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美國
證券交易委員會
華盛頓特區20549
——————————
形式 10-Q
根據1934年《證券交易法》第13或15(d)條的季度報告
截至季度 2024年9月30日

根據1934年《證券交易所法》第13或15(d)條提交的過渡報告
從 到
委員會檔案編號 1-8787
AIG_core_r_rgb_gif.gif
美國國際集團公司
(章程中規定的註冊人的確切名稱)

德拉瓦13-2592361
(州或其他司法管轄區
成立或組織)
(國稅局僱主
識別號)
美洲大道1271號, 紐約, 紐約
10020
(主要行政辦公室地址)(Zip代碼)
註冊人的電話號碼,包括地區代碼:(212) 770-7000
——————————
根據1934年證券交易法第12(b)條登記的證券:
每個班級的標題交易符號註冊的每個交易所的名稱
普通股,每股價值2.50美金AIG紐約證券交易所
通過勾選標記標明註冊人是否(1)在過去12個月內(或在註冊人被要求提交此類報告的較短期限內)提交了1934年證券交易法第13或15(d)條要求提交的所有報告,以及(2)在過去90天內是否遵守此類提交要求。 沒有
通過勾選標記檢查註冊人是否已在過去12個月內(或在註冊人被要求提交此類文件的較短期限內)以電子方式提交了根據S-t法規第405條(本章第232.405條)要求提交的所有交互數據文件。 沒有
通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120條第2條中「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義。
大型加速文件夾
加速文件收件箱
非加速文件收件箱
小型上市公司
新興成長型公司
如果是新興成長型公司,請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13(a)條規定的任何新的或修訂的財務會計準則。☐
通過勾選標記檢查註冊人是否是空殼公司(定義見《交易法》第120條第2款)。是的否
截至2024年10月30日,已有 623,769,375 註冊人普通股的流通股。



美國國際集團公司
截至2024年9月30日的季度報告表格10-Q
目錄

10-Q表
項目編號描述頁面
第一部分-財務信息
注1。
注2.
說明3.
說明4.
說明5.
說明6.
說明7.
說明8.
注9.
說明10.
注11。
說明12.
注13。
注14。
說明15.
說明16.
說明17.
第二部分-其他信息
AIG| 2024年第三季度10-Q表格
1

目錄
第一部分-財務信息
項目1. | 財務報表
美國國際集團公司
精簡合併資產負債表 (未經審計)
(in數百萬,共享數據除外)9月30日,
2024
12月31日,
2023
資產:
投資:
固定期限證券:
可供出售債券,按公允價值計算,扣除信用損失撥備美金40 2024年和美金34 2023年(攤銷成本:2024年-美金67,364; 2023 - $68,119)*
$65,980 $65,242 
其他債券證券,按公允價值計算(見注6)
763 663 
股權證券,按公允價值計算(見注6)
767 665 
抵押貸款和其他應收貸款,扣除信用損失備抵美金37,803 2024年和美金37,776 2023年 *
4,286 4,441 
其他投資資產(按公允價值計量的部分:2024年-美金11,780; 2023 - $4,175)
14,440 6,368 
短期投資,包括限制性現金美金72 2024年和美金1 2023年(按公允價值計量的部分:2024年-美金8,822; 2023 - $9,363)*
11,848 12,865 
總投資98,084 90,244 
現金1,472 1,540 
應計投資收益 *581 580 
保費和其他應收帳款,扣除信用損失和糾紛備抵美金133 2024年和美金138 2023年
11,196 9,967 
再保險資產- Fortitude Re,扣除信用損失和糾紛備抵美金0 2024年和美金0 2023年
3,529 3,839 
再保險資產-其他,扣除信用損失和糾紛備抵美金223 2024年和美金206 2023年
36,790 35,293 
遞延所得稅資產5,278 6,186 
遞延保單獲取成本2,191 2,117 
商譽3,453 3,422 
存款會計資產,扣除信用損失撥備美金49 2024年和美金49 2023年
2,185 1,915 
其他資產,包括受限制現金美金15 2024年和美金32 2023年(按公允價值計量的部分:2024年-美金231; 2023 - $374)*
4,553 5,425 
持作出售資產137 30 
已終止業務的資產 378,748 
總資產$169,449 $539,306 
負債:
未付損失和損失調整費用的責任,包括信用損失備抵美金14 2024年和美金14 2023年
$71,066 $70,393 
未滿期保費18,926 17,375 
未來的政策效益1,471 1,467 
其他保單持有人資金455 495 
Fortitude Re預扣應付資金(按公允價值計量的部分:2024年-美金0; 2023 - $(148))
3,477 3,527 
保費及其他相關應付款項6,715 6,219 
存款會計負債2,957 2,612 
應付佣金和保費稅1,520 1,351 
本期和遞延所得稅負債422 347 
其他負債(按公允價值計量的部分:2024年-美金268; 2023 - $482)
7,235 7,496 
長期債務9,892 10,375 
合併投資實體的債務 *162 231 
持有待售的負債78 28 
已終止業務的負債 366,089 
總負債124,376 488,005 
或有事項、承諾和擔保(見注13)
AIG股東權益:
A系列非累積優先股和額外繳足資本,美金5.00 面值; 100,000,000 授權股份;發行股份:2024年- 0 2023年- 20,000;清算優先$500
 485 
普通股,美金2.50 面值; 5,000,000,000 授權股份;發行股份:2024年- 1,906,671,492 2023年- 1,906,671,492
4,766 4,766 
國庫券,按成本計算; 2024年- 1,276,381,562 股票; 2023年- 1,217,831,721 股普通股
(63,744)(59,189)
借記資本公積75,310 75,810 
留存收益34,429 37,516 
累計其他綜合損失(5,722)(14,037)
AIG股東權益總額45,039 45,351 
不可贖回的非控股權益34 5,950 
權益總額45,073 51,301 
負債和權益總額$169,449 $539,306 
*與可變利息實體相關的餘額詳情請參閱注10。
請參閱簡明合併財務報表附註。
2
AIG| 2024年第三季度10-Q表格

目錄



美國國際集團有限公司
簡明合併損益表(虧損)(未經審計)
止三個月
9月30日,
止九個月
9月30日,
(單位:百萬美元,每股普通股數據除外)2024202320242023
收入:
保費$5,945 $6,543 $17,564 $19,533 
淨投資收益:
淨投資收入--不包括堅韌再保險基金預提資產922 827 2,819 2,431 
淨投資收入--堅韌再投資基金預提資產51 29 123 106 
淨投資收益合計973 856 2,942 2,537 
已實現淨收益(虧損):
已實現淨收益(損失)-不包括Fortitude Re基金預扣資產和嵌入式衍生品8 (189)(238)(571)
堅韌再保險基金預提資產的已實現淨虧損(18)(3)(38)(64)
堅韌再保險基金預提嵌入衍生品的已實現淨收益(虧損)(157)57 (158)(25)
已實現虧損淨額合計(167)(135)(434)(660)
其他收入 3 2 2 
總收入6,751 7,267 20,074 21,412 
收益、損失和費用:
發生的損失和損失調整費用3,773 3,876 10,753 11,759 
遞延保單收購成本攤銷863 922 2,543 2,894 
一般業務和其他費用1,346 1,311 4,194 4,048 
利息開支112 138 353 391 
債務清償損失 21 1 21 
資產剝離和其他淨(收益)損失8 (101)(94)(89)
收益、損失和費用總額6,102 6,167 17,750 19,024 
所得稅費用前持續經營收入649 1,100 2,324 2,388 
所得稅費用168 399 571 509 
持續經營收入481 701 1,753 1,879 
非持續經營所得(虧損),扣除所得稅後的淨額(24)2,046 (3,580)2,472 
淨利潤(虧損)457 2,747 (1,827)4,351 
減去:可歸因於非控股權益的淨收益(虧損)(2)720 475 801 
歸屬於AIG的淨利潤(虧損)459 2,027 (2,302)3,550 
減:優先股股息和優先股贖回溢價 7 22 22 
歸屬於AIG普通股股東的淨利潤(虧損)$459 $2,020 $(2,324)$3,528 
歸屬於AIG普通股股東的每股普通股收入:
基本信息:
持續經營收入$0.75 $0.97 $2.62 $2.56 
非持續經營的收益(虧損)$(0.03)$1.86 $(6.13)$2.30 
歸屬於AIG普通股股東的淨利潤(虧損)$0.72 $2.83 $(3.51)$4.86 
稀釋:
持續經營收入$0.74 $0.97 $2.59 $2.54 
非持續經營的收益(虧損)$(0.03)$1.84 $(6.07)$2.29 
歸屬於AIG普通股股東的淨利潤(虧損)$0.71 $2.81 $(3.48)$4.83 
加權平均流通股:
基本641,621,768 712,598,496 661,691,554 725,579,999 
稀釋647,365,442 718,727,312 667,355,069 731,033,045 
請參閱簡明合併財務報表附註。
AIG| 2024年第三季度10-Q表格
3

目錄



美國國際集團有限公司
簡明綜合全面收益表(損益表)(未經審計)
止三個月止九個月
9月30日,9月30日,
(in數百萬)2024202320242023
淨利潤(虧損)$457 $2,747 $(1,827)$4,351 
其他綜合收益(虧損),稅後淨額
已計入信用損失撥備的固定期限證券未實現增值(折舊)的變化37 (18)63 (1)
所有其他投資的未實現增值(折舊)變動1,349 (620)1,074 (92)
用於衡量傳統和有限付款長期保險合同的貼現率的變化46 32 (44)18 
外幣換算調整的變動414 (232)104 (339)
退休計劃負債調整變化1 45 18 123 
與已終止業務相關的其他全面收益(虧損)變化 (4,125)(945)(2,452)
Corebridge去整合  7,214  
其他綜合收益(損失)1,847 (4,918)7,484 (2,743)
綜合收益(損失)2,304 (2,171)5,657 1,608 
可歸屬於非控股權益的全面收益(虧損)2 (712)181 (263)
歸屬於AIG的全面收益(虧損)$2,302 $(1,459)$5,476 $1,871 
請參閱隨附的簡明合併財務報表註釋。
4
AIG| 2024年第三季度10-Q表格

目錄



美國國際集團公司
簡明合併權益表(未經審計)
(in百萬,每股數據除外)優選
股票和
其他內容
實收
資本
共同
股票
財政部
股票
其他內容
實收
資本
保留
盈利
積累
其他
全面
收入(損失)

AIG
分享-
持有人
股權
不可贖回不可贖回
控股權益

股權
截至2024年9月30日的三個月
餘額,期末$ $4,766 $(62,255)$75,274 $34,225 $(7,565)$44,445 $30 $44,475 
根據股票計劃發行的普通股  29 (4)  25  25 
購買普通股  (1,518)   (1,518) (1,518)
歸屬於AIG或非控股權益的凈利潤(虧損)    459  459 (2)457 
普通股股息(美元0.40 每股)
    (254) (254) (254)
其他全面收益     1,843 1,843 4 1,847 
因資產剝離和收購而淨減少       (6)(6)
其他   40 (1) 39 8 47 
期末餘額$ $4,766 $(63,744)$75,310 $34,429 $(5,722)$45,039 $34 $45,073 
截至2023年9月30日的三個月
餘額,期末$485 $4,766 $(57,408)$77,677 $35,916$(18,982)$42,454 $4,037 $46,491 
根據股票計劃發行的普通股— — 11 (3)— — 8 — 8 
購買普通股— — (794)— — — (794)— (794)
歸屬於AIG或非控股權益的凈利潤— — — — 2,027 — 2,027 720 2,747 
優先股股息(美元365.625 每股)
— — — — (7)— (7)— (7)
普通股股息(美元0.36 每股)
— — — — (254)— (254)— (254)
其他綜合損失— — — — — (3,486)(3,486)(1,432)(4,918)
因資產剝離和收購而淨減少— — — 55 — (61)(6)(42)(48)
非控股權益的貢獻— — — — — — — 8 8 
向非控股權益的分配— — — — — — — (65)(65)
其他— — — 35 7 — 42 3 45 
期末餘額$485 $4,766 $(58,191)$77,764 $37,689 $(22,529)$39,984 $3,229 $43,213 

AIG| 2024年第三季度10-Q表格
5

目錄



美國國際集團公司
簡明合併權益表 (未經審計)(續)
(in百萬,每股數據除外)優選
股票和
其他內容
實收
資本
共同
股票
財政部
股票
其他內容
實收
資本
保留
盈利
積累
其他
全面
收入(損失)

AIG
分享-
持有人
股權
不可贖回不可贖回
控股權益

股權
截至2024年9月30日的九個月
年初餘額$485 $4,766 $(59,189)$75,810 $37,516 $(14,037)$45,351 $5,950 $51,301 
根據股票計劃發行的普通股  322 (314)  8  8 
優先股贖回(485)     (485) (485)
購買普通股  (4,877)   (4,877) (4,877)
歸屬於AIG或非控股權益的凈利潤(虧損)    (2,302) (2,302)475 (1,827)
優先股股息(美元365.625 每股)和優先股贖回溢價
    (22) (22) (22)
普通股股息(美元1.16 每股)
    (758) (758) (758)
其他綜合收益(損失)     7,778 7,778 (294)7,484 
因資產剝離和收購而淨增加(減少)   (418) 537 119 (6,010)(5,891)
非控股權益的貢獻       28 28 
向非控股權益的分配       (72)(72)
其他   232 (5) 227 (43)184 
期末餘額$ $4,766 $(63,744)$75,310 $34,429 $(5,722)$45,039 $34 $45,073 
截至2023年9月30日的九個月
年初餘額$485 $4,766 $(56,473)$79,915 $34,893 $(22,616)$40,970 $2,484 $43,454 
根據股票計劃發行的普通股— — 241 (373)— — (132)— (132)
購買普通股— — (1,959)— — — (1,959)— (1,959)
歸屬於AIG或非控股權益的凈利潤— — — — 3,550 — 3,550 801 4,351 
優先股股息(美元1,096.875 每股)
— — — — (22)— (22)— (22)
普通股股息(美元1.04 每股)
— — — — (748)— (748)— (748)
其他綜合損失— — — — — (1,679)(1,679)(1,064)(2,743)
因資產剝離和收購而淨增加(減少)— — — (1,858)— 1,766 (92)1,219 1,127 
非控股權益的貢獻— — — — — — — 35 35 
向非控股權益的分配— — — — — — — (317)(317)
其他— — — 80 16 — 96 71 167 
期末餘額$485 $4,766 $(58,191)$77,764 $37,689 $(22,529)$39,984 $3,229 $43,213 
請參閱隨附的簡明合併財務報表註釋。
6
AIG| 2024年第三季度10-Q表格

目錄



美國國際集團公司
現金流量表簡明合併報表(未經審計)
截至9月30日的9個月,
(in數百萬)20242023
經營活動產生的現金流量:
淨收益(虧損)$(1,827)$4,351 
已終止業務的(收入)損失3,580 (2,472)
將淨收入(損失)與經營活動提供的淨現金進行調節的調整:
計入收入(損失)的非現金收入、費用、損益:
出售可供出售證券和其他資產的淨損失132 578 
資產剝離和其他淨收益(94)(89)
債務消滅損失1 21 
盈利中未實現(收益)損失-淨(4)564 
權益法投資收益中的權益,扣除股息或分配(57)(4)
折舊和其他攤銷2,607 2,893 
資產減損24 14 
經營資產和負債變化:
保險準備金1,864 2,554 
保費及其他應收賬款和應付賬款-淨額(539)122 
再保險資產,淨值(1,199)(1,597)
遞延保單獲取成本資本化(2,665)(3,319)
本期和遞延所得稅-淨額(5)176 
其他,淨1,434 951 
調整總額1,499 2,864 
經營活動提供的淨現金-持續經營3,252 4,743 
經營活動使用的現金淨額-已終止業務(104)(119)
經營活動提供的淨現金3,148 4,624 
投資活動產生的現金流量:
收益(付款)
銷售或分銷:
可供出售證券7,323 12,969 
其他證券192 320 
其他投資資產1,298 645 
資產剝離,淨6 237 
可供出售的固定期限證券的期限6,887 6,096 
抵押貸款和其他應收貸款已收本金付款和出售483 741 
購買:
可供出售證券(13,254)(18,263)
其他證券(224)(204)
其他投資資產(364)(505)
抵押貸款和其他應收貸款(294)(718)
短期投資淨變化1,324 (1,621)
其他,淨(187)(1,292)
投資活動提供(用於)的淨現金-持續經營3,190 (1,595)
投資活動使用的淨現金-已終止業務(4,171)(2,478)
投資活動所用現金淨額(981)(4,073)
融資活動產生的現金流量:
收益(付款)
發行長期債務1 742 
償還長期債務(510)(675)
償還並表投資實體債務(1)(6)
購買普通股(4,830)(1,927)
優先股贖回(485) 
優先股股息和優先股贖回溢價(22)(22)
普通股股息(758)(748)
其他,淨137 628 
融資活動使用的淨現金-持續經營(6,468)(2,008)
融資活動提供的淨現金-已終止業務4,409 1,769 
用於融資活動的現金淨額(2,059)(239)
匯率變化對現金和限制現金的影響(37)(37)
現金和限制性現金淨增加71 275 
年初現金和限制性現金1,573 1,571 
持有待售資產的現金和限制性現金(85)(395)
期末現金和限制性現金$1,559 $1,451 
AIG| 2024年第三季度10-Q表格
7

目錄



美國國際集團公司
現金流量表簡明合併報表 (未經審計)(續)
補充披露濃縮合並現金流量信息
截至9月30日的9個月,
(in數百萬)20242023
現金$1,472 $1,424 
短期投資中包含的受限制現金 *72 1 
其他資產中包含的受限制現金 *15 26 
簡明合併現金流量表中顯示的現金和限制現金總額$1,559 $1,451 
期內支付的現金:
興趣$581 $745 
稅費$811 $473 
非現金投資活動:
與養老金風險轉移交易相關收到的可供出售的固定期限證券$1,316 $2,818 
與再保險交易相關收到的固定期限證券和其他投資資產$254 $ 
固定期限證券和與再保險交易相關轉讓的其他投資資產$(148)$(825)
非現金融資活動:
計入融資活動中的保單持有人合同存款的利息$2,416 $3,217 
費用收入借記至融資活動中的保單持有人合同存款$(1,426)$(1,567)
*包括爲向AIG母公司支付稅收分成而持有的資金、按金和與房地產相關的重置準備金存款。
請參閱隨附的簡明合併財務報表註釋。
8
AIG| 2024年第三季度10-Q表格

目錄

項目1| 簡明合併財務報表附註(未經審計) | 1.陳述依據

1.陳述依據
美國國際集團公司是全球領先的保險組織。AIG提供保險解決方案,幫助企業和個人大約 190 國家和司法管轄區通過AIG運營和網絡合作夥伴保護其資產並管理風險。除非上下文另有說明,否則術語「AIG」、「我們」、「我們的」或「公司」是指美國國際集團公司。及其合併子公司,「AIG母公司」一詞指美國國際集團公司。而不是其任何合併子公司。
這些未經審計的簡明合併財務報表不包括通常包含在根據美國公認會計原則(GAAP)編制的年度財務報表中的所有披露信息,並且應與我們截至12月31日的年度報告中包含的經審計的合併財務報表和相關注釋一起閱讀,表格10-k截至12月31日,2023年(2023年年度報告)。本文包含的截至2023年12月31日的簡明合併財務信息摘自2023年年度報告中的經審計合併財務報表。
管理層認爲,這些簡明合併財務報表包含公平陳述本文所列業績所需的正常經常性調整,包括重大公司間賬目和交易的抵消。截至2024年9月30日止九個月的經營業績並不一定表明截至2024年12月31日的年度可能預期的業績。
我們評估了確認或披露2024年9月30日之後和發佈這些簡明合併財務報表之前發生的事件的必要性。上一年的簡明綜合財務報表已爲比較目的重新分類,以符合本年度呈列的說明。
修訂和恢復的信用協議
2024年9月27日,AIG簽訂了修訂和重述的信貸協議(修訂後的信貸協議),修改和重述了AIG日期爲2021年11月19日的信貸協議,其中規定了銀團、多貨幣循環信貸融資作爲一般企業目的的潛在流動性來源。修訂後的信貸協議規定了 五年 總承諾額爲美元3.0 億美元,包括備用信用證和/或循環信用借款。根據修訂後的信貸協議,適用利率、承諾費和信用證費參考AIG高級長期無擔保債務的信用評級確定。修訂後的信貸協議定於2029年9月到期。
截至2024年9月30日,經修訂的信貸協議項下無未償還借款或信用證,因此總計約爲美元3.0 根據修訂後的信貸協議,仍有10億美元可用。
資產和企業的銷售/處置
全球個人旅行業務
2024年6月26日,AIG宣佈已達成最終協議,以美元的價格將其全球個人旅行保險和援助業務出售給蘇黎世保險集團600 百萬現金加上額外的收益對價。此次出售預計將於2024年底完成,但須遵守慣例成交條件,包括收到監管機構批准。 有關更多詳細信息,請參閱注4。
使用估計
根據美國公認會計原則編制財務報表需要應用通常涉及相當程度的判斷的會計政策。我們認爲最依賴估計和假設應用的會計政策被視爲我們的關鍵會計估計,並與以下各項的確定相關:
損失準備金;
再保險資產,包括信用損失和糾紛的備抵;
善意減損;
某些投資的信用損失撥備,主要是貸款和可供出售的固定期限證券;
某些金融資產和金融負債的公允價值計量;和
所得稅,特別是我們遞延所得稅資產的可收回性以及爲不確定的稅務狀況設立撥備。
AIG| 2024年第三季度10-Q表格
9

目錄

項目1| 簡明合併財務報表附註(未經審計) | 1.陳述依據

這些會計估計需要使用有關事項的假設,其中一些在估計時具有高度不確定性。如果實際經驗與所使用的假設不同,我們的綜合財務狀況、經營業績和現金流量可能會受到重大影響。
由於Corebridge Financial,Inc.的取消合併,某些關鍵會計估計已被消除。(Corebridge)是AIG前人壽和退休業務的控股公司,將於2024年第二季度上市。其餘關鍵會計估計沒有變化。 有關更多詳細信息,請參閱注4。
2.主要會計政策摘要
2024年採用的會計標準
公平值計量
2022年6月30日,財務會計準則委員會(FASB)發佈了一份會計準則更新,以解決實踐中的多樣性問題,明確在計量股權證券的公允價值時不應考慮合同銷售限制。它還要求投資受合同銷售限制的股權證券的實體披露有關此類證券的某些定性和定量信息。公司於2024年1月1日對投資公司以外的實體採用了該準則。該準則的採用並未對AIG合併財務報表產生重大影響。
會計準則的未來應用
所得稅
2023年12月,FASb發佈了會計準則更新,以解決所得稅披露的改進問題。該標準要求提供有關公司有效稅率對賬的分類信息以及有關所繳納所得稅的信息。該標準從2024年12月15日之後開始對上市公司有效,允許提前採用。該標準應前瞻性應用,但允許追溯應用。我們正在評估該標準的影響。
分部報告
2023年11月,FASB發佈了一項會計準則更新,以解決對可報告部門披露的改進。該準則主要要求在年度和中期基礎上進行以下披露:(I)定期向首席運營決策者(CODM)提供幷包括在每次報告的分部損益計量中的重大分部費用;(Ii)其他分部項目及其構成說明。該準則還要求在中期披露關於可報告分部的損益和資產的當前年度披露,以及CODM的頭銜和職位,並解釋CODM如何使用報告的分部損益衡量標準(S)來評估分部業績。該指導意見適用於上市公司2023年12月15日之後的會計年度和2024年12月15日之後的會計年度內的中期,並允許提前採用。該公司將在我們的Form 10-k 2024年年度報告中採用這一指導方針,修正案將追溯適用於之前提交的所有時期。
3.分部資料
由於Corebridge解除合併,我們不再提供人壽和退休部門,也不再包括資產管理和Corebridge Life Holdings,Inc.。其他業務部門內的利息和一般費用。其他業務的歷史業績已進行修訂以反映這些變化。之前報告的一般保險部門業績並未受到Corebridge解除合併的影響。 有關人壽與退休業務分離的更多詳細信息,請參閱注4。
10
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 3.分部資料

如本文所述,並反映了Corebridge解除合併,我們報告的運營業績與我們的首席運營決策者審查業務以評估績效和分配資源的方式一致,具體如下:
一般保險
一般保險業務呈列爲 經營分部:
北美- 由美國、加拿大和百慕大的保險業務組成。
國際- 由日本、英國、歐洲、中東和非洲(EMEA地區)、亞太地區、拉丁美洲和加勒比地區以及中國的區域保險業務組成。國際還包括Talbot Underwriting Ltd.的業績以及AIG的全球專業業務。
北美和國際運營部門由以下產品組成:
商業專線-由財產、責任、財務專線和專業組成。
個人保險-包括事故與健康保險和個人保險。
有關一般保險業務近期活動的進一步討論,請參閱本文注1和注4以及2023年年度報告合併財務報表注1。
其他操作
其他業務主要包括資產的收入和費用,包括AIG母公司和其他公司子公司持有的AIG對Corebridge的所有權、與稅務屬性相關的遞延所得稅資產、企業費用和公司間沖銷、我們合併投資實體的業績、決選中的一般保險投資組合以及我們轉讓給Fortitude Reinsurance Company Ltd的遺留保險產品的歷史業績。(堅韌的Re)。
分部業績
我們根據調整後的收入和調整後的稅前收入(虧損)評估分部業績。調整後的收入和調整後的稅前收入(虧損)分別通過將某些項目從所得稅費用(稅前收入(虧損))前持續經營業務的總收入和收入(虧損)中剔除而得出。這些項目通常屬於以下一個或多個大類別:與我們當前業務或經營業績無關的遺留問題;爲提高交易基本經濟透明度而進行的調整;以及我們認爲行業通用的措施。法律實體根據該法律實體的活動優勢歸屬於每個分部。 對於不包括在調整後收入和調整後稅前收入(損失)中的項目,請參閱下表。
下表按經營分部列出了AIG的持續經營業務:
截至9月30日的三個月,20242023
(in數百萬)調整後的
收入
調整後的
稅前
收入
(虧損)
調整後的
收入
調整後的
稅前
收入
(虧損)
一般保險
北美-承保收入$2,638 $37 
(a)
$3,079 $235 
(a)
國際-承保收入3,309 400 
(a)
3,343 376 
(a)
淨投資收入773 773 756 756 
一般保險總額6,720 1,210 7,178 1,367 
其他操作
合併和抵消前的其他業務123 (141)171 (271)
合併和抵消 (2)(22)(7)
其他業務總計123 (143)149 (278)
6,843 1,067 7,327 1,089 
登記物品:
股權證券公允價值變化和AIG對Corebridge的投資25 25 31 31 
其他收入(費用)-淨額(1) 17 — 
債務消滅損失  — (21)
Fortitude Re基金預扣資產的淨投資收益51 51 29 29 
Fortitude Re基金預扣資產已實現淨虧損(18)(18)(3)(3)
Fortitude Re基金預扣嵌入式衍生品的已實現淨收益(損失)(157)(157)57 57 
已實現淨收益(損失)(b)
8 7 (191)(190)
資產剝離和其他淨收益(損失) (8)— 101 
AIG| 2024年第三季度10-Q表格
11

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 3.分部資料

截至9月30日的三個月,20242023
(in數百萬)調整後的
收入
調整後的
稅前
收入
(虧損)
調整後的
收入
調整後的
稅前
收入
(虧損)
(不利)有利的上年發展和根據追溯再保險協議放棄的相關攤銷變化 (126)— 75 
淨損失準備貼現費 (29)— (5)
與前僱員一次性付款相關的養老金費用  — (8)
與收購或剝離業務相關的整合和交易成本 (22)— (2)
重組和其他成本 (137)— (49)
與監管或會計變更相關的非經常性成本 (4)— (4)
收入和稅前收入$6,751 $649 $7,267 $1,100 
截至9月30日的9個月,20242023
(in數百萬)調整後的
收入
調整後的
稅前
收入
(虧損)
調整後的
收入
調整後的
稅前
收入
(虧損)
一般保險
北美-承保收入$7,610 $424 
(a)
$9,254 $886 
(a)
國際-承保收入9,872 1,039 
(a)
9,924 821 
(a)
淨投資收入2,281 2,281 2,227 2,227 
一般保險總額19,763 3,744 21,405 3,934 
其他操作
合併和抵消前的其他業務431 (496)490 (815)
AIG合併和取消(3)(3)(61)(20)
其他業務總計428 (499)429 (835)
20,191 3,245 21,834 3,099 
登記物品:
股權證券公允價值變化和AIG對Corebridge的投資172 172 93 93 
其他收入(費用)-淨額16  40 — 
消除債務的收益(損失) (1)— (21)
Fortitude Re基金預扣資產的淨投資收益123 123 106 106 
Fortitude Re基金預扣資產已實現淨虧損(38)(38)(64)(64)
Fortitude Re基金預扣嵌入式衍生品的已實現淨虧損(158)(158)(25)(25)
實現淨虧損(b)
(232)(234)(577)(573)
資產剝離和其他淨收益(損失) 94 — 89 
非營業訴訟準備金和和解  1  
(不利)有利的上年發展和根據追溯再保險協議放棄的相關攤銷變化 (66)— 112 
淨損失準備貼現福利(收費) (131)— (85)
與前僱員一次性付款相關的養老金費用  — (62)
與收購或剝離業務相關的整合和交易成本 (37)— (10)
重組和其他成本(c)
 (630)— (264)
與監管或會計變更相關的非經常性成本 (15)— (19)
消除國際報告滯後的淨影響(d)
  4 12 
收入和稅前收入$20,074 $2,324 $21,412 $2,388 
(a)北美通用保險和國際通用保險的調整後稅前收入不包括淨投資收入,因爲投資組合結果是在一般保險層面管理的。淨投資收入單獨顯示爲通用保險調整後稅前收入總額結果的一部分。
(b)包括所有淨已實現損益,但用於非合格(經濟)對沖或資產複製的衍生工具的賺取收入(定期結算和應計結算費用的變化)除外,以及AIG爲支持Fortitude Re對AIG的再保險義務而持有的Fortitude Re基金預扣稅資產的淨已實現損益。
(c)截至2024年9月30日的三個月和九個月,重組和其他成本增加主要是由於與員工相關的成本,包括遣散費和房地產減損費用。
(d)有關更多信息,請參閱2023年年度報告合併財務報表附註1。
截至2024年9月30日的三個月和九個月,我們記錄了遣散費爲美元66 億和$351 分別爲百萬美元,資產損失爲美元53 由於重組活動,截至2024年9月30日的九個月內增加了100萬美元。
12
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 4.待售分類和停止運營演示
4.待售分類和停止運營演示
待售分類
當管理層批准出售或獲得出售業務的批准並致力於正式計劃、業務可立即出售、業務正在積極營銷、銷售預計將在未來12個月內發生並且滿足某些其他指定標準時,我們會將業務或實體的組成部分報告和分類爲持有待售(持有待售業務)。持有待售業務按其賬面值或估計公允價值減去銷售成本兩者中的較低者記錄。如果業務的公允價值超過其估計公允價值,則確認虧損。
與持有待售業務相關的資產和負債分別在業務分類爲持有待售期間開始的簡明合併資產負債表中的持有待售資產和持有待售負債中報告。截至2024年9月30日,報告並分類爲持作出售的業務和資產主要包括我們的全球個人旅行保險和援助業務,如下所述。
日本促銷
2024年5月16日,AIG與Corebridge和日本生命保險公司(Nippon)(一家根據日本法律組建的共同公司(sougogaisha)簽訂股票購買協議,根據該協議,AIG同意出售 121,956,256 Corebridge普通股股份,約佔 20 簽署時已發行和發行普通股的百分比,交給日本,總對價爲美元3.8 十億現金。該交易預計將於2025年第一季度完成,但須滿足某些完成條件,包括收到監管機構批准。因此,Corebridge符合列爲持有待售和已終止業務的標準。此外,2024年6月9日,AIG滿足了Corebridge解除合併的要求。 有關更多詳細信息,請參閱下面的-停止運營演示。
全球個人旅行業務
2024年6月26日,AIG達成最終協議,以美元的價格將其全球個人旅行保險和援助業務出售給蘇黎世保險集團600 百萬現金加上額外的收益對價。該協議包括Travel Guard業務及其服務能力,但不包括我們在日本的旅行保險業務和我們在印度的AIG合資企業安排。通過AIG事故與健康業務提供的旅行保險也不包括在本協議中。此次出售預計將於2024年底完成,但須遵守慣例成交條件,包括監管機構批准。我們全球個人旅行保險和援助業務的業績在北美通用保險和國際上報告。
已停止運營的陳述
如果a)一項業務或實體的組成部分符合持作出售標準,或通過出售方式處置,或通過出售以外的方式處置,以及b)出售該業務或實體的組成部分代表了對AIG財務業績產生(或將產生)重大影響的戰略轉變。
2022年9月,AIG完成了Corebridge的首次公開募股。自2022年9月至2024年6月9日,AIG通過二次公開募股出售了其在Corebridge的部分權益。2024年6月9日,AIG召開 48.4 %的Corebridge普通股,放棄了其在Corebridge董事會中多數代表權的權利,並且AIG的一名指定人員於2024年6月9日(取消合併日期)辭去了Corebridge董事會的職務。因此,AIG滿足了Corebridge解除合併的要求。Corebridge在所有呈列期間的歷史財務業績均反映在該等簡明合併財務報表中,作爲已終止業務。
2024年6月3日,AIG完成了二次發行 30 百萬股Corebridge普通股。由於截至交易日AIG控制Corebridge,此次出售被記錄爲股權交易。在扣除承保折扣以及AIG應付的佣金和其他費用之前,此次發行的總收益爲美元876 萬由於此次發行,AIG增加了美元261 AIG股東權益總額爲百萬美元。2024年7月2日,承銷商行使選擇權額外購買 1.9 百萬股,這減少了AIG在其他投資資產中報告的Corebridge的剩餘投資。
2024年8月5日,AIG與Corebridge簽訂股份回購協議。每股收購價格爲美元24.90,Corebridge普通股於2024年8月5日在紐約證券交易所的收盤價。此次回購於2024年8月7日完成,總購買價格約爲美元2001000萬美元。
由於Corebridge回購股份以及AIG在取消合併日期後出售股份,截至2024年9月30日,AIG持有 48.6 Corebridge已發行普通股的%。
AIG| 2024年第三季度10-Q表格
13

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 4.待售分類和停止運營演示

截至2023年12月31日,Corebridge的資產和負債在AIG的簡明合併資產負債表中被分類爲已終止業務資產和已終止業務負債。Corebridge的經營業績在簡明綜合利潤表(虧損)中呈列的所有期間均被報告爲已終止業務。2024年第二季度,AIG確認虧損美元4.7 解除合併導致損失10億美元,主要是由於確認累計全面虧損美元7.2 億該虧損被記錄爲已終止業務的組成部分。Corebridge此前曾在《人壽與退休及其他運營》中報道過。
取消合併日期後,AIG選擇了公允價值選擇權,並將其在Corebridge的保留權益反映爲對AIG濃縮合並資產負債表中其他投資資產的權益法投資,使用Corebridge的股價作爲其公允價值。從Corebridge收到的股息及其股價變化在AIG簡明合併財務報表中的淨投資收益中確認。
以下提供了與Corebridge作爲權益法投資對象相關的財務信息,就好像Corebridge在所列期間是權益法投資對象一樣。「與Corebridge相關的權益法收入(損失)(基於公允價值)」假設Corebridge的保留權益 48.6 %,並根據所示期間Corebridge股價的變化計算。
截至三個月
9月30日,
止九個月
9月30日,
(in數百萬)2024202320242023
Corebridge稅前收入$(1,594)$2,461 $(122)$2,703 
與Corebridge相關的權益法收入(損失)(基於公允價值)$11 $584 $2,094 $(87)
下表概述了2024年9月30日和2023年12月31日簡明合併資產負債表上持作出售的資產和負債以及已終止業務的資產和負債的組成:
2024年9月30日2023年12月31日
(in數百萬)資產

負債
舉行
供求
資產

負債
舉行
供求
科布里奇
(資產和
負債
停止
運營)
資產:
投資:
固定期限證券:
可供出售債券,按公允價值計算,扣除信用損失撥備$ $14 $166,657 
其他債券證券,按公允價值計算  4,579 
股權證券,按公允價值計算  63 
抵押貸款和其他應收貸款,扣除信用損失撥備  46,732 
其他投資資產  9,916 
短期投資
11 1 4,346 
總投資11 15 232,293 
現金85  618 
應計投資收益  2,011 
保費和其他應收賬款,扣除信用損失和糾紛撥備32 9 709 
再保險資產- Fortitude Re,扣除信用損失和糾紛備抵  26,772 
再保險資產-其他,扣除信用損失和糾紛備抵3 2,519 
遞延所得稅(9) 8,307 
遞延保單獲取成本  10,782 
市場風險受益資產,按公允價值計算  912 
其他資產,扣除信用損失撥備(a)
18 3 2,820 
獨立賬戶資產,按公允價值計算  91,005 
待售資產總額/已終止業務資產$137 $30 $378,748 
負債:
未付損失和損失調整費用的責任,包括信用損失備抵$ $19 $ 
未滿期保費 7 65 
未來的政策效益   57,946 
保單持有人合同存款  161,979 
市場風險福利負債,按公允價值計算  5,705 
其他保單持有人資金  2,862 
Fortitude Re預扣應付資金  25,957 
其他負債78 2 8,790 
14
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 4.待售分類和停止運營演示
2024年9月30日2023年12月31日
(in數百萬)資產

負債
舉行
供求
資產

負債
舉行
供求
科布里奇
(資產和
負債
停止
運營)
短期貸款和長期貸款  9,420 
合併投資實體債務  2,360 
獨立賬戶負債  91,005 
待售負債總額/已終止業務負債$78 $28 $366,089 
(a)扣除信用損失撥備的其他資產包括美元的善意和其他無形資產116 億和$3 截至2023年12月31日,Corebridge的銷售額分別爲100萬美元。
下表列出了已反映在已終止業務凈利潤中的與Corebridge運營相關的金額:
截至三個月
9月30日,
止九個月
9月30日,
(in數百萬)2024202320242023
收入:
保費$ $701 $2,723 $5,249 
保單費收入 702 1,269 2,094 
淨投資收入 2,705 5,238 8,125 
已實現淨收益(損失) 1,216 (923)(464)
其他收入 186 372 561 
總收入 5,510 8,679 15,565 
收益、損失和費用:
保單持有人的利益和損失 1,106 3,618 6,478 
市場風險收益公允價值變化,淨 (418)(350)(484)
計入保單持有人賬戶餘額的利息 1,135 2,184 3,237 
遞延保單購置成本攤銷 268 465 779 
一般運營和其他費用 805 1,350 2,317 
利息開支 143 249 474 
資產剝離和其他淨(收益)損失 2 (191)(52)
收益、損失和費用總額 3,041 7,325 12,749 
扣除所得稅費用(福利)和處置已終止業務損失前的已終止業務收入(虧損) 2,469 1,354 2,816 
所得稅費用(福利) 420 226 341 
已終止業務的收入(虧損),扣除處置已終止業務虧損前的所得稅 2,049 1,128 2,475 
處置業務損失,扣除稅款(24)(3)(4,708)(3)
已終止業務的收入(損失),扣除所得稅(24)2,046 (3,580)2,472 
減:非控股權益應占已終止業務的淨收入(虧損)(2)720 475 801 
AIG應占已終止業務的凈利潤(虧損)$(22)$1,326 $(4,055)$1,671 

AIG| 2024年第三季度10-Q表格
15

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Held-For-Sale Classification & Discontinued Operations Presentation
DISCONTINUED OPERATIONS LOSS PRESENTATION
The loss recognized in the second quarter of 2024 for the deconsolidation of Corebridge includes (i) $8.5 billion of retained investment in Corebridge (Corebridge’s quoted stock price is used for fair value measurement, which is classified as level 1 in the fair value hierarchy), (ii) $817 million of certain other investments (considered level 3 in the fair value hierarchy) which are measured based on valuation techniques (i.e., third party appraisals) that use significant inputs (i.e., terminal capital rate and discount rate), and (iii) $378 million of an unsettled receivable. For details on fair value hierarchy, see Note 5. The loss on deconsolidation of Corebridge is calculated as follows:
(in millions)
Corebridge retained investment (48.4% @28.90 per share at June 9, 2024)
$8,502 
Retained interest in certain investment entities and other assets1,195 
Net fair value of assets retained9,697 
Corebridge book value at June 9, 202412,392 
Less: Noncontrolling interests5,732 
Corebridge book value excluding noncontrolling interest6,660 
Gain on sale pre-tax3,037 
Tax expense507 
Subtotal: After tax gain 2,530 
Reclassification adjustment of Accumulated other comprehensive loss at June 9, 2024(7,214)
Loss on sale of Corebridge - after-tax$(4,684)
5. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
16
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements


定期以公允價值計量的資產和負債
下表呈列有關按經常性公平值計量的資產和負債的信息,並顯示基於所用輸入數據的可觀察性的公平值計量水平:
2024年9月30日1級2級3級
交易對手
結網(a)
現金
抵押品
(in數百萬)
資產:
可供出售的債券:
美國政府和政府贊助的實體
$1 $4,513 $ $ $ $4,514 
州、市和政治分區的義務
 4,647 4   4,651 
非美國政府181 8,545 7   8,733 
企業債務 32,649 385   33,034 
RMBS 4,324 2,095   6,419 
CMBS 4,024 82   4,106 
CLO/ABS 3,540 983   4,523 
可供出售的債券總數
182 62,242 3,556   65,980 
其他債券證券:
州、市和政治分區的義務 52    52 
非美國政府 27    27 
企業債務 253 46   299 
RMBS 52 55   107 
CMBS 44    44 
CLO/ABS 87 147   234 
其他債券證券總額
 515 248   763 
股本證券
739 15 13   767 
其他投資資產(b)
8,143 129 158   8,430 
衍生資產(c):
利率合約 305    305 
外匯合約
 249    249 
股權合約
  31   31 
信用合約
  33   33 
其他合同  1   1 
交易對手淨結算和現金抵押品
   (276)(241)(517)
衍生資產總額
 554 65 (276)(241)102 
短期投資
4,969 3,853    8,822 
其他資產(c)
  129   129 
(d)
$14,033 $67,308 $4,169 $(276)$(241)$84,993 
負債:
衍生工具負債(c):
利率合約
$ $333 $ $ $ $333 
外匯合約
 255    255 
股權合約
  31   31 
信用合約
  34   34 
其他合同  1   1 
交易對手淨結算和現金抵押品
   (276)(209)(485)
衍生負債總額
 588 66 (276)(209)169 
Fortitude Re預扣應付資金
      
其他負債
  99   99 
$ $588 $165 $(276)$(209)$268 

AIG| 2024年第三季度10-Q表格
17

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

2023年12月31日1級2級3級
交易對手
結網(a)
現金
抵押品
(in數百萬)
資產:
可供出售的債券:
美國政府和政府贊助的實體
$15 $4,380 $ $— $— $4,395 
州、市和政治分區的義務
 4,830 3 — — 4,833 
非美國政府233 8,156 7 — — 8,396 
企業債務 32,023 323 — — 32,346 
RMBS 4,415 1,792 — — 6,207 
CMBS 4,122 25 — — 4,147 
CLO/ABS 3,629 1,289 — — 4,918 
可供出售的債券總數
248 61,555 3,439 — — 65,242 
其他債券證券:
州、市和政治分區的義務 51  — — 51 
非美國政府 24  — — 24 
企業債務 210 45 — — 255 
RMBS 42 51 — — 93 
CMBS 33  — — 33 
CLO/ABS 69 138 — — 207 
其他債券證券總額
 429 234 — — 663 
股本證券
612 39 14 — — 665 
其他投資資產 (b)
 155 221 — — 376 
衍生資產(c):
利率合約 335 406 — — 741 
外匯合約
 450 1 — — 451 
股權合約
 18 48 — — 66 
信用合約
  33 — — 33 
其他合同  1 — — 1 
交易對手淨結算和現金抵押品
— — — (450)(711)(1,161)
衍生資產總額
 803 489 (450)(711)131 
短期投資
2,613 6,750  — — 9,363 
其他資產(c)
  243 — — 243 
(d)
$3,473 $69,731 $4,640 $(450)$(711)$76,683 
負債:
衍生工具負債(c):
利率合約
$ $352 $ $— $— $352 
外匯合約
 561 3 — — 564 
信用合約
 3 33 — — 36 
交易對手淨結算和現金抵押品
— — — (450)(249)(699)
衍生負債總額
 916 36 (450)(249)253 
Fortitude Re預扣應付資金
  (148)— — (148)
其他負債 107 122 — — 229 
$ $1,023 $10 $(450)$(249)$334 
(a)代表合格主淨結算協議涵蓋的衍生品風險的淨結算。
(b)不包括使用每股淨資產價值(NV)(或其等值)按公允價值計量的投資,總計美元3.410億美元3.8 截至目前,十億美元 2024年9月30日 分別於2023年12月31日和2023年12月31日。截至 2024年9月30日,包括AIG在Corebridge的所有權權益價值爲美元8.1 AIG選擇公允價值期權的10億美元。
(c)作爲簡明合併資產負債表中其他資產和其他負債的一部分呈列。
(d)不包括美元1 億和$15 截至2024年9月30日和2023年12月31日,在簡明合併資產負債表中重新分類爲持待售資產的資產分別爲百萬美元。
18
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

3級重複公平值測量的變化
下表列出了截至2024年和2023年9月30日止三個月和九個月內按經常性公允價值計量的第三級資產和負債的變化,以及與2024年和2023年9月30日的簡明合併資產負債表中第三級資產和負債相關的已實現和未實現收益(損失):
(in數百萬)公平值
起頭
轉型時期
已實現淨

未實現
收益
(損失)
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
截至2024年9月30日的三個月
資產:
可供出售的債券:
州、市和政治分區的義務$4 $ $ $ $ $ $ $4 $ $ 
非美國政府
7       7   
企業債務
359 (3)18 4   7 385  14 
RMBS
2,016 (1)110 (23)  (7)2,095  63 
CMBS
94 (1)1 (12)   82   
CLO/ABS1,275 (11)33 (314)   983  23 
可供出售的債券總數
3,755 (16)162 (345)   3,556  100 
其他債券證券:
企業債務44      2 46 2  
RMBS49 3  (2)  5 55   
CLO/ABS145 3  (1)   147 3  
其他債券證券總額
238 6  (3)  7 248 5  
股本證券
13 1  2   (3)13   
其他投資資產
145 (3) 5   11 158   
其他資產
130   (1)   129   
$4,281 $(12)$162 $(342)$ $ $15 $4,104 $5 $100 
(in數百萬)公平值
起頭
轉型時期

實現

未實現
(收益)
損失
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
負債:
衍生負債,淨額:
利率合約
$(3)$ $ $3 $ $ $ $ $ $ 
股權合約
(35)  (1)  36  2  
信用合約
 1      1 (1) 
其他合同
(1)     1  1  
衍生負債總額,淨值(a)
(39)1  2   37 1 2  
Fortitude Re預扣應付資金(154)157  (3)    (153) 
其他負債99       99   
$(94)$158 $ $(1)$ $ $37 $100 $(151)$ 
AIG | Third Quarter 2024 Form 10-Q
19

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions)Fair Value
Beginning
of Period
Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income
Other
Comprehensive
Income (Loss)
Purchases,
Sales,
Issuances
and
Settlements,
Net
Gross
Transfers
In
Gross
Transfers
Out
OtherFair
Value
End of
Period
Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period
Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Three Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$16 $(1)$ $(11)$ $ $ $4 $ $ 
Non-U.S. governments6   (3)   3   
Corporate debt418 (2)(12)(63)30 (16) 355  (13)
RMBS1,868 26 (15)(63) (3)7 1,820  (16)
CMBS48 (7) 6 31 (24) 54  (5)
CLO/ABS1,396 (14)19 (27) (32)2 1,344  (3)
Total bonds available for sale3,752 2 (8)(161)61 (75)9 3,580  (37)
Other bond securities:
Corporate debt44 1      45 1  
RMBS52   (2)   50 1  
CLO/ABS154 (2) (1)1  1 153 (4) 
Total other bond securities250 (1) (3)1  1 248 (2) 
Equity securities28   (2) (12) 14   
Other invested assets227 3  (2)10   238 3  
Other assets111   1    112   
Total
$4,368 $4 $(8)$(167)$72 $(87)$10 $4,192 $1 $(37)
(in millions)Fair Value
Beginning
of Period
Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income
Other
Comprehensive
Income (Loss)
Purchases,
Sales,
Issuances
and
Settlements,
Net
Gross
Transfers
In
Gross
Transfers
Out
OtherFair
Value
End of
Period
Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period
Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Derivative liabilities, net:
Interest rate contracts$(339)$(174)$ $(20)$ $ $ $(533)$128 $ 
Foreign exchange contracts2 (1) 1    2   
Equity contracts(399)178  91    (130)(65) 
Credit contracts 1  (1)    (1) 
Other contracts(1)(1) 1    (1)1  
Total derivative liabilities, net(a)(737)3  72    (662)63  
Fortitude Re funds withheld payable(269)(57) (29)   (355)78  
Other liabilities98 (6)     92   
Total$(908)$(60)$ $43 $ $ $ $(925)$141 $ 
20
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in數百萬)公平值
起頭
年份的
已實現淨

未實現
收益
(損失)
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
截至2024年9月30日的九個月
資產:
可供出售的債券:
州、市和政治分區的義務$3 $ $ $1 $ $ $ $4 $ $(5)
非美國政府7       7   
企業債務323 (2)16 (56)134 (37)7 385  9 
RMBS1,792 46 108 (173)287 (2)37 2,095  3 
CMBS25 (5)7 (30)85   82   
CLO/ABS1,289 (23)65 (380)44 (12) 983  49 
可供出售的債券總數3,439 16 196 (638)550 (51)44 3,556  56 
其他債券證券:
企業債務45 1      46 1  
RMBS51 3  (2) (2)5 55 2  
CLO/ABS138 3  4 2   147 1  
其他債券證券總額234 7  2 2 (2)5 248 4  
股本證券14 1  2  (1)(3)13 1  
其他投資資產221 (16) (34) (13) 158 (12) 
其他資產243   (114)   129   
$4,151 $8 $196 $(782)$552 $(67)$46 $4,104 $(7)$56 
(in數百萬)公平值
起頭
年份的

實現

未實現
(收益)
損失
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
負債:
衍生負債,淨額:
利率合約$(406)$61 $ $345 $ $ $ $ $(3)$ 
外匯合約2 (2)        
股權合約(48)(18) 30   36  10  
信用合約 1      1 (1) 
其他合同(1)(1) 1   1  1  
衍生負債總額,淨值(a)
(453)41  376   37 1 7  
Fortitude Re預扣應付資金(148)158  (10)    (106) 
其他負債122 (2) (21)   99   
$(479)$197 $ $345 $ $ $37 $100 $(99)$ 
AIG| 2024年第三季度10-Q表格
21

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

(in數百萬)公平值
起頭
年份的
已實現淨

未實現
收益
(損失)
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
截至2023年9月30日的九個月
資產:
可供出售的債券:
州、市和政治分區的義務$20 $(1)$1 $(16)$ $ $ $4 $ $ 
非美國政府2  1 (5)7 (2) 3  1 
企業債務879 (6)5 (410)138 (251) 355  (9)
RMBS1,884 85 11 (81) (51)(28)1,820  8 
CMBS207 (29)(1)7 42 (172) 54  (15)
CLO/ABS1,483 (26)39 (110)17 (74)15 1,344  1 
可供出售的債券總數4,475 23 56 (615)204 (550)(13)3,580  (14)
其他債券證券:
企業債務 1  44    45 1  
RMBS65 2  (17)   50 (7) 
CLO/ABS158 (1) (14)1 (3)12 153 (30) 
其他債券證券總額223 2  13 1 (3)12 248 (36) 
股本證券13 2  2 10 (13) 14 2  
其他投資資產244 (4) (12)10   238 (7) 
其他資產107   5    112   
$5,062 $23 $56 $(607)$225 $(566)$(1)$4,192 $(41)$(14)
(in數百萬)公平值
起頭
年份的

實現

未實現
(收益)
損失
包括
收入
其他
全面
收入(損失)
購買,
銷售,
發行

定居點,

轉讓
在……裏面

轉讓
出來
其他公平

結束
期間
變化
未實現
收益
(損失)
列入
收入
文書
結束舉行
轉型時期
變化
未實現收益
(損失)
屬別
全面
收入(損失)
重複性3級
交易目的金借貸產
期末
負債:
衍生負債,淨額:
利率合約$(311)$(90)$ $(132)$ $ $ $(533)$146 $ 
外匯合約 1  1    2 (2) 
股權合約(271)109  32    (130)(49) 
信用合約        (1) 
其他合同(1)(2) 2    (1)2  
衍生負債總額,淨值(a)
(583)18  (97)   (662)96  
Fortitude Re預扣應付資金(41)25  (339)   (355)30  
其他負債112 (20)     92   
$(512)$23 $ $(436)$ $ $ $(925)$126 $ 
(a)這些表格中扣除了第3級衍生品風險總額,僅用於列報目的。

22
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

計入與上述第三級資產和負債相關的收入的已實現和未實現淨損益在簡明合併利潤表(虧損)中報告如下:
(in數百萬)
投資
收入
已實現淨
收益(損失)
截至2024年9月30日的三個月
資產:
可供出售的債券$25 $(41)$(16)
其他債券證券6 6 
股本證券1 1 
其他投資資產(3) (3)
截至2023年9月30日的三個月
資產:
可供出售的債券$40 $(38)$2 
其他債券證券(1) (1)
其他投資資產4 (1)3 
截至2024年9月30日的九個月
資產:
可供出售的債券$65 $(49)$16 
其他債券證券7  7 
股本證券1  1 
其他投資資產(16) (16)
截至2023年9月30日的九個月
資產:
可供出售的債券$77 $(54)$23 
其他債券證券2  2 
股本證券2  2 
其他投資資產(3)(1)(4)
(in數百萬)
投資
收入
已實現淨
(收益)損失
截至2024年9月30日的三個月
負債:
衍生負債,淨值$ $1 $1 
Fortitude Re預扣應付資金 157 157 
截至2023年9月30日的三個月
負債:
衍生負債,淨值$ $3 $3 
Fortitude Re預扣應付資金 (57)(57)
其他負債 (6)(6)
截至2024年9月30日的九個月
負債:
衍生負債,淨值$ $41 $41 
Fortitude Re預扣應付資金 158 158 
其他負債 (2)(2)
截至2023年9月30日的九個月
負債:
衍生負債,淨值$ $18 $18 
Fortitude Re預扣應付資金 25 25 
其他負債 (20)(20)
AIG | Third Quarter 2024 Form 10-Q
23

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Corporate debt$10 $(4)$(2)$4 
RMBS87 (45)(65)(23)
CMBS (12) (12)
CLO/ABS270 (563)(21)(314)
Total bonds available for sale367 (624)(88)(345)
Other bond securities:
RMBS  (2)(2)
CLO/ABS  (1)(1)
Total other bond securities  (3)(3)
Equity securities2   2 
Other invested assets17  (12)5 
Other assets  (1)(1)
Total$386 $(624)$(104)$(342)
Liabilities:
Derivative liabilities, net$ $ $2 $2 
Fortitude Re funds withheld payable  (3)(3)
Total$ $ $(1)$(1)
Three Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$ $(11)$ $(11)
Non-U.S. governments$ $ $(3)$(3)
Corporate debt5  (68)(63)
RMBS18 (6)(75)(63)
CMBS (7)13 6 
CLO/ABS76 (151)48 (27)
Total bonds available for sale99 (175)(85)(161)
Other bond securities:
RMBS  (2)(2)
CLO/ABS (10)9 (1)
Total other bond securities (10)7 (3)
Equity securities (2) (2)
Other invested assets  (2)(2)
Other assets  1 1 
Total$99 $(187)$(79)$(167)
Liabilities:
Derivative liabilities, net$(91)$3 $160 $72 
Fortitude Re funds withheld payable  (29)(29)
Total$(91)$3 $131 $43 
24
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in數百萬)購買銷售額
發行
住區(a)
購買、銷售、
通知和
結算,淨(a)
截至2024年9月30日的九個月
資產:
可供出售的債券:
州、市和政治分區的義務$1 $ $ $1 
非美國政府4  (4) 
企業債務21 (7)(70)(56)
RMBS87 (46)(214)(173)
CMBS (12)(18)(30)
CLO/ABS336 (565)(151)(380)
可供出售的債券總數449 (630)(457)(638)
其他債券證券:
RMBS3 (1)(4)(2)
CLO/ABS11  (7)4 
其他債券證券總額14 (1)(11)2 
股本證券2   2 
其他投資資產18  (52)(34)
其他資產  (114)(114)
$483 $(631)$(634)$(782)
負債:
衍生負債,淨值$ $ $376 $376 
Fortitude Re預扣應付資金  (10)(10)
其他負債  (21)(21)
$ $ $345 $345 
截至2023年9月30日的九個月
資產:
可供出售的債券:
州、市和政治分區的義務$1 $(15)$(2)$(16)
非美國政府  (5)(5)
企業債務13  (423)(410)
RMBS188 (25)(244)(81)
CMBS1 (12)18 7 
CLO/ABS183 (302)9 (110)
可供出售的債券總數386 (354)(647)(615)
其他債券證券:
企業債務20  24 44 
RMBS  (17)(17)
CLO/ABS14 (10)(18)(14)
其他債券證券總額34 (10)(11)13 
股本證券5 (2)(1)2 
其他投資資產1  (13)(12)
其他資產  5 5 
$426 $(366)$(667)$(607)
負債:
衍生負債,淨值$(407)$7 $303 $(97)
Fortitude Re預扣應付資金  (339)(339)
$(407)$7 $(36)$(436)
(a)沒有 截至2024年9月30日和2023年9月30日的三個月和九個月內的發行。
可觀察和不可觀察輸入數據均可用於確定上表中分類爲第3級頭寸的公允價值。因此,2024年9月30日和2023年9月30日持有的工具的未實現收益(損失)可能包括歸因於可觀察(例如,市場利率變化)和不可觀察的輸入(例如,不可觀察的長期波動率的變化)。

AIG| 2024年第三季度10-Q表格
25

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

第三級資產和負債的轉讓
上表所示收入(損失)或其他全面收益(損失)(OCI)中包含的已實現和未實現淨收益(損失)不包括美元0 百萬和美元(27)截至2024年9月30日的三個月和九個月內,與資產和負債相關的淨收益(損失)分別轉移至第三級,其中包括美元0 億和$1 截至2024年9月30日的三個月和九個月內,與第三級資產和負債轉出的淨收益(損失)分別爲百萬美元。
上表所示收入(損失)或OCI中包含的淨已實現和未實現收益(損失)不包括美元(5)百萬和美元(4)截至2023年9月30日的三個月和九個月內,與資產和負債相關的淨收益(損失)分別轉移至第三級,其中包括美元000萬 和$(9截至2023年9月30日的三個月和九個月內,分別與第三級資產和負債轉出的淨收益(損失)百萬美元。
第三級資產的轉讓
在截至2024年9月30日的三個月裏,沒有轉移到3級資產。在截至2024年9月30日的9個月和截至2023年9月30日的3個月和9個月期間,轉移到3級資產的投資主要包括對私募公司債務、商業抵押貸款支持證券(CMBS)、住宅抵押貸款支持證券(RMBS)、抵押貸款債券(CLO)/資產支持證券(ABS)和股權證券的某些投資。私募公司債務和某些ABS轉移到3級資產主要是由於市場定價信息有限,需要我們根據投入確定這些證券的公允價值,這些投入進行了調整,以更好地反映我們對特定證券或相關市場流動性特徵的假設。將CMBS、RMBS、CLO及若干ABS的投資轉移至3級資產,是由於個別證券類別的市場透明度及流動資金減少。
截至2024年9月30日止三個月內,沒有第三級資產轉出。截至2024年9月30日止九個月以及截至2023年9月30日止三個月和九個月,第三級資產的轉出主要包括私募公司債務、CMBS、RMBS、CLO/ABS、市政債券和股權證券的某些投資。私募公司債務從第三級資產中轉出是基於對市場流動性以及相關定價透明度和這些投資的相關可觀察輸入的考慮。將私募公司債務的某些投資從第三級資產中轉移出來主要是由於使用反映這些證券公平價值的可觀察定價信息,而無需根據我們自己對特定證券特徵或市場當前流動性的假設進行調整。
三級負債的轉移
截至2024年9月30日和2023年9月30日止三個月和九個月,衍生品或其他負債沒有重大轉入或轉出第三級。

有關3級公平值測量的定量信息
下表列出了有關某些第3級工具的經常性公允價值計量所使用的重大不可觀察輸入數據的信息,並且僅包括我們可以合理獲得有關輸入數據的信息的那些工具,例如來自獨立第三方估值服務提供商的數據。由於我們可能無法合理獲得來自第三方的有關某些第3級工具(主要是CLO/ABS)的輸入信息,因此下文所示的餘額可能不等於此類第3級資產和負債報告的總金額:
(in數百萬)公平值
2024年9月30日
估值
技術
無法觀察到的輸入(b)
射程
(加權平均值)(c)
資產:
州、市和政治分區的義務$3 貼現現金流量產率
4.60% - 4.82% (4.71%)
企業債務128 貼現現金流量產率
5.71% - 10.24% (7.98%)
RMBS(a)
1,365 貼現現金流量固定預付利率
4.21% - 8.90% (6.55%)
損失嚴重程度
41.59% - 77.42% (59.51%)
固定違約率
0.80% - 2.38% (1.59%)
產率
5.23% - 6.40% (5.81%)
CLO/ABS(a)
1,003 貼現現金流量產率
3.10% - 7.82% (5.46%)
CMBS19 貼現現金流量產率
5.07% - 15.74% (10.41%)
26
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

(in數百萬)公平值
2023年12月31日
估值
技術
無法觀察到的輸入(b)
射程
(加權平均值)(c)
資產:
州、市和政治分區的義務$3 貼現現金流量產率
5.00% - 5.50% (5.23%)
企業債務332 貼現現金流量產率
5.16% - 9.62% (7.39%)
RMBS(a)
1,341 貼現現金流量固定預付利率
4.43% - 10.30% (7.36%)
損失嚴重程度
43.21% - 76.65% (59.93%)
固定違約率
0.82% - 2.64% (1.73%)
產率
6.18% - 7.42% (6.80%)
CLO/ABS(a)
1,100 貼現現金流量產率
5.31% - 8.56% (6.94%)
CMBS22 貼現現金流量產率
9.84% - 17.24% (13.54%)
(a)從第三方評估服務提供商收到的信息。固定提前還款率、損失嚴重程度和固定違約率的不可觀察輸入範圍與構成RMBS和CLO證券化工具中整個證券投資組合的每一項個人基礎抵押貸款有關,而不一定與我們購買的證券化工具債券(部分)有關。這些投入的範圍與我們購買的部分的公允價值的變化並不直接相關,因爲還有其他因素與我們擁有的特定部分的公允價值相關,包括但不限於購買價格、瀑布頭寸、高級與下級頭寸以及依附點。
(b)代表我們認爲市場參與者在評估這些資產和負債時將使用的貼現率、估計和假設。
(c)固定期限證券的加權平均值基於證券的估計公允價值。
使用貼現現金流技術估值的州、市和政治分區債務、公司債務、RMBS、CLO/ABS和CMBS的報告輸入範圍由價值加權平均值的兩個方向的一個標準差組成。上表並未使我們可能抵消這些3級資產和負債固有風險的風險管理實踐生效。
不可觀察的輸入之間的相互關係
我們認爲不可觀察的輸入是指無法獲得市場數據且使用我們現有的有關市場參與者在爲資產或負債定價時使用的假設的最佳信息開發的輸入。相關輸入因按公允價值計量的工具的性質而異。以下段落提供了重大不可觀察輸入數據的一般描述,以及重大不可觀察輸入數據之間的相互關係及其對公允價值計量的影響。在實踐中,假設的同時變化可能並不總是對下面討論的輸入產生線性影響。可觀察輸入和不可觀察輸入之間也可能存在相互關係。此類關係並未包含在下面的討論中。對於下面描述的每個個體關係,反向關係通常也適用。
固定到期證券
固定期限證券公允價值計量中使用的重大不可觀察輸入數據是收益率。收益率受到信用利差和美國國債收益率市場走勢的影響。收益率可能受到其他因素的影響,包括固定的預付費率、損失嚴重程度和固定的違約率。一般來說,收益率的增加會降低投資的公允價值,反之,收益率的減少會增加投資的公允價值。
AIG| 2024年第三季度10-Q表格
27

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量


對某些實體的投資以公允價值使用每股淨資產價值進行
下表包括與我們對某些其他投資資產的投資相關的信息,包括私募股權基金、對沖基金和其他計算每股淨資產價值(或其同等資產)的另類投資。對於這些按經常性公允價值計量的投資,我們使用每股淨資產價值來衡量公允價值。
2024年9月30日2023年12月31日
(in數百萬)投資類別包括公允價值使用每股資產淨值(或其等效值)無資金承諾公允價值使用每股資產淨值(或其等效值)無資金承諾
投資類別
私募股權基金:
槓桿收購作爲交易的一部分進行的債務和/或股權投資,從當前股東手中收購成熟公司的資產,通常使用財務槓桿$1,219 $783 $1,171 $558 
實際資產房地產、農業和基礎設施資產投資,包括髮電廠和其他能源生產資產693 337 870 344 
風險投資早期、高潛力、成長型公司預計將通過最終實現事件(例如首次公開募股或出售公司)產生回報102 92 67 50 
成長股票投資成熟公司以發展業務爲目的的基金205  196 9 
夾層投資槓桿公司次級債務和股權證券的基金101 91 140 56 
其他包括投資違約或破產保護公司證券的不良基金,以及具有多策略和其他策略的基金842 165 944 64 
私募股權基金總數3,162 1,468 3,388 1,081 
對沖基金:
事件驅動正在經歷重大結構性變化(包括併購和其他重組)的公司的證券12  13  
多空經理認爲被低估的證券,並有相應的空頭頭寸來對沖市場風險168  389  
其他包括持有流動性較低的基金的投資,以及允許公共和私人投資之間更廣泛分配的其他策略8  9  
對沖基金總數188  411  
$3,350 $1,468 $3,799 $1,081 
上述私募股權基金投資不可贖回,因爲基金的分配將在基金的基礎投資清算時收到。私募股權基金普遍預計將擁有 10年 生命週期在成立之初,但這些生命週期可能會由基金經理自行決定延長,通常是在 一年制兩年制 增量。
28
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 5.公允價值計量

公允價值計量選擇權
下表列出了與我們選擇公允價值選擇權的合格工具相關的損益:
收益(損失)三個月
截至9月30日,
收益(損失)九個月
截至9月30日,
(in數百萬)2024202320242023
其他債券證券(a)
$20 $(5)$27 $4 
另類投資(b)
76 41 184 171 
對Corebridge的保留投資(c)
(35) 30  
總收益(損失)$61 $36 $241 $175 
(a)包括支持與Fortitude Re的資金扣留安排的某些證券。 有關其他債券證券損益的更多信息,請參閱注6。有關與Fortitude Re的資金扣留安排的更多信息,請參閱注8。
(b)包括某些對沖基金、私募股權基金和房地產投資。
(c)代表Corebridge股價變化對AIG在Corebridge的所有權權益價值的影響。
我們使用貼現現金流技術計算這些信用利差變化的影響,該技術包括當前市場利率、我們對這些負債的可觀察信用利差以及其他減輕不履行風險的因素,例如已發佈的現金抵押品。
有關不以公允價值衡量的金融工具的公允價值信息
下表列出了我們未按公允價值計量的金融工具的公允價值和估計公允價值,並根據所用輸入數據的可觀察性表明估計公允價值計量的公允價值層級:
估計公平值賬面
(in數百萬)1級2級3級
2024年9月30日
資產:
抵押貸款和其他應收貸款$ $341 $3,935 $4,276 $4,286 
其他投資資產 583 5 588 588 
短期投資(a)
 3,026  3,026 3,026 
現金(b)
1,472   1,472 1,472 
其他資產15   15 15 
負債:
Fortitude Re預扣應付資金  3,477 3,477 3,477 
長期債務 9,343 264 9,607 9,892 
合併投資實體債務  162 162 162 
估計公平值賬面
(in數百萬)1級2級3級
2023年12月31日
資產:
抵押貸款和其他應收貸款$ $242 $4,113 $4,355 $4,441 
其他投資資產 645 6 651 651 
短期投資
 3,502  3,502 3,502 
現金1,540   1,540 1,540 
其他資產32   32 32 
負債:
Fortitude Re預扣應付資金  3,675 3,675 3,675 
長期債務 9,623 267 9,890 10,375 
合併投資實體債務  231 231 231 
(a)不包括美元10 於2024年9月30日,百萬重新分類爲簡明合併資產負債表中持待售資產。
(b)不包括美元85 於2024年9月30日,百萬重新分類爲簡明合併資產負債表中持待售資產。
AIG| 2024年第三季度10-Q表格
29

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

6.投資
可供出售的證券
下表列出了我們可供出售證券的攤銷成本和公允價值:
(in數百萬)
攤銷
成本
津貼
信用
損失(a)
未實現
收益
未實現
損失
公平
2024年9月30日
可供出售的債券:
美國政府和政府贊助的實體$4,488 $ $95 $(69)$4,514 
州、市和政治分區的義務4,661  87 (97)4,651 
非美國政府9,187 (2)92 (544)8,733 
企業債務33,903 (25)808 (1,652)33,034 
抵押貸款支持、資產支持和抵押:
RMBS6,462 (6)256 (293)6,419 
CMBS4,127 (7)69 (83)4,106 
CLO/ABS4,536  43 (56)4,523 
抵押貸款支持、資產支持和抵押總額15,125 (13)368 (432)15,048 
可供出售的債券總數(b)
$67,364 $(40)$1,450 $(2,794)$65,980 
2023年12月31日
可供出售的債券:
美國政府和政府贊助的實體$4,444 $ $40 $(89)$4,395 
州、市和政治分區的義務4,930  60 (157)4,833 
非美國政府8,973 (1)94 (670)8,396 
企業債務34,013 (20)606 (2,253)32,346 
抵押貸款支持、資產支持和抵押:
RMBS6,423 (9)219 (426)6,207 
CMBS4,326 (4)23 (198)4,147 
CLO/ABS5,010  31 (123)4,918 
抵押貸款支持、資產支持和抵押總額15,759 (13)273 (747)15,272 
可供出售的債券總數(b)
$68,119 $(34)$1,073 $(3,916)$65,242 
(a)代表已確認的信用損失撥備。信用損失撥備的變化通過已實現淨收益(損失)記錄,並且不在OCI中確認。
(b)於2024年9月30日和2023年12月31日,我們持有的低於投資級別或未評級的可供出售債券的公允價值總計爲美元3.1 億或 5 百分比和美元5.2 億或 8 分別爲%。

處於虧損狀態且未記錄信用損失備抵的可供出售的證券
下表總結了我們可供出售證券的公允價值和未實現虧損總額,按主要投資類別和個別證券處於持續未實現虧損狀態且未記錄信用損失撥備的時間長度彙總:
少於12個月12個月或更長
(in數百萬)公平

未實現
損失
公平

未實現
損失
公平

未實現
損失
2024年9月30日
可供出售的債券:
美國政府和政府贊助的實體$533 $2 $502 $67 $1,035 $69 
州、市和政治分區的義務1,779 15 25 82 1,804 97 
非美國政府1,286 34 3,896 507 5,182 541 
企業債務10,953 100 7,554 1,533 18,507 1,633 
RMBS2,454 24 443 266 2,897 290 
CMBS1,568 6 121 75 1,689 81 
CLO/ABS1,389 12 45 44 1,434 56 
可供出售的債券總數$19,962 $193 $12,586 $2,574 $32,548 $2,767 
30
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

少於12個月12個月或更長
(in數百萬)公平

未實現
損失
公平

未實現
損失
公平

未實現
損失
2023年12月31日
可供出售的債券:
美國政府和政府贊助的實體$1,027 $10 $804 $79 $1,831 $89 
州、市和政治分區的義務850 24 1,602 133 2,452 157 
非美國政府1,431 87 4,503 583 5,934 670 
企業債務4,089 171 18,612 2,070 22,701 2,241 
RMBS1,456 114 2,385 300 3,841 414 
CMBS1,024 54 1,622 137 2,646 191 
CLO/ABS1,371 33 1,509 90 2,880 123 
可供出售的債券總數$11,248 $493 $31,037 $3,392 $42,285 $3,885 
2024年9月30日,我們舉行了10,479處於未實現虧損狀態且未記錄信貸損失準備的個人固定到期日證券(包括8,111連續12個月或以上未實現虧損的個人固定期限證券)。在2023年12月31日,我們舉行了13,052處於未實現虧損狀態且未記錄信貸損失準備的個人固定到期日證券(包括10,027連續12個月或以上未實現虧損的個人固定期限證券)。截至2024年9月30日,我們沒有確認這些固定期限證券的未實現收益損失,因爲已確定此類損失是由於非信貸因素造成的。此外,我們既不打算出售這些證券,也不認爲我們更有可能被要求在其攤銷成本基礎收回之前出售這些證券。對於跌幅較大的固定期限證券,我們在逐個證券的基礎上進行基本信用分析,這包括在內考慮信用增強、流動性狀況、預期違約、行業和部門分析、預測和可用的市場數據。
可供出售的固定期限證券的合同期限
下表按合同期限列出了可供出售的固定期限證券的攤銷成本和公允價值:
2024年9月30日固定到期證券總額
發售
(in數百萬)攤銷成本,
扣除撥備
公平值
在一年或更短的時間內到期$4,626 $4,608 
應在一年至五年後到期25,918 25,593 
五年至十年後到期16,595 16,180 
十年後到期5,073 4,551 
抵押貸款支持、資產支持和抵押15,112 15,048 
$67,324 $65,980 
實際到期日可能與合同到期日不同,因爲某些借款人有權在有或不有催付或預付罰款的情況下收回或預付某些義務。
下表列出了我們的可供出售證券的銷售或到期的已實現收益總額和已實現虧損總額:
截至9月30日的三個月,截至9月30日的9個月,
2024202320242023
(in數百萬)
實現
收益

實現
損失

實現
收益

實現
損失

實現
收益

實現
損失

實現
收益

實現
損失
固定期限證券$11$95$3$159$54$408$121$736
截至2024年9月30日的三個月和九個月,出售的可供出售證券的公允價值總額爲美元1.9 億和$6.9 10億美元,導致淨已實現收益(損失)爲(84)百萬和美元(354)分別百萬。已實現淨收益(虧損)中包括美元(18)百萬和美元(34截至2024年9月30日的三個月和九個月分別爲百萬美元的淨已實現收益(損失),與Fortitude Re基金預扣資產有關。這些淨已實現收益(損失)包括在Fortitude Re基金預扣資產的淨已實現收益(損失)中。
AIG| 2024年第三季度10-Q表格
31

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

截至2023年9月30日的三個月和九個月,出售的可供出售證券的公允價值總額爲美元2.5 億和$13.2 10億美元,導致淨已實現收益(損失)爲(156)百萬和美元(615)分別百萬。已實現淨收益(虧損)中包括美元(4)百萬和美元(63截至2023年9月30日的三個月和九個月分別爲百萬美元的淨已實現收益(損失),與Fortitude Re基金預扣資產有關。這些淨已實現收益(損失)包括在Fortitude Re基金預扣資產的淨已實現收益(損失)中。
以公允價值衡量的其他證券
下表列出了根據我們選擇的公允價值選擇按公允價值計量的固定期限證券的公允價值(在財務報表的其他債券證券標題中報告)以及按公允價值計量的股本證券的公允價值:
(in數百萬)2024年9月30日2023年12月31日
公平
百分比
公平
百分比
固定期限證券:
州、市和政治分區的義務$52 3 %$51 4 %
非美國政府27 2 24 2 
企業債務299 20 255 19 
抵押貸款支持、資產支持和抵押:
RMBS107 7 93 7 
CMBS44 3 33 2 
CLO/ABS和其他抵押證券234 15 207 16 
抵押貸款支持、資產支持和抵押總額
385 25 333 25 
固定期限證券總額763 50 663 50 
股本證券767 50 665 50 
$1,530 100 %$1,328 100 %
其他投資資產
下表概述了其他投資資產的公允價值:
(in數百萬)2024年9月30日2023年12月31日
另類投資(a)
$4,334 $4,345 
使用公允價值選擇權保留Corebridge投資8,143  
所有其他投資(b)
1,963 2,023 
$14,440 $6,368 
(a)截至2024年9月30日,包括對沖基金美元187 百萬美元和私募股權基金百萬美元3.9 億截至2023年12月31日,包括對沖基金美元411 百萬美元和私募股權基金百萬美元3.7 億私募股權基金投資包括有限合夥企業、直接股票和房地產合夥企業。還包括房地產投資,扣除累計折舊。2024年9月30日和2023年12月31日,累計折舊爲美元167 億和$161 分別爲百萬。
(b)所有其他投資主要包括期限超過一年的銀行存款以及與戰略合作伙伴的合資企業投資。
32
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

淨投資收入
下表列出了淨投資收益的組成部分:
截至9月30日的三個月,20242023
(in數百萬)不包括毅力
再基金
預扣稅資產
Fortitude Re
留置的資金
資產
不包括毅力
再基金
預扣稅資產
Fortitude Re
留置的資金
資產
可供出售固定期限證券,包括短期投資$746 $25 $771 $731 $22 $753 
其他固定期限證券
4 16 20 (1)(4)(5)
股本證券60  60 31  31 
抵押貸款和其他貸款的利息52 9 61 73 10 83 
另類投資(a)
42  42 19  19 
其他投資(b)
63 1 64 43 1 44 
總投資收益967 51 1,018 896 29 925 
投資費用45  45 69  69 
淨投資收入$922 $51 $973 $827 $29 $856 
截至9月30日的9個月,20242023
(in數百萬)不包括毅力
再基金
預扣稅資產
Fortitude Re
留置的資金
資產
不包括毅力
再基金
預扣稅資產
Fortitude Re
留置的資金
資產
可供出售固定期限證券,包括短期投資$2,234 $67 $2,301 $2,085 $72 $2,157 
其他固定期限證券
 27 27 1 3 4 
股本證券144  144 93  93 
抵押貸款和其他貸款的利息185 26 211 212 28 240 
另類投資(a)
129 (1)128 158  158 
其他投資(b)
262 4 266 51 3 54 
總投資收益2,954 123 3,077 2,600 106 2,706 
投資費用135  135 169  169 
淨投資收入$2,819 $123 $2,942 $2,431 $106 $2,537 
(a)包括對沖基金、私募股權基金和房地產投資的收入。對沖基金自資產負債表日起記錄。私募股權基金通常報告滯後四分之一。
(b)包括從Corebridge收到的股息及其股價變化美元65 百萬和美元(35截至2024年9月30日的三個月分別爲百萬和美元133 億和$30 截至2024年9月30日的九個月內,分別爲百萬美元。
網絡實現的收益和損失
下表列出了已實現淨收益(損失)的組成部分:
截至9月30日的三個月,20242023
(in數百萬)不包括
剛毅
再基金
扣留
資產
剛毅
回覆
資金
扣留
資產
不包括
剛毅
再基金
扣留
資產
剛毅
回覆
資金
扣留
資產
固定期限證券的銷售$(66)$(18)$(84)$(152)$(4)$(156)
固定期限證券信用損失撥備的變化1 (1) (7) (7)
貸款信用損失備抵的變化(3)(1)(4)(16)3 (13)
外匯交易65 1 66 (30)(5)(35)
所有其他衍生品和對沖會計7 (2)5 (20)6 (14)
另類投資的銷售(18) (18)25  25 
其他22 3 25 11 (3)8 
已實現淨收益(損失)-不包括Fortitude Re預扣的嵌入式衍生品基金8 (18)(10)(189)(3)(192)
Fortitude Re基金預扣嵌入式衍生品的已實現淨收益(損失) (157)(157) 57 57 
已實現淨收益(損失)$8 $(175)$(167)$(189)$54 $(135)
AIG| 2024年第三季度10-Q表格
33

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

截至9月30日的9個月,20242023
(in數百萬)不包括
剛毅
再基金
扣留
資產
剛毅
回覆
資金
扣留
資產
不包括
剛毅
再基金
扣留
資產
剛毅
回覆
資金
扣留
資產
固定期限證券的銷售$(320)$(34)$(354)$(552)$(63)$(615)
固定期限證券信用損失撥備的變化(18)(1)(19)(31) (31)
貸款信用損失備抵的變化(23) (23)(23)2 (21)
外匯交易176 (2)174 125  125 
所有其他衍生品和對沖會計(62) (62)(133) (133)
另類投資的銷售(4)(1)(5)26  26 
其他13  13 17 (3)14 
已實現淨收益(損失)-不包括Fortitude Re預扣的嵌入式衍生品基金(238)(38)(276)(571)(64)(635)
Fortitude Re基金預扣嵌入式衍生品的已實現淨虧損 (158)(158) (25)(25)
已實現淨收益(損失)$(238)$(196)$(434)$(571)$(89)$(660)

投資的非現實評價(貶低)變化
下表列出了我們的可供出售證券和其他投資的未實現增值(折舊)的增加(減少):
截至三個月
9月30日,
止九個月
9月30日,
(in數百萬)2024202320242023
投資未實現增值(折舊)增加(減少):
固定期限證券$1,616 $(670)$1,499 $159 
其他投資(19) (58) 
投資未實現增值(折舊)增加(減少)總額 *$1,597 $(670)$1,441 $159 
*不包括2024年和2023年9月30日持有待售或重新分類至已終止業務的業務應占的未實現淨損益。
下表總結了報告期內在淨投資收益中確認的未實現損益,報告日仍持有的股本證券和其他投資:
截至9月30日的三個月,20242023
(in數百萬)股票其他投資資產 *股票其他投資資產
期內確認的股權證券和其他投資淨收益$60 $42 $102 $31 $46 $77 
減:期內出售的股權證券和其他投資確認的淨收益(損失)8  8 12 (8)4 
報告期內確認的股本證券和報告日仍持有的其他投資的未實現收益$52 $42 $94 $19 $54 $73 
截至9月30日的9個月,20242023
(in數百萬)股票其他投資資產 *股票其他投資資產
期內確認的股權證券和其他投資淨收益$144 $234 $378 $93 $189 $282 
減:期內出售的股權證券和其他投資確認的淨收益51 24 75 88 1 89 
報告期內確認的股本證券和報告日仍持有的其他投資的未實現收益$93 $210 $303 $5 $188 $193 
*包括AIG在Corebridge所有權權益的未實現收益(損失)美元(35)百萬 $30 分別在截至2024年9月30日的三個月和九個月內。
評估投資以補償信貸損失和損害
有關我們評估信用損失備抵投資的政策的討論,請參閱2023年年度報告合併財務報表附註6。
34
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

信用損害
下表按主要投資類別列出了可供出售固定期限證券信用損失撥備變化的結轉:
截至9月30日的三個月,20242023
(in數百萬)結構化
結構化
結構化
結構化
餘額,期末$6 $27 $33 $7 $27 $34
添加:
先前未記錄信用損失撥備的證券2  2 2 19 21 
減少:
期內出售的證券   (1)(6)(7)
添加(釋放)在前期記錄了備抵的證券的信用損失備抵,且在恢復攤銷成本基礎之前無意出售4 (6)(2)2 (16)(14)
從津貼中扣除的註銷   (2)(2)
其他 7 7 1(3)(2)
期末餘額$12 $28 $40 $11 $19 $30 
截至9月30日的9個月,20242023
(in數百萬)結構化
結構化
結構化
結構化
年初餘額$13 $21 $34 $20 $17 $37 
添加:
先前未記錄信用損失撥備的證券3 9 12 4 47 51 
減少:
期內出售的證券   (3)(9)(12)
添加(釋放)在前期記錄了備抵的證券的信用損失備抵,且在恢復攤銷成本基礎之前無意出售(4)11 7 (1)(19)(20)
從津貼中扣除的註銷 (22)(22)(10)(13)(23)
其他 9 9 1 (4)(3)
期末餘額$12 $28 $40 $11 $19 $30 
購買信用惡化證券
我們購買的某些RMBS證券自發行以來信用質量出現了極其微不足道的惡化。這些被稱爲PDC資產。在購買時,通過將其添加到購買價格以得出初始攤銷成本來確認這些PDC資產的備抵。收購PDC資產後不確認信用損失費用。在確定初始信用損失撥備時,管理層考慮基礎資產的歷史表現和可用市場信息以及債券特定的結構性考慮,例如信用增強和證券的優先付款結構。此外,估計未來現金流量的過程包括但不限於以下關鍵輸入:
當前的拖欠率;
預期違約率和違約時間;
損失嚴重程度和任何恢復的時間;以及
預期預付速度。
收購日後,PDC資產遵循與信用質量不高的其他結構性證券相同的會計處理。
截至2024年9月30日和2023年9月30日的九個月內,我們沒有購買自發行以來信用惡化程度超過輕微的證券。
AIG| 2024年第三季度10-Q表格
35

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

承諾投資
有擔保融資和類似安排
我們達成有擔保融資交易,根據回購協議(回購協議)出售某些證券,在回購協議中,我們轉讓證券以換取現金,並與我們達成回購相同或基本相似的證券的協議。我們的擔保融資交易還包括涉及向金融機構轉讓證券以換取現金的交易(證券借貸協議)。在所有這些擔保融資交易中,我們轉讓的證券(質押抵押品)可能會被交易對手出售或再抵押。這些協議按合同金額加應計利息記錄,但按公允價值覈算的協議除外。
抵押品水平每天都會受到監控,通常維持在交易有效期內借入金額公允價值的商定百分比。如果該等擔保融資交易項下的抵押品的公允價值下降,我們可能需要轉移現金或額外證券作爲這些協議項下的抵押品。交易終止時,我們和我們的交易對手有義務分別返還借入的金額和轉讓的證券。
下表列出了根據擔保融資交易(包括回購和證券出借協議)抵押給交易對手方的證券的公允價值:
(in數百萬)2024年9月30日2023年12月31日
可供出售的固定期限證券$$106
截至2024年9月30日和2023年12月31日,根據回購和證券出借協議借入的金額總計爲美元000萬 和$107 分別爲百萬。
下表按抵押品類型和剩餘合同期限列出了根據我們的回購協議質押的證券的公允價值:
協議的剩餘合同到期日
(in數百萬)過夜

連續
高達
30天
31 - 90
日數
91 - 364
日數
365天
或更大
2023年12月31日
可供出售的債券:
非美國政府$ $106 $ $ $ $106 
企業債務      
$ $106 $ $ $ $106 
我們還簽訂協議,根據轉售協議(逆回購協議)購買證券,這些證券被視爲擔保融資交易,並根據其條款報告爲短期投資或其他資產。這些協議按合同轉售金額加應計利息記錄,但按公允價值覈算的協議除外。在所有反向回購交易中,我們佔有或獲得相關證券的擔保權益,並且我們有權出售或重新抵押收到的抵押品。
下表列出了根據逆回購協議向我們抵押的證券的公允價值信息:
(in數百萬)2024年9月30日2023年12月31日
向我們承諾的證券抵押品$957 $1,200 
截至2024年9月30日和2023年12月31日,逆回購協議的公允價值總計爲美元965 億和$1.1 分別爲十億。
所有擔保融資交易均按市場標準每日進行抵押和按金,並遵守具有抵消權的可執行主淨額結算安排。我們目前不會抵消任何此類交易。
36
AIG| 2024年第三季度10-Q表格

目錄

項目1 | 簡明合併財務報表附註(未經審計) | 6.投資

保險-法定存款和其他存款
我們的保險子公司根據監管機構或其他保險相關安排的要求存入的現金和證券的總賬面值爲美元,包括某些年金相關義務和某些再保險合同8.2 億和$8.4 2024年9月30日和2023年12月31日分別爲10億美元。
其他承諾和限制
我們的某些子公司是聯邦住房貸款銀行(FHLB)的成員,此類會員資格要求成員擁有這些FHLB的股票。我們總共擁有美元13 億和$15 截至2024年9月30日和2023年12月31日,FHLB股票分別爲百萬股。此外,我們的子公司已抵押了公允價值爲美元的可供出售證券1.7 截至2024年9月30日,億美元1.7 截至2023年12月31日,爲10億美元。
Investments held in escrow accounts or otherwise subject to restriction as to their use were $164 million and $164 million, comprised of bonds available for sale and short-term investments at September 30, 2024 and December 31, 2023, respectively.
Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.
7. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)September 30, 2024December 31, 2023
Commercial mortgages(a)
$3,696 $3,836 
Life insurance policy loans6 7 
Commercial loans, other loans and notes receivable(b)
751 738 
Total mortgage and other loans receivable(c)
4,453 4,581 
Allowance for credit losses(c)(d)
(167)(140)
Mortgage and other loans receivable, net(c)
$4,286 $4,441 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 12 percent and 10 percent, respectively, at September 30, 2024 and 13 percent and 10 percent, respectively, at December 31, 2023).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2024 and December 31, 2023.
(c)Excludes $37.6 billion at both September 30, 2024 and December 31, 2023 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
(d)Does not include allowance for credit losses of $5 million and $9 million, respectively, at September 30, 2024 and December 31, 2023, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2024 and December 31, 2023, $296 million and $73 million, respectively, of commercial mortgage loans were placed on nonaccrual status.
Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, accrued interest receivable was $21 million and $21 million, respectively, associated with commercial mortgage loans.
A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.
Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.
AIG | Third Quarter 2024 Form 10-Q
37

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

CREDIT QUALITY OF COMMERCIAL MORTGAGES
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
September 30, 202420242023202220212020PriorTotal
(in millions)
>1.2X$34 $500 $246 $559 $164 $1,766 $3,269 
1.00 - 1.20X20 10 15 14  80 139 
<1.00X   32  256 288 
Total commercial mortgages$54 $510 $261 $605 $164 $2,102 $3,696 
December 31, 202320232022202120202019PriorTotal
(in millions)
>1.2X$398 $167 $394 $135 $156 $1,784 $3,034 
1.00 - 1.20X5 71 254 56 21 298 705 
<1.00X 11    86 97 
Total commercial mortgages$403 $249 $648 $191 $177 $2,168 $3,836 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
September 30, 202420242023202220212020PriorTotal
(in millions)
Less than 65%$34 $411 $169 $493 $156 $1,368 $2,631 
65% to 75%13 42 48 77  302 482 
76% to 80%   35  113 148 
Greater than 80%7 57 44  8 319 435 
Total commercial mortgages$54 $510 $261 $605 $164 $2,102 $3,696 
December 31, 202320232022202120202019PriorTotal
(in millions)
Less than 65%$359 $159 $492 $177 $156 $1,385 $2,728 
65% to 75%10 15 137  21 367 550 
76% to 80% 32 10    42 
Greater than 80%34 43 9 14  416 516 
Total commercial mortgages$403 $249 $648 $191 $177 $2,168 $3,836 
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9x and 1.8x at September 30, 2024 and December 31, 2023, respectively. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 64 percent and 62 percent at September 30, 2024 and December 31, 2023, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans
ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
September 30, 2024
Past Due Status:
In good standing197$1,198 $1,057 $361 $444 $272 $127 $3,459 94 %
90 days or less delinquent
3  36    36 1 
>90 days delinquent or in process of foreclosure4 137 64    201 5 
Total*
204$1,198 $1,194 $461 $444 $272 $127 $3,696 100 %
Allowance for credit losses$5 $102 $35 $9 $13 $1 $165 4 %
38
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

Number
of
Loans
ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
December 31, 2023
Past Due Status:
In good standing211$1,267 $1,212 $476 $460 $247 $121 $3,783 99 %
90 days or less delinquent1 11     11  
>90 days delinquent or in process of foreclosure1  42    42 1 
Total*
213$1,267 $1,223 $518 $460 $247 $121 $3,836 100 %
Allowance for credit losses$9 $75 $36 $7 $9 $2 $138 4 %
*Does not reflect allowance for credit losses.
METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES
For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2023 Annual Report.
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):
Three Months Ended September 30,
2024
2023
(in millions)Commercial
Mortgages
Other
Loans
TotalCommercial
Mortgages
Other
Loans
Total
Allowance, beginning of period$162 $1 $163 $116 $3 $119 
Addition to (release of) allowance for loan losses3 1 4 17  17 
Allowance, end of period$165 $2 $167 $133 $3 $136 
Nine Months Ended September 30,
2024
2023
(in millions)Commercial
Mortgages
Other
Loans
TotalCommercial
Mortgages
Other
Loans
Total
Allowance, beginning of year$138 $2 $140 $109 $8 $117 
Loans charged off   (2) (2)
Net charge-offs   (2) (2)
Addition to (release of) allowance for loan losses27  27 26 (5)21 
Allowance, end of period
$165 $2 $167 $133 $3 $136 
(a)Does not include allowance for credit losses of $5 million and $9 million at September 30, 2024 and 2023, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.
LOAN MODIFICATIONS
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.
AIG | Third Quarter 2024 Form 10-Q
39

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.
During the nine months ended September 30, 2024, commercial mortgage loans with an amortized cost of $5 million supporting the funds withheld arrangements with Fortitude Re were granted term extensions.
There were no loans that had defaulted during the nine months ended September 30, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.
AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that have been modified in the 12 months prior to September 30, 2024 are current and performing in conjunction with their modified terms.
8. Reinsurance
FORTITUDE RE
Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.
As of September 30, 2024, $3.5 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions.
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
September 30, 2024December 31, 2023
(in millions)Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$2,148 $2,148 $2,180 $2,180 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option749 749 655 655 Fair value through net investment income
Commercial mortgage loans475 456 543 528 Amortized cost
Short-term investments21 21 46 46 Fair value through net investment income
Funds withheld investment assets3,393 3,374 3,424 3,409 
Derivative assets, net(b)
    Fair value through net realized gains (losses)
Other(c)
103 103 118 118 Amortized cost
Total$3,496 $3,477 $3,542 $3,527 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $31 million ($25 million after-tax) and $(60) million ($(47) million after-tax), respectively for the nine months ended September 30, 2024 and 2023.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $3 million and $27 million, respectively, as of September 30, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $28 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
40
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance

The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Net investment income - Fortitude Re funds withheld assets$51 $29 $123 $106 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(18)(3)(38)(64)
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative(157)57 (158)(25)
Net realized gains (losses) on Fortitude Re funds withheld assets(175)54 (196)(89)
Income (loss) from continuing operations before income tax expense (benefit)(124)83 (73)17 
Income tax expense (benefit)(a)
(26)18 (15)4 
Net income (loss)
(98)65 (58)13 
Change in unrealized appreciation (depreciation) of all other investments(a)
67 (63)25 (47)
Comprehensive income (loss)$(31)$2 $(33)$(34)
(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.
REINSURANCE – CREDIT LOSSES
The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:
paid and unpaid amounts recoverable;
whether the balance is in dispute or subject to legal collection;
the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and
whether collateral and collateral arrangements exist.
An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
The total reinsurance recoverables as of September 30, 2024 were $42.8 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 82 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.
The total reinsurance recoverables as of December 31, 2023 were $41.4 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.
As of September 30, 2024 and December 31, 2023, approximately 81 percent and 85 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.
AIG | Third Quarter 2024 Form 10-Q
41

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance

Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Balance, beginning of period$260 $254 $255 $260 
Addition to (release of) allowance for expected credit losses and disputes, net9 1 9 (3)
Write-offs charged against the allowance for credit losses and disputes  (1)(1)
Other changes3 (1)9 (2)
Balance, end of period$272 $254 $272 $254 
Past-Due Status
We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.
9. Deferred Policy Acquisition Costs
DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).
We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.
The following table presents a rollforward of DAC:
Nine Months Ended September 30,
(in millions)20242023
Balance, beginning of year$2,117 $2,343 
Capitalization2,665 3,319 
Amortization expense(2,543)(2,894)
Other, including foreign exchange(48)(76)
Reclassified to held for sale (623)
Balance, end of period$2,191 $2,069 
10. Variable Interest Entities
We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.
The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.
42
AIG | Third Quarter 2024 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Variable Interest Entities

BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS
Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:
(in millions)September 30, 2024December 31, 2023
Assets:
Bonds available for sale$29 $72 
Mortgage and other loans receivable
 122 
Short-term investments 5 
Accrued investment income1 2 
Other assets
1 1 
Total*$31 $202 
Liabilities:
Debt of consolidated investment entities$ $38 
Total$ $38 
*The assets of each VIE can be used only to settle specific obligations of that VIE.
We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.
The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
(in millions)Total VIE
Assets
On-Balance
Sheet
(c)
Off-Balance
Sheet
Total
September 30, 2024
Real estate and investment entities(a)
$361,397 $3,677 $1,175 
(d)
$4,852 
Other(b)
1,027  748 
(e)
748 
Total$362,424 $3,677 $1,923 $5,600 
December 31, 2023
Real estate and investment entities(a)
$355,003 $4,107 $1,492 
(d)
$5,599 
Other(b)
1,027  748 
(e)
748 
Total$356,030 $4,107 $2,240 $6,347 
(a)Comprised primarily of hedge funds and private equity funds.
(b)At September 30, 2024 and December 31, 2023, excludes approximately $1,925 million and $1,971 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,894 million and $1,941 million, respectively. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
(c)At September 30, 2024 and December 31, 2023, $3.7 billion and $4.1 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.
(d)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.
(e)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.
For additional information on VIEs, see Note 10 to the Consolidated Financial Statements in the 2023 Annual Report.
AIG | Third Quarter 2024 Form 10-Q
43

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

11. Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:
September 30, 2024December 31, 2023
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross Derivative Liabilities
(in millions)Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Notional
Amount
Fair
Value
Derivatives designated as hedging instruments:(a)
Foreign exchange contracts$460 $56 $1,045 $106 $933 $58 $1,296 $164 
Derivatives not designated as hedging instruments:(a)
Interest rate contracts905 305 982 333 14,657 741 1,165 352 
Foreign exchange contracts2,820 193 2,659 149 4,019 393 8,008 400 
Equity contracts45 31 45 31 36,045 66   
Credit contracts(b)
57 33 218 34 1,804 33 504 36 
Other contracts(c)
2,130 1 2,130 1 2,131 1   
Total derivatives, gross$6,417 $619 $7,079 $654 $59,589 $1,292 $10,973 $952 
Counterparty netting(d)
(276)(276)(450)(450)
Cash collateral(e)
(241)(209)(711)(249)
Total derivatives on Condensed Consolidated Balance Sheets(f)
$102 $169 $131 $253 
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of September 30, 2024 and December 31, 2023, included CDSs on super senior multi-sector CLO with a net notional amount of $53 million and $50 million (fair value liability of $33 million and $32 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.
(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(e)Represents cash collateral posted and received that is eligible for netting.
(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $3.4 billion at September 30, 2024 and $3.4 billion at December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was zero at both September 30, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.
COLLATERAL
We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.
Collateral posted by us to third parties for derivative transactions was $574 million and $593 million at September 30, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $456 million and $856 million at September 30, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.
OFFSETTING
We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.
HEDGE ACCOUNTING
We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.
We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three and nine months ended September 30, 2024, we recognized gains (losses) of $(41) million and $(7) million, respectively, and for the three and nine months ended September 30, 2023, we recognized gains (losses) of $38 million and $7 million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.
A qualitative methodology is utilized to assess hedge effectiveness.
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Income for:
(in millions)
Hedging
Derivatives(a)
Excluded
Components(b)
Hedged
Items
Net Impact
Three Months Ended September 30, 2024
Foreign exchange contracts:
Net realized gains/(losses)$53 $6 $(53)$6 
Three Months Ended September 30, 2023
Foreign exchange contracts:
Net realized gains/(losses)$8 $(6)$(8)$(6)
Nine Months Ended September 30, 2024
Foreign exchange contracts:
Net realized gains/(losses)$(62)$(21)$62 $(21)
Nine Months Ended September 30, 2023
Foreign exchange contracts:
Net realized gains/(losses)$(183)$(8)$183 $(8)
(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
Gains (Losses) Recognized in Income
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
By Derivative Type:
Interest rate contracts$(1)$(32)$(3)$(34)
Foreign exchange contracts3 369 (62)243 
Equity contracts 442  443 
Commodity contracts (1) 7 
Credit contracts3  3 (1)
Other contracts (792) (792)
Embedded derivatives(157)57 (158)(25)
Total$(152)$43 $(220)$(159)
By Classification:
Net investment income - excluding Fortitude Re funds withheld assets$ $ $ $ 
Net investment income - Fortitude Re funds withheld assets 1   
Net realized gains (losses) - excluding Fortitude Re funds withheld assets
7 (21)(62)(134)
Net realized gains (losses) on Fortitude Re funds withheld assets*
(159)63 (158)(25)
Total$(152)$43 $(220)$(159)
*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.
CREDIT RISK-RELATED CONTINGENT FEATURES
We estimate that at September 30, 2024, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $6 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $33 million and $32 million at September 30, 2024 and December 31, 2023, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2024 and December 31, 2023, was approximately $33 million and $34 million, respectively.
HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES
We invest in hybrid securities (such as credit-linked notes) with the intent of generating income and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLO and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.
We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair value of these hybrid securities was under $1 million at both September 30, 2024 and December 31, 2023, respectively. These securities have par amounts of $17 million at both September 30, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities

12. Insurance Liabilities
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.8 billion and $12.1 billion at September 30, 2024 and December 31, 2023, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At September 30, 2024 and December 31, 2023 we held collateral of approximately $8.6 billion and $8.7 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both September 30, 2024 and December 31, 2023.
The following table presents the rollforward of activity in loss reserves:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Liability for unpaid loss and loss adjustment expenses, beginning of period$69,783 $70,284 $70,393 $75,167 
Reinsurance recoverable(29,849)(30,226)(30,289)(32,102)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period39,934 40,058 40,104 43,065 
Losses and loss adjustment expenses incurred:
Current year3,749 3,922 10,660 11,651 
Prior years, excluding discount and amortization of deferred gain187 (246)79 (380)
Prior years, discount charge (benefit)49 52 217 200 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(212)27 (277)(58)
Total losses and loss adjustment expenses incurred3,773 3,755 10,679 11,413 
Losses and loss adjustment expenses paid:
Current year(1,169)(1,190)(2,310)(2,360)
Prior years(2,285)(2,561)(7,739)(9,104)
Total losses and loss adjustment expenses paid(3,454)(3,751)(10,049)(11,464)
Other changes:
Foreign exchange effect891 (583)237 (211)
Losses and loss adjustment expenses recognized within gain on divestitures 316  316 
Retroactive reinsurance adjustment (net of discount)(b)
(107)121 71 180 
Dispositions(5) (5) 
Reclassified to held for sale, net of reinsurance recoverables(c)
5 (159) (3,542)
Total other changes784 (305)303 (3,257)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses41,037 39,757 41,037 39,757 
Reinsurance recoverable(d)
30,029 30,066 30,029 30,066 
Total$71,066 $69,823 $71,066 $69,823 
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities

(a)Includes $3 million and $9 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended September 30, 2024 and 2023, respectively, and $47 million and $22 million for the nine months ended September 30, 2024 and 2023, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $22 million and $24 million for the three months ended September 30, 2024 and 2023 respectively, and $100 million and $120 million for the nine months ended September 30, 2024 and 2023, respectively.
(c)Represents change in loss reserves included in Liabilities held for sale for the three months ended September 30, 2024 and 2023. For additional information, see Note 4.
(d)Excludes $1.5 billion of Reinsurance recoverable reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets at September 30, 2023.
On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.
Prior Year Development
During the three months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $187 million which does not reflect the benefit of recoveries under a retroactive adverse development cover, and excludes discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty and U.S. Property and Special Risks. During the nine months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $79 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty, U.S. Property and Special Risks and on our loss sensitive U.S. Workers' Compensation business.
During the three months ended September 30, 2023, we recognized favorable prior year loss reserve development of $246 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development on our U.S. Workers' Compensation business, International Financial Lines in all regions except UK, which was adverse, and Japan Personal Insurance partially offset by unfavorable development on UK/Europe Casualty. During the nine months ended September 30, 2023, we recognized favorable prior year loss reserve development of $380 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development on our U.S. Workers' Compensation business, U.S. Other Casualty and Other Product Lines, partially offset by unfavorable development on UK/Europe Casualty and UK Financial Lines.
Discounting of Loss Reserves
At September 30, 2024 and December 31, 2023, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:
The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or permitted) for each state.
For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.
The Pennsylvania and Delaware regulators approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.
The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our cases reserves (45 percent).
The discount for asbestos reserves has been fully accreted.
At September 30, 2024 and December 31, 2023, the discount consists of $280 million and $294 million of tabular discount, respectively, and $922 million and $939 million of non-tabular discount for workers’ compensation, respectively. During the nine months ended September 30, 2024 and 2023, the benefit / (charge) from changes in discount of $(131) million and $(85) million, respectively, were recorded as part of Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income (Loss).
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities


The following table presents the components of the loss reserve discount discussed above:
(in millions)September 30, 2024December 31, 2023
U.S. workers' compensation$2,206 $2,337 
Retroactive reinsurance(1,004)(1,104)
Total reserve discount(a)(b)
$1,202 $1,233 
(a)Excludes $197 million and $196 million of discount related to certain long-tail liabilities in the UK at September 30, 2024 and December 31, 2023, respectively.
(b)Includes gross discount of $665 million and $687 million, which was 100 percent ceded to Fortitude Re at September 30, 2024 and December 31, 2023, respectively.
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Current accident year$20 $47 $86 $115 
Accretion and other adjustments to prior year discount(49)(52)(217)(200)
Net reserve discount benefit (charge)(29)(5)(131)(85)
Change in discount on loss reserves ceded under retroactive reinsurance22 24 100 120 
Net change in total reserve discount*$(7)$19 $(31)$35 
*Excludes $1 million and $7 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2024 and 2023, respectively, and excludes $1 million and $15 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2024 and 2023, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $209 million and $(36) million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2024 and 2023, respectively, and $230 million and $36 million related to the adverse development reinsurance cover with NICO for the nine months ended September 30, 2024 and 2023, respectively.
Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.
FUTURE POLICY BENEFITS
Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio methodology for each annual cohort of business.
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:
Nine Months Ended September 30,
(in millions, except for liability durations)20242023
Present value of expected net premiums
Balance, beginning of year$1,702 $1,929 
Effect of changes in discount rate assumptions (AOCI)339 262 
Beginning balance at original discount rate2,041 2,191 
Effect of actual variances from expected experience(7)(44)
Adjusted beginning of year balance2,034 2,147 
Issuances75 100 
Interest accrual22 22 
Net premium collected(268)(160)
Foreign exchange impact(87)(62)
Other (63)
Ending balance at original discount rate1,776 1,984 
Effect of changes in discount rate assumptions (AOCI)(193)(354)
Balance, end of period$1,583 $1,630 
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities

Nine Months Ended September 30,
(in millions, except for liability durations)20242023
Present value of expected future policy benefits
Balance, beginning of year$2,149 $2,380 
Effect of changes in discount rate assumptions (AOCI)441 362 
Beginning balance at original discount rate2,590 2,742 
Effect of actual variances from expected experience(8)(43)
Adjusted beginning of year balance2,582 2,699 
Issuances79 104 
Interest accrual27 27 
Benefit payments(273)(153)
Foreign exchange impact(107)(93)
Other (74)
Ending balance at original discount rate2,308 2,510 
Effect of changes in discount rate assumptions (AOCI)(264)(461)
Balance, end of period$2,044 $2,049 
Net liability for future policy benefits, end of period$461 $419 
Deferred profit liability1 1 
Other reconciling items(a)
1,009 891 
Future policy benefits1,471 1,311 
Less: Reinsurance recoverable(813)(712)
Net liability for future policy benefits after reinsurance recoverable$658 $599 
Weighted average liability duration of the liability for future policy benefits(b)
9.89.5
(a)Other reconciling items primarily include Accident & Health (short-duration) contracts of $776 million and $661 million at September 30, 2024 and 2023, respectively, of certain long-duration contracts that are 100 percent ceded.
(b)The weighted average liability durations are calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:
Nine Months Ended September 30,
(in millions)20242023
Undiscounted expected future benefits and expense$2,820 $3,099 
Undiscounted expected future gross premiums3,881 4,275 
Discounted expected future gross premiums (at current discount rate)2,905 2,963 
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:
Nine Months Ended September 30,
(in millions)20242023
Gross premiums$326 $338 
Interest accretion$5 $5 
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
Nine Months Ended September 30,20242023
Weighted-average interest rate, original discount rate1.83 %1.84 %
Weighted-average interest rate, current discount rate3.30 %3.92 %
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Contingencies, Commitments and Guarantees

13. Contingencies, Commitments and Guarantees
In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries.
Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.
LEGAL CONTINGENCIES
In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation.
Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.
OTHER COMMITMENTS
In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $1.5 billion and $1.7 billion at September 30, 2024 and December 31, 2023, respectively.
GUARANTEES
Subsidiaries
We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc.
Due to the deconsolidation of AIGFP and its subsidiaries, as of September 30, 2024, a $100 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.
We continue to guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Contingencies, Commitments and Guarantees

the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.
Business and Asset Dispositions
We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.
We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.
Other
For additional information on commitments and guarantees associated with VIEs, see Note 10.
For additional information on derivatives, see Note 11.
14. Equity
SHARES OUTSTANDING
Preferred Stock
On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares (the Depositary Shares), each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $485 million.
On March 15, 2024, we redeemed all 20,000 outstanding shares of our Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock, for a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share) for an aggregate redemption price of $500 million, paid in cash. The $15 million difference between the aggregate redemption price and the outstanding par and additional paid in capital amount of $485 million was recorded as a reduction of retained earnings and is presented on Dividends on preferred stock and preferred stock redemption premiums on the Condensed Consolidated Statements of Income.
Common Stock
The following table presents a rollforward of outstanding shares:
Nine Months Ended September 30, 2024
Common
Stock Issued
Treasury
Stock
Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,217.9)688.8 
Shares issued 6.7 6.7 
Shares repurchased (65.2)(65.2)
Shares, end of period1,906.7 (1,276.4)630.3 
Dividends
Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

Repurchase of AIG Common Stock
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On April 30, 2024, the Board of Directors authorized the repurchase of $10.0 billion of AIG Common Stock (inclusive of the approximately $3.9 billion remaining under the Board's prior share repurchase authorization).
The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.
Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2024 to October 30, 2024, we repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of approximately $500 million.
DIVIDENDS DECLARED
On November 4, 2024, our Board of Directors declared a cash dividend on AIG Common Stock of $0.40 per share, payable on December 30, 2024 to shareholders of record on December 16, 2024.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in
Our Own
Credit Risk
Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Balance, June 30, 2024, net of tax$(38)$(3,422)$ $22 $(3,322)$(805)$(7,565)
Change in unrealized appreciation (depreciation) of investments*
45 1,581     1,626 
Change in other 17     17 
Change in discount rates   (12)  (12)
Change in foreign currency translation adjustments
    427  427 
Change in net actuarial loss
     2 2 
Change in prior service cost
     (1)(1)
Change in deferred tax asset (liability)
(8)(249) 58 (13) (212)
Total other comprehensive income37 1,349  46 414 1 1,847 
Noncontrolling interests    4  4 
Balance, September 30, 2024, net of tax$(1)$(2,073)$ $68 $(2,912)$(804)$(5,722)
Balance, June 30, 2023, net of tax$(60)$(16,655)$(315)$2,067 $(3,174)$(845)$(18,982)
Change in unrealized appreciation (depreciation) of investments*
(69)(7,025)— — — — (7,094)
Change in other(11)17 — — — — 6 
Change in fair value of market risk benefits, net— — (104)— — — (104)
Change in discount rates— — — 1,470 — — 1,470 
Change in future policy benefits
— 173 — — — — 173 
Change in foreign currency translation adjustments
— — — — (279)— (279)
Change in net actuarial loss
— — — — — 62 62 
Change in prior service cost
— — — — — 1 1 
Change in deferred tax asset (liability)
14 1,141 23 (323)10 (18)847 
Total other comprehensive income (loss)(66)(5,694)(81)1,147 (269)45 (4,918)
Corebridge noncontrolling interests(1)(72)(2)14   (61)
Noncontrolling interests(17)(1,760)(29)387 (13) (1,432)
Balance, September 30, 2023, net of tax$(110)$(20,661)$(369)$2,841 $(3,430)$(800)$(22,529)
AIG | Third Quarter 2024 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in
Our Own
Credit Risk
Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Balance, December 31, 2023, net of tax$(106)$(10,888)$(476)$1,233 $(2,979)$(821)$(14,037)
Change in unrealized appreciation (depreciation) of investments*
98 (729)    (631)
Change in other 13     13 
Change in fair value of market risk benefits, net  130    130 
Change in discount rates   947   947 
Change in future policy benefits (59)    (59)
Change in foreign currency translation adjustments    173  173 
Change in net actuarial loss     19 19 
Change in prior service cost     2 2 
Change in deferred tax asset (liability)(20)(92)(28)(166)(14)(4)(324)
Corebridge deconsolidation, net of tax42 8,513 330 (1,583)(88) 7,214 
Total other comprehensive income120 7,646 432 (802)71 17 7,484 
Corebridge noncontrolling interests2 610 33 (105)(3) 537 
Noncontrolling interests17 (559)(11)258 1  (294)
Balance, September 30, 2024, net of tax$(1)$(2,073)$ $68 $(2,912)$(804)$(5,722)
Balance, December 31, 2022, net of tax$(136)$(20,675)$(284)$2,459 $(3,056)$(924)$(22,616)
Change in unrealized appreciation (depreciation) of investments*44 (4,412)— — — — (4,368)
Change in other(11)(36)— — — — (47)
Change in fair value of market risk benefits, net— — (250)— — — (250)
Change in discount rates— — — 1,474 — — 1,474 
Change in future policy benefits— 210 — — — — 210 
Change in foreign currency translation adjustments— — — — (323)— (323)
Change in net actuarial loss— — — — — 167 167 
Change in prior service cost— — — — — 3 3 
Change in deferred tax asset (liability)(9)798 54 (374)(33)(45)391 
Total other comprehensive income (loss)24 (3,440)(196)1,100 (356)125 (2,743)
Corebridge noncontrolling interests3 2,053 52 (331)(10)(1)1,766 
Noncontrolling interests1 (1,401)(59)387 8  (1,064)
Balance, September 30, 2023, net of tax$(110)$(20,661)$(369)$2,841 $(3,430)$(800)$(22,529)
*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024 and 2023.
The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2024 and 2023, respectively:
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in Our
Own Credit Risk
Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Three Months Ended September 30, 2024
Unrealized change arising during period$45 $1,514 $ $(12)$427 $(7)$1,967 
Less: Reclassification adjustments included in net income (84)   (8)(92)
Total other comprehensive income (loss), before income tax expense (benefit)45 1,598  (12)427 1 2,059 
Less: Income tax expense (benefit)8 249  (58)13  212 
Total other comprehensive income (loss), net of income tax expense (benefit)$37 $1,349 $ $46 $414 $1 $1,847 
Three Months Ended September 30, 2023
Unrealized change arising during period$(80)$(6,998)$(104)$1,470 $(279)$57 $(5,934)
Less: Reclassification adjustments included in net income (163)   (6)(169)
Total other comprehensive income (loss), before income tax expense (benefit)(80)(6,835)(104)1,470 (279)63 (5,765)
Less: Income tax expense (benefit)(14)(1,141)(23)323 (10)18 (847)
Total other comprehensive income (loss), net of income tax expense (benefit)$(66)$(5,694)$(81)$1,147 $(269)$45 $(4,918)
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken
Unrealized
Appreciation
(Depreciation)
of All Other
Investments
Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in Our
Own Credit Risk
Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts
Foreign
Currency
Translation
Adjustments
Retirement
Plan
Liabilities
Adjustment
Total
Nine Months Ended September 30, 2024
Unrealized change arising during period$98 $(1,129)$130 $947 $173 $(2)$217 
Less: Reclassification adjustments included in net income(42)(8,867)(330)1,583 88 (23)(7,591)
Total other comprehensive income (loss), before of income tax expense (benefit)140 7,738 460 (636)85 21 7,808 
Less: Income tax expense (benefit)20 92 28 166 14 4 324 
Total other comprehensive income (loss), net of income tax expense (benefit)$120 $7,646 $432 $(802)$71 $17 $7,484 
Nine Months Ended September 30, 2023
Unrealized change arising during period$10 $(5,171)$(250)$1,474 $(323)$147 $(4,113)
Less: Reclassification adjustments included in net income(23)(933)   (23)(979)
Total other comprehensive income (loss), before income tax expense (benefit)33 (4,238)(250)1,474 (323)170 (3,134)
Less: Income tax expense (benefit)9 (798)(54)374 33 45 (391)
Total other comprehensive income (loss), net of income tax expense (benefit)$24 $(3,440)$(196)$1,100 $(356)$125 $(2,743)
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended September 30,Condensed Consolidated
(in millions)20242023Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$ $— Net realized gains (losses)
Total — 
Unrealized appreciation (depreciation) of all other investments
Investments(84)(163)Net realized gains (losses)
Total(84)(163)
Change in retirement plan liabilities adjustment
Prior-service credit (1)
(b)
Actuarial losses(8)(5)
(b)
Total(8)(6)
Total reclassifications for the period$(92)$(169)
Amount Reclassified from AOCIAffected Line Item in the
Nine Months Ended September 30,Condensed Consolidated
(in millions)20242023Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$ $(23)Net realized gains (losses)
Total (23)
Unrealized appreciation (depreciation) of all other investments
Investments(354)(933)Net realized gains (losses)
Total(354)(933)
Change in retirement plan liabilities adjustment
Prior-service credit(1)(2)
(b)
Actuarial losses(22)(21)
(b)
Total(23)(23)
Corebridge deconsolidation, net of tax(7,214) 
(c)
Total reclassifications for the period$(7,591)$(979)
(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk and (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.
(b)These AOCI components are included in the computation of net periodic pension cost.
(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. See the rollforward of Accumulated other comprehensive income (loss) above for further details.
AIG | Third Quarter 2024 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 15. Earnings Per Common Share (EPS)

15. Earnings Per Common Share (EPS)
The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable.
The following table presents the computation of basic and diluted EPS:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions, except per common share data)2024202320242023
Numerator for EPS:
Income from continuing operations$481 $701 $1,753 $1,879 
Less: Preferred stock dividends and preferred stock redemption premiums 7 22 22 
Income attributable to AIG common shareholders from continuing operations481 694 1,731 1,857 
Income (loss) from discontinued operations, net of income tax expense(24)2,046 (3,580)2,472 
Less: Net income (loss) attributable to noncontrolling interests(2)720 475 801 
Income (loss) from discontinued operations, net of noncontrolling interest(22)1,326 (4,055)1,671 
Net income (loss) attributable to AIG common shareholders$459 $2,020 $(2,324)$3,528 
Denominator for EPS:
Weighted average common shares outstanding - basic641,621,768 712,598,496 661,691,554 725,579,999 
Dilutive common shares5,743,674 6,128,816 5,663,515 5,453,046 
Weighted average common shares outstanding - diluted(a)
647,365,442 718,727,312 667,355,069 731,033,045 
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations$0.75 $0.97 $2.62 $2.56 
Income (loss) from discontinued operations$(0.03)$1.86 $(6.13)$2.30 
Income (loss) attributable to AIG common shareholders$0.72 $2.83 $(3.51)$4.86 
Diluted:
Income from continuing operations$0.74 $0.97 $2.59 $2.54 
Income (loss) from discontinued operations$(0.03)$1.84 $(6.07)$2.29 
Income (loss) attributable to AIG common shareholders$0.71 $2.81 $(3.48)$4.83 
(a)Potential dilutive common shares are primarily due to our share-based employee compensation plans. The number of potential common shares excluded from diluted shares outstanding was 0.1 million and 0.1 million for the three and nine months ended September 30, 2024, respectively, and 5.1 million and 5.4 million for the three and nine months ended September 30, 2023, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.
For information regarding our repurchases of AIG Common Stock, see Note 14.
16. Income Taxes
U.S. TAX LAW CHANGES
The Inflation Reduction Act of 2022 (H.R. 5376) includes a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period. While the U.S. Treasury and Internal Revenue Service (IRS) issued proposed regulations for CAMT during the third quarter of 2024, there are still certain details and specifics of application of the CAMT that remain unclear and we continue to evaluate the impact of the proposed regulations along with prior guidance.
BASIS OF PRESENTATION
We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes

TAX ACCOUNTING POLICIES
We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.
Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred.
INTERIM TAX CALCULATION METHOD
We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.
INTERIM TAX EXPENSE (BENEFIT)
For the three months ended September 30, 2024, the effective tax rate on income from continuing operations was 25.9 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends and tax exempt income. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the nine months ended September 30, 2024, the effective tax rate on income from continuing operations was 24.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends, tax exempt income and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the three months ended September 30, 2023, the effective tax rate on income from continuing operations was 36.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with tax adjustments related to prior year returns, the effect of foreign operations, and state and local income taxes. These tax charges were partially offset by tax benefits related to tax implications related to the announced sale of Validus Re and tax exempt income. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the nine months ended September 30, 2023, the effective tax rate on income from continuing operations was 21.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with tax adjustments related to prior year returns, the effect of foreign operations, tax implications related to the announced sale of Validus Re, foreign valuation allowance changes, and state and local income taxes. These tax charges were partially offset by tax benefits related to the potential resolution of an IRS audit matter, net of an increase in associated uncertain tax benefits, tax exempt income and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE
The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.
AIG | Third Quarter 2024 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes

During the third quarter, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2023 U.S. federal consolidated income tax return, 2024 transactions, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.
To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely.
After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized. Accordingly, during the nine months ended September 30, 2024, we recorded no change in valuation allowance.
For the nine months ended September 30, 2024, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our general insurance and non-insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of September 30, 2024, based on all available evidence, we concluded that a valuation allowance of $369 million is necessary on a portion of the deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the three and nine months ended September 30, 2024, we recorded a decrease in valuation allowance of $204 million and $181 million, respectively, associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance decrease was allocated to other comprehensive income.
For the nine months ended September 30, 2024, we recognized a net $15 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions.
TAX EXAMINATIONS
We are currently under examination by the IRS for the tax years 2011 through 2019, and are engaging in the Appeals process for certain disagreed issues related to tax years 2007 through 2010.
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES
At both September 30, 2024 and December 31, 2023, our unrecognized tax benefits, excluding interest and penalties, were $1.4 billion. At both September 30, 2024 and December 31, 2023, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.4 billion. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction.
Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At September 30, 2024 and December 31, 2023, we had accrued liabilities of $53 million and $52 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the nine months ended September 30, 2024 and September 30, 2023, we accrued expense of $1 million and benefit of $5 million, respectively, for the payment of interest and penalties.
Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.
17. Subsequent Events
DEBT REDEMPTION
On October 21, 2024, AIG announced that we will redeem all of our outstanding Zero Coupon Callable Notes Due 2047 (the Notes) on November 22, 2024 (the Redemption Date) for a redemption price equal to 135.631% of the face amount of the Notes outstanding on such Redemption Date. As of October 21, 2024, $400,000,000 face amount of the Notes was outstanding.
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ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
American International Group, Inc. (AIG) has incorporated into this discussion a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report) to assist readers seeking additional information related to a particular subject.
In this Quarterly Report on Form 10-Q, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us,” “our” or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

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All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
the impact of adverse developments affecting economic conditions in the markets in which we operate in the U.S. and globally, including adverse developments related to financial market conditions, macroeconomic trends, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, an economic slowdown or recession, any potential U.S. federal government shutdown and geopolitical events or conflicts, including the conflict between Russia and Ukraine and the conflict in Israel and the surrounding areas;
the occurrence of catastrophic events, both natural and man-made, including the effects of climate change, geopolitical events and conflicts and civil unrest;
disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches, or infrastructure vulnerabilities;
our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);
our reliance on third-party investment managers;
changes in the valuation of our investments, including Corebridge common stock;
our reliance on third parties to provide certain business and administrative services;
availability of adequate reinsurance or access to reinsurance on acceptable terms;
changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;

concentrations of our insurance, reinsurance and other risk exposures;
nonperformance or defaults by counterparties;
our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures, including with respect to business continuity and disaster recovery plans;
difficulty in marketing and distributing products through current and future distribution channels;
actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;
changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
the effects of sanctions, including those related to the conflict in the Middle East and between Russia and Ukraine, and the failure to comply with those sanctions;
our ability to address evolving stakeholder expectations and regulatory requirements with respect to environmental, social and governance matters;
changes to sources of or access to liquidity;
changes in accounting principles and financial reporting requirements or their applicability to us;
the effects of changes in laws and regulations, including those relating to cybersecurity and data privacy, and the regulation of insurance, in the U.S. and other countries in which we operate;
changes to tax laws in the U.S. and other countries in which we operate;
the outcome of significant legal, regulatory or governmental proceedings;
our ability to effectively execute on sustainability targets and standards;
the impact of epidemics, pandemics and other public health crises and responses thereto; and
such other factors discussed in:
Part I, Item 2. MD&A of this Quarterly Report on Form 10‑Q;
Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2023 Annual Report; and
our other filings with the Securities and Exchange Commission (SEC).
Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.
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INDEX TO ITEM 2
Page
Investment Highlights in the Nine Months Ended September 30, 2024
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ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our business segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
Book value per share, excluding investments related cumulative unrealized gains and losses in accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common equity) by total common shares outstanding.
Book Value per share, excluding Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis. Tangible book value per share is derived by dividing Total AIG common shareholders’ equity, excluding intangible assets (AIG tangible common shareholders’ equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude only the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs) and corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on Equity – Adjusted After-tax Income, Excluding Goodwill, VOBA, VODA and Other Intangible assets (Return on tangible equity) is used to show the return on AIG tangible common shareholder’s equity, which we believe is a useful measure of realizable shareholder value. We exclude Goodwill, VOBA, VODA and Other intangible assets from AIG common shareholders’ equity to derive AIG tangible common shareholders’ equity. Return on AIG tangible common equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG tangible common equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude only the portion of DTA representing U.S. tax attributes related to NOLs and CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. This metric will provide greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
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Adjusted revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP purposes) and income from elimination of the international reporting lag. Adjusted revenues is a GAAP measure for our segments.
Adjusted pre-tax income is derived by excluding the items set forth below from income from continuing operations before income tax. This definition is consistent across our segments. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. APTI is a GAAP measure for our segments. Excluded items include the following:
changes in the fair values of equity securities and AIG's ownership interest in Corebridge;
net investment income on Fortitude Re funds withheld assets;
net realized gains and losses on Fortitude Re funds withheld assets;
loss (gain) on extinguishment of debt;
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. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);
income or loss from discontinued operations;
net loss reserve discount benefit (charge);
pension expense related to lump sum payments to former employees;
net gain or loss on divestitures and other;
non-operating litigation reserves and settlements;
restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;
integration and transaction costs associated with acquiring or divesting businesses;
losses from the impairment of goodwill;
non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and
income from elimination of the international reporting lag.
Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected adjusted pre-tax income (APTI) adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
deferred income tax valuation allowance releases and charges;
changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and
net tax charge related to the enactment of the Tax Cuts and Jobs Act.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CATs and Accident year combined ratio, ex-CATs): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Results from discontinued operations, including Corebridge, are excluded from all of these measures.
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ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.
The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:
loss reserves;
reinsurance assets, including the allowance for credit losses and disputes;
goodwill impairment;
allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;
fair value measurements of certain financial assets and financial liabilities; and
income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
Certain critical accounting estimates were eliminated as a result of the Corebridge deconsolidation. There were no changes to the remaining critical accounting estimates. For further details, see Note 4 to the Condensed Consolidated Financial Statements.
For a detailed discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2023 Annual Report.
Executive Summary
OVERVIEW
This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2023 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.
OPERATING STRUCTURE
In September 2022, AIG closed on the initial public offering of Corebridge. Since September 2022 and through June 9, 2024, AIG sold portions of its interests in Corebridge through secondary public offerings. 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. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of September 30, 2024, AIG held 48.6 percent of the outstanding common stock of Corebridge.
As a result of the Corebridge deconsolidation, we no longer present a Life and Retirement segment and no longer include asset management and Corebridge Life Holdings, Inc. interest and general expenses within the Other Operations segment. Historical results of Other Operations have been revised to reflect these changes. Previously reported results for the General Insurance segment were not impacted by the deconsolidation of Corebridge. As of September 30, 2024, AIG reports the results of its businesses through two segments – General Insurance and Other Operations. General Insurance consists of two operating segments – North America and International. Other Operations is primarily comprised of corporate and consolidation and eliminations.
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For additional information on our business segments, see Note 3 to the Condensed Consolidated Financial Statements, and for information regarding the separation of Life and Retirement and the sale of our global individual personal travel insurance and assistance business, see Notes 1 and 4 to the Condensed Consolidated Financial Statements.
Business Segments
General Insurance
General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world’s most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network. Customers value General Insurance’s strong capital position, extensive risk management and claims experience and its ability to be a market leader in critical lines of the insurance business.
North America.gif International.gif
General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance, Pte, Ltd.; AIG Europe S.A.; American International Group UK Ltd.; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).
Other Operations
Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.
REGULATORY, INDUSTRY AND ECONOMIC FACTORS
Regulatory Environment
Our operations around the world are subject to regulation by many different types of regulatory authorities, including insurance and securities in the United States and abroad. The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision.
For example, on March 6, 2024, the SEC adopted its climate-related disclosure rules, which require registrants to provide detailed climate-related disclosures in registration statements and periodic reports, but the rules have been stayed pending the completion of judicial review. Other jurisdictions in which we operate, including the European Union, have adopted or are considering similar (and in some cases more stringent) climate- and sustainability-related reporting requirements, including through the Corporate Sustainability Reporting Directive. In addition, the Corporate Sustainability Due Diligence Directive imposes due diligence requirements for identifying and mitigating potential environmental and human rights impacts of covered entities and their value chains, along with requirements to adopt and disclose a climate transition plan.
In the European Union, the EU Digital Operational Resilience Act (DORA) will require covered entities, including insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries, other than micro-, small, or medium enterprises, to comply with a wide range of organizational and technical requirements to identify, manage and mitigate operational risk arising from use of network and information systems and, in particular, the use of third party information and communication technology service providers. Covered entities will be required to comply with DORA by January 2025.
Our insurance subsidiaries are subject to regulation and supervision by the states and jurisdictions in which they do business. We expect that the domestic and international regulations applicable to us and our regulated entities will continue to evolve for the foreseeable future.
For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2023 Annual Report and Note 16 to the Condensed Consolidated Financial Statements.
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ITEM 2 | Executive Summary

Impact of Changes in the Interest Rate Environment
Certain U.S. benchmark rates continued to fluctuate in 2024 as markets reacted to change in inflation trends, geopolitical risk and the decisions of the Board of Federal Reserve System. Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield, manage duration and interest rate risk. The change in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities. For additional information on our investment and asset-liability management strategies, see Investments.
Impact of Currency Volatility
Currency volatility remains acute. Strengthening of the U.S. dollar against the Euro, British pound and the Japanese yen (the Major Currencies) impacts income for our businesses with substantial international operations. In particular, growth trends in net premiums written reported in U.S. dollars can differ significantly from those measured in original currencies. The net effect on underwriting results, however, is significantly mitigated, as both revenues and expenses are similarly affected.
These currencies may continue to fluctuate, especially as a result of central bank responses to inflation, concerns regarding future economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in U.S. dollars, as well as financial statement line item comparability.
General Insurance businesses are transacted in most major foreign currencies. The following table presents the average of the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our businesses:
Three Months Ended
September 30,
PercentageNine Months Ended
September 30,
Percentage
Rate for 1 USD20242023Change20242023Change
Major Currency:
GBP0.78 0.79 (1)%0.79 0.81 (2)%
EUR0.92 0.91 %0.92 0.92 — %
JPY153.68 142.47 %151.18 136.68 11 %
Unless otherwise noted, references to the effects of foreign exchange in the General Insurance discussion of results of operations are with respect to movements in the Major Currencies included in the preceding table.
Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2024 and 2023. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates above and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2023 Annual Report.
The following table presents our consolidated results of operations and other key financial metrics:
Three Months Ended
September 30,
Percentage
Change
Nine Months Ended
September 30,
Percentage
Change
(in millions)2024202320242023
Revenues:
Premiums$5,945 $6,543 (9)%$17,564 $19,533 (10)%
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets922 827 11 2,819 2,431 16 
Net investment income - Fortitude Re funds withheld assets51 29 76 123 106 16 
Total net investment income973 856 14 2,942 2,537 16 
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative8 (189)NM(238)(571)58 
Net realized losses on Fortitude Re funds withheld assets(18)(3)NM(38)(64)41 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative(157)57 NM(158)(25)NM
Total net realized losses(167)(135)(24)(434)(660)34 
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Three Months Ended
September 30,
Percentage
Change
Nine Months Ended
September 30,
Percentage
Change
(in millions)2024202320242023
Other income NM2 — 
Total revenues6,751 7,267 (7)20,074 21,412 (6)
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred3,773 3,876 (3)10,753 11,759 (9)
Amortization of deferred policy acquisition costs863 922 (6)2,543 2,894 (12)
General operating and other expenses1,346 1,311 4,194 4,048 
Interest expense112 138 (19)353 391 (10)
Loss on extinguishment of debt 21 NM1 21 (95)
Net (gain) loss on divestitures and other8 (101)NM(94)(89)(6)
Total benefits, losses and expenses6,102 6,167 (1)17,750 19,024 (7)
Income from continuing operations before income tax expense649 1,100 (41)2,324 2,388 (3)
Income tax expense168 399 (58)571 509 12 
Income from continuing operations481 701 (31)1,753 1,879 (7)
Income (loss) from discontinued operations, net of income taxes(24)2,046 NM(3,580)2,472 NM
Net income (loss)457 2,747 (83)(1,827)4,351 NM
Less: Net income (loss) attributable to noncontrolling interests(2)720 NM475 801 (41)
Net income (loss) attributable to AIG459 2,027 (77)(2,302)3,550 NM
Less: Dividends on preferred stock and preferred stock redemption premiums NM22 22 — 
Net income (loss) attributable to AIG common shareholders$459 $2,020 (77)%$(2,324)$3,528 NM%
(in millions, except per share data)September 30, 2024December 31, 2023
Balance sheet data:
Total assets$169,449 $539,306 
Long-term debt9,892 10,375 
Debt of consolidated investment entities162 231 
Total AIG shareholders’ equity45,039 45,351 
Book value per share71.46 65.14 
Adjusted book value per share73.90 78.50 
Tangible book value per share65.37 59.60 
Core operating book value per share54.68 52.74 
NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended September 30, 2024 and 2023 Comparison
Net income (loss) attributable to AIG common shareholders decreased $1.6 billion due to the following:
a decrease in Income (loss) from discontinued operations, net of income taxes of $2.1 billion primarily as a result of the inclusion of Corebridge net income in 2023; and
a decrease in underwriting income driven by unfavorable prior year loss reserve development of $187 million which does not reflect the benefit of recoveries under a retroactive adverse development cover, as well as the sale of AIG Re and the impact of mix change, partially offset by portfolio growth.
The decrease in Net income (loss) attributable to AIG common shareholders was partially offset by the following, on a pre-tax basis:
an increase in Net realized gains excluding Fortitude Re funds withheld assets and embedded derivative of $197 million, primarily driven by a $95 million increase in foreign exchange gains and lower losses on sales of securities of $86 million and higher derivative and hedge activity gains of $27 million, partially offset by lower sales on alternative investments of $43 million;
an increase in Net investment income of $117 million primarily driven by dividends received from Corebridge of $65 million, an increase in the fair value of equity securities of $29 million, an increase in the fair value of fixed maturity securities where we elected the fair value option of $25 million as a result of the higher interest rate environment and higher returns on our alternative investments of $23 million, partially offset by changes in Corebridge stock price of $(35) million;
a decrease in income attributable to noncontrolling interest of $722 million primarily driven by the deconsolidation of Corebridge; and
a decrease in income tax expense of $231 million as a result of lower income from continuing operations.
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ITEM 2 | Consolidated Results of Operations

Nine Months Ended September 30, 2024 and 2023 Comparison
Net income (loss) attributable to AIG common shareholders decreased $5.9 billion due to the following:
a decrease in Income (loss) from discontinued operations, net of income taxes of $6.1 billion primarily as a result of the loss on deconsolidation of Corebridge of $4.7 billion and Corebridge net income in 2023;
a decrease in underwriting income driven by unfavorable prior year reserve development of $79 million, which does not reflect the benefit of recoveries under a retroactive adverse development cover, as well as the sales of AIG Re and Crop Risk Services, partially offset by improved portfolio performance and growth; and
an increase in income tax expense of $62 million as a result of prior year discrete items.
The decrease in Net income (loss) attributable to AIG common shareholders was partially offset by the following, on a pre-tax basis:
an increase in Net investment income of $405 million primarily driven by dividends received from Corebridge of $133 million and changes in its stock price of $30 million, higher income on available for sale fixed maturity securities of $144 million and an increase in the fair value of equity securities of $51 million, partially offset by lower returns on our alternative investments of $30 million;
an increase in Net realized gains excluding Fortitude Re funds withheld assets and embedded derivative of $333 million, primarily driven by a $232 million decrease in losses from sales of securities, lower derivative and hedge activity losses of $71 million and a $51 million increase in foreign exchange gains, partially offset by lower sales on alternative investments of $30 million; and
a decrease in net income attributable to noncontrolling interest of $326 million primarily driven by the deconsolidation of Corebridge.
INCOME TAX EXPENSE ANALYSIS
For the three months ended September 30, 2024 and 2023, the effective tax rate on income (loss) from continuing operations was 25.9 percent and 36.3 percent, respectively. For the nine months ended September 30, 2024 and 2023, the effective tax rate on income (loss) from continuing operations was 24.6 percent and 21.3 percent, respectively.
For additional information, see Note 16 to the Condensed Consolidated Financial Statements.
NON-GAAP RECONCILIATIONS
The following table presents reconciliations of Book value per share to Adjusted book value per share, Tangible book value per share and Core operating book value per share, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.
September 30,December 31,
(in millions, except per share data)20242023
Total AIG shareholders' equity$45,039 $45,351 
Preferred equity 485 
Total AIG common shareholders' equity45,039 44,866 
Less: Investments related AOCI(2,074)(10,994)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets(531)(1,791)
Subtotal: Investments AOCI(1,543)(9,203)
Adjusted common shareholders' equity$46,582 $54,069 
Total AIG common shareholders' equity$45,039 $44,866 
Less Intangible Assets:
Goodwill3,453 3,422 
Value of distribution channel acquired132 145 
Other intangibles249 249 
Total intangibles assets3,834 3,816 
AIG tangible common shareholders' equity$41,205 $41,050 
Total AIG common shareholders' equity$45,039 $44,866 
Less: AIG's ownership interest in Corebridge8,143 6,738 
Less: Investments related AOCI - AIG(2,074)(3,084)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG(531)(573)
Subtotal: Investments AOCI - AIG(1,543)(2,511)
Less: Deferred tax assets3,975 4,313 
AIG core operating shareholders' equity$34,464 $36,326 
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ITEM 2 | Consolidated Results of Operations

September 30,December 31,
(in millions, except per share data)20242023
Total common shares outstanding630.3 688.8 
Book value per share$71.46 $65.14 
Adjusted book value per share73.90 78.50 
Tangible book value per share65.37 59.60 
Core operating book value per share54.68 52.74 
The following table presents reconciliations of Return on equity to Adjusted return on equity, Tangible return on equity and Core operating return on equity, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Year Ended
December 31,
(dollars in millions)2024 2023 2024 2023 2023 
Actual or annualized net income (loss) attributable to AIG common shareholders$1,836 $8,080 $(3,099)$4,704 $3,614 
Actual or annualized adjusted after-tax income attributable to AIG common shareholders$3,192 $2,984 $3,255 $3,048 $3,181 
Average AIG common shareholders' equity$44,742 $40,734 $44,434 $41,196 $41,930 
Less: Average investments AOCI(2,194)(16,091)(5,864)(16,244)(14,836)
Average AIG adjusted common shareholders' equity$46,936 $56,825 $50,298 $57,440 $56,766 
Average AIG common shareholders' equity$44,742 $40,734 $44,434 $41,196 $41,930 
Less: Average intangibles3,813 3,824 3,811 4,134 4,070 
Average AIG tangible common shareholders' equity$40,929 $36,910 $40,623 $37,062 $37,860 
Average AIG common shareholders' equity$44,742 $40,734 $44,434 $41,196 $41,930 
Less: Average AIG's ownership interest in Corebridge8,355 6,591 7,510 7,536 7,376 
Less: Average Investments AOCI - AIG(2,194)(4,495)(2,387)(3,440)(3,254)
Less: Average deferred tax assets4,017 4,119 4,125 4,325 4,322 
Average AIG core operating shareholders' equity$34,564 $34,519 $35,186 $32,775 $33,486 
Return on equity4.1 %19.8 %(7.0)%11.4 %8.6 %
Adjusted return on equity6.8 5.3 6.5 5.3 5.6 
Return on tangible equity7.8 8.1 8.0 8.2 8.4 
Core operating return on equity9.2 8.6 9.3 9.3 9.5 
The following table presents a reconciliation of revenues to adjusted revenues
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Revenues$6,751 $7,267 $20,074 $21,412 
Changes in the fair values of equity securities and AIG's investment in Corebridge(25)(31)(172)(93)
Other (income) expense - net1 (17)(16)(40)
Net investment income on Fortitude Re funds withheld assets(51)(29)(123)(106)
Net realized losses on Fortitude Re funds withheld assets18 38 64 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative157 (57)158 25 
Net realized (gains) losses(a)
(8)191 232 577 
Non-operating litigation reserves and settlements —  (1)
Net impact from elimination of international reporting lag(b)
 —  (4)
Adjusted revenues$6,843 $7,327 $20,191 $21,834 
(a)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.
(b)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
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The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:
Three Months Ended September 30,20242023
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Pre-tax income/net income, including noncontrolling interests$649 $168 $ $457 $1,100 $399 $— $2,747 
Noncontrolling interests2 2 (720)(720)
Pre-tax income/net income attributable to AIG - including discontinued operations$649 $168 $2 $459 $1,100 $399 $(720)$2,027 
Dividends on preferred stock and preferred stock redemption premiums 
Net income attributable to AIG common shareholders$459 $2,020 
Changes in uncertain tax positions and other tax adjustments
3  (3)(57)— 57 
Deferred income tax valuation allowance (releases) charges
9  (9)(5)— 
Changes in the fair values of equity securities and AIG's investment in Corebridge(25)(5) (20)(31)(6)— (25)
Loss on extinguishment of debt and preferred stock redemption premiums    21 — 17 
Net investment income on Fortitude Re funds withheld assets(51)(11) (40)(29)(6)— (23)
Net realized losses on Fortitude Re funds withheld assets18 4  14 — — 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative157 33  124 (57)(12)— (45)
Net realized (gains) losses(a)
(7)(27) 20 190 42 — 148 
(Income) loss from discontinued operations24 (2,046)
Net gain on divestitures and other8 28  (20)(101)(21)— (80)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements126 27  99 (75)(16)— (59)
Net loss reserve discount charge29 6  23 — 
Pension expense related to lump sum payments to former employees    — 
Integration and transaction costs associated with acquiring or divesting businesses22 5  17 — — 
Restructuring and other costs137 28  109 49 10 — 39 
Non-recurring costs related to regulatory or accounting changes4 1  3 — 
Noncontrolling interests(c)
(2)(2)720 720 
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders$1,067 $269 $ $798 $1,089 $336 $— $746 
Weighted average diluted shares outstanding647.4 718.7 
Income per common share attributable to AIG common shareholders (diluted)$0.71 $2.81 
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$1.23 $1.04 
Nine Months Ended September 30,20242023
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Pre-tax income/net income (loss), including noncontrolling interests$2,324 $571 $ $(1,827)$2,388 $509 $— $4,351 
Noncontrolling interests(475)(475)(801)(801)
Pre-tax income/net income (loss) attributable to AIG - including discontinued operations$2,324 $571 $(475)$(2,302)$2,388 $509 $(801)$3,550 
Dividends on preferred stock and preferred stock redemption premiums22 22 
Net income (loss) attributable to AIG common shareholders$(2,324)$3,528 
Changes in uncertain tax positions and other tax adjustments
8  (8)175 — (175)
Deferred income tax valuation allowance (releases) charges
15  (15)(51)— 51 
Changes in the fair values of equity securities and AIG's investment in Corebridge(172)(36) (136)(93)(19)— (74)
Loss on extinguishment of debt and preferred stock redemption premiums1   16 21 — 17 
Net investment income on Fortitude Re funds withheld assets(123)(26) (97)(106)(22)— (84)
Net realized losses on Fortitude Re funds withheld assets38 8  30 64 13 — 51 
Net realized losses on Fortitude Re funds withheld embedded derivative158 33  125 25 — 20 
Net realized losses(a)
234 28  206 573 131 — 442 
(Income) loss from discontinued operations3,580 (2,472)
Net gain on divestitures and other(94)12  (106)(89)(19)— (70)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements66 14  52 (112)(24)— (88)
Net loss reserve discount charge131 27  104 85 18 — 67 
Pension expense related to lump sum payments to former employees    62 13 — 49 
Integration and transaction costs associated with acquiring or divesting businesses37 8  29 10 — 
Restructuring and other costs(d)
630 132  498 264 55 — 209 
Non-recurring costs related to regulatory or accounting changes15 3  12 19 — 15 
Net impact from elimination of international reporting lag(b)
    (12)(3)— (9)
Noncontrolling interests(c)
475 475 801 801 
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders$3,245 $797 $ $2,441 $3,099 $791 $— $2,286 
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ITEM 2 | Consolidated Results of Operations

Nine Months Ended September 30,20242023
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
(c)
After
Tax
Weighted average diluted shares outstanding
667.4 731.0 
Income (loss) per common share attributable to AIG common shareholders (diluted)
$(3.48)$4.83 
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$3.66 $3.13 
(a)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.
(b)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
(c)Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge is consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in the Income (loss) from discontinued operations, net of income taxes.
(d)In the three and nine months ended September 30, 2024, Restructuring and other costs increased primarily as a result of employee-related costs, including severance, and real estate impairment charges.
PRE-TAX INCOME (LOSS) COMPARISON
Pre-tax income was $649 million and $1.1 billion in the three months ended September 30, 2024 and 2023, respectively. Pre-tax income was $2.3 billion and $2.4 billion in the nine months ended September 30, 2024 and 2023, respectively.
For the main drivers impacting AIG’s results of operations, see – Net Income (Loss) Attributable to AIG Common Shareholders above.
ADJUSTED PRE-TAX INCOME (LOSS) COMPARISON
Adjusted pre-tax income was $1.1 billion and $1.1 billion in the three months ended September 30, 2024 and 2023, respectively. Adjusted pre-tax income was $3.2 billion and $3.1 billion in the nine months ended September 30, 2024 and 2023, respectively.
For the main drivers impacting AIG’s adjusted pre-tax income (loss), see Business Segment Operations.
Business Segment Operations
Our business operations consist of General Insurance and Other Operations.
General Insurance consists of two operating segments: North America and International. Other Operations is primarily comprised of corporate and consolidation and eliminations.
The following table summarizes Adjusted pre-tax income (loss) from our business segment operations. See also Note 3 to the Condensed Consolidated Financial Statements.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
General Insurance
North America - Underwriting income$37 $235 $424 $886 
International - Underwriting income400 376 1,039 821 
Net investment income773 756 2,281 2,227 
General Insurance1,210 1,367 3,744 3,934 
Other Operations
Other Operations before consolidation and eliminations(141)(271)(496)(815)
Consolidation and eliminations(2)(7)(3)(20)
Other Operations(143)(278)(499)(835)
Adjusted pre-tax income$1,067 $1,089 $3,245 $3,099 
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ITEM 2 | Business Segment Operations | General Insurance


General Insurance
General Insurance is managed by our geographic markets of North America and International. Our global presence is underpinned by our multinational capabilities to provide Commercial Lines and Personal Insurance products within these geographic markets.
PRODUCTS AND DISTRIBUTION
North America.gif
North America consists of insurance businesses in the United States, Canada and Bermuda.
International.gif
International consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot as well as AIG’s Global Specialty business.
Property: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Liability: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance and portfolio solutions.
On July 3, 2023, AIG completed the sale of Crop Risk Services, Inc. (CRS) to American Financial Group, Inc. and in substance, AIG exited the crop business. For periods prior to the sale of CRS, the underwriting results are included in adjusted pre-tax income of General Insurance – North America.
On November 1, 2023, AIG completed the sale of Validus Reinsurance, Ltd. (Validus Re), including AlphaCat Managers Ltd. and Talbot Treaty reinsurance business to RenaissanceRe Holdings Ltd. (RenaissanceRe). For periods prior to the sale of Validus Re, the underwriting results are included in adjusted pre-tax income of General Insurance – North America.
For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
Accident & Health: Products include voluntary and sponsor-paid personal accident and supplemental health products for individuals, employees, associations and other organizations, as well as a broad range of travel insurance products and services for leisure and business travelers.
On June 26, 2024, AIG entered into a definitive agreement to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group. The agreement includes the Travel Guard business and its servicing capabilities, excluding our travel insurance businesses in Japan and our AIG joint venture arrangement in India. Travel coverages offered through AIG’s Accident & Health business are also excluded from this agreement. For additional information, see Note 4 to the Condensed Consolidated Financial Statements.
Personal Lines: Products include personal auto and personal property in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
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ITEM 2 | Business Segment Operations | General Insurance

General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers. Our global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.
BUSINESS STRATEGY
Profitable Growth: Build on our high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved retentions and new business development. Deploy capital efficiently to act opportunistically and achieve growth in profitable lines, geographies and customer segments, while taking a disciplined underwriting approach to exposure management, terms and conditions and rate change to achieve our risk/return hurdles. Continue to be open to inorganic growth opportunities in profitable markets and segments to expand our capabilities and footprint.
Underwriting Excellence: Continue to enhance portfolio optimization through strength of underwriting framework and guidelines as well as clear communication of risk appetite and rate adequacy. Empower and increase accountability of the underwriter and continue to integrate underwriting, claims and actuarial to enable better decision making. Focus on enhancing risk selection, driving consistent underwriting best practices and building robust monitoring standards to improve underwriting results.
Reinsurance Optimization: Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. We strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.
COMPETITION AND CHALLENGES
General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. We serve our business and individual customers on a global basis – from the largest multinational corporations to local businesses and individuals. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
Our challenges include:
ensuring adequate business pricing given passage of time to reporting and settlement for insurance business, particularly with respect to long-tail Commercial Lines exposures;
impact of social and economic inflation on claim frequency and severity; and
volatility in claims arising from natural and man-made catastrophes and other aggregations of risk exposure.
INDUSTRY AND ECONOMIC FACTORS
The results of General Insurance for the nine months ended September 30, 2024 reflect continued strong performance from our Commercial Lines portfolio and focused execution on our portfolio management strategies within Personal Insurance. Across our North America and International Commercial Lines of business we have seen increased demand for our insurance products and strong growth in new business. We continue to monitor the impact of inflation and other economic factors on rate adequacy and loss cost trends. Similarly, we are monitoring monetary policy actions taken or anticipated to be taken by central banks and the corresponding impact on market interest rates.
General Insurance – North America
North America Commercial continues to pursue profitable growth. While market discipline continues to support price increases across most lines, we are seeing capacity move back into the market in certain segments given pricing levels which is putting pressure on rates. We have focused on retaining our best accounts which has led to strong retention across the portfolio. These retention rates are often coupled with an exposure limit management strategy to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management, while non-renewing unprofitable business.
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Personal Insurance growth prospects are supported by the need for full life cycle products and coverage, increases in personal wealth accumulation, and awareness of insurance protection and risk management. We compete in the high net worth market, accident and health insurance, travel insurance, and warranty services.
General Insurance – International
We are continuing to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, reducing gross and net limits where appropriate, utilizing reinsurance to reduce volatility, as well as continuing our risk selection strategy to improve profitability.
Personal Insurance focuses on individual customers, as well as group and corporate clients. Although market competition within Personal Insurance has increased, we continue to benefit from underwriting quality and portfolio diversity.
GENERAL INSURANCE RESULTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Underwriting results:
Net premiums written$6,380 $6,462 (1)%$17,825 $20,964 (15)%
Increase in unearned premiums(433)(40)NM(343)(1,786)81 
Net premiums earned5,947 6,422 (7)17,482 19,178 (9)
Losses and loss adjustment expenses incurred(a)
3,611 3,828 (6)10,472 11,432 (8)
Acquisition expenses:
Amortization of deferred policy acquisition costs863 918 (6)2,532 2,761 (8)
Other acquisition expenses292 308 (5)825 957 (14)
Total acquisition expenses1,155 1,226 (6)3,357 3,718 (10)
General operating expenses744 757 (2)2,190 2,321 (6)
Underwriting income437 611 (28)1,463 1,707 (14)
Net investment income773 756 2,281 2,227 
Adjusted pre-tax income$1,210 $1,367 (11)%$3,744 $3,934 (5)%
Loss ratio(a)
60.7 59.6 1.1 59.9 59.6 0.3 
Acquisition ratio19.4 19.1 0.3 19.2 19.4 (0.2)
General operating expense ratio12.5 11.8 0.7 12.5 12.1 0.4 
Expense ratio31.9 30.9 1.0 31.7 31.5 0.2 
Combined ratio(a)
92.6 90.5 2.1 91.6 91.1 0.5 
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(6.9)(6.9)— (4.9)(5.0)0.1 
Prior year development, net of reinsurance and prior year premiums
2.6 2.7 (0.1)1.4 1.6 (0.2)
Accident year loss ratio, as adjusted56.4 55.4 1.0 56.4 56.2 0.2 
Accident year combined ratio, as adjusted88.3 86.3 2.0 88.1 87.7 0.4 
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
The following table presents General Insurance net premiums written by operating segment, showing change on both reported and constant dollar basis:
Three Months Ended
September 30,
Percentage Change inNine Months Ended
September 30,
Percentage Change in
(in millions)20242023U.S.
dollars
Original
Currency
20242023U.S.
dollars
Original
Currency
North America$3,077 $3,151 (2)%(2)%$7,771 $10,804 (28)%(28)%
International3,303 3,311 — 10,054 10,160 (1)
Total net premiums written$6,380 $6,462 (1)%— %$17,825 $20,964 (15)%(14)%
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The following tables present General Insurance accident year catastrophes(a) by geography and number of events:
(dollars in millions)
# of
Events
North
America
International
Total
Three Months Ended September 30, 2024
Flooding, rainstorms and other3 $ $15 $15 
Windstorms and hailstorms16 280 76 356 
Winter storms2 2 2 4 
Wildfires1 36  36 
Earthquakes1    
Reinstatement premiums6  6 
Total catastrophe-related charges23 $324 $93 $417 
Three Months Ended September 30, 2023
Flooding, rainstorms and other$— $$
Windstorms and hailstorms23 188 70 258 
Winter storms(1)(2)(3)
Wildfires139 19 158 
Earthquakes— 
Reinstatement premiums36 37 
Total catastrophe-related charges30 $367 $95 $462 
Nine Months Ended September 30, 2024
Flooding, rainstorms and other3 $2 $130 $132 
Windstorms and hailstorms16 476 135 611 
Winter storms2 52 2 54 
Wildfires1 36  36 
Earthquakes1  10 10 
Reinstatement premiums12 (2)10 
Total catastrophe-related charges23 $578 $275 $853 
Nine Months Ended September 30, 2023
Flooding, rainstorms and other$10 $85 $95 
Windstorms and hailstorms23 401 201 602 
Winter storms27 15 42 
Wildfires149 19 168 
Earthquakes20 14 34 
Reinstatement premiums35 — 35 
Total catastrophe-related charges30 $642 $334 $976 
(a)Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
NORTH AMERICA RESULTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Underwriting results:
Net premiums written$3,077 $3,151 (2)%$7,771 $10,804 (28)%
Increase in unearned premiums(439)(72)NM(161)(1,550)90 
Net premiums earned2,638 3,079 (14)7,610 9,254 (18)
Losses and loss adjustment expenses incurred(a)
1,847 1,975 (6)5,029 5,732 (12)
Acquisition expenses:
Amortization of deferred policy acquisition costs352 445 (21)1,018 1,293 (21)
Other acquisition expenses119 118 335 403 (17)
Total acquisition expenses471 563 (16)1,353 1,696 (20)
General operating expenses283 306 (8)804 940 (14)
Underwriting income$37 $235 (84)%$424 $886 (52)%
Loss ratio(a)
70.0 64.1 5.9 66.1 61.9 4.2 
Acquisition ratio17.9 18.3 (0.4)17.8 18.3 (0.5)
General operating expense ratio10.7 9.9 0.8 10.6 10.2 0.4 
Expense ratio28.6 28.2 0.4 28.4 28.5 (0.1)
Combined ratio(a)
98.6 92.3 6.3 94.5 90.4 4.1 
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Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums
(12.2)(11.3)(0.9)(7.5)(6.7)(0.8)
Prior year development, net of reinsurance and prior year premiums
2.4 5.6 (3.2)1.6 4.0 (2.4)
Accident year loss ratio, as adjusted60.2 58.4 1.8 60.2 59.2 1.0 
Accident year combined ratio, as adjusted88.8 86.6 2.2 88.6 87.7 0.9 
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended September 30, 2024 and 2023
Net premiums written decreased by $74 million due to a decline in Commercial Lines ($99 million), primarily driven by the sale of AIG Re, partially offset by growth in Casualty driven by pricing levels and new business production. This decline in Commercial Lines was partially offset by higher production in Personal Insurance ($25 million), particularly in PCS driven by positive rate change and new business production.
Net Premiums Written Comparison for the Nine Months Ended September 30, 2024 and 2023
Net premiums written decreased by $3.0 billion due to a decline in Commercial Lines ($3.1 billion), driven by the sales of AIG Re and CRS.
Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2024 and 2023
Underwriting income decreased by $198 million primarily due to:
lower net favorable prior year development (3.2 points or $128 million), with higher favorable development from Property and Financial Lines, while Casualty turned unfavorable driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover; and
the sale of AIG Re.
This decrease was partially offset by portfolio growth.
Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2024 and 2023
Underwriting income decreased by $462 million primarily due to:
lower net favorable prior year development (2.4 points or $259 million), primarily from Casualty development which turned unfavorable driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover; and
the sales of AIG Re and Crop Risk Services.
This decrease was partially offset by improved portfolio performance and growth.
INTERNATIONAL RESULTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Underwriting results:
Net premiums written$3,303 $3,311 — %$10,054 $10,160 (1)%
(Increase) decrease in unearned premiums6 32 (81)(182)(236)23 
Net premiums earned3,309 3,343 (1)9,872 9,924 (1)
Losses and loss adjustment expenses incurred1,764 1,853 (5)5,443 5,700 (5)
Acquisition expenses:
Amortization of deferred policy acquisition costs511 473 1,514 1,468 
Other acquisition expenses173 190 (9)490 554 (12)
Total acquisition expenses684 663 2,004 2,022 (1)
General operating expenses461 451 1,386 1,381 — 
Underwriting income$400 $376 %$1,039 $821 27 %
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Loss ratio53.3 55.4 (2.1)55.1 57.4 (2.3)
Acquisition ratio20.7 19.8 0.9 20.3 20.4 (0.1)
General operating expense ratio13.9 13.5 0.4 14.0 13.9 0.1 
Expense ratio34.6 33.3 1.3 34.3 34.3 — 
Combined ratio87.9 88.7 (0.8)89.4 91.7 (2.3)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(2.8)(2.8)— (2.8)(3.3)0.5 
Prior year development, net of reinsurance and prior year premiums2.9 0.1 2.8 1.1 (0.8)1.9 
Accident year loss ratio, as adjusted53.4 52.7 0.7 53.4 53.3 0.1 
Accident year combined ratio, as adjusted88.0 86.0 2.0 87.7 87.6 0.1 
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended September 30, 2024 and 2023
Net premiums written, excluding the impact of unfavorable foreign exchange ($76 million), increased by $68 million due to:
growth in Commercial Lines ($34 million), notably in Specialty and Property driven by strength of renewal retentions and new business production, partially offset by the sale of AIG Re and lower production in Financial Lines; and
growth in Personal Insurance ($34 million) driven by Personal Auto.
Net Premiums Written Comparison for the Nine Months Ended September 30, 2024 and 2023
Net premiums written, excluding the unfavorable impact of foreign exchange ($250 million), increased by $144 million primarily due to:
growth in Personal Insurance ($85 million) driven by Personal Auto and Travel, partially offset by lower production in Warranty; and
growth in Commercial Lines ($59 million), notably in Property, Specialty and Casualty driven by strength of renewal retentions and new business production, partially offset by the sale of AIG Re and lower production in Financial Lines.
Underwriting Income (Loss) Comparison for the Three Months Ended September 30, 2024 and 2023
Underwriting income increased by $24 million primarily due to:
net favorable prior year reserve development of $102 million in 2024 compared to net favorable prior year reserve development in 2023 of $19 million (2.8 points or $83 million), with higher favorable development in Specialty, and Property development which turned favorable, partially offset by Financial Lines development which turned unfavorable, and higher unfavorable development within Casualty driven by claim-specific emergence in European Excess Casualty on accident year 2016.
This increase was partially offset by a higher expense ratio (1.3 points) reflecting a higher acquisition ratio (0.9 points) and general operating expense ratio (0.4 points) primarily driven by changes in business mix.
Underwriting Income (Loss) Comparison for the Nine Months Ended September 30, 2024 and 2023
Underwriting income increased by $218 million primarily due to:
net favorable prior year reserve development of $112 million in 2024 compared to net unfavorable prior year reserve development in 2023 of $65 million (1.9 points or $177 million), primarily as a result of higher favorable development in Specialty, and Property which turned favorable, partially offset by Financial Lines development which turned unfavorable, and higher unfavorable development within Casualty driven by claim-specific emergence in European Excess Casualty on accident year 2016; and
lower catastrophe losses (0.5 points or $59 million).
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ITEM 2 | Business Segment Operations | Other Operations


Other Operations
Other Operations primarily consists of income and expenses from assets, including AIG's ownership of Corebridge, held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.
OTHER OPERATIONS RESULTS
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)20242023Change20242023Change
Adjusted revenues:
Premiums$(1)$123 NM%$83 $354 (77)%
Net investment income:
Interest and dividends77 67 15 256 183 40 
Other investment income (loss)54 (9)NM106 (32)NM
Investment expenses(6)(13)54 (17)(21)19 
Total net investment income125 45 178 345 130 165 
Other income(1)NM3 (50)
Total adjusted revenues123 171 (28)431 490 (12)
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred7 114 (94)78 329 (76)
Acquisition expenses(4)16 NM8 42 (81)
General operating expenses:
Corporate and Other146 175 (17)489 514 (5)
Amortization of intangible assets4 — 13 22 (41)
Total general operating expenses150 179 (16)502 536 (6)
Interest expense111 133 (17)339 398 (15)
Total benefits, losses and expenses264 442 (40)927 1,305 (29)
Adjusted pre-tax loss before consolidation and eliminations(141)(271)48 (496)(815)39 
Consolidation and eliminations(2)(7)71 (3)(20)85 
Adjusted pre-tax loss$(143)$(278)49 %$(499)$(835)40 %
THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $141 million in 2024 compared to $271 million in 2023, a decrease of $130 million, primarily due to:
higher net investment income of $80 million due to dividend income from Corebridge in 2024 compared to $0 in 2023 and on AIG Parent portfolio due to higher yields and higher average balance; and
lower interest expense of $22 million primarily driven by interest savings from $2.2 billion debt reduction, through cash tender offers and debt redemption and maturity in 2023 and 2024.
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $496 million in 2024 compared to $815 million in 2023, a decrease of $319 million, primarily due to:
higher net investment income of $215 million due to dividend income from Corebridge in 2024 compared to $0 in 2023 and on AIG Parent portfolio due to higher yields and higher average balance; and
lower interest expense of $59 million primarily driven by interest savings from $2.6 billion debt repurchases, through cash tender offers and debt redemption and maturity in 2023 and 2024.

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ITEM 2 | Investments


Investments
OVERVIEW
Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.
Our Investment Management Agreements with BlackRock, Inc.
Since April 2022, AIG insurance company subsidiaries have entered into separate investment management agreements with BlackRock, Inc. and its investment advisory affiliates (BlackRock). As of September 30, 2024, BlackRock manages $64 billion of our investment portfolio, consisting of liquid fixed income, certain private placements and private equity assets. In addition, liquid fixed income assets associated with the Fortitude Re funds withheld asset portfolio were separately transferred to BlackRock for management in 2022.
INVESTMENT HIGHLIGHTS IN THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Blended investment yields on new investments are higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.
Total Net investment income increased for the nine months ended September 30, 2024 compared to the same period in the prior year, primarily due to dividend income from AIG's equity in Corebridge, higher income on available for sale fixed maturity securities and short term instruments, partially offset by lower income from alternative investments and mortgage loans.
INVESTMENT STRATEGIES
Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.
Some of our key investment strategies are as follows:
Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.
We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs, and deeper due diligence given information access.
Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.
AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.
Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios.
Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.
Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity, and hedge funds. Over the past few years, hedge fund investments have been reduced.
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Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.
We also utilize derivatives to manage our asset and liability duration as well as currency exposures.
Asset-Liability Management
The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 3.7 years, with an average of 4.0 years for North America and 3.1 years for International.
While invested assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.
National Association of Insurance Commissioners (NAIC) Designations of Fixed Maturity Securities
The Securities Valuation Office (SVO) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called NAIC Designations. In general, NAIC Designations of ‘1’ highest quality, or ‘2’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS) are calculated using third party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of AIG subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is generally based on ratings of the three major rating agencies. For fixed maturity securities where no NAIC Designation is assigned or able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.
The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.
For a full description of the composite AIG credit ratings, see – Credit Ratings below.
The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:
September 30, 2024
(in millions)
NAIC Designation12Total
 Investment
Grade
3456Total Below
Investment
Grade
Total
Other fixed maturity securities$34,497 $13,478 $47,975 $1,946 $1,147 $168 $36 $3,297 $51,272 
Mortgage-backed, asset-backed and collateralized14,851 492 15,343 18 63 90 15,433 
Total*$49,348 $13,970 $63,318 $1,964 $1,210 $172 $41 $3,387 $66,705 
*Excludes $38 million of fixed maturity securities for which no NAIC Designation is available.
The following table presents the fixed maturity security portfolio categorized by composite AIG credit rating, at fair value:
September 30, 2024
(in millions)
Composite AIG Credit RatingAAA/AA/ABBBTotal
 Investment
Grade
BBBCCC and LowerTotal Below
Investment
Grade
Total
Other fixed maturity securities$34,564 $13,417 $47,981 $1,783 $1,323 $185 $3,291 $51,272 
Mortgage-backed, asset-backed and collateralized13,526 606 14,132 49 117 1,135 1,301 15,433 
Total*$48,090 $14,023 $62,113 $1,832 $1,440 $1,320 $4,592 $66,705 
*Excludes $38 million of fixed maturity securities for which no NAIC Designation is available.
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CREDIT RATINGS
At September 30, 2024, approximately 64 percent of our fixed maturity securities were held by our U.S. entities. Approximately 93 percent of these securities were rated investment grade by one or more of the principal rating agencies.
Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities. At September 30, 2024, approximately 83 percent of such investments were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 30 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Composite AIG Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the NAIC Designation assigned by the NAIC SVO (99 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.
For information regarding credit risks associated with investments see Part II, Item 7. MD&A – Enterprise Risk Management in the 2023 Annual Report.
The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:
Available for SaleOtherTotal
(in millions)September 30,
2024
December 31,
2023
September 30,
2024
December 31,
2023
September 30,
2024
December 31,
2023
Rating:
Other fixed maturity securities
AAA$6,131 $5,625 $15 $16 $6,146 $5,641 
AA12,673 12,775 122 145 12,795 12,920 
A15,502 14,758 121 73 15,623 14,831 
BBB13,299 12,992 118 96 13,417 13,088 
Below investment grade3,272 3,653 2 — 3,274 3,653 
Non-rated55 167  — 55 167 
Total$50,932 $49,970 $378 $330 $51,310 $50,300 
Mortgage-backed, asset-backed and collateralized
AAA$7,781 $6,650 $137 $77 $7,918 $6,727 
AA4,904 6,065 92 108 4,996 6,173 
A578 614 34 29 612 643 
BBB517 517 89 81 606 598 
Below investment grade1,268 1,426 33 30 1,301 1,456 
Non-rated —   
Total$15,048 $15,272 $385 $333 $15,433 $15,605 
Total
AAA$13,912 $12,275 $152 $93 $14,064 $12,368 
AA17,577 18,840 214 253 17,791 19,093 
A16,080 15,372 155 102 16,235 15,474 
BBB13,816 13,509 207 177 14,023 13,686 
Below investment grade4,540 5,079 35 30 4,575 5,109 
Non-rated55 167  55 175 
Total$65,980 $65,242 $763 $663 $66,743 $65,905 
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Available-for-Sale Investments
The following table presents the fair value of our available-for-sale securities:
(in millions)September 30, 2024December 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$4,514 $4,395 
Obligations of states, municipalities and political subdivisions4,651 4,833 
Non-U.S. governments8,733 8,396 
Corporate debt33,034 32,346 
Mortgage-backed, asset-backed and collateralized:
RMBS6,419 6,207 
CMBS4,106 4,147 
CLO/ABS4,523 4,918 
Total mortgage-backed, asset-backed and collateralized15,048 15,272 
Total bonds available for sale*$65,980 $65,242 
*At September 30, 2024 and December 31, 2023, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $3.1 billion and $5.2 billion, respectively.
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:
(in millions)September 30, 2024December 31, 2023
Canada$1,466 $1,340 
Germany964 929 
Japan655 699 
United Kingdom469 478 
France401 430 
Australia384 314 
Israel340 201 
Korea, Republic of311 293 
Malaysia248 183 
Denmark230 227 
Other3,292 3,326 
Total$8,760 $8,420 
The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:
September 30, 2024December 31,
2023
Total
(in millions)SovereignFinancial
 Institution
Non-Financial
Corporates
Structured
Products
Total
Euro-Zone countries:
France$401 $1,241 $518 $13 $2,173 $2,068 
Germany964 249 855 63 2,131 2,042 
Netherlands161 497 278 35 971 940 
Ireland10 64 133 454 661 231 
Italy23 112 276  411 420 
Spain10 126 108 62 306 353 
Denmark230 49 8  287 297 
Belgium35 110 94 14 253 276 
Luxembourg19 64 70  153 227 
Finland20 75 7 1 103 95 
Other Euro-Zone144 26 40  210 194 
Total Euro-Zone$2,017 $2,613 $2,387 $642 $7,659 $7,143 
Remainder of Europe:
United Kingdom$469 $1,276 $1,501 $164 $3,410 $3,696 
Switzerland16 177 298  491 589 
Sweden143 152 33  328 342 
Norway85 39 16  140 150 
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September 30, 2024December 31,
2023
Total
(in millions)SovereignFinancial
 Institution
Non-Financial
Corporates
Structured
Products
Total
Jersey (Channel Islands)3 12 10 52 77 
Other - Remainder of Europe20 3 9 2 34 31 
Total - Remainder of Europe$736 $1,659 $1,867 $218 $4,480 $4,813 
Total$2,753 $4,272 $4,254 $860 $12,139 $11,956 
Investments in Municipal Bonds
At September 30, 2024, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 99 percent of the portfolio rated A or higher.
The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:
September 30, 2024
(in millions)State
General
Obligation
Local
General
Obligation
RevenueTotal
Fair
Value
December 31, 2023
Total Fair Value
California$215 $186 $480 $881 $903 
New York43 115 544 702 746 
Texas1 253 189 443 490 
Illinois27 43 191 261 301 
Massachusetts53 20 163 236 209 
Florida4  227 231 227 
Pennsylvania58 1 141 200 203 
Connecticut58 3 88 149 109 
New Jersey3 2 135 140 200 
Georgia67 26 38 131 159 
Ohio12  75 87 89 
Hawaii79  7 86 89 
Oregon20 40 25 85 83 
All other states
118 32 869 1,019 1,025 
Total
$758 $721 $3,172 $4,651 $4,833 
Investments in Corporate Debt Securities
The following table presents the fair value of our available for sale corporate debt securities by industry categories:
Industry Category
(in millions)September 30, 2024December 31, 2023
Financial institutions:
Money center/Global bank groups$4,553 $5,153 
Regional banks – other216 222 
Life insurance717 617 
Securities firms and other finance companies654 296 
Insurance non-life419 938 
Regional banks – North America1,999 2,029 
Other financial institutions4,598 3,152 
Utilities2,873 2,989 
Communications1,992 2,111 
Consumer noncyclical3,067 3,436 
Capital goods1,762 1,552 
Energy1,658 1,672 
Consumer cyclical3,430 3,049 
Basic materials1,749 1,141 
Other3,347 3,989 
Total*$33,034 $32,346 
*At September 30, 2024 and December 31, 2023, approximately 91 percent and 90 percent, respectively, of these investments were rated investment grade.
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Investments in RMBS
The following table presents the fair value of AIG’s RMBS available for sale securities:
(in millions)September 30, 2024December 31, 2023
Agency RMBS$3,026 $2,827 
Alt-A RMBS1,421 1,338 
Subprime RMBS308 323 
Prime non-agency793 580 
Other housing related871 1,139 
Total RMBS(a)(b)
$6,419 $6,207 
(a)Includes approximately $1.3 billion and $1.3 billion at September 30, 2024 and December 31, 2023, respectively, of certain RMBS that had experienced deterioration in credit quality since their origination. This excludes impact of U.S. debt downgrade of Fannie Mae and Freddie Mac. For additional information on purchased credit deteriorated securities, see Note 6 to the Condensed Consolidated Financial Statements.
(b)The weighted average expected life was six years and seven years at September 30, 2024 and December 31, 2023, respectively.
Our investments guidelines for investing in RMBS, CLO and other asset-backed securities (ABS) take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics, and the level of credit enhancement in the transaction.
Investments in CMBS
The following table presents the fair value of our CMBS available for sale securities:
(in millions)September 30, 2024December 31, 2023
CMBS (traditional)$3,075$3,604
Agency766488
Other26555
Total$4,106$4,147
The fair value of CMBS holdings remained stable during the nine months ended September 30, 2024. The majority of our investments in CMBS are in tranches that contain substantial credit protection features through collateral subordination. The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and geographical areas.
Investments in CLO/ABS
The following table presents the fair value of our CLO/ABS available for sale securities by collateral type:
(in millions)September 30, 2024December 31, 2023
Collateral Type:
ABS$2,469 $1,827 
Bank loans2,054 3,090 
Other 
Total$4,523 $4,918 
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Unrealized Losses of Fixed Maturity Securities
The following table shows the aging of the unrealized losses of fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:
September 30, 2024Less Than or EqualGreater Than 20%Greater Than 50%
to 20% of Cost(b)
to 50% of Cost(b)
of Cost(b)
Total
Aging(a)
UnrealizedUnrealizedUnrealizedUnrealized
(dollars in millions)
Cost(c)
Loss
Items(d)
Cost(c)
Loss
Items(d)
Cost(c)
Loss
Items(d)
Cost(c)
Loss
Items(d)
Investment grade bonds
0-6 months$5,257 $68 1,610 $24 $$— $— $5,281 $74 1,618 
7-11 months957 44 307 96 24 — — 1,053 68 310 
12 months or more25,009 1,790 6,982 1,836 575 363 240 135 17 27,085 2,500 7,362 
Total$31,223 $1,902 8,899 $1,956 $605 371 $240 $135 20 $33,419 $2,642 9,290 
Below investment grade bonds
0-6 months$725 $25 448 $29 $31 $$13 $758 $37 492 
7-11 months70 32 — — — — — — 70 3 32 
12 months or more1,347 84 727 66 19 26 10 1,423 112 760 
Total$2,142 $112 1,207 $95 $28 57 $14 $12 20 $2,251 $152 1,284 
Total bonds
0-6 months$5,982 $93 2,058 $53 $15 37 $$15 $6,039 $111 2,110 
7-11 months1,027 47 339 96 24 — — 1,123 71 342 
12 months or more26,356 1,874 7,709 1,902 594 389 250 144 24 28,508 2,612 8,122 
Total
$33,365 $2,014 10,106 $2,051 $633 428 $254 $147 40 $35,670 $2,794 10,574 
(a)Represents the number of consecutive months that fair value has been less than cost by any amount.
(b)Represents the percentage by which fair value is less than cost.
(c)For bonds, represents amortized cost net of allowance.
(d)Item count is by CUSIP by subsidiary.
The allowance for credit losses was $3 million for investment grade bonds and $37 million for below investment grade bonds as of September 30, 2024.
Commercial Mortgage Loans
At September 30, 2024, we had direct commercial mortgage loan exposure of $3.7 billion.
The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:
Number
of Loans
ClassPercent
of Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
September 30, 2024
State:
California21 $94 $245 $30 $56 $33 $ $458 12 %
Texas20 78 243 2 31 22  376 10 
New York19 40 212 70 20 32  374 10 
Massachusetts9 94 149 49 7   299 8 
New Jersey21 125 7  50  10 192 5 
Florida11 67  63  38  168 5 
Illinois6 89 20     109 3 
Pennsylvania9 17 43 29 18   107 3 
Ohio5 62  30    92 2 
Washington5 49    11  60 2 
Other states34 153 47 74 47 12  333 9 
Foreign44 330 228 114 215 124 117 1,128 31 
Total*204 $1,198 $1,194 $461 $444 $272 $127 $3,696 100 %
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December 31, 2023
State:
California21 $89 $277 $32 $58 $33 $— $489 13 %
New York19 43 208 77 20 32 — 380 10 
Texas21 77 255 44 — — 378 10 
Massachusetts96 128 50 — — 281 
New Jersey21 111 20 55 — 10 204 
Florida11 60 — 64 38 — 171 
Illinois88 26 — — — — 114 
Ohio63 30 — — — 96 
Pennsylvania14 39 36 — — 94 
Colorado17 32 32 — — 87 
Other states37 206 20 64 40 16 — 346 
Foreign47 403 227 111 222 122 111 1,196 31 
Total*213 $1,267 $1,223 $518 $460 $247 $121 $3,836 100 %
*Does not reflect allowance for credit losses.
For additional information on commercial mortgage loans, see Note 7 to the Condensed Consolidated Financial Statements and Note 7 to the Consolidated Financial Statements in the 2023 Annual Report.
Net Realized Gains and Losses
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re
Funds
Withheld
Assets
TotalExcluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(66)$(18)$(84)$(152)$(4)$(156)
Change in allowance for credit losses on fixed maturity securities1 (1) (7)— (7)
Change in allowance for credit losses on loans(3)(1)(4)(16)(13)
Foreign exchange transactions65 1 66 (30)(5)(35)
All other derivatives and hedge accounting7 (2)5 (20)(14)
Sales of alternative investments(18) (18)25 — 25 
Other22 3 25 11 (3)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative8 (18)(10)(189)(3)(192)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (157)(157)— 57 57 
Net realized gains (losses)$8 $(175)$(167)$(189)$54 $(135)
Nine Months Ended September 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re
Funds
Withheld
Assets
TotalExcluding
Fortitude
Re Funds
Withheld
Assets
Fortitude
Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(320)$(34)$(354)$(552)$(63)$(615)
Change in allowance for credit losses on fixed maturity securities(18)(1)(19)(31)— (31)
Change in allowance for credit losses on loans(23) (23)(23)(21)
Foreign exchange transactions176 (2)174 125 — 125 
All other derivatives and hedge accounting(62) (62)(133)— (133)
Sales of alternative investments(4)(1)(5)26 — 26 
Other13  13 17 (3)14 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(238)(38)(276)(571)(64)(635)
Net realized losses on Fortitude Re funds withheld embedded derivative (158)(158)— (25)(25)
Net realized gains (losses)$(238)$(196)$(434)$(571)$(89)$(660)
Higher Net realized gains excluding Fortitude Re funds withheld assets in the three months ended September 30, 2024 were primarily due to lower losses on sales of fixed maturity securities, higher gains on foreign exchange transactions and all other derivatives and hedge accounting compared to the prior year period. Lower Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2024 compared to 2023 were primarily due to lower losses on sales of fixed maturity securities and higher derivatives gains compared to the prior year period.
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Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 8 to the Condensed Consolidated Financial Statements.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
Change in Unrealized Gains and Losses on Investments
The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2024 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2024, net unrealized gains related to fixed maturity securities were $1.6 billion due primarily to lower interest rates and narrowing of credit spreads. For the nine months ended September 30, 2024, net unrealized gains were $1.5 billion due to lower interest rates and narrowing of credit spreads.
The change in net unrealized gains and losses on investments in the three and nine months ended September 30, 2023 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended September 30, 2023, net unrealized losses related to fixed maturity securities were $670 million due primarily to an increase in interest rates. For the nine months ended September 30, 2023, net unrealized gains were $159 million primarily due to widening of credit spreads.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
Insurance Reserves
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
The following table presents the components of our gross and net loss reserves by segment and major lines of business(a):
September 30, 2024December 31, 2023
(in millions)Net liability for
unpaid losses
and loss
adjustment
expenses
Reinsurance
recoverable on
unpaid losses and
loss adjustment
expenses
Gross liability
for unpaid
losses and loss
adjustment expenses
Net liability for
unpaid losses
and loss
adjustment
expenses
Reinsurance
recoverable on
unpaid losses and
loss adjustment
expenses
Gross liability
for unpaid
losses and loss
adjustment expenses
General Insurance:
U.S. Workers' Compensation (net of discount)$2,598 $4,087 $6,685 $2,655 $4,099 $6,754 
U.S. Excess Casualty3,241 3,258 6,499 3,321 3,272 6,593 
U.S. Other Casualty4,289 3,599 7,888 4,112 3,676 7,788 
U.S. Financial Lines5,519 1,729 7,248 5,672 1,622 7,294 
U.S. Property and Special Risks4,218 1,357 5,575 4,403 1,494 5,897 
U.S. Personal Insurance838 2,098 2,936 767 2,163 2,930 
UK/Europe Casualty and Financial Lines8,021 2,075 10,096 7,447 1,951 9,398 
UK/Europe Property and Special Risks3,095 1,819 4,914 2,913 1,665 4,578 
UK/Europe and Japan Personal Insurance1,432 692 2,124 1,483 671 2,154 
Other product lines(b)
5,512 5,134 10,646 5,416 5,182 10,598 
Unallocated loss adjustment expenses(b)
1,711 659 2,370 1,298 841 2,139 
Total General Insurance40,474 26,507 66,981 39,487 26,636 66,123 
Other Operations Run-Off:
U.S. run-off long tail insurance lines (net of discount)277 3,229 3,506 283 3,360 3,643 
Other run-off product lines225 64 289 228 60 288 
Blackboard U.S. Holdings, Inc.50 115 165 91 119 210 
Unallocated loss adjustment expenses11 114 125 15 114 129 
Total Other Operations Run-Off563 3,522 4,085 617 3,653 4,270 
Total$41,037 $30,029 $71,066 $40,104 $30,289 $70,393 
(a)Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 30, 2024 and December 31, 2023, respectively. For information regarding loss reserve discount, see Note 12 to the Condensed Consolidated Financial Statements.
(b)Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.7 billion and $2.9 billion at September 30, 2024 and December 31, 2023, respectively.
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Prior Year Development
The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
General Insurance:
North America$(63)$(154)$(165)$(408)
International(90)15 (101)86 
Total General Insurance*$(153)$(139)$(266)$(322)
Other Operations Run-Off2 (3)2 (3)
Total prior year favorable development$(151)$(142)$(264)$(325)
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $34 million and $41 million for the three months ended September 30, 2024 and 2023, respectively, and $102 million and $123 million for the nine months ended September 30, 2024 and 2023, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $304 million and $(145) million for the three months ended September 30, 2024 and 2023, respectively, and $241 million and $(178) million for the nine months ended September 30, 2024 and 2023, respectively. Also excludes the related changes in amortization of the deferred gain, which were $178 million and $(68) million for the three months ended September 30, 2024 and 2023, respectively, and $175 million and $(65) million for the nine months ended September 30, 2024 and 2023, respectively.
Net Loss Development
In the three months ended September 30, 2024, we recognized favorable prior year loss reserve development of $151 million. The key components of this development were:
North America
Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.
Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.
Amortization benefit related to the deferred gain on the adverse development cover.
Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.
International
Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development in Energy, Marine and Aviation lines.
Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.
Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.
Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.
In the nine months ended September 30, 2024, we recognized favorable prior year loss reserve development of $264 million. The key components of this development were:
North America
Favorable development on our U.S. Workers' Compensation reflecting continued favorable loss experience.
Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.
Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.
Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.
Favorable development on U.S. Other Casualty, reflecting favorability across numerous Casualty reserving classes, partially offset by unfavorable development on Commercial Auto and Wholesale Primary General Liability.
Amortization benefit related to the deferred gain on the adverse development cover.

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International
Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development across multiple lines.
Adverse development on UK/Europe Casualty and Financial Lines driven by unfavorable development in UK Financial Lines partially offset by favorable development in EMEA Financial Lines, and unfavorable development in European Excess Casualty driven by claim-specific emergence on accident year 2016.
Favorable development on UK/Europe Property and Special Risks reflecting favorable development across a majority of regions.
Favorable development on UK/Europe and Japan Personal Insurance primarily driven by Japan A&H and Auto, partially offset by unfavorable Personal Auto in EMEA.
In the three months ended September 30, 2023, we recognized favorable prior year loss reserve development of $142 million. The key components of this development were:
North America
Favorable development on our U.S. Workers' Compensation business reflecting continued favorable loss experience.
Amortization benefit related to the deferred gain on the adverse development cover.
International
Unfavorable development in UK/Europe Casualty and UK Financial Lines reflecting unfavorable loss experience.
In the nine months ended September 30, 2023, we recognized favorable prior year loss reserve development of $325 million. The key components of this development were:
North America
Favorable development on U.S. Workers' Compensation business reflecting continued favorable loss experience.
Favorable development in U.S. Other Casualty reflecting favorable experience in Primary Casualty.
Amortization benefit related to the deferred gain on the adverse development cover.
Favorable development in U.S. Property and Special Risks reflecting favorable attritional loss experience along with favorable development on prior year catastrophes.
International
Unfavorable development in UK/Europe Casualty and UK Financial Lines reflecting unfavorable loss experience.
Favorable development on Japan Personal Insurance reflecting favorable loss experience.
Unfavorable development on prior year catastrophes.
The following tables summarize incurred (favorable) unfavorable prior year development net of reinsurance, by segment and major lines of business, and by accident year groupings:
Three Months Ended September 30, 2024
(in millions)Total20232022 & Prior
General Insurance North America:
U.S. Workers' Compensation$(11)$ $(11)
U.S. Excess Casualty72 4 68 
U.S. Other Casualty(2) (2)
U.S. Financial Lines(32) (32)
U.S. Property and Special Risks(53)(51)(2)
U.S. Personal Insurance(1)(10)9 
Other Product Lines(36)13 (49)
Total General Insurance North America$(63)$(44)$(19)
General Insurance International:
UK/Europe Casualty and Financial Lines$181 $(4)$185 
UK/Europe Property and Special Risks(44)(3)(41)
UK/Europe and Japan Personal Insurance(33)2 (35)
Other Product Lines(194)(40)(154)
Total General Insurance International$(90)$(45)$(45)
Other Operations Run-Off2  2 
Total Prior Year (Favorable) Unfavorable Development$(151)$(89)$(62)
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Three Months Ended September 30, 2023
(in millions)Total20222021 & Prior
General Insurance North America:
U.S. Workers' Compensation$(81)$(8)$(73)
U.S. Excess Casualty(40)— (40)
U.S. Other Casualty(5)(7)
U.S. Financial Lines24 — 24 
U.S. Property and Special Risks10 (43)53 
U.S. Personal Insurance(10)(9)(1)
Other Product Lines(52)(9)(43)
Total General Insurance North America$(154)$(67)$(87)
General Insurance International:
UK/Europe Casualty and Financial Lines$104 $(45)$149 
UK/Europe Property and Special Risks(28)43 (71)
UK/Europe and Japan Personal Insurance(38)(28)(10)
Other Product Lines(23)114 (137)
Total General Insurance International$15 $84 $(69)
Other Operations Run-Off(3)— (3)
Total Prior Year (Favorable) Unfavorable Development$(142)$17 $(159)
Nine Months Ended September 30, 2024
(in millions)Total20232022 & Prior
General Insurance North America:
U.S. Workers' Compensation$(102)$(26)$(76)
U.S. Excess Casualty86 4 82 
U.S. Other Casualty(27)12 (39)
U.S. Financial Lines(42) (42)
U.S. Property and Special Risks(43)(51)8 
U.S. Personal Insurance(1)(10)9 
Other Product Lines(36)13 (49)
Total General Insurance North America$(165)$(58)$(107)
General Insurance International:
UK/Europe Casualty and Financial Lines$181 $(4)$185 
UK/Europe Property and Special Risks(44)1 (45)
UK/Europe and Japan Personal Insurance(33)2 (35)
Other Product Lines(205)(40)(165)
Total General Insurance International$(101)$(41)$(60)
Other Operations Run-Off2  2 
Total Prior Year (Favorable) Unfavorable Development$(264)$(99)$(165)
Nine Months Ended September 30, 2023
(in millions)Total20222021 & Prior
General Insurance North America:
U.S. Workers' Compensation$(166)$(7)$(159)
U.S. Excess Casualty(38)— (38)
U.S. Other Casualty(122)(125)
U.S. Financial Lines25 — 25 
U.S. Property and Special Risks(23)54 (77)
U.S. Personal Insurance(18)(21)
Other Product Lines(66)(56)(10)
Total General Insurance North America$(408)$(3)$(405)
General Insurance International:
UK/Europe Casualty and Financial Lines$176 $(34)$210 
UK/Europe Property and Special Risks— 105 (105)
UK/Europe and Japan Personal Insurance(44)(30)(14)
Other Product Lines(46)88 (134)
Total General Insurance International$86 $129 $(43)
Other Operations Run-Off(3)— (3)
Total Prior Year (Favorable) Unfavorable Development$(325)$126 $(451)
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We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.
Significant Reinsurance Agreements
In the first quarter of 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.
For a description of AIG’s catastrophe reinsurance protection for 2023, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risks – General Insurance Companies’ Key Risks – Natural Catastrophe Risk in the 2023 Annual Report.
The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.
(in millions)September 30, 2024December 31, 2023
Gross Covered Losses
Covered reserves before discount$10,127 $10,849 
Inception to date losses paid31,181 30,157 
Attachment point(25,000)(25,000)
Covered losses above attachment point$16,308 $16,006 
Deferred Gain Development
Covered losses above attachment ceded to NICO (80%)$13,046 $12,805 
Consideration paid including interest(10,188)(10,188)
Pre-tax deferred gain before discount and amortization2,858 2,617 
Discount on ceded losses(a)
(1,004)(1,104)
Pre-tax deferred gain before amortization1,854 1,513 
Inception to date amortization of deferred gain at inception(1,530)(1,428)
Inception to date amortization attributed to changes in deferred gain(b)
(64)64 
Deferred gain liability reflected in AIG's balance sheet$260 $149 
(a)The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.
(b)Excluded from APTI.
The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2024202320242023
Balance at beginning of period, net of discount$143 $196 $149 $205 
(Favorable) unfavorable prior year reserve development ceded to NICO(a)
304 (145)241 (178)
Amortization attributed to deferred gain at inception(b)
(34)(41)(102)(123)
Amortization attributed to changes in deferred gain(c)
(175)77 (128)87 
Changes in discount on ceded loss reserves22 24 100 120 
Balance at end of period, net of discount$260 $111 $260 $111 
(a)Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.
(b)Represents amortization of the deferred gain recognized in APTI.
(c)Excluded from APTI.

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The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of September 30, 2024, $3.5 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources
OVERVIEW
Liquidity refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.
For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management – Risk Appetite, Limits, Identification and Measurement and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk Management in the 2023 Annual Report.
We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.
For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. – Risk Factors – Liquidity, Capital and Credit in the 2023 Annual Report.
Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG Common Stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.
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LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS
  SOURCES
Liquidity to AIG Parent from Subsidiaries
During the nine months ended September 30, 2024, our General Insurance companies distributed dividends of $2.9 billion to AIG Parent or applicable intermediate holding companies.
Sales of Corebridge Shares by AIG
In June and July 2024, we sold an aggregate of approximately 31.9 million shares of Corebridge common stock in a secondary offering at a public offering price of $29.20 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate gross proceeds to AIG Parent were approximately $932 million.
In August 2024, we sold approximately 8 million shares of Corebridge common stock to Corebridge at the per share purchase price of $24.90. The aggregate proceeds to AIG Parent were $200 million.
In September 2024, we sold 5 million shares of Corebridge common stock in a Rule 144 transaction at the per share purchase price of $26.86. The aggregate proceeds to AIG Parent were approximately $134 million.
  USES
General Borrowings(a)
During the nine months ended September 30, 2024, $509 million of debt categorized as general borrowings matured, was repaid or redeemed, including:
Repayment of $459 million aggregate principal amount of our 4.125% Notes due February 15, 2024.
Redemption of €41.55 million aggregate principal amount of our Series A-3 Junior Subordinated Debentures, equivalent to approximately $46 million at the time of repayment.
We made interest payments on our general borrowings totaling $335 million during the nine months ended September 30, 2024.
Dividends
During the nine months ended September 30, 2024:
We made a cash dividend payment of $365.625 per share on our Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) for the three months ended March 31, 2024 totaling $7 million. On March 15, 2024, we redeemed all 20,000 outstanding shares of our Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock for an aggregate redemption price of $500 million, paid in cash.
We made cash dividend payments in the amount of $0.40 per share on AIG Common Stock for each of the three month periods ended September 30, 2024 and June 30, 2024 (an increase of 11 percent from prior dividend payments), and $0.36 per share for the three months ended March 31, 2024, totaling $758 million.
Repurchases of Common Stock(b)
During the nine months ended September 30, 2024, AIG Parent repurchased approximately 65 million shares of AIG Common Stock, for an aggregate purchase price of approximately $4.8 billion.
(a)On October 21, 2024, we announced that we will redeem all of our outstanding Zero Coupon Callable Notes Due 2047 (the Notes) on November 22, 2024 (the Redemption Date) for a redemption price equal to 135.631% of the face amount of the Notes outstanding on such Redemption Date. As of October 21, 2024, $400,000,000 face amount of the Notes was outstanding.
(b)Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from October 1, 2024 to October 30, 2024, AIG Parent repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of approximately $500 million.
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ANALYSIS OF SOURCES AND USES OF CASH
Operating Cash Flow Activities
Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of our investment portfolio and operating expense discipline.
Interest payments totaled $581 million and $745 million in the nine months ended September 30, 2024 and 2023, respectively. Excluding interest payments, AIG had operating cash inflows of $3.7 billion, including $104 million outflow from discontinued operations, in the nine months ended September 30, 2024 compared to operating cash inflows of $5.4 billion, including $119 million outflow from discontinued operations, in the prior year period.
Investing Cash Flow Activities
Net cash used in investing activities in the nine months ended September 30, 2024 was $1.0 billion, including $4.2 billion used in discontinued operations, compared to net cash used in investing activities of $4.1 billion, including $2.5 billion from discontinued operations, in the prior year period.
Financing Cash Flow Activities
Net cash used in financing activities in the nine months ended September 30, 2024 totaled $2.1 billion, reflecting:
$758 million to pay dividends of $0.40 per share in each of the three month periods ended September 30, 2024 and June 30, 2024, and $0.36 per share for the three months ended March 31, 2024 on AIG Common Stock;
$22 million to pay a first quarter dividend of $365.625 per share on AIG’s Series A Preferred Stock and redemption premiums;
$4.8 billion to repurchase approximately 65 million shares of AIG Common Stock;
$509 million in net outflows from the issuance and repayment of long-term debt; and
$4.4 billion in net inflows from discontinued operations.
Net cash used in financing activities in the nine months ended September 30, 2023 totaled $239 million reflecting:
$748 million to pay dividends of $0.36 per share in the three months ended September 30, 2023 and June 30, 2023, and $0.32 per share for the three months ended March 31, 2023 on AIG Common Stock;
$22 million to pay quarterly dividends of $365.625 per share on AIG’s Series A Preferred Stock;
$1.9 billion to repurchase approximately 35 million shares of AIG Common Stock;
$67 million in net inflows from the issuance and repayment of long-term debt;
$6 million in net outflows from the issuance and repayment of debt of consolidated investment entities; and
$1.8 billion in net inflows from discontinued operations.
LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES
AIG Parent
As of September 30, 2024 and December 31, 2023, respectively, AIG Parent and applicable intermediate holding companies had approximately $7.2 billion and $12.1 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion as of September 30, 2024 and $4.5 billion as of December 31, 2023. AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent’s primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.
We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.
Insurance Companies
We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.
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Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies’ liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding. The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements.
Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.
We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown of these letters of credit. Letters of credit issued in support of our insurance companies totaled approximately $2.3 billion at September 30, 2024.
CREDIT FACILITIES
We maintain a syndicated, multicurrency revolving credit facility as a potential source of liquidity for general corporate purposes. On September 27, 2024, we amended and restated the five-year syndicated credit facility that was entered into on November 19, 2021 (the Previous Facility). The amended and restated five-year syndicated credit facility (the Facility) provides for aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion (the Previous Facility was up to $4.5 billion). The Facility is scheduled to expire in September 2029 (the Previous Facility was scheduled to expire in November 2026).
Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.
As of September 30, 2024, a total of $3.0 billion remained available under the Facility.
CONTRACTUAL OBLIGATIONS
As of September 30, 2024, other than obligations associated with Corebridge, which are no longer considered obligations of AIG as a result of deconsolidation, there have been no material changes in our contractual obligations from December 31, 2023, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2023 Annual Report.
OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
As of September 30, 2024, other than off-balance sheet arrangements and commercial commitments associated with Corebridge, which are no longer considered obligations of AIG as a result of deconsolidation, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2023, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2023 Annual Report.
DEBT
We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.
The following table provides the rollforward of our total debt outstanding:
Nine Months Ended September 30, 2024Balance,
Beginning
of Year
IssuancesMaturities
and
Repayments
Effect of
Foreign
Exchange
Other
Changes
Balance,
End of
Period
(in millions)
Debt issued or guaranteed:
General borrowings:
Notes and bonds payable$9,079 $— $(459)$$20 $8,649 
Junior subordinated debt992 — (50)— — 942 
AIG Japan Holdings Kabushiki Kaisha267 — — (4)— 263 
Total general borrowings10,338 — (509)20 9,854 
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Nine Months Ended September 30, 2024Balance,
Beginning
of Year
IssuancesMaturities
and
Repayments
Effect of
Foreign
Exchange
Other
Changes
Balance,
End of
Period
(in millions)
Borrowings supported by assets:
Notes and bonds payable19 — — — — 19 
Series AIGFP matched notes and bonds payable18 — — — — 18 
Total borrowings supported by assets37 — — — — 37 
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG— — — — 1 
Total long-term debt$10,375 $$(509)$$20 $9,892 
Debt of consolidated investment entities - not guaranteed by AIG(a)
$231 $— (1)— (68)
(b)
$162 
(a)At September 30, 2024, includes debt of consolidated investment entities primarily related to real estate investments of $162 million. At December 31, 2023, includes debt of consolidated investment entities related to real estate investments of $79 million and other securitization vehicles of $152 million.
(b)Includes the effect of consolidating previously unconsolidated partnerships.
Debt Maturities
The following table summarizes maturing long-term debt at September 30, 2024 of AIG for the next four quarters:
Fourth
Quarter
First
Quarter
Second
Quarter
Third
Quarter
(in millions)2024202520252025Total
General borrowings$— $263 $146 $— $409 

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
September 30, 2024Year Ending
(in millions)Total20252026202720282029Thereafter
Debt issued or guaranteed:
General borrowings:
Notes and bonds payable(a)
$8,649 $146 $267 $914 $340 $191 $6,791 
Junior subordinated debt942 — — — — — 942 
AIG Japan Holdings Kabushiki Kaisha263 263 — — — — — 
Total general borrowings9,854 409 267 914 340 191 7,733 
Borrowings supported by assets:
Notes and bonds payable19 12 — — — — 
Series AIGFP matched notes and bonds payable18 — — — — — 18 
Total borrowings supported by assets37 12 7    18 
Total debt issued or guaranteed9,891 421 274 914 340 191 7,751 
Other subsidiaries notes, bonds, loans and mortgages payable1 — — — — — 
Total(b)
$9,892 $421 $274 $914 $341 $191 $7,751 
(a)On October 21, 2024, AIG announced that we will redeem all of our outstanding Zero Coupon Callable Notes Due 2047 (the Notes) on November 22, 2024 (the Redemption Date) for a redemption price equal to 135.631% of the face amount of the Notes outstanding on such Redemption Date. As of October 21, 2024, $400,000,000 face amount of the Notes was outstanding.
(b)Does not reflect $162 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.
CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency’s rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.

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Short-Term DebtSenior Long-Term Debt
Moody'sS&P
Moody's(a)
S&P(b)
Fitch(c)
American International Group, Inc.
P-2 (2nd of 4)A-2 (2nd of 5)
Baa 2 (4th of 9) / Positive
BBB+ (4th of 9) /
Positive
BBB+ (4th of 9) /
Stable
(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(c)Fitch Ratings Inc. (Fitch) ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.
The actual amount of collateral that we would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.
FINANCIAL STRENGTH RATINGS
Financial Strength ratings estimate an insurance company’s ability to pay its obligations under an insurance policy. The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.
A.M. BestS&PFitchMoody’s
National Union Fire Insurance Company of Pittsburgh, Pa.AA+A+A2
Lexington Insurance CompanyAA+A+A2
American Home Assurance CompanyAA+A+A2
AIG Europe S.A.NRA+NRA2
American International Group UK Ltd.AA+NRA2
AIG General Insurance Co. Ltd.NRA+NRNR
In February 2024, S&P revised its outlook on AIG Parent and its core General Insurance subsidiaries to positive from stable and affirmed the ‘BBB+/A-2’ issuer credit ratings on AIG Parent and ‘A+’ financial strength ratings on the core General Insurance entities.
On January 26, 2024, A.M. Best upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) of AIG General Insurance subsidiaries to ‘a+’ from ‘a’, the Long-Term ICR of AIG Parent to ‘bbb+’ from ‘bbb’, and revised the outlook of the Long-Term ICRs to stable from positive. A.M. Best also affirmed the 'A' Financial Strength Rating of the AIG General Insurance subsidiaries with stable outlook.
These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance or reinsurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2023 Annual Report and Note 11 to the Condensed Consolidated Financial Statements.
REGULATION AND SUPERVISION
For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2023 Annual Report, and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.
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DIVIDENDS
On November 4, 2024, our Board of Directors declared a cash dividend on AIG Common Stock of $0.40 per share, payable on December 30, 2024 to shareholders of record on December 16, 2024.
The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors. For further detail on our dividends, see Note 14 to the Condensed Consolidated Financial Statements.
REPURCHASES OF AIG COMMON STOCK
Our Board of Directors has authorized the repurchase of shares of AIG Common Stock through a series of actions. On April 30, 2024, the Board of Directors authorized the repurchase of $10.0 billion of AIG Common Stock (inclusive of the approximately $3.9 billion remaining under the Board's prior share repurchase authorization). During the nine months ended September 30, 2024, AIG Parent repurchased approximately 65 million shares of AIG Common Stock for an aggregate purchase price of $4.8 billion. Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2024 to October 30, 2024, we repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of approximately $500 million. As of October 30, 2024, $7.0 billion remained under the Board's authorization.
The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 14 to the Condensed Consolidated Financial Statements.
DIVIDEND RESTRICTIONS
Payments of dividends to AIG Parent or intermediate holding companies by its insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities.
For information regarding restrictions on payments of dividends by our subsidiaries, see Note 14 to the Condensed Consolidated Financial Statements.

Enterprise Risk Management
Risk management includes the identification and measurement of various forms of risk, the establishment of risk thresholds and the creation of processes intended to maintain risks within these thresholds while optimizing returns.
OVERVIEW
Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our Enterprise Risk Management (ERM) Department oversees and integrates the risk management functions in each of our business units, providing senior management with a consolidated view of AIG’s major risk positions. ERM embeds risk management in our key day-to-day business processes. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. For further information regarding the risks associated with our business and operations, see Part II, Item 1A. Risk Factors.
AIG employs a Three Lines of Defense model. AIG’s business leaders assume full accountability for the risks and controls in their segments, and ERM performs a review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.
For additional information on AIG’s risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2023 Annual Report.
The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of September 30, 2024, other than the elimination of market risk sensitive data as a result of the deconsolidation of Corebridge, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2023 Annual Report. See Part I, Item 1A. Risk Factors in the 2023 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.
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Glossary


Glossary
Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.
Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Acquisition ratio Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.
Adjusted revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income for GAAP purposes), changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes) and income from elimination of the international reporting lag. Adjusted revenues is a GAAP measure for our segments.
Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.
Book Value per share, excluding Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis. Tangible book value per share is derived by dividing Total AIG common shareholders’ equity, excluding intangible assets (AIG tangible common shareholders’ equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude only the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs) and corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Book value per share, excluding investments related cumulative unrealized gains and losses in accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common equity) by total common shares outstanding.
Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.
Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.
Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.
DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.
Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.
Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.
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Glossary

General operating expense ratio General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.
IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.
ISDA Master Agreement An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.
Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.
Loss Adjustment Expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.
Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.
Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.
Loss reserves Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.
Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold.
Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.
Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.
Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.
Prior year development See Loss reserve development.
RBC Risk-Based Capital A formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.
Reinstatement premiums Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.
Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.
Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.
Retroactive reinsurance See Deferred gain on retroactive reinsurance.
Return on Equity – Adjusted After-tax Income, Excluding Goodwill, VOBA, VODA and Other Intangible assets (Return on tangible equity) is used to show the return on AIG tangible common shareholder’s equity, which we believe is a useful measure of realizable shareholder value. We exclude Goodwill, VOBA, VODA and Other intangible assets from AIG common shareholders’ equity to derive AIG tangible common shareholders’ equity. Return on AIG tangible common equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG tangible common equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
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Glossary

Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude only the portion of DTA representing U.S. tax attributes related to NOLs and CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. This metric will provide greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.
VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

Acronyms
A&HAccident and Health InsuranceISDAInternational Swaps and Derivatives Association, Inc.
ABSAsset-Backed SecuritiesMoody'sMoody's Investors' Service Inc.
APTIAdjusted pre-tax incomeNAICNational Association of Insurance Commissioners
CDSCredit Default SwapNMNot Meaningful
CLOCollateralized Loan ObligationsORRObligor Risk Ratings
CMBSCommercial Mortgage-Backed SecuritiesRMBSResidential Mortgage-Backed Securities
ERMEnterprise Risk ManagementS&PStandard & Poor's Financial Services LLC
FASBFinancial Accounting Standards BoardSECSecurities and Exchange Commission
GAAPAccounting Principles Generally Accepted in the United States of AmericaVIEVariable Interest Entity

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ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk
The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2024. Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2024.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II – Other Information
ITEM 1 | Legal Proceedings
For a discussion of legal proceedings, see Note 13 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in our 2023 Annual Report and Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2024.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended September 30, 2024:
PeriodTotal Number
of Shares
Repurchased
Average Price
Paid per Share*
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans
or Programs (in millions)
July 1-316,991,177 $76.73 6,991,177 $8,423 
August 1-316,975,234 73.43 6,975,234 7,911 
September 1-306,181,836 73.53 6,181,836 7,456 
Total20,148,247 $74.60 20,148,247 $7,456 
*Excludes excise tax of $50 million due to the Inflation Reduction Act of 2022 for the nine months ended September 30, 2024.
During the three months ended September 30, 2024, AIG Parent repurchased approximately 20 million shares of AIG Common Stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $1.5 billion. From October 1, 2024 to October 30, 2024, we repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of approximately $500 million. On April 30, 2024, the Board of Directors authorized the repurchase of $10.0 billion of AIG Common Stock (inclusive of the approximately $3.9 billion remaining under the Board's prior share repurchase authorization).
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

ITEM 5 | Other Information
Not applicable.

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ITEM 6 | Exhibits
Exhibit Index
Exhibit
Number
Description
Location
10Filed herewith.
Filed herewith.
Filed herewith.
22Guaranteed SecuritiesNone.
31Filed herewith.
32Filed herewith.
101
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 and (vi) the Notes to the Condensed Consolidated Financial Statements
Filed herewith.
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)Filed herewith.
*Certain schedules and other similar attachments to this exhibit have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. The Company will provide a copy of such omitted documents to the Securities and Exchange Commission upon request.
** This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
/S/ SABRA R. PURTILL
Sabra R. Purtill
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/S/ KATHLEEN CARBONE
Kathleen Carbone
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)


Dated: November 7, 2024
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