AIG profit lifted by asset sales
- 24 February 2011
- From the section Business
American International Group (AIG), the troubled giant US insurer, has said it earned $11.18bn (£6.93bn) in the fourth quarter, compared with a year-earlier loss of $8.87bn.
But taking out gains from asset sales it lost $2.21bn on an operating basis, from a $1.34bn loss a year previously.
It also said it was to look at a further sale of its shares this year.
The Treasury currently owns 92% of AIG, after stepping in to bail out the firm and prevent its collapse in 2008.
The total bail-out package has amounted to $182bn.
"We completed several key restructuring milestones in the quarter," AIG's chief executive, Robert Benmosche, said in a statement.