AIG 2014 Annual Report Download - page 63

ITEM 5 / MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
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PURCHASES OF EQUITY SECURITIES
The following table provides the information with respect to purchases made by or on behalf of AIG or any “affiliated
purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of AIG Common Stock during
the three months ended December 31, 2014:
Total Number Average Total Number of Shares Approximate Dollar Value of Shares
of Shares Price Paid Purchased as Part of Publicly that May Yet Be Purchased Under the
Period Repurchased per Share Announced Plans or Programs Plans or Programs (in millions)
October 1 - 31 3,868,300 $ 54.52 3,868,300 $ 1,500
November 1 - 30 10,176,278 54.03 10,176,278 750
December 1 - 31 13,816,007 54.80 13,816,007 -
Total 27,860,585 $ 54.48 27,860,585 $ -
On August 1, 2013, our Board of Directors authorized the repurchase of shares of AIG Common Stock, with an aggregate
purchase price of up to $1.0 billion, from time to time in the open market, private purchases, through forward, derivative,
accelerated repurchase or automatic repurchase transactions or otherwise. On February 13, 2014, June 5, 2014 and October
31, 2014, our Board of Directors authorized increases to the August 1, 2013 repurchase authorization of AIG Common Stock of
an aggregate of $4.5 billion.
During the three-month period ended December 31, 2014, we repurchased approximately 27.9 million shares of AIG Common
Stock under this authorization for an aggregate purchase price of approximately $1.5 billion.
The total number of shares of AIG Common Stock repurchased in the three-month period ended December 31, 2014, and the
aggregate purchase price of those shares, each as set forth above, reflect our payment of $1.4 billion under two ASR
agreements executed in the fourth quarter of 2014 and the receipt of approximately 22.2 million shares of AIG Common Stock,
including the initial receipt of 70 percent of the total notional share equivalent, or approximately 9.2 million shares of AIG
Common Stock, under an ASR agreement executed in December 2014. That ASR agreement settled in January 2015, at
which time we received approximately 3.5 million additional shares of AIG Common Stock based on a formula specified by the
terms of the ASR Agreement. The total number of shares of AIG Common Stock repurchased in the three-month period ended
December 31, 2014 also includes (but the aggregate purchase price does not include) approximately 3.9 million shares of AIG
Common Stock received in October 2014 upon the settlement of an ASR agreement executed in the third quarter of 2014.
On February 12, 2015, our Board of Directors authorized an additional increase to the August 1, 2013 repurchase
authorization of AIG Common Stock of $2.5 billion, resulting in an aggregate remaining authorization on such date of
approximately $2.5 billion. Shares may be repurchased from time to time under this authorization in the open market, private
purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. The timing
of any future share repurchases will depend on market conditions, our financial condition, results of operations, liquidity and
other factors.
See Note 17 to the Consolidated Financial Statements for additional information on AIG share purchases.