AIG 2014 Annual Report Download - page 67

ITEM 6 / SELECTED FINANCIAL DATA
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50
Years Ended December 31,
(in millions, except per share data) 2014 2013 2012 2011 2010
Other data (from continuing operations):
Other-than-temporary impairments 247 232 1,050 1,142 2,834
Adjustment to federal deferred tax valuation allowance (181) (3,165) (1,907) (18,307) 1,361
Amortization of prepaid commitment fee asset -- - 49 3,471
Catastrophe-related losses(c) $728 $ 787 $ 2,652 $ 3,307 $ 1,076
(a) Reduced by fourth quarter reserve strengthening charges of $4.2 billion in 2010 related to the annual review of our property casualty businesses liability for
unpaid losses and loss adjustment expenses.
(b) Book value per share, excluding Accumulated other comprehensive income (loss) is a non-GAAP measure. See Item 7. MD&A — Use of Non-GAAP
Measures for additional information. Comparability of 2010 is affected by a one for twenty reverse stock split.
(c) Catastrophe-related losses are generally weather or seismic events having a net impact on our property casualty businesses in excess of $10 million each.
Items Affecting Comparability Between Periods
The following are significant developments that affected multiple periods and financial statement captions. Other items that
affected comparability are included in the footnotes to the table presented immediately above.
Adjustments to Federal Deferred Tax Valuation Allowance
We concluded that $18.4 billion of the deferred tax asset valuation allowance for the U.S. consolidated income tax group
should be released through the Consolidated Statements of Income in 2011. The valuation allowance resulted primarily from
losses subject to U.S. income taxes recorded from 2008 through 2010. See Note 24 to the Consolidated Financial Statements
for further discussion.
Capitalization and Book Value Per Share
On January 14, 2011, we completed a series of integrated transactions to recapitalize AIG (the Recapitalization) with the
Department of the Treasury, the FRBNY and AIG Credit Facility Trust, including the repayment of all amounts owed under the
Credit Facility with the FRBNY (the FRBNY Credit Facility). As a result of the closing of the Recapitalization on January 14,
2011, the remaining preferred interests (the SPV Preferred Interests) in the special purpose vehicles that held remaining AIA
Group Limited (AIA) shares and the proceeds of the AIA initial public offering and the American Life Insurance Company
(ALICO) sale (the AIA SPV and ALICO SPV, respectively) held by the FRBNY of approximately $26.4 billion were purchased
by AIG and transferred to the Department of the Treasury. The SPV Preferred Interests were no longer considered permanent
equity on AIG’s Consolidated Balance Sheets, and were classified as redeemable noncontrolling interests. See Note 18 to the
Consolidated Financial Statements for further discussion.