AIG 2014 Annual Report Download - page 88

ITEM 7 / RESULTS OF OPERATIONS
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71
SEGMENT RESULTS
We report the results of our operations through two reportable segments: Commercial Insurance and Consumer Insurance.
The Corporate and Other category consists of businesses and items not allocated to our reportable segments.
The following table summarizes the operations of each reportable segment and Corporate and Other. See also Note 3
to the Consolidated Financial Statements.
Years Ended December 31,
(in millions) 2014 2013 2012
Commercial Insurance* $ 5,510 $ 4,980 $ 2,215
Consumer Insurance* 4,474 4,564 3,736
Corporate and Other (388) (319) 4,005
Consolidations, eliminations and other adjustments (22) 165 (18)
Pre-tax operating income $9,574 $ 9,390 $ 9,938
Changes in fair values of fixed maturity securities designated to hedge living
benefit liabilities, net of interest expense 260 (161)37
Changes in benefit reserves and DAC, VOBA, and SIA related to net realized 
capital gains (217)
(1,608)(1,213)
Other income (expense) - net - (72) -
Loss on extinguishment of debt (2,282) (651) (32)
Net realized capital gains 739 1,939 1,086
Income (loss) from divested businesses 2,169 (177) (6,411)
Legal settlements related to legacy crisis matters 804 1,152 210
Legal reserves related to legacy crisis matters (546) (444) (754)
Non-qualifying derivative hedging gains, excluding net realized capital gains - -30
Pre-tax income $10,501 $ 9,368 $ 2,891
* Certain 2013 severance expenses for Commercial Insurance and Consumer Insurance are included in Corporate & Other. As these expenses, which total
$263 million, are related to an overall AIG initiative to centralize work streams into lower cost locations, and create a more streamlined organization, they have
not been allocated to the operating segments.
PRE-TAX OPERATING INCOME
(in millions)
COMMERCIAL INSURANCE
CONSUMER INSURANCE