AIG 2008 Annual Report Download - page 115
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Domestic Retirement Services Results
Domestic Retirement Services results, presented on a sub-product basis were as follows:
Years Ended December 31,
Premiums and
Other
Considerations
Net
Investment
Income
Net Realized
Capital Gains
(Losses)
Total
Revenues
Operating
Income (Loss)(a)
(In millions)
2008
Group retirement products .......... $ 401 $1,461 $ (6,700) $ (4,838) $ (6,283)
Individual fixed annuities ........... 128 2,487 (11,928) (9,313) (11,646)
Individual variable annuities ......... 584 85 (1,281) (612) (1,884)
Individual annuities — runoff(b) ...... 15 313 (1,085) (757) (1,058)
Total ........................ $1,128 $4,346 $(20,994) $(15,520) $(20,871)
2007
Group retirement products .......... $ 446 $2,280 $ (451) $ 2,275 $ 696
Individual fixed annuities ........... 96 3,664 (829) 2,931 530
Individual variable annuities ......... 627 166 (45) 748 122
Individual annuities — runoff(b) ...... 21 387 (83) 325 (1)
Total ........................ $1,190 $6,497 $ (1,408) $ 6,279 $ 1,347
2006
Group retirement products .......... $ 386 $2,279 $ (144) $ 2,521 $ 1,017
Individual fixed annuities ........... 122 3,581 (257) 3,446 1,036
Individual variable annuities ......... 531 202 5 738 193
Individual annuities — runoff(b) ...... 18 426 (8) 436 77
Total ........................ $1,057 $6,488 $ (404) $ 7,141 $ 2,323
Percentage Increase/(Decrease) 2008 vs.
2007:
Group retirement products .......... (10)% (34)% —% (315)% —%
Individual fixed annuities ........... 33 (30) — (417) —
Individual variable annuities ......... (7) (48) — (182) —
Individual annuities — runoff ........ (29) (19) — (331) —
Total ........................ (5)% (31)% —% (348)% —%
Percentage Increase/(Decrease) 2007 vs.
2006:
Group retirement products .......... 16% —% —% (10)% (32)%
Individual fixed annuities ........... (21) 2 — (15) (49)
Individual variable annuities ......... 18 (18) — 1 (37)
Individual annuities — runoff ........ 17 (9) — (25) —
Total ........................ 13% —% —% (12)% (42)%
(a) 2008 operating income (loss) includes goodwill impairment charges of $817 million for individual fixed
annuities.
(b) Primarily represents runoff annuity business sold through discontinued distribution relationships.
AIG 2008 Form 10-K 109
American International Group, Inc., and Subsidiaries