10-Q
Quarterly Report
American International Group, Inc.
AIG
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
229 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $40 in 2024 and $34 in 2023 (amortized cost: 2024 - $67,364; 2023 - $68,119) | 65,980,000,000 | 65,242,000,000 |
Level 1 - Recurring Basis - U.S. government and government sponsored entities | 1,000,000 | 15,000,000 |
Level 2 - Recurring Basis - U.S. government and government sponsored entities | 4,513,000,000 | 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 | 4,514,000,000 | 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 | 4,647,000,000 | 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 | 4,651,000,000 | 4,833,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 181,000,000 | 233,000,000 |
Level 2 - Recurring Basis - Non-U.S. governments | 8,545,000,000 | 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 | 8,733,000,000 | 8,396,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 32,649,000,000 | 32,023,000,000 |
Level 3 - Recurring Basis - Corporate debt | 385,000,000 | 323,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 33,034,000,000 | 32,346,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 4,324,000,000 | 4,415,000,000 |
Level 3 - Recurring Basis - RMBS | 2,095,000,000 | 1,792,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 6,419,000,000 | 6,207,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 4,024,000,000 | 4,122,000,000 |
Level 3 - Recurring Basis - CMBS | 82,000,000 | 25,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 4,106,000,000 | 4,147,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 3,540,000,000 | 3,629,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 983,000,000 | 1,289,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 4,523,000,000 | 4,918,000,000 |
Level 1 - Recurring Basis | 182,000,000 | 248,000,000 |
Level 2 - Recurring Basis | 62,242,000,000 | 61,555,000,000 |
Level 3 - Recurring Basis | 3,556,000,000 | 3,439,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 65,980,000,000 | 65,242,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 3,000,000 | 3,000,000 |
Level 3 - Corporate debt | 128,000,000 | 332,000,000 |
Level 3 - RMBS | 1,365,000,000 | 1,341,000,000 |
Level 3 - CLO/ABS | 1,003,000,000 | 1,100,000,000 |
Level 3 - CMBS | 19,000,000 | 22,000,000 |
U.S. government and government sponsored entities | 4,514,000,000 | 4,395,000,000 |
Obligations of states, municipalities and political subdivisions | 4,651,000,000 | 4,833,000,000 |
Non-U.S. governments | 8,733,000,000 | 8,396,000,000 |
Corporate debt | 33,034,000,000 | 32,346,000,000 |
RMBS | 6,419,000,000 | 6,207,000,000 |
CMBS | 4,106,000,000 | 4,147,000,000 |
CLO/ABS | 4,523,000,000 | 4,918,000,000 |
Mortgage-backed, asset-backed and collateralized | 15,048,000,000 | 15,272,000,000 |
Non-Investment Grade | 3,100,000,000 | 5,200,000,000 |
Fortitude Holdings - Carrying Value | 2,148,000,000 | 2,180,000,000 |
Fortitude Holdings - Estimated Fair Value | 2,148,000,000 | 2,180,000,000 |
Consolidated VIE | 29,000,000 | 72,000,000 |
Other bond securities, at fair value (See Note 6) | 763,000,000 | 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 | 52,000,000 | 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 | 52,000,000 | 51,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Level 2 - Recurring Basis - Non-U.S. governments | 27,000,000 | 24,000,000 |
Level 3 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - Non-U.S. governments | 27,000,000 | 24,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 253,000,000 | 210,000,000 |
Level 3 - Recurring Basis - Corporate debt | 46,000,000 | 45,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 299,000,000 | 255,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 52,000,000 | 42,000,000 |
Level 3 - Recurring Basis - RMBS | 55,000,000 | 51,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 107,000,000 | 93,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 44,000,000 | 33,000,000 |
Level 3 - Recurring Basis - CMBS | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 44,000,000 | 33,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 87,000,000 | 69,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 147,000,000 | 138,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 234,000,000 | 207,000,000 |
Level 1 - Recurring Basis | 0 | 0 |
Level 2 - Recurring Basis | 515,000,000 | 429,000,000 |
Level 3 - Recurring Basis | 248,000,000 | 234,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 763,000,000 | 663,000,000 |
Obligations of states, municipalities and political subdivisions - Available for sale fixed maturity securities, including short-term investments | 52,000,000 | 51,000,000 |
Non-U.S. governments - Available for sale fixed maturity securities, including short-term investments | 27,000,000 | 24,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 299,000,000 | 255,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 107,000,000 | 93,000,000 |
CMBS - Available for sale fixed maturity securities, including short-term investments | 44,000,000 | 33,000,000 |
CLO/ABS - Available for sale fixed maturity securities, including short-term investments | 234,000,000 | 207,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 385,000,000 | 333,000,000 |
Available for sale fixed maturity securities, including short-term investments | 763,000,000 | 663,000,000 |
Fortitude Holdings - Carrying Value | 749,000,000 | 655,000,000 |
Fortitude Holdings - Estimated Fair Value | 749,000,000 | 655,000,000 |
Equity securities, at fair value (See Note 6) | 767,000,000 | 665,000,000 |
Level 1 - Recurring Basis | 739,000,000 | 612,000,000 |
Level 2 - Recurring Basis | 15,000,000 | 39,000,000 |
Level 3 - Recurring Basis | 13,000,000 | 14,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 767,000,000 | 665,000,000 |
Equities | 767,000,000 | 665,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,803 in 2024 and $37,776 in 2023 | 4,286,000,000 | 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 | 3,935,000,000 | 4,113,000,000 |
Estimated Fair Value | 4,276,000,000 | 4,355,000,000 |
Carrying Value | 4,286,000,000 | 4,441,000,000 |
Excluding AIGFP Operating | 4,286,000,000 | 4,441,000,000 |
Consolidated VIE | 0 | 122,000,000 |
Other invested assets (portion measured at fair value: 2024 - $11,780; 2023 - $4,175) | 14,440,000,000 | 6,368,000,000 |
Recurring Basis | 11,780,000,000 | 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 | 583,000,000 | 645,000,000 |
Level 3 - Estimated Fair Value | 5,000,000 | 6,000,000 |
Estimated Fair Value | 588,000,000 | 651,000,000 |
Carrying Value | 588,000,000 | 651,000,000 |
Hedge Funds | 187,000,000 | 411,000,000 |
Unconsolidated VIE | 3,700,000,000 | 4,100,000,000 |
Short-term investments, including restricted cash of $72 in 2024 and $1 in 2023 (portion measured at fair value: 2024 - $8,822; 2023 - $9,363) | 11,848,000,000 | 12,865,000,000 |
Recurring Basis | 8,822,000,000 | 9,363,000,000 |
Level 1 - Recurring Basis | 4,969,000,000 | 2,613,000,000 |
Level 2 - Recurring Basis | 3,853,000,000 | 6,750,000,000 |
Level 3 - Recurring Basis | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis | 8,822,000,000 | 9,363,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 3,026,000,000 | 3,502,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 3,026,000,000 | 3,502,000,000 |
Carrying Value | 3,026,000,000 | 3,502,000,000 |
Held-for-Sale - Carrying Value | 10,000,000 | — |
Fortitude Holdings - Carrying Value | 21,000,000 | 46,000,000 |
Fortitude Holdings - Estimated Fair Value | 21,000,000 | 46,000,000 |
Consolidated VIE | 0 | 5,000,000 |
Total investments | 98,084,000,000 | 90,244,000,000 |
Cash | 1,472,000,000 | 1,540,000,000 |
Level 1 - Estimated Fair Value | 1,472,000,000 | 1,540,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,472,000,000 | 1,540,000,000 |
Carrying Value | 1,472,000,000 | 1,540,000,000 |
Held-for-Sale - Carrying Value | 85,000,000 | — |
Accrued investment income | 581,000,000 | 580,000,000 |
Consolidated VIE | 1,000,000 | 2,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $133 in 2024 and $138 in 2023 | 11,196,000,000 | 9,967,000,000 |
Fortitude RE | 3,529,000,000 | 3,839,000,000 |
Excluding Fortitude | 36,790,000,000 | 35,293,000,000 |
Deferred income tax assets | 5,278,000,000 | 6,186,000,000 |
Deferred policy acquisition costs | 2,191,000,000 | 2,117,000,000 |
Goodwill | 3,453,000,000 | 3,422,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023 | 2,185,000,000 | 1,915,000,000 |
Other assets, including restricted cash of $15 in 2024 and $32 in 2023 (portion measured at fair value: 2024 - $215; 2023 - $374) | 4,553,000,000 | 5,425,000,000 |
Recurring Basis | 231,000,000 | 374,000,000 |
Level 1 - Estimated Fair Value | 15,000,000 | 32,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 15,000,000 | 32,000,000 |
Carrying Value | 15,000,000 | 32,000,000 |
Fortitude Holdings - Carrying Value | 103,000,000 | 118,000,000 |
Consolidated VIE | 1,000,000 | 1,000,000 |
Held-for-Sale | 137,000,000 | 30,000,000 |
Discontinued Operations | 0 | 378,748,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 378,748,000,000 |
Total assets | 169,449,000,000 | 539,306,000,000 |
Fortitude Holdings - Carrying Value | 3,496,000,000 | 3,542,000,000 |
Consolidated VIE | 31,000,000 | 202,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 3,677,000,000 | 4,107,000,000 |
Unconsolidated VIE - Other Investment Companies | 0 | 0 |
Unconsolidated VIE | 3,677,000,000 | 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 | 71,066,000,000 | 70,393,000,000 |
Unearned premiums | 18,926,000,000 | 17,375,000,000 |
Future policy benefits | 1,471,000,000 | 1,467,000,000 |
Other policyholder funds | 455,000,000 | 495,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $0; 2023 - $(148)) | 3,477,000,000 | 3,527,000,000 |
Recurring Basis | 0 | 148,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,477,000,000 | 3,675,000,000 |
Estimated Fair Value | 3,477,000,000 | 3,675,000,000 |
Carrying Value | 3,477,000,000 | 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 | 6,715,000,000 | 6,219,000,000 |
Deposit accounting liabilities | 2,957,000,000 | 2,612,000,000 |
Commissions and premium taxes payable | 1,520,000,000 | 1,351,000,000 |
Current and deferred income tax liabilities | 422,000,000 | 347,000,000 |
Other liabilities (portion measured at fair value: 2024 - $268; 2023 - $482) | 7,235,000,000 | 7,496,000,000 |
Consolidated Entities, Excluding Consolidated Investments | 9,892,000,000 | 10,375,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | 162,000,000 | 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 | 9,343,000,000 | 9,623,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 3 - Estimated Fair Value | 264,000,000 | 267,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Estimated Fair Value | 9,607,000,000 | 9,890,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Carrying Value | 9,892,000,000 | 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 | 162,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Estimated Fair Value | 162,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Carrying Value | 162,000,000 | 231,000,000 |
Held-for-Sale | 78,000,000 | 28,000,000 |
Discontinued Operations | 0 | 366,089,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 366,089,000,000 |
Total liabilities | 124,376,000,000 | 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 - 1,276,381,562 shares; 2023 - 1,217,831,721 shares of common stock | 63,744,000,000 | 59,189,000,000 |
Additional paid-in capital | 75,310,000,000 | 75,810,000,000 |
Retained earnings | 34,429,000,000 | 37,516,000,000 |
Accumulated other comprehensive loss | (5,722,000,000) | (14,037,000,000) |
Total AIG shareholders’ equity | 45,039,000,000 | 45,351,000,000 |
Non-redeemable noncontrolling interests | 34,000,000 | 5,950,000,000 |
Total equity | 45,073,000,000 | 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 | (63,744,000,000) | (59,189,000,000) |
Additional Paid-in Capital | 75,310,000,000 | 75,810,000,000 |
Retained Earnings | 34,429,000,000 | 37,516,000,000 |
Total | (5,722,000,000) | (14,037,000,000) |
Total AIG Share- holders' Equity | 45,039,000,000 | 45,351,000,000 |
Non- redeemable Non- controlling Interests | 34,000,000 | 5,950,000,000 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (1,000,000) | (106,000,000) |
Unrealized appreciation (depreciation) of all other investments | (2,073,000,000) | (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 | 68,000,000 | 1,233,000,000 |
Foreign Currency Translation Adjustments | (2,912,000,000) | (2,979,000,000) |
Change in retirement plan liabilities adjustment | (804,000,000) | (821,000,000) |
Total liabilities and equity | 169,449,000,000 | 539,306,000,000 |