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Sub-prime Lands Aig With $11bn Write-down

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American International Group, the world's largest insurer by assets, has produced its biggest-ever quarterly loss as a public company after taking an $11.12bn (£5.63bn) write-down on investments linked to US sub-prime mortgages.

AIG, best known in the UK as the shirt sponsor of Manchester United, reported a net loss of $5.29bn in the fourth quarter compared to a $3.44bn profit in the same period last year as it wrote down guarantees sold to protect fixed-income investors. The losses came as the insurer wrote down the value of credit-default swaps as a result of the US sub-prime mortgage collapse.


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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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