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ITEM 6 / SELECTED FINANCIAL DATA.....................................................................................................................................................................................The following table presents pro forma ratios as if the Recapitalization had been consummated in 2008 and areconciliation of book value per share to book value per share, excluding Accumulated other comprehensiveincome (loss), which is a non-GAAP measure. See Item 7. MD&A – Use of Non-GAAP Measures for additionalinformation.*Years Ended December 31,(in millions, except per share data) 2012 2011 2010 2009 2008Total AIG shareholders’ equity $ 98,002 $ 101,538 $ 78,856 $ 60,585 $ 40,844Recapitalization –– (3,328) – –Value on conversion of equity units –– 2,169 5,880 5,880Pro forma shareholders’ equity 98,002 101,538 77,697 66,465 46,724Accumulated other comprehensive income(loss) 12,5746,481 8,871 6,435 (6,759)Total AIG shareholders’ equity, excludingAccumulated other comprehensive income(loss) $ 85,428 $ 95,057 $ 69,985 $ 54,150 $ 47,603Total common shares outstanding 1,476,321,935 1,896,821,482 140,463,159 135,070,907 134,483,454Issuable for equity units –– 2,854,069 7,736,904 7,736,904Shares assumed converted –– 1,655,037,962 1,655,037,962 1,655,037,962Pro forma common shares outstanding 1,476,321,935 1,896,821,482 1,798,355,190 1,797,845,773 1,797,258,320Pro forma book value per share N/AN/A $ 43.20 $ 36.97 $ 26.00Pro forma book value per share, excludingAccumulated other comprehensive income(loss) N/AN/A $ 38.27 $ 33.39 $ 29.76* Amounts for periods after December 31, 2008 have been revised to reflect reclassification of income taxes from AOCI to additional paid incapital to correct the presentation of components of AIG Shareholders’ Equity. See Note 1 to the Consolidated Financial Statements for additionalinformation on the reclass...................................................................................................................................................................................................................................AIG 2012 Form 10-K 51
ITEM 7 / MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS..............................................................................................................................................................................................CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION..............................................................................................................................................................................................This Annual Report on Form 10-K and other publicly available documents may include, and officers andrepresentatives 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 PrivateSecurities Litigation Reform Act of 1995. These projections, goals, assumptions and statements are not historicalfacts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherentlyuncertain and outside AIG’s control. These projections, goals, assumptions and statements include statementspreceded 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:• the monetization of AIG’s interests in InternationalLease Finance Corporation (ILFC), including whetherAIG’s proposed sale of up to 90 percent of ILFC willbe completed and if completed, the timing and finalterms of such sale;• AIG’s exposures to subprime mortgages, monolineinsurers, the residential and commercial real estatemarkets, state and municipal bond issuers andsovereign bond issuers;• AIG’s exposure to European governments andEuropean financial institutions;• AIG’s strategy for risk management;• AIG’s generation of deployable capital;• AIG’s return on equity and earnings per sharelong-term aspirational goals;• 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 resultsand reserves; and• the revenues and combined ratios of AIG’ssubsidiaries.It is possible that AIG’s actual results and financial condition will differ, possibly materially, from the results andfinancial condition indicated in these projections, goals, assumptions and statements. Factors that could cause AIG’sactual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statementsinclude:• changes in market conditions;• the occurrence of catastrophic events, both naturaland man-made;• significant legal proceedings;• the timing and applicable requirements of any newregulatory framework to which AIG is subject as asavings and loan holding company (SLHC), and ifsuch a determination is made, as a systemicallyimportant financial institution (SIFI);• concentrations in AIG’s investment portfolios;• actions by credit rating agencies;• judgments concerning casualty insurance underwritingand insurance liabilities;• judgments concerning the recognition of deferred taxassets;• judgments concerning deferred policy acquisition costs(DAC) recoverability; and• such other factors discussed in:• this Part II, Item 7. Management’s Discussion andAnalysis of Financial Condition and Results ofOperations (MD&A); and• Part I, Item 1A. Risk Factors of this Annual Reporton Form 10-K.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 ofnew information, future events or otherwise...................................................................................................................................................................................................................................52 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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ITEM 7 / RESULTS OF OPERATIONS.....
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ITEM 7 / LIQUIDITY AND CAPITAL RESO
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ITEM 7 / INVESTMENTS...............
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ITEM 7 / ENTERPRISE RISK MANAGEMENT
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ITEM 7 / CRITICAL ACCOUNTING ESTIMA
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ITEM 7 / GLOSSARY..................
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ITEM 7 / GLOSSARY..................
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ITEM 7A / QUANTITATIVE AND QUALITAT
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ITEM 8 / INDEX TO FINANCIAL STATEME
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AMERICAN INTERNATIONAL GROUP, INC.C
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ITEM 8 / NOTE 1. BASIS OF PRESENTAT
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ITEM 8 / NOTE 2. SUMMARY OF SIGNIFI
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ITEM 8 / NOTE 3. SEGMENT INFORMATIO
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ITEM 8 / NOTE 3. SEGMENT INFORMATIO
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ITEM 8 / NOTE 4. DIVESTED BUSINESSE
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ITEM 8 / NOTE 4. DIVESTED BUSINESSE
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ITEM 8 / NOTE 5. BUSINESS COMBINATI
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ITEM 8 / NOTE 6. FAIR VALUE MEASURE
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ITEM 8 / NOTE 7. INVESTMENTS.......
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ITEM 8 / NOTE 8. LENDING ACTIVITIES
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ITEM 8 / NOTE 9. REINSURANCE.......
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ITEM 8 / NOTE 10. DEFERRED POLICY A
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ITEM 8 / NOTE 10. DEFERRED POLICY A
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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 16. CONTINGENCIES, CO
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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 20. STATUTORY FINANCI
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ITEM 8 / NOTE 21. SHARE-BASED COMPE
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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 24. INCOME TAXES.....
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ITEM 8 / NOTE 26. QUARTERLY FINANCI
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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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