AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Other Operations
Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.
OTHER OPERATIONS RESULTS
| Three Months EndedSeptember 30, · Nine Months EndedSeptember 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in millions) · 2025 · 2024 · Change · 2025 · 2024 · Change | ||||||||
| Net investment income and other | $72 | $120 | (40) | % | $274 | $335 | (18) | % |
| Benefits, losses and expenses: | ||||||||
| Corporate and other general operating expenses | 86 | 144 | (40) | 261 | 486 | (46) | ||
| Amortization of intangible assets | 4 | 4 | — | 13 | 13 | — | ||
| Interest expense | 100 | 110 | (9) | 292 | 336 | (13) | ||
| Total benefits, losses and expenses | 190 | 258 | (26) | 566 | 835 | (32) | ||
| Adjusted pre-tax loss before consolidation and eliminations | (118) | (138) | 14 | (292) | (500) | 42 | ||
| Consolidation and eliminations | 2 | 3 | (33) | — | (3) | NM | ||
| Adjusted pre-tax loss* | $(116) | $(135) | 14 | % | $(292) | $(503) | 42 | % |
*In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.
THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $118 million in 2025 compared to $138 million in 2024, a decrease of $20 million, primarily due to:
lower corporate and other general operating expenses of $58 million primarily driven by increased allocation of expenses to the business; and
lower interest expense of $10 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption in 2025 and 2024 partially offset by new issuance of $1.25 billion debt in 2025 and ¥100 billion debt in 2024.
This decrease was partially offset by lower net investment income and other of $48 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $45 million.
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $292 million in 2025 compared to $500 million in 2024, a decrease of $208 million, primarily due to:
lower corporate and other general operating expenses of $225 million primarily driven by increased allocation of expenses to the business; and
lower interest expense of $44 million primarily driven by interest savings from $2.4 billion debt repurchases, through cash tender offers, debt redemption and maturities in 2025 and 2024 partially offset by new debt issuance of $1.25 billion in 2025 and ¥100 billion debt in 2024.
This decrease was partially offset by lower net investment income and other of $61 million due to lower interest on AIG Parent portfolio as a result of lower yields and lower dividend income from Corebridge of $55 million.
| 74 | AIG | Third Quarter 2025 Form 10-Q |
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