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Business Briefing / Earnings

AIG has second straight profit

November 07, 2009|Times Wire Reports

American International Group Inc., the insurance giant whose near-collapse last year prompted a massive federal bailout, posted its second consecutive quarterly profit, thanks in part to rebounding credit markets.

The New York-based insurer reported third-quarter net income of $455 million, or 68 cents a share, compared with a $24.5-billion loss a year earlier.

But in a statement, Chief Executive Robert Benmosche warned that the company's results would remain volatile.

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