After months of negative news, AIG can breathe a short sigh of relief, as it reports the company’s first quarterly profit since 2007. For the second quarter, ended June 30, 2009, 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 diluted common share, compared with a net loss of $5.4 billion or $41.13 per diluted share in the second quarter of 2008. Second-quarter 2009 adjusted net income was $2 billion, compared with an adjusted net loss of $1.3 billion in the second quarter of 2008.

“While our insurance companies’ operating results remain challenged, largely driven by weak economic conditions and the lingering effect of negative AIG events earlier in the year, performance trends stabilized from the first quarter,” says retiring chairman and CEO, Edward Liddy. “We continue to focus on stabilizing and strengthening our businesses, but expect continued volatility in reported results in the coming quarters, due in part to accounting charges related to ongoing restructuring activities.”

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