American International Group Inc (AIG) today announced that quarterly results beat expectations, and that the insurer has begun talks to repay taxpayer money.
AIG is approximately 80 percent owned by the U.S. government after receiving a $182.3 billion bailout, but the company said it has begun talks about a strategy to "allow the government to exit its owner relationship."
According to AIG Chief Executive Officer Roger Benmosche, "Depending, of course, on market conditions, which could remain volatile, we expect to make meaningful progress in 2010 on repaying the Federal Reserve Bank of New York, and over time fully repaying all of our obligations to taxpayers. We are starting to see the light at the end of the tunnel."
AIG today reported second-quarter earnings of $1.3 billion, excluding special items, up from $1.1 billion one year ago.