AIG's Transformation Taking Time as First-Quarter Profit Falls
- Insurance, investment results both decline from a year ago
- CEO says AIG ‘made progress’ toward consistent results
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American International Group Inc. says it’s making progress on a turnaround, but investors aren’t seeing the payoff yet.
Profit in the first quarter declined from a year earlier and fell short of analyst estimates, the New York-based insurer said Wednesday in a statement. Insurance results were dragged down by catastrophe costs and a decline in net premiums written. Net investment income fell 9 percent to $3.3 billion.