AMERICAN INTERNATIONAL GROUP INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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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.
Sep 30, 2024 · Filed Nov 7, 2024
Contents
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, 2024 | Balance,Beginningof Year | Issuances | MaturitiesandRepayments | Effect ofForeignExchange | OtherChanges | Balance,End ofPeriod |
|---|---|---|---|---|---|---|
| (in millions) | ||||||
| Debt issued or guaranteed: | ||||||
| General borrowings: | ||||||
| Notes and bonds payable | $9,079 | $— | $(459) | $9 | $20 | $8,649 |
| Junior subordinated debt | 992 | — | (50) | — | — | 942 |
| AIG Japan Holdings Kabushiki Kaisha | 267 | — | — | (4) | — | 263 |
| Total general borrowings | 10,338 | — | (509) | 5 | 20 | 9,854 |
| AIG | Third Quarter 2024 Form 10-Q | 95 |
|---|
| Nine Months Ended September 30, 2024 | Balance,Beginningof Year | Issuances | MaturitiesandRepayments | Effect ofForeignExchange | OtherChanges | Balance,End ofPeriod |
|---|---|---|---|---|---|---|
| (in millions) | ||||||
| Borrowings supported by assets: | ||||||
| Notes and bonds payable | 19 | — | — | — | — | 19 |
| Series AIGFP matched notes and bonds payable | 18 | — | — | — | — | 18 |
| Total borrowings supported by assets | 37 | — | — | — | — | 37 |
| Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG | — | 1 | — | — | — | 1 |
| Total long-term debt | $10,375 | $1 | $(509) | $5 | $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:
| FourthQuarter · FirstQuarter · SecondQuarter · ThirdQuarter | |||||
|---|---|---|---|---|---|
| (in millions) | 2024 | 2025 | 2025 | 2025 | Total |
| 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, 2024 | Year Ending | ||||||
|---|---|---|---|---|---|---|---|
| (in millions) | Total | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter |
| Debt issued or guaranteed: | |||||||
| General borrowings: | |||||||
| Notes and bonds payable(a) | $8,649 | $146 | $267 | $914 | $340 | $191 | $6,791 |
| Junior subordinated debt | 942 | — | — | — | — | — | 942 |
| AIG Japan Holdings Kabushiki Kaisha | 263 | 263 | — | — | — | — | — |
| Total general borrowings | 9,854 | 409 | 267 | 914 | 340 | 191 | 7,733 |
| Borrowings supported by assets: | |||||||
| Notes and bonds payable | 19 | 12 | 7 | — | — | — | — |
| Series AIGFP matched notes and bonds payable | 18 | — | — | — | — | — | 18 |
| Total borrowings supported by assets | 37 | 12 | 7 | — | — | — | 18 |
| Total debt issued or guaranteed | 9,891 | 421 | 274 | 914 | 340 | 191 | 7,751 |
| Other subsidiaries notes, bonds, loans and mortgages payable | 1 | — | — | — | 1 | — | — |
| 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.
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