(Bloomberg) -- American International Group Inc., the insurerpressured by activist investor Carl Icahn to boost returns,announced a plan to repurchase another $3 billion of shares.
|The move lifts to $4.3 billion the amount that the company isauthorized to buy back, New York-based AIG said Wednesday in astatement. AIG said it has already repurchased about $9.7 billionthis year through Tuesday.
|Chief Executive Officer Peter Hancock has been selling assetsincluding stakes in aircraft lessor AerCap Holdings NV and consumerlender Springleaf Holdings Inc. to simplify the company and helpfund buybacks. Last week he raised more than $700 million selling shares inChina’s PICC Property & Casualty Co.
|The additional authorization “will enable AIG to continuereturning excess capital to shareholders, while finalizingauthorization plans for 2016,” Chairman Douglas Steenland said inthe statement. “The timely return of excess capital to shareholdersis one of AIG’s strategic priorities.”
|Related: AIG CEO names new executiveteam
|AIG climbed 0.8% to $61.40 in extended trading at 4:45 p.m. inNew York. The statement was released after U.S. markets closed.
|Icahn said in October that Hancock should split the insurer intothree separate companies. The CEO has rejected that strategy sayinghe will focus on simplifying operations, improving financialperformance and returning capital to shareholders.
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