AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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, 2026 · Filed May 1, 2026
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) | March 31,2026 | December 31,2025 |
|---|---|---|
| Assets: | ||
| Investments: | ||
| Fixed maturity securities: | ||
| Bonds available for sale, at fair value, net of allowance for credit losses of $38 in 2026 and $37 in 2025 (amortized cost: 2026 - $71,936; 2025 - $71,772) | $70,528 | $71,032 |
| Other bond securities, at fair value | 677 | 741 |
| Equity securities, at fair value | 1,616 | 502 |
| Mortgage and other loans receivable, net of allowance for credit losses of $37,713 in 2026 and $37,747 in 2025 | 2,813 | 2,887 |
| Other invested assets (portion measured at fair value: 2026 - $3,305; 2025 - $5,011) | 7,015 | 6,696 |
| Short-term investments, including restricted cash of $57 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $4,877; 2025 - $5,909) | 8,196 | 11,141 |
| Total investments | 90,845 | 92,999 |
| Cash | 1,454 | 1,274 |
| Accrued investment income | 680 | 691 |
| Premiums and other receivables, net of allowance for credit losses and disputes of $135 in 2026 and $131 in 2025 | 11,634 | 10,441 |
| Reinsurance assets - Fortitude Re | 3,056 | 3,167 |
| Reinsurance assets - other, net of allowance for credit losses and disputes of $246 in 2026 and $248 in 2025 | 35,843 | 34,829 |
| Deferred income tax assets | 5,062 | 5,096 |
| Deferred policy acquisition costs | 2,128 | 2,106 |
| Goodwill | 3,418 | 3,435 |
| Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025 | 2,740 | 2,443 |
| Other assets, including restricted cash of $17 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $0; 2025 - $135) | 4,683 | 4,773 |
| Total assets | $161,543 | $161,254 |
| Liabilities: | ||
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025 | $69,963 | $70,666 |
| Unearned premiums | 18,921 | 17,991 |
| Future policy benefits | 1,289 | 1,385 |
| Other policyholder funds | 334 | 352 |
| Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(85); 2025 - $(92)) | 2,960 | 3,038 |
| Premiums and other related payables | 6,476 | 5,448 |
| Deposit accounting liabilities | 3,612 | 3,295 |
| Commissions and premium taxes payable | 1,494 | 1,556 |
| Current and deferred income tax liabilities | 652 | 661 |
| Other liabilities (portion measured at fair value: 2026 - $181; 2025 - $162) | 6,257 | 6,509 |
| Long-term debt | 9,001 | 9,035 |
| Debt of consolidated investment entities | 155 | 156 |
| Total liabilities | 121,114 | 120,092 |
| Contingencies, commitments and guarantees (See Note 12) | ||
| AIG shareholders’ equity: | ||
| Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2026 - 1,906,671,492 and 2025 - 1,906,671,492 | 4,766 | 4,766 |
| Treasury stock, at cost; 2026 - 1,373,766,971 shares; 2025 - 1,368,489,324 shares of common stock | (71,647) | (71,199) |
| Additional paid-in capital | 75,297 | 75,373 |
| Retained earnings | 37,704 | 37,186 |
| Accumulated other comprehensive loss | (5,715) | (4,987) |
| Total AIG shareholders’ equity | 40,405 | 41,139 |
| Non-redeemable noncontrolling interests | 24 | 23 |
| Total equity | 40,429 | 41,162 |
| Total liabilities and equity | $161,543 | $161,254 |
| 2 | AIG | First Quarter 2026 Form 10-Q |
Condensed Consolidated Statements of Income (Loss) (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (dollars in millions, except per common share data) | 2026 | 2025 |
| Revenues: | ||
| Premiums | $6,072 | $5,770 |
| Net investment income: | ||
| Net investment income - excluding Fortitude Re funds withheld assets | 689 | 1,065 |
| Net investment income - Fortitude Re funds withheld assets | 23 | 40 |
| Total net investment income | 712 | 1,105 |
| Net realized gains (losses): | ||
| Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative | (132) | (60) |
| Net realized losses on Fortitude Re funds withheld assets | (13) | (2) |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | 10 | (41) |
| Total net realized losses | (135) | (103) |
| Other income | 1 | 11 |
| Total revenues | 6,650 | 6,783 |
| Benefits, losses and expenses: | ||
| Losses and loss adjustment expenses incurred | 3,475 | 3,794 |
| Amortization of deferred policy acquisition costs | 824 | 825 |
| General operating and other expenses | 1,137 | 1,115 |
| Interest expense | 100 | 92 |
| Net (gain) loss on divestitures and other | 127 | (3) |
| Total benefits, losses and expenses | 5,663 | 5,823 |
| Income before income tax expense | 987 | 960 |
| Income tax expense | 224 | 262 |
| Net income | 763 | 698 |
| Less: Net income (loss) attributable to noncontrolling interests | — | — |
| Net income attributable to AIG common shareholders | $763 | $698 |
| Net Income per common share attributable to AIG common shareholders: | ||
| Basic | $1.42 | $1.18 |
| Diluted | $1.41 | $1.16 |
| Weighted average shares outstanding: | ||
| Basic | 538,053,962 | 593,839,665 |
| Diluted | 542,160,956 | 599,240,046 |
| AIG | First Quarter 2026 Form 10-Q | 3 |
|---|
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (in millions) | 2026 | 2025 |
| Net income | $763 | $698 |
| Other comprehensive income (loss), net of tax | ||
| Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (1) | 4 |
| Change in unrealized appreciation (depreciation) of all other investments | (616) | 425 |
| Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 4 | 6 |
| Change in foreign currency translation adjustments | (121) | 194 |
| Change in retirement plan liabilities adjustment | 6 | 7 |
| Other comprehensive income (loss) | (728) | 636 |
| Comprehensive income | 35 | 1,334 |
| Less: Comprehensive income attributable to noncontrolling interests | — | 1 |
| Comprehensive income attributable to AIG | $35 | $1,333 |
| 4 | AIG | First Quarter 2026 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 the year | $4,766 | $(71,199) | $75,373 | $37,186 | $(4,987) | $41,139 | $23 | $41,162 |
| Common stock issued under stock plans | — | 76 | (149) | — | — | (73) | — | (73) |
| Purchase of common stock | — | (524) | — | — | — | (524) | — | (524) |
| Net income attributable to AIG or noncontrolling interests | — | — | — | 763 | — | 763 | — | 763 |
| Dividends on common stock ($0.45 per share) | — | — | — | (241) | — | (241) | — | (241) |
| Other comprehensive loss | — | — | — | — | (728) | (728) | — | (728) |
| Other | — | — | 73 | (4) | — | 69 | 1 | 70 |
| Balance, end of period | $4,766 | $(71,647) | $75,297 | $37,704 | $(5,715) | $40,405 | $24 | $40,429 |
| Balance, beginning of year | $4,766 | $(65,573) | $75,348 | $35,079 | $(7,099) | $42,521 | $29 | $42,550 |
| Cumulative effect of change in accounting principle, net of tax | ||||||||
| Common stock issued under stock plans | — | 161 | (168) | — | — | (7) | — | (7) |
| Purchase of common stock | — | (2,251) | — | — | — | (2,251) | — | (2,251) |
| Net income attributable to AIG or noncontrolling interests | — | — | — | 698 | — | 698 | — | 698 |
| Dividends on common stock ($0.40 per share) | — | — | — | (234) | — | (234) | — | (234) |
| Other comprehensive income | — | — | — | — | 635 | 635 | 1 | 636 |
| Distributions to noncontrolling interests | — | — | — | — | — | — | (1) | (1) |
| Other | — | 1 | 71 | (3) | — | 69 | (1) | 68 |
| Balance, end of period | $4,766 | $(67,662) | $75,251 | $35,540 | $(6,464) | $41,431 | $28 | $41,459 |
| AIG | First Quarter 2026 Form 10-Q | 5 |
|---|
Condensed Consolidated Statements of Cash Flows (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2026 | 2025 |
| Cash flows from operating activities: | ||
| Net income | $763 | $698 |
| 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 | 121 | 260 |
| Net (gain) loss on divestitures and other | 127 | (3) |
| Unrealized (gains) losses in earnings - net | 249 | (317) |
| Equity in income from equity method investments, net of dividends or distributions | — | (3) |
| Depreciation and other amortization | 849 | 866 |
| Impairments of assets | 4 | — |
| Changes in operating assets and liabilities: | ||
| Insurance reserves | 553 | (319) |
| Premiums and other receivables and payables - net | (282) | 392 |
| Reinsurance assets, net | (1,032) | (537) |
| Capitalization of deferred policy acquisition costs | (895) | (761) |
| Current and deferred income taxes - net | 128 | 165 |
| Other, net | (430) | (497) |
| Total adjustments | (608) | (754) |
| Net cash provided by (used in) operating activities | 155 | (56) |
| Cash flows from investing activities: | ||
| Proceeds from (payments for) | ||
| Sales or distributions of: | ||
| Available for sale securities | 3,781 | 4,762 |
| Other securities | 115 | 18 |
| Other invested assets | 1,194 | 316 |
| Maturities of fixed maturity securities available for sale | 2,881 | 2,060 |
| Principal payments received on and sales of mortgage and other loans receivable | 119 | 254 |
| Purchases of: | ||
| Available for sale securities | (7,061) | (7,951) |
| Other securities | (674) | (40) |
| Other invested assets | (2,332) | (256) |
| Mortgage and other loans receivable | (70) | (75) |
| Net change in short-term investments | 2,947 | 3,877 |
| Other, net | (67) | (214) |
| Net cash provided by investing activities | 833 | 2,751 |
| Cash flows from financing activities: | ||
| Proceeds from (payments for) | ||
| Repayments of long-term debt | (7) | (247) |
| Repayments of debt of consolidated investment entities | (1) | (1) |
| Purchase of common stock | (508) | (2,229) |
| Dividends on common stock | (241) | (234) |
| Other, net | (42) | 34 |
| Net cash used in financing activities | (799) | (2,677) |
| Effect of exchange rate changes on cash and restricted cash | (6) | 18 |
| Net increase in cash and restricted cash | 183 | 36 |
| Cash and restricted cash at beginning of year | 1,345 | 1,372 |
| Cash and restricted cash at end of period | $1,528 | $1,408 |
| 6 | AIG | First Quarter 2026 Form 10-Q |
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2026 | 2025 |
| Cash | $1,454 | $1,393 |
| Restricted cash included in Short-term investments* | 57 | 2 |
| Restricted cash included in Other assets* | 17 | 13 |
| Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $1,528 | $1,408 |
| Cash paid during the period for: | ||
| Interest | $67 | $72 |
| Taxes | $96 | $96 |
| Non-cash investing activities: | ||
| Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | $— | $(17) |
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
| AIG | First Quarter 2026 Form 10-Q | 7 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.