American International Group Inc. (AIG) said it repaid nearly $7billion to the Department of the Treasury, using money raised fromthe sale of its equity stake in MetLife Inc. earlier thismonth.
AIG sold American Life Insurance Company (ALICO) toMetLife last year for $16.8 billion, before expenses. AIGsaid it made an aggregate of $9.6 billion before expenses from itssale of equity securities in MetLife.
AIG said $3 billion of theproceeds was placed in escrow. The bailed-out insurer said it added$300,000 from an earlier transaction involving MetLife to come upwith $6.9 billion to give Treasury, which has loaned AIG about $68billion through the Troubled Asset Relief Program (TARP).
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