AIG 2012 Annual Report Download - page 124

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to middle market consumers. AIG Direct, our direct-to-consumer platform, has proven highly effective for the
distribution of term life and A&H products. The decline in institutional sales during 2011 reflected several large
variable universal life sales during 2010.
Retirement Services Net Flows
The following table presents the account value rollforward for Retirement Services:
Group retirement products
Balance, beginning of year $ 68,365 $ 63,419
Deposits – annuities 5,652 4,937
Deposits – mutual funds 1,660 1,372
Total deposits 7,312 6,309
Surrenders and other withdrawals (5,853) (6,647)
Death benefits (371) (317)
Net inflows (outflows) 1,088 (655)
Change in fair value of underlying investments, interest credited, net of fees 457 5,601
Effect of unrealized gains (losses) (shadow loss) 15 –
Balance, end of year $ 69,925 $ 68,365
Individual fixed annuities
Balance, beginning of year $ 48,489 $ 47,202
Deposits 6,606 4,410
Surrenders and other withdrawals (3,456) (3,520)
Death benefits (1,570) (1,479)
Net inflows (outflows) 1,580 (589)
Change in fair value of underlying investments, interest credited, net of fees 1,828 1,876
Other ––
Effect of unrealized gains (losses) (shadow loss) 379 –
Balance, end of year $ 52,276 $ 48,489
Individual variable annuities
Balance, beginning of year $ 25,581 $ 24,637
Deposits 3,212 2,072
Surrenders and other withdrawals (2,982) (2,725)
Death benefits (452) (437)
Net inflows (outflows) (222) (1,090)
Change in fair value of underlying investments, interest credited, net of fees (463) 2,034
Balance, end of year $ 24,896 $ 25,581
Retail mutual funds
Balance, beginning of year $ 5,975 $ 5,879
Deposits 1,925 1,101
Redemptions (1,447) (1,252)
Net inflows (outflows) 478 (151)
Change in fair value of underlying investments, interest credited, net of fees (232) 247
Balance, end of year $ 6,221 $ 5,975
Total Retirement Services
Balance, beginning of year $ 148,410 $ 141,137
Deposits 19,055 13,892
Surrenders, redemptions and other withdrawals (13,738) (14,144)
Death benefits (2,393) (2,233)
Net inflows (outflows) 2,924 (2,485)
Change in fair value of underlying investments, interest credited, net of fees 1,590 9,758
Other ––
Effect of unrealized gains (losses) (shadow loss) 394 –
Balance, end of year, excluding runoff 153,318 148,410
Individual annuities runoff 4,299 4,430
GIC runoff 6,706 8,486
Balance, end of year $ 164,323 $ 161,326
General and separate account reserves and mutual funds
General account reserve $ 102,580 $ 97,515
Separate account reserve 46,006 48,804
Total general and separate account reserves 148,586 146,319
Group retirement mutual funds 9,516 9,032
Retail mutual funds 6,221 5,975
Total reserves and mutual funds $ 164,323 $ 161,326
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AIG 2012 Form 10-K 107
Years Ended December 31,
(in millions) 2012 2011 2010
$ 69,925
5,083
1,945
7,028
(6,325)
(401)
302
6,087
178
$ 76,492
$ 52,276
1,495
(3,465)
(1,632)
(3,602)
1,719
479
(141)
$ 50,731
$ 24,896
4,561
(2,727)
(447)
1,387
2,830
$ 29,113
$ 6,221
2,723
(1,705)
1,018
(69)
$ 7,170
$ 153,318
15,807
(14,222)
(2,480)
(895)
10,567
479
37
163,506
4,151
6,099
$ 173,756
$ 102,814
51,970
154,784
11,802
7,170
$ 173,756
ITEM 7 / RESULTS OF OPERATIONS