10-Q
Quarterly Report
American International Group, Inc.
AIG 67EU
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
229 line items · 2 periods
XBRL
| Item | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $33 in 2024 and $34 in 2023 (amortized cost: 2024 - $65,326; 2023 - $68,119) | 62,333,000,000 | 65,242,000,000 |
Level 1 - Recurring Basis - U.S. government and government sponsored entities | 24,000,000 | 15,000,000 |
Level 2 - Recurring Basis - U.S. government and government sponsored entities | 4,385,000,000 | 4,380,000,000 |
Level 3 - Recurring Basis - U.S. government and government sponsored entities | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - U.S. government and government sponsored entities | 4,409,000,000 | 4,395,000,000 |
Level 1 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 4,488,000,000 | 4,830,000,000 |
Level 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 4,000,000 | 3,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 4,492,000,000 | 4,833,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 161,000,000 | 233,000,000 |
Level 2 - Recurring Basis - Non-U.S. governments | 7,893,000,000 | 8,156,000,000 |
Level 3 - Recurring Basis - Non-U.S. governments | 7,000,000 | 7,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Non-U.S. governments | 8,061,000,000 | 8,396,000,000 |
Level 1 - Recurring Basis - Corporate debt | 1,000,000 | 0 |
Level 2 - Recurring Basis - Corporate debt | 30,427,000,000 | 32,023,000,000 |
Level 3 - Recurring Basis - Corporate debt | 359,000,000 | 323,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 30,787,000,000 | 32,346,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 3,762,000,000 | 4,415,000,000 |
Level 3 - Recurring Basis - RMBS | 2,016,000,000 | 1,792,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 5,778,000,000 | 6,207,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 4,193,000,000 | 4,122,000,000 |
Level 3 - Recurring Basis - CMBS | 94,000,000 | 25,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 4,287,000,000 | 4,147,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 3,244,000,000 | 3,629,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 1,275,000,000 | 1,289,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 4,519,000,000 | 4,918,000,000 |
Level 1 - Recurring Basis | 186,000,000 | 248,000,000 |
Level 2 - Recurring Basis | 58,392,000,000 | 61,555,000,000 |
Level 3 - Recurring Basis | 3,755,000,000 | 3,439,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 62,333,000,000 | 65,242,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 4,000,000 | 3,000,000 |
Level 3 - Corporate debt | 306,000,000 | 332,000,000 |
Level 3 - RMBS | 1,268,000,000 | 1,341,000,000 |
Level 3 - CLO/ABS | 1,163,000,000 | 1,100,000,000 |
Level 3 - CMBS | 14,000,000 | 22,000,000 |
U.S. government and government sponsored entities | 4,409,000,000 | 4,395,000,000 |
Obligations of states, municipalities and political subdivisions | 4,492,000,000 | 4,833,000,000 |
Non-U.S. governments | 8,061,000,000 | 8,396,000,000 |
Corporate debt | 30,787,000,000 | 32,346,000,000 |
RMBS | 5,778,000,000 | 6,207,000,000 |
CMBS | 4,287,000,000 | 4,147,000,000 |
CLO/ABS | 4,519,000,000 | 4,918,000,000 |
Mortgage-backed, asset-backed and collateralized | 14,584,000,000 | 15,272,000,000 |
Non-Investment Grade | 4,800,000,000 | 5,200,000,000 |
Fortitude Holdings - Carrying Value | 1,997,000,000 | 2,180,000,000 |
Fortitude Holdings - Estimated Fair Value | 1,997,000,000 | 2,180,000,000 |
Consolidated VIE | 30,000,000 | 72,000,000 |
Other bond securities, at fair value (See Note 6) | 766,000,000 | 663,000,000 |
Level 1 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 50,000,000 | 51,000,000 |
Level 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 50,000,000 | 51,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Level 2 - Recurring Basis - Non-U.S. governments | 25,000,000 | 24,000,000 |
Level 3 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - Non-U.S. governments | 25,000,000 | 24,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 267,000,000 | 210,000,000 |
Level 3 - Recurring Basis - Corporate debt | 44,000,000 | 45,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 311,000,000 | 255,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 53,000,000 | 42,000,000 |
Level 3 - Recurring Basis - RMBS | 49,000,000 | 51,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 102,000,000 | 93,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 42,000,000 | 33,000,000 |
Level 3 - Recurring Basis - CMBS | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 42,000,000 | 33,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 91,000,000 | 69,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 145,000,000 | 138,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 236,000,000 | 207,000,000 |
Level 1 - Recurring Basis | 0 | 0 |
Level 2 - Recurring Basis | 528,000,000 | 429,000,000 |
Level 3 - Recurring Basis | 238,000,000 | 234,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 766,000,000 | 663,000,000 |
Obligations of states, municipalities and political subdivisions - Available for sale fixed maturity securities, including short-term investments | 50,000,000 | 51,000,000 |
Non-U.S. governments - Available for sale fixed maturity securities, including short-term investments | 25,000,000 | 24,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 311,000,000 | 255,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 102,000,000 | 93,000,000 |
CMBS - Available for sale fixed maturity securities, including short-term investments | 42,000,000 | 33,000,000 |
CLO/ABS - Available for sale fixed maturity securities, including short-term investments | 236,000,000 | 207,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 380,000,000 | 333,000,000 |
Available for sale fixed maturity securities, including short-term investments | 766,000,000 | 663,000,000 |
Fortitude Holdings - Carrying Value | 761,000,000 | 655,000,000 |
Fortitude Holdings - Estimated Fair Value | 761,000,000 | 655,000,000 |
Equity securities, at fair value (See Note 6) | 688,000,000 | 665,000,000 |
Level 1 - Recurring Basis | 659,000,000 | 612,000,000 |
Level 2 - Recurring Basis | 16,000,000 | 39,000,000 |
Level 3 - Recurring Basis | 13,000,000 | 14,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 688,000,000 | 665,000,000 |
Equities | 688,000,000 | 665,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,799 in 2024 and $37,776 in 2023 | 4,347,000,000 | 4,441,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 341,000,000 | 242,000,000 |
Level 3 - Estimated Fair Value | 3,871,000,000 | 4,113,000,000 |
Estimated Fair Value | 4,212,000,000 | 4,355,000,000 |
Carrying Value | 4,347,000,000 | 4,441,000,000 |
Excluding AIGFP Operating | 4,347,000,000 | 4,441,000,000 |
Consolidated VIE | 0 | 122,000,000 |
Other invested assets (portion measured at fair value: 2024 - $12,386; 2023 - $4,175) | 14,788,000,000 | 6,368,000,000 |
Recurring Basis | 12,386,000,000 | 4,175,000,000 |
Private equity funds | 3,900,000,000 | 3,700,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 591,000,000 | 645,000,000 |
Level 3 - Estimated Fair Value | 6,000,000 | 6,000,000 |
Estimated Fair Value | 597,000,000 | 651,000,000 |
Carrying Value | 597,000,000 | 651,000,000 |
Hedge Funds | 188,000,000 | 411,000,000 |
Unconsolidated VIE | 3,700,000,000 | 4,100,000,000 |
Short-term investments, including restricted cash of $3 in 2024 and $1 in 2023 (portion measured at fair value: 2024 - $8,137; 2023 - $9,363) | 12,563,000,000 | 12,865,000,000 |
Recurring Basis | 8,137,000,000 | 9,363,000,000 |
Level 1 - Recurring Basis | 3,845,000,000 | 2,613,000,000 |
Level 2 - Recurring Basis | 4,292,000,000 | 6,750,000,000 |
Level 3 - Recurring Basis | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis | 8,137,000,000 | 9,363,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 4,426,000,000 | 3,502,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 4,426,000,000 | 3,502,000,000 |
Carrying Value | 4,426,000,000 | 3,502,000,000 |
Held-for-Sale - Carrying Value | 7,000,000 | — |
Fortitude Holdings - Carrying Value | 18,000,000 | 46,000,000 |
Fortitude Holdings - Estimated Fair Value | 18,000,000 | 46,000,000 |
Consolidated VIE | 0 | 5,000,000 |
Total investments | 95,485,000,000 | 90,244,000,000 |
Cash | 1,381,000,000 | 1,540,000,000 |
Level 1 - Estimated Fair Value | 1,381,000,000 | 1,540,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,381,000,000 | 1,540,000,000 |
Carrying Value | 1,381,000,000 | 1,540,000,000 |
Held-for-Sale - Carrying Value | 90,000,000 | — |
Accrued investment income | 563,000,000 | 580,000,000 |
Consolidated VIE | 1,000,000 | 2,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $126 in 2024 and $138 in 2023 | 11,669,000,000 | 9,967,000,000 |
Fortitude RE | 3,592,000,000 | 3,839,000,000 |
Excluding Fortitude | 37,068,000,000 | 35,293,000,000 |
Deferred income tax assets | 5,568,000,000 | 6,186,000,000 |
Deferred policy acquisition costs | 2,123,000,000 | 2,117,000,000 |
Goodwill | 3,407,000,000 | 3,422,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023 | 2,132,000,000 | 1,915,000,000 |
Other assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023, including restricted cash of $18 in 2024 and $32 in 2023 (portion measured at fair value: 2024 - $189; 2023 - $374) | 4,717,000,000 | 5,425,000,000 |
Recurring Basis | 189,000,000 | 374,000,000 |
Level 1 - Estimated Fair Value | 18,000,000 | 32,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 18,000,000 | 32,000,000 |
Carrying Value | 18,000,000 | 32,000,000 |
Fortitude Holdings - Carrying Value | 126,000,000 | 118,000,000 |
Consolidated VIE | 1,000,000 | 1,000,000 |
Held-for-Sale | 185,000,000 | 30,000,000 |
Discontinued Operations | 0 | 378,748,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 378,748,000,000 |
Total assets | 167,890,000,000 | 539,306,000,000 |
Fortitude Holdings - Carrying Value | 3,377,000,000 | 3,542,000,000 |
Consolidated VIE | 32,000,000 | 202,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 3,686,000,000 | 4,107,000,000 |
Unconsolidated VIE - Other Investment Companies | 0 | 0 |
Unconsolidated VIE | 3,686,000,000 | 4,107,000,000 |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2024 and $14 in 2023 | 69,783,000,000 | 70,393,000,000 |
Unearned premiums | 18,738,000,000 | 17,375,000,000 |
Future policy benefits for life and accident and health insurance contracts | 1,355,000,000 | 1,467,000,000 |
Other policyholder funds | 435,000,000 | 495,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $(154); 2023 - $(148)) | 3,364,000,000 | 3,527,000,000 |
Recurring Basis | 154,000,000 | 148,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,518,000,000 | 3,675,000,000 |
Estimated Fair Value | 3,518,000,000 | 3,675,000,000 |
Carrying Value | 3,518,000,000 | 3,675,000,000 |
Level 1 - Recurring Basis | — | 0 |
Level 2 - Recurring Basis | — | 0 |
Level 3 - Recurring Basis | — | 148,000,000 |
Levels 1, 2 and 3 - Recurring Basis | — | 148,000,000 |
Premiums and other related payables | 7,729,000,000 | 6,219,000,000 |
Deposit accounting liabilities | 2,782,000,000 | 2,612,000,000 |
Commissions and premium taxes payable | 1,395,000,000 | 1,351,000,000 |
Current and deferred income tax liabilities | 375,000,000 | 347,000,000 |
Other liabilities (portion measured at fair value: 2024 - $323; 2023 - $482) | 7,366,000,000 | 7,496,000,000 |
Consolidated Entities, Excluding Consolidated Investments | 9,861,000,000 | 10,375,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | 79,000,000 | 231,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 1 - Estimated Fair Value | 0 | 0 |
Consolidated Entities, Excluding Consolidated Investments - Level 2 - Estimated Fair Value | 8,867,000,000 | 9,623,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 3 - Estimated Fair Value | 235,000,000 | 267,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Estimated Fair Value | 9,102,000,000 | 9,890,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Carrying Value | 9,861,000,000 | 10,375,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Level 1 - Estimated Fair Value | 0 | 0 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Level 2 - Estimated Fair Value | 0 | 0 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Level 3 - Estimated Fair Value | 79,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Estimated Fair Value | 79,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Carrying Value | 79,000,000 | 231,000,000 |
Held-for-Sale | 153,000,000 | 28,000,000 |
Discontinued Operations | 0 | 366,089,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 366,089,000,000 |
Total liabilities | 123,415,000,000 | 488,005,000,000 |
Consolidated VIE | 0 | 38,000,000 |
AIG shareholders’ equity: | ||
Series A non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: 2024 - 0 and 2023 - 20,000; liquidation preference $500 | 0 | 485,000,000 |
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2024 - 1,906,671,492 and 2023 - 1,906,671,492 | 4,766,000,000 | 4,766,000,000 |
Treasury stock, at cost; 2024 - 1,256,808,687 shares; 2023 - 1,217,831,721 shares of common stock | 62,255,000,000 | 59,189,000,000 |
Additional paid-in capital | 75,274,000,000 | 75,810,000,000 |
Retained earnings | 34,225,000,000 | 37,516,000,000 |
Accumulated other comprehensive loss | (7,565,000,000) | (14,037,000,000) |
Total AIG shareholders’ equity | 44,445,000,000 | 45,351,000,000 |
Non-redeemable noncontrolling interests | 30,000,000 | 5,950,000,000 |
Total equity | 44,475,000,000 | 51,301,000,000 |
Preferred Stock and Additional Paid-in Capital | 0 | 485,000,000 |
Common Stock | 4,766,000,000 | 4,766,000,000 |
Treasury Stock | (62,255,000,000) | (59,189,000,000) |
Additional Paid-in Capital | 75,274,000,000 | 75,810,000,000 |
Retained Earnings | 34,225,000,000 | 37,516,000,000 |
Total | (7,565,000,000) | (14,037,000,000) |
Total AIG Share- holders' Equity | 44,445,000,000 | 45,351,000,000 |
Non- redeemable Non- controlling Interests | 30,000,000 | 5,950,000,000 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (38,000,000) | (106,000,000) |
Unrealized appreciation (depreciation) of all other investments | (3,422,000,000) | (10,888,000,000) |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | 0 | (476,000,000) |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 22,000,000 | 1,233,000,000 |
Foreign Currency Translation Adjustments | (3,322,000,000) | (2,979,000,000) |
Change in retirement plan liabilities adjustment | (805,000,000) | (821,000,000) |
Total liabilities and equity | 167,890,000,000 | 539,306,000,000 |