(MENAFN) American International Group's Inc. (AIG) President and CEO, Robert Benmosche, announced that the company's profit reached USD1.86 billion in the third quarter, up from a loss of USD4 billion in last year's same period, reported AP.
Benmosche attributed the results to strength in the company's core insurance operations and healthy investment return.
In the July-September quarter, operating income reached USD1 per share, exceeding Wall Street's expectations.
The operating income in its property casualty insurance business surged by around 60 percent to USD786 million, compared with USD492 million in 2011's third quarter, due to lower losses from disasters, higher investment income on securities and better underwriting.
The New York-based firm became a household name after receiving USD182.5 billion in federal aid following the 2008 financial crisis, however, since then, the company has repaid its debt with the Federal Reserve, and stock sales by the Treasury Department mean that as of September, the US government is no longer a majority owner in the company.
In 2012, AIG has spent nearly USD13 billion buying back its own shares, with the government now owning around 16 percent of its stock, down from the original 92 percent.
It is worth noting that the government has recouped a total of USD197.4 billion from AIG. That's all of the USD182.5 billion initially invested, in addition to a profit of USD15.1 billion.