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
Contents
Equity
- Equity
SHARES OUTSTANDING
Common Stock
The following table presents a rollforward of outstanding shares:
| Three Months Ended March 31, 2025 | CommonStock Issued | TreasuryStock | Common StockOutstanding |
|---|---|---|---|
| (in millions) | |||
| Shares, beginning of year | 1,906.7 | (1,300.6) | 606.1 |
| Shares issued | — | 3.3 | 3.3 |
| Shares repurchased | — | (29.0) | (29.0) |
| Shares, end of period | 1,906.7 | (1,326.3) | 580.4 |
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.
For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.
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. Effective April 1, 2025, the Board of Directors authorized the repurchase of$7.5 billion of AIG Common Stock (inclusive of the approximately$3.4 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 April 1, 2025 to April 25, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million.
DIVIDENDS DECLARED
On May 1, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $0.45 per share, a 12.5 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 27, 2025 to shareholders of record on June 13, 2025.
| AIG | First Quarter 2025 Form 10-Q | 39 |
|---|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
| (in millions) | UnrealizedAppreciation(Depreciation)of Fixed MaturitySecurities on WhichAllowance for CreditLosses Was Taken | UnrealizedAppreciation(Depreciation)of All OtherInvestments | Change in FairValue of MarketRisk BenefitsAttributable toChanges inOur Own Credit Risk | Change in thediscount ratesused to measuretraditional andlimited paymentlong-durationinsurance contracts | ForeignCurrencyTranslationAdjustments | RetirementPlanLiabilitiesAdjustment | Total |
|---|---|---|---|---|---|---|---|
| Balance, December 31, 2024, net of tax | $(4) | $(2,868) | $— | $68 | $(3,521) | $(774) | $(7,099) |
| Change in unrealized appreciation (depreciation) of investments | 4 | 318 | — | — | — | — | 322 |
| Change in other | — | 6 | — | — | — | — | 6 |
| Change in discount rates | — | — | — | 9 | — | — | 9 |
| Change in foreign currency translation adjustments | — | — | — | — | 175 | — | 175 |
| Change in net actuarial loss | — | — | — | — | — | 8 | 8 |
| Change in deferred tax asset (liability) | — | 101 | — | (3) | 19 | (1) | 116 |
| Total other comprehensive income | 4 | 425 | — | 6 | 194 | 7 | 636 |
| Less: Noncontrolling interests | — | — | — | — | 1 | — | 1 |
| Balance, March 31, 2025, net of tax | $— | $(2,443) | $— | $74 | $(3,328) | $(767) | $(6,464) |
| 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* | 72 | (1,274) | — | — | — | — | (1,202) | |||||||
| Change in other | — | 5 | — | — | — | — | 5 | |||||||
| Change in fair value of market risk benefits, net | — | — | (29) | — | — | — | (29) | |||||||
| Change in discount rates | — | — | — | 697 | — | — | 697 | |||||||
| Change in future policy benefits | — | (126) | — | — | — | — | (126) | |||||||
| Change in foreign currency translation adjustments | — | — | — | — | (339) | — | (339) | |||||||
| Change in net actuarial loss | — | — | — | — | — | 7 | 7 | |||||||
| Change in prior service cost | — | — | — | — | — | 2 | 2 | |||||||
| Change in deferred tax asset (liability) | (15) | 105 | 6 | (152) | (14) | (2) | (72) | |||||||
| Total other comprehensive income (loss) | 57 | (1,290) | (23) | 545 | (353) | 7 | (1,057) | |||||||
| Add: Corebridge noncontrolling interests | — | (83) | (5) | 15 | — | — | (73) | |||||||
| Less: Noncontrolling interests | 17 | (559) | (11) | 258 | (3) | — | (298) | |||||||
| Balance, March 31, 2024, net of tax | $(66) | $(11,702) | $(493) | $1,535 | $(3,329) | $(814) | $(14,869) |
*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2025 and 2024, respectively:
| (in millions) | UnrealizedAppreciation(Depreciation)of Fixed MaturitySecurities on WhichAllowance for CreditLosses Was Taken | UnrealizedAppreciation(Depreciation)of All OtherInvestments | Change in FairValue of MarketRisk BenefitsAttributable toChanges in OurOwn Credit Risk | Change in thediscount ratesused to measuretraditional andlimited paymentlong-durationinsurance contracts | ForeignCurrencyTranslationAdjustments | RetirementPlanLiabilitiesAdjustment | Total |
|---|---|---|---|---|---|---|---|
| Unrealized change arising during period | $4 | $62 | $— | $9 | $175 | $— | $250 |
| Less: Reclassification adjustments included in net income | — | (262) | — | — | — | (8) | (270) |
| Total other comprehensive income (loss), before of income tax expense (benefit) | 4 | 324 | — | 9 | 175 | 8 | 520 |
| Less: Income tax expense (benefit) | — | (101) | — | 3 | (19) | 1 | (116) |
| Total other comprehensive income (loss), net of income tax expense (benefit) | $4 | $425 | $— | $6 | $194 | $7 | $636 |
| Unrealized change arising during period | $66 | $(1,832) | $(29) | $697 | $(339) | $2 | $(1,435) |
| Less: Reclassification adjustments included in net income | (6) | (437) | — | — | — | (7) | (450) |
| Total other comprehensive income (loss), before income tax expense (benefit) | 72 | (1,395) | (29) | 697 | (339) | 9 | (985) |
| Less: Income tax expense (benefit) | 15 | (105) | (6) | 152 | 14 | 2 | 72 |
| Total other comprehensive income (loss), net of income tax expense (benefit) | $57 | $(1,290) | $(23) | $545 | $(353) | $7 | $(1,057) |
| 40 | AIG | First Quarter 2025 Form 10-Q |
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 AOCI · Affected Line Item in the | |||
|---|---|---|---|
| Three Months Ended March 31, · Condensed Consolidated | |||
| (in millions) | 2025 | 2024 | Statements of Income (Loss) |
| Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | |||
| Investments | $— | $(6) | Net realized gains (losses) |
| Total | — | (6) | |
| Unrealized appreciation (depreciation) of all other investments | |||
| Investments | (262) | (437) | Net realized gains (losses) |
| Total | (262) | (437) | |
| Change in retirement plan liabilities adjustment | |||
| Prior-service credit | (1) | — | (b) |
| Actuarial losses | (7) | (7) | (b) |
| Total | (8) | (7) | |
| Total reclassifications for the period | $(270) | $(450) | |
(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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.