01—Abstract
Summary
Summary of the 10-K/A filed April 7, 1995. Cited figures are marked; the original filing is the authoritative source.
This is American International Group, Inc.'s (AIG) annual report on Form 10-K/A for the fiscal year ended December 31, 1994, a Delaware corporation headquartered at 70 Pine Street, New York.
The excerpt provided covers only the cover page, the Item 8 index, and the independent auditor's report from Coopers & Lybrand L.L.P. (dated February 23, 1995). It does not include the balance sheet, income statement, cash flow statement, or notes, so this analysis cannot assess AIG's 1994 revenues, earnings, reserves, investment portfolio, or capital position.
The auditor issued an unqualified (clean) opinion that the financial statements present fairly, in all material respects, AIG's financial position and results for 1994 and 1993 and its cash flows for the three years through 1994. The auditor also noted two prior accounting changes: a change in 1993 in how certain fixed maturity securities are accounted for, and changes in 1992 for income taxes and postretirement benefits other than pensions. Investors evaluating the company should review the full filing for these figures, since the excerpt provides no earnings, book value, or per-share data.
The cover page reports 315,892,792 common shares outstanding as of January 31, 1995, and an aggregate market value of approximately $23.46 billiona held by non-affiliates on that date. The common stock ($2.50 par value) trades on the New York Stock Exchange. The proxy statement for the May 24, 1995 annual meeting is incorporated by reference for Part III.
Because this is an amended filing (10-K/A), investors should also check what the amendment changed relative to the original 10-K. The excerpt's filing date of April 7, 1995 is not stated in the text provided.
02—Key points
Key Highlights
- Unqualified audit opinion from Coopers & Lybrand L.L.P. dated February 23, 1995, covering 1994, 1993, and 1992 financial statements
- Approximately 315.9 million common shares outstanding as of January 31, 1995 (par value $2.50), listed on the NYSE
- Non-affiliate market value of approximately $23.46 billion as of January 31, 1995
- Prior accounting changes disclosed by the auditor: fixed maturity securities accounting (1993) and income taxes and postretirement benefits (1992)
- Document is a Form 10-K/A amendment, so its changes relative to the original filing should be reviewed
- The excerpt omits the actual financial statements, schedules, and MD&A figures, so no 1994 earnings, revenue, or balance sheet data can be verified from this text
03—Questions
Frequently Asked Questions
What was AIG's net income or revenue in 1994?
The excerpt does not include the consolidated statement of income or any other financial statements, so these figures cannot be determined from the provided text. The full 10-K (or the financial statements on pages 37 through 41 of the original filing) would contain them.
Did the auditors raise any concerns about AIG's financial statements?
No. Coopers & Lybrand issued an unqualified opinion stating the statements present fairly, in all material respects, AIG's financial position and results. The auditor's report notes changes in accounting methods in 1993 (fixed maturity securities) and 1992 (income taxes and postretirement benefits), which are disclosed accounting changes rather than qualifications.
How many shares of AIG stock were outstanding?
As of January 31, 1995, there were 315,892,792 shares of common stock outstanding, with a par value of $2.50 per share.
What is the approximate market value of AIG held by public shareholders?
The aggregate market value of voting stock held by non-affiliates on January 31, 1995 was approximately $23.46 billion, based on the closing price of the common stock on that date.
Why is this filing labeled 10-K/A, and what does that mean for investors?
The '/A' indicates an amended annual report, which supersedes or supplements an original 10-K for fiscal 1994. The excerpt does not explain the reason for the amendment, so investors should consult the full document or SEC filing history to identify what was revised.
04—Continue