AIG 2014 Annual Report Download - page 134
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ITEM 7 / INVESTMENTS
117
* Includes Non-U.S. locations.
The following table presents our CMBS available for sale investments by industry:
Fair Value at
Fair Value at
December 31, December 31,
(in millions) 2014 2013
Industry:
Office $3,652 $ 3,205
Retail 3,700 3,146
Multi-family* 2,889 2,643
Lodging 1,127 1,023
Industrial 679 621
Other 838 844
Total $12,885 $ 11,482
* Includes Agency-backed CMBS.
The fair value of CMBS holdings remained stable throughout 2014. The majority of our investments in CMBS are in tranches
that contain substantial protection features through collateral subordination. The majority of CMBS holdings are traditional
conduit transactions, broadly diversified across property types and geographical areas.
Investments in CDOs
The following table presents our CDO available for sale investments by collateral type:
Fair value at Fair value at
December 31, December 31,
(in millions) 2014 2013
Collateral Type:
Bank loans (CLO) $ 6,683 $ 4,613
Other 388 529
Total $ 7,071 $ 5,142
The following table presents our CDO available for sale investments by credit rating:
Fair Value at Fair Value at
December 31, December 31,
(in millions) 2014 2013
Rating:
AAA $ 1,922 $ 594
AA 2,135 1,374
A 2,317 2,158
BBB 366 499
Below investment grade 331 517
Total $ 7,071 $ 5,142