FOR IMMEDIATE RELEASE
本稿は2019年5月6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1四半期の決算を公表


損害保険事業部門のコンバインド・レシオは97.4%、保険事故年度の調整済みコンバインド・レシオは 96.1％を達成。アンダーライティン
グ基盤の改善、再保険の施策および費用規律継続が主因。



生命保険および退職給付事業部門は2桁の調整後普通株主資本利益率（ROCE）を記録。広範なプラットフォームを反映するとともに、良好な市場パフォーマンスが支援。



2019年第1四半期の連結正味投資利益合計は良好な市場パフォーマン
スを反映して39億ドル。これに対して、前年同期は33億ドル。



2019年第1四半期は6億5,400万ドル、希薄化後普通株式1株当たりでは0.75ドルの純利益を計上。これに対して、前年同期は9億3,800万ド
ル、希薄化後普通株式1株当たり1.01ドルの純利益。



2019年第1四半期の調整後税引後利益は14億ドル、希薄化後普通株式1株当たりでは1.58ドル。これに対して、前年同期は調整後税引後利益9
億6,300 万ドル、希薄化後普通株式1株当たり1.04ドル。

2019年5月6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1四半期の純利益が6億5,400万ドル、希薄化後普通株式1株当たりでは0.75ドルになったことを公表しました。これに対して、前年同期は純利益が9億3,800万ドル、希薄化後普通株式1株当たりでは1.01ドルでした。2019年第1四半期の調整後税引後利益は14億ドル、希薄化後普通株式1株当たりでは1.58ドルでした。これに対して、前年同期は調整後税引後利益が9億6,300 万ドル、希薄化後普通株式1株当たりでは1.04ドルでした。
AIG社長兼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1四半期の決算は、AIGを収益性を伴う長期的な成長に位置付けるために
2018年を通して実行した大幅な基盤整備の施策を反映して、損害保険事業部門
を中心に力強いパフォーマンスを示しました。損害保険事業部門は、アンダーライティングと費用面における規律、事業構成の改善および再保険における施策を主因に、保険引受利益を計上しました。2019年第1四半期には、暦年、事故年度の両ベースで保険引受利益を達成しましたが、通年でもこれが持続することを期待しています。生命保険および退職給付事業部門は、商品および販売ルートの多様化の恩恵を受けて、堅調なパフォーマンスを実現しました。生命保険および退職給付事業部門が引き続き10%台前半の調整後ROCEを実現することを予想し、今後3年以内にAIGが連結ベースで2桁の調整後ROCEに達することを期待しています。」

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FOR IMMEDIATE RELEASE
2019年第1四半期の業績概要*
3月31日までの3ヶ月間（単位：百万米ドル、1株当たりの額を除く）

2018

2019

純利益

$

654

$

938

希薄化後1株当たり純利益

$

0.75

$

1.01

調整後税引後利益

$

1,388

$

963

調整後希薄化後1株当たり利益

$

1.58

$

1.04

普通株主資本利益率

4.5 %

5.9 %

調整後普通株主資本利益率

11.6 %

7.7 %

調整後帰属株主資本利益率 – コア

13.4 %

8.6 %

普通株式1株当たりブック・バリュー

$

69.33

$

69.95

その他の包括利益累計額を除く普通株式1株当たりブック・バリュー

66.89

67.48

調整後普通株式１株当たりブック・バリュー

55.47

56.10

*非GAAP財務指標ならびに非GAAP財務指標のGAAP指標への調整についてはレギュレーションGに関する注釈およびそれに続く表をご参照ください。

2019年第1四半期の業績概要
別段の記載がない限り、比較はすべて、2018年第1四半期に対するものです。

損害保険事業部門 – 2019年第1四半期の調整後税引前利益13億ドルには保険引受利益1億7,900万ドルおよび正味投資利益11億ドルが含まれています。コンバインド・レシオは97.4ポイントとなり、再投資プレミアム控除後の大規模自然災害による損失関連の2.7ポイントおよび正味当年度発生保険金戻入金の1.0ポイントの影響を受けました。保険事故年度の調整済みコンバインド・レ
シオは96.1ポイントとなり、前年同期比130ベーシスポイント低下した調整済
み損害率61.8ポイントおよび前年同期比230ベーシスポイント低下した事業費率34.3ポイントから成っています。保険事故年度の調整済み損害率の低下は、事業構成の変更、ヴァリダスおよびグラットフェルターの買収および再保険戦
略の結果としての変動低下を反映しています。2019年第1四半期の事業費率34.3ポイントは、主として2018年下半期に実施した費用削減施策の結果としての事業費（GOE）率の改善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1四半期の調整後税引前利益は9億2,400万ドルとなり、株式市場の良好なパフォーマンスおよび正味投資利益
リターンと繰延保険獲得費用（DAC）償却に好影響をもたらしたクレジット・
スプレッド縮小の好影響、魅力的な新規契約マージン、前年同期の住宅貸付銀
行（FHLB） 資金提供協定を除く個人向け退職給付と団体向け退職給付および生命保険の収入保険料および預かり資産の堅調な増加ならびに機関投資家市場の年金リスク移転取引を反映しています。全般的に資金純流出が持続しましたが、個人向け退職給付では2016年第3四半期以来初めて純流入に転換しました。
2019年第1四半期の調整後ROCEは15.0%でした。
正味投資利益 – 2019年第1四半期のレガシー保険ポートフォリオを含むAIGの保険会社からの正味投資利益は、前年同期を11.1%上回る37億ドルとなりました。第1四半期は株式市場の好調なパフォーマンスおよびクレジット市場での
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FOR IMMEDIATE RELEASE
スプレッド縮小を反映しており、不安定だった2018年第4四半期から回復しました。2019年第1四半期から、将来の期間について、レガシーおよびその他事
業では、これまでその他の収益に含まれていた非保険子会社からの投資利益が正味投資利益に含まれることになりました。この計上方法は損害保険事業と生命保険および退職給付事業の正味投資利益とも一致しており、調整後税引後利益への影響はありません。この再分類の結果として正味投資利益に含まれた金額は1億1,600万ドルでした。さらに、将来の期間について、当社は持ち分証券の公正価値の変動を正味投資利益（および調整後税引前利益）から除外しました。当該金額は7,900万ドルです。
レガシーの業績 – 2019年第1四半期の調整後税引前利益は1億1,200万ドルとなり、前年同期の1億4,500万ドルから減少しました。レガシー損害保険事業の正味投資利益と保険料の減少、およびレガシー・インベストメント・ポートフ
ォリオ運用資産の減少持続を反映したレガシー・インベストメントの利益の減少が主因です。前年同期の業績は、レガシー生命保険および退職給付事業における給付型年金に関連した準備金の微調整の悪影響を受けました。
流動性および資本 – 2019年3月31日時点のAIGの親会社流動資産は約52億ドルでした。2019年第1四半期に親会社AIGは現金、満期固定証券および融資返済金の形で保険子会社から租税分与支払いを含む約12億ドルの配当を受け取りました。親会社AIGは2019年2月に、複数の損害保険会社に対して3億ドルの資本拠出を行いました。
2019年3月に、AIGは利率5.85%のシリーズA非累積優先株式2万株を額面1株当たり5.00ドル、優先的分配権1株当たり2万5,000ドルで発行、手取純額は4億8,500万ドルとなりました。また、同じ2019年3月に、AIGは元本総額6億ドルの2029年満期、利率4.250%の債券を発行しました。
普通株式１株当たりブック・バリュー – 2019年3月31日時点の普通株式１株当たりブック・バリューは69.33ドルでした。 2018年12月31日時点では65.04ドルでした。その他の包括利益累計額および繰り延べ税金資産を除く普通株式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）は前期末比微増の55.47ドルとなりました。

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FOR IMMEDIATE RELEASE

損害保険事業部門
3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$

10,195

$

9,205

11 %

正味収入保険料

$

6,033

$

6,171

(2)

保険引受利益（損失）

$

179

$

(251)

NM

調整後税引前利益

$

1,268

$

510

149

63.1

67.2

(4.1) pts

大規模自然災害による損失および復活保険料

(2.7)

(5.7)

3.0

前年以前事故発生年度の当年度発生保険金

1.0

1.6

(0.6)

再保険契約およびその他の出再保険料の調整

0.4

-

0.4

保険事故年度の調整済み損害率

61.8

63.1

(1.3)

事業費率

34.3

36.6

(2.3)

コンバインド・レシオ

97.4

103.8

(6.4)

保険事故年度の調整済みコンバインド・レシオ

96.1

99.7

(3.6)

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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FOR IMMEDIATE RELEASE
損害保険事業部門 – 北米
3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$

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）

2,578

2,039

26

1,998

1,314

52

580

725

(20)

(328)

97

(11)

$

$

%

コマーシャル・ライン

54

(89)

NM

個人向け損害保険

(65)

(239)

73

320

192

69.4

80.0

(10.6)

大規模自然災害による損失および復活保険料(5.1)(11.1)

6.0

前年以前事故発生年度の当年度発生保険金

1.8

2.8

(1.0)

再保険契約およびその他の出再保険料の調整

1.0

-

1.0

保険事故年度の調整済み損害率

67.1

71.7

(4.6)

事業費率

30.9

32.2

(1.3)

コンバインド・レシオ

100.3

112.2

(11.9)

保険事故年度の調整済みコンバインド・レシオ

98.0

103.9

(5.9)

70.7

75.9

(5.2) pts

大規模自然災害による損失および復活保険料

(5.1)

(4.5)

(0.6)

前年以前事故発生年度の当年度発生保険金

2.8

6.9

(4.1)

再保険契約およびその他の出再保険料の調整

1.0

-

1.0

保険事故年度の調整済み損害率

69.4

78.3

(8.9)

事業費率

27.0

28.8

(1.8)

コンバインド・レシオ

97.7

104.7

(7.0)

保険事故年度の調整済みコンバインド・レシオ

96.4

107.1

(10.7)$

調整後税引前利益934$

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：

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FOR IMMEDIATE RELEASE
3月31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

65.4

90.1

(24.7) pts

大規模自然災害による損失および復活保険料(5.0)(27.4)

22.4

前年以前事故発生年度の当年度発生保険金

(1.2)

(7.5)

6.3

再保険契約およびその他の出再保険料の調整

0.9

-

0.9

保険事故年度の調整済み損害率

60.1

55.2

4.9

事業費率

42.9

40.9

2.0

コンバインド・レシオ

108.3

131.0

(22.7)

保険事故年度の調整済みコンバインド・レシオ

103.0

96.1

6.9

控除:損害率に対する影響：

別段の記載がない限り、比較はすべて、2018年第1四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1四半期追加財務情報をご参照ください。

損害保険事業部門 北米 – コメント


調整後税引前利益は9億3,400万ドルとなりました。これに対して、前年同期は3億2,000万ドルの調整後税引き前利益でした。



正味収入保険料は26.4%増の26億ドルとなりました。ヴァリダス（11億ドル）およびグラットフェルター（7,600万ドル）の買収による増加を含めたことがその主因です。これは2019年の再保険プログラムの変更による出再保険料増加とより規律を強めたリスク選好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100.3ポイントとなり、復活保険料控除後の大規模自然災害による損失5.1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-1.8ポイントが含まれています。2019年第1四半期の保険事
故年度の調整済みコンバインド・レシオは98.0ポイントとなり、保険事故
年度の調整済み損害率67.1ポイントおよび事業比率30.9ポイントが含まれています。保険事故年度の調整済み損害率の低下は、ヴァリダスおよびグ
ラットフェルターの買収を含む事業構成の変更が主因です。税引前引受損
失は1,100万ドルとなりました。これには再保険調整後の税引前大規模自然災害による損失1億5,800万ドルが含まれていますが、このうち1億2,000万ドルは北米コマーシャル・ライン、3,800万ドルは個人向け損害保険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6,000万ドルは主としてアドバース・デベロップメント・カバー繰延利益の償却に関連したものでした。



2019年第1四半期の事業比率の減少は、経費抑制のために2018年下半期に実施した行動の結果としてのGOEの減少を反映したものです。



2019年第1四半期の正味投資利益は9億4,500万ドルとなりました。これに対して、前年同期の正味投資利益は6億4,800万ドルでした。正味投資利益の増加は 主としてオルタナティブ投資のリターン上昇およびヴァリダス買6

FOR IMMEDIATE RELEASE
収に伴う平均運用資産の増加によるものです。

損害保険事業部門 – 北米外
3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

$

3,455

$

4,132

(16) %

コマーシャル・ライン

1,780

1,955

(9)

個人向け損害保険

1,675

2,177

(23)

77

147

保険引受損失$190$

コマーシャル・ライン

68

(14)

NM

個人向け損害保険

122

91

34

190

76

調整後税引前損失

$

334

$

引受に関する比率：
北米外
損害率

57.4

58.5

(1.1) pts

大規模自然災害による損失および復活保険料

(0.5)

(1.9)

1.4

前年以前事故発生年度の当年度発生保険金

0.4

0.7

(0.3)

事故発生年度の調整済み損害率

57.3

57.3

-

事業費率

37.2

39.5

(2.3)

コンバインド・レシオ

94.6

98.0

(3.4)

保険事故年度の調整済みコンバインド・レシオ

94.5

96.8

(2.3)

63.0

64.5

(1.5) pts

大規模自然災害による損失および復活保険料

(1.0)

(4.5)

3.5

前年以前事故発生年度の当年度発生保険金

(2.4)

-

(2.4)

事故発生年度の調整済み損害率

59.6

60.0

(0.4)

事業費率

33.0

36.4

(3.4)

コンバインド・レシオ

96.0

100.9

(4.9)

保険事故年度の調整済みコンバインド・レシオ

92.6

96.4

(3.8)

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：

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FOR IMMEDIATE RELEASE
3月31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

52.4

54.0

(1.6) pts

2.8

1.3

1.5

事故発生年度の調整済み損害率

55.2

55.3

(0.1)

事業費率

41.1

42.0

(0.9)

コンバインド・レシオ

93.5

96.0

(2.5)

保険事故年度の調整済みコンバインド・レシオ

96.3

97.3

(1.0)

控除:損害率に対する影響：
前年以前事故発生年度の当年度発生保険金

別段の記載がない限り、比較はすべて、2018年第1四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1四半期追加財務情報をご参照ください。

損害保険事業部門 北米外 – コメント


調整後税引前利益は3億3,400万ドルとなりました。これに対して、前年同期の調整後税引前利益は1億9,000万ドルでした。



正味収入保険料は報告べースで16.4%、実質ベースで13.2%、それぞれ減
少しました。正味収入保険料の減少は、前年同期の日本における合併の影
響3億ドル、2019年の再保険プログラムの変更による出再保険料増加、ア
ジア太平洋地域の医療・傷害保険事業の減少が原因ですが、これはヴァリ
ダス買収効果（1億7,100万ドル）により部分的に相殺されました。



北米外コンバインド・レシオは94.6ポイントとなりました。保険事故年度の調整済みコンバインド・レシオは94.5ポイントとなり、保険事故年度の調整済み損害率57.3ポイントおよび事業比率37.2ポイントが含まれています。税引前保険引受利益は1億9,000万ドルとなり、これには再保険控除後の大規模自然災害による損失1,700万ドルおよび正味前年以前事故年度の当年度発生戻入金1,200万ドルが含まれています。



事業費率の低下は、前年同期の日本における合併の影響によるGOE率の低下と2018年下半期に実施した施策の結果が主因でした。



2019年第1四半期の正味投資利益は1億4,400万ドルとなりました。これに対して、前年同期の正味投資利益は1億1,300万ドルでした。正味投資利益の増加は主として平均運用資産の増加と好調なリターンによるものでした。

8

FOR IMMEDIATE RELEASE
生命保険および退職給付事業部門
3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

$

1,936

$

1,180

64 %

正味投資利益

2,042

2,046

-

調整後収益

4,204

3,460

22

給付、損失および費用

3,280

2,568

28

924

892

4

8,356

8,862

(6)

216

(6) %

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

$

204

$

正味投資利益

999

984

2

調整後収益

1,351

1,361

(1)

給付、損失および費用

843

862

(2)

調整後税引前利益

508

499

2

4,186

4,358

(4)

133

(820)

NM

118

(12) %

収入保険料および預かり資産*
正味フロー*
団体向け退職給付
収入保険料および手数料

$

104

$

正味投資利益

541

582

(7)

調整後収益

709

761

(7)

給付、損失および費用

477

479

-

調整後税引前利益

232

282

(18)

収入保険料および預かり資産*

2,063

2,072

-

正味フロー*

(875)

(755)

(16)

生命保険
収入保険料および手数料

$

768

$

756

2 %

正味投資利益

291

293

(1)

調整後収益

1,073

1,061

1

給付、損失および費用

957

1,009

(5)

調整後税引前利益

116

52

123

収入保険料および預かり資産

995

969

3

9

FOR IMMEDIATE RELEASE
3月31日までの3ヶ月間（単位：百万米ドル）

2019

2018

増減

機関投資家市場
収入保険料および手数料

$

860

$

90

NM %

正味投資利益

211

187

13

調整後収益

1,071

277

287

給付、損失および費用

1,003

218

360

68

59

15

1,112

1,463

(24)

調整後税引前利益
収入保険料および預かり資産* 2018年第1四半期の収入保険料および預かり資産には個人向け退職給付および団体向け退職給付（それぞれ11億ドル、2億ドル）の
FHLB債券13億ドルが含まれていますが、これらの資金供与協定は中核的な経常的パフォーマンスを評価する基準の一部とはみなされないため、正味フローの計上からは除外されています。

別段の記載がない限り、比較はすべて、2018年第1四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1四半期追加財務情報をご参照ください。

生命保険および退縮給付事業部門 – コメント


個人向け退職給付では、調整後税引前利益が増加しましたが、株式市場のパフォーマンス向上および正味投資利益とDAC償却に好影響を及ぼしたク
レジット・スプレッドの縮小を反映したものです。これはオルタナティブ
投資のリターン低下および変額年金の平均運用資産の減少を主因とする手数料および顧問料の減少により部分的に相殺されました。正味フローは、
定額年金およびインデックス連動型年金の販売増加を反映して純流入とな
りました。



団体向け退職給付では、調整後税引前利益が減少しましたが、主な原因は
前年同期の1回限りの債券請求支払いの回収を主因とする正味投資利益の減少です。前年同期のFHLB資金供与協定を除く収入保険料および預かり資
産は2019年第1四半期に11%増加しましたが、これは団体向け退職給付の獲得契約増加、保有年金契約の寄与および個人向け商品販売の増加によるものです。団体向け退職給付の正味フローは解約増加を主因にマイナスとなりました。



生命保険では、調整後税引き前利益は良好な死亡率、団体向け給付のGOE
および手数料の減少持続、ポジティブな準備金動向ならびに出再保険料、手数料とGOEに影響を与えた再保険の微調整を反映しています。2019年第1四半期の収入保険料および預かり資産の合計は増加しましたが、その主因は英国における個人向け保障商品の堅調な販売増加ならびにエリプス買収に伴う団体向け保障商品の増加でした。



機関投資家市場では、調整後税引前利益が資産ベースの拡大に伴う正味投資利益の上昇を反映して増加しましたが、これはオルタナティブ投資リターンの低下で部分的に相殺されました。収入保険料および預かり資産は2019年第1四半期中に実行された大規模な年金リスク移転取引を反映しています。

AIG 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10

FOR IMMEDIATE RELEASE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。
持株会社 AIG, Inc.はニューヨーク証券取引所に上場しています。
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。

11

FOR IMMEDIATE RELEASE

Press Release

Contacts:
Liz Werner (Investors): 212-770-7074; elizabeth.werner@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 FIRST QUARTER 2019 RESULTS






General Insurance achieved a combined ratio of 97.4 and an accident year
combined ratio, as adjusted, of 96.1, driven by improvements to underwriting
fundamentals, reinsurance actions and continued expense discipline.
Life and Retirement posted a double-digit adjusted return on common equity (ROCE),
reflecting a broad platform and supported by favorable market performance.
Total consolidated net investment income was $3.9 billion in the first quarter of 2019,
compared to $3.3 billion in the prior-year quarter, reflecting favorable market
performance.
Net income was $654 million, or $0.75 per diluted share, for the first quarter of 2019,
compared to net income of $938 million, or $1.01 per diluted share, in the prior-year
quarter.
Adjusted after-tax income was $1.4 billion, or $1.58 per diluted share, for the firstquarter of 2019, compared to adjusted after-tax income of $963 million, or $1.04 perdiluted share, in the prior-year quarter.

NEW YORK, May 6, 2019 - American International Group, Inc. (NYSE: AIG) today reported
net income of $654 million, or $0.75 per diluted share, for the first quarter of 2019, comparedto net income of $938 million, or $1.01 per diluted share, in the prior-year quarter. Adjusted
after-tax income was $1.4 billion, or $1.58 per diluted share, for the first quarter of 2019,
compared to adjusted after-tax income of $963 million, or $1.04 per diluted share, in the prioryear quarter.
Brian Duperreault, AIG’s President and Chief Executive Officer, said: “Our first quarter results
represented strong performance, particularly in General Insurance, reflecting significant
foundational work throughout 2018 to position AIG for sustainable, profitable growth. General
Insurance achieved an underwriting profit driven by underwriting and expense discipline,
improved business mix and reinsurance actions. We achieved an underwriting profit on acalendar year and accident year basis in the first quarter and we expect that to continue for thefull year. Life and Retirement delivered solid performance, benefiting from diversification of
product and distribution channels. We expect Life and Retirement to continue to deliver a lowto-mid teens adjusted ROCE, and we expect to reach a double-digit adjusted ROCE forconsolidated AIG within three years.”1

FOR IMMEDIATE RELEASEFIRST QUARTER FINANCIAL SUMMARY*

Three Months Ended
March 31,($ in millions, except per share amounts)
Net income
Net income per diluted share
Adjusted after-tax income
Adjusted after-tax income per diluted share

$
$
$
$

Return on common equity
Adjusted return on common equity
Adjusted return on attributed common equity - CoreBook value per common share
Book value per common share, excluding accumulated other comprehensive income
Adjusted book value per common share

2019
654
0.75
1,388
1.58

$
$
$
$

2018
938
1.01
963
1.04

4.5 %
11.6 %
13.4 %
$

69.33
66.89
55.47

5.9 %
7.7 %
8.6 %
$

69.95
67.48
56.10

*Refer to the Comments on Regulation G and the tables that follow for a discussion of non-GAAP financial measures and thereconciliations of the non-GAAP financial measures to GAAP measures.

FIRST QUARTER 2019 HIGHLIGHTS
All comparisons are against the first quarter of 2018, unless otherwise indicated.

General Insurance – First quarter adjusted pre-tax income of $1.3 billion included
underwriting income of $179 million and net investment income of $1.1 billion. The combined
ratio of 97.4 was impacted by 2.7 points related to catastrophe losses net of reinstatement
premiums and (1.0) points of net favorable loss reserve development. The accident year
combined ratio, as adjusted, was 96.1, comprised of a 61.8 accident year loss ratio, as adjusted,
down 130 basis points from the prior-year quarter, and an expense ratio of 34.3, down 230
basis points over the prior-year quarter. The decrease in accident year loss ratio, as adjusted,reflected the change in business mix, the acquisitions of Validus and Glatfelter, and reduced
volatility as a result of our reinsurance strategy. The first quarter expense ratio of 34.3
primarily reflected improvement in the General operating expense (GOE) ratio as a result ofexpense reduction actions taken in the second half of 2018.
Life and Retirement Earnings – First quarter adjusted pre-tax income of $924 million reflected
the favorable impact of equity market performance and tightening credit spreads whichfavorably impacted net investment income returns and Deferred Acquisition Costs (DAC)
amortization, attractive new business margins, and solid growth in premiums and deposits in
Individual Retirement and Group Retirement excluding FHLB funding agreements in the prioryear quarter, and in Life Insurance as well as a Pension Risk Transfer transaction in
Institutional Markets. Although overall net outflows persisted, Individual Retirement net flows
turned positive for the first time since the third quarter of 2016. The first quarter of 2019
Adjusted ROCE was 15.0%.
Net Investment Income – First quarter net investment income from our insurance companies,
including the Legacy insurance portfolios, increased 11.1% from the prior-year quarter to $3.7
2FOR IMMEDIATE RELEASE

billion. The first quarter reflected favorable performance in the equity markets and narrowingof spreads in the credit markets, rebounding from a volatile fourth quarter 2018. Beginning thefirst quarter of 2019, on a prospective basis, within Legacy and Other Operations, investment
income from our non-insurance subsidiaries, which had previously been included in Other
income was included in net investment income. This reporting is consistent with General
Insurance and Life and Retirement net investment income and had no effect on Adjusted after
tax income. Amounts included in net investment income, as a result of this reclassification
were $116 million. Additionally, and on a prospective basis, we also excluded changes in thefair value of equity securities from net investment income (and adjusted pre-tax income) which
was $79 million.
Legacy Results – First quarter adjusted pre-tax income of $112 million declined from $145
million in the prior-year quarter due to lower Legacy General Insurance net investment income
and premiums, and lower Legacy Investment earnings reflecting the continued decrease in theinvested assets of the Legacy Investments portfolio. The prior-year quarter was negatively
impacted by a refinement in reserves related to payout annuities within Legacy Life andRetirement.
Liquidity and Capital – As of March 31, 2019, AIG Parent liquidity stood at approximately$5.2 billion. In the first quarter, AIG Parent received approximately $1.2 billion of
distributions from the insurance subsidiaries in the form of cash, fixed maturity securities andloan repayments including tax sharing payments. In February 2019, AIG Parent made a capital
contribution of $300 million to its General Insurance companies.
In March 2019, AIG issued 20,000 shares of Series A 5.85% Non-Cumulative Preferred Stock,with a par value of $5.00 per share and a liquidation preference of $25,000 per share, for net
proceeds of approximately $485 million. Also, in March 2019, AIG issued $600 million
aggregate principal amount of 4.250% Notes due in 2029.
Book Value per Common Share – As of March 31, 2019, book value per common share was$69.33 compared to $65.04 at December 31, 2018. Book value per common share excluding
accumulated other comprehensive income and deferred tax assets (Adjusted book value percommon share) was $55.47, up slightly from prior-year end.

3FOR IMMEDIATE RELEASE

GENERAL INSURANCE

Three Months Ended March 31,($ in millions)
Total General Insurance
Gross premiums written
Net premiums written
Underwriting income (loss)
Adjusted pre-tax income
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

4

2019
$
$
$
$

2018

10,195
6,033
179
1,268

$
$
$
$

Change

9,205
6,171
(251)
510

11 %
(2)
NM
149

63.1

67.2

(4.1) pts

(2.7)
1.0

(5.7)
1.6

3.0
(0.6)

0.4
61.8
34.3
97.4
96.1

63.1
36.6
103.8
99.7

0.4
(1.3)
(2.3)
(6.4)
(3.6)

FOR IMMEDIATE RELEASE

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

2019
$

2018

2,578
1,998
580

Change

$

2,039
1,314
725

26 %
52
(20)

Underwriting income (loss)
Commercial Lines
Personal Insurance$(11) $
54
(65)

(328)
(89)
(239)

97
NM
73

Adjusted pre-tax income

$

934

320

192

69.4

80.0

(10.6) pts

(5.1)
1.8

(11.1)
2.8

6.0
(1.0)

1.0
67.1
30.9
100.3
98.0

71.7
32.2
112.2
103.9

1.0
(4.6)
(1.3)
(11.9)
(5.9)

70.7

75.9

(5.2) pts

(5.1)
2.8

(4.5)
6.9

(0.6)
(4.1)

1.0
69.4
27.0
97.7
96.4

78.3
28.8
104.7
107.1

1.0
(8.9)
(1.8)
(7.0)
(10.7)

65.4

90.1(24.7) pts

(5.0)
(1.2)

(27.4)
(7.5)

22.4
6.3

0.9
60.1
42.9
108.3
103.0

55.2
40.9
131.0
96.1

0.9
4.9
2.0
(22.7)
6.9

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
contracts and otherAccident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted

5$

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

General Insurance North America – Commentary6Adjusted pre-tax income of $934 million compared to adjusted pre-tax income of $320
million in the prior-year quarter.

Net premiums written increased by 26.4% to $2.6 billion, largely due to the inclusionof the Validus ($1.1 billion) and Glatfelter ($76 million) acquisitions, partially offset
by higher ceded premiums due to changes in the 2019 reinsurance programs and moredisciplined risk appetite.

The North America combined ratio of 100.3 included 5.1 points of catastrophe losses
net of reinstatement premiums and (1.8) points of net favorable prior year loss reserve
development. The accident year combined ratio, as adjusted, was 98.0 for the quarter
comprised of a 67.1 accident year loss ratio, as adjusted, and a 30.9 expense ratio. The
lower accident year loss ratio, as adjusted was primarily driven by the change inbusiness mix including the Validus and Glatfelter acquisitions. The pre-tax
underwriting loss of $11 million includes $158 million of catastrophe losses, net ofreinsurance, of which $120 million related to North America Commercial Lines and$38 million related to Personal Insurance. Net favorable prior year loss reserve
development of $60 million was primarily related to the amortization of the adverse
development cover deferred gain.

The decrease in the expense ratio reflected a decrease in the GOE ratio resulting fromactions taken in the second half of 2018 to reduce expenses.



Net investment income of $945 million compared to $648 million in the prior-year
quarter. The increase in net investment income was primarily driven by strong
alternative investment returns and higher average invested assets due to the acquisitionof Validus.

FOR IMMEDIATE RELEASE

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

2019

2018

Change

$

3,455
1,780
1,675

$

4,132
1,955
2,177

Underwriting income (loss)
Commercial Lines
Personal Insurance

$

190
68
122

$

77
(14)
91

147
NM
34

Adjusted pre-tax income

$

334

$

190

76

57.4

58.5

(1.1) pts

(0.5)
0.4
57.3
37.2
94.6
94.5

(1.9)
0.7
57.3
39.5
98.0
96.8

1.4
(0.3)
(2.3)
(3.4)
(2.3)

63.0

64.5

(1.5) pts

(1.0)
(2.4)
59.6
33.0
96.0
92.6

(4.5)
60.0
36.4
100.9
96.4

3.5
(2.4)
(0.4)
(3.4)
(4.9)
(3.8)

52.4

54.0

(1.6) pts

2.8
55.2
41.1
93.5
96.3

1.3
55.3
42.0
96.0
97.3

1.5
(0.1)
(0.9)
(2.5)
(1.0)

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
Prior year development
Accident year loss ratio, as adjusted
Expense ratio
Combined ratio
Accident year combined ratio, as adjusted(16) %(9)(23)

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

7

FOR IMMEDIATE RELEASE

General Insurance International – Commentary

Adjusted pre-tax income of $334 million compared to adjusted pre-tax income of $190
million in the prior-year quarter.

Net premiums written decreased 16.4% on a reported basis and 13.2% on a constantdollar basis. The decrease in net premiums written was due to the Japan merger impactof $300 million in the prior-year quarter, higher ceded premiums due to changes in the2019 reinsurance program and lower accident & health business in Asia Pacific,
partially offset by the Validus acquisition ($171 million).



The International combined ratio was 94.6. The accident year combined ratio, as
adjusted, of 94.5 was comprised of a 57.3 accident year loss ratio, as adjusted, and a37.2 expense ratio. Pre-tax underwriting income of $190 million included $17 millionof catastrophe losses, net of reinsurance, and net favorable prior year loss reserve
development of $12 million.

The expense ratio decrease was driven by a reduction in the GOE ratio due to the Japanmerger impact in the prior-year quarter and as a result of actions taken in the second
half of 2018 to reduce expenses.



Net investment income of $144 million for the quarter compared to $113 million in theprior-year quarter. The increase in net investment income was largely the result ofhigher average invested assets and favorable returns.

LIFE AND RETIREMENT

Three Months Ended March 31,($ in millions)Life and Retirement
Premiums & Fees
Net Investment Income
Adjusted Revenue
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits*
Individual Retirement
Premiums & Fees
Net Investment Income
Adjusted Revenue
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits*
Net flows*

8

2019

2018

Change

$

1,936
2,042
4,204
3,280
924
8,356

$

1,180
2,046
3,460
2,568
892
8,862

64 %
22
28
4
(6)

$

204 $
999
1,351
843
508
4,186
133

216
984
1,361
862
499
4,358
(820)

(6) %
2
(1)
(2)
2
(4)
NM

FOR IMMEDIATE RELEASE

Three Months Ended March 31,($ in millions)Group Retirement
Premiums & Fees
Net Investment Income
Adjusted Revenue
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits*
Net flows*
Life Insurance
Premiums & Fees
Net Investment Income
Adjusted Revenue
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits
Institutional Markets
Premiums & Fees
Net Investment Income
Adjusted Revenue
Benefits, losses and expenses
Adjusted pre-tax income
Premiums and deposits

2019

2018

Change

$

104 $
541
709
477
232
2,063
(875)

118
582
761
479
282
2,072
(755)

(12) %
(7)
(7)
(18)
(16)

$

768 $
291
1,073
957
116
995

756
293
1,061
1,009
52
969

2 %
(1)
1
(5)
123
3

$

860 $
211
1,071
1,003
68
1,112

90
187
277
218
59
1,463

NM %
13
287
360
15
(24)

*1Q18 Premiums and deposits included $1.3 billion of FHLB Notes in Individual and Group Retirement ($1.1 billion and $0.2 billion,
respectively), but are excluded from net flows reporting as these funding agreements are not considered part of the metric to measurecore recurring performance

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

Life and Retirement – Commentary9

In Individual Retirement, adjusted pre-tax income reflected higher equity market
performance and tightening credit spreads which favorably impacted net investment
income and amortization of DAC. This was partially offset by lower alternative
investment returns and lower fee income and advisory fees primarily driven by lower
average Variable Annuity assets under administration. Net flows were positive andreflected stronger Fixed and Index Annuity sales.

Group Retirement adjusted pre-tax income declined primarily due to lower net
investment income driven by a one-time bond claim payment recovery in the prior-year
quarter and lower alternative investment returns. Premiums and deposits excluding
FHLB funding agreements in the prior-year quarter grew 11% for the quarter withhigher group acquisitions, in-plan annuity contributions and individual product sales.
Group Retirement net flows were negative primarily due to higher surrenders.

FOR IMMEDIATE RELEASEIn Life Insurance, adjusted pre-tax income reflected favorable mortality, continued
decrease of group benefits GOE and commissions, and positive reserve and reinsurance
refinements which impacted ceded premium, commissions and GOE. Total premiums
and deposits increased for the quarter driven by strong sales growth in our UK
individual protection line as well as the addition of group protection sales with theacquisition of Ellipse

In Institutional Markets, adjusted pre-tax income increased due to higher net
investment income on a growing asset base, partially offset by lower alternative
investment returns. Premiums and deposits reflect a large pension risk transfer
transaction executed during the quarter.

CONFERENCE CALL
AIG will host a conference call tomorrow, Tuesday, May 7, 2019 at 8:00 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 conference call 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:
10changes in market and industry conditions;the occurrence of catastrophic events, both natural and man-made;FOR IMMEDIATE RELEASE

















AIG’s ability to successfully reorganize its businesses and execute on our initiatives toimprove our underwriting capabilities and reinsurance programs, as well as improve
profitability, without negatively impacting client relationships or its competitive position;
AIG’s ability to successfully dispose of, monetize and/or acquire businesses or assets or
successfully integrate acquired businesses;
actions by credit rating agencies;changes in judgments concerning insurance underwriting and insurance liabilities;changes in judgments concerning potential cost saving opportunities;
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 our strategies to recruit and retain key personnel and our ability to
implement effective succession plans;
negative impacts on customers, business partners and other stakeholders;
AIG’s ability to successfully manage Legacy portfolios;
concentrations in AIG’s investment portfolios;
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;
changes in judgments concerning the recognition of deferred tax assets and goodwill
impairment; andsuch other factors discussed in Part I, Item 2. Management's Discussion and Analysis ofFinancial Condition and Results of Operations (MD&A) in AIG’s Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2019 (which will be filed with the
Securities and Exchange Commission), and Part II, Item7. MD&A and Part I, Item 1A.
Risk Factors in AIG’s Annual Report on Form 10-K for the year 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
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
financial measures AIG presents may not be comparable to similarly-named measures reported byother companies. The reconciliations of such measures to the most comparable GAAP measures inaccordance with Regulation G are included within the relevant tables or in the First Quarter 201911

FOR IMMEDIATE RELEASE

Financial Supplement available in the Investor Information 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 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(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.
12

FOR IMMEDIATE RELEASE

Adjusted After-tax Income Attributable to Core and Life and Retirement is derived bysubtracting attributed interest expense and income tax expense from adjusted pre-tax income.
Attributed debt and the related interest expense is calculated based on AIG’s internal capital model.
Tax expense or benefit is calculated based on an internal attribution methodology that considers
among other things the taxing 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.

13

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 (AATI) is derived by excluding the tax effected
APTI adjustments described above and the following tax items from net income attributable to
AIG:
•
•
•

14

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 17 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 and man-made catastrophe losses are generally weather or seismic events having a net
impact on AIG in excess of $10 million each and also include certain man-made events, suchas terrorism and civil disorders that exceed the $10 million threshold. AIG believes that as
adjusted ratios are meaningful measures of AIG’s underwriting results on an ongoing basis as
they exclude catastrophes and the impact of reserve discounting which are outside ofmanagement’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 tocatastrophes (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
15

FOR IMMEDIATE RELEASE

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
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 products, and other financial services
to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses andindividuals 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 havebeen provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or
provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, andcoverage is subject to 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.

16

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

Reconciliations of Adjusted Pre-tax and After-tax Income
Three Months Ended March 31,
2019

Pre-tax income/net income, including noncontrolling interests
Noncontrolling interest

2018

Pre-tax

Tax EffectNoncontrolling
Interest(b)$ 1,154
-

$

$

217
-

(283)

After-tax

Pre-tax

Tax EffectNoncontrolling
Interest

After-tax

$

937
(283)

$ 1,227
-

$

$

$

1,154

217

(283)

654

1,227

-

12

-

(12)

-

38

-

(38)

guaranteed living benefits
Changes in benefit reserves and DAC, VOBA and

(96)

(20)

-

SIA related to net realized capital gains (losses)

(99)

(21)

(79)

(17)

retroactive reinsurance agreements(Gain) loss on extinguishment of debt

(27)
(2)

Net realized capital (gains) losses(a)Loss from discontinued operations

277
-

(11)

949
(11)

277

(11)

-

4

-

(4)

-

(30)

-

30

(76)

77

16

-

61

-

(78)

31

6

-

25

-

(62)

-

-

-

-

(5)
(1)

-

(22)
(1)

34
4

7
1

-

27
3

474
-

109
-

-

365
-

19
-

(1)
-

-

20
1

Income from divested businesses
Non-operating litigation reserves and settlements

(6)
1

(1)
1

-

(5)
-

(8)
13

(2)
3

-

(6)
10

Net loss reserve discount (benefit) charge
Integration and transaction costs associated with

473

99

-

374

(205)

(43)

-

(162)

acquired businesses
Restructuring and other costs

7
47

2
10

-

5
37

24

5

-

19

Pre-tax income/net income attributable to AIG
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

Changes in the fair value of equity securities

938

Unfavorable (favorable) prior year development andrelated amortization changes ceded under

Noncontrolling interest primarily related to net realized
capital gains (losses) of Fortitude Holdings' standalone
results(b)Adjusted pre-tax income/Adjusted after-tax income$ 1,847

$

423

$

247

247

-

(36)

$ 1,388$ 1,216

$

243

1
$

(10)

1
$

963

(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 Holdings by an affiliate of The Carlyle Group L.P. (Carlyle), which occurred in the fourth quarterof 2018. Carlyle is allocated 19.9 percent of Fortitude Holdings’ standalone financial results. Fortitude Holdings’ results are mostly eliminated in AIG’s consolidated income fromcontinuing 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 concerns gains related to the change in fair value of embedded derivatives, which moved materially in thequarter due to lower rates and tightening credit spreads, and which are recorded in net realized capital gains 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.

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

Summary of Key Financial Metrics
Three Months Ended March 31,% Inc.
2019
2018(Dec.)
Earnings per common share:
Basic
Income from continuing operations
Income from discontinued operations$

Net income attributable to AIG$

DilutedIncome from continuing operations
Income from discontinued operations$

Net income attributable to AIG
Adjusted after-tax income attributable to AIG per diluted share

$
$

0.75
0.75

$

0.75
0.75
1.58

$

Weighted average shares outstanding:
Basic
Diluted

875.4
877.5

Return on common equity (a)Adjusted return on common equity (b)4.5 %
11.6 %

As of period end:
Total AIG shareholders' equity
Preferred equity
Total AIG common shareholders' equity
Accumulated other comprehensive income (AOCI)$

Total AIG common shareholders' equity, excluding AOCIMarch 31, 201960,787
485
60,302
2,128
58,174

Deferred tax assets (c)

$

$

9,926
48,248

As of period end:
Book value per common share (d)Book value per common share, excluding AOCI (e)Adjusted book value per common share (f)March 31,
2019
69.33
66.89
55.47

December 31,
2018 % Inc. (Dec.)
65.04
6.6 %
66.67
0.3
54.95
0.9

Total common shares outstanding

$
$
$

869.7

$
$
$

866.6

$
$

(27.2) %NM(27.2)

1.01
1.01
1.04

(25.7)
NM(25.7)
51.9 %

908.0
925.3
5.9 %
7.7 %

December 31, 2018
56,361
56,361(1,413)
57,774

Total adjusted AIG common shareholders' equity

$

$

1.03
1.03

10,15347,621$$$March 31, 2018
62,792
62,792
2,220
60,572$

10,21450,358$March 31,2018 % Inc. (Dec.)
69.95(0.9) %
67.48
(0.9)
56.10
(1.1)
897.7

Financial highlights - notes(a) Computed as Annualized net income (loss) attributable to AIG divided by average AIG common shareholders' equity. Equity includes AOCI and DTA.
(b) Computed as Annualized Adjusted after-tax income attributable to AIG divided by Adjusted Common Shareholders' Equity.
(c) 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.
(d) Represents total AIG common shareholders' equity divided by Total common shares outstanding.
(e) Represents total AIG common shareholders' equity, excluding AOCI, divided by Total common shares outstanding.
(f) Represents Adjusted Common Shareholders' Equity, divided by Total common shares outstanding.

18

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

$

924
37
887
176
711

$

892
16
876
174
702

$
$

18,28018,98815.0 %$$

19,931
19,69914.3 %

Adjusted pre-tax income including attributed interest expenses
Income tax expense
Adjusted after-tax income
Ending adjusted attributed common equity
Average adjusted attributed common equity
Adjusted return on attributed common equity

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

$

1,735
1,735
400
1,335

$

1,071
(10)
1,081
214
867

$
$

40,79839,76713.4 %$$

41,112
40,5228.6 %Adjusted pre-tax income including attributed interest expenses
Income tax expense
Adjusted after-tax income
Ending adjusted attributed common equity
Average adjusted attributed common equity
Adjusted return on attributed common equity

Net Premiums Written - Change in Constant Dollar
Three Months Ended
March 31, 2019

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(13.2) %(3.2)(16.4) %Reconciliation of Insurance Company Net Investment Income

Net investment income per Consolidated Statement of Operations
Changes in fair value of securities used to hedge guaranteed living benefits
Changes in the fair value of equity securities
Net realized capital gains related to economic hedges and otherTotal Insurance Company Net investment income

19

$

$

Three Months Ended
March 31,
2019
2018
3,879
$
3,261
(105)
77
(79)
23
10
3,718
$
3,348

American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)($ in millions, except per share amounts)
Reconciliations of Premiums and Deposits*
Three Months Ended
March 31,20192018
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

$

$
$

$
$

$
$

$
$

$

11
4,175
4,186

$

4
2,059
2,063

$

395
406
194
995

$

819
286
7
1,112

$

1,229
6,926
201
8,356

$

$

$

12
4,347
(1)
4,358
6
2,066
2,072
379
412
178
969

$

$

$

49
1,408
6
1,463
446
8,233
183
8,862

* 1Q18 includes deposits in Individual Retirement ($1.1 billion), Group Retirement ($0.2 billion) and Institutional Markets ($1.4 billion) of FHLB funding agreements.

20