NEW YORK (AP) — American International Group, the insurance giant that teetered near collapse before being bailed out by the federal government, made $19.8 billion in the fourth quarter, up from $11.2 billion in the same period a year ago.
It represented the biggest quarterly profit in at least several years. In the past four years, AIG has only reported profits in six quarters.
AIG's aircraft leasing division became profitable again, and income from Asian insurer AIA and MetLife skyrocketed from year-ago levels. The Chartis insurance unit also swung to a profit despite catastrophe losses related to flooding in Thailand. Consumer insurance premiums rose, and commercial insurance fell.
Interest expense, including payments to the Federal Reserve Bank of New York, fell.
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