NEW YORK (AP) — Bailed-out insurer AIG ended the year on a strong note, earning income of $11.2 billion in the fourth quarter. Most of the profits came from selling and spinning off various business units, primarily two of its life insurance businesses.
Last month American International Group Inc. laid the groundwork to start repaying the American taxpayer. A symbol of the excessive risk that led to the financial crisis, AIG was bailed out by the U.S. government in a package that totaled $182 billion. In January, AIG paid back a portion of the government's loans and renegotiated the rest of the package which led the government to own a 92 percent stake in AIG. The government plans to start selling those shares over the next two years.
AIG earned $16.60 per share in the fourth quarter, the company reported Thursday. In the same period last year, the company reported a loss of $8.87 billion, or $65.51 per share. For the full year, AIG reported net income of $7.8 billion.
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