American International Group paid back another $2.15 billion of the $180 billion in government assistance it received during the financial crisis, the Treasury Department said Thursday.
AIG used the proceeds from the recent sale of its Nan Shan life insurance subsidiary to redeem an equal portion of Treasury's preferred shares in AIA Aurora LLC, an AIG subsidiary.
"This is another important milestone in AIG's remarkable turnaround," Tim Massad, Treasury's assistant secretary for financial stability, said in a press release. "We continue to make progress in recovering the taxpayers' investments in AIG."
AIG still owes $51 billion to the Treasury Department, which received 1.655 billion shares of AIG common stock and $20.4 billion in preferred equity interests in the company following its recapitalization in January.
Since then, Treasury has sold 200 million shares of AIG for proceeds of $5.8 billion, and AIG has made payments to Treasury of $11.4 billion.
This article was reprinted with the permission of
