AIG authorises repurchase of up to $3 billion shares

Insurer AIG has authorised an additional share repurchase programme of up to $3 billion.

As of December 15, 2015, AIG has repurchased approximately $9.7 billion of shares of AIG common stock year to date.

AIG’s aggregate remaining share repurchase authorisation, inclusive of today’s announced $3 billion authorisation, is approximately $4.3 billion.

“This additional authorisation will enable AIG to continue returning excess capital to shareholders, while finalising authorization plans for 2016,” said Douglas Steenland, chairman of the board of directors of AIG.

“The timely return of excess capital to shareholders is one of AIG’s strategic priorities.”

The firm said that 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.