American International Group, Inc. (NYSE: AIG) today announced the following actions taken by its Board of Directors:
• Declared a dividend of $0.125 per share on AIG common stock, par value $2.50 per share (AIG Common Stock), an increase of $0.025. The dividend is payable on Tuesday, March 25, 2014, to stockholders of record at the close of business on Tuesday, March 11, 2014.
• Authorized the repurchase of additional shares of AIG Common Stock with an aggregate purchase price of up to $1.0 billion. As of February 13, 2014, AIG has repurchased approximately $600 million of shares of AIG Common Stock pursuant to a prior authorization from the Board of Directors to repurchase shares of AIG Common Stock with an aggregate
purchase price of up to $1.0 billion, resulting in an aggregate remaining authorization of approximately $1.4 billion. Repurchases may be made from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions, or otherwise.
"We are very pleased that these actions enable us to return a portion of our success
directly to our shareholders,” said Robert S. Miller, Chairman of the Board of AIG.
"AIG’s solid performance this year underscores the strong fundamentals of our businesses, and builds upon the momentum that we generated.”
Remarking on the dividend action and repurchase authorization, Robert H. Benmosche, President and Chief Executive Officer of AIG, said: "These actions reaffirm the Board’s confidence in our strategy, and build upon the momentum generated by AIG’s strong fourth quarter and year-end operating results. We are committed to success in every corner of our business, and demonstrating what AIG can do.”
Get the latest issue of FAnews