American International Group Inc., the insurer that repaid a bailout last year, posted first-quarter profit that beat analysts’ estimates as results improved at the property-casualty operation.

Operating profit, which excludes some investment results, was $1.34 a share, beating the 88-cent average estimate of 19 analysts surveyed by Bloomberg. Operating income at the property-casualty unit, AIG’s largest, jumped 52 percent to $1.59 billion, as the business posted an underwriting profit, the New York-based insurer said today in a statement.

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