QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2015

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

23. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Consolidated Statements of Income (Loss)

	Three Months Ended
		March 31,				June 30,				September 30,				December 31,
(dollars in millions, except per share data)		2015		2014		2015		2014		2015		2014		2015		2014
Total revenues	$	15,975	$	16,163	$	15,699	$	16,136	$	12,822	$	16,697	$	13,831	$	15,410
Income (loss) from continuing
operations before income taxes*		3,776		2,273		2,552		4,480		(115)		3,019		(2,932)		729
Income (loss) from discontinued
operations, net of income taxes		1		(47)		16		30		(17)		2		-		(35)
Net income (loss)		2,477		1,612		1,791		3,036		(197)		2,201		(1,849)		675
Net income (loss) from
continuing operations attributable
to noncontrolling interests		9		3		(9)		(37)		34		9		(8)		20
Net income (loss) attributable to AIG*	$	2,468	$	1,609	$	1,800	$	3,073	$	(231)	$	2,192	$	(1,841)	$	655
Earnings (loss) per common share
attributable to AIG common
shareholders:
Basic:
Income (loss) from continuing
operations	$	1.81	$	1.13	$	1.34	$	2.11	$	(0.17)	$	1.54	$	(1.50)	$	0.50
Income (loss) from discontinued
operations	$	-	$	(0.03)	$	0.01	$	0.02	$	(0.01)	$	-	$	-	$	(0.03)
Diluted:
Income (loss) from continuing
operations	$	1.78	$	1.12	$	1.31	$	2.08	$	(0.17)	$	1.52	$	(1.50)	$	0.49
Income (loss) from discontinued
operations	$	-	$	(0.03)	$	0.01	$	0.02	$	(0.01)	$	-	$	-	$	(0.03)
Weighted average shares outstanding:
Basic	1,365,951,690		1,459,249,393		1,329,157,366		1,442,397,111		1,279,072,748		1,419,239,774		1,226,880,632		1,391,790,420
Diluted	1,386,263,549		1,472,510,813		1,365,390,431		1,464,676,330		1,279,072,748		1,442,067,842		1,226,880,632		1,412,162,456
Noteworthy quarterly items -
income (expense):
Other-than-temporary
impairments		(128)		(59)		(164)		(55)		(273)		(50)		(106)		(83)
Net (gain) loss on sale of
divested businesses		6		(4)		1		(2,174)		3		(18)		1		(1)
Federal and foreign valuation
allowance for deferred tax assets		93		65		(40)		75		8		21		49		20
Net gain (loss) on extinguishment of
debt		(68)		(238)		(342)		(34)		(346)		(742)		-		(1,268)
Reserve strengthening charges		24		-		317		-		191		-		3,587		-
Restructuring and other costs		-		-		-		-		274		-		222		-

* For the three months ended December 31, 2015, we recorded out of period adjustments related to prior periods that decreased Net income attributable to AIG by $193 million, decreased AIG’s Income from continuing operations before income taxes by $308 million and decreased pre-tax operating income by $122 million.  The out of period adjustments primarily related to impairments of Other invested assets and changes in Liability for unpaid losses and loss adjustment expenses and income tax liabilities. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the three-month periods ended September 30, 2015, June 30, 2015 and March 31, 2015 would have decreased by $36 million, increased by $15 million and decreased by $16 million, respectively. Net income attributable to AIG for the three-month periods ended December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014 would have increased by $25 million, decreased by $61 million, increased by $13 million and decreased by $28 million, respectively.