AIG 2005 Annual Report Download - page 141
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AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
AIG’s Capital Markets operations derive substantially all
2. Segment Information
their revenues from hedged financial positions entered in
Continued
connection with counterparty transactions rather than from
General Life and Accident Insurance Company (AGLA), AIG speculative transactions. These subsidiaries participate in the
Annuity Insurance Company (AIG Annuity), The Variable derivatives and financial transactions dealer markets con-
Annuity Life Insurance Company (VALIC) and AIG Retire- ducting, primarily as principal, an interest rate, currency,
ment Services, Inc (AIG SunAmerica). equity, commodity, energy and credit products business.
AIRCO acts as an internal reinsurance company for AIG’s Consumer Finance operations include AGF as well as
foreign life operations. AIGCFG. AGF and AIGCFG provide a wide variety of
consumer finance products, including non-conforming real
Financial Services: AIG’s Financial Services subsidiaries engage
estate mortgages, consumer loans, retail sales finance and
in diversified financial products and services including aircraft
credit-related insurance to customers both domestically and
and equipment leasing, capital markets transactions, consumer
overseas, particularly in emerging markets.
finance and insurance premium financing.
AIG’s Aircraft Finance operations represent the operations Asset Management: AIG’s Asset Management operations com-
of ILFC, which generates its revenues primarily from leasing prise a wide variety of investment-related services and invest-
new and used commercial jet aircraft to domestic and foreign ment products including institutional and retail asset
airlines. Revenues also result from the remarketing of commer- management, broker dealer services and spread-based invest-
cial jets for its own account, for airlines and for financial ment business from the sale of guaranteed investment con-
institutions. tracts, also known as funding agreements (GICs). Such
AIG’s Capital Markets operations are conducted through products and services are offered to individuals and institutions
AIGFP. As Capital Markets is a transaction-oriented operation, both domestically and overseas.
current and past revenues and operating results may not
provide a basis for predicting future performance. Also, AIG’s
Capital Markets operations may be adversely affected by the
downgrades in AIG’s credit ratings.
AIG m Form 10-K 89