General Insurance Financial Overview
Non-GAAP Reconciliations-
Adjusted Pre-tax and
After-tax Income -
Consolidated
(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 DSI related to
net realized gains (losses)
Twelve Months Ended
Quarterly
December 31,
4Q20
4Q21
2020
2021
ՄԴ
$
(558) $
5,048 $
(7,293) $
12,099
(17)
(41)
(61)
(217)
(22)
(12)
52
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 gains on Fortitude Re funds withheld assets (a)
(216)
201
(200)
237
(3)
240
12
389
(479)
(483)
(335)
(467)
(1,053)
(463)
(1,971)
(1,003)
Net realized losses on Fortitude Re funds withheld
embedded derivative (a)
1,152
720
2,645
603
Net realized (gains) losses (b)
1,472
(403)
97
Net (gain) loss on divestitures
(127)
(2,936)
8,525
(1,623)
(3,044)
Non-operating litigation reserves and settlements
(16)
(21)
3
Unfavorable (favorable) prior year development and related amortization
changes ceded under retroactive reinsurance agreements
(150)
13
(221)
(186)
Net loss reserve discount (benefit) charge
475
(255)
516
(193)
Pension expense related to lump sum payments to former employees
Integration and transaction costs associated with acquiring or divesting
businesses
7
34
Restructuring and other costs
Non-recurring costs related to regulatory or accounting changes
Adjusted pre-tax income
5
111
19
28
12
83
129
435
433
10
65
$
1,116 $
1,830 $
3,003 $
68
5,920
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.
(a) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020.
(b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net
realized gains and losses on Fortitude Re funds withheld assets.
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