AIG 2012 Annual Report Download - page 92

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AIG Property Casualty Results
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The following table presents AIG Property Casualty results:
Commercial Insurance
Underwriting results:
Net premiums written $ 21,055 $ 20,173 (4)% 4%
Decrease in unearned premiums 748 889 (33) (16)
Net premiums earned 21,803 21,062 (5) 4
Claims and claims adjustment expenses incurred 18,332 18,814 (9) (3)
Underwriting expenses 5,345 5,252 12 2
Underwriting loss (1,874) (3,004) (2) 38
Net investment income 3,213 3,309 (13) (3)
Operating income $ 1,339 $ 305 (32)% 339%
Consumer Insurance
Underwriting results:
Net premiums written $ 13,762 $ 11,346 3% 21%
Increase in unearned premiums (7) (67) NM 90
Net premiums earned 13,755 11,279 1 22
Claims and claims adjustment expenses incurred 8,900 6,745 (5) 32
Underwriting expenses 5,253 4,650 7 13
Underwriting loss (398) (116) 60 (243)
Net investment income 354 301 27 18
Operating income (loss) $ (44) $ 185 NM% NM%
Other
Underwriting results:
Net premiums written $ 23 $ 93 NM% (75)%
Decrease in unearned premiums 108 87 25 24
Net premiums earned 131 180 (8) (27)
Claims and claims adjustment expenses incurred 717 2,308 (18) (69)
Underwriting expenses 272 200 71 36
Underwriting loss (858) (2,328) (9) 63
Net investment income 781 782 100 –
Operating income (loss) (77) (1,546) NM 95
Net realized capital gains (losses) 607 (38) NM NM
Legal settlement – – NM NM
Bargain purchase gain – 332 NM NM
Other income (expense) – net (5) 669 NM NM
Pre-tax income (loss) $ 525 $ (583) 22% NM%
Total AIG Property Casualty
Underwriting results:
Net premiums written $ 34,840 $ 31,612 (1)% 10%
Decrease in unearned premiums 849 909 (49) (7)
Net premiums earned 35,689 32,521 (2) 10
Claims and claims adjustment expenses incurred 27,949 27,867 (8) –
Underwriting expenses 10,870 10,102 11 8
Underwriting loss (3,130) (5,448) 4 43
Net investment income 4,348 4,392 11 (1)
Operating income (loss) 1,218 (1,056) 49 NM
Net realized capital gains (losses) 607 (38) NM NM
Legal settlement – – NM NM
Bargain purchase gain – 332 NM NM
Other income (expense) – net*(5) 669 NM NM
Pre-tax income (loss) $ 1,820 $ (93) 1% NM%
* Includes gain on divested properties of $669 million in 2010.
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AIG 2012 Form 10-K 75
Percentage Change
Years Ended December 31,
(in millions) 2012 2011 2010 2012 vs. 2011 2011 vs. 2010
$ 20,300
500
20,800
16,696
6,009
(1,905)
2,809
$ 904
$ 14,150
(198)
13,952
8,498
5,613
(159)
451
$ 292
$ (14)
135
121
591
466
(936)
1,560
624
(2)
17
–
2
$ 641
$ 34,436
437
34,873
25,785
12,088
(3,000)
4,820
1,820
(2)
17
–
2
$ 1,837
ITEM 7 / RESULTS OF OPERATIONS