Investor Presentaiton
AIG's capital position remains strong at the holding company and
principal insurance companies
Capital Structure ($B)
$90.8
$86.1
Hybrids
$1.5
$1.5
Year /
Quarter
End
Life and Retirement
Companies
Risk Based Capital (RBC) Ratios²
General Insurance
Companies
■Financial Debt¹
$21.8
$21.4
$1.3
$1.8
■Credit Facility
$1.7
$5.0
drawdown
2018
389% (CAL)
394% (ACL)
$9.0
$0.5
$8.5
$0.5
■NCI
AOCI
Total Equity:
$67.4
$51.2
Total Equity:-
$61.8
$52.1
■Preferred Equity
2019
402% (CAL)
419% (ACL)
■Tax attribute DTA
■Adjusted S/E
$(1.0)
1Q20E3
405% -415% (CAL)
415%-420% (ACL)
December 31, 2019
March 31, 2020
Dec. 31,
Mar. 31,
Ratios:
2019
2020
Pending finalization of Statutory financials
Credit Ratings5
Hybrids / Total capital
1.7%
1.8%
Financial debt / Total capital
24.0%
24.9%
S&P
Moody's
Fitch
A.M. Best
Syndicated credit facility4
Total Hybrids & Financial debt / Total capital
25.7%
1.5%
28.2%
AIG - Senior Debt
BBB+
Baa1
BBB+
NR
Preferred stock / Total capital
0.5%
0.6%
General
Insurance - FSR
A+
A2
A
A
Total debt and preferred stock / Total capital
26.2%
28.8%
Total debt and preferred stock/
Life and
27.8%
28.4%
A+
A2
A+
A
Retirement - FSR
Total capital (ex. AOCI)
AIG
1) Includes AIG notes, bonds, loans and mortgages payable, AIG Life Holdings, Inc. (AIGLH) notes and bonds payable and junior subordinated debt, and Validus notes and bonds payable.
2) The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any
marketing, advertising or promotional activities. ACL is defined as Authorized Control Level and CAL is defined as Company Action Level. RBC ratio for Domestic Life and Retirement
companies excludes holding company, AGC Life Insurance Company. 2018 RBC ratio for Life and Retirement reflects the impact of tax reform.
3) Preliminary range subject to change with completion of statutory closing process
4) Borrowings under credit facility represents the $1.3B AIG borrowed under its $4.5B revolving syndicated credit facility on March 20, 2020.
5) As of the date of this presentation, S&P, Moody's, Fitch and A.M. Best have Stable outlooks. For General Insurance companies FSR and Life and Retirement companies FSR, ratings
only reflect those of the core insurance companies.
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