AIG 2005 Annual Report Download - page 55

AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
Part I
AIG’s Internet address for its corporate website is
ITEM 1.
www.aigcorporate.com. AIG makes available free of charge,
Business
through the Investor Information section of AIG’s corporate
American International Group, Inc. (AIG), a Delaware corpo- website, Annual Reports on Form 10-K, Quarterly Reports on
ration, is a holding company which, through its subsidiaries, is Form 10-Q and Current Reports on Form 8-K and amend-
engaged in a broad range of insurance and insurance-related ments to those reports filed or furnished pursuant to Sec-
activities in the United States and abroad. AIG’s primary tion 13(a) or 15(d) of the Securities Exchange Act of 1934
activities include both General Insurance and Life Insurance & (the Exchange Act) as soon as reasonably practicable after
Retirement Services operations. Other significant activities such materials are electronically filed with, or furnished to, the
include Financial Services and Asset Management. The princi- Securities and Exchange Commission (SEC). AIG also makes
pal General Insurance company subsidiaries are American available on its corporate website copies of its charters for its
Home Assurance Company (American Home), National Audit, Nominating and Corporate Governance and Compensa-
Union Fire Insurance Company of Pittsburgh, Pa. (National tion Committees, as well as its Corporate Governance Guide-
Union), New Hampshire Insurance Company (New Hamp- lines (which includes Director Independence Standards) and
shire), Lexington Insurance Company (Lexington), The Hart- Director, Executive Officer and Senior Financial Officer Code
ford Steam Boiler Inspection and Insurance Company (HSB), of Business Conduct and Ethics.
Transatlantic Reinsurance Company, American International Throughout this Annual Report on Form 10-K, AIG
Underwriters Overseas, Ltd. (AIUO) and United Guaranty presents its operations in the way it believes will be most
Residential Insurance Company. Significant Life Insurance & meaningful, as well as most transparent. Certain of the
Retirement Services operations include those conducted measurements used by AIG management are ‘‘non-GAAP
through American Life Insurance Company (ALICO), Ameri- financial measures’’ under SEC rules and regulations. Statu-
can International Reinsurance Company, Ltd. (AIRCO), tory underwriting profit (loss) and combined ratios are
American International Assurance Company, Limited together determined in accordance with accounting principles pre-
with American International Assurance Company (Bermuda) scribed by insurance regulatory authorities. For an explanation
Limited (AIA), Nan Shan Life Insurance Company, Ltd. (Nan of why AIG management considers these ‘‘non-GAAP mea-
Shan), The Philippine American Life and General Insurance sures’’ useful to investors, see Management’s Discussion and
Company (Philamlife), AIG Star Life Insurance Co., Ltd. Analysis of Financial Condition and Results of Operations.
(AIG Star Life), AIG Edison Life Insurance Company (AIG
Edison Life), AIG Annuity Insurance Company (AIG Annu- The Restatements
ity), the AIG American General Life Companies (AIG AIG has completed two restatements of its financial
American General), American General Life and Accident statements (the Restatements). In connection with the first
Insurance Company (AGLA), The United States Life Insur- restatement (the First Restatement), AIG restated its consoli-
ance Company in the City of New York (USLIFE), The dated financial statements and financial statement schedules for
Variable Annuity Life Insurance Company (VALIC), the years ended December 31, 2003, 2002, 2001 and 2000, the
SunAmerica Life Insurance Company (SunAmerica Life) and quarters ended March 31, June 30 and September 30, 2004 and
AIG SunAmerica Life Assurance Company. AIG’s Financial 2003 and the quarter ended December 31, 2003. In the second
Services operations are conducted primarily through Interna- restatement (the Second Restatement), AIG restated its
tional Lease Finance Corporation (ILFC), AIG Financial consolidated financial statements and financial statement
Products Corp. and AIG Trading Group Inc. (AIGTG) and schedules for the years ended December 31, 2004, 2003 and
their respective subsidiaries (collectively referred to as AIGFP), 2002, along with 2001 and 2000 for purposes of preparation of
and American General Finance, Inc. and its subsidiaries the Consolidated Financial Data for 2001 and 2000, the
(AGF). AIG’s Asset Management operations include AIG quarterly financial information for 2004 and 2003 and the first
SunAmerica Asset Management Corp. (SAAMCo) and AIG three quarters of 2005. AIG, however, did not amend its
Global Asset Management Holdings Corp. (formerly known as quarterly report on Form 10-Q for the quarter ended Septem-
AIG Global Investment Group, Inc.) and its subsidiaries and ber 30, 2005 because the adjustments to the financial
affiliated companies (AIG Global Investment Group). For statements included therein were not material to those
information on AIG’s business segments, see Note 2 of Notes financial statements. All financial information included in this
to Consolidated Financial Statements. Annual Report on Form 10-K reflects the Restatements.
At December 31, 2005, AIG and its subsidiaries had
approximately 97,000 employees.
AIG m Form 10-K 3