AIG 2011 Annual Report Download - page 246

American International Group, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In order to align financial reporting with changes made during 2011 to the manner in which AIG’s chief
operating decision makers review the businesses to assess performance and make decisions about resources to be
allocated, the following changes were made to AIG’s segment information:
• During the third quarter of 2011, Chartis completed the previously-announced reorganization of its
operations and now presents its financial information in two operating segments — Commercial Insurance
and Consumer Insurance, as well as a Chartis Other operations category. Prior to the third quarter of 2011,
Chartis presented its financial information in two operating segments, Chartis U.S. and Chartis International.
• Aircraft Leasing is now presented as a standalone reportable segment. It was previously reported as a
component of the Financial Services reportable segment.
• The derivatives portfolio of AIGFP, previously reported as Capital Markets, a component of the Financial
Services reportable segment, is now reported with AIG Markets, Inc. (AIG Markets) as Global Capital
Markets in AIG’s Other operations.
Prior periods have been revised to conform to the current period presentation for the above segment changes.
The reportable segments and their respective operations are as follows:
Chartis: AIG’s property and casualty operations are conducted through multiple-line companies writing
substantially all commercial and consumer lines both domestically and abroad. Chartis offers its products through
a diverse, multi-channel distribution network that includes agents, wholesalers, global and local brokers, and
direct-to-consumer platforms. Beginning in the third quarter of 2010, Chartis includes the results of Fuji Fire &
Marine Insurance Company Limited (Fuji), which writes primarily consumer lines in Japan. See Note 5 herein.
SunAmerica: SunAmerica offers a comprehensive suite of products and services to individuals and groups,
including term life insurance, universal life insurance, accident and health (A&H) insurance, fixed and variable
deferred annuities, fixed payout annuities, mutual funds and financial planning. SunAmerica offers its products
and services through a diverse, multi-channel distribution network that includes banks, national, regional and
independent broker-dealers, affiliated financial advisors, independent marketing organizations, independent and
career insurance agents, structured settlement brokers, benefit consultants and direct-to-consumer platforms.
The SunAmerica segment is presented as two operating segments — Domestic Life Insurance, which focuses on
mortality and morbidity based protection products, and Domestic Retirement Services, which focuses on investment,
retirement savings and income solutions.
Aircraft Leasing: AIG’s commercial aircraft leasing business is conducted through ILFC.
Other Operations: AIG’s Other operations include results from:
• Mortgage Guaranty operations;
• Global Capital Markets operations;
• Direct Investment book results;
• Retained Interests, which represents the fair value gains or losses on the AIA ordinary shares retained
following the AIA initial public offering, the retained interest in ML III, and, prior to their sale on March 8,
2011, the MetLife securities that were received as consideration from the sale of ALICO;
• Corporate & Other operations (after allocations to AIG’s business segments); and
• Divested businesses that did not qualify for discontinued operations accounting.
Year-end identifiable assets presented in the following tables include assets of businesses held for sale at
December 31, 2010 and 2009.
232 AIG 2011 Form 10-K