2014年度第1四半期(1月~3月)決算短信

8685 AIG

 2014年05月07日14時00分


平成 26 年5月7日
2014 年第1四半期(1月~3月) 決 算 短 信

会社名 アメリカン・インターナショナル・グループ・インク
決算期 本決算:年1回 (12 月)
中間決算:四半期毎
問い合わせ先 東京都港区元赤坂一丁目2番7号 赤坂K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 2014 年5月5日


2.業績(注1:下記の数字は 2014 年3月 31 日現在の会計方法に従い算出したものである。)
第1四半期(1月~3月の3ヶ月間)
当年度(2014 年) 前年度(2013 年) 増減率
売上高又は営業収入 16,112 百万ドル 16,962 百万ドル △5.0%
純利益(税引後) 1,609 百万ドル 2,206 百万ドル △27.1%
1株当たり純利益(注2) 1.09 ドル 1.49 ドル △26.8%

今期累計額
当期 前年同期 増減率
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)

配当金の推移 (注3)
当年度(2014 年) 前年度(2013 年) 備考
第1四半期 0.125 ドル
第2四半期
第3四半期 0.10 ドル
第4四半期 0.10 ドル
合計 0.20 ドル

(注2) 1株当たり純利益は、希薄化後である。
(注3) 配当金は、各四半期に設定された基準日に基づき記載されている。


3.概況・特記事項・その他
上記2.の各数値は、会社の 2014 年5月5日付けプレス・リリースおよび Quarterly Financial
Supplement First Quarter 2014 から抜粋したものである。当該プレス・リリースおよび Quarterly
Financial Supplement First Quarter 2014 を添付する。
FOR IMMEDIATE RELEASE




Press Release Contacts:
AIG Liz Werner (Investors): 212-770-7074; elizabeth.werner@aig.com
175 Water Street
New York, NY 10038
Jon Diat (Media): 212-770-3505; jon.diat@aig.com
www.aig.com
AIG REPORTS FIRST QUARTER 2014 NET INCOME ATTRIBUTABLE TO AIG
OF $1.6 BILLION AND DILUTED EARNINGS PER SHARE OF $1.09

First quarter 2014 after-tax operating income attributable to AIG of $1.8 billion, $1.21 per
diluted share

First quarter 2014 insurance pre-tax operating income of $2.7 billion

Share repurchases of approximately $867 million in the first quarter of 2014

Book value per share grew 6 percent from first quarter 2013 to $71.77; book value per share
excluding accumulated other comprehensive income (AOCI) grew 10 percent from first quarter
2013 to $65.49

$1.7 billion of cash dividends from AIG Life and Retirement in the first quarter of 2014

NEW YORK, May 5, 2014 – American International Group, Inc. (NYSE: AIG) today reported net
income attributable to AIG of $1.6 billion for the quarter ended March 31, 2014, compared to $2.2
billion for the first quarter of 2013. After-tax operating income attributable to AIG was $1.8 billion
for the first quarter of 2014, compared to $2.0 billion for the prior-year quarter.

Diluted earnings per share attributable to AIG were $1.09 for the first quarter of 2014, compared to
$1.49 for the first quarter of 2013. After-tax operating income per diluted share attributable to AIG
was $1.21 for the first quarter of 2014, compared to $1.34 in the prior-year quarter.

“I am very pleased with AIG’s solid operating profits this quarter,” said Robert H. Benmosche, AIG
President and Chief Executive Officer. “The earnings power of our business coupled with our
customer strategy reinforce the strength of our foundation throughout our core insurance operations.
I am encouraged by the positive momentum we’ve generated around the world, which has enabled
us to become closer to, and better serve, our customers.

“These results reflect strong operating income across our insurance operations, as well as execution
of our capital management strategy,” Mr. Benmosche continued. “We remain diligently focused on
increasing operational efficiency, managing our expenses, and investing in technology; we continue
to look at ways to simplify and make our organization more efficient to ensure that we are creating a
company that will thrive well into the future.

“As we look to build upon the important work we have already done, we must continue to develop
and grow our company so that it is more sustainable. We have made great strides in this
transformation and in showing what we are capable of as a company, but we still have work to do.
Above all else, we must operate and make sound business decisions as a company whose number
one priority is to understand and provide for its customers.
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FOR IMMEDIATE RELEASE




“We also remain fully engaged with all of our regulators, including the Federal Reserve, and will
continue to work closely with them to achieve our shared goal of making AIG a better, stronger
company able to withstand whatever the future brings,” Mr. Benmosche concluded.

Capital and Liquidity

AIG shareholders’ equity totaled $103.8 billion at March 31, 2014

Repurchased 17.4 million shares of AIG Common Stock for an aggregate purchase price of
approximately $867 million in the first quarter of 2014; $537 million remaining under
repurchase authorization

During the first quarter of 2014, AIG reduced Direct Investment book (DIB) debt by $2.2 billion
through a redemption of $1.2 billion aggregate principal amount of its 4.250% Notes due 2014
and a repurchase of $1.0 billion aggregate principal amount of its 8.250% Notes due 2018 using
cash allocated to the DIB

In May 2014, AIG further reduced DIB debt through a redemption of $750 million aggregate
principal amount of its 3.000% Notes due 2015 using cash allocated to the DIB

AIG Parent liquidity sources were $15.6 billion at March 31, 2014, including $11.2 billion of
cash, short-term investments, and unencumbered fixed maturity securities, compared to $17.6
billion at year-end 2013

AFTER-TAX OPERATING INCOME

Three Months Ended
March 31,
($ in millions) 2014 2013
Pre-tax operating income (loss)
Insurance Operations
AIG Property Casualty $ 1,159 $ 1,557
AIG Life and Retirement 1,417 1,394
Mortgage Guaranty 76 41
Total Insurance Operations 2,652 2,992
Other Operations (excluding Mortgage Guaranty)
Direct Investment book 440 329
Global Capital Markets 29 227
Interest expense (325) (397)
Corporate expenses, net (243) (261)
Other, net 18 (59)
Total Other Operations (excluding Mortgage Guaranty) (81) (161)
Consolidations, eliminations and other adjustments 35 30
Pre-tax operating income 2,606 2,861
Income tax expense (827) (854)
Noncontrolling interests excluding net realized capital (gains)
losses 2 (25)

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After-tax operating income attributable to AIG $ 1,781 $ 1,982
After-tax operating income attributable to AIG per diluted
common share $ 1.21 $ 1.34
Effective tax rate on After-tax operating income %
attributable to AIG 31.7 % 29.8

All operating segment comparisons that follow are to the first quarter of 2013 unless otherwise
noted.

AIG PROPERTY CASUALTY

Three Months Ended
March 31,
($ in millions) 2014 2013 Change
Net premiums written $ 8,334 $ 8,437 (1) %
Net premiums earned 8,230 8,558 (4)
Underwriting income (loss) (97) 232 NM
Net investment income 1,256 1,325 (5)
Pre-tax operating income $ 1,159 $ 1,557 (26) %
Underwriting ratios:
Loss ratio 67.1 63.3 3.8 pts
Acquisition ratio 19.9 19.7 0.2
General operating expense ratio 14.2 14.3 (0.1)
Combined ratio 101.2 97.3 3.9
Accident year loss ratio, as adjusted 63.2 63.2 -
Accident year combined ratio, as adjusted 97.3 97.2 0.1 pts

AIG Property Casualty’s pre-tax operating income decreased to $1.2 billion due to higher
catastrophe and severe losses, unfavorable loss reserve development, and a decrease in net
investment income.

The first quarter 2014 combined ratio was 101.2, a 3.9 point increase from the prior-year quarter.
Catastrophe losses were $262 million, compared to $41 million in the first quarter of 2013.
Including related premium adjustments, net adverse development was $162 million, compared to net
favorable development of $52 million for the first quarter of 2013. This adverse development was
partially offset by a reserve discount benefit of $105 million in the first quarter of 2014 related to the
previously disclosed changes in U.S. pooling arrangements. The first quarter 2014 accident year loss
ratio, as adjusted, was flat at 63.2, reflecting enhanced risk selection, rate increases, and continued
improvement from changes in business mix, offset by higher severe losses. Severe losses for the first
quarter of 2014 were $186 million compared to $60 million in the first quarter of 2013. The first
quarter 2014 acquisition ratio increased by 0.2 point to 19.9, primarily due to changes in business
mix. The general operating expense ratio declined 0.1 point to 14.2 primarily due to lower
employee-related expenses.

Excluding the effects of foreign exchange, first quarter 2014 net premiums written increased 3
percent from the same period in the prior year, with Commercial Insurance and Consumer Insurance
first quarter 2014 net premiums written growing 3 percent and 2 percent, respectively, reflecting
increased net exposures in both segments. Commercial Insurance continues to focus on growing
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higher value lines of business and rate strengthening, while Consumer Insurance continues to focus
on improving underwriting results and targeted growth through multiple distribution channels.

COMMERCIAL INSURANCE UNDERWRITING

Three Months Ended
March 31,
($ in millions) 2014 2013 Change
Net premiums written $ 4,996 $ 4,903 2 %
Net premiums earned 5,042 5,128 (2)
Underwriting income $ 113 $ 396 (71) %
Underwriting ratios:
Loss ratio 69.4 64.9 4.5 pts
Acquisition ratio 16.2 16.3 (0.1)
General operating expense ratio 12.1 11.0 1.1
Combined ratio 97.7 92.2 5.5
Accident year loss ratio, as adjusted 65.1 65.4 (0.3)
Accident year combined ratio, as adjusted 93.4 92.7 0.7 pts

The Commercial Insurance combined ratio increased 5.5 points to 97.7. The first quarter 2014
accident year loss ratio, as adjusted, decreased 0.3 point to 65.1, reflecting positive results from
strategic actions taken to enhance risk selection and pricing; however, severe losses in the quarter
increased the accident year loss ratio by 1.7 points. The general operating expense ratio increased
1.1 points to 12.1 as investments in infrastructure were partially offset by lower employee-related
expenses. In addition, general operating expenses in the first quarter of 2013 included unusually low
bad debt expense.

CONSUMER INSURANCE UNDERWRITING

Three Months Ended
March 31,
($ in millions) 2014 2013 Change
Net premiums written $ 3,338 $ 3,532 (5) %
Net premiums earned 3,172 3,408 (7)
Underwriting income (loss) $ (59) $ 55 NM %
Underwriting ratios:
Loss ratio 61.3 57.8 3.5 pts
Acquisition ratio 25.9 24.9 1.0
General operating expense ratio 14.7 15.7 (1.0)
Combined ratio 101.9 98.4 3.5
Accident year loss ratio, as adjusted 59.3 58.8 0.5
Accident year combined ratio, as adjusted 99.9 99.4 0.5 pts



The Consumer Insurance combined ratio increased 3.5 points to 101.9 due to higher catastrophes
and individual severe losses, and lower favorable prior year development, partially offset by lower
expenses. The accident year loss ratio, as adjusted, increased 0.5 point to 59.3, reflecting severe
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losses of $41 million primarily in personal property, which were partially offset by automobile and
warranty profitability. The first quarter 2014 acquisition ratio increased 1.0 point to 25.9 due to
increased sales-related expenses. The general operating expense ratio improved 1.0 point primarily
due to lower employee-related expenses.

AIG LIFE AND RETIREMENT

Three Months Ended
March 31,
($ in millions) 2014 2013 Change
Premiums and deposits $ 7,129 $ 5,580 28 %
Net investment income 2,817 2,877 (2)
Pre-tax operating income:
Retail 834 821 2
Institutional 583 573 2
Total pre-tax operating income 1,417 1,394 2
Assets under management $ 324,426 $ 296,868 9 %

AIG Life and Retirement reported record quarterly pre-tax operating income of over $1.4 billion in
the first quarter of 2014. These strong results reflect continued momentum across AIG Life and
Retirement’s diversified portfolio of products. Performance was driven by higher income on fee-
oriented products and increased profitability from spread-based products. AIG Life and Retirement
generated $7.1 billion of premiums and deposits, driving $1.3 billion in net flow improvement
compared to the first quarter of 2013, and contributing to the growth in assets under management.
AIG Life and Retirement’s interest rate-sensitive businesses continued to benefit from disciplined
pricing on new business, reduced renewal crediting rates, and the run-off of older business with
relatively high crediting rates.

Net investment income for the first quarter was over $2.8 billion. The portfolio base investment
yield increased to 5.32 percent, compared to 5.30 percent in the first quarter of 2013. Lower yields
on new investments were more than offset by participation income on a commercial mortgage loan
and redemption income received in the first quarter 2014. Net investment income also benefitted
from higher returns on alternative investments in the quarter. The fair value of AIG Life and
Retirement’s investment in The People’s Insurance Company (Group) of China Limited (PICC
Group) declined by $79 million in the first quarter of 2014, compared to a $31 million increase in
the prior-year quarter, which had a negative impact on net investment income.

Assets under management grew 9 percent to $324.4 billion. Increased demand for AIG Life and
Retirement’s products drove strong net flows of $5.8 billion over the last 12 months, contributing to
the growth in assets under management. Appreciation in equity markets also resulted in an increase
in assets under management in the group and individual variable annuity and mutual fund
businesses. The development of AIG’s stable value wrap business accounted for a $13.0 billion
increase in assets under management from the prior-year period.

Premiums and deposits totaled $7.1 billion, up 28 percent from the first quarter of 2013. AIG Life
and Retirement continued to maintain its disciplined approach to product pricing and design while
generating substantial growth in retail investment products. Premiums and deposits for the
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Retirement Income Solutions and Retail Mutual Fund product lines increased 54 percent and 39
percent, respectively. Fixed Annuities product line premiums and deposits totaled $960 million for
the quarter, up from $376 million in the first quarter of 2013, reflecting a higher interest rate
environment in the first quarter of 2014 compared to the prior-year period.

The Retail operating segment reported quarterly pre-tax operating income of $834 million. Results
were driven by higher fee income and enhanced spread income. Fixed Annuities continued to
benefit from crediting rate actions on existing business, duration matching of assets and liabilities,
disciplined pricing on new business, and the run-off of older business with relatively high crediting
rates. Retail net investment income declined slightly, primarily attributable to the reduction in the
fair value of the investment in PICC Group, which was partially offset by higher alternative
investment income.

The Institutional operating segment reported quarterly pre-tax operating income of $583 million.
Results were driven by operating income growth in Group Retirement attributable to increased fee
income due to higher assets under management and enhanced spread income. Institutional pre-tax
operating income was also impacted by a decline in the fair value of the investment in PICC Group.

In the first quarter of 2014, AIG Life and Retirement distributed $1.7 billion in cash dividends to
AIG Parent, including approximately $316 million of legal settlement proceeds.

MORTGAGE GUARANTY
Three Months Ended
March 31,

($ in millions) 2014 2013 Change
New insurance written $ 7,745 $ 10,658 (27) %
Net premiums written 231 246 (6)
Net premiums earned 213 194 10
Underwriting income 41 7 486
Net investment income 35 34 3
Pre-tax operating income $ 76 $ 41 85 %

United Guaranty Corporation (UGC) reported pre-tax operating income of $76 million for the first
quarter of 2014, compared to pre-tax operating income of $41 million in the prior-year quarter.
Current quarter results reflect increased net premiums earned, lower incurred losses due to lower
newly reported delinquencies and increased cure rates in the first-lien book of business, which were
partially offset by a change in the assumption for overturn rates on previously denied claims.

Net premiums written decreased 6 percent to $231 million. First-lien new insurance written
decreased 27 percent to $7.7 billion in principal of loans insured, driven by declining mortgage
originations from refinancing activity. Quality remained high, with an average FICO score of 751,
and an average loan-to-value of 92 percent on new business.

OTHER OPERATIONS

AIG’s Other Operations (excluding Mortgage Guaranty) reported a first quarter 2014 pre-tax
operating loss of $81 million compared to a pre-tax operating loss of $161 million in the prior-year
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first quarter. This improvement reflects lower interest expense from ongoing debt management
activities and improved results from the DIB driven by asset appreciation and gains realized upon
unwinding certain positions. Partially offsetting these improvements was a decline in Global Capital
Markets pre-tax operating income due to declines in unrealized market valuation gains related to the
super senior CDS portfolio and in net credit valuation adjustments on derivative assets and
liabilities.

Conference Call

AIG will host a conference call tomorrow, Tuesday, May 6, 2014, at 8:00 a.m. EDT to review these
results. The call is open to the public and can be accessed via a live listen-only webcast at
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.

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 monetization of AIG’s interests in
International Lease Finance Corporation (ILFC), including whether AIG’s proposed sale of ILFC
will be completed and if completed, the timing and final terms of such sale; 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 generation of
deployable capital; AIG’s return on equity and earnings per share; 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: changes in market conditions; the occurrence of catastrophic events, both natural
and man-made; significant legal proceedings; the timing and applicable requirements of any new
regulatory framework to which AIG is subject as a non-bank systemically important financial
institution and as a global systemically important insurer; concentrations in AIG’s investment
portfolios; actions by credit rating agencies; judgments concerning casualty insurance underwriting
and insurance liabilities; judgments concerning the recognition of deferred tax assets; and such other
factors discussed in Part I, Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations (MD&A) in AIG’s Quarterly Report on Form 10-Q for the quarterly
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period ended March 31, 2014, and Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in
AIG’s Annual Report on Form 10-K for the year ended December 31, 2013. 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.

# # #

Comment on Regulation G

Throughout this press release, including the financial highlights, AIG presents its financial condition
and results of operations in the way it believes will be most meaningful, representative and
transparent. Some of the measurements AIG uses are “non-GAAP financial measures” under
Securities and Exchange Commission rules and regulations. GAAP is the acronym for “accounting
principles generally accepted in the United States.” The non-GAAP financial measures AIG
presents may not be comparable to similarly named measures reported by other companies. 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 2014 Financial
Supplement available in the Investor Information section of AIG’s website, www.aig.com.

Book Value Per Common Share Excluding Accumulated Other Comprehensive Income (Loss)
(AOCI) is used to show the amount of AIG’s net worth on a per-share basis. AIG believes Book
Value Per Common Share Excluding AOCI is useful to investors because it eliminates the effect of
non-cash items that can fluctuate significantly from period to period, including changes in fair value
of AIG’s available for sale securities portfolio and foreign currency translation adjustments. Book
Value Per Common Share Excluding AOCI is derived by dividing Total AIG shareholders’ equity,
excluding AOCI, by Total common shares outstanding.

AIG uses the following operating performance measures because it believes they enhance
understanding of the underlying profitability of continuing operations and trends of AIG and its
business segments. AIG believes they also allow for more meaningful comparisons with AIG’s
insurance competitors.

After-tax operating income (loss) attributable to AIG is derived by excluding the following items
from net income (loss) attributable to AIG: income (loss) from discontinued operations, net loss
(gain) on sale of divested businesses and properties, income from divested businesses, legacy tax
adjustments primarily related to certain changes in uncertain tax positions and other tax
adjustments, legal reserves (settlements) related to “legacy crisis matters,” deferred income tax
valuation allowance (releases) charges, changes in fair value of AIG Life and Retirement fixed
maturity securities designated to hedge living benefit liabilities (net of interest expense), changes in
benefit reserves and deferred policy acquisition costs (DAC), value of business acquired (VOBA),
and sales inducement assets (SIA) related to net realized capital gains (losses), AIG Property
Casualty other (income) expenses-net, (gain) loss on extinguishment of debt, net realized capital
(gains) losses, and non-qualifying derivative hedging activities, excluding net realized capital (gains)
losses. “Legacy crisis matters” include favorable and unfavorable settlements related to events
leading up to and resulting from AIG’s September 2008 liquidity crisis and legal fees incurred by
AIG as the plaintiff in connection with such legal matters. See page 12 for the reconciliation of Net
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income attributable to AIG to After-tax operating income attributable to AIG.

AIG Property Casualty pre-tax operating income (loss) includes both underwriting income (loss)
and net investment income, but excludes net realized capital (gains) losses, other (income) expense-
net, and legal settlements related to legacy crisis matters described above. Underwriting income
(loss) is derived by reducing net premiums earned by claims and claims adjustment expenses
incurred, acquisition expenses and general operating expenses.

AIG Property Casualty, along with most property and casualty insurance companies, uses the loss
ratio, the expense ratio and the combined ratio as measures of underwriting performance. These
ratios are relative measurements that describe, for every $100 of net premiums earned, the amount
of claims and claims adjustment expense, and the amount of other underwriting expenses that would
be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio
of over 100 indicates an underwriting loss. The underwriting environment varies across countries
and products, as does the degree of litigation activity, all of which affect such ratios. In addition,
investment returns, local taxes, cost of capital, regulation, product type and competition can have an
effect on pricing and consequently on profitability as reflected in underwriting income and
associated ratios.

Both the AIG Property Casualty Accident year loss ratio, as adjusted, and combined ratio, as
adjusted, exclude catastrophe losses and related reinstatement premiums, prior-year development,
net of premium adjustments, and the impact of reserve discounting. Catastrophe losses are generally
weather or seismic events having a net impact on AIG Property Casualty in excess of $10 million
each.

AIG Life and Retirement pre-tax operating income (loss) is derived by excluding the following
items from pre-tax income (loss): legal settlements related to legacy crisis matters described above,
changes in fair values of fixed maturity securities designated to hedge living benefit liabilities (net of
interest expense), net realized capital (gains) losses, and changes in benefit reserves and DAC,
VOBA, and SIA related to net realized capital gains (losses).

AIG Life and Retirement premiums and deposits includes direct and assumed amounts received on
traditional life insurance policies, group benefit policies and deposits on life-contingent payout
annuities, as well as deposits received on universal life, investment-type annuity contracts and
mutual funds.

Other Operations pre-tax operating income (loss) is derived by excluding the following items from
pre-tax income (loss): certain legal reserves (settlements) related to legacy crisis matters described
above, (gain) loss on extinguishment of debt, net realized capital (gains) losses, net loss (gain) on
sale of divested businesses and properties, changes in benefit reserves and DAC, VOBA and SIA
related to net realized capital gains (losses) and income from divested businesses, including Aircraft
Leasing.

Results from discontinued operations are excluded from all of these measures.

# # #

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American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130
countries and jurisdictions. 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.


Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig |Twitter: @AIGInsurance|
LinkedIn: http://www.linkedin.com/company/aig |


AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of
American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and
services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may
not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may
be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer.
Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such
funds.




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American International Group, Inc.
Financial Highlights*
(in millions, except share data)
Three Months Ended March 31,
% Inc.
2014 2013 (Dec.)
AIG Property Casualty Operations:
Net premiums written $ 8,334 $ 8,437 (1.2) %
Net premiums earned 8,230 8,558 (3.8)
Claims and claims adjustment expenses incurred 5,521 5,413 2.0
Acquisition expenses 1,639 1,688 (2.9)
General operating expenses 1,167 1,225 (4.7)
Underwriting income (loss) (97) 232 NM
Net investment income 1,256 1,325 (5.2)
Pre-tax operating income 1,159 1,557 (25.6)
Net realized capital gains 142 54 163.0
Legal settlements 8 - NM
Other income (expense) - net - 3 NM
Pre-tax income $ 1,309 $ 1,614 (18.9)

Loss ratio 67.1 63.3
Acquisition ratio 19.9 19.7
General operating expense ratio 14.2 14.3
Combined ratio 101.2 97.3
AIG Life and Retirement Operations:
Premiums $ 597 $ 620 (3.7)
Policy fees 692 615 12.5
Net investment income 2,817 2,877 (2.1)
Other income 460 393 17.0
Total revenues 4,566 4,505 1.4
Benefits and expenses 3,149 3,111 1.2
Pre-tax operating income 1,417 1,394 1.6
Legal settlements 30 108 (72.2)
Changes in fair value of fixed maturity securities designated to hedge
living benefit liabilities, net of interest expense 76 (29) NM
Changes in benefit reserves and DAC, VOBA and SIA related
to net realized capital gains (losses) 30 (59) NM
Net realized capital gains (losses) (321) 156 NM
Pre-tax income $ 1,232 $ 1,570 (21.5)
Other operations, pre-tax operating loss (5) (120) 95.8
Legal reserves (24) (11) (118.2)
Legal settlements (12) 2 NM
Loss on extinguishment of debt (238) (340) 30.0
Changes in benefit reserves and DAC, VOBA and SIA related
to net realized gains (losses) (12) - NM
Aircraft Leasing 17 43 (60.5)
Net gain on sale of divested businesses 4 - NM
Net realized capital gains (losses) (75) 45 NM
Pre-tax loss (345) (381) 9.4
Consolidation and elimination adjustments related to pre-tax operating income 35 27 29.6
Consolidation and elimination adjustments related to non-operating income,
including net realized capital gains (losses) 42 45 (6.7)
Income from continuing operations before income tax expense 2,273 2,875 (20.9)
Income tax expense 614 717 (14.4)
Income from continuing operations 1,659 2,158 (23.1)
Income (loss) from discontinued operations, net of income tax expense (47) 73 NM
Net income 1,612 2,231 (27.7)
Less: Net income from continuing operations attributable
to noncontrolling interests 3 25 (88.0)
Net income attributable to AIG $ 1,609 $ 2,206 (27.1) %

See accompanying notes on the following page.




11
Financial Highlights -continued
Three Months Ended March 31,
% Inc.
2014 2013 (Dec.)

Net income attributable to AIG $ 1,609 $ 2,206 (27.1) %
Adjustments to arrive at after-tax operating income attributable
to AIG (amounts are net of tax):
(Income) loss from discontinued operations 47 (73) NM
Income from divested businesses, including Aircraft Leasing (12) (20) 40.0
Uncertain tax positions and other tax adjustments (28) 626 NM
Legal settlements related to legacy crisis matters (2) (64) 96.9
Deferred income tax valuation allowance releases (65) (786) 91.7
Changes in fair value of AIG Life and Retirement fixed maturity securities
designated to hedge living benefit liabilities, net of interest expense (49) 19 NM
Changes in benefit reserves and DAC, VOBA and SIA
related to net realized capital gains (losses) (12) 54 NM
Loss on extinguishment of debt 155 221 (29.9)
Net realized capital (gains) losses 138 (201) NM
After-tax operating income attributable to AIG $ 1,781 $ 1,982 (10.1)

Income (loss) per common share:

Basic
Income from continuing operations $ 1.13 $ 1.44 (21.5)
Income (loss) from discontinued operations (0.03) 0.05 NM
Net income attributable to AIG $ 1.10 $ 1.49 (26.2)

Diluted
Income from continuing operations $ 1.12 $ 1.44 (22.2)
Income (loss) from discontinued operations (0.03) 0.05 NM
Net income attributable to AIG $ 1.09 $ 1.49 (26.8)
After-tax operating income attributable to AIG per diluted share $ 1.21 $ 1.34 (9.7)


Weighted average shares outstanding:
Basic 1,459.2 1,476.5
Diluted 1,472.5 1,476.7

Book value per common share (a) $ 71.77 $ 67.41 6.5
Book value per common share excluding accumulated other
comprehensive income (b) $ 65.49 $ 59.39 10.3 %


Return on equity (c) 6.3 % 8.9 %
Return on equity, excluding AOCI (d) 6.8 % 10.2 %
Return on equity - after-tax operating income, excluding AOCI (e) 7.5 % 9.2 %


Financial highlights - notes
* Including reconciliation in accordance with Regulation G.
(a) Represents total AIG shareholders' equity divided by common shares outstanding.
(b) Represents total AIG shareholders' equity, excluding AOCI divided by common shares outstanding.
(c) Computed as Annualized net income (loss) attributable to AIG divided by average AIG shareholders' equity. Equity
includes deferred tax assets.
(d) Computed as Annualized net income (loss) attributable to AIG divided by average AIG shareholders' equity, excluding
AOCI. Equity includes deferred tax assets.
(e) Computed as Annualized after-tax operating income attributable to AIG divided by average AIG shareholders' equity,
excluding AOCI. Equity includes deferred tax assets.




12
American International Group, Inc.

Quarterly Financial Supplement
First Quarter 2014



All financial information in this document is unaudited. This report should be read in conjunction with AIG’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 filed with the Securities and Exchange
Commission.
American International Group, Inc.
Quarterly Financial Supplement
Contacts: Investors
Liz Werner: (212)770-7074; elizabeth.werner@aig.com
Fernando Melon: (212) 770-4630; fernando.melon@aig.com


Table of Contents . .....................................Page(s)
Cautionary Statement Regarding Forward-Looking Information ............................................................1 AIG Life and Retirement
Non-GAAP Financial Measures.....................................................................................................................2 Total Retail Operating Statistics...........................................................................................................26
Consolidated Results Life Insurance and A&H Operating Statistics .................................................................................27
Consolidated Statement of Operations…………....................................................................................................3 Life Insurance and A&H Other Data ...............................................................................................28
Consolidated Statement of Segment Operations .......................................................................................4 - 6 Fixed Annuities Operating Statistics ...............................................................................................29
Condensed Balance Sheets........................................................................................................................7 – 9 Fixed Annuities Other Data..............................................................................................................30
Debt and Capital............................................................................................................................................10 Retirement Income Solutions Operating Statistics ..........................................................................31
AIG Property Casualty Retirement Income Solutions Other Data.........................................................................................32
AIG Property Casualty Operating Statistics .................................................................................................11 Total Institutional Operating Statistics .................................................................................................33
AIG Property Casualty Operating Statistics by Business ......................................................................12 - 14 Group Retirement Operating Statistics ............................................................................................34
AIG Property Casualty Operating Statistics (North America & International).....................................15 - 18 Group Retirement Other Data ..........................................................................................................35
AIG Property Casualty Net Premiums Written by Line of Business & Region ...........................................19 Institutional Markets Operating Statistics ........................................................................................36
AIG Property Casualty Returns on Alternative Investments ........................................................................20 Institutional Markets Other Data ......................................................................................................37
AIG Property Casualty Notes........................................................................................................................21 AIG Life and Retirement Notes ...................................................................................................38 – 39
AIG Life and Retirement Other
AIG Life and Retirement Operating Statistics ..............................................................................................22 Other Operations ..............................................................................................................................40
AIG Life and Retirement Investment Products Net Flows ...........................................................................23 Mortgage Guaranty Operating Statistics ..................................................................................41 – 43
AIG Life and Retirement Returns on Alternative Investments.....................................................................24 Parent Company Financial Statements ....................................................................................44 – 46
AIG Life and Retirement Guaranteed Benefits ............................................................................................25 Investment Information
Cash and Investments by Segment ...................................................................................................47
Other Invested Assets by Segment ...................................................................................................48
Net Realized Capital Gains (Losses) ................................................................................................49
Cautionary Statement Regarding Forward-Looking Information


This Financial Supplement may include, and officers and representatives of American International Group, Inc. (AIG) may from time to time make, 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 monetization of AIG’s interests in International Lease Finance Corporation (ILFC), including whether AIG’s
proposed sale of ILFC will be completed and if completed, the timing and final terms of such sale; 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 generation of deployable capital; AIG’s return on equity and earnings per share; 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:

 changes in market conditions;

 the occurrence of catastrophic events, both natural and man-made;

 significant legal proceedings;

 the timing and applicable requirements of any new regulatory framework to which AIG is subject as a non-bank systemically important financial institution and as a global
systemically important insurer;

 concentrations in AIG’s investment portfolios;

 actions by credit rating agencies;

 judgments concerning casualty insurance underwriting and insurance liabilities;

 judgments concerning the recognition of deferred tax assets; and

 such other factors discussed in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in AIG’s Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2014, and Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in AIG’s Annual Report on Form 10-K for the year
ended December 31, 2013.

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.




1
Non-GAAP Financial Measures
Throughout this Financial Supplement, we present our financial condition and results of operations in the way we believe will be most meaningful, representative and transparent. Some of the
measurements we use are ‘‘non-GAAP financial measures’’ under Securities and Exchange Commission rules and regulations. GAAP is the acronym for ‘‘accounting principles generally accepted in the United
States.’’ The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies. When such measures are disclosed, reconciliations to the most
comparable GAAP measure are provided.

Book Value Per Common Share Excluding Accumulated Other Comprehensive Income (Loss) (AOCI) is used to show the amount of our net worth on a per-share basis. We believe Book Value Per
Common Share Excluding AOCI is useful to investors because it eliminates the effect of non-cash items that can fluctuate significantly from period to period, including changes in fair value of our available for
sale securities portfolio and foreign currency translation adjustments. Book Value Per Common Share Excluding AOCI is derived by dividing Total AIG shareholders’ equity, excluding AOCI, by Total
common shares outstanding.

We use the following operating performance measures because we believe they enhance understanding of the underlying profitability of continuing operations and trends of AIG and our business
segments. We believe they also allow for more meaningful comparisons with our insurance competitors.

After-tax operating income (loss) attributable to AIG is derived by excluding the following items from net income (loss) attributable to AIG: income (loss) from discontinued operations, net loss
(gain) on sale of divested businesses and properties, income from divested businesses, legacy tax adjustments primarily related to certain changes in uncertain tax positions and other tax adjustments, legal
reserves (settlements) related to “legacy crisis matters,” deferred income tax valuation allowance (releases) charges, changes in fair value of AIG Life and Retirement fixed maturity securities designated to
hedge living benefit liabilities (net of interest expense), changes in benefit reserves and deferred policy acquisition costs (DAC), value of business acquired (VOBA), and sales inducement assets (SIA) related
to net realized capital gains (losses), AIG Property Casualty other (income) expense - net, (gain) loss on extinguishment of debt, net realized capital (gains) losses and non-qualifying derivative hedging
activities, excluding net realized capital (gains) losses. “Legacy crisis matters” include favorable and unfavorable settlements related to events leading up to and resulting from our September 2008 liquidity
crisis and legal fees incurred by AIG as the plaintiff in connection with such legal matters. See page 6 for the reconciliation of Net income attributable to AIG to After-tax operating income attributable to AIG.

AIG Property Casualty Pre-tax operating income (loss) includes both underwriting income (loss) and net investment income, but excludes net realized capital (gains) losses, other (income) expense –
net and legal settlements related to legacy crisis matters described above. Underwriting income (loss) is derived by reducing net premiums earned by claims and claims adjustment expenses incurred, acquisition
expenses and general operating expenses.

AIG Property Casualty, along with most property and casualty insurance companies, uses the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These
ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of claims and claims adjustment expense, and the amount of other underwriting expenses that would be
incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. The underwriting environment varies across countries and products,
as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and
consequently on profitability as reflected in underwriting income and associated ratios.

Both the AIG Property Casualty Accident year loss ratio, as adjusted, and AIG Property Casualty combined ratio, as adjusted, exclude catastrophe losses and related reinstatement premiums, prior
year development, net of premium adjustments, and the impact of reserve discounting. Catastrophe losses are generally weather or seismic events having a net impact on AIG Property Casualty in excess of
$10 million each.

AIG Life and Retirement Pre-tax operating income (loss) is derived by excluding the following items from pre-tax income (loss): legal settlements related to legacy crisis matters described above,
changes in fair values of fixed maturity securities designated to hedge living benefit liabilities (net of interest expense), net realized capital (gains) losses, and changes in benefit reserves and DAC, VOBA, and
SIA related to net realized capital gains (losses).

AIG Life and Retirement Premiums and deposits includes direct and assumed amounts received on traditional life insurance policies, group benefit policies and deposits on life-contingent payout
annuities, as well as deposits received on universal life, investment-type annuity contracts and mutual funds.

Other Operations Pre-tax operating income (loss) is derived by excluding the following items from pre-tax income (loss): certain legal reserves (settlements) related to legacy crisis matters described

Origin: 2014年度第1四半期(1月~3月)決算短信

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