AIG 2006 Annual Report Download - page 106
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American International Group, Inc. and Subsidiaries
Management’s Discussion and Analysis of
Financial Condition and Results of Operations Continued
lower realized capital gains. Personal accident operating 2004. 2004 GAAP premiums included premiums of approxi-
income declined primarily due to realized capital losses in mately $640 million from a single reinsurance transaction
2005 compared to realized capital gains in 2004. Group involving terminal funding business, which is offset by a
products GAAP premiums dropped in 2005 compared to similar increase in benefit reserves.
Domestic Life Insurance Results
Domestic Life Insurance results, presented on a sub-product basis for 2006, 2005 and 2004 were as follows:
Net Realized Operating
GAAP Investment Capital Gains Total Income
(in millions) Premiums Income (Losses) Revenues (Loss)
2006
Life insurance(a) $2,127 $1,377 $ (83) $3,421 $ 654
Home service 790 630 (38) 1,382 282
Group life/health 995 213 (8) 1,200 (159)
Payout annuities(b) 1,582 1,004 (51) 2,535 76
Individual fixed annuities 4 77 (8) 73 8
Individual annuities — runoff(c) 45 477 (27) 495 56
Total $5,543 $3,778 $(215) $9,106 $ 917
2005
Life insurance(a) $2,041 $1,352 $ 98 $3,491 $ 874
Home service 801 605 (2) 1,404 282
Group life/health 1,079 201 (1) 1,279 69
Payout annuities(b) 1,473 912 (34) 2,351 128
Individual fixed annuities 3 47 — 50 7
Individual annuities — runoff(c) 50 616 (26) 640 135
Total $5,447 $3,733 $ 35 $9,215 $1,495
2004
Life insurance(a) $1,821 $1,228 $ (94) $2,955 $ 612
Home service 812 608 (18) 1,402 290
Group life/health 1,195 182 — 1,377 (131)
Payout annuities(b) 1,484 801 (8) 2,277 124
Individual fixed annuities 4 22 3 29 1
Individual annuities — runoff(c) 60 618 (3) 675 127
Total $5,376 $3,459 $(120) $8,715 $1,023
(a) Effective January 1, 2006, the broker-dealer operations of the Domestic Life Insurance companies are being reported and managed within the Asset
Management segment. Included in GAAP premiums and Total Revenues were revenues of $102 million and $96 million, respectively, for 2005 and
2004.
(b) GAAP Premiums and Total Revenues include structured settlements, single premium immediate annuities and terminal funding annuities.
(c) Primarily represents runoff annuity business sold through discontinued distribution relationships.
56 AIG 2006 Form 10-K