AIG 2013 Annual Report Download - page 289

The following table presents the total assets and total liabilities associated with our variable interests in
consolidated VIEs, as classified in the Consolidated Balance Sheets:
Assets:
Bonds available for sale
Other bond securities
Mortgage and other loans receivable
Other invested assets
Other assets
Total assets(a)(b)
Liabilities:
Long-term debt
Other liabilities
Total liabilities
Assets:
Bonds available for sale $ 198 $ 2,422 $ – $ – $ 324 $ 2,944
Other bond securities 15 8,406 792 – 204 9,417
Mortgage and other loans receivable – – – – 398 398
Other invested assets 1,122 – – 2,230 1,023 4,375
Other assets 59 719 183 33 2,013 3,007
Total assets(a)(b) $ 1,394 $ 11,547 $ 975 $ 2,263 $ 3,962 $ 20,141
Liabilities:
Long-term debt $ 157 $ 25 $ 9 $ 133 $ 424 $ 748
Other liabilities 20 43 – 68 1,044 1,175
Total liabilities $ 177 $ 68 $ 9 $ 201 $ 1,468 $ 1,923
(a) The assets of each VIE can be used only to settle specific obligations of that VIE.
(b) At December 31, 2013 and 2012, includes approximately $21.4 billion and $12.8 billion, respectively, of investment-grade debt securities, loans
and other assets held by certain securitization vehicles that issued beneficial interests in these investments. The majority of the beneficial interests
issued are held by AIG.
(c) At December 31, 2013 and 2012, off-balance sheet exposure primarily consisting of commitments to real estate and investments funds was
$50.8 million and $48.7 million, respectively.
We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the
notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as
the referenced obligation, and (iii) other commitments and guarantees to the VIE. Interest holders in VIEs sponsored
by us generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to us, except
in limited circumstances when we have provided a guarantee to the VIE’s interest holders.
Balance Sheet Classification and Exposure to Loss
..................................................................................................................................................................................................................................
AIG 2013 Form 10-K 271
ITEM 8 / NOTE 10. VARIABLE INTEREST ENTITIES
Real Estate
and Structured Affordable
Investment Securitization Investment Housing
(in millions) Funds(c) Vehicles Vehicles Partnerships Other Total
December 31, 2013
$ – $ 11,028 $ – $ – $ 70 $ 11,098
– 7,449 748 – 113 8,310
– 1,508 – – 189 1,697
849 – – 1,986 793 3,628
49 481 93 41 615 1,279
$ 898 $ 20,466 $ 841 $ 2,027 $ 1,780 $ 26,012
$ 71 $ 494 $ 87 $ 188 $ 154 $ 994
31 74 – 83 367 555
$ 102 $ 568 $ 87 $ 271 $ 521 $ 1,549
December 31, 2012
..................................................................................................................................................................................
............................................................................................................................................................................................