10-K
Annual Report
American International Group, Inc.
AIG
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
279 line items · 2 periods
XBRL
| Item | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $38 in 2024 and $34 in 2023 (amortized cost: 2024 - $66,195; 2023 - $68,119) | 64,006,000,000 | 65,242,000,000 |
Level 1 - Recurring Basis - U.S. government and government sponsored entities | 36,000,000 | 15,000,000 |
Level 2 - Recurring Basis - U.S. government and government sponsored entities | 3,231,000,000 | 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 | 3,267,000,000 | 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 | 3,140,000,000 | 4,830,000,000 |
Level 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 3,000,000 | 3,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 3,143,000,000 | 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 | 7,939,000,000 | 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 | 8,107,000,000 | 8,396,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 31,586,000,000 | 32,023,000,000 |
Level 3 - Recurring Basis - Corporate debt | 240,000,000 | 323,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 31,826,000,000 | 32,346,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 6,710,000,000 | 4,415,000,000 |
Level 3 - Recurring Basis - RMBS | 1,894,000,000 | 1,792,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 8,604,000,000 | 6,207,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 3,900,000,000 | 4,122,000,000 |
Level 3 - Recurring Basis - CMBS | 26,000,000 | 25,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 3,926,000,000 | 4,147,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 4,293,000,000 | 3,629,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 840,000,000 | 1,289,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 5,133,000,000 | 4,918,000,000 |
Level 1 - Recurring Basis | 197,000,000 | 248,000,000 |
Level 2 - Recurring Basis | 60,799,000,000 | 61,555,000,000 |
Level 3 - Recurring Basis | 3,010,000,000 | 3,439,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 64,006,000,000 | 65,242,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 3,000,000 | 3,000,000 |
Level 3 - Corporate debt | 177,000,000 | 332,000,000 |
Level 3 - RMBS | 1,321,000,000 | 1,341,000,000 |
Level 3 - CLO/ABS | 760,000,000 | 1,100,000,000 |
Level 3 - CMBS | 25,000,000 | 22,000,000 |
U.S. government and government sponsored entities | 3,267,000,000 | 4,395,000,000 |
Obligations of states, municipalities and political subdivisions | 3,143,000,000 | 4,833,000,000 |
Non-U.S. governments | 8,107,000,000 | 8,396,000,000 |
Corporate debt | 31,826,000,000 | 32,346,000,000 |
RMBS | 8,604,000,000 | 6,207,000,000 |
CMBS | 3,926,000,000 | 4,147,000,000 |
CLO/ABS | 5,133,000,000 | 4,918,000,000 |
Mortgage-backed, asset-backed and collateralized | 17,663,000,000 | 15,272,000,000 |
Non-Investment Grade | 3,600,000,000 | 5,200,000,000 |
Fortitude Holdings - Carrying Value | 1,918,000,000 | 2,180,000,000 |
Fortitude Holdings - Estimated Fair Value | 1,918,000,000 | 2,180,000,000 |
Consolidated VIE | — | 72,000,000 |
Other bond securities, at fair value (See Note 6) | 745,000,000 | 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 | 24,000,000 | 24,000,000 |
Level 3 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - Non-U.S. governments | 24,000,000 | 24,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 281,000,000 | 210,000,000 |
Level 3 - Recurring Basis - Corporate debt | 1,000,000 | 45,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 282,000,000 | 255,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 50,000,000 | 42,000,000 |
Level 3 - Recurring Basis - RMBS | 50,000,000 | 51,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 100,000,000 | 93,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 43,000,000 | 33,000,000 |
Level 3 - Recurring Basis - CMBS | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 43,000,000 | 33,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 133,000,000 | 69,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 113,000,000 | 138,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 246,000,000 | 207,000,000 |
Level 1 - Recurring Basis | 0 | 0 |
Level 2 - Recurring Basis | 581,000,000 | 429,000,000 |
Level 3 - Recurring Basis | 164,000,000 | 234,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 745,000,000 | 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 | 24,000,000 | 24,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 282,000,000 | 255,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 100,000,000 | 93,000,000 |
CMBS - Available for sale fixed maturity securities, including short-term investments | 43,000,000 | 33,000,000 |
CLO/ABS - Available for sale fixed maturity securities, including short-term investments | 246,000,000 | 207,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 389,000,000 | 333,000,000 |
Available for sale fixed maturity securities, including short-term investments | 745,000,000 | 663,000,000 |
Fortitude Holdings - Carrying Value | 721,000,000 | 655,000,000 |
Fortitude Holdings - Estimated Fair Value | 721,000,000 | 655,000,000 |
Equity securities, at fair value (See Note 6) | 704,000,000 | 665,000,000 |
Level 1 - Recurring Basis | 689,000,000 | 612,000,000 |
Level 2 - Recurring Basis | 0 | 39,000,000 |
Level 3 - Recurring Basis | 15,000,000 | 14,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 704,000,000 | 665,000,000 |
Equities | 704,000,000 | 665,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,800 in 2024 and $37,776 in 2023 | 3,868,000,000 | 4,441,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 339,000,000 | 242,000,000 |
Level 3 - Estimated Fair Value | 3,413,000,000 | 4,113,000,000 |
Estimated Fair Value | 3,752,000,000 | 4,355,000,000 |
Carrying Value | 3,868,000,000 | 4,441,000,000 |
Excluding AIGFP Operating | 3,868,000,000 | 4,441,000,000 |
Consolidated VIE | — | 122,000,000 |
Other invested assets (portion measured at fair value: 2024 - $7,384; 2023 - $4,175) | 9,828,000,000 | 6,368,000,000 |
Recurring Basis | 7,384,000,000 | 4,175,000,000 |
Direct private equity | 3,600,000,000 | 3,700,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 578,000,000 | 645,000,000 |
Level 3 - Estimated Fair Value | 5,000,000 | 6,000,000 |
Estimated Fair Value | 583,000,000 | 651,000,000 |
Carrying Value | 583,000,000 | 651,000,000 |
Hedge Funds | 187,000,000 | 411,000,000 |
Unconsolidated VIE | 2,900,000,000 | 4,100,000,000 |
Parent Company | 393,000,000 | 758,000,000 |
Short-term investments, including restricted cash of $55 in 2024 and $1 in 2023 (portion measured at fair value: 2024 - $9,789; 2023 - $9,363) | 14,462,000,000 | 12,865,000,000 |
Recurring Basis | 9,789,000,000 | 9,363,000,000 |
Level 1 - Recurring Basis | 7,942,000,000 | 2,613,000,000 |
Level 2 - Recurring Basis | 1,847,000,000 | 6,750,000,000 |
Level 3 - Recurring Basis | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis | 9,789,000,000 | 9,363,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 4,673,000,000 | 3,502,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 4,673,000,000 | 3,502,000,000 |
Carrying Value | 4,673,000,000 | 3,502,000,000 |
Fortitude Holdings - Carrying Value | 15,000,000 | 46,000,000 |
Fortitude Holdings - Estimated Fair Value | 15,000,000 | 46,000,000 |
Parent Company | 8,360,000,000 | 7,782,000,000 |
Consolidated VIE | — | 5,000,000 |
Total investments | 93,613,000,000 | 90,244,000,000 |
Parent Company | 12,563,000,000 | 8,540,000,000 |
Cash | 1,302,000,000 | 1,540,000,000 |
Level 1 - Estimated Fair Value | 1,302,000,000 | 1,540,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,302,000,000 | 1,540,000,000 |
Carrying Value | 1,302,000,000 | 1,540,000,000 |
Parent Company | 4,000,000 | 10,000,000 |
Accrued investment income | 599,000,000 | 580,000,000 |
Consolidated VIE | — | 2,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $127 in 2024 and $138 in 2023 | 10,463,000,000 | 9,967,000,000 |
Fortitude RE | 3,427,000,000 | 3,839,000,000 |
Excluding Fortitude | 34,618,000,000 | 35,293,000,000 |
Deferred income tax assets | 4,956,000,000 | 6,186,000,000 |
Parent Company | 3,380,000,000 | 4,566,000,000 |
Deferred policy acquisition costs | 2,065,000,000 | 2,117,000,000 |
Goodwill | 3,373,000,000 | 3,422,000,000 |
Reportable Segments - North America Commercial | 2,069,000,000 | 2,069,000,000 |
Reportable Segments - International Commercial | 1,056,000,000 | 1,081,000,000 |
Reportable Segments - Global Personal | 241,000,000 | 265,000,000 |
All Other | 7,000,000 | 7,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023 | 2,171,000,000 | 1,915,000,000 |
Other assets, including restricted cash of $15 in 2024 and $32 in 2023 (portion measured at fair value: 2024 - $179; 2023 - $374) | 4,735,000,000 | 5,425,000,000 |
Recurring Basis | 179,000,000 | 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 | 115,000,000 | 118,000,000 |
Parent Company | 755,000,000 | 1,335,000,000 |
Consolidated VIE | — | 1,000,000 |
Held-for-Sale | 0 | 30,000,000 |
Discontinued Operations | 0 | 378,748,000,000 |
Parent Company - Discontinued Operations | 0 | 6,111,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 378,748,000,000 |
Total assets | 161,322,000,000 | 539,306,000,000 |
Equity Method Investee | 418,639,000,000 | 28,264,000,000 |
Fortitude Holdings - Carrying Value | 3,220,000,000 | 3,542,000,000 |
Consolidated VIE | 0 | 202,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 2,723,000,000 | 4,107,000,000 |
Unconsolidated VIE - Other Investment Companies | 255,000,000 | 0 |
Unconsolidated VIE | 2,978,000,000 | 4,107,000,000 |
Parent Company | 54,233,000,000 | 58,802,000,000 |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2024 and $14 in 2023 | 69,168,000,000 | 70,393,000,000 |
U.S. Workers' Compensation - Reportable Subsegments | 8,320,000,000 | — |
U.S. Excess Casualty - Reportable Subsegments | 6,347,000,000 | — |
U.S. Other Casualty - Reportable Subsegments | 7,803,000,000 | — |
U.S. Financial Lines - Reportable Subsegments | 7,036,000,000 | — |
U.S. Property and Special Risks - Reportable Subsegments | 5,530,000,000 | — |
U.S. Personal Insurance - Reportable Subsegments | 2,884,000,000 | — |
UK/Europe Casualty and Financial lines - Reportable Subsegments | 9,232,000,000 | — |
UK/Europe Property and Special Risks - Reportable Subsegments | 4,116,000,000 | — |
UK/Europe and Japan Personal Insurance - Reportable Subsegments | 1,939,000,000 | — |
Reportable Subsegments | 53,207,000,000 | — |
Elimination and consolidations - Discount on workers' compensation lines | (2,111,000,000) | — |
Elimination and consolidations - Other product lines | 15,384,000,000 | — |
Elimination and consolidations - Unallocated loss adjustment expenses | 2,688,000,000 | — |
Unearned premiums | 17,232,000,000 | 17,375,000,000 |
Future policy benefits | 1,317,000,000 | 1,467,000,000 |
Other policyholder funds | 418,000,000 | 495,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $(128); 2023 - $(148)) | 3,207,000,000 | 3,527,000,000 |
Recurring Basis | 128,000,000 | 148,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,335,000,000 | 3,675,000,000 |
Estimated Fair Value | 3,335,000,000 | 3,675,000,000 |
Carrying Value | 3,335,000,000 | 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 | 6,052,000,000 | 6,219,000,000 |
Deposit accounting liabilities | 3,005,000,000 | 2,612,000,000 |
Commissions and premium taxes payable | 1,522,000,000 | 1,351,000,000 |
Current and deferred income tax liabilities | 426,000,000 | 347,000,000 |
Other liabilities (portion measured at fair value: 2024 - $251; 2023 - $482) | 7,503,000,000 | 7,496,000,000 |
Long-term debt | 8,922,000,000 | 10,606,000,000 |
Consolidated Entities, Excluding Consolidated Investments | 8,764,000,000 | 10,375,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | 158,000,000 | 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 | 7,981,000,000 | 9,623,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 3 - Estimated Fair Value | 240,000,000 | 267,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Estimated Fair Value | 8,221,000,000 | 9,890,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Carrying Value | 8,764,000,000 | 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 | 158,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Estimated Fair Value | 158,000,000 | 231,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Carrying Value | 158,000,000 | 231,000,000 |
Unsecured Debt - Notes and bonds payable | 7,885,000,000 | 9,079,000,000 |
Unsecured Debt - Junior subordinated debt | 602,000,000 | 992,000,000 |
Unsecured Debt - AIG Japan Holdings Kabushiki Kaisha | 239,000,000 | 267,000,000 |
Unsecured Debt | 8,726,000,000 | 10,338,000,000 |
Secured Debt - Notes and bonds payable | 37,000,000 | 37,000,000 |
Debt Not Guaranteed - Other subsidiaries notes, bonds, loans and mortgages payable | 1,000,000 | 0 |
Real Estate and Investment Entities - Debt Not Guaranteed - Debt of consolidated investment entities | 158,000,000 | 79,000,000 |
Notes And Bonds Payable - Unsecured Debt | 7,885,000,000 | — |
Junior Subordinated Debt, General Borrowing - Unsecured Debt | 602,000,000 | — |
AIG Japan Holdings Kabushiki Kaisha - Unsecured Debt | 239,000,000 | — |
Unsecured Debt | 8,726,000,000 | — |
Secured Debt | 37,000,000 | — |
Nonrecourse | 158,000,000 | — |
Parent Company - Notes and bonds payable | 7,904,000,000 | 9,098,000,000 |
Parent Company - Junior subordinated debt | 602,000,000 | 992,000,000 |
AIGFP Operating - Parent Company | 18,000,000 | 18,000,000 |
Other VIE - Debt Not Guaranteed - Debt of consolidated investment entities | — | 152,000,000 |
Held-for-Sale | 0 | 28,000,000 |
Discontinued Operations | 0 | 366,089,000,000 |
Discontinued Operations - Corebridge Financial Inc | — | 366,089,000,000 |
Total liabilities | 118,772,000,000 | 488,005,000,000 |
Equity Method Investee | 383,643,000,000 | 5,196,000,000 |
Consolidated VIE | 0 | 38,000,000 |
Parent Company | 11,712,000,000 | 13,451,000,000 |
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 |
Parent Company | 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 - 1,300,512,040 shares; 2023 - 1,217,831,721 shares of common stock | 65,573,000,000 | 59,189,000,000 |
Additional paid-in capital | 75,348,000,000 | 75,810,000,000 |
Parent Company | 75,348,000,000 | 75,810,000,000 |
Retained earnings | 35,079,000,000 | 37,516,000,000 |
Parent Company | 35,079,000,000 | 37,516,000,000 |
Accumulated other comprehensive loss | (7,099,000,000) | (14,037,000,000) |
Parent Company | (7,099,000,000) | (14,037,000,000) |
Total AIG shareholders’ equity | 42,521,000,000 | 45,351,000,000 |
Parent Company | 42,521,000,000 | 45,351,000,000 |
Non-redeemable noncontrolling interests | 29,000,000 | 5,950,000,000 |
Total equity | 42,550,000,000 | 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 | (65,573,000,000) | (59,189,000,000) |
Additional Paid-in Capital | 75,348,000,000 | 75,810,000,000 |
Retained Earnings | 35,079,000,000 | 37,516,000,000 |
Total | (7,099,000,000) | (14,037,000,000) |
Total AIG Share- holders' Equity | 42,521,000,000 | 45,351,000,000 |
Non- redeemable Non- controlling Interests | 29,000,000 | 5,950,000,000 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (4,000,000) | (106,000,000) |
Unrealized appreciation (depreciation) of all other investments | (2,868,000,000) | (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 | (3,521,000,000) | (2,979,000,000) |
Change in retirement plan liabilities adjustment | (774,000,000) | (821,000,000) |
Total liabilities and equity | 161,322,000,000 | 539,306,000,000 |
Parent Company | 54,233,000,000 | 58,802,000,000 |