AIG 2012 Annual Report Download - page 25

.....................................................................................................................................................................................
Property: Includes industrial energy-related and Personal: Includes automobile, homeowners and
commercial property insurance products, which cover extended warranty insurance. It also includes insurance
exposures to man-made and natural disasters, including for high-net-worth individuals (offered through Private
business interruption. Client Group), including umbrella, yacht and fine art
insurance, and consumer specialty products, such as
Specialty: Includes aerospace, environmental, political identity theft and credit card protection.
risk, trade credit, surety and marine insurance, and
various product offerings for small and medium sized Distribution: Consumer Insurance products are
enterprises. distributed primarily through agents and brokers, as well
as through direct marketing and partner organizations
Financial: Includes various forms of professional liability and through the internet.
insurance, including directors and officers (D&O),
fidelity, employment practices, fiduciary liability, network
security, kidnap and ransom, and errors and omissions
insurance (E&O).
Distribution: Commercial Insurance products are
primarily distributed through a network of independent
retail and wholesale brokers and branches, and through
an independent agency network.
Other: Consists primarily of: run-off lines of business; operations and expenses not attributable to the Commercial
Insurance or Consumer Insurance operating segments; unallocated net investment income; net realized capital gains
and losses; and other income and expense items.
AIG Property Casualty conducts its business primarily through the following major operating companies:
National Union Fire Insurance Company of Pittsburgh, Pa.; New Hampshire Insurance Company; American Home
Assurance Company; Lexington Insurance Company; AIU Insurance Company; Chartis Overseas Limited; Fuji;
Chartis Singapore Insurance, Pte, Ltd. and AIG Europe Limited.
A Look at AIG Property Casualty
Global Footprint
AIG Property Casualty has a significant international presence in both developed markets and growth economy
nations. It distributes its products through three major geographic regions:
•Americas: Includes the United States, Canada, Central America, South America, the Caribbean and Bermuda.
•Asia Pacific: Includes Japan and other Asia Pacific nations, including China, Korea, Singapore, Vietnam,
Thailand, Australia and Indonesia.
•EMEA (Europe, Middle East and Africa): Includes the United Kingdom, Continental Europe, Russia, India, the
Middle East and Africa.
In 2012, 6 percent and 5 percent of AIG Property Casualty direct premiums were written in the states of California
and New York, respectively, and 19 percent and 7 percent were written in Japan and the United Kingdom,
respectively. No other state or foreign jurisdiction accounted for more than 5 percent of such premiums.
On November 21, 2012, AIG, People’s Insurance Company (Group) of China Limited (PICC Group) and PICC Life
Insurance Company Limited (PICC Life) entered into a non-binding term sheet with respect to the proposed
establishment of a joint venture insurance agency company between AIG and PICC Life (the Joint Venture) which
plans to distribute life insurance and other insurance products through a specialized agency force on a nationwide
basis with a focus on major cities in China and to engage in reinsurance and other related business cooperation. AIG
..................................................................................................................................................................................................................................
AIG 2012 Form 10-K8
ITEM 1 / BUSINESS / AIG PROPERTY CASUALTY
,
,
.
.
a
a
a
a
g
o
e
e
e
d
d
o
e
e
d
p
p
i
i
u
u
i
i
a
r
s
n
g
a
p
o
r
e
n
s
r
a
n
c
e
e
a
n
r
o
p
e
m
e
P
A
t
t
t
t
h
i
i
I
P
L
d
d
A
I
E
L
i
i
d
C
S
G
;
;
;
;
;
a
a
a
a
a
a
a
a
e
o
e
g
o
e
o
e
o
e
e
e
d
p
p
p
u
y
;
x
i
u
y
;
u
y
;
i
v
i
i
;
u
j
i
;
s
s
r
a
n
c
e
o
m
p
a
n
e
n
g
o
n
n
s
r
a
n
c
e
o
m
p
a
n
n
s
r
a
n
c
e
o
m
p
a
n
a
r
s
e
r
s
e
a
s
m
e
A
A
O
t
t
t
A
L
i
I
A
I
U
I
h
i
L
i
i
d
F
j
i
C
C
C
C
O
,
.
;
;
a
a
a
a
a
a
a
a
a
o
o
e
e
o
o
b
g
e
e
e
o
e
o
e
p
p
p
i
i
i
u
y
i
u
;
w
i
u
y
;
i
a
o
n
a
n
o
n
r
e
n
s
r
a
n
c
e
o
m
p
a
n
o
s
r
g
a
e
a
m
p
s
r
e
n
s
r
a
n
c
e
o
m
p
a
n
m
e
r
c
a
n
o
m
e
P
P
A
t
t
t
N
i
l
U
i
F
i
I
P
i
b
h
P
N
H
h
i
I
A
i
H
C
f
C
;
.
a
a
a
d
o
e
d
o
e
o
e
d
e
e
e
e
p
;
i
x
i
a
n
o
s
s
e
s
a
n
o
e
r
n
c
o
m
e
a
n
e
p
e
n
s
e
e
m
s
t
t
d
l
d
h
i
d
i
;
;
a
a
a
a
a
a
a
a
a
e
o
o
e
e
o
e
g
e
g
e
o
e
d
e
e
e
o
e
e
e
e
d
g
p
p
u
u
u
i
;
u
i
v
i
;
i
z
i
i
n
s
r
a
n
c
e
o
r
o
n
s
m
e
r
n
s
r
a
n
c
e
o
p
e
r
a
n
g
s
e
g
m
e
n
s
n
a
o
c
a
e
n
e
n
e
s
m
e
n
n
c
o
m
e
n
e
r
e
a
e
c
a
p
a
g
a
n
s
t
t
t
t
t
t
t
t
I
I
i
l
l
d
i
i
l
i
d
i
l
i
C
:
;
a
a
a
a
a
a
-
o
o
o
e
o
b
e
o
e
o
d
e
e
e
o
b
b
e
o
e
o
e
p
p
p
i
i
i
y
:
u
i
u
i
;
i
x
i
u
i
o
n
s
s
s
p
r
m
a
r
o
r
n
o
n
e
s
o
s
n
e
s
s
o
p
e
r
a
o
n
s
a
n
e
p
e
n
s
e
s
n
o
a
r
a
e
o
e
o
m
m
e
r
c
a
t
t
t
t
t
t
t
t
i
i
i
l
l
i
b
i
i
d
i
b
b
l
h
i
l
C
f
ff
ff
f
C
.
a
a
d
e
e
d
e
g
e
e
o
p
i
y
w
a
n
n
e
p
e
n
e
n
a
g
e
n
c
n
e
o
r
t
t
i
d
d
k
,
a
a
a
a
a
a
e
d
o
e
e
b
o
e
d
b
e
d
o
g
i
w
u
r
e
a
a
n
o
e
s
a
e
r
o
e
r
s
a
n
r
a
n
c
e
s
a
n
r
o
g
t
t
i
l
d
h
l
l
b
k
d
b
h
d
h
h
a
a
d
b
e
d
o
g
e
o
o
d
e
e
d
e
p
p
i
i
y
i
i
u
u
w
i
p
r
m
a
r
s
r
e
r
o
g
a
n
e
o
r
o
n
e
p
e
n
e
n
t
t
t
t
t
i
i
l
d
i
i
b
d
h
h
k
i
d
d
f
a
a
a
o
e
e
o
d
e
p
i
u
u
o
m
m
e
r
c
a
n
s
r
a
n
c
e
p
r
o
c
s
a
r
e
t
i
l
I
d
C
.
a
&
e
i
u
n
s
r
a
n
c
e
O
&
i
E
(
&
O
)
,
,
a
a
a
a
a
e
d
d
o
d
e
o
d
o
o
p
u
i
y
i
i
i
s
e
c
r
n
a
p
a
n
r
a
n
s
o
m
a
n
e
r
r
o
r
s
a
n
o
m
s
s
o
n
s
t
i
k
i
d
d
d
d
i
i
,
,
,
a
a
a
d
e
e
o
e
e
d
b
e
o
p
p
i
i
y
y
i
i
u
i
y
i
i
i
y
w
e
e
m
p
o
m
e
n
p
r
a
c
c
e
s
c
a
r
a
n
e
o
r
t
t
t
t
t
i
d
l
i
l
i
i
d
i
l
i
b
i
l
i
k
f
f
,
,
a
a
&
e
d
g
d
e
o
d
o
e
i
u
i
u
i
i
i
n
s
r
a
n
c
e
n
c
n
g
r
e
c
o
r
s
a
n
o
c
e
r
s
D
O
&
t
i
i
l
d
i
d
i
d
i
D
ff
ff
(
&
O
)
.
a
d
o
g
e
e
e
u
i
a
n
r
o
g
e
n
e
r
n
e
t
t
t
t
d
h
h
h
i
a
a
a
d
e
o
o
o
o
e
o
b
p
u
v
i
u
i
i
i
i
y
n
c
e
s
a
r
o
s
o
r
m
s
o
p
r
o
e
s
s
o
n
a
a
t
I
l
d
i
i
l
l
i
b
i
l
i
f
f
f
a
a
a
a
a
a
o
g
d
e
e
g
d
e
o
g
o
p
u
i
i
i
z
i
a
s
r
o
g
r
e
c
m
a
r
e
n
g
a
n
p
a
r
n
e
r
o
r
g
a
n
a
o
n
s
t
t
t
t
t
h
h
d
i
k
i
d
i
i
.
,
a
a
a
a
e
e
e
d
b
e
d
o
g
g
e
d
b
o
e
e
p
p
i
i
i
u
i
i
y
u
w
e
n
e
r
p
r
s
e
s
s
r
e
p
r
m
a
r
r
o
g
a
g
e
n
s
a
n
r
o
e
r
s
a
s
e
t
t
t
t
t
i
d
i
i
b
d
i
i
l
h
h
d
b
k
l
l
a
a
a
a
a
o
o
d
o
e
g
o
d
e
d
e
d
o
e
e
o
d
e
p
p
v
i
u
u
i
i
u
i
z
u
u
u
a
r
o
s
p
r
o
c
o
e
r
n
g
s
o
r
s
m
a
a
n
m
e
m
s
e
o
n
s
m
e
r
n
s
r
a
n
c
e
p
r
o
c
s
a
r
e
t
t
i
d
i
l
l
d
d
i
i
d
I
d
ff
ff
f
C
,
,
,
a
a
a
a
a
d
e
e
d
e
d
e
e
d
i
i
u
y
i
i
u
r
s
r
a
e
c
r
e
s
r
e
a
n
m
a
r
n
e
n
s
r
a
n
c
e
a
n
t
t
t
i
k
d
d
i
d
i
i
d
.
a
a
d
e
e
d
e
d
d
o
e
o
p
i
i
y
i
i
e
n
e
a
n
c
r
e
c
a
r
p
r
o
e
c
o
n
,
,
t
t
t
ft
t
t
t
i
d
i
h
d
d
i
d
i
ft
a
a
a
a
d
e
e
o
e
e
o
e
o
p
p
u
v
i
i
i
n
c
e
s
a
e
r
o
s
p
a
c
e
e
n
r
o
n
m
e
n
a
p
o
c
a
t
t
I
l
d
i
l
l
i
i
l
,
,
a
a
a
a
e
d
o
e
e
o
d
p
p
i
u
u
i
y
u
u
n
s
r
a
n
c
e
a
n
c
o
n
s
m
e
r
s
p
e
c
a
p
r
o
c
s
s
c
a
s
t
t
i
d
i
l
d
h
.
,
,
a
a
a
a
b
e
e
o
e
o
d
g
b
e
d
e
p
p
u
i
i
u
i
i
u
i
u
i
u
y
i
s
n
e
s
s
n
e
r
r
p
o
n
e
n
r
o
p
n
c
n
g
m
r
e
a
a
c
a
n
n
e
a
r
t
t
t
t
t
b
i
i
i
l
i
i
l
d
i
b
l
l
h
d
i
C
G
)
f
,
a
a
a
a
a
a
a
a
-
-
-
e
o
e
o
d
e
d
d
e
d
g
o
g
e
o
d
d
o
e
e
d
o
g
e
p
x
u
u
i
i
u
i
i
w
i
i
v
i
u
u
i
v
e
p
o
s
r
e
s
o
m
a
n
m
a
e
a
n
n
a
r
a
s
a
s
e
r
s
n
c
n
g
o
r
g
n
e
o
r
n
a
s
o
e
r
e
r
o
g
r
a
e
P
t
t
t
t
t
t
t
d
d
l
d
i
i
l
d
i
h
i
h
h
i
d
i
i
d
l
d
h
h
P
i
f
(
ff
ff
,
.
a
a
a
a
a
a
a
o
e
o
e
e
o
d
o
e
e
e
d
e
d
e
o
d
e
e
p
p
p
i
y
i
u
u
w
i
v
x
w
y
i
u
i
u
i
u
c
o
m
m
e
r
c
a
p
r
o
p
e
r
n
s
r
a
n
c
e
p
r
o
c
s
c
c
o
e
r
e
e
n
e
a
r
r
a
n
n
s
r
a
n
c
e
a
s
o
n
c
e
s
n
s
r
a
n
c
e
t
t
t
t
t
i
l
i
d
h
i
h
d
d
i
I
l
i
l
d
i
,
a
a
a
a
a
-
d
e
d
e
e
g
e
e
d
d
d
e
o
o
b
e
o
e
o
e
d
u
i
u
i
y
u
u
i
w
n
c
e
s
n
s
r
a
e
n
e
r
g
r
e
a
e
a
n
n
c
e
s
a
o
m
o
e
o
m
e
o
n
e
r
s
a
n
t
t
t
I
l
d
i
d
i
l
l
d
d
I
l
d
b
i
l
h
d