XML 84 R61.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) by U.S. and Foreign Location | The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
U.S. | $ | 1,818 |  | $ | 900 |  | $ | 1,950 |
Foreign |  | 2,052 |  |  | 1,967 |  |  | 1,822 |
Total | $ | 3,870 |  | $ | 2,867 |  | $ | 3,772 |
Schedule of Income Tax Expense (Benefit) Attributable to Pre-Tax Income (Loss) from Continuing Operations | The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations:
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
Foreign and U.S. components of actual income tax expense (benefit): |  |  |  |  |  |
U.S.: |  |  |  |  |  |
Current | $ | 283 |  | $ | (246) |  | $ | (713) |
Deferred |  | 416 |  |  | (110) |  |  | 1,173 |
Foreign: |  |  |  |  |  |
Current |  | 374 |  |  | 422 |  |  | 261 |
Deferred |  | 97 |  |  | 60 |  |  | 161 |
Total | $ | 1,170 |  | $ | 126 |  | $ | 882 |
Reconciliation Between Actual Income Tax (Benefit) Expense and Statutory U.S. Federal Amount Computed by Applying the Federal Income Tax Rate | Our actual income tax expense (benefit) from continuing operations differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:
Years Ended December 31, | 2024 |  | 2023 |  | 2022
(dollars in millions) | Pre-Tax Income (Loss) | Tax Expense (Benefit) | Percent of Pre-Tax Income (Loss) |  | Pre-Tax Income (Loss) | Tax Expense (Benefit) | Percent of Pre-Tax Income (Loss) |  | Pre-Tax Income (Loss) | Tax Expense (Benefit) | Percent of Pre-Tax Income (Loss)
U.S. federal income tax at statutory rate | $ | 3,870 |  | $ | 813 |  | 21.0 | % |  | $ | 2,867 |  | $ | 602 |  | 21.0 | % |  | $ | 3,772 |  | $ | 792 |  | 21.0 | %
Adjustments: |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  | (8) |  | (0.2) |  |  |  | (14) |  | (0.5) |  |  |  | (18) |  | (0.5) |
Uncertain tax positions(a) |  | 17 |  | 0.4 |  |  |  | 169 |  | 5.9 |  |  |  | (12) |  | (0.3) |
Dispositions of subsidiaries(b) |  | (1) |  | — |  |  |  | (143) |  | (5.0) |  |  |  | — |  | — |
Non-deductible transfer pricing charges |  | 13 |  | 0.3 |  |  |  | 16 |  | 0.6 |  |  |  | 15 |  | 0.4 |
Effect of foreign operations(c) |  | 110 |  | 2.8 |  |  |  | 176 |  | 6.1 |  |  |  | 150 |  | 4.0 |
Share-based compensation payments excess tax effect |  | (16) |  | (0.4) |  |  |  | (21) |  | (0.7) |  |  |  | (13) |  | (0.3) |
State and local income taxes |  | 26 |  | 0.7 |  |  |  | 23 |  | 0.8 |  |  |  | (42) |  | (1.1) |
Developments related to prior tax years under IRS review(a) |  | 240 |  | 6.2 |  |  |  | (467) |  | (16.3) |  |  |  | — |  | —
Other(d) |  | 9 |  | 0.3 |  |  |  | 150 |  | 5.2 |  |  |  | 184 |  | 4.8 |
Valuation allowance(e) |  | (33) |  | (0.9) |  |  |  | (365) |  | (12.7) |  |  |  | (174) |  | (4.6) |
Consolidated total amounts | $ | 3,870 |  | $ | 1,170 |  | 30.2 | % |  | $ | 2,867 |  | $ | 126 |  | 4.4 | % |  | $ | 3,772 |  | $ | 882 |  | 23.4 | %
(a)2024 includes an update related to the estimated impact of potential resolution for prior tax years under IRS Appeals review. Refer to the Tax Examinations section below for further discussion on developments related to prior tax years under IRS review. For 2023, refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on tax audit resolution activity. (b)This primarily includes tax implications of the sales of Validus Re for year 2023. (c)Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation. (d)Primarily includes tax charges associated with tax adjustments related to prior year returns. (e)Primarily due to 2023 and 2022 reductions in valuation allowance related to AIG’s U.S. federal consolidated income tax group tax attribute carryforwards
Schedule of Components of the Net Deferred Tax Asset | The following table presents the components of the net deferred tax assets (liabilities):
December 31, |  |  |  |
(in millions) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Losses and tax credit carryforwards | $ | 4,636 |  | $ | 5,655 |
Basis differences on investments |  | 30 |  |  | 75 |
Accruals not currently deductible, and other |  | 150 |  |  | 273 |
Investments in foreign subsidiaries |  | 19 |  |  | 16 |
Loss reserve discount |  | 443 |  |  | 424 |
Loan loss and other reserves |  | 37 |  |  | 51 |
Unearned premium reserve reduction |  | 46 |  |  | 87 |
Fixed assets and intangible assets |  | 293 |  |  | 159 |
Unrealized losses related to available for sale debt securities |  | 618 |  |  | 783 |
Employee benefits |  | 192 |  |  | 271 |
Other |  | 39 |  |  | 156 |
Total deferred tax assets |  | 6,503 |  |  | 7,950 |
Deferred tax liabilities: |  |  |  |
Deferred policy acquisition costs |  | (278) |  |  | (316) |
Life policy reserves |  | (45) |  |  | (49) |
Total deferred tax liabilities |  | (323) |  |  | (365) |
Net deferred tax assets before valuation allowance |  | 6,180 |  |  | 7,585 |
Valuation allowance |  | (1,650) |  |  | (1,746)
Net deferred tax assets (liabilities) | $ | 4,530 |  | $ | 5,839 |
Schedule of Consolidated Income Tax Group Credits Carryforwards | The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards.
December 31, 2024 |  | Tax |  |  |  | Carryforward Period Ending Tax Year(b) | Unlimited Carryforward Period and Carryforward Periods(b)
(in millions) | Gross | Effected |  |  |  | 2028 | 2029 | 2030 | 2031 | 2032 - After
Net operating loss carryforwards | $ | 18,046 |  | $ | 3,790 |  |  |  |  | $ | 1,836 |  | $ | 178 |  | $ | — |  | $ | 930 |  | $ | 846 |
Other carryforwards |  | — |  |  |  |  | — |  | — |  | — |  | — |  | — |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) |  | $ | 3,790 |  |  |  |  | $ | 1,836 |  | $ | 178 |  | $ | — |  | $ | 930 |  | $ | 846 |
(a)Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement. (b)Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated
Schedule of Net Deferred Tax Assets (Liabilities) | The following table presents the net deferred tax assets (liabilities) at December 31, 2024 and 2023 on a U.S. GAAP basis:
December 31, |  |  |  |
(in millions) |  | 2024 |  | 2023
Net U.S. deferred tax assets | $ | 4,922 |  | $ | 5,992 |
Net deferred tax assets (liabilities) in AOCI |  | 421 |  |  | 509 |
Valuation allowance |  | (798) |  |  | (840) |
Subtotal |  | 4,545 |  |  | 5,661 |
Net foreign, state and local deferred tax assets |  | 1,263 |  |  | 1,431 |
Valuation allowance |  | (852) |  |  | (906) |
Subtotal |  | 411 |  |  | 525 |
Subtotal - Net U.S., foreign, state and local deferred tax assets |  | 4,956 |  |  | 6,186 |
Net foreign, state and local deferred tax liabilities |  | (426) |  |  | (347) |
Total AIG net deferred tax assets (liabilities) | $ | 4,530 |  | $ | 5,839 |
Reconciliation of the Beginning and Ending Balances of the Total Amounts of Gross Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits, beginning of year | $ | 1,387 |  | $ | 1,191 |  | $ | 1,157 |
Increases in tax positions for prior years |  | 3 |  |  | 200 |  |  | 29 |
Decreases in tax positions for prior years |  | (20) |  |  | (4) |  |  | (33) |
Increases in tax positions for current year |  | 15 |  |  | — |  |  | 59 |
Lapse in statute of limitations |  | (1) |  |  | — |  |  | (21) |
Gross unrecognized tax benefits, end of year | $ | 1,384 |  | $ | 1,387 |  | $ | 1,191 |

X
- Definition Tabular disclosure of the deferred tax asset or liability recognized by the entity on a jurisdictional basis, including the impact to other comprehensive income and valuation allowance. The jurisdictional basis is comprised of U.S. domestic and a combined foreign, state and local presentation. + References No definition available. + Details
Name: | aig_ScheduleOfNetDeferredTaxAssetsLiabilitiesTableTextBlock
Namespace Prefix: | aig_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration