AIG 2008 Annual Report Download - page 199

2008 2007
December 31,
(In millions, except share
data)
Liabilities:
Liability for unpaid claims and claims adjustment expense .................. $ 89,258 $ 85,500
Unearned premiums............................................... 25,735 27,703
Future policy benefits for life and accident and health insurance contracts ....... 142,334 136,387
Policyholder contract deposits (amount measured at fair value: 2008 — $5,458;
2007 — $295) ................................................. 226,700 258,459
Other policyholder funds . . . ........................................ 13,240 12,599
Commissions, expenses and taxes payable .............................. 5,436 6,310
Insurance balances payable . ........................................ 3,668 4,878
Funds held by companies under reinsurance treaties ....................... 2,133 2,501
Current and deferred income taxes .................................... —3,823
Securities sold under agreements to repurchase (amount measured at fair value:
2008 — $4,508) ................................................ 5,262 8,331
Trade payables .................................................. 977 6,445
Securities and spot commodities sold but not yet purchased, at fair value ....... 2,693 4,709
Unrealized loss on swaps, options and forward transactions, at fair value ....... 6,238 18,031
Trust deposits and deposits due to banks and other depositors (amount measured
at fair value:
2008 — $30) .................................................. 4,498 4,903
Commercial paper and extendible commercial notes ....................... 613 13,114
Federal Reserve Bank of New York commercial paper funding facility ......... 15,105 —
Federal Reserve Bank of New York credit facility ........................ 40,431 —
Other long-term debt (amount measured at fair value: 2008 — $16,595) ........ 137,054 162,935
Securities lending payable . . ........................................ 2,879 81,965
Other liabilities (amount measured at fair value: 2008 — $1,355; 2007 —
$3,262) ...................................................... 22,296 24,761
Separate account liabilities. . ........................................ 51,142 78,684
Minority interest ................................................. 10,016 10,522
Total liabilities .................................................... 807,708 952,560
Commitments, contingencies and guarantees (See Note 14)
Shareholders’ equity:
Preferred Stock, Series D; liquidation preference of $10,000 per share; issued:
2008 — 4,000,000 .............................................. 20 —
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued
2008 — 2,948,038,001; 2007 — 2,751,327,476 ......................... 7,370 6,878
Additional paid-in capital . . ........................................ 72,466 2,848
Payments advanced to purchase shares ................................. —(912)
Retained earnings (accumulated deficit) ................................ (12,368) 89,029
Accumulated other comprehensive income (loss) ......................... (6,328) 4,643
Treasury stock, at cost; 2008 — 258,368,924; 2007 — 221,743,421 shares of
common stock (including 119,283,433 and 119,293,487 shares, respectively,
held by subsidiaries) ............................................ (8,450) (6,685)
Total shareholders’ equity ........................................... 52,710 95,801
Total liabilities and shareholders’ equity................................ $860,418 $1,048,361
See Accompanying Notes to Consolidated Financial Statements.
AIG 2008 Form 10-K 193
American International Group, Inc., and Subsidiaries
Consolidated Balance Sheet — (Continued)