AIG 200 Strategic Update
Gross investment income (GII), APTI basis 1*, increased $408M reflecting improved
private equity and hedge fund investment returns.
Invested Assets & Gross Investment Income, APTI Basis¹
1Q21 Invested Assets
Gross Investment Income, APTI basis ($M)
$B
Fixed Maturities
Alternatives
All Other
1Q20
($73)
$668
General
Insurance
$45 $640
Interest & dividends
$77.2
$5.2
$2.4
1Q21
$534
$201 $77 $812
Alternative investments
$18
1Q20
$2,022
$2,155
Life &
$115
$186.6
$4.0
$4.7
Retirement
All other
1Q21
$2,027
$292 $103 $2,422
($101)
1Q20
($263)
$416
Other
$52
Other adjustments²
$8.6
Operations¹
($1.2)
$7.5
($23)
1Q21
$79 $69
$13
1Q20
($13) $200
$3,106
$2,834
Total AIG
$272.4
$8.0
$14.6
($59)
1Q21
($61)
$2,574
$572 $157 $3,242
3.60%
2.79%
1Q20 and 1Q21 Annualized Investment Yields
Fixed Maturities³
Alternative Investments4
Total Alternative Investments
4.51% 4.34%
4.18%
Consolidated AIG Hedge Funds &
Private Equity
34.11%
3.77%
29.69%
28.44%
15.31%
16.62%
9.77%
9.67%
(5.69%)
General
Insurance
Life &
Retirement
Consolidated AIG
1Q20 1Q21
AIG
General
Insurance
(2.78%)
1020 1021
Life &
Retirement
Consolidated AIG
(37.28%)
Hedge Funds
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) 1Q20 includes GII and NII of $119M related to investment income on Fortitude assets. Excluding Fortitude, 1Q20 GII, APTI basis, is $2,715 and NII, APTI basis, is $2,580.
2) Other adjustments include net realized capital 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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