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May 14, 2010updated 13 Apr 2017 8:53am

AIG back in the black

American Insurance Group (AIG), in which the US government has a stake of almost 80%, had good news for taxpayers in the first quarter of 2010, reporting that it had generated a net profit of $1.45bn The result compares with a net loss of $4.35bn in the fourth quarter of 2009 AIG reported a net loss of $7.2bn in the fourth quarter following two consecutive profitable quarters

By LII editorial

American Insurance Group (AIG), in which the US government has a stake of almost 80%, had good news for taxpayers in the first quarter of 2010, reporting that it had generated a net profit of $1.45bn.

The result compares with a net loss of $4.35bn in the fourth quarter of 2009.

AIG reported a net loss of $7.2bn in the fourth quarter following two consecutive profitable quarters.

In the third quarter of 2009, AIG reported a net profit of $455m and in the second quarter a net profit of $1.82bn was reported.

Results for the first quarter of 2010 include contributions from units sold during the quarter for a total of $51bn.

The most significant of these sales were AIA Group sold to UK insurer Prudential for $35.5bn and American Life Insurance Company (ALICO) sold to US insurer MetLife for $15.5bn.

Excluding AIA and ALICO and other units in the process of being sold, net profit from AIG’s continuing operations in the first quarter of 2010 was $809m. Excluding the units sold, AIG’s net loss in the first quarter of 2009 was $2.09bn.

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