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AIG Posts Profit on Divestitures.

AIG has become well known as the US insurer selling assets to repay a U.S. bailout. Yesterday it announced it has posted its first profit in 3 quarters, on the strength of gains from divestitures.

AIG posted a fourth quarter net income of $16.60 a share, or $11.2 billion, compared to a loss of $65.61 a share a year earlier, or $8.87 billion.

AIG sold large chunks of its business last year, with the US Treasury Department owning around 92%, with plans to reduce its holding.

During extened trading on The New York Stock Exchange yesterday, AIG gained 37 cents to $40.80.

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Business Desk
Editors and staff from the Business Desk at The Global Herald.

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