AIG 2013 Annual Report Download - page 23

17FEB201414390656
2012 and 2013 Key Accomplishments
AREA OF FOCUS ACTION RESULT
CORE
BUSINESS
DEVELOPMENTS
Improved insurance pre-tax operating income(a)
Grew net premiums written, excluding the effect of
foreign exchange
Improved 2013 current accident year loss ratio, as
adjusted(a)
Improved net flows on investment products from strong
sales through a unified distribution organization
Improvements in base spread rates:
• Fixed Annuities product line base spread
• Group Retirement product line base spread
• Record new insurance written for Mortgage Guaranty
Decline in newly reported delinquencies for Mortgage
Guaranty
Strategic investments in The People’s Insurance
Company (Group) of China Limited (PICC Group),
Woodbury Financial Services, Inc. and Service Net in
2012
Exercise of PICC Property & Casualty Company Limited
(PICC P&C) warrants in 2013
Utilization of life capital loss carryforwards
$10.1 bn in 2013
$6.0 bn in 2012
4.0 percent
63.8 points in 2013
65.2 points in 2012
$4.6 bn in 2013
$(1.3) bn in 2012
2.27 percent in 2013
2.06 percent in 2012
1.97 percent in 2013
1.82 percent in 2012
$49.9 bn in 2013
$37.5 bn in 2012
56 thousand in 2013
71 thousand in 2012
$0.7 bn in 2012
$93 mn in 2013
86 percent cumulative
utilization
FOCUSED
PORTFOLIO
OF
BUSINESSES
INCREASED
FINANCIAL
FLEXIBILITY
NON-CORE ASSET
DIVESTITURES
Entered into agreement to sell International Lease
Finance Corporation (ILFC) to AerCap Ireland Limited, a
wholly-owned subsidiary of AerCap Holdings N.V. in 2013
Monetized remaining interests in Maiden Lane II LLC (ML
II) and Maiden Lane III LLC (ML III) and sold remaining
interest in AIA Group Limited (AIA) in 2012
$5.4 bn(b)
$24.6 bn
STRENGTHEN
LIQUIDITY AND
CAPITAL
Cash distributions from subsidiaries in 2013 and 2012
Growth in 2013 book value per share excluding AOCI(a)
from 2012
$8.7 bn and $5.2 bn
$64.28 in 2013
$57.87 in 2012
ACTIVE CAPITAL
MANAGEMENT
Decrease in debt outstanding
AIG Common Stock purchases in 2013 and 2012
Cash dividends to shareholders in 2013
$41.7 bn in 2013
$48.5 bn in 2012
$597 mn and
$13.0 bn
$294 mn
COMPLETE
REPAYMENT OF
GOVERNMENT
SUPPORT
United States Department of the Treasury (Department of
the Treasury) exited ownership of AIG through five
offerings of AIG Common Stock in 2012
Repurchased warrants in 2013 previously issued to the
Department of the Treasury in 2008 and 2009
$45.8 bn(c)
$25 mn
EXITED FROM
GOVERNMENT
OWNERSHIP
(a) Pre-tax operating income, accident year loss ratio, as adjusted, and book value per share excluding AOCI are non-GAAP measures. See ‘‘Use of
Non-GAAP Measures’’ for additional information.
(b) Based on AerCap’s pre-announcement closing price per share of $24.93 as of December 13, 2013.
(c) AIG did not receive any proceeds from the sale of AIG Common Stock by the Department of the Treasury. See Notes 4, 16, 17 and 24 to the
Consolidated Financial Statements for further discussion of the government support provided to AIG and the Recapitalization.
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AIG 2013 Form 10-K 5
ITEM 1 / BUSINESS / AIG
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