AIG posts 2nd consecutive quarterly profit

By STEPHEN BERNARD AP Business Writer

November 06, 2009

AIG says it was profitable for the second straight quarter as its core insurance operations continue to stabilize after being bailed out by the government last year.

But investors' initial reaction to the report is negative, as AIG shares are down about 6 percent in premarket trading.

The insurance giant on Friday said its profit available to common shareholders totaled $92 million, or 68 cents per share. AIG lost $24.47 billion, or $181.02 per share, during the year-ago quarter when it was rescued from near collapse by the government.

AIG was bailed out by the government in September 2008 at the peak of the credit crisis. It has since received aid packages with a total value of more than $182 billion.

It has been working for the past year to sell assets and streamline operations to repay that debt.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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