AIG 2008 Annual Report Download - page 200

Consolidated Statement of Income (Loss)
2008 2007 2006
Years Ended December 31,
(In millions, except per share data)
Revenues:
Premiums and other considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,505 $ 79,302 $ 74,213
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,222 28,619 26,070
Net realized capital gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,484) (3,592) 106
Unrealized market valuation losses on AIGFP super senior credit default swap
portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28,602) (11,472) —
Other income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (537) 17,207 12,998
Total revenues ................................................. 11,104 110,064 113,387
Benefits, claims and expenses:
Policyholder benefits and claims incurred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,299 66,115 60,287
Policy acquisition and other insurance expenses . . . . . . . . . . . . . . . . . . . . . . . . . 27,565 20,396 19,413
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,007 4,751 3,657
Restructuring expenses and related asset impairment and other expenses . . . . . . . . 758 ——
Otherexpenses................................................ 11,236 9,859 8,343
Total benefits, claims and expenses .................................. 119,865 101,121 91,700
Income (loss) before income tax expense (benefit), minority interest and
cumulative effect of change in accounting principles .................... (108,761) 8,943 21,687
Income tax expense (benefit):
Current ..................................................... 1,706 3,219 5,489
Deferred .................................................... (10,080) (1,764) 1,048
Total income tax expense (benefit) ................................... (8,374) 1,455 6,537
Income (loss) before minority interest and cumulative effect of change in
accounting principles........................................... (100,387) 7,488 15,150
Minority interest ............................................... 1,098 (1,288) (1,136)
Income (loss) before cumulative effect of change in accounting principles ...... (99,289) 6,200 14,014
Cumulative effect of change in accounting principles, net of tax ............. ——34
Net income (loss) ............................................... $ (99,289) $ 6,200 $ 14,048
Earnings (loss) per common share:
Basic
Income (loss) before cumulative effect of change in accounting principles . . . . . $ (37.84) $ 2.40 $ 5.38
Cumulative effect of change in accounting principles, net of tax . . . . . . . . . . . . —— 0.01
Netincome(loss) ............................................ $ (37.84) $ 2.40 $ 5.39
Diluted
Income (loss) before cumulative effect of change in accounting principles . . . . . $ (37.84) $ 2.39 $ 5.35
Cumulative effect of change in accounting principles, net of tax . . . . . . . . . . . . —— 0.01
Netincome(loss) ............................................ $ (37.84) $ 2.39 $ 5.36
Weighted average shares outstanding:
Basic....................................................... 2,634 2,585 2,608
Diluted ..................................................... 2,634 2,598 2,623
See Accompanying Notes to Consolidated Financial Statements.
194 AIG 2008 Form 10-K
American International Group, Inc., and Subsidiaries