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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 March 31, 2022
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 April 26, 2022, there were 792,191,972 shares outstanding of the registrant’s common stock.

AMERICAN INTERNATIONAL GROUP, INC.

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

March 31, 2022

Table of Contents

FORM 10-Q
Item NumberDescriptionPage
Part I – Financial Information
ITEM 1Financial Statements2
Note 1.Basis of Presentation8
Note 2.Summary of Significant Accounting Policies10
Note 3.Segment Information12
Note 4.Fair Value Measurements14
Note 5.Investments28
Note 6.Lending Activities36
Note 7.Reinsurance39
Note 8.Variable Interest Entities41
Note 9.Derivatives and Hedge Accounting43
Note 10.Insurance Liabilities47
Note 11.Contingencies, Commitments and Guarantees49
Note 12.Equity51
Note 13.Earnings Per Common Share (EPS)55
Note 14.Employee Benefits56
Note 15.Income Taxes57
Note 16.Subsequent Events60
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations61
Cautionary Statement Regarding Forward-Looking Information61
Use of Non-GAAP Measures64
Critical Accounting Estimates66
Executive Summary67
Consolidated Results of Operations74
Business Segment Operations78
Investments104
Insurance Reserves114
Liquidity and Capital Resources123
Enterprise Risk Management132
Regulatory Environment133
Glossary134
Acronyms137
ITEM 3Quantitative and Qualitative Disclosures About Market Risk138
ITEM 4Controls and Procedures138
Part II – Other Information
ITEM 1Legal Proceedings139
ITEM 1ARisk Factors139
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds139
ITEM 4Mine Safety Disclosures139
ITEM 6Exhibits140
Signatures141

1 AIG | First Quarter 2022 Form 10-Q

TABLE OF CONTENTS

Part I – Financial Information

Next: Item 1. Financial Statements