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Schedule II | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule II | Condensed Financial Information of Registrant Balance Sheets – Parent Company Only
|  |  |  | Schedule II
December 31, |  |  |  |
(in millions) |  | 2024 |  | 2023
Assets: |  |  |  |
Short-term investments | $ | 8,360 |  | $ | 7,782 |
Retained investment in Corebridge using fair value option |  | 3,810 |  |  | — |
Other investments |  | 393 |  |  | 758 |
Total investments |  | 12,563 |  |  | 8,540 |
Cash |  | 4 |  |  | 10 |
Due from affiliates - net(a) |  | 1,931 |  |  | 1,317 |
Intercompany tax receivable(a) |  | 288 |  |  | 379 |
Deferred income taxes |  | 3,380 |  |  | 4,566 |
Investment in consolidated subsidiaries(a) |  | 35,312 |  |  | 36,544 |
Assets of discontinued operations - net |  | — |  |  | 6,111 |
Other assets |  | 755 |  |  | 1,335 |
Total assets | $ | 54,233 |  | $ | 58,802 |
Liabilities: |  |  |  |
Due to affiliates(a) | $ | 1,031 |  | $ | 682 |
Intercompany tax payable(a) |  | 551 |  |  | 767 |
Notes and bonds payable |  | 7,904 |  |  | 9,098 |
Junior subordinated debt |  | 602 |  |  | 992 |
Series AIGFP matched notes and bonds payable |  | 18 |  |  | 18 |
Loans from subsidiaries(a) |  | 462 |  |  | 443 |
Other liabilities |  | 1,144 |  |  | 1,451 |
Total liabilities |  | 11,712 |  |  | 13,451 |
AIG Shareholders’ equity: |  |  |  |
Preferred stock |  | — |  |  | 485 |
Common stock |  | 4,766 |  |  | 4,766 |
Treasury stock |  | (65,573) |  |  | (59,189) |
Additional paid-in capital |  | 75,348 |  |  | 75,810 |
Retained earnings |  | 35,079 |  |  | 37,516 |
Accumulated other comprehensive income |  | (7,099) |  |  | (14,037) |
Total AIG shareholders’ equity |  | 42,521 |  |  | 45,351 |
Total liabilities and equity | $ | 54,233 |  | $ | 58,802 |
(a)Eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Income – Parent Company Only
|  |  |  |  |  | Schedule II
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |
Equity in undistributed net income (loss) of consolidated subsidiaries(a) | $ | (957) |  | $ | (4,313) |  | $ | 1,319 |
Dividend income from consolidated subsidiaries(a) |  | 4,631 |  |  | 7,312 |  |  | 2,202 |
Interest income(b) |  | 288 |  |  | 226 |  |  | 936 |
Net realized losses |  | (13) |  |  | (74) |  |  | (433) |
Other income |  | 606 |  |  | 5 |  |  | 22 |
Expenses: |  |  |  |  |  |
Interest expense |  | 468 |  |  | 525 |  |  | 631 |
Net (gain) loss on extinguishment of debt |  | 14 |  |  | (58) |  |  | 301 |
Net (gain) loss on divestitures and other |  | 1 |  |  | 5 |  |  | 111 |
Other expenses |  | 949 |  |  | 778 |  |  | 960 |
Income (loss) from continuing operations before income tax benefit |  | 3,123 |  |  | 1,906 |  |  | 2,043 |
Income tax expense (benefit) |  | 85 |  |  | (859) |  |  | (838) |
Net income |  | 3,038 |  |  | 2,765 |  |  | 2,881 |
Income (loss) from discontinued operations |  | (4,442) |  |  | 878 |  |  | 7,346 |
Net income (loss) attributable to AIG Parent Company | $ | (1,404) |  | $ | 3,643 |  | $ | 10,227 |
(a)Eliminated in consolidation. (b)Includes interest income on intercompany borrowings of $1 million, $1 million and $767 million on December 31, 2024, 2023 and 2022, respectively, eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Comprehensive Income – Parent Company Only
|  |  | Schedule II
Years Ended December 31, |  |  |  |  |
(in millions) | 2024 |  | 2023 |  | 2022
Net income (loss) | $ | (1,404) |  | $ | 3,643 |  | $ | 10,227 |
Other comprehensive income (loss) related to continued operations | 132 |  |  | 1,240 |  |  | (4,568) |
Other comprehensive income (loss) related to discontinued operations | (945) |  |  | 3,401 |  |  | (25,235) |
Corebridge deconsolidation | 7,214 |  |  | — |  |  | — |
Total comprehensive income attributable to AIG | $ | 4,997 |  |  | $ | 8,284 |  |  | $ | (19,576) |
See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Cash Flows – Parent Company Only
|  |  |  |  |  | Schedule II
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
Net cash provided by (used in) operating activities | $ | 3,367 |  | $ | 4,309 |  | $ | (562) |
Cash flows from investing activities: |  |  |  |  |  |
Sales and maturities of investments |  | 6,018 |  |  | 3,367 |  |  | 13,505 |
Purchase of investments |  | (353) |  |  | (2,070) |  |  | (90) |
Net change in short-term investments |  | (523) |  |  | (4,393) |  |  | 945 |
Contributions from (to) subsidiaries - net |  | (12) |  |  | (47) |  |  | (330) |
Loans to subsidiaries - net |  | — |  |  | 84 |  |  | 127 |
Other, net |  | 278 |  |  | 1,025 |  |  | 798 |
Net cash provided by (used in) investing activities |  | 5,408 |  |  | (2,034) |  |  | 14,955 |
Cash flows from financing activities: |  |  |  |  |  |
Issuance of long-term debt |  | 660 |  |  | 742 |  |  | — |
Repayments of long-term debt |  | (2,047) |  |  | (2,037) |  |  | (9,364) |
Redemption of preferred stock |  | (485) |  |  | — |  |  | — |
Dividends on preferred stock and preferred stock redemption premiums |  | (22) |  |  | (29) |  |  | (29) |
Cash dividends paid on common stock |  | (1,002) |  |  | (997) |  |  | (982) |
Loans from subsidiaries - net |  | — |  |  | (97) |  |  | (224) |
Purchase of common stock |  | (6,652) |  |  | (2,961) |  |  | (5,200) |
Other, net |  | 822 |  |  | 3,108 |  |  | 1,408 |
Net cash provided by (used in) financing activities |  | (8,726) |  |  | (2,271) |  |  | (14,391) |
Change in cash and restricted cash |  | 49 |  |  | 4 |  |  | 2 |
Cash and restricted cash at beginning of year |  | 10 |  |  | 6 |  |  | 4 |
Cash and restricted cash at end of year | $ | 59 |  | $ | 10 |  | $ | 6 |
Supplementary disclosure of cash flow information: |  |  |  |  |  |
| Years Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash | $ | 4 |  | $ | 10 |  | $ | 5 |
Restricted cash included in Short-term investments |  | 55 |  |  | — |  |  | — |
Restricted cash included in Other assets |  | — |  |  | — |  |  | 1 |
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only | $ | 59 |  | $ | 10 |  | $ | 6 |
Cash (paid) received during the period for: |  |  |  |  |  |
Interest: |  |  |  |  |  |
Third party | $ | (611) |  | $ | (455) |  | $ | (653) |
Intercompany |  | 1 |  |  | (3) |  |  | — |
Taxes: |  |  |  |  |  |
Income tax authorities |  | (231) |  |  | (109) |  |  | (348) |
Intercompany |  | 248 |  |  | 399 |  |  | 92 |
Intercompany non-cash financing and investing activities: |  |  |  |  |  |
Capital contributions |  | 371 |  |  | 861 |  |  | 473 |
Dividends received in the form of securities |  | — |  |  | 314 |  |  | 494 |
See accompanying Notes to Condensed Financial Information of Registrant. NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 13, 2025. The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries. The five-year debt maturity schedule is incorporated by reference from Note 14 to the Consolidated Financial Statements. On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. The AIGFP loan receivable of $37.6 billion was reclassified to a third party asset, which has a full allowance for credit losses. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity. The Registrant files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets. Under the U.S. federal tax laws, AIGFP will continue to join in filing of AIG’s consolidated U.S. federal income tax return and AIGFP’s net operating losses continue to be available to offset taxable income of AIG’s consolidated U.S. federal income tax group. Accordingly, deferred tax assets related to AIGFP’s net operating losses remain part of AIG’s deferred tax assets as of December 31, 2024. No additional valuation allowance is required in connection with AIGFP’s reorganization. Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated federal income tax group. The consolidated U.S. deferred tax asset for net operating loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries. For additional information, see Note 21 to the Consolidated Financial Statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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