10-Q
Quarterly Report
American International Group, Inc.
AIG
NYSE
CIK: 5272
File #: 1-8787
Balance Sheet
212 line items · 2 periods
XBRL
| Item | Mar 31, 2026 | Dec 31, 2025 |
|---|---|---|
Assets: | ||
Investments: | ||
Fixed maturity securities: | ||
Bonds available for sale, at fair value, net of allowance for credit losses of $38 in 2026 and $37 in 2025 (amortized cost: 2026 - $71,936; 2025 - $71,772) | 70,528,000,000 | 71,032,000,000 |
Level 1 - U.S. government and government sponsored entities | 450,000,000 | 209,000,000 |
Level 2 - U.S. government and government sponsored entities | 1,866,000,000 | 3,089,000,000 |
Level 3 - U.S. government and government sponsored entities | 0 | 0 |
Levels 1, 2 and 3 - U.S. government and government sponsored entities | 2,316,000,000 | 3,298,000,000 |
Level 1 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Obligations of states, municipalities and political subdivisions | 2,692,000,000 | 2,771,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 4,000,000 | 4,000,000 |
Levels 1, 2 and 3 - Obligations of states, municipalities and political subdivisions | 2,696,000,000 | 2,775,000,000 |
Level 1 - Non-U.S. governments | 109,000,000 | 66,000,000 |
Level 2 - Non-U.S. governments | 6,175,000,000 | 6,427,000,000 |
Level 3 - Non-U.S. governments | 7,000,000 | 23,000,000 |
Levels 1, 2 and 3 - Non-U.S. governments | 6,291,000,000 | 6,516,000,000 |
Level 1 - Corporate debt | 0 | 0 |
Level 2 - Corporate debt | 37,717,000,000 | 37,122,000,000 |
Level 3 - Corporate debt | 85,000,000 | 113,000,000 |
Levels 1, 2 and 3 - Corporate debt | 37,802,000,000 | 37,235,000,000 |
Level 1 - RMBS | 0 | 0 |
Level 2 - RMBS | 9,586,000,000 | 8,622,000,000 |
Level 3 - RMBS | 1,486,000,000 | 1,546,000,000 |
Levels 1, 2 and 3 - RMBS | 11,072,000,000 | 10,168,000,000 |
Level 1 - CMBS | 0 | 0 |
Level 2 - CMBS | 4,611,000,000 | 4,592,000,000 |
Level 3 - CMBS | 25,000,000 | 24,000,000 |
Levels 1, 2 and 3 - CMBS | 4,636,000,000 | 4,616,000,000 |
Level 1 - CLO/ABS | 0 | 0 |
Level 2 - CLO/ABS | 4,032,000,000 | 4,683,000,000 |
Level 3 - CLO/ABS | 1,683,000,000 | 1,741,000,000 |
Levels 1, 2 and 3 - CLO/ABS | 5,715,000,000 | 6,424,000,000 |
Level 1 | 559,000,000 | 275,000,000 |
Level 2 | 66,679,000,000 | 67,306,000,000 |
Level 3 | 3,290,000,000 | 3,451,000,000 |
Levels 1, 2 and 3 | 70,528,000,000 | 71,032,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions - Discounted cash flow | 2,000,000 | 2,000,000 |
Level 3 - RMBS - Discounted cash flow | 1,135,000,000 | 1,165,000,000 |
Level 3 - CLO/ABS - Discounted cash flow | 1,197,000,000 | 1,321,000,000 |
Level 3 - CMBS - Discounted cash flow | 25,000,000 | 24,000,000 |
U.S. government and government sponsored entities | 2,316,000,000 | 3,298,000,000 |
Obligations of states, municipalities and political subdivisions | 2,696,000,000 | 2,775,000,000 |
Non-U.S. governments | 6,291,000,000 | 6,516,000,000 |
Corporate debt | 37,802,000,000 | 37,235,000,000 |
RMBS | 11,072,000,000 | 10,168,000,000 |
CMBS | 4,636,000,000 | 4,616,000,000 |
CLO/ABS | 5,715,000,000 | 6,424,000,000 |
Mortgage-backed, asset-backed and collateralized | 21,423,000,000 | 21,208,000,000 |
Non-Investment Grade | 5,700,000,000 | 5,900,000,000 |
Fortitude Holdings - Carrying Value | 1,697,000,000 | 1,780,000,000 |
Fortitude Holdings - Estimated Fair Value | 1,697,000,000 | 1,780,000,000 |
Other bond securities, at fair value | 677,000,000 | 741,000,000 |
Level 1 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Level 2 - Obligations of states, municipalities and political subdivisions | 50,000,000 | 51,000,000 |
Level 3 - Obligations of states, municipalities and political subdivisions | 0 | 0 |
Levels 1, 2 and 3 - Obligations of states, municipalities and political subdivisions | 50,000,000 | 51,000,000 |
Level 1 - Non-U.S. governments | 0 | 0 |
Level 2 - Non-U.S. governments | 21,000,000 | 23,000,000 |
Level 3 - Non-U.S. governments | 0 | 0 |
Levels 1, 2 and 3 - Non-U.S. governments | 21,000,000 | 23,000,000 |
Level 1 - Corporate debt | 0 | 0 |
Level 2 - Corporate debt | 204,000,000 | 274,000,000 |
Level 3 - Corporate debt | 0 | 0 |
Levels 1, 2 and 3 - Corporate debt | 204,000,000 | 274,000,000 |
Level 1 - RMBS | 0 | 0 |
Level 2 - RMBS | 43,000,000 | 46,000,000 |
Level 3 - RMBS | 50,000,000 | 51,000,000 |
Levels 1, 2 and 3 - RMBS | 93,000,000 | 97,000,000 |
Level 1 - CMBS | 0 | 0 |
Level 2 - CMBS | 42,000,000 | 42,000,000 |
Level 3 - CMBS | 0 | 0 |
Levels 1, 2 and 3 - CMBS | 42,000,000 | 42,000,000 |
Level 1 - CLO/ABS | 0 | 0 |
Level 2 - CLO/ABS | 150,000,000 | 135,000,000 |
Level 3 - CLO/ABS | 117,000,000 | 119,000,000 |
Levels 1, 2 and 3 - CLO/ABS | 267,000,000 | 254,000,000 |
Level 1 | 0 | 0 |
Level 2 | 510,000,000 | 571,000,000 |
Level 3 | 167,000,000 | 170,000,000 |
Levels 1, 2 and 3 | 677,000,000 | 741,000,000 |
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 | 21,000,000 | 23,000,000 |
Corporate debt - Available for sale fixed maturity securities, including short-term investments | 204,000,000 | 274,000,000 |
RMBS - Available for sale fixed maturity securities, including short-term investments | 93,000,000 | 97,000,000 |
CMBS - Available for sale fixed maturity securities, including short-term investments | 42,000,000 | 42,000,000 |
CLO/ABS - Available for sale fixed maturity securities, including short-term investments | 267,000,000 | 254,000,000 |
Mortgage-backed, asset-backed and collateralized - Available for sale fixed maturity securities, including short-term investments | 402,000,000 | 393,000,000 |
Available for sale fixed maturity securities, including short-term investments | 677,000,000 | 741,000,000 |
Fortitude Holdings - Carrying Value | 670,000,000 | 734,000,000 |
Fortitude Holdings - Estimated Fair Value | 670,000,000 | 734,000,000 |
Equity securities, at fair value | 1,616,000,000 | 502,000,000 |
Level 1 | 1,559,000,000 | 446,000,000 |
Level 2 | 3,000,000 | 1,000,000 |
Level 3 | 54,000,000 | 55,000,000 |
Levels 1, 2 and 3 | 1,616,000,000 | 502,000,000 |
Corebridge Financial Inc | 607,000,000 | — |
Onex Corporation | 548,000,000 | — |
Equities | 1,616,000,000 | 502,000,000 |
Mortgage and other loans receivable, net of allowance for credit losses of $37,713 in 2026 and $37,747 in 2025 | 2,813,000,000 | 2,887,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 307,000,000 | 334,000,000 |
Level 3 - Estimated Fair Value | 2,443,000,000 | 2,500,000,000 |
Estimated Fair Value | 2,750,000,000 | 2,834,000,000 |
Carrying Value | 2,813,000,000 | 2,887,000,000 |
Excluding AIGFP Operating | 2,813,000,000 | 2,887,000,000 |
Other invested assets (portion measured at fair value: 2026 - $3,305; 2025 - $5,011) | 7,015,000,000 | 6,696,000,000 |
Recurring Basis | 3,305,000,000 | 5,011,000,000 |
Private equity funds | 2,900,000,000 | 3,000,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 480,000,000 | 480,000,000 |
Level 3 - Estimated Fair Value | 12,000,000 | 13,000,000 |
Estimated Fair Value | 492,000,000 | 493,000,000 |
Carrying Value | 492,000,000 | 493,000,000 |
Hedge Funds | 130,000,000 | 175,000,000 |
Unconsolidated VIE | 3,100,000,000 | 3,300,000,000 |
Short-term investments, including restricted cash of $57 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $4,877; 2025 - $5,909) | 8,196,000,000 | 11,141,000,000 |
Recurring Basis | 4,877,000,000 | 5,909,000,000 |
Level 1 | 3,253,000,000 | 4,106,000,000 |
Level 2 | 1,624,000,000 | 1,803,000,000 |
Level 3 | 0 | 0 |
Levels 1, 2 and 3 | 4,877,000,000 | 5,909,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 3,319,000,000 | 5,232,000,000 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 3,319,000,000 | 5,232,000,000 |
Carrying Value | 3,319,000,000 | 5,232,000,000 |
Fortitude Holdings - Carrying Value | 155,000,000 | 43,000,000 |
Fortitude Holdings - Estimated Fair Value | 155,000,000 | 43,000,000 |
Total investments | 90,845,000,000 | 92,999,000,000 |
Cash | 1,454,000,000 | 1,274,000,000 |
Level 1 - Estimated Fair Value | 1,454,000,000 | 1,274,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 1,454,000,000 | 1,274,000,000 |
Carrying Value | 1,454,000,000 | 1,274,000,000 |
Accrued investment income | 680,000,000 | 691,000,000 |
Premiums and other receivables, net of allowance for credit losses and disputes of $135 in 2026 and $131 in 2025 | 11,634,000,000 | 10,441,000,000 |
Fortitude RE | 3,056,000,000 | 3,167,000,000 |
Excluding Fortitude | 35,843,000,000 | 34,829,000,000 |
Deferred income tax assets | 5,062,000,000 | 5,096,000,000 |
Deferred policy acquisition costs | 2,128,000,000 | 2,106,000,000 |
Goodwill | 3,418,000,000 | 3,435,000,000 |
Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025 | 2,740,000,000 | 2,443,000,000 |
Other assets, including restricted cash of $17 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $0; 2025 - $135) | 4,683,000,000 | 4,773,000,000 |
Recurring Basis | 0 | 135,000,000 |
Level 1 - Estimated Fair Value | 17,000,000 | 16,000,000 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 0 | 0 |
Estimated Fair Value | 17,000,000 | 16,000,000 |
Carrying Value | 17,000,000 | 16,000,000 |
Fortitude Holdings - Carrying Value | 101,000,000 | 137,000,000 |
Total assets | 161,543,000,000 | 161,254,000,000 |
Fortitude Holdings - Carrying Value | 2,969,000,000 | 3,053,000,000 |
Unconsolidated VIE - Real Estate and Investment Entities | 2,929,000,000 | 3,078,000,000 |
Unconsolidated VIE - Other Investment Companies | 158,000,000 | 188,000,000 |
Unconsolidated VIE | 3,087,000,000 | 3,266,000,000 |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025 | 69,963,000,000 | 70,666,000,000 |
Unearned premiums | 18,921,000,000 | 17,991,000,000 |
Future policy benefits | 1,289,000,000 | 1,385,000,000 |
Other policyholder funds | 334,000,000 | 352,000,000 |
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(85); 2025 - $(92)) | 2,960,000,000 | 3,038,000,000 |
Recurring Basis | 85,000,000 | 92,000,000 |
Level 1 | 0 | 0 |
Level 2 | 0 | 0 |
Level 3 | 85,000,000 | 92,000,000 |
Levels 1, 2 and 3 | 85,000,000 | 92,000,000 |
Level 1 - Estimated Fair Value | 0 | 0 |
Level 2 - Estimated Fair Value | 0 | 0 |
Level 3 - Estimated Fair Value | 3,045,000,000 | 3,130,000,000 |
Estimated Fair Value | 3,045,000,000 | 3,130,000,000 |
Carrying Value | 3,045,000,000 | 3,130,000,000 |
Premiums and other related payables | 6,476,000,000 | 5,448,000,000 |
Deposit accounting liabilities | 3,612,000,000 | 3,295,000,000 |
Commissions and premium taxes payable | 1,494,000,000 | 1,556,000,000 |
Current and deferred income tax liabilities | 652,000,000 | 661,000,000 |
Other liabilities (portion measured at fair value: 2026 - $181; 2025 - $162) | 6,257,000,000 | 6,509,000,000 |
Consolidated Entity, Excluding Consolidated VIE | 9,001,000,000 | 9,035,000,000 |
Consolidated VIE | 155,000,000 | 156,000,000 |
Consolidated Entity, Excluding Consolidated VIE - Level 1 - Estimated Fair Value | 0 | 0 |
Consolidated Entity, Excluding Consolidated VIE - Level 2 - Estimated Fair Value | 8,461,000,000 | 8,702,000,000 |
Consolidated Entity, Excluding Consolidated VIE - Level 3 - Estimated Fair Value | 0 | 0 |
Consolidated Entity, Excluding Consolidated VIE - Estimated Fair Value | 8,461,000,000 | 8,702,000,000 |
Consolidated Entity, Excluding Consolidated VIE - Carrying Value | 9,001,000,000 | 9,035,000,000 |
Consolidated VIE - Level 1 - Estimated Fair Value | 0 | 0 |
Consolidated VIE - Level 2 - Estimated Fair Value | 0 | 0 |
Consolidated VIE - Level 3 - Estimated Fair Value | 155,000,000 | 156,000,000 |
Consolidated VIE - Estimated Fair Value | 155,000,000 | 156,000,000 |
Consolidated VIE - Carrying Value | 155,000,000 | 156,000,000 |
Total liabilities | 121,114,000,000 | 120,092,000,000 |
AIG shareholders’ equity: | ||
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2026 - 1,906,671,492 and 2025 - 1,906,671,492 | 4,766,000,000 | 4,766,000,000 |
Treasury stock, at cost; 2026 - 1,373,766,971 shares; 2025 - 1,368,489,324 shares of common stock | 71,647,000,000 | 71,199,000,000 |
Additional paid-in capital | 75,297,000,000 | 75,373,000,000 |
Retained earnings | 37,704,000,000 | 37,186,000,000 |
Accumulated other comprehensive loss | (5,715,000,000) | (4,987,000,000) |
Total AIG shareholders’ equity | 40,405,000,000 | 41,139,000,000 |
Non-redeemable noncontrolling interests | 24,000,000 | 23,000,000 |
Total equity | 40,429,000,000 | 41,162,000,000 |
Common Stock | 4,766,000,000 | 4,766,000,000 |
Treasury Stock | (71,647,000,000) | (71,199,000,000) |
Additional Paid-in Capital | 75,297,000,000 | 75,373,000,000 |
Retained Earnings | 37,704,000,000 | 37,186,000,000 |
Total | (5,715,000,000) | (4,987,000,000) |
Total AIG Share- holders' Equity | 40,405,000,000 | 41,139,000,000 |
Non- redeemable Non- controlling Interests | 24,000,000 | 23,000,000 |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | (4,000,000) | (3,000,000) |
Unrealized Appreciation (Depreciation) of All Other Investments | (1,989,000,000) | (1,373,000,000) |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 91,000,000 | 87,000,000 |
Foreign Currency Translation Adjustments | (3,102,000,000) | (2,981,000,000) |
Retirement Plan Liabilities Adjustment | (711,000,000) | (717,000,000) |
Total liabilities and equity | 161,543,000,000 | 161,254,000,000 |