10-K
Annual Report
American International Group, Inc.
AIG
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
261 line items · 2 periods
XBRL
| Item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $37 in 2025 and $38 in 2024 (amortized cost: 2025 - $71,772; 2024 - $66,195) | 71,032,000,000 | 64,006,000,000 |
Level 1 - U.S. government and government sponsored entities | 209,000,000 | 36,000,000 |
Level 2 - U.S. government and government sponsored entities | 3,089,000,000 | 3,231,000,000 |
Level 3 - U.S. government and government sponsored entities | 0 | 0 |
Levels 1, 2 and 3 - U.S. government and government sponsored entities | 3,298,000,000 | 3,267,000,000 |
Level 1 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Obligations of states, municipalities and political subdivisions | 2,771,000,000 | 3,140,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 4,000,000 | 3,000,000 |
Levels 1, 2 and 3 - Obligations of states, municipalities and political subdivisions | 2,775,000,000 | 3,143,000,000 |
Level 1 - Non-U.S. governments | 66,000,000 | 161,000,000 |
Level 2 - Non-U.S. governments | 6,427,000,000 | 7,939,000,000 |
Level 3 - Non-U.S. governments | 23,000,000 | 7,000,000 |
Levels 1, 2 and 3 - Non-U.S. governments | 6,516,000,000 | 8,107,000,000 |
Level 1 - Corporate debt | 0 | 0 |
Level 2 - Corporate debt | 37,122,000,000 | 31,586,000,000 |
Level 3 - Corporate debt | 113,000,000 | 240,000,000 |
Levels 1, 2 and 3 - Corporate debt | 37,235,000,000 | 31,826,000,000 |
Level 1 - RMBS | 0 | 0 |
Level 2 - RMBS | 8,622,000,000 | 6,710,000,000 |
Level 3 - RMBS | 1,546,000,000 | 1,894,000,000 |
Levels 1, 2 and 3 - RMBS | 10,168,000,000 | 8,604,000,000 |
Level 1 - CMBS | 0 | 0 |
Level 2 - CMBS | 4,592,000,000 | 3,900,000,000 |
Level 3 - CMBS | 24,000,000 | 26,000,000 |
Levels 1, 2 and 3 - CMBS | 4,616,000,000 | 3,926,000,000 |
Level 1 - CLO/ABS | 0 | 0 |
Level 2 - CLO/ABS | 4,683,000,000 | 4,293,000,000 |
Level 3 - CLO/ABS | 1,741,000,000 | 840,000,000 |
Levels 1, 2 and 3 - CLO/ABS | 6,424,000,000 | 5,133,000,000 |
Level 1 | 275,000,000 | 197,000,000 |
Level 2 | 67,306,000,000 | 60,799,000,000 |
Level 3 | 3,451,000,000 | 3,010,000,000 |
Levels 1, 2 and 3 | 71,032,000,000 | 64,006,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions - Discounted cash flow | 2,000,000 | 3,000,000 |
Level 3 - RMBS - Discounted cash flow | 1,165,000,000 | 1,321,000,000 |
Level 3 - CLO/ABS - Discounted cash flow | 1,321,000,000 | 760,000,000 |
Level 3 - CMBS - Discounted cash flow | 24,000,000 | 25,000,000 |
U.S. government and government sponsored entities | 3,298,000,000 | 3,267,000,000 |
Obligations of states, municipalities and political subdivisions | 2,775,000,000 | 3,143,000,000 |
Non-U.S. governments | 6,516,000,000 | 8,107,000,000 |
Corporate debt | 37,235,000,000 | 31,826,000,000 |
RMBS | 10,168,000,000 | 8,604,000,000 |
CMBS | 4,616,000,000 | 3,926,000,000 |
CLO/ABS | 6,424,000,000 | 5,133,000,000 |
Mortgage-backed, asset-backed and collateralized | 21,208,000,000 | 17,663,000,000 |
Non-Investment Grade | 5,900,000,000 | 3,600,000,000 |
Fortitude Holdings - Carrying Value | 1,780,000,000 | 1,918,000,000 |
Fortitude Holdings - Estimated Fair Value | 1,780,000,000 | 1,918,000,000 |
Level 3 - Corporate debt - Discounted cash flow | — | 177,000,000 |
Other bond securities, at fair value | 741,000,000 | 745,000,000 |
Level 1 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Obligations of states, municipalities and political subdivisions | 51,000,000 | 50,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Levels 1, 2 and 3 - Obligations of states, municipalities and political subdivisions | 51,000,000 | 50,000,000 |
Level 1 - Non-U.S. governments | 0 | 0 |
Level 2 - Non-U.S. governments | 23,000,000 | 24,000,000 |
Level 3 - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Non-U.S. governments | 23,000,000 | 24,000,000 |
Level 1 - Corporate debt | 0 | 0 |
Level 2 - Corporate debt | 274,000,000 | 281,000,000 |
Level 3 - Corporate debt | 0 | 1,000,000 |
Levels 1, 2 and 3 - Corporate debt | 274,000,000 | 282,000,000 |
Level 1 - RMBS | 0 | 0 |
Level 2 - RMBS | 46,000,000 | 50,000,000 |
Level 3 - RMBS | 51,000,000 | 50,000,000 |
Levels 1, 2 and 3 - RMBS | 97,000,000 | 100,000,000 |
Level 1 - CMBS | 0 | 0 |
Level 2 - CMBS | 42,000,000 | 43,000,000 |
Level 3 - CMBS | 0 | 0 |
Levels 1, 2 and 3 - CMBS | 42,000,000 | 43,000,000 |
Level 1 - CLO/ABS | 0 | 0 |
Level 2 - CLO/ABS | 135,000,000 | 133,000,000 |
Level 3 - CLO/ABS | 119,000,000 | 113,000,000 |
Levels 1, 2 and 3 - CLO/ABS | 254,000,000 | 246,000,000 |
Level 1 | 0 | 0 |
Level 2 | 571,000,000 | 581,000,000 |
Level 3 | 170,000,000 | 164,000,000 |
Levels 1, 2 and 3 | 741,000,000 | 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 | 23,000,000 | 24,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 274,000,000 | 282,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 97,000,000 | 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 | 254,000,000 | 246,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 393,000,000 | 389,000,000 |
Available for sale fixed maturity securities, including short-term investments | 741,000,000 | 745,000,000 |
Fortitude Holdings - Carrying Value | 734,000,000 | 721,000,000 |
Fortitude Holdings - Estimated Fair Value | 734,000,000 | 721,000,000 |
Equity securities, at fair value | 502,000,000 | 704,000,000 |
Level 1 | 446,000,000 | 689,000,000 |
Level 2 | 1,000,000 | 0 |
Level 3 | 55,000,000 | 15,000,000 |
Levels 1, 2 and 3 | 502,000,000 | 704,000,000 |
Equities | 502,000,000 | 704,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,747 in 2025 and $37,800 in 2024 | 2,887,000,000 | 3,868,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 334,000,000 | 339,000,000 |
Level 3 - Estimated Fair Value | 2,500,000,000 | 3,413,000,000 |
Estimated Fair Value | 2,834,000,000 | 3,752,000,000 |
Carrying Value | 2,887,000,000 | 3,868,000,000 |
Excluding AIGFP Operating | 2,887,000,000 | 3,868,000,000 |
Other invested assets (portion measured at fair value: 2025 - $5,011; 2024 - $7,384) | 6,696,000,000 | 9,828,000,000 |
Recurring Basis | 5,011,000,000 | 7,384,000,000 |
Direct private equity | 3,000,000,000 | 3,600,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 480,000,000 | 578,000,000 |
Level 3 - Estimated Fair Value | 13,000,000 | 5,000,000 |
Estimated Fair Value | 493,000,000 | 583,000,000 |
Carrying Value | 493,000,000 | 583,000,000 |
Hedge Funds | 175,000,000 | 187,000,000 |
Unconsolidated VIE | 3,300,000,000 | 2,900,000,000 |
Parent Company | 1,261,000,000 | 393,000,000 |
Short-term investments, including restricted cash of $55 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $5,909; 2024 - $9,789) | 11,141,000,000 | 14,462,000,000 |
Recurring Basis | 5,909,000,000 | 9,789,000,000 |
Level 1 | 4,106,000,000 | 7,942,000,000 |
Level 2 | 1,803,000,000 | 1,847,000,000 |
Level 3 | 0 | 0 |
Levels 1, 2 and 3 | 5,909,000,000 | 9,789,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 5,232,000,000 | 4,673,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 5,232,000,000 | 4,673,000,000 |
Carrying Value | 5,232,000,000 | 4,673,000,000 |
Fortitude Holdings - Carrying Value | 43,000,000 | 15,000,000 |
Fortitude Holdings - Estimated Fair Value | 43,000,000 | 15,000,000 |
Parent Company | 5,792,000,000 | 8,360,000,000 |
Total investments | 92,999,000,000 | 93,613,000,000 |
Parent Company | 8,565,000,000 | 12,563,000,000 |
Cash | 1,274,000,000 | 1,302,000,000 |
Level 1 - Estimated Fair Value | 1,274,000,000 | 1,302,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,274,000,000 | 1,302,000,000 |
Carrying Value | 1,274,000,000 | 1,302,000,000 |
Parent Company | 8,000,000 | 4,000,000 |
Accrued investment income | 691,000,000 | 599,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $131 in 2025 and $127 in 2024 | 10,441,000,000 | 10,463,000,000 |
Fortitude RE | 3,167,000,000 | 3,427,000,000 |
Excluding Fortitude | 34,829,000,000 | 34,618,000,000 |
Deferred income tax assets | 5,096,000,000 | 4,956,000,000 |
Parent Company | 3,396,000,000 | 3,380,000,000 |
Deferred policy acquisition costs | 2,106,000,000 | 2,065,000,000 |
Goodwill | 3,435,000,000 | 3,373,000,000 |
Reportable Segments - North America Commercial | 2,069,000,000 | 2,069,000,000 |
Reportable Segments - International Commercial | 1,114,000,000 | 1,056,000,000 |
Reportable Segments - Global Personal | 245,000,000 | 241,000,000 |
All Other | 7,000,000 | 7,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024 | 2,443,000,000 | 2,171,000,000 |
Other assets, including restricted cash of $16 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $135; 2024 - $179) | 4,773,000,000 | 4,735,000,000 |
Recurring Basis | 135,000,000 | 179,000,000 |
Level 1 - Estimated Fair Value | 16,000,000 | 15,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 16,000,000 | 15,000,000 |
Carrying Value | 16,000,000 | 15,000,000 |
Fortitude Holdings - Carrying Value | 137,000,000 | 115,000,000 |
Parent Company | 792,000,000 | 755,000,000 |
Total assets | 161,254,000,000 | 161,322,000,000 |
Equity Method Investee | 435,050,000,000 | 418,639,000,000 |
Fortitude Holdings - Carrying Value | 3,053,000,000 | 3,220,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 3,078,000,000 | 2,723,000,000 |
Unconsolidated VIE - Other Investment Companies | 188,000,000 | 255,000,000 |
Unconsolidated VIE | 3,266,000,000 | 2,978,000,000 |
Parent Company | 53,246,000,000 | 54,233,000,000 |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024 | 70,666,000,000 | 69,168,000,000 |
U.S. Workers' Compensation (before discount) - Reportable Subsegments | 8,078,000,000 | — |
U.S. Excess Casualty - Reportable Subsegments | 6,114,000,000 | — |
U.S. Other Casualty - Reportable Subsegments | 7,821,000,000 | — |
U.S. Financial Lines - Reportable Subsegments | 6,786,000,000 | — |
U.S. Property and Special Risks - Reportable Subsegments | 5,132,000,000 | — |
U.S. Personal Insurance - Reportable Subsegments | 2,691,000,000 | — |
UK/Europe Casualty and Financial lines - Reportable Subsegments | 10,664,000,000 | — |
UK/Europe Property and Special Risks - Reportable Subsegments | 4,390,000,000 | — |
UK/Europe and Japan Personal Insurance - Reportable Subsegments | 1,973,000,000 | — |
Reportable Subsegments | 53,649,000,000 | — |
Elimination and consolidations - Discount on workers' compensation lines | (2,063,000,000) | — |
Elimination and consolidations - Other product lines | 16,351,000,000 | — |
Elimination and consolidations - Unallocated loss adjustment expenses | 2,729,000,000 | — |
Unearned premiums | 17,991,000,000 | 17,232,000,000 |
Future policy benefits | 1,385,000,000 | 1,317,000,000 |
Other policyholder funds | 352,000,000 | 418,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(92); 2024 - $(128)) | 3,038,000,000 | 3,207,000,000 |
Recurring Basis | 92,000,000 | 128,000,000 |
Level 1 | 0 | 0 |
Level 2 | 0 | 0 |
Level 3 | 92,000,000 | 128,000,000 |
Levels 1, 2 and 3 | 92,000,000 | 128,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,130,000,000 | 3,335,000,000 |
Estimated Fair Value | 3,130,000,000 | 3,335,000,000 |
Carrying Value | 3,130,000,000 | 3,335,000,000 |
Premiums and other related payables | 5,448,000,000 | 6,052,000,000 |
Deposit accounting liabilities | 3,295,000,000 | 3,005,000,000 |
Commissions and premium taxes payable | 1,556,000,000 | 1,522,000,000 |
Current and deferred income tax liabilities | 661,000,000 | 426,000,000 |
Other liabilities (portion measured at fair value: 2025 - $162; 2024 - $251) | 6,509,000,000 | 7,503,000,000 |
Long-term debt | 9,191,000,000 | 8,922,000,000 |
Consolidated Entities, Excluding Consolidated Investments | 9,035,000,000 | 8,764,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | 156,000,000 | 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 | 8,702,000,000 | 7,981,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Level 3 - Estimated Fair Value | 0 | 240,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Estimated Fair Value | 8,702,000,000 | 8,221,000,000 |
Consolidated Entities, Excluding Consolidated Investments - Carrying Value | 9,035,000,000 | 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 | 156,000,000 | 158,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Estimated Fair Value | 156,000,000 | 158,000,000 |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary - Carrying Value | 156,000,000 | 158,000,000 |
Unsecured Debt - Notes and bonds payable | 8,529,000,000 | 7,885,000,000 |
Unsecured Debt - Junior subordinated debt | 481,000,000 | 602,000,000 |
Unsecured Debt - AIG Japan Holdings Kabushiki Kaisha | 0 | 239,000,000 |
Unsecured Debt | 9,010,000,000 | 8,726,000,000 |
Secured Debt - Notes and bonds payable | 25,000,000 | 37,000,000 |
Debt Not Guaranteed - Other subsidiaries notes, bonds, loans and mortgages payable | 0 | 1,000,000 |
Real Estate and Investment Entities - Debt Not Guaranteed - Debt of consolidated investment entities | 156,000,000 | 158,000,000 |
Notes And Bonds Payable - Unsecured Debt | 8,529,000,000 | — |
Junior Subordinated Debt, General Borrowing - Unsecured Debt | 481,000,000 | — |
Unsecured Debt | 9,010,000,000 | — |
Secured Debt | 25,000,000 | — |
Nonrecourse | 156,000,000 | — |
Parent Company - Notes and bonds payable | 8,536,000,000 | 7,904,000,000 |
Parent Company - Junior subordinated debt | 481,000,000 | 602,000,000 |
AIGFP Operating - Parent Company | 18,000,000 | 18,000,000 |
Total liabilities | 120,092,000,000 | 118,772,000,000 |
Equity Method Investee | 402,711,000,000 | 383,643,000,000 |
Parent Company | 12,107,000,000 | 11,712,000,000 |
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 - 1,368,489,324 shares; 2024 - 1,300,512,040 shares of common stock | 71,199,000,000 | 65,573,000,000 |
Additional paid-in capital | 75,373,000,000 | 75,348,000,000 |
Parent Company | 75,373,000,000 | 75,348,000,000 |
Retained earnings | 37,186,000,000 | 35,079,000,000 |
Parent Company | 37,186,000,000 | 35,079,000,000 |
Accumulated other comprehensive loss | (4,987,000,000) | (7,099,000,000) |
Parent Company | (4,987,000,000) | (7,099,000,000) |
Total AIG shareholders’ equity | 41,139,000,000 | 42,521,000,000 |
Parent Company | 41,139,000,000 | 42,521,000,000 |
Non-redeemable noncontrolling interests | 23,000,000 | 29,000,000 |
Total equity | 41,162,000,000 | 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 | (71,199,000,000) | (65,573,000,000) |
Additional Paid-in Capital | 75,373,000,000 | 75,348,000,000 |
Retained Earnings | 37,186,000,000 | 35,079,000,000 |
Total | (4,987,000,000) | (7,099,000,000) |
Total AIG Share- holders' Equity | 41,139,000,000 | 42,521,000,000 |
Non- redeemable Non- controlling Interests | 23,000,000 | 29,000,000 |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | (3,000,000) | (4,000,000) |
Unrealized Appreciation (Depreciation) of All Other Investments | (1,373,000,000) | (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 | 87,000,000 | 68,000,000 |
Foreign Currency Translation Adjustments | (2,981,000,000) | (3,521,000,000) |
Retirement Plan Liabilities Adjustment | (717,000,000) | (774,000,000) |
Total liabilities and equity | 161,254,000,000 | 161,322,000,000 |
Parent Company | 53,246,000,000 | 54,233,000,000 |