AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 2025
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) | September 30,2025 | December 31,2024 |
|---|---|---|
| Assets: | ||
| Investments: | ||
| Fixed maturity securities: | ||
| Bonds available for sale, at fair value, net of allowance for credit losses of $43 in 2025 and $38 in 2024 (amortized cost: 2025 - $72,008; 2024 - $66,195) | $71,184 | $64,006 |
| Other bond securities, at fair value | 743 | 745 |
| Equity securities, at fair value | 829 | 704 |
| Mortgage and other loans receivable, net of allowance for credit losses of $37,740 in 2025 and $37,800 in 2024 | 3,314 | 3,868 |
| Other invested assets (portion measured at fair value: 2025 - $6,469; 2024 - $7,384) | 8,361 | 9,828 |
| Short-term investments, including restricted cash of $3 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $4,860; 2024 - $9,789) | 9,417 | 14,462 |
| Total investments | 93,848 | 93,613 |
| Cash | 1,589 | 1,302 |
| Accrued investment income | 670 | 599 |
| Premiums and other receivables, net of allowance for credit losses and disputes of $128 in 2025 and $127 in 2024 | 11,264 | 10,463 |
| Reinsurance assets - Fortitude Re | 3,170 | 3,427 |
| Reinsurance assets - other, net of allowance for credit losses and disputes of $226 in 2025 and $220 in 2024 | 35,600 | 34,618 |
| Deferred income tax assets | 4,567 | 4,956 |
| Deferred policy acquisition costs | 2,135 | 2,065 |
| Goodwill | 3,439 | 3,373 |
| Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024 | 2,531 | 2,171 |
| Other assets, including restricted cash of $2 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $131; 2024 - $179) | 4,602 | 4,735 |
| Total assets | $163,415 | $161,322 |
| Liabilities: | ||
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024 | $69,882 | $69,168 |
| Unearned premiums | 19,563 | 17,232 |
| Future policy benefits | 1,420 | 1,317 |
| Other policyholder funds | 381 | 418 |
| Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(103); 2024 - $(128)) | 3,094 | 3,207 |
| Premiums and other related payables | 6,209 | 6,052 |
| Deposit accounting liabilities | 3,332 | 3,005 |
| Commissions and premium taxes payable | 1,490 | 1,522 |
| Current and deferred income tax liabilities | 572 | 426 |
| Other liabilities (portion measured at fair value: 2025 - $121; 2024 - $251) | 7,112 | 7,503 |
| Long-term debt | 9,087 | 8,764 |
| Debt of consolidated investment entities | 156 | 158 |
| Total liabilities | 122,298 | 118,772 |
| Contingencies, commitments and guarantees (See Note 13) | ||
| AIG shareholders’ equity: | ||
| Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492 | 4,766 | 4,766 |
| Treasury stock, at cost; 2025 - 1,362,180,100 shares; 2024 - 1,300,512,040 shares of common stock | (70,667) | (65,573) |
| Additional paid-in capital | 75,334 | 75,348 |
| Retained earnings | 36,698 | 35,079 |
| Accumulated other comprehensive loss | (5,046) | (7,099) |
| Total AIG shareholders’ equity | 41,085 | 42,521 |
| Non-redeemable noncontrolling interests | 32 | 29 |
| Total equity | 41,117 | 42,550 |
| Total liabilities and equity | $163,415 | $161,322 |
| 2 | AIG | Third Quarter 2025 Form 10-Q |
Condensed Consolidated Statements of Income (Loss) (unaudited)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (dollars in millions, except per common share data) | 2025 | 2024 | 2025 | 2024 |
| Revenues: | ||||
| Premiums | $6,073 | $5,945 | $17,720 | $17,564 |
| Net investment income: | ||||
| Net investment income - excluding Fortitude Re funds withheld assets | 743 | 922 | 3,235 | 2,819 |
| Net investment income - Fortitude Re funds withheld assets | 29 | 51 | 108 | 123 |
| Total net investment income | 772 | 973 | 3,343 | 2,942 |
| Net realized gains (losses): | ||||
| Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative | (431) | 8 | (683) | (238) |
| Net realized losses on Fortitude Re funds withheld assets | (5) | (18) | (59) | (38) |
| Net realized losses on Fortitude Re funds withheld embedded derivative | (54) | (157) | (109) | (158) |
| Total net realized losses | (490) | (167) | (851) | (434) |
| Other income (loss) | (4) | — | 13 | 2 |
| Total revenues | 6,351 | 6,751 | 20,225 | 20,074 |
| Benefits, losses and expenses: | ||||
| Losses and loss adjustment expenses incurred | 3,391 | 3,773 | 10,678 | 10,753 |
| Amortization of deferred policy acquisition costs | 850 | 863 | 2,522 | 2,543 |
| General operating and other expenses | 1,297 | 1,346 | 3,574 | 4,194 |
| Interest expense | 99 | 112 | 291 | 353 |
| (Gain) loss on extinguishment of debt | — | — | (5) | 1 |
| Net (gain) loss on divestitures and other | — | 8 | (53) | (94) |
| Total benefits, losses and expenses | 5,637 | 6,102 | 17,007 | 17,750 |
| Income from continuing operations before income tax expense | 714 | 649 | 3,218 | 2,324 |
| Income tax expense | 190 | 168 | 852 | 571 |
| Income from continuing operations | 524 | 481 | 2,366 | 1,753 |
| Loss from discontinued operations, net of income taxes | — | (24) | — | (3,580) |
| Net income (loss) | 524 | 457 | 2,366 | (1,827) |
| Less: Net income (loss) attributable to noncontrolling interests | 5 | (2) | 5 | 475 |
| Net income (loss) attributable to AIG | 519 | 459 | 2,361 | (2,302) |
| Less: Dividends on preferred stock and preferred stock redemption premiums | — | — | — | 22 |
| Net income (loss) attributable to AIG common shareholders | $519 | $459 | $2,361 | $(2,324) |
| Income per common share attributable to AIG common shareholders: | ||||
| Basic: | ||||
| Income from continuing operations | $0.94 | $0.75 | $4.12 | $2.62 |
| Loss from discontinued operations | $— | $(0.03) | $— | $(6.13) |
| Net income (loss) attributable to AIG common shareholders | $0.94 | $0.72 | $4.12 | $(3.51) |
| Diluted: | ||||
| Income from continuing operations | $0.93 | $0.74 | $4.08 | $2.59 |
| Loss from discontinued operations | $— | $(0.03) | $— | $(6.07) |
| Net income (loss) attributable to AIG common shareholders | $0.93 | $0.71 | $4.08 | $(3.48) |
| Weighted average shares outstanding: | ||||
| Basic | 553,308,504 | 641,621,768 | 573,176,050 | 661,691,554 |
| Diluted | 558,519,830 | 647,365,442 | 578,421,227 | 667,355,069 |
| AIG | Third Quarter 2025 Form 10-Q | 3 |
|---|
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Net income (loss) | $524 | $457 | $2,366 | $(1,827) |
| Other comprehensive income (loss), net of tax | ||||
| Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | — | 37 | (2) | 63 |
| Change in unrealized appreciation (depreciation) of all other investments | 547 | 1,349 | 1,464 | 1,074 |
| Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 5 | 46 | 12 | (44) |
| Change in foreign currency translation adjustments | (56) | 414 | 567 | 104 |
| Change in retirement plan liabilities adjustment | 6 | 1 | 13 | 18 |
| Change in other comprehensive income (loss) related to discontinued operations | — | — | — | (945) |
| Corebridge deconsolidation | — | — | — | 7,214 |
| Other comprehensive income | 502 | 1,847 | 2,054 | 7,484 |
| Comprehensive income | 1,026 | 2,304 | 4,420 | 5,657 |
| Less: Comprehensive income attributable to noncontrolling interests | 5 | 2 | 6 | 181 |
| Comprehensive income attributable to AIG | $1,021 | $2,302 | $4,414 | $5,476 |
| 4 | AIG | Third Quarter 2025 Form 10-Q |
Condensed Consolidated Statements of Equity (unaudited)
| (in millions, except per share data) | 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 period | $4,766 | $(69,430) | $75,289 | $36,424 | $(5,548) | $41,501 | $28 | $41,529 |
| Common stock issued under stock plans | — | 9 | (1) | — | — | 8 | — | 8 |
| Purchase of common stock | — | (1,246) | — | — | — | (1,246) | — | (1,246) |
| Net income attributable to AIG or noncontrolling interests | — | — | — | 519 | — | 519 | 5 | 524 |
| Dividends on common stock ($0.45 per share) | — | — | — | (246) | — | (246) | — | (246) |
| Other comprehensive income | — | — | — | — | 502 | 502 | — | 502 |
| Other | — | — | 46 | 1 | — | 47 | (1) | 46 |
| Balance, end of period | $4,766 | $(70,667) | $75,334 | $36,698 | $(5,046) | $41,085 | $32 | $41,117 |
| Balance, beginning of period | $4,766 | $(62,255) | $75,274 | $34,225 | $(7,565) | $44,445 | $30 | $44,475 |
| Common stock issued under stock plans | — | 29 | (4) | — | — | 25 | — | 25 |
| Purchase of common stock | — | (1,518) | — | — | — | (1,518) | — | (1,518) |
| Net income (loss) attributable to AIG or noncontrolling interests | — | — | — | 459 | — | 459 | (2) | 457 |
| Dividends on common stock ($0.40 per share) | — | — | — | (254) | — | (254) | — | (254) |
| Other comprehensive income | — | — | — | — | 1,843 | 1,843 | 4 | 1,847 |
| Net decrease due to divestitures and acquisitions | — | — | — | — | — | — | (6) | (6) |
| Other | — | — | 40 | (1) | — | 39 | 8 | 47 |
| Balance, end of period | $4,766 | $(63,744) | $75,310 | $34,429 | $(5,722) | $45,039 | $34 | $45,073 |
| AIG | Third Quarter 2025 Form 10-Q | 5 |
|---|
Condensed Consolidated Statements of Equity (unaudited)(continued)
| (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 | $— | $4,766 | $(65,573) | $75,348 | $35,079 | $(7,099) | $42,521 | $29 | $42,550 |
| Common stock issued under stock plans | — | — | 208 | (174) | — | — | 34 | — | 34 |
| Purchase of common stock | — | — | (5,302) | — | — | — | (5,302) | — | (5,302) |
| Net income attributable to AIG or noncontrolling interests | — | — | — | — | 2,361 | — | 2,361 | 5 | 2,366 |
| Dividends on common stock ($1.30 per share) | — | — | — | — | (734) | — | (734) | — | (734) |
| Other comprehensive income | — | — | — | — | — | 2,053 | 2,053 | 1 | 2,054 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | (5) | (5) |
| Other | — | — | — | 160 | (8) | — | 152 | 2 | 154 |
| Balance, end of period | $— | $4,766 | $(70,667) | $75,334 | $36,698 | $(5,046) | $41,085 | $32 | $41,117 |
| Balance, beginning of year | $485 | $4,766 | $(59,189) | $75,810 | $37,516 | $(14,037) | $45,351 | $5,950 | $51,301 |
| Common stock issued under stock plans | — | — | 322 | (314) | — | — | 8 | — | 8 |
| Redemption of preferred stock | (485) | — | — | — | — | — | (485) | — | (485) |
| Purchase of common stock | — | — | (4,877) | — | — | — | (4,877) | — | (4,877) |
| Net income (loss) attributable to AIG or noncontrolling interests | — | — | — | — | (2,302) | — | (2,302) | 475 | (1,827) |
| Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums | — | — | — | — | (22) | — | (22) | — | (22) |
| Dividends on common stock ($1.16 per share) | — | — | — | — | (758) | — | (758) | — | (758) |
| Other comprehensive income (loss) | — | — | — | — | — | 7,778 | 7,778 | (294) | 7,484 |
| Net decrease due to divestitures and acquisitions | — | — | — | (418) | — | 537 | 119 | (6,010) | (5,891) |
| Contributions from noncontrolling interests | — | — | — | — | — | — | — | 28 | 28 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | — | (72) | (72) |
| Other | — | — | — | 232 | (5) | — | 227 | (43) | 184 |
| Balance, end of period | $— | $4,766 | $(63,744) | $75,310 | $34,429 | $(5,722) | $45,039 | $34 | $45,073 |
| 6 | AIG | Third Quarter 2025 Form 10-Q |
Condensed Consolidated Statements of Cash Flows (unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net income (loss) | $2,366 | $(1,827) |
| Loss from discontinued operations | — | 3,580 |
| 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 | 539 | 132 |
| Net gain on divestitures and other | (53) | (94) |
| (Gain) loss on extinguishment of debt | (5) | 1 |
| Unrealized gains in earnings - net | (537) | (4) |
| Equity in income from equity method investments, net of dividends or distributions | (16) | (57) |
| Depreciation and other amortization | 2,580 | 2,607 |
| Impairments of assets | 286 | 24 |
| Changes in operating assets and liabilities: | ||
| Insurance reserves | 540 | 1,864 |
| Premiums and other receivables and payables - net | (932) | (539) |
| Reinsurance assets, net | (272) | (1,199) |
| Capitalization of deferred policy acquisition costs | (2,576) | (2,665) |
| Current and deferred income taxes - net | 717 | (5) |
| Other, net | 41 | 1,434 |
| Total adjustments | 312 | 1,499 |
| Net cash provided by operating activities - continuing operations | 2,678 | 3,252 |
| Net cash used in operating activities - discontinued operations | — | (104) |
| Net cash provided by operating activities | 2,678 | 3,148 |
| Cash flows from investing activities: | ||
| Proceeds from (payments for) | ||
| Sales or distributions of: | ||
| Available for sale securities | 9,866 | 7,323 |
| Other securities | 128 | 192 |
| Other invested assets | 2,371 | 1,298 |
| Divestitures, net | — | 6 |
| Maturities of fixed maturity securities available for sale | 6,368 | 6,887 |
| Principal payments received on and sales of mortgage and other loans receivable | 880 | 483 |
| Purchases of: | ||
| Available for sale securities | (19,887) | (13,254) |
| Other securities | (137) | (224) |
| Other invested assets | (656) | (364) |
| Mortgage and other loans receivable | (245) | (294) |
| Net change in short-term investments | 5,150 | 1,324 |
| Other, net | (579) | (187) |
| Net cash provided by investing activities - continuing operations | 3,259 | 3,190 |
| Net cash used in investing activities - discontinued operations | — | (4,171) |
| Net cash provided by (used in) investing activities | 3,259 | (981) |
| Cash flows from financing activities: | ||
| Proceeds from (payments for) | ||
| Issuance of long-term debt | 1,241 | 1 |
| Repayments of long-term debt | (1,087) | (510) |
| Repayments of debt of consolidated investment entities | (2) | (1) |
| Purchase of common stock | (5,252) | (4,830) |
| Redemption of preferred stock | — | (485) |
| Dividends on preferred stock and preferred stock redemption premiums | — | (22) |
| Dividends on common stock | (734) | (758) |
| Other, net | 90 | 666 |
| Net cash used in financing activities - continuing operations | (5,744) | (5,939) |
| Net cash provided by financing activities - discontinued operations | — | 3,880 |
| Net cash used in financing activities | (5,744) | (2,059) |
| Effect of exchange rate changes on cash and restricted cash | 29 | (37) |
| Net increase in cash and restricted cash | 222 | 71 |
| Cash and restricted cash at beginning of year | 1,372 | 1,573 |
| Cash and restricted cash of held for sale assets | — | (85) |
| Cash and restricted cash at end of period | $1,594 | $1,559 |
| AIG | Third Quarter 2025 Form 10-Q | 7 |
|---|
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
| Nine Months Ended September 30, | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Cash | $1,589 | $1,472 |
| Restricted cash included in Short-term investments* | 3 | 72 |
| Restricted cash included in Other assets* | 2 | 15 |
| Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $1,594 | $1,559 |
| Cash paid during the period for: | ||
| Interest | $268 | $581 |
| Taxes | $135 | $811 |
| Non-cash investing activities: | ||
| Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations | $— | $1,316 |
| Fixed maturity securities and other invested assets received in connection with reinsurance transactions | $— | $254 |
| Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | $(17) | $(148) |
| Non-cash financing activities: | ||
| Interest credited to policyholder contract deposits included in financing activities | $— | $2,416 |
| Fee income debited to policyholder contract deposits included in financing activities | $— | $(1,426) |
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
| 8 | AIG | Third Quarter 2025 Form 10-Q |
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