General Insurance Financial Overview
AIG finished the year with a
strong Parent liquidity
position of $10.7B, benefiting
from sales proceeds on the
closing of two transactions
■ Total debt & preferred stock leverage of 24.6%, a
decrease 380 bps from prior year end
☐
Completed the sale of 9.9% equity stake in SAFG and
certain affordable housing interests for total net
proceeds to AIG Parent of approximately $6B
1) Hybrids and financial debt values include changes in foreign exchange.
2) 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.
3) September 30, 2021 AOCI is computed as GAAP AOCI of $8.6B excluding $3.0B
of cumulative unrealized gains and losses related to Fortitude Re funds
withheld assets; December 31, 2021, AOCI is computed as GAAP AOCI of $6.7B
excluding $2.8B of cumulative unrealized gains and losses related to
Fortitude Re funds withheld assets.
4) 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.
5) Preliminary range subject to change with completion of statutory closing
process.
6) As of the date of this presentation: S&P Outlook: CreditWatch Negative, with
the exception of the Life Insurance Companies, which is CreditWatch
Developing; Moody's Outlook: Stable, with the exception of Life Insurance
Companies, which is Negative; Fitch Outlook: Stable, Non-Life and Life
Companies; Rating Watch Negative, AIG Sr. Debt; A.M. Best Outlook: Stable.
For General Insurance companies FSR and Life and Retirement companies
FSR, ratings only reflect those of the core insurance companies.
AIG Copyright ® 2022 by American International Group, Inc. All rights reserved.
No part of this document may be reproduced, republished or reposted
without the permission of AIG.
Total
Equity:
$65.7
$88.3
$1.6
$21.0
Capital Structure ($B)
$0.8
$5.6
$0.5
$7.1
$90.8
Hybrids¹
1.2
Period
Life and Retirement
Companies
Risk Based Capital (RBC) Ratios4
General Insurance
Companies
1,2
$20.7
■Financial Debt
$3.0
Year-end 2020
433% (CAL)
460% (ACL)
$3.9 $0.5
NCI
AOCI³
3
3Q21
443% (CAL)
458% (ACL)
Preferred Equity
Tax Attribute DTA
Year-end 2021
Estimated 5
440%-450% (CAL)
460%-470% (ACL)
Adjusted S/E
$5.2
H
$51.7
Total
Equity:-
$68.9
$56.4
Pending finalization of Statutory financials
September 30, 2021
December 31, 2021
Capital Ratios
Credit Ratings
Dec. 31,
2020
Sept. 30, Dec. 31,
2021
S&P
Moody's
Fitch
A.M. Best
2021
1.7%
1.8%
1.3%
AIG - Senior Debt
BBB+
Baa2
BBB+
NR
Ratios:
Hybrids / Total capital
Financial debt / Total capital
(incl. AOCI)
26.2%
23.8%
22.8%
General
A+
A2
A
A
Insurance - FSR
Total hybrids & Financial debt /
Total capital
27.9%
25.6% 24.1%
Life and
A+
A2
A+
A
Preferred stock / Total capital
(incl. AOCI)
0.5%
0.5%
0.5%
Retirement - FSR
Total debt & preferred stock/
Total capital (incl. AOCI)
28.4%
26.1% 24.6%
Total debt & preferred stock/
Total capital (ex. AOCI)³*
31.4%
27.9% 25.8%
5View entire presentation