AIG posts $11bn fourth quarter profits
American International Group (AIG) today posted a fourth-quarter profit of $11.2 billion thanks to a sell-off of assets - but its shares fell over lingering doubts about some parts of the business.The profit was the first in three quarters for the company and compares with a net loss of $8.87 billion a year earlier, the New York-based insurer that employs around 200 people in Bermuda said today in a regulatory filing.AIG raised almost $37 billion last year selling American Life Insurance Co. to MetLife Inc and divesting a majority stake in AIA Group Ltd in a public offering, as it strived to repay huge bailout support from the US Government.However, the company’s shares tumbled over doubts about the group’s property and casualty insurance arm, Chartis, which added more than $4 billion to reserves in the last quarter to pay for older claims. Another point of concern is ILFC, the aircraft leasing business that has taken more than $1 billion in charges in the last six months.AIG shares were down about 3.6 percent at $38.94 at 12.17pm Bermuda time today.Read more in Monday’s Business section.