AIG Posts Second Profitable Quarter: Future More Volatile

AIG has reported second profitable quarter in a row the troubled insurer said it continues to benefit from stabilization in the housing and credit markets, however the insurance giants say future quarters will continue to be volatile.

AIG said its net income rose to $455 million, or 68 cents per share, an improvement over the $24.5 billion loss from a year earlier. Sales for the New York-based company rose 189% to $26 billion, topping analysts’ forecasts of $23 billion.

Robert Benmosche the Chief Executive for AIG said employees are working to preserve the strength of our insurance businesses in a challenging market.”

In August, AIG reported that it had returned to profitability after six straight losing quarters. The return to more solid footing also put the company in a better position to pay back the $89.3 billion it owes taxpayers.

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