American International Group, Inc. (NYSE: AIG) today reported
net income attributable to AIG of $3.2 billion and after-tax
operating income of $3.1 billion for the quarter ended March 31,
2012, compared to net income attributable to AIG of $1.3 billion
and after-tax operating income of $2.1 billion for the first
quarter of 2011. Diluted earnings per share and after-tax operating
income per share were $1.71 and $1.65, respectively, for the first
quarter of 2012, compared with diluted earnings per share and
after-tax operating income per share of $0.31 and $1.34,
respectively, for the first quarter of 2011.
“AIG has again delivered another strong quarter with our core
insurance businesses all posting profits,” said Robert H.
Benmosche, AIG President and Chief Executive Officer. “We also
continue to make good on our promise to help the U.S. Government
profit from its investment in AIG. During the quarter, we retired
the preferred interests of AIA Aurora LLC (AIA SPV) one year ahead
of schedule and achieved the milestone of reducing total
outstanding or authorized U.S. Government assistance by 75
percent.
“In every corner of our operations, we are keenly focused on
building on our successes and studying and sharing our experiences
and knowledge across the organization. At Chartis, where we had
very low natural catastrophe claims, we’re already seeing the
benefits of the realigned consumer and commercial geographic
structure and our emphasis on growth economies. Chartis’ results
also demonstrated progress in strategic initiatives to improve its
mix of business, loss ratio and risk selection ultimately
increasing the intrinsic value of the franchise. SunAmerica is
benefitting from its broad portfolio of competitive products,
diverse and strong distribution relationships, and continued
discipline in product pricing. United Guaranty made a profit and
was successful in the market with its risk evaluation and pricing,
while proactively managing its legacy business to reduce
delinquency.”
Mr. Benmosche concluded, “The people of AIG feel empowered and
are accountable for the decisions they make that directly benefit
our customers and the communities they serve. We are rebuilding
AIG’s legacy of excellence. Across the organization we are
transforming the way we do business and our profits this quarter
illustrate, ultimately, the health of our businesses.”
Liquidity, Capital Management and Other Significant
Developments
- AIG shareholders’ equity totaled $103.5
billion at March 31, 2012. Book value per common share grew
approximately 8 percent during the first quarter to $57.68 per
share, including accumulated other comprehensive income.
- On March 7, 2012, AIG sold 1.72 billion
ordinary shares of AIA Group Limited (AIA) and applied
approximately $5.6 billion of the proceeds to pay down a portion of
the United States Department of the Treasury’s (U.S. Treasury)
preferred interests in the AIA SPV, the special purpose entity that
holds AIG’s remaining interest in AIA.
- In March 2012, AIG’s $1.6 billion of
proceeds from the sale of the securities held by Maiden Lane II LLC
(ML II) by the Federal Reserve Bank of New York (FRBNY) were
applied to pay down another portion of the U.S. Treasury’s
preferred interests in the AIA SPV. On March 22, 2012, AIG made a
final $1.5 billion payment to pay down the U.S. Treasury’s
preferred interests in the AIA SPV in full. The security interests
in the AIG assets that previously supported the pay down of the
U.S. Treasury’s AIA SPV preferred interests, including the
remaining interest in AIA, the equity interests in International
Lease Finance Corporation (ILFC), AIG’s interests in Maiden Lane
III LLC (ML III), and the escrow holding the remaining proceeds
from AIG’s sale of ALICO to MetLife, Inc., have been released.
- In March 2012, the U.S. Treasury
completed a registered public offering of AIG common stock in which
it sold approximately 207 million shares for aggregate proceeds of
approximately $6.0 billion. AIG purchased approximately 103 million
of these shares in this offering for an aggregate amount of
approximately $3 billion. As a result of the offering by the U.S.
Treasury and purchase by AIG, the U.S. Government’s ownership in
AIG was reduced to approximately 70 percent.
- During the first quarter of 2012, AIG
issued $2.0 billion of long term notes for the Matched Investment
Program and ILFC issued $2.4 billion of debt.
- Dividends and note repayments from
operating companies totaled $2.6 billion in the first quarter of
2012.
- AIG Parent liquidity sources amounted
to approximately $12.4 billion at March 31, 2012.
COMPONENTS OF AFTER-TAX OPERATING
INCOME (LOSS)
First Quarter ($ in millions)
2012 2011 Insurance Operations Chartis
$1,043 $(424 ) SunAmerica
1,311 1,171 Mortgage
Guaranty (reported in Other)
8 14
Total Insurance Operations
2,362
761 Aircraft Leasing
119 117 Direct Investment book
(156 ) 451 Global Capital Markets
92 277
Change in fair value of AIA (including realized gains in 2012)
1,795 1,062 Increase in fair value of ML III
1,252
744 Interest expense
(470 ) (558 ) Corporate expenses
and eliminations(1)
(171 ) 267
Pre-tax operating income
4,823 3,121
Income tax (expense) / benefit
(1,485 ) (835 )
Noncontrolling interest – Treasury/Fed
(208 ) (252 )
Other noncontrolling interest
(33 ) 55
After-tax operating income attributable to AIG
$3,097 $2,089
(1) Includes $296 million of deferred gain
associated with termination of FRBNY credit facility in the first
quarter of 2011.
CHARTIS
Chartis reported operating income of $1.0 billion in the first
quarter of 2012, compared to a $424 million operating loss in the
first quarter of 2011. First quarter results demonstrated progress
toward improving risk-adjusted profitability, the quality of its
business portfolio, and the strength of its capital position.
Chartis continued to benefit from growth in higher value lines of
business and geographies and improving pricing trends. First
quarter 2012 results included catastrophe losses of $80 million and
modest net prior year reserve development. As part of AIG’s ongoing
focus on capital management, Chartis paid $1.0 billion in non-cash
dividends to AIG Parent during the current quarter.
The first quarter 2012 combined ratio was 102.1, compared to
118.6 in the first quarter of 2011. The first quarter 2012 accident
year combined ratio, excluding catastrophes, was 100.4, compared to
98.3 in the first quarter of 2011. Improvement in the loss ratio
due to a shift to higher value businesses, pricing improvements,
and risk selection was offset by higher expenses. First quarter
2012 results reflect an expense ratio of 34.1, which increased 5.2
points over the first quarter of 2011. The first quarter of 2011
expense ratio reflected a reduction of bad debt allowance, compared
to additional bad debt allowance recorded in the first quarter of
2012. In addition, the benefit from the amortization of value of
business acquired liabilities decreased in the first quarter of
2012. These two items contributed approximately 1.9 points to the
expense ratio increase. The increase in 2012 expenses also
reflected higher acquisition costs related to changes in business
mix toward more profitable lines and higher commission rates, as
well as an increase in infrastructure investments.
First quarter 2012 net premiums written of $8.8 billion
decreased 3.7 percent compared to the first quarter of 2011, or 4.5
percent excluding the effect of foreign currency exchange rates.
Commercial Insurance premiums in original currencies decreased 8.5
percent compared to the first quarter of 2011. The continued
restructuring of loss sensitive businesses to improve capital
efficiency contributed to 2.6 percent of the decline, and the
impact of a multi-year financial lines policy that produced net
premiums written of $148 million in the prior year period accounted
for an additional 2.6 percent of the decline. The remainder of the
decrease was primarily driven by initiatives to improve risk
selection, particularly in the casualty line of business. In line
with Chartis’ shift in mix of business to higher value products,
specialty premiums increased in the quarter. Chartis also continued
to expand its commercial business in growth economy nations,
consistent with its strategic objectives. Consumer Insurance
premiums in original currencies increased 2.9 percent, primarily
driven by growth in key international markets, higher margin lines
of business and the implementation of the group benefits strategy
with American General Life Companies. Consumer Insurance also
realized profitable growth by investing in direct marketing
distribution channels outside the United States and Canada.
Commercial Insurance reported first quarter 2012 operating
income of $565 million and a combined ratio of 103.4, compared to a
$384 million operating loss and a combined ratio of 122.2 in the
first quarter of 2011. The accident year combined ratio, excluding
catastrophes, was 101.1, compared to 99.1 in the first quarter of
2011. Improvement in the loss ratio from the shift to higher value
business, price improvements, and risk selection was offset by
higher expenses. First quarter 2012 results reflect an expense
ratio of 29.3, which increased 5.7 points over the first quarter of
2011. Increases in bad debt allowance and acquisition costs due
primarily to change in mix of business affected the expense ratio
by approximately 1.8 points and approximately 3.0 points,
respectively. The remaining increase was largely related to
strategic investments in systems, processes, and talent, which
should yield greater savings and a stronger franchise in the
future.
Consumer Insurance reported first quarter 2012 operating income
of $234 million and a combined ratio of 96.7, compared to a $255
million operating loss and a combined ratio of 110.2 in the first
quarter of 2011. The accident year combined ratio, excluding
catastrophes, was 97.0, compared to 95.6 in the first quarter of
2011. Improvement in the loss ratio from the shift to higher value
business, price improvements, and risk selection was offset by
higher expenses. First quarter 2012 results reflect an expense
ratio of 38.6, which increased 3.0 points over the first quarter of
2011, primarily due to a decrease in the benefit from the
amortization of value of business acquired liabilities compared to
2011, coupled with increased acquisition and operating expenses
related to growth in selected markets in 2012.
SUNAMERICA FINANCIAL GROUP
SunAmerica reported operating income of $1.3 billion in the
first quarter of 2012, compared to operating income of $1.2 billion
in the first quarter of 2011. First quarter 2012 results benefited
from the reinvestment of cash during 2011 and positive equity
market performance in the first quarter of 2012. Partially
offsetting these improvements were lower returns from hedge fund
and private equity investments in the first quarter of 2012, versus
a strong 2011 first quarter. Returns for hedge fund and private
equity investments are reported on a one month and one quarter lag,
respectively.
Net investment income in the first quarter of 2012 was $131
million higher than the prior year period due primarily to higher
base yields. The first quarter 2012 base investment yield was 5.50
percent, compared to 5.04 percent in the first quarter of 2011,
reflecting the redeployment of excess cash during 2011. This yield
improvement, combined with SunAmerica’s disciplined management of
interest crediting rates, resulted in improved net investment
spreads for group retirement products and individual fixed
annuities.
Premiums, deposits, and other considerations totaled $5.6
billion in the first quarter of 2012, compared to $6.4 billion in
the first quarter of 2011, as fixed annuity deposits declined due
to the current low interest rate environment. However, group
retirement products, individual variable annuities and retail
mutual funds all showed significant improvements. Group retirement
products increased 8 percent in the first quarter of 2012 over the
corresponding 2011 period, primarily due to an increase in
individual rollover deposits. SunAmerica expects the rate of growth
of individual rollover deposits to decrease in the near term due to
the low interest rate environment. Individual variable annuity
deposits totaled $1.0 billion in the 2012 first quarter, a 38
percent increase over the first quarter of 2011, due to competitive
product enhancements and reinstatements during the last year at a
number of key broker dealers. Net flows were positive for the fifth
consecutive quarter. Retail life insurance sales grew 7 percent
during the first quarter of 2012 over the first quarter of 2011 as
product enhancements and efforts to re-engage independent
distribution channels continued to produce positive sales
results.
During the first quarter of 2012, SunAmerica provided $1.6
billion of liquidity to AIG Parent from its insurance subsidiaries
funded by payments representing proceeds from the FRBNY’s sale of
ML II assets.
Assets under management were $265.0 billion at the end of the
first quarter of 2012 compared to $253.9 billion at the end of the
first quarter of 2011.
AIRCRAFT LEASING
ILFC reported first quarter 2012 operating income of $119
million, compared to operating income of $117 million in the first
quarter of 2011. During the first quarter of 2012, ILFC recorded
rental revenues of $1.1 billion, similar to the first quarter of
2011, reflecting the re-lease of older aircraft at lower rates and
the limited delivery schedule of new aircraft over the past year,
offset by revenue from AeroTurbine, acquired by ILFC in the fourth
quarter of 2011.
ILFC raised approximately $2.4 billion in both secured and
unsecured debt during the first quarter of 2012. The proceeds from
these issuances were used to retire the only remaining credit
facility with a change of control provision, prepay an existing
secured term loan using proceeds from lower cost unsecured debt,
and increase liquidity. ILFC recognized a $21 million charge in
connection with the early repayment of certain facilities.
MORTGAGE GUARANTY
United Guaranty Corporation (UGC), AIG’s residential mortgage
guaranty operations, reported operating income of $8 million for
the first quarter of 2012, compared to operating income of $14
million in the first quarter of 2011.
First quarter 2012 results reflect favorable prior year
development in the first-lien segment as a result of UGC’s efforts
to work with lenders on aged delinquent accounts. UGC has contacted
mortgage lenders regarding over 20,000 aged delinquent accounts and
received responses for over 14,000. The responses have resulted in
additional rescinded coverage, or denied or paid claims as well as
some delinquency cures. Delinquency rates were down. The 2012 first
quarter results continued to be affected by general weakness in the
housing market.
Net premiums written were $191 million for the first quarter of
2012, compared to $204 million in the first quarter of 2011, as
coverage rescissions resulted in $19 million in premium refunds.
Domestic first-lien new insurance written totaled $6.5 billion for
the quarter compared to $2.5 billion for the same period in 2011,
driven primarily by UGC’s risk-based pricing strategy and the
withdrawal of certain competitors from the market. Quality remained
high, with an average FICO score of 760 and an average loan to
value of 91 percent on new business.
OTHER OPERATIONS
AIG’s Other Operations reported first quarter 2012 operating
income of $2.3 billion, compared to operating income of $2.1
billion in the first quarter of 2011.
The fair value of AIG’s AIA ordinary shares increased $1.8
billion for the first quarter of 2012, based on the March 30, 2012
closing price on the Hong Kong Stock Exchange. Included in the fair
value increase is the $0.6 billion gain realized on the sale of
1.72 billion AIA ordinary shares in the first quarter of 2012.
The fair value of AIG’s interest in ML III increased $1.3
billion during the first quarter of 2012 due to tightening credit
spreads, compared with an increase of $744 million in the first
quarter of 2011.
Other corporate expenses totaled $202 million in the first
quarter of 2012, compared to $142 million in the first quarter of
2011.
Conference Call
AIG will host a conference call tomorrow, May 4, 2012, at 8:00
a.m. ET to review these results. The call is open to the public and
can be accessed via a live listen-only webcast at
http://www.aig.com. A replay will be available after the call at
the same location.
Additional supplementary financial data is available in the
Investor Information section at www.aig.com.
It should be noted that the conference call (including the
conference call presentation material), the earnings release and
the financial supplement may include projections, goals,
assumptions, and statements that may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These projections, goals, assumptions, and
statements are not historical facts but instead represent only
AIG’s belief regarding future events, many of which, by their
nature, are inherently uncertain and outside AIG’s control. These
projections, goals, assumptions, and statements include statements
preceded by, followed by or including words such as “believe,”
“anticipate,” “expect,” “intend,” “plan,” “view,” “target,” or
“estimate.” These projections, goals, assumptions, and statements
may address, among other things: the timing of the disposition of
the ownership position of the U.S. Treasury in AIG; the cash flow
projections and fair value for AIG’s interest in ML III; the
monetization of AIG’s interests in ILFC; AIG’s exposures to
subprime mortgages, monoline insurers, the residential and
commercial real estate markets, state and municipal bond issuers,
and sovereign bond issuers; AIG’s exposure to European governments
and European financial institutions; AIG’s strategy for risk
management; AIG’s ability to retain and motivate its employees;
AIG’s generation of deployable capital; AIG’s return on equity and
earnings per share long-term aspirational goals; AIG’s strategies
to grow net investment income, efficiently manage capital and
reduce expenses; AIG’s strategies for customer retention, growth,
product development, market position, financial results and
reserves; and the revenues and combined ratios of AIG’s
subsidiaries. It is possible that AIG’s actual results and
financial condition will differ, possibly materially, from the
results and financial condition indicated in these projections,
goals, assumptions, and statements. Factors that could cause AIG’s
actual results to differ, possibly materially, from those in the
specific projections, goals, assumptions, and statements include:
actions by credit rating agencies; changes in market conditions;
the occurrence of catastrophic events; significant legal
proceedings; concentrations in AIG’s investment portfolios,
including its municipal bond portfolio; judgments concerning
casualty insurance underwriting and reserves; judgments concerning
the recognition of deferred tax assets; judgments concerning
deferred policy acquisition costs (DAC) recoverability; judgments
concerning the recoverability of aircraft values in ILFC’s fleet;
and such other factors as are discussed throughout Part I Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations in AIG's Quarterly Report on Form 10-Q for
the quarter ended March 31, 2012, and in Part I Item 1A. Risk
Factors and discussed throughout Part II Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations in AIG’s Annual Report on Form 10-K for the year ended
December 31, 2011, as amended by Amendment No. 1 and Amendment No.
2 on Form 10-K/A filed on February 27, 2012 and March 30, 2012,
respectively. AIG is not under any obligation (and expressly
disclaims any obligation) to update or alter any projections,
goals, assumptions, or other statements, whether written or oral,
that may be made from time to time, whether as a result of new
information, future events or otherwise.
American International Group, Inc. (AIG) is a leading
international insurance organization serving customers in more than
130 countries. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG
companies are leading providers of life insurance and retirement
services in the United States. AIG Common Stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Comment on Regulation G
Throughout this press release, including the financial
highlights, AIG presents its operations in the way it believes will
be most meaningful and representative of ongoing operations, as
well as most transparent. That presentation includes the use of
certain non-GAAP financial measures. The reconciliations of such
measures to the most comparable GAAP measures in accordance with
Regulation G are included within the relevant tables or in the
First Quarter 2012 Financial Supplement available in the Investor
Information section of AIG’s website, www.aig.com.
AIG believes that After-tax operating income (loss) permits a
better assessment and enhanced understanding of the operating
performance of its businesses by highlighting the results from
ongoing operations and the underlying profitability of its
businesses. After-tax operating income (loss) excludes net income
(loss) from discontinued operations, net loss on sale of divested
businesses, net income from divested businesses, deferred income
tax valuation allowance charges and releases, amortization of the
FRBNY prepaid commitment fee asset, changes in fair value of
SunAmerica’s fixed income securities designated to hedge living
benefit liabilities, SunAmerica’s increased benefit reserves and
benefit (amortization) of DAC, value of business acquired (VOBA)
and sales inducement assets (SIA) related to net realized capital
gains (losses), net realized capital gains (losses), and
non-qualifying derivative hedging gains (losses), excluding net
realized capital gains (losses). See page 9 for the reconciliation
of Net income attributable to AIG to After-tax operating
income.
Additionally, in some cases, revenues, net income, operating
income and related rates of performance are shown exclusive of the
effect of tax benefits not obtained for losses incurred, the
recognition of other-than-temporary impairments, partnership
income, other enhancements to income, credit valuation adjustments,
unrealized market valuation gains (losses), the effect of
catastrophe-related losses and prior year loss development,
asbestos losses, returned or additional premiums related to prior
year development, foreign exchange rates, and aircraft
impairments.
In all such instances, AIG believes that excluding these items
permits investors to better assess the operating performance of
each of AIG’s underlying businesses by highlighting the results
from ongoing operations and the underlying profitability of its
businesses. AIG believes that providing information in a non-GAAP
manner is more useful to investors and analysts and more meaningful
than the GAAP presentation. When such measures are disclosed,
reconciliations to GAAP pre-tax income are provided.
Although the investment of premiums to generate investment
income (or loss) and realized capital gains or losses is an
integral part of both life and general insurance operations, the
determination to realize capital gains or losses is independent of
the insurance underwriting process. Moreover, under applicable GAAP
accounting requirements, losses can be recorded as the result of
other-than-temporary declines in value without actual realization.
In sum, investment income and realized capital gains or losses for
any particular period are not indicative of underlying business
performance for such period.
Life and retirement services production (premiums, deposits and
other considerations and life insurance CPPE sales) is a non-GAAP
measure which includes life insurance premiums, deposits on annuity
contracts and mutual funds. AIG uses this measure because it is a
standard measure of performance used in the insurance industry and
thus allows for more meaningful comparisons with AIG’s insurance
competitors.
During the first quarter of 2012, AIG revised its definition of
After-tax operating income (loss) to exclude changes in the fair
value of SunAmerica’s fixed income securities designated to hedge
living benefit liabilities and increased benefit reserves related
to net realized capital gains (losses). AIG believes that this
revised measure of After-tax operating income (loss) permits a
better assessment and enhanced understanding of the operating
performance of its SunAmerica business by excluding from operating
results the volatility associated with these hedging and capital
gains taking activities. AIG believes this revised definition of
After-tax operating income (loss) is a better measure of how AIG
assesses the operating performance of SunAmerica’s operations.
American International Group, Inc. Financial
Highlights* (in millions, except share data)
Three Months Ended March 31, %
Inc. 2012 2011
(Dec.) Chartis Insurance Operations: Net Premiums
Written
$ 8,820
$ 9,166 (3.7 ) % Net
Premiums Earned 8,688 8,651 0.4 Claims and claims adjustment
expenses incurred 5,909 7,756 (23.8 ) Underwriting expenses 2,959
2,498 18.5 Underwriting loss (180 ) (1,603 ) 88.8 Net
Investment Income 1,223 1,179
3.7 Operating Income (Loss)
1,043 (424 ) -
Net Realized Capital Gains (Losses) (a) (135 ) 50 -
Other income 2 - -
Pre-tax Income (Loss)
$ 910
$ (374 ) -
Loss Ratio 68.0 89.7
Expense Ratio 34.1 28.9 Combined Ratio
102.1 118.6
SunAmerica Financial Group Operations: Premiums
$ 605
$ 621 (2.6 ) Policy fees 691 684 1.0 Net
Investment Income 2,885 2,754 4.8 Total revenues
4,181 4,059 3.0 Benefits and expenses 2,870
2,888 (0.6 ) Operating
Income 1,311 1,171
12.0
Changes in fair value of fixed income
securities designated to hedge living benefit liabilities, net of
interest expense
(19 ) - -
Increased benefit reserves and benefits
(amortization) of DAC, VOBA, and SIA related to net realized
capital gains (losses)
36 16 125.0 Net Realized Capital Losses (a) (466 ) (220 ) (111.8 )
Pre-tax Income 862 967 (10.9 )
Aircraft Leasing
Operations: Revenues 1,153 1,156 (0.3 ) Expenses
1,034 1,039 (0.5 )
Operating Income 119 117
1.7 Net Realized Capital Gains (a) 1
3 (66.7 )
Pre-tax Income 120 120
-
Other Operations, Operating Income
2,322 2,137 8.7
Other Operations, Pre-tax Income (Loss) before Net Realized
Capital Gains 2,319 (1,562 ) - Other Operations, Net Realized
Capital Gains (Losses) (a) 417 (435 ) - Consolidation and
Elimination Adjustments (a) (44 ) (26 ) (69.2 )
Income (Loss) from Continuing
Operations before Income Tax Expense (Benefit)
4,584 (1,310 ) - Income Tax Expense (Benefit) 1,148 (226 ) -
Income (Loss) from Continuing Operations 3,436 (1,084 ) -
Income from Discontinued Operations, net of tax 13
2,585 (99.5 )
Net Income 3,449 1,501 129.8
Less:
Net Income from Continuing Operations
Attributable to Noncontrolling Interests:
Noncontrolling Nonvoting, Callable, Junior
and Senior Preferred Interests
208 252 (17.5 ) Other 33 (55 ) -
Total Net Income from Continuing
Operations Attributable to Noncontrolling interests
241 197 22.3
Net Income from Discontinued Operations
Attributable to Noncontrolling interests
- 7 - Total net income attributable to noncontrolling
interests 241 204 18.1
Net Income Attributable to
AIG 3,208 1,297 147.3
Net Income Attributable
to AIG Common Shareholders $ 3,208
$ 485
N/M %
Financial Highlights -continued
Three Months Ended March 31,
% Inc. 2012 2011 (Dec.)
Net Income Attributable to AIG $ 3,208
$ 1,297 147.3 %
Adjustments to arrive at After-tax
operating income (loss) attributable to AIG (amounts net of
tax):
Net Income from Discontinued Operations 13 2,578 (99.5 ) Net Loss
on Sale of Divested Businesses (2 ) (47 ) 95.7 Net Income from
Divested Businesses - 6 - Deferred Income Tax Valuation allowance
(charge) / release 289 (529 ) - Amortization of FRBNY prepaid
commitment fee asset - (2,358 ) -
Changes in Fair Value of SunAmerica's
Fixed Income Securities designated to hedge living benefit
liabilities
(19 ) - -
SunAmerica Increased Benefit Reserves and
Benefit (amortization) of DAC, VOBA and SIA related to net realized
capital gains (losses)
36 11 227.3 Net Realized Capital Gains (Losses) (239 ) (384 ) 37.8
Non-qualifying Derivative Hedging Gains
(Losses), excluding net realized capital gains (losses)
33 (69 ) -
After-Tax Operating Income Attributable to
AIG $ 3,097
$ 2,089 48.3
Income (Loss) Per Common Share - Diluted: Net Income
Attributable to AIG Common Shareholders $ 1.71
$ 0.31 N/M
After-Tax Operating Income Attributable
to AIG Common Shareholders $ 1.65
$ 1.34
23.0
Book Value Per Common Share on AIG
Shareholders' Equity (b) $ 57.68
$ 44.33 30.1 %
Return on equity - After-tax operating income (c)
12.8 % 11.6 %
Financial Highlights - Notes
* Including reconciliation in accordance with
Regulation G. (a)
Includes gains (losses) from hedging
activities that did not qualify for hedge accounting treatment,
including the related foreign exchange gains and losses.
(b) Represents total AIG shareholders' equity divided by common
shares issued and outstanding. (c) Computed using adjusted
shareholders' equity, which excludes Accumulated other
comprehensive income.
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