XML 40 R27.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Held-For-Sale Classification and Discontinued Operations Presentation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Financial Information Related to Corebridge as an Equity Method Investee |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Corebridge pre-tax income |  | $ | 361 |  |  | $ | 980 |  |  | $ | 1,354 |  |  | $ | 347 |
Equity method income (loss) related to Corebridge (based on fair value) |  | $ | 115 |  |  | $ | 482 |  |  | $ | 2,195 |  |  | $ | (706) |
Financial Information for Assets and Liabilities Held for Sale and Discontinued Operations | The following table summarizes the components of assets and liabilities held-for-sale and assets and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:
|  |  |  |  |  | June 30, 2024 |  |  | December 31, 2023
(in millions) |  |  |  |  |  | Assets and Liabilities Held for Sale |  |  |  |  | Corebridge (Assets and Liabilities of Discontinued Operations) |  | Assets and Liabilities Held for Sale |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds available for sale, at fair value, net of allowance for credit losses |  |  |  |  |  | $ | 14 |  |  |  |  |  | $ | 166,657 |  |  | $ | 14 |  |  |
Other bond securities, at fair value |  |  |  |  |  | — |  |  |  |  |  | 4,579 |  |  | — |  |  |
Equity securities, at fair value |  |  |  |  |  | — |  |  |  |  |  | 63 |  |  | — |  |  |
Mortgage and other loans receivable, net of allowance for credit losses |  |  |  |  |  | — |  |  |  |  |  | 46,732 |  |  | — |  |  |
Other invested assets |  |  |  |  |  | — |  |  |  |  |  | 9,916 |  |  | — |  |  |
Short-term investments |  |  |  |  |  | 15 |  |  |  |  |  | 4,346 |  |  | 1 |  |  |
Total investments |  |  |  |  |  | 29 |  |  |  |  |  | 232,293 |  |  | 15 |  |  |
Cash |  |  |  |  |  | 90 |  |  |  |  |  | 618 |  |  | — |  |  |
Accrued investment income |  |  |  |  |  | — |  |  |  |  |  | 2,011 |  |  | — |  |  |
Premiums and other receivables, net of allowance for credit losses and disputes |  |  |  |  |  | 42 |  |  |  |  |  | 709 |  |  | 9 |  |  |
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes |  |  |  |  |  | — |  |  |  |  |  | 26,772 |  |  | — |  |  |
Reinsurance assets - other, net of allowance for credit losses and disputes |  |  |  |  |  | 6 |  |  |  |  |  | 2,519 |  |  | 3 |  |  |
Deferred income taxes |  |  |  |  |  | (10) |  |  |  |  |  | 8,307 |  |  | — |  |  |
Deferred policy acquisition costs |  |  |  |  |  | — |  |  |  |  |  | 10,782 |  |  | — |  |  |
Market risk benefit assets, at fair value |  |  |  |  |  | — |  |  |  |  |  | 912 |  |  | — |  |  |
Other assets, net of allowance for credit losses(a) |  |  |  |  |  | 28 |  |  |  |  |  | 2,820 |  |  | 3 |  |  |
Separate account assets, at fair value |  |  |  |  |  | — |  |  |  |  |  | 91,005 |  |  | — |  |  |
Total assets held for sale/assets of discontinued operations |  |  |  |  |  | $ | 185 |  |  |  |  |  | $ | 378,748 |  |  | $ | 30 |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses |  |  |  |  |  | $ | 24 |  |  |  |  |  | $ | — |  |  | $ | 19 |  |  |
Unearned premiums |  |  |  |  |  | 12 |  |  |  |  |  | 65 |  |  | 7 |  |  |
Future policy benefits for life and accident and health insurance contracts |  |  |  |  |  | — |  |  |  |  |  | 57,946 |  |  | — |  |  |
Policyholder contract deposits |  |  |  |  |  | — |  |  |  |  |  | 161,979 |  |  | — |  |  |
Market risk benefit liabilities, at fair value |  |  |  |  |  | — |  |  |  |  |  | 5,705 |  |  | — |  |  |
Other policyholder funds |  |  |  |  |  | — |  |  |  |  |  | 2,862 |  |  | — |  |  |
Fortitude Re funds withheld payable |  |  |  |  |  | — |  |  |  |  |  | 25,957 |  |  | — |  |  |
Other liabilities |  |  |  |  |  | 117 |  |  |  |  |  | 8,790 |  |  | 2 |  |  |
Short-term and long-term debt |  |  |  |  |  | — |  |  |  |  |  | 9,420 |  |  | — |  |  |
Debt of consolidated investment entities |  |  |  |  |  | — |  |  |  |  |  | 2,360 |  |  | — |  |  |
Separate account liabilities |  |  |  |  |  | — |  |  |  |  |  | 91,005 |  |  | — |  |  |
Total liabilities held for sale/liabilities of discontinued operations |  |  |  |  |  | $ | 153 |  |  |  |  |  | $ | 366,089 |  |  | $ | 28 |  |  |
(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $116 million and $3 million, respectively, for Corebridge at December 31, 2023. The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |
Premiums |  | $ | 428 |  |  | $ | 2,442 |  |  | $ | 2,723 |  |  | $ | 4,548 |
Policy fees |  | 555 |  |  | 693 |  |  | 1,269 |  |  | 1,392 |
Net investment income |  | 2,314 |  |  | 2,732 |  |  | 5,238 |  |  | 5,420 |
Net realized gains (losses) |  | (587) |  |  | (281) |  |  | (923) |  |  | (1,680) |
Other income |  | 155 |  |  | 193 |  |  | 372 |  |  | 375 |
Total revenues |  | 2,865 |  |  | 5,779 |  |  | 8,679 |  |  | 10,055 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |
Policyholder benefits and losses incurred |  | 811 |  |  | 2,879 |  |  | 3,618 |  |  | 5,372 |
Change in the fair value of market risk benefits, net |  | 20 |  |  | (262) |  |  | (350) |  |  | (66) |
Interest credited to policyholder account balances |  | 980 |  |  | 1,063 |  |  | 2,184 |  |  | 2,102 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of deferred policy acquisition costs |  | 199 |  |  | 257 |  |  | 465 |  |  | 511 |
General operating and other expenses |  | 574 |  |  | 772 |  |  | 1,350 |  |  | 1,512 |
Interest expense |  | 106 |  |  | 149 |  |  | 249 |  |  | 331 |
Net (gain) loss on divestitures and other |  | (186) |  |  | (59) |  |  | (191) |  |  | (54) |
Total benefits, losses and expenses |  | 2,504 |  |  | 4,799 |  |  | 7,325 |  |  | 9,708 |
Income (loss) from discontinued operations before income tax expense (benefit) and loss on disposal of discontinued operations |  | 361 |  |  | 980 |  |  | 1,354 |  |  | 347 |
Income tax expense (benefit) |  | 36 |  |  | 130 |  |  | 226 |  |  | (79) |
Income (loss) from discontinued operations, net of income taxes before loss on disposal of discontinued operations |  | 325 |  |  | 850 |  |  | 1,128 |  |  | 426 |
Loss on disposition of operations, net of tax |  | (4,684) |  |  | — |  |  | (4,684) |  |  | — |
Income (loss) from discontinued operations, net of income taxes |  | (4,359) |  |  | 850 |  |  | (3,556) |  |  | 426 |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests |  | 93 |  |  | 198 |  |  | 477 |  |  | 81 |
Net income (loss) from discontinued operations attributable to AIG |  | $ | (4,452) |  |  | $ | 652 |  |  | $ | (4,033) |  |  | $ | 345 |
The loss on deconsolidation of Corebridge is calculated as follows:
(in millions) |  |
Corebridge retained investment (48.4% @28.90 per share at June 9, 2024) |  | $ | 8,502 |
Retained Interest in certain investment entities and other assets |  | 1,195 |
Net fair value of assets retained |  | 9,697 |
Corebridge book value at June 9, 2024 |  | 12,392 |
Less: Noncontrolling interests |  | 5,732 |
Corebridge book value excluding noncontrolling interest |  | 6,660 |
Gain on sale pre-tax |  | 3,037 |
Tax expense |  | 507 |
Subtotal: After tax gain |  | 2,530 |
Reclassification adjustment of Accumulated other comprehensive loss at June 9, 2024 |  | (7,214) |
Loss on sale of Corebridge - after-tax |  | $ | (4,684) |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483475/205-20-45-11 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5B -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5D -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 205 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-1 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-3 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration