AIG 2005 Annual Report Download - page 164
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Notes to Consolidated Financial Statements Continued
GIAs: Fair values of AIG’s obligations under investment type
13. Fair Value of Financial Instruments
agreements were estimated using discounted cash flow calcula-
Continued
tions based on interest rates currently being offered for similar
were not readily available, fair values were estimated using agreements with maturities consistent with those remaining for
quoted market prices of comparable investments. the agreements being valued.
Spot commodities: Fair values are based on current market Securities and spot commodities sold but not yet purchased: The
prices. carrying amounts for the securities and spot commodities sold
but not yet purchased approximate fair values. Fair values for
Unrealized gains and losses on swaps, options and forward
spot commodities sold short were based on current market
transactions: Fair values were based on the use of valuation
prices.
models that utilize, among other things, current interest,
foreign exchange commodity, equity and volatility rates, as Trust deposits and deposits due to banks and other depositors: To
applicable. the extent certain amounts are not demand deposits or
certificates of deposit which mature in more than one year, fair
Securities purchased (sold) under agreements to resell (repurchase),
values were not calculated as AIG believes it would have to
at contract value: As these securities (obligations) are short-
expend excessive costs for the benefits derived.
term in nature, the contract values approximate fair values.
Commercial paper: The carrying amount approximates fair
Other invested assets: Consisting principally of hedge funds and
value.
limited partnerships. Fair values are provided by the general
partner or manager of each investment. Notes, bonds, loans and mortgages: Where practical, the fair
values of these obligations were estimated using discounted
Policyholders’ contract deposits: Fair values were estimated using
cash flow calculations based upon AIG’s current incremental
discounted cash flow calculations based upon interest rates
borrowing rates for similar types of borrowings with maturities
currently being offered for similar contracts with maturities
consistent with those remaining for the debt being valued.
consistent with those remaining for the contracts being valued.
112 AIG m Form 10-K