AIG 2014 Annual Report Download - page 22

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ITEM 1 / BUSINESS / AIG
5
(a) Consists of Commercial Insurance and Consumer Insurance pre-tax operating income. Pre-tax operating income and book value per share excluding AOCI
are non-GAAP measures. See “Use of Non-GAAP Measures” for additional information.
(b) Total consideration of approximately $7.6 billion, includes net cash proceeds of $2.4 billion and 97.6 million newly issued AerCap common shares. Based in
part on AerCap's closing price per share of $47.01 on May 13, 2014, the date the sale of ILFC to AerCap was completed.
2013 and 2014 Key Accomplishments
AREA OF FOCUS ACTION RESULT
CORE
BUSINESS
DEVELOPMENTS
Improved insurance pre-tax operating income
a
Grew net premiums written, excluding the
effect of foreign exchange
• Property Casualty
• Personal Insurance
Grew premiums and deposits
Improvements in base spread rates:
• Fixed Annuities product line base spread
• Group Retirement product line base
spread
Decline in newly reported delinquencies for
Mortgage Guaranty
Acquired Ageas Protect Limited from Ageas
Group
Participation in PICC Property & Casualty
Company Limited (PICC P&C) rights offering
Utilization of life capital loss carryforwards
$10.0 bn in 2014
$9.5 bn in 2013
1.0 percent in 2014
2.0 percent in 2014
10.3 percent in 2014
2.29 percent in 2014
2.27 percent in 2013
2.00 percent in 2014
1.97 percent in 2013
47,000 at end of 2014
56,000 at end of 2013
$308 mn in 2014
$119 mn in 2014
$93 mn in 2013
98 percent cumulative
utilization
FOCUSED
PORTFOLIO
OF
BUSINESSES
INCREASED
FINANCIAL
FLEXIBILITY
NON-CORE ASSET
DIVESTITURES
Completed sale of International Lease Finance
Corporation (ILFC) to AerCap Ireland Limited,
a wholly-owned subsidiary of AerCap Holdings
N.V. (AerCap)
$7.6 bn in 2014
(b)
STRENGTHEN
LIQUIDITY AND
CAPITAL
Dividends and loan repayments in the form of
cash and fixed maturity securities from
insurance subsidiaries
Growth in book value per share excluding
AOCI
(a)
$9.4 bn in 2014
$8.7 bn in 2013
$69.98 in 2014
$64.28 in 2013
ACTIVE CAPITAL
MANAGEMENT
Decrease in debt outstanding
AIG Common Stock repurchases
Cash dividends to shareholders
$31.2 bn at end of 2014
$41.7 bn at end of 2013
$4.9 bn in 2014
$597 mn in 2013
$712 mn in 2014
$294 mn in 2013