AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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.
Mar 31, 2026 · Filed May 1, 2026
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Credit Ratings
Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities.
At March 31, 2026, approximately 62 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
At March 31, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Composite AIG Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (96 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.
For information regarding credit risks associated with investments, see Part II, Item 7. MD&A – Enterprise Risk Management in the 2025 Annual Report.
| 58 | AIG | First Quarter 2026 Form 10-Q |
The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:
| Available for Sale | Other Bond Securities | Total | ||||
|---|---|---|---|---|---|---|
| (in millions) | March 31,2026 | December 31,2025 | March 31,2026 | December 31,2025 | March 31,2026 | December 31,2025 |
| Rating: | ||||||
| Other fixed maturity securities | ||||||
| AAA | $3,701 | $4,063 | $13 | $14 | $3,714 | $4,077 |
| AA | 7,716 | 8,693 | 49 | 50 | 7,765 | 8,743 |
| A | 17,449 | 17,679 | 114 | 173 | 17,563 | 17,852 |
| BBB | 15,535 | 14,565 | 97 | 100 | 15,632 | 14,665 |
| Below investment grade | 4,615 | 4,730 | 2 | 11 | 4,617 | 4,741 |
| Non-rated | 89 | 94 | — | — | 89 | 94 |
| Total | $49,105 | $49,824 | $275 | $348 | $49,380 | $50,172 |
| Mortgage-backed, asset-backed and collateralized | ||||||
| AAA | $11,118 | $11,198 | $96 | $102 | $11,214 | $11,300 |
| AA | 7,866 | 7,468 | 48 | 49 | 7,914 | 7,517 |
| A | 1,065 | 1,030 | 152 | 135 | 1,217 | 1,165 |
| BBB | 341 | 411 | 76 | 77 | 417 | 488 |
| Below investment grade | 1,033 | 1,101 | 30 | 30 | 1,063 | 1,131 |
| Total | $21,423 | $21,208 | $402 | $393 | $21,825 | $21,601 |
| Total | ||||||
| AAA | $14,819 | $15,261 | $109 | $116 | $14,928 | $15,377 |
| AA | 15,582 | 16,161 | 97 | 99 | 15,679 | 16,260 |
| A | 18,514 | 18,709 | 266 | 308 | 18,780 | 19,017 |
| BBB | 15,876 | 14,976 | 173 | 177 | 16,049 | 15,153 |
| Below investment grade | 5,648 | 5,831 | 32 | 41 | 5,680 | 5,872 |
| Non-rated | 89 | 94 | — | — | 89 | 94 |
| Total | $70,528 | $71,032 | $677 | $741 | $71,205 | $71,773 |
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