2007 Annual Report - AIG.com
2007 Annual Report - AIG.com
2007 Annual Report - AIG.com
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
American International Group, Inc. and Subsidiaries<br />
Notes to Consolidated Financial Statements Continued<br />
23. Information Provided in Connection With Outstanding Debt<br />
The following condensed consolidating financial statements reflect the following:<br />
( <strong>AIG</strong>LH, formerly known as American General Corporation, is a holding <strong>com</strong>pany and a wholly owned subsidiary of <strong>AIG</strong>. <strong>AIG</strong> provides a full and<br />
unconditional guarantee of all outstanding debt of <strong>AIG</strong>LH.<br />
( <strong>AIG</strong> Liquidity Corp. is a wholly owned subsidiary of <strong>AIG</strong>. <strong>AIG</strong> provides a full and unconditional guarantee of all obligations of <strong>AIG</strong> Liquidity Corp.<br />
( <strong>AIG</strong> Program Funding, Inc. is a wholly owned subsidiary of <strong>AIG</strong>. <strong>AIG</strong> provides a full and unconditional guarantee of all obligations of <strong>AIG</strong><br />
Program Funding, Inc., which was established in <strong>2007</strong>.<br />
Condensed Consolidating Balance Sheet<br />
American<br />
International <strong>AIG</strong> <strong>AIG</strong><br />
Group, Inc. Liquidity Program Other Consolidated<br />
(in millions) (As Guarantor) <strong>AIG</strong>LH Corp. Funding, Inc. Subsidiaries Eliminations <strong>AIG</strong><br />
December 31, <strong>2007</strong><br />
Assets:<br />
Investments and financial services<br />
assets $ 14,648 $ 40 $ — $ — $ 859,063 $ (21,790) $ 851,961<br />
Cash 84 1 — — 2,199 — 2,284<br />
Carrying value of subsidiaries and<br />
partially owned <strong>com</strong>panies, at<br />
equity 111,714 24,396 — — 18,542 (153,998) 654<br />
Other assets 9,414 2,592 — — 193,445 155 205,606<br />
Total assets $135,860 $27,029 $ — $ — $1,073,249 $(175,633) $ 1,060,505<br />
Liabilities:<br />
Insurance liabilities $ 43 $ — $ — $ — $ 534,369 $ (75) $ 534,337<br />
Debt 36,045 2,136 — — 156,003 (18,135) 176,049<br />
Other liabilities 3,971 2,826 — — 250,506 (3,085) 254,218<br />
Total liabilities $ 40,059 $ 4,962 $ — $ — $ 940,878 $ (21,295) $ 964,604<br />
Preferred shareholders’ equity in<br />
subsidiary <strong>com</strong>panies — — — — 100 — 100<br />
Total shareholders’ equity $ 95,801 $22,067 $ — $ — $ 132,271 $(154,338) $ 95,801<br />
Total liabilities, preferred<br />
shareholders’ equity in subsidiary<br />
<strong>com</strong>panies and shareholders’<br />
equity $135,860 $27,029 $ — $ — $1,073,249 $(175,633) $ 1,060,505<br />
December 31, 2006<br />
Assets:<br />
Investments and financial services<br />
assets $ 7,346 $ — $ * $ — $ 800,350 $ (14,822) $ 792,874<br />
Cash 76 — * — 1,514 — 1,590<br />
Carrying value of subsidiaries and<br />
partially owned <strong>com</strong>panies, at<br />
equity 109,125 27,967 — — 8,436 (144,427) 1,101<br />
Other assets 3,989 2,622 * — 179,183 (1,949) 183,845<br />
Total assets $120,536 $30,589 $ * $ — $ 989,483 $(161,198) $ 979,410<br />
Liabilities:<br />
Insurance liabilities $ 21 $ — $ — $ — $ 498,263 $ (64) $ 498,220<br />
Debt 15,157 2,136 * — 146,206 (14,820) 148,679<br />
Other liabilities 3,681 3,508 * — 224,936 (1,482) 230,643<br />
Total liabilities $ 18,859 $ 5,644 $ * $ — $ 869,405 $ (16,366) $ 877,542<br />
Preferred shareholders’ equity in<br />
subsidiary <strong>com</strong>panies — — — — 191 — 191<br />
Total shareholders’ equity 101,677 24,945 * — 119,887 (144,832) 101,677<br />
Total liabilities, preferred<br />
shareholders’ equity in subsidiary<br />
<strong>com</strong>panies and shareholders’<br />
equity $120,536 $30,589 $ * $ — $ 989,483 $(161,198) $ 979,410<br />
* Less than $1 million.<br />
198 <strong>AIG</strong> <strong>2007</strong> Form 10-K