| AIG posts 2nd straight quarterly profit | |
| Press Trust of India / New York November 06, 2009, 21:10 IST | |
Continuing in the black for the second straight quarter, American International Group (AIG) has posted profits to the tune of $455 million for three months ended September quarter.
The beleaguered insurer, which has received US taxpayers' money worth billions of dollars, had swung into profits in the second quarter, after six consecutive quarters of losses.
AIG in a statement today said the third-quarter profits were mainly on account of continuing stabilisation of certain businesses and "positive market valuation changes".
"For the third quarter ended September 30, 2009, AIG reported net income attributable to AIG of $455 million, including net income attributable to AIG common shareholders of $92 million...," it said.
In the comparable period, the firm had losses of $24.5 billion.
Rattled by the financial meltdown, AIG got lifelines from the US government to stay afloat.
"Our results reflect continued stabilisation in performance and market trends.
"AIG employees are working to preserve the strength of our insurance businesses in a challenging market by working closely with our distribution partners, with third quarter 2009 showing signs of stabilisation," AIG's President and CEO Robert H Benmosche said.
In the first nine months and through October, the insurer decided to sell or complete sale of assets and operations, that would generate proceeds worth $5.6 billion.
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