American International Group reported net income of more than $1.8 billion for the second quarter of this year–the first time the troubled New York-based company has shown a profit since the third quarter of 2007. However, AIG's property and casualty units are still struggling to overcome a tough economy, a soft insurance market and the reputational challenges facing its corporate parent.

"Our results reflect stabilization in certain of our businesses," the outgoing chair and chief executive officer, Edward M. Liddy, said in a statement issued on his last day on the job.

Unusually, the company did not hold a conference call to discuss AIG's latest results with financial analysts.

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