<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>4
<FILENAME>y52044ex12.txt
<DESCRIPTION>STATEMENT RE COMPUTATION OF RATIOS
<TEXT>
<PAGE>   1

                                                                      EXHIBIT 12

                       AMERICAN INTERNATIONAL GROUP, INC.

               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                          (IN MILLIONS, EXCEPT RATIOS)

<Table>
<Caption>
                                                             SIX MONTHS         THREE MONTHS
                                                           ENDED JUNE 30,      ENDED JUNE 30,
                                                          ----------------    ----------------
                                                           2001      2000      2001      2000
                                                          ------    ------    ------    ------
<S>                                                       <C>       <C>       <C>       <C>
Income before income taxes, minority interest and
  cumulative effect of an accounting change.............  $4,657    $4,087    $2,385    $2,096
Less -- Equity income (loss) of less than 50% owned
  persons...............................................      11        (1)        6         2
Add -- Dividends from less than 50% owned persons.......       1         1         1         1
                                                          ------    ------    ------    ------
                                                           4,647     4,089     2,380     2,095
Add --
  Fixed charges.........................................   1,638     1,284       823       613
Less --
  Capitalized interest..................................      32        29        16        15
                                                          ------    ------    ------    ------
Income before income taxes, minority interest,
  cumulative effect of an accounting change and fixed
  charges...............................................  $6,253    $5,344    $3,187    $2,693
                                                          ======    ======    ======    ======
Fixed charges:
  Interest costs........................................  $1,577    $1,222    $  793    $  582
  Rent expense*.........................................      61        62        30        31
                                                          ------    ------    ------    ------
          Total fixed charges...........................  $1,638    $1,284    $  823    $  613
                                                          ======    ======    ======    ======
Ratio of earnings to fixed charges......................    3.82      4.16      3.87      4.39
</Table>

---------------
* The proportion deemed representative of the interest factor.

     The ratio shown is significantly affected as a result of the inclusion of
the fixed charges and operating results of AIG Financial Products Corp. and its
subsidiaries (AIGFP). AIGFP structures borrowings through guaranteed investment
agreements and engages in other complex financial transactions, including
interest rate and currency swaps. In the course of its business, AIGFP enters
into borrowings that are primarily used to purchase assets that yield rates
greater than the rates on the borrowings with the intent of earning a profit on
the spread and to finance the acquisition of securities utilized to hedge
certain transactions. The pro forma ratios of earnings to fixed charges, which
exclude the effects of the operating results of AIGFP, are 7.10 and 7.19 for the
second quarter and 6.96 and 7.03 for the first six months of 2001 and 2000,
respectively. As AIGFP will continue to be a subsidiary, AIG expects that these
ratios will continue to be lower than they would be if the fixed charges and
operating results of AIGFP were not included therein.

</TEXT>
</DOCUMENT>
