AIG 2012 Annual Report Download - page 236

.....................................................................................................................................................................................
Statement of Operations:
Total net realized capital losses $ (727) $ 11 $ (716)
Total revenues 72,818 11 72,829
Interest credited to policyholder account balances 4,480 7 4,487
Amortization of deferred acquisition costs 9,134 (3,313) 5,821
Other acquisition and other insurance expenses 6,775 3,388 10,163
Net (gain) loss on sale of properties and divested businesses(b) (17,767) (1,799) (19,566)
Total benefits, claims and expenses 54,301 (1,719) 52,582
Income from continuing operations before income tax expense 18,517 1,730 20,247
Income tax expense(c) 6,116 877 6,993
Income from continuing operations 12,401 853 13,254
Income (loss) from discontinued operations, net of income tax expense(d) (2,388) 1,419 (969)
Net income 10,013 2,272 12,285
Net income attributable to AIG 7,786 2,272 10,058
Net income attributable to AIG common shareholders 1,583 463 2,046
Income (loss) per share attributable to AIG common shareholders:
Basic and diluted
Income from continuing operations $ 15.23 $ 1.27 $ 16.50
Loss from discontinued operations $ (3.63) $ 2.11 $ (1.52)
(a) Includes $783 million in Total net realized capital gains attributable to the effect of the reclassification of certain derivative activity discussed in
Note 1 herein. Also includes the effect of the reclassification of ILFC as discontinued operations.
(b) Represents the effect on the gain on sale of AIA ordinary shares, which were sold in the fourth quarter of 2010.
(c) Includes the tax impact to the AIA gain adjustment of $1.0 billion in the fourth quarter of 2010.
(d) Includes an adjustment to the after-tax gain on the sale of ALICO of $1.6 billion in the fourth quarter of 2010.
Adoption of the standard did not affect the previously reported totals for net cash flows provided by (used in)
operating, investing, or financing activities, but did affect the following components of net cash flows provided by
(used in) operating activities.
Cash flows from operating activities:
Net income $ 18,506 $ 2,824 $ 21,330
(Income) loss from discontinued operations (858) (932) (1,790)
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
Noncash revenues, expenses, gains and losses included in income
(loss):
Unrealized gains in earnings – net (937) (20) (957)
Depreciation and other amortization 7,935 (2,511) 5,424
Changes in operating assets and liabilities:
Capitalization of deferred policy acquisition costs (7,796) 2,367 (5,429)
Current and deferred income taxes – net (18,333) (1,728) (20,061)
Total adjustments (23,904) (1,892) (25,796)
..................................................................................................................................................................................................................................
AIG 2012 Form 10-K 219
Year Ended December 31, 2010 As Previously Effect of As Currently
(dollars in millions, except per share data) Reported(a) Change Reported
Year Ended December 31, 2011 As Previously Effect of As Currently
(in millions) Reported(a) Change Reported
ITEM 8 / NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES