* AIG posts another profit, insurance revenue declines

* Company warns future earnings volatility possible

* Shares fall nearly 10 percent

(Adds detail, comment on company not holding investor or media calls; updates share price)

By Lilla Zuill

NEW YORK, Nov 6 (Reuters) - AIG, the giant insurer bailed out by the U.S. government, posted its second straight quarterly profit, helped by recovery in the value of its investments, but its underlying business remained weak and itsshares fell.

"It is clearly still a troubled company," said CreditSights analyst Rob Haines. "Its operations are clearly weaker than some of its higher quality competitors. AIG used to be one of those companies."

American International Group Inc (AIG.N: Quote, Profile, Research) shares, after rallying ahead of the results on Thursday, closed down $3.80, or 9.67 percent, at $35.48 on Friday.

The insurer's latest results included $1.95 billion in special gains, sending AIG into the black once more, and helping to offset declines in operating revenue at its insurance businesses.