AIG Swings to Net Loss on Writedowns, Bailout Costs
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American International Group Inc. swung to a third-quarter loss as the bailed-out insurer wrote down the value of units it is selling and took charges tied to repaying rescue loans.
The net loss of $2.4 billion compares with profit of $455 million a year earlier, the New York-based firm said today in a statement. The adjusted net loss, which excludes some investment results and businesses being sold by the company, was $200 million.