FOR IMMEDIATE RELEASE
本稿は2020年2月13日、AIG米国本社が発表した英文プレスリリース（原文）の参考訳です。
本稿と原文との間で解釈に相違が生じた際には、原文が優先します。
原文の発信日付で、AIGジャパンのホームページに掲載しています。

Press Release
AIG
175 Water Street
New York, NY 10038
www.aig.com

AIG、2019年第4四半期および2019年通期の決算を公表


2019年第4四半期は9億2,200万ドル、希薄化後普通株式1株当たりでは1.03ドルのAIG普通株主に帰属する純利益を計上。これに対して、前年同期は6億2,200万ドル、希薄化後普通株式1株当たりでは0.70
ドルの AIG普通株主に帰属する純損失。



2019年第4四半期は9億1,900万ドル、希薄化後普通株式1株当たりでは1.03ドルのAIG普通株主に帰属する調整後税引後利益*を計上。
これに対して、前年同期は5億5,900万ドル、希薄化後普通株式1株当たりでは0.63ドルのAIG普通株主に帰属する調整後税引後損失。



損害保険事業部門はコンバインド・レシオ99.8、保険事故年度の調整済みコンバインド・レシオ*95.8を達成、前年同期のそれぞれ
115.0、98.8から改善。大規模自然災害損失の減少、アンダーライティングおよび再保険アクション、費用面の規律継続が奏功。2019年
通期では、損害保険事業部門はコンバインド・レシオ99.6、保険事
故年度の調整済みコンバインド・レシオ96.0を達成、前年同期のそれぞれ111.4、99.7から改善。

生命保険および退職給付事業部門は8億3,900万ドルの調整後税引前利益を計上。これに対して、前年同期は6億2,300万ドルの調整後税
引前利益。



2019年第4四半期の連結正味投資利益合計は36億ドル。これに対して、前年同期は28億ドル。オルタナティブ投資のリターンの上昇を反映。



2019年12月31日時点の普通株式 1株当たりブック・バリュー は74.93ドルで、2018年12月31日時点から15%上昇。その他の包括利益累計額（AOCI）および繰り延べ税金資産（DTA）を除く普通株式
1株当たりブック・バリュー（調整後普通株式１株当たりブック・バ
リュー）*は58.89ドルで、2018年12月31日時点から7%上昇。



2019年12月31日までの12ヶ月間の普通株主資本利益率（ROCE）、
AOCIおよびDTAを除く普通株主資本利益率（調整後ROCE）*はそれ
ぞれ5.3%、8.3%。

2020年2月13日（ニューヨーク発）： アメリカン・インターナショナル・グ
ループ・インク（ニューヨーク証券取引所銘柄：AIG）は本日、2019年第4四半期のAIG普通株主に帰属する純利益が9億2,200万ドル、希薄化後普通株式1株当たりでは1.03ドルになったことを公表しました。これに対して、前年同期
はAIG普通株主に帰属する純損失が6億2,200万ドル、希薄化後普通株式1株当たりでは0.70ドルでした。この改善の主因は、損害保険事業部門のアンダーラ
イティングおよび再保険アクションの好影響、税引前正味前年以前事故年度の当年度発生戻入金1億5,300万ドル（前年同期は税引前正味前年以前事故年度の当年度発生保険金3億6,500万ドル）、税引前大規模自然災害純損失の前年同期
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FOR IMMEDIATE RELEASE
比3億8,500万ドルの減少および税引前正味投資利益の前年同期比8億3,300万ドルの増加でした。2019年第4四半期のAIG普通株主に帰属する調整後税引後利益は9億1,900万ドル、希薄化後普通株式1株当たりでは1.03ドルでした。これに対して、前年同期はAIG普通株主に帰属する調整後税引後損失5億5,900万
ドル、希薄化後普通株式1株当たりでは0.63ドルでした。この改善の主因は、損害保険事業部門のアンダーライティングおよび再保険アクションの好影響、大規模自然災害純損失の前年同期比減少および正味投資利益の前年同期比増加でした。
2019年通期のAIG普通株主に帰属する純利益は33億ドル、希薄化後普通株式1株当たりでは3.74ドルでした。これに対して、前年通期はAIG普通株主に帰属する純損失が600万ドル、希薄化後普通株式1株当たりでは0.01ドルでした。
この改善の主因は、税引前大規模自然災害純損失の前年通期比17億ドルの減少、損害保険事業部門のアンダーライティングおよび再保険アクションの好影響および主として前年通期に比べた資産増加、オルタナティブ投資リターンの上昇および満期固定証券の公正価値オプションへの金利低下の影響を反映した税引
前正味投資利益の21億ドルの増加でした。2019年通期のAIG普通株主に帰属する調整後税引後利益は41億ドル、希薄化後普通株式1株当たりでは4.59ドル
でした。これに対して、前年通期はAIG普通株主に帰属する調整後税引後利益が11億ドル、希薄化後普通株式1株当たりでは1.17ドルでした。この改善の主因は、大規模自然災害純損失の減少、正味前年以前事故年度の当年度発生戻入金（前年通期は前年以前事故年度の当年度発生正味保険金）および正味投資利益の増加でした。
AIG CEOのブライアン・デュパロウは次のように述べました。
「2019年第4四半期および2019年通期のAIGの業績は、AIGを長期的かつ持続可能な収益性を伴う成長に位置づけるために2019年を通じて実現した顕著な進展を反映したものです。2019年通期のAIG普通株主に帰属する税引後利益は41億ドル、希薄化後普通株式1株当たりでは4.59ドルとなり、調整後ROCEは8.3%となりました。2019年通期の業績の改善は広範囲にわたるものであり、各セグメントすべてが寄与してくれました。その中で最も顕著だったのが損害保険事業部門の保険引受利益の黒字転換でした。2019年通期のコンバインド・
レシオは99.6、保険事故年度の調整済みコンバインド・レシオは96.0となりました。生命保険および退職給付事業部門も、低金利およびクレジット・スプレ
ッドのタイト化という逆風が継続したにもかかわらず、堅調な決算をもたらしました。最後に、AIGはレガシー保険事業フォーティチュード・リインシュア
ランスの過半数持ち分の売却について合意に達したことをお知らせします。規制当局の承認を条件に、売却は今年半ばに完了する予定です。」「2020年に向けて、AIGを有数の保険フランチャイズにしてトップクラスの業績を誇る企業にするための戦略の遂行に焦点を絞り、2021年末までの調整後
ROCE10%実現に引き続きコミットしています。損害保険事業部門好転の一環としての努力継続に加えて、AIG 200も最優先事項です。AIG 200はAIGの長期戦略的ポジショニングを重視した複数年の全社的な変革プログラムであり、オペレーショナル・エクセレンスの達成を目指しています。私はAIGが正しい道を歩んでいると確信しており、2017年に私がAIGに入社して以来社員の皆さんが達成したことを非常に誇りに思います。AIGを待ち受ける将来への大きな期待が広がるなか、2020年は素晴らしいモメンタムを保ちながら始まりました。」

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業績概要
12月31日までの3ヶ月間

AIG普通株主に帰属する純利益（損失）AIG普通株主に帰属する希薄化後1株当たりの純利益（損失） (a)

2018

2019

（単位：百万米ドル、1株当たりの額を除く）

12月31日までの3ヶ月間
2019

2018

$

922

$

(622)

$

3,326

$

(6)

$

1.03

$

(0.70)$

3.74$(0.01)

896.4

加重平均発行済み普通株式数 – 希薄化後 (a)

887.5

889.5

910.1

調整後税引前利益（損失）：損害保険事業部門

$

778

$

(722)

$

3,533

$

(469)

生命保険および退職給付事業部門

839

623

3,458

3190

その他の事業

(586)

(420)

(2,014)(1,525)

レガシー

177

(150)

501

213

合計

$ 1,208

$

(669)

$

5,478

$

1,409

AIG普通株主に帰属する調整後税引後利益（損失）

$

919

$

(559)

$

4,084

$

1,064

$

1.03

$

(0.63)

$

4.59

$

1.17

AIG普通株主に帰属する希薄化後普通株式1株当たり調整後税引後利益（損失）(a)

普通株主資本利益率

5.7 %(4.3) %

5.3 %

0.0 %

調整後普通株主資本利益率*

7.3 %(4.6) %

8.3 %

2.1 %

調整後帰属株主資本利益率- コア*

7.6 %(4.3) %

9.2 %

2.3 %

発行済み普通株式数
普通株式1株当たりブック・バリュー
その他の包括利益累計額を除く普通株式1株当たりブ870.0$ 74.93

866.6
$

65.04

870.0
$

74.93

866.6
$

65.04

69.20

66.67

69.20

66.67

調整後普通株式１株当たりブック・バリュー*

58.89

54.95

58.89

54.95

損害保険事業部門コンバインド・レシオ

99.8

115.0

99.6

111.4

95.8

98.8

96.0

99.7

9.8 %

13.7%

12.6 %

ック・バリュー*損害保険事業部門保険事故年度の調整済みコンバイ
ンド・レシオ
AIG普通株主に帰属する調整後リターン -生命保険および退職給付事業部門*

13.0

%

(a) 損失を計上している期間については、基本平均発行済み普通株式数を用いてAIG普通株主に帰属する希薄化後
普通株式1株当たり純利益（損失）を計算しています。希薄化後株式は、2018年12月31日までの3ヶ月間の基本
株式を示しています。AIGが同期間に継続事業部門からの純損失およびAIG普通株主に帰属する調整後税引後損失を計上したためです。
別段の記載がない限り、比較はすべて、2018年4半期に対するものです。詳細については、AIG ウェブサイトの投資家向けセクションに掲載されている2019年第4四半期追加財務情報をご参照ください

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FOR IMMEDIATE RELEASE
2019年第4四半期の業績概要
損害保険事業部門–2019年第4四半期の調整後税引前利益7億7,800万ドルは保
険引受利益1,200万ドルおよび正味投資利益7億6,600万ドルによるものです。
正味前年以前事故年度の当年度発生戻入金は1億5,300万ドルとなりましたが、その主因は2017事故年度の当年度発生戻入金でした。再保険調整後の大規模自然災害純損失は4億1,100万ドルで、台風「ハギビス」による2億3,300万ドル
およびテキサス州の竜巻とカリフォルニア州の山火事による1億4,600万ドルを含みます。コンバインド・レシオは99.8でした。保険事故年度の調整済みコン
バインド・レシオは95.8となり、前年同期比230ベーシスポイント改善した保険事故年度の調整済み損害率61.6*および前年同期比70ベーシスポイント改善
した事業費率34.2から成っています。保険事故年度の調整済み損害率の低下は、事業構成および損失パフォーマンスを改善し、損害保険事業部門の保険契約総量の変動を削減するために取られたアンダーライティングおよび再保険アクシ
ョンを反映したものです。
生命保険および退職給付事業部門 – 2019年第4四半期の調整後税引前利益は前年同期比35%増の8億3,900万ドルとなりました。この増加は株式市場リター
ンの好影響、公平価値オプション債券の利益増加とコールの利益をもたらした
金利低下の好影響および基礎ポートフォリオの利益増加をもたらした資産増加を反映したものですが、これらは前年同期に比べて低下した再投資利回りおよび同事業部門への投資に起因する事業費（GOE）の小幅上昇により部分的に相殺されました。正味フローは前年同期に比べ純流出が拡大しました。主因は定額型年金保険の販売減と団体向け退職給付の解約の小幅増加でしたが、堅調な
インデックス連動型年金の販売および団体向け退職給付の販売増により部分的に相殺されました。2019年第4四半期の生命保険および退職給付事業部門の調整後ROCEは13.0%となりました。
正味投資利益 – 2019年第4四半期の正味投資利益は前年同期比30%増の36億ドルとなりました。オルタナティブ投資利益2億900万ドルを反映したものです。
前年同期は損失でした。オルタナティブ投資利益の年率利回りは2019年第4四半期に12.26%となり、AIGが同4半期に想定した年率8%を上回りました。前
年同期のオルタナティブ投資利益の年率利回りは-5.85%でした。
その他の事業 – 2019年第3四半期の調整後税引前損失は5億8,600万ドルで、連結、消去その他修正による損失1億3,300万ドルおよび利益3,100万ドルを含む前年同期の調整後税引前損失4億2,000万ドルから増加しました。連結、消去
その他修正を除くと、調整後税引前損失の小幅増加の主因は連結投資事業体の支払利息の4,400万ドル増加でした。
レガシーの業績 – 2019年第4四半期の調整後税引前利益は1億7,700万ドルでした。前年同期は1億5,000万ドル調整後税引損失でした。2018年第4四半期には医療・傷害保険の一部のがんおよび障害ブロックの損失認識に起因する税引前費用1億500万ドルが含まれていました。この費用を除くと、税引前利益の増加の主因は正味投資利益の増加でした。

普通株式１株当たりブック・バリュー – 2019年12月31日時点の普通株式１株当たりブック・バリューは 74.93ドルでした。 2018年12月31日時点では65.04ドルでした。普通株式１株当たりブック・バリューの増加は、2019年通期の純利益の結果としての留保利益の増加および固定満期ポートフォリオの金利低下に伴うAOCIの増加を反映したものです。調整後普通株式１株当たりブック・バリューは、前年通期末比7%増の58.89ドルとなりました。2019年124FOR IMMEDIATE RELEASE
月31日までの12ヶ月間のAIG普通株主に帰属する純利益33億ドルにより留保利益が増加したことがその要因です。
普通株主資本利益率（ROCE） – 2019年第4四半期および2019年12月31日までの12ヶ月間のROCEはそれぞれ5.7%、5.3%となり、AIG普通株主に帰属する純利益の増加により、前年同期および2018年12月31日までの12ヶ月間に比べ大幅に改善しました。2019年第4四半期および2019年12月31日までの12ヶ月間の調整後ROCEはそれぞれ7.3%、8.3%となり、AIG普通株主に帰属する
調整後税引後利益の増加により、前年同期および2018年2018年12月31日までの12ヶ月間のそれぞれ-4.6%、2.1%から改善しました。
流動性および資本 – 2019年12月31日時点のAIGの親会社流動資産は約76億ドルでした。これには内国歳入庁（IRS）の予想される税額査定により2020年第1四半期にも支払われる可能性のある17億ドルが含まれています。
損害保険事業部門

12月31日までの3ヶ月間
2019（単位：百万米ドル）

2018

増減

損害保険事業部門合計
総収入保険料

$

7,306

$

7,699

(5) %

正味収入保険料

$

5,830

$

6,424

(9)

保険引受利益（損失）

$

12

$

(1,071)

NM

調整後税引前利益（損失）

$

778

$

(722)

NM

65.6

80.1

(14.5) pts

大規模自然災害による損失および復活保険料(6.5)(11.3)

4.8

前年以前事故発生年度の当年度発生保険金

2.2

(5.3)

7.5

調整再保険料

0.3

0.4

(0.1)

保険事故年度の調整済み損害率

61.6

63.9

(2.3)

事業費率

34.2

34.9

(0.7)

コンバインド・レシオ

99.8

115.0

(15.2)

保険事故年度の調整済みコンバインド・レシオ

95.8

98.8

(3.0)

引受に関する比率:
損害率
控除: 損害率に対する影響：

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損害保険事業部門 – 北米
12月31日までの3ヶ月間（単位：百万米ドル）

2019

2018

増減

北米
正味収入保険料

$

2,944

(4) %

1,990

2,161

(8)

824

783

5

(871)

98

(111)

(541)

79

92

(330)

NM

(575)

NM

71.7

94.6

(22.9)

大規模自然災害による損失および復活保険料(9.8)(19.6)

9.8

前年以前事故発生年度の当年度発生保険金

3.1(10.0)

13.1

調整再保険料

0.7

0.9

(0.2)

保険事故年度の調整済み損害率

65.7

65.9

(0.2)

事業費率

28.9

30.7

(1.8)

コンバインド・レシオ

100.6

125.3

(24.7)

保険事故年度の調整済みコンバインド・レシオ

94.6

96.6

(2.0)

80.7

93.6

(12.9) pts

大規模自然災害による損失および復活保険料

(8.0)

(9.8)

1.8

前年以前事故発生年度の当年度発生保険金(2.1)(13.3)

11.2

調整再保険料

0.7

1.2

(0.5)

保険事故年度の調整済み損害率

71.3

71.7

(0.4)

事業費率

24.1

27.3

(3.2)

コンバインド・レシオ

104.8

120.9

(16.1)

保険事故年度の調整済みコンバインド・レシオ

95.4

99.0

(3.6)

コマーシャル・ライン
個人向け損害保険$

保険引受利益（損失）コマーシャル・ライン
個人向け損害保険$

調整後税引前利益（損失）

2,814

(19)

622

$

$

$

引受に関する比率：
北米
損害率

pts

控除: 損害率に対する影響：

北米コマーシャル・ライン
損害率
控除: 損害率に対する影響：

6

FOR IMMEDIATE RELEASE
9月30日までの3ヶ月間（単位：百万米ドル）

2019

2018

増減

北米個人向け損害保険
損害率

45.7

98.0

(52.3) pts

大規模自然災害による損失および復活保険料(14.8)(49.8)

35.0

前年以前事故発生年度の当年度発生保険金

17.8

-

17.8

調整再保険料

0.6

-

0.6

保険事故年度の調整済み損害率

49.3

48.2

1.1

事業費率

42.9

41.6

1.3

コンバインド・レシオ

88.6

139.6

(51.0)

保険事故年度の調整済みコンバインド・レシオ

92.2

89.8

2.4

控除:損害率に対する影響：

損害保険事業部門 北米 – コメント


正味収入保険料は4%減の28億ドルとなりました。アンダーライティング・
アクションおよび2019年の再保険プログラムの変更が主因でした。



税引前引受損失は1,900万ドルとなりました。これには再保険調整後の大規
模自然災害損失3億1,300万ドルが含まれており、その内訳は北米コマーシャル・ラインが1億9,300万ドル、北米個人向け損害保険が1億2,000万ドルでした。正味前年以前事故年度の当年度発生戻入金は主として2017年の当年度発生大規模自然災害戻入金および当年度発生労災補償戻入金によるもの
ですが、これは米国フィナンシャル・ラインおよびプライマリー・コンストラクション・ラップのラン・オフ事業の当年度発生保険金により部分的に相殺されました。



北米コンバインド・レシオは100.6となり、大規模自然災害による損失関連の9.8ポイントおよび正味前年以前事故年度の当年度発生戻入金-3.1ポイ
ントが含まれています。保険事故年度の調整済みコンバインド・レシオは94.6となり、保険事故年度の調整済み損害率65.7および事業比率28.9が含まれています。保険事故年度の調整済み損害率の0.2ポイント改善は、アン
ダーライティングおよび再保険アクションの好影響を反映したものですが、これは農作物保険の損失拡大により部分的に相殺されました。



事業比率の1.8ポイント低下は事業構成変更に伴う新規契約獲得費用率の2.0ポイント減少を主因としたものですが、これはGOE率の0.2ポイント増
加により部分的に相殺されました。

7

FOR IMMEDIATE RELEASE
損害保険事業部門 – 北米外
12月31日までの3ヶ月間
2019（単位：百万米ドル）

2018

増減

北米外
正味収入保険料

$

3,016

$

3,480

(13) %

コマーシャル・ライン

1,379

1,561

(12)

個人向け損害保険

1,637

1,919

(15)

(200)

NM

保険引受利益（損失）

$

31

$

コマーシャル・ライン

(25)

(251)

90

個人向け損害保険

56

51

10

(147)

NM

59.7

66.8

(7.1) pts

大規模自然災害による損失および復活保険料

(3.4)

(3.7)

0.3

前年以前事故発生年度の当年度発生保険金

1.4

(1.0)

2.4

事故発生年度の調整済み損害率

57.7

62.1

(4.4)

事業費率

39.4

38.6

0.8

コンバインド・レシオ

99.1

105.4

(6.3)

保険事故年度の調整済みコンバインド・レシオ

97.1

100.7

(3.6)

65.4

80.5

(15.1) pts

大規模自然災害による損失および復活保険料

(3.3)

(7.2)

3.9

前年以前事故発生年度の当年度発生保険金

(1.1)

(4.1)

3.0

事故発生年度の調整済み損害率

61.0

69.2

(8.2)

事業費率

36.2

33.1

3.1

コンバインド・レシオ

101.6

113.6

(12.0)

保険事故年度の調整済みコンバインド・レシオ

97.2

102.3

(5.1)

調整後税引前利益（損失）

$

156

$

引受に関する比率：

北米外
損害率
控除:損害率に対する影響：

北米外・コマーシャル・ライン
損害率
控除:損害率に対する影響：

8

FOR IMMEDIATE RELEASE
9月30日までの3ヶ月間（単位：百万米ドル）

2019

2018

増減

北米外個人向け損害保険
損害率

54.5

53.4

1.1 pts

大規模自然災害による損失および復活保険料

(3.3)

(0.2)

(3.1)

前年以前事故発生年度の当年度発生保険金

3.5

2.0

1.5

事故発生年度の調整済み損害率

54.7

55.2

(0.5)

事業費率

42.3

43.9

(1.6)

コンバインド・レシオ

96.8

97.3

(0.5)

保険事故年度の調整済みコンバインド・レシオ

97.0

99.1

(2.1)

控除:損害率に対する影響：

損害保険事業部門 北米外 – コメント


正味収入保険料は、アンダーライティングおよび2019年再保険プログラムの変更により、報告、実質両ベースで13%減少しました。



税引前引受利益は3,100万ドルとなりました。これには再保険調整後の大規模自然災害による損失9,800万ドルが含まれていますが、このうち5,100万ドルは北米外個人向け損害保険、4,700万ドルは北米外コマーシャル・ラインにそれぞれ関連しています。正味前年以前事故年度の当年度発生戻入金は4,400万ドルとなりました。北米外個人向け損害保険の正味
前年以前事故年度の当年度発生戻入金が6,100万ドルとなりましたが、これは北米外コマーシャル・ラインの正味前年以前事故年度の当年度発生保
険金1,700万ドルによって部分的に相殺されました。



北米外コンバインド・レシオは99.1となり、前年同期の105.4から低下しました。保険事故年度の調整済みコンバインド・レシオは97.1となり、保険事故年度の調整済み損害率57.7および事業比率39.4が含まれています。
保険事故年度の調整済み損害率の4.4ポイント低下は特殊保険、タルボッ
ト・ホールディングス Ltd.および日本における個人向け自動車保険の改善が主因です。



事業費率は0.8ポイント上昇しましたが、これはGOE率の0.7ポイント上昇
および新規契約獲得費用率の0.1ポイント上昇が主因でした。

9

FOR IMMEDIATE RELEASE

生命保険および退職給付事業部門
12月31日までの3ヶ月間（単位：百万米ドル）

20192

2018

増減

生命保険および退職給付
収入保険料および手数料

$

1,695

$

1,917

(12) %

正味投資利益

2,071

1,921

8

調整後収益

4,000

4,065

(2)

給付、損失および費用

3,161

3,442

(8)

839

623

35

7,060

8,166

(14)

調整後税引前利益
収入保険料および預かり資産
個人向け退職給付
収入保険料および手数料

$

248

$

209

19 %

正味投資利益

1,019

912

12

調整後収益

1,421

1,276

11

給付、損失および費用

920

949

(3)

調整後税引前利益

501

327

53

収入保険料および預かり資産

3,156

4,225

(25)

正味フロー

(963)

(510)

(89)

団体向け退職給付
収入保険料および手数料

$

114

$

111

3 %

正味投資利益

537

517

4

調整後収益

722

682

6

給付、損失および費用

513

523

(2)

調整後税引前利益

209

159

31

収入保険料および預かり資産

2,312

2,106

10

正味フロー

(809)

(628)

(29)

生命保険
収入保険料および手数料

$

791

$

741

7 %

正味投資利益

288

287

-

調整後収益

1,088

1,045

4

給付、損失および費用

1,037

958

8

51

87

(41)

1,047

987

6

調整後税引前利益
収入保険料および預かり資産

10

FOR IMMEDIATE RELEASE
9月30日までの3ヶ月間（単位：百万米ドル）

2019

2018

増減

856

(37) %

機関投資家市場
収入保険料および手数料

$

542

$

正味投資利益

227

205

11

調整後収益

769

1,062

(28)

給付、損失および費用

691

1,012

(32)

調整後税引前利益

78

50

56

収入保険料および預かり資産

545

848

(36)

生命保険および退職給付事業部門 – コメント


生命保険および退職給付事業部門は、個人向け退職給付および団体向け退職給付の業績改善を主因に、調整後税引前利益8億3,900万ドルを計上しました。これに対して、前年同期は6億2,300万ドルでした。収入保険料および預かり資産は前年同期比14%減の71億ドルとなり、金利低下による定額型年金預かり資産の減少が主因でした。正味フローは引き続き純流出でした。



個人向け退職給付は調整後税引前利益5億100万ドルを計上しました。これに対して、前年同期は3億2,700万ドルでした。調整後税引前利益の改善は、
株式市場リターンの好影響、金利低下が公正価値オプション債券の利益を押し上げた好影響および2019年を通じたインデックス連動型年金資産増加に起因する利益増加の結果ですが、これは再投資利回り低下に起因するス
プレッド圧縮の持続により部分的に相殺されました。2019年第4四半期のリテール向けミューチュアル・ファンドを除く正味フロー総額は純流入となりましたが、低金利環境に起因するインデックス連動型年金の販売減少を主因に、前年同期比では減少しました。



団体向け退職給付は調整後税引前利益2億900万ドルを計上しました。これに対して、前年同期は1億5,900万ドルでした。調整後税引前利益の改善の主因は株式市場リターンの好影響でしたが、これは本事業への投資に関連するGOEの増加で部分的に相殺されました。正味フローは解約増加を主因に引き続きマイナスでした。



生命保険は調整後税引前利益5,100万ドルを計上しました。前年同期は8,700万ドルの調整後税引前利益でした。前年同期の支払準備金の改善は2019年第4四半期の死亡率低下で部分的に相殺されました 。



機関投資家市場は調整後税引前利益7,800万ドルを計上しました。前年同期は5,000万ドルの調整後税引前利益でした。調整後税引前利益の増加は年金リスク移転および保証投資契約（GIC）の増加を背景とする資産ベースの拡大に伴う正味投資利益の増加によるものです。

* 一般に公正妥当と認められた会計原則に従って計算されていない（非GAAP）財務指標を指しています。
非GAAP財務指標の定義および最も近いGAAP指標への調整については、本ニュースリリースの「レギュレーションGおよび非GAAP財務指標に関する注釈」の見出しの項をご覧ください。
11

FOR IMMEDIATE RELEASEAIG グループは、世界の保険業界のリーダーであり、80 以上の国や地域でお客さまにサービスを提供しています。創業以来の100年の経験に基づき、現在では、損害保険、生命保険、退職給付およびその他の金融サービスを幅広く提供しています。AIGグループの商品・サービスを通じた多岐にわたるサポートは、法人および個人のお客さまの資産を守り、リスクマネジメントおよび確かなリタイヤメント・セキュリティをお届けします。
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AIGの追加情報についてはwww.aig.com |You Tube : www.youtube.com/aig | Twitter :@AIGinsurance www.twitter.com/AIGinsurance |LinkedIn : http://www.linkedin.com/company/aig
を参照ください。AIGに関する追加情報を記載しているこれら参照先は便宜上提供されており、かかるウェブサイトに記載されている情報は、参照することにより本プレスリリースに組み込まれていません。
AIGとは、AIG, Inc.傘下の全世界の損害保険、生命保険、リタイヤメント・サービス事業ならびに一般的な保険事業のマーケティング名です。より詳細な情報については当社のホームページ（ www.aig.com ）を参照ください。全ての商品およびサービスはAIG, Inc.傘下の子会社または関連会社により引き受けまたは提供
されています。これらの商品およびサービスは一部の国では利用できない可能性があり、実際の契約に準拠します。保険以外の商品・サービスは、独立した第三者によって提供されることがあります。一部の損害保険の補償については、サープラス・ラインの保険会社によって提供される可能性があります。サープラス・
ラインの保険会社は、一般的に米国州政府保証基金に加入しないため、当該基金による保証は行われません。

12

FOR IMMEDIATE RELEASE

Press Release

Contacts:
Sabra Purtill (Investors): 212-770-7074; sabra.purtill@aig.com
Daniel O’Donnell (Media): 212-770-3141; daniel.odonnell@aig.com
Claire Talcott (Media): 212-458-6343; claire.talcott@aig.com

AIG
175 Water Street
New York, NY 10038
www.aig.com

AIG Reports Fourth Quarter and Full Year 2019 Results












Net income attributable to AIG common shareholders was $922 million, or $1.03 perdiluted common share, for the fourth quarter of 2019, compared to a net loss
attributable to AIG common shareholders of $622 million, or $0.70 per common share,in the prior-year quarter.
Adjusted after-tax income attributable to AIG common shareholders* was $919
million, or $1.03 per diluted common share, for the fourth quarter of 2019, compared toan adjusted after-tax loss attributable to AIG common shareholders of $559 million, or$0.63 per common share, in the prior-year quarter.
General Insurance posted a combined ratio of 99.8 and an accident year combined
ratio, as adjusted*, of 95.8, compared to 115.0 and 98.8, respectively, in the prior-year
quarter, driven by lower catastrophe losses, continued underwriting and reinsurance
actions, and expense discipline. For full year 2019, General Insurance posted a
combined ratio of 99.6 and an accident year combined ratio, as adjusted, of 96.0,
compared to 111.4 and 99.7, respectively, in the prior year.
Life and Retirement adjusted pre-tax income of $839 million compared to $623 million
in the prior-year quarter.
Total consolidated net investment income was $3.6 billion in the fourth quarter of 2019
compared to $2.8 billion in the prior-year quarter, reflecting higher alternative
investment returns.
Book Value per common share was $74.93 at December 31, 2019, an increase of 15%
compared to December 31, 2018. Book value per common share excluding
accumulated other comprehensive income (AOCI) and deferred tax assets (DTA)(Adjusted book value per common share)* was $58.89, an increase of 7% compared to
December 31, 2018.
Return on Common Equity (ROCE) and Return on Common Equity excluding AOCI
and DTA (Adjusted ROCE)* were 5.3% and 8.3%, respectively, for the twelve months
ended December 31, 2019.

NEW YORK, February 13, 2020 - American International Group, Inc. (NYSE: AIG) today
reported net income attributable to AIG common shareholders of $922 million, or $1.03 perdiluted common share, for the fourth quarter of 2019, compared to a net loss attributable to
AIG common shareholders of $622 million, or $0.70 per common share, in the prior-year
quarter. The improvement was primarily due to the favorable impact of General Insurance* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP);
definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release
under the heading Comment on Regulation G and Non-GAAP Financial Measures.

1

FOR IMMEDIATE RELEASE

underwriting and reinsurance actions, favorable net prior year loss reserve development of$153 million (pre-tax) compared to unfavorable net prior year loss reserve development of$365 million (pre-tax) in the prior-year quarter, a reduction in pre-tax net catastrophe losses of$385 million compared to the prior-year quarter, and an increase of $833 million (pre-tax) in
net investment income compared to the prior-year quarter. Adjusted after-tax income
attributable to AIG common shareholders was $919 million, or $1.03 per diluted commonshare, for the fourth quarter of 2019, compared to an adjusted after-tax loss attributable to AIG
common shareholders of $559 million, or $0.63 per common share, in the prior-year quarter.
The improvement was primarily due to the favorable impact of General Insurance underwriting
and reinsurance actions, lower catastrophe losses and an increase in net investment income
compared to the prior-year quarter.
For the full year of 2019, net income attributable to AIG common shareholders was $3.3
billion, or $3.74 per diluted common share, compared to a net loss attributable to AIG commonshareholders of $6 million, or $0.01 per common share, in the prior year. The improvement
was primarily due to a reduction in net catastrophe losses of $1.7 billion (pre-tax) compared tothe prior year; the favorable impact of General Insurance underwriting and reinsurance actions;and an increase in net investment income of $2.1 billion (pre-tax) primarily reflecting asset
growth, an increase in alternative returns, and the impact of lower interest rates on fair value
option on fixed maturity securities compared to the prior year. Adjusted after-tax income
attributable to AIG common shareholders was $4.1 billion, or $4.59 per diluted common share,
for the full year of 2019, compared to $1.1 billion, or $1.17 per diluted common share, in theprior year. The improvement was primarily due to lower catastrophe losses, favorable net prioryear loss reserve development compared to unfavorable net prior year loss reserve
development in the prior year, and higher net investment income.
Brian Duperreault, AIG’s Chief Executive Officer, said: “Our financial results for the fourth
quarter and for full year 2019 reflect the significant progress we made over the course of 2019
to position AIG for long-term, sustainable and profitable growth. For the full year 2019, aftertax income attributable to common shareholders was $4.1 billion, or $4.59 per diluted share,
and Adjusted ROCE was 8.3%. The improvement in our financial performance over the courseof last year was broad-based, with contributions from all of our segments, but most notable was
the return to underwriting profitability in General Insurance. The full year combined ratio was
99.6% and the accident year combined ratio, as adjusted, was 96.0%. Life & Retirement alsodelivered solid results in the face of continued headwinds from low interest rates andtightening credit spreads. Finally, we were pleased to announce that we reached an agreement
to sell a majority stake in Fortitude Re, our legacy insurance business, which is scheduled toclose mid-year, subject to regulatory approvals.
“As we look to 2020, we will continue to be laser focused on executing on our strategy toposition AIG as both a leading insurance franchise and a top-performing company and weremain committed to achieving a 10% Adjusted ROCE by the end of 2021. In addition tocontinued work as part of the turnaround of General Insurance, AIG 200 will be a top priority.
AIG 200 is our multi-year, enterprise-wide transformation program focused on the long-term
strategic positioning of AIG and designed to achieve operational excellence. I remain confident
we are on the right path at AIG and am very proud of what our colleagues accomplished since I
2

FOR IMMEDIATE RELEASE

joined the company in 2017. We entered 2020 with great momentum and excitement about
what the future holds for AIG,” Mr. Duperreault added.

FINANCIAL SUMMARY
Three Months Ended
December 31,($ in millions, except per common share amounts)
Net income (loss) attributable to AIG common shareholders
Net income (loss) per diluted share attributable to AIG commonshareholders (a)

$

2019
922

$

2018
(622)

$

2019
3,326

$

(6)

$

1.03

$

(0.70)$

3.74$(0.01)

896.4

887.5
(722)
623
(420)
(150)
(669)

$

$

778 $
839
(586)
177
1,208 $

$

919

$

$

1.03

$

Weighted average common shares outstanding - diluted (a)Adjusted pre-tax income (loss):
General InsuranceLife and Retirement
Other Operations
LegacyTotal
Adjusted after-tax income (loss) attributable to AIG commonshareholders
Adjusted after-tax income (loss) per diluted share attributable
to AIG common shareholders (a)

$

5.7 %
7.3 %
7.6 %

Return on common equity
Adjusted return on common equity
Adjusted return on attributed common equity - Core*
Common shares outstanding
Book value per common share
Book value per common share, excluding accumulated othercomprehensive income*
Adjusted book value per common share

Twelve Months Ended
December 31,

$

870.0
74.93

$

2018

889.5

910.1

$

3,533 $
3,458
(2,014)501
5,478 $

(469)
3,190
(1,525)
213
1,409

(559)

$

4,084

$

1,064

(0.63)

$

4.59

$

1.17

(4.3) %
(4.6) %
(4.3) %
866.6
65.04

5.3 %
8.3 %
9.2 %

$

870.0
74.93

$

0.0 %
2.1 %
2.3 %
866.6
65.04

69.20
58.89

66.67
54.95

69.20
58.89

66.67
54.95

General Insurance Combined ratio
General Insurance Accident year combined ratio, as adjusted

99.8
95.8

115.0
98.8

99.6
96.0

111.4
99.7

Adjusted return on attributed common equity - Life and Retirement*

13.0 %

13.7 %

12.6 %

9.8 %(a) For periods reporting a loss, basic average common shares outstanding are used to calculate net income (loss) per diluted share
attributable to AIG common shareholders. Diluted shares represent basic shares for the three-month period ended December 31, 2018
because we reported a net loss and an adjusted after-tax loss attributable to AIG common shareholders from continuing operations in that
period.

All comparisons are against the fourth quarter of 2018, unless otherwise indicated. Refer to the AIG Fourth
Quarter 2019 Financial Supplement, which is posted on AIG's website in the Investors section, for further
information.

3

FOR IMMEDIATE RELEASE

FOURTH QUARTER 2019 HIGHLIGHTS
General Insurance – Fourth quarter adjusted pre-tax income of $778 million was comprised ofunderwriting income of $12 million and net investment income of $766 million. Favorable net
prior year loss reserve development totaled $153 million and was primarily due to favorable
net prior year loss reserve development for accident year 2017. Catastrophe-related losses, netof reinsurance, totaled $411 million, including $233 million from Typhoon Hagibis and $146
million from Texas tornadoes and California wildfires. The combined ratio was 99.8. The
accident year combined ratio, as adjusted, was 95.8, comprised of a 61.6 accident year loss
ratio, as adjusted*, an improvement of 230 basis points from the prior-year quarter, and an
expense ratio of 34.2, an improvement of 70 basis points from the prior-year quarter. The
decrease in accident year loss ratio, as adjusted, reflected the underwriting and reinsurance
actions taken to improve business mix and loss performance, and to reduce volatility in the
General Insurance book of business.
Life and Retirement – Fourth quarter adjusted pre-tax income increased 35% to $839 million
compared to the prior-year quarter. The increase reflected favorable impacts from equity
market returns, favorable impacts from lower interest rates resulting in higher income on fairvalue option bonds and gains on calls, and higher assets driving higher base portfolio income,partially offset by spread compression due to lower reinvestment yields and slightly higher
general operating expenses (GOE) from investments in the business compared to the prior-year
quarter. Net flows were unfavorable compared to the prior-year quarter primarily due to lower
Fixed Annuity sales and slightly higher group surrenders, partially offset by strong Index
Annuity sales and higher group acquisition sales. Life and Retirement’s Adjusted ROCE forthe fourth quarter of 2019 was 13.0%.
Net Investment Income – Fourth quarter net investment income increased 30% to $3.6 billion
reflecting higher alternative investment income of $209 million compared to a loss in the prioryear quarter. Annualized yield for alternative investment income was 12.26% for the fourth
quarter of 2019, above AIG’s 8% annualized assumption for the quarter, compared to -5.85%
in the prior-year quarter.
Other Operations – Fourth quarter adjusted pre-tax loss of $586 million increased from anadjusted pre-tax loss of $420 million in the prior-year quarter, which included a loss of $133
million and a gain of $31 million, respectively, from consolidation, eliminations and otheradjustments. Net of consolidation, eliminations and other adjustments, the slight increase in the
pre-tax loss was primarily due to an increase in interest expense from consolidated investment
entities of $44 million.
Legacy Results – Fourth quarter adjusted pre-tax income of $177 million compared to adjusted
pre-tax loss of $150 million in the prior-year quarter. The fourth quarter of 2018 included a$105 million pre-tax charge resulting from loss recognition on certain Accident & Healthcancer and disability blocks. Excluding the charge, the increase in pre-tax income wasprimarily due to higher net investment income.
Book Value per Common Share – As of December 31, 2019, book value per common share
was $74.93 compared to $65.04 at December 31, 2018 reflecting an increase in retained
4FOR IMMEDIATE RELEASE

earnings as a result of 2019 net income and an increase in AOCI as a result of lower interest
rates on the fixed maturity portfolio. Adjusted book value per common share increased 7% to$58.89 compared to the prior year end due to growth in retained earnings as a result of $3.3
billion of net income attributable to AIG common shareholders in the twelve months ended
December 31, 2019.
Return on Common Equity (ROCE) – ROCE for the fourth quarter and the twelve months
ended December 31, 2019 was 5.7% and 5.3%, respectively, a significant improvement fromthe prior-year quarter and the twelve months ended December 31, 2018, due to higher net
income attributable to AIG. Adjusted ROCE for the fourth quarter and twelve months ended
December 31, 2019 was 7.3% and 8.3%, respectively, an improvement from (4.6)% and 2.1%
in the prior-year quarter and twelve months ended December 31, 2018, respectively, due tohigher adjusted after-tax income attributable to AIG common shareholders.
Liquidity and Capital – As of December 31, 2019, AIG Parent liquidity stood at approximately$7.6 billion, including $1.7 billion to be paid for an expected tax settlement with the Internal
Revenue Service, which could be made as early as the first quarter of 2020.

GENERAL INSURANCE
Three Months Ended December 31,($ in millions)
Total General Insurance
Gross premiums written
Net premiums written
Underwriting income (loss)
Adjusted pre-tax income (loss)
Underwriting ratios:
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Adjustments for ceded premium under reinsurance
contracts and otherAccident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted

5

2019
$
$
$
$

2018

7,306
5,830
12
778

$
$
$
$

Change7,699
6,424(1,071)
(722)

(5) %
(9)
NM
NM

65.6

80.1

(14.5) pts

(6.5)
2.2

(11.3)
(5.3)

4.8
7.5

0.3
61.6
34.2
99.8
95.8

0.4
63.9
34.9
115.0
98.8

(0.1)
(2.3)
(0.7)
(15.2)(3.0)

FOR IMMEDIATE RELEASE

General Insurance - North America
Three Months Ended December 31,($ in millions)North America
Net premiums written
Commercial Lines
Personal Insurance

2019

2018

Change

$

2,814
1,990
824

$

2,944
2,161
783

(4) %
(8)
5

Underwriting income (loss)
Commercial Lines
Personal Insurance$(19) $
(111)
92

(871)
(541)
(330)

98
79
NM

Adjusted pre-tax income (loss)

$

622

(575)

NM

71.7

94.6

(22.9) pts

(9.8)
3.1

(19.6)(10.0)

9.8
13.1

0.7
65.7
28.9
100.6
94.6

0.9
65.9
30.7
125.3
96.6

(0.2)
(0.2)
(1.8)
(24.7)
(2.0)

80.7

93.6

(12.9) pts

(8.0)
(2.1)

(9.8)
(13.3)

1.8
11.2

0.7
71.3
24.1
104.8
95.4

1.2
71.7
27.3
120.9
99.0

(0.5)
(0.4)
(3.2)
(16.1)
(3.6)

45.7

98.0

(52.3) pts(14.8)
17.8(49.8)
-

35.0
17.8

0.6
49.3
42.9
88.6
92.2

48.2
41.6
139.6
89.8

0.6
1.1
1.3
(51.0)
2.4

Underwriting ratios:
North America
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Adjustments for ceded premium under reinsurance
contracts and otherAccident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted
North America Commercial Lines
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Adjustments for ceded premium under reinsurance
contracts and otherAccident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted
North America Personal Insurance
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Adjustments for ceded premium under reinsurance
contract
Accident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted

6$

FOR IMMEDIATE RELEASE

General Insurance North America – Commentary7Net premiums written decreased by 4% to $2.8 billion primarily due to underwriting
actions and changes in reinsurance programs in 2019.



A pre-tax underwriting loss of $19 million included $313 million of catastrophe losses,
net of reinsurance, of which $193 million were in North America Commercial Lines
and $120 million in North America Personal Insurance. Favorable net prior year loss
reserve development was driven by favorable 2017 catastrophe loss reserve
development and favorable workers’ compensation loss reserve development, partially
offset by unfavorable loss reserve development for U.S. Financial Lines and Primary
Construction Wrap run-off business.



The North America combined ratio of 100.6 included 9.8 points of catastrophe losses
and reinstatement premiums and (3.1) points of favorable net prior year loss reserve
development. The accident year combined ratio, as adjusted, was 94.6, comprised of a65.7 accident year loss ratio, as adjusted, and a 28.9 expense ratio. The 0.2 points
improvement in the accident year loss ratio, as adjusted, reflected the beneficial impactof underwriting and reinsurance actions, partially offset by higher crop losses.



The 1.8 points decrease in the expense ratio was largely driven by 2.0 points reductionin acquisition ratio due to changes in business mix, partially offset by 0.2 points
increase in the GOE ratio.

FOR IMMEDIATE RELEASE

General Insurance - International
Three Months Ended December 31,($ in millions)International
Net premiums written
Commercial Lines
Personal Insurance

2019
$

2018

3,016
1,379
1,637

Change

$

3,480
1,561
1,919

(13) %(12)(15)

Underwriting income (loss)
Commercial Lines
Personal Insurance

$

31 $
(25)
56

(200)
(251)
51

NM
90
10

Adjusted pre-tax income (loss)

$

156

(147)

NM

59.7

66.8

(7.1) pts

(3.4)
1.4
57.7
39.4
99.1
97.1

(3.7)
(1.0)
62.1
38.6
105.4
100.7

0.3
2.4
(4.4)
0.8
(6.3)
(3.6)

65.4

80.5

(15.1) pts

(3.3)
(1.1)
61.0
36.2
101.6
97.2

(7.2)
(4.1)
69.2
33.1
113.6
102.3

3.9
3.0
(8.2)
3.1
(12.0)
(5.1)

54.5

53.4

1.1 pts

(3.3)
3.5
54.7
42.3
96.8
97.0

(0.2)
2.0
55.2
43.9
97.3
99.1

(3.1)
1.5
(0.5)
(1.6)
(0.5)
(2.1)

Underwriting ratios:
International
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Accident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted
International Commercial Lines
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Accident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted
International Personal Insurance
Loss ratio
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
Prior year development
Accident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted

8$

FOR IMMEDIATE RELEASE

General Insurance International – CommentaryNet premiums written decreased 13% on a reported and constant dollar basis due tounderwriting and changes in reinsurance programs in 2019.

Pre-tax underwriting income of $31 million included $98 million of catastrophe losses,
net of reinsurance, of which $51 million related to International Personal Insurance and$47 million related to International Commercial Lines. Favorable net prior year loss
reserve development was $44 million, with $61 million of favorable net prior year loss
reserve development in International Personal Insurance, partially offset by $17 millionof unfavorable net prior year loss reserve development in International Commercial
Lines.

The International combined ratio was 99.1, down from 105.4 in the prior-year quarter.
The accident year combined ratio, as adjusted, of 97.1 was comprised of a 57.7
accident year loss ratio, as adjusted, and a 39.4 expense ratio. The 4.4 points decreasein the accident year loss ratio, as adjusted, was primarily driven by Specialty Lines,
Talbot Holdings, Ltd. and Japanese Personal Auto.



The expense ratio increased 0.8 points primarily due to a 0.7 points increase in the
GOE ratio and 0.1 points increase in the acquisition ratio.

LIFE AND RETIREMENT

Three Months Ended December 31,($ in millions)Life and Retirement
Premiums & fees
Net investment income
Adjusted revenues
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits
Individual Retirement
Premiums & fees
Net investment income
Adjusted revenues
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits
Net flows

9

2019

2018

Change

$

1,695
2,071
4,000
3,161
839
7,060

$

1,917
1,921
4,065
3,442
623
8,166

(12) %
8
(2)
(8)
35
(14)

$

248 $
1,019
1,421
920
501
3,156
(963)

209
912
1,276
949
327
4,225
(510)

19 %
12
11
(3)
53
(25)
(89)

FOR IMMEDIATE RELEASE

Three Months Ended December 31,($ in millions)Group Retirement
Premiums & fees
Net investment income
Adjusted revenues
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits
Net flows
Life Insurance
Premiums & fees
Net investment income
Adjusted revenues
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits
Institutional Markets
Premiums & fees
Net investment income
Adjusted revenues
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits

2019

2018

Change

$

114 $
537
722
513
209
2,312
(809)

111
517
682
523
159
2,106
(628)

3 %
4
6
(2)
31
10
(29)

$

791 $
288
1,088
1,037
51
1,047

741
287
1,045
958
87
987

7 %
4
8
(41)
6

$

542 $
227
769
691
78
545

856
205
1,062
1,012
50
848

(37) %
11
(28)
(32)
56
(36)

Life and Retirement – Commentary10Life and Retirement reported adjusted pre-tax income of $839 million compared to$623 million in the prior-year quarter primarily due to better Individual and Group
Retirement results. Premiums and deposits decreased 14% to $7.1 billion compared tothe prior-year quarter primarily due to lower Fixed Annuities deposits driven by lower
interest rates. Net flows continue to be negative.

Individual Retirement reported adjusted pre-tax income of $501 million compared to$327 million in the prior-year quarter. Adjusted pre-tax income improved as a result offavorable impacts from equity market returns, favorable impacts from lower interest
rates driving higher income on fair value option bonds, and higher income resulting
from growth in Index Annuity assets throughout 2019, partially offset by continued
spread compression as a result of lower reinvestment yields compared to the prior-year
quarter. Total net flows excluding Retail Mutual Funds were positive in the quarter, but
lower compared to the prior-year period, driven by lower Fixed Annuity sales resulting
from the lower interest rate environment.

Group Retirement reported adjusted pre-tax income of $209 million compared to $159
million in the prior-year quarter. The improvement in adjusted pre-tax income wasdriven by the favorable impacts from equity market returns, partially offset by higher

FOR IMMEDIATE RELEASE

GOE related to investments in the business. Net flows remain negative primarily due tohigher surrenders compared to the prior-year quarter.
Life Insurance reported adjusted pre-tax income of $51 million compared to adjusted
pre-tax income of $87 million in the prior-year quarter as favorable reserve refinementsin the prior-year quarter were partially offset by favorable mortality in the current
quarter.



Institutional Markets adjusted pre-tax income of $78 million compared to $50 million
in the prior-year quarter increased due to higher net investment income on a growing
asset base driven by growth in Pension Risk Transfer and GIC reserves.

CONFERENCE CALL
AIG will host a conference call today, Thursday, February 13, 2020 at 9:00 a.m. ET to review theseresults. The call is open to the public and can be accessed via a live listen-only webcast in theInvestors section of www.aig.com. A replay will be available after the call at the same location.
###

Additional supplementary financial data is available in the Investors section at www.aig.com.
The conference call (including the financial results presentation material), the earnings release andthe financial supplement may include, and officers and representatives of AIG may from time totime make and discuss, 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 a 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 “will,” “believe,” “anticipate,”“expect,” “intend,” “plan,” “focused on achieving,” “view,” “target,” “goal” or “estimate.” These
projections, goals, assumptions and statements may relate to future actions, prospective services or
products, future performance or results of current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings, anticipated organizational,
business or regulatory changes, anticipated sales, monetization and/or acquisitions of businesses orassets, or successful integration of acquired businesses, management succession and retention
plans, exposure to risk, trends in operations and financial results.
It is possible that AIG’s actual results and financial condition will differ, possibly materially, fromthe 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 thespecific projections, goals, assumptions and statements include:11changes in market and industry conditions;the occurrence of catastrophic events, both natural and man-made, and the effects ofclimate change;

FOR IMMEDIATE RELEASE

















AIG’s ability to effectively execute on AIG 200 operational programs designed toachieve underwriting excellence, modernization of AIG’s operating infrastructure,enhanced user and customer experiences and unification of AIG;
AIG’s ability to consummate the sale of its controlling interest in Fortitude Holdings and
AIG’s ability to successfully manage Legacy Portfolios;changes in judgments concerning potential cost saving opportunities;
actions by credit rating agencies;changes in judgments concerning insurance underwriting and insurance liabilities;
the impact of potential information technology, cybersecurity or data security breaches,
including as a result of cyber-attacks or security vulnerabilities;
disruptions in the availability of AIG’s electronic data systems or those of third parties;
the effectiveness of strategies to recruit and retain key personnel and to implement
effective succession plans;
the requirements, which may change from time to time, of the global regulatory
framework to which AIG is subject;significant legal, regulatory or governmental proceedings;
concentrations in AIG’s investment portfolios;changes to the valuation of AIG’s investments;
AIG’s ability to successfully dispose of, monetize and/or acquire businesses or assets or
successfully integrate acquired businesses;changes in judgments concerning the recognition of deferred tax assets and goodwill
impairment; andsuch other factors discussed in Part II, Item 7. Management’s Discussion and Analysis ofFinancial Condition and Results of Operations (MD&A) and Part I, Item 1A. Risk
Factors in AIG’s Annual Report on Form 10-K for the year ended December 31, 2019
(which will be filed with the Securities and Exchange Commission), Part I, Item 2.
MD&A in AIG’s Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2019, Part I, Item 2. MD&A in AIG’s Quarterly Report on Form 10-Q for
the quarterly period ended June 30, 2019, Part I, Item 2. MD&A in AIG’s Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2019, and Part II, Item 7.
MD&A and Part I, Item 1A. Risk Factors in AIG’s Annual Report on Form 10-K for theyear ended December 31, 2018.

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 fromtime to time, whether as a result of new information, future events or otherwise.
###

COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES
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 andrepresentative of its 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 “generally accepted accounting principles” in the United States. The non-GAAP
12

FOR IMMEDIATE RELEASE

financial measures AIG presents are listed below and may not be comparable to similarly-named
measures reported by other companies. The reconciliations of such measures to the mostcomparable GAAP measures in accordance with Regulation G are included within the relevant
tables attached to this news release or in the Fourth Quarter 2019 Financial Supplement available in
the Investors section of AIG’s website, www.aig.com.
Book Value per Common Share, Excluding Accumulated Other Comprehensive Income(AOCI) and Book Value per Common Share, Excluding AOCI and Deferred Tax Assets(DTA) (Adjusted Book Value per Common Share) are used to show the amount of AIG’s net
worth on a per-common share basis. AIG believes these measures are useful to investors because
they eliminate items that can fluctuate significantly from period to period, including changes in fairvalue of AIG’s available for sale securities portfolio, foreign currency translation adjustments andU.S. tax attribute deferred tax assets. These measures also eliminate the asymmetrical impact
resulting from changes in fair value of AIG’s available for sale securities portfolio wherein there islargely no offsetting impact for certain related insurance liabilities. AIG excludes deferred tax
assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax
credits as they have not yet been utilized. Amounts for interim periods are estimates based on
projections of full-year attribute utilization. As net operating loss carryforwards and foreign tax
credits are utilized, the portion of the DTA utilized is included in these book value per commonshare metrics. Book value per common share, excluding AOCI, is derived by dividing Total AIG
common shareholders’ equity, excluding AOCI, by total common shares outstanding. Adjusted
Book Value per Common Share is derived by dividing Total AIG common shareholders’ equity,
excluding AOCI and DTA (Adjusted Common Shareholders’ Equity), by total common shares
outstanding.
AIG Return on Common Equity – Adjusted After-tax Income Excluding AOCI and DTA(Adjusted Return on Common Equity) is used to show the rate of return on commonshareholders’ equity. AIG believes this measure is useful to investors because it eliminates 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 attributedeferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes
in fair value of AIG’s available for sale securities portfolio wherein there is largely no offsetting
impact for certain related insurance liabilities. AIG excludes deferred tax assets representing U.S.
tax attributes related to net operating loss carryforwards and foreign tax credits as they have not yet
been utilized. Amounts for interim periods are estimates based on projections of full-year attribute
utilization. As net operating loss carryforwards and foreign tax credits are utilized, the portion of
the DTA utilized is included in Adjusted Return on Common Equity. Adjusted Return on Common
Equity is derived by dividing actual or annualized adjusted after-tax income attributable to AIG
common shareholders by average Adjusted Common Shareholders’ Equity.
Core and Life and Retirement Adjusted Attributed Common Equity is an attribution of total
AIG Adjusted Common Shareholders’ Equity to these segments based on AIG’s internal capitalmodel, which incorporates the segments’ respective risk profiles. Adjusted attributed common
equity represents AIG’s best estimates based on current facts and circumstances and will changeover time.
Core and Life and Retirement Return on Common Equity – Adjusted After-tax Income
13FOR IMMEDIATE RELEASE(Adjusted Return on Attributed Common Equity) is used to show the rate of return on Adjusted
Attributed Common Equity. Adjusted Return on Attributed Common Equity is derived by dividing
actual or annualized Adjusted After-tax Income by Average Adjusted Attributed Common Equity.
Adjusted After-tax Income Attributable to Core and Life and Retirement is derived bysubtracting attributed interest expense, income tax expense and attributed dividends on preferredstock from adjusted pre-tax income. Attributed debt and the related interest expense and dividends
on preferred stock are calculated based on AIG’s internal capital model. Tax expense or benefit iscalculated based on an internal attribution methodology that considers among other things thetaxing jurisdiction in which the segments conduct business, as well as the deductibility of expenses
in those jurisdictions.
Adjusted Revenues exclude Net realized capital gains (losses), income from non-operating
litigation settlements (included in Other income for GAAP purposes) and changes in fair value of
securities used to hedge guaranteed living benefits (included in Net investment income for GAAP
purposes). Adjusted revenues is a GAAP measure for AIG’s operating segments.
AIG uses the following operating performance measures because AIG believes they enhance theunderstanding of the underlying profitability of continuing operations and trends of AIG’s businesssegments. AIG believes they also allow for more meaningful comparisons with AIG’s insurancecompetitors. When AIG uses these measures, reconciliations to the most comparable GAAP
measure are provided on a consolidated basis.

14

FOR IMMEDIATE RELEASE

Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income
from continuing operations before income tax. This definition is consistent across AIG’s segments.
These items generally fall into one or more of the following broad categories: legacy matters
having no relevance to AIG’s current businesses or operating performance; adjustments to enhancetransparency to the underlying economics of transactions; and measures that AIG believes to becommon to the industry. APTI is a GAAP measure for AIG’s segments. Excluded items include
the following:• changes in fair value of securities used tohedge guaranteed living benefits;• pension expense related to a one-timelump sum payment to former employees;• changes in benefit reserves and deferred
policy acquisition costs (DAC), value ofbusiness acquired (VOBA), and sales
inducement assets (SIA) related to net
realized capital gains and losses;• income and loss from divested businesses;• changes in the fair value of equity securities;• loss (gain) on extinguishment of debt;• all net realized capital gains and losses
except earned income (periodic settlements
and changes in settlement accruals) on
derivative instruments used for nonqualifying (economic) hedging or for asset
replication. Earned income on sucheconomic hedges is reclassified from net
realized capital gains and losses to specific
APTI line items based on the economic risk
being hedged (e.g. net investment income
and interest credited to policyholder accountbalances);• income or loss from discontinued
operations;• net loss reserve discount benefit (charge);• non-operating litigation reserves andsettlements;• restructuring and other costs related toinitiatives designed to reduce operating
expenses, improve efficiency and simplify
AIG’s organization;• the portion of favorable or unfavorable
prior year reserve development for which
AIG has ceded the risk under retroactive
reinsurance agreements and relatedchanges in amortization of the deferredgain;• integration and transaction costs
associated with acquired businesses;• losses from the impairment of goodwill;and• non-recurring external costs associatedwith the implementation of non-ordinary
course legal or regulatory changes orchanges to accounting principles.

Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by
excluding the tax effected APTI adjustments described above, dividends on preferred stock, and thefollowing tax items from net income attributable to AIG:
•
•
•

15

deferred income tax valuation allowance releases and charges;changes in uncertain tax positions and other tax items related to legacy matters having no
relevance to AIG’s current businesses or operating performance; andnet tax charge related to the enactment of the Tax Cuts and Jobs Act (Tax Act);and by excluding the net realized capital gains (losses) from noncontrolling interests.

FOR IMMEDIATE RELEASE

See page 18 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income
Attributable to AIG.
Ratios: AIG, along with most property and casualty insurance companies, uses the loss ratio, theexpense 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 (which for General Insurance excludes net loss reserve discount), andthe 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.
AIG’s ratios are calculated using the relevant segment information calculated under GAAP, andthus may not be comparable to similar ratios calculated for regulatory reporting purposes. 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 andcombined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums,
prior year development, net of premium adjustments, and the impact of reserve discounting.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG
in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil
disorders that exceed the $10 million threshold. AIG believes that as adjusted ratios aremeaningful measures of AIG’s underwriting results on an ongoing basis as they exclude
catastrophes and the impact of reserve discounting which are outside of management’s control.
AIG also excludes prior year development to provide transparency related to current accident
year results.
Underwriting ratios are computed as follows:a) Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)b) Acquisition ratio = Total acquisition expenses ÷ NPEc) General operating expense ratio = General operating expenses ÷ NPEd) Expense ratio = Acquisition ratio + General operating expense ratioe) Combined ratio = Loss ratio + Expense ratiof) Accident year loss ratio, as adjusted (AYLR) = [Loss and loss adjustment expenses
incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes(CYRIPs) +/(-) RIPs related to prior year catastrophes (PYRIPs) + (Additional)
returned premium related to PYD on loss sensitive business ((AP)RP) + Adjustment for
ceded premiums under reinsurance contracts related to prior accident years]g) Accident year combined ratio, as adjusted = AYLR + Expense ratioh) Catastrophe losses (CATs) and reinstatement premiums = [Loss and loss adjustment
expenses incurred – (CATs)] ÷ [NPE +/(-) CYRIPs] – Loss ratioi) Prior year development net of (additional) return premium related to PYD on loss
sensitive business = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷[NPE +/(-) CYRIPs +/(-) PYRIPs + (AP)RP] – Loss ratio – CAT ratio
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
16

FOR IMMEDIATE RELEASE

deposits received on universal life, investment-type annuity contracts, Federal Home Loan Bank(FHLB) funding agreements and mutual funds.
Results from discontinued operations are excluded from all of these measures.
###

American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience,
today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, andother financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products
and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG
common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance
www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information
about AIG have been provided as a convenience, and the information contained on such websites is not incorporated byreference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations ofAmerican International Group, Inc. For additional information, please visit our website at www.aig.com. All products andservices are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may
not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and 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.

17

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation($ in millions, except per common share data)

Reconciliations of Adjusted Pre-tax and After-tax Income (Loss)
Three Months Ended December 31,
2019

Pre-tax income (loss)/net income (loss), including noncontrollinginterests
Noncontrolling interests
Pre-tax income (loss)/net income (loss) attributable to AIG
Dividends on preferred stock
Net income (loss) attributable to AIG common shareholders
Adjustments:
Changes in uncertain tax positions and other tax adjustments
Deferred income tax valuation allowance releases
Changes in fair value of securities used to hedge
guaranteed living benefits
Changes in benefit reserves and DAC, VOBA andSIA related to net realized capital gains (losses)
Changes in the fair value of equity securities
Unfavorable (favorable) prior year development and related
amortization changes ceded under retroactive reinsurance
agreements(Gain) loss on extinguishment of debt
Net realized capital (gains) losses(a)(Income) loss from discontinued operations(Income) loss from divested businesses
Non-operating litigation reserves and settlements
Net loss reserve discount (benefit) charge
Integration and transaction costs associated with acquired businesses
Restructuring and other costs
Professional fees related to regulatory or accounting changes
Noncontrolling interests primarily related to net realized capitalgains (losses) of Fortitude Holdings' standalone results(b)Adjusted pre-tax income (loss)/Adjusted after-tax income (loss)
attributable to AIG common shareholders

2018

Pre-tax

Tax EffectNoncontrolling
Interests(b)$ 1,036
1,036

$

$

216
216

60
60

After-tax

Pre-tax

Tax EffectNoncontrolling
Interests

After-tax

$

$

$

$

$

869
60
929
7
922

(695)
(695)

(137)
(137)

(62)
(62)

(560)
(62)
(622)
(622)

-

(7)
3

-

7
(3)

-

5
21

-

(5)
(21)

(11)

(2)

-

(9)

27

5

-

22

(95)
(152)

(20)
(32)

-

(75)
(120)

40
-

7
-

-

33
-

(56)
19
310
71
(8)
35
8
44
7

(11)
4
56
8
(1)
7
2
9
1

-

(45)
15
254
(49)
63
(7)
28
6
35
6

68
(3)
(195)
(3)
(11)
(66)
33
136
-

14
(1)
(56)
(3)
(15)
7
29
-

-

54
(2)
(139)
2
(3)
(8)
(51)
26
107
-

-

-

(109)

(109)

-

-

48

48

$ 1,208

$

233

$

(49)

$

919

$

(669)

$

(124)

$

(14)

$

(559)

Twelve Months Ended December 31,
2019
Pre-tax$
Pre-tax income/net income, including noncontrolling interests
Noncontrolling interests
Pre-tax income/net income (loss) attributable to AIG
Dividends on preferred stock
Net income (loss) attributable to AIG common shareholders
Adjustments:
Changes in uncertain tax positions and other tax adjustments
Deferred income tax valuation allowance (releases) charges
Changes in fair value of securities used to hedge
guaranteed living benefits
Changes in benefit reserves and DAC, VOBA andSIA related to net realized capital gains (losses)
Changes in the fair value of equity securities
Unfavorable (favorable) prior year development and related
amortization changes ceded under retroactive reinsurance
agreements
Loss on extinguishment of debt
Net realized capital (gains) losses(a)(Income) loss from discontinued operations(Income) loss from divested businesses
Non-operating litigation reserves and settlements
Net loss reserve discount (benefit) charge
Integration and transaction costs associated with acquired businesses
Restructuring and other costs
Professional fees related to regulatory or accounting changes
Noncontrolling interests primarily related to net realized capitalgains (losses) of Fortitude Holdings' standalone results(b)Adjusted pre-tax income/Adjusted after-tax income attributable to AIG$
common shareholders

5,287
5,287

2018

Tax EffectNoncontrolling
Interests(b)

$

$

1,166
1,166

After-tax

Pre-tax

Tax EffectNoncontrolling
Interests

After-tax

(821)
(821)

$ 4,169
(821)
3,348
22
3,326

$

$

$

$

257
257

154
154

(67)
(67)

61
(67)
(6)
(6)

-

(30)
43

-

30
(43)

-

(48)
(21)

-

48
21

(194)

(40)

-

(154)

154

32

-

122

(56)
(158)

(12)
(33)

-

(44)
(125)

(6)
-

(3)
-

-

(3)
-

(267)
32
(448)
75
(2)
955
24
218
12

(56)
7
(97)
9
201
5
46
2

-

(211)
25
(351)
(48)
66
(2)
754
19
172
10

675
7
193
(38)
19
(371)
124
395
-

142
1
41
(8)
4
(79)
26
83
-

-

533
6
152
42
(30)
15
(292)
98
312
-

-

-

660

660

-

-

46

46

(161)

$ 4,084$ 1,409(21)$ 1,064

5,478

$

1,211

$

$

324

$

(a) Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.
(b) Noncontrolling interests is primarily due to the 19.9 percent investment in Fortitude Group Holdings, LLC (Fortitude Holdings) by an affiliate of The Carlyle Group L.P. (Carlyle), which occurred in the fourth quarter of 2018. Carlyle
is allocated 19.9 percent of Fortitude Holdings’ standalone financial results. Fortitude Holdings’ results are mostly eliminated in AIG’s consolidated income from continuing operations given that its results arise from intercompany
transactions. Noncontrolling interests is calculated based on the standalone financial results of Fortitude Holdings. The most significant component of Fortitude Holdings’ standalone results includes the change in fair value of theembedded derivatives, which moved materially in the year due to lower rates and tightening credit spreads in the first nine months of 2019, but reversed trend in the fourth quarter of 2019, and which are recorded in net realized capitalgains and losses of Fortitude Holdings. In accordance with AIG's adjusted after-tax income definition, realized capital gains and losses are excluded from noncontrolling interests.

18

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share data)

Summary of Key Financial Metrics

Income (loss) per common share:
Basic
Income (loss) from continuing operations
Income (loss) from discontinued operations

Three Months Ended December 31,% Inc.
2019
2018(Dec.)

Twelve Months Ended December 31,% Inc.
2019
2018(Dec.)

$

0.99
0.06
1.05

$

$

$

0.97
0.06
1.03

$

1.03

Net income (loss) attributable to AIG common shareholders$

DilutedIncome (loss) from continuing operations
Income (loss) from discontinued operations$

Net income (loss) attributable to AIG common shareholders
Adjusted after-tax income (loss) attributable to AIG commonshareholders per diluted share
Weighted average shares outstanding:
Basic
Diluted (a)(b)$Total AIG common shareholders' equity, excluding AOCI
Deferred tax assets (e)As of period end:
Book value per common share (f)Book value per common share, excluding AOCI (g)Adjusted book value per common share (h)Total common shares outstanding

$

NM
NM
NM

$

$

(0.70)(0.70)$(0.63)

NM %

$

5.7 %
7.3 %

Total AIG common shareholders' equity
Accumulated other comprehensive income (AOCI)

Total adjusted AIG common shareholders' equity

NM %
NM
NM

878.2
896.4

Return on common equity (c)Adjusted return on common equity (d)As of period end:
Total AIG shareholders' equity
Preferred equity(0.70)(0.70)$

December 31, 2019
65,675
485
65,190
4,982
60,208
8,977
51,231

3.74
0.05
3.79

$

$

$

3.69
0.05
3.74

$

4.59

$

887.5
887.5

876.8
889.5

(4.3) %
(4.6) %

$

5.3 %
8.3 %

September 30, 2019
65,603
485
65,1185,615
59,503
9,393
50,110$December 31,
2019
$
74.93
$
69.20
$
58.89

September 30,
2019
$
74.85
$
68.40
$
57.60

870.0

869.9

% Inc.
(Dec.)
0.1 %
1.2
2.2

$

0.04
(0.05)(0.01)

NM %
NM
NM

$

0.04
(0.05)(0.01)

NM
NM
NM

$

1.17

292.3 %

$

898.4
910.1
0.0 %
2.1 %

December 31, 2018
56,361
56,361(1,413)
57,774
10,15347,621$
December 31,
2018
$
65.04
$
66.67
$
54.95

% Inc.
(Dec.)
15.2 %
3.8
7.2

866.6

Financial highlights - notes(a) For the three-month period ended December 31, 2018, because we reported a net loss and an adjusted after-tax loss attributable to AIG common shareholders fromcontinuing operations, all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The
shares excluded from these calculations were 2,732,679 shares.
(b) Diluted shares in the diluted EPS calculation represent basic shares for the three-month period ended December 31, 2018 due to the net losses in that period.
(c) Computed as Annualized net income (loss) attributable to AIG common shareholders divided by average AIG common shareholders' equity. Equity includes AOCI andDTA.
(d) Computed as Annualized Adjusted after-tax income attributable to AIG common shareholders divided by Adjusted Common Shareholders' Equity.
(e) Represents deferred tax assets only related to U.S. net operating loss and foreign tax credit carryforwards on a U.S. GAAP basis and excludes other balance sheet
deferred tax assets and liabilities.
(f) Represents total AIG common shareholders' equity divided by Total common shares outstanding.
(g) Represents total AIG common shareholders' equity, excluding AOCI, divided by Total common shares outstanding.
(h) Represents Adjusted Common Shareholders' Equity, divided by Total common shares outstanding.

19

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation($ in millions, except per common share amounts)
Reconciliations of Life and Retirement Adjusted Return on Common Equity
Three Months Ended
December 31,
2019
2018
Adjusted pre-tax income
Interest expense on attributed financial debt

$

839
47
792
158
634
3
631

$

623
31
592
116
476
476

$

3,458
173
3,285
652
2,633
9
2,624

$

3,190
107
3,083
610
2,473
2,473

$
$

19,513
19,37413.0 %$$

19,695
19,475
9.8 %$$

19,513
19,10913.7 %$$

19,695
19,66412.6 %

Adjusted pre-tax income including attributed interest expense
Income tax expense
Adjusted after-tax income
Dividends declared on preferred stock
Adjusted after-tax income attributable to common shareholders
Ending adjusted attributed common equity
Average adjusted attributed common equity
Adjusted return on attributed common equity

Twelve Months Ended
December 31,
2019
2018

Reconciliations of Core Adjusted Return on Common Equity
Three Months Ended
December 31,
2019
2018
Adjusted pre-tax income (loss)
Interest expense on attributed financial debt

$

1,031
1,031
196
835
7
828

$

(519)
(519)
(93)
(426)
(426)

$

4,977
4,977
1,106
3,871
22
3,849

$

1,196
(10)
1,206
281
925
925

$
$

44,213
43,774
7.6 %$$

38,73539,547(4.3) %$$

44,213
41,9559.2 %$$38,73540,3942.3 %Adjusted pre-tax income (loss) including attributed interest expense
Income tax expense (benefit)
Adjusted after-tax income (loss)
Dividends declared on preferred stock
Adjusted after-tax income (loss) attributable to common shareholders
Ending adjusted attributed common equity
Average adjusted attributed common equity
Adjusted return on attributed common equity

Twelve Months Ended
December 31,
2019
2018

Reconciliations of General Insurance Accident Year Combined Ratio, as Adjusted

Combined ratio
Catastrophe losses and reinstatement premiums
Prior year development
Adjustments for ceded premium under reinsurance contracts and otherAccident year combined ratio, as adjusted

Twelve Months Ended
December 31,
2019
2018
99.6
111.4
(4.8)
(10.5)
1.1
(1.5)
0.1
0.3
96.0
99.7

Net Premiums Written - Change in Constant Dollar
General Insurance - International
Foreign exchange effect on worldwide premiums:
Change in net premiums written
Increase (decrease) in original currency
Foreign exchange effect
Increase (decrease) as reported in U.S. dollars

20

Three Months Ended
December 31, 2019(13.3) %(13.3) %American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per common share amounts)
Reconciliations of Premiums and Deposits
Three Months Ended
December 31,
2019
2018
Individual Retirement:
Premiums
Deposits
Other
Total premiums and deposits
Group Retirement:
Premiums
Deposits
Other
Total premiums and depositsLife Insurance:
Premiums
Deposits
Other
Total premiums and deposits
Institutional Markets:
Premiums
Deposits
Other
Total premiums and deposits
Total Life and Retirement:
Premiums
Deposits
Other
Total premiums and deposits

21

$

$
$

$
$

$
$

$
$

$

39
3,121
(4)
3,156

$

2
2,310
2,312

$

405
436
206
1,047

$

501
36
8
545

$

947
5,903
210
7,060

$

$

$

$

$

$

15
4,213
(3)
4,225
4
2,102
2,106
378
417
192
987
816
25
7
848
1,213
6,757
196
8,166