(Bloomberg) -- American International Group Inc., the largest commercial insurer in the United States and Canada, said first-quarter profit fell 27 percent as claims costs climbed at the property/casualty business. The stock dropped in extended trading.

Net income declined to $1.61 billion, or $1.09 a share, from $2.21 billion, or $1.49, a year earlier, New York-based AIG said yesterday. Operating profit fell 26 percent to $1.16 billion at the property/casualty business.

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