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November 14, 2005 at 07:00 PM
American International Group Inc. saw profits drop during the third quarter.[@@]
AIG, New York, is reporting $1.7 billion in net income for the third quarter on $26 billion in revenue, compared with $2.7 billion in net income on $25 billion in revenue for the third quarter of 2004.
The recent wave of hurricanes hit AIG hard during the quarter, but improvements in investment income helped increase worldwide life and retirement services operating income to $2.1 billion on $12 billion in revenue, from $1.6 billion on $11 billion in revenue, the company says.
