AIG 2006 Annual Report Download - page 154

American International Group, Inc. and Subsidiaries
Consolidated Statement of Income
Years Ended December 31,
(in millions, except per share data) 2006 2005 2004
Revenues:
Premiums and other considerations $ 74,083 $70,209 $66,625
Net investment income 25,292 22,165 18,465
Realized capital gains (losses) 106 341 44
Other income 13,713 16,190 12,532
Total revenues 113,194 108,905 97,666
Benefits and expenses:
Incurred policy losses and benefits 59,706 63,558 58,212
Insurance acquisition and other operating expenses 31,801 30,134 24,609
Total benefits and expenses 91,507 93,692 82,821
Income before income taxes, minority interest and cumulative effect of accounting changes 21,687 15,213 14,845
Income taxes:
Current 5,489 2,587 2,645
Deferred 1,048 1,671 1,762
Total income taxes 6,537 4,258 4,407
Income before minority interest and cumulative effect of accounting changes 15,150 10,955 10,438
Minority interest (1,136) (478) (455)
Income before cumulative effect of accounting changes 14,014 10,477 9,983
Cumulative effect of accounting changes, net of tax 34 — (144)
Net income $ 14,048 $10,477 $ 9,839
Earnings per common share:
Basic
Income before cumulative effect of accounting changes $ 5.38 $ 4.03 $ 3.83
Cumulative effect of accounting changes, net of tax 0.01 — (0.06)
Net income $ 5.39 $ 4.03 $ 3.77
Diluted
Income before cumulative effect of accounting changes $ 5.35 $ 3.99 $ 3.79
Cumulative effect of accounting changes, net of tax 0.01 — (0.06)
Net income $ 5.36 $ 3.99 $ 3.73
Average shares outstanding:
Basic 2,608 2,597 2,606
Diluted 2,623 2,627 2,637
See Accompanying Notes to Consolidated Financial Statements.
104 AIG 2006 Form 10-K