ITEM 1. BUSINESS
GENERAL
American General Corporation ("American General" or "the company") is the parent company of one of the nation's largest consumer financial services organizations. American General's operating subsidiaries are leading providers of retirement annuities, consumer loans, and life insurance. American General was incorporated as a general business corporation in Texas in 1980 and is the successor to American General Insurance Company, an insurance company incorporated in Texas in 1926.
Much of the information provided in response to this Item 1 is incorporated from selected portions of American General's 1994 Annual Report to Shareholders (ARS). Appropriate references to such incorporated information are specified throughout the text of this Item 1. Portions of American General's 1994 ARS are provided as Exhibit 13 to this Form 10-K.
NEW ACCOUNTING STANDARDS. During 1994, American General adopted two new Statements of Financial Accounting Standards (SFAS). These accounting standards, as described in Note 1.2 incorporated herein by reference from Notes to Financial Statements in American General's 1994 ARS, require additional disclosures but do not impact consolidated results of operations or financial position.
ACQUISITIONS AND DIVESTITURES. During 1994, American General continued its corporate development efforts through acquisition and divestiture activities. These activities included the acquisition of The Franklin Life Insurance Company (Franklin Life) and a 40% interest in Western National Corporation. In addition, American General announced a $2.6 billion all-cash merger offer to acquire Unitrin, Inc. Although the offer expired on February 7, 1995, American General continues to believe that a combination of Unitrin's operations with those of American General is in the best interest of the customers and shareholders of both companies, and continues to seek regulatory approval to purchase additional shares of Unitrin, Inc.
Additional information regarding acquisition and divestiture activities is incorporated herein by reference from page 16 of Management's Discussion and Analysis (MD&A) and from Note 2 of Notes to Financial Statements in American General's 1994 ARS.
BUSINESS SEGMENTS. American General's operations are classified into the following three business segments: Retirement Annuities, Consumer Finance, and Life Insurance. American General provides financial services in all 50 states, the District of Columbia, Canada, Puerto Rico, and the U.S. Virgin Islands. A description of the operations of each business segment is presented in this Item 1. Additional business segment financial information is incorporated herein by reference from pages 18-22 and 24-25 of MD&A and Note 15 of Notes to Financial Statements in American General's 1994 ARS, and from Schedule III of Item 14 of this Form 10-K.
EMPLOYEES. As of December 31, 1994, American General and its subsidiaries employed approximately 12,900 full-time salaried employees, compared to 11,500 at year-end 1993. This increase is principally due to growth in the Consumer Finance segment, partially offset by the sale of American - Amicable Life Insurance Company of Texas, Inc., which had approximately 100 employees.
On January 31, 1995, the number of full-time salaried employees increased by approximately 1,300 due to the acquisition of Franklin Life.
PRINCIPAL PRODUCTS, METHODS OF DISTRIBUTION, AND PRINCIPAL MARKETS
RETIREMENT ANNUITIES. The Variable Annuity Life Insurance Company (VALIC), American General's retirement annuity subsidiary with assets of $22 billion, is a leading provider of tax-deferred retirement plans and annuities to employees of educational, health care, and other not-for-profit organizations. Based on assets, VALIC ranks as the 18th largest life insurance company in the United States. It markets products in 50 states and the District of Columbia. VALIC currently has 825,000 customers and offers service through a national network of 790 sales representatives.
CONSUMER FINANCE. American General Finance, Inc. and subsidiaries (AGF), with finance receivables of $7.9 billion, is a leading provider of consumer and home equity loans, credit cards, and credit-related insurance to individuals. With more than three million customers and over 1,300 branch offices, the company ranks among the nation's largest consumer finance organizations. AGF operates financing programs through 20,000 retail merchants and offers service through 8,000 branch office employees in 41 states, Puerto Rico, and the U.S. Virgin Islands.
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LIFE INSURANCE. American General's life insurance companies, with assets of $14 billion, provide traditional and interest-sensitive life insurance and both fixed and variable annuity products to nearly five million households throughout all 50 states, the District of Columbia, and Canada. This large customer base is served principally by American General Life and Accident Insurance Company (AGLA), American General Life Insurance Company, and since January 1995, Franklin Life. The life insurance companies meet the financial security needs of individual consumers, business owners, and customers of financial institutions, and offer service through 14,000 sales representatives and general agents.
INSURANCE SALES AND IN FORCE. The following table summarizes the face amounts of individual and credit life insurance sales, and individual and credit life insurance in force for the company's insurance subsidiaries for the past three years:
(a) Before deductions for reinsurance ceded; excludes group life insurance. (b) Excludes life insurance company sold in 1994. (c) Includes reinsurance assumed before deductions for reinsurance ceded, and excludes group life insurance. (d) Restated to include $7.8 billion related to life insurance company no longer held for sale.
INSURANCE DEPOSITS AND PREMIUMS. The following table lists deposits and premiums and other considerations of the company's insurance and annuity subsidiaries for the past three years:
* Represents premiums received for interest-sensitive life insurance and annuity products; more than 66% of the deposits relate to products of the Retirement Annuities segment.
INVESTMENTS
Information regarding investments is incorporated here- in by reference from pages 21-24 of MD&A and Notes 1.3 and 3 of Notes to Financial Statements in American General's 1994 ARS, and from Schedule I of Item 14 of this Form 10-K.
INSURANCE AND ANNUITY RESERVING METHODS
Individual life insurance reserves are based on assumptions similar to those used to establish premium rates. Further information regarding reserving methods is incorporated herein by reference from Note 1.9 of Notes to Financial Statements in American General's 1994 ARS.
REINSURANCE
Information regarding reinsurance is incorporated herein by reference from Note 1.11 of Notes to Financial Statements in American General's 1994 ARS, and from Schedule IV of Item 14 of this Form 10-K.
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PART I (Continued)
FACTORS AFFECTING PRICING OF PRODUCTS
INSURANCE AND ANNUITY PRODUCTS. Premium rates are based on assumptions, which the company's insurance subsidiaries believe to be realistic, as to future mortality, investment yields, expenses, and lapses. In addition, the pricing is influenced by competition and the company's objectives for return on capital. Although a profit margin is included in the price of the products, the actual profitability of the products can be significantly affected by the variation between actual and assumed experience.
CONSUMER FINANCE PRODUCTS. Pricing of consumer finance products is influenced by such factors as cost of borrowed funds, competition, and the expense of operations. In addition, pricing is affected by state regulation of interest rates based on contractual terms and amount, charges for individual loans, and insurance premium rates.
COMPETITION
The business of the company's subsidiaries is highly competitive with other financial institutions with respect to pricing, selection of products, and quality of service. No single competitor nor any small group of competitors dominates any of the markets in which the company's subsidiaries operate. Additional information is incorporated herein by reference from the section "Competition" on page 20 of MD&A in American General's 1994 ARS.
REGULATION
INSURANCE. American General's insurance subsidiaries are subject to state regulation in the jurisdictions in which they do business. Information concerning regulatory compliance is incorporated herein by reference from the section "Regulation" on page 20 of MD&A in American General's 1994 ARS. Most states also regulate affiliated groups such as American General and its subsidiaries under insurance holding company laws. Additional information regarding these restrictions is incorporated herein by reference from Note 14.2 of Notes to Financial Statements in American General's 1994 ARS. Discussion of state guaranty associations is incorporated herein by reference from the section "Guaranty Associations" on page 20 of MD&A in American General's 1994 ARS.
CONSUMER FINANCE. The company's consumer finance subsidiaries are subject to various types of federal regulation, including the Federal Consumer Credit Protection Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, certain Federal Trade Commission rules, and state laws that regulate the consumer loan and retail sales finance businesses. In addition, the company's thrift subsidiary, which engages in the consumer finance business and accepts insured deposits, is subject to regulation by and reporting requirements of the Federal Deposit Insurance Corporation and is subject to regulatory codes in the states in which it operates.
OTHER. Discussion of certain other regulatory factors is incorporated herein by reference from the sections "Taxation" and "Environmental" on page 20 of MD&A and Note 11 of Notes to Financial Statements in American General's 1994 ARS.
ITEM 1A.
ITEM 1A. EXECUTIVE OFFICERS OF THE REGISTRANT
Information regarding three executive officers of American General who are standing for election as directors of American General is incorporated herein by reference from the caption "Election of Directors" set forth in American General's definitive Proxy Statement dated March 21, 1995. Information as of March 15, 1995 regarding the 13 other executive officers of American General is as follows:
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- ------------------ * Appointed to present position on February 13, 1995, at The Franklin Life Insurance Company, a subsidiary of American General Corporation, acquired January 31, 1995.
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PART I (Continued)
ITEM 2.
ITEM 2. PROPERTIES
American General's corporate headquarters is located in the American General Center, a complex of office buildings on a 45-acre tract near downtown Houston. American General or its subsidiaries either own or lease pursuant to a sale-leaseback arrangement all of the buildings in the complex. In addition, American General or its subsidiaries own all of the underlying land, except for a five-acre parcel that is leased pursuant to a long-term agreement. American General and its subsidiaries occupy approximately 43% of the total office space available in the American General Center. American General's subsidiaries also own various other properties, including properties held for investment, branch office buildings, and the home office buildings of AGF in Evansville, Indiana and Franklin Life in Springfield, Illinois. Portions of certain of these buildings are rented to unaffiliated third parties. The home office building of AGLA in Nashville, Tennessee was sold to the State of Tennessee for $37.4 million, effective January 3, 1994. In June 1994, AGLA purchased a 56-acre parcel in Nashville for construction of a new home office building; construction commenced in February 1995.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
The company and certain of its subsidiaries are defendants in various lawsuits and proceedings arising in the normal course of business that are not discussed below. Some of these lawsuits and proceedings arise in jurisdictions such as Alabama that permit punitive damages disproportionate to the actual damages alleged. Although no assurances can be given and no determination can be made at this time as to the outcome of any particular lawsuit or proceeding, the company and its subsidiaries believe that there are meritorious defenses for all of these claims and are defending them vigorously. The company also believes that the total amounts that would ultimately be paid, if any, arising from these claims would have no material effect on the company's consolidated results of operations and financial position.
GENERAL
Two real estate subsidiaries of the company were defendants in a lawsuit, Avia Development Group et al. v. American General Realty Investment Corp., et al. (filed in the 61st District Court of Harris County, Texas, September 23, 1991), that alleged damages based on lost profits and related claims arising from certain loans and joint venture contracts. On July 16, 1993, a judgment was entered against the subsidiaries jointly for $47.3 million in compensatory damages and against one of the subsidiaries for $189.2 million in punitive damages. On September 17, 1993, the Texas state district court reduced the previously-awarded punitive damages by $60.0 million, resulting in a reduced judgment in the amount of $176.5 million plus post-judgment interest. An appeal on numerous legal grounds has been filed (Case No. 01-93-1027-CV in the First Court of Appeals, Houston, Texas), and a supersedeas bond required for the appeal was posted with the company acting as surety. The company is continuing to contest the matter vigorously through the appeals process; and the company believes, based on advice of legal counsel, that plaintiffs' claims are without merit. Accordingly, no provision has been made in the consolidated financial statements related to this contingency.
In April 1992, the Internal Revenue Service (IRS) issued Notices of Deficiency for the 1977-1981 tax years of certain insurance subsidiaries. The basis of the dispute was the tax treatment of modified coinsurance agreements. The company elected to pay all related assessments plus associated interest, totaling $59 million. A claim for refund of tax and interest was disallowed by the IRS in January 1993. On June 30, 1993, a suit for refund was filed in the United States Court of Federal Claims (Gulf Life Insurance Co. v. United States, C.A. No. 93-404T). Trial is expected to occur in mid-1995. The company believes that the IRS's claims are without merit and is continuing to vigorously pursue refund of the amounts paid. Accordingly, no provision has been made in the consolidated financial statements related to this contingency.
ENVIRONMENTAL
In March 1994, two subsidiaries of the company were named as defendants in a lawsuit, The People of the State of California (California) v. Luis Ochoa, Skeeters Automotive, Morris Plan, Creditway of America, Inc. and American General Finance, filed in the Superior Court of California, County of San Joaquin, Case No. 271130. California is seeking injunctive relief, a civil penalty of not less than $5,000 per day or not less than $250,000 for violation of its Health and Safety Code in connection with the failure to register and remove underground storage tanks on property acquired through a foreclosure proceeding by a subsidiary of the company, and a civil penalty of
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$2,500 for each act of unfair competition prohibited by its Business and Professions Code, but not less than $250,000, plus costs. Various violations of operating permits held by Pebble Creek Service Corporation (Pebble Creek), an indirect wholly-owned subsidiary of the company, in connection with its wastewater treatment plant are currently being addressed by Pebble Creek with the United States Environmental Protection Agency (EPA), the Florida Department of Environmental Protection, and the Environmental Protection Commission of Hillsborough County, Florida (EPC). In May 1994, Pebble Creek attended a meeting to show cause why the EPA should not initiate enforcement proceedings against Pebble Creek. Pebble Creek has not yet been made aware of the EPA's decision. On July 18, 1994, the EPC issued a Warning Notice to Pebble Creek in connection with the inaccurate reporting of test results by a former plant operator and violations of effluent parameters. Pebble Creek and the EPC met on August 2, 1994 to discuss enforcement proceedings; however, Pebble Creek has not yet been made aware of the EPC's decision. The company believes that penalties in excess of $100,000 could be assessed against Pebble Creek.
The company believes that the total amounts that would ultimately be paid, if any, arising from these environmental claims would have no material effect on the company's consolidated results of operations and financial position.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter was submitted to a vote of security holders during fourth quarter 1994.
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PART II ITEM 5.
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The quarterly high and low market prices of American General's common stock as quoted by the New York Stock Exchange, the number of shareholders of record of common stock, and restrictions on retained earnings for the payment of dividends are incorporated herein by reference from Notes 16, 8.1, and 14.2, respectively, of Notes to Financial Statements in American General's 1994 ARS. The quarterly cash dividends paid on common stock are incorporated herein by reference from Note 16 of Notes to Financial Statements in American General's 1994 ARS. The common stock of American General is traded in the United States on the New York Stock Exchange and the Pacific Stock Exchange. The common stock is also traded on the London Stock Exchange and the Swiss Stock Exchanges of Basel, Geneva, and Zurich.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
The following selected financial data is derived from the consolidated financial statements of the company. The data should be read in conjunction with the consolidated financial statements, related notes, and other financial information included or incorporated by reference herein.
(a) 1994 includes realized investment losses of $114 million ($.55 per share); 1990 includes realized investment gains of $137 million ($.57 per share). Realized investment gains for 1993, 1992, and 1991 were immaterial. (b) Includes $300 million ($1.39 per share) write-down of goodwill and $30 million ($.14 per share) tax rate related adjustment. Additional information is incorporated herein by reference from the section "1993 Significant Events" in MD&A and Note 7.3, respectively, of Notes to Financial Statements in American General's 1994 ARS. (c) Includes $986 million and $950 million decrease in assets and shareholders' equity, respectively, at December 31, 1994, and $1.0 billion and $676 million increase in assets and shareholders' equity, respectively, at December 31, 1993, due to the effect of SFAS 115, "Accounting for Certain Investments in Debt and Equity Securities." (d) Excludes special dividends of $.61 per share.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results of Operations is incorporated herein by reference from "Management's Discussion and Analysis" on pages 16-25 in American General's 1994 ARS.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Financial statements and supplementary data are incorporated herein by reference from pages 26-44 in American General's 1994 ARS. The ratios of earnings to fixed charges are incorporated herein by reference from Exhibit 12 of Item 14 of this Form 10-K.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
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PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information appearing under the captions "Election of Directors" and "Securities Reporting" in American General's definitive Proxy Statement dated March 21, 1995, is incorporated herein by reference. Information regarding the 13 executive officers of American General who are not standing for election to the board of directors of American General is included in Part I, Item 1A of this Form 10-K.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
The information appearing under the captions "Governance of the Company" and "Compensation of Executive Officers" in American General's definitive Proxy Statement dated March 21, 1995, is incorporated herein by reference. ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information appearing under the captions "Security Ownership of Certain Beneficial Owners" and "Security Ownership of Management" in American General's definitive Proxy Statement dated March 21, 1995, is incorporated herein by reference.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information appearing under the caption "Certain Relationships and Transactions" in American General's definitive Proxy Statement dated March 21, 1995, is incorporated herein by reference.
1994 FORM 10-K
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PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K (a) Documents filed as part of this report.
All other financial statement schedules have been omitted because they are inapplicable.
3. Exhibits
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PART IV (Continued)
Any Exhibit not included with this Form 10-K will be furnished to any shareholder of record on written request and payment of up to $.25 per page plus postage. Such requests should be directed to American General Corporation, Investor Relations, P.O. Box 3247, Houston, Texas 77253-3247.
(b) Reports on Form 8-K.
The following reports on Form 8-K were filed after September 30, 1994:
1. Current Report on Form 8-K dated October 13, 1994, with respect to the company's authorization to issue $100 million aggregate principal amount of 7.70% Notes Due 1999 in an underwritten public offering.
2. Current Report on Form 8-K dated November 30, 1994, with respect to (i) the issuance of a news release announcing the signing of a definitive agreement under which the company will acquire The Franklin Life Insurance Company, a wholly-owned life insurance subsidiary of American Franklin Company, a holding-company subsidiary of American Brands, Inc., and (ii) the announcement by Standard & Poors, Inc. and Duff & Phelps Credit Rating Co. of a downgrade in the rating of certain of the company's debt securities.
3. Current Report on Form 8-K dated December 2, 1994, with respect to the issuance of a news release announcing that the company agreed to acquire 40% of the outstanding shares of common stock of Western National Corporation from Conseco, Inc.
4. Current Report on Form 8-K dated February 14, 1995, with respect to the acquisition of American Franklin Company and the related Financial Statements, Pro Forma Financial Information, and Exhibits.
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AMERICAN GENERAL CORPORATION
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN AFFILIATES
In millions
* Net of applicable allowance for losses. See Schedule V of this Form 10-K.
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PART IV (Continued)
AMERICAN GENERAL CORPORATION
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENT OF INCOME OF AMERICAN GENERAL CORPORATION (PARENT ONLY)
* Reflects adoption of SFAS 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," SFAS 109, "Accounting for Income Taxes," and SFAS 112, "Employers' Accounting for Postemployment Benefits," at January 1, 1993. Additional information is incorporated herein by reference from Note 1.2 of Notes to Financial Statements in American General's 1994 ARS.
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AMERICAN GENERAL CORPORATION
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (CONTINUED) BALANCE SHEET OF AMERICAN GENERAL CORPORATION (PARENT ONLY)
(a) The principal amount of American General debentures and notes held by subsidiaries was $63 million at December 31, 1994, $66 million at December 31, 1993, and $69 million at December 31, 1992. The five-year schedule of maturities of debt is as follows: 1995, $100 million; 1996, $3 million; 1997, $136 million; 1998, $71 million; and 1999, $103 million.
(b) Reflects the effect of SFAS 115, "Accounting for Certain Investments in Debt and Equity Securities," at December 31, 1994 and 1993. Additional information is incorporated herein by reference from pages 16 and 17 of MD&A and Note 1.2 in American General's 1994 ARS.
(c) Amounts include undistributed earnings of subsidiaries of $2.6 billion in 1994, $2.4 billion in 1993, and $2.8 billion in 1992.
(d) Amounts for 1994, 1993, and 1992 include 699,614 shares at a cost of $8 million held by a subsidiary.
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PART IV (Continued)
AMERICAN GENERAL CORPORATION
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (CONTINUED) STATEMENT OF CASH FLOWS OF AMERICAN GENERAL CORPORATION (PARENT ONLY)
* Amounts reclassified to conform with 1994 presentation.
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AMERICAN GENERAL CORPORATION
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
In millions
(a) Includes unearned premiums, other policy claims and benefits payable, and other policyholder funds, which are not significant relative to insurance and annuity reserves.
(b) Represents earnings and related expenses on those investments considered necessary to support the segment's business operations.
(c) Represents Consumer Finance non-insurance operations, Corporate operations, and intersegment eliminations.
(d) Reflects effect of SFAS 115, "Accounting for Certain Investments in Debt and Equity Securities," at December 31, 1994 and 1993. Additional information is incorporated herein by reference from pages 16 and 17 of MD&A and Note 1.2 in American General's 1994 ARS.
(e) Amounts reclassified to conform with 1994 presentation.
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PART IV (Continued)
AMERICAN GENERAL CORPORATION
SCHEDULE IV - REINSURANCE
In millions
* Amounts exclude $14.9 billion, $6.8 billion, $1 million, and $8.1 billion for Gross Amount, Ceded to Other Companies, Assumed from Other Companies, and Net Amount, respectively, related to life insurance companies held for sale at December 31, 1993.
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SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS
In millions
(a) Deductions generally result from write-offs of uncollectible receivables and bonds, sales of bonds and real estate, mortgage loan payoffs, and foreclosures of real estate.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 17, 1995.
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/s/ Pamela J. Penny - -----------------------------------------------------------------
Pamela J. Penny (Vice President and Controller)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on March 17, 1995.
/s/ Harold S. Hook - -----------------------------------------------------------------
Harold S. Hook (Chairman of the Board, Chief Executive Officer, and Director - Principal Executive Officer)
/s/ Austin P. Young - -----------------------------------------------------------------
Austin P. Young (Senior Vice President and Chief Financial Officer - Principal Financial Officer)
/s/ Pamela J. Penny - -----------------------------------------------------------------
Pamela J. Penny (Vice President and Controller - Principal Accounting Officer)
J. Evans Attwell* - -----------------------------------------------------------------
J. Evans Attwell (Director)
Brady F. Carruth* - -----------------------------------------------------------------
Brady F. Carruth (Director)
W. Lipscomb Davis Jr.* - -----------------------------------------------------------------
W. Lipscomb Davis Jr. (Director)
Robert M. Devlin* - -----------------------------------------------------------------
Robert M. Devlin (Director)
Larry D. Horner* - -----------------------------------------------------------------
Larry D. Horner (Director)
Richard J.V. Johnson* - -----------------------------------------------------------------
Richard J.V. Johnson (Director)
Robert E. Smittcamp* - -----------------------------------------------------------------
Robert E. Smittcamp (Director)
James R. Tuerff* - -----------------------------------------------------------------
James R. Tuerff (Director)
* By: /s/ Jon P. Newton - -----------------------------------------------------------------
Jon P. Newton (Attorney-in-fact)
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EXHIBIT INDEX
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Any Exhibit not included with this Form 10-K will be furnished to any shareholder of record on written request and payment of up to $.25 per page plus postage. Such requests should be directed to American General Corporation, Investor Relations, P.O. Box 3247, Houston, Texas 77253-3247.