Investor Presentaiton
Changes to Non-GAAP Measures
AIG has updated its Non-GAAP measures to adjust for the FWA, as the associated earnings are passed
through to Fortitude Re
(in millions)
Pre-tax income (loss) from continuing operations
Adjustments to arrive at Adjusted pre-tax income (loss)
Changes in fair value of securities used to hedge guaranteed living benefits
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)
Changes in the fair value of equity securities
Loss (gain) on extinguishment of debt
Net investment income on Fortitude Re funds withheld assets (a)
Net realized capital (gains) losses on Fortitude Re funds withheld assets (a)
Net realized capital (gains) losses on Fortitude Re funds withheld embedded derivative (a)
Net realized capital (gains) losses (b)
(Income) loss from divested businesses
Non-operating litigation reserves and settlements
Unfavorable (favorable) prior year development and related amortization
changes ceded under retroactive reinsurance agreements
Net loss reserve discount (benefit) charge
Integration and transaction costs associated with acquired businesses
Restructuring and other costs
Non-recurring costs related to regulatory or accounting changes
Adjusted pre-tax income (loss)
(a) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020.
AIG
2Q20
S
(9,661)
(16)
(255)
(56)
(116)
(96)
837
1,619
8,412
(33)
16
4
134
14
S
803
ā
Adjusted Pre-tax Income
Updated APTI NII to exclude NII on Fortitude
Re FWA; AIG has updated its Non-GAAP
measures to remove the impacts associated
with the FWA, as the associated earnings and
economics are passed through to Fortitude Re
-
Change in presentation of net realized capital
gains and losses (RCGL) ā RCGL continues to
be excluded from APTI, but the Fortitude Re
FWA and embedded derivative are identified
separately
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