Annual Report — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K American International Group, Inc. 112± 514K
2: EX-11 Statement Re Computation of Per Share Earnings 1 9K
3: EX-12 Statements Re Computation of Ratios 1 9K
4: EX-21 Subsidiaries of the Registrant 3 22K
5: EX-23 Consent of Coopers & Lybrand 1 7K
6: EX-99 Undertakings by the Registrant 10 80K
EX-99 — Undertakings by the Registrant
| EX-99 | 1st Page of 10 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
|---|
EXHIBIT 99
UNDERTAKINGS
(a) The undersigned registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a) (3)
of the Securities Act of 1933 unless the information required to be
included in such post-effective amendment is contained in a periodic
report filed by registrant pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 and incorporated herein by
reference,
(ii) to reflect in the prospectus any facts or events
arising after the effective date of this Registration Statement (or
the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in
the information set forth in this Registration Statement unless the
information required to be included in such post-effective amendment
is contained in a periodic report filed by the registrant pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 and
incorporated herein by reference, and
(iii) to include any material information with respect to the
plan of distribution not previously disclosed in this Registration
Statement or any material change to such information in this
Registration Statement;
(2) that, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment that is incorporated by
reference in this Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof;
(3) to remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering; and
(4) that, for purposes of determining any liability under the Securities Act
of 1933, each filing of the registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(b) The undersigned registrant hereby undertakes to deliver or cause to be
delivered with the prospectus to each employee to whom the prospectus is sent
or given, a copy of the registrant's annual report to shareholders for its last
fiscal year, unless such employee otherwise has received a copy of such report
in which case the registrant shall state in the prospectus that it will
promptly furnish, without charge, a copy of such report on written request of
the employee. If the last fiscal year of the registrant has ended within 120
days prior to the use of the prospectus, the annual report of the registrant
for the preceding fiscal year may be so delivered, but within such 120-day
period the annual report for the last fiscal year will be furnished to each
such employee.
(c) The undersigned registrant hereby undertakes to transmit or cause to be
transmitted to all employees participating in the plan, who do not otherwise
receive such material as shareholders of the registrant, at the time and in the
manner such material is sent to its shareholders, copies of all reports, proxy
statements and other communications distributed to its shareholders generally.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
II-12
SCHEDULE I
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
SUMMARY OF INVESTMENTS--OTHER THAN INVESTMENTS IN RELATED PARTIES
AS OF DECEMBER 31, 1993
[Enlarge/Download Table]
(in thousands)
---------------------------------------------------------------------------------------------------------------------------------
AMOUNT AT
WHICH SHOWN
IN THE
BALANCE
TYPE OF INVESTMENT COST VALUE SHEET
=================================================================================================================================
Fixed maturities:
Bonds:
United States Government and government agencies
and authorities $ 1,225,346 $ 1,295,583 $ 1,294,864
States, municipalities and political subdivisions 14,247,986 15,454,522 14,370,853
Foreign governments 4,466,167 4,697,867 4,697,867
Public utilities 2,010,793 2,187,542 2,187,497
All other corporate 7,150,869 7,516,062 7,515,865
---------------------------------------------------------------------------------------------------------------------------------
Total bonds 29,101,161 31,151,576 30,066,946
Preferred stocks 17,428 17,993 17,428
---------------------------------------------------------------------------------------------------------------------------------
Total fixed maturities 29,118,589 31,169,569 30,084,374
---------------------------------------------------------------------------------------------------------------------------------
Equity securities:
Common stocks:
Public utilities 78,950 99,996 99,996
Banks, trust and insurance companies 378,353 521,680 521,680
Industrial, miscellaneous and all other 3,262,720 3,742,734 3,742,734
---------------------------------------------------------------------------------------------------------------------------------
Total common stocks 3,720,023 4,364,410 4,364,410
Non-redeemable preferred stocks 108,222 123,837 123,837
---------------------------------------------------------------------------------------------------------------------------------
Total equity securities 3,828,245 4,488,247 4,488,247
---------------------------------------------------------------------------------------------------------------------------------
Mortgage loans on real estate, policy and collateral loans 3,576,516 3,576,516
Financial services assets:
Flight equipment primarily under operating leases, net of
accumulated depreciation 8,555,356 8,555,356
Securities available for sale, at market value 4,971,815 4,991,105 4,991,105
Trading securities, at market value 2,516,166 2,516,166
Spot commodities, at market value 764,215 764,215
Net unrealized gain on interest rate and currency swaps,
options and forward transactions 640,120 640,120
Receivables from securities brokers and dealers 1,328,391 1,328,391
Securities purchased under agreements to resell, at contract value 2,737,507 2,737,507
Other invested assets 1,265,056 1,265,056
Short-term investments, at cost which approximates market value 5,072,893 5,072,893
---------------------------------------------------------------------------------------------------------------------------------
Total investments $60,454,368 $66,019,946
=================================================================================================================================
S-1
SCHEDULE II
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
AMOUNTS RECEIVABLE FROM RELATED PARTIES AND UNDERWRITERS, PROMOTERS
AND EMPLOYEES OTHER THAN RELATED PARTIES
YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
[Enlarge/Download Table]
1993 1992
----------------------------------------------- -----------------------------------------------------
PRINCIPAL BALANCE Principal Balance
NAME OF BALANCE AMOUNT DECEM- Balance Amount Decem-
DEBTOR* JANUARY 1 ADDITIONS COLLECTED BER 31 January 1 Additions Collected ber 31
==============================================================================================================================
J. Smith $ -- -- -- -- $110,774 -- $110,774 --
W. Dolphin $210,000 -- -- $210,000 $210,000 -- -- $210,000
A.H. Francis $ -- -- -- -- -- -- -- --
R. Hirst $ -- -- -- -- -- -- -- --
R. Hirst $ -- -- -- -- $294,320 -- $294,320 --
J. Made $121,647 -- $ 3,756 $117,891 -- $125,000 $ 3,353 $121,647
[Enlarge/Download Table]
1991
--------------------------------------------------
Principal Balance
Name of Balance Amount Decem-
Debtor* January 1 Additions Collected ber 31 Notes
==============================================================================================================================
J. Smith $112,752 -- $ 1,978 $110,774 Due Date: June 1, 2010
Interest: 10%
Repayment
Terms: $13,164 per
Annum including interest
Collateral: Residential property
W. Dolphin $210,000 -- -- $210,000 Due Date: Upon sale of property
Interest: 1% plus N.Y. Prime
Repayment
Terms: Due upon sale of property
Collateral: Residential property
A.H. Francis $128,322 -- $128,322 -- Due Date: August 25, 2009
Interest: 8%
Repayment
Terms: $13,967 per
annum including interest
Collateral: Residential property and
life insurance policy
R. Hirst $127,902 -- $127,902 -- Due Date: January 25, 1992
Interest: 7.8%
Repayment
Terms: Interest payable monthly
and at maturity
Collateral: Rental deposit
R. Hirst $294,320 -- -- $294,320 Due Date: May 11, 1995
Interest: 7.6%
Repayment
Terms: Interest payable
semi-annually
Collateral: None
J. Made -- -- -- -- Due Date: November 30, 2006
Interest: 12%
Repayment
Terms: Interest and principal
payable monthly
Collateral: Residential property
S-2
SCHEDULE II
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
AMOUNTS RECEIVABLE FROM RELATED PARTIES AND UNDERWRITERS, PROMOTERS
AND EMPLOYEES OTHER THAN RELATED PARTIES--(Continued)
YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
[Enlarge/Download Table]
1993 1992
------------------------------------------------ ---------------------------------------------------
PRINCIPAL BALANCE Principal Balance
NAME OF BALANCE AMOUNT DECEM- Balance Amount Decem-
DEBTOR* JANUARY 1 ADDITIONS COLLECTED BER 31 January 1 Additions Collected ber 31
==============================================================================================================================
D. Hupp $ -- $ 150,000 -- $150,000 -- -- -- --
G. Davis $ -- -- -- -- $ 622,500 -- $622,500 --
J. Littman $ 200,000 -- $ 200,000 -- -- $ 200,000 -- $200,000
A. Kamha $ 209,602 -- $ 9,682 $199,920 $ 248,129 -- $ 38,527 $209,602
R. Rubin $ -- -- -- -- $1,181,667 -- $1,181,667 --
E. Nakamura $ 320,126 -- $ 15,947 $304,179 $ 333,297 -- $ 13,171 $320,126
[Enlarge/Download Table]
1991
----------------------------------------------------
Principal Balance
Name of Balance Amount Decem-
Debtor* January 1 Additions Collected ber 31 Notes
==============================================================================================================================
D. Hupp -- -- -- -- Due Date: July 1, 2003
Interest: 1 year Treasury plus 15 basis points
Repayment
Terms: Payable in full on due date
Collateral: Residential property
G. Davis $1,500,000 $ 100,000 $ 977,500 $ 622,500 Due Date: March 16, 1995
Interest: LIBOR
Repayment
Terms: Interest payable quarterly
Collateral: AIG Trading Group Inc.
preferred stock and one
half of incentive
compensation
J. Littman -- -- -- -- Due Date: December 31, 1994
Interest: LIBOR
Repayment
Terms: Interest payable quarterly
Collateral: AIG Trading Group Inc.
preferred stock and one
half of incentive
compensation
A. Kamha $ 73,612 $ 176,513 $ 1,996 $ 248,129 Due Date: October 8, 2011
Interest: 6% and 8%
Repayment
Terms: Loan 1-$6,423 per Annum
Loan 2-$15,175 per Annum
Collateral: Residential property
and life insurance policy
R. Rubin $ 83,267 $ 1,766,667 $ 668,267 $ 1,181,667 Due Date: December 31, 1992
Interest: LIBOR reset quarterly
Repayment
Terms: Payable in full on due date
Collateral: None
E. Nakamura $ 346,412 -- $ 13,115 $ 333,297 Due Date: March 25, 2009
Interest: 4%
Repayment
Terms: Interest and principal
payable monthly
Collateral: Building and land
==============================================================================================================================
Not included in the schedule above are collateralized loans for the purchase
of personal residences provided in the ordinary course of business to
employees.
* All debtors listed above are employees of AIG.
S-3
SCHEDULE III
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEET--PARENT COMPANY ONLY
[Enlarge/Download Table]
(in thousands)
---------------------------------------------------------------------------------------------------------------------------------
December 31, 1993 1992
=================================================================================================================================
ASSETS:
Cash $ 607 $ 763
Short-term investments 2,762 114,209
Invested assets 220,819 135,709
Carrying value of subsidiaries and partially-owned companies, at equity 15,754,002 13,570,242
Due from affiliates - net 25,898 --
Premiums and insurance balances receivable-net 60,340 91,588
Other assets 228,473 148,725
---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $16,292,901 $14,061,236
=================================================================================================================================
LIABILITIES:
Insurance balances payable $ 129,151 $ 143,460
Due to affiliates-net -- 514,519
Medium term notes payable 295,000 237,000
Zero coupon notes 59,116 53,117
Italian Lire bonds 159,067 159,067
Other liabilities 426,372 171,921
---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,068,706 1,279,084
=================================================================================================================================
CAPITAL FUNDS:
Preferred stock -- 8
Common stock 843,477 562,324
Additional paid-in capital 572,142 1,014,947
Unrealized appreciation of investments, net of taxes 922,646 129,816
Cumulative translation adjustments, net of taxes (348,186) (333,882)
Retained earnings 13,301,529 11,486,615
Treasury stock (67,413) (77,676)
---------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITAL FUNDS 15,224,195 12,782,152
---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND CAPITAL FUNDS $16,292,901 $14,061,236
=================================================================================================================================
STATEMENT OF INCOME--PARENT COMPANY ONLY
[Enlarge/Download Table]
(in thousands)
---------------------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31, 1993 1992 1991
=================================================================================================================================
Agency income $ 2,027 $ 5,716 $ 1,500
Dividend income from consolidated subsidiaries:
Cash 907,432 528,807 380,421
Other -- 107,941 1,018
Dividend income from partially-owned companies 744 591 438
Equity in undistributed net income of consolidated subsidiaries
and partially-owned companies 1,201,155 1,036,038 1,309,699
Other income (deductions)-net (50,683) 148,445 17,594
---------------------------------------------------------------------------------------------------------------------------------
Income before income taxes and cumulative effect of accounting changes 2,060,675 1,827,538 1,710,670
Income taxes 121,902 168,374 157,661
---------------------------------------------------------------------------------------------------------------------------------
Income before cumulative effect of accounting changes 1,938,773 1,659,164 1,553,009
Cumulative effect of accounting changes, net of tax -- (2,208) --
---------------------------------------------------------------------------------------------------------------------------------
Net income $1,938,773 $1,656,956 $ 1,553,009
=================================================================================================================================
S-4
SCHEDULE III
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT--(CONTINUED)
STATEMENT OF CASH FLOWS--PARENT COMPANY ONLY
[Enlarge/Download Table]
(in thousands)
---------------------------------------------------------------------------------------------------------------------------------
YEARS ENDED DECEMBER 31, 1993 1992 1991
=================================================================================================================================
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $1,938,773 $1,656,956 $ 1,553,009
---------------------------------------------------------------------------------------------------------------------------------
Adjustments to reconcile net income to net cash provided
by operating activities:
Non-cash revenues, expenses, gains and losses included in income:
Equity in undistributed net income of consolidated subsidiaries and
partially-owned companies (1,201,155) (1,036,038) (1,309,699)
Cumulative effect of accounting changes -- 2,208 --
Non-cash dividends from subsidiaries -- (107,941) (1,018)
Change in premiums and insurance balances receivable and payable-net 16,939 23,905 (4,002)
Change in cumulative translation adjustments (7,088) (2,319) (9,623)
Other-net 13,657 208,449 103,771
---------------------------------------------------------------------------------------------------------------------------------
Total adjustments (1,177,647) (911,736) (1,220,571)
---------------------------------------------------------------------------------------------------------------------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 761,126 745,220 332,438
---------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of investments sold or matured -- 11,035 26,936
Purchase of investments (35,226) (27,220) (276)
Change in short-term investments 111,447 (42,322) (63,575)
Change in collateral and guaranteed loans (2,500) (14,500) --
Contributions to subsidiaries and investments in partially-owned companies (237,899) (183,949) (150,618)
Other-net (3,796) (4,539) (10,092)
---------------------------------------------------------------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES (167,974) (261,495) (197,625)
---------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in medium term notes 58,000 (169,500) 306,300
Proceeds from common stock issued 13,280 13,272 11,691
Change in loans payable (377,581) (128,782) (489,957)
Issuance of Italian Lire bonds -- -- 159,067
Liquidation of zero coupon notes payable -- (4,647) --
Cash dividends to shareholders (123,859) (116,676) (107,017)
Acquisition of treasury stock (13,148) (82,096) (12,675)
Redemption of preferred stock (150,000) -- --
Other-net -- -- 54
---------------------------------------------------------------------------------------------------------------------------------
NET CASH USED IN FINANCING ACTIVITIES (593,308) (488,429) (132,537)
---------------------------------------------------------------------------------------------------------------------------------
CHANGE IN CASH (156) (4,704) 2,276
CASH AT BEGINNING OF YEAR 763 5,467 3,191
---------------------------------------------------------------------------------------------------------------------------------
CASH AT END OF YEAR $ 607 $ 763 $ 5,467
=================================================================================================================================
NOTES TO FINANCIAL STATEMENTS--PARENT COMPANY ONLY
(1) Agency operations conducted in New York through the North American Division
of AIU are included in the financial statements of the parent company.
(2) Certain accounts have been reclassified in the 1992 and 1991 financial
statements to conform to their 1993 presentation.
(3) Other income (deductions)-net includes fees received from consolidated
financial services subsidiaries.
(4) "Equity in undistributed net income of consolidated subsidiaries and
partially-owned companies" in the accompanying Statement of Income-Parent
Company Only-includes equity in the cumulative effect of accounting
changes, net of tax of the minority-owned reinsurance operations.
(5) See also Notes to Consolidated Financial Statements.
S-5
SCHEDULE V
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTARY INSURANCE INFORMATION
AS OF DECEMBER 31, 1993, 1992 AND 1991 AND FOR THE YEARS THEN ENDED
[Enlarge/Download Table]
(in thousands)
-------------------------------------------------------------------------------------------------------
RESERVES FOR
LOSSES AND
DEFERRED LOSS RESERVE POLICY
POLICY EXPENSES, FOR AND
ACQUISITION FUTURE POLICY UNEARNED CONTRACT PREMIUM
SEGMENT COSTS BENEFITS PREMIUMS CLAIMS(a) REVENUE
=======================================================================================================
1993
GENERAL INSURANCE $ 1,009,545 $30,046,172 $5,515,670 $ -- $ 9,566,640
LIFE INSURANCE 3,239,864 14,638,382 -- 406,516 5,746,046
-------------------------------------------------------------------------------------------------------
$ 4,249,409 $44,684,554 $5,515,670 $ 406,516 $15,312,686
=======================================================================================================
1992
General Insurance $ 880,257 $28,156,767 $4,956,727 $ -- $ 9,209,390
Life Insurance 2,777,561 11,804,484 -- 321,077 4,853,087
-------------------------------------------------------------------------------------------------------
$ 3,657,818 $39,961,251 $4,956,727 $ 321,077 $14,062,477
=======================================================================================================
1991
General Insurance $ 872,012 $15,839,878 $3,822,079 $ -- $ 9,104,632
Life Insurance 2,370,664 9,772,268 -- 281,742 4,059,354
-------------------------------------------------------------------------------------------------------
$ 3,242,676 $25,612,146 $3,822,079 $ 281,742 $13,163,986
=======================================================================================================
[Enlarge/Download Table]
(in thousands)
------------------------------------------------------------------------------------------------------
LOSSES AND AMORTIZATION
LOSS OF DEFERRED
NET EXPENSES POLICY OTHER NET
INVESTMENT INCURRED, ACQUISITION OPERATING PREMIUMS
SEGMENT INCOME BENEFITS COSTS(b) EXPENSES WRITTEN
======================================================================================================
1993
GENERAL INSURANCE $1,340,480 $ 7,576,016 $ 839,167 $1,141,066 $10,025,903
LIFE INSURANCE 1,499,714 4,891,357 469,310 1,158,058 --
------------------------------------------------------------------------------------------------------
$2,840,194 $12,467,373 $1,308,477 $2,299,124 $10,025,903
======================================================================================================
1992
General Insurance $1,252,086 $ 7,503,504 $ 838,976 $1,061,994 $ 9,138,528
Life Insurance 1,313,838 4,123,876 394,875 1,023,978 --
------------------------------------------------------------------------------------------------------
$2,565,924 $11,627,380 $1,233,851 $2,085,972 $ 9,138,528
======================================================================================================
1991
General Insurance $1,163,461 $ 7,186,548 $ 788,271 $1,134,622 $ 9,146,394
Life Insurance 1,139,793 3,493,188 333,056 834,283 --
------------------------------------------------------------------------------------------------------
$2,303,254 $10,679,736 $1,121,327 $1,968,905 $ 9,146,394
======================================================================================================
(a) Reflected in insurance balances payable on the accompanying balance sheet.
(b) Amounts shown for general insurance segment exclude amounts deferred and
amortized in the same period.
S-6
SCHEDULE VI
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
REINSURANCE
AS OF DECEMBER 31, 1993, 1992 AND 1991 AND FOR THE YEARS THEN ENDED
[Enlarge/Download Table]
(dollars in thousands)
-----------------------------------------------------------------------------------------------------------------
PERCENT OF
CEDED ASSUMED AMOUNT
TO OTHER FROM OTHER NET ASSUMED
GROSS AMOUNT COMPANIES COMPANIES AMOUNT TO NET
=================================================================================================================
1993
Life insurance in-force $257,162,102 $13,006,029 $1,287,379 $ 245,443,452 0 .5%
=================================================================================================================
Premiums:
General insurance $ 13,633,638 $ 4,875,352 $1,267,617 $ 10,025,903 12.6%
Life insurance 5,914,007 178,511 10,550 5,746,046 0 .2
-----------------------------------------------------------------------------------------------------------------
Total premiums $ 19,547,645 $ 5,053,863 $1,278,167 $ 15,771,949 8 .1%
=================================================================================================================
1992
Life insurance in-force $210,605,862 $11,344,069 $3,670,939 $ 202,932,732 1 .8%
=================================================================================================================
Premiums:
General insurance $ 12,797,504 $ 4,477,187 $ 818,211 $ 9,138,528 9 .0%
Life insurance 5,013,447 170,447 10,087 4,853,087 0 .2
-----------------------------------------------------------------------------------------------------------------
Total premiums $ 17,810,951 $ 4,647,634 $ 828,298 $ 13,991,615 5 .9%
=================================================================================================================
1991
Life insurance in-force $193,226,288 $11,736,586 $3,523,203 $ 185,012,905 1 .9%
-----------------------------------------------------------------------------------------------------------------
Premiums:
General insurance $ 12,414,290 $ 4,189,854 $ 921,958 $ 9,146,394 10.1%
Life insurance 4,206,917 161,286 13,723 4,059,354 0 .3%
-----------------------------------------------------------------------------------------------------------------
Total premiums $ 16,621,207 $ 4,351,140 $ 935,681 $ 13,205,748 7 .1%
=================================================================================================================
S-7
SCHEDULE IX
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
SHORT-TERM BORROWINGS
AS OF DECEMBER 31,
[Enlarge/Download Table]
(dollars in thousands)
-----------------------------------------------------------------------------------------------------------------------------------
MAXIMUM AMOUNT AVERAGE AMOUNT WEIGHTED AVERAGE
BALANCE WEIGHTED OUTSTANDING OUTSTANDING INTEREST RATE
CATEGORY OF AGGREGATE AT END AVERAGE DURING THE DURING THE DURING THE
SHORT-TERM BORROWINGS OF PERIOD INTEREST RATE PERIOD PERIOD (a) PERIOD (b)
===================================================================================================================================
Commercial Paper
1993
A.I. Credit Corp. $ 638,214 3.3% $ 667,640 $ 594,018 3.2%
AIG Funding, Inc. 891,692 3.3 987,757 565,848 3.2
International Lease
Finance Corporation 1,442,413 3.3 1,491,364 1,184,988 3.3
AIG Financial
Products Corp. 176,566 6.4(d) 231,360 109,396 7.8
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,148,885 -- $3,378,121 $2,454,250 --
===================================================================================================================================
1992
A.I. Credit Corp. $ 514,321 3.4% $ 515,351 $ 430,492 3.8%
AIG Funding, Inc. 985,226 3.5 997,002 598,613 3.9
International Lease
Finance Corporation 942,809 3.5 1,189,764 987,901 3.9
AIG Financial
Products Corp. 182,953 8.5(d) 206,358 147,880 8.6
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,625,309 -- $2,908,475 $2,164,886 --
===================================================================================================================================
1991
A.I. Credit Corp. $ 376,684 5.4% $ 601,885 $ 475,460 6.4%
AIG Funding, Inc. 683,087 4.5 1,380,974 685,485 6.4
International Lease
Finance Corporation 709,446 5.3 797,747 666,511 6.2
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,769,217 -- $2,780,606 $1,827,456 --
===================================================================================================================================
Bank Loans(c)
1993
AIG Financial
Products Corp. $ -- --% $ 25,000 $ 208 3.0%
AIG Trading Group Inc. 117,900 3.4 298,000 62,549 3.5
AIG Funding, Inc. 50,000 3.2 66,000 1,797 3.2
-----------------------------------------------------------------------------------------------------------------------------------
$ 167,900 -- $ 389,000 $ 64,554 --
===================================================================================================================================
1992
AIG Trading Group Inc. $ 120,000 4.4% $ 171,800 $ 72,004 4.0%
International Lease
Finance Corporation -- -- 262,000 59,932 4.2
-----------------------------------------------------------------------------------------------------------------------------------
$ 120,000 -- $ 433,800 $ 131,936 --
===================================================================================================================================
1991
AIG Financial
Products Corp. $ -- -- % $ 100,000 $ 11,528 8.4%
AIG Trading Group Inc. 157,900 6.2 157,900 24,600 6.0
International Lease
Finance Corporation -- -- 663,000 335,633 7.0
-----------------------------------------------------------------------------------------------------------------------------------
$ 157,900 -- $ 920,900 $ 371,761 --
===================================================================================================================================
(a) Average daily balance.
(b) Total interest expense incurred over average amount outstanding during the
period.
(c) Short-term loans (included in loans and mortgages payable).
(d) Reflects the nominal rate available at December 31, 1993 and 1992.
Economically, this rate is reduced by various hedging transactions to an
effective rate approximating those presented above.
S-8
SCHEDULE X
AMERICAN INTERNATIONAL GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS
AS OF DECEMBER 31, 1993, 1992, 1991 AND FOR THE YEARS THEN ENDED
[Enlarge/Download Table]
(in thousands)
---------------------------------------------------------------------------------------------------------------------------------
DISCOUNT LOSSES AND LOSS
IF ANY, EXPENSES INCURRED
DEDUCTED FROM RELATED TO PAID
RESERVES FOR ---------------------- LOSSES
LOSSES AND CURRENT PRIOR AND LOSS
AFFILIATION WITH REGISTRANT LOSS EXPENSES YEAR YEARS EXPENSES
=================================================================================================================================
1993
AIG and consolidated subsidiaries $21,000 $7,530,700 $ 45,300 $6,775,800
1992
AIG and consolidated subsidiaries $21,000 $7,497,100 $ 6,400 $6,586,600
1991
AIG and consolidated subsidiaries $21,000 $7,263,600 $ (77,100) $6,045,800
=================================================================================================================================
Note: The ending reserves of 50% or less owned equity investees (minority-owned
companies) are less than 5% of the total reserves.
S-9
Dates Referenced Herein and Documents Incorporated by Reference
↑Top
Filing Submission 0000950123-94-000660 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Fri., Apr. 26, 11:32:26.1pm ET 
