Item 16. Form 10-K Summary

None.

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Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on the 17th of February, 2022.

	AMERICAN INTERNATIONAL GROUP, INC.
	By	/S/ PETER ZAFFINO
		(Peter Zaffino, Chairman and Chief Executive Officer)

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Peter Zaffino and Shane Fitzsimons, and each of them severally, his or her true and lawful attorney-in-fact, with full power of substitution and resubstitution, to sign in his or her name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Securities Exchange Act of 1934, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission in connection with this Annual Report on Form 10-K and any and all amendments hereto, as fully for all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all said attorneys-in-fact and agents, each acting alone, and his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the 17th of February, 2022.

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SIGNATURE		TITLE
/S/ PETER ZAFFINO		Chairman and Chief Executive Officer and Director
(Peter Zaffino)
/S/ SHANE FITZSIMONS		Executive Vice President and Chief Financial Officer (Principal Financial Officer)
(Shane Fitzsimons)
/S/ ELIAS F. HABAYEB		Senior Vice President, Chief Financial Officer, Life and Retirement and Chief Accounting Officer, AIG (Principal Accounting Officer)
(Elias F. Habayeb)
/S/ JAMES COLE JR.		Director
(James Cole Jr.)
/S/ W. DON CORNWELL		Director
(W. Don Cornwell)
/S/ JOHN H. FITZPATRICK		Director
(John H. Fitzpatrick)
/S/ WILLIAM G. JURGENSEN		Director
(William G. Jurgensen)
/S/ CHRISTOPHER S. LYNCH		Director
(Christopher S. Lynch)
/S/ LINDA A. MILLS		Director
(Linda A. Mills)
/S/ THOMAS F. MOTAMED		Director
(Thomas F. Motamed)
/S/ PETER R. PORRINO		Director
(Peter R. Porrino)
/S/ AMY L. SCHIOLDAGER		Director
(Amy L. Schioldager)
/S/ DOUGLAS M. STEENLAND		Director
(Douglas M. Steenland)
/S/ THERESE M. VAUGHAN		Director
(Therese M. Vaughan)

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Summary of Investments – Other than Investments in Related Parties

						Schedule I
						Amount at
At December 31, 2021						which shown in
(in millions)		Cost(a)		Fair Value		the Balance Sheet
Fixed maturities:
U.S. government and government sponsored entities	$	9,624	$	9,944	$	9,944
Obligations of states, municipalities and political subdivisions		12,858		14,625		14,625
Non-U.S. governments		15,934		16,406		16,406
Public utilities		22,502		24,252		24,252
All other corporate debt securities		141,612		152,405		152,405
Mortgage-backed, asset-backed and collateralized		62,959		65,848		65,848
Total fixed maturity securities		265,489		283,480		283,480
Equity securities and mutual funds:
Common stock:
Public utilities		1		1		1
Banks, trust and insurance companies		158		158		158
Industrial, miscellaneous and all other		332		332		332
Total common stock		491		491		491
Preferred stock		10		10		10
Mutual funds		238		238		238
Total equity securities and mutual funds		739		739		739
Mortgage and other loans receivable, net of allowance		46,048		48,058		46,048
Other invested assets		16,447		15,667		15,668
Short-term investments, at cost (approximates fair value)		13,357		13,357		13,357
Derivative assets(b)		843		843		843
Total investments	$	342,923	$	362,144	$	360,135

(a) Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts.

(b) The balance is reported in Other assets.

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Condensed Financial Information of Registrant

Balance Sheets – Parent Company Only

		Schedule II
December 31,
(in millions)		2021		2020
Assets:
Short-term investments	$	4,332	$	6,918
Other investments		6,671		4,227
Total investments		11,003		11,145
Cash		3		3
Loans to subsidiaries(a)		45,415		36,981
Due from affiliates - net(a)		1,941		1,531
Intercompany tax receivable(a)		426		978
Deferred income taxes		5,845		8,525
Investment in consolidated subsidiaries(a)		29,713		41,294
Other assets(b)		406		313
Total assets	$	94,752	$	100,770
Liabilities:
Due to affiliates(a)	$	2,992	$	3,224
Intercompany tax payable(a)		2,193		2,669
Notes and bonds payable		19,633		23,068
Junior subordinated debt		1,164		1,561
Series AIGFP matched notes and bonds payable		18		21
Loans from subsidiaries(a)		739		735
Other liabilities		2,057		3,130
Total liabilities		28,796		34,408
AIG Shareholders’ equity:
Preferred stock		485		485
Common stock		4,766		4,766
Treasury stock		**(**51,618)		(49,322)
Additional paid-in capital		81,851		81,418
Retained earnings		23,785		15,504
Accumulated other comprehensive income		6,687		13,511
Total AIG shareholders’ equity		65,956		66,362
Total liabilities and equity	$	94,752	$	100,770

(a) Eliminated in consolidation.

(b) At December 31, 2021 and 2020, included restricted cash of $1 million and $1 million, respectively.

See accompanying Notes to Condensed Financial Information of Registrant.

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Condensed Financial Information of Registrant (Continued)
Statements of Income – Parent Company Only
				Schedule II
Years Ended December 31,
(in millions)		2021		2020		2019
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)	$	**(**3,370)	$	(2,569)	$	44
Dividend income from consolidated subsidiaries(a)		14,699		1,797		3,819
Interest income(b)		169		348		1,034
Net realized losses		**(**1)		(149)		(3)
Other income (loss)		**(**3)		(1)		125
Expenses:
Interest expense		948		1,043		985
Net loss on extinguishment of debt		304		2		-
Net (gain) loss on divestitures		**(**10)		4,010		1
Other expenses		1,214		980		728
Income (loss) from continuing operations before income tax benefit		9,038		(6,609)		3,305
Income tax benefit		**(**350)		(667)		(45)
Net income (loss)		9,388		(5,942)		3,350
Loss from discontinued operations		-		(2)		(2)
Net income (loss) attributable to AIG Parent Company	$	9,388	$	(5,944)	$	3,348

(a)Eliminated in consolidation.

(b) Includes interest income on intercompany borrowings of $131 million, $295 million and $904 million on December 31, 2021, 2020 and 2019, respectively, eliminated in consolidation.

See accompanying Notes to Condensed Financial Information of Registrant.

Condensed Financial Information of Registrant (Continued)
Statements of Comprehensive Income – Parent Company Only
					Schedule II
Years Ended December 31,
(in millions)			2021		2020		2019
Net income (loss)		$	9,388	$	(5,944)	$	3,348
Other comprehensive income (loss)			**(**5,725)		8,529		6,395
Total comprehensive income attributable to AIG		$	3,663	$	2,585	$	9,743
See accompanying Notes to Condensed Financial Information of Registrant.

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Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows – Parent Company Only
				Schedule II
Years Ended December 31,
(in millions)		2021		2020		2019
Net cash provided by (used in) operating activities	$	3,837	$	(30)	$	3,484
Cash flows from investing activities:
Sales and maturities of investments		4,228		5,181		2,313
Sales of divested businesses		-		2,225		-
Purchase of investments		**(**5,761)		(3,250)		(2,957)
Net change in short-term investments		2,647		(3,559)		(2,170)
Contributions from (to) subsidiaries - net		403		(964)		(237)
Loans to subsidiaries - net		**(**104)		(22)		513
Other, net		**(**41)		(402)		67
Net cash provided by (used in) investing activities		1,372		(791)		(2,471)
Cash flows from financing activities:
Issuance of long-term debt		-		4,065		595
Repayments of long-term debt		**(**3,703)		(1,696)		(1,006)
Issuance of preferred stock		-		-		485
Cash dividends paid on preferred stock		**(**29)		(29)		(22)
Cash dividends paid on common stock		**(**1,083)		(1,103)		(1,114)
Loans from subsidiaries - net		3		16		93
Purchase of common stock		**(**2,598)		(500)		-
Other, net		2,201		(33)		(66)
Net cash provided by (used in) financing activities		**(**5,209)		720		(1,035)
Change in cash and restricted cash		-		(101)		(22)
Cash and restricted cash at beginning of year		4		105		127
Cash and restricted cash at end of year	$	4	$	4	$	105
Supplementary disclosure of cash flow information:
	Years Ended December 31,
(in millions)		2021		2020		2019
Cash	$	3	$	3	$	2
Restricted cash included in Short-term investments		-		-		102
Restricted cash included in Other assets		1		1		1
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only	$	4	$	4	$	105
Cash (paid) received during the period for:
Interest:
Third party	$	**(**941)	$	(1,014)	$	(941)
Intercompany		1		-		(3)
Taxes:
Income tax authorities		**(**494)		(466)		(11)
Intercompany		1,950		1,592		1,179
Intercompany non-cash financing and investing activities:
Capital contributions		2,284		333		15
Return of capital		1,365		-		15
Dividend received in the form of intercompany note		8,300		-		-
Dividends received in the form of securities		1,289		879		702
See accompanying Notes to Condensed Financial Information of Registrant.

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Notes to Condensed Financial Information of Registrant

American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2021 Annual Report on Form 10-K for the year ended December 31, 2021 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 17, 2022.

The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.

The five-year debt maturity schedule is incorporated by reference from Note 14 to Consolidated Financial Statements.

The Registrant files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets.

Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated federal income tax group.

For additional information see Note 21 to the Consolidated Financial Statements.

The consolidated U.S. deferred tax asset for net operating loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries.

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Supplementary Insurance Information

											Schedule III
At December 31, 2021 and 2020
								Liability
								for Unpaid
								Losses and
								Loss
						Deferred		Adjustment				Policy
						Policy		Expenses,				and
						Acquisition		Future Policy		Unearned		Contract
Segment (in millions)						Costs		Benefits		Premiums		Claims
2021
General Insurance					$	2,428	$	75,500	$	19,209	$	-
Life and Retirement						8,086		57,749		68		1,460
Other Operations(a)						-		5,727		36		89
					$	10,514	$	138,976	$	19,313	$	1,549
2020
General Insurance					$	2,489	$	74,315	$	18,595	$	-
Life and Retirement						7,316		54,645		57		1,336
Other Operations(a)						-		5,638		8		42
					$	9,805	$	134,598	$	18,660	$	1,378
For the years ended December 31, 2021, 2020 and 2019
						Losses		Amortization
		Premiums				and Loss		of Deferred
		and		Net		Expenses		Policy		Other		Net
		Policy		Investment		Incurred,		Acquisition		Operating		Premiums
Segment (in millions)		Fees		Income		Benefits		Costs		Expenses		Written(b)
2021
General Insurance	$	25,057	$	3,304	$	16,097	$	3,530	$	4,375	$	25,890
Life and Retirement		9,080		9,521		11,944		973		2,636		-
Other Operations(a)		173		1,787		**(**96)		70		1,779		527
	$	34,310	$	14,612	$	27,945	$	4,573	$	8,790	$	26,417
2020
General Insurance	$	23,662	$	2,925	$	16,803	$	3,538	$	4,345	$	22,959
Life and Retirement		7,498		8,881		10,435		632		2,522		-
Other Operations(a)		280		1,825		1,190		41		1,529		497
	$	31,440	$	13,631	$	28,428	$	4,211	$	8,396	$	23,456
2019
General Insurance	$	26,438	$	3,444	$	17,246	$	4,482	$	4,621	$	25,092
Life and Retirement		6,712		8,733		9,427		672		2,542		-
Other Operations(a)		426		2,442		2,561		10		1,374		362
	$	33,576	$	14,619	$	29,234	$	5,164	$	8,537	$	25,454

(a) Includes consolidation and elimination entries and reconciling items from adjusted pre-tax income to pre-tax income. See Note 3 to the Consolidated Financial Statements.

(b) Balances reflect the segment changes discussed in Note 3 to the Consolidated Financial Statements.

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Reinsurance

										Schedule IV
At December 31, 2021, 2020 and 2019 and for the years then ended
										Percent of
				Ceded to		Assumed				Amount
		Gross		Other		from Other				Assumed
(in millions)		Amount		Companies		Companies		Net Amount		to Net
2021
Long-duration insurance in force	$	1,280,090	$	363,008	$	192	$	917,274		-	%
Premiums Earned:
General Insurance companies	$	30,279	$	11,301	$	6,640	$	25,618		25.9	%
Life and Retirement companies		4,596		1,220		2,265		5,641		40.2
Total	$	34,875	$	12,521	$	8,905	$	31,259		28.5	%
2020
Long-duration insurance in force*	$	1,243,389	$	349,453	$	225	$	894,161		-	%
Premiums Earned:
General Insurance companies	$	28,596	$	10,435	$	5,984	$	24,145		24.8	%
Life and Retirement companies		4,381		1,061		1,058		4,378		24.2
Total	$	32,977	$	11,496	$	7,042	$	28,523		24.7	%
2019
Long-duration insurance in force	$	1,185,771	$	264,732	$	279	$	921,318		-	%
Premiums Earned:
General Insurance companies	$	30,017	$	9,526	$	6,395	$	26,886		23.8	%
Life and Retirement companies		4,363		916		228		3,675		6.2
Total	$	34,380	$	10,442	$	6,623	$	30,561		21.7	%

*The Ceded to other companies and Net amount for Long-duration insurance in force in 2020 have been revised from $292.5 billion to $349.5 billion and from $951.1 billion to $894.2 billion, respectively to correct Long-duration insurance in force in 2020. These corrections have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.

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Valuation and Qualifying Accounts

												Schedule V
For the years ended December 31, 2021, 2020 and 2019
				Initial
		Balance,	Allowance			Charged to
		Beginning	Upon CECL			Costs and						Other		Balance,
(in millions)		of year	Adoption			Expenses		Charge Offs		Divestitures		Changes*		End of year
2021
Allowance for mortgage and
other loans receivable	$	814	$	-	$	**(**164)	$	**(**2)	$	**(**19)	$	-	$	629
Allowance for premiums and
insurances balances receivable		205		-		**(**15)		**(**2)		-		**(**3)		185
Allowance for reinsurance assets		326		-		24		**(**17)		-		-		333
Federal and foreign valuation
allowance for deferred tax assets		1,330		-		718		-		-		**(**61)		1,987
2020
Allowance for mortgage and
other loans receivable	$	438	$	318	$	75	$	(17)	$	-	$	-	$	814
Allowance for premiums and
insurances balances receivable		178		34		6		(12)		-		(1)		205
Allowance for reinsurance assets		151		172		12		(9)		-		-		326
Federal and foreign valuation
allowance for deferred tax assets		1,425		-		(65)		-		-		(30)		1,330
2019
Allowance for mortgage and
other loans receivable	$	397	$	-	$	46	$	(5)	$	-	$	-	$	438
Allowance for premiums and
insurances balances receivable		216		-		(25)		(23)		-		10		178
Allowance for reinsurance assets		140		-		20		(11)		-		2		151
Federal and foreign valuation
allowance for deferred tax assets		1,779		-		(44)		-		-		(310)		1,425

*Includes recoveries of amounts previously charged off and reclassifications to/from other accounts.

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