Business News - Fortunes up at AIG in third quarter

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Fortunes up at AIG in third quarter

NEW YORK (UPI) -- The U.S. firm with the largest federal bailout package by far, American International Group, said it posted a profit in the third quarter of $455 million.

The insurance giant that has received $180 billion from the government also recorded a profit in the second quarter, but was still cautious about its future.

"Our results reflect continued stabilization in performance and market trends. We continue to focus on stabilizing and strengthening our businesses, but expect continued volatility in reported results in the coming quarters," Chief Executive Officer Robert Benmosche said in a statement, The Washington Post reported Friday.

AIG made gains in the third quarter through partial appreciation of some of the troubled assets that triggered the financial meltdown a year ago when their values sank.

Those assets constituted a major portion of AIG's $61.7 billion loss in the final quarter of 2008 and its $4.35 billion loss in the first quarter of 2009.

Copyright 2009 by United Press International

This news arrived on: 11/06/2009

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