10-Q
Quarterly Report
American International Group, Inc.
AIG
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
213 line items · 2 periods
XBRL
| Item | Mar 31, 2025 | Dec 31, 2024 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $30 in 2025 and $38 in 2024 (amortized cost: 2025 - $67,886; 2024 - $66,195) | 66,027,000,000 | 64,006,000,000 |
Level 1 - Recurring Basis - U.S. government and government sponsored entities | 76,000,000 | 36,000,000 |
Level 2 - Recurring Basis - U.S. government and government sponsored entities | 3,101,000,000 | 3,231,000,000 |
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 | 3,177,000,000 | 3,267,000,000 |
Level 1 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 3,028,000,000 | 3,140,000,000 |
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 | 3,031,000,000 | 3,143,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 76,000,000 | 161,000,000 |
Level 2 - Recurring Basis - Non-U.S. governments | 6,644,000,000 | 7,939,000,000 |
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 | 6,727,000,000 | 8,107,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 34,698,000,000 | 31,586,000,000 |
Level 3 - Recurring Basis - Corporate debt | 115,000,000 | 240,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 34,813,000,000 | 31,826,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 7,396,000,000 | 6,710,000,000 |
Level 3 - Recurring Basis - RMBS | 1,656,000,000 | 1,894,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 9,052,000,000 | 8,604,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 3,539,000,000 | 3,900,000,000 |
Level 3 - Recurring Basis - CMBS | 26,000,000 | 26,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 3,565,000,000 | 3,926,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 4,747,000,000 | 4,293,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 915,000,000 | 840,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 5,662,000,000 | 5,133,000,000 |
Level 1 - Recurring Basis | 152,000,000 | 197,000,000 |
Level 2 - Recurring Basis | 63,153,000,000 | 60,799,000,000 |
Level 3 - Recurring Basis | 2,722,000,000 | 3,010,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 66,027,000,000 | 64,006,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 3,000,000 | 3,000,000 |
Level 3 - Corporate debt | 57,000,000 | 177,000,000 |
Level 3 - RMBS | 1,251,000,000 | 1,321,000,000 |
Level 3 - CLO/ABS | 760,000,000 | 760,000,000 |
Level 3 - CMBS | 5,000,000 | 25,000,000 |
U.S. government and government sponsored entities | 3,177,000,000 | 3,267,000,000 |
Obligations of states, municipalities and political subdivisions | 3,031,000,000 | 3,143,000,000 |
Non-U.S. governments | 6,727,000,000 | 8,107,000,000 |
Corporate debt | 34,813,000,000 | 31,826,000,000 |
RMBS | 9,052,000,000 | 8,604,000,000 |
CMBS | 3,565,000,000 | 3,926,000,000 |
CLO/ABS | 5,662,000,000 | 5,133,000,000 |
Mortgage-backed, asset-backed and collateralized | 18,279,000,000 | 17,663,000,000 |
Non-Investment Grade | 5,500,000,000 | 3,600,000,000 |
Fortitude Holdings - Carrying Value | 1,918,000,000 | 1,918,000,000 |
Fortitude Holdings - Estimated Fair Value | 1,918,000,000 | 1,918,000,000 |
Other bond securities, at fair value | 754,000,000 | 745,000,000 |
Level 1 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Recurring Basis - Obligations of states, municipalities and political subdivisions | 51,000,000 | 50,000,000 |
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 | 51,000,000 | 50,000,000 |
Level 1 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Level 2 - Recurring Basis - Non-U.S. governments | 22,000,000 | 24,000,000 |
Level 3 - Recurring Basis - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - Non-U.S. governments | 22,000,000 | 24,000,000 |
Level 1 - Recurring Basis - Corporate debt | 0 | 0 |
Level 2 - Recurring Basis - Corporate debt | 283,000,000 | 281,000,000 |
Level 3 - Recurring Basis - Corporate debt | 1,000,000 | 1,000,000 |
Levels 1, 2 and 3 - Recurring Basis - Corporate debt | 284,000,000 | 282,000,000 |
Level 1 - Recurring Basis - RMBS | 0 | 0 |
Level 2 - Recurring Basis - RMBS | 50,000,000 | 50,000,000 |
Level 3 - Recurring Basis - RMBS | 50,000,000 | 50,000,000 |
Levels 1, 2 and 3 - Recurring Basis - RMBS | 100,000,000 | 100,000,000 |
Level 1 - Recurring Basis - CMBS | 0 | 0 |
Level 2 - Recurring Basis - CMBS | 42,000,000 | 43,000,000 |
Level 3 - Recurring Basis - CMBS | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis - CMBS | 42,000,000 | 43,000,000 |
Level 1 - Recurring Basis - CLO/ABS | 0 | 0 |
Level 2 - Recurring Basis - CLO/ABS | 135,000,000 | 133,000,000 |
Level 3 - Recurring Basis - CLO/ABS | 120,000,000 | 113,000,000 |
Levels 1, 2 and 3 - Recurring Basis - CLO/ABS | 255,000,000 | 246,000,000 |
Level 1 - Recurring Basis | 0 | 0 |
Level 2 - Recurring Basis | 583,000,000 | 581,000,000 |
Level 3 - Recurring Basis | 171,000,000 | 164,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 754,000,000 | 745,000,000 |
Obligations of states, municipalities and political subdivisions - Available for sale fixed maturity securities, including short-term investments | 51,000,000 | 50,000,000 |
Non-U.S. governments - Available for sale fixed maturity securities, including short-term investments | 22,000,000 | 24,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 284,000,000 | 282,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 100,000,000 | 100,000,000 |
CMBS - Available for sale fixed maturity securities, including short-term investments | 42,000,000 | 43,000,000 |
CLO/ABS - Available for sale fixed maturity securities, including short-term investments | 255,000,000 | 246,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 397,000,000 | 389,000,000 |
Available for sale fixed maturity securities, including short-term investments | 754,000,000 | 745,000,000 |
Fortitude Holdings - Carrying Value | 729,000,000 | 721,000,000 |
Fortitude Holdings - Estimated Fair Value | 729,000,000 | 721,000,000 |
Equity securities, at fair value | 733,000,000 | 704,000,000 |
Level 1 - Recurring Basis | 693,000,000 | 689,000,000 |
Level 2 - Recurring Basis | 5,000,000 | 0 |
Level 3 - Recurring Basis | 35,000,000 | 15,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 733,000,000 | 704,000,000 |
Equities | 733,000,000 | 704,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,791 in 2025 and $37,800 in 2024 | 3,737,000,000 | 3,868,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 339,000,000 | 339,000,000 |
Level 3 - Estimated Fair Value | 3,333,000,000 | 3,413,000,000 |
Estimated Fair Value | 3,672,000,000 | 3,752,000,000 |
Carrying Value | 3,737,000,000 | 3,868,000,000 |
Excluding AIGFP Operating | 3,737,000,000 | 3,868,000,000 |
Other invested assets (portion measured at fair value: 2025 - $7,713; 2024 - $7,384) | 9,987,000,000 | 9,828,000,000 |
Recurring Basis | 7,713,000,000 | 7,384,000,000 |
Private equity funds | 3,700,000,000 | 3,600,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 546,000,000 | 578,000,000 |
Level 3 - Estimated Fair Value | 5,000,000 | 5,000,000 |
Estimated Fair Value | 551,000,000 | 583,000,000 |
Carrying Value | 551,000,000 | 583,000,000 |
Hedge Funds | 200,000,000 | 187,000,000 |
Unconsolidated VIE | 3,400,000,000 | 2,900,000,000 |
Short-term investments, including restricted cash of $2 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $6,212; 2024 - $9,789) | 10,601,000,000 | 14,462,000,000 |
Recurring Basis | 6,212,000,000 | 9,789,000,000 |
Level 1 - Recurring Basis | 3,916,000,000 | 7,942,000,000 |
Level 2 - Recurring Basis | 2,296,000,000 | 1,847,000,000 |
Level 3 - Recurring Basis | 0 | 0 |
Levels 1, 2 and 3 - Recurring Basis | 6,212,000,000 | 9,789,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 4,389,000,000 | 4,673,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 4,389,000,000 | 4,673,000,000 |
Carrying Value | 4,389,000,000 | 4,673,000,000 |
Fortitude Holdings - Carrying Value | 22,000,000 | 15,000,000 |
Fortitude Holdings - Estimated Fair Value | 22,000,000 | 15,000,000 |
Total investments | 91,839,000,000 | 93,613,000,000 |
Cash | 1,393,000,000 | 1,302,000,000 |
Level 1 - Estimated Fair Value | 1,393,000,000 | 1,302,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,393,000,000 | 1,302,000,000 |
Carrying Value | 1,393,000,000 | 1,302,000,000 |
Accrued investment income | 631,000,000 | 599,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $129 in 2025 and $127 in 2024 | 11,684,000,000 | 10,463,000,000 |
Fortitude RE | 3,285,000,000 | 3,427,000,000 |
Excluding Fortitude | 35,481,000,000 | 34,618,000,000 |
Deferred income tax assets | 4,962,000,000 | 4,956,000,000 |
Deferred policy acquisition costs | 2,009,000,000 | 2,065,000,000 |
Goodwill | 3,398,000,000 | 3,373,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024 | 2,458,000,000 | 2,171,000,000 |
Other assets, including restricted cash of $13 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $183; 2024 - $179) | 4,724,000,000 | 4,735,000,000 |
Recurring Basis | 183,000,000 | 179,000,000 |
Level 1 - Estimated Fair Value | 13,000,000 | 15,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 13,000,000 | 15,000,000 |
Carrying Value | 13,000,000 | 15,000,000 |
Fortitude Holdings - Carrying Value | 81,000,000 | 115,000,000 |
Total assets | 161,864,000,000 | 161,322,000,000 |
Fortitude Holdings - Carrying Value | 3,227,000,000 | 3,220,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 3,188,000,000 | 2,723,000,000 |
Unconsolidated VIE - Other Investment Companies | 159,000,000 | 255,000,000 |
Unconsolidated VIE | 3,347,000,000 | 2,978,000,000 |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024 | 68,896,000,000 | 69,168,000,000 |
Unearned premiums | 18,090,000,000 | 17,232,000,000 |
Future policy benefits | 1,342,000,000 | 1,317,000,000 |
Other policyholder funds | 395,000,000 | 418,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(79); 2024 - $(128)) | 3,215,000,000 | 3,207,000,000 |
Recurring Basis | 79,000,000 | 128,000,000 |
Level 1 - Recurring Basis | 0 | 0 |
Level 2 - Recurring Basis | 0 | 0 |
Level 3 - Recurring Basis | 79,000,000 | 128,000,000 |
Levels 1, 2 and 3 - Recurring Basis | 79,000,000 | 128,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,294,000,000 | 3,335,000,000 |
Estimated Fair Value | 3,294,000,000 | 3,335,000,000 |
Carrying Value | 3,294,000,000 | 3,335,000,000 |
Premiums and other related payables | 7,343,000,000 | 6,052,000,000 |
Deposit accounting liabilities | 3,270,000,000 | 3,005,000,000 |
Commissions and premium taxes payable | 1,761,000,000 | 1,522,000,000 |
Current and deferred income tax liabilities | 481,000,000 | 426,000,000 |
Other liabilities (portion measured at fair value: 2025 - $181; 2024 - $251) | 6,859,000,000 | 7,503,000,000 |
Consolidated Entities, Excluding Consolidated Investments | 8,596,000,000 | 8,764,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | 157,000,000 | 158,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 1 - Estimated Fair Value | 0 | 0 |
Consolidated Entities, Excluding Consolidated Investments - Level 2 - Estimated Fair Value | 8,085,000,000 | 7,981,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 3 - Estimated Fair Value | 1,000,000 | 240,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Estimated Fair Value | 8,086,000,000 | 8,221,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Carrying Value | 8,596,000,000 | 8,764,000,000 |
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 | 157,000,000 | 158,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Estimated Fair Value | 157,000,000 | 158,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Carrying Value | 157,000,000 | 158,000,000 |
Total liabilities | 120,405,000,000 | 118,772,000,000 |
AIG shareholders’ equity: | ||
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492 | 4,766,000,000 | 4,766,000,000 |
Treasury stock, at cost; 2025 - 1,326,291,552 shares; 2024 - 1,300,512,040 shares of common stock | 67,662,000,000 | 65,573,000,000 |
Additional paid-in capital | 75,251,000,000 | 75,348,000,000 |
Retained earnings | 35,540,000,000 | 35,079,000,000 |
Accumulated other comprehensive loss | (6,464,000,000) | (7,099,000,000) |
Total AIG shareholders’ equity | 41,431,000,000 | 42,521,000,000 |
Non-redeemable noncontrolling interests | 28,000,000 | 29,000,000 |
Total equity | 41,459,000,000 | 42,550,000,000 |
Preferred Stock and Additional Paid-in Capital | 0 | 0 |
Common Stock | 4,766,000,000 | 4,766,000,000 |
Treasury Stock | (67,662,000,000) | (65,573,000,000) |
Additional Paid-in Capital | 75,251,000,000 | 75,348,000,000 |
Retained Earnings | 35,540,000,000 | 35,079,000,000 |
Total | (6,464,000,000) | (7,099,000,000) |
Total AIG Share- holders' Equity | 41,431,000,000 | 42,521,000,000 |
Non- redeemable Non- controlling Interests | 28,000,000 | 29,000,000 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 0 | (4,000,000) |
Unrealized appreciation (depreciation) of all other investments | (2,443,000,000) | (2,868,000,000) |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | 0 | 0 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 74,000,000 | 68,000,000 |
Foreign Currency Translation Adjustments | (3,328,000,000) | (3,521,000,000) |
Change in retirement plan liabilities adjustment | (767,000,000) | (774,000,000) |
Total liabilities and equity | 161,864,000,000 | 161,322,000,000 |