$AIG

AMERICAN INTERNATIONAL GROUP INC

CIK:0000005272|SEC Filings

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Premiums	$ 6,221	$ 5,877	$ 12,293	$ 11,647
Net investment income:
Total net investment income	1,127	1,466	1,839	2,571
Net realized losses:
Total net realized losses	(265)	(258)	(400)	(361)
Other income	2	6	3	17
Total revenues	7,085	7,091	13,735	13,874
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred	3,584	3,493	7,059	7,287
Amortization of deferred policy acquisition costs	900	847	1,724	1,672
General operating and other expenses	1,231	1,162	2,368	2,277
Interest expense	100	100	200	192
(Gain) loss on extinguishment of debt	0	(5)	0	(5)
Net (gain) loss on divestitures and other	6	(50)	133	(53)
Total benefits, losses and expenses	5,821	5,547	11,484	11,370
Income before income tax expense	1,264	1,544	2,251	2,504
Income tax expense	316	400	540	662
Net loss	948	1,144	1,711	1,842
Less: Net income (loss) attributable to noncontrolling interests	0	0	0	0
Net income attributable to AIG common shareholders	948	1,144	1,711	1,842
Net income attributable to AIG common shareholders	$ 948	$ 1,144	$ 1,711	$ 1,842
Net income per common share attributable to AIG common shareholders:
Basic (in dollars per share)	$ 1.79	$ 2.00	$ 3.21	$ 3.16
Diluted (in dollars per share)	$ 1.78	$ 1.98	$ 3.18	$ 3.13
Weighted average shares outstanding:
Basic (in shares)	529,539,714	572,817,409	533,775,623	583,272,826
Diluted (in shares)	533,574,538	577,941,232	537,846,532	588,534,928
Excluding Fortitude Re funds withheld assets
Net investment income:
Total net investment income	$ 1,091	$ 1,427	$ 1,780	$ 2,492
Net realized losses:
Total net realized losses	(208)	(192)	(340)	(252)
Fortitude Re funds withheld assets
Net investment income:
Total net investment income	36	39	59	79
Net realized losses:
Total net realized losses	(6)	(52)	(19)	(54)
Fortitude Re funds withheld embedded derivative
Net realized losses:
Total net realized losses	$ (51)	$ (14)	$ (41)	$ (55)

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

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows from operating activities:

Net income

$ 1,711

$ 1,842

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

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

265

453

Net (gain) loss on divestitures and other

133

(53)

Gain on extinguishment of debt

(5)

Unrealized (gains) losses in earnings - net

112

(805)

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

(27)

Depreciation and other amortization

1,788

1,749

Changes in operating assets and liabilities:

Insurance reserves

1,865

754

Premiums and other receivables and payables - net

(754)

(813)

Reinsurance assets, net

(876)

(598)

Capitalization of deferred policy acquisition costs

(1,904)

(1,688)

Current and deferred income taxes - net

247

501

Other, net

(689)

(15)

Total adjustments

160

(507)

Net cash provided by operating activities

1,871

1,335

Sales or distributions of:

Available for sale securities

6,241

7,387

Other securities

895

Other invested assets

1,430

1,342

Maturities of fixed maturity securities available for sale

5,557

4,101

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

317

660

Purchases of:

Available for sale securities

(12,901)

(13,300)

Other securities

(711)

(76)

Other invested assets

(2,473)

(718)

Mortgage and other loans receivable

(61)

(202)

Net change in short-term investments

2,057

4,449

Other, net

(270)

(414)

Net cash provided by investing activities

3,315

Proceeds from (payments for)

Issuance of long-term debt

1,241

Purchase of common stock

(1,153)

(4,007)

Dividends on common stock

(504)

(488)

Other, net

(47)

129

Net cash used in financing activities

(1,719)

(4,212)

Effect of exchange rate changes on cash and restricted cash

(13)

Net increase in cash and restricted cash

220

469

Cash and restricted cash at beginning of year

1,345

1,372

Cash and restricted cash at end of period

1,565

1,841

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

1,490

1,825

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

1,565

1,841

Cash paid during the period for:

Interest

205

200

Taxes

293

158

Non-cash investing activities:

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

(17)

Consolidated Entity, Excluding Consolidated VIE

Proceeds from (payments for)

Repayments of long-term debt

$ (15)

$ (1,087)

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

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $35 in 2026 and $37 in 2025 (amortized cost: 2026 - $72,710; 2025 - $71,772)	$ 71,472	$ 71,032
Other bond securities, at fair value	667	741
Equity securities, at fair value	1,034	502
Mortgage and other loans receivable, net of allowance for credit losses of $37,714 in 2026 and $37,747 in 2025	2,599	2,887
Other invested assets (portion measured at fair value: 2026 - $3,120; 2025 - $5,011)	6,841	6,696
Short-term investments, including restricted cash of $58 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $5,213; 2025 - $5,909)	9,063	11,141
Total investments	91,676	92,999
Cash	1,490	1,274
Accrued investment income	719	691
Premiums and other receivables, net of allowance for credit losses and disputes of $134 in 2026 and $131 in 2025	12,761	10,441
Deferred income tax assets	4,876	5,096
Deferred policy acquisition costs	2,217	2,106
Goodwill	3,422	3,435
Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025	2,546	2,443
Other assets, including restricted cash of $17 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $3; 2025 - $135)	4,963	4,773
Total assets	163,464	161,254
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025	69,852	70,666
Unearned premiums	20,035	17,991
Future policy benefits	1,302	1,385
Other policyholder funds	321	352
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(75); 2025 - $(92))	2,903	3,038
Premiums and other related payables	7,451	5,448
Deposit accounting liabilities	3,340	3,295
Commissions and premium taxes payable	1,506	1,556
Current and deferred income tax liabilities	636	661
Other liabilities (portion measured at fair value: 2026 - $192; 2025 - $162)	6,365	6,509
Total liabilities	122,838	120,092
Contingencies, commitments and guarantees (See Note 12)
AIG shareholders’ equity:
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2026 - 1,906,671,492 and 2025 - 1,906,671,492	4,766	4,766
Treasury stock, at cost; 2026 - 1,381,952,801 shares; 2025 - 1,368,489,324 shares of common stock	(72,283)	(71,199)
Additional paid-in capital	75,341	75,373
Retained earnings	38,388	37,186
Accumulated other comprehensive loss	(5,606)	(4,987)
Total AIG shareholders’ equity	40,606	41,139
Non-redeemable noncontrolling interests	20	23
Total equity	40,626	41,162
Total liabilities and equity	163,464	161,254
Consolidated Entity, Excluding Consolidated VIE
Liabilities:
Long-term debt	8,973	9,035
Consolidated VIE
Liabilities:
Long-term debt	154	156
Fortitude RE
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes	3,039	3,167
Excluding Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes	$ 35,755	$ 34,829