AIG 2006 Annual Report Download - page 219
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American International Group, Inc. and Subsidiaries
21. Quarterly Financial Information (Unaudited)
The following quarterly financial information for each of the three months ended March 31, June 30, September 30 and
December 31, 2006 and 2005 is unaudited. However, in the opinion of management, all adjustments (consisting only
of normal recurring adjustments) necessary for a fair statement of the results of operations for such periods, have been
made.
Consolidated Statements of Income
Three Months Ended
March 31, June 30, September 30, December 31,
(in millions, except per share data) 2006 2005 2006 2005 2006 2005(a) 2006 2005(b)
Revenues $27,259 $27,202 $26,743 $27,903 $29,199 $26,408 $29,993 $27,392
Income before income taxes, minority interest and
cumulative effect of an accounting change 4,793 5,649 5,241 6,701 6,301 2,547 5,352 316
Income before cumulative effect of an accounting change 3,161 3,799 3,190 4,489 4,224 1,745 3,439 444
Net income $ 3,195 $ 3,799 $ 3,190 $ 4,489 $ 4,224 $ 1,745 $ 3,439 $ 444
Earnings per common share:
Basic
Income before cumulative effect of an accounting change $ 1.21 $ 1.46 $ 1.23 $ 1.73 $ 1.62 $ 0.67 $ 1.32 $ 0.17
Cumulative effect of an accounting change, net of tax 0.01 ———————
Net income $ 1.22 $ 1.46 $ 1.23 $ 1.73 $ 1.62 $ 0.67 $ 1.32 $ 0.17
Diluted
Income before cumulative effect of an accounting change $ 1.21 $ 1.45 $ 1.21
(c)
$ 1.71 $ 1.61 $ 0.66
(c)
$ 1.31 $ 0.17
Cumulative effect of an accounting change, net of tax 0.01 ———————
Net income $ 1.22 $ 1.45 $ 1.21
(c)
$ 1.71 $ 1.61 $ 0.66
(c)
$ 1.31 $ 0.17
Average shares outstanding:
Basic 2,605 2,597 2,606 2,596 2,607 2,597 2,610 2,597
Diluted 2,624 2,624 2,625 2,623 2,626 2,624 2,622 2,626
(a) The third quarter of 2005 included catastrophe losses of approximately $2.4 billion.
(b) The fourth quarter of 2005 included catastrophe losses of $841 million, regulatory settlement costs of approximately $1.6 billion, and an increase in
net reserves of approximately $1.8 billion resulting from the annual review of General Insurance loss and loss adjustment reserves.
(c) Diluted earnings per common share were $1.216 for the quarter ended June 30, 2006, and $0.666 for the quarter ended September 30, 2005 using
the discrete period weighted average shares outstanding for the respective periods.
Form 10-K 2006 AIG 169