AIG 2009 Annual Report Download - page 174

American International Group, Inc., and Subsidiaries
The following table presents the amortized cost of AIG’s CDO investments, other than those of AIGFP, by credit
rating:
2009 2008
At December 31,
Amortized Percent Amortized Percent
(in millions) Cost of Total Cost of Total
Rating:
AAA $ 325 12% $ 386 29%
AA 135 5 180 13
A1,028 38 574 43
BBB 670 25 168 13
Below investment grade 550 20 16 1
Non-rated 3-13 1
Total $2,711 100% $1,337 100%
Commercial Mortgage Loans
At December 31, 2009, AIG had direct commercial mortgage loan exposure of $16.3 billion, with $14.9 billion
representing U.S. loan exposure. At that date, over 98 percent of the U.S. loans were current. Foreign commercial
mortgage loans of $1.4 billion are secured predominantly by properties in Japan. In addition, at December 31, 2009,
AIG had $1.9 billion in residential mortgage loans in jurisdictions outside the United States, primarily secured by
properties in Taiwan and Thailand.
The following table presents the U.S. commercial mortgage loan exposure by state and type of loan:
At December 31, 2009 Number Percent
(dollars in millions) of Loans Amount* Apartments Offices Retails Industrials Hotels Others of Total
State:
California 213 $ 4,102 $ 116 $1,807 $ 232 $ 985 $ 423 $ 539 28%
New York 75 1,584 307 930 174 40 48 85 11
New Jersey 73 1,286 602 282 276 49 - 77 9
Texas 72 1,061 75 488 127 260 81 30 7
Florida 103 996 45 357 239 114 29 212 6
Pennsylvania 68 535 108 135 142 117 18 15 4
Ohio 62 423 199 51 72 48 40 13 3
Maryland 23 401 28 194 169 1 4 5 2
Arizona 18 329 106 55 61 11 9 87 2
Colorado 25 328 18 207 4 12 27 60 2
Other states 417 3,819 316 1,527 742 408 367 459 26
Total 1,149 $14,864 $1,920 $6,033 $2,238 $2,045 $1,046 $1,582 100%
* Excludes portfolio valuation losses.
AIG 2009 Form 10-K 166