2012年度第2四半期(4月~6月)決算短信

8685 AIG

 2012年08月03日16時30分


平成 24 年8月3日

2012 年第2四半期(4月~6月)
会社名
本店所在地
決算期
問い合わせ先

決 算 短 信

アメリカン・インターナショナル・グループ・インク
アメリカ合衆国 ニューヨーク州 10038 ニューヨーク
メイデン・レーン 180
本決算:年1回 (12 月)
中間決算:四半期毎
東京都港区六本木一丁目6番1号 泉ガーデンタワー
アンダーソン・毛利・友常法律事務所
弁護士 北澤 正明
電話 (03) 6888-1000

1.本国における決算発表日

2012 年8月2日

2.業績(注1:下記の数字は 2012 年6月 30 日現在の会計方法に従い算出したものである。)
第2四半期(4月~6月の3ヶ月間)
当年度(2012 年)
前年度(2011 年)
増減率
売上高又は営業収入
17,123 百万ドル
16,680 百万ドル
2.66%
純利益(税引後)
2,332 百万ドル
1,836 百万ドル
27.0%
1株当たり純利益(注2)
1.33 ドル
1.00 ドル
33.0%

売上高又は営業収入
純利益(税引後)
1株当たり純利益(注2)

当期
35,566 百万ドル
5,540 百万ドル
3.05 ドル

当年度(2012 年)

今期累計額
前年同期
34,119 百万ドル
3,133 百万ドル
1.37 ドル

配当金の推移 (注3)
前年度(2011 年)

増減率
4.24%
76.8%
122.6%

備考

第1四半期
第2四半期
第3四半期
第4四半期
合計

(注2)
(注3)

1株当たり純利益は、希薄化後である。
2008 年 9 月 23 日に普通株式の配当停止を発表。

3.概況・特記事項・その他
上記2.の各数値は、会社の 2012 年8月2日付けプレス・リリースおよび 2012 年度第2四半期の
Form 10-Q Part I "FINANCIAL INFORMATION" 中の Financial Statements から抜粋したものである。
当該プレス・リリースおよび Form 10-Q の該当箇所を添付する。

Contact:

Liz Werner (Investment Community)
(O): (212) 770-7074
Jim Ankner (News Media)
(O): (212) 770-3277
(C): (917) 882-7677

AIG REPORTS SECOND QUARTER 2012 NET INCOME OF $2.3 BILLION





Second Quarter 2012 After-Tax Operating Income of $1.9 Billion, $1.06 Per Diluted
Share
Growth in Insurance Operations Operating Income of 26 Percent to $1.9 Billion
Maiden Lane III Auctions Nearly Completed; AIG has already received $6.1 billion
through July and expects to receive $1.9 billion in mid-August
AIG Purchased $7.1 Billion of Maiden Lane III Assets Year-To-Date

NEW YORK, August 2, 2012 – American International Group, Inc. (NYSE: AIG) today
reported net income attributable to AIG of $2.3 billion and after-tax operating income of $1.9
billion for the quarter ended June 30, 2012, compared to net income of $1.8 billion and after-tax
operating income of $1.2 billion for the second quarter of 2011. Diluted earnings per share and
after-tax operating income per share were $1.33 and $1.06, respectively, for the second quarter
of 2012, compared with diluted earnings per share and after-tax operating income per share of
$1.00 and $0.68, respectively, for the second quarter of 2011.
“AIG’s insurance operations and aircraft leasing business posted solid profits this
quarter,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “The
performance of our businesses and our stock price enabled the U.S. government to continue to
profitably reduce its outstanding assistance to AIG, which includes the U.S. Department of the
Treasury’s $5.7 billion AIG equity offering in May 2012. The Federal Reserve Bank of New
York’s Maiden Lane III loan was also paid in full during the quarter.
“We are proud of what we have accomplished and believe we are close to achieving our
goal of returning to America all that it provided to AIG during the crisis, plus a profit. Every day,
the people of AIG continue to make significant progress in restoring our reputation in the
communities we serve; respect for the AIG name has endured among our partners and customers.
This fall, our property casualty insurance operations will return to the AIG name with Chartis
renamed AIG. In addition, the SunAmerica Financial Group segment will be renamed AIG Life
and Retirement.
“At Chartis, second quarter results demonstrated the continued progress in strategic
initiatives to improve the mix of business, loss ratio, and risk selection, all of which ultimately
increases the intrinsic value of our global franchise. SunAmerica Financial Group continues to
benefit from disciplined pricing of innovative products that are attractive to both consumers and
our distribution partners. United Guaranty made a profit and is progressively becoming a choice
mortgage insurer for lenders to highly qualified borrowers because of our risk-based pricing
strategy. ILFC remains highly competitive.”
Mr. Benmosche concluded, “A rejuvenated and refocused AIG enables us to more fully
integrate our global insurance operations, while continuing to build on our successes and respond
to market and customer needs.”

Capital Management and Other Significant Developments


Book value per common share increased 5 percent during the second quarter of 2012 to
$60.58.



In May 2012, the U.S. Department of the Treasury (the U.S. Treasury) completed a
registered public offering of approximately 189 million shares of AIG common stock, par
value $2.50 per share (AIG Common Stock). The U.S. Treasury’s proceeds from the sale
were approximately $5.7 billion. AIG purchased approximately 66 million shares of AIG
Common Stock in the offering at the public offering price of $30.50 per share for an
aggregate purchase amount of approximately $2.0 billion.



In June 2012, as a result of completed auctions by the Federal Reserve Bank of New York
(the FRBNY) of certain assets of Maiden Lane III LLC (ML III), the outstanding loan by the
FRBNY to ML III was fully repaid. In July 2012, AIG’s $5.0 billion equity interest in ML III
was fully repaid along with contractual and additional distributions of $1.1 billion. AIG will
continue to receive 33 percent of proceeds generated by future sales of ML III assets.



As of June 30, 2012, the FRBNY has realized $12.7 billion of profits, interest, and fees. The
U.S. Treasury, while selling approximately $17.5 billion of AIG shares above the $28.73
breakeven price, has applied all receipts to date to the total TARP principal. For the first six
months of 2012, excluding profits, the U.S. government has been repaid approximately $35.6
billion.



During the second quarter of 2012, AIG issued $1.5 billion of senior unsecured notes and
ILFC raised $753 million in secured debt to refinance existing secured debt and to purchase
aircraft.



Dividends and note repayments from operating companies totaled $1.3 billion in the second
quarter of 2012 and $3.9 billion year-to-date.

COMPONENTS OF AFTER-TAX OPERATING INCOME
Second Quarter
($ in millions)
2011
2012
Insurance Operations
Chartis
$783
$936
SunAmerica Financial Group
723
933
Mortgage Guaranty (reported in Other)
12
43
Total Insurance Operations
1,518
1,912
Aircraft Leasing
86
88
Direct Investment book
61
434
Global Capital Markets
(160)
(25)
Change in fair value of AIA
1,521
(493)
Change in fair value of ML III
(667)
1,306
Interest expense
(513)
(474)
Corporate expenses and eliminations
(125)
(218)
Pre-tax operating income
1,721
2,530
Income tax (expense) / benefit *
(266)
(666)
Noncontrolling interest – Treasury/Fed
(141)
Other noncontrolling interest
(74)
(6)
$1,240
After-tax operating income attributable to AIG
$1,858
*2012 excludes a deferred income tax valuation allowance release of $1,277, partially offset by
a $331 million charge for uncertain tax positions under FIN 48.
2

CHARTIS
Chartis reported operating income of $936 million in the second quarter of 2012,
compared to operating income of $783 million in the second quarter of 2011. During the second
quarter, Chartis continued to demonstrate progress toward improving its business portfolio and
maintaining its capital strength. Chartis benefited from growth in higher value lines of business
and geographies and improving pricing trends. Second quarter 2012 results included catastrophe
losses of $328 million and net prior year adverse development of $117 million, which was
partially offset by a favorable change in net reserve discount of $94 million. As part of AIG’s
ongoing focus on capital management, Chartis paid $519 million in cash dividends to AIG
Parent during the second quarter of 2012.
The second quarter 2012 combined ratio was 102.4, compared to 104.0 in the second
quarter of 2011. The second quarter 2012 accident year combined ratio, excluding catastrophes,
was 98.3, compared to 97.7 in the second quarter of 2011. Improvement in the loss ratio due to
lower catastrophe losses, a shift to higher value business, pricing improvements, and risk
selection was partially offset by higher expenses. The second quarter 2012 expense ratio was
33.5, a 3.5 point increase over the second quarter of 2011. Higher acquisition costs related to
changes in business mix toward more profitable lines and increased direct marketing efforts
contributed approximately 1.4 points to the expense ratio increase. The remaining increase was
primarily attributable to strategic investments in systems and talent, which AIG expects will
yield greater efficiencies in the future.
Second quarter 2012 net premiums written of $9.1 billion decreased 0.8 percent
compared to the second quarter of 2011, or 0.1 percent, excluding the effect of foreign currency
exchange rates. Commercial Insurance premiums in original currencies decreased 2.1 percent
compared to the second quarter of 2011. The continued restructuring of loss sensitive businesses
to improve capital efficiency contributed 1.3 percentage points to the decline. The remainder of
the decrease was primarily driven by initiatives to improve risk selection, particularly in the
casualty line of business in the United States. Chartis continued to expand its Commercial
Insurance business in growth economy nations, consistent with its strategic objectives. Consumer
Insurance premiums in original currencies increased 3.4 percent, driven by growth in both of its
major lines of business, as well as increased penetration in the growth economy nations and other
international markets. Consumer Insurance also continued to emphasize direct marketing as part
of its multiple distribution channel strategy.
Commercial Insurance reported second quarter 2012 operating income of $594 million
and a combined ratio of 102.3, compared to operating income of $629 million and a combined
ratio of 103.4 in the second quarter of 2011. The accident year combined ratio, excluding
catastrophes, was 96.7, compared to 95.4 in the second quarter of 2011. Improvement in the loss
ratio from lower catastrophe losses, the shift to higher value business, price improvements, and
risk selection was partially offset by higher expenses. The second quarter 2012 expense ratio was
28.5, a 5.2 point increase over the second quarter of 2011. Higher acquisition costs due primarily
to changes in Commercial Insurance’s business mix contributed approximately 3.1 points to the
expense ratio increase. The remaining increase was largely related to strategic investments in
talent.
Consumer Insurance reported second quarter 2012 operating income of $192 million and
a combined ratio of 97.7, compared to operating income of $59 million and a combined ratio of
100.9 in the second quarter of 2011. The accident year combined ratio, excluding catastrophes,
was 97.6, compared to 98.0 in the second quarter of 2011. Improvement in the loss ratio was
driven by lower catastrophe losses, the shift to higher value business, price improvements, and
risk selection. The second quarter 2012 expense ratio was 38.5, a 0.4 point decrease from the
second quarter of 2011.

3

SUNAMERICA FINANCIAL GROUP
SunAmerica Financial Group reported operating income of $933 million in the second
quarter of 2012, compared to operating income of $723 million in the second quarter of 2011.
Second quarter 2012 results were positively affected by base spread improvement due to cash
redeployment in 2011 and disciplined management of interest crediting rates, partially offset by
lower income on alternative investments and lower call and tender income. Additionally, second
quarter 2011 results included a fair value loss on Maiden Lane II and an increase in estimated
reserves of $100 million for death claims.
Net investment income in the second quarter of 2012 was $2.5 billion, essentially flat
from the second quarter of 2011. The second quarter 2012 base investment yield was 5.50
percent, compared to 5.41 percent in the second 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 base net investment spreads for
group retirement products and individual fixed annuities.
Premiums, deposits, and other considerations totaled $5.4 billion in the second quarter of
2012, compared to $6.3 billion in the second quarter of 2011, as individual fixed annuity deposits
declined substantially due to the current low interest rate environment. Individual variable
annuities and retail mutual funds showed significant growth over the second quarter of 2011 as
sales of these products are less sensitive to low interest rates. Group retirement products
increased modestly compared to the second quarter of 2011, primarily due to an increase in
individual rollover deposits. Individual variable annuity deposits totaled $1.3 billion in the
second quarter of 2012, a 51 percent increase over the second quarter of 2011, due to innovative
product enhancements and the expansion of the SunAmerica sales organization at a time when
several major variable annuity competitors have scaled back their variable annuity business.
Retail life insurance sales grew 3 percent during the second quarter of 2012 over the second
quarter of 2011 as a result of a continued focus on expanding distribution. Overall, net flows
were positive despite a low interest rate environment.
During the second quarter of 2012, SunAmerica provided $807 million of liquidity to
AIG Parent through the payment of dividends from insurance subsidiaries, representing an
acceleration of previously planned 2012 payments.
Assets under management were $267.8 billion at the end of the second quarter of 2012,
compared to $254.9 billion at the end of the second quarter of 2011.
AIRCRAFT LEASING
ILFC reported second quarter 2012 operating income of $88 million, compared to
operating income of $86 million in the second quarter of 2011. During the second quarter of
2012, ILFC recorded rental revenues of $1.1 billion, essentially flat from the second quarter of
2011, resulting from the re-lease of older aircraft at lower rates, the impact of aircraft
repossessed since December 31, 2011, a limited delivery schedule of new aircraft over the past
year, and offset by revenue from AeroTurbine that was acquired by ILFC in the fourth quarter of
2011.
ILFC recognized impairment charges of $75 million in the second quarter of 2012,
principally related to aircraft returned early from lessees, one residual value guarantee, and
potential sale or part out of aircraft in the fleet.
ILFC raised approximately $753 million in secured debt during the second quarter of
2012 to refinance existing secured debt and to purchase aircraft.

4

MORTGAGE GUARANTY
United Guaranty Corporation (UGC), AIG’s residential mortgage guaranty operations,
reported operating income of $43 million for the second quarter of 2012, compared to operating
income of $12 million in the second quarter of 2011, reflecting favorable prior year development
and a 17 percent decline in new delinquencies.
Net premiums written were $212 million for the second quarter of 2012, compared to
$191 million in the second quarter of 2011. Domestic first-lien new insurance written totaled
$8.5 billion for the 2012 second quarter compared to $3.1 billion for the same period in 2011,
driven primarily by greater market acceptance of UGC’s risk evaluation and Performance
Premium pricing, higher sales focus in certain channels, and the benefit of fewer competitors in
the second half of 2011. Quality remained high, with an average FICO score of 759 and an
average loan to value of 91 percent on new business.
First-lien delinquencies fell from 99,000 loans at June 30, 2011 to 71,000 at June 30,
2012, primarily as a result of UGC’s initiative to contact lenders to file claims on longdelinquent loans, which began in the fourth quarter of 2011. Over the same period, performing
loans in UGC’s portfolio increased 5 percent to 645,000 loans, reflecting the increasing volume
of newly written business.
OTHER OPERATIONS
AIG’s Other Operations reported second quarter of 2012 operating income of $664
million, compared to an operating income of $114 million in the second quarter of 2011.
Operating income excludes a pretax increase in legal accruals of approximately $719 million, net
of tax, associated with various legal contingencies.
The fair value of AIG’s AIA ordinary shares decreased $493 million during the second
quarter of 2012. The fair value of AIG’s interest in ML III increased $1.3 billion during the
second quarter of 2012 based in part on sales of ML III assets by the FRBNY.
Conference Call
AIG will host a conference call tomorrow, August 3, 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 monetization of AIG’s interests in ILFC; AIG’s exposures to subprime
mortgages, monoline insurers, the residential and commercial real estate markets, state and
5

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; the timing of, and the applicable
requirements of, any new regulatory framework to which AIG becomes subject; 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 and Part II, Item 1A. Risk Factors in AIG's Quarterly
Report on Form 10-Q for the quarter ended June 30, 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, and discussed throughout Exhibit
99.2, Management’s Discussion and Analysis of Financial Condition and Results of Operations
of AIG’s Current Report on Form 8-K filed on May 4, 2012. 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 propertycasualty 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, representative, and 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 Second Quarter 2012 Financial Supplement available
in the Investor Information section of AIG’s website, www.aig.com.
AIG believes that After-tax operating income 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
excludes income (loss) from discontinued operations, net loss on sale of divested businesses, net
income from divested businesses, legacy FIN 48 items, litigation reserves, 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, change in benefit reserves, DAC, value of business acquired and sales
inducement assets related to net realized capital gains (losses), net realized capital gains (losses),
and non-qualifying derivative hedging gains (losses), excluding net realized capital gains
6

(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, restructuring related activities, partnership
income, other enhancements to income, credit valuation adjustments, unrealized market
valuation gains (losses), the effect of catastrophe-related losses and prior year development,
change in discount, 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.
In the second quarter of 2012, After-tax operating income excludes certain litigation
charges, primarily related to certain existing corporate litigation matters, and certain provisions
for uncertain tax positions (under FIN 48) that are not reflective of AIG’s ongoing operating
results. 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.
#

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7

#

American International Group, Inc.
Financial Highlights*
(in millions, except share data)
Three Months Ended June 30,
% Inc.
2012
2011
(Dec.)

Chartis Insurance Operations:
Net Premiums Written
Net Premiums Earned
Claims and claims adjustment expenses incurred
Underwriting expenses
Underwriting loss
Net Investment Income
Operating Income
Net Realized Capital Gains (Losses) (a)
Other income
Pre-tax Income

$

$

Loss Ratio
Expense Ratio
Combined Ratio

SunAmerica Financial Group Operations:
Premiums
Policy fees
Net Investment Income
Other income
Total revenues
Benefits and expenses
Operating Income
Changes in fair value of fixed income securities designated to hedge living benefit
liabilities, net of interest expense
Change in benefit reserves and DAC, VOBA, and SIA related
to net realized capital gains (losses)
Net Realized Capital Gains (Losses) (a)
Pre-tax Income

$

9,095 $
8,820
6,079
2,958
(217)
1,153
936
23
2
961 $

9,167
9,033
6,680
2,712
(359)
1,142
783
43
826

(0.8) %
(2.4)
(9.0)
9.1
39.6
1.0
19.5
(46.5)
16.3

622 $
674
2,521
3,817
2,884
933

662
682
2,461
3,805
3,082
723

(6.0)
(1.2)
2.4
0.3
(6.4)
29.0

68.9
33.5
102.4

70

(552)
326
777

Aircraft Leasing Operations:
Revenues
Expenses
Operating Income
Net Realized Capital Gains (Losses) (a)
Pre-tax Income

74.0
30.0
104.0

-

114
112
(25)
28

7

141
64

$

8

205

12
217
1,836
1,836

18,333
17,684
14,436
5,210
(1,962)
2,321
359
93
452

(2.3) %
(1.0)
(17.0)
13.6
79.8
2.4
451.3
313.9

1,227 $
1,365
5,406
7,998
5,754
2,244

1,283
1,366
5,215
7,864
5,970
1,894

(4.4)
(0.1)
3.7
1.7
(3.6)
18.5

2,256
2,053
203
4
207

0.9
0.8
2.0
(0.5)

68.5
33.8
102.3

(516)
(140)
1,639

0.4
0.3
2.3
(1.1)

2,276
2,069
207
(1)
206

81.6
29.5
111.1

-

(32)
(129)
1,733

-

(8.5)
(5.4)

2,986
2,264
356
(1)

2,251
(1,450)
(460)
2
484
(522)
1,006
2,548
3,554

474.6
(99.7)
62.9

208
40

(2.4)
(100.3)
12.2
86.5
13.9

393
9

(47.1)
-

6,335
555
5,780
8
5,788

(96.6)

(96.8)
27.0
N/M %

17,915 $
17,508
11,988
5,917
(397)
2,376
1,979
(112)
4
1,871 $

51

(89.1)

1,794
(296)
2,090
(37)
2,053

7
2,332
2,332 $

$

482.5
(144.0)
53.6

1,751
(593)
2,344
(5)
2,339

7

$

258.2
1.4

1,118
1,032
86
1
87

664
(55)
(61)
43

$

-

(48)
91
766

1,123
1,035
88
(2)
86

Other Operations, Operating Income
Other Operations, Pre-tax Income (Loss) before Net Realized Capital Gains (Losses)
Other Operations, Net Realized Capital Gains (Losses) (a)
Consolidation and Elimination Adjustments (a)
Income from Continuing Operations before Income Tax
Expense (Benefit)
Income Tax Expense (Benefit)
Income from Continuing Operations
Income (Loss) from Discontinued Operations, net of tax
Net Income
Less:
Net Income from Continuing Operations Attributable
to Noncontrolling Interests:
Noncontrolling Nonvoting, Callable, Junior and Senior Preferred
Interests
Other
Total Net Income from Continuing Operations Attributable
to Noncontrolling interests
Net Income from Discontinued Operations Attributable
to Noncontrolling interests
Total net income attributable to noncontrolling interests
Net Income Attributable to AIG
Net Income Attributable to AIG Common Shareholders

Six Months Ended June 30,
% Inc.
2012
2011
(Dec.)

248

$

248
5,540
5,540 $

402

19
421
3,133
2,321

32.7
-

(38.3)

(41.1)
76.8
N/M %

Financial Highlights -continued
Three Months Ended June 30,
% Inc.
2012
2011
(Dec.)
Net Income Attributable to AIG
Adjustments to arrive at After-tax operating income
attributable to AIG (amounts net of tax):
Income (Loss) from Discontinued Operations
Net Loss on Sale of Divested Businesses
Income from Divested Businesses
Legacy Fin 48 items
Litigation reserves
Deferred Income Tax Valuation allowance (charge) / release
Amortization of FRBNY prepaid commitment fee asset
Changes in fair value of SunAmerica's fixed income securities designated to hedge
living benefit liabilities
Change in benefit reserves and DAC, VOBA and SIA related

$

After-Tax Operating Income Attributable to AIG

$

Income (Loss) Per Common Share - Diluted:
Net Income Attributable to AIG Common Shareholders

$

After-Tax Operating Income Attributable to AIG Common Shareholders

$

to net realized capital gains (losses)
Net Realized Capital Gains (Losses)
Non-qualifying Derivative Hedging Gains (Losses), excluding net realized
capital gains (losses)

2,332 $
(5)
(331)
(467)
1,277
45

(359)
300

Book Value Per Common Share on AIG Shareholders' Equity (b)

14

Financial Highlights - Notes

(28)
51

$

89.8
117.2
488.2

-

25

1,240

1.06 $

0.68

1.33 $

27.0 %

(49)
(1)
10
588
-

1,858 $

7.7%

Return on equity - After-tax operating income (c)

1,836

Six Months Ended June 30,
% Inc.
2012
2011
(Dec.)

1.00

6.6%

33.0
56.7

(99.7)
95.8
-

(336)
101

(17)
(390)

-

$

$
$
$

13

-

13

4,955 $

3,329

2.73 $

1.96

3.05 $

60.58 $

10.3%

*
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.

9

76.8 %

2,529
(48)
16
59
(2,358)

33

-

49.8

3,133

8
(2)
(331)
(467)
1,566
-

-

(44.0)

5,540 $

1.37

45.97

9.0%

-

48.8

122.6
39.1

31.8 %

American International Group, Inc.

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheet (unaudited)
June 30,
2012

December 31,
2011

$ 263,014
30,919

$ 263,981
24,364

2,947
103

3,624
125

19,387
35,095
36,700
24,365

19,489
35,539
40,744
22,572

412,530
1,232
3,029
14,550
27,539
16,195
8,565
3,753

410,438
1,474
3,108
14,721
27,211
17,802
8,937
4,499

13,725
54,265

12,782
51,388

$ 555,383

$ 552,360

$

$

(in millions, except for share data)
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value (amortized cost: 2012 – $244,790; 2011 – $250,770)
Bond trading securities, at fair value
Equity securities:
Common and preferred stock available for sale, at fair value (cost: 2012 – $1,733; 2011 – $1,820)
Common and preferred stock trading, at fair value
Mortgage and other loans receivable, net of allowance (portion measured at fair value: 2012 – $123;
2011 – $107)
Flight equipment primarily under operating leases, net of accumulated depreciation
Other invested assets (portion measured at fair value: 2012 – $16,415; 2011 – $20,876)
Short-term investments (portion measured at fair value: 2012 – $7,359; 2011 – $5,913)
Total investments
Cash
Accrued investment income
Premiums and other receivables, net of allowance
Reinsurance assets, net of allowance
Current and deferred income taxes
Deferred policy acquisition costs
Derivative assets, at fair value
Other assets, including restricted cash of $3,253 in 2012 and $2,988 in 2011 (portion measured at fair value:
2012 – $700; 2011 – $0)
Separate account assets, at fair value
Total assets
Liabilities:
Liability for unpaid claims and claims adjustment expense
Unearned premiums
Future policy benefits for life and accident and health insurance contracts
Policyholder contract deposits (portion measured at fair value: 2012 – $1,188; 2011 – $918)
Other policyholder funds
Derivative liabilities, at fair value
Other liabilities (portion measured at fair value: 2012 – $1,588; 2011 – $907)
Long-term debt (portion measured at fair value: 2012 – $9,404; 2011 – $10,766)
Separate account liabilities
Total liabilities

87,871
24,458
34,935
126,954
6,231
4,138
36,993
73,897
54,265

91,145
23,465
34,317
126,898
6,691
4,733
27,554
75,253
51,388

449,742

441,444

Commitments, contingencies and guarantees (see Note 9)
Redeemable noncontrolling interests (see Note 1):
Nonvoting, callable, junior preferred interests held by Department of the Treasury
Other

112

8,427
96

Total redeemable noncontrolling interests

112

8,523

AIG shareholders’ equity:
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2012 – 1,906,612,666 and
2011 – 1,906,568,099
Treasury stock, at cost; 2012 – 178,142,848; 2011 – 9,746,617 shares of common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income

4,766
(5,926)
81,764
16,314
7,791

4,766
(942)
81,787
10,774
5,153

Total AIG shareholders’ equity
Non-redeemable noncontrolling interests

104,709
820

101,538
855

Total equity

105,529

102,393

$ 555,383

$ 552,360

Total liabilities and equity

See accompanying Notes to Consolidated Financial Statements, which include a summary of revisions to prior year balances in connection with a
change in accounting principle.

AIG 2012 Form 10-Q

3

American International Group, Inc.

Consolidated Statement of Operations (unaudited)
Three Months Ended
June 30,
(dollars in millions, except per share data)
Revenues:
Premiums
Policy fees
Net investment income
Net realized capital gains (losses):
Total other-than-temporary impairments on available for sale securities
Portion of other-than-temporary impairments on available for sale fixed
maturity securities recognized in Other comprehensive income

2012
$

9,619
674
4,481

Six Months Ended
June 30,
2011

$

9,898
682
4,464

2012
$

19,080
1,365
11,586

2011
$

19,380
1,366
10,033

(99)

59

(125)
200

(603)
750

(340)
(320)

75
1,134
427

147
2,279
1,109

(660)
2,290
1,710

16,680

35,566

34,119

7,769
1,064
1,472
2,264
954
646
11
1,192

Total benefits, claims and expenses

(336)

17,123

Benefits, claims and expenses:
Policyholder benefits and claims incurred
Interest credited to policyholder account balances
Amortization of deferred acquisition costs
Other acquisition and insurance expenses
Interest expense
Aircraft leasing expenses
Net loss on extinguishment of debt
Other expenses

56

397
1,123
829

Total revenues

(399)

(150)
547

Total net realized capital gains (losses)
Aircraft leasing revenue
Other income

(267)

(51)

Net other-than-temporary impairments on available for sale securities
recognized in net income
Other realized capital gains (losses)

(181)

8,086
1,114
1,322
2,129
1,001
578
79
577

14,871
2,133
2,819
4,522
1,907
1,271
32
1,676

17,045
2,220
2,553
4,097
2,085
1,207
3,392
1,036
33,635

15,372

14,886

29,231

Income from continuing operations before income tax expense (benefit)

1,751

1,794

6,335

484

Income tax expense (benefit)

(593)

(296)

555

(522)

Income from continuing operations
Income (loss) from discontinued operations, net of income tax expense (benefit)

2,344
(5)

2,090
(37)

5,780
8

1,006
2,548

Net income

2,339

2,053

5,788

3,554

Less:
Net income from continuing operations attributable to noncontrolling interests:
Nonvoting, callable, junior and senior preferred interests
Other

7

141
64

208
40

393
9

Total net income from continuing operations attributable to noncontrolling
interests
Net income from discontinued operations attributable to noncontrolling interests

7
-

205
12

248
-

402
19

Total net income attributable to noncontrolling interests

7

217

248

421

Net income attributable to AIG

$

2,332

$

1,836

$

5,540

$

3,133

Net income attributable to AIG common shareholders

$

2,332

$

1,836

$

5,540

$

2,321

$
$

1.33
-

$
$

1.03
(0.03)

$
$

3.05
-

$
$

(0.12)
1.49

$
$

1.33
-

$
$

1.03
(0.03)

$
$

3.05
-

$
$

(0.12)
1.49

Income per common share attributable to AIG common shareholders:
Basic:
Income (loss) from continuing operations
Income (loss) from discontinued operations
Diluted:
Income (loss) from continuing operations
Income (loss) from discontinued operations
Weighted average shares outstanding:
Basic
Diluted

1,756,689,067
1,756,714,475

1,836,713,069
1,836,771,513

1,816,331,019
1,816,358,625

1,698,001,301
1,698,001,301

See accompanying Notes to Consolidated Financial Statements, which include a summary of revisions to prior year balances in connection with a
change in accounting principle.

4

AIG 2012 Form 10-Q

American International Group, Inc.

Consolidated Statement of Comprehensive Income (unaudited)

(in millions)

Net income
Other comprehensive income, net of tax
Change in unrealized appreciation (depreciation) of fixed maturity
investments on which other-than-temporary credit impairments were
taken
Change in unrealized appreciation of all other investments
Change in foreign currency translation adjustments
Change in net derivative gains arising from cash flow hedging activities
Change in retirement plan liabilities adjustment
Other comprehensive income
Comprehensive income
Comprehensive income attributable to noncontrolling nonvoting, callable,
junior and senior preferred interests
Comprehensive income (loss) attributable to other noncontrolling interests
Total comprehensive income (loss) attributable to noncontrolling interests
Comprehensive income attributable to AIG

Three Months Ended
June 30,
2012
2011

$ 2,339

$ 2,053

Six Months Ended
June 30,
2012
2011

$ 5,788

$ 3,554

17
1,305
(427)
1
14

(107)
1,861
288
58
14

630
2,286
(336)
23
32

289
1,054
(229)
71
149

910

2,114

2,635

1,334

3,249

4,167

8,423

4,888

(1)

141
(7)

208
37

393
(19)

(1)

134

245

374

$ 4,033

$ 8,178

$ 4,514

$ 3,250

See accompanying Notes to Consolidated Financial Statements, which include a summary of revisions to prior year balances in connection with a
change in accounting principle.

AIG 2012 Form 10-Q

5

American International Group, Inc.

Consolidated Statement of Cash Flows (unaudited)
Six Months Ended June 30,
(in millions)
Cash flows from operating activities:
Net income
Income from discontinued operations

2012
$

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets
Net losses on extinguishment of debt
Unrealized gains in earnings – net
Equity in income from equity method investments, net of dividends or distributions
Depreciation and other amortization
Impairments of assets
Changes in operating assets and liabilities:
General and life insurance reserves
Premiums and other receivables and payables – net
Reinsurance assets and funds held under reinsurance treaties
Capitalization of deferred policy acquisition costs
Current and deferred income taxes – net
Payment of FRBNY Credit Facility accrued compounded interest and fees
Other, net

5,788
(8)

2011
$

3,554
(2,548)

(1,817)
32
(4,088)
(395)
3,574
1,085
(639)
495
(365)
(2,863)
349
484

Total adjustments

(539)
3,392
(2,473)
(795)
3,585
889
5,604
49
(5,559)
(2,661)
(1,068)
(6,363)
(1,279)

(4,148)

(7,218)

Net cash provided by (used in) operating activities – continuing operations
Net cash provided by operating activities – discontinued operations

1,632
-

(6,212)
2,675

Net cash provided by (used in) operating activities

1,632

(3,537)

Cash flows from investing activities:
Proceeds from (payments for)
Sales of available for sale and hybrid investments
Maturities of fixed maturity securities available for sale and hybrid investments
Sales of trading securities
Sales or distributions of other invested assets (including flight equipment)
Sales of divested businesses, net
Principal payments received on and sales of mortgage and other loans receivable
Purchases of available for sale and hybrid investments
Purchases of trading securities
Purchases of other invested assets (including flight equipment)
Mortgage and other loans receivable issued and purchased
Net change in restricted cash
Net change in short-term investments
Net change in derivative assets and liabilities
Other, net

22,028
10,805
4,968
7,790
1,384
(28,993)
(2,394)
(2,959)
(1,402)
(265)
(211)
278
(158)

23,668
9,846
7,621
4,961
587
1,706
(48,485)
(688)
(3,260)
(1,026)
26,480
12,967
390
33

Net cash provided by investing activities – continuing operations
Net cash provided by investing activities – discontinued operations

10,871
-

34,800
3,021

Net cash provided by investing activities

10,871

37,821

Cash flows from financing activities:
Proceeds from (payments for)
Policyholder contract deposits
Policyholder contract withdrawals
FRBNY credit facility repayments
Issuance of long-term debt
Repayments of long-term debt
Proceeds from drawdown on the Department of the Treasury Commitment
Repayment of Department of the Treasury SPV Preferred Interests
Repayment of FRBNY SPV Preferred Interests
Issuance of Common Stock
Purchase of Common Stock
Acquisition of noncontrolling interest
Other, net

6,809
(7,077)
6,776
(8,155)
(8,636)
(5,000)
(100)
2,662

9,530
(7,769)
(14,622)
3,021
(9,968)
20,292
(9,146)
(26,432)
4,332
(647)
(373)

Net cash used in financing activities – continuing operations
Net cash used in financing activities – discontinued operations

(12,721)
-

(31,782)
(1,932)

Net cash used in financing activities

(12,721)

(33,714)

Effect of exchange rate changes on cash

(24)

Cash at end of period

$

29

(242)
1,474
-

Net increase (decrease) in cash
Cash at beginning of period
Change in cash of businesses held for sale

599
1,558
433

1,232

$

2,590

See accompanying Notes to Consolidated Financial Statements, which include a summary of revisions to prior year balances in connection with a change in accounting
principle.

6

AIG 2012 Form 10-Q

American International Group, Inc.

Consolidated Statement of Equity (unaudited)

(in millions)

Non
Retained
Accumulated Total AIG redeemable
Additional
Earnings
Other
SharenonPreferred Common Treasury
Paid-in (Accumulated Comprehensive
holders’ controlling
Stock
Stock
Stock
Capital
Deficit)
Income
Equity
Interests

Six Months Ended
June 30, 2012
Balance, beginning of year

$

Common stock issued under stock
plans
Purchase of common stock
Net income attributable to AIG or
other noncontrolling interests*
Other comprehensive income
(loss)
Deferred income taxes
Contributions from noncontrolling
interests
Distributions to noncontrolling
interests
Other

- $ 4,766 $

(942) $ 81,787
16
(5,000)

$ 10,774

(15)
-

$ 5,153 $ 101,538 $

Total
Equity

855 $ 102,393

-

-

1
(5,000)

-

1
(5,000)

5,540

-

5,540

43

5,583

(8)

-

2,638
-

2,638
(8)

(3)
-

2,635
(8)

-

-

-

-

-

46

46

-

-

-

-

-

(100)
(21)

(100)
(21)

- $ 4,766 $ (5,926) $ 81,764

$ 16,314

$ 7,791 $ 104,709 $

$

$ 7,624 $

-

-

-

-

-

-

-

-

-

-

-

-

-

Balance, end of period

$

Six Months Ended
June 30, 2011
Balance, beginning of year

$ 71,983 $

368 $

(873) $

20,292

-

-

-

-

-

-

-

-

-

4,138
250

-

67,460
2,636

-

-

(20,677)
2,886

-

(20,677)
2,886

-

6

-

1,440

-

-

1,446

-

1,446

-

-

-

-

3,133

-

3,133

22

3,155

-

-

-

-

-

-

-

74

74

-

-

-

-

-

1,381

1,381

-

-

-

-

88

(69)

-

-

-

-

-

-

-

-

-

-

-

-

(1)

1

(6)

(1)

Cumulative effect of change in
accounting principle, net of tax
Series F drawdown
Repurchase of SPV preferred
interests in connection with
Recapitalization
Exchange of consideration for
preferred stock in connection
with Recapitalization
Common stock issued
Settlement of equity unit stock
purchase contract
Net income attributable to AIG or
other noncontrolling interests*
Net income attributable to
noncontrolling nonvoting,
callable, junior and senior
preferred interests
Other comprehensive income
(loss)
Acquisition of noncontrolling
interest
Net decrease due to
deconsolidation
Contributions from noncontrolling
interests
Distributions to noncontrolling
interests
Other
Balance, end of period
*

(92,275)
-

$

- $ 4,761 $

9,683

(6,382)
-

(157)

(872) $ 81,056

(3,466)

$

(6,716)

(81)
-

85,319 $
(6,463)
20,292

-

820 $ 105,529

27,920 $ 113,239
-

(26,432)

(6,463)
20,292

(26,432)

(47)

1,334

(468)

(537)

-

(6)

(6)

-

-

42

42

-

(7)

(116)
(41)

(116)
(48)

$ 9,012 $

87,241 $

948 $

88,189

Excludes gains of $205 million and $325 million for the six months ended June 30, 2012 and 2011, respectively, attributable to redeemable
noncontrolling interests. See Note 10.

See accompanying Notes to Consolidated Financial Statements, which include a summary of revisions to prior year balances in connection with a
change in accounting principle.

AIG 2012 Form 10-Q

7


Origin: 2012年度第2四半期(4月~6月)決算短信

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