DOCSLIB.ORG

American International Group, Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

American International Group, Inc. Financial Supplement Second Quarter 2010 This report should be read in conjunction with AIG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the Securities and Exchange Commission. American International Group, Inc. Financial Supplement Table of Contents Consolidated Asia Operating Statistics........................................................................................................................35 Consolidated Statement of Income (Loss)……. ..............................................................................1 - 2 Japan Operating Statistics......................................................................................................................36 Consolidated Statement of Segment Operations .............................................................................3 – 4 Foreign Life Insurance & Retirement Services Notes ............................................................................37 Summary of Non-qualifying derivative hedging activities....................................................................5 Financial Services Consolidated Balance Sheet.............................................................................................................. 6-7 Financial Services Operating Results..................................................................................................38 Debt and Capital...................................................................................................................................8 Consumer Finance Operating Results .................................................................................................39 U.S. Government Support.....................................................................................................................9 Consumer Finance Other Data............................................................................................................40 Capital Structure.................................................................................................................................10 Financial Services Notes ..............................................................................................41 Book Value per Common Share .........................................................................................................11 American General Finance Real Estate Portfolio................................................................................42 General Insurance Other General Insurance Operating Statistics ...............................................................................................12 Other .................................................................................................................................................43 AIG Commercial Insurance Operating Statistics ................................................................................13 Other Notes ........................................................................................................................................44 AIG Commercial Insurance Gross Premiums Written by Line of Business........................................14 Parent Company Financial Statements ....................................................................................... 45 - 48 Foreign General Insurance Operating Statistics..................................................................................15 Pre –Tax Realized Gains (Losses) by Source by Business Segment………….…..49 Foreign General Insurance Gross Premiums Written..........................................................................16 Investment Information General Insurance Notes.....................................................................................................................17 Cash and Investments by Segment......................................................................................................50 Domestic Life Insurance & Retirement Services AIGFP Balance Sheet .........................................................................................................................51 Domestic Life Insurance & Retirement Services Operating Statistics ................................................18 Other Invested Assets by Segment......................................................................................................52 Domestic Life Insurance Operating Statistics ....................................................................................19 Return on Average Partnership and Mutual Funds Assets by Segment...............................................53 Domestic Life Insurance Sales and Deposits .....................................................................................20 Comment on Reg G ..................................................................................................................54 Domestic Life Insurance Other Data ..................................................................................................21 Domestic Life Insurance Deferred Policy Acquisition Costs, Sales Inducements and Value of Business Acquired.........................................................................22 Domestic Life Insurance Notes...........................................................................................................23 Domestic Retirement Services Operating Statistics............................................................................24 Domestic Retirement Services Product Statistics ...............................................................................25 Domestic Retirement Services Account Value Rollforward ...............................................................26 Domestic Retirement Services Spread Information .....................................................................27 - 28 Domestic Life Insurance & Retirement Services Deferred Policy Acquisition Costs, Sales Inducements and Value of Business Acquired.........................................................................29 Domestic Retirement Services – Group Retirement Products.............................................................30 Domestic Retirement Services – Individual Variable Annuities Guaranteed Benefits.................31 - 32 Domestic Retirement Services Notes..................................................................................................33 Foreign Life Insurance & Retirement Services Foreign Life Insurance & Retirement Services Operating Statistics ...................................................34 American International Group, Inc. Investor Relations Teri L. Watson, Vice President (212)770-7074 American International Group, Inc. Consolidated Statement of Income (Loss) (in millions, except per share data) Three Months Ended Six Months Ended June 30, June 30, % Inc. March 31, % Inc. June 30, June 30, % Inc. 2010 2009 (Dec.) 2010 (Dec.) 2010 2009 (Dec.) Revenues: Premiums and other considerations $ 12,649 $ 14,074 (10.1) % $ 12,426 1.8 % $ 25,075 $ 29,118 (13.9) % Net investment income 5,386 6,858 (21.5) 5,545 (2.9) 10,931 8,332 31.2 Net realized capital losses: (1) Total other-than-temporary impairments on available for sale securities (847) (1,084) NM (317) NM (1,164) (4,702) NM Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Accumulated other comprehensive loss 251 369 (32.0) (521) NM (270) 369 NM Net other-than-temporary impairments on available for sale securities recognized in net income (loss) (596) (715) NM (838) NM (1,434) (4,333) NM Other realized capital gains (22) (416) NM 397 NM 375 453 (17.2) Total net realized capital losses (618) (1,131) NM (441) NM (1,059) (3,880) NM Unrealized market valuation gains (losses) on AIGFP super senior credit default swap portfolio 161 636 (74.7) 119 35.3 280 184 52.2 Other income (1) 2,404 3,485 (31.0) 2,262 6.3 4,666 6,269 (25.6) Total revenues (1) 19,982 23,922 (16.5) 19,911 0.4 39,893 40,023 (0.3) Benefits, claims and expenses: Policyholder benefits and claims incurred 10,607 13,570 (21.8) 10,428 1.7 21,035 26,713 (21.3) Policy acquisition and other insurance expenses 3,968 4,484 (11.5) 3,861 2.8 7,829 8,646 (9.4) Interest expense 2,009 2,553 (21.3) 1,876 7.1 3,885 5,343 (27.3) Restructuring expenses and related asset impairment and other expenses 70 326 (78.5) 120 (41.7) 190 678 (72.0) Net loss (gain) on sale of divested businesses (2) (198) 566 NM 76 NM (122) 307 NM Other expenses 1,923 2,252 (14.6) 1,793 7.3 3,716 4,495 (17.3) Total benefits, claims and expenses 18,379 23,751 (22.6) 18,154 1.2 36,533 46,182 (20.9) Income (loss) from continuing operations before income tax expense (benefit) 1,603 171 837.4 1,757 (8.8) 3,360 (6,159) NM Income tax expense (benefit) 311 (415) NM (423) NM (112) (1,284) NM Income (loss) from continuing operations 1,292 586 120.5 2,180 (40.7) 3,472 (4,875) NM Income (loss) from discontinued operations, net of income tax expense (benefit) (3) (3,407) 1,259 NM 325 NM (3,082) 1,587 NM Net income (loss) (2,115) 1,845 NM 2,505 NM 390 (3,288) NM Less: Net Income (loss) from continuing operations attributable to noncontrolling interests: Noncontrolling nonvoting, callable, junior and senior preferred interests held by Federal Reserve Bank of New York 508 - NM 519 (2.1) 1,027 - NM Other 20 (7) NM 119 (83.2) 139 (775) NM Total net income (loss) from continuing operations attributable to noncontrolling interests 528 (7) 638 NM 1,166 (775) NM Income (loss) from discontinued
Recommended publications
  • American International Group, Inc

    American International Group, Inc

    American International Group, Inc. Resolution Plan Public Section December 31, 2015 AIG RESOLUTION PLAN – PUBLIC SECTION A. INTRODUCTION American International Group, Inc. (“AIG, Inc.” and together with its subsidiaries and affiliates, “AIG” or the “Company”) is a leading global insurance organization that offers insurance products and services that help businesses and individuals in over 100 countries and jurisdictions protect their assets, manage risks and provide for retirement security. AIG provides a diverse range of property and casualty insurance, life insurance, retirement products, mortgage insurance and related financial services to its customers. Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and the related joint implementing regulation (“Dodd-Frank Rule”) issued by the Board of Governors of the Federal Reserve System (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) require each nonbank financial company, designated as systemically important by the Financial Stability Oversight Council (“FSOC”), to submit to the FRB and the FDIC a plan for that organization’s rapid and orderly resolution in the event of material financial distress or failure (“Resolution Plan” or the “Plan”). On July 8, 2013, the FSOC designated AIG as a nonbank systemically important financial institution (“SIFI”) pursuant to the Dodd-Frank Act. The Dodd-Frank Act and the Dodd-Frank Rule require AIG to demonstrate how the Company could be resolved within a reasonable period of time without extraordinary government support and in a manner that substantially mitigates the risk that failure of the Company would have on the financial stability of the U.S. AIG has made recovery and resolution preparedness a company-wide priority and undertaken significant initiatives to reduce risk and focus on its insurance businesses.
  • AIG Financial Products Corp

    AIG Financial Products Corp

    AIG Financial Products Corp. 50 Danbury Road, Wilton, CT 06897-4444 For Immediate Release AIG FINANCIAL PRODUCTS AND GLOBAL INFRASTRUCTURE PARTNERS AGREE ON THE ACQUISITION OF LONDON CITY AIRPORT LONDON – 11 October, 2006 -- AIG Financial Products Corp. (AIG-FP), a wholly- owned subsidiary of American International Group, Inc., and Global Infrastructure Partners (GIP), the infrastructure joint venture between Credit Suisse and GE Infrastructure, announced today that they have signed a definitive agreement to acquire 100% of the share capital of the company that owns and operates the business known as London City Airport (the “Airport") from Airport Management and Investment Limited. Pursuant to the terms of the deal, AIG-FP and GIP will each own 50% of the equity interest of the company that owns the Airport. The Airport is located in the Royal Docks, in the London Borough of Newham in East London. The Airport is unique in that it predominantly serves business travelers to and from London, given its convenient location. The Airport is less than three miles from Canary Wharf, six miles from the City of London, and 10 miles from the West End. It offers easy access to 27 destinations within the United Kingdom and across Europe. The Airport also ranks as the third largest corporate aviation facility in the United Kingdom. The transaction remains subject to EU merger clearance and currently is expected to close in November 2006. “I am extremely pleased that AIG Financial Products and Global Infrastructure Partners have been successful in their bid for London City Airport,” said Joseph Cassano, President of AIG-FP.
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000

    Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000

    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
  • Cohen & Steers Preferred Securities and Income Fund

    Cohen & Steers Preferred Securities and Income Fund

    Cohen & Steers Preferred Securities and Income Fund As of 06/30/2021 Current % of Total Security Name Sector Market Value Market Value Wells Fargo & Company Flt Perp Banking $219,779,776.15 1.81 % Charles Schwab Corp Flt Perp Sr:I Banking $182,681,675.00 1.51 % Bp Capital Markets Plc Flt Perp Energy $158,976,029.00 1.31 % Bank of America 6.25% Banking $148,052,279.38 1.22 % Bank of Amrica 6.10% Banking $144,075,863.52 1.19 % Citigroup Inc Flt Perp Banking $139,736,756.25 1.15 % Emera 6.75% 6/15/76-26 Utilities $134,370,096.24 1.11 % Transcanada Trust 5.875 08/15/76 Pipeline $116,560,837.50 0.96 % JP Morgan 6.75% Banking $116,417,211.75 0.96 % JP Morgan 6.1% Banking $115,050,549.38 0.95 % Credit Suisse Group AG 7.5 Perp Banking $112,489,090.00 0.93 % Enbridge Inc Flt 07/15/80 Sr:20-A Pipeline $101,838,892.50 0.84 % Charles Schwab Corp Flt Perp Sr:G Banking $101,715,980.40 0.84 % Bank of America Corp 5.875% Perp Banking $99,269,540.97 0.82 % Sempra Energy Flt Perp Utilities $97,680,337.50 0.81 % BNP Paribas 7.375% Banking $96,328,288.48 0.79 % Jpmorgan Chase & Co Flt Perp Sr:Kk Banking $95,672,863.00 0.79 % Metlife Capital Trust IV 7.875% Insurance $94,971,600.00 0.78 % Citigroup 5.95% 2025 Call Banking $89,482,599.30 0.74 % Transcanada Trust Flt 09/15/79 Pipeline $88,170,468.75 0.73 % Ally Financial Inc Flt Perp Sr:C Banking $86,422,336.00 0.71 % Banco Santander SA 4.75% Flt Perp Banking $83,189,000.00 0.69 % American Intl Group 8.175% 5/15/58 Insurance $82,027,104.20 0.68 % Prudential Financial 5.625% 6/15/43 Insurance $80,745,314.60 0.67
  • Variable Universal Life and Variable Life Products Available Through Oneamerica Securities, Inc

    Variable Universal Life and Variable Life Products Available Through Oneamerica Securities, Inc

    Variable universal life and variable life products Available through OneAmerica Securities, Inc. Product list and contact information Allianz Life...................................................................800-950-5872 MetLife: www.allianzlife.com General American (MetLife) ..................................877-638-3279 American General .......................................................800-677-3311 www.metlife.com/generalamerican/index.html www.americangeneral.com MetLife Investors Insurance Company.................800-638-5000 American National......................................................800-526-8346 www.metlife.com www.anico.com New England Financial (MetLife)..........................877-638-3279 American United Life (OneAmerica) ........................877-285-3863 nef.metlife.com www.oneamerica.com Paragon Life (MetLife) ............................................800-638-5433 Ameritas.......................................................................800-634-8353 www.paragonlife.com www.ameritas.com Minnesota Life (Securian)..........................................651-665-5980 CUNA Mutual..............................................................800-798-5500 www.minnesotalife.com www.cunamutual.com National Life................................................................800-732-8939 AXA Equitable..............................................................800-777-6510 www.nationallife.com www.axa-equitable.com Nationwide ..................................................................800-321-6064
  • Demutualization Details

    Demutualization Details

    Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange.
  • Metlife Worldwide Benefits Provider Guide

    Metlife Worldwide Benefits Provider Guide

    MetLife Worldwide Benefits Provider Guide MetLife Worldwide Benefits Provider Guide Table of Contents Welcome ..................................................................................................................................................... 3 Member Services ......................................................................................................................................... 4 ID Cards ...................................................................................................................................................... 5 Direct Pay .................................................................................................................................................... 6 Guarantee of Payment................................................................................................................................. 7 Invoices ....................................................................................................................................................... 9 Network Experience .................................................................................................................................. 11 Window Cling ............................................................................................................................................ 12 Frequently Asked Questions ...................................................................................................................... 13 Glossary ...................................................................................................................................................
  • Welcome to Metlife Auto & Home®

    Welcome to Metlife Auto & Home®

    Welcome to MetLife Auto & Home® MetLife Auto & Home is happy to service Massachusetts Assigned Risk Plan policies. Included in this packet is information that will assist you when answering questions for your clients, submitting payments, and providing supporting documentation to us as needed. In addition, we have set up a website for your convenience where this information is also included. It may be helpful to add this to your list of favorites for future reference. www.metlife.com/individual/insurance/auto-insurance/MA-assigned-risk.html Contacts MAIP New Business Processing and Status: 1-800-255-0332 Agency Response Center: 1-800-255-0332 For Agents Only. Please contact the Agency Response Center for all policy changes or endorsements, billing inquiries and changes, and coverage verification. Voluntary Rate Quote: 1-800-545-4282 For Agents Only: The CAR application, in addition to our Supplemental Underwriting Questionnaire, must be completed to receive the most accurate voluntary rate quote. Please feel free to contact us to request a voluntary rate quote for specific risks, once you have obtained all of the necessary information. Correspondence Address: MetLife Auto & Home PO Box 6060 Scranton, PA. 18505-6060 Correspondence Fax: 1-866-743-4890 Claim Department: 1-800-854-6011 Special Investigative Unit (SIU): 1-800-922-FRAUD or 1-800-922-3728 MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick RI L0218502626[exp0121][MA] Page | 1 MAIP Forms and Required Documents Assigned Risk Producer's (ARP) have two business days to mail the signed application, premium deposit, and any other required documents to the Company.
  • Metlife Vision Overview

    Metlife Vision Overview

    Overview Vision Benefits Why is having a good vision plan so important? Because taking good care of your eyes can help you take better care of your body. Regular visits to your eye care professional do more than just protect your eyesight, they can help protect your overall health. Through a routine exam, eye doctors can spot serious health problems like diabetes, high blood pressure, heart disease, certain cancers and other conditions.1 That’s why, even if you have perfect vision, yearly exams are important. Don’t let preventable health and vision problems sneak up on you. Vision benefits are there to help you stay on top of your care. Set your sights on better vision with MetLife Vision. Call us today for more information 888-309-5526 Because vision care services without a vision plan can be expensive. TDD: Out-of-pocket costs can add up fast. See how much you could save with MetLife Vision in the 2 example below. Keep in mind this is an illustration only. Your costs and savings could vary. 1-888-638-4863 (dental) Your cost Your cost 1-800-428-4833 Vision Service3 without coverage with coverage You save2 (vision) Eye Exam $154.29 $10 (copay) $144.29 Materials Copay NA $25 (copay) NA Frame $179.95 $39.96 $139.99 Why should Lenses (Bifocal) $147.75 $0 $147.75 I enroll now? UV Coating $22 $0 $22 • Competitive Anti-Reflective Coating $110 $69 $41 group rates Total Cost of Services $613.99 $143.96 $495.03 • Convenient payroll deduction ADF# V1240.16 See better with MetLife Vision! Discover a plan that may help you save on vision services,2 from eye exams, glasses, contact lenses and so much more.
  • How to Register on Mybenefits Mybenefits Provides You with a Personalized, Integrated and Secure View of Your Metlife-Delivered Benefits

    How to Register on Mybenefits Mybenefits Provides You with a Personalized, Integrated and Secure View of Your Metlife-Delivered Benefits

    www.metlife.com/mybenefits How to Register on MyBenefits MyBenefits provides you with a personalized, integrated and secure view of your MetLife-delivered benefits. You can take advantage of a number of self-service capabilities as well as a wealth of easy to access information. MetLife is able to deliver services that empower you to manage your benefits. As a first time user, you will need to register on MyBenefits. To register, follow the steps outlined below. Registration Process Step 1: Enter Personal Information Step 3: Security Verification Questions for MyBenefits Enter your first and last name, identifying Now, you will need to choose and data and e-mail address. answer three identity verification Provide Your Group Name questions to be utilized in the event Access MyBenefits at you forget your password. www.metlife.com/mybenefits and enter your group name and Step 4: Terms of Use click ‘Submit.’ Finally, you will be asked to read and agree to the website’s Terms of Use. Step 5: Process Complete Now you will be brought to the “Thank You” page. Lastly, a confirmation of your registration Step 2: Create a User Name will be sent to the email address you and Password provided during registration. The Login Screen Then you will need to create a unique user name and password for future access On the Home Page, you can access general to MyBenefits. information. To begin accessing personal plan information, click on ‘Register Now’ and perform the one-time registration process. Going forward, you will be able to The User Name and Password requirements log-in directly.
  • The Financial Structure of the Derivatives

    The Financial Structure of the Derivatives

    Chapter Six AIG 1 Chapter Six AIG in the Crisis Abstract: The financial structure of the derivatives insured by AIG with credit default swaps (CDS) was ultimately related to the systemic risk from the inability of the mortgagors to service their debts. AIG made several serious mistakes. First: The estimate of the drift of the capital gain, which drove the bubble, was based upon the unsustainable growth of the housing price index 2004-06. A collapse would occur when the unsustainable capital gain declined below the interest rate. Second, risk was underestimated because AIG ignored the negative correlation between the capital gains and the liabilities/claims. The CDS claims grew when the value of the insured obligations declined. This set off collateral requirements, and the stability of AIG was undermined. The solution for the optimal insurance liabilities on the basis of SOC is derived. The SOC approach is a generalization of the contributions of the economics and actuarial literature. The chapter concludes with an evaluation of the government bailout. Introduction. At its peak, American International Group (AIG) was one of the largest and most successful companies in the world boasting a Triple-A credit rating, over $1 trillion in assets, and 76 million customers in more than 130 countries. Yet the sophistication of AIG’s operations was not matched by an equally sophisticated risk-management structure. This poor management structure, combined with a lack of regulatory oversight, led AIG to accumulate staggering amounts of risk, especially in its subsidiary, AIG Financial Products (AIGFP). I draw upon the Congressional Oversight Panel Report (COP, 2010) that describes AIG’s role in the financial market crisis.
  • Changed the Maxpages

    Changed the Maxpages

    0001 [ST: 1] [ED: 10000] [REL: 010] (Beg Group) Composed: Thu Feb 19 18:10:18 EST 2009 XPP 8.1C.1 Patch #5 SC_00389 nllp 60098 [PW=500pt PD=684pt TW=360pt TD=580pt] VER: [SC_00389-Local:10 Feb 09 15:46][MX-SECNDARY: 12 Feb 09 09:05][TT-: 23 Aug 08 10:46 loc=usa unit=60098-aig]34 AIG’s Financial Distress: How Credit Default Swaps and the Lack of Regulation Brought Down an Insurance Giant and Implications for the Insurance Industry by Paul Walker-Bright and Timothy P. Law* I. INTRODUCTION The recent financial collapse of American International Group, Inc. (“AIG”) came as a shock to many people. How, they wondered, could one of the largest insurance organizations in the world fall so far and so quickly, to the point of bankruptcy and eventual bailout by the federal government? Equally troubling are the implications of AIG’s collapse on the insurance industry, in terms of the possible future of AIG’s subsidiary insurance companies and the potential for changes in the way insurance is regulated going forward. This article will attempt to address these questions and concerns. First, it will provide a brief summary of the causes of AIG’s financial distress, including a discussion of credit default swaps, the arcane financial instruments at the root of the collapse, how they caused AIG’s downfall, and what the federal government has done to rescue (or at least to ease the transition of) AIG. Next, this article will discuss some of the implications for the insurance industry.