG reported adjusted earnings of $1.00 per share, missing analysts' expectations of $1.21 per share.
During the same period last year, New York City-based AIG posted adjusted earnings of 52 cents per share.
AIG said net income during the 2016 third quarter included after-tax net realized capital losses of $526 million as a result of higher foreign exchange losses related to the Brexit vote.
Additionally, the company's board approved a new share buyback program worth up to $3 billion.
The board also declared a cash dividend of 32 cents per share, payable on Dec. 22 to shareholders of record on Dec. 8.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates AIG as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations, increase in stock price during the past year, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures. The team feels its strengths outweigh the fact that the company has had somewhat disappointing return on equity.