AIG 2015 Annual Report Download - page 52

ITEM 6 / SELECTED FINANCIAL DATA
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Book value per common share 75.10 77.69 68.62 66.38 53.53
Book value per common share, excluding Accumulated other
comprehensive income (loss)(a) 72.97 69.98 64.28 57.87 50.11
Book value per common share, excluding Accumulated other
comprehensive income (loss) and Deferred tax assets(a) $58.94 $ 58.23 $ 52.12 $ 45.30 $ 39.57
ROE 2.2 % 7.1 % 9.2 % 3.4 % 24.1 %
ROE - after-tax operating income, excluding AOCI(a) 3.1 6.9 7.4 7.1 2.6
ROE - after-tax operating income, excluding AOCI and DTA(a) 3.7 8.4 9.3 9.0 2.7
Years Ended December 31,
(in millions, except per share data) 2015 2014 2013 2012 2011
Other data (from continuing operations):
Other-than-temporary impairments $671 $ 247 $ 232 $ 1,050 $ 1,142
Adjustment to federal deferred tax valuation allowance 110 (181) (3,165) (1,907) (18,307)
Catastrophe-related losses(b) $731 $ 728 $ 787 $ 2,652 $ 3,307
(a) Book value per common share excluding Accumulated other comprehensive income (loss), Book value per common share excluding AOCI and Deferred Tax
Assets (DTA), return on equity – after-tax operating income excluding AOCI and return on equity – after-tax operating income excluding AOCI and DTA are non-
GAAP measures and the reconciliations are below. See Item 7. MD&A — Use of Non-GAAP Measures for additional information.
(b) Catastrophe-related losses are generally weather or seismic events having a net impact on our property casualty businesses in excess of $10 million each.
Items Affecting Comparability Between Periods
The following are significant developments that affected multiple periods and financial statement captions. Other items that
affected comparability are included in the footnotes to the table presented immediately above.
Adjustments to Federal Deferred Tax Valuation Allowance
We concluded that $18.4 billion of the deferred tax asset valuation allowance for the U.S. consolidated income tax group
should be released through the Consolidated Statements of Income in 2011. The valuation allowance resulted primarily from
losses subject to U.S. income taxes recorded from 2008 through 2010. See Note 22 to the Consolidated Financial Statements
for further discussion.
Capitalization and Book Value Per Common Share
On January 14, 2011, we completed a series of integrated transactions to recapitalize AIG (the Recapitalization) with the
Department of the Treasury, the Federal Reserve Bank of New York (FRBNY) and AIG Credit Facility Trust, including the
repayment of all amounts owed under the Credit Facility with the FRBNY (the FRBNY Credit Facility). As a result of the closing
of the Recapitalization on January 14, 2011, the remaining preferred interests (the SPV Preferred Interests) in the special
purpose vehicles that held remaining AIA Group Limited (AIA) shares and the proceeds of the AIA initial public offering and the
American Life Insurance Company (ALICO) sale (the AIA SPV and ALICO SPV, respectively) held by the FRBNY of
approximately $26.4 billion were purchased by AIG and transferred to the Department of the Treasury. The SPV Preferred
Interests were no longer considered permanent equity on AIG’s Consolidated Balance Sheets, and were classified as
redeemable noncontrolling interests.