American International Group, Inc. Financial Supplement First Quarter 2010

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1 Financial Supplement First Quarter 2010 This report should be read in conjunction with AIG's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the Securities and Exchange Commission. ** Revised on May 14, Proforma Book Value per Share calculation on page 11 **

2 Financial Supplement Table of Contents Consolidated Consolidated Statement of Income (Loss) Consolidated Statement of Segment Operations Summary of Non-qualifying derivative hedging activities...5 Consolidated Balance Sheet Debt and Capital...8 U.S. Government Support...9 Capital Structure...10 Book Value per Share...11 General Insurance General Insurance Operating Statistics...12 AIG Commercial Insurance Operating Statistics...13 AIG Commercial Insurance Gross Premiums Written by Line of Business...14 Foreign General Insurance Operating Statistics...15 Foreign General Insurance Gross Premiums Written...16 General Insurance Notes...17 Domestic Life Insurance & Retirement Services Domestic Life Insurance & Retirement Services Operating Statistics...18 Domestic Life Insurance Operating Statistics...19 Domestic Life Insurance Sales and Deposits...20 Domestic Life Insurance Other Data...21 Domestic Life Insurance Deferred Policy Acquisition Costs, Sales Inducements and Value of Business Acquired...22 Domestic Life Insurance Notes...23 Domestic Retirement Services Operating Statistics...24 Domestic Retirement Services Product Statistics...25 Domestic Retirement Services Account Value Rollforward...26 Domestic Retirement Services Spread Information Domestic Life Insurance & Retirement Services Deferred Policy Acquisition Costs, Sales Inducements and Value of Business Acquired...29 Domestic Retirement Services Group Retirement Products...30 Domestic Retirement Services Individual Variable Annuities Guaranteed Benefits Domestic Retirement Services Notes...33 Foreign Life Insurance & Retirement Services Foreign Life Insurance & Retirement Services Operating Statistics...34 Financial Services Financial Services Operating Results...35 Consumer Finance Operating Results...36 Consumer Finance Other Data...37 Financial Services Notes...38 American General Finance Real Estate Portfolio...39 Other Other...40 Other Notes...41 Parent Company Financial Statements Pre Tax Realized Gains (Losses) by Source by Business Segment...46 Investment Information Cash and Investments by Segment...47 AIGFP Balance Sheet...48 Other Invested Assets by Segment...49 Return on Average Partnership and Mutual Funds Assets by Segment...50 Comment on Reg G...51 American International Group, Inc. Investor Relations Teri L. Watson, Vice President (212)

3 Consolidated Statement of Income (Loss) (in millions, except per share data) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Revenues: Premiums and other considerations $ 10,067 $ 12,841 (21.6) % $ 10,516 (4.3) % Net investment income 4, , Net realized capital losses: (1) Total other-than-temporary impairments on available for sale securities (309) (3,672) NM (1,332) NM Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Accumulated other comprehensive loss (521) - NM 35 NM Net other-than-temporary impairments on available for sale securities recognized in net income (loss) (830) (3,672) NM (1,297) NM Other realized capital gains (68.6) 1,036 (72.8) Total net realized capital losses (548) (2,774) NM (261) NM Unrealized market valuation gains (losses) on AIGFP super senior credit default swap portfolio 119 (452) NM 275 (56.7) Other income (1) 1,856 2,785 (33.4) 2,256 (17.7) Total revenues (1) 16,330 13, ,699 (2.2) Benefits, claims and expenses: Policyholder benefits and claims incurred 8,519 11,353 (25.0) 11,278 (24.5) Policy acquisition and other insurance expenses 3,262 3,576 (8.8) 3,753 (13.1) Interest expense 1,734 2,587 (33.0) 7,224 (76.0) Restructuring expenses and related asset impairment and other expenses (67.5) 212 (48.1) Net loss (gain) on sale of divested businesses (2) 77 (262) NM Other expenses 1,793 2,239 (19.9) 2,544 (29.5) Total benefits, claims and expenses 15,495 19,831 (21.9) 25,077 (38.2) Income (loss) from continuing operations before income tax expense (benefit) 835 (6,516) NM (8,378) NM Income tax expense (benefit) (91) (1,303) NM 2 NM Income (loss) from continuing operations 926 (5,213) NM (8,380) NM Income (loss) from discontinued operations, net of income tax expense (benefit) (3) 1, NM (630) NM Net income (loss) 2,099 (5,133) NM (9,010) NM Less: Net Income (loss) from continuing operations attributable to noncontrolling interests: Noncontrolling nonvoting, callable, junior and senior preferred interests held by Federal Reserve Bank of New York NM 140 NM Other 129 (774) NM (314) NM Total net income (loss) from continuing operations attributable to noncontrolling interests 648 (774) (174) NM Income (loss) from discontinued operations attributable to noncontrolling interests - (6) NM 37 NM Total net income (loss) attributable to noncontrolling interests 648 (780) NM (137) NM Net income (loss) attributable to AIG $ 1,451 $ (4,353) NM % $ (8,873) NM % Net income (loss) attributable to AIG common shareholders $ 294 $ (5,365) NM % $ (8,873) NM % Income (loss) per common share attributable to AIG: Basic Income (loss) from continuing operations $ 0.41 $ (40.29) NM $ (60.59) NM % Income (loss) from discontinued operations $ 1.75 $ $ (4.92) NM Diluted Income (loss) from continuing operations $ 0.41 $ (40.29) NM $ (60.59) NM Income (loss) from discontinued operations $ 1.75 $ $ (4.92) NM Weighted average shares outstanding: Basic Diluted (See Accompanying Notes on Page 2) 1

4 Consolidated Statement of Operations Notes (1) Includes gains (losses) from hedging activities that did not qualify for hedge accounting, including the related foreign exchange gains and losses. (Refer to page 5) and other-than-temporary impairment charges (Refer to page 46). (2) Includes the net gain (loss) on sales of divested businesses during 2009 that did not qualify as discontinued operations. (3) Includes the results of operations for each of the following companies which were classified as discontinued operations. These companies previously had been a component of the Foreign Life Insurance & Retirement Services reportable segment. AIG expects the sale of these companies to close in 2010: As of March 1, 2010, AIG and AIA Aurora LLC, a special purpose vehicle formed by AIG and the FRBNY (AIA Holdings), entered into a definitive agreement (the AIA Share Purchase Agreement) with Prudential plc (Prudential) and Prudential Group Limited (formerly known as Petrohue (UK) Investments Limited), for the sale of AIA Group Limited (AIA). As of March 7, 2010, AIG and ALICO Holdings LLC, a special purpose vehicle formed by AIG and the FRBNY (ALICO Holdings) entered into a definitive agreement (the ALICO Stock Purchase Agreement) with MetLife, Inc. (MetLife) for the sale of American Life Insurance Company (ALICO) by ALICO Holdings to MetLife, and the sale of Delaware American Life Insurance Company by AIG to MetLife. On October 12, 2009, AIG entered into an agreement to sell its percent share of Nan Shan Life Insurance Company, Ltd. (Nan Shan). A summary of income (loss) from discontinued operations is as follows: March 31, (in millions) Premiums and other considerations $ 6,525 $ 6,024 Net investment income 2,252 1,449 Net realized capital gains (losses) 63 (587) Total revenues 8,840 6,886 Income (loss) from discontinued operations 1, Loss on sale (106) (3) Income (loss) from discontinued operations, before income tax expense (benefit) 1, Income tax expense (benefit) (137) 69 Income (loss) from discontinued operations, net of tax $ 1,173 $ 80 2

5 Consolidated Statement of Segment Operations (in millions, except per share data) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) General Insurance Net premiums written $ 7,644 $ 7,727 (1.1) % $ 6, % Net premiums earned 7,641 8,272 (7.6) 8,023 (4.8) Claims and claims adjustment expenses incurred 5,459 5,787 (5.7) 7,936 (31.2) Change in deferred acquisition costs (18) 5 NM 295 NM Other underwriting expenses 2,392 2, ,396 (0.2) Underwriting loss (192) 275 NM (2,604) NM Net investment income 1, Operating income (loss) before net realized capital gains (losses) (1,749) NM Net realized capital gains (losses) 137 (608) NM 151 (9.3) Pre-tax income (loss) 1, NM (1,598) NM Domestic Life Insurance & Retirement Services Premiums and other considerations 1,315 1,440 (8.7) 1, Deposits and other considerations not included in revenues under GAAP 3,422 3,624 (5.6) 3,996 (14.4) Premiums, deposits and other considerations 4,737 5,064 (6.5) 5,275 (10.2) Net investment income 2,707 1, , Operating income (loss) before net realized capital gains (losses) 1,123 (160) NM 1,034 NM Net realized capital losses (796) (1,667) NM (364) NM Pre-tax income (loss) 327 (1,827) NM 670 (51.2) Foreign Life Insurance & Retirement Services (1) Premiums and other considerations (6.6) 967 (10.7) Deposits and other considerations not included in revenues under GAAP Premiums, deposits and other considerations 1,231 1,262 (2.5) 1, Net investment income Operating income before net realized capital gains (losses) (38.5) Net realized capital gains (losses) (135) (486) NM 187 NM Pre-tax income (loss) 85 (128) NM 352 (75.9) Financial Services Operating income (loss), excluding non-qualifying derivative hedging activities and net realized capital gains (losses) (2) (474) (1,090) NM 92 NM Non-qualifying derivative hedging activities - 2 NM - NM Net realized capital gains (losses) 35 (42) NM 3 NM Pre-tax income (loss) (439) (1,130) NM 95 NM Other before net realized capital gains (losses) (353) (3,522) NM (7,296) NM Other net realized capital gains (24.4) Consolidation and elimination adjustments (3) 140 (89) NM (651) NM Income (loss) from continuing operations before income tax expense (benefit) 835 (6,516) NM (8,378) NM Income tax expense (benefit) (4) (91) (1,303) NM 2 NM Income (loss) from continuing operations 926 (5,213) NM (8,380) NM Income (loss) from discontinued operations, net of tax 1, NM (630) NM Net income (loss) 2,099 (5,133) NM (9,010) NM Less: Net income (loss) from continuing operations attributable to noncontrolling interests: Noncontrolling nonvoting, callable, junior and senior preferred interests held by Federal Reserve Bank of New York NM 140 NM Other 129 (774) NM (314) NM Total income (loss) from continuing operations attributable to noncontrolling interests 648 (774) NM (174) NM Income (loss) from discontinued operations attributable to noncontrolling interests - (6) NM 37 NM Total net income (loss) attributable to noncontrolling interests 648 (780) NM (137) NM Net income (loss) attributable to AIG 1,451 (4,353) NM (8,873) NM Income (loss) attributable to AIG from discontinued operations, net of tax 1, NM (667) NM Net gain (loss) on sale of divested businesses, net of tax (77) 175 NM (322) NM Net realized capital losses, net of tax (360) (2,410) NM (516) NM Non-qualifying derivative hedging activities, excluding net realized gains (losses), net of tax (94) (118) NM 176 NM Adjusted net income (loss) $ 809 $ (2,086) NM % $ (7,544) NM % Income (loss) per common share attributable to AIG - diluted : Income (loss) from continuing operations $ 0.41 $ (40.29) NM $ (60.59) NM Income (loss) from discontinued operations (4.92) NM Adjusted net income (loss) $ 1.21 $ (22.90) NM $ (55.69) NM Weighted average shares outstanding - diluted Effective tax rates (5): Income (loss) before income tax and noncontrolling interest (10.9)% 20.0% (0.0)% Net income (loss) attributable to AIG (287.6)% 22.8% (0.9)% Adjusted net income (loss) 1.3% 32.3% 0.3% Return on equity attributable to AIG 8.0% (See Accompanying Notes on Page 4) 3

6 Consolidated Statement of Segment Operations Notes (1) Following the classification of AIA, ALICO, and Nan Shan as discontinued operations, AIG s remaining Foreign Life Insurance & Retirement Services operations are conducted through AIG Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Company. (2) Includes unrealized market valuation gains and losses on Capital Markets super senior credit default swap portfolio and the pre-tax effect of changes in credit spreads on the valuation of Capital Markets assets and liabilities. Refer to page 35. (3) Includes the income from certain AIG managed partnerships, private equity and real estate funds that are consolidated. Such income is offset in net income (loss) attributable to noncontrolling interests, which is not a component of operating income, on the consolidated statement of income (loss). (4) Includes a change in estimated U.S. tax liability with respect to the potential sale of subsidiaries, partially offset by an increase in the valuation allowance and reserve for uncertain tax positions. (5) The calculation of the effective tax rates is as follows: March 31, 2010 Income (Loss) Income Tax Net Effective (dollars in millions) before tax Expense (benefit) Income (loss) Tax Rate Income (Loss) before income tax expense (benefit) $ 835 $ (91) $ % Noncontrolling interest Net income (loss) attributable to AIG 71 (207) % Net realized capital losses (526) (166) (360) Non-qualifying derivative hedging losses (145) (51) (94) Loss on sale of divested businesses (77) - (77) Adjusted net income (loss) $ 819 $ 10 $ % Effective tax rate is calculated based on Income (loss) from continuing operations and excludes the loss from discontinued operations. 4

7 Summary of Non-qualifying Derivative Hedging Activities (1) (in millions) March 31, March 31, Dec. 31, Effect on income (loss) from continuing operations before net realized capital gains (losses): Financial Services $ - $ 2 $ - Intercompany Eliminations: Continuing Operations (2) (338) (352) 207 Discontinued Operations (2) (31) Foreign Exchange Rates on Economically Hedged Debt Exposures for Financial Services (3): Total pre-tax effect (145) (184) 270 Total after-tax effect (94) (118) 176 Effect on net realized capital gains (losses) (4): Financial Services 1 - (4) General Insurance (36) (26) 14 Domestic Life Insurance & Retirement Services (5) (388) 535 (415) Foreign Life Insurance & Retirement Services (36) (128) 136 Other (217) Eliminations and Reclassifications (6) 231 (48) (254) Total pre-tax effect (444) 1,214 (216) Total after-tax effect (289) 788 (140) Non-qualifying derivative hedging activities effect on total income: Total pre-tax effect (589) 1, Total after tax-effect (383) Effect of non-qualifying derivative hedging activities included in discontinued operations (7): Foreign Life Insurance & Retirement Services (14) (265) 381 Eliminations and Reclassifications - Discontinued Operations 6 (51) (3) Total pre-tax effect (8) (316) 378 Total after tax-effect $ (5) $ (206) $ 245 (1) This schedule summarizes the effect of derivative gains and losses on operating income that are effective economic hedges of investments and borrowings that did not qualify for hedge accounting. Since hedge accounting has not been applied to the periods presented, an offsetting gain or loss on the hedged exposure has not been recognized in operating income. The mismatch in the earnings recognition on the derivatives and the hedged exposures has resulted in volatility in the operating results that does not reflect properly the effectiveness of these hedging activities. (2) Represents the elimination of revenues reported in the Financial Services segment from intercompany hedging activities. (3) Represents the reclassification of revenues reported in the Financial Services segment arising from foreign exchange rate movements on economically hedged exposures. (4) In general, for the three months ended March 31, 2010, AIG derivatives decreased in value as the U.S. dollar strengthened against the Euro and Pound Sterling. Additionally, as AIG credit spreads improved, AIG derivative liabilities lost value. (5) In addition to dollar strengthening and AIG Credit Spreads improvements, losses in the Domestic Life Insurance and Retirement segment were attributable to exchange traded contracts used to hedge the Guaranteed Minimum Living Benefit Program at SunAmerica Annuity and Life Assurance Company. These contracts are short global equity markets. As global equity markets continued to rally in three months ended March 31, 2010 the loss on these contracts increased in the three months ended March 31, (6) Represents the elimination of net realized capital gains (losses) from intercompany hedging activities and the reclassification of foreign exchange rates on economically hedged exposures. (7) Represents the impact on net realized capital gains (losses) for Nan Shan, AIA, and ALICO. 5

8 Consolidated Balance Sheet (in millions) March 31, December 31, Assets: Investments Fixed maturity securities (1) $ 283,235 $ 396,794 Equity securities 7,444 17,840 Mortgage and other loans receivable, net of allowance 22,533 27,461 Finance receivables, net of allowance 18,912 20,327 Flight equipment primarily under operating leases, net of accumulated depreciation 43,258 44,091 Other invested assets 33,250 45,235 Securities purchased under agreements to resell, at fair value 1,615 2,154 Short-term investments 38,800 47,263 Total investments 449, ,165 Cash 2,133 4,400 Accrued investment income 3,467 5,152 Premiums and other receivables, net of allowance 18,718 16,549 Reinsurance assets, net of allowance 25,791 22,425 Current and deferred income taxes 6,805 4,108 Deferred policy acquisition costs 19,064 40,814 Real estate and other fixed assets, net of accumulated depreciation 3,259 4,142 Unrealized gain on swaps, options and forward transactions, at fair value 7,383 9,130 Goodwill 2,565 6,195 Other assets, including prepaid commitment asset 17,072 18,976 Separate account assets, at fair value 51,953 58,150 Assets of businesses held for sale (2) 256,440 56,379 Total assets $ 863,697 $ 847,585 Liabilities: Liability for unpaid claims and claims adjustment expense $ 86,489 $ 85,386 Unearned premiums 26,350 21,363 Future policy benefits for life and accident and health insurance contracts 47, ,001 Policyholder contract deposits 142, ,128 Other policyholder funds 7,493 13,252 Commissions, expenses and taxes payable 2,874 4,950 Insurance balances payable 4,004 4,393 Funds held by companies under reinsurance treaties Securities sold under agreements to repurchase, at fair value 3,418 3,505 Securities and spot commodities sold but not yet purchased, at fair value 458 1,030 Unrealized loss on swaps, options and forward transactions, at fair value 6,296 5,403 Trust deposits and deposits due to banks and other depositors 1,030 1,641 Other liabilities 21,015 22,503 Federal Reserve Bank of New York Commercial Paper Funding Facility 2,285 4,739 Federal Reserve Bank of New York Credit Facility 27,400 23,435 Other long-term debt 109, ,298 Separate account liabilities 51,953 58,150 Liabilities of businesses held for sale (2) 217,837 48,599 Total liabilities 760, ,550 Commitments, contingencies and guarantees Redeemable noncontrolling interests in partially owned consolidated subsidiaries 1, AIG shareholders' equity: Preferred Stock, Series E 41,605 41,605 Preferred Stock, Series F 7,378 5,179 Preferred Stock, Series C 23,000 23,000 Common stock Additional paid-in capital 6,356 6,358 Unrealized appreciation (depreciation) of fixed maturity investments on which other-than-temporary credit impairments were taken, net of tax (1,042) (1,810) Unrealized appreciation (depreciation) of all other investments, net of tax 8,086 7,145 Net derivative gains (losses) arising from Cash flow hedging activities, net of tax (106) (128) Foreign currency translation adjustments, net of tax 1,206 1,630 Retirement plan liabilities adjustment, net of tax (1,091) (1,144) Accumulated deficit (9,871) (11,491) Treasury stock, at cost (874) (874) Total AIG shareholders' equity 75,001 69,824 Noncontrolling interests Noncontrolling nonvoting, callable, junior and senior preferred interests held by Federal Reserve Bank of New York 25,059 24,540 Other 1,659 3,712 Total noncontrolling interests 26,718 28,252 Total equity 101,719 98,076 Total liabilities and equity $ 863,697 $ 847,585 (See Accompanying Notes on Page 7) 6

9 Consolidated Balance Sheet Notes (1) Includes interests in Maiden Lane II and Maiden Lane III of $922 million and $5.3 billion, respectively as of March 31, (2) Assets and liabilities as held-for-sale at March 31, 2010 and December 31, 2009 is comprised of the following: AIA, ALICO and Nan Shan classified as discontinued operations at March 31, 2010; AIG Bank Polska which was held-for-sale at March 31, 2010 and December 31, 2009; and AIG s investment advisory and third party asset management businesses at December 31, This sale closed on March 26, March 31, December 31, (in millions) Assets: Fixed maturity securities $ 163,336 $ 34,495 Deferred policy acquisition costs 24,204 3,322 Equity securities 15,366 2,947 Other invested assets 13,269 4,256 Short-term investments 13,170 3,501 Separate account assets 10,675 3,467 Mortgage and other loans receivable, net 9,096 3,997 Goodwill 3, Other assets 3, Total Assets of businesses held for sale $ 256,440 $ 56,379 Liabilities: Future policy benefits for life and accident and health insurance contracts $ 108,812 $ 38,023 Policyholder contract deposits 79,312 3,133 Separate account liabilities 10,675 3,467 Other liabilities 19,038 3,976 Total Liabilities of businesses held for sale $ 217,837 $ 48,599 7

10 Debt and Capital (dollars in millions) Debt and Hybrid Capital Interest Expense (a) March 31, Dec. 31, Inc (Dec.) March 31, 2010 Dec. 31, 2009 Financial debt: FRBNY Credit Facility $ 27,400 $ 23, % $ 833 (b) $ 6,225 (b) AIG notes and bonds payable 9,457 10,419 (9.2) AIG loans and mortgage payable (2.5) 1 1 AIG LH notes and bonds payable Liabilities connected to trust preferred stock 1,339 1, AIG loans to financial services subsidiaries (706) (1,213) (41.8) - (c) - (c) AIG Funding loans to financial services subsidiaries (4,848) (3,505) NM - (c) - (c) Total 33,867 31, ,000 6,397 Operating debt: AIG Funding commercial paper - 1,997 NM 3 13 MIP matched notes and bonds payable 12,642 13,371 (5.5) Series AIGFP matched notes and bonds payable 3,868 3,913 (1.2) AIGFP borrowings (d) 15,085 15,937 (5.3) - - ILFC borrowings 28,710 26, AGF borrowings 17,283 20,119 (14.1) AIGCFG borrowings (68.5) Other Subsidiaries Borrowings of consolidated investments 4,315 5,141 (16.1) AIG loans to financial services subsidiaries 706 1,213 (41.8) - (c) - (c) AIG Funding loans to financial services subsidiaries 4,848 3,505 NM - (c) - (c) Total 87,983 91,880 (4.2) Hybrid - debt securities: Junior subordinated debt 11,699 12,001 (f) (2.5) Hybrid - mandatorily convertible units: Junior subordinated debt attributable to equity units 5,880 5,880 (e) (f) Total $ 139,429 $ 141,472 (1.4)% $ 2,029 $ 7,450 AIG capitalization: Total equity $ 101,719 $ 98, % Hybrid - debt securities 11,699 12,001 (f) (2.5) Hybrid - mandatorily convertible units 5,880 5,880 (e) (f) - Total consolidated equity and hybrid capital 119, , Financial debt 33,867 31, Total capital $ 153,165 $ 147, % Ratios: Total equity / Total capital 66.4% 66.4% Hybrid - debt securities / Total capital 7.6% 8.1% Hybrid - mandatorily convertible units / Total capital 3.8% 4.0% Financial debt / Total capital 22.1% 21.5% (a) Includes $112 million, $36 million of interest expense in the three-month periods ended March 31, 2010 and December 31, 2009, respectively, reported in Other Income (loss) and Policy acquisition and other insurance expenses on the Consolidated Statement of Income (Loss). (b) Includes interest expense of $183 million and $190 million for the three months ended March 31, 2010 and December 31, 2009, respectively, allocated to discontinued operations. (c) Amounts are eliminated in consolidation. (d) Borrowings are carried at fair value with fair value adjustments reported in Other income (loss) on the Consolidated Statement of Income (Loss). Contractual interest payments amounted to $83.6 million and $584.1 million for the three months ended March 31, 2010 and twelve months ended December 31, 2009, respectively. (e) The equity units consist of an ownership interest in AIG junior subordinated debentures and a stock purchase contract obligating the holder of an equity unit to purchase, and obligating AIG to sell, a variable number of shares of AIG common stock on three dates in (f) The equity units and junior subordinated debentures receive hybrid equity treatment from the major rating agencies under their current policies but are recorded as long-term borrowings on the consolidated balance sheet. 8

11 Federal Reserve Bank of New York FRBNY Credit Facility: American International Group, Inc. U.S. Government Support As of March 31, 2010 (in millions) Amount of Balance Outstanding Remaining Assistance Authorized March 31, Dec. 31, Inc. Available Balance Description of Support Debt Equity (Dec.) March 31, 2010 $34,156 (a) $21,649 $17,900 $3,749 $12,507 The FRBNY created this facility to enhance the liquidity of AIG and its subsidiaries. In consideration for the facility, Series C preferred stock was issued at a purchase price of $0.5 million to a trust established for the sole benefit of the United States Treasury. The Series C preferred stock represents approximately 79.8 percent of each of (i) the voting power of AIG's shareholders entitled to vote on any particular matter and (ii) the aggregate dividend rights of the outstanding shares of AIG common stock and the Series C preferred stock. (a) FRBNY Credit Facility Interest and Fees: 5,751 5, Accrued compounding interest and fees owed by AIG paid with additional borrowings (paid in kind) Preferred Interests in AIA and ALICO: 25,000 25,059 24, On December 1, 2009 AIG and the FRBNY completed two transactions pursuant to which AIG transferred to the FRBNY preferred equity interests in newly-formed special purpose vehicles (SPVs) in exchange for a $25 billion reduction of the balance outstanding and the maximum credit available under the FRBNY Credit Facility. The FRBNY holds a preferred interest in the AIA Aurora LLC with a liquidation preference of $16 billion and preferred interests in the ALICO Holdings LLC with a liquidation preference of $9 billion. Maiden Lane II Loan: 22,500 15,283 16,004 (721) The FRBNY created this SPV to provide AIG liquidity by purchasing residential mortgage-backed securities from AIG life insurance and retirement services companies. The FRBNY provided a loan to the SPV for the purchases. It also terminated a previously established securities lending program with AIG. The actual amount funded was $ billion. Maiden Lane III Loan: 30,000 17,323 18,499 (1,176) The FRBNY created this SPV to provide AIG liquidity by purchasing CDOs from AIG Financial Products counterparties in connection with the termination of credit default swaps. The FRBNY again provided a loan to the SPV for the purchases. The actual amount funded was $ billion. U.S. Dept. of Series D/E Preferred Shares: 40,000 41,605 41,605 - the Treasury The United States Department of the Treasury (Department of the Treasury) purchased Series D cumulative preferred stock from AIG. AIG used the proceeds to pay down the FRBNY Credit Facility. These shares were later exchanged for Series E noncumulative preferred shares. Unpaid dividends on the Series D shares were added to the liquidation preference of the Series E shares. Series F Preferred Shares: 29,835 7,543 5,344 2,199 22,292 Through the purchase of AIG's Series F noncumulative preferred shares, the Department of the Treasury originally committed to provide to AIG up to $ billion, subject to certain conditions. The liquidation preference of each share of the Series F preferred stock increases by the pro rata amount of any drawdown on the commitment. Total authorized and outstanding assistance (b) $86,656 $94,835 $134,213 $129,427 $4,786 $34,799 Less: Maiden Lane II and Maiden Lane III loans (32,606) (34,503) (1,897) Amounts reflected on AIG's consolidated balance sheet $101,607 $94,924 $6,683 * Refer to page 10 for discussion of capital structure and ranking of obligations. (a) The FRBNY Credit Facility was initially $85 billion, but was reduced to $60 billion in November 2008 and was further reduced by an additional $25 billion in December 2009 to $35 billion, as a result of the completion of the transactions described in this table under Preferred Interests in AIA and ALICO. As of March 31, 2010, the facility availability was reduced to $ billion as a result of mandatory prepayments relating to asset sales which occurred in the first quarter of (b) Does not include AIG s participation in the FRBNY Commercial Paper Funding Facility. 9

12 AMERICAN INTERNATIONAL GROUP, INC. CAPITAL STRUCTURE Note that all obligations within the same level rank pari passu (equally and without preference) unless otherwise noted. LEVEL RANK LEVEL NAME DESCRIPTION OF OBLIGATION ONE SECURED FRBNY Credit Facility o AIG Senior Debt Securities (including MIP and Series AIGFP ) TWO SENIOR UNSECURED o Guarantees by AIG of subsidiary indebtedness and payment obligations (1) o Series A-1 through A-8 junior subordinated debentures (aka hybrid securities ) THREE JUNIOR SUBORDINATED o Series B-1, B-2 and B-3 junior subordinated debentures (aka debt issued as part of Equity Units ) SENIOR PREFERRED STOCK FOUR o Series E Preferred Stock (2) Senior TARP Fixed Rate Non Cumulative Perpetual Preferred Stock o Series F Preferred Stock (3) JUNIOR PREFERRED STOCK FIVE Perpetual, Convertible, Participating Preferred Stock o Series C Preferred Stock SIX COMMON STOCK Common Stock, par value $2.50 per share (1) Note that the guarantees by AIG of the American General (i.e., AIG Life Holdings (US), Inc.) trust preferred securities (American General Capital II, American General Institutional Capital A and American General Institutional Capital B) only apply to payments actually made to the trust in respect of the underlying American General junior subordinated debentures, and AIG s guarantee of the debentures is subordinate to the guarantees by AIG of the American General (i.e., AIG Life Holdings (US), Inc.) senior debt; no payments may be made on this guarantee if American General is prohibited from making payments on the debentures. (2) On April 17, 2009, AIG entered into an exchange agreement with the Department of the Treasury pursuant to which, among other things, the Department of the Treasury exchanged 4,000,000 shares of the Series D Fixed Rate Cumulative Perpetual Preferred Stock, par value $5.00 per share (the Series D Preferred Stock), for 400,000 shares of AIG s Series E Fixed Rate Non-Cumulative Perpetual Preferred Stock, par value $5.00 per share (the Series E Preferred Stock ). (3) On April 17, 2009, AIG entered into a purchase agreement with the Department of the Treasury pursuant to which, among other things, AIG issued and sold to the Department of the Treasury 300,000 shares of Series F Fixed Rate Non-Cumulative Perpetual Preferred Stock, par value $5.00 per share (the Series F Preferred Stock ), each share with a zero initial liquidation preference, and a warrant to purchase up to 150 shares of AIG s common stock, par value $2.50 per share. Pursuant to the purchase agreement, the Department of the Treasury has committed for five years to provide immediately available funds in an amount up to $ billion so long as on the applicable drawdown date (i) AIG is not a debtor in a pending case under Title 11 of the United States Code and (ii) the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury, and the Department of the Treasury in the aggregate beneficially own more than 50 percent of the aggregate voting power of AIG s voting securities. The liquidation preference of each share of the AIG Series F Preferred Stock increases by the pro rata amount of any drawdown on the commitment. 10

13 Book Value per Share (dollars in millions, except per share amounts) (2 3) (2) Book Value Per Share, (1) Total AIG Shareholders' (3) (1 3) Excluding Unrealized Pro Forma Total AIG Equity, excluding Total Common Book Value Appreciation (Depreciation) Book Value Shareholders' Unrealized Appreciation Shares Per Share on Investments Per Share (a) Equity (Depreciation) on Investments Outstanding December 31, 2006 $ $ $ - $ 101,677 $ 91, ,059,810 December 31, ,801 91, ,479,203 December 31, ,710 57, ,483,454 December 31, (b) 69,824 64, ,070,907 March 31, ,001 67, ,944,484 (a) At March 31, 2010, pro forma book value per share is computed as follows: $75,001 + $5,880 - $41,605 - $7,543 Total AIG Shareholders' equity + Proceeds from the settlement of equity units - Series E preferred (including cumulative dividends on Series D preferred) - Series F draw down =$ Total common shares outstanding + common shares issuable in settlement of equity units + common shares issued upon assumed conversion of Series C Preferred Stock 134,944, ,736, ,868,096 (b) Beginning in the first quarter of 2010, the pro forma book value per share calculation has been revised to include an increase to AIG shareholders' equity reflecting proceeds from the settlement of equity units. The December 31, 2009 pro forma book value per share amount has been revised to conform with this presentation. 11

14 General Insurance Operating Statistics (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Gross premiums written $ 11,508 $ 11, % $ 8, % Ceded premiums written 3,864 3, , Net premiums written 7,644 7,727 (1.1) 6, Net premiums earned 7,641 8,272 (7.6) 8,023 (4.8) Paid losses 5,611 5,890 (4.7) 5, Change in net loss reserves (663) (339) NM 2,733 NM Less foreign exchange effect (511) (236) NM 398 NM Claims and claims adjustment expenses incurred (1) (2) (3) 5,459 5,787 (5.7) 7,936 (31.2) Change in deferred acquisition costs (18) 5 NM 295 NM Other underwriting expenses 2,392 2, ,396 (0.2) Underwriting profit (loss) (192) 275 NM (2,604) NM Net investment income Interest and dividends (10.2) 901 (6.2) Partnership income 147 (398) NM Mutual funds (1) (34) NM 51 NM Other investment income (4) (47.5) Investment expense 27 (112) NM (305) NM Total 1, Operating income (loss) before net realized capital gains (losses) (1,749) NM Net realized capital gains (losses) 137 (608) NM 151 (9.3) Pre-tax income (loss) $ 1,016 $ 102 NM % $ (1,598) NM % Net loss and loss expense reserve (at period end) $ 64,294 $ 59,718 $ 63,446 - % Underwriting ratios: Loss ratio (2) Expense ratio Combined ratio Combined ratio excluding significant current year catastrophe-related losses Foreign exchange effect on worldwide growth: Net premiums written Growth in original currency (5) (3.8) % Foreign exchange effect 2.7 Growth as reported in U.S. $ (1.1) % (See Accompanying Notes on Page 17) 12

15 AIG Commercial Insurance Operating Statistics (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Net premiums written $ 3,787 $ 4,184 (9.5) % $ 4,219 (10.2) % Net premiums earned 4,562 5,227 (12.7) 4,796 (4.9) Claims and claims adjustment expenses incurred (1)(3) 3,474 4,094 (15.1) 5,822 (40.3) Change in deferred acquisition costs (0.8) 171 (24.6) Other underwriting expenses 1,070 1, , Underwriting loss (111) (21) NM (2,248) NM Net investment income Interest and dividends (2.5) 660 (0.9) Partnership income 142 (321) NM 191 (25.7) Mutual funds 1 (12) NM 10 (90.0) Other investment income (4) (43.1) Investment expense (15) (78) (80.8) (14) 7.1 Total (11.7) Operating income (loss) before net realized capital gains (losses) (1,292) NM Net realized capital gains (losses) (3) (503) NM (104) NM Pre-tax income (loss) $ 730 $ (224) NM% $ (1,396) NM% Underwriting ratios: Loss ratio Expense ratio Combined ratio Combined ratio excluding significant current year catastrophe-related losses (See Accompanying Notes on Page 17) 13

16 AIG Commercial Insurance March 31, 2010 Gross Premiums Written by Line of Business Multinational P&C 6.8% Management / Professional Liability 7.6% Aviation 1.5% Programs 5.8% A&H Products 8.1% Environmental 2.5% All Other * 14.1% Commercial Umbrella / Excess 7.6% Property 16.8% General Liability / Auto Liability 15.6% Workers Compensation 13.6% Gross Premiums Written $4.8 billion * All Other includes $273 million (5.7%) from the Private Client Group 14

17 Foreign General Insurance Operating Statistics (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Net premiums written $ 3,857 $ 3, % $ 2, % Net premiums earned 3,079 3, ,227 (4.6) Claims and claims adjustment expenses incurred (1) (2) 1,985 1, ,114 (6.1) Change in deferred acquisition costs (147) (125) NM 124 NM Other underwriting expenses 1,322 1, ,345 (1.7) Underwriting profit (loss) (81) 296 NM (356) NM Net investment income Interest and dividends (29.3) 241 (20.7) Partnership income 5 (77) NM (84) NM Mutual funds (2) (22) NM 41 NM Other investment income (4) (9) (2) NM (8) NM Investment expense 42 (34) NM (291) NM Total (101) NM Operating (loss) income before net realized capital gains (losses) (66.1) (457) NM Net realized capital gains (losses) 140 (105) NM 255 (45.1) Pre-tax income (loss) (6) $ 286 $ 326 (12.3) % $ (202) NM % Underwriting ratios: Loss ratio (2) Expense ratio Combined ratio Combined ratio excluding significant current year catastrophe-related losses Foreign exchange effect on Foreign General's growth: Net premiums written Growth in original currency (5) 2.9 % Foreign exchange effect 6.0 Growth as reported in U.S. $ 8.9 % (See Accompanying Notes on Page 17) 15

18 Foreign General Insurance Gross Premiums Written March 31, 2010 Gross Premiums Written by Line of Business Gross Premiums Written by Region Accident & Health 14.9% Other / Service Business Personal Lines 9.1% 8.7% Aviation 2.8% Marine and Energy 25.6% U.K. / Ireland 35.9% Africa / Middle East / Mediterranean / South Asia 3.0% Asia / Australasia 6.9% Lloyd's 4.5% Property 5.5% Americas 12.2% Europe 28.8% Specialty Lines 16.2% Casualty 12.7% Far East 13.2% Gross Premiums Written $6.8 billion 16

19 General Insurance Notes (1) Includes significant current year catastrophe-related losses and net reinstatement premiums as follows: March 31, March 31, Dec. 31, (in millions) AIG Commercial Insurance $ 177 $ - $ (2) Foreign General Insurance Total $ 481 $ - $ (2) (2) Total General Insurance and Foreign General Insurance include changes in future policy benefits for certain accident and health insurance contracts. (3) Commercial Insurance operations include a $2.3 billion reserve strengthening charge in the three months ended December 31, (4) Other investment income is comprised principally of real estate income, changes in market value associated with trading portfolios and income (loss) from equity method investments. (5) Computed using a constant exchange rate for each period. (6) Income statement accounts expressed in non-functional currencies are translated into U.S. dollars using average exchange rates. 17

20 Domestic Life Insurance & Retirement Services Operating Statistics (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Premiums, deposits and other considerations (1) $ 4,737 $ 5,064 (6.5) % $ 5,275 (10.2) % Revenues: Premiums and other considerations $ 667 $ 780 (14.5) % $ % Fee Income (1.8) 655 (1.1) Net investment income: Interest and dividends 2,476 2, , Partnership income (loss) 235 (373) NM 338 (30.5) Other (11.6) 49 (22.4) Investment expenses (42) (33) NM (77) NM Total net investment income 2,707 1, , Total revenues excluding net realized capital gains (losses) 4,022 3, , Benefits and expenses: Policyholder benefits and claims incurred 2,203 2,646 (16.7) 2, Policy acquisition and other insurance expenses 700 1,233 (43.2) 702 (0.3) Total benefits and expenses 2,903 3,879 (25.2) 2, Operating income (loss) excluding net realized capital gains (losses) and related amortization of acquisition costs, VOBA and sales inducements 1,119 (509) NM 1, Amortization (benefit) of deferred acquisition costs, VOBA and sales inducements related to net realized capital gains (losses) (4) (349) NM 52 NM Operating income before net realized capital gains (losses) 1,123 (160) NM 1, Net realized capital losses (796) (1,667) NM (364) NM Pre-tax income (loss) $ 327 $ (1,827) NM % $ 670 (51.2) % Assets under management: Cash and investments $ 169,383 $ 153, $ 166, % Separate account reserves 51,948 39, , Group retirement mutual funds 8,249 5, ,075 (2.2) Retail mutual funds 5,951 5, ,879 (0.1) Total assets under management $ 235,531 $ 203, $ 230, % (1) Divested operations included in all lines except Premiums, deposits and other considerations. 18

21 Domestic Life Insurance Operating Statistics (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Premiums, deposits and other considerations (1) (2) $ 1,323 $ 1,470 (10.0)% $ 1, % Revenues: Premiums and other considerations $ 667 $ 689 (3.2)% $ % Fee income (7.2) 375 (0.5) Net investment income Interest and dividends (3) 1, Partnership income (loss) 20 (121) NM 49 (59.2) Other (31.7) Investment expenses (19) (18) NM (25) NM Total net investment income 1, ,044 (1.0) Total revenues excluding net realized capital gains (losses) 2,074 1, , Benefits and expenses: Policyholder benefits and claims incurred 1,320 1, , Policy acquisition and other insurance expenses (14.5) 407 (4.4) Total benefits and expenses 1,709 1,750 (2.3) 1, Operating income excluding net realized capital gains (losses) and related amortization of acquisition costs, VOBA and sales inducements and divested operations (7.6) Amortization (benefit) of deferred acquisition costs, VOBA and sales inducements related to net realized capital gains (losses) (2) (25) NM (2) NM Operating income before net realized capital gains (losses) and divested operations (7.6) Net realized capital gains (losses) (140) (460) NM 20 NM Divested operations - (9) NM - NM Pre-tax income (loss) $ 227 $ (298) NM % $ 417 (45.6) Assets under management (2): Cash and investments $ 61,799 $ 52, % $ 60, % Separate account reserves 5,309 5, ,393 (1.6) Total assets under management $ 67,108 $ 57, % $ 65, % (See Accompanying Notes on Page 23) 19

22 Domestic Life Insurance Sales and Deposits (2) (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Life insurance Periodic premium by product: Universal life $ 9 $ 14 (35.7)% $ 14 (35.7)% Variable universal life - 7 NM 9 NM Term life (30.4) Whole life/other 1 - NM - NM Total periodic premiums by product (40.9) 38 (31.6) Group life/health (35.3) Unscheduled and single deposits (54.5) Total life insurance (4) (43.2) Career distribution (AGLA) By product: Periodic life insurance premiums (5.0) Unscheduled and single deposits Accident and health insurance Fixed annuities (69.6) 19 (10.5) Total career distribution (AGLA) (4) (44.2) 46 (6.5) Payout annuities (4) (5) Individual fixed and runoff annuities (4) (17.4) 175 (8.0) Total sales and deposits $ 484 $ 525 (7.8)% $ % (See Accompanying Notes on Page 23) 20

23 Domestic Life Insurance Other Data (2) (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Premiums, deposits and other considerations (1) (2): Life insurance $ 732 $ 853 (14.2) % $ % Career distribution (AGLA) (23.9) Payout annuities Individual fixed and runoff Annuities (17.4) 175 (8.0) Total premiums, deposits and other considerations 1,323 1,470 (10.0) 1, Insurance reserves: Life insurance 24,551 24, ,548 - Career distribution (AGLA) 7,557 7, , Payout annuities 17,444 17, , Individual fixed and runoff annuities 7,442 7, , Total insurance reserves 56,994 56, , Insurance reserves: General account 51,685 51, , Separate accounts 5,309 5, ,393 (1.6) Total insurance reserves 56,994 56, , Gross life insurance in force (at period end): Life insurance 847, ,116 (5.7) 863,082 (1.8) Career distribution (AGLA) 67,346 65, , Gross life insurance in force (at period end) 915, ,885 (5.2) 929,908 (1.6) Components of Net Investment Income: Base investment income (3.5) Partnership income (loss) 20 (121) NM 49 (59.2) Other enhancements 102 (19) NM Total net investment income $ 1,034 $ % $ 1,044 (1.0) % (See Accompanying Notes on Page 23) 21

24 Domestic Life Insurance Deferred Policy Acquisition Costs, Sales Inducements and Value of Business Acquired (dollars in millions) March 31, March 31, % Inc. Dec. 31, % Inc (Dec.) 2009 (Dec.) Life insurance Balance at beginning of period $ 4,145 $ 5,047 (17.9) % $ 4,184 (0.9) % Acquisition costs deferred (31.9) 69 (10.1) Amortization (charged) or credited to operating income: Related to net realized capital gains (losses) (1) 20 NM (1) NM Related to unlocking future assumptions - - NM (1) NM All other amortization (102) (126) NM (101) NM Change in unrealized gains (losses) on securities (55) (44) NM (4) NM Other - - NM (1) NM Divested operations - (12) NM - NM Balance at end of period 4,049 4,976 (18.6) 4,145 (2.3) Career distribution (AGLA) Balance at beginning of period 1,420 1,694 (16.2) 1, Acquisition costs deferred (2.8) 40 (12.5) Amortization (charged) or credited to operating income: Related to net realized capital gains (losses) - 8 NM (1) NM Related to unlocking future assumptions - - NM (18) NM All other amortization (45) (48) NM (46) NM Change in unrealized gains (losses) on securities (34) 37 NM 27 NM Other - - NM (1) NM Balance at end of period 1,376 1,727 (20.3) 1,420 (3.1) Payout annuities Balance at beginning of period 84 $ 86 (2.3) 85 (1.2) Acquisition costs deferred Amortization (charged) or credited to operating income: All other amortization (2) (2) NM (2) NM Balance at end of period (1.2) 84 - Individual fixed and runoff annuities Balance at beginning of period (9.7) 435 (1.4) Acquisition costs deferred Amortization (charged) or credited to operating income: Related to net realized capital gains (losses) 3 (3) NM 4 (25.0) Related to unlocking future assumptions - (2) NM 1 NM All other amortization (11) (15) NM (8) NM Change in unrealized gains (losses) on securities (51) 1 NM (15) NM Other - (2) NM - NM Balance at end of period (17.9) 429 (10.5) Total Balance at beginning of period 6,078 7,302 (16.8) 6,123 (0.7) Acquisition costs deferred (20.4) 122 (7.4) Amortization (charged) or credited to operating income: Related to net realized capital gains (losses) 2 25 (92.0) 2 - Related to unlocking future assumptions - (2) NM (18) NM All other amortization (160) (191) NM (157) NM Change in unrealized gains (losses) on securities (140) (6) NM 8 NM Other - (2) NM (2) NM Divested operations - (12) NM - NM Balance at end of period $ 5,893 $ 7,256 (18.8) % $ 6,078 (3.0) % (See Accompanying Notes on Page 23) 22

25 Domestic Life Insurance Notes (1) Premiums, deposits and other considerations represent aggregate business activity presented on a non-gaap basis. The Domestic Life Insurance PDOC amounts presented for payout annuities have been revised in the first quarter of 2010 to better align with how management views the business. Prior periods have been revised to conform with the current period presentation. (2) Data presented excludes divested operations. (3) Interest and dividends include gains (losses) related to AIG s economic retained interest in Maiden Lane II as follows: March 31, March 31, December 31, (in millions) Maiden Lane II: Fair value gain (loss) $ 48 $ (81) $ 21 Capitalized interest Total ML II income (loss) included in interest and dividends $ 51 $ (78) $ 23 (4) Life insurance sales include periodic premium from new business expected to be collected over a one-year period and unscheduled and single premiums from new and existing policyholders. Sales of group accident and health insurance represent annualized first year premium from new policies. Annuity sales represent deposits from new and existing policyholders. (5) Includes structured settlements, single premium immediate annuities and terminal funding annuities. 23

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