AMERICAN INTERNATIONAL GROUP INC
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
Contents
Debt
AIG expects 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.
For additional information on GIAs and associated collateral posted, see Note 6 to the Consolidated Financial Statements.
The following table provides the rollforward of AIG’s total debt outstanding:
| Year Ended December 31, 2023 | Balance,Beginningof Year | Issuances | MaturitiesandRepayments | Effect ofForeignExchange | OtherChanges | Balance,End ofYear |
|---|---|---|---|---|---|---|
| (in millions) | ||||||
| Debt issued or guaranteed by AIG: | ||||||
| AIG general borrowings: | ||||||
| Notes and bonds payable | $10,242 | $742 | $(1,975) | $40 | $30 | $9,079 |
| Junior subordinated debt | 991 | — | — | 1 | — | 992 |
| AIG Japan Holdings Kabushiki Kaisha | 273 | — | — | (6) | — | 267 |
| Validus notes and bonds payable | 269 | — | (266) | — | (3) | — |
| Total AIG general borrowings | 11,775 | 742 | (2,241) | 35 | 27 | 10,338 |
| AIG borrowings supported by assets: | ||||||
| AIG notes and bonds payable | 81 | — | (62) | — | — | 19 |
| Series AIGFP matched notes and bonds payable | 18 | — | — | — | — | 18 |
| Total AIG borrowings supported by assets | 99 | — | (62) | — | — | 37 |
| Total debt issued or guaranteed by AIG | 11,874 | 742 | (2,303) | 35 | 27 | 10,375 |
| Corebridge debt: | ||||||
| CRBGLH notes and bonds payable(a) | 200 | — | — | — | — | 200 |
| CRBGLH junior subordinated debt(a) | 227 | — | — | — | — | 227 |
| Corebridge senior unsecured notes - not guaranteed by AIG | 6,452 | 1,240 | — | — | 10 | 7,702 |
| Corebridge junior subordinated debt - not guaranteed by AIG | 989 | — | — | — | — | 989 |
| DDTL facility - not guaranteed by AIG | 1,500 | — | (1,250) | — | — | 250 |
| Total Corebridge debt | 9,368 | 1,240 | (1,250) | — | 10 | 9,368 |
| GIAs, at fair value - supported by Corebridge assets(b) | 56 | — | — | — | (3) | 53 |
| Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG | 1 | — | (1) | — | — | — |
| Total Short-term and long-term debt | $21,299 | $1,982 | $(3,554) | $35 | $34 | $19,796 |
| Debt of consolidated investment entities - not guaranteed by AIG(c) | $5,880 | $225 | (606) | 34 | (2,942)(d) | $2,591 |
(a)We have entered into a guarantee reimbursement agreement with Corebridge and Corebridge Life Holdings, Inc. (CRBGLH) (formerly known as AIG Life Holdings, Inc.) which provides that Corebridge and CRBGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the CRBGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and CRBGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the CRBGLH debt when due, Corebridge and CRBGLH must collateralize an amount equal to 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 CRBGLH debt.
(b)Collateral posted to third parties was $63 million and $63 million at December 31, 2023 and 2022, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.
(c)At December 31, 2023, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $1.1 billion. At December 31, 2022, includes debt of consolidated investment entities related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion.
(d)Primarily relates to the sale of AIG Credit Management, LLC where certain consolidated investment entities were deconsolidated.
Debt Maturities
The following table summarizes maturing short-term and long-term debt at December 31, 2023 of AIG for the next four quarters:
| FirstQuarter · SecondQuarter · ThirdQuarter · FourthQuarter | |||||
|---|---|---|---|---|---|
| (in millions) | 2024 | 2024 | 2024 | 2024 | Total |
| AIG general borrowings | $459 | $— | $— | $— | $459 |
| DDTL facility* | 250 | — | — | — | 250 |
| Total | $709 | $— | $— | $— | $709 |
*Corebridge has the ability to further continue this borrowing through February 25, 2025.
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