American International Group Inc. declared a quarterly cash dividend of 20 cents per share yesterday, payable on March 21, 2008 to shareholders of record as of March 7, 2008.
The New York-based insurer also said its board of directors authorized replenishment of AIG's existing share repurchase program authorizing the repurchase of an additional $8 billion in common stock.
The company said it has substantially completed the repurchase of $5 billion in common stock and plans to repurchase the remaining $3 billion of the $8 billion authorized earlier in 2007 as market conditions permit.
Earlier this month (see NU Online Nov. 8) the company reported net income for the third quarter of $3.1 billion, down 27 percent from the same period last year, or $1.14 billion. For the nine months net income was up 8 percent, or $883 million, to $11.5 billion.
The results included a $325 million charge in its Financial Product Corp's super senior credit default swap portfolio, which is related to its mortgage lending interests.
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