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Discontinued Operations Presentation (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Financial Information Related to Corebridge as an Equity Method Investee | The following provides Corebridge's pre-tax income for the period June 10, 2024 to December 31, 2024, as well as our equity method income (representing the sum of dividends received and changes in its stock price since June 9, 2024).
(in millions) |  |  |  |  |  |  |  |  |  |
Corebridge pre-tax income |  |  |  |  |  | $ | 1,574 |  |  |  |  |
Equity method income (loss) related to Corebridge (based on fair value) |  |  |  |  |  | $ | 601 |  |  |  |  |
Financial Information for Assets and Liabilities Held for Sale and Discontinued Operations | The following table summarizes the components of assets and liabilities of discontinued operations on the Consolidated Balance Sheets at December 31, 2023:
|  | December 31, 2023
Assets: |  |
Investments: |  |
Fixed maturity securities: |  |
Bonds available for sale, at fair value, net of allowance for credit losses |  | $ | 166,657 |
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 |  | 4,346 |
Total investments |  | 232,293 |
Cash |  | 618 |
Accrued investment income |  | 2,011 |
Premiums and other receivables, net of allowance for credit losses and disputes |  | 709 |
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 |  | 2,519 |
Deferred income taxes |  | 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) |  | 2,820 |
Separate account assets, at fair value |  | 91,005 |
Total assets held for sale/assets of discontinued operations |  | $ | 378,748 |
Liabilities: |  |
Unearned premiums |  | $ | 65 |
Future policy benefits |  | 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 |  | 8,790 |
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 |  | $ | 366,089 |
(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $116 million and $3 million, respectively, 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:
|  |  |  | Years Ended December 31,
(in millions) |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |  |  |  |
Premiums |  |  |  |  |  | $ | 2,723 |  |  | $ | 7,690 |  |  | $ | 5,091 |
Policy fees |  |  |  |  |  | 1,269 |  |  | 2,797 |  |  | 2,913 |
Net investment income |  |  |  |  |  | 5,238 |  |  | 11,146 |  |  | 9,398 |
Net realized gains (losses) |  |  |  |  |  | (923) |  |  | (3,530) |  |  | 6,236 |
Other income |  |  |  |  |  | 372 |  |  | 761 |  |  | 816 |
Total revenues |  |  |  |  |  | 8,679 |  |  | 18,864 |  |  | 24,454 |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |
Policyholder benefits and losses incurred |  |  |  |  |  | 3,618 |  |  | 9,362 |  |  | 6,715 |
Change in the fair value of market risk benefits, net |  |  |  |  |  | (350) |  |  | 2 |  |  | (960) |
Interest credited to policyholder account balances |  |  |  |  |  | 2,184 |  |  | 4,424 |  |  | 3,746 |
Amortization of deferred policy acquisition costs |  |  |  |  |  | 465 |  |  | 1,037 |  |  | 1,013 |
General operating and other expenses |  |  |  |  |  | 1,350 |  |  | 3,100 |  |  | 2,962 |
Interest expense |  |  |  |  |  | 249 |  |  | 620 |  |  | 522 |
Net (gain) loss on divestitures and other |  |  |  |  |  | (191) |  |  | (672) |  |  | (71) |
Total benefits, losses and expenses |  |  |  |  |  | 7,325 |  |  | 17,873 |  |  | 13,927 |
Income (loss) from discontinued operations before income tax expense (benefit) and loss on disposal of discontinued operations |  |  |  |  |  | 1,354 |  |  | 991 |  |  | 10,527 |
Income tax expense (benefit) |  |  |  |  |  | 226 |  |  | (146) |  |  | 2,144 |
Income (loss) from discontinued operations, net of income taxes before loss on disposal of discontinued operations |  |  |  |  |  | 1,128 |  |  | 1,137 |  |  | 8,383 |
Loss on disposition of operations, net of tax |  |  |  |  |  | (4,754) |  |  | — |  |  | — |
Income (loss) from discontinued operations, net of income taxes |  |  |  |  |  | (3,626) |  |  | 1,137 |  |  | 8,383 |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests |  |  |  |  |  | 478 |  |  | 235 |  |  | 1,046 |
Net income (loss) from discontinued operations attributable to AIG |  |  |  |  |  | $ | (4,104) |  |  | $ | 902 |  |  | $ | 7,337 |
The loss on deconsolidation of Corebridge, as of December 31, 2024, is calculated as follows:
(in millions) |  |
Corebridge retained investment (294.2 million shares at $28.90 per share at June 9, 2024) |  | $ | 8,502 |
Retained interest in certain investment entities and other assets |  | 1,180 |
Net fair value of assets retained |  | 9,682 |
Corebridge book value |  | 12,409 |
Less: Noncontrolling interests |  | 5,732 |
Corebridge book value excluding noncontrolling interests |  | 6,677 |
Pre-tax gain on sale |  | 3,005 |
Tax expense |  | 545 |
Subtotal: After tax gain on sale before reclassification adjustment |  | 2,460 |
Reclassification adjustment of Accumulated other comprehensive loss |  | (7,214) |
After-tax loss on sale of Corebridge |  | $ | (4,754) |

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