American International Group Inc.'s second-quarter profit climbed 13 percent on a gain tied to the sale of an aircraft-leasing unit in the insurer's final earnings report under Chief Executive Officer Robert Benmosche.
Net income rose to $3.07 billion, or $2.10 a share, from $2.73 billion, or $1.84, a year earlier, the New York-based insurer said today in a statement. Operating profit, which excludes some investing results, was $1.25 a share, beating the $1.06 average estimate of 24 analysts in a Bloomberg survey.
Benmosche, 70, has repaid a U.S. bailout, narrowed AIG's focus and cut jobs to improve results at the property-casualty unit since taking over in 2009. Peter Hancock, who's 56 and oversees the property-casualty business, becomes CEO on Sept. 1
Benmosche “did a bunch of great work to bring the company back from the brink, to help shareholders get value,” Josh Stirling, an analyst at Sanford C. Bernstein & Co., said by phone before results were announced. “It's going to be a tall order to fill his shoes, but I think it's logical that they're having Peter step in.
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