2014年度第2四半期(4月~6月)決算短信

8685 AIG

 2014年08月05日17時30分


平成 26 年8月5日
2014 年第2四半期(4月~6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8月4日


2.業績(注1:下記の数字は 2014 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(2014 年) 前年度(2013 年) 増減率
売上高又は営業収入 16,105 百万ドル 18,426 百万ドル △12.6%
純利益(税引後) 3,073 百万ドル 2,731 百万ドル 12.5%
1株当たり純利益(注2) 2.10 ドル 1.84 ドル 14.1%

今期累計額
当期 前年同期 増減率
売上高又は営業収入 32,217 百万ドル 35,388 百万ドル △9.0%
純利益(税引後) 4,682 百万ドル 4,937 百万ドル △5.2%
1株当たり純利益(注2) 3.19 ドル 3.33 ドル △4.2%

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 0.125 ドル
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8月4日付けプレス・リリースおよび Quarterly Financial
Supplement Second 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 Second 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 Molly Binenfeld (Media): 917-297-4374; molly.binenfeld@aig.com

AIG REPORTS SECOND QUARTER 2014 NET INCOME ATTRIBUTABLE TO AIG OF
$3.1 BILLION AND DILUTED EARNINGS PER SHARE OF $2.10

 Second quarter 2014 after-tax operating income attributable to AIG of $1.8 billion, $1.25 per
diluted share

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

 Completed the sale of ILFC to AerCap Holdings N.V.; total consideration of approximately $7.6
billion

 Additional share repurchase authorization of $2.0 billion, with approximately $1.1 billion of
shares repurchased during the second quarter of 2014

 $1.6 billion of cash dividends and loan repayments to AIG Parent from insurance subsidiaries in
the second quarter of 2014

NEW YORK, August 4, 2014 – American International Group, Inc. (NYSE: AIG) today reported net
income attributable to AIG of $3.1 billion for the quarter ended June 30, 2014, compared to $2.7
billion for the second quarter of 2013. After-tax operating income attributable to AIG was $1.8 billion
for the second quarter of 2014, compared to $1.7 billion for the prior-year quarter.

Diluted earnings per share attributable to AIG were $2.10 for the second quarter of 2014, compared to
$1.84 for the second quarter of 2013. Net income for the second quarter of 2014 included a $1.4
billion after-tax gain on the sale of ILFC, or $0.96 per diluted share. After-tax operating income per
diluted share attributable to AIG was $1.25 for the second quarter of 2014, compared to $1.12 in the
prior-year quarter.

“AIG’s results in the second quarter were solid. Overall, our businesses demonstrated our continued
discipline and resilience, underscoring our focus on improving the results of our core insurance
businesses,” said AIG President and Chief Executive Officer Robert H. Benmosche. “In many ways,
this quarter, my last as President and CEO of AIG, was punctuated by two significant milestones: the
completion of our sale of ILFC to AerCap, which marks the last disposition of AIG’s non-core
businesses, and the appointment of Peter Hancock to succeed me as AIG’s next President and Chief
Executive Officer.

“We are pleased with the strong performance across all of our Property Casualty, Life and Retirement
and Mortgage Guaranty businesses. Our operating results demonstrate our continued progress, and it
was another very active quarter for capital management activities,” continued Mr. Benmosche.


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“As we look towards the future, I have every confidence that Peter will lead AIG to even more
sustainable prosperity in the days and years ahead. Under Peter’s leadership, I have no doubt that we
will continue advancing our core strategies and priorities with integrity and a profound sense of the
responsibility that AIG exceed the expectations – financial, regulatory, and community – of all of our
stakeholders,” Mr. Benmosche concluded.

Capital and Liquidity

 AIG shareholders’ equity totaled $108.2 billion at June 30, 2014

 Book value per share of $75.71 grew 15 percent from June 30, 2013; book value per share
excluding accumulated other comprehensive income (AOCI) of $67.65 grew 10 percent over the
same period

 Repurchased 18.1 million shares of AIG Common Stock for an aggregate purchase price of
approximately $1.1 billion in the second quarter of 2014, including initial delivery of
approximately 3.8 million shares pursuant to a $300 million accelerated share repurchase
agreement which settled in July 2014 with the delivery to AIG of approximately 1.7 million
additional shares; approximately $1.5 billion remains available under repurchase authorization

 Tax sharing payments to AIG Parent from insurance businesses amounted to $510 million in the
second quarter of 2014 and $781 million year-to-date; subject to reimbursement in future periods

 During the second quarter of 2014, AIG reduced Direct Investment book (DIB) debt through a
redemption of $750 million aggregate principal amount of its 3.000% Notes due 2015 using cash
allocated to the DIB

 In July 2014, AIG further reduced DIB debt by approximately $2.0 billion through a redemption
of $790 million aggregate principal amount of its 4.875% Notes due 2016 and a redemption of
$1.25 billion aggregate principal amount of its 3.800% Notes due 2017, in each case, using cash
allocated to the DIB

 In July 2014, AIG repurchased, in tender offers, certain high coupon hybrid and senior notes
issued or guaranteed by AIG Parent, for an aggregate purchase price of $2.5 billion, and also
issued $1 billion of 2.300 % Notes due 2019 and $1.5 billion of 4.500% Notes due 2044

 AIG Parent liquidity sources were $18.5 billion at June 30, 2014, including $14.1 billion of cash,
short-term investments, and unencumbered fixed maturity securities, up from $15.6 billion at
March 31, 2014




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FOR IMMEDIATE RELEASE




AFTER-TAX OPERATING INCOME

Three Months Ended
June 30,
($ in millions) 2014 2013
Pre-tax operating income (loss)
Insurance Operations
AIG Property Casualty $ 1,355 $ 1,086
AIG Life and Retirement 1,180 1,151
Mortgage Guaranty 210 73
Total Insurance Operations 2,745 2,310
Other Operations (excluding Mortgage Guaranty)
Direct Investment book 313 591
Global Capital Markets 245 175
Equity in pre-tax operating earnings of AerCap 53 -
Interest expense (327) (353)
Corporate expenses, net (282) (253)
Other, net (13) (35)
Total Other Operations (excluding Mortgage Guaranty) (11) 125
Consolidations, eliminations and other adjustments 10 33
Pre-tax operating income 2,744 2,468
Income tax expense (918) (786)
Noncontrolling interests excluding net realized capital (gains)
losses 7 (27)
After-tax operating income attributable to AIG $ 1,833 $ 1,655
After-tax operating income attributable to AIG per diluted
common share $ 1.25 $ 1.12
Effective tax rate on After-tax operating income
attributable to AIG 33.4 % 31.8 %

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

AIG PROPERTY CASUALTY

Three Months Ended
June 30,
($ in millions) 2014 2013 Change
Net premiums written $ 9,213 $ 9,263 (1) %
Net premiums earned 8,531 8,347 2
Underwriting income (loss) 101 (223) NM
Net investment income 1,254 1,309 (4)
Pre-tax operating income $ 1,355 $ 1,086 25 %
Underwriting ratios:
Loss ratio 64.6 68.0 (3.4) pts
Acquisition ratio 19.4 20.0 (0.6)
General operating expense ratio 14.8 14.6 0.2
Combined ratio 98.8 102.6 (3.8)

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Accident year loss ratio, as adjusted 62.7 61.9 0.8
Accident year combined ratio, as adjusted 96.9 96.5 0.4
Severe losses 2.3 0.5 1.8 pts

AIG Property Casualty’s pre-tax operating income increased to $1.4 billion as improved underwriting
results were partially offset by a decline in net investment income driven by lower returns on
alternative investments and lower income on investments accounted for under the fair value option.
As part of AIG’s continued focus on capital management, AIG Property Casualty distributed $701
million in cash dividends to AIG Parent during the second quarter of 2014.

The second quarter 2014 combined ratio was 98.8, a 3.8 point decrease from the prior-year quarter.
Catastrophe losses were $139 million, compared to $316 million in the second quarter of 2013.
Including premium adjustments, net prior year favorable loss reserve development was $14 million,
compared to net prior year adverse loss reserve development of $154 million for the second quarter of
2013. The lower catastrophe losses and net favorable loss reserve development were partially offset
by an increase in Commercial Insurance severe losses of $193 million, compared to $38 million in the
prior-year quarter. The second quarter 2014 accident year loss ratio, as adjusted, was 62.7, an increase
of 0.8 points from higher severe losses in Commercial Insurance, partially offset by improvements in
accident year losses in Consumer Insurance. The second quarter accident year combined ratio, as
adjusted, was slightly higher than the prior-year quarter, primarily due to the impact of these severe
losses.

Excluding the effects of foreign exchange, second quarter 2014 net premiums written increased
slightly from the same period in the prior year, reflecting a four percent increase in Consumer
Insurance due to growth through multiple products and distribution channels. This increase was
partially offset by a one percent decrease in Commercial Insurance from lower retention of renewal
business and decreases in new business due to increased competition.

COMMERCIAL INSURANCE UNDERWRITING RESULTS

Three Months Ended
June 30,
($ in millions) 2014 2013 Change
Net premiums written $ 5,816 $ 5,876 (1) %
Net premiums earned 5,265 5,073 4
Underwriting income (loss) $ 239 $ (88) NM %
Underwriting ratios:
Loss ratio 67.7 72.6 (4.9) pts
Acquisition ratio 15.4 16.3 (0.9)
General operating expense ratio 12.3 12.8 (0.5)
Combined ratio 95.4 101.7 (6.3)
Accident year loss ratio, as adjusted 66.4 62.2 4.2
Accident year combined ratio, as adjusted 94.1 91.3 2.8 pts

The Commercial Insurance combined ratio decreased 6.3 points to 95.4, primarily due to net
favorable prior year loss reserve development and lower catastrophe losses. Including premium
adjustments, net prior year favorable loss reserve development was $63 million, compared to net prior
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year adverse development of $187 million for the second quarter of 2013. Second quarter 2014
catastrophe losses were $121 million, compared to $307 million in the prior-year quarter. The second
quarter 2014 accident year loss ratio, as adjusted, increased 4.2 points to 66.4, reflecting higher
property and specialty severe losses. The second quarter 2014 acquisition ratio decreased 0.9 points to
15.4, primarily due to lower premium taxes and guaranty fund and other assessments which were
partially offset by an increase in commission rates due to change in business mix. The general
operating expense ratio decreased 0.5 points to 12.3, primarily due to a higher premium earned base
as the dollar amount of general operating expenses was essentially flat compared to the prior year
quarter.

CONSUMER INSURANCE UNDERWRITING RESULTS

Three Months Ended
June 30,
($ in millions) 2014 2013 Change
Net premiums written $ 3,407 $ 3,390 1 %
Net premiums earned 3,253 3,255 -
Underwriting income (loss) $ 68 $ (1) NM %
Underwriting ratios:
Loss ratio 55.8 58.9 (3.1) pts
Acquisition ratio 25.9 25.9 -
General operating expense ratio 16.3 15.3 1.0
Combined ratio 98.0 100.1 (2.1)
Accident year loss ratio, as adjusted 55.7 60.2 (4.5)
Accident year combined ratio, as adjusted 97.9 101.4 (3.5) pts

The Consumer Insurance combined ratio decreased 2.1 points to 98.0 due to lower accident year
losses, partially offset by lower net prior year favorable loss reserve development. The accident year
loss ratio, as adjusted, decreased 4.5 points to 55.7. The accident year loss ratio, as adjusted, reflects
rate increases and improved loss experience in the Japan automobile business, and rate actions and
coverage changes in the U.S. warranty business. The general operating expense ratio increased by 1.0
point to 16.3, primarily as a result of higher infrastructure costs related to the ongoing integration of
AIG Property Casualty’s Japanese entities.

AIG LIFE AND RETIREMENT

Three Months Ended
June 30,
($ in millions) 2014 2013 Change
Premiums and deposits $ 7,360 $ 6,765 9 %
Net investment income 2,561 2,637 (3)
Pre-tax operating income:
Retail 684 670 2
Institutional 496 481 3
Total pre-tax operating income 1,180 1,151 3
Assets under management $ 332,812 $ 293,665 13 %


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AIG Life and Retirement reported quarterly pre-tax operating income of $1.2 billion in the second
quarter of 2014, reflecting consistent, strong performance across AIG Life and Retirement’s
diversified businesses, with higher pre-tax operating income in both the Retail and Institutional
operating segments compared to the same period in the prior year. These results reflected higher fee
income from growth in assets under management, partially offset by lower investment income,
primarily due to strong returns on alternative investments in the prior-year period. AIG Life and
Retirement continued to benefit from disciplined pricing of new business, active management of
renewal crediting rates for interest rate-sensitive business and the run-off of older business with
relatively high crediting rates, which together have partially offset the pressure on investment yields in
the sustained low interest rate environment.

AIG Life and Retirement’s net investment income of $2.6 billion in the second quarter of 2014 was 3
percent lower than the prior-year quarter, largely due to a $184 million decrease in income from
alternative investments, including hedge funds, which had strong returns in the second quarter of
2013. In addition, base portfolio yield declined to 5.17 percent from 5.35 percent in the second quarter
of 2013. The decrease in base yield was due to strong results from commercial mortgage loans and
structured securities in the prior-year period, as well as the effect of the low interest rate environment
on new money yields, including the impact of reinvesting proceeds from investment sales made
during 2013 to utilize capital loss carry forwards. Base spreads for the Fixed Annuities and Group
Retirement product lines decreased compared to the second quarter of 2013 due to the impact of lower
base yields, which were partially offset by active crediting rate management and the run-off of older
business with relatively high crediting rates.

AIG Life and Retirement generated $7.4 billion of premiums and deposits across its diversified
product portfolio, up 9 percent from the second quarter of 2013. The growth was led by continued
robust sales in the Retirement Income Solutions product line of $2.6 billion, a 15 percent increase
over the second quarter of 2013, driven by consumer demand for retirement products with guaranteed
income features. Fixed Annuities product line premiums and deposits increased to $1.1 billion for the
quarter, up significantly from $355 million in the second quarter of 2013, reflecting market interest
rates which, while remaining at historically low levels, have increased since the second quarter of
2013.

Assets under management grew 13 percent to $332.8 billion, including net flows of $6.3 billion over
the last 12 months driven by the strong demand for Retirement Income Solutions and retail mutual
fund products, as well as appreciation in invested assets, mutual funds and variable account values
due to lower interest rates and favorable equity markets. Continued growth in AIG’s stable value wrap
business also generated an increase of $12.1 billion in assets under management from the prior-year
period.

The Retail operating segment reported quarterly pre-tax operating income of $684 million. The Retail
segment has benefited from strong sales and net flows of variable annuities, which together with
favorable equity markets have increased variable annuity account values, driving higher fee income.
Fixed Annuities sales continued to improve despite the sustained low interest rate environment.
Disciplined pricing, crediting rate management and the run-off of older business with relatively high
crediting rates have mitigated the impact of declining base investment yields on spreads in the Fixed
Annuities business. Retail net investment income declined slightly, primarily due to strong alternative
investment income from hedge funds in the prior-year period.
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FOR IMMEDIATE RELEASE




The Institutional operating segment reported quarterly pre-tax operating income of $496 million.
Improved results reflected higher fee income in Group Retirement, largely driven by growth in assets
under management from equity market appreciation. Institutional net investment income decreased
primarily due to strong alternative investment income from hedge funds in the prior-year period,
partially offset by higher call income.

In the second quarter of 2014, AIG Life and Retirement distributed $886 million of cash dividends
and loan repayments to AIG Parent.

MORTGAGE GUARANTY
Three Months Ended
June 30,

($ in millions) 2014 2013 Change
Domestic first-lien new insurance written $ 11,057 $ 13,817 (20) %
Net premiums written 249 275 (9)
Net premiums earned 226 208 9
Underwriting income 177 40 343
Net investment income 33 33 -
Pre-tax operating income $ 210 $ 73 188 %

United Guaranty Corporation (UGC) reported pre-tax operating income of $210 million for the
second quarter of 2014, compared to pre-tax operating income of $73 million in the prior-year quarter.
Current quarter results reflect increased net premiums earned and lower incurred losses due to $89
million in favorable prior year reserve development. First lien favorable prior year development of
$79 million was driven by updated assumptions for overturn rates on previously denied claims related
to a settlement with a mortgage lender.

Net premiums written decreased 9 percent to $249 million. Domestic first-lien new insurance written
decreased 20 percent to $11.1 billion in principal of loans insured, driven by declining mortgage
originations from refinancing activity. Quality remained high with an average FICO score of 750, and
an average loan-to-value of 92 percent on new business.

OTHER OPERATIONS

AIG’s Other Operations (excluding Mortgage Guaranty) reported a second quarter 2014 pre-tax
operating loss of $11 million compared to pre-tax operating income of $125 million in the prior-year
second quarter. This decline in part reflects the results from the DIB driven by lower asset
appreciation and a decrease in gains realized upon unwinding certain positions. Partially offsetting
these declines was an improvement in Global Capital Markets pre-tax operating income due to gains
realized upon unwinding certain positions, earnings from AIG’s equity investment in AerCap and
lower interest expense resulting from debt capital management activities.

Conference Call

AIG will host a conference call tomorrow, Tuesday, August 5, 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
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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: 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 June 30, 2014, Part I, Item 2. 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.

# # #

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
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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 Second 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, income (loss)
from divested businesses, (including gain on the sale of ILFC and certain post-acquisition costs
incurred by AerCap in connection with its acquisition of ILFC and related tax effects), 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 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 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
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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 the 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
above, (gain) loss on extinguishment of debt, net realized capital (gains) losses, changes in benefit
reserves and DAC, VOBA and SIA related to net realized capital gains (losses), income (loss) from
divested businesses, including Aircraft Leasing, and net (gain) loss on sale of divested businesses
(including gain on the sale of ILFC and certain post-acquisition costs incurred by AerCap in
connection with its acquisition of ILFC and our share of AerCap’s income taxes).

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

# # #

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.


10
American International Group, Inc.
Financial Highlights*
(in millions, except share data)
Three Months Ended June 30, Six Months Ended June 30,
% Inc. % Inc.
2014 2013 (Dec.) 2014 2013 (Dec.)
AIG Property Casualty Operations:
Net premiums written $ 9,213 $ 9,263 (0.5) % $ 17,547 $ 17,700 (0.9) %
Net premiums earned 8,531 8,347 2.2 16,761 16,905 (0.9)
Claims and claims adjustment expenses incurred 5,511 5,679 (3.0) 11,032 11,092 (0.5)
Acquisition expenses 1,654 1,671 (1.0) 3,293 3,359 (2.0)
General operating expenses 1,265 1,220 3.7 2,432 2,445 (0.5)
Underwriting income (loss) 101 (223) NM 4 9 (55.6)
Net investment income 1,254 1,309 (4.2) 2,510 2,634 (4.7)
Pre-tax operating income 1,355 1,086 24.8 2,514 2,643 (4.9)
Net realized capital gains 127 109 16.5 269 163 65.0
Legal settlements - 3 NM 8 3 166.7
Other income (expense) - net 8 7 14.3 8 10 (20.0)
Pre-tax income $ 1,490 $ 1,205 23.7 $ 2,799 $ 2,819 (0.7)
Loss ratio 64.6 68.0 65.8 65.6
Acquisition ratio 19.4 20.0 19.6 19.9
General operating expense ratio 14.8 14.6 14.5 14.5
Combined ratio 98.8 102.6 99.9 100.0
AIG Life and Retirement Operations:
Premiums $ 700 $ 649 7.9 $ 1,297 $ 1,269 2.2
Policy fees 701 623 12.5 1,393 1,238 12.5
Net investment income 2,561 2,637 (2.9) 5,378 5,514 (2.5)
Other income 498 419 18.9 958 812 18.0
Total revenues 4,460 4,328 3.0 9,026 8,833 2.2
Benefits and expenses 3,280 3,177 3.2 6,429 6,288 2.2
Pre-tax operating income 1,180 1,151 2.5 2,597 2,545 2.0
Legal settlements 12 359 (96.7) 42 467 (91.0)
Changes in fair value of fixed maturity securities designated to hedge
living benefit liabilities, net of interest expense 54 (69) NM 130 (98) NM
Changes in benefit reserves and DAC, VOBA and SIA related
to net realized capital losses (41) (1,152) 96.4 (11) (1,211) 99.1
Net realized capital gains (losses) 44 1,430 (96.9) (277) 1,586 NM
Pre-tax income $ 1,249 $ 1,719 (27.3) $ 2,481 $ 3,289 (24.6)
Other operations, pre-tax operating income 199 198 0.5 194 78 148.7
Legal reserves (505) (14) NM (529) (25) NM
Legal settlements - 46 NM (12) 48 NM
Loss on extinguishment of debt (34) (38) 10.5 (272) (378) 28.0
Changes in benefit reserves and DAC, VOBA and SIA related
to net realized gains (losses) (1) - NM (13) - NM
Aircraft Leasing - 18 NM 17 61 (72.1)
Net gain (loss) on sale of divested businesses 2,146 (47) NM 2,150 (47) NM
Net realized capital gains (losses) (120) 88 NM (195) 133 NM
Pre-tax income (loss) 1,685 251 NM 1,340 (130) NM
Consolidation and elimination adjustments related to pre-tax operating income 2 26 (92.3) 37 53 (30.2)
Consolidation and elimination adjustments related to non-operating income (loss),
including net realized capital gains (losses) 54 (36) NM 96 9 NM
Income from continuing operations before income tax expense 4,480 3,165 41.5 6,753 6,040 11.8
Income tax expense 1,474 425 246.8 2,088 1,142 82.8
Income from continuing operations 3,006 2,740 9.7 4,665 4,898 (4.8)
Income (loss) from discontinued operations, net of income tax expense 30 18 66.7 (17) 91 NM
Net income 3,036 2,758 10.1 4,648 4,989 (6.8)
Less: Net income (loss) from continuing operations attributable
to noncontrolling interests (37) 27 (34) 52 NM
Net income attributable to AIG $ 3,073 $ 2,731 12.5 % $ 4,682 $ 4,937 (5.2) %

See accompanying notes on the following page.




11
Financial Highlights -continued
Three Months Ended June 30, Six Months Ended June 30,
% Inc. % Inc.
2014 2013 (Dec.) 2014 2013 (Dec.)

Net income attributable to AIG $ 3,073 $ 2,731 12.5 % $ 4,682 $ 4,937 (5.2) %
Adjustments to arrive at after-tax operating income attributable
to AIG (amounts are net of tax):
(Income) loss from discontinued operations (30) (18) (66.7) 17 (91) NM
Income from divested businesses, including gain on sale of ILFC (1,399) 16 NM (1,411) (4) NM
Uncertain tax positions and other tax adjustments 39 64 (39.1) 11 690 (98.4)
Legal reserves (settlements) related to legacy crisis matters 321 (257) NM 319 (321) NM
Deferred income tax valuation allowance releases (75) (752) 90.0 (140) (1,538) 90.9
Changes in fair value of AIG Life and Retirement fixed maturity securities
designated to hedge living benefit liabilities, net of interest expense (35) 45 NM (84) 64 NM
Changes in benefit reserves and DAC, VOBA and SIA
related to net realized capital gains (losses) 28 835 (96.6) 16 889 (98.2)
Loss on extinguishment of debt 22 25 (12.0) 177 246 (28.0)
Net realized capital (gains) losses (111) (1,034) 89.3 27 (1,235) NM
After-tax operating income attributable to AIG $ 1,833 $ 1,655 10.8 $ 3,614 $ 3,637 (0.6)

Income (loss) per common share:

Basic
Income from continuing operations $ 2.11 $ 1.84 14.7 $ 3.24 $ 3.28 (1.2)
Income (loss) from discontinued operations 0.02 0.01 100.0 (0.01) 0.06 NM
Net income attributable to AIG $ 2.13 $ 1.85 15.1 $ 3.23 $ 3.34 (3.3)

Diluted
Income from continuing operations $ 2.08 $ 1.83 13.7 $ 3.20 $ 3.27 (2.1)
Income (loss) from discontinued operations 0.02 0.01 100.0 (0.01) 0.06 NM
Net income attributable to AIG $ 2.10 $ 1.84 14.1 $ 3.19 $ 3.33 (4.2)
After-tax operating income attributable to AIG per diluted share $ 1.25 $ 1.12 11.6 % $ 2.46 $ 2.46 -


Weighted average shares outstanding:
Basic 1,442.4 1,476.5 1,450.8 1,476.5
Diluted 1,464.7 1,482.2 1,468.4 1,479.5

Book value per common share (a) $ 75.71 $ 66.02 14.7
Book value per common share excluding accumulated other
comprehensive income (b) $ 67.65 $ 61.25 10.4 %


Return on equity (c) 11.6 % 11.1 % 9.0 % 10.0 %
Return on equity, excluding AOCI (d) 12.8 % 12.3 % 9.8 % 11.2 %
Return on equity - after-tax operating income, excluding AOCI (e) 7.7 % 7.4 % 7.6 % 8.4 %


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
Second 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 June 30, 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: 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 nonbank 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 June 30, 2014, in Part I, Item 2. MD&A in AIG’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014, and
in Part II, Item 7. MD&A and Part I, Item 1A. Risk Factors in AIG’s Annual Report on Form 10-K for the year ended December 31, 2013.

AIG is not under any obligation (and expressly discl

Origin: 2014年度第2四半期(4月~6月)決算短信

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