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INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
 12 Months Ended
Dec. 31, 2014
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT  
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

26. INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

The following condensed consolidating financial statements reflect the results of AIG Life Holdings, Inc. (AIGLH), a holding company and a wholly owned subsidiary of AIG. AIG provides a full and unconditional guarantee of all outstanding debt of AIGLH.

Condensed Consolidating Balance Sheets

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
December 31, 2014
Assets:
Short-term investments$6,078$-$6,231$(1,066)$11,243
Other investments(a)11,415-333,108-344,523
Total investments17,493-339,339(1,066)355,766
Cash26911,641-1,758
Loans to subsidiaries(b)31,070-779(31,849)-
Investment in consolidated subsidiaries(b)62,81135,850-(98,661)-
Other assets, including deferred income taxes23,8352,305141,826(9,909)158,057
Assets held for sale-----
Total assets$135,235$38,246$483,585$(141,485)$515,581
Liabilities:
Insurance liabilities$-$-$270,615$-$270,615
Long-term debt21,1908209,207-31,217
Other liabilities, including intercompany balances(a)(c)6,1962,314108,189(10,222)106,477
Loans from subsidiaries(b)951-30,898(31,849)-
Liabilities held for sale-----
Total liabilities28,3373,134418,909(42,071)408,309
Redeemable noncontrolling interests (see Note 18)-----
Total AIG shareholders’ equity106,89835,11264,302(99,414)106,898
Non-redeemable noncontrolling interests--374-374
Total equity106,89835,11264,676(99,414)107,272
Total liabilities and equity$135,235$38,246$483,585$(141,485)$515,581
December 31, 2013
Assets:
Short-term investments$11,965$-$11,404$(1,752)$21,617
Other investments(a)7,561-327,250-334,811
Total investments19,526-338,654(1,752)356,428
Cash30512,160-2,241
Loans to subsidiaries(b)31,220-854(32,074)-
Investment in consolidated subsidiaries(b)66,20139,103-(105,304)-
Other assets, including deferred income taxes21,606112132,492(1,086)153,124
Assets held for sale--29,536-29,536
Total assets$138,583$39,266$503,696$(140,216)$541,329
Liabilities:
Insurance liabilities$-$-$271,252$-$271,252
Long-term debt30,8391,3529,502-41,693
Other liabilities, including intercompany balances(a)(c)6,42216198,908(2,766)102,725
Loans from subsidiaries(b)85220031,173(32,225)-
Liabilities held for sale--24,548-24,548
Total liabilities38,1131,713435,383(34,991)440,218
Redeemable noncontrolling interests (see Note 18)--30-30
Total AIG shareholders’ equity100,47037,55367,672(105,225)100,470
Non-redeemable noncontrolling interests--611-611
Total equity100,47037,55368,283(105,225)101,081
Total liabilities and equity$138,583$39,266$503,696$(140,216)$541,329

(a) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment.

(b) Eliminated in consolidation.

(c) For December 31, 2014 and 2013, includes intercompany tax payable of $0.3 billion and $1.4 billion, respectively, and intercompany derivative liabilities of $275 million and $249 million, respectively, for American International Group, Inc. (As Guarantor) and intercompany tax receivable of $3 million and $98 million, respectively, for AIGLH.

Condensed Consolidating Statements of Income (Loss)

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Year Ended December 31, 2014
Revenues:
Equity in earnings of consolidated subsidiaries*$9,450$3,519$-$(12,969)$-
Other income1,658-63,157(409)64,406
Total revenues11,1083,51963,157(13,378)64,406
Expenses:
Interest expense1,507100243(132)1,718
Loss on extinguishment of debt2,248-85(51)2,282
Other expenses1,54620348,315(159)49,905
Total expenses5,30130348,643(342)53,905
Income (loss) from continuing operations before income tax
expense (benefit)5,8073,21614,514(13,036)10,501
Income tax expense (benefit)(1,735)(103)4,817(52)2,927
Income (loss) from continuing operations7,5423,3199,697(12,984)7,574
Loss from discontinued operations, net of income taxes(13)-(37)-(50)
Net income (loss)7,5293,3199,660(12,984)7,524
Less:
Net loss from continuing operations attributable to
noncontrolling interests--(5)-(5)
Net income (loss) attributable to AIG$7,529$3,319$9,665$(12,984)$7,529
Year Ended December 31, 2013
Revenues:
Equity in earnings of consolidated subsidiaries*$7,638$4,075$-$(11,713)$-
Other income1,487167,698(312)68,874
Total revenues9,1254,07667,698(12,025)68,874
Expenses:
Interest expense1,938126233(155)2,142
Loss on extinguishment of debt580-71-651
Other expenses1,5207555,277(159)56,713
Total expenses4,03820155,581(314)59,506
Income (loss) from continuing operations before income tax
expense (benefit)5,0873,87512,117(11,711)9,368
Income tax expense (benefit)(4,012)(58)4,454(24)360
Income (loss) from continuing operations9,0993,9337,663(11,687)9,008
Income (loss) from discontinued operations, net of income taxes(14)-98-84
Net income (loss)9,0853,9337,761(11,687)9,092
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests:--7-7
Net income (loss) attributable to AIG$9,085$3,933$7,754$(11,687)$9,085

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Year Ended December 31, 2012
Revenues:
Equity in earnings of consolidated subsidiaries*$1,970$2,315$-$(4,285)$-
Change in fair value of ML III2,287-601-2,888
Other income1,9114966,749(383)68,326
Total revenues6,1682,36467,350(4,668)71,214
Expenses:
Interest expense on FRBNY Credit Facility-----
Other interest expense2,257174271(383)2,319
Loss on extinguishment of debt9-23-32
Other expenses1,602-64,370-65,972
Total expenses3,86817464,664(383)68,323
Income (loss) from continuing operations before income tax
expense (benefit)2,3002,1902,686(4,285)2,891
Income tax expense (benefit)(1,137)(17)346-(808)
Income (loss) from continuing operations3,4372,2072,340(4,285)3,699
Income from discontinued operations, net of income taxes1---1
Net income (loss)3,4382,2072,340(4,285)3,700
Less:
Net income from continuing operations attributable to
noncontrolling interests:
Nonvoting, callable, junior and senior preferred interests---208208
Other--54-54
Total net income from continuing operations attributable to
noncontrolling interests--54208262
Net Income (loss) from discontinued operations attributable to
noncontrolling interests-----
Total net income attributable to noncontrolling interests--54208262
Net income (loss) attributable to AIG$3,438$2,207$2,286$(4,493)$3,438

* Eliminated in consolidation.

Condensed Consolidating Statements of Comprehensive Income (Loss)

American
InternationalReclassifications
Group, Inc.OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Year Ended December 31, 2014
Net income (loss)$7,529$3,319$9,660$(12,984)$7,524
Other comprehensive income (loss)4,2572,7943,235(6,029)4,257
Comprehensive income (loss)11,7866,11312,895(19,013)11,781
Total comprehensive loss attributable to noncontrolling interests--(5)-(5)
Comprehensive income (loss) attributable to AIG$11,786$6,113$12,900$(19,013)$11,786
Year Ended December 31, 2013
Net income (loss)$9,085$3,933$7,761$(11,687)$9,092
Other comprehensive income (loss)(6,214)(4,689)(6,719)11,385(6,237)
Comprehensive income (loss)2,871(756)1,042(302)2,855
Total comprehensive loss attributable to noncontrolling interests--(16)-(16)
Comprehensive income (loss) attributable to AIG$2,871$(756)$1,058$(302)$2,871
Year Ended December 31, 2012
Net income (loss)$3,438$2,207$2,340$(4,285)$3,700
Other comprehensive income (loss)6,0933,9737,158(11,128)6,096
Comprehensive income (loss)9,5316,1809,498(15,413)9,796
Total comprehensive income attributable to noncontrolling interests--57208265
Comprehensive income (loss) attributable to AIG$9,531$6,180$9,441$(15,621)$9,531

Condensed Consolidating Statements of Cash Flows

American
International Reclassifications
Group, Inc. Other andConsolidated
(in millions)(As Guarantor)AIGLHSubsidiaries*Eliminations*AIG
Year Ended December 31, 2014
Net cash (used in) provided by operating activities$9,316$6,155$8,979$(19,443)$5,007
Cash flows from investing activities:
Sales of investments3,036-65,108(2,040)66,104
Purchase of investments(1,051)-(59,099)2,040(58,110)
Loans to subsidiaries – net446-169(615)-
Contributions to subsidiaries(148)-296(148)-
Net change in restricted cash(501)-(946)-(1,447)
Net change in short-term investments5,792-2,968-8,760
Other, net(141)-(882)-(1,023)
Net cash provided by investing activities7,433-7,614(763)14,284
Cash flows from financing activities:
Issuance of long-term debt3,247-3,440-6,687
Repayments of long-term debt(14,468)(477)(1,215)-(16,160)
Purchase of Common Stock(4,902)---(4,902)
Intercompany loans - net110(280)(445)615-
Cash dividends paid (712)(5,358)(14,085)19,443(712)
Other, net(28)-(4,821)148(4,701)
Net cash (used in) financing activities(16,753)(6,115)(17,126)20,206(19,788)
Effect of exchange rate changes on cash--(74)-(74)
Change in cash(4)40(607)-(571)
Cash at beginning of year30512,160-2,241
Change in cash of businesses held for sale--88-88
Cash at end of year$26$91$1,641$-$1,758
Year Ended December 31, 2013
Net cash (used in) provided by operating activities$6,422$4,488$7,385$(12,430)$5,865
Cash flows from investing activities:
Sales of investments1,425-78,868(3,199)77,094
Purchase of investments(5,506)-(75,580)3,199(77,887)
Loans to subsidiaries – net3,660-395(4,055)-
Contributions to subsidiaries(2,081)(1)-2,082-
Net change in restricted cash493-751-1,244
Net change in short-term investments2,361-5,481-7,842
Other, net130-(1,324)-(1,194)
Net cash (used in) provided by investing activities482(1)8,591(1,973)7,099
Cash flows from financing activities:
Issuance of long-term debt2,015-3,220-5,235
Repayments of long-term debt(7,439)(245)(6,513)-(14,197)
Intercompany loans - net(123)(273)(3,659)4,055-
Purchase of common stock(597)---(597)
Cash dividends paid to shareholders(294)(3,991)(8,439)12,430(294)
Other, net(517)-694(2,082)(1,905)
Net cash (used in) provided by financing activities(6,955)(4,509)(14,697)14,403(11,758)
Effect of exchange rate changes on cash--(92)-(92)
Change in cash(51)(22)1,187-1,114
Cash at beginning of year8173997-1,151
Reclassification to assets held for sale--(24)-(24)
Cash at end of year$30$51$2,160$-$2,241
Year Ended December 31, 2012
Net cash (used in) provided by operating activities$(825)$2,682$6,387$(4,568)$3,676
Cash flows from investing activities:
Sales of investments16,874-90,070(5,538)101,406
Purchase of investments(4,406)-(77,699)5,538(76,567)
Loans to subsidiaries – net5,126-4,654(9,780)-
Contributions to subsidiaries(152)--152-
Net change in restricted cash(377)-791-414
Net change in short-term investments(2,029)-(6,080)-(8,109)
Other, net259-(791)-(532)
Net cash (used in) provided by investing activities15,295-10,945(9,628)16,612
Cash flows from financing activities:
Issuance of long-term debt3,754-4,858-8,612
Repayments of long-term debt(3,238)-(7,863)-(11,101)
Intercompany loans - net(2,032)(2,622)(5,126)9,780-
Purchase of common stock(13,000)---(13,000)
Cash dividends paid to shareholders--(4,568)4,568-
Other, net(49)-(4,874)(152)(5,075)
Net cash (used in) provided by financing activities(14,565)(2,622)(17,573)14,196(20,564)
Effect of exchange rate changes on cash--16-16
Change in cash(95)60(225)-(260)
Cash at beginning of year176131,285-1,474
Change in cash of businesses held for sale--(63)-(63)
Cash at end of year$81$73$997$-$1,151

*

Supplementary Disclosure of Condensed Consolidating Cash Flow Information

American
InternationalReclassifications
Group, Inc.OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiaries*Eliminations*AIG
Cash (paid) received during the year ended December 31, 2014 for:
Interest:
Third party$(1,624)$(87)$(1,656)$-$(3,367)
Intercompany5(7)2--
Taxes:
Income tax authorities$(18)$-$(719)$-$(737)
Intercompany1,172-(1,172)--
Cash (paid) received during the year ended December 31, 2013 for:
Interest:
Third party$(1,963)$(111)$(1,782)$-$(3,856)
Intercompany(12)(21)33--
Taxes:
Income tax authorities$(161)$-$(635)$-$(796)
Intercompany288(78)(210)--
Cash (paid) received during the year ended December 31, 2012 for:
Interest:
Third party*$(2,089)$(128)$(1,820)$-$(4,037)
Intercompany(133)(56)189--
Taxes:
Income tax authorities$(7)$-$(440)$-$(447)
Intercompany230(41)(189)--

* The Other Subsidiaries and Reclassifications and Eliminations amounts were disclosed together in prior periods. The new presentation had no impact on the Consolidated AIG amounts.

American International Group, Inc. (As Guarantor) supplementary disclosure of non-cash activities:

Years Ended December 31,
(in millions)201420132012
Intercompany non-cash financing and investing activities:
Capital contributions
in the form of bond available for sale securities$-$-$4,078
to subsidiaries through forgiveness of loans-341-
Other capital contributions - net2,457523579
Return of capital4,836--
Return of capital and dividend received
in the form of cancellation of intercompany loan--9,303
in the form of other bond securities3,088-3,320