EX-99.1 5 y53394ex99-1.txt FINANCIAL STATEMENT SCHEDULES 1 -------------------------------------------------------------------------------- SCHEDULE I AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES SUMMARY OF INVESTMENTS -- OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2000
(IN MILLIONS) ------------------------------------------------------------------------------------------------- AMOUNT AT WHICH SHOWN IN THE COST* VALUE BALANCE SHEET ------------------------------------------------------------------------------------------------- Fixed maturities: Bonds: United States Government and government agencies and authorities $ 2,484 $ 2,609 $ 2,606 States, municipalities and political subdivisions 22,302 23,166 22,649 Foreign governments 19,114 19,828 19,828 Public utilities 10,252 10,589 10,589 All other corporate 112,140 110,470 110,470 ------------------------------------------------------------------------------------------------- Total bonds 166,292 166,662 166,142 ------------------------------------------------------------------------------------------------- Total fixed maturities 166,292 166,662 166,142 ------------------------------------------------------------------------------------------------- Equity securities: Common stocks: Public utilities 138 150 150 Banks, trust and insurance companies 664 735 735 Industrial, miscellaneous and all other 6,249 5,920 5,920 ------------------------------------------------------------------------------------------------- Total common stocks 7,051 6,805 6,805 Non-redeemable preferred stocks 1,318 1,207 1,207 ------------------------------------------------------------------------------------------------- Total equity securities 8,369 8,012 8,012 ------------------------------------------------------------------------------------------------- Mortgage loans on real estate, policy and collateral loans 18,596 18,596 18,596 Financial services assets: Flight equipment primarily under operating leases, net of accumulated depreciation 19,325 -- 19,325 Securities available for sale, at market value 14,636 14,669 14,669 Trading securities, at market value -- 7,347 7,347 Spot commodities, at market value -- 363 363 Unrealized gain on interest rate and currency swaps, options and forward transactions -- 10,235 10,235 Trading assets 7,045 -- 7,045 Securities purchased under agreements to resell, at contract value 14,991 -- 14,991 Other invested assets 13,486 -- 13,486 Finance receivables, net of allowance 11,378 -- 11,378 Short-term investments, at cost (approximates market value) 6,502 -- 6,502 ------------------------------------------------------------------------------------------------- Total investments $280,620 -- $ 298,091 -------------------------------------------------------------------------------------------------
* Original cost of equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts. 121 2 -------------------------------------------------------------------------------- SCHEDULE II AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEET -- PARENT COMPANY ONLY
(IN MILLIONS) ------------------------------------------------------------------------------- DECEMBER 31, 2000 1999 ------------------------------------------------------------------------------- ASSETS: Cash $ 1 $ 3 Short-term investments 2 1 Invested assets 721 760 Carrying value of subsidiaries and partially-owned companies, at equity 47,532 40,938 Premiums and insurance balances receivable -- net 155 113 Other assets 2,140 377 ------------------------------------------------------------------------------- TOTAL ASSETS 50,551 42,192 ------------------------------------------------------------------------------- LIABILITIES: Insurance balances payable 334 285 Due to affiliates -- net 930 861 Medium term notes payable 582 481 Term notes payable 433 432 Zero coupon notes 127 114 Italian Lire bonds 159 159 Other liabilities 547 219 ------------------------------------------------------------------------------- TOTAL LIABILITIES 3,112 2,551 ------------------------------------------------------------------------------- CAPITAL FUNDS: Common stock 6,914 4,870 Additional paid-in capital 2,830 2,324 Retained earnings 42,598 38,772 Accumulated other comprehensive income (2,440) (3,381) Treasury stock (2,463) (2,944) ------------------------------------------------------------------------------- TOTAL CAPITAL FUNDS 47,439 39,641 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND CAPITAL FUNDS $50,551 $42,192 -------------------------------------------------------------------------------
STATEMENT OF INCOME -- PARENT COMPANY ONLY
(IN MILLIONS) -------------------------------------------------------------------------------------- YEARS ENDED DECEMBER 31, 2000 1999 1998 -------------------------------------------------------------------------------------- Agency loss $ (11) $ (13) $ (6) Financial services income 280 246 263 Asset management income (loss) (5) 5 -- Dividend income from consolidated subsidiaries: Cash 1,514 1,049 856 Other -- 30 -- Dividend income from partially-owned companies -- 7 14 Equity in undistributed net income of consolidated subsidiaries and partially-owned companies 5,233 5,311 4,501 Other income (deductions) -- net (87) (162) (210) -------------------------------------------------------------------------------------- Income before income taxes 6,924 6,473 5,418 Income taxes 285 287 372 -------------------------------------------------------------------------------------- NET INCOME $6,639 $6,186 $5,046 --------------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements. 122 3 -------------------------------------------------------------------------------- SCHEDULE II AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT (CONTINUED) STATEMENT OF CASH FLOWS -- PARENT COMPANY ONLY
(IN MILLIONS) ----------------------------------------------------------------------------------------- YEARS ENDED DECEMBER 31, 2000 1999 1998 ----------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 6,639 $ 6,186 $ 5,046 ----------------------------------------------------------------------------------------- ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Non-cash revenues, expenses, gains and losses included in income: Equity in undistributed net income of consolidated subsidiaries and partially-owned companies (5,233) (5,311) (4,501) Change in premiums and insurance balances receivable and payable -- net 7 (1) 30 Change in cumulative translation adjustments 85 (99) (18) Other -- net (140) (144) 178 ----------------------------------------------------------------------------------------- Total adjustments (5,281) (5,555) (4,311) ----------------------------------------------------------------------------------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 1,358 631 735 ----------------------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of investments (131) (44) (154) Sale of investments 1 62 -- Change in short-term investments (1) 9 (9) Change in collateral and guaranteed loans 10 18 (25) Contributions to subsidiaries and investments in partially-owned companies (687) (415) (444) Other -- net (26) (39) (36) ----------------------------------------------------------------------------------------- NET CASH USED IN INVESTING ACTIVITIES (834) (409) (668) ----------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Change in medium term notes 101 14 (29) Change in term notes 1 (556) 100 Proceeds from common stock issued 144 244 40 Change in loans payable 477 217 218 Cash dividends to shareholders (335) (303) (324) Acquisition of treasury stock (947) (275) (81) Proceeds from redemption of Premium Equity Redemption Cumulative Security Units -- 431 -- Other -- net 33 7 7 ----------------------------------------------------------------------------------------- NET CASH USED IN FINANCING ACTIVITIES (526) (221) (69) ----------------------------------------------------------------------------------------- CHANGE IN CASH (2) 1 (2) CASH AT BEGINNING OF YEAR 3 2 4 ----------------------------------------------------------------------------------------- CASH AT END OF YEAR $ 1 $ 3 $ 2 -----------------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS -- PARENT COMPANY ONLY (1) Agency operations conducted in New York through the North American Division of AIU are included in the financial statements of the parent company. (2) Certain accounts have been reclassified in the 1999 and 1998 financial statements to conform to their 2000 presentation. (3) "Equity in undistributed net income of consolidated subsidiaries and partially-owned companies" in the accompanying Statement of Income -- Parent Company Only -- includes equity in income of the minority-owned insurance operations. (4) See also Notes to Consolidated Financial Statements. 123 4 -------------------------------------------------------------------------------- SCHEDULE III AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION AS OF DECEMBER 31, 2000, 1999 AND 1998 AND FOR THE YEARS THEN ENDED
(IN MILLIONS) --------------------------------------------------------------------------------------------------------------------------------- RESERVES FOR LOSSES AND LOSSES AND AMORTIZATION DEFERRED LOSS RESERVE POLICY LOSS OF DEFERRED POLICY EXPENSES, FOR AND NET EXPENSES POLICY ACQUISITION FUTURE POLICY UNEARNED CONTRACT PREMIUM INVESTMENT INCURRED, ACQUISITION SEGMENT COSTS BENEFITS(A) PREMIUMS CLAIMS(B) REVENUE INCOME BENEFITS COSTS(C) --------------------------------------------------------------------------------------------------------------------------------- 2000 General insurance $ 2,438 $ 40,613 $ 12,510 $ -- $17,407 $ 2,701 $ 13,104 $ 1,708 Life insurance 14,209 51,532 -- 1,414 17,173 10,664 17,788 $ 1,803 --------------------------------------------------------------------------------------------------------------------------------- $ 16,647 $ 92,145 $ 12,510 $ 1,414 $34,580 $ 13,365 $ 30,892 $ 3,511 --------------------------------------------------------------------------------------------------------------------------------- 1999 General insurance $ 2,132 $ 38,252 $ 11,450 $ -- $15,544 $ 2,517 $ 11,738 $ 1,528 Life insurance 13,642 47,759 -- 1,364 15,480 9,505 15,862 $ 86 --------------------------------------------------------------------------------------------------------------------------------- $ 15,774 $ 86,011 $ 11,450 $ 1,364 $31,024 $ 12,022 $ 27,600 $ 1,614 --------------------------------------------------------------------------------------------------------------------------------- 1998 General insurance $ 1,852 $ 38,310 $ 10,009 $ -- $14,098 $ 2,192 $ 10,657 $ 1,358 Life insurance 10,438 39,627 -- 1,604 13,725 8,357 14,019 $ 841 --------------------------------------------------------------------------------------------------------------------------------- $ 12,290 $ 77,937 $ 10,009 $ 1,604 $27,823 $ 10,549 $ 24,676 $ 2,199 --------------------------------------------------------------------------------------------------------------------------------- (IN MILLIONS) --------------------------- -------------------- OTHER NET OPERATING PREMIUMS SEGMENT EXPENSES WRITTEN --------------------------- -------------------- 2000 General insurance $ 1,810 $ 17,526 Life insurance $ 3,262 -- ---------------------------------------------------------- $ 5,072 $ 17,526 -------------------------------------------------------------------- 1999 General insurance $ 1,609 $ 16,224 Life insurance $ 4,679 -- ------------------------------------------------------------------------------ $ 6,288 $ 16,224 ---------------------------------------------------------------------------------------- 1998 General insurance $ 1,552 $ 14,586 Life insurance $ 3,552 -- -------------------------------------------------------------------------------------------------- $ 5,104 $ 14,586 ------------------------------------------------------------------------------------------------------------
(a) Reserves for losses and loss expenses with respect to the general insurance operations are net of discounts of $1.29 billion, $1.08 billion and $551 million for 2000, 1999 and 1998, respectively. (b) Reflected in insurance balances payable on the accompanying balance sheet. (c) Amounts shown for general insurance segment exclude amounts deferred and amortized in the same period. 124 5 -------------------------------------------------------------------------------- SCHEDULE IV AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES REINSURANCE AS OF DECEMBER 31, 2000, 1999 AND 1998 AND FOR THE YEARS THEN ENDED
(DOLLARS IN MILLIONS) ---------------------------------------------------------------------------------------------------------------------------- PERCENT OF CEDED ASSUMED AMOUNT TO OTHER FROM OTHER NET ASSUMED GROSS AMOUNT COMPANIES COMPANIES AMOUNT TO NET ---------------------------------------------------------------------------------------------------------------------------- 2000 Life insurance in-force $ 969,919 $ 185,705 $ 1,973 $786,187 0.3% ---------------------------------------------------------------------------------------------------------------------------- Premiums: General insurance $ 20,116 $ 7,524 $ 4,934 $ 17,526 28.1% Life insurance 17,860 762 75 17,173(b) 0.4 ---------------------------------------------------------------------------------------------------------------------------- Total premiums $ 37,976 $ 8,286 $ 5,009 $ 34,699 14.4% ---------------------------------------------------------------------------------------------------------------------------- 1999 Life insurance in-force $ 947,524 $ 163,982 $ 3,409 $786,951 0.4% ---------------------------------------------------------------------------------------------------------------------------- Premiums: General insurance $ 18,660 $ 6,345 $ 3,909(a) $ 16,224 24.1% Life insurance 16,051 876 305 15,480(b) 2.0 ---------------------------------------------------------------------------------------------------------------------------- Total premiums $ 34,711 $ 7,221 $ 4,214 $ 31,704 13.3% ---------------------------------------------------------------------------------------------------------------------------- 1998 Life insurance in-force $ 841,502 $ 128,777 $ 3,543 $716,268 0.5% ---------------------------------------------------------------------------------------------------------------------------- Premiums: General insurance $ 17,931 $ 6,098 $ 2,753(a) $ 14,586 18.9% Life insurance 14,147 734 312 13,725(b) 2.3 ---------------------------------------------------------------------------------------------------------------------------- Total premiums $ 32,078 $ 6,832 $ 3,065 $ 28,311 10.8% ----------------------------------------------------------------------------------------------------------------------------
(a) The increase results from the consolidation of Transatlantic, which is a reinsurance company. (b) Includes accident and health premiums of $2.58 billion, $2.25 billion and $1.88 billion in 2000, 1999 and 1998, respectively. 125