QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2017

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

24. Quarterly Financial Information (Unaudited)

Consolidated Statements of Income (Loss)

	Three Months Ended
		March 31,				June 30,				September 30,				December 31,
(dollars in millions, except per share data)		2017		2016		2017		2016		2017		2016		2017		2016
Total revenues	$	12,632	$	11,779	$	12,502	$	14,724	$	11,751	$	12,854	$	12,635	$	13,010
Income (loss) from continuing
operations before income taxes*		1,727		(214)		1,667		2,858		(2,803)		737		875		(3,455)
Income (loss) from discontinued
operations, net of income taxes		-		(47)		8		(10)		(1)		3		(3)		(36)
Net income (loss)		1,211		(203)		1,118		1,924		(1,713)		436		(6,672)		(2,506)
Net income (loss) from
continuing operations attributable
to noncontrolling interests		26		(20)		(12)		11		26		(26)		(12)		535
Net income (loss) attributable to AIG*	$	1,185	$	(183)	$	1,130	$	1,913	$	(1,739)	$	462	$	(6,660)	$	(3,041)
Income (loss) per common share
attributable to AIG:
Basic:
Income (loss) from continuing
operations	$	1.21	$	(0.12)	$	1.21	$	1.73	$	(1.91)	$	0.43	$	(7.33)	$	(2.93)
Income (loss) from discontinued
operations	$	-	$	(0.04)	$	0.01	$	(0.01)	$	-	$	-	$	-	$	(0.03)
Diluted:
Income (loss) from continuing
operations	$	1.18	$	(0.12)	$	1.18	$	1.69	$	(1.91)	$	0.42	$	(7.33)	$	(2.93)
Income (loss) from discontinued
operations	$	-	$	(0.04)	$	0.01	$	(0.01)	$	-	$	-	$	-	$	(0.03)
Weighted average shares
outstanding:
Basic	980,777,243		1,156,548,459		925,751,084		1,113,587,927		908,667,044		1,071,295,892		908,115,499		1,023,886,592
Diluted	1,005,315,030		1,156,548,459		948,248,771		1,140,045,973		908,667,044		1,102,400,770		908,115,499		1,023,886,592
Noteworthy quarterly items -
(income) expense:
Other-than-temporary
impairments		68		204		67		108		88		102		37		145
Net (gain) loss on sale of
divested businesses		100		2		60		(225)		13		(128)		(241)		(194)
Federal and foreign valuation
allowance for deferred tax assets		(13)		(37)		(8)		35		24		(2)		40		87
Net (gain) loss on extinguishment of
debt		(1)		83		(4)		7		1		(14)		(1)		(2)
Prior year unfavorable (favorable)
development		61		(66)		391		7		901		273		212		5,574
Restructuring and other costs		181		188		47		90		31		210		154		206
Impact of Tax Act		-		-		-		-		-		-		6,687		-

* For the three months ended December 31, 2016, we recorded out of period adjustments related to prior periods that increased Net loss attributable to AIG by $154 million, increased AIG’s Loss from continuing operations before income taxes by $12 million and decreased adjusted pre-tax income by $1 million. The out of period adjustments are primarily related to income tax liabilities and ceded loss adjustment expenses. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the three-month periods ended September 30, 2016, June 30, 2016 and March 31, 2016 would have decreased by $65 million, increased by $66 million and increased by $19 million, respectively.