Troubled US insurance giant AIG has announced it is back in the black for the first time in almost two years with second-quarter earnings of $1.8 billion.
AIG was the largest single recipient of last year's US bailouts, with the US government pumping more than $170 billion into the firm to keep it afloat and taking a major stake in the group in the process.
The company said its return to profits came as some 'businesses stabilised and the company's results reflected positive valuation changes. AIG also achieved several important milestones in its restructuring program.'
Second quarter net income of $1.8 billion compares with a net loss of $5.4 billion in the same period last year.
