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Discontinued Operations Presentation | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations Presentation | 4. Discontinued Operations Presentation DISCONTINUED OPERATIONS PRESENTATION We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results. Deconsolidation of Corebridge On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge. In the second quarter of 2024, AIG recognized a loss of $4.8 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations. The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations. Post Deconsolidation of Corebridge Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income. Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of June 30, 2025, AIG held 21.0 percent of the outstanding common stock of Corebridge. On August 6, 2025, AIG launched a secondary public offering to sell 30 million shares of Corebridge common stock at a public offering price of $33.65 per share, corresponding to approximately $1.0 billion of gross proceeds, and has granted a 30-day option to the underwriter to purchase up to an additional 4.5 million shares. The offering is expected to close on August 8, 2025. The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Corebridge pre-tax income (loss) |  | $ | (608) |  |  | $ | 361 |  |  | $ | (1,470) |  |  | $ | 1,354 |  |  |
Equity method income related to Corebridge (based on fair value) |  | $ | 482 |  |  | $ | 115 |  |  | $ | 722 |  |  | $ | 2,195 |  |  |
The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
(in millions) |  |  |  | Three Months Ended June 30, 2024 |  |  |  | Six Months Ended June 30, 2024
Revenues: |  |  |  |  |  |  |  |  |  |
Premiums |  |  |  | $ | 428 |  |  |  |  | $ | 2,723 |  |  |
Policy fees |  |  |  | 555 |  |  |  |  | 1,269 |  |  |
Net investment income |  |  |  | 2,314 |  |  |  |  | 5,238 |  |  |
Net realized losses |  |  |  | (587) |  |  |  |  | (923) |  |  |
Other income |  |  |  | 155 |  |  |  |  | 372 |  |  |
Total revenues |  |  |  | 2,865 |  |  |  |  | 8,679 |  |  |
Benefits, losses and expenses: |  |  |  |  |  |  |  |  |  |
Policyholder benefits and losses incurred |  |  |  | 811 |  |  |  |  | 3,618 |  |  |
Change in the fair value of market risk benefits, net |  |  |  | 20 |  |  |  |  | (350) |  |  |
Interest credited to policyholder account balances |  |  |  | 980 |  |  |  |  | 2,184 |  |  |
Amortization of deferred policy acquisition costs |  |  |  | 199 |  |  |  |  | 465 |  |  |
General operating and other expenses |  |  |  | 574 |  |  |  |  | 1,350 |  |  |
Interest expense |  |  |  | 106 |  |  |  |  | 249 |  |  |
Net gain on divestitures and other |  |  |  | (186) |  |  |  |  | (191) |  |  |
Total benefits, losses and expenses |  |  |  | 2,504 |  |  |  |  | 7,325 |  |  |
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations |  |  |  | 361 |  |  |  |  | 1,354 |  |  |
Income tax expense |  |  |  | 36 |  |  |  |  | 226 |  |  |
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations |  |  |  | 325 |  |  |  |  | 1,128 |  |  |
Loss on disposition of operations, net of tax |  |  |  | (4,684) |  |  |  |  | (4,684) |  |  |
Loss from discontinued operations, net of income taxes |  |  |  | (4,359) |  |  |  |  | (3,556) |  |  |
Less: Net income from discontinued operations attributable to noncontrolling interests |  |  |  | 93 |  |  |  |  | 477 |  |  |
Net loss from discontinued operations attributable to AIG |  |  |  | $ | (4,452) |  |  |  |  | $ | (4,033) |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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