Item 16. Form 10-K Summary

None.

AIG | 2023 Form 10-K			267

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 14th of February, 2024.

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 R. 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 14th of February, 2024.

SIGNATURE						TITLE
/S/ PETER ZAFFINO						Chairman and Chief Executive Officer and Director
(Peter Zaffino)
/S/ SABRA R. PURTILL						Executive Vice President and Chief Financial Officer (Principal Financial Officer)
(Sabra R. 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/ JAMES DUNNE III						Director
(James Dunne III)
/S/ LINDA A. MILLS						Director
(Linda A. Mills)
/S/ DIANA M. MURPHY						Director
(Diana M. Murphy)
/S/ PETER R. PORRINO						Director
(Peter R. Porrino)
/S/ JOHN G. RICE						Director
(John G. Rice)
/S/ VANESSA A. WITTMAN						Director
(Vanessa A. Wittman)

268			AIG | 2023 Form 10-K

Summary of Investments – Other than Investments in Related Parties

																		Schedule I
At December 31, 2023																		Amount at which shown in the Balance sheet
(in millions)						Cost(a)						Fair value
Fixed maturities:
U.S. government and government sponsored entities			$			5,885			$			5,616			$			5,616
Obligations of states, municipalities and political subdivisions						11,479						10,754						10,754
Non-U.S. governments						13,705						12,490						12,490
Public utilities						23,336						20,088						20,088
All other corporate debt securities						134,244						121,252						121,252
Mortgage-backed, asset-backed and collateralized						69,624						66,774						66,774
Total fixed maturity securities						258,273						236,974						236,974
Equity securities and mutual funds:
Common stock:
Public utilities						1						1						1
Banks, trust and insurance companies						441						441						441
Industrial, miscellaneous and all other						77						77						77
Total common stock						519						519						519
Preferred stock						57						57						57
Mutual funds						152						152						152
Total equity securities and mutual funds						728						728						728
Mortgage and other loans receivable, net of allowance						51,553						48,536						51,553
Other invested assets						17,070						16,217						16,217
Short-term investments, at cost (approximates fair value)						17,200						17,200						17,200
Derivative assets**(b)**						511						511						511
Total investments			$			345,335			$			320,166			$			323,183

(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 | 2023 Form 10-K			269

Condensed Financial Information of Registrant

Balance Sheets – Parent Company Only

												Schedule II
December 31,
(in millions)						2023						2022
Assets:
Short-term investments			$			7,782			$			3,389
Other investments						758						1,930
Total investments						8,540						5,319
Cash						10						5
Loans to subsidiaries(a)						—						84
Due from affiliates - net(a)						1,371						1,224
Intercompany tax receivable(a)						751						329
Deferred income taxes						4,566						4,992
Investment in consolidated subsidiaries(a)						42,655						44,823
Other assets						909						250
Total assets			$			58,802			$			57,026
Liabilities:
Due to affiliates(a)			$			703			$			1,195
Intercompany tax payable(a)						767						1,633
Notes and bonds payable						9,098						10,323
Junior subordinated debt						992						991
Series AIGFP matched notes and bonds payable						18						18
Loans from subsidiaries(a)						443						521
Other liabilities						1,430						1,375
Total liabilities						13,451						16,056
AIG Shareholders’ equity:
Preferred stock						485						485
Common stock						4,766						4,766
Treasury stock						(59,189)						(56,473)
Additional paid-in capital						75,810						79,915
Retained earnings						37,516						34,893
Accumulated other comprehensive income						(14,037)						(22,616)
Total AIG shareholders’ equity						45,351						40,970
Total liabilities and equity			$			58,802			$			57,026

Eliminated in consolidation.

See accompanying Notes to Condensed Financial Information of Registrant.

270			AIG | 2023 Form 10-K

Condensed Financial Information of Registrant (Continued)

Statements of Income – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2023						2022						2021
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)			$			(4,508)			$			7,875			$			(2,391)
Dividend income from consolidated subsidiaries(a)						8,385						2,974						14,699
Interest income(b)						226						936						169
Net realized losses						(74)						(433)						(1)
Other income (loss)						5						22						(3)
Expenses:
Interest expense						525						631						948
Net loss on extinguishment of debt						(58)						301						304
Net (gain) loss on divestitures and other						5						111						(10)
Other expenses						778						960						1,214
Income (loss) from continuing operations before income tax benefit						2,784						9,371						10,017
Income tax benefit						(859)						(838)						(350)
Net income (loss)						3,643						10,209						10,367
Loss from discontinued operations						—						18						—
Net income (loss) attributable to AIG Parent Company			$			3,643			$			10,227			$			10,367

(a)Eliminated in consolidation.

(b)Includes interest income on intercompany borrowings of $1 million, $813 million and $131 million on December 31, 2023, 2022 and 2021, 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)						2023						2022						2021
Net income (loss)			$			3,643			$			10,227			$			10,367
Other comprehensive income (loss)						4,641						(29,803)						(5,325)
Total comprehensive income attributable to AIG			$			8,284			$			(19,576)			$			5,042

See accompanying Notes to Condensed Financial Information of Registrant.

AIG | 2023 Form 10-K			271

Condensed Financial Information of Registrant (Continued)

Statements of Cash Flows – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2023						2022						2021
Net cash provided by (used in) operating activities			$			5,382			$			191			$			3,837
Cash flows from investing activities:
Sales and maturities of investments						3,367						5,205						4,228
Purchase of investments						(2,070)						(90)						(5,761)
Net change in short-term investments						(4,393)						945						2,647
Contributions from (to) subsidiaries - net						(47)						(330)						403
Loans to subsidiaries - net						84						8,427						(104)
Other, net						(48)						45						(41)
Net cash provided by (used in) investing activities						(3,107)						14,202						1,372
Cash flows from financing activities:
Issuance of long-term debt						742						—						—
Repayments of long-term debt						(2,037)						(9,364)						(3,703)
Cash dividends paid on preferred stock						(29)						(29)						(29)
Cash dividends paid on common stock						(997)						(982)						(1,083)
Loans from subsidiaries - net						(97)						(224)						3
Purchase of common stock						(2,961)						(5,200)						(2,598)
Other, net						3,108						1,408						2,201
Net cash provided by (used in) financing activities						(2,271)						(14,391)						(5,209)
Change in cash and restricted cash						4						2						—
Cash and restricted cash at beginning of year						6						4						4
Cash and restricted cash at end of year			$			10			$			6			$			4
Supplementary disclosure of cash flow information:
			Years Ended December 31,
(in millions)						2023						2022						2021
Cash			$			10			$			5			$			3
Restricted cash included in Other assets						—						1						1
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only			$			10			$			6			$			4
Cash (paid) received during the period for:
Interest:
Third party			$			(455)			$			(716)			$			(941)
Intercompany						(3)						63						1
Taxes:
Income tax authorities						(109)						(348)						(494)
Intercompany						(95)						1,120						1,950
Intercompany non-cash financing and investing activities:
Capital contributions						861						660						2,284
Return of capital						—						—						1,365
Dividend received in the form of intercompany note						—						—						8,300
Dividends received in the form of securities						314						494						1,289

See accompanying Notes to Condensed Financial Information of Registrant.

272			AIG | 2023 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 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 14, 2024.

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 16 to the 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, 2023. 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 23 to the Consolidated Financial Statements.

AIG | 2023 Form 10-K			273

Supplementary Insurance Information

																								Schedule III
At December 31, 2023, 2022
Segment (in millions)						Deferred Policy Acquisition Costs			Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits									Unearned Premiums						Policy and Contract Claims
2023
General Insurance			$			2,075			$			66,805			$			17,374			$			—
Life and Retirement						10,010						57,108						11						1,194
Other Operations(a)						—						5,056						2						(188)
			$			12,085			$			128,969			$			17,387			$			1,006
2022
General Insurance			$			2,310			$			71,495			$			18,253			$			—
Life and Retirement						10,547						50,519						59						1,309
Other Operations(a)						—						5,067						26						147
			$			12,857			$			127,081			$			18,338			$			1,456

For the years ended December 31, 2023, 2022, and 2021
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
2023
General Insurance			$			25,091			$			3,022			$			14,775			$			3,623			$			4,344			$			26,719
Life and Retirement						10,898						9,786						14,202						1,061						2,409						—
Other Operations(a)						62						1,784						202						124						1,746						487
			$			36,051			$			14,592			$			29,179			$			4,808			$			8,499			$			27,206
2022
General Insurance			$			25,340			$			2,382			$			15,407			$			3,533			$			4,352			$			25,512
Life and Retirement						8,419						8,347						10,801						1,021						2,431						—
Other Operations(a)						1,010						1,038						(288)						3						2,339						1,248
			$			34,769			$			11,767			$			25,920			$			4,557			$			9,122			$			26,760
2021
General Insurance			$			25,057			$			3,304			$			16,097			$			3,530			$			4,375			$			25,890
Life and Retirement						9,060						9,521						11,359						958						2,573						—
Other Operations(a)						173						1,787						(101)						36						1,780						527
			$			34,290			$			14,612			$			27,355			$			4,524			$			8,728			$			26,417

(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.

274			AIG | 2023 Form 10-K

Reinsurance

																											Schedule IV
For the years ended December 31, 2023, 2022, and 2021
(in millions)						Gross Amount						Ceded to Other Companies						Assumed from Other Companies						Net Amount			Percent of Amount Assumed to Net
2023
Long-duration insurance in-force			$			1,308,474			$			363,471			$			173			$			945,176			—			%
Premiums earned:
General Insurance companies			$			30,781			$			12,268			$			7,050			$			25,563			27.6			%
Life and Retirement companies						4,706						1,126						4,111						7,691			53.5
Total			$			35,487			$			13,394			$			11,161			$			33,254			33.6			%
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						4,739						966						1,318						5,091			25.9
Total			$			36,792			$			13,391			$			8,455			$			31,856			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						4,604						1,202						2,265						5,667			40.0
Total			$			34,883			$			12,503			$			8,905			$			31,285			28.5			%

Valuation and Qualifying Accounts

																											Schedule V
For the years ended December 31, 2023, 2022, and 2021
(in millions)			Balance, Beginning of year						Charged to Costs and Expenses						Write Offs						Reclassified to Assets Held for Sale						Other Changes(a)						Balance, End of year
2023
Allowance for premiums and insurances balances receivable			$	169					$	(7)					$	(29)					$	—					$	6					$	139
Federal and foreign valuation allowance for deferred tax assets			4,246						(357)						—						(82)						(691)						3,116
2022
Allowance for premiums and insurances balances receivable			$	185					$	—					$	(15)					$	—					$	(1)					$	169
Federal and foreign valuation allowance for deferred tax assets			1,987						(25)						—						—						2,284						4,246
2021
Allowance for premiums and insurances balances receivable			$	205					$	(15)					$	(2)					$	—					$	(3)					$	185
Federal and foreign valuation allowance for deferred tax assets			1,330						718						—						—						(61)						1,987

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

AIG | 2023 Form 10-K			275