INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Tables)
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6 Months Ended |
Jun. 30, 2016 |
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT |
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Condensed Consolidating Balance Sheets |
| | American | | | | | | | | | | | International | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | Consolidated | (in millions) | (As Guarantor) | | AIGLH | | Subsidiaries | | Eliminations | | AIG | June 30, 2016 | | | | | | | | | | | Assets: | | | | | | | | | | | Short-term investments | $ | 3,727 | $ | - | $ | 12,769 | $ | (4,162) | $ | 12,334 | Other investments(a) | | 5,790 | | - | | 332,543 | | - | | 338,333 | Total investments | | 9,517 | | - | | 345,312 | | (4,162) | | 350,667 | Cash | | 12 | | 6 | | 1,766 | | - | | 1,784 | Loans to subsidiaries(b) | | 35,007 | | - | | 395 | | (35,402) | | - | Investment in consolidated subsidiaries(b) | | 58,001 | | 33,137 | | - | | (91,138) | | - | Other assets, including deferred income taxes | | 24,455 | | 132 | | 136,529 | | (3,218) | | 157,898 | Total assets | $ | 126,992 | $ | 33,275 | $ | 484,002 | $ | (133,920) | $ | 510,349 | Liabilities: | | | | | | | | | | | Insurance liabilities | $ | - | $ | - | $ | 278,518 | $ | - | $ | 278,518 | Long-term debt | | 22,208 | | 641 | | 10,480 | | - | | 33,329 | Other liabilities, including intercompany balances(a) | | 14,444 | | 65 | | 101,009 | | (7,553) | | 107,965 | Loans from subsidiaries(b) | | 394 | | - | | 35,008 | | (35,402) | | - | Total liabilities | | 37,046 | | 706 | | 425,015 | | (42,955) | | 419,812 | Total AIG shareholders’ equity | | 89,946 | | 32,569 | | 58,396 | | (90,965) | | 89,946 | Non-redeemable noncontrolling interests | | - | | - | | 591 | | - | | 591 | Total equity | | 89,946 | | 32,569 | | 58,987 | | (90,965) | | 90,537 | Total liabilities and equity | $ | 126,992 | $ | 33,275 | $ | 484,002 | $ | (133,920) | $ | 510,349 | | | | | | | | | | | | December 31, 2015 | | | | | | | | | | | Assets: | | | | | | | | | | | Short-term investments | $ | 4,042 | $ | - | $ | 9,637 | $ | (3,547) | $ | 10,132 | Other investments(a) | | 7,425 | | - | | 320,797 | | - | | 328,222 | Total investments | | 11,467 | | - | | 330,434 | | (3,547) | | 338,354 | Cash | | 34 | | 116 | | 1,479 | | - | | 1,629 | Loans to subsidiaries(b) | | 35,927 | | - | | 578 | | (36,505) | | - | Investment in consolidated subsidiaries(b) | | 51,151 | | 30,239 | | - | | (81,390) | | - | Other assets, including deferred income taxes | | 23,299 | | 258 | | 135,690 | | (2,388) | | 156,859 | Total assets | $ | 121,878 | $ | 30,613 | $ | 468,181 | $ | (123,830) | $ | 496,842 | Liabilities: | | | | | | | | | | | Insurance liabilities | $ | - | $ | - | $ | 271,645 | $ | - | $ | 271,645 | Long-term debt | | 19,777 | | 704 | | 8,768 | | - | | 29,249 | Other liabilities, including intercompany balances(a) | | 11,869 | | 201 | | 99,777 | | (6,109) | | 105,738 | Loans from subsidiaries(b) | | 574 | | 3 | | 35,928 | | (36,505) | | - | Total liabilities | | 32,220 | | 908 | | 416,118 | | (42,614) | | 406,632 | Total AIG shareholders’ equity | | 89,658 | | 29,705 | | 51,511 | | (81,216) | | 89,658 | Non-redeemable noncontrolling interests | | - | | - | | 552 | | - | | 552 | Total equity | | 89,658 | | 29,705 | | 52,063 | | (81,216) | | 90,210 | Total liabilities and equity | $ | 121,878 | $ | 30,613 | $ | 468,181 | $ | (123,830) | $ | 496,842 |
(a) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment. (b) Eliminated in consolidation.
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Condensed Consolidating Statements of Income (Loss) |
| | | | | | | | | | | | | American | | | | | | | | | | | International | | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | | Consolidated | (in millions) | | (As Guarantor) | | AIGLH | | Subsidiaries | | Eliminations | | AIG | Three Months Ended June 30, 2016 | | | | | | | | | | | Revenues: | | | | | | | | | | | Equity in earnings of consolidated subsidiaries* | $ | 2,168 | $ | 888 | $ | - | $ | (3,056) | $ | - | Other income | | 127 | | - | | 14,843 | | (246) | | 14,724 | Total revenues | | 2,295 | | 888 | | 14,843 | | (3,302) | | 14,724 | Expenses: | | | | | | | | | | | Interest expense | | 250 | | 13 | | 59 | | (2) | | 320 | Loss on extinguishment of debt | | - | | - | | 7 | | - | | 7 | Other expenses | | 257 | | 7 | | 11,520 | | (245) | | 11,539 | Total expenses | | 507 | | 20 | | 11,586 | | (247) | | 11,866 | Income (loss) from continuing operations before income tax | | | | | | | | | | | expense (benefit) | | 1,788 | | 868 | | 3,257 | | (3,055) | | 2,858 | Income tax expense (benefit) | | (125) | | (7) | | 1,056 | | - | | 924 | Income (loss) from continuing operations | | 1,913 | | 875 | | 2,201 | | (3,055) | | 1,934 | Loss from discontinued operations, net of income taxes | | - | | - | | (10) | | - | | (10) | Net income (loss) | | 1,913 | | 875 | | 2,191 | | (3,055) | | 1,924 | Less: | | | | | | | | | | | Net income from continuing operations attributable to | | | | | | | | | | | noncontrolling interests | | - | | - | | 11 | | - | | 11 | Net income (loss) attributable to AIG | $ | 1,913 | $ | 875 | $ | 2,180 | $ | (3,055) | $ | 1,913 | Three Months Ended June 30, 2015 | | | | | | | | | | | Revenues: | | | | | | | | | | | Equity in earnings of consolidated subsidiaries* | $ | 2,319 | $ | 749 | $ | - | $ | (3,068) | $ | - | Other income | | 14 | | - | | 15,916 | | (231) | | 15,699 | Total revenues | | 2,333 | | 749 | | 15,916 | | (3,299) | | 15,699 | Expenses: | | | | | | | | | | | Interest expense | | 267 | | 14 | | 65 | | (30) | | 316 | Loss on extinguishment of debt | | 297 | | - | | 45 | | - | | 342 | Other expenses | | 301 | | 47 | | 12,343 | | (202) | | 12,489 | Total expenses | | 865 | | 61 | | 12,453 | | (232) | | 13,147 | Income (loss) from continuing operations before income tax | | | | | | | | | | | expense (benefit) | | 1,468 | | 688 | | 3,463 | | (3,067) | | 2,552 | Income tax expense (benefit) | | (333) | | (20) | | 1,129 | | 1 | | 777 | Income (loss) from continuing operations | | 1,801 | | 708 | | 2,334 | | (3,068) | | 1,775 | Income (loss) from discontinued operations, net of income taxes | | (1) | | - | | 17 | | - | | 16 | Net income (loss) | | 1,800 | | 708 | | 2,351 | | (3,068) | | 1,791 | Less: | | | | | | | | | | | Net loss from continuing operations attributable to | | | | | | | | | | | noncontrolling interests | | - | | - | | (9) | | - | | (9) | Net income (loss) attributable to AIG | $ | 1,800 | $ | 708 | $ | 2,360 | $ | (3,068) | $ | 1,800 |
| | | | | | | | | | | | | American | | | | | | | | | | | International | | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | | Consolidated | (in millions) | | (As Guarantor) | | AIGLH | | Subsidiaries | | Eliminations | | AIG | Six Months Ended June 30, 2016 | | | | | | | | | | | Revenues: | | | | | | | | | | | Equity in earnings of consolidated subsidiaries* | $ | 1,224 | $ | (795) | $ | - | $ | (429) | $ | - | Other income | | 64 | | 5 | | 26,881 | | (447) | | 26,503 | Total revenues | | 1,288 | | (790) | | 26,881 | | (876) | | 26,503 | Expenses: | | | | | | | | | | | Interest expense | | 494 | | 27 | | 108 | | (3) | | 626 | Loss on extinguishment of debt | | 77 | | - | | 13 | | - | | 90 | Other expenses | | 448 | | 14 | | 23,125 | | (444) | | 23,143 | Total expenses | | 1,019 | | 41 | | 23,246 | | (447) | | 23,859 | Income (loss) from continuing operations before income tax | | | | | | | | | | | expense (benefit) | | 269 | | (831) | | 3,635 | | (429) | | 2,644 | Income tax expense (benefit) | | (1,462) | | (13) | | 2,341 | | - | | 866 | Income (loss) from continuing operations | | 1,731 | | (818) | | 1,294 | | (429) | | 1,778 | Loss from discontinued operations, net of income taxes | | (1) | | - | | (56) | | - | | (57) | Net income (loss) | | 1,730 | | (818) | | 1,238 | | (429) | | 1,721 | Less: | | | | | | | | | | | Net loss from continuing operations attributable to | | | | | | | | | | | noncontrolling interests | | - | | - | | (9) | | - | | (9) | Net income (loss) attributable to AIG | $ | 1,730 | $ | (818) | $ | 1,247 | $ | (429) | $ | 1,730 | Six Months Ended June 30, 2015 | | | | | | | | | | | Revenues: | | | | | | | | | | | Equity in earnings of consolidated subsidiaries* | $ | 5,076 | $ | 1,522 | $ | - | $ | (6,598) | $ | - | Other income | | 164 | | - | | 31,830 | | (320) | | 31,674 | Total revenues | | 5,240 | | 1,522 | | 31,830 | | (6,918) | | 31,674 | Expenses: | | | | | | | | | | | Interest expense | | 556 | | 30 | | 130 | | (60) | | 656 | Loss on extinguishment of debt | | 358 | | - | | 45 | | 7 | | 410 | Other expenses | | 547 | | 42 | | 23,952 | | (261) | | 24,280 | Total expenses | | 1,461 | | 72 | | 24,127 | | (314) | | 25,346 | Income (loss) from continuing operations before income tax | | | | | | | | | | | expense (benefit) | | 3,779 | | 1,450 | | 7,703 | | (6,604) | | 6,328 | Income tax expense (benefit) | | (490) | | (63) | | 2,630 | | - | | 2,077 | Income (loss) from continuing operations | | 4,269 | | 1,513 | | 5,073 | | (6,604) | | 4,251 | Income (loss) from discontinued operations, net of income taxes | | (1) | | - | | 18 | | - | | 17 | Net income (loss) | | 4,268 | | 1,513 | | 5,091 | | (6,604) | | 4,268 | Less: | | | | | | | | | | | Net income (loss) from continuing operations attributable to | | | | | | | | | | | noncontrolling interests | | - | | - | | - | | - | | - | Net income (loss) attributable to AIG | $ | 4,268 | $ | 1,513 | $ | 5,091 | $ | (6,604) | $ | 4,268 |
* Eliminated in consolidation.
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Condensed Consolidating Statements of Comprehensive Income (Loss) |
| | American | | | | | | | | | | | International | | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | | Consolidated | (in millions) | | (As Guarantor) | | AIGLH | | Subsidiaries | | Eliminations | | AIG | Three Months Ended June 30, 2016 | | | | | | | | | | | Net income (loss) | $ | 1,913 | $ | 875 | $ | 2,191 | $ | (3,055) | $ | 1,924 | Other comprehensive income (loss) | | 2,734 | | 7,734 | | (7,006) | | (728) | | 2,734 | Comprehensive income (loss) | | 4,647 | | 8,609 | | (4,815) | | (3,783) | | 4,658 | Total comprehensive income attributable to noncontrolling interests | | - | | - | | 11 | | - | | 11 | Comprehensive income (loss) attributable to AIG | $ | 4,647 | $ | 8,609 | $ | (4,826) | $ | (3,783) | $ | 4,647 | Three Months Ended June 30, 2015 | | | | | | | | | | | Net income (loss) | $ | 1,800 | $ | 708 | $ | 2,351 | $ | (3,068) | $ | 1,791 | Other comprehensive income (loss) | | (3,037) | | 3,582 | | 53,694 | | (57,276) | | (3,037) | Comprehensive income (loss) | | (1,237) | | 4,290 | | 56,045 | | (60,344) | | (1,246) | Total comprehensive loss attributable to noncontrolling interests | | - | | - | | (9) | | - | | (9) | Comprehensive income (loss) attributable to AIG | $ | (1,237) | $ | 4,290 | $ | 56,054 | $ | (60,344) | $ | (1,237) | Six Months Ended June 30, 2016 | | | | | | | | | | | Net income (loss) | $ | 1,730 | $ | (818) | $ | 1,238 | $ | (429) | $ | 1,721 | Other comprehensive income (loss) | | 5,722 | | 7,260 | | 48,548 | | (55,808) | | 5,722 | Comprehensive income (loss) | | 7,452 | | 6,442 | | 49,786 | | (56,237) | | 7,443 | Total comprehensive loss attributable to noncontrolling interests | | - | | - | | (9) | | - | | (9) | Comprehensive income (loss) attributable to AIG | $ | 7,452 | $ | 6,442 | $ | 49,795 | $ | (56,237) | $ | 7,452 | Six Months Ended June 30, 2015 | | | | | | | | | | | Net income (loss) | $ | 4,268 | $ | 1,513 | $ | 5,091 | $ | (6,604) | $ | 4,268 | Other comprehensive income (loss) | | (2,997) | | 4,490 | | 52,633 | | (57,126) | | (3,000) | Comprehensive income (loss) | | 1,271 | | 6,003 | | 57,724 | | (63,730) | | 1,268 | Total comprehensive loss attributable to noncontrolling interests | | - | | - | | (3) | | - | | (3) | Comprehensive income (loss) attributable to AIG | $ | 1,271 | $ | 6,003 | $ | 57,727 | $ | (63,730) | $ | 1,271 |
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Condensed Consolidating Statements of Cash Flows |
| | American | | | | | | | | | | | International | | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | | Consolidated | (in millions) | | (As Guarantor) | | AIGLH | | Subsidiaries* | | Eliminations* | | AIG | Six Months Ended June 30, 2016 | | | | | | | | | | | Net cash (used in) provided by operating activities | $ | 2,734 | $ | 680 | $ | (1,022) | $ | (1,821) | $ | 571 | Cash flows from investing activities: | | | | | | | | | | | Sales of investments | | 1,944 | | - | | 39,689 | | (6,846) | | 34,787 | Purchase of investments | | (606) | | - | | (40,877) | | 6,846 | | (34,637) | Loans to subsidiaries - net | | 1,050 | | - | | 180 | | (1,230) | | - | Contributions from (to) subsidiaries - net | | 880 | | - | | - | | (880) | | - | Net change in restricted cash | | - | | - | | (78) | | - | | (78) | Net change in short-term investments | | (733) | | - | | (1,022) | | - | | (1,755) | Other, net | | (298) | | - | | 1,717 | | - | | 1,419 | Net cash (used in) provided by investing activities | | 2,237 | | - | | (391) | | (2,110) | | (264) | Cash flows from financing activities: | | | | | | | | | | | Issuance of long-term debt | | 3,832 | | - | | 2,856 | | - | | 6,688 | Repayments of long-term debt | | (1,421) | | (63) | | (1,435) | | - | | (2,919) | Purchase of common stock | | (6,248) | | - | | - | | - | | (6,248) | Intercompany loans - net | | (180) | | (3) | | (1,047) | | 1,230 | | - | Cash dividends paid | | (713) | | (724) | | (1,097) | | 1,821 | | (713) | Other, net | | (263) | | - | | 2,385 | | 880 | | 3,002 | Net cash (used in) provided by financing activities | | (4,993) | | (790) | | 1,662 | | 3,931 | | (190) | Effect of exchange rate changes on cash | | - | | - | | 38 | | - | | 38 | Change in cash | | (22) | | (110) | | 287 | | - | | 155 | Cash at beginning of year | | 34 | | 116 | | 1,479 | | - | | 1,629 | Cash at end of period | $ | 12 | $ | 6 | $ | 1,766 | $ | - | $ | 1,784 | | | | | | | | | | | | Six Months Ended June 30, 2015 | | | | | | | | | | | Net cash (used in) provided by operating activities | $ | 2,230 | $ | 527 | $ | 2,581 | $ | (4,845) | $ | 493 | Cash flows from investing activities: | | | | | | | | | | | Sales of investments | | 4,703 | | - | | 36,970 | | (2,667) | | 39,006 | Purchase of investments | | (942) | | - | | (32,708) | | 2,667 | | (30,983) | Loans to subsidiaries - net | | 189 | | - | | 130 | | (319) | | - | Contributions from (to) subsidiaries - net | | - | | - | | - | | - | | - | Net change in restricted cash | | - | | - | | 1,462 | | - | | 1,462 | Net change in short-term investments | | (2,093) | | - | | (600) | | - | | (2,693) | Other, net | | (65) | | - | | (1,441) | | - | | (1,506) | Net cash (used in) provided by investing activities | | 1,792 | | - | | 3,813 | | (319) | | 5,286 | Cash flows from financing activities: | | | | | | | | | | | Issuance of long-term debt | | 2,342 | | - | | 432 | | - | | 2,774 | Repayments of long-term debt | | (2,016) | | (114) | | (1,571) | | - | | (3,701) | Purchase of common stock | | (3,743) | | - | | - | | - | | (3,743) | Intercompany loans - net | | (130) | | - | | (189) | | 319 | | - | Cash dividends paid | | (335) | | (500) | | (4,345) | | 4,845 | | (335) | Other, net | | (75) | | - | | (486) | | - | | (561) | Net cash (used in) provided by financing activities | | (3,957) | | (614) | | (6,159) | | 5,164 | | (5,566) | Effect of exchange rate changes on cash | | - | | - | | (34) | | - | | (34) |
Change in cash | | 65 | | (87) | | 201 | | - | | 179 | Cash at beginning of year | | 26 | | 91 | | 1,641 | | - | | 1,758 | Cash at end of period | $ | 91 | $ | 4 | $ | 1,842 | $ | - | $ | 1,937 |
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Supplementary Disclosure of Condensed Consolidating Cash Flow Information |
| | American | | | | | | | | | | | International | | | | | | Reclassifications | | | | | Group, Inc. | | | | Other | | and | | Consolidated | (in millions) | | (As Guarantor) | | AIGLH | | Subsidiaries* | | Eliminations* | | AIG | Cash (paid) received during the 2016 period for: | | | | | | | | | | | Interest: | | | | | | | | | | | Third party | $ | (515) | $ | (27) | $ | (108) | $ | - | $ | (650) | Intercompany | | - | | - | | - | | - | | - | Taxes: | | | | | | | | | | | Income tax authorities | $ | (7) | $ | - | $ | (110) | $ | - | $ | (117) | Intercompany | | 629 | | - | | (629) | | - | | - | Cash (paid) received during the 2015 period for: | | | | | | | | | | | Interest: | | | | | | | | | | | Third party | $ | (585) | $ | (32) | $ | (143) | $ | - | $ | (760) | Intercompany | | - | | - | | - | | - | | - | Taxes: | | | | | | | | | | | Income tax authorities | $ | (6) | $ | - | $ | (332) | $ | - | $ | (338) | Intercompany | | 1,249 | | - | | (1,249) | | - | | - |
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Supplementary disclosure of non-cash activities |
Six Months Ended June 30, | | | | | (in millions) | | 2016 | | 2015 | Intercompany non-cash financing and investing activities: | | | | | Capital contributions | $ | 2,915 | $ | 111 | Dividends received in the form of securities | | 1,790 | | 1,551 | Return of capital | | 1 | | - | Fixed maturity securities received in exchange for equity securities | | 440 | | - | Non-cash financing/investing activities: | | | | | Consideration received from sale of shares of AerCap | | - | | 500 |
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