XML 92 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
 6 Months Ended
Jun. 30, 2017
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT  
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

16. 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
June 30, 2017
Assets:
Short-term investments $ 4,478 $ - $ 11,024 $ (3,408) $ 12,094
Other investments(a)5,563-303,089-308,652
Total investments10,041-314,113(3,408)320,746
Cash5112,501-2,517
Loans to subsidiaries(b)34,565-505(35,070)-
Investment in consolidated subsidiaries(b)44,76329,407-(74,170)-
Other assets, including deferred income taxes20,277247157,434(2,014)175,944
Assets held for sale--555-555
Total assets $ 109,651 $ 29,665 $ 475,108 $ (114,662) $ 499,762
Liabilities:
Insurance liabilities $ - $ - $ 277,574 $ - $ 277,574
Long-term debt22,1176429,053-31,812
Other liabilities, including intercompany balances(a)13,297195107,327(5,594)115,225
Loans from subsidiaries(b)505-34,565(35,070)-
Liabilities held for sale--827-827
Total liabilities35,919837429,346(40,664)425,438
Total AIG shareholders’ equity73,73228,82845,170(73,998)73,732
Non-redeemable noncontrolling interests--592-592
Total equity73,73228,82845,762(73,998)74,324
Total liabilities and equity $ 109,651 $ 29,665 $ 475,108 $ (114,662) $ 499,762
December 31, 2016
Assets:
Short-term investments$4,424$-$13,218$(5,340)$12,302
Other investments(a)7,154-308,719-315,873
Total investments11,578-321,937(5,340)328,175
Cash2341,832-1,868
Loans to subsidiaries(b)34,692-576(35,268)-
Investment in consolidated subsidiaries(b)42,58227,309-(69,891)-
Other assets, including deferred income taxes24,099239140,743(4,059)161,022
Assets held for sale--7,199-7,199
Total assets$112,953$27,582$472,287$(114,558)$498,264
Liabilities:
Insurance liabilities$-$-$275,120$-$275,120
Long-term debt21,4056428,865-30,912
Other liabilities, including intercompany balances(a)14,671194103,975(9,572)109,268
Loans from subsidiaries(b)577-34,691(35,268)-
Liabilities held for sale--6,106-6,106
Total liabilities36,653836428,757(44,840)421,406
Total AIG shareholders’ equity76,30026,74642,972(69,718)76,300
Non-redeemable noncontrolling interests--558-558
Total equity76,30026,74643,530(69,718)76,858
Total liabilities and equity$112,953$27,582$472,287$(114,558)$498,264

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

(b) Eliminated in consolidation.

Condensed Consolidating Statements of Income

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Three Months Ended June 30, 2017
Revenues:
Equity in earnings of consolidated subsidiaries*$1,430$815$-$(2,245)$-
Other income232-12,2482212,502
Total revenues1,66281512,248(2,223)12,502
Expenses:
Interest expense2411339(1)292
Gain on extinguishment of debt--(4)-(4)
Other expenses181-10,386(20)10,547
Total expenses4221310,421(21)10,835
Income (loss) from continuing operations before income tax
expense (benefit)1,2408021,827(2,202)1,667
Income tax expense (benefit)109(4)452-557
Income (loss) from continuing operations1,1318061,375(2,202)1,110
Income (loss) from discontinued operations, net of income taxes(1)-9-8
Net income (loss)1,1308061,384(2,202)1,118
Less:
Net loss from continuing operations attributable to
noncontrolling interests--(12)-(12)
Net income (loss) attributable to AIG$1,130$806$1,396$(2,202)$1,130
Three Months Ended June 30, 2016
Revenues:
Equity in earnings of consolidated subsidiaries*$2,168$888$-$(3,056)$-
Other income127-14,843(246)14,724
Total revenues2,29588814,843(3,302)14,724
Expenses:
Interest expense2501359(2)320
Loss on extinguishment of debt--7-7
Other expenses257711,520(245)11,539
Total expenses5072011,586(247)11,866
Income (loss) from continuing operations before income tax
expense (benefit)1,7888683,257(3,055)2,858
Income tax expense (benefit)(125)(7)1,056-924
Income (loss) from continuing operations1,9138752,201(3,055)1,934
Loss from discontinued operations, net of income taxes--(10)-(10)
Net income (loss)1,9138752,191(3,055)1,924
Less:
Net income from continuing operations attributable to
noncontrolling interests--11-11
Net income (loss) attributable to AIG$1,913$875$2,180$(3,055)$1,913

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Six Months Ended June 30, 2017
Revenues:
Equity in earnings of consolidated subsidiaries*$2,892$1,415$-$(4,307)$-
Other income428-24,6307625,134
Total revenues3,3201,41524,630(4,231)25,134
Expenses:
Interest expense4832585(3)590
Gain on extinguishment of debt--(5)-(5)
Other expenses516120,711(73)21,155
Total expenses9992620,791(76)21,740
Income (loss) from continuing operations before income tax
expense (benefit)2,3211,3893,839(4,155)3,394
Income tax expense (benefit)5(8)1,076-1,073
Income (loss) from continuing operations2,3161,3972,763(4,155)2,321
Income (loss) from discontinued operations, net of income taxes(1)-9-8
Net income (loss)2,3151,3972,772(4,155)2,329
Less:
Net income from continuing operations attributable to
noncontrolling interests--14-14
Net income (loss) attributable to AIG$2,315$1,397$2,758$(4,155)$2,315
Six Months Ended June 30, 2016
Revenues:
Equity in earnings of consolidated subsidiaries*$1,224$(795)$-$(429)$-
Other income64526,881(447)26,503
Total revenues1,288(790)26,881(876)26,503
Expenses:
Interest expense49427108(3)626
Loss on extinguishment of debt77-13-90
Other expenses4481423,125(444)23,143
Total expenses1,0194123,246(447)23,859
Income (loss) from continuing operations before income tax
expense (benefit)269(831)3,635(429)2,644
Income tax expense (benefit)(1,462)(13)2,341-866
Income (loss) from continuing operations1,731(818)1,294(429)1,778
Loss from discontinued operations, net of income taxes(1)-(56)-(57)
Net income (loss)1,730(818)1,238(429)1,721
Less:
Net loss from continuing operations attributable to
noncontrolling interests--(9)-(9)
Net income (loss) attributable to AIG$1,730$(818)$1,247$(429)$1,730

* Eliminated in consolidation.

Condensed Consolidating Statements of Comprehensive Income

American
InternationalReclassifications
Group, Inc.OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiariesEliminationsAIG
Three Months Ended June 30, 2017
Net income (loss)$1,130$806$1,384$(2,202)$1,118
Other comprehensive income (loss)1,1811,122(1,541)4191,181
Comprehensive income (loss)2,3111,928(157)(1,783)2,299
Total comprehensive loss attributable to noncontrolling interests--(12)-(12)
Comprehensive income (loss) attributable to AIG$2,311$1,928$(145)$(1,783)$2,311
Three Months Ended June 30, 2016
Net income (loss)$1,913$875$2,191$(3,055)$1,924
Other comprehensive income (loss)2,7347,734(7,006)(728)2,734
Comprehensive income (loss)4,6478,609(4,815)(3,783)4,658
Total comprehensive income attributable to noncontrolling interests--11-11
Comprehensive income (loss) attributable to AIG$4,647$8,609$(4,826)$(3,783)$4,647
Six Months Ended June 30, 2017
Net income (loss)$2,315$1,397$2,772$(4,155)$2,329
Other comprehensive income (loss)1,7325,78249,489(55,271)1,732
Comprehensive income (loss)4,0477,17952,261(59,426)4,061
Total comprehensive income attributable to noncontrolling interests--14-14
Comprehensive income (loss) attributable to AIG$4,047$7,179$52,247$(59,426)$4,047
Six Months Ended June 30, 2016
Net income (loss)$1,730$(818)$1,238$(429)$1,721
Other comprehensive income (loss)5,7227,26048,548(55,808)5,722
Comprehensive income (loss)7,4526,44249,786(56,237)7,443
Total comprehensive loss attributable to noncontrolling interests--(9)-(9)
Comprehensive income (loss) attributable to AIG$7,452$6,442$49,795$(56,237)$7,452

Condensed Consolidating Statements of Cash Flows

American
International Reclassifications
Group, Inc. OtherandConsolidated
(in millions)(As Guarantor)AIGLHSubsidiaries*Eliminations*AIG
Six Months Ended June 30, 2017
Net cash (used in) provided by operating activities$665$629$(9,222)$(1,357)$(9,285)
Cash flows from investing activities:
Sales of investments5,030-45,014(3,398)46,646
Sales of divested businesses, net--538-538
Purchase of investments(1,158)-(34,591)3,398(32,351)
Loans to subsidiaries - net350-73(423)-
Contributions from (to) subsidiaries - net931--(931)-
Net change in restricted cash--(44)-(44)
Net change in short-term investments402-645-1,047
Other, net(46)-(871)-(917)
Net cash (used in) provided by investing activities5,509-10,764(1,354)14,919
Cash flows from financing activities:
Issuance of long-term debt1,108-1,113-2,221
Repayments of long-term debt(606)-(1,000)-(1,606)
Purchase of common stock(6,000)---(6,000)
Intercompany loans - net(73)-(350)423-
Cash dividends paid (597)(652)(705)1,357(597)
Other, net(3)-27931955
Net cash (used in) provided by financing activities(6,171)(652)(915)2,711(5,027)
Effect of exchange rate changes on cash--(24)-(24)
Change in cash3(23)603-583
Cash at beginning of year2341,832-1,868
Change in cash of businesses held for sale--66-66
Cash at end of period$5$11$2,501$-$2,517
Six Months Ended June 30, 2016
Net cash (used in) provided by operating activities$2,734$680$(1,022)$(1,821)$571
Cash flows from investing activities:
Sales of investments1,944-39,689(6,846)34,787
Purchase of investments(606)-(40,877)6,846(34,637)
Loans to subsidiaries - net1,050-180(1,230)-
Contributions from (to) subsidiaries - net880--(880)-
Net change in restricted cash--(78)-(78)
Net change in short-term investments(733)-(1,022)-(1,755)
Other, net(298)-1,717-1,419
Net cash (used in) provided by investing activities2,237-(391)(2,110)(264)
Cash flows from financing activities:
Issuance of long-term debt3,832-2,856-6,688
Repayments of long-term debt(1,421)(63)(1,435)-(2,919)
Purchase of common stock(6,248)---(6,248)
Intercompany loans - net(180)(3)(1,047)1,230-
Cash dividends paid(713)(724)(1,097)1,821(713)
Other, net(263)-2,3858803,002
Net cash (used in) provided by financing activities(4,993)(790)1,6623,931(190)
Effect of exchange rate changes on cash--38-38
Change in cash(22)(110)287-155
Cash at beginning of year341161,479-1,629
Cash at end of period$12$6$1,766$-$1,784

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 2017 period for:
Interest:
Third party$(513)$-$(169)$-$(682)
Intercompany-----
Taxes:
Income tax authorities$(280)$-$(122)$-$(402)
Intercompany1,495-(1,495)--
Cash (paid) received during the 2016 period for:
Interest:
Third party$(515)$(27)$(108)$-$(650)
Intercompany-----
Taxes:
Income tax authorities$(7)$-$(110)$-$(117)
Intercompany629-(629)--

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

Six Months Ended June 30,
(in millions)20172016
Intercompany non-cash financing and investing activities:
Capital contributions$198$2,915
Dividends received in the form of securities7351,790
Return of capital261
Fixed maturity securities received in exchange for equity securities-440