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REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2013
Reinsurance disclosures  
Supplemental information for gross loss and benefit reserves net of ceded reinsurance

 

 

 
  


   
    
  
   
 
   2013   2012  
At December 31,
(in millions)
  

As
Reported

  

Net of
Reinsurance

   As
Reported
   Net of
Reinsurance
  
   

Liability for unpaid claims and claims adjustment expense(a)

  
$
(81,547
)
$
(64,316
)
 $ (87,991 ) $ (68,782 )

Future policy benefits for life and accident and health insurance contracts

  
 
(40,653
)
 
(39,619
)
   (40,523 )   (39,591 )

Reserve for unearned premiums

  
 
(21,953
)
 
(18,532
)
   (22,537 )   (18,934 )

Reinsurance assets(b)

  
 
21,686
 
 
–
 
   23,744     –
   

(a)  In both 2013 and 2012, the Net of Reinsurance amount reflects the cession under the June 17, 2011 transaction with National Indemnity Company (NICO) of $1.6 billion.

(b)  Represents gross reinsurance assets, excluding allowances and reinsurance recoverable on paid losses.
Schedule of long-duration insurance in force ceded to other insurance companies

 

 

 
  


   
    
  
   
At December 31,
(in millions)
  

2013

   2012
   2011*
  
   

Long-duration insurance in force ceded

  
$
122,012
 
 $ 129,159   $ 140,156
   

*     Excludes amounts related to held-for-sale entities.
Short-Duration Reinsurance
  
Reinsurance disclosures  
Schedule of insurance premiums written and earned

 

 

 
  


   
    
  


   
    
  


   
    
  


   
    
  
   
 
   AIG Property Casualty   Mortgage Guaranty   Eliminations   Total  
Years Ended December 31,
(in millions)
  
 

2013

   2012
   2011
  

2013

   2012
   2011
  

2013

   2012
   2011
  

2013

   2012
   2011
  
   

Premiums written:

  
 
 
 
            
 
 
 
            
 
 
 
            
 
 
 
            

Direct

  
$
39,545
 
 $ 40,428   $ 41,710  
$
1,099
 
 $ 938   $ 898  
$
–
 
 $ –   $ –  
$
40,644
 
 $ 41,366   $ 42,608  

Assumed

  
 
3,659
 
   3,428     3,031  
 
(13
)
   (10 )   –  
 
3
 
   7     2  
 
3,649
 
   3,425     3,033  

Ceded

  
 
(8,816
)
   (9,420 )   (9,901 )
 
(38
)
   (70 )   (97 )
 
(3
)
   (7 )   (2 )
 
(8,857
)
   (9,497 )   (10,000 )
   

Net

  
$
34,388
 
 $ 34,436   $ 34,840  
$
1,048
 
 $ 858   $ 801  
$
–
 
 $ –   $ –  
$
35,436
 
 $ 35,294   $ 35,641
   

Premiums earned:

  
 
 
 
            
 
 
 
            
 
 
 
            
 
 
 
            

Direct

  
$
38,996
 
 $ 40,954   $ 42,878  
$
840
 
 $ 754   $ 835  
$
–
 
 $ –   $ –  
$
39,836
 
 $ 41,708   $ 43,713  

Assumed

  
 
3,521
 
   3,254     3,294  
 
7
 
   31     55  
 
(18
)
   (30 )   (46 )
 
3,510
 
   3,255     3,303  

Ceded

  
 
(8,564
)
   (9,335 )   (10,483 )
 
(38
)
   (70 )   (98 )
 
18
 
   30     46  
 
(8,584
)
   (9,375 )   (10,535 )
   

Net

  
$
33,953
 
 $ 34,873   $ 35,689  
$
809
 
 $ 715   $ 792  
$
—
 
 $ –   $ –  
$
34,762
 
 $ 35,588   $ 36,481
   
Long-Duration Reinsurance
  
Reinsurance disclosures  
Schedule of insurance premiums written and earned

 

 

 
  


   
    
  


   
    
  


   
    
  
   
 
   AIG Life and Retirement   Divested Businesses   Total  
Years Ended December 31,
(in millions)
  
 

2013

   2012
   2011
  

2013

   2012
   2011
  

2013

   2012
   2011
  
   

Gross premiums

  
$
3,269
 
 $ 3,066   $ 3,140  
$
9
 
 $ 11   $ 17  
$
3,278
 
 $ 3,077   $ 3,157  

Ceded premiums

  
 
(673
)
   (602 )   (591 )
 
–
 
   –     (6 )
 
(673
)
   (602 )   (597 )
   

Net

  
$
2,596
 
 $ 2,464   $ 2,549  
$
9
 
 $ 11   $ 11  
$
2,605
 
 $ 2,475   $ 2,560