NEW YORK: Bailed out insurance giant AIG announced Friday a profit of $455 million in the third quarter, a massive turnaround from a $24.4 billion loss in the same period last year. The earnings from group, the largest recipient of US government aid during the financial crisis, exceeded expectations. Excluding special items, the profit was $2.85 per share, compared with a forecasted $1.98.
It was the second consecutive quarterly profit for AIG, after the prior quarter’s earnings of $1.8 billion.
“Our results reflect continued stabilization in performance and market trends,” said AIG president and chief executive Robert Benmosche.
“AIG employees are working to preserve the strength of our insurance businesses in a challenging market by working closely with our distribution partners, with third quarter 2009 showing signs of stabilization.” – AFP
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