AIG (AIG) was never supposed to post a profit again. It was too badly down on its luck, even after taking in $180 billion in taxpayer money. It frustrated CEO Ed Liddy is leaving after been thumped regularly by the public and members of Congress. He departs with a legacy of a turnaround of sorts.
AIG reported its first quarterly profit since the third quarter of 2007. AIG reported net income attributable to AIG of $1.8 billion, including net income attributable to AIG common shareholders of $311 million or $2.30 per share, compared with a net loss of $5.4 billion or $41.13 per diluted share in the second quarter of 2008.
At June 30, 2009, total equity was $62.1 billion, an $8.9 billion increase from $53.2 billion at March 31, 2009.
The results caused AIG’s stock to surge before the open, trading at $25.25. But, the company only has a market cap of $3 billion which is a long way from $180 billion.
Douglas A. McIntyre