AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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Sep 30, 2025 · Filed Nov 5, 2025
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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.
| 14 | AIG | Third Quarter 2025 Form 10-Q |
In the second quarter of 2024, AIG recognized a loss of $4.7 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.
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.
In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.
On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.
Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 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 EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| (in millions) | 2025 | 2024 | 2025 | 2024 |
| Corebridge pre-tax income (loss) | $(42) | $(1,594) | $(1,512) | $(122) |
| Equity method income related to Corebridge (based on fair value) | $(328) | $11 | $394 | $2,094 |
The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
| (in millions) | Three Months EndedSeptember 30, 2024 | Nine Months EndedSeptember 30, 2024 |
|---|---|---|
| Revenues: | ||
| Premiums | $— | $2,723 |
| Policy fees | — | 1,269 |
| Net investment income | — | 5,238 |
| Net realized losses | — | (923) |
| Other income | — | 372 |
| Total revenues | — | 8,679 |
| Benefits, losses and expenses: | ||
| Policyholder benefits and losses incurred | — | 3,618 |
| Change in the fair value of market risk benefits, net | — | (350) |
| Interest credited to policyholder account balances | — | 2,184 |
| Amortization of deferred policy acquisition costs | — | 465 |
| General operating and other expenses | — | 1,350 |
| Interest expense | — | 249 |
| Net gain on divestitures and other | — | (191) |
| Total benefits, losses and expenses | — | 7,325 |
| Income from discontinued operations before income tax expense and loss on disposal of discontinued operations | — | 1,354 |
| Income tax expense | — | 226 |
| Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations | — | 1,128 |
| Loss on disposition of operations, net of tax | (24) | (4,708) |
| Loss from discontinued operations, net of income taxes | (24) | (3,580) |
| Less: Net income from discontinued operations attributable to noncontrolling interests | (2) | 475 |
| Net loss from discontinued operations attributable to AIG | $(22) | $(4,055) |
| AIG | Third Quarter 2025 Form 10-Q | 15 |
|---|
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