EQUITY (Tables)
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6 Months Ended |
Jun. 30, 2019 |
EQUITY |
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Rollforward of common stock outstanding |
Six Months Ended June 30, 2019 | Common | Treasury | Common Stock | | Stock Issued | Stock | Outstanding | Shares, beginning of year | 1,906,671,492 | (1,040,062,063) | 866,609,429 | Shares issued | - | 3,292,082 | 3,292,082 | Shares repurchased | - | - | - | Shares, end of period | 1,906,671,492 | (1,036,769,981) | 869,901,511 |
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Dividends Paid |
The following table presents declaration date, record date, payment date and dividends paid per share on AIG Common Stock: | | | | | Dividends Paid | Declaration Date | Record Date | Payment Date | | | Per Common Share | May 6, 2019 | June 14, 2019 | June 28, 2019 | | $ | 0.32 | February 13, 2019 | March 15, 2019 | March 29, 2019 | | | 0.32 | May 2, 2018 | June 14, 2018 | June 28, 2018 | | $ | 0.32 | February 8, 2018 | March 15, 2018 | March 29, 2018 | | | 0.32 |
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Repurchases Of Common Stock and Warrant |
The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock:Six Months Ended June 30, | | | | | (in millions) | | 2019 | | 2018 | Aggregate repurchases of common stock | $ | - | $ | 646 | Total number of common shares repurchased | | - | | 12 | Aggregate repurchases of warrants | $ | - | $ | 4 | Total number of warrants repurchased* | | - | | - | *For the six-month period ended June 30, 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. For the six-month period ended June 30, 2018, we repurchased 266,453 warrants to purchase shares of AIG Common Stock.
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Accumulated Other Comprehensive Income (Loss) |
| | Unrealized Appreciation | | | | | | | | Fair Value of | | | | | (Depreciation) of Fixed | | Unrealized | | | | | | Liabilities Under | | | | | Maturity Securities on | | Appreciation | | Foreign | | Retirement | | Fair Value Option | | | | | Which Other-Than- | | (Depreciation) | | Currency | | Plan | | Attributable to | | | | | Temporary Credit | | of All Other | | Translation | | Liabilities | | Changes in | | | (in millions) | | Impairments Were Taken | | Investments | | Adjustments | | Adjustment | | Own Credit Risk | | Total | Balance, March 31, 2019, net of tax | $ | 638 | $ | 5,129 | $ | (2,562) | $ | (1,087) | $ | 10 | $ | 2,128 | Change in unrealized appreciation of investments | | 95 | | 5,812 | | - | | - | | - | | 5,907 | Change in deferred policy acquisition costs | | | | | | | | | | | | | adjustment and other | | (6) | | (868) | | - | | - | | - | | (874) | Change in future policy benefits | | - | | (1,181) | | - | | - | | - | | (1,181) | Change in foreign currency translation adjustments | | - | | - | | (133) | | - | | - | | (133) | Change in net actuarial loss | | - | | - | | - | | 15 | | - | | 15 | Change in prior service credit | | - | | - | | - | | - | | - | | - | Change in deferred tax asset (liability) | | (7) | | (849) | | 4 | | (7) | | - | | (859) | Change in fair value of liabilities under fair value | | | | | | | | | | | | | option attributable to changes in own credit risk | | - | | - | | - | | - | | (2) | | (2) | Total other comprehensive income (loss) | | 82 | | 2,914 | | (129) | | 8 | | (2) | | 2,873 | Noncontrolling interests | | - | | 9 | | 1 | | - | | - | | 10 | Balance, June 30, 2019, net of tax | $ | 720 | $ | 8,034 | $ | (2,692) | $ | (1,079) | $ | 8 | $ | 4,991 | | | | | | | | | | | | | | Balance, December 31, 2018, net of tax | $ | (38) | $ | 2,426 | $ | (2,725) | $ | (1,086) | $ | 10 | $ | (1,413) | Change in unrealized appreciation of investments | | 944 | | 10,876 | | - | | - | | - | | 11,820 | Change in deferred policy acquisition costs | | | | | | | | | | | | | adjustment and other | | (14) | | (1,724) | | - | | - | | - | | (1,738) | Change in future policy benefits | | - | | (2,249) | | - | | - | | - | | (2,249) | Change in foreign currency translation adjustments | | - | | - | | 55 | | - | | - | | 55 | Change in net actuarial loss | | - | | - | | - | | 16 | | - | | 16 | Change in prior service credit | | - | | - | | - | | (1) | | - | | (1) | Change in deferred tax liability | | (172) | | (1,281) | | (20) | | (8) | | - | | (1,481) | Change in fair value of liabilities under fair value | | | | | | | | | | | | | option attributable to changes in own credit risk | | - | | - | | - | | - | | (2) | | (2) | Total other comprehensive income (loss) | | 758 | | 5,622 | | 35 | | 7 | | (2) | | 6,420 | Noncontrolling interests | | - | | 14 | | 2 | | - | | - | | 16 | Balance, June 30, 2019, net of tax | $ | 720 | $ | 8,034 | $ | (2,692) | $ | (1,079) | $ | 8 | $ | 4,991 |
| | Unrealized Appreciation | | | | | | | | Fair Value of | | | | | (Depreciation) of Fixed | | Unrealized | | | | | | Liabilities Under | | | | | Maturity Securities on | | Appreciation | | Foreign | | Retirement | | Fair Value Option | | | | | Which Other-Than- | | (Depreciation) | | Currency | | Plan | | Attributable to | | | | | Temporary Credit | | of All Other | | Translation | | Liabilities | | Changes in | | | (in millions) | | Impairments Were Taken | | Investments | | Adjustments | | Adjustment | | Own Credit Risk | | Total | Balance, March 31, 2018, net of tax | $ | 812 | $ | 4,700 | $ | (2,216) | $ | (1,085) | $ | 9 | $ | 2,220 | Cumulative effect of change in accounting | | | | | | | | | | | | | principles | | - | | - | | - | | - | | - | | - | Change in unrealized depreciation of investments | | (1,368) | | (1,604) | | - | | - | | - | | (2,972) | Change in deferred policy acquisition costs | | | | | | | | | | | | | adjustment and other | | 84 | | 271 | | - | | - | | - | | 355 | Change in future policy benefits | | - | | 383 | | - | | - | | - | | 383 | Change in foreign currency translation adjustments | | - | | - | | (195) | | - | | - | | (195) | Change in net actuarial loss | | - | | - | | - | | 22 | | - | | 22 | Change in prior service cost | | - | | - | | - | | 2 | | - | | 2 | Change in deferred tax asset (liability) | | 238 | | 194 | | (15) | | (1) | | - | | 416 | Change in fair value of liabilities under fair value | | | | | | | | | | | | | option attributable to changes in own credit risk | | - | | - | | - | | - | | (1) | | (1) | Total other comprehensive income (loss) | | (1,046) | | (756) | | (210) | | 23 | | (1) | | (1,990) | Noncontrolling interests | | - | | - | | - | | - | | - | | - | Balance, June 30, 2018, net of tax | $ | (234) | $ | 3,944 | $ | (2,426) | $ | (1,062) | $ | 8 | $ | 230 | | | | | | | | | | | | | | Balance, December 31, 2017, net of tax | $ | 793 | $ | 7,693 | $ | (2,090) | $ | (931) | $ | - | $ | 5,465 | Cumulative effect of change in accounting | | | | | | | | | | | | | principles | | 169 | | (285) | | (284) | | (183) | | 7 | | (576) | Change in unrealized depreciation of investments | | (1,608) | | (6,358) | | - | | - | | - | | (7,966) | Change in deferred policy acquisition costs | | | | | | | | | | | | | adjustment and other | | 114 | | 905 | | - | | - | | - | | 1,019 | Change in future policy benefits | | - | | 1,124 | | - | | - | | - | | 1,124 | Change in foreign currency translation adjustments | | - | | - | | (23) | | - | | - | | (23) | Change in net actuarial loss | | - | | - | | - | | 38 | | - | | 38 | Change in prior service credit | | - | | - | | - | | (2) | | - | | (2) | Change in deferred tax asset (liability) | | 298 | | 865 | | (29) | | 16 | | - | | 1,150 | Change in fair value of liabilities under fair value | | | | | | | | | | | | | option attributable to changes in own credit risk | | - | | - | | - | | - | | 1 | | 1 | Total other comprehensive income (loss) | | (1,196) | | (3,464) | | (52) | | 52 | | 1 | | (4,659) | Noncontrolling interests | | - | | - | | - | | - | | - | | - | Balance, June 30, 2018, net of tax | $ | (234) | $ | 3,944 | $ | (2,426) | $ | (1,062) | $ | 8 | $ | 230 |
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Other comprehensive income (loss) reclassification adjustments |
| | Unrealized Appreciation | | | | | | | | | | | | | (Depreciation) of Fixed | | | | | | | | Fair Value of | | | | | Maturity Investments | | Unrealized | | | | | | Liabilities Under | | | | | on Which Other-Than- | | Appreciation | | Foreign | | Retirement | | Fair Value Option | | | | | Temporary Credit | | (Depreciation) | | Currency | | Plan | | Attributable to | | | | | Impairments Were | | of All Other | | Translation | | Liabilities | | Changes in | | | (in millions) | | Recognized | | Investments | | Adjustments | | Adjustment | | Own Credit Risk | | Total | Three Months Ended June 30, 2019 | | | | | | | | | | | | | Unrealized change arising during period | $ | 85 | $ | 3,854 | $ | (133) | $ | 5 | $ | (2) | $ | 3,809 | Less: Reclassification adjustments | | | | | | | | | | | | | included in net income | | (4) | | 91 | | - | | (10) | | - | | 77 | Total other comprehensive income (loss), | | | | | | | | | | | | | before income tax expense (benefit) | | 89 | | 3,763 | | (133) | | 15 | | (2) | | 3,732 | Less: Income tax expense (benefit) | | 7 | | 849 | | (4) | | 7 | | - | | 859 | Total other comprehensive income (loss), | | | | | | | | | | | | | net of income tax expense (benefit) | $ | 82 | $ | 2,914 | $ | (129) | $ | 8 | $ | (2) | $ | 2,873 | Three Months Ended June 30, 2018 | | | | | | | | | | | | | Unrealized change arising during period | $ | (1,282) | $ | (964) | $ | (195) | $ | 16 | $ | (1) | $ | (2,426) | Less: Reclassification adjustments | | | | | | | | | | | | | included in net income | | 2 | | (14) | | - | | (8) | | - | | (20) | Total other comprehensive income (loss), | | | | | | | | | | | | | before income tax expense (benefit) | | (1,284) | | (950) | | (195) | | 24 | | (1) | | (2,406) | Less: Income tax expense (benefit) | | (238) | | (194) | | 15 | | 1 | | - | | (416) | Total other comprehensive income (loss), | | | | | | | | | | | | | net of income tax expense (benefit) | $ | (1,046) | $ | (756) | $ | (210) | $ | 23 | $ | (1) | $ | (1,990) | Six Months Ended June 30, 2019 | | | | | | | | | | | | | Unrealized change arising during period | $ | 926 | $ | 6,963 | $ | 55 | $ | - | $ | (2) | $ | 7,942 | Less: Reclassification adjustments | | | | | | | | | | | | | included in net income | | (4) | | 60 | | - | | (15) | | - | | 41 | Total other comprehensive income (loss), | | | | | | | | | | | | | before income tax expense | | 930 | | 6,903 | | 55 | | 15 | | (2) | | 7,901 | Less: Income tax expense | | 172 | | 1,281 | | 20 | | 8 | | - | | 1,481 | Total other comprehensive income (loss), | | | | | | | | | | | | | net of income tax expense | $ | 758 | $ | 5,622 | $ | 35 | $ | 7 | $ | (2) | $ | 6,420 | Six Months Ended June 30, 2018 | | | | | | | | | | | | | Unrealized change arising during period | $ | (1,490) | $ | (4,350) | $ | (23) | $ | 19 | $ | 1 | $ | (5,843) | Less: Reclassification adjustments | | | | | | | | | | | | | included in net income | | 4 | | (21) | | - | | (17) | | - | | (34) | Total other comprehensive income (loss), | | | | | | | | | | | | | before income tax expense (benefit) | | (1,494) | | (4,329) | | (23) | | 36 | | 1 | | (5,809) | Less: Income tax expense (benefit) | | (298) | | (865) | | 29 | | (16) | | - | | (1,150) | Total other comprehensive income (loss), | | | | | | | | | | | | | net of income tax expense (benefit) | $ | (1,196) | $ | (3,464) | $ | (52) | $ | 52 | $ | 1 | $ | (4,659) |
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Schedule of effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income |
| Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Condensed Consolidated Statements of Income | | | Three Months Ended June 30, | (in millions) | | 2019 | 2018 | Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken | | | | | | | | | | | | | | | | | Investments | | $ | (4) | $ | 2 | | | Other realized capital gains | Total | | | (4) | | 2 | | | | Unrealized appreciation (depreciation) of all other investments | | | | | | | | | Investments | | | 91 | | (15) | | | Other realized capital gains | Deferred acquisition costs adjustment | | | - | | 1 | | | Amortization of deferred policy acquisition costs | Future policy benefits | | | - | | - | | | Policyholder benefits and losses incurred | Total | | | 91 | | (14) | | | | Change in retirement plan liabilities adjustment | | | | | | | | | Prior-service credit | | | - | | 1 | | | * | Actuarial losses | | | (10) | | (9) | | | * | Total | | | (10) | | (8) | | | | Total reclassifications for the period | | $ | 77 | $ | (20) | | | | | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Condensed Consolidated Statements of Income | | | Six Months Ended June 30, | (in millions) | | 2019 | 2018 | Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken | | | | | | | | | | | | | | | | | Investments | | $ | (4) | $ | 4 | | | Other realized capital gains | Total | | | (4) | | 4 | | | | Unrealized appreciation (depreciation) of all other investments | | | | | | | | | Investments | | | 60 | | 9 | | | Other realized capital gains | Deferred acquisition costs adjustment | | | - | | (30) | | | Amortization of deferred policy acquisition costs | Future policy benefits | | | - | | - | | | Policyholder benefits and losses incurred | Total | | | 60 | | (21) | | | | Change in retirement plan liabilities adjustment | | | | | | | | | Prior-service credit | | | - | | 1 | | | * | Actuarial losses | | | (15) | | (18) | | | * | Total | | | (15) | | (17) | | | | Total reclassifications for the period | | $ | 41 | $ | (34) | | | | *These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14.
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