AIG profitable for second straight quarter
The troubled insurer said it continues to benefit from stabilization in the housing and credit markets, but future quarters will continue to be volatile. AIG reported its second profitable quarter in a row early Friday, as stabilization in its insurance businesses, and the credit and mortgage markets helped boost results.
The troubled insurer 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. Results included a one-time net charge of $1.5 billion for capital losses and hedging. [Full Story]
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