NEW YORK (Bloomberg) — American International Group's Christopher Swift is departing the bailed-out insurer to take the top finance job at Hartford Financial Services Group Inc., another company that got government funds.

Swift is the former vice chairman of American Life Insurance Co., a unit that AIG is negotiating to sell to MetLife Inc. He will become Hartford's chief financial officer on March 1, the Connecticut-based insurer said in a statement yesterday.

Hartford chief executive officer Liam McGee has said he wants to reduce investment risk and restore profits after bets by former CEO Ramani Ayer pushed the insurer into five straight losses. Hartford took $3.4 billion in US rescue funds in June after losing $2.75 billion in 2008. Swift will report to McGee, a former Bank of America Corp. executive.

"The risk management was not sufficient," said Randy Binner, an analyst with FBR Capital Markets, in an interview before the new CFO was announced. "They did not position themselves as well as some others." Swift replaces Lizabeth Zlatkus, whose move from CFO to head of risk management was announced in October. Zlatkus will report to McGee in her new role, Hartford said yesterday.

Hartford's investment portfolio and sales suffered in 2008 and into 2009 as the U.S. economy slumped and companies and homeowners struggled to repay mortgages and refinance debt. Hartford lost $1.44 billion in the first three quarters of last year. AIG's September 2008 bailout swelled to $182.3 billion after losses tied to housing markets.