AIG General Insurance and Life & Retirement Earnings
Gross investment income (GII), APTI basis*, excluding the impact of Fortitude Funds
Withheld Assets, in 2Q201 increased $332M or 11%
Invested Assets & Gross Investment Income, APTI Basis
2Q21 Invested Assets
Gross Investment Income, APTI basis ($M)
Interest and
$B
Alternatives
All Other
Dividends
2Q20
($68)
$593
$54 $579
Interest & dividends
General
$80.1
$5.3
$1.9
Insurance
2Q21
$553
$216 $10 $779
Alternative investments
2Q20
($47)
$2,085
$138 $2,176
Life &
$190.2
$4.5
$4.6
All other
Retirement
2Q21
$2,032
$325
$85 $2,442
2Q20
$295 $29
$258 $582
Other adjustments²
Other
$7.1
($1.0)
$7.9
Operations
2Q21
$38 $51 $66
($24)
($86)
$2,973
2Q20
($18)
Total AIG
$277.4
$8.8
$14.4
(14)
$2,561
$450 $3,319
$579
$146 $3,273
2Q21
3.15%
2.84%
Fixed Maturities³
4.55% 4.31%
4.09%
3.77%
16.31%
2Q20 and 2Q21 Annualized Investment Yields
Alternative Investments4
Total Alternative Investments
Consolidated AIG Hedge Funds &
Private Equity
33.26%
31.00%
28.44%
27.19%
21.02%
(5.82%)
(6.48%)
(4.50%)
General
Insurance
Life &
Retirement
Consolidated AIG
■2Q20 2Q21
AIG
General
Insurance
Life &
Retirement
Consolidated AIG
Hedge Funds
2020 2021
(21.20%)
Private Equity
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (Non-GAAP); definitions and abbreviations of Non-GAAP measures and reconciliations to their closest GAAP measures can be
found in this presentation under the heading Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations.
1) GII, APTI basis decreased $46M reflecting the impact of Fortitude Funds Withheld Assets in the prior year quarter of $378M, related to two months of investment income prior to close of transaction on June 2, 2020. Excluding the
impact of Fortitude, GII was $2,941M in 2Q20.
2) Other adjustments include net realized gains related to economic hedges and other.
3) Interest and dividends include amounts related to commercial mortgage loan prepayments and call and tender income; Life and Retirement annualized yields include yield on collateral related to hedging program.
4) Alternative investment income includes income on hedge funds, private equity funds and affordable housing partnerships.
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