American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Investor Day (November 2016)
81 slides from American International Group, Inc. New's investor day presentation, Nov 18, 2016
Slide 1: Investor Day
© Investor Day NOVEMBER 18, 2016
Slide 2: Cautionary Statement Regarding Forward Looking Information
Cautionary Statement Regarding Forward Looking Information This document and the remarks made within this presentation may include, and officers and representatives of American International Group, Inc. (AIG) may from time to time make, projections, goals, assumptions and statements that may constit
Slide 3: Agenda
Agenda Time Content Management 8:00 – 8:30 Registration 8:30 – 8:45 Overview & Outlook Peter D. Hancock, President & Chief Executive Officer Sid Sankaran, Executive Vice President & 8:45 – 9:05 Financial Outlook Chief Financial Officer Robert S. Schimek, Executive Vice President & 9:05 – 9:55 Commer
Slide 4: Overview & Outlook
© Overview & Outlook Peter D. Hancock President and Chief Executive Officer
Slide 5: Industry Leadership, Execution, Value Creation
Industry Value Execution Leadership Creation 5
Slide 6: Hierarchy of Goals
Hierarchy of Goals Primary focus is growth in intrinsic value Intrinsic Value Return On Risk: Growth In Equity Equity Credit Book Value Beta Quality Risk Investment Capital Efficiency Margin Income Management 6
Slide 7: Consistent Accomplishments
Consistent Accomplishments $ Returned Completed Improved Reduced $25B of capital or announced Normalized run-rate General to shareholders 16 divestitures Return On Equity Operating since 9/30/141 and equity sales by 150 bps Expense, transactions since FY’15 Operating Basis, valued at by over $1B ove
Slide 8: Financial Outlook
© Financial Outlook Sid Sankaran Executive Vice President & Chief Financial Officer
Slide 9: Financial Targets
Financial Targets Operating Portfolio Book Value Per Share Growth2 AIG Normalized ROE Normalized ROE1 (ex. AOCI and DTA ) ~9.0% 8.3% ~10% 10%+ ~9% 6.8% ~7.5% 5% 2% 2015 9M'16 2017 Target 2015 9M'16 2017 Target 2015 9M'16 2017 Target Commercial AYLR, GOE Reduction, Operating Basis7 Capital Return ($b
Slide 10: AIG Best Valued in Three Main Parts
AIG Best Valued in Three Main Parts Operating Portfolio DTA (Utilize) (Improve & Grow) ~77% Legacy (Shrink) ~23% Illustration purposes only: Based on $70.4B GAAP equity ex. AOCI and DTA at YE’15. 10
Slide 11: Operating Portfolio: Normalized Return On Equity Expansion
Operating Portfolio: Normalized Return On Equity Expansion ROE expansion to date has been driven by the Operating Portfolio; we expect further improvement in 2017 Operating Portfolio Normalized ROE ~100 bps ~10% ~9% Largely Offsetting 9M'16 Headwinds 1 Capital Efficiency Underwriting 2017 Return Imp
Slide 12: Legacy Portfolio
Legacy Portfolio Shrinking Legacy has reduced risk and increased liquidity to AIG Parent Legacy ROE Legacy Equity as % of Liquidity to Parent Ex. AOCI & DTA1 AIG Equity1 ~5% ~$9B ~3-5% ~23% $6.3B ~16% ~(2%) YE 2015 9/30/16 4Q15 - 3Q16 2016-17 Target 9M'16 9M'16 2017E (Reported) (Normalized)(Normaliz
Slide 13: General Operating Expenses, Operating Basis
General Operating Expenses, Operating Basis Expect to exceed two year target ($ in billions) GOE Reduction, Operating Basis1 Target: $1.4bn (Net of Reinvestment) Key Principles Achieved, • Simplification To be Achieved and Earned Earned • Modularity 36% 57% • Automation 7% To Be Executed Compensatio
Slide 14: Strategic Divestitures
Strategic Divestitures Estimated Announced Closing Date / Transaction Counterparty Status Net Gain (Loss) Date [Anticipated Close] After-Tax1 Completed AIG’s consumer business in Taiwan Nan Shan Life Closed 6/11/15 9/1/16 NM Lightyear Capital / AIG Advisor Group Closed 1/26/16 5/6/16 $155M PSP Inves
Slide 15: Capital Return
Capital Return On track to reach $25B capital return target Capital Return ($bn) $12-17 Dividends and Tax-Sharing $25 Payments: $5-7B ~$9.8 Divestitures: $4-5B Required Life Reinsurance: $3-4B Asset Allocation Shift: $0-1B $3.6 $11.6 Completed Remaining Under Potential Target YTD 1 Authoriza
Slide 16: Book Value Per Share Growth
Book Value Per Share Growth Growth reflects earnings, DTA utilization and accretive share and warrant repurchases Excluding AOCI & DTA, As Reported Excluding AOCI Including Dividend Growth +13% +5% $85.02 +5% $75.10 $76.33 $72.97 $62.39 $59.26 YE'2015 9M'16 YE'2015 9M'16 YE'2015 9M'16 16
Slide 17: Reserve Risk Reduction
Reserve Risk Reduction Improving Risk Profile, Controls and Transparency Manage Capital Create Claim Run-Off Limit Entity Reduction & Portfolio US Casualty Capital allocation Exits Premium Improving Reduction Reserving & Eaglestone Pricing Enhancing Techniques Reserve Limits Correlations Governance
Slide 18: P&C Reserves
P&C Reserves Uncertainty in AY LR Estimates by Development Age LR Points For Casualty business: 8% US Casualty Financial Lines – Premiums have fallen by ~60% since 2006 6% Property (Non-CAT) 4% – Reserves have fallen by $11BN since 2011 2% Duration of reserves has shortened by about 0% 10% since
Slide 19: Modularity
Modularity Modular units enhance transparency and accountability, driving improvement and flexibility over time Segment Operating Portfolio Segment Legacy Portfolio Commercial Property and Special Risks Legacy Includes Run-off Insurance Portfolio, Gains Harvesting Portfolio and Legacy Investments Li
Slide 20: Commercial Insurance
© Commercial Insurance Robert S. Schimek Executive Vice President & Chief Executive Officer of Commercial
Slide 21: A Market Leading Commercial Insurer
A Market Leading Commercial Insurer Offering a range of simple to highly 9M’16 Net Premiums Written: $13.0 BN customized insurance solutions and services tailored to specific client needs Product Special US Risks Casualty Liability & 17% 19% Financial Property & Lines1 Int’l Cas. Special Risks 55%
Slide 22: Competitive Advantages | Market Leadership
Competitive Advantages | Market Leadership Becoming Our Clients’ Most Valued Insurer Strong Distribution Relationships Diversity by Distribution Channel2 94%1 Client Retention in Major Accounts Multinational & Fronting Best Overall Carrier & 19% Organizing Global by Industry Other #1 to provide Agen
Slide 23: Competitive Advantages | Collaborative Innovation
Competitive Advantages | Collaborative Innovation Won 10 Business Insurance Technology based First Commercial Insurer Innovation Awards SME joint venture invited to the Consumer over the last 7 years with Hamilton and Two Electronics Show Sigma New Products Over to address emerging risks 600 enginee
Slide 24: Competitive Advantages | Multinational Capabilities
Competitive Advantages | Multinational Capabilities The AIG Global Network1 Our Clients’ Local In-Country Operations Less than 100 100- 499 count 500 or more Multinational Client and Policy Growth 43.5 CAGR 40.6 31.0 33.3 36.6 +7.0% 6.7 CAGR AIG Global Network Issuing over Supported by Through an 5.
Slide 25: Competitive Advantages | Data and Claims
Competitive Advantages | Data and Claims Pay over $75 million in claims every business day 5,000+ Experienced Claims Professionals Data informed decision making across Underwriting, Reserving and Claims Reserving Drone inspections for loss Ranked #1 in Casualty Commercial Lines control and claims re
Slide 26: Strategic Actions Enhancing Shareholder Value
Strategic Actions Enhancing Shareholder Value Create a leaner, more focused, and highly profitable Commercial Insurance organization Ongoing Strategic Actions: Risk Selection Strategic Portfolio Client Innovation / Account Use of “Exits” Focus for Growth Level Actions Reinsurance Enhancements in R
Slide 27: Accident Year Combined Ratio, as Adjusted Trend
Accident Year Combined Ratio, as Adjusted Trend Making consistent progress on both the Adjusted Accident Year Loss Ratio, as adjusted, and Expense Ratio Accident Year AY CR as Adjusted Combined 100 -12 points from FY’12 Ratio as Adj. 97 97 95 92 Expense 30 Ratio ~88 30 29 29 28 ~28 Accident 70 68 67
Slide 28: Business Mix Shift
Business Mix Shift Significant improvement in Commercial’s mix of business and Adjusted Accident Year Loss Ratio Product Set Movement Product Set# 1 Product Set# 3 Set (Grow) Product Set# 2A (Maintain) Product Set# 2B (Improve) (Remediate) FY'15 NPE 15% 35% 35% 15% AYLR* 41% 59% 73% 91% Avg. AYLR* 5
Slide 29: Accident Year Loss Ratio, as Adjusted
Accident Year Loss Ratio, as Adjusted On track to achieve 4Q17 exit run rate target as the benefits from strategic actions are reflected in earnings 66% Post 9M16 Impact 1 64% Casualty (Exits, Reinsurance, Risk Selection) Business mix Ascot change NSM Fairfax 60% ~(2.0%) ~0.0% ~(2.0%) FY15
Slide 30: Portfolio Optimization
Portfolio Optimization Grow Maintain Reduce New Initiative Divesture Value-based decision making across the portfolio New Liability Financial Lines Excess Commercial Management Casualty Primary Liability US Casualty Financial Financial Institution New Management Liability US Environmental Institutio
Slide 31: Portfolio Optimization | Liability & Financial Lines
Portfolio Optimization | Liability & Financial Lines US/Canada AY LR as adjusted1 10% Rate Change Casualty 7% 85% 82% 5% 4% 2% 80% 1% 0% FY13 FY14 FY15 9M16 75% 74% 75% 72% 69% 65% FY11 FY12 FY13 FY14 FY15 9M16 NPW 2 US/Canada Excess Casualty - Limit Profile ($ BN) US/Canada Casualty (Incl. Env) Int
Slide 32: Portfolio Optimization | Global Property
Portfolio Optimization | Global Property AY LR as adjusted1 Rate Change 4% 3% 0% -2% 65% -5% -4% -6% 59% -8% FY13 FY14 FY15 9M16 55% 53% 53% 52% 49% 47% 45% FY11 FY12 FY13 FY14 FY15 9M16 NPW 2 Natural Catastrophe Exposure Int'l Property (excl Ascot) Other3[3] ($ BN) Large Limit Ascot Excess & Surplu
Slide 33: Well Positioned for the Future
Well Positioned for the Future Value creation driven by a comprehensive mix of business, focus and tools Optimize Portfolio Optimizing portfolio to balance profitability, growth and risk Compelling Value Focus on attractive segments, geographies and clients where Proposition we offer a compelling va
Slide 34: Consumer Insurance
© Consumer Insurance Kevin Hogan Executive Vice President & Chief Executive Officer of Consumer
Slide 35: Consumer: Operating Portfolio of Client-Centric Businesses
Consumer: Operating Portfolio of Client-Centric Businesses Group Retirement Premiums & Deposits: $5.5B PTOI: $0.7B Individual Retirement Premiums & Deposits: $12.9B PTOI: $1.6B Life Premiums & Deposits: $3.9B PTOI: $0.4B Personal Insurance NPW: $8.7B PTOI: $0.6B Illustration Purposes only: Based on
Slide 36: Personal Insurance: Core Products and Targeted Segments
Personal Insurance: Core Products and Targeted Segments Business complements Commercial and provides valuable differentiation Year-to-Date Net Premiums Written Individual Group Auto $2.3B Personal Accident (PA) Primary Markets: Japan, Asia $3.0B Primary Markets: Japan, Multinational Property: $0.7B
Slide 37: Personal Insurance: Margin Expansion Through Increased Focus
Personal Insurance: Margin Expansion Through Increased Focus Management actions are driving combined ratio improvement Number of Countries Selling PI Accident Year Combined Ratio Personal Insurance As Adjusted 99% 102% 100% 100% 2010A 2016E 2017E 95% 92-94% 43% 45% 46% 46% 40% Individual 71 33 15 56
Slide 38: Personal Insurance: Investing In Private Client Group
Personal Insurance: Investing In Private Client Group Building off of strong U.S. position in attractive $30B customer segment1 Significant new business momentum Net Premiums Written Up ~45% over 2012 $ in millions Targeted risk selection and pricing $1,600 16% using advanced analytics $1,200 12
Slide 39: Japan: Largest Foreign Property Casualty Insurer in Japan
Japan: Largest Foreign Property Casualty Insurer in Japan with History Dating Back to 1946 Leading positions in distinctive customer segments Small/Medium Enterprises (SME) Leading market position 45+ year Hojinkai relationship #1 in Construction sub-segment Professional agency network Indiv
Slide 40: Japan: Transformation of Fuji Fire and Marine
Japan: Transformation of Fuji Fire and Marine Increased professionalism, technical skills and capabilities Auto and A&H Loss Ratio Reduction Enhanced portfolio management analytics and underwriting discipline 12M Rolling Loss Ratio 65% 60% Improved pricing / producer 55% 50% Auto segmentation 45
Slide 41: Retirement and Life: Broad Product and Distribution Capabilities
Retirement and Life: Broad Product and Distribution Capabilities Top 5 market position across major product lines 9M’16 Premiums & Deposits Variable Annuities $3.6B Group Retirement Index Annuities $5.5B Individual $2.1B Retirement $12.9B Fixed Annuities $3.4B Life Retail Mutual Funds $3.9B $3.8B Ag
Slide 42: Individual Retirement: Comprehensive Risk Management
Individual Retirement: Comprehensive Risk Management Focus on hedgeable market risks Hedging Only provider with GMWB fees tied to Volatility Index (VIX) VA GMWB – 91% de-risked by account value1 Product Design Dynamic weekly Fixed Annuity pricing VA assets with living benefits / total equi
Slide 43: Group Retirement: Competitive Positioning
Group Retirement: Competitive Positioning Trusted advisors paired with powerful tools Transforming the plan sponsor Asset Ranking and participant experience #2 #3 #4 K-12 Higher Ed Healthcare ~1,200 financial advisors serving ~23,000 employer groups and ~2 million participants Unique service proposi
Slide 44: Life: Continued Focus on ROE Enhancement
Life: Continued Focus on ROE Enhancement Results beginning to reflect improvement plan Rationalize product portfolio % of U.S. Life CPPE Sales by Product Emphasize independent 3% 1% distribution and AIG Direct 47% 60% Consolidated systems with state-of-the-art platform 50% 39% Innovative und
Slide 45: Consumer: Well Positioned for the Future
Consumer: Well Positioned for the Future Executing strategic plan creates value On path toward achieving efficiency goals and exceeding cost of capital by the end of 2017 Balanced portfolio of at-scale businesses Disciplined focus on risk management Industry leader in target markets 45
Slide 46: Legacy
© Legacy Charlie Shamieh Chief Executive Officer, Legacy
Slide 47: AIG Legacy Progress to Date
AIG Legacy Progress to Date Achieved $6.3B out of $9.0B Release Target YE'15 $2.1B 9M'16 Legacy Assets $3.1B 9M'16 Legacy Run-Off Insurance Books1 $1.1B Progress to Date $6.3B $2.7B Achieved to September 30, 2016 Remaining $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 1) Represents Dividends and Tax Sharing Payment
Slide 48: Composition of AIG Legacy Portfolio
Composition of AIG Legacy Portfolio Legacy Portfolios (~$17B1 of Equity as of Dec 31, 2015): generally comprised of Non-Strategic Businesses2 that AIG has or intends to exit, Legacy Assets and Gains Harvesting Portfolios3 Strategies Strategies Third Party Sale of Parent Reinsurance (e.g. Assets and
Slide 49: AIG's Run-Off Team – Seasoned Industry Experts
AIG’s Run-Off Team – Seasoned Industry Experts Case Study – Eaglestone Reinsurance Company Actively Managing Run-Off of AIG’s Standalone Excess Workers’ Compensation Portfolio Undiscounted Net Run-Off Strategy Deployed Since Pending Claims AIG’s Acquisition of Run-Off Talent GAAP Reserves ~3,500 ~$3
Slide 50: Legacy Portfolios: Challenges
Legacy Portfolios: Challenges 2017 Size ($B) Prospective as of 12/31/15 Normalized ROE’s1 Duration Buyers/Reinsurers Limited reinsurer counterparties Run-Off Insurance ~$26B GAAP of sufficient size and financial ~3% to ~5% Books Liabilities ~9 years asset strength (~$49B liabilities and Diverse re
Slide 51: Key Takeaways
Key Takeaways We are executing our strategy to reduce Legacy capital The promises we made to our policyholders and insureds are at the forefront Reducing risk and releasing capital trapped in low yielding books can come with book value impairments We have the talent to execute and are building capab
Slide 52: Investments
© Investments Douglas A. Dachille Executive Vice President & Chief Investment Officer
Slide 53: Key Messages
Key Messages Low and uncertain interest-rate environment shapes our strategic priorities and requires heightened focus on core strengths in executing key initiatives Hone asset-liability management Optimize product design and pricing Strategic Exert greater internal control over investments an
Slide 54: Core Capabilities
Core Capabilities AIG possesses significant investment capabilities across asset classes and sectors, and in portfolio design, analytics and asset-liability management Investment Expertise Key Functions Private Credit Public Credit Core asset-management expertise in public and private credit, real
Slide 55: Key Initiatives – Direct Investments
Key Initiatives – Direct Investments Structuring direct investments in residential and commercial mortgages and other whole loans leverages AIG’s core strengths and provides significant benefits Short-duration Market cash flows Securitize Originate whole Underwrite Long-duration internally with AIG
Slide 56: Key initiatives – Residential Mortgage Exposure
Key initiatives – Residential Mortgage Exposure Increasing allocation to residential mortgages rebalances exposure after UGC sale PTOI from Residential Mortgage Insurance $ millions Exposure to residential mortgage risk declines with: 644 Mortgage loans – Sale of UGC 592 – Run-off of quota share w
Slide 57: Key Initiatives – External Managers
Key Initiatives – External Managers Limiting use of external managers to areas where we lack scale and expertise is expected to improve transparency, control, ALM, capital consumption and excess risk-adjusted returns Scaled internal platform to invest through external managers over past 5 years
Slide 58: Key Takeaways
Key Takeaways Low and uncertain interest-rate environment leaves less room for performance deviations Resultant areas of heightened focus include: ALM, product design and pricing, internal control of investments and related risks, capital consumption, and efficient pursuit of excess risk-adjusted re
Slide 59: Q&A and Closing Remarks
AIG]. Q&A and Closing Remarks
Slide 60: Industry Leadership, Execution, Value Creation
Industry Value Execution Leadership Creation 60
Slide 61: Appendix
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Slide 62: Strong Capital Position
Strong Capital Position Capital Structure ($ in Billions) Capital Return ($ in Millions) 3Q16 9M'16 $109.4 $110.9 $1.3 $0.9 Share repurchases $2,258 $8,506 $17.9 $20.8 Warrant repurchases - 263 $16.8 $15.6 Dividends declared 338 1,051 $2.5 $9.1 Total $2,596 $9,820 $70.9 $64.5 Risk Based Capital Rati
Slide 63: Large Financials' Risk Metrics
Large Financials’ Risk Metrics Notional Derivatives(1) (as of September 30, 2016) ($ in billions) 51,463 49,119 45,755 36,058 7,273 414 411 192 185 JPM Citibank Goldman BAC Wells Fargo MetLife Prudential GE AIG Leverage Ratio(2) (as of September 30, 2016) 10.1x 9.9x 9.6x 9.4x 8.1x 8.1x 7.9x 4.9x 4.7
Slide 64: Large Insurers' Financial Metrics
Large Insurers’ Financial Metrics As of September 30, 2016 (in $ billions, unless otherwise stated) 102 953 820 604 57 515 32 36 MetLife Prudential Berkshire AIG MetLife Prudential Berkshire AIG Total Assets Total Debt (1) 9.4x 8.1x 25 8% 19 4.9x 5.2% 12 2.2x 8 2.4% 1.6% (5) MetLife Prudential Berks
Slide 65: AIG Balance Sheet Since the Financial Crisis
AIG Balance Sheet Since the Financial Crisis (in US$ billions, unless otherwise stated) 1,048 942 549 176 515 450 425 49 32 2007 2012 3Q 2016 2007 2012 3Q 2016 2007 2012 3Q 2016 Total Assets Total Liabilities Total Debt (1) 119 82 57 45 30 3 3 8 2 2007 2012 3Q 2016 2007 2012 3Q 2016 2007 2012 3Q 201
Slide 66: AIG Balance Sheet Since the Financial Crisis (Cont'd)
AIG Balance Sheet Since the Financial Crisis (Cont’d) (in US$ billions, unless otherwise stated) 96 98 13 89 8 3 2 0 0 2007 2012 3Q 2016 2007 2012 3Q 2016 2007 2012 3Q 2016 Securities Sold Under Agreement Commercial Paper and Extendible Shareholders’ Equity to Repurchase Commercial Notes 15.2% 10.1x
Slide 67: US & Canada Programs
US & Canada Programs Segmentation strategy to improve profitability through focus on accretive programs Net Premiums Written AY Loss Ratio $1.1BN 70% (as adjusted) Terminate 27% 89% $0.7BN Improve 27% 73% Accretive 46% 55% 2016F 2017B 2016 Product Mix1 Property Casualty 41% 59% Franchise 1) The enti
Slide 68: Sale of AIG Fuji Life Insurance Company
Sale of AIG Fuji Life Insurance Company Transaction Overview On November 14th, AIG announced the agreement to sell AIG Fuji Life (“AFLI”) to FWD Group (“FWD”) The transaction will allow AIG to focus on its non-life insurance franchise in Japan As a young, growing company, AFLI has yet to achie
Slide 69: Speaker Biographies
AIG] Speaker Biographies
Slide 70: Speakers' Biographies (1/2)
Speakers’ Biographies (1/2) Peter D. Hancock Peter D. Hancock was named President and Chief Executive Officer of AIG in September 2014, when he was also elected to the AIG Board of Directors. Previously, Mr. Hancock served as CEO of AIG Property Casualty. He joined AIG in 2010 as Executive Vice Pres
Slide 71: Speakers' Biographies (2/2)
Speakers’ Biographies (2/2) Sid Sankaran Sid Sankaran is Executive Vice President and Chief Financial Officer at AIG. Prior to joining the company as Chief Risk Officer in October 2010, Sid was a partner in the Finance and Risk practice at Oliver Wyman Financial Services, heading the firm’s Toronto
Slide 72: Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations
© Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations
Slide 73: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures AIG We use certain of our operating performance measures, as discussed beginning in the next paragraph below, to define our forward-looking financial targets. Our financial targets are provided based on management’s estimates. The most directly comparable GAAP
Slide 74: Glossary of Non-GAAP Financial Measures (Continued)
Glossary of Non-GAAP Financial Measures (Continued) AIG Return on Equity – After-tax Operating Income Excluding AOCI and Return on Equity – After-tax Operating Income Excluding AOCI and DTA are used to show the rate of return on shareholders’ equity. We believe these measures are useful to investo
Slide 75: Glossary of Non-GAAP Financial Measures (Continued)
Glossary of Non-GAAP Financial Measures (Continued) Consumer Insurance: Retirement and Life; Corporate and Other: Institutional Markets Pre-tax operating income is derived by excluding the following items from pre-tax income: – changes in fair value of securities used to hedge guaranteed living be
Slide 76: Non-GAAP Reconciliations – Normalized Return On Equity, Ex. AOCI and DTA
Non-GAAP Reconciliations – Normalized Return On Equity, Ex. AOCI and DTA Reconciliations of Normalized and After-tax Operating Income Full Year 2015 9M'15 9M'16 Return on Equity, Excluding AOCI and DTA ($ in millions) Pre-tax Tax Effect After-tax ROE Pre-tax Tax Effect After-tax ROE Pre-tax Tax Effe
Slide 77: Non-GAAP Reconciliations – General Operating Expenses, Operating Basis
Non-GAAP Reconciliations – General Operating Expenses, Operating Basis Reconciliations of General Operating Expenses, Operating basis, Ex. FX and General Operating Expenses of AIG Advisor Group and UGC to General Operating Full Year and Other Expenses, GAAP basis ($ in millions) 2015 9M'15 9M'16 Tot
Slide 78: Non-GAAP Reconciliations – Accident Year Combined Ratio, As Adjusted
Non-GAAP Reconciliations – Accident Year Combined Ratio, As Adjusted Reconciliation of Accident Year Combined Ratio, As Adjusted Commercial Insurance 2012 Full Year 2013 2014 2015 9M'16 Loss ratio 80.5 71.9 71.6 85.7 73.1 Catastrophe losses and reinstatement premiums (10.9) (3.4) (2.9) (2.9) (5.9) P
Slide 79: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share December 31, December 31, September 30, Reconciliation of Book Value Per Common Share 2014 2015 2016 Total AIG shareholders’ equity (a) $106,898 $89,658 $88,663 Less: Accumulated other comprehensive income (AOCI) 10,617 2,537 9,057 Total AIG shareholde
Slide 80: Non-GAAP Reconciliations – Premiums and Deposits
Non-GAAP Reconciliations – Premiums and Deposits 9M'16 Total Reconciliation of Premiums and Deposits Variable Index Fixed Retail Mutual Individual Group ($ in millions) Annuities Annuities Annuities Funds Retirement Retirement Life Premiums and deposits $3,576 $2,139 $3,402 $3,825 $12,942 $5,514 $3,
Slide 81: For Further Information
For Further Information Call Us Visit Us or Follow Us Investor Relations Elizabeth Werner (212) 770-7074 Fernando Melon (212) 770-4630 Susan Davidson (212) 770-6387 Matthew Rohrmann (212) 770-6884 Artemio Novilla (212) 770-4294 81
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