AIG 2005 Annual Report Download - page 128
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AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statement of Cash Flows
Years Ended December 31,
(in millions) 2005 2004 2003
Summary:
Net cash provided by operating activities $ 25,138 $ 30,716 $ 33,241
Net cash used in investing activities (57,321) (97,115) (66,904)
Net cash provided by financing activities 32,999 66,494 33,070
Effect of exchange rate changes on cash (928) 992 350
Change in cash (112) 1,087 (243)
Cash at beginning of year 2,009 922 1,165
Cash at end of year $ 1,897 $ 2,009 $ 922
Cash flows from operating activities:
Net income $ 10,477 $ 9,839 $ 8,108
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income:
Change in:
General and life insurance reserves 20,912 26,937 22,456
Premiums and insurance balances receivable and payable – net 192 (1,020) (2,236)
Reinsurance assets (5,365) 1,032 2,137
Deferred policy acquisition costs (2,263) (4,042) (3,778)
Investment income due and accrued (171) (916) (388)
Funds held under reinsurance treaties 770 361 832
Other policyholders’ funds 590 1,156 687
Current and deferred income taxes – net 1,507 1,396 2,179
Reserve for commissions, expenses and taxes 140 (16) 1,005
Other assets and liabilities – net 2,535 1,113 579
Bonds and common stocks trading, at market value (4,717) (3,582) 544
Trading assets and liabilities – net 2,272 (4,783) 4,592
Trading securities, at market value (3,753) 792 764
Spot commodities 442 (289) 240
Net unrealized (gain) loss on swaps, options and forward transactions 728 1,534 (4,500)
Securities purchased under agreements to resell 11,725 (5,427) (3,010)
Securities sold under agreements to repurchase (12,534) 5,688 7,542
Securities and spot commodities sold but not yet purchased, at market value 571 (269) (6,306)
Realized capital (gains) losses (341) (44) 442
Equity in income of partially owned companies and other invested assets (1,421) (1,279) (707)
Amortization of premium and discount on securities 292 324 60
Depreciation expenses, principally flight equipment 2,200 2,035 1,861
Provision for finance receivable losses 435 389 429
Other – net (85) (213) (291)
Total adjustments 14,661 20,877 25,133
Net cash provided by operating activities $ 25,138 $ 30,716 $ 33,241
See Accompanying Notes to Consolidated Financial Statements.
76 AIG m Form 10-K