American International Group Inc. P/C Subs Upgraded To 'A+', Life Insurance Subsidiaries Affirmed; Outlook Stable
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1 Research Update: American International Group Inc. P/C Subs Upgraded To 'A+', Life Insurance Subsidiaries Affirmed; Outlook Stable Primary Credit Analyst: John Iten, New York (1) ; Secondary Contacts: David M Zuber, New York (1) ; david_zuber@standardandpoors.com Patricia A Kwan, New York (1) ; patricia_kwan@standardandpoors.com Eric E Hedman, CFA, New York (1) ; eric_hedman@standardandpoors.com Table Of Contents Overview Rating Action Rationale Outlook Related Criteria And Research Ratings List MAY 6,
2 Research Update: American International Group Inc. P/C Subs Upgraded To 'A+', Life Insurance Subsidiaries Overview We are changing our assessment of the status of AIG's property/casualty and life insurance operations under our group rating methodology criteria to core from strategically important. We are raising our ratings on the AIG PC Group to 'A+' from 'A', affirming the 'A+' ratings on the AIG L&R Group, and assigning a stable outlook to these ratings. We are affirming the 'A-' long-term counterparty credit rating on AIG; the outlook on this rating is negative. Rating Action On May 6, 2013, Standard & Poor's Ratings Services raised its long-term counterparty credit and financial strength ratings on the property/casualty (P/C) operating subsidiaries of American International Group Inc. (AIG PC; formerly the Chartis Group) to 'A+' from 'A'. We also affirmed the 'A+' long-term counterparty credit and financial strength ratings on the life-insurance subsidiaries of AIG (collectively, AIG L&R; formerly the SunAmerica Financial Group). The outlook on both groups is stable. The 'A-' long-term counterparty credit rating on AIG is also affirmed and the outlook on this rating is negative. Rationale The change in our assessment of the group status of AIG PC and AIG L&R reflects the successful restructuring that AIG has undertaken during the past two years. AIG has sold nearly all of the businesses and assets that it had identified as noncore, using the proceeds to repay fully all the borrowings under the various credit and liquidity facilities extended by the Federal Reserve Bank of New York and the U.S. Treasury (UST) during the financial crisis that began in In addition, the company supported the UST's profitable sale of its 90% interest in the common stock of AIG by repurchasing a significant portion of this stock. The UST completed the sale of its equity interest in AIG in December 2012.AIG's aircraft leasing subsidiary-- International Lease Finance Corp. (ILFC)--is the only significant noncore asset remaining, and the company has an agreement to sell up to 90% of ILFC to an investor group. MAY 6,
3 We believe that management is committed to maintaining and enhancing AIG's competitive position in the global P/C and U.S. life businesses represented by the AIG PC and AIG L&R groups. As a result, we view these significant operations as core to AIG's group financial strength profile. Management is now focused on improving the operating results and credit profile of the ongoing operations. In November 2012, AIG announced that it would rebrand its P/C operations under the AIG name and phase out the Chartis brand created during the financial crisis. AIG has been streamlining the legal organizations of the life and P/C operations to reduce administrative and regulatory compliance costs and improve capital management. The company has been making significant investments in staff, systems, and underwriting tools to improve the profitability of its P/C operations to a level more consistent with its historical underwriting results. The holding company is utilizing some of the cash remaining from the sale of noncore operations to reduce the amount of debt and hybrid securities in its capital structure. Reducing interest expense while improving operating income from the P/C operations should help to improve AIG's fixed-charge coverage ratio to a level more consistent with the current rating and our expectations for the nonstandard notching embedded in the current rating. In March 2013 the company spent about $2.4 billion to redeem or tender for some of its hybrid securities. AIG PC reported full-year pretax operating income (PTOI) of $1.8 billion versus $1.2 billion in However, the combined ratio remained elevated at 108.6% versus 108.8% in The loss ratio actually fell by 4.4 points to 73.9%, but this was offset by a 4.2-point increase in the expense ratio, in part reflecting investments in IT, underwriting, and rebranding initiatives. AIG L&R's PTOI rose strongly to $4.2 billion in 2012 from $3.3 billion in A decline in base yield reflecting lower yields on new bond purchases was offset by lower interest crediting rates. The company also benefited from higher returns on alternative investments. Outlook The stable outlook for AIG PC and AIG L&R reflects our belief that the group will sustain its competitive position while AIG PC improves its operating results to a level more consistent with its peers', and AIG L&R continues to report strong operating performance. We expect consolidated capitalization to remain strong, supporting capital adequacy of the insurance companies at a level commensurate with the rating level and the capital requirements of the remaining noncore and runoff operations. We believe AIG's enterprise risk management should continue improving as the operating companies implement enhanced risk-management processes and fully integrate them throughout the AIG organization. In 2013, we believe AIG PC will report a combined ratio of around 103%, including our estimate for a catastrophe load of about 4% (average annual loss) and assuming minimal prior-year reserve development. This should MAY 6,
4 translate into pretax operating income (before net realized capital gains/losses) of $3.5 billion-$4 billion. We expect AIG L&R to continue its strong operating performance and to generate pretax operating income of about $4 billion, slightly less than in 2012 due to pressure on net investment income from low interest rates. We expect AIG to improve its adjusted financial leverage (excluding debt we view as operating leverage) to less than 20% from about 22% as of year-end 2012, and to improve fixed-charge coverage to around 5x in We expect coverage to continue to improve to 6-8x by 2014 from less than 3x in 2012, reflecting further improvement in earnings from its P/C operating units and lower interest expense as the company utilizes some of its excess capital to reduce its debt and/or hybrid obligations. If the company improves its coverage metric to this level we would expect to affirm the current rating with a stable outlook. However, we would likely lower the rating if the company's earnings and coverage do not improve to a level that we believe is consistent with the rating. We could lower our ratings on AIG, AIG PC, and AIG L&R if the group's performance were to fall short of our expectations, particularly with regard to earnings, capitalization, liquidity, leverage, or coverage. On the other hand, we could raise the ratings if the consolidated group were to improve its operating performance, particularly at AIG PC, to a level consistently better than the industry average while continuing to improve AIG's risk profile. Related Criteria And Research Interactive Ratings Methodology, April 22, 2009 Group Methodology, April 22, 2009 Ratings List Ratings Affirmed American International Group Inc. AIG Financial Products Corp. AIG Asia Pacific Insurance Pte. Ltd. ASEAN Regional Scale AIG Funding Inc. AIG Liquidity Corp. A-/Negative/A-2 axaaa/--/-- --/--/A-2 AIG Matched Funding Corp. MAY 6,
5 AIG Taiwan Insurance Co. Ltd. Greater China Regional Scale Financial Strength Rating A-/Negative/A-2 BBB+/Stable/-- cna+/--/-- BBB+/Stable/-- AIG-FP Matched Funding Corp. Banque AIG American General Assignment Services Trust SunAmerica Financial Group Inc. A-/Negative/-- American General Life Insurance Co. Variable Annuity Life Insurance Co. The United States Life Insurance Co. in the City of New York A+/Stable/-- Financial Strength Rating A+/Stable/-- American International Group Inc. Senior Unsecured A- Subordinated BBB+ Junior Subordinated BBB AIG Financial Products Corp. AIG Matched Funding Corp. AIG-FP Capital Funding Corp. AIG-FP Matched Funding (Ireland) PLC AIG-FP Matched Funding Corp. Banque AIG Stone Street Trust SunAmerica Financial Group Inc. Senior Unsecured A- AIG Funding Inc. Commercial Paper A-2 AIG SunAmerica Global Financing X ASIF II ASIF III (Jersey) Ltd. Senior Secured A+ American General Capital II American General Institutional Capital A MAY 6,
6 American General Institutional Capital B Preferred Stock BBB American General Life Insurance Co. Senior Secured A+ Senior Unsecured A+ Upgraded To From AIG Asia Pacific Insurance Pte. Ltd. New Hampshire Insurance Co. Thailand New Hampshire Insurance Co. Lexington Insurance Co. Insurance Co. of the State of Pennsylvania Illinois National Insurance Co. Granite State Insurance Co. Commerce & Industry Insurance Co. Chartis Specialty Insurance Co. Chartis Property Casualty Co. Chartis Casualty Co. American International Reinsurance Co. Ltd. American Home Assurance Co. AIU Insurance Co. AIG United Guaranty Insurance (Asia) Ltd. AIG Europe Ltd. AIG Australia Ltd. A+/Stable/-- A/Stable/-- AIG Asia Pacific Insurance Pte. Ltd. New Hampshire Insurance Co. Thailand New Hampshire Insurance Co. National Union Fire Insurance Co. of Pittsburgh, PA Lexington Insurance Co. Insurance Co. of the State of Pennsylvania Illinois National Insurance Co. Granite State Insurance Co. Commerce & Industry Insurance Co. Chartis Specialty Insurance Co. Chartis Property Casualty Co. Chartis Insurance Ireland Ltd. Chartis Insurance Company of Canada Chartis Excess Ltd. Chartis Europe (Netherlands) N.V. Chartis Casualty Co. American International Reinsurance Co. Ltd. American Home Assurance Co. Korea Branch American Home Assurance Co. AIU Insurance Co. AIG United Guaranty Insurance (Asia) Ltd. MAY 6,
7 AIG Insurance Hong Kong Ltd. AIG Europe Ltd. AIG Australia Ltd. Financial Strength Rating A+/Stable/-- A/Stable/-- AIG Insurance Hong Kong Ltd. A+/Stable/-- A/Stable/-- Greater China Regional Scale cnaaa/--/-- cnaa+/--/-- AIG Insurance New Zealand Ltd. AIG Korea Inc. A/Stable/-- A-/Stable/-- Financial Strength Rating A/Stable/-- A-/Stable/-- Chartis Specialty Insurance Co. Lexington Insurance Co. Financial Enhancement Rating A+/--/-- A/--/-- Upgraded; Short-Term Ratings Affirmed To From National Union Fire Insurance Co. of Pittsburgh, PA A+/Stable/A-1 A/Stable/A-1 Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. MAY 6,
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