RNS Number:1750R
American International Group Inc
7 February 2002
For information, please contact:
Charlene M. Hamrah (Investment Community)
(212)770-7074
Joe Norton (News Media)
(212)770-3144
AIG REPORTS FOURTH QUARTER 2001 NET INCOME OF $1.87 BILLION
NEW YORK, NY, February 7, 2002 - American International Group. Inc. (AIG) today
reported that its fourth quarter 2001 net income was $1.87 billion, compared to
$1.80 billion in the fourth quarter of 2000. Core income increased 10.3 percent
to $1.98 billion or $0.75 per share, compared to $1.79 billion or $0.68 per
share in the fourth quarter of 2000. These 2001 results include $0.03 per share
related to Enron surety losses and a provision for Northridge earthquake claims.
Following is a summary table of fourth quarter and full year information (in
millions, except per share amounts).
FOURTH QUARTER TWELVE MONTHS
2001 2000* Change 2001 2000* Change
Net income, as reported $1,865.9 $1,802.0 3.5 % $5,362.8 $6,638.9 (19.2)%
Core income** $1,978.4 $1,794.3 10.3 % $7,665.9 $6,785.8 13.0 %
PER SHARE RESULTS:
Net income, as reported $ 0.70 $ 0.68 2.9 % $ 2.02 $ 2.52 (19.8)%
Core income** $ 0.75 $ 0.68 10.3 % $ 2.89 $ 2.57 12.5 %
Average shares outstanding 2,645.4 2,638.6 2,649.9 2,637.8
* Restated to include American General Corporation acquired August 29, 2001.
** See explanation of core income on next page. Core income without the impact
of Enron surety losses and 21st Century earthquake losses, but including the
American General home services business amounts to $0.80 per share.
Core income is net income as reported adjusted to exclude the cumulative effect
of accounting changes (principally related to EITF 99-20, "Recognition of
Interest Income and Impairment on Purchased and Retained Beneficial Interests in
Securitized Financial Assets"), realized capital gains (losses), acquisition,
restructuring and related charges, World Trade Center and related losses and the
American General home services business, which is being managed as a closed
block. Core income includes AIG and Transatlantic Holdings, Inc. surety losses
related to Enron of $57.2 million ($0.02 per share) and a provision for
Northridge earthquake claims of $20.4 million ($0.01 per share).
The following table provides a reconciliation between net income as reported and
core income for the fourth quarter and full year 2001 compared to 2000:
FOURTH QUARTER
2001 2000*
Millions Per Share Millions Per Share
Net income, as reported $1,865.9 $0.70 $1,802.0 $0.68
Cumulative effect of accounting changes 0.0 0.00 0.0 0.00
Realized capital losses** 181.0 0.07 60.9 0.03
Acquisition and related charges 0.0 0.00 0.0 0.00
World Trade Center and related losses 0.0 0.00 0.0 0.00
Less:
Home services business, managed 68.5 0.02 68.6 0.03
as a closed block
Core income $1,978.4 $0.75*** $1,794.3 $0.68
TWELVE MONTHS
2001 2000*
Millions Per Share Millions Per Share
Net income, as reported $5,362.8 $2.02 $6,638.9 $2.52
Cumulative effect of accounting changes 136.2 0.05 0.0 0.00
Realized capital losses** 541.7 0.21 214.4 0.08
Acquisition and related charges 1,384.8 0.52 207.0 0.08
World Trade Center and related losses 533.0 0.20 0.0 0.00
Less:
Home services business, managed 292.6 0.11 274.5 0.11
as a closed block
Core income $7,665.9 $2.89 $6,785.8 $2.57
* Restated to include American General Corporation acquired August 29, 2001.
** Realized capital losses in 2001 include $69 million for the impairment of
certain Enron investments in the quarter and full year.
*** Core income without the impact of Enron surety losses and 21st Century
earthquake losses, but including the American General home services business
amounts to $0.80 per share in the quarter.
Revenues for the year 2001 rose 10.2 percent to $63.24 billion from $57.37
billion in 2000. Fourth quarter revenues totaled $16.69 billion, an increase of
8.3 percent over $15.41 billion in the year earlier quarter.
At December 31, 2001, AIG's consolidated assets and shareholders' equity
approximated $490 billion and $52 billion, respectively.
The following table outlines the impact of foreign exchange rates on property-
casualty and life insurance premiums for the fourth quarter 2001:
Worldwide Foreign Worldwide Foreign
General General Life Life
Insurance Insurance Insurance Insurance
Premium Growth in Original Currency 17.6% 14.1% 13.8%* 17.2%*
Foreign Exchange Impact (2.2) (7.2) (3.0) (5.6)
Premium Growth as Reported in U.S. $ 15.4% 6.9% 10.8% 11.6%
* Premium income, deposits and other considerations. (See supplementary data
information.)
Commenting on these results, AIG Chairman M. R. Greenberg said, "AIG had a
satisfactory fourth quarter and a strong full year 2001, a year of unprecedented
challenges to our industry, nation and the global economy.
"In the fourth quarter of 2001 core income increased 10.3 percent to $1.98
billion. These results included exposure to Enron surety bonds and a provision
for Northridge earthquake claims, which together reduced core income by three
cents per share.
"Worldwide general insurance net premiums written grew 14.7 percent (17.5
percent in original currency) to $20.10 billion in 2001 and 15.4 percent (17.6
percent in original currency) in the fourth quarter to $5.20 billion. In the
United States, our Domestic Brokerage Group had record net premiums written of
$11.24 billion, an increase of 27.7 percent in the year 2001 and $3.03 billion,
an increase of 26.6 percent in the fourth quarter. The year-end renewal season
brought significant new business to AIG, as companies sought to do business with
the strongest insurers, and industry capacity was less readily available than a
year ago. While renewal rates have trended higher, they still are not adequate
in light of a decade of price erosion in the property-casualty industry.
"Our Foreign General business in the fourth quarter benefited from the same
trends evident in the U.S. marketplace, although premium growth as reported was
partially offset by the impact of a stronger U.S. dollar.
"To help meet growing demand for property-casualty insurance, we have joined
with other industry participants to make available significant additional
insurance and reinsurance capacity in Bermuda by forming Allied World Assurance
Holdings, Ltd., to provide insurance coverage to businesses with large and
complex risks.
"HSB Group, Inc, had another good year and quarter and continues to be the
industry leader providing equipment breakdown insurance and related engineering
and loss control services.
"In Personal Lines, we continued in the fourth quarter to implement the auto
insurance rate increases that are necessary to provide adequate returns. In New
Jersey, the Department of Insurance has authorized rate increases consistent
with what an administrative law judge had earlier ruled to be fair and
appropriate. However, reported Personal Lines results in the fourth quarter were
impacted by a pre-tax charge of $50 million at 21st Century Insurance Group
(AIG's share net of minority interest was $31 million pre-tax), to increase the
provision for losses, following the unprecedented and potentially
unconstitutional decision by the State of California requiring all insurers to
reopen claims in connection with the 1994 Northridge earthquake, nearly eight
years after the occurrence.
"United Guaranty Corporation (UGC), our mortgage guaranty insurance subsidiary,
had another very good quarter, benefiting from a robust housing market buoyed by
low interest rates.
"We added $141 million and $944 million to AIG's general insurance net loss and
loss adjustment reserves for the quarter and full year, bringing the total of
those reserves to $25.9 billion at year-end 2001.
"Life insurance has been a growing contributor to AIG throughout 2001 as a
result of continued international growth and the integration of our acquisition
of American General Corporation, which closed in August. AIG's worldwide Life
Division had an excellent full year and fourth quarter. Life operating income
before realized capital losses rose 13.6 percent for the year 2001 to $5.66
billion and increased 18.9 percent to $1.53 billion in the fourth quarter.
"We had strong fourth quarter premium growth in Japan, the second largest market
in the world for life insurance after the United States. In addition to ALICO,
AIG Star Life Insurance Co., Ltd., the business we acquired as part of the
Chiyoda reorganization, has been reconfigured and is contributing to our growing
presence in Japan. In China, we received approval in the fourth quarter to expand
our wholly-owned life business through American International Assurance Company,
Ltd. (AIA) into four additional Chinese cities - the capital city of Beijing,
Suzhou, Dongguan and Jiangmen. AIA is moving swiftly with its plans to commence
operations in these new markets. Our life operations in Vietnam, which opened in
2000, and India, which commenced in 2001, are both off to promising starts.
We already have over 6,000 agents in Vietnam and nearly 3,000 in India.
"Following the August acquisition of American General, we are now ranked number
two in the U.S. life insurance market, as well as a leader in markets around the
world. We have been successfully integrating American General into AIG,
implementing cross marketing programs that bring AIG products to the American
General network, and capturing other valuable synergies and cost savings. With
the combination of American General and SunAmerica, AIG is a leading provider of
products designed to assist customers in financial and estate planning and
wealth transfer, through a broad portfolio of life insurance products, as well
as fixed and variable annuities. AIG is now the number one provider of fixed
annuities in the United States. In the fourth quarter, our domestic life
insurance premium income, deposits and other considerations grew 10.0 percent to
$4.87 billion and 25.9 percent to $23.56 billion for the full year 2001.
"The Financial Services Group had another good year and quarter. Operating
income gained 18.4 percent to $588.8 million in the fourth quarter and 19.2
percent to $2.00 billion for the year. International Lease Finance Corporation
(ILFC) performed well in the quarter and year and continues to be a major
contributor to the results of the Financial Services Group. The outlook for ILFC
continues to be positive for 2002 as they have aggressively and successfully
redeployed aircraft returned from distressed airlines to airlines in need of
additional capacity. Since September 2001, ILFC has placed for present and
future delivery a total of 51 aircraft.
"AIG Financial Products Corp. (AIGFP) had a good year in 2001 with operating
income rising 16.9 percent to $758.3 million. AIGFP's income base is broadly
diversified both as to product type and as to its client base, the governments,
supranational entities and large credit worthy corporations it serves. Its
products range from interest rate and equity swaps and options and specialized
tax-based investments to the management of guaranteed investment agreements that
it writes largely for U.S. municipal entities. AIGFP's triple-A ratings, based
upon guarantees provided by AIG, make AIGFP a highly desirable counterparty in
today's credit sensitive markets. The market, credit and related exposures of
AIGFP and AIG Trading Group Inc. are subject to detailed independent review by
AIG's Credit Risk and Market Risk Management departments. We pay careful
attention to credit quality and set exposure limits on counterparties,
industries and countries.
"Our Consumer Finance business now has a major presence in the United States as
a result of the American General acquisition. American General Finance has 1,350
branches in 44 states and serves more than 2 million customers. This strong
domestic presence adds to the overall scope of AIG's worldwide consumer finance
business. Consumer Finance operating income grew 28.8 percent to $512.6 million
in 2001, and 22.2 percent to $126.9 million in the fourth quarter.
"Our Asset Management business, as a result of the American General acquisition,
now includes VALIC, a leading provider of variable annuities through the not-
for-profit and government distribution channels. Although sales of VALIC
annuities were strong in the fourth quarter and full year 2001, fee income from
the combined SunAmerica and VALIC variable annuities business declined as
account values were depressed by the decline in the equity markets. Overall
asset management income, which also includes AIG's investment management and
private banking operations, amounted to $243.5 million in the fourth quarter, a
decline of 26.1 percent, and $1.06 billion for the full year 2001, a decline of
8.7 percent from the prior year."
GENERAL INSURANCE
o General insurance pretax income before realized capital gains (losses) for the
year 2001 was $2.98 billion, compared to $3.49 billion last year. Excluding
World Trade Center and related losses, pretax income before realized capital
gains (losses) was $3.75 billion, 7.6 percent above last year.
o For the fourth quarter of 2001, general insurance pretax income before
realized capital gains (losses) was $860.8 million, an increase of 0.7 percent
compared to $855.2 million in 2000.
o Worldwide general insurance net premiums written for the year 2001 amounted to
$20.10 billion, 14.7 percent ahead of the $17.53 billion in 2000.
o In the fourth quarter, general insurance net premiums written were $5.20
billion, an increase of 15.4 percent, compared to $4.50 billion last year.
o General insurance net investment income rose 7.1 percent to $2.89 billion in
2001 and 6.1 percent to $745.4 million in the fourth quarter.
LIFE INSURANCE
o AIG's core worldwide life insurance operations reported pretax income before
realized capital losses of $5.34 billion in the year 2001, an increase of 17.1
percent, compared to $4.56 billion in 2000.
o For the fourth quarter, core life insurance pretax income before realized
capital losses increased 20.7 percent to $1.43 billion, compared to $1.18
billion last year.
o Core worldwide life insurance results exclude World Trade Center and related
losses and American General's home services business. Including World Trade
Center and related losses and American General's home services business, AIG's
worldwide life insurance operations reported pretax income before realized
capital losses in 2001 of $5.66 billion, compared to $4.98 billion last year,
and $1.53 billion and $1.29 billion in me fourth quarter of 2001 and 2000,
respectively.
o For the year 2001 life insurance premium income, deposits and other
considerations rose 14.0 percent to $44.03 billion from $38.62 billion in 2000.
o Fourth quarter premium income, deposits and other considerations amounted to
$10.36 billion, a gain of 10.8 percent, compared to $9.34 billion in 2000.
o Life insurance net investment income rose 10.0 percent to $11.74 billion for
the year 2001, compared to $10.66 billion last year.
o For the fourth quarter, net investment income amounted to $3.05 billion, an
increase of 6.7 percent, compared to $2.86 billion in the same period last year.
FINANCIAL SERVICES
o Financial services pretax operating income amounted to $2.00 billion for the
year 2001, compared to $1.68 billion last year, an increase of 19.2 percent.
o For the fourth quarter, financial services operating income increased 18.4
percent to $588.8 million, compared to $497.3 million in 2000.
ASSET MANAGEMENT
o Asset management pretax operating income amounted to $1.06 billion for the
year 2001, compared to $1.16 billion last year, a decrease of 8.7 percent.
o For the fourth quarter, asset management operating income decreased 26.1
percent to $243.5 million, compared to $329.7 million in 2000.
AIG is the leading U.S.-based international insurance and financial services
organization and the largest underwriter of commercial and industrial insurance
in the United States. Its member companies write a wide range of commercial,
personal and life insurance products through a variety of distribution channels
in approximately 130 countries and jurisdictions throughout the world. AIG's
global businesses also include financial services and asset management,
including aircraft leasing, financial products, trading and market making,
consumer finance, institutional, retail and direct investment fund asset
management, real estate investment management, and retirement savings products.
American International Group, Inc.'s common stock is listed on the New York
Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and
Tokyo.
Caution concerning forward-looking statements
This press release may contain forward-looking statements. Please refer to AIG's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2001 for a
description of the business environment in which AIG operates and the important
factors that may affect its business. AIG is not under any obligation to (and
expressly disclaims any such obligations to) update or alter its forward-looking
statements whether as a result of new information, future events or otherwise.
American International Group,
Inc. Financial Highlights
(in thousands, except per share amounts)
Twelve Months Ended December 31, Three Months Ended December 31,
2001 2000(a) Change 2001 2000(a) Change
General Insurance Operations:
Net Premiums Written $ 20,100,896 $ 17,526,339 14.7 % $ 5,197,712 $ 4,502,919 15.4 %
Net Premiums Earned 19,364,886 17,406,850 11.2 5,055,894 4,785,517 5.6
Adjusted Underwriting Profit 88,252 784,972 (88.8) 115,379 152,854 (24.5)
Adjusted Underwriting Profit
excluding WTC Losses 857,252 784,972 9.2 115,379 152,854 (24.5)
Net Investment Income 2,892,619 2,700,784 7.1 745,430 702,307 6.1
Income before Realized
Capital Gains (Losses) 2,980,871 3,485,756 (14.5) 860,809 855,161 0.7
Income before Realized
Capital Gains (Losses)
excluding WTC Losses 3,749,871 3,485,756 7.6 860,809 855,161 0.7
Realized Capital Gains (Losses) (129,642) 38,461 - 17,478 (3,860) -
Operating Income (Includes
WTC Losses) $ 2,851,229 $ 3,524,217 (19.1) $ 878,287 $ 851,301 3.2 %
Loss Ratio 79.55 75.28 78.81 76.16
Expense Ratio 21.16 21.45 20.93 22.65
Combined Ratio 100.71 96.73 99.74 98.81
Combined Ratio excluding WTC Losses 96.74 96.73 99.74 98.81
Life Insurance Operations:
Premium Income, Deposits and
Other Considerations (b) $ 44,028,793 $ 38,620,844 14.0 $ 10,357,386 $ 9,343,771 10.8 %
Net Investment Income 11,735,400 10,663,707 10.0 3,047,950 2,857,080 6.7
Income before Realized Capital Losses 5,660,132 4,983,884 13.6 1,532,359 1,288,304 18.9
Income before Realized Capital Losses
excluding WTC Losses 5,791,132 4,983,884 16.2 1,532,359 1,288,304 18.9
Realized Capital Losses (254,394) (161,661) - (250,161) (38,283) -
Operating Income (includes WTC Losses) 5,405,738 4,822,223 12.1 1,282,198 1,250,021 2.6
Financial Services Operating Income 1,999,331 1,677,319 19.2 588,756 497,262 18.4
Asset Management Operating Income 1,060,075 1,161,258 (8.7) 243,484 329,656 (26.1)
Other Realized Capital Losses (452,304) (189,530) - (54,456) (49,876) -
Other Income (Deductions) - net (708,353) (656,684) - (221,006) (181,288) -
Acquisition, Restructuring
and Related Charges (2,016,529) (315,421) - 0 0 -
Income before Income Taxes, Minority
Interest and Cumulative
Effect of Accounting
Changes 8,139,187 10,023,382 (18.8) 2,717,263 2,697,076 0.7
Income Taxes 2,339,140 2,970,765 - 804,011 787,057 -
Income before Minority Interest
and Cumulative
Effect of Accounting Changes 5,800,047 7,052,617 (17.8) 1,913,252 1,910,019 0.2
Minority Interest, after tax
- Operating Income (299,491) (402,327) - (48,911) (106,704) -
Minority Interest,
after tax - Capital Gains (1,524) (11,392) - 1,540 (1,301) -
Income before Cumulative
Effect of Accounting Changes 5,499,032 6,638,898 (17.2) 1,865,881 1,802,014 3.5
Cumulative Effect of Accounting Changes,
net of tax (c) (136,203) 0 - 0 0 -
Net Income, as reported 5,362,829 6,638,898 (19.2) 1,865,881 1,802,014 3.5
Core Income (d) $ 7,665,877 $ 6,785,768 13.0 % $ 1,978,438 $ 1,794,268 10.3 %
Per Share - Diluted:
Net income, as reported $ 2.02 $ 2.52 (19.8) % $ 0.70 $ 0.68 2.9 %
Core Income (d) $ 2.89 $ 2.57 12.5 % $ 0.75 $ 0.68 10.3 %
Average Diluted Common
Shares Outstanding 2,649,906 2,637,818 2,645,445 2,638,649
(a) Restated to Include American General Corporation acquired August 29, 2001.
(b) GAAP premium income was $5,177,304 and $19,243,302 for the fourth quarter and twelve months 2001, respectively,
compared to $4,541,327 and $17,174,131 for the fourth quarter and twelve months 2000, respectively.
(c) Represents the cumulative effect of an accounting change, net of tax, related to FASB 133 "Accounting for
Derivative Instruments and Hedging Activities" and EITF 99-20 "Recognition of Interest Income and Impairment on
Purchased and Retained Beneficial Interests in Securitized Financial Assets".
(d) Adjusted to exclude the cumulative effect of accounting changes, realized capital gains (losses), acquisition,
restructuring and related charges, World Trade Center and related losses and the American General home services
business, which is being managed as a closed block, net of tax.
American International Group, Inc.
Supplementary Data
(in thousands)
Twelve Months Ended December 31, Three Months Ended December 31,
2001 2000(a) Change 2001 2000(a) Change
General Insurance Operations:
Net Premiums Written
Brokerage Division $ 11,244,827 $ 8,805,428 27.7 % $ 3,032,708 $ 2,395,985 26.6 %
Personal Lines 2,453,571 2,509,806 (2.2) 595,072 642,008 (7.3)
Mortgage Guaranty 494,398 453,397 9.0 130,801 118,070 10.8
Total Domestic General 14,192,796 11,768,631 20.6 3,758,581 3,156,063 19.1
Foreign General (b) 5,908,100 5,757,708 2.6 1,439,131 1,346,856 6.9
Total 20,100,896 17,526,339 14.7 5,197,712 4,502,919 15.4
Operating Income (Loss) (c)(d)
Brokerage Division 2,152,505 2,010,017 7.1 494,419 511,285 (3.3)
Personal Lines 21,657 76,497 (71.7) (26,519) (5,793) -
Mortgage Guaranty 417,436 363,118 15.0 96,271 89,478 7.6
Intercompany Adjustments 23,316 76,792 - 5,831 13,204 -
Total Domestic General 2,614,914 2,526,424 3.5 570,002 608,174 (6.3)
Foreign General 1,134,957 959,332 18.3 290,807 246,987 17.7
Total $ 3,749,871 $ 3,485,756 7.6 % $ 860,809 $ 855,161 0.7 %
Combined Ratio:(d)
Brokerage Division 99.51 100.07 102.29 101.35
Personal Lines 104.89 100.84 112.36 105.36
Mortgage Guaranty 36.90 40.92 47.61 44.98
Total Domestic General 98.22 97.94 102.01 100.18
Foreign General 93.10 94.09 94.29 95.07
Losses and Loss Expenses Paid $ 14,461,669 $ 12,987,803 11.3 % $ 3,843,816 $ 3,538,320 8.6 %
Change in Loss and LAE Reserve 943,916 116,589 709.6 140,910 106,342 32.5
Losses and Loss Expenses Incurred 15,405,585 13,104,392 17.6 3,984,726 3,644,662 9.3
Net Loss and LAE Reserve 25,895,512 24,951,596 3.8
GAAP Underwriting Profit (d) 857,252 784,972 9.2 115,379 152,854 (24.5)
Life Insurance Operations:
Premium Income, Deposits and
Other Considerations
Domestic
Life (e) 4,508,677 4,412,641 2.2 1,166,224 1,199,803 (2.8)
Annuities, Pension and
Investment Products (f) 19,047,249 14,290,850 33.3 3,699,352 3,224,652 14.7
Total 23,555,926 18,703,491 25.9 4,865,576 4,424,455 10.0
Foreign (g)
Life 15,000,408 12,718,031 17.9 4,017,825 3,338,526 20.3
Annuities, Pension and
Investment Products (f) 5,472,459 7,199,322 (24.0) 1,473,985 1,580,790 (6.8)
Total $ 20,472,867 $ 19,917,353 2.8 % $ 5,491,810 $ 4,919,316 11.6 %
Life Insurance Operations continued
Net Investment Income
Domestic $ 8,082,666 $ 7,466,551 8.3 % $ 2,057,010 $ 1,989,661 3.4 %
Foreign 3,652,734 3,197,156 14.2 990,940 867,419 14.2
Total 11,735,400 10,663,707 10.0 3,047,950 2,857,080 6.7
Operating Income (c)(d)
Domestic
Other than Home Services 2,600,940 2,323,964 11.9 671,566 590,562 13.7
Home Services 450,297 422,394 6.6 105,247 105,632 (0.4)
Foreign 2,739,895 2,237,526 22.5 755,546 592,110 27.6
Total 5,791,132 4,983,884 16.2 1,532,359 1,288,304 18.9
Financial Services:
Revenues
International Lease Finance Corp. 2,612,822 2,440,974 7.0 675,885 654,842 3.2
AIG Financial Products Corp. 1,177,745 1,055,459 11.6 375,343 344,209 9.0
Consumer Finance Group 2,559,743 2,325,233 10.1 656,600 607,319 8.1
AIG Trading Group Inc. 170,465 253,551 (32.8) 62,630 63,352 (1.1)
Other (35,743) (121,804) - (13,499) (26,361) -
Total 6,485,032 5,953,413 8.9 1,756,959 1,643,361 6.9
Operating Income
International Lease Finance Corp. 749,137 653,925 14.6 218,185 177,519 22.9
AIG Financial Products Corp. 758,278 648,388 16.9 233,785 215,595 8.4
Consumer Finance Group 512,588 398,091 28.8 126,893 103,866 22.2
AIG Trading Group Inc. 48,065 62,141 (22.7) 27,049 21,564 25.4
Other(h) (68,737) (85,226) - (17,156) (21,282) -
Total $ 1,999,331 $ 1,677,319 19.2 % $ 588,756 $ 497,262 18.4 %
Effective Tax Rates:
Excluding Capital Gains (Losses) 29.36% 29.80% 30.24% 29.38%
Capital Gains (Losses) Alone 35.41% 35.08% 36.44% 35.22%
As Reported 28.74% 29.64% 29.59% 29.18%
(a) Restated to Include American General Corporation acquired August 29, 2001.
(b) The growth in foreign net premiums written in original currency was 14.1
percent and 11.2 percent for the fourth quarter and twelve months of 2001,
respectively.
(c) Operating income excludes realized capital gains (losses).
(d) Twelve months 2001 excludes World Trade Center and related losses.
(e) Includes traditional life, interest sensitive and variable life products.
(f) Quarterly fluctuations in the sale of investment products do not represent a
trend for the year.
(g) The growth in foreign life premiums in original currency was 27.1 percent
in the quarter and 26.8 percent for the twelve months. Foreign annuities,
pension and investment products in original currency declined
3.9 percent for the quarter and 18.2 percent for the twelve months, impacted by
a decline in sales of tax-driven Guaranteed Income Bonds in the U.K.
(h) Includes Other Financial Services Companies and Intercompany
Reclassifications.
This information is provided by RNS
The company news service from the London Stock Exchange
Ebrd 25 (LSE:BB99)
Historical Stock Chart
From Nov 2024 to Dec 2024
Ebrd 25 (LSE:BB99)
Historical Stock Chart
From Dec 2023 to Dec 2024
