AIG 2015 Annual Report Download - page 153

ITEM 7 / INSURANCE RESERVES / LIFE INSURANCE COMPANIES
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Change in fair value of underlying assets and reserve accretion, net of
policy fees (2,255) 6,390 14,482
Cost of funds 2,724 2,781 2,837
Other reserve changes 85 80 917
Balance at end of year 208,333 204,627 195,493
Reserves related to unrealized appreciation of investments - 100 -
Reinsurance ceded (361) (353) (366)
Total insurance reserves and mutual fund assets under management $207,972 $ 204,374 $ 195,127
Life:
Balance at beginning of year, gross $33,536 $ 32,810 $ 32,176
Premiums and deposits 4,974 4,806 4,862
Surrenders and withdrawals (759) (853) (896)
Death and other contract benefits (954) (812) (772)
Subtotal 3,261 3,141 3,194
Change in fair value of underlying assets and reserve accretion, net of
policy fees (802) (691) (673)
Cost of funds 493 507 541
Other reserve changes (2,318) (2,231) (2,428)
Balance at end of year 34,170 33,536 32,810
Reserves related to unrealized appreciation of investments - --
Reinsurance ceded (1,395) (1,315) (1,354)
Total insurance reserves $32,775 $ 32,221 $ 31,456
Total Life Insurance Companies:
Balance at beginning of year, gross $273,243 $ 260,403 $ 237,699
Premiums and deposits 32,053 32,680 29,641
Surrenders and withdrawals (19,684) (22,123) (19,975)
Death and other contract benefits (6,476) (6,032) (5,496)
Subtotal 5,893 4,525 4,170
Change in fair value of underlying assets and reserve accretion, net of
policy fees (2,075) 6,829 14,965
Cost of funds 3,625 3,698 3,791
Other reserve changes (2,360) (2,212) (222)
Balance at end of year 278,326 273,243 260,403
Reserves related to unrealized appreciation of investments - 1,154 -
Reinsurance ceded (1,761) (1,673) (1,725)
Total insurance reserves and mutual fund assets under management $276,565 $ 272,724 $ 258,678
Life Insurance Companies insurance reserves including separate accounts and mutual fund assets under
management were comprised of the following balances:
At December 31,
(in millions) 2015 2014
Future policy benefits* $ 41,562 $ 40,931
Policyholder contract deposits 127,704 124,716
Separate account liabilities 79,564 80,025
Total insurance reserves 248,830 245,672
Mutual fund assets under management 27,735 27,052
Total insurance reserves and mutual fund assets under management $ 276,565 $ 272,724
* Excludes certain intercompany assumed reinsurance.