Item 16. Form 10-K Summary

None.

AIG | 2024 Form 10-K			197

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 13th of February, 2025.

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 Keith Walsh, 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 13th of February, 2025.

SIGNATURE						TITLE
/S/ PETER ZAFFINO						Chairman and Chief Executive Officer and Director
(Peter Zaffino)
/S/ KEITH WALSH						Executive Vice President and Chief Financial Officer (Principal Financial Officer)
(Keith Walsh)
/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/ JAMES DUNNE III						Director
(James Dunne III)
/S/ JOHN C. INGLIS						Director
(John C. Inglis)
/S/ COURTNEY LEIMKUHLER						Director
(Courtney Leimkuhler)
/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)

198			AIG | 2024 Form 10-K

Summary of Investments – Other than Investments in Related Parties

																		Schedule I
At December 31, 2024																		Amount at which shown in the Balance sheet
(in millions)						Cost(a)						Fair value
Fixed maturities:
U.S. government and government sponsored entities			$			3,346			$			3,267			$			3,267
Obligations of states, municipalities and political subdivisions						3,273						3,193						3,193
Non-U.S. governments						8,668						8,131						8,131
Public utilities						3,253						3,053						3,053
All other corporate debt securities						30,059						29,055						29,055
Mortgage-backed, asset-backed and collateralized						18,341						18,052						18,052
Total fixed maturity securities						66,940						64,751						64,751
Equity securities and mutual funds:
Common stock:
Public utilities						1						1						1
Banks, trust and insurance companies						489						489						489
Industrial, miscellaneous and all other						36						36						36
Total common stock						526						526						526
Mutual funds						178						178						178
Total equity securities and mutual funds						704						704						704
Mortgage and other loans receivable, net of allowance						3,868						3,752						3,868
Other invested assets						9,995						9,828						9,828
Short-term investments, at cost (approximates fair value)						14,462						14,462						14,462
Derivative assets**(b)**						50						50						50
Total investments			$			96,019			$			93,547			$			93,663

(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 | 2024 Form 10-K			199

Condensed Financial Information of Registrant

Balance Sheets – Parent Company Only

												Schedule II
December 31,
(in millions)						2024						2023
Assets:
Short-term investments			$			8,360			$			7,782
Retained investment in Corebridge using fair value option						3,810						—
Other investments						393						758
Total investments						12,563						8,540
Cash						4						10
Due from affiliates - net(a)						1,931						1,317
Intercompany tax receivable(a)						288						379
Deferred income taxes						3,380						4,566
Investment in consolidated subsidiaries(a)						35,312						36,544
Assets of discontinued operations - net						—						6,111
Other assets						755						1,335
Total assets			$			54,233			$			58,802
Liabilities:
Due to affiliates(a)			$			1,031			$			682
Intercompany tax payable(a)						551						767
Notes and bonds payable						7,904						9,098
Junior subordinated debt						602						992
Series AIGFP matched notes and bonds payable						18						18
Loans from subsidiaries(a)						462						443
Other liabilities						1,144						1,451
Total liabilities						11,712						13,451
AIG Shareholders’ equity:
Preferred stock						—						485
Common stock						4,766						4,766
Treasury stock						(65,573)						(59,189)
Additional paid-in capital						75,348						75,810
Retained earnings						35,079						37,516
Accumulated other comprehensive income						(7,099)						(14,037)
Total AIG shareholders’ equity						42,521						45,351
Total liabilities and equity			$			54,233			$			58,802

(a)Eliminated in consolidation.

See accompanying Notes to Condensed Financial Information of Registrant.

200			AIG | 2024 Form 10-K

Condensed Financial Information of Registrant (Continued)

Statements of Income – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2024						2023						2022
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)			$			(957)			$			(4,313)			$			1,319
Dividend income from consolidated subsidiaries(a)						4,631						7,312						2,202
Interest income(b)						288						226						936
Net realized losses						(13)						(74)						(433)
Other income						606						5						22
Expenses:
Interest expense						468						525						631
Net (gain) loss on extinguishment of debt						14						(58)						301
Net (gain) loss on divestitures and other						1						5						111
Other expenses						949						778						960
Income (loss) from continuing operations before income tax benefit						3,123						1,906						2,043
Income tax expense (benefit)						85						(859)						(838)
Net income						3,038						2,765						2,881
Income (loss) from discontinued operations						(4,442)						878						7,346
Net income (loss) attributable to AIG Parent Company			$			(1,404)			$			3,643			$			10,227

(a)Eliminated in consolidation.

(b)Includes interest income on intercompany borrowings of $1 million, $1 million and $767 million on December 31, 2024, 2023 and 2022, 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)			2024						2023						2022
Net income (loss)			$	(1,404)					$	3,643					$	10,227
Other comprehensive income (loss) related to continued operations			132						1,240						(4,568)
Other comprehensive income (loss) related to discontinued operations			(945)						3,401						(25,235)
Corebridge deconsolidation			7,214						—						—
Total comprehensive income attributable to AIG			$	4,997					$	8,284					$	(19,576)

See accompanying Notes to Condensed Financial Information of Registrant.

AIG | 2024 Form 10-K			201

Condensed Financial Information of Registrant (Continued)

Statements of Cash Flows – Parent Company Only

																		Schedule II
Years Ended December 31,
(in millions)						2024						2023						2022
Net cash provided by (used in) operating activities			$			3,367			$			4,309			$			(562)
Cash flows from investing activities:
Sales and maturities of investments						6,018						3,367						13,505
Purchase of investments						(353)						(2,070)						(90)
Net change in short-term investments						(523)						(4,393)						945
Contributions from (to) subsidiaries - net						(12)						(47)						(330)
Loans to subsidiaries - net						—						84						127
Other, net						278						1,025						798
Net cash provided by (used in) investing activities						5,408						(2,034)						14,955
Cash flows from financing activities:
Issuance of long-term debt						660						742						—
Repayments of long-term debt						(2,047)						(2,037)						(9,364)
Redemption of preferred stock						(485)						—						—
Dividends on preferred stock and preferred stock redemption premiums						(22)						(29)						(29)
Cash dividends paid on common stock						(1,002)						(997)						(982)
Loans from subsidiaries - net						—						(97)						(224)
Purchase of common stock						(6,652)						(2,961)						(5,200)
Other, net						822						3,108						1,408
Net cash provided by (used in) financing activities						(8,726)						(2,271)						(14,391)
Change in cash and restricted cash						49						4						2
Cash and restricted cash at beginning of year						10						6						4
Cash and restricted cash at end of year			$			59			$			10			$			6
Supplementary disclosure of cash flow information:
			Years Ended December 31,
(in millions)						2024						2023						2022
Cash			$			4			$			10			$			5
Restricted cash included in Short-term investments						55						—						—
Restricted cash included in Other assets						—						—						1
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only			$			59			$			10			$			6
Cash (paid) received during the period for:
Interest:
Third party			$			(611)			$			(455)			$			(653)
Intercompany						1						(3)						—
Taxes:
Income tax authorities						(231)						(109)						(348)
Intercompany						248						399						92
Intercompany non-cash financing and investing activities:
Capital contributions						371						861						473
Dividends received in the form of securities						—						314						494

See accompanying Notes to Condensed Financial Information of Registrant.

202			AIG | 2024 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 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 13, 2025.

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 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, 2024. 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 | 2024 Form 10-K			203

Supplementary Insurance Information

																								Schedule III
At December 31, 2024, 2023
Segment (in millions)						Deferred Policy Acquisition Costs			Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits									Unearned Premiums						Policy and Contract Claims
2024
North America Commercial			$			379			$			39,619			$			5,936			$			—
International Commercial						718						16,208						5,773						—
Global Personal						1,063						7,899						5,340						—
Other Operations(a)						(95)						6,759						183						31
			$			2,065			$			70,485			$			17,232			$			31
2023
North America Commercial			$			317			$			39,758			$			5,660			$			—
International Commercial						691						17,354						5,789						—
Global Personal						1,170						8,339						5,650						—
Other Operations(a)						(61)						6,409						276						23
			$			2,117			$			71,860			$			17,375			$			23

For the years ended December 31, 2024, 2023, and 2022
Segment (in millions)						Premiums						Net Investment Income			Losses and Loss Expenses Incurred						Amortization of Deferred Policy Acquisition Costs									Other Operating Expenses						Net Premiums Written
2024
North America Commercial			$			8,172			$			(b)			$			5,713			$			824			$			1,087			$			8,452
International Commercial						8,145						(b)						4,463						1,018						1,437						8,364
Global Personal						7,140						(b)						3,862						1,571						1,565						7,086
Other Operations(a)						80						1,195						529						12						1,440						—
			$			23,537			$			4,255			$			14,567			$			3,425			$			5,529			$			23,902
2023
North America Commercial			$			10,233			$			(b)			$			6,323			$			1,371			$			1,184			$			11,432
International Commercial						7,964						(b)						4,641						943						1,378						8,168
Global Personal						6,894						(b)						3,811						1,309						1,782						7,119
Other Operations(a)						473						424						618						148						1,055						487
			$			25,564			$			3,446			$			15,393			$			3,771			$			5,399			$			27,206
2022
North America Commercial			$			10,444			$			(b)			$			7,218			$			1,381			$			1,101			$			10,899
International Commercial						7,701						(b)						4,301						938						1,323						7,877
Global Personal						7,195						(b)						3,888						1,214						1,928						6,736
Other Operations(a)						1,425						(12)						54						12						1,807						1,248
			$			26,765			$			2,370			$			15,461			$			3,545			$			6,159			$			26,760

(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)North America Commercial, International Commercial and Global Personal does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income for General Insurance were $3,060 million, $3,022 million and $2,382 million for the years ended December 31, 2024, 2023 and 2022, respectively.

204			AIG | 2024 Form 10-K

Reinsurance

																											Schedule IV
For the years ended December 31, 2024, 2023, and 2022
(in millions)						Gross Amount						Ceded to Other Companies						Assumed from Other Companies						Net Amount			Percent of Amount Assumed to Net
2024
Premiums earned:
Accident and health			$			2,507			$			104			$			30			$			2,433			1.2			%
Property and liability						28,701						11,514						3,917						21,104			18.6
Total			$			31,208			$			11,618			$			3,947			$			23,537			16.8			%
2023
Premiums earned:
Accident and health			$			2,612			$			107			$			35			$			2,540			1.4			%
Property and liability						28,169						12,160						7,015						23,024			30.5
Total			$			30,781			$			12,267			$			7,050			$			25,564			27.6			%
2022
Premiums earned:
Accident and health			$			2,687			$			111			$			75			$			2,651			2.8			%
Property and liability						29,366						12,314						7,062						24,114			29.3
Total			$			32,053			$			12,425			$			7,137			$			26,765			26.7			%

Valuation and Qualifying Accounts

																											Schedule V
For the years ended December 31, 2024, 2023, and 2022
(in millions)			Balance, Beginning of year						Charged to Costs and Expenses						Write Offs												Other Changes(a)						Balance, End of year
2024
Allowance for premiums and insurances balances receivable			$	138					$	1					$	(12)											$	—					$	127
Federal and foreign valuation allowance for deferred tax assets			1,745						(31)						—												(64)						1,650
2023
Allowance for premiums and insurances balances receivable			$	168					$	(7)					$	(28)											$	5					$	138
Federal and foreign valuation allowance for deferred tax assets			2,594						(365)						—												(484)						1,745
2022
Allowance for premiums and insurances balances receivable			$	184					$	—					$	(15)											$	(1)					$	168
Federal and foreign valuation allowance for deferred tax assets			1,890						(174)						—												878						2,594

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

AIG | 2024 Form 10-K			205