2015 Q3 Form 10-Q Financial Statement

#000000527215000018 Filed on November 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $12.82B $16.70B
YoY Change -23.21% 4.72%
Cost Of Revenue $6.936B $7.203B
YoY Change -3.71% -2.87%
Gross Profit $5.886B $9.494B
YoY Change -38.0% 11.33%
Gross Profit Margin 45.91% 56.86%
Selling, General & Admin $3.175B $3.151B
YoY Change 0.76% 39.98%
% of Gross Profit 53.94% 33.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.275B $1.288B
YoY Change -1.01% 5.57%
% of Gross Profit 21.66% 13.57%
Operating Expenses $3.175B $3.151B
YoY Change 0.76% 39.98%
Operating Profit $2.711B $6.343B
YoY Change -57.26% 1.05%
Interest Expense $321.0M $430.0M
YoY Change -25.35% -16.67%
% of Operating Profit 11.84% 6.78%
Other Income/Expense, Net $991.0M
YoY Change -20.02%
Pretax Income -$115.0M $3.019B
YoY Change -103.81% 156.28%
Income Tax $65.00M $820.0M
% Of Pretax Income 27.16%
Net Earnings -$231.0M $2.192B
YoY Change -110.54% 1.01%
Net Earnings / Revenue -1.8% 13.13%
Basic Earnings Per Share -$0.18 $1.54
Diluted Earnings Per Share -$0.18 $1.52
COMMON SHARES
Basic Shares Outstanding 1.279B shares 1.419B shares
Diluted Shares Outstanding 1.279B shares 1.442B shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $346.4B $366.4B
YoY Change -5.47% 2.27%
Other Assets $19.76B $20.84B
YoY Change -5.21% -60.44%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $502.0B $527.2B
YoY Change -4.78% -2.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $30.72B $36.22B
YoY Change -15.19% -14.23%
Other Long-Term Liabilities $26.57B $30.91B
YoY Change -14.06% -48.08%
Total Long-Term Liabilities $57.28B $67.14B
YoY Change -14.67% -34.03%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $57.28B $67.14B
Total Liabilities $402.4B $418.2B
YoY Change -3.79% -5.22%
SHAREHOLDERS EQUITY
Retained Earnings $33.12B $29.30B
YoY Change 13.04% 38.63%
Common Stock $86.20B $85.67B
YoY Change 0.62% 0.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $26.88B $17.72B
YoY Change 51.7% 25.54%
Treasury Stock Shares 659.9M shares 502.9M shares
Shareholders Equity $99.00B $108.6B
YoY Change
Total Liabilities & Shareholders Equity $502.0B $527.2B
YoY Change -4.78% -2.51%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$231.0M $2.192B
YoY Change -110.54% 1.01%
Depreciation, Depletion And Amortization $1.275B $1.288B
YoY Change -1.01% 5.57%
Cash From Operating Activities $1.741B $2.716B
YoY Change -35.9% 19.38%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.394B $1.205B
YoY Change 15.68% 169.57%
Cash From Investing Activities $1.394B $1.205B
YoY Change 15.68% 169.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.498B -3.799B
YoY Change -7.92% 57.18%
NET CHANGE
Cash From Operating Activities 1.741B 2.716B
Cash From Investing Activities 1.394B 1.205B
Cash From Financing Activities -3.498B -3.799B
Net Change In Cash -363.0M 122.0M
YoY Change -397.54% -60.0%
FREE CASH FLOW
Cash From Operating Activities $1.741B $2.716B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2015Q3 aig Other Commitments Amount
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2600000000 USD
CY2015Q3 us-gaap Commitments And Contingencies
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USD
CY2015Q3 us-gaap Policyholder Contract Deposits
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126641000000 USD
CY2014Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.272 pure
CY2015Q3 us-gaap Separate Account Assets
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77136000000 USD
aig Payments Received On Mortgage And Other Loans Receivable
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3298000000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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-64000000 USD
CY2014Q4 aig Finance Receivable Gross
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25261000000 USD
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2000000 USD
us-gaap Payments To Acquire Investments
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43081000000 USD
CY2015Q3 us-gaap Provision For Loan Losses Expensed
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32000000 USD
CY2014Q3 aig Other Revenue Including Interest Income
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16697000000 USD
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1375926971 shares
us-gaap Proceeds From Issuance Of Long Term Debt
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5827000000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
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1873000000 USD
aig Interest Credited To Policyholder Accounts Included In Financing Activities
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3007000000 USD
us-gaap Comprehensive Income Net Of Tax
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-23000000 USD
CY2014Q3 us-gaap Financing Receivable Modifications Recorded Investment
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83000000 USD
CY2014Q4 aig Derivative Liabilities Including Bifurcated Embedded Derivatives
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3850000000 USD
us-gaap Repayments Of Long Term Debt
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11561000000 USD
us-gaap Allowance For Loan And Lease Losses Adjustments Net
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3000000 USD
CY2014Q4 us-gaap Separate Accounts Liability
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80036000000 USD
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
0 USD
us-gaap Dividends Common Stock
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687000000 USD
CY2015Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
33000000 USD
CY2014Q3 us-gaap Insurance Commissions And Fees
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677000000 USD
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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553000000 USD
CY2015Q3 aig Securities Purchased Under Agreements To Repurchase Fair Value Disclosure
SecuritiesPurchasedUnderAgreementsToRepurchaseFairValueDisclosure
2969000000 USD
CY2014Q3 aig Other Comprehensive Income Unrealized Holding Gain Loss On All Investments Other Than Investments On Which Other Than Temporary Impairments Were Taken After Taxes
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-168000000 USD
us-gaap Payments For Repurchase Of Common Stock
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3403000000 USD
CY2015Q3 aig Other Expense
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12270000000 USD
us-gaap Insurance Commissions And Fees
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2066000000 USD
us-gaap Income Loss From Continuing Operations
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4037000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-13000000 USD
aig Increase Decrease In Current And Deferred Income Taxes
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2291000000 USD
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2201000000 USD
CY2015Q3 aig Net Gain Loss Excluding Available For Sale Impairments
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-100000000 USD
CY2015Q3 us-gaap Shares Issued
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1246794615 shares
CY2014Q3 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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9000000 USD
us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
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-81000000 USD
CY2014Q3 aig Investment Income
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4161000000 USD
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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100000 shares
CY2014Q4 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
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1577000000 USD
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46547000000 USD
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-1118000000 USD
CY2014Q4 aig Other Liabilities Including Intercompany Balances
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106477000000 USD
aig Increase Decrease In Current And Deferred Income Taxes
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1736000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-1655000000 USD
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7203000000 USD
us-gaap Stock Issued During Period Shares New Issues
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355767 shares
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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719000000 USD
CY2014Q3 aig Other Than Temporary Impairments Due To Severity
OtherThanTemporaryImpairmentsDueToSeverity
0 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.54
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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18427000000 USD
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.17
aig Net Income Loss Excluding Net Gain Associated With Redeemable Noncontrolling Interests
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6849000000 USD
us-gaap Payments For Repurchase Of Common Stock
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7473000000 USD
CY2015Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.065 pure
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
763000000 USD
CY2014Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
264254000000 USD
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-1649000000 USD
CY2015Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
701000000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
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33122000000 USD
us-gaap Use Of Estimates
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<div><p style='text-align:left;margin-top:18pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:0pt;color:#005984;' >Use of Estimates</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Arial;font-size:9.5pt;margin-left:0pt;' >The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a sign</font><font style='font-family:Arial;font-size:9.5pt;' >ificant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:</font></p><ul><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >income tax assets and liabilities, </font><font style='font-family:Arial;font-size:9.5pt;' >including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >liability for unpaid losses and loss adjustment expenses;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >reinsurance </font><font style='font-family:Arial;font-size:9.5pt;' >assets;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >valuation of future policy benefit liabilities and timing and extent of loss recognition;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >valuation of liabilities for guaranteed benefit features of variable annuity products;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >estimated gross profits to value deferred acquisition costs for investm</font><font style='font-family:Arial;font-size:9.5pt;' >ent</font><font style='font-family:Arial;font-size:9.5pt;' >-oriented products;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >impairment charges, including other</font><font style='font-family:Arial;font-size:9.5pt;' >-than</font><font style='font-family:Arial;font-size:9.5pt;' >-temporary impairments on available for sale securities, impairments on investments in life settlements and goodwill impairment;</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >liability for legal contingencies; and</font></li><li style='list-style:disc;text-align:left;margin-top:0pt;margin-bottom:6pt;' ><font style='font-family:Arial;font-size:9.5pt;' >fair</font><font style='font-family:Arial;font-size:9.5pt;' > value measurements o</font><font style='font-family:Arial;font-size:9.5pt;' >f certain financial assets and liabilities.</font></li></ul><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Arial;font-size:9.5pt;margin-left:0pt;' >These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, </font><font style='font-family:Arial;font-size:9.5pt;' >our</font><font style='font-family:Arial;font-size:9.5pt;' > consol</font><font style='font-family:Arial;font-size:9.5pt;' >idated financial condition, results of operations and cash flows could be materially affected</font><font style='font-family:Arial;font-size:9.5pt;' >.</font></p></div>
CY2015Q3 us-gaap Income Tax Expense Benefit
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10000000 USD
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910000000 USD
us-gaap Other Comprehensive Income Loss Tax
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12822000000 USD
us-gaap Depreciation Amortization And Accretion Net
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3372000000 USD
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129488123 shares
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1691000000 USD
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21000000 USD
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9486000000 USD
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1426000000 USD
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3019000000 USD
CY2015Q3 aig Reinsurance Assets Net Of Allowance
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20542000000 USD
aig Fair Value Level3 Transfers Out At End Of Period Net Gain Loss Excluded From Level3 Gains Losses
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6000000 USD
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us-gaap Payments To Acquire Investments
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47475000000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability
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7381000000 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
116000000 USD
CY2015Q3 us-gaap Premiums Earned Net
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8862000000 USD
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
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679000000 USD
us-gaap Payments To Acquire Other Investments
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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1950000000 USD
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602000000 USD
us-gaap Aircraft Rental
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us-gaap Payments To Acquire Available For Sale Securities
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dei Amendment Flag
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false
aig Other Comprehensive Income Reclassification Adjustment Included In Net Income
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744000000 USD
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0
CY2014Q4 us-gaap Other Investments
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34518000000 USD
us-gaap Effective Income Tax Rate Continuing Operations
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0.345 pure
aig Fair Value Level3 Transfers In At End Of Period Net Gain Loss Excluded From Level3 Gains Losses
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us-gaap Net Cash Provided By Used In Investing Activities
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6680000000 USD
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.54
CY2015Q3 aig Trading Securities Fair Value Percentage
TradingSecuritiesFairValuePercentage
1 pure
CY2014Q4 aig Policyholder Contract Deposits At Fair Value
PolicyholderContractDepositsAtFairValue
1561000000 USD
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015Q3 us-gaap Other Income
OtherIncome
395000000 USD
us-gaap Available For Sale Securities Gross Realized Gains
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983000000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
329000000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.52
CY2015Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-180000000 USD
CY2015Q3 us-gaap Stockholders Equity
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CY2015Q3 us-gaap Liability For Future Policy Benefits
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42991000000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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34000000 USD
CY2015Q3 us-gaap Liability For Claims And Claims Adjustment Expense
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71436000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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99619000000 USD
CY2014Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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2020000000 USD
CY2015Q3 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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-365000000 USD
CY2014Q4 aig Derivative Collateral Obtained Third Parties
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1300000000 USD
CY2015Q3 us-gaap Alternative Investments Fair Value Disclosure
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8881000000 USD
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12000000 USD
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389000000 USD
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CY2015Q3 us-gaap Interest Credited To Policyholders Account Balances
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881000000 USD
us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest
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169000000 USD
aig Other Revenue Including Interest Income
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44496000000 USD
CY2015Q3 us-gaap Earnings Per Share Basic
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-0.18
us-gaap Withdrawal From Contract Holders Funds
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11036000000 USD
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.52
aig Allowance For Loan And Lease Losses Discontinued Operations
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0 USD
CY2015Q3 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
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17000000 USD
CY2015Q3 us-gaap Available For Sale Securities
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256746000000 USD
CY2015Q3 us-gaap Cash
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1569000000 USD
us-gaap Income Taxes Paid Net
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614000000 USD
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3206000000 USD
us-gaap Net Investment Income
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10870000000 USD
CY2014Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
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986000000 USD
CY2014Q3 us-gaap Other Income
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1970000000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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46169000000 USD
CY2014Q4 aig Unrecognized Tax Benefits That Would Not Impact Effective Tax Rate
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300000000 USD
us-gaap Noncontrolling Interest Decrease From Deconsolidation
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-123000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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295000000 USD
CY2014Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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50658000000 USD
us-gaap Available For Sale Securities Gross Realized Losses
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305000000 USD
CY2015Q3 us-gaap Derivative Asset Notional Amount
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118311000000 USD
CY2015Q3 aig Other Than Temporary Impairments Due To Issuer Specific Credit Events
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176000000 USD
CY2014Q3 aig Other Investment Charges
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CY2014Q4 aig Other Investments Amount
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344523000000 USD
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16063000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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aig Change In Property Casualty And Life Insurance Reserves
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us-gaap Other Income
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CY2015Q3 us-gaap Financing Receivable Modifications Recorded Investment
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us-gaap Benefits Losses And Expenses
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38283000000 USD
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us-gaap Gains Losses On Extinguishment Of Debt
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CY2014Q3 aig Other Than Temporary Impairments Due To Change In Intent
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14000000 USD
aig Net Gain Loss Excluding Available For Sale Impairments
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1616000000 USD
CY2014Q3 aig Other Than Temporary Impairments Due To Change In Projected Cash Flows
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CY2015Q3 us-gaap Aircraft Rental
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CY2015Q3 us-gaap Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense
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267946000000 USD
us-gaap Provision For Loan Losses Expensed
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43000000 USD
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CY2015Q3 aig Invested Assets Other Fair Value
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CY2015Q3 aig Short Term Investments At Fair Value
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2733000000 USD
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CY2015Q3 us-gaap Selling General And Administrative Expense
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3175000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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