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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 March 31, 2024

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

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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

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, 2024, there were 663,668,009 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, 2024

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 Policies9
Note 3.Segment Information10
Note 4.Held-For-Sale Classification12
Note 5.Fair Value Measurements13
Note 6.Investments27
Note 7.Lending Activities34
Note 8.Reinsurance37
Note 9.Deferred Policy Acquisition Costs39
Note 10.Variable Interest Entities40
Note 11.Derivatives and Hedge Accounting42
Note 12.Insurance Liabilities46
Note 13.Market Risk Benefits56
Note 14.Separate Account Assets and Liabilities57
Note 15.Contingencies, Commitments and Guarantees58
Note 16.Equity59
Note 17.Earnings Per Common Share (EPS)63
Note 18.Income Taxes64
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations67
•Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results67
•Use of Non-GAAP Measures70
•Critical Accounting Estimates72
•Executive Summary73
•Consolidated Results of Operations76
•Business Segment Operations80
•Investments97
•Insurance Reserves106
•Liquidity and Capital Resources112
•Enterprise Risk Management119
•Glossary120
•Acronyms122
ITEM 3Quantitative and Qualitative Disclosures About Market Risk123
ITEM 4Controls and Procedures123
Part II – Other Information
ITEM 1Legal Proceedings124
ITEM 1ARisk Factors124
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds124
ITEM 5Other Information125
ITEM 6Exhibits125
Signatures126
AIG | First Quarter 2024 Form 10-Q1
Part I – Financial Information

Next: Item 1. Financial Statements