The chief executive of American International Group Inc told Congress on Wednesday that the bailed-out insurer will repay all its taxpayer aid in three to five years if the economy permits.

If the marketplace holds the way it is right now, we think that the American taxpayer will be fully repaid, AIG CEO Edward Liddy told a congressional committee.

It will take somewhere between three to five years, he said, adding that if economic conditions worsen, repayment could take longer. It is heavily dependent on what happens with the worldwide economic situation, he said.

Once the world's largest insurer, AIG was bailed out last year to prevent the collapse of the company, which has received $180 billion in taxpayer aid since last year.

We will do everything we can to not require additional federal funding, Liddy told the House of Representatives Committee on Oversight and Government Reform.

Asset values have to stay strong. There has to be a capital market that allows us to take businesses public.

(Reporting by Kevin Drawbaugh; Editing by Padraic Cassidy)

New york city Aig