(Bloomberg) -- Shares of American International Group Inc., the world's largest insurer, had their biggest gain in more than three months on expectations the company would resolve regulatory probes and maintain profit growth.

AIG, which had two executives plead guilty to New York Attorney General Eliot Spitzer's bid-rigging charges in October, yesterday said it completed an internal review that found no wrongdoing outside the employees' unit.

The New York-based company also reported quarterly profit exceeded analysts' estimates.

"They are significantly closer to getting regulatory issues behind them," said Jack Lake, an analyst at Victory Capital Management Inc. in Cleveland. "People are looking now at the growth potential."

The fourth-quarter profit growth, fuelled by life insurance businesses in Asia and higher investment income, showed AIG can raise earnings even as competition forces the company to lower prices on property and casualty policies, Lake said.

The company's shares rose $3.28, or 4.7 percent, to $72.59 in New York Stock Exchange composite trading. That added to a 2.3 percent gain on Wednesday.

Fourth-quarter net income climbed 11 percent to $3.02 billion in the fourth quarter. Profit excluding changes in the value of investments was $1.17 a share, exceeding the $1.11 average estimate of analysts polled by Thomson Financial.

Revenue rose 16 percent to $25.8 billion. Foreign life insurance earnings rose 19 percent, fuelled by a 25 percent jump in income from personal accident and health policies.