AIG raises $37bn to repay bailout

The bailed-out insurance giant AIG has moved closer to the goal of paying off its debts after raising nearly $37bn in recent days.

The company, which was rescued by the US government at height of the financial crisis in late 2008, raised $20.5bn by floating AIA, its Asian life business, which was listed in Hong Kong at the end of last month. It raised another $16.2bn yesterday after closing the sale of Alico, its global life unit, to MetLife.

The money will be used to make bailout-related payments, including repaying a Federal Reserve Bank of New York credit facility.