AIG 10-Q Quarterly Report March 31, 2025 | Alphaminr
AMERICAN INTERNATIONAL GROUP INC
ALPHAMINR

AIG 10-Q Quarter ended March 31, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
AMERICAN INTERNATIONAL GROUP INC
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aig-20250331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————————
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from               to
Commission File Number 1-8787
AIG_core_r_rgb_gif.gif
American International Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware 13-2592361
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
1271 Avenue of the Americas , New York , New York
10020
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: ( 212 ) 770-7000
——————————
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, Par Value $2.50 Per Share AIG New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of April 25, 2025, there were 576,330,260 shares outstanding of the registrant’s common stock.


AMERICAN INTERNATIONAL GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025
TABLE OF CONTENTS

FORM 10-Q
Item Number Description Page
Part I – Financial Information
Note 1.
Note 2.
Note 3.
Note 4.
Note 5.
Note 6.
Note 7.
Note 8.
Note 9.
Note 10.
Note 11.
Note 12.
Note 13.
Note 14.
Note 15.
Note 16.
Part II – Other Information
AIG | First Quarter 2025 Form 10-Q
1
TABLE OF CONTENTS
Part I – Financial Information
Item 1. | Financial Statements
American International Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in millions, except for share data) March 31,
2025 		December 31,
2024
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $ 30 in 2025 and $ 38 in 2024 (amortized cost: 2025 - $ 67,886 ; 2024 - $ 66,195 )
$ 66,027 $ 64,006
Other bond securities, at fair value 754 745
Equity securities, at fair value 733 704
Mortgage and other loans receivable, net of allowance for credit losses of $ 37,791 in 2025 and $ 37,800 in 2024
3,737 3,868
Other invested assets (portion measured at fair value: 2025 - $ 7,713 ; 2024 - $ 7,384 )
9,987 9,828
Short-term investments, including restricted cash of $ 2 in 2025 and $ 55 in 2024 (portion measured at fair value: 2025 - $ 6,212 ; 2024 - $ 9,789 )
10,601 14,462
Total investments 91,839 93,613
Cash 1,393 1,302
Accrued investment income 631 599
Premiums and other receivables, net of allowance for credit losses and disputes of $ 129 in 2025 and $ 127 in 2024
11,684 10,463
Reinsurance assets - Fortitude Re
3,285 3,427
Reinsurance assets - other, net of allowance for credit losses and disputes of $ 230 in 2025 and $ 220 in 2024
35,481 34,618
Deferred income tax assets 4,962 4,956
Deferred policy acquisition costs 2,009 2,065
Goodwill 3,398 3,373
Deposit accounting assets, net of allowance for credit losses of $ 49 in 2025 and $ 49 in 2024
2,458 2,171
Other assets, including restricted cash of $ 13 in 2025 and $ 15 in 2024 (portion measured at fair value: 2025 - $ 183 ; 2024 - $ 179 )
4,724 4,735
Total assets $ 161,864 $ 161,322
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $ 14 in 2025 and $ 14 in 2024
$ 68,896 $ 69,168
Unearned premiums 18,090 17,232
Future policy benefits 1,342 1,317
Other policyholder funds 395 418
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $( 79 ); 2024 - $( 128 ))
3,215 3,207
Premiums and other related payables 7,343 6,052
Deposit accounting liabilities 3,270 3,005
Commissions and premium taxes payable 1,761 1,522
Current and deferred income tax liabilities 481 426
Other liabilities (portion measured at fair value: 2025 - $ 181 ; 2024 - $ 251 )
6,859 7,503
Long-term debt 8,596 8,764
Debt of consolidated investment entities 157 158
Total liabilities 120,405 118,772
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 - 1,326,291,552 shares; 2024 - 1,300,512,040 shares of common stock
( 67,662 ) ( 65,573 )
Additional paid-in capital 75,251 75,348
Retained earnings 35,540 35,079
Accumulated other comprehensive loss ( 6,464 ) ( 7,099 )
Total AIG shareholders’ equity 41,431 42,521
Non-redeemable noncontrolling interests 28 29
Total equity 41,459 42,550
Total liabilities and equity $ 161,864 $ 161,322
See accompanying Notes to Condensed Consolidated Financial Statements.
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AIG | First Quarter 2025 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)
Three Months Ended March 31,
(dollars in millions, except per common share data) 2025 2024
Revenues:
Premiums $ 5,770 $ 5,871
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets 1,065 940
Net investment income - Fortitude Re funds withheld assets 40 39
Total net investment income 1,105 979
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative ( 60 ) ( 59 )
Net realized losses on Fortitude Re funds withheld assets ( 2 ) ( 19 )
Net realized losses on Fortitude Re funds withheld embedded derivative ( 41 ) ( 9 )
Total net realized losses ( 103 ) ( 87 )
Other income 11 —
Total revenues 6,783 6,763
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred 3,794 3,513
Amortization of deferred policy acquisition costs 825 838
General operating and other expenses 1,115 1,238
Interest expense 92 116
Net (gain) loss on divestitures and other ( 3 ) —
Total benefits, losses and expenses 5,823 5,705
Income from continuing operations before income tax expense 960 1,058
Income tax expense 262 261
Income from continuing operations 698 797
Income from discontinued operations, net of income taxes — 803
Net income 698 1,600
Less: Net income attributable to noncontrolling interests — 384
Net income attributable to AIG 698 1,216
Less: Dividends on preferred stock and preferred stock redemption premiums — 22
Net income attributable to AIG common shareholders $ 698 $ 1,194
Income per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations $ 1.18 $ 1.14
Income from discontinued operations $ — $ 0.61
Net income attributable to AIG common shareholders $ 1.18 $ 1.75
Diluted:
Income from continuing operations $ 1.16 $ 1.13
Income from discontinued operations $ — $ 0.61
Net income attributable to AIG common shareholders $ 1.16 $ 1.74
Weighted average shares outstanding:
Basic 593,839,665 682,576,848
Diluted 599,240,046 687,961,518
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2025 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months Ended
March 31,
(in millions) 2025 2024
Net income $ 698 $ 1,600
Other comprehensive income (loss), net of tax
Change in unrealized appreciation of fixed maturity securities on which allowance for credit losses was taken 4 21
Change in unrealized appreciation (depreciation) of all other investments 425 ( 115 )
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts 6 2
Change in foreign currency translation adjustments 194 ( 345 )
Change in retirement plan liabilities adjustment 7 7
Change in other comprehensive income (loss) related to discontinued operations — ( 627 )
Other comprehensive income (loss) 636 ( 1,057 )
Comprehensive income 1,334 543
Less: Comprehensive income attributable to noncontrolling interests 1 86
Comprehensive income attributable to AIG $ 1,333 $ 457
See accompanying Notes to Condensed Consolidated Financial Statements.
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AIG | First Quarter 2025 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)
(in millions, except per share data) Preferred
Stock and
Additional
Paid-in
Capital 		Common
Stock 		Treasury
Stock 		Additional
Paid-in
Capital 		Retained
Earnings 		Accumulated
Other
Comprehensive
Income (Loss) 		Total
AIG
Share-
holders'
Equity 		Non- redeemable Non-
controlling Interests 		Total
Equity
Three Months Ended March 31, 2025
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 — — 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
Three Months Ended March 31, 2024
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 — — 268 ( 295 ) — — ( 27 ) — ( 27 )
Redemption of preferred stock ( 485 ) — — — — — ( 485 ) — ( 485 )
Purchase of common stock — — ( 1,682 ) — — — ( 1,682 ) — ( 1,682 )
Net income attributable to AIG or noncontrolling interests — — — — 1,216 — 1,216 384 1,600
Dividends on preferred stock ($ 365.625 per share) and preferred stock redemption premiums
— — — — ( 22 ) — ( 22 ) — ( 22 )
Dividends on common stock ($ 0.36 per share)
— — — — ( 243 ) — ( 243 ) — ( 243 )
Other comprehensive loss — — — — — ( 759 ) ( 759 ) ( 298 ) ( 1,057 )
Net decrease due to divestitures and acquisitions — — — ( 10 ) — ( 73 ) ( 83 ) ( 202 ) ( 285 )
Contributions from noncontrolling interests — — — — — — — 11 11
Distributions to noncontrolling interests — — — — — — — ( 70 ) ( 70 )
Other — — — 120 ( 1 ) — 119 ( 50 ) 69
Balance, end of period $ — $ 4,766 $ ( 60,603 ) $ 75,625 $ 38,466 $ ( 14,869 ) $ 43,385 $ 5,725 $ 49,110
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2025 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31,
(in millions) 2025 2024
Cash flows from operating activities:
Net income $ 698 $ 1,600
Income from discontinued operations — ( 803 )
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 260 83
Net (gain) loss on divestitures and other ( 3 ) —
Unrealized gains in earnings - net ( 317 ) ( 196 )
Equity in income from equity method investments, net of dividends or distributions ( 3 ) ( 17 )
Depreciation and other amortization 866 851
Changes in operating assets and liabilities:
Insurance reserves ( 319 ) 998
Premiums and other receivables and payables - net 392 676
Reinsurance assets, net ( 537 ) ( 1,937 )
Capitalization of deferred policy acquisition costs ( 761 ) ( 882 )
Current and deferred income taxes - net 165 176
Other, net ( 497 ) ( 293 )
Total adjustments ( 754 ) ( 541 )
Net cash provided by (used in) operating activities - continuing operations ( 56 ) 256
Net cash provided by operating activities - discontinued operations — 265
Net cash provided by (used in) operating activities ( 56 ) 521
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available for sale securities 4,762 2,861
Other securities 18 72
Other invested assets 316 237
Maturities of fixed maturity securities available for sale 2,060 2,137
Principal payments received on and sales of mortgage and other loans receivable 254 134
Purchases of:
Available for sale securities ( 7,951 ) ( 4,001 )
Other securities ( 40 ) ( 134 )
Other invested assets ( 256 ) ( 123 )
Mortgage and other loans receivable ( 75 ) ( 129 )
Net change in short-term investments 3,877 1,973
Other, net ( 214 ) ( 47 )
Net cash provided by investing activities - continuing operations 2,751 2,980
Net cash used in investing activities - discontinued operations — ( 2,674 )
Net cash provided by investing activities 2,751 306
Cash flows from financing activities:
Proceeds from (payments for)
Repayments of long-term debt ( 247 ) ( 459 )
Repayments of debt of consolidated investment entities ( 1 ) ( 1 )
Purchase of common stock ( 2,229 ) ( 1,640 )
Redemption of preferred stock — ( 485 )
Dividends on preferred stock and preferred stock redemption premiums — ( 22 )
Dividends on common stock ( 234 ) ( 243 )
Other, net 34 ( 232 )
Net cash used in financing activities - continuing operations ( 2,677 ) ( 3,082 )
Net cash provided by financing activities - discontinued operations — 1,938
Net cash used in financing activities ( 2,677 ) ( 1,144 )
Effect of exchange rate changes on cash and restricted cash 18 ( 29 )
Net increase (decrease) in cash and restricted cash 36 ( 346 )
Cash and restricted cash at beginning of year 1,372 1,573
Cash and restricted cash of held for sale assets — 210
Cash and restricted cash at end of period $ 1,408 $ 1,437
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AIG | First Quarter 2025 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
Three Months Ended March 31,
(in millions) 2025 2024
Cash $ 1,393 $ 1,406
Restricted cash included in Short-term investments* 2 1
Restricted cash included in Other assets* 13 30
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 1,408 $ 1,437
Cash paid during the period for:
Interest $ 72 $ 181
Taxes $ 96 $ 84
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 $ — $ 40
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions $ ( 17 ) $ ( 163 )
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities $ — $ 1,146
Fee income debited to policyholder contract deposits included in financing activities $ — $ ( 529 )
* Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2025 Form 10-Q
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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

1. Basis of Presentation
American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.
These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report). The condensed consolidated financial information as of December 31, 2024 included herein has been derived from the audited Consolidated Financial Statements in the 2024 Annual Report.
In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements.
USE OF ESTIMATES
The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:
• loss reserves;
• reinsurance assets, including the allowance for credit losses and disputes;
• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;
• fair value measurements of certain financial assets and financial liabilities; and
• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
OUT OF PERIOD ADJUSTMENTS
During the three months ended March 31, 2025, we recorded out of period adjustments relating to prior years that increased Net income attributable to AIG by $ 51 million and increased Income from continuing operations before income tax expense by $ 140 million. The out of period adjustments are primarily related to the recognition of gains on intercompany investment transactions and the settlement of derivative and collateral transactions. We evaluated the aggregate impact of these out of period adjustments and concluded they were not material to any previously issued interim and annual Consolidated Financial Statements and that the adjustments are not expected to be material to AIG’s Consolidated Financial Statements for the year ending December 31, 2025. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Income from continuing operations before income tax expense for the year ended December 31, 2024 would have decreased by $ 79 million and would have increased for the years ended December 31, 2023 and 2022 by $ 34 million and $ 42 million (and all prior years by $ 143 million), respectively. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG for the year ended December 31, 2024 would have decreased by $ 68 million and would have increased for the years ended December 31, 2023 and 2022 by $ 19 million and $ 23 million (and all prior years by $ 77 million), respectively.
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AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 2. Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies
FUTURE APPLICATION OF ACCOUNTING STANDARDS
Income Tax
In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied on a prospective basis, but retrospective application is permitted. We are assessing the impact of this standard.
Disaggregation of Income Statement Expenses
On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard.
3. Segment Information
In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation.
AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.
NORTH AMERICA COMMERCIAL
North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, EMEA region, Asia Pacific, Latin America and Caribbean, and China.
PRODUCTS
The segments consist of the following products:
– North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.
– Global Personal consists of Global Accident & Health and Personal Lines.
AIG | First Quarter 2025 Form 10-Q
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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

OTHER OPERATIONS
Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.
SEGMENT RESULTS
Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.
The following table presents AIG’s continuing operations by segment:
Three Months Ended March 31, 2025
(in millions) Net
Premiums
Written 		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred (a)
Amortization
of DAC (a)
Other
Acquisition
Expenses (a)
General
Operating
Expenses (a)(b)
Underwriting
Income
(Loss) 		Net
Investment
Income 		Reconciliation
to Income
(Loss) from
Continuing
Operations
Before
Income Tax
Expense
North America Commercial $ 1,174 $ 2,124 $ 1,526 $ 227 $ 47 $ 195 $ 129
International Commercial 2,027 2,051 1,178 245 94 294 240
Global Personal 1,325 1,594 1,062 353 91 214 ( 126 )
Total General Insurance $ 4,526 $ 5,769 $ 3,766 $ 825 $ 232 $ 703 $ 243 $ 736 $ 979
Interest expense — ( 91 )
Other Operations 108 21
Elimination and consolidations 1 —
Total 845 909
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge 217 217
Net investment income on Fortitude Re funds withheld assets 40 40
Net realized losses on Fortitude Re funds withheld assets — ( 2 )
Net realized losses on Fortitude Re funds withheld embedded derivative — ( 41 )
Net realized gains (losses) (c)
( 2 ) ( 66 )
Net gain on divestitures and other — 3
Non-operating litigation reserves and settlements — 11
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 9 )
Net loss reserve discount charge — ( 17 )
Net results of businesses in run-off (d)
5 5
Non-operating pension expense — ( 5 )
Integration and transaction costs associated with acquiring or divesting businesses — ( 5 )
Restructuring and other costs — ( 76 )
Non-recurring costs related to regulatory or accounting changes — ( 4 )
Total AIG Consolidated $ 1,105 $ 960
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AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Three Months Ended March 31, 2024
(in millions) Net
Premiums
Written 		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred (a)
Amortization
of DAC (a)
Other
Acquisition
Expenses (a)
General
Operating
Expenses (a)(b)
Underwriting
Income
(Loss) 		Net
Investment
Income 		Reconciliation
to Income
(Loss) from
Continuing
Operations
Before
Income Tax
Expense
North America Commercial $ 1,033 $ 1,983 $ 1,270 $ 220 $ 37 $ 220 $ 236
International Commercial 1,939 2,011 1,088 244 89 260 330
Global Personal 1,540 1,792 995 364 149 254 30
Total General Insurance $ 4,512 $ 5,786 $ 3,353 $ 828 $ 275 $ 734 $ 596 $ 762 $ 1,358
Interest expense — ( 115 )
Other Operations 76 ( 89 )
Elimination and consolidations 3 ( 1 )
Total 841 1,153
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge 88 88
Other income (expense) - net 1 —
Net investment income on Fortitude Re funds withheld assets 39 39
Net realized losses on Fortitude Re funds withheld assets — ( 19 )
Net realized losses on Fortitude Re funds withheld embedded derivative — ( 9 )
Net realized gains (losses) (c)
7 ( 55 )
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — ( 2 )
Net loss reserve discount charge — ( 76 )
Net results of businesses in run-off (d)
3 7
Integration and transaction costs associated with acquiring or divesting businesses — 3
Restructuring and other costs — ( 67 )
Non-recurring costs related to regulatory or accounting changes — ( 4 )
Total AIG Consolidated $ 979 $ 1,058
(a) These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.
(b) General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.
(c) Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).
(d) 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.
4. 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.
In the second quarter of 2024, AIG recognized a loss of $ 4.8 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.
AIG | First Quarter 2025 Form 10-Q
11
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Discontinued Operations Presentation
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.
Due to share repurchases by Corebridge and sale of shares by AIG after the Deconsolidation Date, as of March 31, 2025, AIG held 23.0 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 Ended March 31,
(in millions) 2025
Corebridge pre-tax loss $ ( 862 )
Equity method income related to Corebridge (based on fair value) $ 240
The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
Three Months Ended March 31,
(in millions) 2024
Revenues:
Premiums $ 2,295
Policy fees 714
Net investment income 2,924
Net realized losses ( 336 )
Other income 217
Total revenues 5,814
Benefits, losses and expenses:
Policyholder benefits and losses incurred 2,807
Change in the fair value of market risk benefits, net ( 370 )
Interest credited to policyholder account balances 1,204
Amortization of deferred policy acquisition costs 266
General operating and other expenses 776
Interest expense 143
Net gain on divestitures and other ( 5 )
Total benefits, losses and expenses 4,821
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations 993
Income tax expense 190
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations 803
Loss on disposition of operations, net of tax —
Loss from discontinued operations, net of income taxes 803
Less: Net income from discontinued operations attributable to noncontrolling interests 384
Net loss from discontinued operations attributable to AIG $ 419
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AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

5. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
• Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
• Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
• Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:
March 31, 2025 Level 1 Level 2 Level 3
Counterparty
Netting (a)
Cash
Collateral 		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$ 76 $ 3,101 $ — $ — $ — $ 3,177
Obligations of states, municipalities and political subdivisions
— 3,028 3 — — 3,031
Non-U.S. governments 76 6,644 7 — — 6,727
Corporate debt — 34,698 115 — — 34,813
RMBS — 7,396 1,656 — — 9,052
CMBS — 3,539 26 — — 3,565
CLO/ABS — 4,747 915 — — 5,662
Total bonds available for sale
152 63,153 2,722 — — 66,027
Other bond securities:
Obligations of states, municipalities and political subdivisions — 51 — — — 51
Non-U.S. governments — 22 — — — 22
Corporate debt — 283 1 — — 284
RMBS — 50 50 — — 100
CMBS — 42 — — — 42
CLO/ABS — 135 120 — — 255
Total other bond securities
— 583 171 — — 754
Equity securities
693 5 35 — — 733
Other invested assets (b)
4,018 185 76 — — 4,279
Derivative assets (c)
— 459 46 ( 225 ) ( 226 ) 54
Short-term investments
3,916 2,296 — — — 6,212
Other assets (c)
— — 129 — — 129
Total $ 8,779 $ 66,681 $ 3,179 $ ( 225 ) $ ( 226 ) $ 78,188
AIG | First Quarter 2025 Form 10-Q
13
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

March 31, 2025 Level 1 Level 2 Level 3
Counterparty
Netting (a)
Cash
Collateral 		Total
(in millions)
Liabilities:
Derivative liabilities (c)
— 500 46 ( 225 ) ( 240 ) 81
Fortitude Re funds withheld payable
— — ( 79 ) — — ( 79 )
Other liabilities
— — 100 — — 100
Total $ — $ 500 $ 67 $ ( 225 ) $ ( 240 ) $ 102
December 31, 2024 Level 1 Level 2 Level 3
Counterparty
Netting (a)
Cash
Collateral 		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$ 36 $ 3,231 $ — $ — $ — $ 3,267
Obligations of states, municipalities and political subdivisions
— 3,140 3 — — 3,143
Non-U.S. governments 161 7,939 7 — — 8,107
Corporate debt — 31,586 240 — — 31,826
RMBS — 6,710 1,894 — — 8,604
CMBS — 3,900 26 — — 3,926
CLO/ABS — 4,293 840 — — 5,133
Total bonds available for sale
197 60,799 3,010 — — 64,006
Other bond securities:
Obligations of states, municipalities and political subdivisions — 50 — — — 50
Non-U.S. governments — 24 — — — 24
Corporate debt — 281 1 — — 282
RMBS — 50 50 — — 100
CMBS — 43 — — — 43
CLO/ABS — 133 113 — — 246
Total other bond securities
— 581 164 — — 745
Equity securities
689 — 15 — — 704
Other invested assets (b)
3,810 119 163 — — 4,092
Derivative assets (c)
— 573 51 ( 270 ) ( 304 ) 50
Short-term investments
7,942 1,847 — — — 9,789
Other assets (c)
— — 129 — — 129
Total $ 12,638 $ 63,919 $ 3,532 $ ( 270 ) $ ( 304 ) $ 79,515
Liabilities:
Derivative liabilities (c)
— 571 51 ( 270 ) ( 201 ) 151
Fortitude Re funds withheld payable
— — ( 128 ) — — ( 128 )
Other liabilities — — 100 — — 100
Total $ — $ 571 $ 23 $ ( 270 ) $ ( 201 ) $ 123
(a) Represents netting of derivative exposures covered by qualifying master netting agreements.
(b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 3.4 billion and $ 3.3 billion as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $ 4.0 billion and $ 3.8 billion, respectively, on which AIG elected the fair value option.
(c) Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
14
AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2025 and 2024:
(in millions) Fair Value
Beginning
of Year 		Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income 		Other
Comprehensive
Income (Loss) 		Purchases,
Sales,
Issuances
and
Settlements,
Net 		Gross
Transfers
In 		Gross
Transfers
Out 		Other Fair
Value
End of
Period 		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period 		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions $ 3 $ — $ — $ — $ — $ — $ — $ 3 $ — $ —
Non-U.S. governments 7 — — — — — — 7 — —
Corporate debt 240 ( 9 ) 10 ( 125 ) — ( 1 ) — 115 — 9
RMBS 1,894 7 33 ( 57 ) 3 ( 224 ) — 1,656 — 17
CMBS 26 — — ( 4 ) 4 — — 26 — —
CLO/ABS 840 1 1 79 — ( 6 ) — 915 — 1
Total bonds available for sale 3,010 ( 1 ) 44 ( 107 ) 7 ( 231 ) — 2,722 — 27
Other bond securities:
Corporate debt 1 — — — — — — 1 — —
RMBS 50 1 — ( 1 ) — — — 50 1 —
CLO/ABS 113 3 — ( 4 ) 31 ( 23 ) — 120 3 —
Total other bond securities 164 4 — ( 5 ) 31 ( 23 ) — 171 4 —
Equity securities 15 1 — 10 9 — — 35 — —
Other invested assets 163 — — ( 24 ) — ( 63 ) — 76 — —
Other assets 129 — — — — — — 129 — —
Total
$ 3,481 $ 4 $ 44 $ ( 126 ) $ 47 $ ( 317 ) $ — $ 3,133 $ 4 $ 27
(in millions) Fair Value
Beginning
of Year 		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income 		Other
Comprehensive
(Income) Loss 		Purchases,
Sales,
Issuances
and
Settlements,
Net 		Gross
Transfers
In 		Gross
Transfers
Out 		Other Fair
Value
End of
Period 		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period 		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable $ ( 128 ) $ 41 $ — $ 8 $ — $ — $ — $ ( 79 ) $ ( 2 ) $ —
Other Liabilities 100 — — — — — — 100 — —
Total $ ( 28 ) $ 41 $ — $ 8 $ — $ — $ — $ 21 $ ( 2 ) $ —
(in millions) Fair Value
Beginning
of Year 		Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income 		Other
Comprehensive
Income (Loss) 		Purchases,
Sales,
Issuances
and
Settlements,
Net 		Gross
Transfers
In 		Gross
Transfers
Out 		Other Fair
Value
End of
Period 		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period 		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions $ 3 $ — $ — $ 1 $ — $ — $ — $ 4 $ — $ —
Non-U.S. governments 7 — — — — — — 7 — —
Corporate debt 323 1 — ( 38 ) 98 ( 1 ) — 383 — 1
RMBS 1,792 23 27 ( 75 ) — ( 1 ) — 1,766 — 28
CMBS 25 — — — 17 1 — 43 — —
CLO/ABS 1,289 ( 15 ) 29 ( 19 ) — — — 1,284 — 27
Total bonds available for sale 3,439 9 56 ( 131 ) 115 ( 1 ) — 3,487 — 56
Other bond securities:
Corporate debt 45 — — — — — 1 46 — —
RMBS 51 — — 2 — — — 53 — —
CLO/ABS 138 ( 1 ) — 8 — — ( 1 ) 144 ( 2 ) —
Total other bond securities 234 ( 1 ) — 10 — — — 243 ( 2 ) —
AIG | First Quarter 2025 Form 10-Q
15
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions) Fair Value
Beginning
of Year 		Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income 		Other
Comprehensive
Income (Loss) 		Purchases,
Sales,
Issuances
and
Settlements,
Net 		Gross
Transfers
In 		Gross
Transfers
Out 		Other Fair
Value
End of
Period 		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period 		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Equity securities 14 — — — — ( 1 ) — 13 — —
Other invested assets 221 ( 9 ) — ( 3 ) — ( 13 ) ( 13 ) 183 ( 11 ) —
Other assets 243 — — ( 114 ) — — — 129 — —
Total
$ 4,151 $ ( 1 ) $ 56 $ ( 238 ) $ 115 $ ( 15 ) $ ( 13 ) $ 4,055 $ ( 13 ) $ 56
(in millions) Fair Value
Beginning
of Year 		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income 		Other
Comprehensive
(Income) Loss 		Purchases,
Sales,
Issuances
and
Settlements,
Net 		Gross
Transfers
In 		Gross
Transfers
Out 		Other Fair
Value
End of
Period 		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period 		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Derivative liabilities, net (a)
$ ( 453 ) $ 52 $ — $ 218 $ — $ — $ — $ ( 183 ) $ 11 $ —
Fortitude Re funds withheld payable ( 148 ) 9 — 20 — — — ( 119 ) 14 —
Other liabilities 122 ( 30 ) — — — — — 92 — —
Total
$ ( 479 ) $ 31 $ — $ 238 $ — $ — $ — $ ( 210 ) $ 25 $ —
(a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:
(in millions) Net
Investment
Income 		Net Realized
Gains (Losses) 		Total
Three Months Ended March 31, 2025
Assets:
Bonds available for sale $ 8 $ ( 9 ) $ ( 1 )
Other bond securities 4 — 4
Equity securities 1 — 1
Three Months Ended March 31, 2024
Assets:
Bonds available for sale $ 15 $ ( 6 ) $ 9
Other bond securities ( 1 ) — ( 1 )
Other invested assets ( 9 ) — ( 9 )
(in millions) Net
Investment
Income 		Net Realized
(Gains) Losses 		Total
Three Months Ended March 31, 2025
Liabilities:
Fortitude Re funds withheld payable $ — $ 41 $ 41
Three Months Ended March 31, 2024
Liabilities:
Derivative liabilities, net $ — $ 52 $ 52
Fortitude Re funds withheld payable — 9 9
Other Liabilities — ( 30 ) ( 30 )
16
AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions) Purchases Sales
Issuances
and
Settlements (a)
Purchases, Sales,
Issuances and
Settlements, Net (a)
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Corporate debt $ 3 $ ( 4 ) $ ( 124 ) $ ( 125 )
RMBS — ( 3 ) ( 54 ) ( 57 )
CMBS — ( 4 ) — ( 4 )
CLO/ABS 146 ( 37 ) ( 30 ) 79
Total bonds available for sale 149 ( 48 ) ( 208 ) ( 107 )
Other bond securities:
RMBS — — ( 1 ) ( 1 )
CLO/ABS — — ( 4 ) ( 4 )
Total other bond securities — — ( 5 ) ( 5 )
Equity securities 14 ( 4 ) — 10
Other invested assets — — ( 24 ) ( 24 )
Total $ 163 $ ( 52 ) $ ( 237 ) $ ( 126 )
Liabilities:
Fortitude Re funds withheld payable $ — $ — $ 8 $ 8
Total $ — $ — $ 8 $ 8
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions $ 1 $ — $ — $ 1
Corporate Debt 6 ( 3 ) ( 41 ) ( 38 )
RMBS — ( 1 ) ( 74 ) ( 75 )
CLO/ABS 60 ( 2 ) ( 77 ) ( 19 )
Total bonds available for sale 67 ( 6 ) ( 192 ) ( 131 )
Other bond securities:
RMBS 3 — ( 1 ) 2
CLO/ABS 11 — ( 3 ) 8
Total other bond securities 14 — ( 4 ) 10
Other invested assets 1 — ( 4 ) ( 3 )
Other assets — — ( 114 ) ( 114 )
Total $ 82 $ ( 6 ) $ ( 314 ) $ ( 238 )
Liabilities:
Derivative liabilities, net $ — $ — $ 218 $ 218
Fortitude Re funds withheld payable — — 20 20
Total $ — $ — $ 238 $ 238
(a) There were no issuances during the three months ended March 31, 2025 and 2024.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $ 2 million and $( 3 ) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2025 and 2024, respectively, and includes $ 5 million and $ 0 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2025 and 2024, respectively.
AIG | First Quarter 2025 Form 10-Q
17
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

Transfers of Level 3 Assets
During the three months ended March 31, 2025 and 2024, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset-backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended March 31, 2025 and 2024, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, RMBS, CLO/ABS, municipal bonds and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2025 and 2024.
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:
(in millions) Fair Value at
March 31, 2025 		Valuation
Technique
Unobservable Input (b)
Range
(Weighted Average) (c)
Assets:
Obligations of states, municipalities and political subdivisions $ 3 Discounted cash flow Yield
5.11 % - 5.59 % ( 5.35 %)
Corporate debt 57 Discounted cash flow Yield
5.98 % - 11.04 % ( 7.89 %)
RMBS (a)
1,251 Discounted cash flow Constant prepayment rate
3.96 % - 7.46 % ( 5.71 %)
Loss severity
34.69 % - 85.45 % ( 60.07 %)
Constant default rate
0.60 % - 1.97 % ( 1.28 %)
Yield
5.43 % - 6.36 % ( 5.90 %)
CLO/ABS (a)
760 Discounted cash flow Yield
3.33 % - 9.11 % ( 6.22 %)
CMBS 5 Discounted cash flow Yield
5.72 % - 8.94 % ( 7.21 %)
(in millions) Fair Value at
December 31, 2024 		Valuation
Technique
Unobservable Input (b)
Range
(Weighted Average) (c)
Assets:
Obligations of states, municipalities and political subdivisions $ 3 Discounted cash flow Yield
5.09 % - 5.57 % ( 5.33 %)
Corporate debt 177 Discounted cash flow Yield
6.83 % - 11.61 % ( 9.22 %)
RMBS (a)
1,321 Discounted cash flow Constant prepayment rate
4.10 % - 9.26 % ( 6.68 %)
Loss severity
40.81 % - 76.72 % ( 58.76 %)
Constant default rate
0.57 % - 2.48 % ( 1.52 %)
Yield
5.89 % - 6.98 % ( 6.44 %)
CLO/ABS (a)
760 Discounted cash flow Yield
4.24 % - 8.42 % ( 6.33 %)
CMBS 25 Discounted cash flow Yield
7.04 % - 10.12 % ( 8.70 %)
(a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.
(b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.
(c) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.
18
AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.


INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.
March 31, 2025 December 31, 2024
(in millions) Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 1,140 $ 358 $ 1,126 $ 375
Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 797 228 782 261
Venture capital Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company 85 37 83 40
Growth equity Funds that make investments in established companies for the purpose of growing their businesses 182 2 175 1
Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 108 57 120 58
Other Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies 921 490 819 57
Total private equity funds 3,233 1,172 3,105 792
AIG | First Quarter 2025 Form 10-Q
19
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

March 31, 2025 December 31, 2024
(in millions) Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments
Hedge funds:
Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 12 — 11 —
Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 181 — 168 —
Other Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments 8 — 8 —
Total hedge funds 201 — 187 —
Total $ 3,434 $ 1,172 $ 3,292 $ 792
Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.
FAIR VALUE OPTION
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
Three Months Ended March 31, Gain (Loss)
(in millions) 2025 2024
Other bond securities (a)
$ 11 $ 2
Alternative investments (b)
24 80
Retained investment in Corebridge (c)
209 —
Total gain (loss) $ 244 $ 82
(a) Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.
(b) Includes certain hedge funds, private equity funds and real estate investments.
(c) Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair Value Carrying
Value
(in millions) Level 1 Level 2 Level 3 Total
March 31, 2025
Assets:
Mortgage and other loans receivable $ — $ 339 $ 3,333 $ 3,672 $ 3,737
Other invested assets — 546 5 551 551
Short-term investments
— 4,389 — 4,389 4,389
Cash 1,393 — — 1,393 1,393
Other assets 13 — — 13 13
Liabilities:
Fortitude Re funds withheld payable — — 3,294 3,294 3,294
Long-term debt — 8,085 1 8,086 8,596
Debt of consolidated investment entities — — 157 157 157
20
AIG | First Quarter 2025 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

Estimated Fair Value Carrying
Value
(in millions) Level 1 Level 2 Level 3 Total
December 31, 2024
Assets:
Mortgage and other loans receivable $ — $ 339 $ 3,413 $ 3,752 $ 3,868
Other invested assets — 578 5 583 583
Short-term investments
— 4,673 — 4,673 4,673
Cash 1,302 — — 1,302 1,302
Other assets 15 — — 15 15
Liabilities:
Fortitude Re funds withheld payable — — 3,335 3,335 3,335
Long-term debt — 7,981 240 8,221 8,764
Debt of consolidated investment entities — — 158 158 158
6. Investments
SECURITIES AVAILABLE FOR SALE
The following table presents the amortized cost and fair value of our available for sale securities:
(in millions)
Amortized
Cost
Allowance
for Credit
Losses (a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities $ 3,225 $ — $ 30 $ ( 78 ) $ 3,177
Obligations of states, municipalities and political subdivisions 3,062 — 47 ( 78 ) 3,031
Non-U.S. governments 7,119 ( 1 ) 58 ( 449 ) 6,727
Corporate debt 36,090 ( 18 ) 356 ( 1,615 ) 34,813
Mortgage-backed, asset-backed and collateralized:
RMBS 9,121 ( 6 ) 277 ( 340 ) 9,052
CMBS 3,591 ( 5 ) 47 ( 68 ) 3,565
CLO/ABS 5,678 — 32 ( 48 ) 5,662
Total mortgage-backed, asset-backed and collateralized 18,390 ( 11 ) 356 ( 456 ) 18,279
Total bonds available for sale (b)
$ 67,886 $ ( 30 ) $ 847 $ ( 2,676 ) $ 66,027
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities $ 3,346 $ — $ 20 $ ( 99 ) $ 3,267
Obligations of states, municipalities and political subdivisions 3,223 — 32 ( 112 ) 3,143
Non-U.S. governments 8,644 ( 1 ) 54 ( 590 ) 8,107
Corporate debt 33,031 ( 28 ) 581 ( 1,758 ) 31,826
Mortgage-backed, asset-backed and collateralized:
RMBS 8,820 ( 6 ) 209 ( 419 ) 8,604
CMBS 3,988 ( 3 ) 32 ( 91 ) 3,926
CLO/ABS 5,143 — 34 ( 44 ) 5,133
Total mortgage-backed, asset-backed and collateralized 17,951 ( 9 ) 275 ( 554 ) 17,663
Total bonds available for sale (b)
$ 66,195 $ ( 38 ) $ 962 $ ( 3,113 ) $ 64,006
(a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b) At March 31, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $ 5.5 billion or 8 percent and $ 3.6 billion or 6 percent, respectively.
AIG | First Quarter 2025 Form 10-Q
21
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments


Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less than 12 Months 12 Months or More Total
(in millions) Fair
Value 		Gross
Unrealized
Losses 		Fair
Value 		Gross
Unrealized
Losses 		Fair
Value 		Gross
Unrealized
Losses
March 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities $ 655 $ 7 $ 355 $ 71 $ 1,010 $ 78
Obligations of states, municipalities and political subdivisions 733 13 582 65 1,315 78
Non-U.S. governments 1,947 60 1,749 385 3,696 445
Corporate debt 10,136 220 10,037 1,356 20,173 1,576
RMBS 1,407 42 1,843 272 3,250 314
CMBS 801 12 650 46 1,451 58
CLO/ABS 2,497 20 298 28 2,795 48
Total bonds available for sale $ 18,176 $ 374 $ 15,514 $ 2,223 $ 33,690 $ 2,597
Less than 12 Months 12 Months or More Total
(in millions) Fair
Value 		Gross
Unrealized
Losses 		Fair
Value 		Gross
Unrealized
Losses 		Fair
Value 		Gross
Unrealized
Losses
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities $ 1,718 $ 21 $ 358 $ 78 $ 2,076 $ 99
Obligations of states, municipalities and political subdivisions 1,502 33 586 79 2,088 112
Non-U.S. governments 1,964 55 3,446 534 5,410 589
Corporate debt 10,347 234 10,907 1,515 21,254 1,749
RMBS 3,711 58 2,147 343 5,858 401
CMBS 1,052 18 992 71 2,044 89
CLO/ABS 1,368 9 315 35 1,683 44
Total bonds available for sale $ 21,662 $ 428 $ 18,751 $ 2,655 $ 40,413 $ 3,083
At March 31, 2025, we held 10,707 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,239 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
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AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

Contractual Maturities of Fixed Maturity Securities Available for Sale
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
March 31, 2025 Total Fixed Maturity Securities
Available for Sale
(in millions) Amortized Cost,
Net of Allowance 		Fair Value
Due in one year or less $ 4,290 $ 4,210
Due after one year through five years 22,473 22,353
Due after five years through ten years 16,601 16,085
Due after ten years 6,113 5,100
Mortgage-backed, asset-backed and collateralized 18,379 18,279
Total $ 67,856 $ 66,027
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
Three Months Ended March 31,
2025 2024
(in millions) Gross
Realized
Gains 		Gross
Realized
Losses 		Gross
Realized
Gains 		Gross
Realized
Losses
Fixed maturity securities $ 16 $ 278 $ 15 $ 116
For the three months ended March 31, 2025 and 2024, the aggregate fair value of available for sale securities sold was $ 4.8 billion and $ 2.4 billion, respectively, which resulted in net realized gains (losses) of $( 262 ) million and $( 101 ) million, respectively. Included within the net realized gains (losses) are $( 7 ) million and $( 15 ) million of net realized gains (losses) for the three months ended March 31, 2025 and 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions) March 31, 2025 December 31, 2024
Fair
Value 		Percent
of Total 		Fair
Value 		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions $ 51 3 % $ 50 3 %
Non-U.S. governments 22 1 24 2
Corporate debt 284 19 282 19
Mortgage-backed, asset-backed and collateralized:
RMBS 100 7 100 7
CMBS 42 3 43 3
CLO/ABS and other collateralized securities 255 17 246 17
Total mortgage-backed, asset-backed and collateralized
397 27 389 27
Total fixed maturity securities 754 50 745 51
Equity securities 733 50 704 49
Total $ 1,487 100 % $ 1,449 100 %
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions) March 31, 2025 December 31, 2024
Alternative investments (a)
$ 4,133 $ 4,032
Retained investment in Corebridge using fair value option 4,018 3,810
All other investments (b)
1,836 1,986
Total $ 9,987 $ 9,828
(a) At March 31, 2025, includes hedge funds of $ 200 million and private equity funds of $ 3.7 billion. At December 31, 2024, included hedge funds of $ 187 million and private equity funds of $ 3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At March 31, 2025 and December 31, 2024, the accumulated depreciation was $ 164 million and $ 161 million, respectively.
(b) All other investments include mainly bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended March 31, 2025 2024
(in millions) Excluding Fortitude
Re Funds
Withheld Assets 		Fortitude Re
Funds Withheld
Assets 		Total Excluding Fortitude
Re Funds
Withheld Assets 		Fortitude Re
Funds Withheld
Assets 		Total
Available for sale fixed maturity securities, including short-term investments $ 790 $ 22 $ 812 $ 765 $ 22 $ 787
Other fixed maturity securities
— 11 11 ( 5 ) 7 2
Equity securities 9 — 9 88 — 88
Interest on mortgage and other loans 44 7 51 68 9 77
Alternative investments (a)
43 — 43 55 ( 1 ) 54
Other investments (b)
217 — 217 22 2 24
Total investment income 1,103 40 1,143 993 39 1,032
Investment expenses 38 — 38 53 — 53
Net investment income $ 1,065 $ 40 $ 1,105 $ 940 $ 39 $ 979
(a) Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
(b) Includes dividends received from Corebridge and changes in its stock price of $ 31 million and $ 209 million, respectively, for the three months ended March 31, 2025.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31, 2025 2024
(in millions) Excluding
Fortitude
Re Funds
Withheld
Assets 		Fortitude
Re
Funds
Withheld
Assets 		Total Excluding
Fortitude
Re Funds
Withheld
Assets 		Fortitude
Re
Funds
Withheld
Assets 		Total
Sales of fixed maturity securities $ ( 255 ) $ ( 7 ) $ ( 262 ) $ ( 86 ) $ ( 15 ) $ ( 101 )
Change in allowance for credit losses on fixed maturity securities 8 — 8 ( 1 ) — ( 1 )
Change in allowance for credit losses on loans 5 4 9 ( 8 ) ( 2 ) ( 10 )
Foreign exchange transactions 220 6 226 59 ( 3 ) 56
All other derivatives and hedge accounting ( 28 ) ( 6 ) ( 34 ) ( 48 ) 2 ( 46 )
Sales of alternative investments — — — 10 ( 1 ) 9
Other ( 10 ) 1 ( 9 ) 15 — 15
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 60 ) ( 2 ) ( 62 ) ( 59 ) ( 19 ) ( 78 )
Net realized losses on Fortitude Re funds withheld embedded derivative — ( 41 ) ( 41 ) — ( 9 ) ( 9 )
Net realized gains (losses) $ ( 60 ) $ ( 43 ) $ ( 103 ) $ ( 59 ) $ ( 28 ) $ ( 87 )
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AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31,
(in millions) 2025 2024
Fixed maturity securities* $ 322 $ ( 132 )
* Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended March 31, 2025 2024
(in millions) Equities Other Invested Assets* Total Equities Other Invested Assets Total
Net gains recognized during the period on equity securities and other investments $ 9 $ 233 $ 242 $ 88 $ 83 $ 171
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 13 ( 1 ) 12 40 ( 1 ) 39
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ ( 4 ) $ 234 $ 230 $ 48 $ 84 $ 132
* Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $ 209 million in the three months ended March 31, 2025.
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.
Credit Impairments
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended March 31, 2025 2024
(in millions) Structured Non-
Structured 		Total Structured Non-
Structured 		Total
Balance, beginning of year $ 10 $ 28 $ 38 $ 13 $ 21 $ 34
Additions:
Securities for which allowance for credit losses was not previously recorded — 2 2 — 4 4
Reductions:
Securities sold during the period — ( 4 ) ( 4 ) — 1 1
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis 1 1 2 ( 10 ) 7 ( 3 )
Write-offs charged against the allowance — ( 8 ) ( 8 ) — ( 8 ) ( 8 )
Balance, end of period $ 11 $ 19 $ 30 $ 3 $ 25 $ 28
Purchased Credit Deteriorated Securities
We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:
• Current delinquency rates;
• Expected default rates and the timing of such defaults;
• Loss severity and the timing of any recovery; and
• Expected prepayment speeds.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.
We did not purchase securities with more than insignificant credit deterioration since their origination during the three months ended March 31, 2025 and 2024.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions) March 31, 2025 December 31, 2024
Securities collateral pledged to us $ 2,257 $ 2,853
At March 31, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $ 2.2 billion and $ 2.8 billion, respectively.
All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts, was $ 7.9 billion and $ 7.8 billion at March 31, 2025 and December 31, 2024, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $ 13 million and $ 13 million of stock in FHLBs at March 31, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $ 1.8 billion at March 31, 2025 and $ 1.6 billion at December 31, 2024.
Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 73 million and $ 73 million, comprised of bonds available for sale and short-term investments at March 31, 2025 and December 31, 2024, respectively.
Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.
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AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

7. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions) March 31, 2025 December 31, 2024
Commercial mortgages (a)
$ 3,292 $ 3,305
Life insurance policy loans 5 6
Commercial loans, other loans and notes receivable (b)
595 721
Total mortgage and other loans receivable (c)
3,892 4,032
Allowance for credit losses (c) (d)
( 155 ) ( 164 )
Mortgage and other loans receivable, net (c)
$ 3,737 $ 3,868
(a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 11 percent, respectively, at March 31, 2025 and 14 percent and 12 percent, respectively, at December 31, 2024).
(b) There were no loans that were held-for-sale carried at lower of cost or market as of March 31, 2025 and December 31, 2024.
(c) Excludes $ 37.6 billion at both March 31, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(d) Does not include allowance for credit losses of $ 8 million at both March 31, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2025 and December 31, 2024, $ 259 million and $ 252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.
Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, accrued interest receivable was $ 16 million and $ 15 million, respectively, associated with commercial mortgage loans.
A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.
Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.
CREDIT QUALITY OF COMMERCIAL MORTGAGES
The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage:
March 31, 2025 2025 2024 2023 2022 2021 Prior Total
(in millions)
>1.2X $ 10 $ 124 $ 502 $ 194 $ 562 $ 1,521 $ 2,913
1.00 - 1.20X — 30 10 16 18 49 123
<1.00X — — — — 32 224 256
Total commercial mortgages $ 10 $ 154 $ 512 $ 210 $ 612 $ 1,794 $ 3,292
December 31, 2024 2024 2023 2022 2021 2020 Prior Total
(in millions)
>1.2X $ 120 $ 484 $ 185 $ 563 $ 79 $ 1,482 $ 2,913
1.00 - 1.20X 26 10 15 17 — 49 117
<1.00X — — — 32 — 243 275
Total commercial mortgages $ 146 $ 494 $ 200 $ 612 $ 79 $ 1,774 $ 3,305
AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage:
March 31, 2025 2025 2024 2023 2022 2021 Prior Total
(in millions)
Less than 65% $ 10 $ 114 $ 426 $ 187 $ 462 $ 1,044 $ 2,243
65% to 75% — — 86 — 84 316 486
76% to 80% — — — — — 74 74
Greater than 80% — 40 — 23 66 360 489
Total commercial mortgages $ 10 $ 154 $ 512 $ 210 $ 612 $ 1,794 $ 3,292
December 31, 2024 2024 2023 2022 2021 2020 Prior Total
(in millions)
Less than 65% $ 107 $ 433 $ 177 $ 485 $ 71 $ 1,012 $ 2,285
65% to 75% — 40 — 54 — 317 411
76% to 80% — — — 31 — 51 82
Greater than 80% 39 21 23 42 8 394 527
Total commercial mortgages $ 146 $ 494 $ 200 $ 612 $ 79 $ 1,774 $ 3,305
(a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8 x at both March 31, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.
(b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 67 percent and 65 percent at March 31, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans 		Class Percent
of
Total
(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total
March 31, 2025
Past Due Status:
In good standing 180 $ 1,117 $ 962 $ 350 $ 288 $ 252 $ 122 $ 3,091 94 %
90 days or less delinquent
1 — 5 — — — — 5 —
>90 days delinquent or in process of foreclosure 4 — 137 59 — — — 196 6
Total*
185 $ 1,117 $ 1,104 $ 409 $ 288 $ 252 $ 122 $ 3,292 100 %
Allowance for credit losses $ 2 $ 105 $ 33 $ 4 $ 10 $ 1 $ 155 5 %
Number
of
Loans 		Class Percent
of
Total
(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total
December 31, 2024
Past Due Status:
In good standing 186 $ 1,087 $ 971 $ 370 $ 301 $ 258 $ 119 $ 3,106 94 %
90 days or less delinquent 1 — 25 — — — — 25 1
>90 days delinquent or in process of foreclosure 3 — 112 62 — — — 174 5
Total*
190 $ 1,087 $ 1,108 $ 432 $ 301 $ 258 $ 119 $ 3,305 100 %
Allowance for credit losses $ 5 $ 99 $ 34 $ 11 $ 13 $ 1 $ 163 5 %
* Does not reflect allowance for credit losses.
METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES
For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2024 Annual Report.
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AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a)(b) :
Three Months Ended March 31,
2025
2024
(in millions) Commercial
Mortgages 		Other
Loans 		Total Commercial
Mortgages 		Other
Loans 		Total
Allowance, beginning of year $ 163 $ 1 $ 164 $ 138 $ 2 $ 140
Addition to (release of) allowance for loan losses ( 8 ) ( 1 ) ( 9 ) 12 1 13
Allowance, end of period
$ 155 $ — $ 155 $ 150 $ 3 $ 153
(a) D oes not include allowance for credit losses of $ 8 million and $ 6 million at March 31, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b) Excludes $ 37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.
LOAN MODIFICATIONS
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.
We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.
There were no loans that had defaulted during the three months ended March 31, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.
AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to March 31, 2025 are current and performing in conjunction with their modified terms.
8. Reinsurance
FORTITUDE RE
Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the
AIG | First Quarter 2025 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance

funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.
As of March 31, 2025, $ 3.3 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
March 31, 2025 December 31, 2024
(in millions) Carrying
Value 		Fair
Value 		Carrying
Value 		Fair
Value 		Corresponding Accounting Policy
Fixed maturity securities - available for sale (a)
$ 1,918 $ 1,918 $ 1,918 $ 1,918 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option 729 729 721 721 Fair value through net investment income
Commercial mortgage loans 477 465 450 437 Amortized cost
Short-term investments 22 22 15 15 Fair value through net investment income
Funds withheld investment assets 3,146 3,134 3,104 3,091
Derivative assets, net (b)
— — 1 1 Fair value through net realized gains (losses)
Other (c)
81 81 115 115 Amortized cost
Total $ 3,227 $ 3,215 $ 3,220 $ 3,207
(a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 2 ) million ($( 2 ) million after-tax) and $( 35 ) million ($( 28 ) million after-tax), respectively for the three months ended March 31, 2025 and for the year ended December 31, 2024.
(b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 1 million and $ 33 million, respectively, as of March 31, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 9 million and $ 2 million, respectively, as of December 31, 2024. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c) Primarily comprised of Cash and Accrued investment income.
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended March 31,
(in millions) 2025 2024
Net investment income - Fortitude Re funds withheld assets $ 40 $ 39
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets ( 2 ) ( 19 )
Net realized losses - Fortitude Re funds withheld embedded derivative ( 41 ) ( 9 )
Net realized losses on Fortitude Re funds withheld assets ( 43 ) ( 28 )
Income (loss) from continuing operations before income tax expense (benefit) ( 3 ) 11
Income tax expense (benefit) (a)
( 1 ) 2
Net income (loss)
( 2 ) 9
Change in unrealized depreciation on available for sale securities (a)
( 2 ) ( 8 )
Comprehensive income (loss) $ ( 4 ) $ 1
(a) The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.
REINSURANCE – CREDIT LOSSES
The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:
• paid and unpaid amounts recoverable;
• whether the balance is in dispute or subject to legal collection;
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance

• the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and
• whether collateral and collateral arrangements exist.
An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
The total reinsurance recoverables as of March 31, 2025 were $ 41.5 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 84 percent of the reinsurance recoverables were investment grade; (ii) approximately 14 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.
The total reinsurance recoverables as of December 31, 2024 were $ 40.5 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.
As of March 31, 2025 and December 31, 2024, approximately 80 percent and 81 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.
Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended March 31,
(in millions) 2025 2024
Balance, beginning of period $ 269 $ 255
Addition to (release of) allowance for expected credit losses and disputes, net 3 1
Write-offs charged against the allowance for credit losses and disputes — ( 1 )
Other changes 7 —
Balance, end of period $ 279 $ 255
Past-Due Status
We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.
9. Deferred Policy Acquisition Costs
DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).
We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 9. Deferred Policy Acquisition Costs

The following table presents a rollforward of DAC:
Three Months Ended March 31,
(in millions) 2025 2024
Balance, beginning of year $ 2,065 $ 2,117
Capitalization 750 882
Amortization expense ( 825 ) ( 838 )
Other, including foreign exchange 19 ( 57 )
Balance, end of period $ 2,009 $ 2,104
10. Variable Interest Entities
We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.
The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.
For unconsolidated VIEs we calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.
The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:
Maximum Exposure to Loss
(in millions) Total VIE
Assets
On-Balance
Sheet (c)
Off-Balance
Sheet 		Total
March 31, 2025
Real estate and investment entities (a)
$ 374,337 $ 3,188 $ 1,136
(d)
$ 4,324
Other (b)
4,452 159 756
(e)
915
Total $ 378,789 $ 3,347 $ 1,892 $ 5,239
December 31, 2024
Real estate and investment entities (a)
$ 367,661 $ 2,723 $ 839
(d)
$ 3,562
Other (b)
4,639 255 754
(e)
1,009
Total $ 372,300 $ 2,978 $ 1,593 $ 4,571
(a) Comprised primarily of hedge funds and private equity funds.
(b) At March 31, 2025 and December 31, 2024, excludes approximately $ 1,745 million and $ 1,925 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $ 1,721 million and $ 1,894 million, respectively. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(c) At March 31, 2025 and December 31, 2024, $ 3.4 billion and $ 2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.
(d) These amounts represent our unfunded commitments to invest in private equity funds.
(e) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

11. Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:
March 31, 2025 December 31, 2024
Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities
(in millions) Notional
Amount 		Fair
Value 		Notional
Amount 		Fair
Value 		Notional
Amount 		Fair
Value 		Notional
Amount 		Fair
Value
Derivatives designated as hedging instruments: (a)
Foreign exchange contracts $ 788 $ 46 $ 855 $ 71 $ 879 $ 66 $ 906 $ 109
Derivatives not designated as hedging instruments: (a)
Interest rate contracts 874 250 948 278 841 277 913 304
Foreign exchange contracts 2,465 163 2,047 151 3,095 230 1,707 158
Equity contracts 21 15 21 15 29 20 29 20
Credit contracts (b)
52 31 147 31 52 31 147 31
Other contracts (c)
— — — — — — — —
Total derivatives, gross $ 4,200 $ 505 $ 4,018 $ 546 $ 4,896 $ 624 $ 3,702 $ 622
Counterparty netting (d)
( 225 ) ( 225 ) ( 270 ) ( 270 )
Cash collateral (e)
( 226 ) ( 240 ) ( 304 ) ( 201 )
Total derivatives on Condensed Consolidated Balance Sheets (f)
$ 54 $ 81 $ 50 $ 151
(a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b) As of March 31, 2025 and December 31, 2024, included CDSs on super senior multi-sector CLO with a net notional amount of $ 46 million and $ 48 million (fair value liability of $ 30 million and $ 30 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.
(c) Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d) Represents netting of derivative exposures covered by a qualifying master netting agreement.
(e) Represents cash collateral posted and received that is eligible for netting.
(f) Freestanding derivatives only, excludes embedded derivative s. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $ 3.2 billion at March 31, 2025 and $ 3.2 billion at December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was zero at both March 31, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.
COLLATERAL
We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.
Collateral posted by us to third parties for derivative transactions was $ 412 million and $ 601 million at March 31, 2025 and December 31, 2024, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $ 337 million and $ 595 million at March 31, 2025 and December 31, 2024, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.
OFFSETTING
We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.
HEDGE ACCOUNTING
We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.
We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three months ended March 31, 2025 and 2024, we recognized gains (losses) of $( 71 ) million and $ 25 million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.
A qualitative methodology is utilized to assess hedge effectiveness.
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Income for:
(in millions)
Hedging
Derivatives (a)
Excluded
Components (b)
Hedged
Items 		Net Impact
Three Months Ended March 31, 2025
Foreign exchange contracts:
Net realized gains/(losses) $ ( 1 ) $ ( 1 ) $ 1 $ ( 1 )
Three Months Ended March 31, 2024
Foreign exchange contracts:
Net realized gains/(losses) $ ( 58 ) $ ( 12 ) $ 58 $ ( 12 )
(a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
Three Months Ended March 31, Gains (Losses) Recognized in Income
(in millions) 2025 2024
By Derivative Type:
Interest rate contracts $ ( 1 ) $ ( 2 )
Foreign exchange contracts ( 33 ) ( 39 )
Credit contracts — 1
Embedded derivatives ( 41 ) ( 9 )
Total $ ( 75 ) $ ( 49 )
By Classification:
Net realized losses - excluding Fortitude Re funds withheld assets
( 28 ) ( 42 )
Net realized losses on Fortitude Re funds withheld assets *
( 47 ) ( 7 )
Total $ ( 75 ) $ ( 49 )
* Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.
CREDIT RISK-RELATED CONTINGENT FEATURES
We estimate that at March 31, 2025, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $ 5 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $ 30 million and $ 30 million at March 31, 2025 and December 31, 2024, respectively. The aggregate fair value of assets posted as collateral under these contracts at March 31, 2025 and December 31, 2024, was approximately $ 30 million and $ 30 million, respectively.
12. Insurance Liabilities
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 12.1 billion and $ 12.1 billion at March 31, 2025 and December 31, 2024, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At March 31, 2025 and December 31, 2024 we held collateral of approximately $ 8.7 billion and $ 8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $ 14 million at both March 31, 2025 and December 31, 2024.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities

The following table presents the rollforward of activity in loss reserves:
Three Months Ended March 31,
(in millions) 2025 2024
Liability for unpaid loss and loss adjustment expenses, beginning of year $ 69,168 $ 70,393
Reinsurance recoverable ( 29,026 ) ( 30,289 )
Net Liability for unpaid loss and loss adjustment expenses, beginning of year 40,142 40,104
Losses and loss adjustment expenses incurred:
Current year 3,809 3,365
Prior years, excluding discount and amortization of deferred gain ( 33 ) —
Prior years, discount charge (benefit) 40 106
Prior years, amortization of deferred gain on retroactive reinsurance (a)
( 22 ) ( 32 )
Total losses and loss adjustment expenses incurred 3,794 3,439
Losses and loss adjustment expenses paid:
Current year ( 429 ) ( 286 )
Prior years ( 2,961 ) ( 2,857 )
Total losses and loss adjustment expenses paid ( 3,390 ) ( 3,143 )
Other changes:
Foreign exchange effect 484 ( 496 )
Losses and loss adjustment expenses recognized within gain on divestitures 32 —
Retroactive reinsurance adjustment (net of discount) (b)
35 ( 8 )
Reclassified to held for sale, net of reinsurance recoverables — ( 5 )
Total other changes 551 ( 509 )
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses 41,097 39,891
Reinsurance recoverable
27,799 30,169
Total $ 68,896 $ 70,060
(a) Includes $ 5 million and $ 5 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended March 31, 2025 and 2024, respectively.
(b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 1 million and $ 55 million for the three months ended March 31, 2025 and 2024, respectively.
On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $ 25 billion of net paid losses, up to an aggregate limit of $ 25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $ 20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $ 10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.
Prior Year Development
During the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $ 33 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development in U.S. Property and Global Specialty.
During the three months ended March 31, 2024, we did not recognize any prior year loss reserve development excluding discount and amortization of deferred gain.
Discounting of Loss Reserves
At March 31, 2025 and December 31, 2024, the loss reserves reflect a net loss reserve discount of $ 1.2 billion and $ 1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:
• The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.
– For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.
– The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.
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• The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our case reserves ( 45 percent).
The discount for asbestos reserves has been fully accreted.
At March 31, 2025 and December 31, 2024, the discount consists of $ 112 million and $ 107 million of tabular discount, respectively, and $ 1.0 billion and $ 1.1 billion of non-tabular discount for workers’ compensation, respectively. During the three months ended March 31, 2025 and 2024, the benefit / (charge) from changes in discount of $( 17 ) million and $( 76 ) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).
The following table presents the components of the loss reserve discount discussed above:
(in millions) March 31, 2025 December 31, 2024
U.S. workers' compensation $ 2,094 $ 2,111
Retroactive reinsurance ( 935 ) ( 936 )
Total reserve discount (a)(b)
$ 1,159 $ 1,175
(a) Excludes $ 190 million and $ 184 million of discount related to certain long-tail liabilities in the UK at March 31, 2025 and December 31, 2024, respectively.
(b) Includes gross discount of $ 736 million and $ 627 million, which was 100 percent ceded to Fortitude Re at March 31, 2025 and December 31, 2024, respectively.
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended March 31,
(in millions) 2025 2024
Current accident year $ 23 $ 30
Accretion and other adjustments to prior year discount ( 40 ) ( 106 )
Net reserve discount benefit (charge) ( 17 ) ( 76 )
Change in discount on loss reserves ceded under retroactive reinsurance 1 55
Net change in total reserve discount* $ ( 16 ) $ ( 21 )
* Excludes $ 6 million and $( 2 ) million of discount related to certain long-tail liabilities in the UK for the three months ended March 31, 2025 and 2024, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $ 17 million and $ 27 million related to the adverse development reinsurance cover with NICO for the three months ended March 31, 2025 and 2024, respectively.
Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.
FUTURE POLICY BENEFITS
Future policy benefits primarily include reserves for Global Accident & Health (short-duration) contracts.
13. Contingencies, Commitments and Guarantees
In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries.
Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.
LEGAL CONTINGENCIES
In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Contingencies, Commitments and Guarantees

of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation.
Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage.
OTHER COMMITMENTS
In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $ 1.9 billion and $ 1.8 billion at March 31, 2025 and December 31, 2024, respectively.
GUARANTEES
Subsidiaries
We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc.
Due to the deconsolidation of AIGFP and its subsidiaries, as of March 31, 2025, a $ 100 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.
We continue to guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.
Business and Asset Dispositions
We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable.
We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.
Other
• For additional information on commitments and guarantees associated with VIEs, see Note 10.
• For additional information on derivatives, see Note 11.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

14. Equity
SHARES OUTSTANDING
Common Stock
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2025
Common
Stock Issued 		Treasury
Stock 		Common Stock
Outstanding
(in millions)
Shares, beginning of year 1,906.7 ( 1,300.6 ) 606.1
Shares issued — 3.3 3.3
Shares repurchased — ( 29.0 ) ( 29.0 )
Shares, end of period 1,906.7 ( 1,326.3 ) 580.4
Dividends
Dividends are payable on AIG common stock, par value $ 2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.
For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.
Repurchase of AIG Common Stock
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. Effective April 1, 2025, the Board of Directors authorized the repurchase of $ 7.5 billion of AIG Common Stock (inclusive of the approximately $ 3.4 billion remaining under the Board's prior share repurchase authorization).
The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.
Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from April 1, 2025 to April 25, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 374 million.
DIVIDENDS DECLARED
On May 1, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.45 per share, a 12.5 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 27, 2025 to shareholders of record on June 13, 2025.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions) Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken 		Unrealized
Appreciation
(Depreciation)
of All Other
Investments 		Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in
Our Own
Credit Risk 		Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts 		Foreign
Currency
Translation
Adjustments 		Retirement
Plan
Liabilities
Adjustment 		Total
Balance, December 31, 2024, net of tax $ ( 4 ) $ ( 2,868 ) $ — $ 68 $ ( 3,521 ) $ ( 774 ) $ ( 7,099 )
Change in unrealized appreciation (depreciation) of investments
4 318 — — — — 322
Change in other — 6 — — — — 6
Change in discount rates — — — 9 — — 9
Change in foreign currency translation adjustments — — — — 175 — 175
Change in net actuarial loss — — — — — 8 8
Change in deferred tax asset (liability) — 101 — ( 3 ) 19 ( 1 ) 116
Total other comprehensive income 4 425 — 6 194 7 636
Less: Noncontrolling interests — — — — 1 — 1
Balance, March 31, 2025, net of tax $ — $ ( 2,443 ) $ — $ 74 $ ( 3,328 ) $ ( 767 ) $ ( 6,464 )
Balance, December 31, 2023, net of tax $ ( 106 ) $ ( 10,888 ) $ ( 476 ) $ 1,233 $ ( 2,979 ) $ ( 821 ) $ ( 14,037 )
Change in unrealized appreciation (depreciation) of investments* 72 ( 1,274 ) — — — — ( 1,202 )
Change in other — 5 — — — — 5
Change in fair value of market risk benefits, net — — ( 29 ) — — — ( 29 )
Change in discount rates — — — 697 — — 697
Change in future policy benefits — ( 126 ) — — — — ( 126 )
Change in foreign currency translation adjustments — — — — ( 339 ) — ( 339 )
Change in net actuarial loss — — — — — 7 7
Change in prior service cost — — — — — 2 2
Change in deferred tax asset (liability) ( 15 ) 105 6 ( 152 ) ( 14 ) ( 2 ) ( 72 )
Total other comprehensive income (loss) 57 ( 1,290 ) ( 23 ) 545 ( 353 ) 7 ( 1,057 )
Add: Corebridge noncontrolling interests — ( 83 ) ( 5 ) 15 — — ( 73 )
Less: Noncontrolling interests 17 ( 559 ) ( 11 ) 258 ( 3 ) — ( 298 )
Balance, March 31, 2024, net of tax $ ( 66 ) $ ( 11,702 ) $ ( 493 ) $ 1,535 $ ( 3,329 ) $ ( 814 ) $ ( 14,869 )
* Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2025 and 2024 , respectively:
(in millions) Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken 		Unrealized
Appreciation
(Depreciation)
of All Other
Investments 		Change in Fair
Value of Market
Risk Benefits
Attributable to
Changes in Our
Own Credit Risk 		Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts 		Foreign
Currency
Translation
Adjustments 		Retirement
Plan
Liabilities
Adjustment 		Total
Three Months Ended March 31, 2025
Unrealized change arising during period $ 4 $ 62 $ — $ 9 $ 175 $ — $ 250
Less: Reclassification adjustments included in net income — ( 262 ) — — — ( 8 ) ( 270 )
Total other comprehensive income (loss), before of income tax expense (benefit) 4 324 — 9 175 8 520
Less: Income tax expense (benefit) — ( 101 ) — 3 ( 19 ) 1 ( 116 )
Total other comprehensive income (loss), net of income tax expense (benefit) $ 4 $ 425 $ — $ 6 $ 194 $ 7 $ 636
Three Months Ended March 31, 2024
Unrealized change arising during period $ 66 $ ( 1,832 ) $ ( 29 ) $ 697 $ ( 339 ) $ 2 $ ( 1,435 )
Less: Reclassification adjustments included in net income ( 6 ) ( 437 ) — — — ( 7 ) ( 450 )
Total other comprehensive income (loss), before income tax expense (benefit) 72 ( 1,395 ) ( 29 ) 697 ( 339 ) 9 ( 985 )
Less: Income tax expense (benefit) 15 ( 105 ) ( 6 ) 152 14 2 72
Total other comprehensive income (loss), net of income tax expense (benefit) $ 57 $ ( 1,290 ) $ ( 23 ) $ 545 $ ( 353 ) $ 7 $ ( 1,057 )
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Equity

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss) (a) :
Amount Reclassified from AOCI Affected Line Item in the
Three Months Ended March 31, Condensed Consolidated
(in millions) 2025 2024 Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments $ — $ ( 6 ) Net realized gains (losses)
Total — ( 6 )
Unrealized appreciation (depreciation) of all other investments
Investments ( 262 ) ( 437 ) Net realized gains (losses)
Total ( 262 ) ( 437 )
Change in retirement plan liabilities adjustment
Prior-service credit ( 1 ) —
(b)
Actuarial losses ( 7 ) ( 7 )
(b)
Total ( 8 ) ( 7 )
Total reclassifications for the period $ ( 270 ) $ ( 450 )
(a) The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk and (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.
(b) These AOCI components are included in the computation of net periodic pension cost.
15. Earnings Per Common Share (EPS)
Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.
The following table presents the computation of basic and diluted EPS:
Three Months Ended March 31,
(dollars in millions, except per common share data) 2025 2024
Numerator for EPS:
Income (loss) from continuing operations $ 698 $ 797
Less: Preferred stock dividends and preferred stock redemption premiums — 22
Income (loss) attributable to AIG common shareholders from continuing operations 698 775
Income (loss) from discontinued operations, net of income tax expense — 803
Less: Net income attributable to noncontrolling interests — 384
Income (loss) from discontinued operations, net of noncontrolling interest — 419
Net income (loss) attributable to AIG common shareholders $ 698 $ 1,194
Denominator for EPS:
Weighted average common shares outstanding - basic 593,839,665 682,576,848
Dilutive common shares 5,400,381 5,384,670
Weighted average common shares outstanding - diluted (a)
599,240,046 687,961,518
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income (loss) from continuing operations $ 1.18 $ 1.14
Income from discontinued operations $ — $ 0.61
Income (loss) attributable to AIG common shareholders $ 1.18 $ 1.75
Diluted:
Income (loss) from continuing operations $ 1.16 $ 1.13
Income from discontinued operations $ — $ 0.61
Income (loss) attributable to AIG common shareholders $ 1.16 $ 1.74
(a) Potential dilutive common shares are due to our share-based employee compensation plans and agreements. The number of potential common shares excluded from diluted shares outstanding was 161,754 and 141,749 for the three months ended March 31, 2025 and 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.
For information regarding our repurchases of AIG Common Stock, see Note 14.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes

16. Income Taxes
BASIS OF PRESENTATION
We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws.
We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.
INTERIM TAX CALCULATION METHOD
We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.
INTERIM TAX EXPENSE (BENEFIT)
For the three months ended March 31, 2025, the effective tax rate on income from continuing operations was 27.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses and state and local income taxes, partially offset by tax benefits related to closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
For the three months ended March 31, 2024, the effective tax rate on income from continuing operations was 24.7 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses. These tax charges were partially offset by tax benefits related to tax exempt income and the excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.
ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE
The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.
During the first quarter, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 16. Income Taxes

After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $ 300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized. Accordingly, during the three months ended March 31, 2025, we recorded no change in valuation allowance.
For the three months ended March 31, 2025, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our general insurance and non-insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of March 31, 2025, based on all available evidence, we concluded that a valuation allowance of $ 394 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the three months ended March 31, 2025, we recorded a decrease in valuation allowance of $ 115 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance decrease was allocated to other comprehensive income.
For the three months ended March 31, 2025, we recognized a net $ 2 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions.
TAX EXAMINATIONS
We are currently under examination by the IRS for the tax years 2011 through 2019. We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010. These tax years are still subject to ongoing computational review by IRS Appeals.
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES
At both March 31, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $ 1.4 billion. At both March 31, 2025 and December 31, 2024, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $ 1.4 billion. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction.
Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At March 31, 2025 and December 31, 2024, we had accrued liabilities of $ 41 million and $ 53 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the three months ended March 31, 2025 and 2024, we accrued expense (benefit) of $( 12 ) million and $ 0 million , respectively, for the payment of interest and penalties.
Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.
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ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
This discussion contains a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report) to assist readers seeking additional information related to a particular subject.
In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, we use the terms “AIG,” “we,” “us,” “our” or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

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All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
• the impact of adverse developments affecting economic conditions in the markets in which we operate in the U.S. and globally, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;
• the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;
• disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;
• our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
• the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;
• concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);
• changes in the valuation of our investments;
• our reliance on third-party investment managers;
• nonperformance or defaults by counterparties;
• our reliance on third parties to provide certain business and administrative services;
• our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;
• changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
• concentrations of our insurance, reinsurance and other risk exposures;
• availability of adequate reinsurance or access to reinsurance on acceptable terms;
• changes to tax laws in the U.S. and other countries in which we operate;
• the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
• the effects of sanctions and the failure to comply with those sanctions;
• difficulty in marketing and distributing products through current and future distribution channels;
• actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;
• changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
• our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof
• our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;
• our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
• changes to sources of or access to liquidity;
• changes in accounting principles and financial reporting requirements or their applicability to us;
• the outcome of significant legal, regulatory or governmental proceedings;
• our ability to effectively execute on sustainability targets and standards;
• the impact of epidemics, pandemics and other public health crises and responses thereto; and
• such other factors discussed in:
– Part I, Item 2. MD&A of this Quarterly Report on Form 10-Q;
– Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2024 Annual Report; and
– our other filings with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.
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INDEX TO ITEM 2
Page
Investment Highlights in the Three Months Ended March 31, 2025
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ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of continuing operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

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ITEM 2 | Use of Non-GAAP Measures

Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:
• changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares;
• net investment income on Fortitude Re funds withheld assets;
• net realized gains and losses on Fortitude Re funds withheld assets;
• loss (gain) on extinguishment of debt;
• all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);
• income or loss from discontinued operations;
• net loss reserve discount benefit (charge);
• net results of businesses in run-off;
• non-operating pension expense;
• net gain or loss on divestitures and other;
• non-operating litigation reserves and settlements;
• restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
• the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;
• integration and transaction costs associated with acquiring or divesting businesses;
• losses from the impairment of goodwill;
• non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and
• income from elimination of the international reporting lag.
Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
• deferred income tax valuation allowance releases and charges;
• changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and
• net tax charge related to the enactment of the Tax Cuts and Jobs Act.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Results from discontinued operations, including Corebridge, are excluded from all of these measures.
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ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.
The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:
• loss reserves;
• reinsurance assets, including the allowance for credit losses and disputes;
• allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;
• fair value measurements of certain financial assets and financial liabilities; and
• income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
For a complete discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.
Executive Summary
OVERVIEW
This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2024 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.
OPERATING STRUCTURE
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. Prior years’ presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.
On June 9, 2024, AIG 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. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements, and for information regarding the separation of Life and Retirement, see Note 4 to the Condensed Consolidated Financial Statements.
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ITEM 2 | Executive Summary

General Insurance
General Insurance is a leading provider of insurance products and services for commercial and personal insurance customers. It includes one of the world’s most far-reaching property casualty networks. General Insurance offers a broad range of products to customers through a diversified, multichannel distribution network. Customers value General Insurance’s strong capital position, extensive risk management and claims experience and its ability to be a market leader in critical lines of the insurance business.
NA Commercial.gif International Commercial.gif Global Personal.gif
General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance, Pte, Ltd.; AIG Europe S.A.; American International Group UK Ltd.; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).
REGULATORY, INDUSTRY AND ECONOMIC FACTORS
Regulatory Environment
Our operations around the world are subject to regulation by many different types of regulatory authorities, including insurance and securities regulators in the United States and abroad. The insurance and financial services industries are generally subject to close regulatory scrutiny and supervision.
For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report.
Impact of Changes in the Interest Rate E nvironment
Certain global benchmark interest rates continued to fluctuate in 2025 as markets reacted to change in inflation trends, geopolitical risk and uncertainties and the decisions of the global central banks. Our Net investment income is impacted by market interest rates as well as the deployment of asset allocation strategies to enhance yield, manage duration and interest rate risk. The changes in interest rates and credit spreads impact our ability to reinvest future cash flows at rates equal or greater than the rates on sales and maturities. For additional information on our investment and asset-liability management strategies, see Investments.
Impact of Currency Volatility
Currency volatility remains acute. The value of the U.S. dollar compared to the Euro, British pound and the Japanese yen (the Major Currencies) impacts income for our businesses with substantial international operations. In particular, growth trends in net premiums written reported in U.S. dollars can differ significantly from those measured in original currencies. The net effect on underwriting results, however, is significantly mitigated, as both revenues and expenses are similarly affected.
These currencies may continue to fluctuate, especially as a result of concerns regarding international trade, future economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in U.S. dollars, as well as financial statement line item comparability.
General Insurance businesses are transacted in most major foreign currencies. The following table presents the average of the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our businesses:
Three Months Ended March 31,
Rate for 1 USD 2025 2024 Percentage Change
Major Currency:
GBP 0.80 0.79 1 %
EUR 0.96 0.92 4 %
JPY 154.02 146.61 5 %
Unless otherwise noted, references to the effects of foreign exchange in the General Insurance discussion of results of operations are with respect to movements in the Major Currencies included in the preceding table.
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ITEM 2 | Consolidated Results of Operations

Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2025 and 2024. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.
The following table presents our consolidated results of operations and other key financial metrics:
Three Months Ended March 31, Percentage
Change
(in millions) 2025 2024
Revenues:
Premiums $ 5,770 $ 5,871 (2) %
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets 1,065 940 13
Net investment income - Fortitude Re funds withheld assets 40 39 3
Total net investment income 1,105 979 13
Net realized losses:
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (60) (59) (2)
Net realized losses on Fortitude Re funds withheld assets (2) (19) 89
Net realized losses on Fortitude Re funds withheld embedded derivative (41) (9) (356)
Total net realized losses (103) (87) (18)
Other income 11 — NM
Total revenues 6,783 6,763 —
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred 3,794 3,513 8
Amortization of deferred policy acquisition costs 825 838 (2)
General operating and other expenses 1,115 1,238 (10)
Interest expense 92 116 (21)
Net gain on divestitures and other (3) — NM
Total benefits, losses and expenses 5,823 5,705 2
Income from continuing operations before income tax expense 960 1,058 (9)
Income tax expense 262 261 —
Income from continuing operations 698 797 (12)
Income from discontinued operations, net of income taxes — 803 NM
Net income 698 1,600 (56)
Less: Net income attributable to noncontrolling interests — 384 NM
Net income attributable to AIG 698 1,216 (43)
Less: Dividends on preferred stock and preferred stock redemption premiums — 22 NM
Net income attributable to AIG common shareholders $ 698 $ 1,194 (42) %

(in millions, except per share data) March 31, 2025 December 31, 2024
Balance sheet data:
Total assets $ 161,864 $ 161,322
Long-term debt 8,596 8,764
Total AIG shareholders’ equity 41,431 42,521
Book value per share 71.38 70.16
Adjusted book value per share 74.45 73.79
Core operating book value per share 61.72 61.75
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NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended March 31, 2025 and 2024 Comparison
Net income (loss) attributable to AIG common shareholders decreased $496 million due to the following:
• a decrease in Income (loss) from discontinued operations, net of income taxes of $803 million as a result of the deconsolidation of Corebridge; and
• a decrease in underwriting income primarily driven by higher catastrophe losses of $419 million partially offset by favorable prior year reserve development of $33 million, which does not reflect the benefit of recoveries under a retroactive adverse development cover, as well as lower expense ratio.
The decrease in Net income (loss) attributable to AIG common shareholders was partially offset by the following:
• a decrease in net income attributable to noncontrolling interest of $384 million primarily driven by Corebridge; and
• an increase in Net investment income of $126 million primarily driven by dividends received from Corebridge of $31 million and changes in its stock price of $209 million, partially offset by a decrease in the fair value of equity securities of $79 million.
INCOME TAX EXPENSE ANALYSIS
For the three months ended March 31, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 27.3 percent and 24.7 percent, respectively.
For additional information, see Note 16 to the Condensed Consolidated Financial Statements.
NON-GAAP RECONCILIATIONS
The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.
March 31, December 31,
(in millions, except per share data) 2025 2024
Total AIG common shareholders' equity $ 41,431 $ 42,521
Less: Investments related AOCI (2,443) (2,872)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (664) (667)
Subtotal: Investments AOCI (1,779) (2,205)
AIG adjusted common shareholders' equity $ 43,210 $ 44,726
Total AIG common shareholders' equity $ 41,431 $ 42,521
Less: AIG's ownership interest in Corebridge 4,018 3,810
Less: Investments related AOCI - AIG (2,443) (2,872)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG (664) (667)
Subtotal: Investments AOCI - AIG (1,779) (2,205)
Less: Deferred tax assets 3,370 3,489
AIG core operating shareholders' equity $ 35,822 $ 37,427
Total common shares outstanding 580.4 606.1
Book value per share $ 71.38 $ 70.16
Adjusted book value per share 74.45 73.79
Core operating book value per share 61.72 61.75
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ITEM 2 | Consolidated Results of Operations

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.
Three Months Ended
March 31, 		Year Ended
December 31,
(dollars in millions) 2025 2024 2024
Actual or annualized net income (loss) attributable to AIG common shareholders $ 2,792 $ 4,776 $ (1,426)
Actual or annualized adjusted after-tax income attributable to AIG common shareholders $ 2,808 $ 3,448 $ 3,254
Average AIG common shareholders' equity $ 41,976 $ 44,126 $ 44,051
Less: Average investments AOCI (1,992) (9,534) (5,132)
Average AIG adjusted common shareholders' equity $ 43,968 $ 53,660 $ 49,183
Average AIG common shareholders' equity $ 41,976 $ 44,126 $ 44,051
Less: Average AIG's ownership interest in Corebridge 3,914 6,666 6,770
Less: Average Investments AOCI - AIG (1,992) (2,581) (2,351)
Less: Average deferred tax assets 3,430 4,233 3,998
Average AIG core operating shareholders' equity $ 36,624 $ 35,808 $ 35,634
Return on equity 6.7 % 10.8 % (3.2) %
Adjusted return on equity 6.4 6.4 6.6
Core operating return on equity 7.7 9.6 9.1
The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:
Three Months Ended March 31, 2025 2024
(in millions, except per common share data) Pre-tax Total Tax
(Benefit)
Charge
Non-
controlling
Interests (a)
After
Tax 		Pre-tax Total Tax
(Benefit)
Charge
Non-
controlling
Interests (a)
After
Tax
Pre-tax income/net income, including noncontrolling interests $ 960 $ 262 $ — $ 698 $ 1,058 $ 261 $ — $ 1,600
Noncontrolling interests (a)
— — (384) (384)
Pre-tax income/net income attributable to AIG - including discontinued operations $ 960 $ 262 $ — $ 698 $ 1,058 $ 261 $ (384) $ 1,216
Dividends on preferred stock and preferred stock redemption premiums — 22
Net income attributable to AIG common shareholders $ 698 $ 1,194
Changes in uncertain tax positions and other tax adjustments
6 — (6) 3 — (3)
Deferred income tax valuation allowance releases
2 — (2) 5 — (5)
Changes in the fair values of equity securities and AIG's investment in Corebridge (217) (46) — (171) (88) (19) — (69)
Loss on extinguishment of debt and preferred stock redemption premiums — — — — — — — 15
Net investment income on Fortitude Re funds withheld assets (40) (8) — (32) (39) (8) — (31)
Net realized losses on Fortitude Re funds withheld assets 2 — — 2 19 4 — 15
Net realized losses on Fortitude Re funds withheld embedded derivative 41 9 — 32 9 2 — 7
Net realized (gains) losses (b)
66 (38) — 104 55 7 — 48
Income from discontinued operations — (803)
Net gain on divestitures and other (3) (1) — (2) — — — —
Non-operating litigation reserves and settlements (11) (2) — (9) — — — —
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements 9 2 — 7 2 — — 2
Net loss reserve discount charge 17 3 — 14 76 16 — 60
Net results of businesses in run-off (c)
(5) (1) — (4) (7) (1) — (6)
Non-operating pension expense 5 1 — 4 — — — —
Integration and transaction costs associated with acquiring or divesting businesses 5 1 — 4 (3) (1) — (2)
Restructuring and other costs 76 16 — 60 67 14 — 53
Non-recurring costs related to regulatory or accounting changes 4 1 — 3 4 1 — 3
Noncontrolling interests (a)
— — 384 384
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders $ 909 $ 207 $ — $ 702 $ 1,153 $ 284 $ — $ 862
Weighted average diluted shares outstanding
599.2 688.0
Income per common share attributable to AIG common shareholders (diluted)
$ 1.16 $ 1.74
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$ 1.17 $ 1.25
(a) Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge is consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.
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ITEM 2 | Consolidated Results of Operations

(b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.
(c) 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.
PRE-TAX INCOME (LOSS) COMPARISON
Pre-tax income was $960 million and $1.1 billion in the three months ended March 31, 2025 and 2024, respectively.
For the main drivers impacting AIG’s results of operations, see – Net Income (Loss) Attributable to AIG Common Shareholders above.
ADJUSTED PRE-TAX INCOME (LOSS) COMPARISON
Adjusted pre-tax income was $909 million and $1.2 billion in the three months ended March 31, 2025 and 2024, respectively.
For the main drivers impacting AIG’s adjusted pre-tax income (loss), see Business Segment Operations.
The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):
Three Months Ended March 31, 2025 2024
General Insurance Other Operations General Insurance Other Operations
(in millions) Net
Investment
Income
and Other 		Pre-tax
Income
(Loss) 		Net
Investment
Income
and Other 		Pre-tax
Income
(Loss) 		Net
Investment
Income
and Other 		Pre-tax
Income
(Loss) 		Net
Investment
Income
and Other 		Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss) $ 756 $ 853 $ 360 $ 107 $ 814 $ 1,191 $ 165 $ (133)
Consolidation and Eliminations — — (1) — — — (3) —
Other income (expense) - net — — (9) — (12) — 8 —
Changes in the fair values of equity securities and AIG's investment in Corebridge (20) (20) (197) (197) (35) (35) (53) (53)
Net investment income on Fortitude Re funds withheld assets 1 1 (41) (41) — — (39) (39)
Net realized (gains) losses on Fortitude Re funds withheld assets — 2 — — — — — 19
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative — — — 41 — — — 9
Net realized (gains) losses (1) 53 3 13 (5) 88 (2) (33)
Net loss (gain) on divestitures and other — 6 — (9) — — — —
Non-operating litigation reserves and settlements — — — (11) — — — —
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — 14 — (5) — 7 — (5)
Net loss reserve discount (benefit) charge — 17 — — — 76 — —
Net results of businesses in run-off — — (5) (5) — — (3) (7)
Non-operating pension expense — 4 — 1 — — — —
Integration and transaction costs associated with acquiring or divesting businesses — — — 5 — — — (3)
Restructuring and other costs — 45 — 31 — 27 — 40
Non-recurring costs related to regulatory or accounting changes — 4 — — — 4 — —
Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 736 $ 979 $ 110 $ (70) $ 762 $ 1,358 $ 73 $ (205)
Business Segment Operations
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense. General Insurance consists of our three segments and the Net investment income related to our insurance operations.
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ITEM 2 | Business Segment Operations | General Insurance


General Insurance
Commercial Lines is managed by our geographic markets of North America and International, while Personal Insurance is managed globally. Our global presence is underpinned by our multinational capabilities to provide Commercial Lines and Personal Insurance products within these geographic markets.
PRODUCTS AND DISTRIBUTION
NA Commercial.gif
North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.
International Commercial.gif
International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International Commercial also includes the results of Talbot as well as AIG’s Global Specialty business.
Global Personal.gif
Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, Europe, EMEA region, Asia Pacific, Latin America and Caribbean, and China.
Commercial Lines
Property & Short Tail: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Casualty: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit, trade finance and portfolio solutions.
Personal Insurance
Global Accident & Health: Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.
Personal Lines: Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
General Insurance products in North America and International markets are distributed through various channels, including captive and independent agents, brokers, affinity partners, airlines and travel agents, and retailers. Our global platform enables writing multinational and cross-border risks in both Commercial Lines and Personal Insurance.
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ITEM 2 | Business Segment Operations | General Insurance

BUSINESS STRATEGY
Profitable Growth: Build on our high-quality portfolio by focusing on targeted growth through continued underwriting discipline, improved retentions and new business development. Deploy capital efficiently to act opportunistically and achieve growth in profitable lines, geographies and customer segments, while taking a disciplined underwriting approach to exposure management, terms and conditions and rate change to achieve our risk/return hurdles. Continue to be open to inorganic growth opportunities in profitable markets and segments to expand our capabilities and footprint.
Underwriting Excellence: Continue to enhance portfolio optimization through strength of underwriting framework and guidelines as well as clear communication of risk appetite and rate adequacy. Empower and increase accountability of the underwriter and continue to integrate underwriting, claims and actuarial to enable better decision making. Focus on enhancing risk selection, driving consistent underwriting best practices and building robust monitoring standards to improve underwriting results.
Reinsurance Optimization: Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. We strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.
COMPETITION AND CHALLENGES
General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. We serve our business and individual customers on a global basis – from the largest multinational corporations to local businesses and individuals. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
Our challenges include:
• ensuring adequate business pricing given passage of time to reporting and settlement for insurance business, particularly with respect to long-tail Commercial Lines exposures;
• impact of social and economic inflation on claim frequency and severity; and
• volatility in claims arising from natural and man-made catastrophes and other aggregations of risk exposure.
INDUSTRY AND ECONOMIC FACTORS
North America Commercial
North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates. We have focused on retaining our best accounts which has led to strong retention across the portfolio. These retention rates are often coupled with continuing to manage exposure limits to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management.
International Commercial
We are continuing to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.
Global Personal
Global Personal serves individuals as well as group and corporate clients across a broad range of products, markets, and client profiles. Amid competitive market conditions, we continue to benefit from improved underwriting quality and portfolio diversity, as well as investment in expanded capabilities and strategic distribution partnerships.
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ITEM 2 | Business Segment Operations | General Insurance

GENERAL INSURANCE RESULTS
Three Months Ended March 31,
(in millions) 2025 2024 Change
Underwriting results:
Net premiums written $ 4,526 $ 4,512 — %
Decrease in unearned premiums 1,243 1,274 (2)
Net premiums earned 5,769 5,786 —
Losses and loss adjustment expenses incurred (a)
3,766 3,353 12
Acquisition expenses:
Amortization of deferred policy acquisition costs 825 828 —
Other acquisition expenses 232 275 (16)
Total acquisition expenses 1,057 1,103 (4)
General operating expenses 703 734 (4)
Underwriting income 243 596 (59)
Net investment income 736 762 (3)
Adjusted pre-tax income $ 979 $ 1,358 (28) %
Loss ratio (a)
65.3 58.0 7.3
Acquisition ratio 18.3 19.1 (0.8)
General operating expense ratio 12.2 12.7 (0.5)
Expense ratio 30.5 31.8 (1.3)
Combined ratio (a)
95.8 89.8 6.0
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums (9.1) (1.9) (7.2)
Prior year development, net of reinsurance and prior year premiums
1.1 0.5 0.6
Accident year loss ratio, as adjusted 57.3 56.6 0.7
Accident year combined ratio, as adjusted 87.8 88.4 (0.6)
(a) Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
The following table presents General Insurance net premiums written by segment, showing change on both reported and constant dollar basis:
Three Months Ended March 31, Percentage Change in
(in millions) 2025 2024 U.S.
dollars 		Original
Currency
North America Commercial $ 1,174 $ 1,033 14 % 14 %
International Commercial 2,027 1,939 5 8
Global Personal 1,325 1,540 (14) (11)
Total net premiums written $ 4,526 $ 4,512 — % 3 %
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The following tables present General Insurance accident year catastrophes (a) by segment:
(dollars in millions) North America
Commercial
International
Commercial
Global
Personal
Total
Three Months Ended March 31, 2025
Windstorms and hailstorms $ 25 $ 1 $ 2 $ 28
Winter storms 12 — — 12
Wildfires 216 50 194 460
Earthquakes — 20 — 20
Reinstatement premiums 5 (1) 1 5
Total catastrophe-related charges $ 258 $ 70 $ 197 $ 525
Three Months Ended March 31, 2024
Windstorms and hailstorms $ 29 $ — $ 13 $ 42
Winter storms 43 — 7 50
Earthquakes — 15 — 15
Reinstatement premiums — (1) — (1)
Total catastrophe-related charges $ 72 $ 14 $ 20 $ 106
(a) Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
NORTH AMERICA COMMERCIAL RESULTS
Three Months Ended March 31,
(in millions) 2025 2024 Change
Underwriting results:
Net premiums written $ 1,174 $ 1,033 14 %
Decrease in unearned premiums 950 950 —
Net premiums earned 2,124 1,983 7
Losses and loss adjustment expenses incurred (a)
1,526 1,270 20
Acquisition expenses:
Amortization of deferred policy acquisition costs 227 220 3
Other acquisition expenses 47 37 27
Total acquisition expenses 274 257 7
General operating expenses 195 220 (11)
Underwriting income $ 129 $ 236 (45) %
Loss ratio (a)
71.8 64.0 7.8
Acquisition ratio 12.9 13.0 (0.1)
General operating expense ratio 9.2 11.1 (1.9)
Expense ratio 22.1 24.1 (2.0)
Combined ratio (a)
93.9 88.1 5.8
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums
(12.0) (3.6) (8.4)
Prior year development, net of reinsurance and prior year premiums
2.4 1.4 1.0
Accident year loss ratio, as adjusted 62.2 61.8 0.4
Accident year combined ratio, as adjusted 84.3 85.9 (1.6)
(a) Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024
Net premiums written increased by $141 million primarily due to growth in Property and Casualty driven by new business production and strong retention.
Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024
Underwriting income decreased by $107 million primarily due to:
• higher Catastrophe losses (8.4 points or $186 million); and
• a higher accident year loss ratio, as adjusted (0.4 points) due to changes in business mix.
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ITEM 2 | Business Segment Operations | General Insurance

This decrease was partially offset by:
• a lower expense ratio (2.0 points) reflecting a lower general operating expense ratio (1.9 points), primarily driven by expense reductions, and acquisition ratio (0.1 points) primarily driven by changes in business mix; and
• higher net favorable prior year reserve development (1.0 points or $29 million), primarily driven by favorable development in Property.
INTERNATIONAL COMMERCIAL RESULTS
Three Months Ended March 31,
(in millions) 2025 2024 Change
Underwriting results:
Net premiums written $ 2,027 $ 1,939 5 %
Decrease in unearned premiums 24 72 (67)
Net premiums earned 2,051 2,011 2
Losses and loss adjustment expenses incurred 1,178 1,088 8
Acquisition expenses:
Amortization of deferred policy acquisition costs 245 244 —
Other acquisition expenses 94 89 6
Total acquisition expenses 339 333 2
General operating expenses 294 260 13
Underwriting income $ 240 $ 330 (27) %
Loss ratio 57.4 54.1 3.3
Acquisition ratio 16.5 16.6 (0.1)
General operating expense ratio 14.3 12.9 1.4
Expense ratio 30.8 29.5 1.3
Combined ratio 88.2 83.6 4.6
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums (3.4) (0.7) (2.7)
Prior year development, net of reinsurance and prior year premiums 0.6 0.1 0.5
Accident year loss ratio, as adjusted 54.6 53.5 1.1
Accident year combined ratio, as adjusted 85.4 83.0 2.4
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024
Net premiums written, excluding the unfavorable impact of foreign exchange ($65 million), increased by $153 million primarily due to growth in Property and Global Specialty driven by strength of renewal retentions and new business production.
Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024
Underwriting income decreased by $90 million primarily due to:
• higher catastrophe losses (2.7 points or $56 million);
• a higher expense ratio (1.3 points) reflecting an increase in the general operating expense ratio (1.4 points), partially offset by lower acquisition ratio (0.1 points) primarily driven by changes in business mix; and
• a higher accident year loss ratio, as adjusted (1.1 points) due to changes in business mix.
This decrease was partially offset by:
• higher net favorable prior year reserve development (0.5 points or $7 million), primarily driven by favorable development in Global Specialty.
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ITEM 2 | Business Segment Operations | General Insurance

GLOBAL PERSONAL RESULTS
Three Months Ended March 31, Change
(in millions) 2025 2024 2025 vs 2024
Underwriting results:
Net premiums written $ 1,325 $ 1,540 (14) %
Decrease in unearned premiums 269 252 7
Net premiums earned 1,594 1,792 (11)
Losses and loss adjustment expenses incurred 1,062 995 7
Acquisition expenses:
Amortization of deferred policy acquisition costs 353 364 (3)
Other acquisition expenses 91 149 (39)
Total acquisition expenses 444 513 (13)
General operating expenses 214 254 (16)
Underwriting income (loss) $ (126) $ 30 NM %
Loss ratio 66.6 55.5 11.1
Acquisition ratio 27.9 28.6 (0.7)
General operating expense ratio 13.4 14.2 (0.8)
Expense ratio 41.3 42.8 (1.5)
Combined ratio 107.9 98.3 9.6
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums (12.3) (1.1) (11.2)
Prior year development, net of reinsurance and prior year premiums — (0.2) 0.2
Accident year loss ratio, as adjusted 54.3 54.2 0.1
Accident year combined ratio, as adjusted 95.6 97.0 (1.4)
Business and Financial Highlights
Net Premiums Written Comparison for the Three Months Ended March 31, 2025 and 2024
Net premiums written, excluding the unfavorable impact of foreign exchange ($46 million), decreased by $169 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($209 million), partially offset by growth in Personal Auto from positive rate change and new business production.
Underwriting Income (Loss) Comparison for the Three Months Ended March 31, 2025 and 2024
Underwriting loss of $126 million in 2025 as compared to underwriting income of $30 million in 2024 is primarily due to:
• higher catastrophe losses (11.2 points or $177 million); and
• a higher accident year loss ratio, as adjusted (0.1 points) due to changes in business mix.
This decrease was partially offset by:
• a lower expense ratio (1.5 points) reflecting a decrease in the general operating expense ratio (0.8 points), as well as lower acquisition ratio (0.7 points) primarily driven by change in business mix; and
• unfavorable prior year reserve development in 2024 (0.2 points or $6 million).
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ITEM 2 | Business Segment Operations | Other Operations


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 Ended March 31,
(in millions) 2025 2024 Change
Net investment income and other $ 110 $ 73 51 %
Benefits, losses and expenses:
Corporate and other general operating expenses 85 158 (46)
Amortization of intangible assets 4 4 —
Interest expense 91 115 (21)
Total benefits, losses and expenses 180 277 (35)
Adjusted pre-tax loss before consolidation and eliminations (70) (204) 66
Consolidation and eliminations — (1) NM
Adjusted pre-tax loss* $ (70) $ (205) 66 %
* 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 MARCH 31, 2025 AND 2024 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $70 million in 2025 compared to $204 million in 2024, a decrease of $134 million, primarily due to:
• higher net investment income and other of $37 million due to dividend income from Corebridge in 2025 of $ 31 million partially offset by lower income on AIG Parent portfolio due to lower yields;
• lower corporate and other general operating expenses of $73 million primarily driven by employee-related costs and other operating expenses; and
• lower interest expense of $24 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption and maturities in 2024.
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ITEM 2 | Investments


Investments
OVERVIEW
Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.
Our Investment Management Agreements with BlackRock, Inc.
Since April 2022, AIG insurance company subsidiaries have entered into separate investment management agreements with BlackRock, Inc. and its investment advisory affiliates (BlackRock). As of March 31, 2025, BlackRock manages $64 billion of our investment portfolio, consisting of liquid fixed income, certain private placements and private equity assets. In addition, liquid fixed income assets associated with the Fortitude Re funds withheld asset portfolio were separately transferred to BlackRock for management in 2022.
INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2025
• Blended investment yields on new investments are higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.
• Total Net investment income increased for the three months ended March 31, 2025 compared to the same period in the prior year, primarily due to change in fair value and dividend income from AIG's equity in Corebridge, higher income on available for sale fixed maturity securities and lower expenses, partially offset by lower income from short term instruments, mortgage loans and other invested assets.
INVESTMENT STRATEGIES
Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance considerations.
Some of our key investment strategies are as follows:
• Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.
• We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through covenants, ability to customize structures that meet our insurance liability needs, and deeper due diligence given information access.
• Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.
• AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.
• Within the U.S., General Insurance investments are generally split between reserve backing and surplus portfolios.
– Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.
– Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity, real estate equity, and hedge funds. Over the past few years, hedge fund investments have been reduced.
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• Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities generally denominated in the currencies of the countries in which we operate.
• We also utilize derivatives to manage our asset and liability duration as well as currency exposures.
Asset-Liability Management
The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 3.9 years, with an average of 4.3 years for North America and 3.2 years for International.
While invested assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.
Available-for-Sale Investments
The following table presents the fair value of our available-for-sale securities:
(in millions) March 31, 2025 December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities $ 3,177 $ 3,267
Obligations of states, municipalities and political subdivisions 3,031 3,143
Non-U.S. governments 6,727 8,107
Corporate debt 34,813 31,826
Mortgage-backed, asset-backed and collateralized:
RMBS 9,052 8,604
CMBS 3,565 3,926
CLO/ABS 5,662 5,133
Total mortgage-backed, asset-backed and collateralized 18,279 17,663
Total bonds available for sale* $ 66,027 $ 64,006
* At March 31, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.5 billion and $3.6 billion, respectively.
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:
(in millions) March 31, 2025 December 31, 2024
Canada $ 1,320 $ 1,384
Japan 567 555
Germany 424 834
Australia 341 335
Israel 331 312
Korea, Republic of 310 268
United Kingdom 306 416
Denmark 214 205
Malaysia 210 220
Singapore 200 204
Other 2,526 3,398
Total $ 6,749 $ 8,131
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The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:
March 31, 2025 December 31,
2024
Total
(in millions) Sovereign Financial
Institution 		Non-Financial
Corporates 		Structured
Products 		Total
Euro-Zone countries:
France $ 129 $ 1,400 $ 468 $ 18 $ 2,015 $ 1,989
Germany 424 237 882 54 1,597 1,863
Netherlands 112 554 313 32 1,011 935
Ireland — 95 114 519 728 584
Spain 10 293 102 52 457 321
Italy 12 88 310 — 410 369
Denmark 214 45 21 — 280 257
Belgium 14 159 81 13 267 242
Luxembourg — 78 80 — 158 157
Hungary 75 — 5 — 80 73
Other Euro-Zone 144 97 27 23 291 305
Total Euro-Zone $ 1,134 $ 3,046 $ 2,403 $ 711 $ 7,294 $ 7,095
Remainder of Europe:
United Kingdom $ 306 $ 1,362 $ 1,507 $ 324 $ 3,499 $ 3,262
Switzerland 15 245 256 — 516 484
Sweden 101 195 38 — 334 291
Jersey (Channel Islands) 3 — 2 91 96 94
Norway 47 42 6 — 95 110
Other - Remainder of Europe 38 3 9 2 52 50
Total - Remainder of Europe $ 510 $ 1,847 $ 1,818 $ 417 $ 4,592 $ 4,291
Total $ 1,644 $ 4,893 $ 4,221 $ 1,128 $ 11,886 $ 11,386
Investments in Municipal Bonds
At March 31, 2025, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 98 percent of the portfolio rated A or higher.
The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:
March 31, 2025
(in millions) State
General
Obligation 		Local
General
Obligation 		Revenue Total
Fair
Value 		December 31, 2024
Total Fair Value
California $ 209 $ 147 $ 351 $ 707 $ 716
New York 38 74 299 411 422
Texas 1 115 110 226 265
Massachusetts 51 12 134 197 199
Florida 1 — 141 142 143
Pennsylvania 43 — 84 127 133
Connecticut 38 3 83 124 125
Illinois 4 26 73 103 110
Georgia 50 4 24 78 79
Hawaii 68 — 4 72 74
Oregon 13 45 13 71 71
Washington 5 10 46 61 61
New Jersey 1 1 57 59 58
All other states
52 25 576 653 687
Total
$ 574 $ 462 $ 1,995 $ 3,031 $ 3,143
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Investments in Corporate Debt Securities
The following table presents the fair value of our available for sale corporate debt securities by industry categories:
Industry Category
(in millions) March 31, 2025 December 31, 2024
Financial institutions:
Money center/Global bank groups $ 4,620 $ 3,642
Regional banks – other 2,580 2,129
Life insurance 772 728
Securities firms and other finance companies 732 669
Insurance non-life 468 494
Regional banks – North America 1,367 1,314
Other financial institutions 4,368 4,116
Utilities 2,838 2,659
Communications 1,907 1,844
Consumer noncyclical 2,890 2,715
Capital goods 1,835 1,715
Energy 1,796 1,702
Consumer cyclical 3,505 3,284
Basic materials 1,902 1,838
Other 3,233 2,977
Total* $ 34,813 $ 31,826
* At March 31, 2025 and December 31, 2024, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.
Investments in Residential Mortgage Backed Securities (RMBS)
The following table presents the fair value of AIG’s RMBS available for sale securities:
(in millions) March 31, 2025 December 31, 2024
Agency RMBS $ 4,976 $ 4,978
Alt-A RMBS 1,656 1,620
Subprime RMBS 288 291
Prime non-agency 894 850
Other housing related 1,238 865
Total RMBS (a)(b)
$ 9,052 $ 8,604
(a) Includes approximately $1.3 billion at both March 31, 2025 and December 31, 2024, of certain RMBS that had experienced deterioration in credit quality since their origination. This excludes impact of U.S. debt downgrade of Fannie Mae and Freddie Mac. For additional information on purchased credit deteriorated securities, see Note 6 to the Condensed Consolidated Financial Statements.
(b) The weighted average expected life was six years at both March 31, 2025 and December 31, 2024.
Our investments guidelines for investing in RMBS, collateralized loan obligations (CLO) and other asset-backed securities (ABS) take into consideration the quality of the originator, the manager, the servicer, security credit ratings, underlying characteristics of the mortgages, borrower characteristics, and the level of credit enhancement in the transaction.
Investments in Commercial Mortgage Backed Securities (CMBS)
The following table presents the fair value of our CMBS available for sale securities:
(in millions) March 31, 2025 December 31, 2024
CMBS (traditional) $ 2,938 $ 3,102
Agency 348 574
Other 279 250
Total $ 3,565 $ 3,926
The fair value of CMBS holdings remained stable during the three months ended March 31, 2025. The majority of our investments in CMBS are in tranches that contain substantial credit protection features through collateral subordination. The majority of CMBS holdings are traditional conduit transactions, broadly diversified across property types and geographical areas.
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Investments in CLO/ABS
The following table presents the fair value of our CLO/ABS available for sale securities by collateral type:
(in millions) March 31, 2025 December 31, 2024
Collateral Type:
ABS $ 2,644 $ 2,445
Bank loans 3,018 2,688
Total $ 5,662 $ 5,133
Unrealized Losses of Fixed Maturity Securities
The following table shows the aging of the unrealized losses of fixed maturity securities, the extent to which the fair value is less than amortized cost or cost, and the number of respective items in each category:
March 31, 2025 Less Than or Equal Greater Than 20% Greater Than 50%
to 20% of Cost (b)
to 50% of Cost (b)
of Cost (b)
Total
Aging (a)
Unrealized Unrealized Unrealized Unrealized
(dollars in millions)
Cost (c)
Loss
Items (d)
Cost (c)
Loss
Items (d)
Cost (c)
Loss
Items (d)
Cost (c)
Loss
Items (d)
Investment grade bonds
0-6 months $ 15,654 $ 268 4,161 $ 100 $ 25 6 $ 2 $ 1 2 $ 15,756 $ 294 4,169
7-11 months 575 23 135 22 5 3 — — — 597 28 138
12 months or more 14,587 1,303 4,310 2,018 646 438 339 198 31 16,944 2,147 4,779
Total $ 30,816 $ 1,594 8,606 $ 2,140 $ 676 447 $ 341 $ 199 33 $ 33,297 $ 2,469 9,086
Below investment grade bonds
0-6 months $ 2,138 $ 41 1,143 $ 28 $ 7 18 $ 8 $ 4 4 $ 2,174 $ 52 1,165
7-11 months 109 5 92 15 4 3 5 3 11 129 12 106
12 months or more 897 71 489 170 49 61 28 23 9 1,095 143 559
Total $ 3,144 $ 117 1,724 $ 213 $ 60 82 $ 41 $ 30 24 $ 3,398 $ 207 1,830
Total bonds
0-6 months $ 17,792 $ 309 5,304 $ 128 $ 32 24 $ 10 $ 5 6 $ 17,930 $ 346 5,334
7-11 months 684 28 227 37 9 6 5 3 11 726 40 244
12 months or more 15,484 1,374 4,799 2,188 695 499 367 221 40 18,039 2,290 5,338
Total
$ 33,960 $ 1,711 10,330 $ 2,353 $ 736 529 $ 382 $ 229 57 $ 36,695 $ 2,676 10,916
(a) Represents the number of consecutive months that fair value has been less than cost by any amount.
(b) Represents the percentage by which fair value is less than cost.
(c) For bonds, represents amortized cost net of allowance.
(d) Item count is by CUSIP by subsidiary.
The allowance for credit losses was $4 million for investment grade bonds and $27 million for below investment grade bonds as of March 31, 2025.
Commercial Mortgage Loans
At March 31, 2025, we had direct commercial mortgage loan exposure of $3.3 billion.
The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:
Number
of Loans 		Class Percent
of Total
(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total
March 31, 2025
State:
California 21 $ 98 $ 249 $ 28 $ 56 $ 32 $ — $ 463 14 %
New York 18 44 192 70 20 32 — 358 11
Texas 19 78 200 2 31 21 — 332 10
Massachusetts 9 94 163 49 7 — — 313 10
Florida 11 68 — 61 8 38 — 175 5
New Jersey 18 80 — — 43 — 10 133 4
Pennsylvania 11 21 57 29 18 — — 125 4
Illinois 6 88 20 — — — — 108 3
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Number
of Loans 		Class Percent
of Total
(dollars in millions) Apartments Offices Retail Industrial Hotel Others Total
Ohio 5 62 — 29 — — — 91 3
Washington 5 49 — — — 11 — 60 2
Other states 27 133 33 63 33 — — 262 8
Foreign 35 302 190 78 72 118 112 872 26
Total* 185 $ 1,117 $ 1,104 $ 409 $ 288 $ 252 $ 122 $ 3,292 100 %
December 31, 2024
State:
California 21 $ 97 $ 247 $ 30 $ 56 $ 32 $ — $ 462 14 %
New York 19 43 217 70 20 32 — 382 12
Texas 19 78 201 2 31 22 — 334 10
Massachusetts 9 94 156 49 7 — — 306 9
Florida 11 68 — 62 8 38 — 176 5
New Jersey 18 78 — — 43 — 10 131 4
Pennsylvania 10 18 52 29 18 — — 117 4
Illinois 6 88 20 — — — — 108 3
Ohio 5 62 — 29 — — — 91 3
Washington 5 49 — — — 11 — 60 2
Other states 31 134 33 63 49 6 — 285 8
Foreign 36 278 182 98 69 117 109 853 26
Total* 190 $ 1,087 $ 1,108 $ 432 $ 301 $ 258 $ 119 $ 3,305 100 %
* Does not reflect allowance for credit losses.
For additional information on commercial mortgage loans, see Note 7 to the Condensed Consolidated Financial Statements.
Net Realized Gains and Losses
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31, 2025 2024
(in millions) Excluding
Fortitude
Re Funds
Withheld
Assets 		Fortitude
Re
Funds
Withheld
Assets 		Total Excluding
Fortitude
Re Funds
Withheld
Assets 		Fortitude
Re
Funds
Withheld
Assets 		Total
Sales of fixed maturity securities $ (255) $ (7) $ (262) $ (86) $ (15) $ (101)
Change in allowance for credit losses on fixed maturity securities 8 — 8 (1) — (1)
Change in allowance for credit losses on loans 5 4 9 (8) (2) (10)
Foreign exchange transactions 220 6 226 59 (3) 56
All other derivatives and hedge accounting (28) (6) (34) (48) 2 (46)
Sales of alternative investments — — — 10 (1) 9
Other (10) 1 (9) 15 — 15
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (60) (2) (62) (59) (19) (78)
Net realized losses on Fortitude Re funds withheld embedded derivative — (41) (41) — (9) (9)
Net realized gains (losses) $ (60) $ (43) $ (103) $ (59) $ (28) $ (87)
Net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2025 was flat compared to 2024.
Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 8 to the Condensed Consolidated Financial Statements.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
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Change in Unrealized Gains and Losses on Investments
The change in net unrealized gains and losses on investments in the three months ended March 31, 2025 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended March 31, 2025, net unrealized gains were $322 million due to lower interest rates and narrowing of credit spreads.
The change in net unrealized gains and losses on investments in the three months ended March 31, 2024 was primarily attributable to a change in the fair value of fixed maturity securities. For the three months ended March 31, 2024, net unrealized losses were $132 million primarily due to widening of credit spreads.
For additional information on our investment portfolio, see Note 6 to the Condensed Consolidated Financial Statements.
CREDIT RATINGS
At March 31, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S. entities. Approximately 90 percent of these securities were rated investment grade by one or more of the principal rating agencies.
Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), 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, 2025, approximately 94 percent of such investments 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 18 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 and in subsequent tables 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 in those tables 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 2024 Annual Report.
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 Total
(in millions) March 31,
2025 		December 31,
2024 		March 31,
2025 		December 31,
2024 		March 31,
2025 		December 31,
2024
Rating:
Other fixed maturity securities
AAA $ 4,032 $ 5,254 $ 14 $ 13 $ 4,046 $ 5,267
AA 9,134 9,599 79 80 9,213 9,679
A 16,768 14,420 107 114 16,875 14,534
BBB 13,495 12,839 153 145 13,648 12,984
Below investment grade 4,253 4,171 4 4 4,257 4,175
Non-rated 66 60 — — 66 60
Total $ 47,748 $ 46,343 $ 357 $ 356 $ 48,105 $ 46,699
Mortgage-backed, asset-backed and collateralized
AAA $ 9,732 $ 8,757 $ 130 $ 134 $ 9,862 $ 8,891
AA 6,468 6,765 57 89 6,525 6,854
A 463 482 94 49 557 531
BBB 431 470 85 88 516 558
Below investment grade 1,185 1,189 31 29 1,216 1,218
Non-rated — — — — — —
Total $ 18,279 $ 17,663 $ 397 $ 389 $ 18,676 $ 18,052
Total
AAA $ 13,764 $ 14,011 $ 144 $ 147 $ 13,908 $ 14,158
AA 15,602 16,364 136 169 15,738 16,533
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Available for Sale Other Total
(in millions) March 31,
2025 		December 31,
2024 		March 31,
2025 		December 31,
2024 		March 31,
2025 		December 31,
2024
A 17,231 14,902 201 163 17,432 15,065
BBB 13,926 13,309 238 233 14,164 13,542
Below investment grade 5,438 5,360 35 33 5,473 5,393
Non-rated 66 60 — — 66 60
Total $ 66,027 $ 64,006 $ 754 $ 745 $ 66,781 $ 64,751
NAIC Designations of Fixed Maturity Securities
The SVO of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and assigns fixed maturity securities to one of six categories called NAIC Designations. In general, NAIC Designations of ‘1’ highest quality, or ‘2’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency RMBS and CMBS are calculated using third party modeling results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of AIG subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is generally based on ratings of the three major rating agencies. For fixed maturity securities where no NAIC Designation is assigned or able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.
The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.
The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:
March 31, 2025
(in millions)
NAIC Designation 1 2 Total
Investment
Grade 		3 4 5 6 Total Below
Investment
Grade 		Total
Other fixed maturity securities $ 29,425 $ 14,250 $ 43,675 $ 2,637 $ 1,545 $ 173 $ 15 $ 4,370 $ 48,045
Mortgage-backed, asset-backed and collateralized 17,928 532 18,460 103 77 32 4 216 18,676
Total* $ 47,353 $ 14,782 $ 62,135 $ 2,740 $ 1,622 $ 205 $ 19 $ 4,586 $ 66,721
* Excludes $60 million of fixed maturity securities for which no NAIC Designation is available.
The following table presents the fixed maturity security portfolio categorized by composite AIG credit rating, at fair value:
March 31, 2025
(in millions)
Composite AIG Credit Rating AAA/AA/A BBB Total
Investment
Grade 		BB B CCC and Lower Total Below
Investment
Grade 		Total
Other fixed maturity securities $ 30,134 $ 13,648 $ 43,782 $ 2,307 $ 1,769 $ 187 $ 4,263 $ 48,045
Mortgage-backed, asset-backed and collateralized 16,943 517 17,460 39 115 1,062 1,216 18,676
Total* $ 47,077 $ 14,165 $ 61,242 $ 2,346 $ 1,884 $ 1,249 $ 5,479 $ 66,721
* Excludes $60 million of fixed maturity securities for which no NAIC Designation is available.
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Insurance Reserves
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
The following table presents the components of our gross and net loss reserves by segment and major lines of business (a) :
March 31, 2025 December 31, 2024
(in millions) Net Loss Reserves Reinsurance
Recoverable 		Gross Loss Reserves Net Loss Reserves Reinsurance
Recoverable 		Gross Loss Reserves
General Insurance:
North America Commercial:
U.S. Workers' Compensation (net of discount) $ 2,369 $ 3,804 $ 6,173 $ 2,293 $ 3,916 $ 6,209
U.S. Excess Casualty 3,240 3,030 6,270 3,208 3,139 6,347
U.S. Other Casualty 4,451 3,217 7,668 4,387 3,416 7,803
U.S. Financial Lines 5,415 1,400 6,815 5,422 1,614 7,036
U.S. Property and Special Risks 4,279 875 5,154 4,297 1,233 5,530
Other product lines (b)
3,519 2,677 6,196 3,747 2,947 6,694
Total North America Commercial 23,273 15,003 38,276 23,354 16,265 39,619
International Commercial:
UK/Europe Casualty and Financial Lines 7,929 2,053 9,982 7,280 1,952 9,232
UK/Europe Property and Special Risks 2,823 1,793 4,616 2,355 1,761 4,116
Other product lines (b)
1,714 1,304 3,018 1,630 1,230 2,860
Total International Commercial 12,466 5,150 17,616 11,265 4,943 16,208
Global Personal:
U.S. Personal Insurance 897 2,005 2,902 836 2,048 2,884
UK/Europe and Japan Personal Insurance 1,326 687 2,013 1,269 670 1,939
Other product lines (b)
986 750 1,736 983 776 1,759
Total Global Personal 3,209 3,442 6,651 3,088 3,494 6,582
Unallocated loss adjustment expenses (b)
1,524 656 2,180 1,804 744 2,548
Total General Insurance 40,472 24,251 64,723 39,511 25,446 64,957
Other Operations 625 3,548 4,173 631 3,580 4,211
Total $ 41,097 $ 27,799 $ 68,896 $ 40,142 $ 29,026 $ 69,168
(a) Includes net loss reserve discount of $1.2 billion and $1.2 billion at March 31, 2025 and December 31, 2024, respectively. For information regarding loss reserve discount, see Note 12 to the Condensed Consolidated Financial Statements.
(b) Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.5 billion and $2.7 billion at March 31, 2025 and December 31, 2024, respectively.
Prior Year Development
The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:
Three Months Ended March 31,
(in millions) 2025 2024
General Insurance:
North America Commercial:
U.S. Workers' Compensation $ (10) $ (11)
U.S. Excess Casualty (7) (8)
U.S. Other Casualty (7) (8)
U.S. Financial Lines (5) (5)
U.S. Property and Special Risks (21) —
Other Product Lines — —
Total North America Commercial $ (50) $ (32)
International Commercial:
UK/Europe Casualty and Financial Lines $ — $ —
UK/Europe Property and Special Risks (13) —
Other Product Lines (1) (2)
Total International Commercial $ (14) $ (2)
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Three Months Ended March 31,
(in millions) 2025 2024
Global Personal:
U.S. Personal Insurance $ — $ —
UK/Europe and Japan Personal Insurance (1) —
Other Product Lines 1 —
Total Global Personal $ — $ —
Total General Insurance* $ (64) $ (34)
Other Operations Run-Off — —
Total Prior Year (Favorable) Unfavorable Development $ (64) $ (34)
* Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $31 million and $34 million for the three months ended March 31, 2025 and 2024, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $0 million and $0 million for the three months ended March 31, 2025 and 2024, respectively. Also excludes the related changes in amortization of the deferred gain, which were $(9) million and $(2) million for the three months ended March 31, 2025 and 2024, respectively.
Net Loss Development
In the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $64 million. The key components of this development were:
North America Commercial
• Favorable development in U.S. Property.
• Amortization benefit related to the deferred gain on the adverse development cover.
International Commercial
• Favorable development in Global Specialty.
In the three months ended March 31, 2024, we recognized favorable prior year loss reserve development of $34 million. The key components of this development were:
North America Commercial
• Amortization benefit related to the deferred gain on the adverse development cover.
We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.
Significant Reinsurance Agreements
In the first quarter of 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.
For a description of AIG’s catastrophe reinsurance protection for 2025, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risks – Natural Catastrophe Risk in the 2024 Annual Report.
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The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.
(in millions) March 31, 2025 December 31, 2024
Gross Covered Losses
Covered reserves before discount $ 9,743 $ 9,823
Inception to date losses paid 31,625 31,545
Attachment point (25,000) (25,000)
Covered losses above attachment point $ 16,368 $ 16,368
Deferred Gain Development
Covered losses above attachment ceded to NICO (80%) $ 13,094 $ 13,094
Consideration paid including interest (10,188) (10,188)
Pre-tax deferred gain before discount and amortization 2,906 2,906
Discount on ceded losses (a)
(935) (936)
Pre-tax deferred gain before amortization 1,971 1,970
Inception to date amortization of deferred gain at inception (1,595) (1,564)
Inception to date amortization attributed to changes in deferred gain (b)
(108) (122)
Deferred gain liability reflected in AIG's balance sheet $ 268 $ 284
(a) The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.
(b) Excluded from APTI.
The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:
Three Months Ended March 31,
(in millions) 2025 2024
Balance at beginning of year, net of discount $ 284 $ 149
(Favorable) unfavorable prior year reserve development ceded to NICO (a)
— —
Amortization attributed to deferred gain at inception (b)
(31) (34)
Amortization attributed to changes in deferred gain (c)
14 7
Changes in discount on ceded loss reserves 1 55
Balance at end of period, net of discount $ 268 $ 177
(a) Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.
(b) Represents amortization of the deferred gain recognized in APTI.
(c) Excluded from APTI.
The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of March 31, 2025, $3.3 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources
OVERVIEW
Liquidity refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These
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constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.
For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management – Risk Appetite, Limits, Identification and Measurement and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk Management in the 2024 Annual Report.
We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.
For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit in the 2024 Annual Report.
Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG Common Stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.
LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS
SOURCES
Liquidity to AIG Parent from Subsidiaries
During the three months ended March 31, 2025, our General Insurance companies distributed dividends of $0.4 billion to AIG Parent or applicable intermediate holding companies.
USES
General Borrowings
During the three months ended March 31, 2025, $0.2 billion of debt categorized as general borrowings matured, was repaid or redeemed, including:
• Repayment of ¥37.7 billion aggregate principal amount of AIG Japan Holdings Kabushiki Kaisha's borrowings, equivalent to approximately $250 million at the time of repayment.
We made interest payments on our general borrowings totaling $70 million during the three months ended March 31, 2025.
Dividends
During the three months ended March 31, 2025, w e made a cash dividend payment in the amount of $0.40 per share on AIG Common Stock totaling $234 million.
Repurchases of Common Stock (a)
During the three months ended March 31, 2025, AIG Parent repurchased approximately 29 million shares of AIG Common Stock, for an aggregate purchase price of approximately $2.2 billion.
(a) Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from April 1, 2025 to April 25, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million.
ANALYSIS OF SOURCES AND USES OF CASH
Operating Cash Flow Activities
Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.
Interest payments totaled $72 million and $181 million in the three months ended March 31, 2025 and 2024, respectively. Excluding interest payments, AIG had operating cash inflows of $16 million in the three months ended March 31, 2025 compared to operating cash inflows of $702 million, including $265 million inflow from discontinued operations, in the prior year period.
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Investing Cash Flow Activities
Net cash provided by investing activities in the three months ended March 31, 2025 was $2.8 billion, compared to net cash provided by investing activities of $306 million, including $2.7 billion used in discontinued operations, in the prior year period.
Financing Cash Flow Activities
Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion , reflecting:
• $234 million to pay dividends of $0.40 per share on AIG Common Stock;
• $2.2 billion to repurchase approximately 29 million shares of AIG Common Stock; and
• $247 million in net outflows from the issuance and repayment of long-term debt .
Net cash used in financing activities in the three months ended March 31, 2024 totaled $1.1 billion reflecting:
• $243 million to pay dividends of $0.36 per share on AIG Common Stock;
• $22 million to pay quarterly dividends of $365.625 per share on AIG’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock and redemption premiums;
• $1.6 billion to repurchase approximately 23 million shares of AIG Common Stock;
• $459 million in net outflows from the issuance and repayment of long-term debt; and
• $1.9 billion in net inflows from discontinued operations.
LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES
AIG Parent
As of March 31, 2025 and December 31, 2024, respectively, AIG Parent had approximately $7.9 billion and $10.7 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion. AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent’s primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.
We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.
Insurance Companies
We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.
Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies’ liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding.
The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements. Payments of dividends to AIG Parent or intermediate holding companies by insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. For information regarding restrictions on payments of dividends by our subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.
Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.
We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown of these letters of credit. Letters of credit issued in support of our insurance companies totaled approximately $2.3 billion at March 31, 2025.
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CREDIT FACILITIES
We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion. The Facility is scheduled to expire in September 2029.
Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.
As of March 31, 2025, a total of $3.0 billion remained available under the Facility.
CONTRACTUAL OBLIGATIONS
As of March 31, 2025, there have been no material changes in our contractual obligations from December 31, 2024, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2024 Annual Report.
OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
As of March 31, 2025, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2024, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2024 Annual Report .
DEBT
We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.
The following table provides the rollforward of our total debt outstanding:
Three Months Ended March 31, 2025 Balance,
Beginning
of Year 		Issuances Maturities
and
Repayments 		Effect of
Foreign
Exchange 		Balance,
End of
Period
(in millions)
General borrowings:
Notes and bonds payable $ 7,885 $ — $ — $ 71 $ 7,956
Junior subordinated debt 602 — — — 602
AIG Japan Holdings Kabushiki Kaisha 239 — (247) 8 —
Total general borrowings 8,726 — (247) 79 8,558
Borrowings supported by assets 37 — — — 37
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG 1 — — — 1
Total long-term debt $ 8,764 $ — $ (247) $ 79 $ 8,596
Debt of consolidated investment entities - not guaranteed by AIG (a)
$ 158 $ — (1) — $ 157
(a) At March 31, 2025, includes debt of consolidated investment entities primarily related to real estate investments of $157 million. At December 31, 2024, includes debt of consolidated investment entities related to real estate investments of $158 million.
The following table summarizes maturing long-term debt at March 31, 2025 of AIG for the next four quarters:
Second
Quarter 		Third
Quarter 		Fourth
Quarter 		First
Quarter
(in millions) 2025 2025 2025 2026 Total
General borrowings $ 146 $ — $ — $ — $ 146
Borrowings supported by assets — — 12 7 19
Other subsidiaries' notes, bonds, loans and mortgages payable — — 1 — 1
Total $ 146 $ — $ 13 $ 7 $ 166

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The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
March 31, 2025 Remainder Year Ending
(in millions) Total of 2025 2026 2027 2028 2029 2030 Thereafter
General borrowings:
Notes and bonds payable
$ 7,956 $ 146 $ 266 $ 885 $ 855 $ 260 $ 337 $ 5,207
Junior subordinated debt 602 — — — — — — 602
Total general borrowings 8,558 146 266 885 855 260 337 5,809
Borrowings supported by assets 37 12 7 — — — — 18
Other subsidiaries notes, bonds, loans and mortgages payable 1 1 — — — — — —
Total long-term debt*
$ 8,596 $ 159 $ 273 $ 885 $ 855 $ 260 $ 337 $ 5,827
* Does not reflect $157 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.
CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency’s rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.
Short-Term Debt Senior Long-Term Debt
Moody's S&P
Moody's (a)
S&P (b)
Fitch (c)
American International Group, Inc.
P-2 (2nd of 4) A-2 (2nd of 5)
Baa 2 (4th of 9) / Positive
BBB+ (4th of 9) /
Positive
BBB+ (4th of 9) /
Stable
(a) Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b) S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(c) Fitch Ratings Inc. (Fitch) ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.
The actual amount of collateral that we would be required to post to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at the time of the downgrade.
FINANCIAL STRENGTH RATINGS
Financial Strength ratings estimate an insurance company’s ability to pay its obligations under an insurance policy. The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.
A.M. Best S&P Fitch Moody’s
National Union Fire Insurance Company of Pittsburgh, Pa. A A+ A+ A2
Lexington Insurance Company A A+ A+ A2
American Home Assurance Company A A+ A+ A2
AIG Europe S.A. NR A+ NR A2
American International Group UK Ltd. A A+ NR A2
AIG General Insurance Co. Ltd. NR A+ NR NR
These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
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For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2024 Annual Report and Note 11 to the Condensed Consolidated Financial Statements.
REGULATION AND SUPERVISION
For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2024 Annual Report and Executive Summary – Regulatory, Industry and Economic Factors – Regulatory Environment in this MD&A.
DIVIDENDS
On May 1, 2025, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.45 per share, a 12.5 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 27, 2025 to shareholders of record on June 13, 2025.
The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors. For further detail on our dividends, see Note 14 to the Condensed Consolidated Financial Statements.
REPURCHASES OF AIG COMMON STOCK
The Board has authorized the repurchase of shares of AIG Common Stock through a series of actions. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization). During the three months ended March 31, 2025, AIG Parent repurchased approximately 29 million shares of AIG Common Stock for an aggregate purchase price of $2.2 billion. Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from April 1, 2025 to April 25, 2025, AIG Parent repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million. As of April 25, 2025, $7.1 billion remained under the Board's authorization.
The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 14 to the Condensed Consolidated Financial Statements.

Enterprise Risk Management
OVERVIEW
Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our ERM Department oversees and integrates the risk management functions in our business entities and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. For further information regarding the risks associated with our business and operations, see Part I, Item 1A. Risk Factors in the 2024 Annual Report.
AIG employs a Three Lines model. AIG’s business leaders assume full accountability for the risks and controls in their segments, and ERM performs a review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.
For additional information on AIG’s risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report.
The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of March 31, 2025, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2024 Annual Report. See Part I, Item 1A. Risk Factors in the 2024 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.
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Glossary


Glossary
Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.
Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting.
Acquisition ratio Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.
Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.
Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.
Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.
DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.
Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.
Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.
General operating expense ratio General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.
IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.
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Glossary

ISDA Master Agreement An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions.
Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.
Loss Adjustment Expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.
Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.
Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.
Loss reserves Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.
Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold.
Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.
Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.
Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.
Prior year development See Loss reserve development .
RBC Risk-Based Capital A formula designed to measure the adequacy of an insurer’s statutory surplus compared to the risks inherent in its business.
Reinstatement premiums Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.
Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.
Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.
Retroactive reinsurance See Deferred gain on retroactive reinsurance .
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

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Glossary

Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.
VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.

Acronyms
A&H Accident and Health Insurance ISDA International Swaps and Derivatives Association, Inc.
ABS Asset-Backed Securities Moody's Moody's Investors' Service Inc.
APTI Adjusted pre-tax income NAIC National Association of Insurance Commissioners
CDS Credit Default Swap NM Not Meaningful
CLO Collateralized Loan Obligations ORR Obligor Risk Ratings
CMBS Commercial Mortgage-Backed Securities RMBS Residential Mortgage-Backed Securities
ERM Enterprise Risk Management S&P Standard & Poor's Financial Services LLC
FASB Financial Accounting Standards Board SEC Securities and Exchange Commission
GAAP Accounting Principles Generally Accepted in the United States of America VIE Variable Interest Entity

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk
The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2025. Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II – Other Information
ITEM 1 | Legal Proceedings
For a discussion of legal proceedings, see Note 13 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in the 2024 Annual Report.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended March 31, 2025:
Period Total Number
of Shares
Repurchased 		Average Price
Paid per Share* 		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs 		Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans
or Programs (in millions)
January 1-31 10,787,478 $ 73.46 10,787,478 $ 4,846
February 1-28 10,752,132 76.40 10,752,132 4,025
March 1-31 7,456,047 82.78 7,456,047 3,408
Total 28,995,657 $ 76.95 28,995,657 $ 3,408
* Excludes excise tax of $20 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2025.
During the three months ended March 31, 2025, American International Group, Inc. repurchased approximately 29 million shares of AIG Common Stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $2.2 billion. From April 1, 2025 to April 25, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $374 million. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

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ITEM 5 | Other Information
Our officers and directors (as defined in Rule 16a-1 under the Exchange Act) may, with our Board of Directors' approval, enter into plans for the purchase or sale of our Common Stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Other than as described below, during the three months ended March 31, 2025 , none of the Company’s directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
• Rose Marie Glazer , our Executive Vice President, General Counsel , entered into a new trading plan on February 14, 2025 . The plan’s maximum duration is until December 31, 2025 , and the first trade may not occur prior to May 16, 2025. The trading plan is intended to permit Ms. Glazer to exercise up to 34,954 stock options and immediately sell the acquired shares.
The Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with AIG’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in future Section 16 filings with the SEC.

ITEM 6 | Exhibits
Exhibit Index
Exhibit
Number
Description
Location
22 Guaranteed Securities None.
31 Filed herewith.
32 Filed herewith.
101
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2025 and 2024, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024 and (vi) the Notes to the Condensed Consolidated Financial Statements
Filed herewith.
104 Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) Filed herewith.
* This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
/S/ KEITH WALSH
Keith Walsh
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/S/ KATHLEEN CARBONE
Kathleen Carbone
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)


Dated: May 2, 2025
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