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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 September 30, 2025

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_core_r_rgb_gif.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

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 October 30, 2025, there were 539,576,054 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, 2025

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 Policies9
Note 3.Segment Information10
Note 4.Discontinued Operations Presentation14
Note 5.Fair Value Measurements16
Note 6.Investments27
Note 7.Lending Activities33
Note 8.Reinsurance36
Note 9.Deferred Policy Acquisition Costs38
Note 10.Variable Interest Entities39
Note 11.Derivatives and Hedge Accounting39
Note 12.Insurance Liabilities42
Note 13.Contingencies, Commitments and Guarantees45
Note 14.Equity46
Note 15.Earnings Per Common Share (EPS)50
Note 16.Income Taxes51
Note 17.Subsequent Events53
ITEM 2Management’s Discussion and Analysis of Financial Condition and Results of Operations54
•Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results54
•Use of Non-GAAP Measures57
•Critical Accounting Estimates59
•Executive Summary59
•Consolidated Results of Operations61
•Business Segment Operations66
•Investments75
•Insurance Reserves82
•Liquidity and Capital Resources86
•Enterprise Risk Management91
•Glossary92
•Acronyms94
ITEM 3Quantitative and Qualitative Disclosures About Market Risk94
ITEM 4Controls and Procedures94
Part II – Other Information
ITEM 1Legal Proceedings95
ITEM 1ARisk Factors95
ITEM 2Unregistered Sales of Equity Securities and Use of Proceeds95
ITEM 5Other Information96
ITEM 6Exhibits96
Signatures97
AIG | Third Quarter 2025 Form 10-Q1
Part I – Financial Information

Next: Item 1. Financial Statements