0000005272-25-000160 | 10-Q | XBRL Viewer | American International Group INC

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Investments - Pledged Investments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities collateral pledged to us	$ 2,883	$ 2,853
Carrying value of reverse repurchase agreements	2,900	2,800
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	7,800	7,800
Federal Home Loan Bank stock	13	13
Bonds available for sale and short-term investments held in escrow	74	73
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Fixed maturity securities available for sale	$ 1,700	$ 1,600

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Use of Estimates	USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: •loss reserves; •reinsurance assets, including the allowance for credit losses and disputes; •allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; •fair value measurements of certain financial assets and financial liabilities; and •income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
Future Application of Accounting Standards	FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIG’s consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements. Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard. Improvements to Internal-use Software In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs by aligning it with how software is developed today. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact of the standard.
Segment Information	In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation. AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations. NORTH AMERICA COMMERCIAL North America Commercial consists of insurance businesses in the United States, Canada and Bermuda. INTERNATIONAL COMMERCIAL International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG’s Global Specialty business. GLOBAL PERSONAL Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. PRODUCTS The segments consist of the following products: –North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty. –Global Personal consists of Global Accident & Health and Personal Lines. OTHER OPERATIONS Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense. SEGMENT RESULTS Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.
Discontinued Operations Presentation	We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results. Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.
Fair Value Measurements	Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs: •Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments. •Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. •Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. Fixed Maturity Securities The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments. Embedded Derivatives within Reinsurance Contracts The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
Investments	We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: •Current delinquency rates; •Expected default rates and the timing of such defaults; •Loss severity and the timing of any recovery; and •Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively. We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.
Lending Activities, Interest Income	Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period.
Credit Losses	LOAN MODIFICATIONS The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: •paid and unpaid amounts recoverable; •whether the balance is in dispute or subject to legal collection; •the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and •whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
Reinsurance	FORTITUDE RE Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: •paid and unpaid amounts recoverable; •whether the balance is in dispute or subject to legal collection; •the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and •whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
Deferred Policy Acquisition Costs	DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss). We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.
Variable Interest Entities	We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.
Derivatives and Hedge Accounting	We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate-sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three and nine months ended September 30, 2025, we recognized gains (losses) of $15 million and $(157) million, respectively, and for the three and nine months ended September 30, 2024, we recognized gains (losses) of $(41) million and $(7) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness.
Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves)	Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Earnings Per Share	Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.
Tax Accounting Policies	On July 4, 2025, new U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBB Act") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. During the three months ended September 30, 2025, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2024 US federal consolidated income tax return, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, which AIG plans to adopt on a prospective basis. The adoption of the standard will not have an impact on AIG’s consolidated results of operations and financial condition as this standard is related to the disclosures in the Notes to the Consolidated Financial Statements. Disaggregation of Income Statement Expenses On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of the standard. Improvements to Internal-use Software In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs by aligning it with how software is developed today. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact of the standard.

Investments - Value of Other Securities Measured at Fair Value Based on Election of the Fair Value Option (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 743	$ 745
Equity securities	829	704
Fixed Maturities And Equity Securities
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,572	$ 1,449
Fixed Maturities And Equity Securities \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	100.00%	100.00%
Fixed maturity securities
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 743	$ 745
Fixed maturity securities \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	46.00%	51.00%
Fixed maturity securities \| Obligations of states, municipalities and political subdivisions
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 51	$ 50
Fixed maturity securities \| Obligations of states, municipalities and political subdivisions \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	3.00%	3.00%
Fixed maturity securities \| Non-U.S. governments
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 22	$ 24
Fixed maturity securities \| Non-U.S. governments \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	1.00%	2.00%
Fixed maturity securities \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 258	$ 282
Fixed maturity securities \| Corporate debt \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	16.00%	19.00%
Fixed maturity securities \| Mortgage-backed, asset-backed and collateralized
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 412	$ 389
Fixed maturity securities \| Mortgage-backed, asset-backed and collateralized \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	26.00%	27.00%
Fixed maturity securities \| RMBS
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 99	$ 100
Fixed maturity securities \| RMBS \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	6.00%	7.00%
Fixed maturity securities \| CMBS
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 42	$ 43
Fixed maturity securities \| CMBS \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	3.00%	3.00%
Fixed maturity securities \| CLO/ABS
Debt and Equity Securities, FV-NI [Line Items]
Other bond securities	$ 271	$ 246
Fixed maturity securities \| CLO/ABS \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	17.00%	17.00%
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Equity securities	$ 829	$ 704
Equity securities \| Investment Concentration Risk \| Investments
Debt and Equity Securities, FV-NI [Line Items]
Concentration risk (as a percent)	54.00%	49.00%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	1-8787
Entity Registrant Name	American International Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2592361
Entity Address, Address Line One	1271 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	770-7000
Title of 12(b) Security	Common Stock, Par Value $2.50 Per Share
Trading Symbol	AIG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		539,576,054
Document Fiscal Year Focus	2025
Entity Central Index Key	0000005272
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false

Equity - Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized losses	$ (490)	$ (167)	$ (851)	$ (434)
Net income (loss) attributable to AIG	519	459	2,361	(2,302)
Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income (loss) attributable to AIG	(111)	(92)	(539)	(7,591)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized losses	0	0	0	0
Net income (loss) attributable to AIG	0	0	0	0
Unrealized Appreciation (Depreciation) of All Other Investments \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized losses	(102)	(84)	(515)	(354)
Net income (loss) attributable to AIG	(102)	(84)	(515)	(354)
Retirement Plan Liabilities Adjustment \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income (loss) attributable to AIG	(9)	(8)	(24)	(23)
Prior-service credit \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income (loss) attributable to AIG	(1)	0	(2)	(1)
Actuarial losses \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income (loss) attributable to AIG	(8)	(8)	(22)	(22)
Corebridge deconsolidation, net of tax \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income (loss) attributable to AIG	$ 0	$ 0	$ 0	$ (7,214)

Segment Information - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
Segment Information - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2025 segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment		3
Severance costs	$ 66		$ 351
Asset impairment			$ 53

Investments - Gross Realized Gains and Gross Realized Losses from Sales or Maturities of Available for Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Gross Realized Gains	$ 15	$ 11	$ 45	$ 54
Gross Realized Losses	117	95	560	408
Aggregate fair value of available for sale securities sold	2,500	1,900	9,900	6,900
Net Investment Income [Line Items]
Net realized gains (losses)	(102)	(84)	(515)	(354)
Fortitude RE Funds Withheld Assets
Net Investment Income [Line Items]
Net realized gains (losses)	$ (6)	$ (18)	$ (62)	$ (34)

Contingencies, Commitments and Guarantees (Details) $ in Millions	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
Other commitments	$ 2,000	$ 1,800
Corebridge Financial Inc
Other Commitments [Line Items]
Percent of principal required to be collateralized by Corebridge	1
Percent of net present value of scheduled interest payments required to be collateralized by Corebridge	1
Related Party
Other Commitments [Line Items]
Contractual obligation	$ 72

Investments - Carrying Amounts of Other Invested Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investments [Line Items]
Alternative investments	$ 3,889	$ 4,032
All other investments	1,821	1,986
Total	8,361	9,828
Accumulated depreciation on investment in real estate	135	161
Hedge Funds
Investments [Line Items]
Total	191	187
Private equity funds
Investments [Line Items]
Alternative investments	3,311	3,105
Total	3,400	3,600
Alternative equity security
Investments [Line Items]
All other investments	300	300
Corebridge Financial Inc
Investments [Line Items]
Retained investment in Corebridge using fair value option	$ 2,651	$ 3,810

Basis of Presentation (Details)	Sep. 30, 2025 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which the entity operates	200

Lending Activities - Credit Quality of Commercial Mortgages (Details) - Commercial mortgages $ in Millions	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2025	$ 14	$ 146
2024	48	494
2023	224	200
2022	215	612
2021	615	79
Prior	1,753	1,774
Total	$ 2,869	$ 3,305
Weighted average debt service coverage ratio	1.8	1.8
Weighted average loan-to-value ratio (as a percent)	68.00%	65.00%
Less than 65%
Financing Receivable, Credit Quality Indicator [Line Items]
2025	$ 14	$ 107
2024	48	433
2023	187	177
2022	174	485
2021	488	71
Prior	1,163	1,012
Total	2,074	2,285
65% to 75%
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0	0
2024	0	40
2023	32	0
2022	0	54
2021	64	0
Prior	345	317
Total	441	411
76% to 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0	0
2024	0	0
2023	0	0
2022	0	31
2021	0	0
Prior	38	51
Total	38	82
Greater than 80%
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0	39
2024	0	21
2023	5	23
2022	41	42
2021	63	8
Prior	207	394
Total	316	527
Greater than 1.2X
Financing Receivable, Credit Quality Indicator [Line Items]
2025	14	120
2024	48	484
2023	192	185
2022	189	563
2021	546	79
Prior	1,470	1,482
Total	2,459	2,913
1.00 - 1.20X
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0	26
2024	0	10
2023	27	15
2022	26	17
2021	44	0
Prior	147	49
Total	244	117
Less than 1.00X
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0	0
2024	0	0
2023	5	0
2022	0	32
2021	25	0
Prior	136	243
Total	$ 166	$ 275

Discontinued Operations Presentation

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations Presentation

4. Discontinued Operations Presentation

DISCONTINUED OPERATIONS PRESENTATION

We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results.

Deconsolidation of Corebridge

On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge.

In the second quarter of 2024, AIG recognized a loss of $4.7 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations.

The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations.

Post Deconsolidation of Corebridge

Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.

On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.

Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 percent of the outstanding common stock of Corebridge.

The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Corebridge pre-tax income (loss)	$	(42)	$	(1,594)	$	(1,512)	$	(122)
Equity method income related to Corebridge (based on fair value)	$	(328)	$	11	$	394	$	2,094

The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:


(in millions)	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Revenues:
Premiums	$	—	$	2,723
Policy fees	—		1,269
Net investment income	—		5,238
Net realized losses	—		(923)
Other income	—		372
Total revenues	—		8,679
Benefits, losses and expenses:
Policyholder benefits and losses incurred	—		3,618
Change in the fair value of market risk benefits, net	—		(350)
Interest credited to policyholder account balances	—		2,184
Amortization of deferred policy acquisition costs	—		465
General operating and other expenses	—		1,350
Interest expense	—		249
Net gain on divestitures and other	—		(191)
Total benefits, losses and expenses	—		7,325
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations	—		1,354
Income tax expense	—		226
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations	—		1,128
Loss on disposition of operations, net of tax	(24)		(4,708)
Loss from discontinued operations, net of income taxes	(24)		(3,580)
Less: Net income from discontinued operations attributable to noncontrolling interests	(2)		475
Net loss from discontinued operations attributable to AIG	$	(22)	$	(4,055)

Reinsurance - Rollforward of the Reinsurance Recoverable Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 276	$ 260	$ 269	$ 255
Addition to (release of) allowance for expected credit losses and disputes, net	0	9	(1)	9
Write-offs charged against the allowance for credit losses and disputes	0	0	(1)	(1)
Other changes	(1)	3	8	9
Balance, end of period	$ 275	$ 272	$ 275	$ 272

Lending Activities

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Lending Activities

7. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	September 30, 2025		December 31, 2024
Commercial mortgages(a)	$	2,869	$	3,305
Life insurance policy loans	5		6
Commercial loans, other loans and notes receivable(b)	544		721
Total mortgage and other loans receivable(c)	3,418		4,032
Allowance for credit losses(c)(d)	(104)		(164)
Mortgage and other loans receivable, net(c)	$	3,314	$	3,868

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 13 percent and 13 percent, respectively, at September 30, 2025 and 12 percent and 14 percent, respectively, at December 31, 2024).

(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2025 and December 31, 2024.

(c)Excludes $37.6 billion at both September 30, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.

(d)Does not include allowance for credit losses of $0 million and $8 million at September 30, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2025 and December 31, 2024, $151 million and $252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $14 million and $15 million, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:


September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
>1.2X	$	14	$	48	$	192	$	189	$	546	$	1,470	$	2,459
1.00 - 1.20X		—		—		27		26		44		147		244
<1.00X		—		—		5		—		25		136		166
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869


December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
>1.2X	$	120	$	484	$	185	$	563	$	79	$	1,482	$	2,913
1.00 - 1.20X		26		10		15		17		—		49		117
<1.00X		—		—		—		32		—		243		275
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:


September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
Less than 65%	$	14	$	48	$	187	$	174	$	488	$	1,163	$	2,074
65% to 75%		—		—		32		—		64		345		441
76% to 80%		—		—		—		—		—		38		38
Greater than 80%		—		—		5		41		63		207		316
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869

December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
Less than 65%	$	107	$	433	$	177	$	485	$	71	$	1,012	$	2,285
65% to 75%		—		40		—		54		—		317		411
76% to 80%		—		—		—		31		—		51		82
Greater than 80%		39		21		23		42		8		394		527
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both September 30, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

The following table presents supplementary credit quality information related to commercial mortgages:


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
September 30, 2025
Past Due Status:
In good standing	158	$	908	$	1,004	$	330	$	208	$	203	$	126	$	2,779	97	%
90 days or less delinquent	—		—		—		—		—		—		—		—	—
>90 days delinquent or in process of foreclosure	4		—		29		61		—		—		—		90	3
Total*	162	$	908	$	1,033	$	391	$	208	$	203	$	126	$	2,869	100	%
Allowance for credit losses		$	1	$	59	$	33	$	1	$	10	$	—	$	104	4	%


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2024
Past Due Status:
In good standing	186	$	1,087	$	971	$	370	$	301	$	258	$	119	$	3,106	94	%
90 days or less delinquent	1		—		25		—		—		—		—		25	1
>90 days delinquent or in process of foreclosure	3		—		112		62		—		—		—		174	5
Total*	190	$	1,087	$	1,108	$	432	$	301	$	258	$	119	$	3,305	100	%
Allowance for credit losses		$	5	$	99	$	34	$	11	$	13	$	1	$	163	5	%

*Does not reflect allowance for credit losses.

METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2024 Annual Report.

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):


Three Months Ended September 30,	2025						2024
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	106	$	—	$	106		$	162	$	1	$	163
Loans charged off	(8)		—		(8)			—		—		—

Net charge-offs	(8)		—		(8)			—		—		—
Addition to (release of) allowance for loan losses	6		—		6			3		1		4


Allowance, end of period	$	104	$	—	$	104		$	165	$	2	$	167


Nine Months Ended September 30,	2025						2024
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	163	$	1	$	164		$	138	$	2	$	140
Loans charged off	(60)		—		(60)			—		—		—

Net charge-offs	(60)		—		(60)			—		—		—
Addition to (release of) allowance for loan losses	1		(1)		—			27		—		27


Allowance, end of period	$	104	$	—	$	104		$	165	$	2	$	167

(a)Does not include allowance for credit losses of $0 million and $5 million at September 30, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.

Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

LOAN MODIFICATIONS

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

There were no loans that had defaulted during the nine months ended September 30, 2025 and 2024, that had been previously modified with borrowers experiencing financial difficulties.

AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to September 30, 2025 are current and performing in conjunction with their modified terms.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report). The condensed consolidated financial information as of December 31, 2024 included herein has been derived from the audited Consolidated Financial Statements in the 2024 Annual Report. In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2025 and prior to the issuance of these Condensed Consolidated Financial Statements. USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: •loss reserves; •reinsurance assets, including the allowance for credit losses and disputes; •allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; •fair value measurements of certain financial assets and financial liabilities; and •income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Equity

14. Equity

SHARES OUTSTANDING

Common Stock

The following table presents a rollforward of outstanding shares:



Nine Months Ended September 30, 2025	Common Stock Issued	Treasury Stock	Common Stock Outstanding
(in millions)
Shares, beginning of year	1,906.7	(1,300.6)	606.1
Shares issued	—	4.2	4.2
Shares repurchased	—	(65.8)	(65.8)
Shares, end of period	1,906.7	(1,362.2)	544.5

Dividends

Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.

For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2024 Annual Report.

Repurchase of AIG Common Stock

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).

The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from October 1, 2025 to October 30, 2025, we repurchased approximately 5 million shares of AIG Common Stock for an aggregate purchase price of approximately $406 million.

DIVIDENDS DECLARED

On November 4, 2025, our Board of Directors declared a cash dividend on AIG Common Stock of $0.45 per share, payable on December 30, 2025 to shareholders of record on December 16, 2025.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, June 30, 2025, net of tax	$	(6)	$	(1,951)	$	—	$	75	$	(2,899)	$	(767)	$	(5,548)
Change in unrealized appreciation (depreciation) of investments		—		543		—		—		—		—		543
Change in other		—		20		—		—		—		—		20
Change in discount rates		—		—		—		7		—		—		7

Change in foreign currency translation adjustments		—		—		—		—		(52)		—		(52)
Change in net actuarial loss		—		—		—		—		—		8		8
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		—		(16)		—		(2)		(4)		(3)		(25)


Total other comprehensive income (loss)		—		547		—		5		(56)		6		502


Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)

Balance, June 30, 2024, net of tax	$	(38)	$	(3,422)	$	—	$	22	$	(3,322)	$	(805)	$	(7,565)
Change in unrealized appreciation (depreciation) of investments*		45		1,581		—		—		—		—		1,626
Change in other		—		17		—		—		—		—		17

Change in discount rates		—		—		—		(12)		—		—		(12)

Change in foreign currency translation adjustments		—		—		—		—		427		—		427
Change in net actuarial loss		—		—		—		—		—		2		2
Change in prior service cost		—		—		—		—		—		(1)		(1)
Change in deferred tax asset (liability)		(8)		(249)		—		58		(13)		—		(212)


Total other comprehensive income		37		1,349		—		46		414		1		1,847

Less: Noncontrolling interests		—		—		—		—		4		—		4
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2024, net of tax	$	(4)	$	(2,868)	$	—	$	68	$	(3,521)	$	(774)	$	(7,099)
Change in unrealized appreciation (depreciation) of investments		(3)		1,373		—		—		—		—		1,370
Change in other		—		17		—		—		—		—		17

Change in discount rates		—		—		—		16		—		—		16

Change in foreign currency translation adjustments		—		—		—		—		537		—		537
Change in net actuarial loss		—		—		—		—		—		18		18
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		1		74		—		(4)		30		(6)		95


Total other comprehensive income (loss)		(2)		1,464		—		12		567		13		2,054

Less: Noncontrolling interests		—		—		—		—		1		—		1
Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2023, net of tax	$	(106)	$	(10,888)	$	(476)	$	1,233	$	(2,979)	$	(821)	$	(14,037)
Change in unrealized appreciation (depreciation) of investments*		98		(729)		—		—		—		—		(631)
Change in other		—		13		—		—		—		—		13
Change in fair value of market risk benefits, net		—		—		130		—		—		—		130
Change in discount rates		—		—		—		947		—		—		947
Change in future policy benefits		—		(59)		—		—		—		—		(59)
Change in foreign currency translation adjustments		—		—		—		—		173		—		173
Change in net actuarial loss		—		—		—		—		—		19		19
Change in prior service cost		—		—		—		—		—		2		2
Change in deferred tax asset (liability)		(20)		(92)		(28)		(166)		(14)		(4)		(324)
Corebridge deconsolidation, net of tax		42		8,513		330		(1,583)		(88)		—		7,214

Total other comprehensive income		120		7,646		432		(802)		71		17		7,484
Add: Corebridge noncontrolling interests		2		610		33		(105)		(3)		—		537
Less: Noncontrolling interests		17		(559)		(11)		258		1		—		(294)
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)

*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2025 and 2024, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended September 30, 2025
Unrealized change arising during period	$	—	$	461	$	—	$	7	$	(52)	$	—	$	416
Less: Reclassification adjustments included in net income		—		(102)		—		—		—		(9)		(111)
Total other comprehensive income (loss), before income tax expense (benefit)		—		563		—		7		(52)		9		527
Less: Income tax expense (benefit)		—		16		—		2		4		3		25
Total other comprehensive income (loss), net of income tax expense (benefit)	$	—	$	547	$	—	$	5	$	(56)	$	6	$	502

Three Months Ended September 30, 2024
Unrealized change arising during period	$	45	$	1,514	$	—	$	(12)	$	427	$	(7)	$	1,967
Less: Reclassification adjustments included in net income		—		(84)		—		—		—		(8)		(92)
Total other comprehensive income (loss), before income tax expense (benefit)		45		1,598		—		(12)		427		1		2,059
Less: Income tax expense (benefit)		8		249		—		(58)		13		—		212
Total other comprehensive income (loss), net of income tax expense (benefit)	$	37	$	1,349	$	—	$	46	$	414	$	1	$	1,847



Nine Months Ended September 30, 2025
Unrealized change arising during period	$	(3)	$	875	$	—	$	16	$	537	$	(5)	$	1,420
Less: Reclassification adjustments included in net income		—		(515)		—		—		—		(24)		(539)
Total other comprehensive income (loss), before of income tax expense (benefit)		(3)		1,390		—		16		537		19		1,959
Less: Income tax expense (benefit)		(1)		(74)		—		4		(30)		6		(95)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(2)	$	1,464	$	—	$	12	$	567	$	13	$	2,054


Nine Months Ended September 30, 2024
Unrealized change arising during period	$	98	$	(1,129)	$	130	$	947	$	173	$	(2)	$	217
Less: Reclassification adjustments included in net income		(42)		(8,867)		(330)		1,583		88		(23)		(7,591)
Total other comprehensive income (loss), before income tax expense (benefit)		140		7,738		460		(636)		85		21		7,808
Less: Income tax expense (benefit)		20		92		28		166		14		4		324
Total other comprehensive income (loss), net of income tax expense (benefit)	$	120	$	7,646	$	432	$	(802)	$	71	$	17	$	7,484

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):


	Amount Reclassified from AOCI				Affected Line Item in the
	Three Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024		Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—		Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(102)		(84)		Net realized gains (losses)
Total		(102)		(84)
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		—		(b)
Actuarial losses		(8)		(8)		(b)
Total		(9)		(8)
Corebridge deconsolidation, net of tax		—		—		(c)
Total reclassifications for the period	$	(111)	$	(92)
	Amount Reclassified from AOCI				Affected Line Item in the
	Nine Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024		Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—		Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(515)		(354)		Net realized gains (losses)
Total		(515)		(354)
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(1)		(b)
Actuarial losses		(22)		(22)		(b)
Total		(24)		(23)
Corebridge deconsolidation, net of tax		—		(7,214)		(c)
Total reclassifications for the period	$	(539)	$	(7,591)

(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (i) Change in fair value of market risk benefits attributable to changes in our own credit risk and (ii) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

(b)These AOCI components are included in the computation of net periodic pension cost.

(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. See the rollforward of Accumulated other comprehensive income (loss) above for further details.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 04, 2025	Oct. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Apr. 01, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 2.50		$ 2.50			$ 2.50
Authorized repurchase amount							$ 7,500
Remaining authorized repurchase amount							$ 3,400
Aggregate repurchases of common stock			$ 1,246	$ 1,518	$ 5,302	$ 4,877
Dividends declared, common stock (in dollars per share)			$ 0.45	$ 0.40	$ 1.30	$ 1.16
Subsequent event
Class of Stock [Line Items]
Shares purchased (in shares)		5
Aggregate repurchases of common stock		$ 406
Dividends declared, common stock (in dollars per share)	$ 0.45

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements - Carrying Values and Estimated Fair Values of our Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Assets:
Mortgage and other loans receivable	$ 3,314	$ 3,868
Other investments	8,361	9,828
Short-term investments	9,417	14,462
Cash	1,589	1,302	$ 1,472
Other assets	4,602	4,735
Liabilities:
Fortitude Re funds withheld payable	3,094	3,207
Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	9,087	8,764
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	156	158
Estimated Fair Value
Assets:
Mortgage and other loans receivable	3,265	3,752
Other investments	501	583
Short-term investments	4,557	4,673
Cash	1,589	1,302
Other assets	2	15
Liabilities:
Fortitude Re funds withheld payable	3,197	3,335
Estimated Fair Value \| Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	8,782	8,221
Estimated Fair Value \| Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	156	158
Carrying Value
Assets:
Mortgage and other loans receivable	3,314	3,868
Other investments	501	583
Short-term investments	4,557	4,673
Cash	1,589	1,302
Other assets	2	15
Liabilities:
Fortitude Re funds withheld payable	3,197	3,335
Carrying Value \| Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	9,087	8,764
Carrying Value \| Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	156	158
Level 1 \| Estimated Fair Value
Assets:
Mortgage and other loans receivable	0	0
Other investments	0	0
Short-term investments	0	0
Cash	1,589	1,302
Other assets	2	15
Liabilities:
Fortitude Re funds withheld payable	0	0
Level 1 \| Estimated Fair Value \| Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	0	0
Level 1 \| Estimated Fair Value \| Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	0	0
Level 2 \| Estimated Fair Value
Assets:
Mortgage and other loans receivable	336	339
Other investments	494	578
Short-term investments	4,557	4,673
Cash	0	0
Other assets	0	0
Liabilities:
Fortitude Re funds withheld payable	0	0
Level 2 \| Estimated Fair Value \| Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	8,782	7,981
Level 2 \| Estimated Fair Value \| Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	0	0
Level 3 \| Estimated Fair Value
Assets:
Mortgage and other loans receivable	2,929	3,413
Other investments	7	5
Short-term investments	0	0
Cash	0	0
Other assets	0	0
Liabilities:
Fortitude Re funds withheld payable	3,197	3,335
Level 3 \| Estimated Fair Value \| Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	0	240
Level 3 \| Estimated Fair Value \| Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	$ 156	$ 158

Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Rollforward of Common Stock Outstanding

The following table presents a rollforward of outstanding shares:



Nine Months Ended September 30, 2025	Common Stock Issued	Treasury Stock	Common Stock Outstanding
(in millions)
Shares, beginning of year	1,906.7	(1,300.6)	606.1
Shares issued	—	4.2	4.2
Shares repurchased	—	(65.8)	(65.8)
Shares, end of period	1,906.7	(1,362.2)	544.5

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, June 30, 2025, net of tax	$	(6)	$	(1,951)	$	—	$	75	$	(2,899)	$	(767)	$	(5,548)
Change in unrealized appreciation (depreciation) of investments		—		543		—		—		—		—		543
Change in other		—		20		—		—		—		—		20
Change in discount rates		—		—		—		7		—		—		7

Change in foreign currency translation adjustments		—		—		—		—		(52)		—		(52)
Change in net actuarial loss		—		—		—		—		—		8		8
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		—		(16)		—		(2)		(4)		(3)		(25)


Total other comprehensive income (loss)		—		547		—		5		(56)		6		502


Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)

Balance, June 30, 2024, net of tax	$	(38)	$	(3,422)	$	—	$	22	$	(3,322)	$	(805)	$	(7,565)
Change in unrealized appreciation (depreciation) of investments*		45		1,581		—		—		—		—		1,626
Change in other		—		17		—		—		—		—		17

Change in discount rates		—		—		—		(12)		—		—		(12)

Change in foreign currency translation adjustments		—		—		—		—		427		—		427
Change in net actuarial loss		—		—		—		—		—		2		2
Change in prior service cost		—		—		—		—		—		(1)		(1)
Change in deferred tax asset (liability)		(8)		(249)		—		58		(13)		—		(212)


Total other comprehensive income		37		1,349		—		46		414		1		1,847

Less: Noncontrolling interests		—		—		—		—		4		—		4
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2024, net of tax	$	(4)	$	(2,868)	$	—	$	68	$	(3,521)	$	(774)	$	(7,099)
Change in unrealized appreciation (depreciation) of investments		(3)		1,373		—		—		—		—		1,370
Change in other		—		17		—		—		—		—		17

Change in discount rates		—		—		—		16		—		—		16

Change in foreign currency translation adjustments		—		—		—		—		537		—		537
Change in net actuarial loss		—		—		—		—		—		18		18
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		1		74		—		(4)		30		(6)		95


Total other comprehensive income (loss)		(2)		1,464		—		12		567		13		2,054

Less: Noncontrolling interests		—		—		—		—		1		—		1
Balance, September 30, 2025, net of tax	$	(6)	$	(1,404)	$	—	$	80	$	(2,955)	$	(761)	$	(5,046)


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, December 31, 2023, net of tax	$	(106)	$	(10,888)	$	(476)	$	1,233	$	(2,979)	$	(821)	$	(14,037)
Change in unrealized appreciation (depreciation) of investments*		98		(729)		—		—		—		—		(631)
Change in other		—		13		—		—		—		—		13
Change in fair value of market risk benefits, net		—		—		130		—		—		—		130
Change in discount rates		—		—		—		947		—		—		947
Change in future policy benefits		—		(59)		—		—		—		—		(59)
Change in foreign currency translation adjustments		—		—		—		—		173		—		173
Change in net actuarial loss		—		—		—		—		—		19		19
Change in prior service cost		—		—		—		—		—		2		2
Change in deferred tax asset (liability)		(20)		(92)		(28)		(166)		(14)		(4)		(324)
Corebridge deconsolidation, net of tax		42		8,513		330		(1,583)		(88)		—		7,214

Total other comprehensive income		120		7,646		432		(802)		71		17		7,484
Add: Corebridge noncontrolling interests		2		610		33		(105)		(3)		—		537
Less: Noncontrolling interests		17		(559)		(11)		258		1		—		(294)
Balance, September 30, 2024, net of tax	$	(1)	$	(2,073)	$	—	$	68	$	(2,912)	$	(804)	$	(5,722)

*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments

The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 30, 2025 and 2024, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Three Months Ended September 30, 2025
Unrealized change arising during period	$	—	$	461	$	—	$	7	$	(52)	$	—	$	416
Less: Reclassification adjustments included in net income		—		(102)		—		—		—		(9)		(111)
Total other comprehensive income (loss), before income tax expense (benefit)		—		563		—		7		(52)		9		527
Less: Income tax expense (benefit)		—		16		—		2		4		3		25
Total other comprehensive income (loss), net of income tax expense (benefit)	$	—	$	547	$	—	$	5	$	(56)	$	6	$	502

Three Months Ended September 30, 2024
Unrealized change arising during period	$	45	$	1,514	$	—	$	(12)	$	427	$	(7)	$	1,967
Less: Reclassification adjustments included in net income		—		(84)		—		—		—		(8)		(92)
Total other comprehensive income (loss), before income tax expense (benefit)		45		1,598		—		(12)		427		1		2,059
Less: Income tax expense (benefit)		8		249		—		(58)		13		—		212
Total other comprehensive income (loss), net of income tax expense (benefit)	$	37	$	1,349	$	—	$	46	$	414	$	1	$	1,847



Nine Months Ended September 30, 2025
Unrealized change arising during period	$	(3)	$	875	$	—	$	16	$	537	$	(5)	$	1,420
Less: Reclassification adjustments included in net income		—		(515)		—		—		—		(24)		(539)
Total other comprehensive income (loss), before of income tax expense (benefit)		(3)		1,390		—		16		537		19		1,959
Less: Income tax expense (benefit)		(1)		(74)		—		4		(30)		6		(95)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(2)	$	1,464	$	—	$	12	$	567	$	13	$	2,054


Nine Months Ended September 30, 2024
Unrealized change arising during period	$	98	$	(1,129)	$	130	$	947	$	173	$	(2)	$	217
Less: Reclassification adjustments included in net income		(42)		(8,867)		(330)		1,583		88		(23)		(7,591)
Total other comprehensive income (loss), before income tax expense (benefit)		140		7,738		460		(636)		85		21		7,808
Less: Income tax expense (benefit)		20		92		28		166		14		4		324
Total other comprehensive income (loss), net of income tax expense (benefit)	$	120	$	7,646	$	432	$	(802)	$	71	$	17	$	7,484

Schedule of Effect of the Reclassification of Significant Items out of Accumulated Other Comprehensive Income on the Respective Line Items in the Consolidated Statements of Income

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):


	Amount Reclassified from AOCI				Affected Line Item in the
	Three Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024		Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—		Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(102)		(84)		Net realized gains (losses)
Total		(102)		(84)
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		—		(b)
Actuarial losses		(8)		(8)		(b)
Total		(9)		(8)
Corebridge deconsolidation, net of tax		—		—		(c)
Total reclassifications for the period	$	(111)	$	(92)
	Amount Reclassified from AOCI				Affected Line Item in the
	Nine Months Ended September 30,				Condensed Consolidated
(in millions)		2025		2024		Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—		Net realized gains (losses)
Total		—		—
Unrealized appreciation (depreciation) of all other investments
Investments		(515)		(354)		Net realized gains (losses)
Total		(515)		(354)
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(1)		(b)
Actuarial losses		(22)		(22)		(b)
Total		(24)		(23)
Corebridge deconsolidation, net of tax		—		(7,214)		(c)
Total reclassifications for the period	$	(539)	$	(7,591)

(b)These AOCI components are included in the computation of net periodic pension cost.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Investments - Rollforward of Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities by Major Investment Category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 45	$ 33	$ 38	$ 34
Securities for which allowance for credit losses was not previously recorded	2	2	22	12
Securities sold during the period			(6)	0
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	3	(2)	5	7
Write-offs charged against the allowance	(5)	0	(14)	(22)
Other	(2)	7	(2)	9
Balance, end of period	43	40	43	40
Structured
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	10	6	10	13
Securities for which allowance for credit losses was not previously recorded	1	2	1	3
Securities sold during the period			0	0
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	(1)	4	(1)	(4)
Write-offs charged against the allowance	(5)	0	(5)	0
Other	(1)	0	(1)	0
Balance, end of period	4	12	4	12
Non- Structured
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	35	27	28	21
Securities for which allowance for credit losses was not previously recorded	1	0	21	9
Securities sold during the period			(6)	0
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	4	(6)	6	11
Write-offs charged against the allowance	0	0	(9)	(22)
Other	(1)	7	(1)	9
Balance, end of period	$ 39	$ 28	$ 39	$ 28

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 524	$ 457	$ 2,366	$ (1,827)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	0	37	(2)	63
Change in unrealized appreciation (depreciation) of all other investments	547	1,349	1,464	1,074
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts	5	46	12	(44)
Change in foreign currency translation adjustments	(56)	414	567	104
Change in retirement plan liabilities adjustment	6	1	13	18
Change in other comprehensive income (loss) related to discontinued operations	0	0	0	(945)
Corebridge deconsolidation	0	0	0	7,214
Other comprehensive income	502	1,847	2,054	7,484
Comprehensive income	1,026	2,304	4,420	5,657
Less: Comprehensive income attributable to noncontrolling interests	5	2	6	181
Comprehensive income attributable to AIG	$ 1,021	$ 2,302	$ 4,414	$ 5,476

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available For Sale Securities

The following table presents the amortized cost and fair value of our available for sale securities:


(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	3,837	$	—	$	34	$	(84)	$	3,787
Obligations of states, municipalities and political subdivisions		2,878		—		69		(58)		2,889
Non-U.S. governments		6,906		(1)		82		(374)		6,613
Corporate debt		37,496		(38)		613		(1,120)		36,951
Mortgage-backed, asset-backed and collateralized:
RMBS		10,302		(4)		293		(288)		10,303
CMBS		4,165		—		63		(38)		4,190
CLO/ABS		6,424		—		49		(22)		6,451
Total mortgage-backed, asset-backed and collateralized		20,891		(4)		405		(348)		20,944
Total bonds available for sale(b)	$	72,008	$	(43)	$	1,203	$	(1,984)	$	71,184
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities	$	3,346	$	—	$	20	$	(99)	$	3,267
Obligations of states, municipalities and political subdivisions		3,223		—		32		(112)		3,143
Non-U.S. governments		8,644		(1)		54		(590)		8,107
Corporate debt		33,031		(28)		581		(1,758)		31,826
Mortgage-backed, asset-backed and collateralized:
RMBS		8,820		(6)		209		(419)		8,604
CMBS		3,988		(3)		32		(91)		3,926
CLO/ABS		5,143		—		34		(44)		5,133
Total mortgage-backed, asset-backed and collateralized		17,951		(9)		275		(554)		17,663
Total bonds available for sale(b)	$	66,195	$	(38)	$	962	$	(3,113)	$	64,006

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)At September 30, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.8 billion or 8 percent and $3.6 billion or 6 percent, respectively.

Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities

The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	331	$	10	$	325	$	74	$	656	$	84
Obligations of states, municipalities and political subdivisions		248		8		543		50		791		58
Non-U.S. governments		1,262		28		1,311		344		2,573		372
Corporate debt		5,027		116		8,729		1,002		13,756		1,118
RMBS		781		19		2,090		258		2,871		277
CMBS		537		5		528		33		1,065		38
CLO/ABS		982		6		252		16		1,234		22
Total bonds available for sale	$	9,168	$	192	$	13,778	$	1,777	$	22,946	$	1,969


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities	$	1,718	$	21	$	358	$	78	$	2,076	$	99
Obligations of states, municipalities and political subdivisions		1,502		33		586		79		2,088		112
Non-U.S. governments		1,964		55		3,446		534		5,410		589
Corporate debt		10,347		234		10,907		1,515		21,254		1,749
RMBS		3,711		58		2,147		343		5,858		401
CMBS		1,052		18		992		71		2,044		89
CLO/ABS		1,368		9		315		35		1,683		44
Total bonds available for sale	$	21,662	$	428	$	18,751	$	2,655	$	40,413	$	3,083

Investments Classified by Contractual Maturity Date

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:


September 30, 2025	Total Fixed Maturity Securities Available for Sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value

Due in one year or less	$	4,952	$	4,936
Due after one year through five years	23,651		23,727
Due after five years through ten years	16,357		16,260
Due after ten years	6,118		5,317
Mortgage-backed, asset-backed and collateralized	20,887		20,944
Total	$	71,965	$	71,184

Realized Gain (Loss) on Investments

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
(in millions)		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	15	$	117	$	11	$	95	$	45	$	560	$	54	$	408

The following table presents the components of Net realized gains (losses):


Three Months Ended September 30,		2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(96)	$	(6)	$	(102)	$	(66)	$	(18)	$	(84)

Change in allowance for credit losses on fixed maturity securities		2		—		2		1		(1)		—
Change in allowance for credit losses on loans		(52)		1		(51)		(3)		(1)		(4)
Foreign exchange transactions		(10)		(1)		(11)		65		1		66
All other derivatives and hedge accounting		(11)		2		(9)		7		(2)		5
Sales of alternative investments		(2)		—		(2)		(18)		—		(18)
Other*		(262)		(1)		(263)		22		3		25
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(431)		(5)		(436)		8		(18)		(10)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(54)		(54)		—		(157)		(157)
Net realized gains (losses)	$	(431)	$	(59)	$	(490)	$	8	$	(175)	$	(167)


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(453)	$	(62)	$	(515)	$	(320)	$	(34)	$	(354)

Change in allowance for credit losses on fixed maturity securities		(5)		—		(5)		(18)		(1)		(19)
Change in allowance for credit losses on loans		(2)		10		8		(23)		—		(23)
Foreign exchange transactions		183		18		201		176		(2)		174
All other derivatives and hedge accounting		(137)		(20)		(157)		(62)		—		(62)
Sales of alternative investments		1		—		1		(4)		(1)		(5)
Other*		(270)		(5)		(275)		13		—		13
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(683)		(59)		(742)		(238)		(38)		(276)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(109)		(109)		—		(158)		(158)
Net realized losses	$	(683)	$	(168)	$	(851)	$	(238)	$	(196)	$	(434)

*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:


(in millions)		September 30, 2025				December 31, 2024
		Fair Value	Percent of Total			Fair Value	Percent of Total
Fixed maturity securities:

Obligations of states, municipalities and political subdivisions	$	51	3	%	$	50	3	%
Non-U.S. governments		22	1			24	2
Corporate debt		258	16			282	19
Mortgage-backed, asset-backed and collateralized:
RMBS		99	6			100	7
CMBS		42	3			43	3
CLO/ABS and other collateralized securities		271	17			246	17
Total mortgage-backed, asset-backed and collateralized		412	26			389	27
Total fixed maturity securities		743	46			745	51
Equity securities		829	54			704	49
Total	$	1,572	100	%	$	1,449	100	%

Schedule of Other Invested Assets

The following table summarizes the carrying amounts of other invested assets:


(in millions)	September 30, 2025		December 31, 2024
Alternative investments(a)	$	3,889	$	4,032
Retained investment in Corebridge using fair value option	2,651		3,810
All other investments(b)	1,821		1,986
Total	$	8,361	$	9,828

(a)At September 30, 2025, includes hedge funds of $191 million and private equity funds of $3.4 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At September 30, 2025 and December 31, 2024, the accumulated depreciation was $135 million and $161 million, respectively.

(b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both September 30, 2025 and December 31, 2024.

Schedule of Net Investment Income

The following table presents the components of Net investment income:


Three Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	873	$	13	$	886	$	746	$	25	$	771
Other fixed maturity securities		—		11		11		4		16		20
Equity securities		62		—		62		60		—		60
Interest on mortgage and other loans		40		6		46		52		9		61
Alternative investments(a)		137		—		137		42		—		42
Other investments(b)		(331)		(1)		(332)		63		1		64
Total investment income		781		29		810		967		51		1,018
Investment expenses		38		—		38		45		—		45
Net investment income	$	743	$	29	$	772	$	922	$	51	$	973


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	2,539	$	51	$	2,590	$	2,234	$	67	$	2,301
Other fixed maturity securities		—		38		38		—		27		27
Equity securities		85		—		85		144		—		144
Interest on mortgage and other loans		130		20		150		185		26		211
Alternative investments(a)		228		—		228		129		(1)		128
Other investments(b)		368		(1)		367		262		4		266
Total investment income		3,350		108		3,458		2,954		123		3,077
Investment expenses		115		—		115		135		—		135
Net investment income	$	3,235	$	108	$	3,343	$	2,819	$	123	$	2,942

(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.

(b)Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $20 million and $(348) million, respectively, for the three months ended September 30, 2025, $78 million and $316 million, respectively, for the nine months ended September 30, 2025, $65 million and $(35) million, respectively, for the three months ended September 30, 2024, and $133 million and $30 million, respectively, for the nine months ended September 30, 2024.

Unrealized Gain (Loss) on Investments

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:


	Three Months Ended September 30,				Nine Months Ended September 30,

(in millions)		2025		2024		2025		2024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities*	$	543	$	1,616	$	1,370	$	1,499
Other investments		—		(19)		—		(58)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	543	$	1,597	$	1,370	$	1,441

*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:


Three Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	62	$	(244)	$	(182)	$	60	$	42	$	102
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	2		(65)		(63)		8		—		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	60	$	(179)	$	(119)	$	52	$	42	$	94


Nine Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains recognized during the period on equity securities and other investments	$	85	$	501	$	586	$	144	$	234	$	378
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	3		(32)		(29)		51		24		75
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date	$	82	$	533	$	615	$	93	$	210	$	303

*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $(348) million and $316 million in the three and nine months ended September 30, 2025, respectively, and $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.

Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:


Three Months Ended September 30,		2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	10	$	35	$	45	$	6	$	27	$	33
Additions:
Securities for which allowance for credit losses was not previously recorded		1		1		2		2		—		2




Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		4		3		4		(6)		(2)
Write-offs charged against the allowance		(5)		—		(5)		—		—		—
Other		(1)		(1)		(2)		—		7		7
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40


Nine Months Ended September 30,	2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of year	$	10	$	28	$	38	$	13	$	21	$	34
Additions:
Securities for which allowance for credit losses was not previously recorded		1		21		22		3		9		12


Reductions:
Securities sold during the period		—		(6)		(6)		—		—		—
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		6		5		(4)		11		7
Write-offs charged against the allowance		(5)		(9)		(14)		—		(22)		(22)
Other		(1)		(1)		(2)		—		9		9
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40

Schedule of Financial Instruments Owned and Pledged as Collateral

The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:


(in millions)		September 30, 2025		December 31, 2024
Securities collateral pledged to us	$	2,883	$	2,853

Earnings Per Common Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted EPS

The following table presents the computation of basic and diluted EPS:



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)	2025		2024			2025		2024
Numerator for EPS:
Income from continuing operations	$	524	$	481		$	2,366	$	1,753
Less: Net income attributable to noncontrolling interests	5		—			5		—
Less: Preferred stock dividends and preferred stock redemption premiums	—		—			—		22
Income attributable to AIG common shareholders from continuing operations	519		481			2,361		1,731

Loss from discontinued operations, net of income tax expense	—		(24)			—		(3,580)
Less: Net income (loss) attributable to noncontrolling interests	—		(2)			—		475
Loss from discontinued operations, net of noncontrolling interest	—		(22)			—		(4,055)
Net income (loss) attributable to AIG common shareholders	$	519	$	459		$	2,361	$	(2,324)
Denominator for EPS:
Weighted average common shares outstanding - basic	553,308,504		641,621,768			573,176,050		661,691,554
Dilutive common shares	5,211,326		5,743,674			5,245,177		5,663,515
Weighted average common shares outstanding - diluted(a)	558,519,830		647,365,442			578,421,227		667,355,069
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	0.94	$	0.75		$	4.12	$	2.62
Loss from discontinued operations	$	—	$	(0.03)		$	—	$	(6.13)
Income (loss) attributable to AIG common shareholders	$	0.94	$	0.72		$	4.12	$	(3.51)
Diluted:
Income from continuing operations	$	0.93	$	0.74		$	4.08	$	2.59
Loss from discontinued operations	$	—	$	(0.03)		$	—	$	(6.07)
Income (loss) attributable to AIG common shareholders	$	0.93	$	0.71		$	4.08	$	(3.48)

(a)Potential dilutive common shares are due to our share-based employee compensation plans and agreements. The number of potential common shares excluded from diluted shares outstanding was 139,655 and 140,042 for the three and nine months ended September 30, 2025, respectively, and 94,545 and 108,759 for the three and nine months ended September 30, 2024, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Effective tax rates on income from continuing operations (as a percent)	26.60%	25.90%	26.50%	24.60%
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Valuation allowance related to certain tax attribute carryforward	$ 300		$ 300
Deferred tax asset, increase (decrease) in valuation allowance recognized			9
Gross unrecognized tax benefits, beginning of year	1,400		1,400		$ 1,400
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	1,400		1,400		1,400
Unrecognized tax benefits, interest and penalties accrued	40		40		$ 53
Accrued expense (benefit) for the payment of interest and penalties			(13)	$ 1
U.S. And Non-U.S. Life Insurance Companies, Available-for-Sale Portfolio
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 204		204
Non U.S.. Life Insurance Companies, Available-for-Sale Portfolio
Operating Loss Carryforwards [Line Items]
Deferred tax asset, increase (decrease) in valuation allowance recognized			$ (305)

Derivatives and Hedge Accounting - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Credit derivatives:
Collateral posted	$ 341		$ 341		$ 601
Collateral obtained from third parties for derivative transactions	260		260		595
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	15	$ (41)	(157)	$ (7)
Credit Risk Related Contingent Features
Credit derivatives:
Collateral posted	25		25		30
Additional collateral postings and termination payments	4		4
Aggregate fair value of net liability position	$ 25		$ 25		$ 30

Fair Value Measurements - Changes in Level 3 Recurring Fair Value Measurements, Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	$ 3,457	$ 4,281	$ 3,481	$ 4,151
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	(12)	23	8
Other Comprehensive Income (Loss)	7	162	72	196
Purchases, Sales, Issuances and Settlements, Net	287	(342)	425	(782)
Gross Transfers In	9	0	108	552
Gross Transfers Out	(26)	0	(376)	(67)
Other	0	15	0	46
Fair Value End of Period	3,733	4,104	3,733	4,104
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	3	5	10	(7)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 17	$ 100	$ 51	$ 56
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income	Other comprehensive income	Other comprehensive income	Other comprehensive income
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)
Bonds available for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	$ 3,015	$ 3,755	$ 3,010	$ 3,439
Net Realized and Unrealized Gains (Losses) Included in Income	1	(16)	15	16
Other Comprehensive Income (Loss)	7	162	72	196
Purchases, Sales, Issuances and Settlements, Net	264	(345)	419	(638)
Gross Transfers In	1	0	57	550
Gross Transfers Out	(24)	0	(288)	(51)
Other	0	0	(21)	44
Fair Value End of Period	3,264	3,556	3,264	3,556
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	17	100	51	56
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	3	4	3	3
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	1
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	3	4	3	4
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	(5)
Bonds available for sale \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	6	7	7	7
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	(1)	0
Gross Transfers In	1	0	1	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	7	7	7	7
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Bonds available for sale \| Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	147	359	240	323
Net Realized and Unrealized Gains (Losses) Included in Income	(2)	(3)	(10)	(2)
Other Comprehensive Income (Loss)	(15)	18	(4)	16
Purchases, Sales, Issuances and Settlements, Net	(4)	4	(155)	(56)
Gross Transfers In	0	0	49	134
Gross Transfers Out	(6)	0	(38)	(37)
Other	0	7	38	7
Fair Value End of Period	120	385	120	385
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(13)	14	(13)	9
Bonds available for sale \| RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	1,633	2,016	1,894	1,792
Net Realized and Unrealized Gains (Losses) Included in Income	7	(1)	22	46
Other Comprehensive Income (Loss)	8	110	50	108
Purchases, Sales, Issuances and Settlements, Net	(5)	(23)	(101)	(173)
Gross Transfers In	0	0	3	287
Gross Transfers Out	(17)	0	(242)	(2)
Other	0	(7)	0	37
Fair Value End of Period	1,626	2,095	1,626	2,095
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	15	63	30	3
Bonds available for sale \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	26	94	26	25
Net Realized and Unrealized Gains (Losses) Included in Income	(5)	(1)	(4)	(5)
Other Comprehensive Income (Loss)	5	1	6	7
Purchases, Sales, Issuances and Settlements, Net	(4)	(12)	(9)	(30)
Gross Transfers In	0	0	4	85
Gross Transfers Out	0	0	(1)	0
Other	0	0	0	0
Fair Value End of Period	22	82	22	82
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	5	0	5	0
Bonds available for sale \| CLO/ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	1,200	1,275	840	1,289
Net Realized and Unrealized Gains (Losses) Included in Income	1	(11)	7	(23)
Other Comprehensive Income (Loss)	9	33	20	65
Purchases, Sales, Issuances and Settlements, Net	277	(314)	685	(380)
Gross Transfers In	0	0	0	44
Gross Transfers Out	(1)	0	(7)	(12)
Other	0	0	(59)	0
Fair Value End of Period	1,486	983	1,486	983
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	10	23	29	49
Other bond securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	174	238	164	234
Net Realized and Unrealized Gains (Losses) Included in Income	1	6	7	7
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	13	(3)	7	2
Gross Transfers In	0	0	33	2
Gross Transfers Out	(2)	0	(25)	(2)
Other	0	7	0	5
Fair Value End of Period	186	248	186	248
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	4	5	10	4
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	1	44	1	45
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	1
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	2	0	0
Fair Value End of Period	1	46	1	46
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	2	0	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	50	49	50	51
Net Realized and Unrealized Gains (Losses) Included in Income	0	3	2	3
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	3	(2)	1	(2)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	(2)
Other	0	5	0	5
Fair Value End of Period	53	55	53	55
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	1	2
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| CLO/ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	123	145	113	138
Net Realized and Unrealized Gains (Losses) Included in Income	1	3	5	3
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	10	(1)	6	4
Gross Transfers In	0	0	33	2
Gross Transfers Out	(2)	0	(25)	0
Other	0	0	0	0
Fair Value End of Period	132	147	132	147
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	4	3	9	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	46	13	15	14
Net Realized and Unrealized Gains (Losses) Included in Income	2	1	6	1
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	2	23	2
Gross Transfers In	8	0	17	0
Gross Transfers Out	0	0	0	(1)
Other	0	(3)	0	(3)
Fair Value End of Period	61	13	61	13
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	2	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other invested assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	93	145	163	221
Net Realized and Unrealized Gains (Losses) Included in Income	(5)	(3)	(5)	(16)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	5	(24)	(34)
Gross Transfers In	0	0	1	0
Gross Transfers Out	0	0	(63)	(13)
Other	0	11	21	0
Fair Value End of Period	93	158	93	158
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(1)	0	(2)	(12)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	129	130	129	243
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	(1)	0	(114)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	129	129	129	129
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0

Reinsurance - Summary of the Impact of Funds Withheld (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Effects of Reinsurance [Line Items]
Total net investment income	$ 772	$ 973	$ 3,343	$ 2,942
Net realized losses on Fortitude Re funds withheld assets	(490)	(167)	(851)	(434)
Loss from continuing operations before income tax benefit	714	649	3,218	2,324
Income tax benefit	190	168	852	571
Net loss	524	457	2,366	(1,827)
Change in unrealized appreciation on available for sale securities			537	4
Comprehensive loss	1,026	2,304	4,420	5,657
Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Total net investment income	29	51	108	123
Fortitude Holdings
Effects of Reinsurance [Line Items]
Total net investment income	29	51	108	123
Net realized losses on Fortitude Re funds withheld assets	(59)	(175)	(168)	(196)
Loss from continuing operations before income tax benefit	(30)	(124)	(60)	(73)
Income tax benefit	(7)	(26)	(13)	(15)
Net loss	(23)	(98)	(47)	(58)
Comprehensive loss	0	(31)	(1)	(33)
Fortitude Holdings \| Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net realized losses on Fortitude Re funds withheld assets	(5)	(18)	(59)	(38)
Fortitude Holdings \| Fortitude Re funds withheld assets \| Embedded derivatives
Effects of Reinsurance [Line Items]
Net realized losses on Fortitude Re funds withheld assets	(54)	(157)	(109)	(158)
Fortitude Holdings \| Other investments
Effects of Reinsurance [Line Items]
Change in unrealized appreciation on available for sale securities	$ 23	$ 67	$ 46	$ 25

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared, common stock (in dollars per share)	$ 0.45	$ 0.40	$ 1.30	$ 1.16

Fair Value Measurements - Gains or Losses Recorded Related to Fair Value Option (Details) - Fair Value Option - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	$ (240)	$ 61	$ 538	$ 241
Other bond securities
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	10	20	37	27
Alternative investments
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	98	76	185	184
Retained investment in Corebridge
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	$ (348)	$ (35)	$ 316	$ 30

Deferred Policy Acquisition Costs

9 Months Ended

Sep. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

9. Deferred Policy Acquisition Costs

DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that were related directly to the successful acquisition of new or renewal insurance contracts. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

The following table presents a rollforward of DAC:


Nine Months Ended September 30,
(in millions)	2025		2024
Balance, beginning of year	$	2,065	$	2,117
Capitalization	2,536		2,665
Amortization expense	(2,522)		(2,543)
Other, including foreign exchange	56		(48)



Balance, end of period	$	2,135	$	2,191

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Premiums	$ 6,073	$ 5,945	$ 17,720	$ 17,564
Net investment income:
Total net investment income	772	973	3,343	2,942
Net realized gains (losses):
Total net realized losses	(490)	(167)	(851)	(434)
Other income (loss)	(4)
Other income (loss)		0	13	2
Total revenues	6,351	6,751	20,225	20,074
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred	3,391	3,773	10,678	10,753
Amortization of deferred policy acquisition costs	850	863	2,522	2,543
General operating and other expenses	1,297	1,346	3,574	4,194
Interest expense	99	112	291	353
(Gain) loss on extinguishment of debt	0	0	(5)	1
Net (gain) loss on divestitures and other	0	8	(53)	(94)
Total benefits, losses and expenses	5,637	6,102	17,007	17,750
Income from continuing operations before income tax expense	714	649	3,218	2,324
Income tax expense	190	168	852	571
Income from continuing operations	524	481	2,366	1,753
Loss from discontinued operations, net of income taxes	0	(24)	0	(3,580)
Net income (loss)	524	457	2,366	(1,827)
Less: Net income (loss) attributable to noncontrolling interests	5	(2)	5	475
Net income (loss) attributable to AIG	519	459	2,361	(2,302)
Less: Dividends on preferred stock and preferred stock redemption premiums	0	0	0	22
Net income (loss) attributable to AIG common shareholders	$ 519	$ 459	$ 2,361	$ (2,324)
Basic:
Income from continuing operations (in dollars per share)	$ 0.94	$ 0.75	$ 4.12	$ 2.62
Loss from discontinued operations (in dollars per share)	0	(0.03)	0	(6.13)
Net income (loss) attributable to AIG common shareholders (in dollars per share)	0.94	0.72	4.12	(3.51)
Diluted:
Income from continuing operations (in dollars per share)	0.93	0.74	4.08	2.59
Loss from discontinued operations (in dollars per share)	0	(0.03)	0	(6.07)
Net income (loss) attributable to AIG common shareholders (in dollars per share)	$ 0.93	$ 0.71	$ 4.08	$ (3.48)
Weighted average shares outstanding:
Basic (in shares)	553,308,504	641,621,768	573,176,050	661,691,554
Diluted (in shares)	558,519,830	647,365,442	578,421,227	667,355,069
Excluding Fortitude Re funds withheld assets
Net investment income:
Total net investment income	$ 743	$ 922	$ 3,235	$ 2,819
Net realized gains (losses):
Total net realized losses	(431)	8	(683)	(238)
Fortitude Re funds withheld assets
Net investment income:
Total net investment income	29	51	108	123
Net realized gains (losses):
Total net realized losses	(5)	(18)	(59)	(38)
Fortitude Re funds withheld embedded derivative
Net realized gains (losses):
Total net realized losses	$ (54)	$ (157)	$ (109)	$ (158)

Deferred Policy Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Rollforward of Deferred Policy Acquisition Costs

The following table presents a rollforward of DAC:


Nine Months Ended September 30,
(in millions)	2025		2024
Balance, beginning of year	$	2,065	$	2,117
Capitalization	2,536		2,665
Amortization expense	(2,522)		(2,543)
Other, including foreign exchange	56		(48)



Balance, end of period	$	2,135	$	2,191

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	177	$	3,610	$	—	$	—	$	—	$	3,787
Obligations of states, municipalities and political subdivisions		—		2,886		3		—		—		2,889
Non-U.S. governments		52		6,554		7		—		—		6,613
Corporate debt		—		36,831		120		—		—		36,951
RMBS		—		8,677		1,626		—		—		10,303
CMBS		—		4,168		22		—		—		4,190
CLO/ABS		—		4,965		1,486		—		—		6,451
Total bonds available for sale		229		67,691		3,264		—		—		71,184
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		51		—		—		—		51
Non-U.S. governments		—		22		—		—		—		22
Corporate debt		—		257		1		—		—		258
RMBS		—		46		53		—		—		99
CMBS		—		42		—		—		—		42
CLO/ABS		—		139		132		—		—		271
Total other bond securities		—		557		186		—		—		743
Equity securities		767		1		61		—		—		829
Other invested assets(b)		2,651		223		93		—		—		2,967
Derivative assets(c)		—		356		32		(179)		(207)		2
Short-term investments		3,433		1,427		—		—		—		4,860
Other assets(c)		—		—		129		—		—		129
Total	$	7,080	$	70,255	$	3,765	$	(179)	$	(207)	$	80,714


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Liabilities:
Derivative liabilities(c)	$	—	$	412	$	32	$	(179)	$	(216)	$	49
Fortitude Re funds withheld payable		—		—		(103)		—		—		(103)
Other liabilities		—		—		72		—		—		72

Total	$	—	$	412	$	1	$	(179)	$	(216)	$	18


December 31, 2024		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	36	$	3,231	$	—	$	—	$	—	$	3,267
Obligations of states, municipalities and political subdivisions		—		3,140		3		—		—		3,143
Non-U.S. governments		161		7,939		7		—		—		8,107
Corporate debt		—		31,586		240		—		—		31,826
RMBS		—		6,710		1,894		—		—		8,604
CMBS		—		3,900		26		—		—		3,926
CLO/ABS		—		4,293		840		—		—		5,133
Total bonds available for sale		197		60,799		3,010		—		—		64,006
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		50		—		—		—		50
Non-U.S. governments		—		24		—		—		—		24
Corporate debt		—		281		1		—		—		282
RMBS		—		50		50		—		—		100
CMBS		—		43		—		—		—		43
CLO/ABS		—		133		113		—		—		246
Total other bond securities		—		581		164		—		—		745
Equity securities		689		—		15		—		—		704
Other invested assets (b)		3,810		119		163		—		—		4,092
Derivative assets(c)		—		573		51		(270)		(304)		50
Short-term investments		7,942		1,847		—		—		—		9,789
Other assets(c)		—		—		129		—		—		129
Total	$	12,638	$	63,919	$	3,532	$	(270)	$	(304)	$	79,515
Liabilities:
Derivative liabilities(c)	$	—	$	571	$	51	$	(270)	$	(201)	$	151
Fortitude Re funds withheld payable		—		—		(128)		—		—		(128)
Other liabilities		—		—		100		—		—		100

Total	$	—	$	571	$	23	$	(270)	$	(201)	$	123

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $2.7 billion and $3.8 billion, respectively, on which AIG elected the fair value option.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and nine months ended September 30, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2025 and 2024:


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	6		—		—		—		1		—		—		7		—		—
Corporate debt	147		(2)		(15)		(4)		—		(6)		—		120		—		(13)
RMBS	1,633		7		8		(5)		—		(17)		—		1,626		—		15
CMBS	26		(5)		5		(4)		—		—		—		22		—		5
CLO/ABS	1,200		1		9		277		—		(1)		—		1,486		—		10
Total bonds available for sale	3,015		1		7		264		1		(24)		—		3,264		—		17
Other bond securities:

Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		—		—		3		—		—		—		53		—		—

CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(185)	$	54	$	—	$	28	$	—	$	—	$	—	$	(103)	$	(30)	$	—
Other Liabilities	81		(9)		—		—		—		—		—		72		—		—
Total	$	(104)	$	45	$	—	$	28	$	—	$	—	$	—	$	(31)	$	(30)	$	—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	359		(3)		18		4		—		—		7		385		—		14
RMBS	2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS	94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS	1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale	3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate debt	44		—		—		—		—		—		2		46		2		—
RMBS	49		3		—		(2)		—		—		5		55		—		—

CLO/ABS	145		3		—		(1)		—		—		—		147		3		—
Total other bond securities	238		6		—		(3)		—		—		7		248		5		—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities	13		1		—		2		—		—		(3)		13		—		—
Other invested assets	145		(3)		—		5		—		—		11		158		—		—
Other assets	130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:

Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—

CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—

Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—

Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Three Months Ended September 30, 2025
Assets:
Bonds available for sale	$	8	$	(7)	$	1
Other bond securities	1		—		1
Equity securities	2		—		2
Other invested assets	(5)		—		(5)
Three Months Ended September 30, 2024
Assets:
Bonds available for sale	$	25	$	(41)	$	(16)
Other bond securities	6		—		6
Equity securities	1		—		1
Other invested assets	(3)		—		(3)

Nine Months Ended September 30, 2025
Assets:
Bonds available for sale	$	21	$	(6)	$	15
Other bond securities	7		—		7
Equity securities	6		—		6
Other invested assets	(5)		—		(5)


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale	$	65	$	(49)	$	16
Other bond securities	7		—		7
Equity securities	1		—		1
Other invested assets	(16)		—		(16)

(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total
Three Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	54	$	54
Other Liabilities	—		(9)		(9)
Three Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	1	$	1
Fortitude Re funds withheld payable	—		157		157


Nine Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	109	$	109
Other Liabilities	—		(28)		(28)
Nine Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	41	$	41
Fortitude Re funds withheld payable	—		158		158
Other Liabilities	—		(2)		(2)

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:


Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:


RMBS	3		—		—		3

CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5

Total	$	524	$	(32)	$	(205)	$	287
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28

Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:

Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:


RMBS	3		—		(2)		1

CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)

Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)

Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2025, respectively, and includes $0 million and $6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $0 million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $0 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.

Transfers of Level 3 Assets

During the three months ended September 30, 2025, there were no significant transfers into Level 3 assets. There were no transfers into Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended September 30, 2025, transfers out of Level 3 assets included investments in private placement corporate debt and RMBS. There were no transfers out of Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers out of Level 3 assets primarily included investments in private placement corporate debt, CMBS, RMBS, CLO/ABS and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)

Fair Value at
September 30, 2025

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.25% - 5.58% (5.41%)

Corporate debt

Discounted cash flow

Yield

8.60% - 16.76% (13.63%)

RMBS(a)

1,197

Discounted cash flow

Constant prepayment rate

4.05% - 7.51% (5.78%)

Loss severity

39.50% - 79.31% (59.41%)

Constant default rate

0.54% - 1.96% (1.25%)

Yield

5.20% - 5.94% (5.57%)

CLO/ABS(a)

1,053

Discounted cash flow

Yield

2.39% - 9.54% (5.88%)

CMBS

Discounted cash flow

Yield

5.56% - 13.35% (8.78%)

(in millions)

Fair Value at
December 31, 2024

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.09% - 5.57% (5.33%)

Corporate debt

177

Discounted cash flow

Yield

6.83% - 11.61% (9.22%)

RMBS(a)

1,321

Discounted cash flow

Constant prepayment rate

4.10% - 9.26% (6.68%)

Loss severity

40.81% - 76.72% (58.76%)

Constant default rate

0.57% - 2.48% (1.52%)

Yield

5.89% - 6.98% (6.44%)

CLO/ABS(a)

760

Discounted cash flow

Yield

4.24% - 8.42% (6.33%)

CMBS

Discounted cash flow

Yield

7.04% - 10.12% (8.70%)

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.


			September 30, 2025				December 31, 2024
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	1,166	$	326	$	1,126	$	375
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		741		115		782		261
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		88		34		83		40
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		187		2		175		1
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		92		55		120		58
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,037		615		819		57
Total private equity funds			3,311		1,147		3,105		792
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		11		—		11		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		171		—		168		—

Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		9		—		8		—
Total hedge funds			191		—		187		—
Total		$	3,502	$	1,147	$	3,292	$	792

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024

Other bond securities(a)	$	10	$	20	$	37	$	27
Alternative investments(b)		98		76		185		184
Retained investment in Corebridge(c)		(348)		(35)		316		30


Total gain (loss)	$	(240)	$	61	$	538	$	241

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2025
Assets:
Mortgage and other loans receivable	$	—	$	336	$	2,929	$	3,265	$	3,314
Other invested assets		—		494		7		501		501
Short-term investments		—		4,557		—		4,557		4,557
Cash		1,589		—		—		1,589		1,589
Other assets		2		—		—		2		2
Liabilities:
Fortitude Re funds withheld payable		—		—		3,197		3,197		3,197

Long-term debt		—		8,782		—		8,782		9,087
Debt of consolidated investment entities		—		—		156		156		156


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
December 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	339	$	3,413	$	3,752	$	3,868
Other invested assets		—		578		5		583		583
Short-term investments		—		4,673		—		4,673		4,673
Cash		1,302		—		—		1,302		1,302
Other assets		15		—		—		15		15
Liabilities:
Fortitude Re funds withheld payable		—		—		3,335		3,335		3,335

Long-term debt		—		7,981		240		8,221		8,764
Debt of consolidated investment entities		—		—		158		158		158

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Reinsurance

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Reinsurance

8. Reinsurance

FORTITUDE RE

Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

As of September 30, 2025, $3.2 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	September 30, 2025				December 31, 2024
(in millions)	Carrying Value			Fair Value	Carrying Value			Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)	$	1,787	$	1,787	$	1,918	$	1,918	Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option		736		736		721		721	Fair value through net investment income
Commercial mortgage loans		430		419		450		437	Amortized cost
Short-term investments		19		19		15		15	Fair value through net investment income
Funds withheld investment assets		2,972		2,961		3,104		3,091
Derivative assets, net(b)		—		—		1		1	Fair value through net realized gains (losses)
Other(c)		133		133		115		115	Amortized cost
Total	$	3,105	$	3,094	$	3,220	$	3,207

(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $58 million ($46 million after-tax) and $(35) million ($(28) million after-tax), respectively for the nine months ended September 30, 2025 and for the year ended December 31, 2024.

(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $31 million, respectively, as of September 30, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. These derivative assets and liabilities are fully collateralized either by cash or securities.

(c)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024

Net investment income - Fortitude Re funds withheld assets	$	29	$	51	$	108	$	123
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets		(5)		(18)		(59)		(38)
Net realized losses - Fortitude Re funds withheld embedded derivative		(54)		(157)		(109)		(158)
Net realized losses on Fortitude Re funds withheld assets		(59)		(175)		(168)		(196)
Loss from continuing operations before income tax benefit		(30)		(124)		(60)		(73)
Income tax benefit(a)		(7)		(26)		(13)		(15)
Net loss		(23)		(98)		(47)		(58)
Change in unrealized appreciation on available for sale securities(a)		23		67		46		25
Comprehensive loss	$	—	$	(31)	$	(1)	$	(33)

(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) were computed using AIG’s U.S. statutory tax rate of 21 percent.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and deposit accounting assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of September 30, 2025 were $41.6 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 81 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 4 percent of the reinsurance recoverables related to entities that were not rated by AIG.

The total reinsurance recoverables as of December 31, 2024 were $40.5 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.

As of September 30, 2025 and December 31, 2024, approximately 86 percent and 81 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024
Balance, beginning of period	$	276	$	260	$	269	$	255
Addition to (release of) allowance for expected credit losses and disputes, net		—		9		(1)		9
Write-offs charged against the allowance for credit losses and disputes		—		—		(1)		(1)

Other changes		(1)		3		8		9


Balance, end of period	$	275	$	272	$	275	$	272

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

Discontinued Operations Presentation (Tables)

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Financial Information Related to Corebridge as an Equity Method Investee

The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Corebridge pre-tax income (loss)	$	(42)	$	(1,594)	$	(1,512)	$	(122)
Equity method income related to Corebridge (based on fair value)	$	(328)	$	11	$	394	$	2,094

Financial Information for Discontinued Operations

The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:


(in millions)	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Revenues:
Premiums	$	—	$	2,723
Policy fees	—		1,269
Net investment income	—		5,238
Net realized losses	—		(923)
Other income	—		372
Total revenues	—		8,679
Benefits, losses and expenses:
Policyholder benefits and losses incurred	—		3,618
Change in the fair value of market risk benefits, net	—		(350)
Interest credited to policyholder account balances	—		2,184
Amortization of deferred policy acquisition costs	—		465
General operating and other expenses	—		1,350
Interest expense	—		249
Net gain on divestitures and other	—		(191)
Total benefits, losses and expenses	—		7,325
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations	—		1,354
Income tax expense	—		226
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations	—		1,128
Loss on disposition of operations, net of tax	(24)		(4,708)
Loss from discontinued operations, net of income taxes	(24)		(3,580)
Less: Net income from discontinued operations attributable to noncontrolling interests	(2)		475
Net loss from discontinued operations attributable to AIG	$	(22)	$	(4,055)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Derivatives and Hedge Accounting - Derivatives not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ (62)	$ (152)	$ (266)	$ (220)
Net Investment Income - Fortitude Re Funds Withheld Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 0	$ 0	$ (1)	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net Investment Income	Net Investment Income	Net Investment Income	Net Investment Income
Net realized gains (losses) - Excluding Fortitude Re Funds Withheld Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ (10)	$ 7	$ (136)	$ (62)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)
Net Realized Gains (Losses) On Fortitude Re funds Withheld Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ (52)	$ (159)	$ (129)	$ (158)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)
Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 0	$ (1)	$ (5)	$ (3)
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(8)	3	(152)	(62)
Credit contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	0	3	0	3
Embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ (54)	$ (157)	$ (109)	$ (158)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes U.S. TAX LAW CHANGES On July 4, 2025, new U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBB Act") which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations. BASIS OF PRESENTATION We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. INTERIM TAX CALCULATION METHOD We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs. INTERIM TAX EXPENSE (BENEFIT) For the three months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, and state and local income taxes, partially offset by a tax benefit related to prior year tax return adjustments. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the nine months ended September 30, 2025, the effective tax rate on income from continuing operations was 26.5 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. The charges are partially offset by tax benefits related to prior year tax return adjustments, closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three months ended September 30, 2024, the effective tax rate on income from continuing operations was 25.9 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends and tax exempt income. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the nine months ended September 30, 2024, the effective tax rate on income from continuing operations was 24.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, state and local income taxes and certain non-deductible expenses, partially offset by tax benefits related to the dividends received deduction applicable to post-deconsolidation Corebridge dividends, tax exempt income and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. During the three months ended September 30, 2025, taxable income projections were updated to reflect the latest projections of income for our insurance and non-insurance companies, the filing of our 2024 US federal consolidated income tax return, and projections of taxable income generated from prudent and feasible tax planning strategies. Given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, significant market volatility continues to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization. After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that a valuation allowance of $300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized. Accordingly, during the nine months ended September 30, 2025, we recorded no change in valuation allowance. We continue to weigh multiple data points in our assessment of the recoverability of our deferred tax asset. To the extent positive evidence outweighs the negative evidence, some or all of the valuation allowance could be released, as early as the fourth quarter of 2025. For the nine months ended September 30, 2025, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our general insurance and non-insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of September 30, 2025, based on all available evidence, we concluded that a valuation allowance of $204 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the nine months ended September 30, 2025, we recorded a decrease in valuation allowance of $305 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance decrease was allocated to Other comprehensive income. For the nine months ended September 30, 2025, we recognized a net $9 million increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. TAX EXAMINATIONS We are currently under examination by the Internal Revenue Service (IRS) for the tax years 2011 through 2019. We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010. These tax years are still subject to ongoing computational review by IRS Appeals. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES At both September 30, 2025 and December 31, 2024, our unrecognized tax benefits, excluding interest and penalties, were $1.4 billion. At both September 30, 2025 and December 31, 2024, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.4 billion. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At September 30, 2025 and December 31, 2024, we had accrued liabilities of $40 million and $53 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the nine months ended September 30, 2025 and 2024, we accrued expense (benefit) of $(13) million and $1 million, respectively, for the payment of interest and penalties. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 41,529	$ 44,475	$ 42,550	$ 51,301
Corebridge deconsolidation, net of tax	0	0	0	7,214
Other comprehensive income	502	1,847	2,054	7,484
Balance, end of period	41,117	45,073	41,117	45,073
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(5,548)	(7,565)	(7,099)	(14,037)
Other comprehensive income	502	1,843	2,053	7,778
Balance, end of period	(5,046)	(5,722)	(5,046)	(5,722)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(6)	(38)	(4)	(106)
Balance, end of period	(6)	(1)	(6)	(1)
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(1,951)	(3,422)	(2,868)	(10,888)
Balance, end of period	(1,404)	(2,073)	(1,404)	(2,073)
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	0	0	0	(476)
Balance, end of period	0	0	0	0
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	75	22	68	1,233
Balance, end of period	80	68	80	68
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(2,899)	(3,322)	(3,521)	(2,979)
Balance, end of period	(2,955)	(2,912)	(2,955)	(2,912)
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(767)	(805)	(774)	(821)
Balance, end of period	(761)	(804)	(761)	(804)
Less: Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				537
Less: Noncontrolling interests		4	1	(294)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				2
Less: Noncontrolling interests		0	0	17
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				610
Less: Noncontrolling interests		0	0	(559)
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				33
Less: Noncontrolling interests		0	0	(11)
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				(105)
Less: Noncontrolling interests		0	0	258
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				(3)
Less: Noncontrolling interests		4	1	1
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Add: Corebridge noncontrolling interests				0
Less: Noncontrolling interests		0	0	0
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized appreciation (depreciation) of investments	543	1,626	1,370	(631)
Change in other	20	17	17	13
Change in fair value of market risk benefits, net				130
Change in discount rates	7	(12)	16	947
Change in future policy benefits				(59)
Change in foreign currency translation adjustments	(52)	427	537	173
Change in net actuarial loss	8	2	18	19
Change in prior service cost	1		1
Change in prior service cost		(1)		2
Change in deferred tax asset (liability)	(25)	(212)	95	(324)
Corebridge deconsolidation, net of tax				7,214
Other comprehensive income	502	1,847	2,054	7,484
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized appreciation (depreciation) of investments	0	45	(3)	98
Change in deferred tax asset (liability)	0	(8)	1	(20)
Corebridge deconsolidation, net of tax				42
Other comprehensive income	0	37	(2)	120
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized appreciation (depreciation) of investments	543	1,581	1,373	(729)
Change in other	20	17	17	13
Change in future policy benefits				(59)
Change in deferred tax asset (liability)	(16)	(249)	74	(92)
Corebridge deconsolidation, net of tax				8,513
Other comprehensive income	547	1,349	1,464	7,646
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in fair value of market risk benefits, net				130
Change in deferred tax asset (liability)	0	0	0	(28)
Corebridge deconsolidation, net of tax				330
Other comprehensive income	0	0	0	432
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in discount rates	7	(12)	16	947
Change in deferred tax asset (liability)	(2)	58	(4)	(166)
Corebridge deconsolidation, net of tax				(1,583)
Other comprehensive income	5	46	12	(802)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in foreign currency translation adjustments	(52)	427	537	173
Change in deferred tax asset (liability)	(4)	(13)	30	(14)
Corebridge deconsolidation, net of tax				(88)
Other comprehensive income	(56)	414	567	71
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in net actuarial loss	8	2	18	19
Change in prior service cost	1		1
Change in prior service cost		(1)		2
Change in deferred tax asset (liability)	(3)	0	(6)	(4)
Corebridge deconsolidation, net of tax				0
Other comprehensive income	$ 6	$ 1	$ 13	$ 17

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 71,184	$ 64,006
Obligations of states, municipalities and political subdivisions
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 2,889	$ 3,143
Obligations of states, municipalities and political subdivisions \| Minimum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0525	0.0509
Obligations of states, municipalities and political subdivisions \| Maximum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0558	0.0557
Obligations of states, municipalities and political subdivisions \| Weighted-average \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0541	0.0533
Obligations of states, municipalities and political subdivisions \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 3	$ 3
Corporate debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 36,951	$ 31,826
Corporate debt \| Minimum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0860	0.0683
Corporate debt \| Maximum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1676	0.1161
Corporate debt \| Weighted-average \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1363	0.0922
Corporate debt \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 20	$ 177
RMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 10,303	$ 8,604
RMBS \| Minimum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0520	0.0589
RMBS \| Minimum \| Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0405	0.0410
RMBS \| Minimum \| Loss severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.3950	0.4081
RMBS \| Minimum \| Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0054	0.0057
RMBS \| Maximum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0594	0.0698
RMBS \| Maximum \| Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0751	0.0926
RMBS \| Maximum \| Loss severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.7931	0.7672
RMBS \| Maximum \| Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0196	0.0248
RMBS \| Weighted-average \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0557	0.0644
RMBS \| Weighted-average \| Constant prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0578	0.0668
RMBS \| Weighted-average \| Loss severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.5941	0.5876
RMBS \| Weighted-average \| Constant default rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0125	0.0152
RMBS \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 1,197	$ 1,321
CLO/ABS \| Minimum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0239	0.0424
CLO/ABS \| Maximum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0954	0.0842
CLO/ABS \| Weighted-average \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0588	0.0633
CLO/ABS \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 1,053	$ 760
CMBS
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 4,190	$ 3,926
CMBS \| Minimum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0556	0.0704
CMBS \| Maximum \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.1335	0.1012
CMBS \| Weighted-average \| Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.0878	0.0870
CMBS \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Bonds available for sale	$ 5	$ 25

Segment Information - Schedule of Continuing Operations by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Net Premiums Earned	$ 6,073	$ 5,945	$ 17,720	$ 17,564
Loss and Loss Adjustment Expenses Incurred	3,391	3,773	10,678	10,753
Amortization of DAC	850	863	2,522	2,543
General Operating Expense	1,297	1,346	3,574	4,194
Net Investment Income	772	973	3,343	2,942
Income from continuing operations before income tax expense	714	649	3,218	2,324
Interest expense	99	112	291	353
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares	(288)	25	393	172
Other income (expense) - net				16
Gain (loss) on extinguishment of debt	0	0	5	(1)
Total net realized losses	(490)	(167)	(851)	(434)
Net realized gains (losses), net investment income	(2)	0	(4)	6
Net realized gains (losses), reconciliation to income (loss) from continuing operations before income tax expense	(433)	7	(690)	(234)
Net gain on divestitures and other	0	(8)	53	94
Non-operating litigation reserves and settlements, reconciliation to income (loss) from continuing operations before income tax expense			13
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	9	(126)	(53)	(66)
Net loss reserve discount benefit (charge)	2	(29)	(27)	(131)
Net results of businesses in run-off, net investment income	9	5	22	13
Net results of businesses in run-off, net investment income, reconciliation to income (loss) from continuing operations before income tax expense	1	(8)	8	4
Non-operating pension expenses	(6)		(16)
Integration and transaction costs associated with acquiring or divesting businesses	(7)	(22)	(13)	(37)
Restructuring and other costs	$ (153)	$ (137)	$ (307)	$ (630)
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	General Operating Expense	General Operating Expense	General Operating Expense	General Operating Expense
Non-recurring costs related to regulatory or accounting changes	$ (3)	$ (4)	$ (10)	$ (15)
Fortitude Re funds withheld assets
Segment Reporting Information [Line Items]
Net Investment Income	29	51	108	123
Total net realized losses	(5)	(18)	(59)	(38)
Fortitude Re funds withheld embedded derivative
Segment Reporting Information [Line Items]
Total net realized losses	(54)	(157)	(109)	(158)
Total
Segment Reporting Information [Line Items]
Net Investment Income	1,024	892	2,824	2,612
Income from continuing operations before income tax expense	1,622	1,075	3,922	3,241
Reportable Segments
Segment Reporting Information [Line Items]
Net Premiums Written	6,230	6,380	17,636	17,825
Net Premiums Earned	6,040	5,947	17,687	17,482
Loss and Loss Adjustment Expenses Incurred	3,379	3,611	10,573	10,472
Amortization of DAC	851	863	2,522	2,532
Other Acquisition Cost	237	292	670	825
General Operating Expense	780	744	2,260	2,190
Underwriting Income (Loss)	793	437	1,662	1,463
Net Investment Income	945	773	2,552	2,281
Income from continuing operations before income tax expense	1,738	1,210	4,214	3,744
Interest expense	(100)	(110)	(292)	(336)
Other Operations
Segment Reporting Information [Line Items]
Net Investment Income	77	120	273	332
Income from continuing operations before income tax expense	(18)	(28)	0	(164)
Elimination and consolidations
Segment Reporting Information [Line Items]
Net Investment Income	2	(1)	(1)	(1)
Income from continuing operations before income tax expense	2	3	0	(3)
North America Commercial \| Reportable Segments
Segment Reporting Information [Line Items]
Net Premiums Written	2,435	2,445	6,472	6,228
Net Premiums Earned	2,198	2,123	6,455	6,046
Loss and Loss Adjustment Expenses Incurred	1,303	1,532	4,169	4,109
Amortization of DAC	221	206	654	615
Other Acquisition Cost	44	64	137	164
General Operating Expense	246	225	681	635
Underwriting Income (Loss)	384	96	814	523
International Commercial \| Reportable Segments
Segment Reporting Information [Line Items]
Net Premiums Written	2,115	2,052	6,467	6,275
Net Premiums Earned	2,188	2,039	6,363	6,081
Loss and Loss Adjustment Expenses Incurred	1,167	1,092	3,515	3,381
Amortization of DAC	285	259	799	753
Other Acquisition Cost	96	96	274	266
General Operating Expense	310	272	905	801
Underwriting Income (Loss)	330	320	870	880
Global Personal \| Reportable Segments
Segment Reporting Information [Line Items]
Net Premiums Written	1,680	1,883	4,697	5,322
Net Premiums Earned	1,654	1,785	4,869	5,355
Loss and Loss Adjustment Expenses Incurred	909	987	2,889	2,982
Amortization of DAC	345	398	1,069	1,164
Other Acquisition Cost	97	132	259	395
General Operating Expense	224	247	674	754
Underwriting Income (Loss)	$ 79	$ 21	$ (22)	$ 60

Derivatives and Hedge Accounting (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:


	September 30, 2025								December 31, 2024
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)

Foreign exchange contracts	$	304	$	23	$	1,458	$	48	$	879	$	66	$	906	$	109
Derivatives not designated as hedging instruments:(a)
Interest rate contracts		939		252		1,016		283		841		277		913		304
Foreign exchange contracts		1,345		81		2,968		81		3,095		230		1,707		158
Equity contracts		8		6		8		6		29		20		29		20

Credit contracts(b)		42		26		47		26		52		31		147		31

Total derivatives, gross	$	2,638	$	388	$	5,497	$	444	$	4,896	$	624	$	3,702	$	622
Counterparty netting(c)				(179)				(179)				(270)				(270)
Cash collateral(d)				(207)				(216)				(304)				(201)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	2			$	49			$	50			$	151

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)As of September 30, 2025 and December 31, 2024, included CDSs on super senior multi-sector CLO with a net notional amount of $38 million and $48 million (fair value liability of $25 million and $30 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.

(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.

(d)Represents cash collateral posted and received that is eligible for netting.

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $3.1 billion at September 30, 2025 and $3.2 billion at December 31, 2024. Fair value of liabilities related to bifurcated embedded derivatives was zero at both September 30, 2025 and December 31, 2024. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.

Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships

The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):


	Gains/(Losses) Recognized in Income for:
(in millions)	Hedging Derivatives(a)		Excluded Components(b)		Hedged Items		Net Impact
Three Months Ended September 30, 2025



Foreign exchange contracts:
Net realized gains/(losses)	$	(25)	$	(4)	$	25	$	(4)
Three Months Ended September 30, 2024



Foreign exchange contracts:
Net realized gains/(losses)	$	53	$	6	$	(53)	$	6
Nine Months Ended September 30, 2025



Foreign exchange contracts:
Net realized gains/(losses)	$	(52)	$	(23)	$	52	$	(23)
Nine Months Ended September 30, 2024



Foreign exchange contracts:
Net realized gains/(losses)	$	(62)	$	(21)	$	62	$	(21)

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.

Derivatives Not Designated as Hedging Instruments

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):


	Gains (Losses) Recognized in Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
By Derivative Type:
Interest rate contracts	$	—	$	(1)	$	(5)	$	(3)
Foreign exchange contracts	(8)		3		(152)		(62)


Credit contracts	—		3		—		3

Embedded derivatives	(54)		(157)		(109)		(158)
Total	$	(62)	$	(152)	$	(266)	$	(220)
By Classification:

Net investment income - Fortitude Re funds withheld assets	$	—	$	—	$	(1)	$	—
Net realized gains (losses) - excluding Fortitude Re funds withheld assets	(10)		7		(136)		(62)
Net realized losses on Fortitude Re funds withheld assets*	(52)		(159)		(129)		(158)
Total	$	(62)	$	(152)	$	(266)	$	(220)

*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

Fair Value Measurements - Gross Components of Purchases, Sales, Issuances and Settlements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Assets:
Purchases	$ 524,000,000	$ 386,000,000	$ 1,106,000,000	$ 483,000,000
Sales	(32,000,000)	(624,000,000)	(132,000,000)	(631,000,000)
Issuances and Settlements	(205,000,000)	(104,000,000)	(549,000,000)	(634,000,000)
Purchases, Sales, Issuances and Settlements, Net	287,000,000	(342,000,000)	425,000,000	(782,000,000)
Liabilities:
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	28,000,000	(1,000,000)	(84,000,000)	345,000,000
Purchases, Sales, Issuances and Settlements, Net	28,000,000	(1,000,000)	(84,000,000)	345,000,000
Issuances, assets	0	0
Issuances, liabilities			0	0
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period	0	0	11,000,000	(27,000,000)
Transfers out Level 3 at end of reporting period, net gains (losses) included in realized and unrealized gains and losses related to Level 3 for the period	0	0	6,000,000	1,000,000
Derivative liabilities, net
Liabilities:
Purchases		0		0
Sales		0		0
Issuances and Settlements		2,000,000		376,000,000
Purchases, Sales, Issuances and Settlements, Net		2,000,000		376,000,000
Fortitude Re funds withheld payable
Liabilities:
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	28,000,000	(3,000,000)	(84,000,000)	(10,000,000)
Purchases, Sales, Issuances and Settlements, Net	28,000,000	(3,000,000)	(84,000,000)	(10,000,000)
Other Liabilities
Liabilities:
Purchases				0
Sales				0
Issuances and Settlements				(21,000,000)
Purchases, Sales, Issuances and Settlements, Net	0	0	0	(21,000,000)
Bonds available for sale
Assets:
Purchases	483,000,000	367,000,000	1,028,000,000	449,000,000
Sales	(16,000,000)	(624,000,000)	(99,000,000)	(630,000,000)
Issuances and Settlements	(203,000,000)	(88,000,000)	(510,000,000)	(457,000,000)
Purchases, Sales, Issuances and Settlements, Net	264,000,000	(345,000,000)	419,000,000	(638,000,000)
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Assets:
Purchases				1,000,000
Sales				0
Issuances and Settlements				0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	1,000,000
Bonds available for sale \| Non-U.S. governments
Assets:
Purchases			0	4,000,000
Sales			0	0
Issuances and Settlements			(1,000,000)	(4,000,000)
Purchases, Sales, Issuances and Settlements, Net			(1,000,000)	0
Bonds available for sale \| Corporate debt
Assets:
Purchases	0	10,000,000	5,000,000	21,000,000
Sales	(2,000,000)	(4,000,000)	(8,000,000)	(7,000,000)
Issuances and Settlements	(2,000,000)	(2,000,000)	(152,000,000)	(70,000,000)
Purchases, Sales, Issuances and Settlements, Net	(4,000,000)	4,000,000	(155,000,000)	(56,000,000)
Bonds available for sale \| RMBS
Assets:
Purchases	46,000,000	87,000,000	54,000,000	87,000,000
Sales	0	(45,000,000)	(3,000,000)	(46,000,000)
Issuances and Settlements	(51,000,000)	(65,000,000)	(152,000,000)	(214,000,000)
Purchases, Sales, Issuances and Settlements, Net	(5,000,000)	(23,000,000)	(101,000,000)	(173,000,000)
Bonds available for sale \| CMBS
Assets:
Purchases	0	0	0	0
Sales	0	(12,000,000)	(4,000,000)	(12,000,000)
Issuances and Settlements	(4,000,000)	0	(5,000,000)	(18,000,000)
Purchases, Sales, Issuances and Settlements, Net	(4,000,000)	(12,000,000)	(9,000,000)	(30,000,000)
Bonds available for sale \| CLO/ABS
Assets:
Purchases	437,000,000	270,000,000	969,000,000	336,000,000
Sales	(14,000,000)	(563,000,000)	(84,000,000)	(565,000,000)
Issuances and Settlements	(146,000,000)	(21,000,000)	(200,000,000)	(151,000,000)
Purchases, Sales, Issuances and Settlements, Net	277,000,000	(314,000,000)	685,000,000	(380,000,000)
Other bond securities
Assets:
Purchases	14,000,000	0	15,000,000	14,000,000
Sales	0	0	0	(1,000,000)
Issuances and Settlements	(1,000,000)	(3,000,000)	(8,000,000)	(11,000,000)
Purchases, Sales, Issuances and Settlements, Net	13,000,000	(3,000,000)	7,000,000	2,000,000
Other bond securities \| Corporate debt
Assets:
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Other bond securities \| RMBS
Assets:
Purchases	3,000,000	0	3,000,000	3,000,000
Sales	0	0	0	(1,000,000)
Issuances and Settlements	0	(2,000,000)	(2,000,000)	(4,000,000)
Purchases, Sales, Issuances and Settlements, Net	3,000,000	(2,000,000)	1,000,000	(2,000,000)
Other bond securities \| CLO/ABS
Assets:
Purchases	11,000,000	0	12,000,000	11,000,000
Sales	0	0	0	0
Issuances and Settlements	(1,000,000)	(1,000,000)	(6,000,000)	(7,000,000)
Purchases, Sales, Issuances and Settlements, Net	10,000,000	(1,000,000)	6,000,000	4,000,000
Equity securities
Assets:
Purchases	21,000,000	2,000,000	56,000,000	2,000,000
Sales	(16,000,000)	0	(33,000,000)	0
Issuances and Settlements	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5,000,000	2,000,000	23,000,000	2,000,000
Other invested assets
Assets:
Purchases	6,000,000	17,000,000	7,000,000	18,000,000
Sales	0	0	0	0
Issuances and Settlements	(1,000,000)	(12,000,000)	(31,000,000)	(52,000,000)
Purchases, Sales, Issuances and Settlements, Net	5,000,000	5,000,000	(24,000,000)	(34,000,000)
Other assets
Assets:
Purchases		0		0
Sales		0		0
Issuances and Settlements		(1,000,000)		(114,000,000)
Purchases, Sales, Issuances and Settlements, Net	$ 0	$ (1,000,000)	$ 0	$ (114,000,000)

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events STRATEGIC INVESTMENTS On October 30, 2025, AIG announced strategic investments in Convex Group Limited (Convex), a global specialty insurer, and Onex Corporation (Onex), a global asset manager. AIG will acquire a 35 percent equity interest in Convex for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex, for approximately $646 million, with the intent to invest up to $2.0 billion over three years in Onex’s investment funds. Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions. AIG will also participate directly in Convex’s underwriting portfolio through a whole account quota share structure from January 1, 2026. RENEWAL RIGHTS ACQUISITION On October 27, 2025, AIG announced definitive agreements with Everest Group, Ltd. (Everest) to acquire the renewal rights of Everest’s global retail commercial insurance portfolios for an aggregate purchase price of $301 million. AIG will also pay Everest $30 million for originating and structuring the transaction and to reimburse Everest for certain expenses. The purchase price is subject to adjustment such that the final purchase price will be equal to 15 percent of the actual premiums written for the period beginning January 1, 2025 to and including December 31, 2025, including premiums on renewed policies between November 1, 2025 and December 31, 2025 (aggregate premiums). If the gross written premium paid and payable are less than 80 percent of the aggregate premiums, Everest will reimburse a portion of the aggregate purchase price depending on the relative percentage of such aggregate premiums, which amount shall not exceed $70 million. AIG has also agreed to pay Everest affiliates a total of $10 million per month for nine months for specified transition services.

Insurance Liabilities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
Insurance Liabilities - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Jan. 20, 2017 USD ($)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Contractual deductible recoverable amount	$ 13,400		$ 13,400		$ 12,100
Collateral held for deductible recoverable amounts	9,100		9,100		8,600
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14		14		14
Unfavorable (favorable) prior year loss reserve development	(161)	$ 187	(169)	$ 79
Net loss reserve discount	1,175		$ 1,175		1,175
Tabular discount rate (as a percent)			45.00%
Workers compensation tabular discount amount	134		$ 134		107
Workers compensation non tabular discount amount	1,000		1,000		$ 1,100
Net loss reserve discount benefit (charge)	2	(29)	$ (27)	(131)
New York
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Nontabular discount rate (as a percent)			5.00%
NICO
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Amortization of deferred gain on retroactive reinsurance	$ 40	$ 209	$ 150	$ 230
U.S. Run-Off Long Tail Insurance Lines \| NICO \| Accident Years 2015 and Prior
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Risk Transferred - U.S. Commercial long-tail exposures for accident years 2015 and prior (as a percent)						80.00%
Ceded to NICO percent of paid losses (as a percent)						80.00%
Ceded to NICO net paid losses in excess						$ 25,000
Ceded to NICO net paid losses in excess, aggregate limit						25,000
NICO's limit of liability under the contract						20,000
Consideration paid, including interest						$ 10,200
Long-Duration Insurance
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Ceded percentage	1		1		1
Ceded reserves	$ 781		$ 781		$ 691
Other reserves	$ 634		$ 634		$ 621

Fair Value Measurements - Changes in Level 3 Recurring Fair Value Measurements, Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Derivative liabilities, net
Fair Value Beginning of Year	$ (31)	$ 100	$ (31)	$ 100	$ (104)	$ (28)	$ (94)	$ (479)
Net Realized and Unrealized (Gains) Losses Included in Income	45	158	81	197
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	28	(1)	(84)	345
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	37	0	37
Fair Value End of Period	(31)	100	(31)	100
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(30)	(151)	(64)	(99)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income	Other comprehensive income	Other comprehensive income	Other comprehensive income
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)	Realized Investment Gains (Losses)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 3,733	$ 4,104	$ 3,733	$ 4,104	3,457	3,481	4,281	4,151
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	(12)	23	8
Other Comprehensive Income (Loss)	7	162	72	196
Purchases, Sales, Issuances and Settlements, Net	287	(342)	425	(782)
Gross Transfers In	9	0	108	552
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	(26)	0	(376)	(67)
Other	0	15	0	46
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	3	5	10	(7)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	17	100	51	56
Equity securities
Derivative liabilities, net
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	61	13	61	13	46	15	13	14
Net Realized and Unrealized Gains (Losses) Included in Income	2	1	6	1
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	2	23	2
Gross Transfers In	8	0	17	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0	0	(1)
Other	0	(3)	0	(3)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	2	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other invested assets
Derivative liabilities, net
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	93	158	93	158	93	163	145	221
Net Realized and Unrealized Gains (Losses) Included in Income	(5)	(3)	(5)	(16)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	5	5	(24)	(34)
Gross Transfers In	0	0	1	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0	0	(63)	(13)
Other	0	11	21	0
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(1)	0	(2)	(12)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Derivative liabilities, net
Derivative liabilities, net
Fair Value Beginning of Period		(39)		(453)
Net Realized and Unrealized (Gains) Losses Included in Income		1		41
Other Comprehensive (Income) Loss		0		0
Purchases, Sales, Issuances and Settlements, Net		2		376
Gross Transfers In		0		0
Gross Transfers Out		0		0
Other		37		37
Fair Value End of Period		1		1
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		2		7
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period		0		0
Net Realized and Unrealized (Gains) Losses Included in Income		1		41
Fortitude Re funds withheld payable
Derivative liabilities, net
Fair Value Beginning of Year	(103)	0	(103)	0	(185)	(128)	(154)	(148)
Net Realized and Unrealized (Gains) Losses Included in Income	54	157	109	158
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	28	(3)	(84)	(10)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	(103)	0	(103)	0
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(30)	(153)	(64)	(106)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other Liabilities
Derivative liabilities, net
Fair Value Beginning of Year	72	99	72	99	$ 81	$ 100	$ 99	$ 122
Net Realized and Unrealized (Gains) Losses Included in Income	(9)	0	(28)	(2)
Other Comprehensive (Income) Loss	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	(21)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	72	99	72	99
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0

Derivatives and Hedge Accounting - Fair Value Hedging Relationships (Details) - Derivatives designated as hedging instruments - Fair value hedging - Foreign exchange contracts - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	$ (25)	$ 53	$ (52)	$ (62)
Gains/(losses) recognized in earnings for excluded components	(4)	6	(23)	(21)
Gains/(losses) recognized in earnings for hedged items	25	(53)	52	62
Net Impact	$ (4)	$ 6	$ (23)	$ (21)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The following table presents AIG’s continuing operations by segment:


Three Months Ended September 30, 2025
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	2,435	$	2,198	$	1,303	$	221	$	44	$	246	$	384
International Commercial	2,115		2,188		1,167		285		96		310		330
Global Personal	1,680		1,654		909		345		97		224		79
Total General Insurance	$	6,230	$	6,040	$	3,379	$	851	$	237	$	780	$	793	$	945	$	1,738
Interest expense															—		(100)
Other Operations															77		(18)
Elimination and consolidations															2		2
Total															1,024		1,622
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															(288)		(288)


Net investment income on Fortitude Re funds withheld assets															29		29
Net realized losses on Fortitude Re funds withheld assets															—		(5)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(54)
Net realized gains (losses)(c)															(2)		(433)


(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		9
Net loss reserve discount benefit (charge)															—		2
Net results of businesses in run-off(d)															9		1
Non-operating pension expenses															—		(6)
Integration and transaction costs associated with acquiring or divesting businesses															—		(7)
Restructuring and other costs(e)															—		(153)
Non-recurring costs related to regulatory or accounting changes															—		(3)
Total AIG Consolidated															$	772	$	714


Three Months Ended September 30, 2024
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	2,445	$	2,123	$	1,532	$	206	$	64	$	225	$	96
International Commercial	2,052		2,039		1,092		259		96		272		320
Global Personal	1,883		1,785		987		398		132		247		21
Total General Insurance	$	6,380	$	5,947	$	3,611	$	863	$	292	$	744	$	437	$	773	$	1,210
Interest expense															—		(110)
Other Operations															120		(28)
Elimination and consolidations															(1)		3
Total															892		1,075
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															25		25


Net investment income on Fortitude Re funds withheld assets															51		51
Net realized losses on Fortitude Re funds withheld assets															—		(18)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(157)
Net realized gains (losses)(c)															—		7
Net loss on divestitures and other															—		(8)

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(126)
Net loss reserve discount benefit (charge)															—		(29)
Net results of businesses in run-off(d)															5		(8)

Integration and transaction costs associated with acquiring or divesting businesses															—		(22)
Restructuring and other costs(e)															—		(137)
Non-recurring costs related to regulatory or accounting changes															—		(4)
Total AIG Consolidated															$	973	$	649


Nine Months Ended September 30, 2025
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	6,472	$	6,455	$	4,169	$	654	$	137	$	681	$	814
International Commercial	6,467		6,363		3,515		799		274		905		870
Global Personal	4,697		4,869		2,889		1,069		259		674		(22)
Total General Insurance	$	17,636	$	17,687	$	10,573	$	2,522	$	670	$	2,260	$	1,662	$	2,552	$	4,214
Interest expense															—		(292)
Other Operations															273		—
Elimination and consolidations															(1)		—
Total															2,824		3,922
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															393		393

Gain (loss) on extinguishment of debt															—		5
Net investment income on Fortitude Re funds withheld assets															108		108
Net realized losses on Fortitude Re funds withheld assets															—		(59)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(109)
Net realized gains (losses)(c)															(4)		(690)
Net gain on divestitures and other															—		53
Non-operating litigation reserves and settlements															—		13
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(53)
Net loss reserve discount charge															—		(27)
Net results of businesses in run-off(d)															22		8
Non-operating pension expenses															—		(16)
Integration and transaction costs associated with acquiring or divesting businesses															—		(13)
Restructuring and other costs(e)															—		(307)
Non-recurring costs related to regulatory or accounting changes															—		(10)

Total AIG Consolidated															$	3,343	$	3,218


Nine Months Ended September 30, 2024
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	6,228	$	6,046	$	4,109	$	615	$	164	$	635	$	523
International Commercial	6,275		6,081		3,381		753		266		801		880
Global Personal	5,322		5,355		2,982		1,164		395		754		60
Total General Insurance	$	17,825	$	17,482	$	10,472	$	2,532	$	825	$	2,190	$	1,463	$	2,281	$	3,744
Interest expense															—		(336)
Other Operations															332		(164)
Elimination and consolidations															(1)		(3)
Total															2,612		3,241
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															172		172
Other income (expense) - net															16		—
Gain (loss) on extinguishment of debt															—		(1)
Net investment income on Fortitude Re funds withheld assets															123		123
Net realized losses on Fortitude Re funds withheld assets															—		(38)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(158)
Net realized gains (losses)(c)															6		(234)
Net gain on divestitures and other															—		94

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(66)
Net loss reserve discount charge															—		(131)
Net results of businesses in run-off(d)															13		4

Integration and transaction costs associated with acquiring or divesting businesses															—		(37)
Restructuring and other costs(e)															—		(630)
Non-recurring costs related to regulatory or accounting changes															—		(15)

Total AIG Consolidated															$	2,942	$	2,324

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

(c)Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

(d)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.

(e)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.

Investments - Schedule of Changes in Unrealized Appreciation (Depreciation) of Available for Sale Securities and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Net gains (losses) recognized during the period on equity securities and other investments	$ (182)	$ 102	$ 586	$ 378
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(63)	8	(29)	75
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	(119)	94	615	303
Corebridge Financial Inc
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	(348)	(35)	316	30
Continuing Operations, Excluding Held-For-Sale
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	543	1,597	1,370	1,441
Fixed maturity securities \| Continuing Operations, Excluding Held-For-Sale
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	543	1,616	1,370	1,499
Other investments \| Continuing Operations, Excluding Held-For-Sale
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	0	(19)	0	(58)
Equities
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Net gains (losses) recognized during the period on equity securities and other investments	62	60	85	144
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	2	8	3	51
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	60	52	82	93
Other invested assets
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Net gains (losses) recognized during the period on equity securities and other investments	(244)	42	501	234
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	(65)	0	(32)	24
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$ (179)	$ 42	$ 533	$ 210

Equity - Rollforward of Common Stock Outstanding (Details)	9 Months Ended
	Sep. 30, 2025 shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, beginning of year (in shares)	1,906,671,492
Treasury stock, beginning of year (in shares)	(1,300,512,040)
Shares outstanding, beginning of year (in shares)	606,100,000
Shares issued (in shares)	4,200,000
Shares repurchased (in shares)	(65,800,000)
Shares issued, end of period (in shares)	1,906,671,492
Treasury stock, end of period (in shares)	(1,362,180,100)
Shares outstanding, end of period (in shares)	544,500,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued, beginning of year (in shares)	1,906,700,000
Shares issued (in shares)	0
Shares repurchased (in shares)	0
Shares issued, end of period (in shares)	1,906,700,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, beginning of year (in shares)	(1,300,600,000)
Shares issued (in shares)	4,200,000
Shares repurchased (in shares)	(65,800,000)
Treasury stock, end of period (in shares)	(1,362,200,000)

Insurance Liabilities - Net Loss Reserve Discount Benefit (Charge) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Loss Reserve Discount Benefit (Charge) [Line Items]
Current accident year	$ 36	$ 20	$ 92	$ 86
Accretion and other adjustments to prior year discount	(34)	(49)	(119)	(217)
Net reserve discount benefit (charge)	2	(29)	(27)	(131)
Change in discount on loss reserves ceded under retroactive reinsurance	7	22	27	100
Net change in total reserve discount	9	(7)	0	(31)
United Kingdom
Net Loss Reserve Discount Benefit (Charge) [Line Items]
Net change in total reserve discount	$ (35)	$ 1	$ (18)	$ 1

Equity - Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Comprehensive Income (Loss) Reclassification Adjustments
Other comprehensive income	$ 502	$ 1,847	$ 2,054	$ 7,484
AOCI Including Portion Attributable to Noncontrolling Interest
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	416	1,967	1,420	217
Less: Reclassification adjustments included in net income	(111)	(92)	(539)	(7,591)
Total other comprehensive income (loss), before of income tax expense (benefit)	527	2,059	1,959	7,808
Less: Income tax expense (benefit)	25	212	(95)	324
Other comprehensive income	502	1,847	2,054	7,484
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	45	(3)	98
Less: Reclassification adjustments included in net income	0	0	0	(42)
Total other comprehensive income (loss), before of income tax expense (benefit)	0	45	(3)	140
Less: Income tax expense (benefit)	0	8	(1)	20
Other comprehensive income	0	37	(2)	120
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	461	1,514	875	(1,129)
Less: Reclassification adjustments included in net income	(102)	(84)	(515)	(8,867)
Total other comprehensive income (loss), before of income tax expense (benefit)	563	1,598	1,390	7,738
Less: Income tax expense (benefit)	16	249	(74)	92
Other comprehensive income	547	1,349	1,464	7,646
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	0	0	130
Less: Reclassification adjustments included in net income	0	0	0	(330)
Total other comprehensive income (loss), before of income tax expense (benefit)	0	0	0	460
Less: Income tax expense (benefit)	0	0	0	28
Other comprehensive income	0	0	0	432
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	7	(12)	16	947
Less: Reclassification adjustments included in net income	0	0	0	1,583
Total other comprehensive income (loss), before of income tax expense (benefit)	7	(12)	16	(636)
Less: Income tax expense (benefit)	2	(58)	4	166
Other comprehensive income	5	46	12	(802)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(52)	427	537	173
Less: Reclassification adjustments included in net income	0	0	0	88
Total other comprehensive income (loss), before of income tax expense (benefit)	(52)	427	537	85
Less: Income tax expense (benefit)	4	13	(30)	14
Other comprehensive income	(56)	414	567	71
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	(7)	(5)	(2)
Less: Reclassification adjustments included in net income	(9)	(8)	(24)	(23)
Total other comprehensive income (loss), before of income tax expense (benefit)	9	1	19	21
Less: Income tax expense (benefit)	3	0	6	4
Other comprehensive income	$ 6	$ 1	$ 13	$ 17

Lending Activities (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Composition of Mortgages and Other Loans Receivable

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	September 30, 2025		December 31, 2024
Commercial mortgages(a)	$	2,869	$	3,305
Life insurance policy loans	5		6
Commercial loans, other loans and notes receivable(b)	544		721
Total mortgage and other loans receivable(c)	3,418		4,032
Allowance for credit losses(c)(d)	(104)		(164)
Mortgage and other loans receivable, net(c)	$	3,314	$	3,868

(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2025 and December 31, 2024.

Schedule of Credit Quality

The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:


September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
>1.2X	$	14	$	48	$	192	$	189	$	546	$	1,470	$	2,459
1.00 - 1.20X		—		—		27		26		44		147		244
<1.00X		—		—		5		—		25		136		166
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869


December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
>1.2X	$	120	$	484	$	185	$	563	$	79	$	1,482	$	2,913
1.00 - 1.20X		26		10		15		17		—		49		117
<1.00X		—		—		—		32		—		243		275
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:


September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
Less than 65%	$	14	$	48	$	187	$	174	$	488	$	1,163	$	2,074
65% to 75%		—		—		32		—		64		345		441
76% to 80%		—		—		—		—		—		38		38
Greater than 80%		—		—		5		41		63		207		316
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869

December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
Less than 65%	$	107	$	433	$	177	$	485	$	71	$	1,012	$	2,285
65% to 75%		—		40		—		54		—		317		411
76% to 80%		—		—		—		31		—		51		82
Greater than 80%		39		21		23		42		8		394		527
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

The following table presents supplementary credit quality information related to commercial mortgages:


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
September 30, 2025
Past Due Status:
In good standing	158	$	908	$	1,004	$	330	$	208	$	203	$	126	$	2,779	97	%
90 days or less delinquent	—		—		—		—		—		—		—		—	—
>90 days delinquent or in process of foreclosure	4		—		29		61		—		—		—		90	3
Total*	162	$	908	$	1,033	$	391	$	208	$	203	$	126	$	2,869	100	%
Allowance for credit losses		$	1	$	59	$	33	$	1	$	10	$	—	$	104	4	%


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2024
Past Due Status:
In good standing	186	$	1,087	$	971	$	370	$	301	$	258	$	119	$	3,106	94	%
90 days or less delinquent	1		—		25		—		—		—		—		25	1
>90 days delinquent or in process of foreclosure	3		—		112		62		—		—		—		174	5
Total*	190	$	1,087	$	1,108	$	432	$	301	$	258	$	119	$	3,305	100	%
Allowance for credit losses		$	5	$	99	$	34	$	11	$	13	$	1	$	163	5	%

*Does not reflect allowance for credit losses.

Rollforward of the Changes in the Allowance for Credit Losses

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):


Three Months Ended September 30,	2025						2024
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	106	$	—	$	106		$	162	$	1	$	163
Loans charged off	(8)		—		(8)			—		—		—

Net charge-offs	(8)		—		(8)			—		—		—
Addition to (release of) allowance for loan losses	6		—		6			3		1		4


Allowance, end of period	$	104	$	—	$	104		$	165	$	2	$	167


Nine Months Ended September 30,	2025						2024
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	163	$	1	$	164		$	138	$	2	$	140
Loans charged off	(60)		—		(60)			—		—		—

Net charge-offs	(60)		—		(60)			—		—		—
Addition to (release of) allowance for loan losses	1		(1)		—			27		—		27


Allowance, end of period	$	104	$	—	$	104		$	165	$	2	$	167

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Contingencies, Commitments and Guarantees	9 Months Ended
Contingencies, Commitments and Guarantees	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	13. Contingencies, Commitments and Guarantees In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries. Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period. LEGAL CONTINGENCIES In the normal course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG Parent, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operation. Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage. OTHER COMMITMENTS In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $2.0 billion and $1.8 billion at September 30, 2025 and December 31, 2024, respectively. GUARANTEES Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc. Due to the deconsolidation of AIGFP and its subsidiaries, as of September 30, 2025, a $72 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities. We continue to guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt. Business and Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Other •For additional information on commitments and guarantees associated with VIEs, see Note 10. •For additional information on derivatives, see Note 11.

Insurance Liabilities - Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of period	$ 69,754	$ 69,783	$ 69,168	$ 70,393
Reinsurance recoverable	(27,866)	(29,849)	(29,026)	(30,289)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	41,888	39,934	40,142	40,104
Losses and loss adjustment expenses incurred:
Current year	3,572	3,749	10,904	10,660
Prior years, excluding discount and amortization of deferred gain	(161)	187	(169)	79
Prior years, discount charge (benefit)	34	49	119	217
Prior years, amortization of deferred gain on retroactive reinsurance	(54)	(212)	(176)	(277)
Total losses and loss adjustment expenses incurred	3,391	3,773	10,678	10,679
Losses and loss adjustment expenses paid:
Current year	(1,262)	(1,169)	(2,714)	(2,310)
Prior years	(2,371)	(2,285)	(7,901)	(7,739)
Total losses and loss adjustment expenses paid	(3,633)	(3,454)	(10,615)	(10,049)
Other changes:
Foreign exchange effect	(102)	891	1,277	237
Losses and loss adjustment expenses recognized within gain on divestitures	13	0	60	0
Retroactive reinsurance adjustment (net of discount)	77	(107)	92	71
Dispositions	0	(5)	0	(5)
Reclassified to held for sale, net of reinsurance recoverables	0	5	0	0
Total other changes	(12)	784	1,429	303
Net liability for unpaid losses and loss adjustment expenses	41,634	41,037	41,634	41,037
Reinsurance recoverable	28,248	30,029	28,248	30,029
Total	69,882	71,066	69,882	71,066
Change in discount on loss reserves ceded under retroactive reinsurance	7	22	27	100
National Indemnity Company
Losses and loss adjustment expenses incurred:
Prior years, amortization of deferred gain on retroactive reinsurance	$ 14	$ 3	$ 26	$ 47

Subsequent Events (Details) - Subsequent event - USD ($) $ in Millions	Oct. 30, 2025	Oct. 27, 2025
Everest Group, Ltd. Renewal Rights
Subsequent Event [Line Items]
Consideration transferred for renewal rights		$ 301
Payments for reimbursable expenses for Everest		$ 30
Purchase price adjustment, percent of actual premiums written (as a percent)		15.00%
Reimbursable purchase price, percent of gross written premiums paid and payable less than aggregate premiums (as a percent)		80.00%
Reimbursable purchase price, maximum amount		$ 70
Transition services expense, per month amount		$ 10
Term of transition services payments		9 months
Forecast \| Convex Group Limited
Subsequent Event [Line Items]
Equity ownership (as a percent)	35.00%
Consideration for equity method ownership	$ 2,100
Forecast \| Onex Corporation
Subsequent Event [Line Items]
Equity ownership (as a percent)	9.90%
Consideration for equity method ownership	$ 646
Investment intent, amount	$ 2,000
Equity method investment period	3 years

Insurance Liabilities - Discounting of Reserves (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Discounting of Reserves [Line Items]
U.S. workers' compensation	$ 2,084	$ 2,111
Retroactive reinsurance	(909)	(936)
Total reserve discount	1,175	1,175
Fortitude RE
Discounting of Reserves [Line Items]
Total reserve discount	$ 725	$ 627
Discount ceded on sale (as a percent)	100.00%	100.00%
United Kingdom
Discounting of Reserves [Line Items]
Total reserve discount	$ 166	$ 184

Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share (EPS)

15. Earnings Per Common Share (EPS)

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.

The following table presents the computation of basic and diluted EPS:



	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)	2025		2024			2025		2024
Numerator for EPS:
Income from continuing operations	$	524	$	481		$	2,366	$	1,753
Less: Net income attributable to noncontrolling interests	5		—			5		—
Less: Preferred stock dividends and preferred stock redemption premiums	—		—			—		22
Income attributable to AIG common shareholders from continuing operations	519		481			2,361		1,731

Loss from discontinued operations, net of income tax expense	—		(24)			—		(3,580)
Less: Net income (loss) attributable to noncontrolling interests	—		(2)			—		475
Loss from discontinued operations, net of noncontrolling interest	—		(22)			—		(4,055)
Net income (loss) attributable to AIG common shareholders	$	519	$	459		$	2,361	$	(2,324)
Denominator for EPS:
Weighted average common shares outstanding - basic	553,308,504		641,621,768			573,176,050		661,691,554
Dilutive common shares	5,211,326		5,743,674			5,245,177		5,663,515
Weighted average common shares outstanding - diluted(a)	558,519,830		647,365,442			578,421,227		667,355,069
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	0.94	$	0.75		$	4.12	$	2.62
Loss from discontinued operations	$	—	$	(0.03)		$	—	$	(6.13)
Income (loss) attributable to AIG common shareholders	$	0.94	$	0.72		$	4.12	$	(3.51)
Diluted:
Income from continuing operations	$	0.93	$	0.74		$	4.08	$	2.59
Loss from discontinued operations	$	—	$	(0.03)		$	—	$	(6.07)
Income (loss) attributable to AIG common shareholders	$	0.93	$	0.71		$	4.08	$	(3.48)

For information regarding our repurchases of AIG Common Stock, see Note 14.

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total AIG Share- holders' Equity	Preferred Stock and Additional Paid-in Capital	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non- redeemable Non- controlling Interests
Balance, beginning of period at Dec. 31, 2023	$ 51,301	$ 45,351	$ 485	$ 4,766	$ (59,189)	$ 75,810	$ 37,516	$ (14,037)	$ 5,950
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	8	8			322	(314)
Redemption of preferred stock	(485)	(485)	(485)
Purchase of common stock	(4,877)	(4,877)			(4,877)
Net income (loss) attributable to AIG or noncontrolling interests	(1,827)	(2,302)					(2,302)		475
Dividends on preferred stock and preferred stock redemption premiums	(22)	(22)					(22)
Dividends on common stock	(758)	(758)					(758)
Other comprehensive income	7,484	7,778						7,778	(294)
Net increase (decrease) due to divestitures and acquisitions	(5,891)	119				(418)		537	(6,010)
Contributions from noncontrolling interests	28								28
Distributions to noncontrolling interests	(72)								(72)
Other	184	227				232	(5)		(43)
Balance, end of period at Sep. 30, 2024	45,073	45,039		4,766	(63,744)	75,310	34,429	(5,722)	34
Balance, beginning of period at Jun. 30, 2024	44,475	44,445		4,766	(62,255)	75,274	34,225	(7,565)	30
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	25	25			29	(4)
Purchase of common stock	(1,518)	(1,518)			(1,518)
Net income (loss) attributable to AIG or noncontrolling interests	457	459					459		(2)
Dividends on common stock	(254)	(254)					(254)
Other comprehensive income	1,847	1,843						1,843	4
Net increase (decrease) due to divestitures and acquisitions	(6)								(6)
Other	47	39				40	(1)		8
Balance, end of period at Sep. 30, 2024	45,073	45,039		4,766	(63,744)	75,310	34,429	(5,722)	34
Balance, beginning of period at Dec. 31, 2024	42,550	42,521	0	4,766	(65,573)	75,348	35,079	(7,099)	29
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	34	34			208	(174)
Purchase of common stock	(5,302)	(5,302)			(5,302)
Net income (loss) attributable to AIG or noncontrolling interests	2,366	2,361					2,361		5
Dividends on common stock	(734)	(734)					(734)
Other comprehensive income	2,054	2,053						2,053	1
Distributions to noncontrolling interests	(5)								(5)
Other	154	152				160	(8)		2
Balance, end of period at Sep. 30, 2025	41,117	41,085	0	4,766	(70,667)	75,334	36,698	(5,046)	32
Balance, beginning of period at Jun. 30, 2025	41,529	41,501		4,766	(69,430)	75,289	36,424	(5,548)	28
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	8	8			9	(1)
Purchase of common stock	(1,246)	(1,246)			(1,246)
Net income (loss) attributable to AIG or noncontrolling interests	524	519					519		5
Dividends on common stock	(246)	(246)					(246)
Other comprehensive income	502	502						502
Other	46	47				46	1		(1)
Balance, end of period at Sep. 30, 2025	$ 41,117	$ 41,085	$ 0	$ 4,766	$ (70,667)	$ 75,334	$ 36,698	$ (5,046)	$ 32

Lending Activities - Credit Quality Performance Indicators for Commercial Mortgages (Details) $ in Millions	Sep. 30, 2025 USD ($) loan	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($) loan	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit losses	$ 37,740		$ 37,800
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	162		190
Total	$ 2,869		$ 3,305
Allowance for credit losses	$ 104	$ 106	$ 163	$ 165	$ 162	$ 138
Percent of Total	100.00%		100.00%
Percentage of total, allowance for credit losses	4.00%		5.00%
Commercial mortgage loans \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	158		186
Total	$ 2,779		$ 3,106
Percent of Total	97.00%		94.00%
Commercial mortgage loans \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	0		1
Total	$ 0		$ 25
Percent of Total	0.00%		1.00%
Commercial mortgage loans \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	4		3
Total	$ 90		$ 174
Percent of Total	3.00%		5.00%
Commercial mortgage loans \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 908		$ 1,087
Allowance for credit losses	1		5
Commercial mortgage loans \| Apartments \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	908		1,087
Commercial mortgage loans \| Apartments \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Apartments \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Offices
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,033		1,108
Allowance for credit losses	59		99
Commercial mortgage loans \| Offices \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	1,004		971
Commercial mortgage loans \| Offices \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		25
Commercial mortgage loans \| Offices \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	29		112
Commercial mortgage loans \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	391		432
Allowance for credit losses	33		34
Commercial mortgage loans \| Retail \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	330		370
Commercial mortgage loans \| Retail \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Retail \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	61		62
Commercial mortgage loans \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	208		301
Allowance for credit losses	1		11
Commercial mortgage loans \| Industrial \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	208		301
Commercial mortgage loans \| Industrial \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Industrial \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Total	203		258
Allowance for credit losses	10		13
Commercial mortgage loans \| Hotel \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	203		258
Commercial mortgage loans \| Hotel \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Hotel \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Others
Financing Receivable, Credit Quality Indicator [Line Items]
Total	126		119
Allowance for credit losses	0		1
Commercial mortgage loans \| Others \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	126		119
Commercial mortgage loans \| Others \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Others \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0		$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets:
Bonds available for sale, allowance for credit losses	$ 43	$ 38
Bonds available for sale, amortized cost	72,008	66,195
Mortgage and other loans receivable, allowance for credit losses	37,740	37,800
Other investments	8,361	9,828
Short-term investments	9,417	14,462
Premiums and other receivables, allowance for credit losses and disputes	128	127
Deposit accounting assets, allowance for credit loss	49	49
Other assets	4,602	4,735
Liabilities:
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14	14
Fortitude Re funds withheld payable, portion measured at fair value	$ (3,094)	$ (3,207)
AIG shareholders’ equity:
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock, shares authorized (in shares)	5,000,000,000	5,000,000,000
Common stock, shares issued (in shares)	1,906,671,492	1,906,671,492
Treasury stock, shares of common stock (in shares)	1,362,180,100	1,300,512,040
Excluding Fortitude
Assets:
Reinsurance asset, allowance for credit loss	$ 226	$ 220
Short-term investments
Assets:
Restricted cash	3	55
Other assets
Assets:
Restricted cash	2	15
Recurring Basis
Assets:
Other investments	6,469	7,384
Short-term investments	4,860	9,789
Other assets	131	179
Liabilities:
Fortitude Re funds withheld payable, portion measured at fair value	(103)	(128)
Other liabilities	$ 121	$ 251

Variable Interest Entities

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

10. Variable Interest Entities

We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

For unconsolidated VIEs we calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)		Total VIE Assets		On-Balance Sheet(c)		Off-Balance Sheet			Total
September 30, 2025
Real estate and investment entities(a)	$	388,959	$	3,348	$	1,723	(d)	$	5,071
Other(b)		4,663		185		243	(e)		428
Total	$	393,622	$	3,533	$	1,966		$	5,499
December 31, 2024
Real estate and investment entities(a)	$	367,661	$	2,723	$	839	(d)	$	3,562
Other(b)		4,639		255		754	(e)		1,009
Total	$	372,300	$	2,978	$	1,593		$	4,571

(a)Comprised primarily of hedge funds and private equity funds.

(b)At September 30, 2025 and December 31, 2024, excludes approximately $1,323 million and $1,925 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,284 million and $1,894 million, respectively. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.

(c)At September 30, 2025 and December 31, 2024, $3.5 billion and $2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(d)These amounts represent our unfunded commitments to invest in private equity funds.

(e)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

Earnings Per Common Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator for EPS:
Income from continuing operations	$ 524	$ 481	$ 2,366	$ 1,753
Less: Net income attributable to noncontrolling interests	5	0	5	0
Less: Preferred stock dividends and preferred stock redemption premiums	0	0	0	22
Income attributable to AIG common shareholders from continuing operations	519	481	2,361	1,731
Loss from discontinued operations, net of income tax expense	0	(24)	0	(3,580)
Less: Net income (loss) attributable to noncontrolling interests	0	(2)	0	475
Net loss from discontinued operations attributable to AIG	0	(22)	0	(4,055)
Net income (loss) attributable to AIG common shareholders	$ 519	$ 459	$ 2,361	$ (2,324)
Denominator for EPS:
Weighted average common shares outstanding - basic (in shares)	553,308,504	641,621,768	573,176,050	661,691,554
Dilutive common shares (in shares)	5,211,326	5,743,674	5,245,177	5,663,515
Weighted average common shares outstanding - diluted (in shares)	558,519,830	647,365,442	578,421,227	667,355,069
Basic:
Income from continuing operations (in dollars per share)	$ 0.94	$ 0.75	$ 4.12	$ 2.62
Loss from discontinued operations (in dollars per share)	0	(0.03)	0	(6.13)
Net income (loss) attributable to AIG common shareholders (in dollars per share)	0.94	0.72	4.12	(3.51)
Diluted:
Income from continuing operations (in dollars per share)	0.93	0.74	4.08	2.59
Loss from discontinued operations (in dollars per share)	0	(0.03)	0	(6.07)
Net income (loss) attributable to AIG common shareholders (in dollars per share)	$ 0.93	$ 0.71	$ 4.08	$ (3.48)
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares)	139,655	94,545	140,042	108,759

Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

SECURITIES AVAILABLE FOR SALE

The following table presents the amortized cost and fair value of our available for sale securities:


(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	3,837	$	—	$	34	$	(84)	$	3,787
Obligations of states, municipalities and political subdivisions		2,878		—		69		(58)		2,889
Non-U.S. governments		6,906		(1)		82		(374)		6,613
Corporate debt		37,496		(38)		613		(1,120)		36,951
Mortgage-backed, asset-backed and collateralized:
RMBS		10,302		(4)		293		(288)		10,303
CMBS		4,165		—		63		(38)		4,190
CLO/ABS		6,424		—		49		(22)		6,451
Total mortgage-backed, asset-backed and collateralized		20,891		(4)		405		(348)		20,944
Total bonds available for sale(b)	$	72,008	$	(43)	$	1,203	$	(1,984)	$	71,184
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities	$	3,346	$	—	$	20	$	(99)	$	3,267
Obligations of states, municipalities and political subdivisions		3,223		—		32		(112)		3,143
Non-U.S. governments		8,644		(1)		54		(590)		8,107
Corporate debt		33,031		(28)		581		(1,758)		31,826
Mortgage-backed, asset-backed and collateralized:
RMBS		8,820		(6)		209		(419)		8,604
CMBS		3,988		(3)		32		(91)		3,926
CLO/ABS		5,143		—		34		(44)		5,133
Total mortgage-backed, asset-backed and collateralized		17,951		(9)		275		(554)		17,663
Total bonds available for sale(b)	$	66,195	$	(38)	$	962	$	(3,113)	$	64,006

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	331	$	10	$	325	$	74	$	656	$	84
Obligations of states, municipalities and political subdivisions		248		8		543		50		791		58
Non-U.S. governments		1,262		28		1,311		344		2,573		372
Corporate debt		5,027		116		8,729		1,002		13,756		1,118
RMBS		781		19		2,090		258		2,871		277
CMBS		537		5		528		33		1,065		38
CLO/ABS		982		6		252		16		1,234		22
Total bonds available for sale	$	9,168	$	192	$	13,778	$	1,777	$	22,946	$	1,969


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities	$	1,718	$	21	$	358	$	78	$	2,076	$	99
Obligations of states, municipalities and political subdivisions		1,502		33		586		79		2,088		112
Non-U.S. governments		1,964		55		3,446		534		5,410		589
Corporate debt		10,347		234		10,907		1,515		21,254		1,749
RMBS		3,711		58		2,147		343		5,858		401
CMBS		1,052		18		992		71		2,044		89
CLO/ABS		1,368		9		315		35		1,683		44
Total bonds available for sale	$	21,662	$	428	$	18,751	$	2,655	$	40,413	$	3,083

At September 30, 2025, we held 7,530 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,415 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at September 30, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:


September 30, 2025	Total Fixed Maturity Securities Available for Sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value

Due in one year or less	$	4,952	$	4,936
Due after one year through five years	23,651		23,727
Due after five years through ten years	16,357		16,260
Due after ten years	6,118		5,317
Mortgage-backed, asset-backed and collateralized	20,887		20,944
Total	$	71,965	$	71,184

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
(in millions)		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	15	$	117	$	11	$	95	$	45	$	560	$	54	$	408

For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $2.5 billion and $9.9 billion, respectively, which resulted in net realized gains (losses) of $(102) million and $(515) million, respectively. Included within the net realized gains (losses) are $(6) million and $(62) million of net realized gains (losses) for the three and nine months ended September 30, 2025, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $1.9 billion and $6.9 billion, respectively, which resulted in net realized gains (losses) of $(84) million and $(354) million, respectively. Included within the net realized gains (losses) are $(18) million and $(34) million of net realized gains (losses) for the three and nine months ended September 30, 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE


(in millions)		September 30, 2025				December 31, 2024
		Fair Value	Percent of Total			Fair Value	Percent of Total
Fixed maturity securities:

Obligations of states, municipalities and political subdivisions	$	51	3	%	$	50	3	%
Non-U.S. governments		22	1			24	2
Corporate debt		258	16			282	19
Mortgage-backed, asset-backed and collateralized:
RMBS		99	6			100	7
CMBS		42	3			43	3
CLO/ABS and other collateralized securities		271	17			246	17
Total mortgage-backed, asset-backed and collateralized		412	26			389	27
Total fixed maturity securities		743	46			745	51
Equity securities		829	54			704	49
Total	$	1,572	100	%	$	1,449	100	%

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:


(in millions)	September 30, 2025		December 31, 2024
Alternative investments(a)	$	3,889	$	4,032
Retained investment in Corebridge using fair value option	2,651		3,810
All other investments(b)	1,821		1,986
Total	$	8,361	$	9,828

NET INVESTMENT INCOME

The following table presents the components of Net investment income:


Three Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	873	$	13	$	886	$	746	$	25	$	771
Other fixed maturity securities		—		11		11		4		16		20
Equity securities		62		—		62		60		—		60
Interest on mortgage and other loans		40		6		46		52		9		61
Alternative investments(a)		137		—		137		42		—		42
Other investments(b)		(331)		(1)		(332)		63		1		64
Total investment income		781		29		810		967		51		1,018
Investment expenses		38		—		38		45		—		45
Net investment income	$	743	$	29	$	772	$	922	$	51	$	973


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	2,539	$	51	$	2,590	$	2,234	$	67	$	2,301
Other fixed maturity securities		—		38		38		—		27		27
Equity securities		85		—		85		144		—		144
Interest on mortgage and other loans		130		20		150		185		26		211
Alternative investments(a)		228		—		228		129		(1)		128
Other investments(b)		368		(1)		367		262		4		266
Total investment income		3,350		108		3,458		2,954		123		3,077
Investment expenses		115		—		115		135		—		135
Net investment income	$	3,235	$	108	$	3,343	$	2,819	$	123	$	2,942

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):


Three Months Ended September 30,		2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(96)	$	(6)	$	(102)	$	(66)	$	(18)	$	(84)

Change in allowance for credit losses on fixed maturity securities		2		—		2		1		(1)		—
Change in allowance for credit losses on loans		(52)		1		(51)		(3)		(1)		(4)
Foreign exchange transactions		(10)		(1)		(11)		65		1		66
All other derivatives and hedge accounting		(11)		2		(9)		7		(2)		5
Sales of alternative investments		(2)		—		(2)		(18)		—		(18)
Other*		(262)		(1)		(263)		22		3		25
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(431)		(5)		(436)		8		(18)		(10)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(54)		(54)		—		(157)		(157)
Net realized gains (losses)	$	(431)	$	(59)	$	(490)	$	8	$	(175)	$	(167)


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(453)	$	(62)	$	(515)	$	(320)	$	(34)	$	(354)

Change in allowance for credit losses on fixed maturity securities		(5)		—		(5)		(18)		(1)		(19)
Change in allowance for credit losses on loans		(2)		10		8		(23)		—		(23)
Foreign exchange transactions		183		18		201		176		(2)		174
All other derivatives and hedge accounting		(137)		(20)		(157)		(62)		—		(62)
Sales of alternative investments		1		—		1		(4)		(1)		(5)
Other*		(270)		(5)		(275)		13		—		13
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(683)		(59)		(742)		(238)		(38)		(276)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(109)		(109)		—		(158)		(158)
Net realized losses	$	(683)	$	(168)	$	(851)	$	(238)	$	(196)	$	(434)

*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:


	Three Months Ended September 30,				Nine Months Ended September 30,

(in millions)		2025		2024		2025		2024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities*	$	543	$	1,616	$	1,370	$	1,499
Other investments		—		(19)		—		(58)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	543	$	1,597	$	1,370	$	1,441

*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.


Three Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	62	$	(244)	$	(182)	$	60	$	42	$	102
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	2		(65)		(63)		8		—		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	60	$	(179)	$	(119)	$	52	$	42	$	94


Nine Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains recognized during the period on equity securities and other investments	$	85	$	501	$	586	$	144	$	234	$	378
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	3		(32)		(29)		51		24		75
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date	$	82	$	533	$	615	$	93	$	210	$	303

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:


Three Months Ended September 30,		2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	10	$	35	$	45	$	6	$	27	$	33
Additions:
Securities for which allowance for credit losses was not previously recorded		1		1		2		2		—		2




Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		4		3		4		(6)		(2)
Write-offs charged against the allowance		(5)		—		(5)		—		—		—
Other		(1)		(1)		(2)		—		7		7
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40


Nine Months Ended September 30,	2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of year	$	10	$	28	$	38	$	13	$	21	$	34
Additions:
Securities for which allowance for credit losses was not previously recorded		1		21		22		3		9		12


Reductions:
Securities sold during the period		—		(6)		(6)		—		—		—
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		6		5		(4)		11		7
Write-offs charged against the allowance		(5)		(9)		(14)		—		(22)		(22)
Other		(1)		(1)		(2)		—		9		9
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40

Purchased Credit Deteriorated Securities

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

•Current delinquency rates;

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Expected prepayment speeds.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

We did not purchase securities with more than insignificant credit deterioration since their origination during the nine months ended September 30, 2025 and 2024.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:


(in millions)		September 30, 2025		December 31, 2024
Securities collateral pledged to us	$	2,883	$	2,853

At September 30, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $2.9 billion and $2.8 billion, respectively.

All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.8 billion and $7.8 billion at September 30, 2025 and December 31, 2024, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at September 30, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.7 billion at September 30, 2025 and $1.6 billion at December 31, 2024.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $74 million and $73 million, comprised of bonds available for sale and short-term investments at September 30, 2025 and December 31, 2024, respectively.

Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $43 in 2025 and $38 in 2024 (amortized cost: 2025 - $72,008; 2024 - $66,195)	$ 71,184	$ 64,006
Other bond securities, at fair value	743	745
Equity securities, at fair value	829	704
Mortgage and other loans receivable, net of allowance for credit losses of $37,740 in 2025 and $37,800 in 2024	3,314	3,868
Other invested assets (portion measured at fair value: 2025 - $6,469; 2024 - $7,384)	8,361	9,828
Short-term investments, including restricted cash of $3 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $4,860; 2024 - $9,789)	9,417	14,462
Total investments	93,848	93,613
Cash	1,589	1,302
Accrued investment income	670	599
Premiums and other receivables, net of allowance for credit losses and disputes of $128 in 2025 and $127 in 2024	11,264	10,463
Deferred income tax assets	4,567	4,956
Deferred policy acquisition costs	2,135	2,065
Goodwill	3,439	3,373
Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024	2,531	2,171
Other assets, including restricted cash of $2 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $131; 2024 - $179)	4,602	4,735
Total assets	163,415	161,322
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024	69,882	69,168
Unearned premiums	19,563	17,232
Future policy benefits	1,420	1,317
Other policyholder funds	381	418
Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(103); 2024 - $(128))	3,094	3,207
Premiums and other related payables	6,209	6,052
Deposit accounting liabilities	3,332	3,005
Commissions and premium taxes payable	1,490	1,522
Current and deferred income tax liabilities	572	426
Other liabilities (portion measured at fair value: 2025 - $121; 2024 - $251)	7,112	7,503
Total liabilities	122,298	118,772
Contingencies, commitments and guarantees (See Note 13)
AIG shareholders’ equity:
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492	4,766	4,766
Treasury stock, at cost; 2025 - 1,362,180,100 shares; 2024 - 1,300,512,040 shares of common stock	(70,667)	(65,573)
Additional paid-in capital	75,334	75,348
Retained earnings	36,698	35,079
Accumulated other comprehensive loss	(5,046)	(7,099)
Total AIG shareholders’ equity	41,085	42,521
Non-redeemable noncontrolling interests	32	29
Total equity	41,117	42,550
Total liabilities and equity	163,415	161,322
Consolidated Entities, Excluding Consolidated Investments
Liabilities:
Long-term debt	9,087	8,764
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary
Liabilities:
Long-term debt	156	158
Fortitude RE
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes	3,170	3,427
Excluding Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes	$ 35,600	$ 34,618

Reinsurance - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Ceded reserves	$ 3.2
Reinsurance recoverables	$ 41.6	$ 40.5
Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverable (as a percent)	81.00%	83.00%
Non-Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverable (as a percent)	15.00%	15.00%
Non-Investment Grade \| Captive Insurers
Effects of Reinsurance [Line Items]
Reinsurance recoverable (as a percent)	86.00%	81.00%
Not Rated
Effects of Reinsurance [Line Items]
Reinsurance recoverable (as a percent)	4.00%	2.00%

- Definition

Amount before valuation allowance recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, premium paid, policy benefits and policy reserves.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477363/944-310-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477409/944-310-45-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-12

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479838/944-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 310
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477409/944-310-45-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

+ Details

Fair Value Measurements - Net Realized and Unrealized Gains and Losses Included in Income Related to Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	$ (1)	$ (12)	$ 23	$ 8
Net realized gains (losses), liabilities	45	158	81	197
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		1		41
Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	54	157	109	158
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	(9)	0	(28)	(2)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	1	(16)	15	16
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	1	6	7	7
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	2	1	6	1
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(5)	(3)	(5)	(16)
Net Investment Income \| Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		0		0
Net Investment Income \| Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0	0	0	0
Net Investment Income \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	0		0	0
Net Investment Income \| Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	8	25	21	65
Net Investment Income \| Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	1	6	7	7
Net Investment Income \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	2	1	6	1
Net Investment Income \| Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(5)	(3)	(5)	(16)
Net Realized Gains (Losses) \| Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities		1		41
Net Realized Gains (Losses) \| Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	54	157	109	158
Net Realized Gains (Losses) \| Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), liabilities	(9)		(28)	(2)
Net Realized Gains (Losses) \| Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	(7)	(41)	(6)	(49)
Net Realized Gains (Losses) \| Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Net Realized Gains (Losses) \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	0	0	0	0
Net Realized Gains (Losses) \| Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains (losses), assets	$ 0	$ 0	$ 0	$ 0

Investments - Amortized Cost or Cost and Fair Value of Available for Sale Securities (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 72,008	$ 66,195
Allowance for Credit Losses	(43)	(38)	$ (45)	$ (40)	$ (33)	$ (34)
Gross Unrealized Gains	1,203	962
Gross Unrealized Losses	(1,984)	(3,113)
Bonds available for sale	71,184	64,006
Non-Investment Grade
Debt Securities, Available-for-sale [Line Items]
Bonds available for sale	$ 5,800	$ 3,600
Non-Investment Grade \| Credit Concentration Risk \| Bonds available for sale
Debt Securities, Available-for-sale [Line Items]
Concentration risk (as a percent)	8.00%	6.00%
U.S. government and government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 3,837	$ 3,346
Allowance for Credit Losses	0	0
Gross Unrealized Gains	34	20
Gross Unrealized Losses	(84)	(99)
Bonds available for sale	3,787	3,267
Obligations of states, municipalities and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,878	3,223
Allowance for Credit Losses	0	0
Gross Unrealized Gains	69	32
Gross Unrealized Losses	(58)	(112)
Bonds available for sale	2,889	3,143
Non-U.S. governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,906	8,644
Allowance for Credit Losses	(1)	(1)
Gross Unrealized Gains	82	54
Gross Unrealized Losses	(374)	(590)
Bonds available for sale	6,613	8,107
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,496	33,031
Allowance for Credit Losses	(38)	(28)
Gross Unrealized Gains	613	581
Gross Unrealized Losses	(1,120)	(1,758)
Bonds available for sale	36,951	31,826
Mortgage-backed, asset-backed and collateralized
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,891	17,951
Allowance for Credit Losses	(4)	(9)
Gross Unrealized Gains	405	275
Gross Unrealized Losses	(348)	(554)
Bonds available for sale	20,944	17,663
RMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,302	8,820
Allowance for Credit Losses	(4)	(6)
Gross Unrealized Gains	293	209
Gross Unrealized Losses	(288)	(419)
Bonds available for sale	10,303	8,604
CMBS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,165	3,988
Allowance for Credit Losses	0	(3)
Gross Unrealized Gains	63	32
Gross Unrealized Losses	(38)	(91)
Bonds available for sale	4,190	3,926
CLO/ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,424	5,143
Allowance for Credit Losses	0	0
Gross Unrealized Gains	49	34
Gross Unrealized Losses	(22)	(44)
Bonds available for sale	$ 6,451	$ 5,133

Derivatives and Hedge Accounting - Notional Amounts and Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Gross Derivative Assets
Notional Amount	$ 2,638	$ 4,896
Fair Value	388	624
Counterparty netting	(179)	(270)
Cash Collateral	(207)	(304)
Derivative assets	2	50
Gross Derivative Liabilities
Notional Amount	5,497	3,702
Fair Value	444	622
Counterparty netting	(179)	(270)
Cash Collateral	(216)	(201)
Total derivative liabilities on consolidated balance sheet	49	151
Bifurcated embedded derivatives assets, fair value	3,100	3,200
Bifurcated embedded derivative liabilities, fair value	0	0
Derivatives designated as hedging instruments \| Foreign exchange contracts
Gross Derivative Assets
Notional Amount	304	879
Fair Value	23	66
Gross Derivative Liabilities
Notional Amount	1,458	906
Fair Value	48	109
Derivatives not designated as hedging instruments \| Interest rate contracts
Gross Derivative Assets
Notional Amount	939	841
Fair Value	252	277
Gross Derivative Liabilities
Notional Amount	1,016	913
Fair Value	283	304
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Gross Derivative Assets
Notional Amount	1,345	3,095
Fair Value	81	230
Gross Derivative Liabilities
Notional Amount	2,968	1,707
Fair Value	81	158
Derivatives not designated as hedging instruments \| Equity contracts
Gross Derivative Assets
Notional Amount	8	29
Fair Value	6	20
Gross Derivative Liabilities
Notional Amount	8	29
Fair Value	6	20
Derivatives not designated as hedging instruments \| Credit contracts
Gross Derivative Assets
Notional Amount	42	52
Fair Value	26	31
Gross Derivative Liabilities
Notional Amount	47	147
Fair Value	26	31
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Gross Derivative Liabilities
Notional Amount	38	48
Fair Value	$ 25	$ 30

Discontinued Operations Presentation - Schedule of Income Statement Line Items of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Benefits, losses and expenses:
Loss from discontinued operations, net of income taxes	$ 0	$ (24)	$ 0	$ (3,580)
Less: Net income from discontinued operations attributable to noncontrolling interests	0	(2)	0	475
Net loss from discontinued operations attributable to AIG	0	(22)	0	(4,055)
Other investments	$ 8,361		$ 8,361		$ 9,828
Discontinued Operations
Benefits, losses and expenses:
Loss on disposition of operations, net of tax		(4,700)
Discontinued Operations \| Corebridge Financial Inc
Revenues:
Premiums		0		2,723
Policy fees		0		1,269
Net investment income		0		5,238
Net realized losses		0		(923)
Other income		0		372
Total revenues		0		8,679
Benefits, losses and expenses:
Policyholder benefits and losses incurred		0		3,618
Change in the fair value of market risk benefits, net		0		(350)
Interest credited to policyholder account balances		0		2,184
Amortization of deferred policy acquisition costs		0		465
General operating and other expenses		0		1,350
Interest expense		0		249
Net gain on divestitures and other		0		(191)
Total benefits, losses and expenses		0		7,325
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations		0		1,354
Income tax expense		0		226
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations		0		1,128
Loss on disposition of operations, net of tax		(24)		(4,708)
Loss from discontinued operations, net of income taxes		(24)		(3,580)
Less: Net income from discontinued operations attributable to noncontrolling interests		(2)		475
Net loss from discontinued operations attributable to AIG		$ (22)		$ (4,055)

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

3. Segment Information

In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation.

AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.

NORTH AMERICA COMMERCIAL

North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.

INTERNATIONAL COMMERCIAL

International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG’s Global Specialty business.

GLOBAL PERSONAL

Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

PRODUCTS

The segments consist of the following products:

–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.

–Global Personal consists of Global Accident & Health and Personal Lines.

OTHER OPERATIONS

Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.

SEGMENT RESULTS

Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

The following table presents AIG’s continuing operations by segment:


Three Months Ended September 30, 2025
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	2,435	$	2,198	$	1,303	$	221	$	44	$	246	$	384
International Commercial	2,115		2,188		1,167		285		96		310		330
Global Personal	1,680		1,654		909		345		97		224		79
Total General Insurance	$	6,230	$	6,040	$	3,379	$	851	$	237	$	780	$	793	$	945	$	1,738
Interest expense															—		(100)
Other Operations															77		(18)
Elimination and consolidations															2		2
Total															1,024		1,622
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															(288)		(288)


Net investment income on Fortitude Re funds withheld assets															29		29
Net realized losses on Fortitude Re funds withheld assets															—		(5)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(54)
Net realized gains (losses)(c)															(2)		(433)


(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		9
Net loss reserve discount benefit (charge)															—		2
Net results of businesses in run-off(d)															9		1
Non-operating pension expenses															—		(6)
Integration and transaction costs associated with acquiring or divesting businesses															—		(7)
Restructuring and other costs(e)															—		(153)
Non-recurring costs related to regulatory or accounting changes															—		(3)
Total AIG Consolidated															$	772	$	714


Three Months Ended September 30, 2024
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	2,445	$	2,123	$	1,532	$	206	$	64	$	225	$	96
International Commercial	2,052		2,039		1,092		259		96		272		320
Global Personal	1,883		1,785		987		398		132		247		21
Total General Insurance	$	6,380	$	5,947	$	3,611	$	863	$	292	$	744	$	437	$	773	$	1,210
Interest expense															—		(110)
Other Operations															120		(28)
Elimination and consolidations															(1)		3
Total															892		1,075
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															25		25


Net investment income on Fortitude Re funds withheld assets															51		51
Net realized losses on Fortitude Re funds withheld assets															—		(18)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(157)
Net realized gains (losses)(c)															—		7
Net loss on divestitures and other															—		(8)

(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(126)
Net loss reserve discount benefit (charge)															—		(29)
Net results of businesses in run-off(d)															5		(8)

Integration and transaction costs associated with acquiring or divesting businesses															—		(22)
Restructuring and other costs(e)															—		(137)
Non-recurring costs related to regulatory or accounting changes															—		(4)
Total AIG Consolidated															$	973	$	649


Nine Months Ended September 30, 2025
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	6,472	$	6,455	$	4,169	$	654	$	137	$	681	$	814
International Commercial	6,467		6,363		3,515		799		274		905		870
Global Personal	4,697		4,869		2,889		1,069		259		674		(22)
Total General Insurance	$	17,636	$	17,687	$	10,573	$	2,522	$	670	$	2,260	$	1,662	$	2,552	$	4,214
Interest expense															—		(292)
Other Operations															273		—
Elimination and consolidations															(1)		—
Total															2,824		3,922
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															393		393

Gain (loss) on extinguishment of debt															—		5
Net investment income on Fortitude Re funds withheld assets															108		108
Net realized losses on Fortitude Re funds withheld assets															—		(59)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(109)
Net realized gains (losses)(c)															(4)		(690)
Net gain on divestitures and other															—		53
Non-operating litigation reserves and settlements															—		13
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(53)
Net loss reserve discount charge															—		(27)
Net results of businesses in run-off(d)															22		8
Non-operating pension expenses															—		(16)
Integration and transaction costs associated with acquiring or divesting businesses															—		(13)
Restructuring and other costs(e)															—		(307)
Non-recurring costs related to regulatory or accounting changes															—		(10)

Total AIG Consolidated															$	3,343	$	3,218


Nine Months Ended September 30, 2024
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Income (Loss) from Continuing Operations Before Income Tax Expense

North America Commercial	$	6,228	$	6,046	$	4,109	$	615	$	164	$	635	$	523
International Commercial	6,275		6,081		3,381		753		266		801		880
Global Personal	5,322		5,355		2,982		1,164		395		754		60
Total General Insurance	$	17,825	$	17,482	$	10,472	$	2,532	$	825	$	2,190	$	1,463	$	2,281	$	3,744
Interest expense															—		(336)
Other Operations															332		(164)
Elimination and consolidations															(1)		(3)
Total															2,612		3,241
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															172		172
Other income (expense) - net															16		—
Gain (loss) on extinguishment of debt															—		(1)
Net investment income on Fortitude Re funds withheld assets															123		123
Net realized losses on Fortitude Re funds withheld assets															—		(38)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(158)
Net realized gains (losses)(c)															6		(234)
Net gain on divestitures and other															—		94

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(66)
Net loss reserve discount charge															—		(131)
Net results of businesses in run-off(d)															13		4

Integration and transaction costs associated with acquiring or divesting businesses															—		(37)
Restructuring and other costs(e)															—		(630)
Non-recurring costs related to regulatory or accounting changes															—		(15)

Total AIG Consolidated															$	2,942	$	2,324

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

For the three and nine months ended September 30, 2024, we recorded severance charges of $66 million and $351 million, respectively, and asset impairment charges of $53 million for the nine months ended September 30, 2024, as a result of restructuring activities.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Cash flows from operating activities:

Net income (loss)

$ 2,366

$ (1,827)

Loss from discontinued operations

3,580

Noncash revenues, expenses, gains and losses included in income (loss):

Net losses on sales of securities available for sale and other assets

539

132

Net gain on divestitures and other

(53)

(94)

(Gain) loss on extinguishment of debt

(5)

Unrealized gains in earnings - net

(537)

(4)

Equity in income from equity method investments, net of dividends or distributions

(16)

(57)

Depreciation and other amortization

2,580

2,607

Impairments of assets

286

Changes in operating assets and liabilities:

Insurance reserves

540

1,864

Premiums and other receivables and payables - net

(932)

(539)

Reinsurance assets, net

(272)

(1,199)

Capitalization of deferred policy acquisition costs

(2,576)

(2,665)

Current and deferred income taxes - net

717

(5)

Other, net

1,434

Total adjustments

312

1,499

Net cash provided by operating activities - continuing operations

2,678

3,252

Net cash used in operating activities - discontinued operations

(104)

Net cash provided by operating activities

2,678

3,148

Sales or distributions of:

Available for sale securities

9,866

7,323

Other securities

128

192

Other invested assets

2,371

1,298

Divestitures, net

Maturities of fixed maturity securities available for sale

6,368

6,887

Principal payments received on and sales of mortgage and other loans receivable

880

483

Purchases of:

Available for sale securities

(19,887)

(13,254)

Other securities

(137)

(224)

Other invested assets

(656)

(364)

Mortgage and other loans receivable

(245)

(294)

Net change in short-term investments

5,150

1,324

Other, net

(579)

(187)

Net cash provided by investing activities - continuing operations

3,259

3,190

Net cash used in investing activities - discontinued operations

(4,171)

Net cash provided by (used in) investing activities

3,259

(981)

Proceeds from (payments for)

Issuance of long-term debt

1,241

Purchase of common stock

(5,252)

(4,830)

Redemption of preferred stock

(485)

Dividends on preferred stock and preferred stock redemption premiums

(22)

Dividends on common stock

(734)

(758)

Other, net

666

Net cash used in financing activities - continuing operations

(5,744)

(5,939)

Net cash provided by financing activities - discontinued operations

3,880

Net cash used in financing activities

(5,744)

(2,059)

Effect of exchange rate changes on cash and restricted cash

(37)

Net increase in cash and restricted cash

222

Cash and restricted cash at beginning of year

1,372

1,573

Cash and restricted cash of held for sale assets

(85)

Cash and restricted cash at end of period

1,594

1,559

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

1,589

1,472

Restricted cash included in Short-term investments

^[1]

Restricted cash included in Other assets

^[1]

Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows

1,594

1,559

Cash paid during the period for:

Interest

268

581

Taxes

135

811

Non-cash investing activities:

Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations

1,316

Fixed maturity securities and other invested assets received in connection with reinsurance transactions

254

Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions

(17)

(148)

Non-cash financing activities:

Interest credited to policyholder contract deposits included in financing activities

2,416

Fee income debited to policyholder contract deposits included in financing activities

(1,426)

Consolidated Entity, Excluding Consolidated VIE

Proceeds from (payments for)

Repayments of debt

(1,087)

(510)

Consolidated VIE

Proceeds from (payments for)

Repayments of debt

$ (2)

$ (1)

[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Maximum exposure to loss, On-Balance Sheet	$ 163,415	$ 161,322
Other investments	8,361	9,828
Unconsolidated VIE
Variable Interest Entity [Line Items]
Total VIE Assets	393,622	372,300
Maximum exposure to loss, On-Balance Sheet	3,533	2,978
Maximum exposure to loss, Off-Balance Sheet	1,966	1,593
Exposure to loss	5,499	4,571
Other investments	3,500	2,900
Unconsolidated VIE \| Related Party \| AIG Financial Products
Variable Interest Entity [Line Items]
Total VIE Assets	1,323	1,925
Maximum exposure to loss, Off-Balance Sheet	1,284	1,894
Unconsolidated VIE \| Real Estate and Investment Entities
Variable Interest Entity [Line Items]
Total VIE Assets	388,959	367,661
Maximum exposure to loss, On-Balance Sheet	3,348	2,723
Maximum exposure to loss, Off-Balance Sheet	1,723	839
Exposure to loss	5,071	3,562
Unconsolidated VIE \| Other Investment Companies
Variable Interest Entity [Line Items]
Total VIE Assets	4,663	4,639
Maximum exposure to loss, On-Balance Sheet	185	255
Maximum exposure to loss, Off-Balance Sheet	243	754
Exposure to loss	$ 428	$ 1,009

Insurance Liabilities

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Insurance Liabilities

12. Insurance Liabilities

LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)

Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $13.4 billion and $12.1 billion at September 30, 2025 and December 31, 2024, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At September 30, 2025 and December 31, 2024 we held collateral of approximately $9.1 billion and $8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both September 30, 2025 and December 31, 2024.

The following table presents the rollforward of activity in loss reserves:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	69,754	$	69,783	$	69,168	$	70,393
Reinsurance recoverable	(27,866)		(29,849)		(29,026)		(30,289)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	41,888		39,934		40,142		40,104
Losses and loss adjustment expenses incurred:
Current year	3,572		3,749		10,904		10,660
Prior years, excluding discount and amortization of deferred gain	(161)		187		(169)		79
Prior years, discount charge (benefit)	34		49		119		217
Prior years, amortization of deferred gain on retroactive reinsurance(a)	(54)		(212)		(176)		(277)
Total losses and loss adjustment expenses incurred	3,391		3,773		10,678		10,679
Losses and loss adjustment expenses paid:
Current year	(1,262)		(1,169)		(2,714)		(2,310)
Prior years	(2,371)		(2,285)		(7,901)		(7,739)
Total losses and loss adjustment expenses paid	(3,633)		(3,454)		(10,615)		(10,049)
Other changes:
Foreign exchange effect	(102)		891		1,277		237

Losses and loss adjustment expenses recognized within gain on divestitures	13		—		60		—
Retroactive reinsurance adjustment (net of discount)(b)	77		(107)		92		71
Dispositions	—		(5)		—		(5)
Reclassified to held for sale, net of reinsurance recoverables	—		5		—		—
Total other changes	(12)		784		1,429		303
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses	41,634		41,037		41,634		41,037
Reinsurance recoverable	28,248		30,029		28,248		30,029
Total	$	69,882	$	71,066	$	69,882	$	71,066

(a)Includes $14 million and $3 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended September 30, 2025 and 2024, respectively, and $26 million and $47 million for the nine months ended September 30, 2025 and 2024, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $7 million and $22 million for the three months ended September 30, 2025 and 2024 respectively, and $27 million and $100 million for the nine months ended September 30, 2025 and 2024, respectively.

On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.

Prior Year Development

During the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $161 million excluding discount and amortization of deferred gain. The development in this period was primarily driven by favorable development in Other Product Lines (North America and International) and U.S. Property and Special Risks, partially offset by adverse development in UK/Europe Casualty and Financial Lines. During the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $169 million excluding discount and amortization of deferred gain. The development in this period was largely driven by favorable development in Other Product Lines (North America and International), U.S. Workers’ Compensation, U.S. Other Casualty and U.S. Property and Special Risks, partially offset by adverse development on U.S. Excess Casualty and UK/Europe Casualty and Financial Lines.

During the three months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $187 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty and U.S. Property and Special Risks. During the nine months ended September 30, 2024, we recognized unfavorable prior year loss reserve development of $79 million excluding discount and amortization of deferred gain. The development in this period was largely driven by adverse development in U.S. Excess Casualty and UK/Europe Casualty and Financial Lines, offset by favorable development in Global Specialty, U.S. Property and Special Risks and on our loss sensitive U.S. Workers' Compensation business.

Discounting of Loss Reserves

At September 30, 2025 and December 31, 2024, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:

•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.

–For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.

–The Pennsylvania and Delaware regulators have historically approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.

•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our case reserves (45 percent).

The discount for asbestos reserves has been fully accreted.

At September 30, 2025 and December 31, 2024, the discount consists of $134 million and $107 million of tabular discount, respectively, and $1.0 billion and $1.1 billion of non-tabular discount for workers’ compensation, respectively. During the nine months ended September 30, 2025 and 2024, the benefit / (charge) from changes in discount of $(27) million and $(131) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).

The following table presents the components of the loss reserve discount discussed above:


(in millions)		September 30, 2025		December 31, 2024
U.S. workers' compensation	$	2,084	$	2,111
Retroactive reinsurance		(909)		(936)
Total reserve discount(a)(b)	$	1,175	$	1,175

(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.

(b)Includes gross discount of $725 million and $627 million, which was 100 percent ceded to Fortitude Re at September 30, 2025 and December 31, 2024, respectively.

The following table presents the net loss reserve discount benefit (charge):



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024
Current accident year	$	36	$	20	$	92	$	86
Accretion and other adjustments to prior year discount		(34)		(49)		(119)		(217)

Net reserve discount benefit (charge)		2		(29)		(27)		(131)
Change in discount on loss reserves ceded under retroactive reinsurance		7		22		27		100
Net change in total reserve discount*	$	9	$	(7)	$	—	$	(31)

*Excludes $(35) million and $1 million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2025 and 2024, respectively, and excludes $(18) million and $1 million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2025 and 2024, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

Amortization of the deferred gain on retroactive reinsurance includes $40 million and $209 million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2025 and 2024, respectively, and $150 million and $230 million for the nine months ended September 30, 2025 and 2024, respectively.

Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.

FUTURE POLICY BENEFITS

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $781 million and $691 million at September 30, 2025 and December 31, 2024, respectively, certain other long-duration contracts of $634 million and $621 million at September 30, 2025 and December 31, 2024, respectively, and Global Accident & Health contracts.

Discontinued Operations Presentation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		2 Months Ended	3 Months Ended
	Nov. 04, 2025	Sep. 30, 2025	Sep. 30, 2024	Jun. 09, 2024
Corebridge Financial Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership (as a percent)		15.50%
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss recognized on discontinued operation			$ 4,700
Accumulated comprehensive loss recognized on deconsolidation			$ 7,200
Corebridge Financial Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership (as a percent)				48.40%
Corebridge Financial Inc \| Secondary Offering
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares sold (in shares)		30.0
Corebridge Financial Inc \| Secondary Offering \| Scenario, Plan \| Subsequent event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares sold (in shares)	32.6
Per share purchase price (in dollars per share)	$ 31.10
Gross proceeds from sale of stock	$ 1,000
Corebridge Financial Inc \| Secondary Offering \| Scenario, Plan \| Subsequent event \| Corebridge Financial Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate purchase price for sale of stock	$ 500
Corebridge Financial Inc \| Secondary Offering, Including Over-Allotment Option
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares sold (in shares)		31.2
Per share purchase price (in dollars per share)		$ 33.65
Gross proceeds from sale of stock		$ 1,000

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets:
Bonds available for sale	$ 71,184	$ 64,006
Other bond securities	743	745
Equity securities	829	704
Derivative assets	388	624
Counterparty netting	(179)	(270)
Cash Collateral	$ (207)	$ (304)
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Derivative assets	$ 2	$ 50
Short-term investments	9,417	14,462
Liabilities:
Derivative liabilities	444	622
Counterparty netting	(179)	(270)
Cash Collateral	$ (216)	$ (201)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Derivative liabilities	$ 49	$ 151
Fortitude Re funds withheld payable	(3,094)	(3,207)
Fair Value Using NAV Per Share (or its equivalent)	3,889	4,032
Corebridge Financial Inc
Liabilities:
Corebridge retained investment	2,700	3,800
U.S. government and government sponsored entities
Assets:
Bonds available for sale	3,787	3,267
Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	2,889	3,143
Non-U.S. governments
Assets:
Bonds available for sale	6,613	8,107
Corporate debt
Assets:
Bonds available for sale	36,951	31,826
RMBS
Assets:
Bonds available for sale	10,303	8,604
CMBS
Assets:
Bonds available for sale	4,190	3,926
CLO/ABS
Assets:
Bonds available for sale	6,451	5,133
Level 3 \| Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	3	3
Level 3 \| Corporate debt
Assets:
Bonds available for sale	20	177
Level 3 \| RMBS
Assets:
Bonds available for sale	1,197	1,321
Level 3 \| CMBS
Assets:
Bonds available for sale	5	25
Fair Value Measured at Net Asset Value Per Share
Liabilities:
Fair Value Using NAV Per Share (or its equivalent)	3,500	3,300
Recurring Basis
Assets:
Counterparty netting	(179)	(270)
Cash Collateral	(207)	(304)
Derivative assets	2	50
Short-term investments	4,860	9,789
Liabilities:
Counterparty netting	(179)	(270)
Cash Collateral	(216)	(201)
Derivative liabilities	49	151
Fortitude Re funds withheld payable	(103)	(128)
Other liabilities	121	251
Recurring Basis \| Levels 1, 2 and 3
Assets:
Bonds available for sale	71,184	64,006
Other bond securities	743	745
Equity securities	829	704
Other invested assets	2,967	4,092
Short-term investments	4,860	9,789
Other assets	129	129
Total	80,714	79,515
Liabilities:
Fortitude Re funds withheld payable	(103)	(128)
Other liabilities	72	100
Total	18	123
Recurring Basis \| Levels 1, 2 and 3 \| U.S. government and government sponsored entities
Assets:
Bonds available for sale	3,787	3,267
Recurring Basis \| Levels 1, 2 and 3 \| Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	2,889	3,143
Other bond securities	51	50
Recurring Basis \| Levels 1, 2 and 3 \| Non-U.S. governments
Assets:
Bonds available for sale	6,613	8,107
Other bond securities	22	24
Recurring Basis \| Levels 1, 2 and 3 \| Corporate debt
Assets:
Bonds available for sale	36,951	31,826
Other bond securities	258	282
Recurring Basis \| Levels 1, 2 and 3 \| RMBS
Assets:
Bonds available for sale	10,303	8,604
Other bond securities	99	100
Recurring Basis \| Levels 1, 2 and 3 \| CMBS
Assets:
Bonds available for sale	4,190	3,926
Other bond securities	42	43
Recurring Basis \| Levels 1, 2 and 3 \| CLO/ABS
Assets:
Bonds available for sale	6,451	5,133
Other bond securities	271	246
Recurring Basis \| Level 1
Assets:
Bonds available for sale	229	197
Other bond securities	0	0
Equity securities	767	689
Other invested assets	2,651	3,810
Derivative assets	0	0
Short-term investments	3,433	7,942
Other assets	0	0
Total	7,080	12,638
Liabilities:
Derivative liabilities	0	0
Fortitude Re funds withheld payable	0	0
Other liabilities	0	0
Total	0	0
Recurring Basis \| Level 1 \| U.S. government and government sponsored entities
Assets:
Bonds available for sale	177	36
Recurring Basis \| Level 1 \| Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| Non-U.S. governments
Assets:
Bonds available for sale	52	161
Other bond securities	0	0
Recurring Basis \| Level 1 \| Corporate debt
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| RMBS
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| CMBS
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| CLO/ABS
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 2
Assets:
Bonds available for sale	67,691	60,799
Other bond securities	557	581
Equity securities	1	0
Other invested assets	223	119
Derivative assets	356	573
Short-term investments	1,427	1,847
Other assets	0	0
Total	70,255	63,919
Liabilities:
Derivative liabilities	412	571
Fortitude Re funds withheld payable	0	0
Other liabilities	0	0
Total	412	571
Recurring Basis \| Level 2 \| U.S. government and government sponsored entities
Assets:
Bonds available for sale	3,610	3,231
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	2,886	3,140
Other bond securities	51	50
Recurring Basis \| Level 2 \| Non-U.S. governments
Assets:
Bonds available for sale	6,554	7,939
Other bond securities	22	24
Recurring Basis \| Level 2 \| Corporate debt
Assets:
Bonds available for sale	36,831	31,586
Other bond securities	257	281
Recurring Basis \| Level 2 \| RMBS
Assets:
Bonds available for sale	8,677	6,710
Other bond securities	46	50
Recurring Basis \| Level 2 \| CMBS
Assets:
Bonds available for sale	4,168	3,900
Other bond securities	42	43
Recurring Basis \| Level 2 \| CLO/ABS
Assets:
Bonds available for sale	4,965	4,293
Other bond securities	139	133
Recurring Basis \| Level 3
Assets:
Bonds available for sale	3,264	3,010
Other bond securities	186	164
Equity securities	61	15
Other invested assets	93	163
Derivative assets	32	51
Short-term investments	0	0
Other assets	129	129
Total	3,765	3,532
Liabilities:
Derivative liabilities	32	51
Fortitude Re funds withheld payable	(103)	(128)
Other liabilities	72	100
Total	1	23
Recurring Basis \| Level 3 \| U.S. government and government sponsored entities
Assets:
Bonds available for sale	0	0
Recurring Basis \| Level 3 \| Obligations of states, municipalities and political subdivisions
Assets:
Bonds available for sale	3	3
Other bond securities	0	0
Recurring Basis \| Level 3 \| Non-U.S. governments
Assets:
Bonds available for sale	7	7
Other bond securities	0	0
Recurring Basis \| Level 3 \| Corporate debt
Assets:
Bonds available for sale	120	240
Other bond securities	1	1
Recurring Basis \| Level 3 \| RMBS
Assets:
Bonds available for sale	1,626	1,894
Other bond securities	53	50
Recurring Basis \| Level 3 \| CMBS
Assets:
Bonds available for sale	22	26
Other bond securities	0	0
Recurring Basis \| Level 3 \| CLO/ABS
Assets:
Bonds available for sale	1,486	840
Other bond securities	$ 132	$ 113

Reinsurance - Summary of the Composition of Pool of Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale	$ 71,184	$ 64,006
Fixed maturity securities - fair value option	743	745
Short-term investments	9,417	14,462
Other	4,602	4,735
Total assets	163,415	161,322
Carrying Value
Effects of Reinsurance [Line Items]
Short-term investments	4,557	4,673
Other	2	15
Commercial mortgage loans
Effects of Reinsurance [Line Items]
Loans, carrying value	2,869	3,305
Fortitude Holdings
Effects of Reinsurance [Line Items]
Change in net unrealized gains (losses), gross	58	(35)
Change in net unrealized gains (losses), net of tax	46	(28)
Derivative asset, Fair value of collateral	1	9
Derivative liability, Fair value of collateral	31	2
Fortitude Holdings \| Carrying Value
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale	1,787	1,918
Fixed maturity securities - fair value option	736	721
Short-term investments	19	15
Funds withheld investment assets	2,972	3,104
Derivative assets, net	0	1
Other	133	115
Total assets	3,105	3,220
Fortitude Holdings \| Estimated Fair Value
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale	1,787	1,918
Fixed maturity securities - fair value option	736	721
Short-term investments	19	15
Funds withheld investment assets	2,961	3,091
Derivative assets, net	0	1
Other, fair value	133	115
Total	3,094	3,207
Fortitude Holdings \| Commercial mortgage loans \| Carrying Value
Effects of Reinsurance [Line Items]
Loans, carrying value	430	450
Fortitude Holdings \| Commercial mortgage loans \| Estimated Fair Value
Effects of Reinsurance [Line Items]
Loans, fair value	$ 419	$ 437

Condensed Consolidated Statements of Equity (Parenthetical)	9 Months Ended
	Sep. 30, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends on preferred stock (in dollars per share)	$ 365.625

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	177	$	3,610	$	—	$	—	$	—	$	3,787
Obligations of states, municipalities and political subdivisions		—		2,886		3		—		—		2,889
Non-U.S. governments		52		6,554		7		—		—		6,613
Corporate debt		—		36,831		120		—		—		36,951
RMBS		—		8,677		1,626		—		—		10,303
CMBS		—		4,168		22		—		—		4,190
CLO/ABS		—		4,965		1,486		—		—		6,451
Total bonds available for sale		229		67,691		3,264		—		—		71,184
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		51		—		—		—		51
Non-U.S. governments		—		22		—		—		—		22
Corporate debt		—		257		1		—		—		258
RMBS		—		46		53		—		—		99
CMBS		—		42		—		—		—		42
CLO/ABS		—		139		132		—		—		271
Total other bond securities		—		557		186		—		—		743
Equity securities		767		1		61		—		—		829
Other invested assets(b)		2,651		223		93		—		—		2,967
Derivative assets(c)		—		356		32		(179)		(207)		2
Short-term investments		3,433		1,427		—		—		—		4,860
Other assets(c)		—		—		129		—		—		129
Total	$	7,080	$	70,255	$	3,765	$	(179)	$	(207)	$	80,714


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Liabilities:
Derivative liabilities(c)	$	—	$	412	$	32	$	(179)	$	(216)	$	49
Fortitude Re funds withheld payable		—		—		(103)		—		—		(103)
Other liabilities		—		—		72		—		—		72

Total	$	—	$	412	$	1	$	(179)	$	(216)	$	18


December 31, 2024		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	36	$	3,231	$	—	$	—	$	—	$	3,267
Obligations of states, municipalities and political subdivisions		—		3,140		3		—		—		3,143
Non-U.S. governments		161		7,939		7		—		—		8,107
Corporate debt		—		31,586		240		—		—		31,826
RMBS		—		6,710		1,894		—		—		8,604
CMBS		—		3,900		26		—		—		3,926
CLO/ABS		—		4,293		840		—		—		5,133
Total bonds available for sale		197		60,799		3,010		—		—		64,006
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		50		—		—		—		50
Non-U.S. governments		—		24		—		—		—		24
Corporate debt		—		281		1		—		—		282
RMBS		—		50		50		—		—		100
CMBS		—		43		—		—		—		43
CLO/ABS		—		133		113		—		—		246
Total other bond securities		—		581		164		—		—		745
Equity securities		689		—		15		—		—		704
Other invested assets (b)		3,810		119		163		—		—		4,092
Derivative assets(c)		—		573		51		(270)		(304)		50
Short-term investments		7,942		1,847		—		—		—		9,789
Other assets(c)		—		—		129		—		—		129
Total	$	12,638	$	63,919	$	3,532	$	(270)	$	(304)	$	79,515
Liabilities:
Derivative liabilities(c)	$	—	$	571	$	51	$	(270)	$	(201)	$	151
Fortitude Re funds withheld payable		—		—		(128)		—		—		(128)
Other liabilities		—		—		100		—		—		100

Total	$	—	$	571	$	23	$	(270)	$	(201)	$	123

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	6		—		—		—		1		—		—		7		—		—
Corporate debt	147		(2)		(15)		(4)		—		(6)		—		120		—		(13)
RMBS	1,633		7		8		(5)		—		(17)		—		1,626		—		15
CMBS	26		(5)		5		(4)		—		—		—		22		—		5
CLO/ABS	1,200		1		9		277		—		(1)		—		1,486		—		10
Total bonds available for sale	3,015		1		7		264		1		(24)		—		3,264		—		17
Other bond securities:

Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		—		—		3		—		—		—		53		—		—

CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(185)	$	54	$	—	$	28	$	—	$	—	$	—	$	(103)	$	(30)	$	—
Other Liabilities	81		(9)		—		—		—		—		—		72		—		—
Total	$	(104)	$	45	$	—	$	28	$	—	$	—	$	—	$	(31)	$	(30)	$	—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	359		(3)		18		4		—		—		7		385		—		14
RMBS	2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS	94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS	1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale	3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate debt	44		—		—		—		—		—		2		46		2		—
RMBS	49		3		—		(2)		—		—		5		55		—		—

CLO/ABS	145		3		—		(1)		—		—		—		147		3		—
Total other bond securities	238		6		—		(3)		—		—		7		248		5		—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities	13		1		—		2		—		—		(3)		13		—		—
Other invested assets	145		(3)		—		5		—		—		11		158		—		—
Other assets	130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:

Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—

CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—

Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—

Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:


Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:


RMBS	3		—		—		3

CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5

Total	$	524	$	(32)	$	(205)	$	287
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28

Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:

Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:


RMBS	3		—		(2)		1

CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)

Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)

Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Schedule of Liabilities Measured on a Recurring Basis


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	6		—		—		—		1		—		—		7		—		—
Corporate debt	147		(2)		(15)		(4)		—		(6)		—		120		—		(13)
RMBS	1,633		7		8		(5)		—		(17)		—		1,626		—		15
CMBS	26		(5)		5		(4)		—		—		—		22		—		5
CLO/ABS	1,200		1		9		277		—		(1)		—		1,486		—		10
Total bonds available for sale	3,015		1		7		264		1		(24)		—		3,264		—		17
Other bond securities:

Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		—		—		3		—		—		—		53		—		—

CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(185)	$	54	$	—	$	28	$	—	$	—	$	—	$	(103)	$	(30)	$	—
Other Liabilities	81		(9)		—		—		—		—		—		72		—		—
Total	$	(104)	$	45	$	—	$	28	$	—	$	—	$	—	$	(31)	$	(30)	$	—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	359		(3)		18		4		—		—		7		385		—		14
RMBS	2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS	94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS	1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale	3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate debt	44		—		—		—		—		—		2		46		2		—
RMBS	49		3		—		(2)		—		—		5		55		—		—

CLO/ABS	145		3		—		(1)		—		—		—		147		3		—
Total other bond securities	238		6		—		(3)		—		—		7		248		5		—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities	13		1		—		2		—		—		(3)		13		—		—
Other invested assets	145		(3)		—		5		—		—		11		158		—		—
Other assets	130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:

Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—

CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—

Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—

Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:


Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:


RMBS	3		—		—		3

CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5

Total	$	524	$	(32)	$	(205)	$	287
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28

Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:

Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:


RMBS	3		—		(2)		1

CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)

Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)

Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Three Months Ended September 30, 2025
Assets:
Bonds available for sale	$	8	$	(7)	$	1
Other bond securities	1		—		1
Equity securities	2		—		2
Other invested assets	(5)		—		(5)
Three Months Ended September 30, 2024
Assets:
Bonds available for sale	$	25	$	(41)	$	(16)
Other bond securities	6		—		6
Equity securities	1		—		1
Other invested assets	(3)		—		(3)

Nine Months Ended September 30, 2025
Assets:
Bonds available for sale	$	21	$	(6)	$	15
Other bond securities	7		—		7
Equity securities	6		—		6
Other invested assets	(5)		—		(5)


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale	$	65	$	(49)	$	16
Other bond securities	7		—		7
Equity securities	1		—		1
Other invested assets	(16)		—		(16)

(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total
Three Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	54	$	54
Other Liabilities	—		(9)		(9)
Three Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	1	$	1
Fortitude Re funds withheld payable	—		157		157


Nine Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	109	$	109
Other Liabilities	—		(28)		(28)
Nine Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	41	$	41
Fortitude Re funds withheld payable	—		158		158
Other Liabilities	—		(2)		(2)

Fair Value Measurement Inputs and Valuation Techniques

(in millions)

Fair Value at
September 30, 2025

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.25% - 5.58% (5.41%)

Corporate debt

Discounted cash flow

Yield

8.60% - 16.76% (13.63%)

RMBS(a)

1,197

Discounted cash flow

Constant prepayment rate

4.05% - 7.51% (5.78%)

Loss severity

39.50% - 79.31% (59.41%)

Constant default rate

0.54% - 1.96% (1.25%)

Yield

5.20% - 5.94% (5.57%)

CLO/ABS(a)

1,053

Discounted cash flow

Yield

2.39% - 9.54% (5.88%)

CMBS

Discounted cash flow

Yield

5.56% - 13.35% (8.78%)

(in millions)

Fair Value at
December 31, 2024

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.09% - 5.57% (5.33%)

Corporate debt

177

Discounted cash flow

Yield

6.83% - 11.61% (9.22%)

RMBS(a)

1,321

Discounted cash flow

Constant prepayment rate

4.10% - 9.26% (6.68%)

Loss severity

40.81% - 76.72% (58.76%)

Constant default rate

0.57% - 2.48% (1.52%)

Yield

5.89% - 6.98% (6.44%)

CLO/ABS(a)

760

Discounted cash flow

Yield

4.24% - 8.42% (6.33%)

CMBS

Discounted cash flow

Yield

7.04% - 10.12% (8.70%)

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

Schedule of Net Asset Value Per Share


			September 30, 2025				December 31, 2024
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	1,166	$	326	$	1,126	$	375
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		741		115		782		261
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		88		34		83		40
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		187		2		175		1
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		92		55		120		58
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,037		615		819		57
Total private equity funds			3,311		1,147		3,105		792
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		11		—		11		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		171		—		168		—

Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		9		—		8		—
Total hedge funds			191		—		187		—
Total		$	3,502	$	1,147	$	3,292	$	792

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024

Other bond securities(a)	$	10	$	20	$	37	$	27
Alternative investments(b)		98		76		185		184
Retained investment in Corebridge(c)		(348)		(35)		316		30


Total gain (loss)	$	(240)	$	61	$	538	$	241

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

Schedule of Fair Values of Financial Instruments not Measured at Fair Value


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2025
Assets:
Mortgage and other loans receivable	$	—	$	336	$	2,929	$	3,265	$	3,314
Other invested assets		—		494		7		501		501
Short-term investments		—		4,557		—		4,557		4,557
Cash		1,589		—		—		1,589		1,589
Other assets		2		—		—		2		2
Liabilities:
Fortitude Re funds withheld payable		—		—		3,197		3,197		3,197

Long-term debt		—		8,782		—		8,782		9,087
Debt of consolidated investment entities		—		—		156		156		156


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
December 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	339	$	3,413	$	3,752	$	3,868
Other invested assets		—		578		5		583		583
Short-term investments		—		4,673		—		4,673		4,673
Cash		1,302		—		—		1,302		1,302
Other assets		15		—		—		15		15
Liabilities:
Fortitude Re funds withheld payable		—		—		3,335		3,335		3,335

Long-term debt		—		7,981		240		8,221		8,764
Debt of consolidated investment entities		—		—		158		158		158

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Investments - Components of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Investment Income [Line Items]
Total investment income	$ 810	$ 1,018	$ 3,458	$ 3,077
Investment expenses	38	45	115	135
Net investment income	772	973	3,343	2,942
Change in fair value of equity method investment	(288)	25	393	172
Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	781	967	3,350	2,954
Investment expenses	38	45	115	135
Net investment income	743	922	3,235	2,819
Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	29	51	108	123
Investment expenses	0	0	0	0
Net investment income	29	51	108	123
Corebridge Financial Inc
Net Investment Income [Line Items]
Dividend income	20	65	78	133
Change in fair value of equity method investment	(348)	(35)	316	30
Available for sale fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	886	771	2,590	2,301
Available for sale fixed maturity securities, including short-term investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	873	746	2,539	2,234
Available for sale fixed maturity securities, including short-term investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	13	25	51	67
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	11	20	38	27
Other fixed maturity securities \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	4	0	0
Other fixed maturity securities \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	11	16	38	27
Equity securities
Net Investment Income [Line Items]
Total investment income	62	60	85	144
Equity securities \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	62	60	85	144
Equity securities \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	46	61	150	211
Interest on mortgage and other loans \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	40	52	130	185
Interest on mortgage and other loans \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	6	9	20	26
Alternative investments
Net Investment Income [Line Items]
Total investment income	137	42	228	128
Alternative investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	137	42	228	129
Alternative investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	0	0	(1)
Other investments
Net Investment Income [Line Items]
Total investment income	(332)	64	367	266
Other investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(331)	63	368	262
Other investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	$ (1)	$ 1	$ (1)	$ 4

Investments - Amortized Cost and Fair Value of Fixed Maturity Securities Available for Sale by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Amortized Cost, Net of Allowance
Due in one year or less	$ 4,952
Due after one year through five years	23,651
Due after five years through ten years	16,357
Due after ten years	6,118
Mortgage-backed, asset-backed and collateralized	20,887
Total	71,965
Fair Value
Due in one year or less	4,936
Due after one year through five years	23,727
Due after five years through ten years	16,260
Due after ten years	5,317
Mortgage-backed, asset-backed and collateralized	20,944
Total	$ 71,184	$ 64,006

Derivatives and Hedge Accounting

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

11. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate-sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:


	September 30, 2025								December 31, 2024
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as hedging instruments:(a)

Foreign exchange contracts	$	304	$	23	$	1,458	$	48	$	879	$	66	$	906	$	109
Derivatives not designated as hedging instruments:(a)
Interest rate contracts		939		252		1,016		283		841		277		913		304
Foreign exchange contracts		1,345		81		2,968		81		3,095		230		1,707		158
Equity contracts		8		6		8		6		29		20		29		20

Credit contracts(b)		42		26		47		26		52		31		147		31

Total derivatives, gross	$	2,638	$	388	$	5,497	$	444	$	4,896	$	624	$	3,702	$	622
Counterparty netting(c)				(179)				(179)				(270)				(270)
Cash collateral(d)				(207)				(216)				(304)				(201)
Total derivatives on Condensed Consolidated Balance Sheets(e)			$	2			$	49			$	50			$	151

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.

(d)Represents cash collateral posted and received that is eligible for netting.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.

Collateral posted by us to third parties for derivative transactions was $341 million and $601 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $260 million and $595 million at September 30, 2025 and December 31, 2024, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

HEDGE ACCOUNTING

We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three and nine months ended September 30, 2025, we recognized gains (losses) of $15 million and $(157) million, respectively, and for the three and nine months ended September 30, 2024, we recognized gains (losses) of $(41) million and $(7) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness.

The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):


	Gains/(Losses) Recognized in Income for:
(in millions)	Hedging Derivatives(a)		Excluded Components(b)		Hedged Items		Net Impact
Three Months Ended September 30, 2025



Foreign exchange contracts:
Net realized gains/(losses)	$	(25)	$	(4)	$	25	$	(4)
Three Months Ended September 30, 2024



Foreign exchange contracts:
Net realized gains/(losses)	$	53	$	6	$	(53)	$	6
Nine Months Ended September 30, 2025



Foreign exchange contracts:
Net realized gains/(losses)	$	(52)	$	(23)	$	52	$	(23)
Nine Months Ended September 30, 2024



Foreign exchange contracts:
Net realized gains/(losses)	$	(62)	$	(21)	$	62	$	(21)

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):


	Gains (Losses) Recognized in Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
By Derivative Type:
Interest rate contracts	$	—	$	(1)	$	(5)	$	(3)
Foreign exchange contracts	(8)		3		(152)		(62)


Credit contracts	—		3		—		3

Embedded derivatives	(54)		(157)		(109)		(158)
Total	$	(62)	$	(152)	$	(266)	$	(220)
By Classification:

Net investment income - Fortitude Re funds withheld assets	$	—	$	—	$	(1)	$	—
Net realized gains (losses) - excluding Fortitude Re funds withheld assets	(10)		7		(136)		(62)
Net realized losses on Fortitude Re funds withheld assets*	(52)		(159)		(129)		(158)
Total	$	(62)	$	(152)	$	(266)	$	(220)

*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

CREDIT RISK-RELATED CONTINGENT FEATURES

We estimate that at September 30, 2025, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $4 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $25 million and $30 million at September 30, 2025 and December 31, 2024, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2025 and December 31, 2024, was approximately $25 million and $30 million, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Investments - Available for Sale Securities in Continuous Unrealized Loss Position (Details) $ in Millions	Sep. 30, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Fair Value
Fair Value, Less than 12 Months	$ 9,168	$ 21,662
Fair Value, 12 Months or More	13,778	18,751
Fair Value, Total	22,946	40,413
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	192	428
Gross Unrealized Losses, 12 Months or More	1,777	2,655
Gross Unrealized Losses, Total	$ 1,969	$ 3,083
Number of securities in an unrealized loss position \| security	7,530	12,274
Number of individual securities in continuous unrealized loss position for longer than twelve months \| security	4,415	5,984
U.S. government and government sponsored entities
Fair Value
Fair Value, Less than 12 Months	$ 331	$ 1,718
Fair Value, 12 Months or More	325	358
Fair Value, Total	656	2,076
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	10	21
Gross Unrealized Losses, 12 Months or More	74	78
Gross Unrealized Losses, Total	84	99
Obligations of states, municipalities and political subdivisions
Fair Value
Fair Value, Less than 12 Months	248	1,502
Fair Value, 12 Months or More	543	586
Fair Value, Total	791	2,088
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	8	33
Gross Unrealized Losses, 12 Months or More	50	79
Gross Unrealized Losses, Total	58	112
Non-U.S. governments
Fair Value
Fair Value, Less than 12 Months	1,262	1,964
Fair Value, 12 Months or More	1,311	3,446
Fair Value, Total	2,573	5,410
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	28	55
Gross Unrealized Losses, 12 Months or More	344	534
Gross Unrealized Losses, Total	372	589
Corporate debt
Fair Value
Fair Value, Less than 12 Months	5,027	10,347
Fair Value, 12 Months or More	8,729	10,907
Fair Value, Total	13,756	21,254
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	116	234
Gross Unrealized Losses, 12 Months or More	1,002	1,515
Gross Unrealized Losses, Total	1,118	1,749
RMBS
Fair Value
Fair Value, Less than 12 Months	781	3,711
Fair Value, 12 Months or More	2,090	2,147
Fair Value, Total	2,871	5,858
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	19	58
Gross Unrealized Losses, 12 Months or More	258	343
Gross Unrealized Losses, Total	277	401
CMBS
Fair Value
Fair Value, Less than 12 Months	537	1,052
Fair Value, 12 Months or More	528	992
Fair Value, Total	1,065	2,044
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	5	18
Gross Unrealized Losses, 12 Months or More	33	71
Gross Unrealized Losses, Total	38	89
CLO/ABS
Fair Value
Fair Value, Less than 12 Months	982	1,368
Fair Value, 12 Months or More	252	315
Fair Value, Total	1,234	1,683
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	6	9
Gross Unrealized Losses, 12 Months or More	16	35
Gross Unrealized Losses, Total	$ 22	$ 44

Insurance Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

The following table presents the rollforward of activity in loss reserves:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	69,754	$	69,783	$	69,168	$	70,393
Reinsurance recoverable	(27,866)		(29,849)		(29,026)		(30,289)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	41,888		39,934		40,142		40,104
Losses and loss adjustment expenses incurred:
Current year	3,572		3,749		10,904		10,660
Prior years, excluding discount and amortization of deferred gain	(161)		187		(169)		79
Prior years, discount charge (benefit)	34		49		119		217
Prior years, amortization of deferred gain on retroactive reinsurance(a)	(54)		(212)		(176)		(277)
Total losses and loss adjustment expenses incurred	3,391		3,773		10,678		10,679
Losses and loss adjustment expenses paid:
Current year	(1,262)		(1,169)		(2,714)		(2,310)
Prior years	(2,371)		(2,285)		(7,901)		(7,739)
Total losses and loss adjustment expenses paid	(3,633)		(3,454)		(10,615)		(10,049)
Other changes:
Foreign exchange effect	(102)		891		1,277		237

Losses and loss adjustment expenses recognized within gain on divestitures	13		—		60		—
Retroactive reinsurance adjustment (net of discount)(b)	77		(107)		92		71
Dispositions	—		(5)		—		(5)
Reclassified to held for sale, net of reinsurance recoverables	—		5		—		—
Total other changes	(12)		784		1,429		303
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses	41,634		41,037		41,634		41,037
Reinsurance recoverable	28,248		30,029		28,248		30,029
Total	$	69,882	$	71,066	$	69,882	$	71,066

Schedule of Components of Loss Reserve Discount

The following table presents the components of the loss reserve discount discussed above:


(in millions)		September 30, 2025		December 31, 2024
U.S. workers' compensation	$	2,084	$	2,111
Retroactive reinsurance		(909)		(936)
Total reserve discount(a)(b)	$	1,175	$	1,175

(a)Excludes $166 million and $184 million of discount related to certain long-tail liabilities in the UK at September 30, 2025 and December 31, 2024, respectively.

(b)Includes gross discount of $725 million and $627 million, which was 100 percent ceded to Fortitude Re at September 30, 2025 and December 31, 2024, respectively.

Schedule of Loss Reserve Discount

The following table presents the net loss reserve discount benefit (charge):



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024
Current accident year	$	36	$	20	$	92	$	86
Accretion and other adjustments to prior year discount		(34)		(49)		(119)		(217)

Net reserve discount benefit (charge)		2		(29)		(27)		(131)
Change in discount on loss reserves ceded under retroactive reinsurance		7		22		27		100
Net change in total reserve discount*	$	9	$	(7)	$	—	$	(31)

Investments - Components of Net Realized Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Components of net realized capital gains (losses)
Sales of fixed maturity securities	$ (102)	$ (84)	$ (515)	$ (354)
Net realized gains (losses)	(490)	(167)	(851)	(434)
Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	(431)	8	(683)	(238)
Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	(59)	(175)	(168)	(196)
Excluding modified coinsurance and funds withheld embedded derivative
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(102)	(84)	(515)	(354)
Change in allowance for credit losses on fixed maturity securities	2	0	(5)	(19)
Foreign exchange transactions	(11)	66	201	174
All other derivatives and hedge accounting	(9)	5	(157)	(62)
Sales of alternative investments	(2)	(18)	1	(5)
Other	(263)	25	(275)	13
Net realized gains (losses)	(436)	(10)	(742)	(276)
Excluding modified coinsurance and funds withheld embedded derivative \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(51)	(4)	8	(23)
Excluding modified coinsurance and funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(96)	(66)	(453)	(320)
Change in allowance for credit losses on fixed maturity securities	2	1	(5)	(18)
Foreign exchange transactions	(10)	65	183	176
All other derivatives and hedge accounting	(11)	7	(137)	(62)
Sales of alternative investments	(2)	(18)	1	(4)
Other	(262)	22	(270)	13
Net realized gains (losses)	(431)	8	(683)	(238)
Excluding modified coinsurance and funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(52)	(3)	(2)	(23)
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(6)	(18)	(62)	(34)
Change in allowance for credit losses on fixed maturity securities	0	(1)	0	(1)
Foreign exchange transactions	(1)	1	18	(2)
All other derivatives and hedge accounting	2	(2)	(20)	0
Sales of alternative investments	0	0	0	(1)
Other	(1)	3	(5)	0
Net realized gains (losses)	(5)	(18)	(59)	(38)
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	1	(1)	10	0
Fortitude Re funds withheld embedded derivative
Components of net realized capital gains (losses)
Net realized gains (losses)	(54)	(157)	(109)	(158)
Fortitude Re funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	0	0	0	0
Fortitude Re funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	$ (54)	$ (157)	$ (109)	$ (158)

Lending Activities - Composition of Mortgages and Other Loans Receivable (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Jun. 30, 2025	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Composition of Mortgages and other loans receivable
Allowance for credit losses	$ (37,740)	$ (37,800)
Mortgage and other loans receivable, net	3,314	3,868
Commercial mortgages
Composition of Mortgages and other loans receivable
Total mortgage and other loans receivable	2,869	3,305
Allowance for credit losses	(104)	(163)	$ (106)	$ (165)	$ (162)	$ (138)
Off-balance-sheet commitments	0	8		5
Loans on nonaccrual status	151	252
Accrued interest receivable	$ 14	$ 15
Commercial mortgages \| Geographic Concentration Risk \| Interest on mortgage and other loans \| New York
Composition of Mortgages and other loans receivable
Percentage of mortgage loans in geographic area	13.00%	12.00%
Commercial mortgages \| Geographic Concentration Risk \| Interest on mortgage and other loans \| California
Composition of Mortgages and other loans receivable
Percentage of mortgage loans in geographic area	13.00%	14.00%
Life insurance policy loans
Composition of Mortgages and other loans receivable
Total mortgage and other loans receivable	$ 5	$ 6
Commercial loans, other loans and notes receivable
Composition of Mortgages and other loans receivable
Total mortgage and other loans receivable	544	721
Excluding AIGFP Operating
Composition of Mortgages and other loans receivable
Total mortgage and other loans receivable	3,418	4,032
Allowance for credit losses	(104)	(164)	$ (106)	(167)	$ (163)	$ (140)
Mortgage and other loans receivable, net	3,314	3,868
AIG Financial Products
Composition of Mortgages and other loans receivable
Total mortgage and other loans receivable	37,600	37,600		37,600
Allowance for credit losses	$ (37,600)	$ (37,600)		$ (37,600)

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)		Total VIE Assets		On-Balance Sheet(c)		Off-Balance Sheet			Total
September 30, 2025
Real estate and investment entities(a)	$	388,959	$	3,348	$	1,723	(d)	$	5,071
Other(b)		4,663		185		243	(e)		428
Total	$	393,622	$	3,533	$	1,966		$	5,499
December 31, 2024
Real estate and investment entities(a)	$	367,661	$	2,723	$	839	(d)	$	3,562
Other(b)		4,639		255		754	(e)		1,009
Total	$	372,300	$	2,978	$	1,593		$	4,571

(a)Comprised primarily of hedge funds and private equity funds.

(c)At September 30, 2025 and December 31, 2024, $3.5 billion and $2.9 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(d)These amounts represent our unfunded commitments to invest in private equity funds.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Lending Activities - Rollforward of the Changes in the Allowance for Credit Losses on Mortgage and Other Loans Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year			$ 37,800
Allowance, end of period	$ 37,740		37,740
Commercial mortgage loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	106	$ 162	163	$ 138
Loans charged off	(8)	0	(60)	0
Net charge-offs	(8)	0	(60)	0
Addition to (release of) allowance for loan losses	6	3	1	27
Allowance, end of period	104	165	104	165
Off-balance-sheet commitments	0	5	0	5	$ 8
Total	2,869		2,869		3,305
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	0	1	1	2
Loans charged off	0	0	0	0
Net charge-offs	0	0	0	0
Addition to (release of) allowance for loan losses	0	1	(1)	0
Allowance, end of period	0	2	0	2
Excluding AIGFP Operating
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	106	163	164	140
Loans charged off	(8)	0	(60)	0
Net charge-offs	(8)	0	(60)	0
Addition to (release of) allowance for loan losses	6	4	0	27
Allowance, end of period	104	167	104	167
Total	3,418		3,418		4,032
AIG Financial Products
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year			37,600
Allowance, end of period	37,600	37,600	37,600	37,600
Total	$ 37,600	$ 37,600	$ 37,600	$ 37,600	$ 37,600

Deferred Policy Acquisition Costs - Rollforward of DAC (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, beginning of year	$ 2,065	$ 2,117
Capitalization	2,536	2,665
Amortization expense	(2,522)	(2,543)
Other, including foreign exchange	56	(48)
Balance, end of year	$ 2,135	$ 2,191

- Definition

Amount of amortization expense (reversal of expense) for deferred policy acquisition costs.

+ References

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+ Details

- Definition

Amount of deferred policy acquisition cost capitalized on contract remaining in force.

+ References + Details

Fair Value Measurements - Investments in Certain Other Invested Assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	$ 3,889	$ 4,032
Private Equity Funds and Hedge Funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	3,502	3,292
Unfunded Commitments	1,147	792
Private equity funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	3,311	3,105
Unfunded Commitments	$ 1,147	792
Average original expected lives (in years)	10 years
Private equity funds \| Minimum
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Extension period (in years)	1 year
Private equity funds \| Maximum
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Extension period (in years)	2 years
Leveraged buyout
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	$ 1,166	1,126
Unfunded Commitments	326	375
Real assets
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	741	782
Unfunded Commitments	115	261
Venture capital
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	88	83
Unfunded Commitments	34	40
Growth equity
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	187	175
Unfunded Commitments	2	1
Mezzanine
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	92	120
Unfunded Commitments	55	58
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	1,037	819
Unfunded Commitments	615	57
Hedge funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	191	187
Unfunded Commitments	0	0
Event-driven
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	11	11
Unfunded Commitments	0	0
Long-short
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	171	168
Unfunded Commitments	0	0
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	9	8
Unfunded Commitments	$ 0	$ 0

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Summary of Assets Supporting Funds Withheld Arrangements

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	September 30, 2025				December 31, 2024
(in millions)	Carrying Value			Fair Value	Carrying Value			Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)	$	1,787	$	1,787	$	1,918	$	1,918	Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option		736		736		721		721	Fair value through net investment income
Commercial mortgage loans		430		419		450		437	Amortized cost
Short-term investments		19		19		15		15	Fair value through net investment income
Funds withheld investment assets		2,972		2,961		3,104		3,091
Derivative assets, net(b)		—		—		1		1	Fair value through net realized gains (losses)
Other(c)		133		133		115		115	Amortized cost
Total	$	3,105	$	3,094	$	3,220	$	3,207

(c)Primarily comprised of Cash and Accrued investment income.

Summary of the Impact of Funds Withheld Arrangements

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024

Net investment income - Fortitude Re funds withheld assets	$	29	$	51	$	108	$	123
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets		(5)		(18)		(59)		(38)
Net realized losses - Fortitude Re funds withheld embedded derivative		(54)		(157)		(109)		(158)
Net realized losses on Fortitude Re funds withheld assets		(59)		(175)		(168)		(196)
Loss from continuing operations before income tax benefit		(30)		(124)		(60)		(73)
Income tax benefit(a)		(7)		(26)		(13)		(15)
Net loss		(23)		(98)		(47)		(58)
Change in unrealized appreciation on available for sale securities(a)		23		67		46		25
Comprehensive loss	$	—	$	(31)	$	(1)	$	(33)

(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) were computed using AIG’s U.S. statutory tax rate of 21 percent.

Rollforward of the Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024
Balance, beginning of period	$	276	$	260	$	269	$	255
Addition to (release of) allowance for expected credit losses and disputes, net		—		9		(1)		9
Write-offs charged against the allowance for credit losses and disputes		—		—		(1)		(1)

Other changes		(1)		3		8		9


Balance, end of period	$	275	$	272	$	275	$	272

Discontinued Operations Presentation - Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Equity Method Investments [Line Items]
Corebridge pre-tax income (loss)	$ 714	$ 649	$ 3,218	$ 2,324
Corebridge Financial Inc
Schedule of Equity Method Investments [Line Items]
Corebridge pre-tax income (loss)	(42)	(1,594)	(1,512)	(122)
Corebridge Financial Inc
Schedule of Equity Method Investments [Line Items]
Equity method income related to Corebridge (based on fair value)	$ (328)	$ 11	$ 394	$ 2,094

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details