General Insurance Financial Overview
Other Operations: APTL
improved due to higher NII
and lower interest expense
Other Operations APTL was $2.4B in FY'21, including
$932M of reductions from consolidation and eliminations,
compared to APTL of $2.4B, including $466M of reductions
from consolidation and eliminations, in FY'20; the increase
in consolidation and eliminations in APTL reflects the
impact of consolidated investment entities principally
reflecting adjustments offsetting investment returns in the
subsidiaries which are then eliminated in Other Operations
Before consolidation and eliminations, the decrease in
APTL reflects higher corporate GOE primarily driven by
increases in performance-based employee compensation,
partially offset by higher net investment income and lower
corporate interest expense resulting from year-to-date
debt redemption activity
($M)
Corporate and Other
Asset Management
Adjusted pre-tax loss before consolidation and eliminations
Consolidation and eliminations:
Consolidation and eliminations - consolidated investment entities
Consolidation and eliminations - Other
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FY'20
FY'21
($2,041)
($2,329)
78
911
($1,963)
($1,418)
(457)
(919)
(9)
(13)
Total Consolidation and eliminations
(466)
(932)
Adjusted pre-tax loss
($2,429)
($2,350)
Impact of Fortitude APTL, included in Corporate and Other above
APTL before consolidation and eliminations, excluding the impact of
Fortitude
($233)
($1,730)
($1,418)
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