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ITEM 8 / NOTE 3. SEGMENT INFORMATION.....................................................................................................................................................................................3. ..............................................................................................................................................................................................SEGMENT INFORMATIONCommencing in the third quarter of 2012, the Chartis segment was renamed AIG Property Casualty and theSunAmerica segment was renamed AIG Life and Retirement, although certain existing brands will continue to beused.We report the results of our operations through two reportable segments: AIG Property Casualty and AIG Life andRetirement. We evaluate performance based on pre-tax income (loss), excluding results from discontinuedoperations, because we believe this provides more meaningful information on how our operations are performing.Prior to the fourth quarter of 2012, we also presented Aircraft Leasing as a reportable segment, which included theresults of ILFC. As a result of the proposed transaction discussed in Note 4, Aircraft Leasing is no longer presentedas a reportable segment and the operations of ILFC are presented as discontinued operations in all periods, andassociated assets and liabilities have been classified as held-for-sale at December 31, 2012.AIG Property Casualty – The AIG Property Casualty segment is presented as two operating segments –Commercial Insurance and Consumer Insurance in addition to an AIG Property Casualty Other category.Our property and casualty operations are conducted through multiple-line companies writing substantially allcommercial and consumer lines both domestically and abroad. AIG Property Casualty offers its products through adiverse, multi-channel distribution network that includes agents, wholesalers, global and local brokers, anddirect-to-consumer platforms. Beginning in the third quarter of 2010, AIG Property Casualty includes the results ofFuji Fire & Marine Insurance Company Limited (Fuji), which writes primarily consumer lines in Japan. See Note 5herein.During 2012, to align financial reporting with the manner in which AIG’s chief operating decision makers review theAIG Property Casualty businesses to assess performance and make decisions about resources to be allocated,certain products previously reported in Commercial Insurance were reclassified to Consumer Insurance. Also, certainenvironmental liability businesses were moved from Commercial Insurance to run-off operations included in the AIGProperty Casualty Other category. Accordingly, all periods have been restated from previously reported segmentinformation to reflect this change. These revisions did not affect the total AIG Property Casualty reportable segmentresults previously reported.AIG Life and Retirement – The AIG Life and Retirement segment is presented as two operating segments – LifeInsurance, which focuses on mortality and morbidity based protection products, and Retirement Services, whichfocuses on investment, retirement savings and income solutions.AIG Life and Retirement offers a comprehensive suite of products and services to individuals and groups, includingterm life insurance, universal life insurance, accident and health (A&H) insurance, fixed and variable deferredannuities, fixed payout annuities, mutual funds and financial planning. AIG Life and Retirement offers its products andservices through a diverse, multi-channel distribution network that includes banks, national, regional and independentbroker-dealers, affiliated financial advisors, independent marketing organizations, independent and career insuranceagents, structured settlement brokers, benefit consultants and direct-to-consumer platforms.Other Operations – Our Other operations include results from:• Mortgage Guaranty operations;• Global Capital Markets operations;• Direct Investment book results;• Retained Interests, which represents the fair value gains or losses, prior to their sale, on the AIA Group Limited.(AIA) ordinary shares retained following the AIA initial public offering the MetLife, Inc. (MetLife) securities that werereceived as consideration from the sale of American Life Insurance Company (ALICO), and the fair value gains orlosses, prior to the Federal Reserve Bank of New York (FRBNY) liquidation of Maiden Lane III LLC (ML III) assets,on the retained interest in ML III;• Corporate & Other operations (after allocations to our business segments); and• Divested businesses that did not qualify for discontinued operations accounting...................................................................................................................................................................................................................................AIG 2012 Form 10-K 223
ITEM 8 / NOTE 3. SEGMENT INFORMATION.....................................................................................................................................................................................The following table presents AIG’s continuing operations by reportable segment:Net (gain)Pre-taxOther-than- loss on sale Incometemporary of properties Depreciation fromTotal impairment and divested Interest and continuing(in millions) Revenues charges (a) businesses Expense (b) Amortization operations2012AIG Property CasualtyCommercial InsuranceConsumer InsuranceOtherTotal AIG Property CasualtyAIG Life and RetirementLife InsuranceRetirement ServicesTotal AIG Life and RetirementOther OperationsMortgage GuarantyGlobal Capital MarketsDirect Investment BookRetained InterestsCorporate & OtherConsolidation and EliminationTotal Other OperationsAIG Consolidation and EliminationTotal AIG Consolidated$ 23,609 $ – $ – $ 5 $ 2,735 $ 90414,403 – – 4 2,121 2921,769 378 – 1 (1) 641$ 39,781 $ 378 $ – $ 10 $ 4,855 $ 1,8379,509 162 – – 322 1,9667,258 562 – – (109) 1,814$ 16,767 $ 724 $ – $ – $ 213 $ 3,780867 – – – 44 15745 – – – – 5532,024 60 – 369 (121) 1,6324,957 – – – – 4,9571,429 5 2 1,998 318 (3,262)(48) – – (27) – 4$ 9,974 $ 65 $ 2 $ 2,340 $ 241 $ 3,899(866) – – (31) (2) (194)$ 65,656 $ 1,167 $ 2 $ 2,319 $ 5,307 $ 9,3222011AIG Property CasualtyCommercial Insurance $ 25,016 $ – $ – $ 3 $ 2,864 $ 1,339Consumer Insurance 14,109 – – 4 1,836 (44)Other 1,597 274 – – – 525Total AIG Property Casualty $ 40,722 $ 274 $ – $ 7 $ 4,700 $ 1,820AIG Life and RetirementLife Insurance 8,282 223 – – 301 1,387Retirement Services 7,033 754 – – 390 1,569Total AIG Life and Retirement $ 15,315 $ 977 $ – $ – $ 691 $ 2,956Other OperationsMortgage Guaranty 944 – – – 44 (77)Global Capital Markets 266 – – – – (7)Direct Investment Book 1,004 25 – 367 (218) 622Retained Interests 486 – – – – 486Corporate & Other 1,415 4 74 2,143 207 (5,727)Consolidation and Elimination (36) – – (20) – –Total Other Operations $ 4,079 $ 29 $ 74 $ 2,490 $ 33 $ (4,703)AIG Consolidation and Elimination (304) – – (53) – 43Total AIG Consolidated $ 59,812 $ 1,280 $ 74 $ 2,444 $ 5,424 $ 116..................................................................................................................................................................................................................................224 AIG 2012 Form 10-K
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American International Group, Inc.2
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KEY FACTS & FIGURES52,000+ $65.7 bi
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■We said we would return to profi
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Financial HighlightsYears Ended Dec
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~63,000AIG EMPLOYEES AROUND THE WOR
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$115.1 millionAVERAGE CLAIMS PAID E
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$10,000MAXIMUM DONATION MADE BY AIG
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American International Group, Inc.F
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AMERICAN INTERNATIONAL GROUP, INC.A
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ITEM 1 / BUSINESS / AIG............
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ITEM 1 / BUSINESS / AIG............
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ITEM 1 / BUSINESS / AIG PROPERTY CA
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ITEM 1 / BUSINESS / AIG PROPERTY CA
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ITEM 1 / BUSINESS / AIG LIFE AND RE
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ITEM 1 / BUSINESS / OTHER OPERATION
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ITEM 1 / BUSINESS / OTHER OPERATION
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ITEM 1 / BUSINESS..................
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ITEM 1 / BUSINESS..................
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ITEM 1 / BUSINESS..................
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ITEM 1 / BUSINESS..................
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ITEM 1 / BUSINESS..................
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ITEM 1A / RISK FACTORS.............
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ITEM 1B / UNRESOLVED STAFF COMMENTS
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ITEM 5 / MARKET FOR REGISTRANT’S
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ITEM 6 / SELECTED FINANCIAL DATA...
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ITEM 6 / SELECTED FINANCIAL DATA...
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ITEM 7 / MANAGEMENT’S DISCUSSION
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ITEM 7 / USE OF NON-GAAP MEASURES..
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ITEM 7 / EXECUTIVE SUMMARY.........
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ITEM 7 / RESULTS OF OPERATIONS.....
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ITEM 7 / INVESTMENTS...............
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ITEM 7 / ENTERPRISE RISK MANAGEMENT
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Page 221 and 222: AMERICAN INTERNATIONAL GROUP, INC.C
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ITEM 8 / NOTE 11. VARIABLE INTEREST
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ITEM 8 / NOTE 11. VARIABLE INTEREST
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ITEM 8 / NOTE 12. DERIVATIVES AND H
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ITEM 8 / NOTE 13. LIABILITY FOR UNP
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ITEM 8 / NOTE 14. VARIABLE LIFE AND
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ITEM 8 / NOTE 15. DEBT OUTSTANDING.
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ITEM 8 / NOTE 15. DEBT OUTSTANDING.
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ITEM 8 / NOTE 17. TOTAL EQUITY.....
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ITEM 8 / NOTE 18. NONCONTROLLING IN
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ITEM 8 / NOTE 19. EARNINGS (LOSS) P
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ITEM 8 / NOTE 21. SHARE-BASED COMPE
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ITEM 8 / NOTE 22. EMPLOYEE BENEFITS
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ITEM 8 / NOTE 27. INFORMATION PROVI
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PART II............................
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PART IV............................
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SignatureTitle/s/ ARTHUR C. MARTINE
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ExhibitNumber Description Location(
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Condensed Financial Information of
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Condensed Financial Information of
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Notes to Condensed Financial Inform
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Supplementary Insurance Information
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Valuation and Qualifying AccountsFo
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Subsidiaries of RegistrantExhibit 2
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Percentageof VotingSecuritiesJurisd
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Percentageof VotingSecuritiesJurisd
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CONSENT OF INDEPENDENT REGISTERED P
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CERTIFICATIONSI, Robert H. Benmosch
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CERTIFICATIONExhibit 32In connectio
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SECURITIES REGISTERED PURSUANT TO S
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American International Group, Inc.1
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