Item 16. Form 10-K Summary

None.

AIG | 2022 Form 10-K			261

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, 2023.

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 Sabra Purtill, 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, 2023.

SIGNATURE						TITLE
/S/ PETER ZAFFINO						Chairman and Chief Executive Officer and Director
(Peter Zaffino)
/S/ SABRA PURTILL						Executive Vice President and Interim Chief Financial Officer (Principal Financial Officer)
(Sabra Purtill)
/S/ KATHLEEN CARBONE						Vice President and Chief Accounting Officer (Principal Accounting Officer)
(Kathleen Carbone)
/S/ PAOLA BERGAMASCHI						Director
(Paola Bergamaschi)
/S/ JAMES COLE JR.						Director
(James Cole Jr.)
/S/ W. DON CORNWELL						Director
(W. Don Cornwell)
S/ WILLIAM G. JURGENSEN						Director
(William G. Jurgensen)
/S/ LINDA A. MILLS						Director
(Linda A. Mills)
/S/ PETER R. PORRINO						Director
(Peter R. Porrino)
/S/ JOHN G. RICE						Director
(John G. Rice)
/S/ DOUGLAS M. STEENLAND						Director
(Douglas M. Steenland)
/S/ THERESE M. VAUGHAN						Director
(Therese M. Vaughan)

262			AIG | 2022 Form 10-K

Summary of Investments – Other than Investments in Related Parties

																		Schedule I
At December 31, 2022																		Amount at which shown in the Balance sheet
(in millions)						Cost(a)						Fair value
Fixed maturities:
U.S. government and government sponsored entities			$			7,094			$			6,619			$			6,619
Obligations of states, municipalities and political subdivisions						13,306						12,210						12,210
Non-U.S. governments						15,199						13,551						13,551
Public utilities						23,095						19,190						19,190
All other corporate debt securities						139,538						121,041						121,041
Mortgage-backed, asset-backed and collateralized						62,246						58,030						58,030
Total fixed maturity securities						260,478						230,641						230,641
Equity securities and mutual funds:
Common stock:
Public utilities						1						1						1
Banks, trust and insurance companies						155						155						155
Industrial, miscellaneous and all other						172						172						172
Total common stock						328						328						328
Preferred stock						32						32						32
Mutual funds						215						215						215
Total equity securities and mutual funds						575						575						575
Mortgage and other loans receivable, net of allowance						49,605						46,007						49,605
Other invested assets						16,739						15,953						15,953
Short-term investments, at cost (approximates fair value)						12,376						12,376						12,376
Derivative assets**(b)**						514						514						514
Total investments			$			340,287			$			306,066			$			309,664

(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.

AIG | 2022 Form 10-K			263

Condensed Financial Information of Registrant

Balance Sheets – Parent Company Only

												Schedule II
December 31,
(in millions)						2022						2021
Assets:
Short-term investments			$			3,389			$			4,332
Other investments						1,930						6,671
Total investments						5,319						11,003
Cash						5						3
Loans to subsidiaries(a)						84						45,415
Due from affiliates - net(a)						1,224						1,941
Intercompany tax receivable(a)						329						426
Deferred income taxes						4,992						5,845
Investment in consolidated subsidiaries(a)						43,855						29,713
Other assets						250						406
Total assets			$			56,058			$			94,752
Liabilities:
Due to affiliates(a)			$			1,195			$			2,992
Intercompany tax payable(a)						1,633						2,193
Notes and bonds payable						10,323						19,633
Junior subordinated debt						991						1,164
Series AIGFP matched notes and bonds payable						18						18
Loans from subsidiaries(a)						521						739
Other liabilities						1,375						2,057
Total liabilities						16,056						28,796
AIG Shareholders’ equity:
Preferred stock						485						485
Common stock						4,766						4,766
Treasury stock						(56,473)						(51,618)
Additional paid-in capital						80,284						81,851
Retained earnings						33,032						23,785
Accumulated other comprehensive income						(22,092)						6,687
Total AIG shareholders’ equity						40,002						65,956
Total liabilities and equity			$			56,058			$			94,752

(a)Eliminated in consolidation.

See accompanying Notes to Condensed Financial Information of Registrant.

264			AIG | 2022 Form 10-K

Condensed Financial Information of Registrant (Continued)

Statements of Income – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2022						2021						2020
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)			$			7,924			$			(3,370)			$			(2,569)
Dividend income from consolidated subsidiaries(a)						2,974						14,699						1,797
Interest income(b)						936						169						348
Net realized losses						(433)						(1)						(149)
Other income (loss)						22						(3)						(1)
Expenses:
Interest expense						631						948						1,043
Net loss on extinguishment of debt						301						304						2
Net (gain) loss on divestitures and other						111						(10)						4,010
Other expenses						960						1,214						980
Income (loss) from continuing operations before income tax benefit						9,420						9,038						(6,609)
Income tax benefit						(838)						(350)						(667)
Net income (loss)						10,258						9,388						(5,942)
Loss from discontinued operations						18						—						(2)
Net income (loss) attributable to AIG Parent Company			$			10,276			$			9,388			$			(5,944)

(a)Eliminated in consolidation.

(b)Includes interest income on intercompany borrowings of $813 million, $131 million and $295 million on December 31, 2022, 2021 and 2020, 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)						2022						2021						2020
Net income (loss)			$			10,276			$			9,388			$			(5,944)
Other comprehensive income (loss)						(30,819)						(5,725)						8,529
Total comprehensive income attributable to AIG			$			(20,543)			$			3,663			$			2,585

See accompanying Notes to Condensed Financial Information of Registrant.

AIG | 2022 Form 10-K			265

Condensed Financial Information of Registrant (Continued)

Statements of Cash Flows – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2022						2021						2020
Net cash provided by (used in) operating activities			$			191			$			3,837			$			(30)
Cash flows from investing activities:
Sales and maturities of investments						5,205						4,228						5,181
Sales of divested businesses						—						—						2,225
Purchase of investments						(90)						(5,761)						(3,250)
Net change in short-term investments						945						2,647						(3,559)
Contributions from (to) subsidiaries - net						(330)						403						(964)
Loans to subsidiaries - net						8,427						(104)						(22)
Other, net						45						(41)						(402)
Net cash provided by (used in) investing activities						14,202						1,372						(791)
Cash flows from financing activities:
Issuance of long-term debt						—						—						4,065
Repayments of long-term debt						(9,364)						(3,703)						(1,696)
Cash dividends paid on preferred stock						(29)						(29)						(29)
Cash dividends paid on common stock						(982)						(1,083)						(1,103)
Loans from subsidiaries - net						(224)						3						16
Purchase of common stock						(5,200)						(2,598)						(500)
Other, net						1,408						2,201						(33)
Net cash provided by (used in) financing activities						(14,391)						(5,209)						720
Change in cash and restricted cash						2						—						(101)
Cash and restricted cash at beginning of year						4						4						105
Cash and restricted cash at end of year			$			6			$			4			$			4
Supplementary disclosure of cash flow information:
			Years Ended December 31,
(in millions)						2022						2021						2020
Cash			$			5			$			3			$			3
Restricted cash included in Other assets						1						1						1
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only			$			6			$			4			$			4
Cash (paid) received during the period for:
Interest:
Third party			$			(716)			$			(941)			$			(1,014)
Intercompany						63						1						—
Taxes:
Income tax authorities						(348)						(494)						(466)
Intercompany						1,120						1,950						1,592
Intercompany non-cash financing and investing activities:
Capital contributions						660						2,284						333
Return of capital						—						1,365						—
Dividend received in the form of intercompany note						—						8,300						—
Dividends received in the form of securities						494						1,289						879

See accompanying Notes to Condensed Financial Information of Registrant.

266			AIG | 2022 Form 10-K

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 2022 Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 17, 2023.

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.

On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. The AIGFP loan receivable of $37.6 billion was reclassified to a third party asset, which has a full allowance for credit losses. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity.

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.

Under the U.S. federal tax laws, AIGFP will continue to join in filing of AIG’s consolidated U.S. federal income tax return and AIGFP’s net operating losses continue to be available to offset taxable income of AIG’s consolidated U.S. federal income tax group. Accordingly, deferred tax assets related to AIGFP’s net operating losses remain part of AIG’s deferred tax assets as of December 31, 2022. No additional valuation allowance is required in connection with AIGFP’s reorganization.

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.

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.

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

AIG | 2022 Form 10-K			267

Supplementary Insurance Information

																								Schedule III
At December 31, 2022, 2021
Segment (in millions)						Deferred Policy Acquisition Costs			Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits									Unearned Premiums						Policy and Contract Claims
2022
General Insurance			$			2,307			$			71,599			$			18,253			$			—
Life and Retirement						13,211						57,266						59						1,309
Other Operations(a)						—						5,525						26						147
			$			15,518			$			134,390			$			18,338			$			1,456
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

For the years ended December 31, 2022, 2021, and 2020
Segment (in millions)						Premiums and Policy Fees						Net Investment Income			Losses and Loss Expenses Incurred, Benefits						Amortization of Deferred Policy Acquisition Costs									Other Operating Expenses						Net Premiums Written
2022
General Insurance			$			25,340			$			2,382			$			15,407			$			3,533			$			4,352			$			25,512
Life and Retirement						8,480						8,347						11,340						1,130						2,504						—
Other Operations(a)						1,009						1,038						(267)						307						2,339						1,248
			$			34,829			$			11,767			$			26,480			$			4,970			$			9,195			$			26,760
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

(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.

268			AIG | 2022 Form 10-K

Reinsurance

																											Schedule IV
For the years ended December 31, 2022, 2021, and 2020
(in millions)						Gross Amount						Ceded to Other Companies						Assumed from Other Companies						Net Amount			Percent of Amount Assumed to Net
2022
Long-duration insurance in-force			$			1,280,831			$			346,879			$			188			$			934,140			—			%
Premiums earned:
General Insurance companies			$			32,053			$			12,425			$			7,137			$			26,765			26.7			%
Life and Retirement companies						4,738						964						1,318						5,092			25.9
Total			$			36,791			$			13,389			$			8,455			$			31,857			26.5			%
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			%

Valuation and Qualifying Accounts

																																							Schedule V
For the years ended December 31, 2022, 2021, and 2020
(in millions)						Balance, Beginning of year						Initial Allowance Upon CECL Adoption						Charged to Costs and Expenses						Charge Offs						Divestitures						Other Changes(a)						Balance, End of year
2022
Allowance for mortgage and other loans receivable(b)			$			629			$			—			$			104			$			(17)			$			—			$			—			$			716
Allowance for premiums and insurances balances receivable						185						—						—						(15)						—						(1)						169
Allowance for reinsurance assets						333						—						(39)						(5)						—						6						295
Federal and foreign valuation allowance for deferred tax assets						1,987						—						(25)						—						—						2,284						4,246
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

(a)Includes recoveries of amounts previously charged off and reclassifications to/from other accounts.

(b)Excludes $37.6 billion 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.

AIG | 2022 Form 10-K			269