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AIG reports 2Q profit, first since 2007
(Agencies)
Updated: 2009-08-07 20:34

NEW YORK: American International Group Inc. is reporting its first quarterly profit since 2007, as the company saw stability in some of its businesses.

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The troubled insurer says it made $1.82 billion during the second quarter, which ended June 30. Of that, $311 million, or $2.30 per share, was attributable to common shareholders because the government owns 80 percent of the company after bailing it out last year.

AIG now has a loan package worth up to $182.5 billion.

For the year-ago second quarter, AIG lost $5.4 billion, or $41.13 per share.

AIG has been aiming to spin off some of its assets to begin to repay the government money. It says it expects proceeds of about $8 billion from sales so far this year, giving it about $4.6 billion to begin to repay debts including what it owes the government.