NEW YORK (

TheStreet

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American International Group

(AIG) - Get Report

announced net income of $11.2 billion and earnings per share of $16.60 for the fourth quarter of 2010.

This compares with a loss of of $65.51 per share, or $8.87 billion, for the fourth quarter of 2009.

AIG also reported a net income of $7.8 billion for the full year 2010 and diluted earnings per share of $11.60. This compares with a loss of $90.48 per share for 2009.

The fourth-quarter results also include a $4.2 billion net charge to strengthen loss reserves for its main insuranc arm, Chartis. The insurer also made $17.6 billion from divesting ALICO and from its IPO, of AIA Group Limited.

"In 2010, we said we would realign AIG to grow our businesses and to ultimately repay the U.S. taxpayer. We remain extremely grateful to the taxpayers and have made significant progress since January 2010 towards independence from this support," said AIG CEO Robert Benmosche said in a statement.

--Written by Maria Woehr in New York.

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