2014年度12月期年次決算短信

8685 AIG

 2015年02月13日14時45分


平成 27 年 2 月 13 日
2014 年 12 月期 年 次 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 2015 年 2 月 12 日

2.定時株主総会開催日 2015 年 5 月 13 日

3.業績(注1:下記の数字は 2014 年 12 月 31 日現在の会計方法に従い算出したものである。)
年 次 決 算
当年度(2014 年) 前年度(2013 年) 増減率(%)
売上高又は営業収入 64,406 百万ドル 68,874 百万ドル △6.5
純利益(税引後) 7,529 百万ドル 9,085 百万ドル △17.1
1株当たり純利益(注2) 5.20 ドル 6.13 ドル △15.2

第4四半期 (10 月~12 月の3ヶ月間)
当期 前年同期 増減率(%)
売上高又は営業収入 15,410 百万ドル 17,400 百万ドル △11.4
純利益(税引後) 655 百万ドル 1,978 百万ドル △66.9
1株当たり純利益(注2) 0.46 ドル 1.34 ドル △65.7

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 0.125 ドル 0.10 ドル
第4四半期 0.125 ドル 0.10 ドル
合計 0.50 ドル 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。

4.概況・特記事項・その他
上記3.の各数値は、会社の 2015 年 2 月 12 日付けプレス・リリースおよび Quarterly Financial
Supplement Fourth 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 Fourth Quarter 2014 を添付する。
FOR IMMEDIATE RELEASE




Contacts:
Press Release
AIG Liz Werner (Investors): 212-770-7074; elizabeth.werner@aig.com
175 Water Street Fernando Melon (Investors): 212-770-4630; fernando.melon@aig.com
New York, NY 10038
www.aig.com
Jennifer Hendricks Sullivan (Media): 212-770-3141; jennifer.sullivan@aig.com


AIG REPORTS FOURTH QUARTER 2014 NET INCOME OF $655 MILLION
AND DILUTED EARNINGS PER SHARE OF $0.46

 Book value per share grew 13 percent from year-end 2013 to $77.69

 Fourth quarter 2014 net income included an after-tax loss on extinguishment of debt of $824
million, or $0.58 per diluted share, associated with liability management activities

 Fourth quarter 2014 after-tax operating income of $1.4 billion, or $0.97 per diluted share

 Fourth quarter 2014 after-tax operating income reflected reductions in workers’ compensation
discount and total adverse prior year reserve development of $562 million after-tax, or $0.40 per
diluted share

 Approximately $1.5 billion in share repurchases during the fourth quarter of 2014, and $4.9
billion for full year 2014

 On February 12, 2015, AIG’s Board of Directors authorized the repurchase of additional shares
of AIG Common Stock with an aggregate purchase price of up to $2.5 billion and declared a
quarterly dividend of $0.125 per share

 Further strengthened the financial flexibility of AIG Parent with distributions from its insurance
companies totaling $13.2 billion, consisting of $9.4 billion of dividend and loan repayments in
2014, $1 billion of net tax payments in 2014, plus $2.8 billion of dividend and loan repayments
in January 2015

NEW YORK, February 12, 2015 – American International Group, Inc. (NYSE: AIG) today reported
net income attributable to AIG of $655 million, or $0.46 per diluted share, for the quarter ended
December 31, 2014, compared to $2.0 billion, or $1.34 per diluted share, for the fourth quarter of
2013. Full year 2014 net income attributable to AIG was $7.5 billion, or $5.20 per diluted share,
compared with $9.1 billion, or $6.13 per diluted share, for full year 2013. Reported net income
included an after-tax loss on extinguishment of debt of $824 million, or $0.58 per diluted share,
associated with liability management activities during the fourth quarter of 2014.

After-tax operating income was $1.4 billion, or $0.97 per diluted share, for the fourth quarter of
2014, compared to $1.7 billion, or $1.13 per diluted share, in the prior-year quarter. After-tax
operating income for full year 2014 was $6.6 billion, or $4.58 per diluted share, compared to $6.7
billion, or $4.49 per diluted share, for full year 2013. Operating results in the fourth quarter of 2014
reflected a pre-tax reduction in workers’ compensation discount of $568 million, as well as total
adverse prior year reserve development, net of premium adjustments, of $297 million before taxes.
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In addition, the Life operating segment recorded a pre-tax charge of $104 million in the fourth
quarter of 2014 to increase reserves for incurred but not reported death claims, which reflected
continuing efforts to identify deceased policyholders where a valid death claim has not been filed,
pursuant to the resolution of a multi-state audit and market conduct examination. These items are
further discussed in the segment results that follow.

“Our fourth quarter results showed progress on expense control, ongoing investments in our
businesses, and our commitment to balance sheet management,” said Peter D. Hancock, AIG
President and Chief Executive Officer. “AIG’s diversified and balanced business mix allowed for
stable total insurance profits. Our strong balance sheet and continued profitability contributed to
positive capital management in the fourth quarter, in the form of common stock and debt
repurchases. We continued to optimize our funding profile by replacing high-cost legacy debt with
new issuances at lower interest rates. Book value per share excluding AOCI and DTA increased 12
percent compared to year-end 2013. Our continued focus on managing our balance sheet to reflect
our improved risk profile, combined with continued insurance company dividends, has contributed
to the Board’s approval of an additional $2.5 billion share buyback authorization.

“Looking back on 2014, it was a year of transition and transformation, as we took important steps
toward our goal of becoming the world’s most valued insurer,” Mr. Hancock continued. “Our focus
on value benefits our customers and our shareholders, and leverages our global scale to achieve the
right balance between growth, profitability, and risk. We began several value-based initiatives in
2014 and will continue these efforts in 2015. We remain committed to streamlining our operations
and reducing our cost structure. Beginning this quarter, we are providing more information and
detail in our disclosures on expenses and investments, which we’ll discuss further on tomorrow’s
earnings call.

“As of this quarter, our businesses are now reported in two segments: Commercial Insurance and
Consumer Insurance,” Mr. Hancock said. “This segmentation reinforces our focus on the ultimate
client group being served, not the product being delivered, and we’ve made acquisitions and
investments along these lines. We acquired Ageas Protect late last year and agreed to acquire Laya
Healthcare last month. During 2014, we made substantial progress on the merger integration of Fuji
Fire and Marine and AIU in Japan; there is still work to be done and the integration remains on
track. We have invested in risk engineering capabilities that deliver greater value to our customers,
and we have implemented our fully integrated OneClaim© system in 20 countries, which is used by
6,500 examiners across our Consumer and Commercial segments. We are committed to improving
our technology infrastructure to better serve our customers, as well as providing holistic insurance
solutions that create value today and encourage confidence in the future.”

CAPITAL AND LIQUIDITY

 AIG shareholders’ equity totaled $106.9 billion at December 31, 2014.

 In the fourth quarter of 2014, AIG issued an additional $750 million of its 4.500% Notes due
2044 ($1.5 billion aggregate principal amount of which were originally issued in July 2014). For
full year 2014, AIG issued approximately $3.3 billion of senior unsecured debt. Additionally, in
January 2015, AIG issued $2.0 billion of senior unsecured debt ($1.2 billion aggregate principal
amount of 3.875% Notes due 2035 and $800 million aggregate principal amount of 4.375%
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Notes due 2055).

 In the fourth quarter of 2014, AIG repurchased approximately $2.8 billion notional of high
coupon AIG hybrid and senior notes for an aggregate purchase price of $3.7 billion. For full
year 2014, AIG repurchased $5.0 billion notional of high coupon AIG hybrid and senior notes
for an aggregate purchase price of $6.5 billion. These 2014 AIG liability management activities,
which do not include Direct Investment book (DIB) liability management, will result in annual
interest savings of approximately $249 million per year. The economic value captured by these
2014 full year liability management activities totaled roughly $550 million.

 In the fourth quarter of 2014, AIG repurchased or redeemed approximately $2.5 billion notional
amount of DIB debt for an aggregate purchase price of $3.0 billion, using cash allocated to the
DIB. For full year 2014, total repurchased or redeemed DIB debt was approximately $7.5 billion
notional for an aggregate purchase price of $8.4 billion.

 In the fourth quarter of 2014, AIG repurchased 27.9 million shares of AIG Common Stock. This
included 3.9 million shares received in October 2014 upon the settlement of an accelerated share
repurchase agreement executed in the third quarter of 2014, as well as the initial delivery of
approximately 9.2 million shares pursuant to an accelerated share repurchase agreement
executed in December 2014 (which settled in January 2015 with the delivery to AIG of
approximately 3.5 million additional shares).

 AIG Parent liquidity sources decreased to $14.3 billion at year-end 2014, which included $9.8
billion of cash, short-term investments, and unencumbered fixed maturity securities, from $17.6
billion at year-end 2013, which included $13.1 billion of cash, short-term investments, and
unencumbered fixed maturity securities.




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AFTER-TAX OPERATING INCOME

In the fourth quarter of 2014, AIG completed its previously announced reorganization and modified
its presentation of results to reflect its new operating structure. The new operating structure includes
two reportable segments, Commercial Insurance and Consumer Insurance, and a Corporate and
Other category. The Corporate and Other category consists of businesses and items not allocated to
AIG’s reportable segments. Prior to the fourth quarter of 2014, AIG reported its results through two
reportable segments, AIG Property Casualty and AIG Life and Retirement.

Three Months Ended Full-Year Ended
December 31, December 31,
($ in millions) 2014 2013 2014 2013
Pre-tax operating income
Insurance Operations
Commercial Insurance
Property Casualty $ 935 $ 734 $ 4,248 $ 4,095
Mortgage Guaranty 171 48 592 205
Institutional Markets 118 191 670 680
Total Commercial Insurance 1,224 973 5,510 4,980
Consumer Insurance
Retirement 722 957 3,495 3,490
Life 80 215 580 806
Personal Insurance 121 (9) 399 268
Total Consumer Insurance 923 1,163 4,474 4,564
Total Insurance Operations 2,147 2,136 9,984 9,544
Corporate and Other (357) 296 (388) (319)
Consolidations, eliminations and other adjustments (50) 48 (22) 165
Pre-tax operating income 1,740 2,480 9,574 9,390
Income tax expense (369) (810) (2,959) (2,703)
Net income (loss) attributable to noncontrolling interests - (4) 15 (37)
After-tax operating income $ 1,371 $ 1,666 $ 6,630 $ 6,650
After-tax operating income per diluted common share $ 0.97 $ 1.13 $ 4.58 $ 4.49
Effective tax rate on Pre-tax operating income 21.2% 32.7% 30.9% 28.8%

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

COMMERCIAL INSURANCE

Pre-tax operating income increased to $1.2 billion in the fourth quarter of 2014 from $973 million in
the prior-year quarter, primarily due to improved underwriting results from Property Casualty and
Mortgage Guaranty, partially offset by lower net investment income from Property Casualty and
Institutional Markets.




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PROPERTY CASUALTY
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Net premiums written $ 4,692 $ 4,851 (3) %
Net premiums earned 5,207 5,305 (2)
Underwriting loss (173) (460) 62
Net investment income 1,108 1,194 (7)
Pre-tax operating income $ 935 $ 734 27 %
Underwriting ratios:
Loss ratio 75.0 78.1 (3.1) pts
Acquisition ratio 16.0 16.0 -
General operating expense ratio 12.4 14.6 (2.2)
Combined ratio 103.4 108.7 (5.3) pts
Accident year loss ratio, as adjusted 65.9 67.5 (1.6)
Accident year combined ratio, as adjusted 94.3 98.1 (3.8) pts
Catastrophe-related losses $ 35 $ 188
Severe losses 66 260
Prior year loss reserve development unfavorable,
net of reinsurance and premium adjustments 227 48
Net reserve discount charge 229 322

Property Casualty’s increase in pre-tax operating income is attributable to improved underwriting
results, partially offset by lower net investment income. The combined ratio decreased 5.3 points to
103.4 in the fourth quarter of 2014 due to a lower loss ratio and a decrease in the general operating
expense ratio. The loss ratio decreased 3.1 points to 75.0 in the fourth quarter of 2014, primarily due
to lower catastrophe losses and lower discount expense for workers’ compensation reserves,
partially offset by higher net adverse prior year loss reserve development compared to the prior-year
quarter.

Catastrophe losses were $35 million in the fourth quarter of 2014, compared to $188 million in the
fourth quarter of 2013. Net unfavorable prior year loss reserve development, including return
premiums, was $227 million, primarily attributable to Environmental and Financial lines businesses,
compared to $48 million, net of additional premiums, for the fourth quarter of 2013. In the fourth
quarter 2014, net reserve discount expense decreased by $93 million to $229 million, primarily due
to the update to the discount rates used on workers’ compensation reserves, the annual updates of
AIG’s exposure to workers’ compensation claims, including assumptions about payout patterns,
medical inflation, and AIG’s efforts to contain claims costs.

The fourth quarter 2014 accident year loss ratio, as adjusted, decreased due to a decline in severe
losses and lower current accident year losses in Financial lines, partially offset by an increase in the
frequency of non-severe losses, particularly in Property and Specialty. The acquisition ratio
remained unchanged, reflecting a continuing business mix shift to more profitable lines of business
that have higher commission rates, offset by higher ceding commission on new quota share
reinsurance contracts. The general operating expense ratio decreased 2.2 points to 12.4, primarily
due to efficiencies from organizational realignment initiatives, partially offset by increased
technology-related expenses.


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Reported fourth quarter 2014 net premiums written decreased 3 percent compared to the prior-year
quarter. Excluding the effects of foreign exchange and return premiums on loss-sensitive business,
net premiums written declined 1 percent compared to the prior-year quarter. This decrease was
primarily due to lower retention of renewal business and decreased new business reflecting
continued discipline in U.S. Casualty, largely offset by new business growth in Financial lines and
Property.

MORTGAGE GUARANTY
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Net premiums written $ 273 $ 255 7 %
Net premiums earned 238 203 17
Underwriting income 136 15 NM
Net investment income 35 33 6
Pre-tax operating income $ 171 $ 48 256 %
Underwriting ratios:
Loss ratio 20.6 63.1 (42.5) pts
Acquisition ratio 7.1 9.9 (2.8)
General operating expense ratio 15.1 19.7 (4.6)
Combined ratio 42.8 92.7 (49.9)
Accident year loss ratio, as adjusted 33.2 50.7 (17.5)
Accident year combined ratio, as adjusted 55.4 80.3 (24.9) pts
Prior year loss reserve development (favorable)/unfavorable $ (30) $ 25 NM %
New insurance written 11,023 10,859 2

Mortgage Guaranty’s pre-tax operating income increased to $171 million for the fourth quarter of
2014, compared to pre-tax operating income of $48 million in the prior-year quarter, resulting from
decreased losses and loss adjustment expenses incurred, an increase in first-lien premiums earned,
and a litigation settlement related to second-lien mortgages. The improvement in loss ratio reflected
$30 million of favorable prior year loss reserve development compared to adverse prior year loss
reserve development of $25 million for the same period in 2013, lower new delinquencies, and an
increased cure rate. The decrease in the acquisition ratio was primarily due to the reduction in
expenses of sales support activities, and the decline in the general operating expense ratio was
primarily due to an increase in first-lien net premiums earned, primarily due to higher persistency.

Net premiums written increased 7 percent to $273 million compared to the prior-year quarter.
Domestic first-lien new insurance written remained constant at $10.7 billion in principal of loans
insured. New business written during the fourth quarter of 2014 had an average FICO score of 750
and an average loan-to-value ratio of 92 percent.




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INSTITUTIONAL MARKETS
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Operating revenues:
Premiums $ 64 $ 123 (48) %
Policy fees 49 29 69
Net investment income 435 550 (21)
Total operating revenues 548 702 (22)
Benefits and expenses 430 511 (16)
Pre-tax operating income $ 118 $ 191 (38) %
Premiums and deposits 615 294 NM

Institutional Markets pre-tax operating income decreased to $118 million, primarily due to lower
returns on alternative investments compared to the prior-year quarter. The decrease in net
investment income was partially offset by higher fee income driven by growth in assets under
management, primarily from the stable value wrap business. The increase in premiums and deposits
compared to the prior-year quarter was primarily driven by a $450 million guaranteed investment
contract issued in the fourth quarter of 2014.

CONSUMER INSURANCE

Consumer Insurance pre-tax operating income decreased to $923 million in the fourth quarter of
2014 compared to $1.2 billion in the prior-year quarter, which reflected lower net investment
income, primarily from lower returns on alternative investments, and additional Life reserves, as
discussed below. These items were partially offset by favorable performance from the businesses in
the fourth quarter of 2014 compared to the prior-year quarter, which included effective crediting rate
management that partially offset lower base yields; growth in policy fees and assets under
management, primarily from strong sales of variable and index annuities in Retirement; and higher
underwriting income in Personal Insurance, primarily from improved loss experience and lower
general operating expenses.

RETIREMENT
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Operating revenues:
Premiums $ 66 $ 68 (3) %
Policy fees 259 231 12
Net investment income 1,581 1,771 (11)
Other income 511 467 9
Total operating revenues 2,417 2,537 (5)
Benefits and expenses 1,695 1,580 7
Pre-tax operating income $ 722 $ 957 (25) %
Premiums and deposits 6,003 6,742 (11)

Retirement pre-tax operating income of $722 million for the fourth quarter of 2014 decreased from
$957 million in the prior-year quarter, primarily due to favorable equity market performance in the
fourth quarter of 2013 that impacted alternative investment income, future policy benefits, and
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related amortization of deferred policy acquisition costs. Declines in base investment yield
compared to the prior-year quarter, due to reinvestment at rates below the weighted average yield of
the overall portfolio, were partially offset by effective spread management achieved through
disciplined new business pricing and management of renewal crediting rates.

Policy fees grew over the prior-year quarter on continued growth in assets under management,
driven by strong sales of variable and index annuities in Retirement Income Solutions and separate
account investment performance, partially offset by net outflows in Fixed Annuities and Group
Retirement, which have been affected by the low interest rate environment and the loss of certain
large group plans. Other income includes advisory fees, which also increased over the prior-year
quarter from growth in assets under management.

Premiums and deposits decreased, primarily due to a decline in Retail Mutual Fund sales compared
to the fourth quarter of 2013, partially offset by an 8 percent sales growth in Retirement Income
Solutions, principally from index annuities.

LIFE
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Operating revenues:
Premiums $ 675 $ 665 2 %
Policy Fees 365 345 6
Net investment income 536 586 (9)
Total operating revenues 1,576 1,596 (1)
Benefits and expenses 1,496 1,381 8
Pre-tax operating income $ 80 $ 215 (63) %
Premiums and deposits 1,249 1,233 1
Gross life insurance in force, end of period $ 1,000,703 $ 916,599 9 %

Life pre-tax operating income of $80 million decreased compared to the prior-year quarter, primarily
due to a charge of approximately $104 million in the fourth quarter of 2014 to increase reserves for
incurred but not reported death claims, which reflected continuing efforts to identify deceased
insureds and their beneficiaries where a valid claim has not been filed primarily in a legacy block of
small face amount policies, pursuant to the resolution of a previously disclosed multi-state audit and
market conduct examination. The decrease in pre-tax operating income also reflected lower net
investment income compared to the fourth quarter of 2013, primarily from lower hedge fund
alternative investment returns, as well as lower base yield from reinvestment at rates below the
weighted average yield of the overall portfolio.

On December 31, 2014, AIG acquired Ageas Protect Limited, a leading provider of life protection
products in the United Kingdom.




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PERSONAL INSURANCE
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Net premiums written $ 2,866 $ 2,962 (3) %
Net premiums earned 2,926 3,069 (5)
Underwriting income (loss) 39 (132) NM
Net investment income 82 123 (33)
Pre-tax operating income (loss) $ 121 $ (9) NM %
Underwriting ratios:
Loss ratio 51.2 57.8 (6.6) pts
Acquisition ratio 28.7 26.0 2.7
General operating expense ratio 18.8 20.5 (1.7)
Combined ratio 98.7 104.3 (5.6)
Accident year loss ratio, as adjusted 52.1 58.2 (6.1)
Accident year combined ratio, as adjusted 99.6 104.7 (5.1) pts
Catastrophe-related losses $ 8 $ 20
Severe losses 13 17
Prior year loss reserve development (favorable)
unfavorable, net of reinsurance and premium adjustments (35) (30)

Personal Insurance pre-tax operating income increased to $121 million from the prior-year
quarter due to improved underwriting results, partially offset by lower net investment income.
The combined ratio decreased 5.6 points to 98.7 due to improvements in the loss ratio and
general operating expense ratio, partially offset by an increase in the acquisition ratio.

The loss ratio decreased 6.6 points to 51.2, and the accident year loss ratio, as adjusted,
decreased 6.1 points to 52.1, reflecting improvements across all lines of business. Further, lower
catastrophe losses and higher favorable prior year loss reserve development also contributed to
the lower loss ratio.

Improvement in the accident year loss ratio, as adjusted, for the U.S. warranty service programs
business was largely offset by an increase in the related profit sharing arrangement, which
contributed to the increase in the acquisition ratio. The general operating expense ratio
decreased 1.7 points, primarily due to efficiencies from organizational realignment initiatives,
partially offset by increased technology-related expenses.

Excluding the effects of foreign exchange, fourth quarter 2014 net premiums written increased 2
percent from the prior-year quarter. Personal Insurance continues to benefit from growth in the
automobile and property lines of business, which was partially offset by declines in certain
classes of the Accident and Health business, due to the focus on maintaining underwriting
discipline.




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CORPORATE AND OTHER
Three Months Ended
December 31,
($ in millions) 2014 2013 Change
Pre-tax operating income (loss):
Direct Investment book $ 174 $ 418 (58) %
Global Capital Markets 27 194 (86)
Runoff insurance lines (422) 369 NM
Other businesses 119 125 (5)
AIG Parent and Other:
Equity in pre-tax operating earnings of AerCap 185 - NM
Fair value of PICC Group shares 67 - NM
Corporate expenses, net (236) (218) 8
Severance expense - (265) NM
Interest expense (271) (328) (17)
Total AIG Parent and Other (255) (811) (69)
Consolidation and elimination - 1 NM
Pre-tax operating income (loss) $ (357) $ 296 NM %

DIB pre-tax operating income decreased in the fourth quarter of 2014 compared to the prior-
year quarter, driven by lower asset appreciation and declines in net credit valuation adjustments
on assets and liabilities for which the fair value option was elected, partially offset by lower
interest expense on borrowing resulting from redemptions and repurchases of DIB debt in 2014.

Global Capital Markets pre-tax operating income decreased in the fourth quarter of 2014
compared to the prior-year quarter, due to declines in unrealized market valuation gains related
to the super senior credit default swap (CDS) portfolio, and declines in net credit valuation
adjustments on derivative assets and liabilities.

Runoff insurance lines pre-tax operating income decreased in the fourth quarter of 2014
compared to the prior-year quarter, primarily due to a discount charge due to the decline in the
discount rate consistent with the movement of the forward U.S. Treasury curve during 2014, as
well as accelerated reductions of loss reserves in the Excess Workers’ Compensation class of
business due to commutations of assumed reinsurance and individual claim settlements during
2014.

Interest expense declined in the fourth quarter of 2014 compared to the prior-year quarter due to
ongoing liability management activities.

CONFERENCE CALL

AIG will host a conference call tomorrow, Friday, February 13, 2015, at 8:00 a.m. ET to review
these results. The call is open to the public and can be accessed via a live listen-only webcast at
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

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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, sovereign bond issuers, the energy sector and currency exchange rates;
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 Reports on Form 10-Q for the quarterly periods ended September 30, 2014, June 30, 2014
and March 31, 2014, 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 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,
2014 (which will be filed with the Securities and Exchange Commission). 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 and representative of our
business results. 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 of America.” The non-GAAP financial measures
11
FOR IMMEDIATE RELEASE




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 Fourth Quarter 2014 Financial
Supplement available in the Investor Information section of AIG’s website, www.aig.com.

Book Value Per Share Excluding Accumulated Other Comprehensive Income (AOCI) and Book
Value Per Share Excluding AOCI and DTA (Deferred Tax Assets) are used to show the amount of
AIG's net worth on a per-share basis. AIG believes these measures are useful to investors because
they eliminate 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, foreign currency
translation adjustments and U.S. tax attribute deferred tax assets. Book Value Per Share Excluding
AOCI is derived by dividing Total AIG shareholders' equity, excluding AOCI, by Total common
shares outstanding. Book Value Per Share Excluding AOCI and DTA is derived by dividing Total
AIG shareholders' equity, excluding AOCI and DTA, by Total common shares outstanding.

AIG uses the following operating performance measures because it believes they enhance the
understanding of the underlying profitability of continuing operations and trends of AIG’s business
segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance
competitors. When AIG uses these measures, reconciliations to the most comparable GAAP
measure are provided, on a consolidated basis.

After-tax operating income attributable to AIG is derived by excluding the following items from net
income attributable to AIG: income or loss from discontinued operations; income and loss from
divested businesses (including gain on the sale of International Lease Finance Corporation (ILFC)
and certain post-acquisition transaction expenses incurred by AerCap Holdings N.V. (AerCap) in
connection with its acquisition of ILFC and the difference between expensing AerCap’s
maintenance rights assets over the remaining lease term as compared to the remaining economic life
of the related aircraft and related tax effects); legacy tax adjustments primarily related to certain
changes in uncertain tax positions and other tax adjustments; legal reserves and settlements related
to “legacy crisis matters”; deferred income tax valuation allowance releases and charges; changes in
fair value of 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 and losses;
other income and expense — net, related to Corporate and Other runoff insurance lines; loss on
extinguishment of debt; net realized capital gains and losses; and non-qualifying derivative hedging
activities, excluding net realized capital gains and 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 as the plaintiff in connection with such legal matters. See
page 15 for the reconciliation of Net income attributable to AIG to After-tax operating income
attributable to AIG.

AIG uses the following operating performance measures within its Commercial Insurance and
Consumer Insurance reportable segments as well as Corporate and Other.

Commercial Insurance: Property Casualty and Mortgage Guaranty; Consumer Insurance:
Personal Insurance


12
FOR IMMEDIATE RELEASE




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

Ratios: AIG, 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 losses
and loss adjustment expenses, 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.

Accident year loss and combined ratios, as adjusted: both the accident year loss and combined ratios,
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 in excess of $10 million each.

Commercial Insurance: Institutional Markets; Consumer Insurance: Retirement and Life

Pre-tax operating income is derived by excluding the following items from pre-tax income: 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 and losses; and changes in benefit reserves and DAC, VOBA and SIA related to net realized
capital gains and losses.

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

Corporate and Other

Pre-tax operating income and loss is derived by excluding the following items from pre-tax income
and loss: certain legal reserves and settlements related to legacy crisis matters described above; loss
on extinguishment of debt; net realized capital gains and losses; changes in benefit reserves and
DAC, VOBA and SIA related to net realized capital gains and losses; income and loss from divested
businesses, including Aircraft Leasing; and net gain or loss on sale of divested businesses (including
gain on the sale of ILFC and certain post-acquisition transaction expenses incurred by AerCap in
connection with its acquisition of ILFC and the difference between expensing AerCap’s
maintenance rights assets over the remaining lease term as compared to the remaining economic life
of the related aircraft and AIG’s share of AerCap’s income taxes).

Results from discontinued operations are excluded from all of these measures.
13
FOR IMMEDIATE RELEASE




# # #

American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100
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:
@AIG_LatestNews | 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.




14
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation
($ in millions, except per share data)
Three Months Ended December 31, Twelve Months Ended December 31,
% Inc. % Inc.
2014 2013 (Dec.) 2014 2013 (Dec.)
Reconciliations of Pre-tax and After-tax Operating Income:
Pre-tax income from continuing operations $ 729 $ 2,150 (66.1) % $ 10,501 $ 9,368 12.1 %
Adjustments to arrive at Pre-tax operating income:
Changes in fair value of fixed maturity securities designated to hedge living
benefit liabilities, net of interest expense (98) 33 NM (260) 161 NM
Changes in benefit reserves and DAC, VOBA and SIA
related to net realized capital gains (losses) 127 112 13.4 217 1,608 (86.5)
Other (income) expense - net - 72 NM - 72 NM
Loss on extinguishment of debt 1,268 192 NM 2,282 651 250.5
Net realized capital (gains) losses (193) 346 NM (739) (1,939) 61.9
(Income) loss from divested businesses, including gain on sale of ILFC 20 190 (89.5) (2,169) 177 NM
Legal settlements related to legacy crisis matters (113) (634) 82.2 (804) (1,152) 30.2
Legal reserves related to legacy crisis matters - 19 NM 546 444 23.0
Pre-tax operating income $ 1,740 $ 2,480 (29.8) $ 9,574 $ 9,390 2.0

Net income attributable to AIG $ 655 $ 1,978 (66.9) $ 7,529 $ 9,085 (17.1)
Adjustments to arrive at after-tax operating income
(amounts are net of tax):
Uncertain tax positions and other tax adjustments 73 65 12.3 59 791 (92.5)
Deferred income tax valuation allowance releases (20) (540) 96.3 (181) (3,237) 94.4
Changes in fair value of fixed maturity securities designated to hedge living
benefit liabilities, net of interest expense (64) 22 NM (169) 105 NM
Changes in benefit reserves and DAC, VOBA and SIA
related to net realized capital gains (losses) 82 74 10.8 141 1,148 (87.7)
Other (income) expense - net - 47 NM - 47 NM
Loss on extinguishment of debt 824 125 NM 1,483 423 250.6
Net realized capital (gains) losses (105) 208 NM (470) (1,285) 63.4
(Income) loss from discontinued operations 35 (11) NM 50 (84) NM
(Income) loss from divested businesses, including gain on sale of ILFC (9) 97 NM (1,462) 117 NM
Legal settlements related to legacy crisis matters (100) (399) 74.9 (350) (460) 23.9
After-tax operating income attributable to AIG $ 1,371 $ 1,666 (17.7) $ 6,630 $ 6,650 (0.3)

Income (loss) per common share:
Basic
Income from continuing operations $ 0.50 $ 1.34 (62.7) $ 5.31 $ 6.11 (13.1)
Income (loss) from discontinued operations (0.03) 0.01 NM (0.04) 0.05 NM
Net income attributable to AIG $ 0.47 $ 1.35 (65.2) $ 5.27 $ 6.16 (14.4)

Diluted
Income from continuing operations $ 0.49 $ 1.33 (63.2) $ 5.24 $ 6.08 (13.8)
Income (loss) from discontinued operations (0.03) 0.01 NM (0.04) 0.05 NM
Net income attributable to AIG $ 0.46 $ 1.34 (65.7) $ 5.20 $ 6.13 (15.2)
After-tax operating income attributable to AIG per diluted share $ 0.97 $ 1.13 (14.2) % $ 4.58 $ 4.49 2.0
Weighted average shares outstanding:
Basic 1,391.8 1,468.7 1,428.0 1,474.2
Diluted 1,412.2 1,480.7 1,447.6 1,481.2

Return on equity (a) 2.4 % 7.9 % 7.1 % 9.2 %
Return on equity - after-tax operating income, excluding AOCI (b) 5.7 % 7.2 % 6.9 % 7.4 %
Return on equity - after-tax operating income, excluding AOCI and DTA (c) 6.8 % 8.8 % 8.4 % 9.3 %

As of period end:
Book value per common share (d) $ 77.69 $ 68.62 13.2
Book value per common share excluding accumulated other
comprehensive income (e) $ 69.98 $ 64.28 8.9
Book value per common share excluding accumulated other
comprehensive income and DTA (f) $ 58.23 $ 52.12 11.7 %

Total common shares outstanding 1,375.9 1,464.1

Financial highlights - notes
(a) Computed as Annualized net income (loss) attributable to AIG divided by average AIG shareholders' equity. Equity includes DTA.
(b) Computed as Annualized after-tax operating income attributable to AIG divided by average AIG shareholders' equity, excluding AOCI. Equity includes DTA.
(c) Computed as Annualized after-tax operating income attributable to AIG divided by average AIG shareholders' equity, excluding AOCI and DTA.
(d) Represents total AIG shareholders' equity divided by common shares outstanding.
(e) Represents total AIG shareholders' equity, excluding AOCI, divided by common shares outstanding.
(f) Represents total AIG shareholders' equity, excluding AOCI and DTA, divided by common shares outstanding.



15
American International Group, Inc.
Quarterly Financial Supplement
Fourth Quarter 2014




All financial information in this document is unaudited. This report should be read in conjunction with AIG’s
Annual Report on Form 10-K for the year ended December 31, 2014 which will be 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 Consumer Insurance Operating Results ...................................................26
Non-GAAP Financial Measures ................................................................2-3 Retirement .......................................................................................27-28
Consolidated Results Fixed Annuities............................................................................29-30
Consolidated Statement of Operations.........................................................4 Retirement Income Solutions .....................................................31-32
Earnings Per Share Computations ...............................................................5 Group Retirement ........................................................................33-35
Reconciliations of Pre-tax and After-tax Operating Income .......................6 Life ..................................................................................................36-37
Return on Equity and Per Share Data ..........................................................7 Personal Insurance...........................................................................38-41
Selected Segment Data ................................................................................8 Notes................................................................................................42-44
General Operating and Other Expenses.......................................................9 Corporate and Other .............................................................................45-47
Condensed Consolidated Balance Sheets .............................................10-12 Notes .....................................................................................................48
Reconciliation of Statutory Surplus to GAAP Equity ...............................13 Investments .............................................................................................49-52
Debt and Capital ........................................................................................14 Appendix
Notes ..........................................................................................................15 Supplemental Property Casualty Information ......................................53
Commercial Insurance Operating Results ................................................16 Acronyms..............................................................................................54
Property Casualty ............................................................................17-20
Mortgage Guaranty..........................................................................21-22
Institutional Markets........................................................................23-24
Notes .....................................................................................................25
American International Group, Inc.
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
pro

Origin: 2014年度12月期年次決算短信

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