Sale boosts AIG growth

BAILED-OUT insurer American International Group reported a profit for the second quarter yesterday, as tax benefits and its one-third stake in Asian insurer AIA offset a decline in operating income at its main businesses.

AIG reported a net profit of $1.84bn (£1.1bn), compared with a year-earlier loss of $2.66bn.

The company’s chief executive also confirmed it is working on taking its aircraft leasing business public, though that may not happen this year.

Sources had previously said that the company was working on hiring bankers to pursue an IPO.