Investor Presentaiton
Strong investment performance in 2019
($ in millions, unless otherwise indicated)
Invested Assets(3)(4)
Net Investment Income
General Insurance
Life and Retirement
Legacy
Other Operations
Consolidations and Eliminations
Total Net Investment Income - APTI Basis(1)
Add: Changes in Fair Value of Securities Used to Hedge Guaranteed Living Benefits
Add: Changes in the Fair Value of Equity Securities
Subtract: Net Realized Capital Gains Related to Economic Hedges and Other
Net Investment Income per Consolidated Statements of Operations
General Insurance
1%
2%
4%
9%
13%
$82.4B
71%
Life and Retirement
0.4%
3%
4%
18%
$181.7B
75%
Fourth Quarter
Full Year
2018
2019
2018
2019
$349
$766
$2,668
$3,444
1,921
2,071
7,922
8,461
527
688
2,325
2,480
43
92
45
370
(27)
(155)
(232)
(365)
$2,813
$3,462
(1)
15
$12,728
(128)
$14,390
228
153
159
58
43
$2,754
$3,587
124
$12,476
158
$14,619
Legacy
Total AIG (2)
2%
4%
2%
7%
6%
5%
8%
14%
$51.0B
$337.6B
78%
74%
AIG
Fixed Maturity Securities -
AFS, at fair value(5)
Source: AIG 4Q19 financial supplement.
Mortgage and other
loans receivable
Other Invested
Assets (6)
Fixed Maturity Securities -
Other, at fair value(4)(7)
Other common and
preferred stock, at fair value
Short-term
Investments
(1) For 4Q18 and prior periods, our non-insurance subsidiaries recorded investment income in other income. Beginning 1Q19, investment income represents amounts recorded in net
investment income by our insurance and non-insurance subsidiaries. (2) Includes Other Operations and consolidations and eliminations (not shown). (3) Based on carrying value as of
December 31, 2019. (4) Excludes the carrying value of securities used to hedge guaranteed living benefits. (5) As of December 31, 2019, our Fixed Maturity securities - AFS portfolio was
approximately 80% fixed rate and 20% variable rate. Fixed Maturities securities - AFS values exclude AOCI for the segments, but includes AOCI for Total AIG (6) Other Invested Assets include
hedge funds / private equity, real estate investments, long-term time deposits, private common stock and affordable housing partnerships. Hedge funds / private equity include investments
accounted for under the equity method of accounting, where changes in our share of the net asset values are recorded through investment income or investments where we have elected the
fair value option for which changes in the fair value are reported through investment income. (7) Fixed Maturity Securities - Other are securities for which we have elected the fair value option.
Changes in the fair value of these securities are reported through net investment income, which can result in significant fluctuation in the total return. As of December 31, 2019, our Fixed
Maturity Securities - Other portfolio of $8.3B was approximately 31% fixed rate and 69% variable rate.
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