AIG Earnings and Investment Portfolio Report
Gross investment income (GII), APTI basis¹*, decreased $186M reflecting the June 2020 sale of
Fortitude; Excluding Fortitude from 4Q19, GII, APTI basis, increased $324M reflecting higher
private equity and hedge fund returns
Invested Assets & Gross Investment Income, APTI Basis¹
4Q20 Invested Assets
Gross Investment Income, APTI basis¹ ($M)
$B
Fixed Maturities
Alternatives
All Other
$124
■Interest & dividends
4Q19
$680
$14 $818
General
$75.9
$5.3
$2.8
Insurance
4Q20
$553 $452
$34 $1,039
4Q19
$2,060
Life &
$100 $67 $2,227
Alternative
investments
■All other
$187.3
$3.9
$4.4
Retirement
4Q20
$2,063
$293 $79 $2,435
4Q19
$547 $64
$116 $727
Other
$10.1
($1.2)
$7.4
Consolidation and
eliminations and
other adjustments
Operations¹
$110
4Q20
$46
$32 $188
4Q19
($209)
$3,287
$288 $197 $3,563
Total AIG
$273.3
$8.0
$14.6
4Q20
($285)
$2,662
$855 $145 $3,377
3.72%
2.91%
4Q20 and 4Q19 Annualized Investment Yields
Fixed Maturities²
Alternative Investments³
4.70%
4.41%
4.49%
Total Alternative Investments
3.89%
Consolidated AIG Hedge Funds &
Private Equity
45.34%
46.54%
35.33%
31.60%
15.39%
8.90%
General
Insurance
Life &
Retirement
Consolidated AIG
4Q19 4Q20
AIG
13.26%
3.92%
General
Insurance
Life &
Retirement
Consolidated AIG
Hedge Funds
4Q19 ■4Q20
6.12%
27.12%
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) 4Q19 includes GII of $510M ($498M on a net basis) related to investment income on Fortitude assets. Excluding Fortitude, 4Q19 GII, APTI basis, is $3,053M and NII, APTI basis, is $2,964M.
2) 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.
3) Alternative investment income includes income on hedge funds, private equity funds and affordable housing partnerships.
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