AIG 2006 Annual Report Download - page 153

American International Group, Inc. and Subsidiaries
Consolidated Balance Sheet Continued
December 31,
(in millions, except share data) 2006 2005
Liabilities:
Reserve for losses and loss expenses $ 79,999 $ 77,169
Unearned premiums 26,271 24,243
Future policy benefits for life and accident and health insurance contracts 122,230 108,807
Policyholders’ contract deposits 244,658 227,027
Other policyholders’ funds 10,238 10,870
Commissions, expenses and taxes payable 5,305 4,769
Insurance balances payable 3,789 3,564
Funds held by companies under reinsurance treaties 2,602 4,174
Income taxes payable 9,546 6,288
Financial services liabilities:
Borrowings under obligations of guaranteed investment agreements 20,664 20,811
Securities sold under agreements to repurchase, at contract value 22,710 11,047
Trading liabilities 3,141 2,546
Hybrid financial instrument liabilities, at fair value 8,856 —
Securities and spot commodities sold but not yet purchased, at market value 4,076 5,975
Unrealized loss on swaps, options and forward transactions 11,401 12,740
Trust deposits and deposits due to banks and other depositors 5,249 4,877
Commercial paper 8,208 6,514
Notes, bonds, loans and mortgages payable 87,602 71,313
Commercial paper 4,821 2,694
Notes, bonds, loans and mortgages payable 17,088 7,126
Liabilities connected to trust preferred stock 1,440 1,391
Separate and variable accounts 72,655 63,797
Securities lending payable 70,198 60,409
Minority interest 7,778 5,124
Other liabilities (includes hybrid financial instruments: 2006 — $111) 27,021 23,273
Total liabilities 877,546 766,548
Preferred shareholders’ equity in subsidiary companies 191 186
Commitments and Contingent Liabilities (See Note 12)
Shareholders’ equity:
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued 2006 and 2005 —
2,751,327,476 6,878 6,878
Additional paid-in capital 2,590 2,339
Retained earnings 84,996 72,330
Accumulated other comprehensive income (loss) 9,110 6,967
Treasury stock, at cost; 2006 — 150,131,273; 2005 — 154,680,704 shares of common stock
(including 119,278,644 and 119,271,176 shares, respectively, held by subsidiaries) (1,897) (2,197)
Total shareholders’ equity 101,677 86,317
Total liabilities, preferred shareholders’ equity in subsidiary companies and shareholders’ equity $ 979,414 $853,051
See Accompanying Notes to Consolidated Financial Statements.
Form 10-K 2006 AIG 103