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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Information | The following table presents AIG’s continuing operations by segment:
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
2024 |  |  |  |  |  |  |  |  |
North America Commercial | $ | 8,452 |  | $ | 8,172 |  | $ | 5,713 |  | $ | 824 |  | $ | 222 |  | $ | 865 |  | $ | 548 |  |  |
International Commercial | 8,364 |  | 8,145 |  | 4,463 |  | 1,018 |  | 342 |  | 1,095 |  | 1,227 |  |  |
Global Personal | 7,086 |  | 7,140 |  | 3,862 |  | 1,571 |  | 573 |  | 992 |  | 142 |  |  |
Total General Insurance | $ | 23,902 |  | $ | 23,457 |  | $ | 14,038 |  | $ | 3,413 |  | $ | 1,137 |  | $ | 2,952 |  | $ | 1,917 |  | $ | 3,060 |  | $ | 4,977 |
Interest expense |  |  |  |  |  |  |  | — |  | (445) |
Other Operations |  |  |  |  |  |  |  | 424 |  | (207) |
Elimination and consolidations |  |  |  |  |  |  |  | — |  | (1) |
Total |  |  |  |  |  |  |  | 3,484 |  | 4,324 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares | 586 |  | 586 |
Other income (expense) - net | 16 |  | — |
Gain (loss) on extinguishment of debt | — |  | (14) |
Net investment income on Fortitude Re funds withheld assets | 144 |  | 144 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (39) |
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | — |  | (75) |
Net realized gains (losses)(c) | 8 |  | (428) |
Net gain (loss) on divestitures and other | — |  | 616 |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | (105) |
Net loss reserve discount benefit (charge) | — |  | (226) |
Net results of businesses in run-off(d) | 17 |  | (111) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (39) |
Restructuring and other costs(e) | — |  | (745) |
Non-recurring costs related to regulatory or accounting changes | — |  | (18) |
Total AIG Consolidated | $ | 4,255 |  | $ | 3,870 |
2023 |  |  |  |  |  |  |  |  |
North America Commercial | $ | 11,432 |  | $ | 10,233 |  | $ | 6,323 |  | $ | 1,371 |  | $ | 231 |  | $ | 953 |  | $ | 1,355 |  |  |
International Commercial | 8,168 |  | 7,964 |  | 4,641 |  | 943 |  | 350 |  | 1,028 |  | 1,002 |  |  |
Global Personal | 7,119 |  | 6,894 |  | 3,811 |  | 1,309 |  | 698 |  | 1,084 |  | (8) |  |  |
Total General Insurance | $ | 26,719 |  | $ | 25,091 |  | $ | 14,775 |  | $ | 3,623 |  | $ | 1,279 |  | $ | 3,065 |  | $ | 2,349 |  | $ | 3,022 |  | $ | 5,371 |
Interest expense |  |  |  |  |  |  |  | — |  | (498) |
Other Operations |  |  |  |  |  |  |  | 186 |  | (535) |
Elimination and consolidations |  |  |  |  |  |  |  | (13) |  | (17) |
Total |  |  |  |  |  |  |  | 3,195 |  | 4,321 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares | 53 |  | 53 |
Other income (expense) - net | 8 |  | — |
Gain (loss) on extinguishment of debt | — |  | 37 |
Net investment income on Fortitude Re funds withheld assets | 180 |  | 180 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (71) |
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | — |  | (273) |
Net realized gains (losses)(c) | (12) |  | (743) |
Net gain (loss) on divestitures and other | — |  | (29) |
Non-operating litigation reserves and settlements | — |  | (1) |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | 62 |
Net loss reserve discount benefit (charge) | — |  | (195) |
Net results of businesses in run-off(d) | 21 |  | (31) |
Pension expense related to lump sum payments to former employees | — |  | (71) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (6) |
Restructuring and other costs(e) | — |  | (356) |
Non-recurring costs related to regulatory or accounting changes | — |  | (22) |
Net impact from elimination of international reporting lag(f) | 1 |  | 12 |
Total AIG Consolidated | $ | 3,446 |  | $ | 2,867 |
(in millions) | Net Premiums Written | Net Premiums Earned | Losses and Loss Adjustment Expenses Incurred(a) | Amortization of DAC(a) | Other Acquisition Expenses(a) | General Operating Expenses(a)(b) | Underwriting Income (Loss) | Net Investment Income | Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense
2022 |  |  |  |  |  |  |  |  |
North America Commercial | $ | 10,899 |  | $ | 10,444 |  | $ | 7,218 |  | $ | 1,381 |  | $ | 174 |  | $ | 927 |  | $ | 744 |  |  |
International Commercial | 7,877 |  | 7,701 |  | 4,301 |  | 938 |  | 378 |  | 945 |  | 1,139 |  |  |
Global Personal | 6,736 |  | 7,195 |  | 3,888 |  | 1,214 |  | 813 |  | 1,115 |  | 165 |  |  |
Total General Insurance | $ | 25,512 |  | $ | 25,340 |  | $ | 15,407 |  | $ | 3,533 |  | $ | 1,365 |  | $ | 2,987 |  | $ | 2,048 |  | $ | 2,382 |  | $ | 4,430 |
Interest expense |  |  |  |  |  |  |  | — |  | (624) |
Other Operations |  |  |  |  |  |  |  | (122) |  | (1,000) |
Elimination and consolidations |  |  |  |  |  |  |  | 14 |  | 63 |
Total |  |  |  |  |  |  |  | 2,274 |  | 2,869 |
Reconciling items: |  |  |  |  |  |  |  |  |
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares | 29 |  | 29 |
Other income (expense) - net | 28 |  | — |
Gain (loss) on extinguishment of debt | — |  | (303) |
Net investment income on Fortitude Re funds withheld assets | 53 |  | 53 |
Net realized losses on Fortitude Re funds withheld assets | — |  | (99) |
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | — |  | 1,133 |
Net realized gains (losses)(c) | (61) |  | (268) |
Net gain (loss) on divestitures and other | — |  | (153) |
Non-operating litigation reserves and settlements | — |  | 16 |
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — |  | 160 |
Net loss reserve discount benefit (charge) | — |  | 703 |
Net results of businesses in run-off(d) | 6 |  | 25 |
Pension expense related to lump sum payments to former employees | — |  | (59) |
Integration and transaction costs associated with acquiring or divesting businesses | — |  | (12) |
Restructuring and other costs(e) | — |  | (423) |
Non-recurring costs related to regulatory or accounting changes | — |  | (26) |
Net impact from elimination of international reporting lag(f) | 41 |  | 127 |
Total AIG Consolidated | $ | 2,370 |  | $ | 3,772 |
(a)The significant expense categories and amounts align with segment-level information that is regularly provided to the CODMs. (b)General operating expenses primarily comprised of employee compensation and benefits, as well as professional fees. (c)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). (d)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. (e)In the year ended December 31, 2024, Restructuring and other costs increased primarily as a result of employee-related costs, including severance, and real estate impairment charges. (f)For additional information, see Note 1. The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area:
| Total Revenues* |  |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |
North America Commercial | $ | 8,172 |  | $ | 10,233 |  | $ | 10,444 |  |  |  |  |  |  |  |
International Commercial |  | 8,145 |  |  | 7,964 |  |  | 7,701 |  |  |  |  |  |  |  |
Global Personal |  | 7,140 |  |  | 6,894 |  |  | 7,195 |  |  |  |  |  |  |  |
Net investment income |  | 4,255 |  |  | 3,446 |  |  | 2,370 |  |  |  |  |  |  |  |
Net realized gains (losses) |  | (548) |  |  | (1,078) |  |  | 827 |  |  |  |  |  |  |  |
Other income |  | 7 |  |  | 6 |  |  | 34 |  |  |  |  |  |  |  |
Net results of businesses in run-off |  | 83 |  |  | 475 |  |  | 478 |  |  |  |  |  |  |  |
Net impact from elimination of international reporting lag |  | — |  |  | 3 |  |  | 937 |  |  |  |  |  |  |  |
Elimination and consolidations |  | (3) |  |  | (5) |  |  | 10 |  |  |  |  |  |  |  |
Total Revenue | $ | 27,251 |  | $ | 27,938 |  | $ | 29,996 |  |  |  |  |  |  |  |
| Total Revenues* |  |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |
North America | $ | 13,031 |  | $ | 14,701 |  | $ | 15,163 |  |  |  |  |  |  |  |
International |  | 14,220 |  |  | 13,237 |  |  | 14,833 |  |  |  |  |  |  |  |
Consolidated | $ | 27,251 |  | $ | 27,938 |  | $ | 29,996 |  |  |  |  |  |  |  |
| Real Estate and Other Fixed Assets, Net of Accumulated Depreciation |  |  |  |  |  |  |
(in millions) |  | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |
North America | $ | 804 |  | $ | 760 |  | $ | 768 |  |  |  |  |  |  |  |
International |  | 312 |  |  | 372 |  |  | 385 |  |  |  |  |  |  |  |
Consolidated | $ | 1,116 |  | $ | 1,132 |  | $ | 1,153 |  |  |  |  |  |  |  |
*Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operations.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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