AIG 2011 Annual Report Download - page 161

The following table presents the fair value of AIG’s available for sale U.S. municipal bond portfolio by state and
type:
State Local
December 31, 2011 General General Total Fair
(in millions) Obligation Obligation Revenue Value
State:
California $ 589 $ 1,228 $ 3,316 $ 5,133
Texas 242 2,641 2,205 5,088
New York 1 886 3,854 4,741
Washington 671 324 893 1,888
Massachusetts 930 10 841 1,781
Illinois 171 675 675 1,521
Florida 526 9 969 1,504
Georgia 630 89 471 1,190
Virginia 88 232 866 1,186
Arizona - 161 835 996
Ohio 238 193 541 972
Pennsylvania 552 100 216 868
New Jersey 11 3 728 742
All Other 2,203 1,609 6,019 9,831
Total(a)(b) $ 6,852 $ 8,160 $ 22,429 $ 37,441
(a) Excludes certain university and not- for- profit entities that issue in the corporate debt market. Includes industrial revenue bonds.
(b) Includes $5.7 billion of pre-refunded municipal bonds.
At December 31, 2011, the U.S. municipal bond portfolio was composed primarily of essential service revenue
bonds and high-quality tax -backed bonds with 97 percent of the portfolio rated A or higher.
The following table presents the industry categories of AIG’s available for sale corporate debt securities based on
amortized cost:
December 31,
Industry Category 2011 2010(a)
Financial institutions:
Money Center/Global Bank Groups 11% 12%
Regional banks – other 33
Life insurance 44
Securities firms and other finance companies 12
Insurance non-life 14
Regional banks – North America 22
Other financial institutions 85
Utilities 16 16
Communications 88
Consumer noncyclical 11 8
Capital goods 66
Energy 76
Consumer cyclical 78
Other 15 16
Total(b) 100% 100%
(a) Excludes corporate debt of businesses held for sale.
(b) At December 31, 2011 and 2010, approximately 95 percent and 93 percent, respectively, of these investments were rated investment grade.
AIG 2011 Form 10-K 147