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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 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

aig-20220630_g1.gif

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

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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
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 August 3, 2022, there were 760,416,143 shares outstanding of the registrant’s common stock.

AMERICAN INTERNATIONAL GROUP, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022

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 Policies11
Note 3.Segment Information13
Note 4.Fair Value Measurements16
Note 5.Investments33
Note 6.Lending Activities42
Note 7.Reinsurance46
Note 8.Variable Interest Entities48
Note 9.Derivatives and Hedge Accounting50
Note 10.Insurance Liabilities55
Note 11.Contingencies, Commitments and Guarantees57
Note 12.Equity59
Note 13.Earnings Per Common Share (EPS)65
Note 14.Income Taxes66
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations70
•Cautionary Statement Regarding Forward-Looking Information70
•Use of Non-GAAP Measures73
•Critical Accounting Estimates75
•Executive Summary76
•Consolidated Results of Operations85
•Business Segment Operations90
•Investments122
•Insurance Reserves132
•Liquidity and Capital Resources143
•Enterprise Risk Management152
•Regulatory Environment153
•Glossary154
•Acronyms157
ITEM 3Quantitative and Qualitative Disclosures About Market Risk158
ITEM 4Controls and Procedures158
Part II – Other Information
ITEM 1Legal Proceedings159
ITEM 1ARisk Factors159
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds159
ITEM 4Mine Safety Disclosures159
ITEM 6Exhibits160
Signatures161
AIG | Second Quarter 2022 Form 10-Q1
Part I – Financial Information

Next: Item 1. Financial Statements