AMERICAN INTERNATIONAL GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
AIG$77.75-3.9%Stored close · as of Nov 6, 2026
Contents
ITEM 1. Financial Statements
Condensed Consolidated Balance Sheets (unaudited)
| (in millions, except for share data) | March 31,2024 | December 31,2023 |
|---|---|---|
| Assets: | ||
| Investments: | ||
| Fixed maturity securities: | ||
| Bonds available for sale, at fair value, net of allowance for credit losses of $125 in 2024 and $162 in 2023 (amortized cost: 2024 - $255,067; 2023 - $253,035)* | $232,487 | $231,733 |
| Other bond securities, at fair value (See Note 6)* | 5,403 | 5,241 |
| Equity securities, at fair value (See Note 6)* | 797 | 728 |
| Mortgage and other loans receivable, net of allowance for credit losses of $38,501 in 2024 and $38,473 in 2023* | 52,475 | 51,553 |
| Other invested assets (portion measured at fair value: 2024 - $11,510; 2023 - $11,733)* | 15,977 | 16,217 |
| Short-term investments, including restricted cash of $4 in 2024 and $4 in 2023 (portion measured at fair value: 2024 - $8,487; 2023 - $10,772)* | 15,077 | 17,200 |
| Total investments | 322,216 | 322,672 |
| Cash* | 1,816 | 2,155 |
| Accrued investment income* | 2,698 | 2,588 |
| Premiums and other receivables, net of allowance for credit losses and disputes of $134 in 2024 and $139 in 2023 | 11,293 | 10,561 |
| Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2024 and $0 in 2023 | 29,732 | 30,612 |
| Reinsurance assets - other, net of allowance for credit losses and disputes of $224 in 2024 and $236 in 2023 | 38,833 | 36,914 |
| Deferred income taxes | 14,376 | 14,445 |
| Deferred policy acquisition costs | 12,111 | 12,085 |
| Market risk benefit assets, at fair value | 1,172 | 912 |
| Other assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023, including restricted cash of $43 in 2024 and $45 in 2023 (portion measured at fair value: 2024 - $705; 2023 - $754)* | 12,313 | 13,089 |
| Separate account assets, at fair value | 95,173 | 91,005 |
| Assets held for sale | 2,388 | 2,268 |
| Total assets | $544,121 | $539,306 |
| Liabilities: | ||
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2024 and $14 in 2023 | $70,060 | $70,393 |
| Unearned premiums | 17,831 | 17,387 |
| Future policy benefits for life and accident and health insurance contracts | 58,985 | 58,576 |
| Policyholder contract deposits (portion measured at fair value: 2024 - $8,613; 2023 - $7,997) | 163,698 | 161,979 |
| Market risk benefit liabilities, at fair value | 5,167 | 5,705 |
| Other policyholder funds | 3,315 | 3,356 |
| Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $(1,364); 2023 - $(1,226)) | 28,789 | 29,484 |
| Other liabilities (portion measured at fair value: 2024 - $493; 2023 - $624)* | 28,245 | 25,958 |
| Short-term and long-term debt, of which $250 and $250 is short-term debt in 2024 and 2023 (portion measured at fair value: 2024 - $68; 2023 - $53) | 19,318 | 19,796 |
| Debt of consolidated investment entities* | 2,617 | 2,591 |
| Separate account liabilities | 95,173 | 91,005 |
| Liabilities held for sale | 1,813 | 1,775 |
| Total liabilities | 495,011 | 488,005 |
| Contingencies, commitments and guarantees (See Note 15) | ||
| AIG shareholders’ equity: | ||
| Series A non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: 2024 - 0 and 2023 - 20,000; liquidation preference $500 | — | 485 |
| Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2024 - 1,906,671,492 and 2023 - 1,906,671,492 | 4,766 | 4,766 |
| Treasury stock, at cost; 2024 - 1,235,652,452 shares; 2023 - 1,217,831,721 shares of common stock | (60,603) | (59,189) |
| Additional paid-in capital | 75,625 | 75,810 |
| Retained earnings | 38,466 | 37,516 |
| Accumulated other comprehensive loss | (14,869) | (14,037) |
| Total AIG shareholders’ equity | 43,385 | 45,351 |
| Non-redeemable noncontrolling interests | 5,725 | 5,950 |
| Total equity | 49,110 | 51,301 |
| Total liabilities and equity | $544,121 | $539,306 |
*See Note 10 for details of balances associated with variable interest entities.
| 2 | AIG | First Quarter 2024 Form 10-Q |
Condensed Consolidated Statements of Income (Loss) (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in millions, except per common share data) | 2024 | 2023 |
| Revenues: | ||
| Premiums | $8,167 | $8,481 |
| Policy fees | 714 | 698 |
| Net investment income: | ||
| Net investment income - excluding Fortitude Re funds withheld assets | 3,535 | 3,087 |
| Net investment income - Fortitude Re funds withheld assets | 369 | 446 |
| Total net investment income | 3,904 | 3,533 |
| Net realized gains (losses): | ||
| Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative | (258) | (713) |
| Net realized losses on Fortitude Re funds withheld assets | (179) | (31) |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | 13 | (1,165) |
| Total net realized losses | (424) | (1,909) |
| Other income | 217 | 181 |
| Total revenues | 12,578 | 10,984 |
| Benefits, losses and expenses: | ||
| Policyholder benefits and losses incurred (including remeasurement losses of $100 and $64 for the three months ended March 31, 2024, and 2023, respectively) | 6,320 | 6,397 |
| Change in the fair value of market risk benefits, net | (369) | 196 |
| Interest credited to policyholder account balances | 1,204 | 1,040 |
| Amortization of deferred policy acquisition costs | 1,104 | 1,293 |
| General operating and other expenses | 2,014 | 1,980 |
| Interest expense | 260 | 307 |
| Net (gain) loss on divestitures and other | (6) | 2 |
| Total benefits, losses and expenses | 10,527 | 11,215 |
| Income (loss) from continuing operations before income tax expense (benefit) | 2,051 | (231) |
| Income tax expense (benefit) | 451 | (144) |
| Income (loss) from continuing operations | 1,600 | (87) |
| Income (loss) from discontinued operations, net of income taxes | — | — |
| Net income (loss) | 1,600 | (87) |
| Less: Net income (loss) from continuing operations attributable to noncontrolling interests | 384 | (117) |
| Net income (loss) attributable to AIG | 1,216 | 30 |
| Less: Dividends on preferred stock and preferred stock redemption premiums | 22 | 7 |
| Net income (loss) attributable to AIG common shareholders | $1,194 | $23 |
| Income per common share attributable to AIG common shareholders: | ||
| Basic: | ||
| Income (loss) from continuing operations | $1.75 | $0.03 |
| Income from discontinued operations | $— | $— |
| Net income (loss) attributable to AIG common shareholders | $1.75 | $0.03 |
| Diluted: | ||
| Income (loss) from continuing operations | $1.74 | $0.03 |
| Income from discontinued operations | $— | $— |
| Net income (loss) attributable to AIG common shareholders | $1.74 | $0.03 |
| Weighted average shares outstanding: | ||
| Basic | 682,576,848 | 738,661,428 |
| Diluted | 687,961,518 | 744,099,186 |
| AIG | First Quarter 2024 Form 10-Q | 3 |
|---|
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (in millions) | 2024 | 2023 |
| Net income (loss) | $1,600 | $(87) |
| Other comprehensive income (loss), net of tax | ||
| Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 57 | 6 |
| Change in unrealized appreciation (depreciation) of all other investments | (1,290) | 4,252 |
| Change in fair value of market risk benefits attributable to changes in our own credit risk | (23) | 75 |
| Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 545 | (420) |
| Change in foreign currency translation adjustments | (353) | (28) |
| Change in retirement plan liabilities adjustment | 7 | 28 |
| Other comprehensive income (loss) | (1,057) | 3,913 |
| Comprehensive income (loss) | 543 | 3,826 |
| Comprehensive income (loss) attributable to noncontrolling interests | 86 | 509 |
| Comprehensive income (loss) attributable to AIG | $457 | $3,317 |
| 4 | AIG | First Quarter 2024 Form 10-Q |
Condensed Consolidated Statements of Equity (unaudited)
| (in millions, except per share data) | PreferredStock andAdditional Paid-inCapital | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | TotalAIGShare-holders'Equity | Non- redeemable Non-controlling Interests | Total Equity |
|---|---|---|---|---|---|---|---|---|---|
| Balance, beginning of the year | $485 | $4,766 | $(59,189) | $75,810 | $37,516 | $(14,037) | $45,351 | $5,950 | $51,301 |
| Common stock issued under stock plans | — | — | 268 | (295) | — | — | (27) | — | (27) |
| Redemption of preferred stock | (485) | — | — | — | — | — | (485) | — | (485) |
| Purchase of common stock | — | — | (1,682) | — | — | — | (1,682) | — | (1,682) |
| Net income attributable to AIG or noncontrolling interests | — | — | — | — | 1,216 | — | 1,216 | 384 | 1,600 |
| Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums | — | — | — | — | (22) | — | (22) | — | (22) |
| Dividends on common stock ($0.36 per share) | — | — | — | — | (243) | — | (243) | — | (243) |
| Other comprehensive loss | — | — | — | — | — | (759) | (759) | (298) | (1,057) |
| Net decrease due to divestitures and acquisitions | — | — | — | (10) | — | (73) | (83) | (202) | (285) |
| Contributions from noncontrolling interests | — | — | — | — | — | — | — | 11 | 11 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | (70) | (70) |
| Other | — | — | — | 120 | (1) | — | 119 | (50) | 69 |
| Balance, end of period | $— | $4,766 | $(60,603) | $75,625 | $38,466 | $(14,869) | $43,385 | $5,725 | $49,110 |
| Balance, beginning of year | $485 | $4,766 | $(56,473) | $79,915 | $34,893 | $(22,616) | $40,970 | $2,484 | $43,454 |
| Common stock issued under stock plans | — | — | 219 | (366) | — | — | (147) | — | (147) |
| Purchase of common stock | — | — | (603) | — | — | — | (603) | — | (603) |
| Net income (loss) attributable to AIG or noncontrolling interests | — | — | — | — | 30 | — | 30 | (117) | (87) |
| Dividends on preferred stock ($365.625 per share) | — | — | — | — | (7) | — | (7) | — | (7) |
| Dividends on common stock ($0.32 per share) | — | — | — | — | (234) | — | (234) | — | (234) |
| Other comprehensive income | — | — | — | — | — | 3,287 | 3,287 | 626 | 3,913 |
| Contributions from noncontrolling interests | — | — | — | — | — | — | — | 16 | 16 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | (58) | (58) |
| Other | — | — | — | 13 | 8 | — | 21 | 38 | 59 |
| Balance, end of period | $485 | $4,766 | $(56,857) | $79,562 | $34,690 | $(19,329) | $43,317 | $2,989 | $46,306 |
| AIG | First Quarter 2024 Form 10-Q | 5 |
|---|
Condensed Consolidated Statements of Cash Flows (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income (loss) | $1,600 | $(87) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Noncash revenues, expenses, gains and losses included in income (loss): | ||
| Net losses on sales of securities available for sale and other assets | 452 | 450 |
| Net (gain) loss on divestitures and other | (6) | 2 |
| Unrealized (gains) losses in earnings - net | 403 | (112) |
| Change in the fair value of market risk benefits in earnings, net | (891) | 316 |
| Equity in (income) loss from equity method investments, net of dividends or distributions | 13 | (12) |
| Depreciation and other amortization | 913 | 1,186 |
| Impairments of assets | 26 | 11 |
| Changes in operating assets and liabilities: | ||
| Insurance reserves | 1,352 | 3,015 |
| Premiums and other receivables and payables - net | 29 | 641 |
| Reinsurance assets, net | (1,710) | (2,561) |
| Capitalization of deferred policy acquisition costs | (1,221) | (1,689) |
| Current and deferred income taxes - net | 367 | (200) |
| Other, net | (808) | (463) |
| Total adjustments | (1,081) | 584 |
| Net cash provided by operating activities | 519 | 497 |
| Cash flows from investing activities: | ||
| Proceeds from (payments for) | ||
| Sales or distributions of: | ||
| Available for sale securities | 5,595 | 10,676 |
| Other securities | 207 | 313 |
| Other invested assets | 561 | 413 |
| Divestitures, net | — | 32 |
| Maturities of fixed maturity securities available for sale | 4,957 | 4,130 |
| Principal payments received on and sales of mortgage and other loans receivable | 1,095 | 957 |
| Purchases of: | ||
| Available for sale securities | (11,287) | (13,607) |
| Other securities | (308) | (481) |
| Other invested assets | (317) | (443) |
| Mortgage and other loans receivable | (2,239) | (2,009) |
| Net change in short-term investments | 2,135 | (1,152) |
| Other, net | (91) | (303) |
| Net cash provided by (used in) investing activities | 308 | (1,474) |
| Cash flows from financing activities: | ||
| Proceeds from (payments for) | ||
| Policyholder contract deposits | 8,504 | 8,226 |
| Policyholder contract withdrawals | (7,150) | (6,468) |
| Issuance of long-term debt | — | 743 |
| Issuance of debt of consolidated investment entities | 57 | 36 |
| Repayments of long-term debt | (461) | (1) |
| Repayments of debt of consolidated investment entities | (121) | (127) |
| Purchase of common stock | (1,640) | (577) |
| Redemption of preferred stock | (485) | — |
| Dividends on preferred stock and preferred stock redemption premiums | (22) | (7) |
| Dividends on common stock | (243) | (234) |
| Other, net | 420 | (774) |
| Net cash provided by (used in) financing activities | (1,141) | 817 |
| Effect of exchange rate changes on cash and restricted cash | (29) | 2 |
| Net decrease in cash and restricted cash | (343) | (158) |
| Cash and restricted cash at beginning of year | 2,204 | 2,216 |
| Cash and restricted cash of held for sale assets | 2 | — |
| Cash and restricted cash at end of period | $1,863 | $2,058 |
| 6 | AIG | First Quarter 2024 Form 10-Q |
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Cash | $1,816 | $1,923 |
| Restricted cash included in Short-term investments* | 4 | 105 |
| Restricted cash included in Other assets* | 43 | 30 |
| Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $1,863 | $2,058 |
| Cash paid during the period for: | ||
| Interest | $181 | $165 |
| Taxes | $84 | $56 |
| Non-cash investing activities: | ||
| Fixed maturity securities available for sale received in connection with pension risk transfer transactions | $1,316 | $1,424 |
| Fixed maturity securities and other invested assets received in connection with reinsurance transactions | $40 | $— |
| Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | $(163) | $(680) |
| Non-cash financing activities: | ||
| Interest credited to policyholder contract deposits included in financing activities | $1,146 | $1,107 |
| Fee income debited to policyholder contract deposits included in financing activities | $(529) | $(524) |
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
| AIG | First Quarter 2024 Form 10-Q | 7 |
|---|
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