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AIG stock falls as profit slips

AIG paid $1.01 in claims and expenses for every dollar of premiums it took in. The business had costs of 97.3 cents per dollar a year earlier.Joe Raedle/Getty Images

American International Group fell 4 percent after the insurer reported revenue that was below what investors were expecting. The company blamed higher catastrophe losses and lower investment income. First-quarter net income fell to $1.61 billion, or $1.09 a share, from $2.21 billion, or $1.49, a year earlier. Financial stocks fell 1.3 percent Tuesday, the biggest drop among the 10 sectors of the benchmark S&P 500 index.