AMERICAN INTERNATIONAL GROUP INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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, 2025 · Filed May 2, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Discontinued Operations Presentation
- Discontinued Operations Presentation
DISCONTINUED OPERATIONS PRESENTATION
We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results.
Deconsolidation of Corebridge
On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge.
In the second quarter of 2024, AIG recognized a loss of $4.8 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations.
The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
| AIG | First Quarter 2025 Form 10-Q | 11 |
|---|
Post Deconsolidation of Corebridge
Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.
Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of March 31, 2025, AIG held 23.0 percent of the outstanding common stock of Corebridge.
The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).
| Three Months Ended March 31, | |
|---|---|
| (in millions) | 2025 |
| Corebridge pre-tax loss | $(862) |
| Equity method income related to Corebridge (based on fair value) | $240 |
The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
| Three Months Ended March 31, | |
|---|---|
| (in millions) | 2024 |
| Revenues: | |
| Premiums | $2,295 |
| Policy fees | 714 |
| Net investment income | 2,924 |
| Net realized losses | (336) |
| Other income | 217 |
| Total revenues | 5,814 |
| Benefits, losses and expenses: | |
| Policyholder benefits and losses incurred | 2,807 |
| Change in the fair value of market risk benefits, net | (370) |
| Interest credited to policyholder account balances | 1,204 |
| Amortization of deferred policy acquisition costs | 266 |
| General operating and other expenses | 776 |
| Interest expense | 143 |
| Net gain on divestitures and other | (5) |
| Total benefits, losses and expenses | 4,821 |
| Income from discontinued operations before income tax expense and loss on disposal of discontinued operations | 993 |
| Income tax expense | 190 |
| Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations | 803 |
| Loss on disposition of operations, net of tax | — |
| Loss from discontinued operations, net of income taxes | 803 |
| Less: Net income from discontinued operations attributable to noncontrolling interests | 384 |
| Net loss from discontinued operations attributable to AIG | $419 |
| 12 | AIG | First Quarter 2025 Form 10-Q |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.