"There will be no abrupt change in strategy," incoming American International Group president and CEO Peter Hancock vowed today as he moved to assume control of the company from retiring CEO Robert Benmosche.
The changing of the guard occurs as AIG reported a strong quarter that beat estimates. The company reported that operating earnings, which do not include realized capital gains and losses from its investment portfolio and other items, increased 11% to $1.83 billion, or $1.25 cents a share, from $1.7 billion, or $1.12 a share. AIG also reported catastrophe losses of $139 million, compared with $316 million for the same quarter in 2013. The decline is attributed to lower global-disaster costs.
The company also says it bought back $1.1 billion in stock in the second quarter and plans to buy back $2 billion in stock in the current quarter.
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