AIG General Insurance and Life & Retirement Earnings
Non-GAAP Reconciliations
Book Value Per Common Share
(in millions, except per common share data)
Book Value Per Common Share
Total AIG shareholders' equity
As of June 30,
December 31,
2020
$
62,234 $
Less: Preferred equity
485
2021
66,083
485
2020
$
66,362
485
(in millions, except per common share data)
Tangible Book Value Per Common Share
Total AIG common shareholders' equity (a)
Less Intangible Assets:
As of June 30,
December 31,
2020
2021
2020
$
61,749 $
65,598
$
65,877
Total AIG common shareholders' equity (a)
61,749
65,598
65,877
Less: Accumulated other comprehensive income (AOCI)
9,169
10,209
13,511
Goodwill
Value of business acquired
3,983
4,083
4,074
121
121
126
Add: Cumulative unrealized gains and losses related to
Value of distribution channel acquired
517
477
497
Fortitude Re Funds Withheld Assets
4,215
3,341
4,657
Other intangibles
323
305
319
Less: Deferred tax assets (DTA)*
8,643
7,374
7,907
Total intangibles assets
4,944
4,986
5,016
Total adjusted common shareholders' equity (b)
$
48.152 $
51.356
S
49.116
Less: Accumulated other comprehensive income (AOCI)
9,169
10,209
13,511
Total common shares outstanding (c)
861.4
854.9
861.6
Add: Cumulative unrealized gains and losses related to
Fortitude Re Funds Withheld Assets
4,215
3,341
4,657
Book value per common share (a+c)
$
71.68 $
76.73
$
76.46
Less: Deferred tax assets (DTA)*
8,643
7,374
7,907
Adjusted book value per common share (b+c)
55.90
60.07
57.01
Total adjusted tangible common shareholders' equity (b) $.
Total common shares outstanding (c)
43.208 $
861.4
46.370
854.9
$
44.100
861.6
Adjusted tangible book value per common share (b+c)
50.16 $ 54.24 $
51.18
Return on Common Equity
(in millions)
Return On Common Equity Computations
Quarterly
Life and Retirement
(in millions)
Quarterly
2Q20
2Q21
Actual or Annualized net income (loss) attributable to AIG
common shareholders (a)
$ (31,744) $
364
Adjusted pre-tax income
$
2Q20
895
2Q21
$
1,124
Actual or Annualized adjusted after-tax income attributable to
AIG common shareholders (b)
Interest expense on attributed financial debt
68
$
Average AIG Common Shareholders' equity (c)
$
2,244 $
60,719 $
Less: Average AOCI
4,088
5.324
63,896
8,338
Adjusted pre-tax income including attributed interest expense
Income tax expense
827
74
1,050
165
211
Adjusted after-tax income
$
662
S
839
Add: Average cumulative unrealized gains and losses related to
Fortitude Re funds withheld assets
Dividends declared on preferred stock
2
2
2,108
2,794
Adjusted after-tax income attributable to common
Less: Average DTA*
8,589
Average adjusted common shareholders' equity (d)
50,150 $
ROCE (a+c)
Adjusted return on common equity (b÷d)
NM**
4.5%
7,457
50.895
0.6%
shareholders (a)
$
660 $
837
Ending adjusted segment common equity
$
19,101 $ 20,689
Average adjusted segment common equity (b)
19,625
20,458
10.5%
Return on adjusted segment common equity (a+b)
13.5 %
16.4 %
Total segment shareholder's equity
$
26,712
$
29,558
Less: Preferred equity
127
139
Total segment common equity
26,585
29,419
Less: Accumulated other comprehensive income (AOCI)
Add: Cumulative unrealized gains and losses related to
11,332
11,860
Fortitude Re funds withheld assets
Total adjusted segment common equity
3,848
3,130
$
19.101
$
20.689
*
Represents deferred tax assets only related to U.S. net operating loss and foreign tax credit carryforwards on a U.S. GAAP basis and excludes other balance sheet deferred tax
AIG assets and liabilities.
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