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American International Group, Inc. (AIG) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

American International Group Inc

CIK: 5272 Ticker: AIG

 

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Press Release

www.aig.com

Contacts:

Quentin McMillan (Investors): quentin.mcmillan@aig.com

Claire Talcott (Media): claire.talcott@aig.com

 

AIG Reports Fourth Quarter and Full Year 2021 Results

 

vGeneral Insurance net premiums written grew 7% in the fourth quarter of 2021 compared to the prior year quarter and 13% for the full year driven by Global Commercial Lines growth of 13% in the fourth quarter and 18% for the full year
vGeneral Insurance combined ratio in the fourth quarter of 2021 improved by 10.4 points from the prior year quarter to 92.4% and, on an as adjusted* basis, improved by 3.1 points to 89.8%
vNet income per diluted common share in the fourth quarter of 2021 was $4.38, compared to a net loss per common share of $0.07 in the prior year quarter, and adjusted after-tax income* (AATI) per diluted common share was $1.58, an increase of 68% from $0.94 in the prior year quarter
v$10.7 billion of AIG Parent liquidity at year end 2021
vRepurchased $1 billion of AIG common stock and $1 billion used towards debt reduction in the fourth quarter of 2021; for the full year, reduced debt by $4 billion and returned $3.7 billion to shareholders through $2.6 billion of AIG common stock repurchases and $1.1 billion of dividends
vBook value and adjusted tangible book value* per common share increased 5% and 23%, respectively, from the prior year; up 4% and 12%, respectively, from September 30, 2021

 

FOURTH QUARTER NOTEWORTHY ITEMS

·General Insurance adjusted pre-tax income (APTI) of $1.5 billion reflects strong underwriting results; the combined ratio was 92.4, a 10.4 point improvement from the prior year quarter primarily due to strong underwriting results across the portfolio, including lower catastrophe (CATs) losses, net of reinsurance.
·Life and Retirement APTI of $969 million reflects higher fee income, more than offset by lower net investment income and unfavorable mortality; Life and Retirement return on adjusted segment common equity* for the fourth quarter was 13.7%, on an annualized basis.
·Net income attributable to AIG common shareholders was $3.7 billion, or $4.38 per diluted common share, compared to a net loss of $60 million, or $0.07 per common share, in the prior year quarter.
·AATI was $1.3 billion, or $1.58 per diluted common share, compared to $827 million, or $0.94 per diluted common share, in the prior year quarter due to strong underwriting performance in General Insurance.
·Total debt and preferred stock to total capital was 24.6% at December 31, 2021 down from 26.1% at September 30, 2021.
·As of December 31, 2021, book value per common share was $79.97, an increase of 5% from December 31, 2020. Adjusted book value per common share* was $68.83, an increase of 21% from December 31, 2020. Adjusted tangible book value per share was $62.82, an increase of 23% from December 31, 2020.
·Return on common equity (ROCE) and Adjusted ROCE* were 23.0% and 9.9%, respectively, on an annualized basis for the fourth quarter of 2021.

 

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.

 


The following information was filed by American International Group Inc (AIG) on Wednesday, February 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical - Assets And Liabilities)
Consolidated Balance Sheets (Parenthetical - Equity)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity
Consolidated Statements Of Income (Loss)
Supplementary Disclosure Of Consolidated Cash Flow Information
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Contingencies, Commitments And Guarantees
Contingencies, Commitments And Guarantees (Details - Contingencies, Commitments And Guarantees)
Contingencies, Commitments And Guarantees (Tables)
Debt
Debt (Details - Aiglh Junior Subordinated Debentures And Cash Tender Offers And Redemptions))
Debt (Details - Credit Facilities)
Debt (Details - Maturities Of Long-Term Debt)
Debt (Details - Total Debt Outstanding)
Debt (Tables)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (Details)
Deferred Policy Acquisition Costs (Tables)
Derivatives And Hedge Accounting
Derivatives And Hedge Accounting (Details - Additional Information)
Derivatives And Hedge Accounting (Details - Fair Values Of Derivative Assets And Liabilities)
Derivatives And Hedge Accounting (Details - Hedge Accounting)
Derivatives And Hedge Accounting (Details - Notional Amounts And Fair Values Of Derivative Instruments)
Derivatives And Hedge Accounting (Tables)
Earnings Per Common Share (Eps)
Earnings Per Common Share (Eps) (Details)
Earnings Per Common Share (Eps) (Tables)
Employee Benefits
Employee Benefits (Details - Accumulated Benefit Obligations For U.S. And Non-U.S. Pension Benefit Plans)
Employee Benefits (Details - Asset Allocations By Major Asset Class)
Employee Benefits (Details - Assets Measured At Fair Value)
Employee Benefits (Details - Changes In Level 3 Fair Value Measurements)
Employee Benefits (Details - Components Of Net Periodic Benefit Cost)
Employee Benefits (Details - Expected Cash Flows)
Employee Benefits (Details - Pension And Postretirement Plans)
Employee Benefits (Details - Weighted Average Assumptions Used To Determine The Benefit Obligations)
Employee Benefits (Tables)
Equity
Equity (Details - Changes In Ownership Interest)
Equity (Details - Common Stock And Dividends)
Equity (Details - Narratives)
Equity (Details - Other Comprehensive Income Reclassification Adjustments)
Equity (Details - Preferred Stock)
Equity (Details - Reclassification Of Significant Items Out Of Accumulated Other Comprehensive Income)
Equity (Details - Rollforward Of Accumulated Other Comprehensive Income (Loss))
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Details - Assets And Liabilities Measured At Fair Value On A Recurring Basis)
Fair Value Measurements (Details - Assets Measured At Fair Value On A Non-Recurring Basis At The Time Of Impairment And The Related Impairment Charges Recorded During The Periods Presented)
Fair Value Measurements (Details - Carrying Values And Estimated Fair Values Of Our Financial Instruments Not Measured At Fair Value)
Fair Value Measurements (Details - Changes In Level 3 Recurring Fair Value Measurements)
Fair Value Measurements (Details - Difference Between Fair Values And The Aggregate Contractual Principal Amounts Of Mortgage And Other Loans Receivable And Long-Term Borrowings For Which The Fair Value Option Was Elected)
Fair Value Measurements (Details - Gains Or Losses Recorded Related To The Eligible Instruments For Which We Elected The Fair Value Option)
Fair Value Measurements (Details - Gross Components Of Purchases, Sales, Issuances And Settlements)
Fair Value Measurements (Details - Investments In Certain Other Invested Assets, Including Private Equity Funds, Hedge Funds And Other Alternative Investments)
Fair Value Measurements (Details - Long Term Debt)
Fair Value Measurements (Details - Net Realized And Unrealized Gains And Losses Included In Income Related To Level 3 Assets And Liabilities)
Fair Value Measurements (Details - Quantitative Information About Level 3 Fair Value Measurements, Assets)
Fair Value Measurements (Details - Quantitative Information About Level 3 Fair Value Measurements, Liabilities)
Fair Value Measurements (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details - Goodwill)
Goodwill And Other Intangible Assets (Details - Intangible Assets)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Details - Accounting For Uncertainty In Income Taxes)
Income Taxes (Details - Assessment Of Deferred Tax Asset (Liabilities) Valuation Allowance)
Income Taxes (Details - Components Of The Net Deferred Tax Assets (Liabilities)
Income Taxes (Details - Income (Loss) From Continuing Operations Before Income Tax Expense (Benefit) By U.S. And Foreign Location)
Income Taxes (Details - Income Tax Expense (Benefit) Attributable To Pre-Tax Income (Loss) From Continuing Operations)
Income Taxes (Details - Narrative)
Income Taxes (Details - Reconciliation Between Actual Income Tax (Benefit) Expense And Statutory U.S. Federal Amount Computed By Applying The Federal Income Tax Rate)
Income Taxes (Details - Tax Years That Remain Open In Income Taxes)
Income Taxes (Details - U.S. Consolidated Income Tax Group Tax Losses And Credits Carryforwards)
Income Taxes (Tables)
Insurance Liabilities
Insurance Liabilities (Details - Annual Percentage Claims Payout)
Insurance Liabilities (Details - Discounting Of Reserves)
Insurance Liabilities (Details - Future Policy Benefits)
Insurance Liabilities (Details - Liability For Unpaid Losses And Loss Adjustment Expenses)
Insurance Liabilities (Details - Narratives)
Insurance Liabilities (Details - Policyholder Contract Deposits)
Insurance Liabilities (Details - Reconciliation Of Change In Net Ultimates To Prior Year Development)
Insurance Liabilities (Details - Reconciliation Of The Net Incurred And Paid Claims Development)
Insurance Liabilities (Details - Schedule Of Universal Life Policies With Secondary Guarantees)
Insurance Liabilities (Details - Undiscounted, Incurred And Paid Losses And Allocated Loss Adjustment Expenses)
Insurance Liabilities (Tables)
Investments
Investments (Details - Amortized Cost And Fair Value Of Fixed Maturity Securities Available For Sale By Contractual Maturity)
Investments (Details - Amortized Cost Or Cost And Fair Value Of Available For Sale Securities)
Investments (Details - Carrying Amounts Of Other Invested Assets)
Investments (Details - Components Of Net Investment Income)
Investments (Details - Components Of Net Realized Capital Gains (Losses))
Investments (Details - Gross Realized Gains And Gross Realized Losses From Sales Or Maturities Of Available For Sale Securities)
Investments (Details - Pledged Investments)
Investments (Details - Reconciliation Of Purchase Price To Unpaid Principal Balance Of Securities Purchased With Credit Deterioration)
Investments (Details - Rollforward Of Changes In Allowance For Credit Losses On Available For Sale Fixed Maturity Securities By Major Ivnvestment Category)
Investments (Details - Rollforward Of The Cumulative Credit Losses In Other-Than-Temporary Impairments Recognized In Earnings)
Investments (Details - Schedule Of Increase (Decrease) In Unrealized Appreciation (Depreciation) Of Available For Sale Securities And Other Investments)
Investments (Details - Schedule Of Purchased Credit Impaired (Pci) Securities)
Investments (Details - Securities Available For Sale In A Loss Position)
Investments (Details - Summarized Financial Information Of Aig's Equity Method Investees)
Investments (Details - Value Of Other Securities Measured At Fair Value Based On Election Of The Fair Value Option)
Investments (Tables)
Lending Activities
Lending Activities (Details - Composition Of Mortgages And Other Loans Receivable)
Lending Activities (Details - Credit Quality Of Commercial Mortgages)
Lending Activities (Details - Credit Quality Of Residential Mortgages By Year Of Vintage)
Lending Activities (Details - Credit Quality Performance Indicators For Commercial Mortgages)
Lending Activities (Details - Rollforward Of The Changes In The Allowance For Credit Losses On Mortgage And Other Loans Receivable)
Lending Activities (Tables)
Reinsurance
Reinsurance (Details - Long-Duration Reinsurance)
Reinsurance (Details - Narrative)
Reinsurance (Details - Rollforward Of The Reinsurance Recoverable Allowance For Credit Losses)
Reinsurance (Details - Short-Duration Reinsurance)
Reinsurance (Details - Summary Of The Composition Of Pool Of Assets)
Reinsurance (Details - Summary Of The Impact Of Modco And Funds Withheld)
Reinsurance (Details - Supplemental Information For Loss And Benefit Reserves, Gross And Net Of Ceded Reinsurance)
Reinsurance (Tables)
Schedule I Summary Of Investments - Other Than Investments In Related Parties
Schedule I Summary Of Investments - Other Than Investments In Related Parties (Details)
Schedule Ii Condensed Financial Information Of Registrant - Parent Company Only
Schedule Ii Condensed Financial Information Of Registrant - Parent Company Only (Details - Balance Sheets)
Schedule Ii Condensed Financial Information Of Registrant - Parent Company Only (Details - Statements Of Cash Flows)
Schedule Ii Condensed Financial Information Of Registrant - Parent Company Only (Details - Statements Of Comprehensive Income (Loss))
Schedule Ii Condensed Financial Information Of Registrant - Parent Company Only (Details - Statements Of Income)
Schedule Iii Supplementary Insurance Information
Schedule Iii Supplementary Insurance Information (Details)
Schedule Iv Reinsurance
Schedule Iv Reinsurance (Details)
Schedule V Valuation And Qualifying Accounts
Schedule V Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Details - Consolidated Total Revenues And Real Estate And Other Fixed Assets By Major Geographic Area)
Segment Information (Details - Narrative)
Segment Information (Details - Schedule Of Continuing Operations By Operating Segment)
Segment Information (Details - Schedule Of Continuing Operations By Operating Segment, Reconciling Items)
Segment Information (Details - Schedule Of Year-End Identifiable Assets And Capital Expenditures By Segment)
Segment Information (Tables)
Share-Based Compensation Plans
Share-Based Compensation Plans (Details - Employee Plans, Share-Settled Awards - Assumptions Used To Estimate The Fair Value Of Psus)
Share-Based Compensation Plans (Details - Roll Forward Of Stock Option Activity)
Share-Based Compensation Plans (Details - Share Based Compensation Expense)
Share-Based Compensation Plans (Details - Share-Settled Awards - Outstanding Share-Settled Awards)
Share-Based Compensation Plans (Tables)
Statutory Financial Data And Restrictions
Statutory Financial Data And Restrictions (Details)
Statutory Financial Data And Restrictions (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details - Narratives)
Summary Of Significant Accounting Policies (Policies)
Variable Interest Entities
Variable Interest Entities (Details)
Variable Interest Entities (Tables)
Variable Life And Annuity Contracts
Variable Life And Annuity Contracts (Details - Annuity Contracts With Guarantees Were Invested In Separate Account Investment Options)
Variable Life And Annuity Contracts (Details - Gmdb, Gmib, Gmwb And Gmav)
Variable Life And Annuity Contracts (Tables)
Ticker: AIG
CIK: 5272
Form Type: 10-K Annual Report
Accession Number: 0001104659-22-024701
Submitted to the SEC: Thu Feb 17 2022 3:27:18 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Friday, December 31, 2021
Industry: Fire Marine And Casualty Insurance

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