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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense Recognized in Consolidated Statements of Income | The following table presents our total share-based compensation expense:
Years Ended December 31, |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022
Share-based compensation expense - pre-tax(a) | $ | 211 |  | $ | 199 |  | $ | 288 |
Share-based compensation expense - after tax(b) |  | 167 |  |  | 157 |  |  | 228 |
(a)As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $52 million, $58 million and $67 million in 2024, 2023 and 2022, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. (b)We also recognized $16 million of tax benefit due to share settlements occurring in 2024.
Schedule of Assumptions Used to Estimate the Fair Value of PSUs Based on AIG's TSR | The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR:
| 2024 | 2023 | 2022
Expected dividend yield(a) | — | % | — | % | — | %
Expected volatility(b) | 28.72 | % | 37.98 | % | 47.60 | %
Risk-free interest rate(c) | 4.36 | % | 4.42 | % | 1.71 | %
(a)The award agreement provides that TSR for AIG and each member of the Peer Group will be calculated assuming dividends distributed are reinvested on the ex‑dividend date. (b)We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date. (c)We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield.
Summary of Outstanding Share-Settled LTI Awards | The following table summarizes outstanding share-settled LTI awards(a):
| Number of Units |  |  | Weighted Average Grant-Date Fair Value
Year Ended December 31, 2024(b) | 2024 LTI | 2023 LTI | 2022 LTI | 2021 LTI |  |  | 2024 LTI |  | 2023 LTI |  | 2022 LTI |  | 2021 LTI
Unvested, beginning of year | — |  | 1,734,969 |  | 1,108,153 |  | 1,727,851 |  |  |  | $ | — |  |  | $ | 60.02 |  |  | $ | 61.95 |  |  | $ | 45.08 |
Granted | 2,140,298 |  | — |  | — |  | — |  |  |  | 68.31 |  |  | — |  |  | — |  |  | — |
Vested(c) | (675,495) |  | (652,758) |  | (743,117) |  | (1,721,506) |  |  |  | 68.27 |  |  | 59.86 |  |  | 62.13 |  |  | 45.08 |
Forfeited | (99,414) |  | (111,860) |  | (55,994) |  | (6,345) |  |  |  | 68.19 |  |  | 59.89 |  |  | 65.07 |  |  | 44.10 |
Unvested, end of year(d) | 1,365,389 |  | 970,351 |  | 309,042 |  | — |  |  |  | $ | 68.34 |  |  | $ | 60.14 |  |  | $ | 60.94 |  |  | $ | — |
(a)Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively. (b)PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends. (c)Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date but for which share delivery has not yet occurred. (d)At December 31, 2024, the total unrecognized compensation cost for outstanding RSUs and PSUs was $96 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 1.00 year and 2.25 years.
Schedule of Weighted-Average Assumptions | The following weighted-average assumptions were used for stock options granted:
| 2024 |  | 2023 |  | 2022 |
Expected annual dividend yield(a) | 2.11 |  | % | 2.14 |  | % | 2.08 |  | %
Expected volatility(b) | 25.27 |  | % | 25.17 |  | % | 32.13 |  | %
Risk-free interest rate(c) | 4.21 |  | % | 4.06 |  | % | 1.92 |  | %
Expected term(d) | 6.00 | years | 6.00 | years | 6.00 | years
(a)The dividend yield is the last dividend from Bloomberg times 4 divided by stock price based on Bloomberg Professional service as of the valuation date. (b)The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date. (c)We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield. (d)The contractual term is 10 years from the date of grant.
Schedule of Stock Option Activity | The following table provides a rollforward of stock option activity:
As of or for the Year Ended December 31, 2024 | Units |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Values (in millions)
Outstanding, beginning of year | 12,295,661 |  |  | $ | 50.69 |  |  | 6.81 |  |
Granted | 1,080,790 |  |  | 68.19 |  |  |  |  |
Exercised | (3,071,453) |  |  | 52.62 |  |  |  |  |
Forfeited or expired | (1,287,410) |  |  | 62.82 |  |  |  |  |
Outstanding, end of year | 9,017,588 |  |  | $ | 50.40 |  |  | 6.61 |  | $ | 202 |
Exercisable, end of year | 7,263,927 |  |  | $ | 46.94 |  |  | 5.87 |  | $ | 188 |
Summary of Outstanding Share-Settled RSU Grants | The following table summarizes outstanding share-settled Other RSU grants.
| Number of Units |  | Weighted Average Grant-Date Fair Value
Years Ended December 31, | 2024 | 2023 | 2022 |  |  | 2024 |  | 2023 |  | 2022
Unvested, beginning of year | 1,361,714 |  | 1,488,248 |  | 728,340 |  |  | $ | 57.79 |  | $ | 54.77 |  | $ | 42.82 |
Granted | 241,536 |  | 208,641 |  | 1,070,458 |  |  |  | 73.78 |  |  | 62.42 |  |  | 60.16 |
Vested | (264,588) |  | (252,635) |  | (290,037) |  |  |  | 52.82 |  |  | 49.42 |  |  | 44.59 |
Forfeited | (20,382) |  | (82,540) |  | (20,513) |  |  |  | 64.03 |  |  | 40.70 |  |  | 55.89 |
Unvested, end of year | 1,318,280 |  | 1,361,714 |  | 1,488,248 |  |  | $ | 61.62 |  | $ | 57.79 |  | $ | 54.77 |

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