Published: Nov 01, 2012 5:03 PM EDT
Updated: Nov 02, 2012 6:31 AM EDT

American International Group Inc. has posted a third-quarter profit of nearly $2 billion thanks to strength in its core insurance operations and healthy investment returns.

In the same period last year, it lost $4 billion.

Management at New York-based AIG says the results reflect efforts to transform the insurance giant into a more streamlined, efficient and nimble company.

AIG became a household name after it received $182.5 billion in federal aid following the 2008 financial meltdown. It was the biggest bailout of the crisis.

The company has since repaid its debt with the Federal Reserve, and stock sales by the Treasury Department mean that as of September the government is no longer AIG's majority owner.