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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Continuing Operations by Operating Segment | The following table presents AIG’s continuing operations by operating segment:
Three Months Ended June 30, | 2024 |  |  | 2023 |
(in millions) |  | Adjusted Revenues |  | Adjusted Pre-tax Income (Loss) |  |  |  | Adjusted Revenues |  | Adjusted Pre-tax Income (Loss) |
General Insurance |  |  |  |  |  |  |  |  |  |  |
North America | $ | 2,470 |  | $ | 163 |  | (a) |  | $ | 3,195 |  | $ | 352 |  | (a)
International |  | 3,279 |  |  | 267 |  | (a) |  |  | 3,302 |  |  | 242 |  | (a)
Net investment income |  | 746 |  |  | 746 |  |  |  |  | 725 |  |  | 725 |  |
Total General Insurance |  | 6,495 |  |  | 1,176 |  |  |  |  | 7,222 |  |  | 1,319 |  |
Other Operations |  |  |  |  |  |  |  |  |  |  |
Other Operations before consolidation and eliminations |  | 144 |  |  | (158) |  |  |  |  | 173 |  |  | (270) |  |
Consolidation and eliminations |  | (5) |  |  | — |  |  |  |  | (17) |  |  | (8) |  |
Total Other Operations |  | 139 |  |  | (158) |  |  |  |  | 156 |  |  | (278) |  |
Total |  | 6,634 |  |  | 1,018 |  |  |  |  | 7,378 |  |  | 1,041 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities and AIG's investment in Corebridge |  | 59 |  |  | 59 |  |  |  |  | 41 |  |  | 41 |  |
Other income (expense) - net |  | 15 |  |  | — |  |  |  |  | 8 |  |  | — |  |
Gain (loss) on extinguishment of debt |  | — |  |  | (1) |  |  |  |  | — |  |  | — |  |
Net investment income on Fortitude Re funds withheld assets |  | 33 |  |  | 33 |  |  |  |  | 25 |  |  | 25 |  |
Net realized losses on Fortitude Re funds withheld assets |  | (1) |  |  | (1) |  |  |  |  | (7) |  |  | (7) |  |
Net realized gains on Fortitude Re funds withheld embedded derivative |  | 8 |  |  | 8 |  |  |  |  | 58 |  |  | 58 |  |
Net realized losses(b) |  | (188) |  |  | (186) |  |  |  |  | (67) |  |  | (64) |  |
Net gain (loss) on divestitures and other |  | — |  |  | 102 |  |  |  |  | — |  |  | (15) |  |
Non-operating litigation reserves and settlements |  | — |  |  | — |  |  |  |  | — |  |  | (1) |  |
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | — |  |  | 62 |  |  |  |  | — |  |  | 18 |  |
Net loss reserve discount charge |  | — |  |  | (26) |  |  |  |  | — |  |  | (16) |  |
Pension expense related to lump sum payments to former employees |  | — |  |  | — |  |  |  |  | — |  |  | (54) |  |
Integration and transaction costs associated with acquiring or divesting businesses |  | — |  |  | (18) |  |  |  |  | — |  |  | (8) |  |
Restructuring and other costs(c) |  | — |  |  | (426) |  |  |  |  | — |  |  | (125) |  |
Non-recurring costs related to regulatory or accounting changes |  | — |  |  | (7) |  |  |  |  | — |  |  | (7) |  |
Revenues and pre-tax income | $ | 6,560 |  | $ | 617 |  |  |  | $ | 7,436 |  | $ | 886 |  |
Six Months Ended June 30, | 2024 |  |  | 2023 |
(in millions) |  | Adjusted Revenues |  |  |  |  |  | Adjusted Pre-tax Income (Loss) |  |  |  | Adjusted Revenues |  | Adjusted Pre-tax Income (Loss) |
General Insurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America | $ | 4,972 |  |  |  |  |  |  |  | $ | 387 |  | (a) |  | $ | 6,175 |  | $ | 651 |  | (a)
International |  | 6,563 |  |  |  |  |  |  |  |  | 639 |  | (a) |  |  | 6,581 |  |  | 445 |  | (a)
Net investment income |  | 1,508 |  |  |  |  |  |  |  |  | 1,508 |  |  |  |  | 1,471 |  |  | 1,471 |  |
Total General Insurance |  | 13,043 |  |  |  |  |  |  |  |  | 2,534 |  |  |  |  | 14,227 |  |  | 2,567 |  |
Other Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other Operations before consolidation and eliminations |  | 308 |  |  |  |  |  |  |  |  | (355) |  |  |  |  | 319 |  |  | (544) |  |
AIG consolidation and eliminations |  | (3) |  |  |  |  |  |  |  |  | (1) |  |  |  |  | (39) |  |  | (13) |  |
Total Other Operations |  | 305 |  |  |  |  |  |  |  |  | (356) |  |  |  |  | 280 |  |  | (557) |  |
Total |  | 13,348 |  |  |  |  |  |  |  |  | 2,178 |  |  |  |  | 14,507 |  |  | 2,010 |  |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities and AIG's investment in Corebridge |  | 147 |  |  |  |  |  |  |  |  | 147 |  |  |  |  | 62 |  |  | 62 |  |
Other income (expense) - net |  | 17 |  |  |  |  |  |  |  |  | — |  |  |  |  | 23 |  |  | — |  |
Gain (loss) on extinguishment of debt |  | — |  |  |  |  |  |  |  |  | (1) |  |  |  |  | — |  |  | — |  |
Net investment income on Fortitude Re funds withheld assets |  | 72 |  |  |  |  |  |  |  |  | 72 |  |  |  |  | 77 |  |  | 77 |  |
Net realized losses on Fortitude Re funds withheld assets |  | (20) |  |  |  |  |  |  |  |  | (20) |  |  |  |  | (61) |  |  | (61) |  |
Net realized losses on Fortitude Re funds withheld embedded derivative |  | (1) |  |  |  |  |  |  |  |  | (1) |  |  |  |  | (82) |  |  | (82) |  |
Net realized losses(b) |  | (240) |  |  |  |  |  |  |  |  | (241) |  |  |  |  | (386) |  |  | (383) |  |
Net gain (loss) on divestitures and other |  | — |  |  |  |  |  |  |  |  | 102 |  |  |  |  | — |  |  | (12) |  |
Non-operating litigation reserves and settlements |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  | 1 |  |  | — |  |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements |  | — |  |  |  |  |  |  |  |  | 60 |  |  |  |  | — |  |  | 37 |  |
Net loss reserve discount benefit (charge) |  | — |  |  |  |  |  |  |  |  | (102) |  |  |  |  | — |  |  | (80) |  |
Pension expense related to lump sum payments to former employees |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  | (54) |  |
Integration and transaction costs associated with acquiring or divesting businesses |  | — |  |  |  |  |  |  |  |  | (15) |  |  |  |  | — |  |  | (8) |  |
Restructuring and other costs |  | — |  |  |  |  |  |  |  |  | (493) |  |  |  |  | — |  |  | (215) |  |
Non-recurring costs related to regulatory or accounting changes |  | — |  |  |  |  |  |  |  |  | (11) |  |  |  |  | — |  |  | (15) |  |
Net impact from elimination of international reporting lag(d) |  | — |  |  |  |  |  |  |  |  | — |  |  |  |  | 4 |  |  | 12 |  |
Revenues and pre-tax income | $ | 13,323 |  |  |  |  |  |  |  | $ | 1,675 |  |  |  | $ | 14,145 |  | $ | 1,288 |  |
(a)General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results. (b)Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets). (c)In the second quarter of 2024, Restructuring and other costs increased primarily as a result of employee-related costs, including severance, and real estate impairment charges. (d)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.

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