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AIG goes from £2.6bn profit to £2.1bn loss

American International Group plummeted to a loss of £2.68bn in the second quarter of this year after a profit of £2.19bn for the same period in 2007.

The company’s general insurance portfolio saw operating income more than halved from £1.56bn in the second quarter of 2007 to £700m in Q2 this year.

Life insurance and retirement services fell by 10 per cent from £1.49bn in the first half of last year to £1.34bn.

Chairman and chief executive Robert Willumstad says the dramatic drop into the red is a result of severe conditions in the housing and credit markets and a very difficult investment environment.

He says: “We are conducting a comprehensive review of all AIG’s businesses with the objectives of improving results, reducing AIG’s risk profile and protecting our capital base.”

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