AIG 2007 Annual Report Download - page 186

American International Group, Inc. and Subsidiaries
Consolidated Statement of Income
Years Ended December 31,
(in millions, except per share data) 2007 2006 2005
Revenues:
Premiums and other considerations $ 79,302 $ 74,213 $ 70,310
Net investment income 28,619 26,070 22,584
Net realized capital gains (losses) (3,592) 106 341
Unrealized market valuation losses on
AIGFP super senior credit default swap portfolio (11,472) ——
Other income 17,207 12,998 15,546
Total revenues 110,064 113,387 108,781
Benefits and expenses:
Incurred policy losses and benefits 66,115 60,287 64,100
Insurance acquisition and other operating expenses 35,006 31,413 29,468
Total benefits and expenses 101,121 91,700 93,568
Income before income taxes, minority interest and cumulative effect of
accounting changes 8,943 21,687 15,213
Income taxes (benefits):
Current 3,219 5,489 2,587
Deferred (1,764) 1,048 1,671
Total income taxes 1,455 6,537 4,258
Income before minority interest and cumulative effect of accounting changes 7,488 15,150 10,955
Minority interest (1,288) (1,136) (478)
Income before cumulative effect of accounting changes 6,200 14,014 10,477
Cumulative effect of accounting changes, net of tax —34 —
Net income $ 6,200 $ 14,048 $ 10,477
Earnings per common share:
Basic
Income before cumulative effect of accounting changes $2.40 $5.38 $4.03
Cumulative effect of accounting changes, net of tax —0.01 —
Net income $2.40 $5.39 $4.03
Diluted
Income before cumulative effect of accounting changes $2.39 $5.35 $3.99
Cumulative effect of accounting changes, net of tax —0.01 —
Net income $2.39 $5.36 $3.99
Average shares outstanding:
Basic 2,585 2,608 2,597
Diluted 2,598 2,623 2,627
See Accompanying Notes to Consolidated Financial Statements.
132 AIG 2007 Form 10-K