AIG 2005 Annual Report Download - page 184

Notes to Consolidated Financial Statements Continued
22. Restated Quarterly Financial Information (Unaudited)
The following quarterly financial information for each of the three months ended March 31, June 30, September 30 and
December 31, 2005 and 2004 is unaudited and was restated as described in Note 2(b) of Notes to Consolidated Financial
Statements in AIG’s Annual Report on Form 10-K/A for the year ended December 31, 2004 and Note 1(hh) herein. In the opinion
of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results of operations
for such periods, have been made for a fair presentation of the results shown.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31, June 30, September 30, December 31,
2005 2005 2005
Previously 2005 Previously 2005 Previously 2005
(in millions, except per share data) Reported Restated 2004 Reported Restated 2004 Reported Restated 2004 2005 2004
Revenues:
Premiums and other considerations $ 17,682 $17,680 $15,979 $ 17,541 $17,536 $16,175 $ 17,244 $17,243 $17,281 $17,750 $17,190
Net investment income 5,292 5,332 4,600 5,198 5,227 4,541 5,629 5,654 4,509 5,952 4,815
Realized capital gains (losses) 88 137 (86) 245 (125) 89 79 77 (78) 252 119
Other revenues 4,050 4,053 2,729 3,877 5,265 3,284 3,409 3,434 3,602 3,438 2,917
Total revenues 27,112 27,202 23,222 26,861 27,903 24,089 26,361 26,408 25,314 27,392 25,041
Benefits and expenses:
Incurred policy losses and benefits 14,865 14,873 13,590 14,336 14,283 13,480 16,503 16,501 15,217 18,054 16,073
Insurance acquisition & other
operating expenses 6,804 6,680 5,790 6,730 6,919 5,960 7,381 7,360 6,041 9,022 6,670
Total benefits and expenses 21,669 21,553 19,380 21,066 21,202 19,440 23,884 23,861 21,258 27,076 22,743
Income before income taxes, minority
interest and cumulative effect of an
accounting change 5,443 5,649 3,842 5,795 6,701 4,649 2,477 2,547 4,056 316 2,298
Income taxes:
Current 987 968 1,345 790 1,015 1,092 372 372 201 214 (45)
Deferred 626 738 (215) 884 1,068 372 334 376 1,064 (493) 593
1,613 1,706 1,130 1,674 2,083 1,464 706 748 1,265 (279) 548
Income before minority interest and
cumulative effect of an accounting
change 3,830 3,943 2,712 4,121 4,618 3,185 1,771 1,799 2,791 595 1,750
Minority interest (146) (144) (70) (129) (129) (105) (54) (54) (142) (151) (138)
Income before cumulative effect of an
accounting change 3,684 3,799 2,642 3,992 4,489 3,080 1,717 1,745 2,649 444 1,612
Cumulative effect of an accounting
change, net of tax - - (144) -- --- ---
Net income $ 3,684 $ 3,799 $ 2,498 $ 3,992 $ 4,489 $ 3,080 $ 1,717 $ 1,745 $ 2,649 $ 444 $ 1,612
Earnings per common share:
Basic
Income before cumulative effect
of an accounting change $ 1.42 $ 1.46 $ 1.01 $ 1.54 $ 1.73 $ 1.19 $ 0.66 $ 0.67 $ 1.01 $ 0.17 $ 0.62
Cumulative effect of an
accounting change, net of tax --(0.06) -- --- ---
Net income 1.42 1.46 0.95 1.54 1.73 1.19 0.66 0.67 1.01 0.17 0.62
Diluted
Income before cumulative effect
of an accounting change $ 1.40 $ 1.45 $ 1.00 $ 1.53 $ 1.71 $ 1.17 $ 0.65 $ 0.66 $ 1.00 $ 0.17 $ 0.62
Cumulative effect of an
accounting change, net of tax --(0.06) -- --- ---
Net income 1.40 1.45 0.94 1.53 1.71 1.17 0.65 0.66 1.00 0.17 0.62
Average shares outstanding:
Basic 2,597 2,597 2,610 2,596 2,596 2,608 2,597 2,597 2,606 2,597 2,601
Diluted 2,624 2,624 2,642 2,623 2,623 2,640 2,624 2,624 2,638 2,626 2,632
132 AIG m Form 10-K