AIG's Net Income Rises In 2Q On Insurance Business

NEW YORK -- American International Group says its net income rose in the second quarter as its property and casualty and life insurance business brought in more revenue.

During the quarter, AIG repaid all the loans it owed to the Federal Reserve as part of the financial rescue measures it received in 2008 and 2009.

AIG earned $2.33 billion or $1.33 per share, versus $1.84 billion or $1 per share in the same period a year ago.

AIG's revenue rose 3 percent, to $17.12 billion from $16.68 billion in the same period a year earlier.

The U.S. government still owns 61 percent of AIG. The company has been shedding business units and restructuring in an effort to repay the $182.5 billion bailout package it received during the financial crisis.

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03 Aug, 2012

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