American International Group said the sale of one foreign insurer and the initial public offering of a second have raised enough money to repay a line of credit it has with the Federal Reserve Bank of New York.
In the meantime, an update from the U.S. Department of the Treasury said the government expects to earn a profit from its loans and investments in AIG.
The New York-based company closed the sale of American Life Insurance Company (ALICO) to MetLife Inc. for $16.2 billion and raised about $20.5 billion from an IPO of its unit, AIA Group Ltd. in Hong Kong. Of the $36.71 billion raised from these transactions, about $27.71 billion is in cash.
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