	Three Months Ended June 30,				Six Months Ended June 30,


(in millions, except ratios)	2012		2011		2012		2011

Earnings:
Pre-tax income^(a):	$	2,080	$	1,786	$	4,641	$	469
Add – Fixed charges		1,150		1,204		2,279		2,475

Adjusted Pre-tax income		3,230		2,990		6,920		2,944

Fixed charges:
Interest expense	$	889	$	934	$	1,799	$	1,946
Portion of rent expense representing interest		26		29		66		78
Interest credited to policy and contract holders		235		241		414		451

Total fixed charges	$	1,150	$	1,204	$	2,279	$	2,475

Total fixed charges, excluding interest credited to policy and contract holders	$	915	$	963	$	1,865	$	2,024

Ratio of earnings to fixed charges		2.81		2.48		3.04		1.19

Ratio of earnings to fixed charges, excluding interest credited to policy and contract holders^(b):		3.53		3.10		3.71		1.45

(a): From continuing operations, excluding undistributed earnings (loss) from equity method investments and capitalized interest. These amounts have been revised to reflect the retrospective adoption of the deferred acquisition cost accounting standard on January 1, 2012.
(b): The Ratio of earnings to fixed charges, excluding interest credited to policy and contract holders removes interest credited to guaranteed investment contract (GIC) policyholders and guaranteed investment agreement (GIA) contract holders. Such interest amounts are also removed from earnings used in this calculation. GICs and GIAs are entered into by AIG's subsidiaries. The proceeds from GICs and GIAs are invested in a diversified portfolio of securities, primarily investment grade bonds. When these investments yield rates are greater than the rates on the related policyholders obligation or contract, a profit is earned from the spread.