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2010 Annual Report Table of Contents American International Group, Inc. 2010 Annual Report Table of Contents AIG at a Glance 1 Chairman’s Message 2 Letter to Shareholders 3 A Conversation with AIG Chairman Steve Miller and AIG President and CEO Bob Benmosche 7 Board of Directors 12 Form 10-K 13 Shareholder Information Inside back cover About AIG 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, as well as the stock exchanges in Ireland and Tokyo. American International Group 2010 Annual Report AIG at a Glance Chartis Inc. Chartis is a world-leading property-casualty and general insurance organization serving more than 45 million clients worldwide. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise, and excellent financial strength, Char- tis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence. Chartis had $31.6 billion in net premiums written in 2010. SunAmerica Financial Group The companies that make up SunAmerica Financial Group have been keeping their promises for more than 150 years. They remain focused on what really matters — advising customers and helping them secure a safe and strong financial future. This has been, and always will be, what you can count on from SunAmerica Financial Group.With over 13,000 employees, over 300,000 financial professionals appointed to sell its insurance and retirement products, and sales locations in every state in the nation, SunAmerica Financial Group is one of the largest life insurance and retirement services organizations in the United States. Its businesses serve over 19 million customers with over $248 billion in total assets under management. International Lease Finance International Lease Finance Corporation (ILFC) is an international market Corporation leader in the leasing and remarketing of advanced technology commercial jet aircraft to airlines around the world. For 38 years, the people of ILFC have had a strong commitment to aviation and its role in building relationships across the globe that drive innovation, prosperity, and under- standing. ILFC serves more than 200 airline customers with its portfolio of approximately 930 jet aircraft. United Guaranty Corporation United Guaranty Corporation (UGC) began operations in 1963. Over the years, UGC subsidiaries have insured mortgage loans for more than 4.4 million households. With more than 1,000 employees worldwide, UGC currently serves 4,511 mortgage lenders and credit unions of all sizes in the United States and is insuring new business in two countries in Asia. UGC has $5.0 billion in total assets. AIG 2010 Annual Report 1 Chairman’s Message Robert S. Miller Non-Executive Chairman of the Board t is hard to believe the changes at I have had the privilege of serving on cated extensive time, study, and insight AIG just since I joined the Board in many boards and have seen my way to get us to this point. Yes, we do have IJune 2009, when many thought AIG through a share of corporate turn- differing opinions and healthy, vigor- was headed for a controlled liquidation. arounds. My own experience gives me a ous debates, but this is to be expected A few months later, we were joined by unique appreciation of the teams of dedi- with a Board as engaged as the current AIG President and Chief Executive cated AIG people – and advisors – who AIG Board of Directors. We are pas- Officer Bob Benmosche, who had a very executed this restructuring. These teams sionate about AIG and committed to different vision. By July 2010, I became are among the best I have ever known. ensuring that AIG pays back every Chairman, and we have seen incred- dime that U.S. taxpayers loaned us as It’s impossible to recognize everyone at ible progress. Despite the complexities quickly as possible. We will also ensure AIG who contributed to the company’s involved, AIG is now on the cusp of that AIG management is accountable success during 2010, but in particular I completing a truly remarkable recovery now and in the future, and that there feel several people played key roles in from dependence on government sup- are processes and oversight in place so the turnaround over the past 14 months. port to becoming an independent leader the actions that nearly destroyed this Clearly, Bob Benmosche’s leadership in insurance ser- company are never repeated. During has been pivotal. He and all of us have 2010 was a vices worldwide. the year, former Chairman Harvey also been greatly supported by Peter transformational Golub resigned, and the Board thanks The year ended Hancock, Executive Vice President, time in AIG’s Harvey for his contributions to helping with AIG nearly Finance, Risk and Investments; David 90-year history… create the momentum that enabled the completing the Herzog, Executive Vice President, Chief few believed we recapitalization to happen. full restructuring Financial Officer; Brian Schreiber, would be in the of the government Executive Vice President, Treasury and While there is still much work to be positive position ownership – it was Capital Markets; and Tom Russo, Exec- done, we are encouraged by the prog- we found our- finalized on Janu- utive Vice President, Legal, Compliance, ress made and the strength of AIG’s selves in at the ary 14, 2011. We Regulatory Affairs and Government continuing operations, and we look end of 2010. also raised more Affairs, and General Counsel. beyond 2010 to the day when AIG than $37 billion returns to being a normally capitalized Our partners in the U.S. government in cash and securities through the initial company without the need for extraor- – especially the U.S. Department of public offering (IPO) of AIA and the dinary assistance. the Treasury, the Federal Reserve, the sale of ALICO, as well as other asset Federal Reserve Bank of New York On behalf of the entire AIG Board of sales, and we started to regain investor (FRBNY), and the AIG Trustees – Directors, we thank all of our long- confidence, tapping the credit markets should all be recognized for the leader- term shareholders, our customers, our after more than a two-year absence. By ship and commitment each person partners, and the people of AIG for any objective measure, AIG is now a has given to seeing that AIG begins to their commitment and dedication to stronger company. emerge as a strong and independent the success of this great company. From my perspective, 2010 was as company. Jim Millstein, Chief Restruc- transformational a time as any in AIG’s turing Officer at the U.S. Treasury, and 90-year history. When the year began, Sarah Dahlgren, at the FRBNY, have few believed we would be in the posi- been strong, reliable stewards of U.S. tive position we found ourselves in at taxpayers’ interests. the end of 2010. It is a testament to Robert S. Miller My fellow AIG Board members must Bob’s leadership that we have come February 24, 2011 also be commended. They have put this far in so little time. their personal lives on hold, and dedi- 2 AIG 2010 Annual Report Letter to Shareholders Robert H. Benmosche President and Chief Executive Officer n 2010, American International need to dismantle AIG to repay our Group began a transformation that obligations, a foundation was laid for Ipreviously had been unimaginable. the recapitalization of the govern- ment’s ownership of the company. The We demonstrated the strengths of result is a simplified structure that will AIG’s core businesses, which have enable the U.S. Treasury Department enabled us to remain market leaders. to sell its AIG shares over time and for Supported by our powerful culture AIG to emerge as a financially strong, of entrepreneurism and innovation, redefined, stand-alone company. we retained and regained customers, and grew our businesses. At the same We also have made significant progress time, we worked with the U.S. govern- extracting value from other assets that ment to begin the process of repaying are no longer core to AIG’s operations, American tax- but are still outstanding businesses AIG’s core payers for their on their own. We rebuilt many of our businesses, sup- unprecedented key functions in finance, enterprise ported by our financial support. risk management, investments, human powerful culture resources, and technology, as well Without a doubt, of entrepre- as supporting AIG’s already strong 2010 saw much neurism and management team with a number of change at AIG key hires. innovation, have as we refocused enabled us to our energies and There is, however, still much work to remain market resources, reduced be done, and 2010 had its challenges. leaders. our size, rebuilt AIG’s unique our functions, We rebuilt key business, much and uncovered significant opportunities. functions of which we We had growth at Chartis and in finance, pioneered in the SunAmerica Financial Group. Also, enterprise risk 1960s, 1970s, and United Guaranty Corporation (UGC), management, 1980s, created our mortgage insurance business, and investments, unprecedented International Lease Finance Corpo- human resources, growth for AIG, ration (ILFC), our aircraft leasing and technology. but some of this business, have both rebounded and are business has also again self-supporting. exposed AIG to new risks decades after Our restructuring did result in some some policies were written. As illustrat- asset sales – in particular, the sale of ed by our decision to again strengthen ALICO and the IPO of AIA, with the cash proceeds from those two business- es going directly to repaying taxpayers.
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