American International Group Inc. (NYSE:AIG - news), the world's largest insurer by market value, said on Thursday that earnings rose 142 percent in the third quarter, helped the absence of hurricanes in the latest period.

AIG said earnings were $4.22 billion, or $1.61 a share, in the third quarter up from $1.75 billion, or 66 cents a share, in the year earlier quarter.

New York City-based AIG, which has a life and retirement division, property casualty insurance, financial services such as aircraft leasing and an asset management unit, said operating earnings were $4.02 billion or $1.53 a share.

Analysts, on average had expected the insurer to earn $1.43 a share, according to Reuters estimates. Operating net excludes realized capital gains and losses and accounting for hedging activities. In the year ago quarter, AIG had operating income of $1.86 billion, or 71 cents a share.

In aftermarket trading, AIG's shares rose as much as 1.7 percent.

Since the start of the year, AIG's shares have been trading about flat at $68, compared with a 4.6 percent gain in the Standard & Poor's insurance index. But AIG's stock fell to a year low of $57.52 in July and then began to recover in August after second quarter earnings beat analyst expectations. It trades at a price to earnings multiple of 11.8, a slight premium to a group of similar insurers.