AIG 2005 Annual Report Download - page 126
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AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statement of Income
Years Ended December 31,
(in millions, except per share data) 2005 2004 2003
Revenues:
Premiums and other considerations $70,209 $66,625 $54,802
Net investment income 22,165 18,465 15,508
Realized capital gains (losses) 341 44 (442)
Other revenues 16,190 12,532 9,553
Total revenues 108,905 97,666 79,421
Benefits and expenses:
Incurred policy losses and benefits 63,711 58,360 46,034
Insurance acquisition and other operating expenses 29,981 24,461 21,480
Total benefits and expenses 93,692 82,821 67,514
Income before income taxes, minority interest and cumulative effect of accounting changes 15,213 14,845 11,907
Income taxes:
Current 2,569 2,593 2,741
Deferred 1,689 1,814 815
4,258 4,407 3,556
Income before minority interest and cumulative effect of accounting changes 10,955 10,438 8,351
Minority interest (478) (455) (252)
Income before cumulative effect of accounting changes 10,477 9,983 8,099
Cumulative effect of accounting changes, net of tax – (144) 9
Net income $10,477 $ 9,839 $ 8,108
Earnings per common share:
Basic
Income before cumulative effect of accounting changes $ 4.03 $ 3.83 $ 3.10
Cumulative effect of accounting changes, net of tax –(0.06) –
Net income 4.03 3.77 3.10
Diluted
Income before cumulative effect of accounting changes $ 3.99 $ 3.79 $ 3.07
Cumulative effect of accounting changes, net of tax –(0.06) –
Net income 3.99 3.73 3.07
Average shares outstanding:
Basic 2,597 2,606 2,610
Diluted 2,627 2,637 2,637
See Accompanying Notes to Consolidated Financial Statements.
74 AIG m Form 10-K