American International Group Inc., the insurer that repaid a U.S. bailout, announced fourth-quarter results beat analysts’ estimates after investments drove a surprise operating profit.

Operating profit was 20 cents a share, beating the average estimate for a loss of 8 cents in a Bloomberg survey of 17 analysts. The net loss was $3.96 billion, driven by claims from superstorm Sandy and costs tied to a deal to sell the plane-leasing unit, New York-based AIG said Thursday in a statement.