AIG 2011 Annual Report Download - page 165
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The following table presents the percentage of AIG’s CMBS investments by geographic region based on amortized
cost:
December 31, 2011 2010
Geographic region:
New York 15% 17%
California 10 12
Texas 66
Florida 56
Virginia 33
Illinois 33
New Jersey 23
Georgia 23
Maryland 22
Pennsylvania 22
Nevada 22
Washington 22
All Other*46 39
Total 100% 100%
* Includes Non-U.S. locations.
The following table presents the percentage of AIG’s CMBS investments by industry based on amortized cost:
December 31, 2011 2010
Industry:
Office 28% 34%
Multi-family*26 17
Retail 25 27
Lodging 88
Industrial 66
Other 78
Total 100% 100%
* Includes Agency-backed CMBS.
Although the market value of CMBS holdings has remained stable during 2011, the portfolio continues to be
below amortized cost. The majority of AIG’s investments in CMBS are in tranches that contain adequate
protection features through collateral subordination. As indicated in the tables, downgrades have occurred on
many CMBS holdings. The majority of CMBS holdings are traditional conduit transactions, broadly diversified
across property types and geographical areas.
AIG 2011 Form 10-K 151