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Cover and table of contents

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 September 30, 2021
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
Picture 2 American International Group, Inc. (Exact name of registrant as specified in its charter)
Delaware13-2592361
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1271 Avenue of the Americas, New York, New York10020
(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 classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $2.50 Per ShareAIGNew York Stock Exchange
5.75% Series A-2 Junior Subordinated DebenturesAIG 67BPNew York Stock Exchange
4.875% Series A-3 Junior Subordinated DebenturesAIG 67EUNew York Stock Exchange
Stock Purchase RightsNew York Stock Exchange
Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred StockAIG PRANew 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 November 1, 2021, there were 830,297,608 shares outstanding of the registrant’s common stock.

AMERICAN INTERNATIONAL GROUP, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED

September 30, 2021

Table of Contents

FORM 10-Q
Item NumberDescriptionPage
Part I – Financial Information
ITEM 1Financial Statements2
Note 1.Basis of Presentation9
Note 2.Summary of Significant Accounting Policies12
Note 3.Segment Information14
Note 4.Fair Value Measurements17
Note 5.Investments34
Note 6.Lending Activities44
Note 7.Reinsurance48
Note 8.Variable Interest Entities51
Note 9.Derivatives and Hedge Accounting53
Note 10.Insurance Liabilities57
Note 11.Contingencies, Commitments and Guarantees61
Note 12.Equity63
Note 13.Earnings Per Common Share (EPS)69
Note 14.Employee Benefits70
Note 15.Income Taxes71
Note 16.Subsequent Events74
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations75
Cautionary Statement Regarding Forward-Looking Information75
Use of Non-GAAP Measures78
Critical Accounting Estimates80
Executive Summary81
Consolidated Results of Operations93
Business Segment Operations99
Investments134
Insurance Reserves145
Liquidity and Capital Resources160
Enterprise Risk Management170
Regulatory Environment171
Glossary172
Acronyms175
ITEM 3Quantitative and Qualitative Disclosures About Market Risk176
ITEM 4Controls and Procedures176
Part II – Other Information
ITEM 1Legal Proceedings177
ITEM 1ARisk Factors177
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds177
ITEM 4Mine Safety Disclosures177
ITEM 6Exhibits178
Signatures179

AIG | Third Quarter 2021 Form 10-Q 1

TABLE OF CONTENTS

Part I – Financial Information

Next: Item 1. Financial Statements