AIG: more clouds

American International Group reported uncharacteristically sunny results in the second quarter. The troubled US insurer earned $1.8bn – the first time it achieved profitability in nearly two years. Yet the break in the clouds surrounding AIG could be similar to a summer in Glasgow – any reprieve from the otherwise gloomy forecast is likely to be short. AIG’s profits were driven by the strong rally in credit markets. Realised capital losses, net of tax, were $859m in the quarter. They were more ...