2007 Annual Report - AIG.com

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American International Group, Inc. and Subsidiaries Consolidated Statement of Comprehensive Income Years Ended December 31, (in millions) 2007 2006 2005 Net income $ 6,200 $14,048 $10,477 Other comprehensive income (loss): Unrealized (depreciation) appreciation of investments — net of reclassification adjustments (8,046) 2,574 (3,577) Deferred income tax benefit (expense) on above changes 2,338 (839) 1,599 Foreign currency translation adjustments 1,325 1,283 (926) Deferred income tax benefit (expense) on above changes (140) (347) 386 Net derivative gains arising from cash flow hedging activities — net of reclassification adjustments (133) 13 35 Deferred income tax expense on above changes 73 (15) (7) Change in pension and postretirement unrecognized periodic benefit (cost) 173 80 81 Deferred income tax benefit (expense) on above changes (57) (74) (68) Other comprehensive income (loss) (4,467) 2,675 (2,477) Comprehensive income (loss) $ 1,733 $16,723 $ 8,000 See Accompanying Notes to Consolidated Financial Statements. 136 AIG 2007 Form 10-K
Index of Notes to Consolidated Financial Statements Page Note 1. Summary of Significant Accounting Policies 138 Note 2. Segment Information 147 Note 3. Investments 153 Note 4. Lending Activities 156 Note 5. Reinsurance 157 Note 6. Deferred Policy Acquisition Costs 159 Note 7. Variable Interest Entities 159 Note 8. Derivatives and Hedge Accounting 162 Note 9. Reserve for Losses and Loss Expenses and Future Life Policy Benefits and Policyholders’ Contract Deposits 166 Note 10. Variable Life and Annuity Contracts 167 Note 11. Debt Outstanding 170 Note 12. Commitments, Contingencies and Guarantees 173 Note 13. Preferred Shareholders’ Equity in Subsidiary Companies 180 Note 14. Shareholders’ Equity and Earnings Per Share 180 Note 15. Statutory Financial Data 182 Note 16. Fair Value of Financial Instruments 182 Note 17. Share-based Employee Compensation Plans 184 Note 18. Employee Benefits 188 Note 19. Benefits Provided by Starr International Company, Inc. and C.V. Starr & Co., Inc. 193 Note 20. Ownership and Transactions with Related Parties 193 Note 21. Federal Income Taxes 194 Note 22. Quarterly Financial Information (Unaudited) 197 Note 23. Information Provided in Connection With Outstanding Debt 198 Note 24. Cash Flows 201 AIG 2007 Form 10-K 137
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AMERICAN INTERNATIONAL GROUP, INC.
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FINANCIAL HIGHLIGHTS (in millions,
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overall financial condition, althou
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Group Executive Committee We are ad
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AIG’s life insurance network is t
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We have also begun to address the e
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WHAT WE SEE The ability to see and
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The Major Accounts Practice within
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Around the world, the middle class
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WE SEE GROWTH OPPORTUNITIES IN EMER
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To grow the strength of the AIG glo
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Since 2003, the AIG Disaster Relief
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RESPECT Respect encompasses how we
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Life Insurance & Retirement Service
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Domestic Brokerage Group— Gross P
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In the summer of 2007, widespread f
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in gross premiums written. It launc
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It grew new business premiums from
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emerging markets for its services,
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ILFC—Revenues by Region Total = $
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AIG Investments acquired a 94 perce
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and changing interest rates, as wel
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American International Group, Inc.
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UNITED STATES SECURITIES AND EXCHAN
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SHAREHOLDER INFORMATION Corporate H
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