American International Group, Inc. reported yesterday that 2006 fourth quarter net income skyrocketed 674 percent– increasing by nearly $3 billion–led by its general insurance business after a year without major catastrophes.

Net income for the quarter was $3.44 billion ($1.31 per share), compared with $444 million (17 cents per share) for the comparable period in 2005.

AIG also said its board approved a new buyback and dividend program. The buyback plan will see AIG try to repurchase up to $8 billion in common stock.

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