AIG 2008 Annual Report Download - page 174

In addition to the above severity losses, AIG recorded other-than-temporary impairment charges in 2008, 2007
and 2006 related to:
• securities that AIG does not intend to hold until recovery;
• declines due to foreign exchange rates;
• issuer-specific credit events;
• certain structured securities impaired under EITF 99-20 and related interpretative guidance; and
• other impairments, including equity securities and partnership investments.
Other-than-temporary impairment charges by segment were as follows:
General
Insurance
Life
Insurance &
Retirement
Services
Financial
Services
Asset
Management Other Total
(In millions)
December 31, 2008
Impairment Type:
Severity ...................... $2,667 $21,096 $ 94 $5,288 $ 1 $29,146
Lack of intent to hold to recovery. . . 388 10,975 12 735 —12,110
Foreign currency declines ......... — 1,903 ———1,903
Issuer-specific credit events ....... 1,471 3,385 15 977 137 5,985
Adverse projected cash flows on
structured securities ........... 7 1,372 6 276 —1,661
Total .......................... $4,533 $38,731 $127 $7,276 $138 $50,805
December 31, 2007
Impairment Type:
Severity ...................... $ 71 $ 1,070 $643 $ 416 $ — $ 2,200
Lack of intent to hold to recovery. . . 91 885 7 71 — 1,054
Foreign currency declines ......... — 500 — — — 500
Issuer-specific credit events ....... 113 177 — 69 156 515
Adverse projected cash flows on
structured securities ........... 1 166 — 279 — 446
Total .......................... $ 276 $ 2,798 $650 $ 835 $156 $ 4,715
December 31, 2006
Impairment Type:
Lack of intent to hold to recovery. . . $ 13 $ 473 $ — $ 150 $ — $ 636
Issuer-specific credit events ....... 65 131 — 66 — 262
Adverse projected cash flows on
structured securities ........... — 37 — 9 — 46
Total .......................... $ 78 $ 641 $ — $ 225 $ — $ 944
168 AIG 2008 Form 10-K
American International Group, Inc., and Subsidiaries