AIG 2013 Annual Report Download - page 92

For the year ended December 31, 2012, the effective tax rate on pre-tax operating income was 31.6 percent. The
significant factors that contributed to the difference from the statutory rate was primarily due to tax exempt interest
income and other permanent tax items.
For the year ended December 31, 2011, the effective tax rate on pre-tax operating income was (9.6) percent. The
significant factors that contributed to the difference from the statutory rate included tax benefits resulting from tax
exempt interest income, tax benefits associated with noncontrolling interests, and the impact of discrete tax benefits.
Segment Results
We report the results of our operations through two reportable segments: AIG Property Casualty and AIG Life and
Retirement. The Other Operations category consists of businesses and items not allocated to our reportable
segments.
The following table summarizes the operations of each reportable segment and Other Operations. See also
Note 3 to the Consolidated Financial Statements.
Total revenues:
AIG Property Casualty $ 39,954 $ 40,977 (1)% (2)%
AIG Life and Retirement 17,645 16,163 17 9
Total reportable segments 57,599 57,140 5 1
Other Operations 14,563 8,526 (39) 71
Consolidation and eliminations (1,141) (561) 55 (103)
Total revenues $ 71,021 $ 65,105 (3) 9
Pre-tax income (loss):
AIG Property Casualty $ 2,023 $ 2,100 154 (4)
AIG Life and Retirement 3,780 2,956 72 28
Total reportable segments 5,803 5,056 101 15
Other Operations:
Mortgage Guaranty 15 (77) NM NM
Global Capital Markets 553 (7) 13 NM
Direct Investment book 1,632 622 (5) 162
Retained interests 4,957 486 NM NM
Corporate & Other (10,186) (6,007) 54 (70)
Aircraft Leasing 339 (1,005) NM NM
Consolidation and eliminations – – NM NM
Other Operations (2,690) (5,988) 9 55
Consolidation and eliminations (222) 31 NM NM
Total pre-tax income (loss) $ 2,891 $ (901) 224 NM
Pre-tax operating income (loss):
AIG Property Casualty $ 1,793 $ 1,148 168 56
AIG Life and Retirement 4,160 3,277 22 27
Total reportable segments 5,953 4,425 66 35
Other Operations:
Mortgage Guaranty 9 (97) NM NM
Global Capital Markets 557 (11) 12 NM
Direct Investment book 1,215 604 19 101
Retained interests 4,957 486 NM NM
Corporate & Other (2,591) (2,686) (8) 4
Consolidation and eliminations – – NM NM
Other Operations 4,147 (1,704) NM NM
Consolidations, eliminations and other adjustments (18) (181) NM 90
Total pre-tax operating income (loss) $ 10,082 $ 2,540 (5) 297
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AIG 2013 Form 10-K74
ITEM 7 / RESULTS OF OPERATIONS
Percentage Change
Years Ended December 31,
(in millions) 2013 2012 2011 2013 vs. 2012 2012 vs. 2011
$ 39,709
20,590
60,299
8,893
(514)
$ 68,678
$ 5,133
6,505
11,638
213
625
1,544
–
(4,706)
(129)
4
(2,449)
179
$ 9,368
$ 4,812
5,095
9,907
205
625
1,448
–
(2,793)
4
(511)
165
$ 9,561
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