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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————————
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from               to
Commission File Number 1-8787
AIG_core_r_rgb_gif.gif
American International Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware13-2592361
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1271 Avenue of the Americas, New York, New York
10020
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 770-7000
——————————
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $2.50 Per ShareAIGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of April 24, 2026, there were 530,206,221 shares outstanding of the registrant’s common stock.


AMERICAN INTERNATIONAL GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026
TABLE OF CONTENTS

FORM 10-Q
Item NumberDescriptionPage
Part I – Financial Information
Note 1.
Note 2.
Note 3.
Note 4.
Note 5.
Note 6.
Note 7.
Note 8.
Note 9.
Note 10.
Note 11.
Note 12.
Note 13.
Note 14.
Note 15.
Part II – Other Information
AIG | First Quarter 2026 Form 10-Q
1
TABLE OF CONTENTS
Part I – Financial Information
Item 1. | Financial Statements
American International Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in millions, except for share data)March 31,
2026		December 31,
2025
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $38 in 2026 and $37 in 2025 (amortized cost: 2026 - $71,936; 2025 - $71,772)
$70,528 $71,032 
Other bond securities, at fair value677 741 
Equity securities, at fair value1,616 502 
Mortgage and other loans receivable, net of allowance for credit losses of $37,713 in 2026 and $37,747 in 2025
2,813 2,887 
Other invested assets (portion measured at fair value: 2026 - $3,305; 2025 - $5,011)
7,015 6,696 
Short-term investments, including restricted cash of $57 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $4,877; 2025 - $5,909)
8,196 11,141 
Total investments90,845 92,999 
Cash1,454 1,274 
Accrued investment income680 691 
Premiums and other receivables, net of allowance for credit losses and disputes of $135 in 2026 and $131 in 2025
11,634 10,441 
Reinsurance assets - Fortitude Re
3,056 3,167 
Reinsurance assets - other, net of allowance for credit losses and disputes of $246 in 2026 and $248 in 2025
35,843 34,829 
Deferred income tax assets5,062 5,096 
Deferred policy acquisition costs2,128 2,106 
Goodwill3,418 3,435 
Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025
2,740 2,443 
Other assets, including restricted cash of $17 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $0; 2025 - $135)
4,683 4,773 
Total assets$161,543 $161,254 
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025
$69,963 $70,666 
Unearned premiums18,921 17,991 
Future policy benefits1,289 1,385 
Other policyholder funds334 352 
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(85); 2025 - $(92))
2,960 3,038 
Premiums and other related payables6,476 5,448 
Deposit accounting liabilities3,612 3,295 
Commissions and premium taxes payable1,494 1,556 
Current and deferred income tax liabilities652 661 
Other liabilities (portion measured at fair value: 2026 - $181; 2025 - $162)
6,257 6,509 
Long-term debt9,001 9,035 
Debt of consolidated investment entities155 156 
Total liabilities121,114 120,092 
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 - 1,373,766,971 shares; 2025 - 1,368,489,324 shares of common stock
(71,647)(71,199)
Additional paid-in capital75,297 75,373 
Retained earnings37,704 37,186 
Accumulated other comprehensive loss(5,715)(4,987)
Total AIG shareholders’ equity40,405 41,139 
Non-redeemable noncontrolling interests24 23 
Total equity40,429 41,162 
Total liabilities and equity$161,543 $161,254 
See accompanying Notes to Condensed Consolidated Financial Statements.
2
AIG | First Quarter 2026 Form 10-Q
TABLE OF CONTENTS



American International Group, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)
Three Months Ended March 31,
(dollars in millions, except per common share data)20262025
Revenues:
Premiums$6,072 $5,770 
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets689 1,065 
Net investment income - Fortitude Re funds withheld assets23 40 
Total net investment income712 1,105 
Net realized gains (losses):
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative(132)(60)
Net realized losses on Fortitude Re funds withheld assets(13)(2)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative10 (41)
Total net realized losses(135)(103)
Other income1 11 
Total revenues6,650 6,783 
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred3,475 3,794 
Amortization of deferred policy acquisition costs824 825 
General operating and other expenses1,137 1,115 
Interest expense100 92 
Net (gain) loss on divestitures and other127 (3)
Total benefits, losses and expenses5,663 5,823 
Income before income tax expense987 960 
Income tax expense224 262 
Net income763 698 
Less: Net income (loss) attributable to noncontrolling interests— — 
Net income attributable to AIG common shareholders$763 $698 
Net Income per common share attributable to AIG common shareholders:
Basic$1.42 $1.18 
Diluted$1.41 $1.16 
Weighted average shares outstanding:
Basic538,053,962 593,839,665 
Diluted542,160,956 599,240,046 
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2026 Form 10-Q
3
TABLE OF CONTENTS



American International Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months Ended
March 31,
(in millions)20262025
Net income$763 $698 
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken(1)4 
Change in unrealized appreciation (depreciation) of all other investments(616)425 
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts4 6 
Change in foreign currency translation adjustments(121)194 
Change in retirement plan liabilities adjustment6 7 
Other comprehensive income (loss)(728)636 
Comprehensive income35 1,334 
Less: Comprehensive income attributable to noncontrolling interests— 1 
Comprehensive income attributable to AIG$35 $1,333 
See accompanying Notes to Condensed Consolidated Financial Statements.
4
AIG | First Quarter 2026 Form 10-Q
TABLE OF CONTENTS



American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)
(in millions, except per share data)Common
Stock		Treasury
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
AIG
Share-
holders'
Equity		Non- redeemable Non-
controlling Interests		Total
Equity
Three Months Ended March 31, 2026
Balance, beginning of the year$4,766 $(71,199)$75,373 $37,186 $(4,987)$41,139 $23 $41,162 
Common stock issued under stock plans— 76 (149)— — (73)— (73)
Purchase of common stock— (524)— — — (524)— (524)
Net income attributable to AIG or noncontrolling interests— — — 763 — 763 — 763 
Dividends on common stock ($0.45 per share)
— — — (241)— (241)— (241)
Other comprehensive loss— — — — (728)(728)— (728)
Other— — 73 (4)— 69 1 70 
Balance, end of period$4,766 $(71,647)$75,297 $37,704 $(5,715)$40,405 $24 $40,429 
Three Months Ended March 31, 2025
Balance, beginning of year$4,766 $(65,573)$75,348 $35,079 $(7,099)$42,521 $29 $42,550 
Cumulative effect of change in accounting principle, net of tax
Common stock issued under stock plans— 161 (168)— — (7)— (7)
Purchase of common stock— (2,251)— — — (2,251)— (2,251)
Net income attributable to AIG or noncontrolling interests— — — 698 — 698 — 698 
Dividends on common stock ($0.40 per share)
— — — (234)— (234)— (234)
Other comprehensive income— — — — 635 635 1 636 
Distributions to noncontrolling interests— — — — — — (1)(1)
Other— 1 71 (3)— 69 (1)68 
Balance, end of period$4,766 $(67,662)$75,251 $35,540 $(6,464)$41,431 $28 $41,459 
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Three Months Ended March 31,
(in millions)20262025
Cash flows from operating activities:
Net income$763 $698 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income (loss):
Net losses on sales of securities available for sale and other assets121 260 
Net (gain) loss on divestitures and other127 (3)
Unrealized (gains) losses in earnings - net249 (317)
Equity in income from equity method investments, net of dividends or distributions— (3)
Depreciation and other amortization849 866 
Impairments of assets4 — 
Changes in operating assets and liabilities:
Insurance reserves553 (319)
Premiums and other receivables and payables - net(282)392 
Reinsurance assets, net(1,032)(537)
Capitalization of deferred policy acquisition costs(895)(761)
Current and deferred income taxes - net128 165 
Other, net(430)(497)
Total adjustments(608)(754)
Net cash provided by (used in) operating activities155 (56)
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available for sale securities3,781 4,762 
Other securities115 18 
Other invested assets1,194 316 
Maturities of fixed maturity securities available for sale2,881 2,060 
Principal payments received on and sales of mortgage and other loans receivable119 254 
Purchases of:
Available for sale securities(7,061)(7,951)
Other securities(674)(40)
Other invested assets(2,332)(256)
Mortgage and other loans receivable(70)(75)
Net change in short-term investments2,947 3,877 
Other, net(67)(214)
Net cash provided by investing activities833 2,751 
Cash flows from financing activities:
Proceeds from (payments for)
Repayments of long-term debt(7)(247)
Repayments of debt of consolidated investment entities(1)(1)
Purchase of common stock(508)(2,229)
Dividends on common stock(241)(234)
Other, net(42)34 
Net cash used in financing activities(799)(2,677)
Effect of exchange rate changes on cash and restricted cash(6)18 
Net increase in cash and restricted cash183 36 
Cash and restricted cash at beginning of year1,345 1,372 
Cash and restricted cash at end of period$1,528 $1,408 
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AIG | First Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
Three Months Ended March 31,
(in millions)20262025
Cash$1,454 $1,393 
Restricted cash included in Short-term investments*57 2 
Restricted cash included in Other assets*17 13 
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$1,528 $1,408 
Cash paid during the period for:
Interest$67 $72 
Taxes$96 $96 
Non-cash investing activities:
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions$— $(17)
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. 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, 2025 (the 2025 Annual Report). The condensed consolidated financial information as of December 31, 2025 included herein has been derived from the audited Consolidated Financial Statements in the 2025 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 three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2026 and prior to the issuance of these Condensed Consolidated Financial Statements. There were no significant subsequent events that required disclosure.
STRATEGIC INVESTMENTS
On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million. AIG reflects its interest in Convex as an equity method investment in Other invested assets. The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of approximately $450 million and goodwill of approximately $550 million. AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance.
On December 23, 2025, AIG entered into a whole account quota share agreement with Convex to reinsure 7.5 percent, 10.0 percent and 12.5 percent of Convex’s underwriting portfolio beginning in 2026, 2027 and 2028, respectively. The quota share agreement became effective starting on January 1, 2026.
SALE OF ASSETS
Corebridge
On February 17, 2026, Corebridge Financial, Inc. (Corebridge) purchased 24.7 million shares of Corebridge common stock from AIG at a per share purchase price of $30.42 with aggregate proceeds to AIG Parent of $750 million. On March 23, 2026, in light of the reduction in AIG’s ownership interest in Corebridge, the two remaining AIG designees resigned from Corebridge's board of directors.
As of March 31, 2026, AIG held 5.6 percent of the outstanding common stock of Corebridge and we concluded that we no longer have the ability to exert significant influence over Corebridge. AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value on our Condensed Consolidated Balance Sheets. AIG continues to use Corebridge’s stock price as its fair value for reporting purposes. Dividends received from Corebridge and changes in its stock price continue to be recognized in Net investment income.
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AIG | First Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

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;
•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.
OUT OF PERIOD ADJUSTMENTS - THREE MONTHS ENDED MARCH 31, 2025
During the three months ended March 31, 2025, we recorded out of period adjustments relating to prior years that increased Net income attributable to AIG common shareholders by $51 million and increased Income before income tax expense by $140 million. The out of period adjustments were primarily related to the recognition of gains on intercompany investment transactions and the settlement of derivative and collateral transactions. We evaluated the aggregate impact of these out of period adjustments and concluded they were not material to any previously issued interim and annual Consolidated Financial Statements and that the adjustments were not material to AIG’s Consolidated Financial Statements for the year ended December 31, 2025. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Income before income tax expense for the year ended December 31, 2024 would have decreased by $79 million and would have increased for the years ended December 31, 2023 and 2022 by $34 million and $42 million (and all prior years by $143 million), respectively. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG common shareholders for the year ended December 31, 2024 would have decreased by $68 million and would have increased for the years ended December 31, 2023 and 2022 by $19 million and $23 million (and all prior years by $77 million), respectively.
2. Summary of Significant Accounting Policies
FUTURE APPLICATION OF ACCOUNTING STANDARDS
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. Under the new guidance, qualifying costs will be capitalized when management authorizes a project and it is probable the project will be completed and used to perform the intended function, rather than when a project reaches the application development stage under existing guidance. 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.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

3. Segment Information
AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Our Chief Executive Officer and Chief Financial Officer are our chief operating decision makers (CODMs) and use Underwriting income (loss) to benchmark and assess AIG's performance by segment and establish management’s compensation. Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.
In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
NORTH AMERICA COMMERCIAL
The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, 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 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.
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AIG | First Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

The following table presents AIG’s operations by segment:
Three Months Ended March 31, 2026
(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 Pre-tax
Income (Loss)
North America Commercial$1,605 $2,253 $1,421 $213 $68 $224 $327 
International Commercial2,450 2,187 1,246 278 85 300 278 
Global Personal1,544 1,612 842 327 80 194 169 
Total General Insurance(c)
$5,599 $6,052 $3,509 $818 $233 $718 $774 $864 $1,628 
Interest expense— (100)
Other Operations52 (25)
Elimination and consolidations(1)— 
Total915 1,503 
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares(237)(237)
Other income (expense) - net2 — 
Net investment income on Fortitude Re funds withheld assets23 23 
Net realized losses on Fortitude Re funds withheld assets— (13)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 10 
Net realized losses(d)
— (136)
Net gain (loss) on divestitures and other(e)
— (127)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 8 
Net loss reserve discount benefit (charge)— 48 
Net results of businesses in run-off(f)
9 (5)
Non-operating pension expenses— 1 
Integration and transaction costs associated with acquiring or divesting businesses— (7)
Restructuring and other costs— (76)
Non-recurring costs related to regulatory or accounting changes— (5)
Total AIG Consolidated$712 $987 
Three Months Ended March 31, 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 Pre-tax
Income (Loss)
North America Commercial$1,174 $2,124 $1,526 $227 $47 $195 $129 
International Commercial2,027 2,051 1,178 245 94 294 240 
Global Personal1,325 1,594 1,062 353 91 214 (126)
Total General Insurance(c)
$4,526 $5,769 $3,766 $825 $232 $703 $243 $736 $975 
Interest expense— (91)
Other Operations108 25 
Elimination and consolidations1 — 
Total845 909 
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares217 217 
Net investment income on Fortitude Re funds withheld assets40 40 
Net realized losses on Fortitude Re funds withheld assets— (2)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (41)
Net realized losses(d)
(2)(66)
Net gain (loss) on divestitures and other
— 3 
Non-operating litigation reserves and settlements— 11 
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— (9)
Net loss reserve discount benefit (charge)— (17)
Net results of businesses in run-off(f)
5 5 
Non-operating pension expenses— (5)
Integration and transaction costs associated with acquiring or divesting businesses— (5)
Restructuring and other costs— (76)
Non-recurring costs related to regulatory or accounting changes— (4)
Total AIG Consolidated$1,105 $960 
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

(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)Amortization of intangible assets including renewal rights was $10 million and $4 million for the three months ended March 31, 2026 and 2025, respectively.
(d)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).
(e)In the three months ended March 31, 2026, Net gain (loss) on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.
(f)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.
4. 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:
March 31, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$450 $1,866 $— $— $— $2,316 
Obligations of states, municipalities and political subdivisions
— 2,692 4 — — 2,696 
Non-U.S. governments109 6,175 7 — — 6,291 
Corporate debt— 37,717 85 — — 37,802 
RMBS— 9,586 1,486 — — 11,072 
CMBS— 4,611 25 — — 4,636 
CLO/ABS— 4,032 1,683 — — 5,715 
Total bonds available for sale
559 66,679 3,290 — — 70,528 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 50 — — — 50 
Non-U.S. governments— 21 — — — 21 
Corporate debt— 204 — — — 204 
RMBS— 43 50 — — 93 
CMBS— 42 — — — 42 
CLO/ABS— 150 117 — — 267 
Total other bond securities
— 510 167 — — 677 
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AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
March 31, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Equity securities(b)
1,559 3 54 — — 1,616 
Other invested assets(c)
— 137 93 — — 230 
Derivative assets(d)
— 314 25 (143)(196)— 
Short-term investments
3,253 1,624 — — — 4,877 
Total$5,371 $69,267 $3,629 $(143)$(196)$77,928 
Liabilities:
Derivative liabilities(d)
$— $387 $25 $(143)$(175)$94 
Fortitude Re funds withheld payable
— — (85)— — (85)
Other liabilities(d)
13 — 74 — — 87 
Total$13 $387 $14 $(143)$(175)$96 
December 31, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$209 $3,089 $— $— $— $3,298 
Obligations of states, municipalities and political subdivisions
— 2,771 4 — — 2,775 
Non-U.S. governments66 6,427 23 — — 6,516 
Corporate debt— 37,122 113 — — 37,235 
RMBS— 8,622 1,546 — — 10,168 
CMBS— 4,592 24 — — 4,616 
CLO/ABS— 4,683 1,741 — — 6,424 
Total bonds available for sale
275 67,306 3,451 — — 71,032 
Other bond securities:
Obligations of states, municipalities and political subdivisions
— 
51 
— 
— 
— 
51 
Non-U.S. governments— 23 — — — 23 
Corporate debt— 274 — — — 274 
RMBS— 46 51 — — 97 
CMBS— 42 — — — 42 
CLO/ABS— 135 119 — — 254 
Total other bond securities
— 571 170 — — 741 
Equity securities(b)
446 1 55 — — 502 
Other invested assets (c)
1,512 143 92 — — 1,747 
Derivative assets(d)
— 312 26 (164)(169)5 
Short-term investments
4,106 1,803 — — — 5,909 
Other assets(d)
— — 130 — — 130 
Total$6,339 $70,136 $3,924 $(164)$(169)$80,066 
Liabilities:
Derivative liabilities(d)
$— $439 $26 $(164)$(212)$89 
Fortitude Re funds withheld payable
— — (92)— — (92)
Other liabilities(d)
— — 73 — — 73 
Total$— $439 $7 $(164)$(212)$70 
(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)As of March 31, 2026, includes AIG's ownership interests in Corebridge and Onex of $607 million and $548 million, respectively.
(c)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.1 billion and $3.3 billion as of March 31, 2026 and December 31, 2025, respectively. As of December 31, 2025, includes AIG's ownership interest in Corebridge of $1.5 billion on which AIG elected the fair value option.
(d)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2026 and 2025 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 March 31, 2026 and 2025:
(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		OtherFair
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 March 31, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$4 $— $— $— $— $— $— $4 $— $— 
Non-U.S. governments23 1 — (3)— (14)— 7 — — 
Corporate debt113 — (2)(1)1 (26)— 85 — 6 
RMBS1,546 6 (37)(37)8 — — 1,486 — 17 
CMBS24 — — (4)5 — — 25 — — 
CLO/ABS1,741 1 (1)(58)— — — 1,683 — 10 
Total bonds available for sale3,451 8 (40)(103)14 (40)— 3,290 — 33 
Other bond securities:
RMBS51 — — (1)— — — 50 1 — 
CLO/ABS119 — — (2)— — — 117 3 — 
Total other bond securities170 — — (3)— — — 167 4 — 
Equity securities55 (3)— 2 — — — 54 — — 
Other invested assets92 1 — — — — — 93 1 — 
Other assets130 — — — — — (130)— — — 
Total
$3,898 $6 $(40)$(104)$14 $(40)$(130)$3,604 $5 $33 
(in millions)Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable$(92)$(10)$— $17 $— $— $— $(85)$17 $— 
Other Liabilities73 1 — — — — — 74 — — 
Total$(19)$(9)$— $17 $— $— $— $(11)$17 $— 
(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		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 March 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $3 $— $— 
Non-U.S. governments7 — — — — — 7 — — 
Corporate debt240 (9)10 (125)— (1)115 — 9 
RMBS1,894 7 33 (57)3 (224)1,656 — 17 
CMBS26 — — (4)4 — 26 — — 
CLO/ABS840 1 1 79 — (6)915 — 1 
Total bonds available for sale3,010 (1)44 (107)7 (231)2,722 — 27 
Other bond securities:
Corporate debt1 — — — — — 1 — — 
RMBS50 1 — (1)— — 50 1 — 
CLO/ABS113 3 — (4)31 (23)120 3 — 
Total other bond securities164 4 — (5)31 (23)171 4 — 
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
(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		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 securities15 1 — 10 9 — 35 — — 
Other invested assets163 — — (24)— (63)76 — — 
Other assets129 — — — — — 129 — — 
Total
$3,481 $4 $44 $(126)$47 $(317)$3,133 $4 $27 
(in millions)
Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		Fair
Value
End of
Period		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable$(128)$41 $— $8 $— $— $(79)$(2)$— 
Other liabilities100 — — — — — 100 — — 
Total
$(28)$41 $— $8 $— $— $21 $(2)$— 
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 March 31, 2026
Assets:
Bonds available for sale$7 $1 $8 
Equity securities(3)— (3)
Other invested assets1 — 1 
Three Months Ended March 31, 2025
Assets:
Bonds available for sale$8 $(9)$(1)
Other bond securities4 — 4 
Equity securities1 — 1 
(in millions)Net
Investment
Income		Net Realized
(Gains) Losses		Total
Three Months Ended March 31, 2026
Liabilities:
Fortitude Re funds withheld payable$— $(10)$(10)
Other Liabilities— 1 1 
Three Months Ended March 31, 2025
Liabilities:
Fortitude Re funds withheld payable$— $41 $41 
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
Three Months Ended March 31, 2026
Assets:
Bonds available for sale:
Non-U.S. governments$3 $(3)$(3)$(3)
Corporate debt4 (5)— (1)
RMBS9 — (46)(37)
CMBS— (2)(2)(4)
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
CLO/ABS127 (27)(158)(58)
Total bonds available for sale143 (37)(209)(103)
Other bond securities:
RMBS— — (1)(1)
CLO/ABS— — (2)(2)
Total other bond securities— — (3)(3)
Equity securities16 (14)— 2 
Other invested assets1 — (1)— 
Total$160 $(51)$(213)$(104)
Liabilities:
Fortitude Re funds withheld payable$— $— $17 $17 
Total$— $— $17 $17 
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Corporate Debt$3 $(4)$(124)$(125)
RMBS— (3)(54)(57)
CMBS— (4)— (4)
CLO/ABS146 (37)(30)79 
Total bonds available for sale149 (48)(208)(107)
Other bond securities:
RMBS— — (1)(1)
CLO/ABS— — (4)(4)
Total other bond securities— — (5)(5)
Equity securities14 (4)— 10 
Other invested assets— — (24)(24)
Total$163 $(52)$(237)$(126)
Liabilities:
Fortitude Re funds withheld payable$— $— $8 $8 
Total$— $— $8 $8 
(a)There were no issuances during the three months ended March 31, 2026 and 2025.
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 March 31, 2026 and 2025 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 $2 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2026 and 2025, respectively, and includes $1 million and $5 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2026 and 2025, respectively.
Transfers of Level 3 Assets
During the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and 2025, transfers out of Level 3 assets primarily included investments in private placement corporate debt, RMBS, CLO/ABS and other invested assets. 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
16
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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 months ended March 31, 2026 and 2025.
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
March 31, 2026		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$2 Discounted cash flowYield
5.33% - 5.33% (5.33%)
RMBS(a)
1,135 Discounted cash flowConstant prepayment rate
3.95% - 7.19% (5.57%)
Loss severity
37.41% - 64.98% (51.19%)
Constant default rate
0.49% - 1.87% (1.18%)
Yield
5.46% - 6.73% (6.10%)
CLO/ABS(a)
1,197 Discounted cash flowYield
4.40% - 5.82% (5.11%)
CMBS25 Discounted cash flowYield
3.81% - 11.75% (6.16%)
(in millions)Fair Value at
December 31, 2025		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$2 Discounted cash flowYield
5.27% - 5.27% (5.27%)
RMBS(a)
1,165 Discounted cash flowConstant prepayment rate
4.09% - 7.47% (5.78%)
Loss severity
39.29% - 79.56% (59.42%)
Constant default rate
0.51% - 1.94% (1.22%)
Yield
5.25% - 6.30% (5.77%)
CLO/ABS(a)
1,321 Discounted cash flowYield
0.07% - 13.26% (6.48%)
CMBS24 Discounted cash flowYield
4.95% - 4.95% (4.95%)
(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.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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.
March 31, 2026December 31, 2025
(in millions)
Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt 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$1,123 $422 $1,142 $450 
Real assetsInvestments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets417 61 496 67 
Venture capitalEarly-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 company89 30 87 31 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses174 10 172 11 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies79 51 92 54 
OtherIncludes 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 strategies1,063 601 1,101 653 
Total private equity funds2,945 1,175 3,090 1,266 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations10 — 10 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk110 — 155 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments10 — 9 — 
Total hedge funds130 — 174 — 
Total$3,075 $1,175 $3,264 $1,266 
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.
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AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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:
Three Months Ended March 31,Gain (Loss)
(in millions)20262025
Other bond securities(a)
$(3)$11 
Alternative investments(b)
(8)24 
Retained investment in Corebridge(c)
(154)209 
Total gain (loss)$(165)$244 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and real estate investments.
(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares through March 31, 2026. At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
March 31, 2026
Assets:
Mortgage and other loans receivable$— $307 $2,443 $2,750 $2,813 
Other invested assets— 480 12 492 492 
Short-term investments
— 3,319 — 3,319 3,319 
Cash1,454 — — 1,454 1,454 
Other assets17 — — 17 17 
Liabilities:
Fortitude Re funds withheld payable— — 3,045 3,045 3,045 
Long-term debt— 8,461 — 8,461 9,001 
Debt of consolidated investment entities— — 155 155 155 
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
December 31, 2025
Assets:
Mortgage and other loans receivable$— $334 $2,500 $2,834 $2,887 
Other invested assets— 480 13 493 493 
Short-term investments
— 5,232 — 5,232 5,232 
Cash1,274 — — 1,274 1,274 
Other assets16 — — 16 16 
Liabilities:
Fortitude Re funds withheld payable— — 3,130 3,130 3,130 
Long-term debt— 8,702 — 8,702 9,035 
Debt of consolidated investment entities— — 156 156 156 
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

5. 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
March 31, 2026
Bonds available for sale:
U.S. government and government sponsored entities$2,385 $— $19 $(88)$2,316 
Obligations of states, municipalities and political subdivisions2,694 — 54 (52)2,696 
Non-U.S. governments6,633 — 53 (395)6,291 
Corporate debt38,737 (32)318 (1,221)37,802 
Mortgage-backed, asset-backed and collateralized:
RMBS11,150 (5)231 (304)11,072 
CMBS4,626 (1)50 (39)4,636 
CLO/ABS5,711 — 25 (21)5,715 
Total mortgage-backed, asset-backed and collateralized21,487 (6)306 (364)21,423 
Total bonds available for sale(b)
$71,936 $(38)$750 $(2,120)$70,528 
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$3,353 $— $31 $(86)$3,298 
Obligations of states, municipalities and political subdivisions2,757 — 71 (53)2,775 
Non-U.S. governments6,799 (1)86 (368)6,516 
Corporate debt37,746 (31)576 (1,056)37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS10,137 (4)294 (259)10,168 
CMBS4,585 — 67 (36)4,616 
CLO/ABS6,395 (1)53 (23)6,424 
Total mortgage-backed, asset-backed and collateralized21,117 (5)414 (318)21,208 
Total bonds available for sale(b)
$71,772 $(37)$1,178 $(1,881)$71,032 
(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 March 31, 2026 and December 31, 2025, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.7 billion or 8 percent and $5.9 billion or 8 percent, respectively.

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
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 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
March 31, 2026
Bonds available for sale:
U.S. government and government sponsored entities$645 $8 $305 $80 $950 $88 
Obligations of states, municipalities and political subdivisions283 5 541 47 824 52 
Non-U.S. governments2,147 46 1,503 349 3,650 395 
Corporate debt13,598 279 7,786 938 21,384 1,217 
RMBS3,376 33 1,645 255 5,021 288 
CMBS1,283 12 529 24 1,812 36 
CLO/ABS2,429 14 180 7 2,609 21 
Total bonds available for sale$23,761 $397 $12,489 $1,700 $36,250 $2,097 
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$167 $8 $322 $78 $489 $86 
Obligations of states, municipalities and political subdivisions232 8 515 45 747 53 
Non-U.S. governments1,524 33 1,347 336 2,871 369 
Corporate debt6,031 125 8,165 927 14,196 1,052 
RMBS769 8 1,764 241 2,533 249 
CMBS580 6 523 30 1,103 36 
CLO/ABS883 5 232 18 1,115 23 
Total bonds available for sale$10,186 $193 $12,868 $1,675 $23,054 $1,868 
At March 31, 2026, we held 10,977 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,249 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2025, we held 7,526 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,065 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 March 31, 2026 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:
March 31, 2026Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$3,911 $3,892 
Due after one year through five years23,182 23,055 
Due after five years through ten years16,184 15,914 
Due after ten years7,140 6,244 
Mortgage-backed, asset-backed and collateralized21,481 21,423 
Total$71,898 $70,528 
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 March 31,
20262025
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$20$150$16$278
For the three months ended March 31, 2026 and 2025, the aggregate fair value of available for sale securities sold was $3.8 billion and $4.8 billion, respectively, which resulted in net realized gains (losses) of $(130) million and $(262) million, respectively. Included within the net realized gains (losses) are $(15) million and $(7) million of net realized gains (losses) for the three months ended March 31, 2026 and 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.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

OTHER SECURITIES MEASURED AT FAIR VALUE
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)March 31, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$50 2 %$51 4 %
Non-U.S. governments21 1 23 2 
Corporate debt204 9 274 22 
Mortgage-backed, asset-backed and collateralized:
RMBS93 4 97 8 
CMBS42 2 42 3 
CLO/ABS and other collateralized securities267 12 254 20 
Total mortgage-backed, asset-backed and collateralized
402 18 393 31 
Total fixed maturity securities677 30 741 59 
Equity securities*1,616 70 502 41 
Total$2,293 100 %$1,243 100 %
*At March 31, 2026, includes AIG’s interest in Onex of $548 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex. Also includes AIG's remaining interest in Corebridge of $607 million that changed following loss of significant influence from an equity method investment recorded in Other invested assets to an equity security, at fair value.
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2026December 31, 2025
Alternative investments(a)
$3,227 $3,456 
Retained investment in Corebridge using fair value option(b)
— 1,512 
Investment in Convex
2,155 — 
All other investments(c)
1,633 1,728 
Total$7,015 $6,696 
(a)At March 31, 2026, includes hedge funds of $130 million and private equity funds of $2.9 billion. At December 31, 2025, included hedge funds of $175 million and private equity funds of $3.0 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 March 31, 2026 and December 31, 2025, the accumulated depreciation was $143 million and $142 million, respectively.
(b)At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value.
(c)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $254 million and $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at March 31, 2026 and December 31, 2025, respectively.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended March 31,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$895 $20 $915 $790 $22 $812 
Other fixed maturity securities
(1)(3)(4)— 11 11 
Equity securities(77)— (77)9 — 9 
Interest on mortgage and other loans33 5 38 44 7 51 
Alternative investments(a)
8 — 8 43 — 43 
Other investments(b)
(129)1 (128)217 — 217 
Total investment income729 23 752 1,103 40 1,143 
Investment expenses40 — 40 38 — 38 
Net investment income$689 $23 $712 $1,065 $40 $1,105 
22
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

(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 AIG's share of Convex’s net income less amortization of intangible asset basis differences. Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $6 million and $(154) million, respectively, for the three months ended March 31, 2026 and $31 million and $209 million, respectively, for the three months ended March 31, 2025.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(115)$(15)$(130)$(255)$(7)$(262)
Change in allowance for credit losses on fixed maturity securities(2)1 (1)8 — 8 
Change in allowance for credit losses on loans33 1 34 5 4 9 
Foreign exchange transactions(19)(3)(22)220 6 226 
All other derivatives and hedge accounting2 4 6 (28)(6)(34)
Sales of alternative investments22 — 22 — — — 
Other(53)(1)(54)(10)1 (9)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(132)(13)(145)(60)(2)(62)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 10 10 — (41)(41)
Net realized losses$(132)$(3)$(135)$(60)$(43)$(103)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31,
(in millions)20262025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(667)$322 
Other investments(38)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(705)$322 
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended March 31,20262025
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
Invested
Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments$(83)$(158)$(241)$9 $233 $242 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period17 (11)6 13 (1)12 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(100)$(147)$(247)$(4)$234 $230 
*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $(154) million and $209 million in the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.
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 2025 Annual Report.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

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 March 31,20262025
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$5 $32 $37 $10 $28 $38 
Additions:
Securities for which allowance for credit losses was not previously recorded2 4 6 — 2 2 
Reductions:
Securities sold during the period(1)(2)(3)— (4)(4)
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— (2)(2)1 1 2 
Write-offs charged against the allowance— — — — (8)(8)
Balance, end of period$6 $32 $38 $11 $19 $30 
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 purchased credit deteriorated (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 three months ended March 31, 2026 and 2025.
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.
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AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

At March 31, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $1.6 billion and $3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $1.6 billion and $3.6 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 $7.4 billion and $7.7 billion at March 31, 2026 and December 31, 2025, 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 $14 million and $14 million of stock in FHLBs at March 31, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $2.3 billion at March 31, 2026 and $2.4 billion at December 31, 2025.
Investments held in escrow accounts or otherwise subject to restriction as to their use were $55 million and $54 million, comprised of short-term investments at March 31, 2026, and bonds available for sale and short-term investments at December 31, 2025.
Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.
6. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)March 31, 2026December 31, 2025
Commercial mortgages(a)
$2,409 $2,495 
Commercial loans, other loans and notes receivable(b)
481 503 
Total mortgage and other loans receivable(c)
2,890 2,998 
Allowance for credit losses(c)
(77)(111)
Mortgage and other loans receivable, net(c)
$2,813 $2,887 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 14 percent, respectively, at March 31, 2026 and 14 percent and 13 percent, respectively, at December 31, 2025).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of March 31, 2026 and December 31, 2025.
(c)Excludes $37.6 billion at both March 31, 2026 and December 31, 2025 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 7 to the Consolidated Financial Statements in the 2025 Annual Report.
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 March 31, 2026 and December 31, 2025, $119 million and $160 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 March 31, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $11 million and $11 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.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Lending Activities

CREDIT QUALITY OF COMMERCIAL MORTGAGES
The following table presents loan-to-value ratios(a) for commercial mortgages by year of vintage:
March 31, 202620262025202420232022PriorTotal
(in millions)
Less than 65%$40 $14 $37 $226 $90 $1,222 $1,629 
65% to 80%— — — — — 512 512 
Greater than 80%— — — 5 23 240 268 
Total commercial mortgages$40 $14 $37 $231 $113 $1,974 $2,409 
December 31, 202520252024202320222021PriorTotal
(in millions)
Less than 65%$14 $38 $213 $94 $468 $808 $1,635 
65% to 80%— — 11 — 77 463 551 
Greater than 80%— — 5 23 47 234 309 
Total commercial mortgages$14 $38 $229 $117 $592 $1,505 $2,495 
(a)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 66 percent and 71 percent at March 31, 2026 and December 31, 2025, 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		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
March 31, 2026
Past Due Status:
In good standing133$750 $941 $293 $153 $164 $50 $2,351 98 %
90 days or less delinquent
—— — — — — — — — 
>90 days delinquent or in process of foreclosure4— 26 32 — — — 58 2 
Total*
137$750 $967 $325 $153 $164 $50 $2,409 100 %
Allowance for credit losses$1 $56 $10 $— $10 $— $77 3 %
December 31, 2025
Past Due Status:
In good standing140$793 $947 $297 $158 $191 $10 $2,396 96 %
90 days or less delinquent1— 9 — — — — 9 — 
>90 days delinquent or in process of foreclosure4— 30 60 — — — 90 4 
Total*
145$793 $986 $357 $158 $191 $10 $2,495 100 %
Allowance for credit losses$2 $62 $37 $— $10 $— $111 4 %
*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 2025 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 March 31,
(in millions)20262025
Allowance, beginning of year$111 $164 
Addition to (release of) allowance for loan losses(34)(9)
Allowance, end of period
$77 $155 
(a)Does not include allowance for credit losses of $0 million and $8 million at March 31, 2026 and 2025, 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 7 to the Consolidated Financial Statements in the 2025 Annual Report.
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AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Lending Activities

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
For a discussion of our accounting policy for loan modifications, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.
There were no loans that had defaulted during the three months ended March 31, 2026 and 2025, 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 March 31, 2026 are current and performing in accordance with their modified terms.
7. 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, 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 March 31, 2026, $3.1 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:
March 31, 2026December 31, 2025
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$1,697 $1,697 $1,780 $1,780 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option670 670 734 734 Fair value through net investment income
Commercial mortgage and other loans345 336 359 344 Amortized cost
Short-term investments155 155 43 43 Fair value through net investment income
Funds withheld investment assets2,867 2,858 2,916 2,901 
Derivative assets, net(b)
1 1 — — Fair value through net realized gains (losses)
Other(c)
101 101 137 137 Amortized cost
Total$2,969 $2,960 $3,053 $3,038 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(17) million ($(13) million after-tax) and $85 million ($67 million after-tax), respectively, for the three months ended March 31, 2026 and for the year ended December 31, 2025.
(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 $2 million and $27 million, respectively, as of March 31, 2026. 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 December 31, 2025. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Reinsurance

The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended March 31,
(in millions)20262025
Net investment income - Fortitude Re funds withheld assets$23 $40 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(13)(2)
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative10 (41)
Net realized losses on Fortitude Re funds withheld assets(3)(43)
Income (loss) before income tax expense (benefit)20 (3)
Income tax expense (benefit)(a)
4 (1)
Net income (loss)
16 (2)
Change in unrealized depreciation on available for sale securities(a)
(13)(2)
Comprehensive income (loss)$3 $(4)
(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 total reinsurance recoverables as of March 31, 2026 were $41.9 billion. As of that date, utilizing AIG’s Obligor Risk Ratings (ORRs), (i) approximately 82 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.
The total reinsurance recoverables as of December 31, 2025 were $40.7 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 80 percent of the reinsurance recoverables were investment grade; (ii) approximately 17 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.
As of March 31, 2026 and December 31, 2025, approximately 87 percent and 87 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.
For additional information, see Note 8 to the Consolidated Financial Statements in the 2025 Annual Report.
Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended March 31,
(in millions)20262025
Balance, beginning of year$297 $269 
Addition to (release of) allowance for expected credit losses and disputes, net(1)3 
Write-offs charged against the allowance for credit losses and disputes(1)— 
Other changes— 7 
Balance, end of year$295 $279 
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.
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AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Deferred Policy Acquisition Costs

8. Deferred Policy Acquisition Costs
DAC represent costs that are directly related to the successful acquisition of new or renewal of existing insurance contracts. Such DAC generally include commissions, premium taxes and certain other underwriting costs. 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.
DAC is amortized over the period in which the related premiums written are earned. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and reviewed for recoverability based on the profitability of the underlying insurance contracts.
The following table presents a rollforward of DAC:
Three Months Ended March 31,
(in millions)20262025
Balance, beginning of year$2,106 $2,065 
Capitalization881 750 
Amortization expense(824)(825)
Other, including foreign exchange(35)19 
Balance, end of period$2,128 $2,009 
9. 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
March 31, 2026
Real estate and investment entities(a)
$409,969 $2,929 $1,325 
(d)
$4,254 
Other(b)
4,761 158 297 
(e)
455 
Total$414,730 $3,087 $1,622 $4,709 
December 31, 2025
Real estate and investment entities(a)
$403,956 $3,078 $1,219 
(d)
$4,297 
Other(b)
4,776 188 302 
(e)
490 
Total$408,732 $3,266 $1,521 $4,787 
(a)Comprised primarily of hedge funds and private equity funds.
(b)At March 31, 2026 and December 31, 2025, excludes approximately $1.0 billion and $1.1 billion, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $982 million and $1.1 billion, respectively. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.
(c)At March 31, 2026 and December 31, 2025, $3.1 billion and $3.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.
AIG | First Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 9. Variable Interest Entities

(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.
10. 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:
March 31, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross 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$547 $25 $1,087 $86 $206 $21 $1,438 $88 
Derivatives not designated as hedging instruments:(a)
Interest rate contracts920 218 996 248 935 227 1,012 258 
Foreign exchange contracts2,113 71 1,760 53 1,154 64 2,576 93 
Credit contracts(b)
42 25 47 25 42 26 47 26 
Total derivatives, gross$3,622 $339 $3,890 $412 $2,337 $338 $5,073 $465 
Counterparty netting(c)
(143)(143)(164)(164)
Cash collateral(d)
(196)(175)(169)(212)
Total derivatives on Condensed Consolidated Balance Sheets(e)
$— $94 $5 $89 
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of March 31, 2026 and December 31, 2025, included CDSs on super senior multi-sector CLO with a net notional amount of $38 million and $38 million (fair value liability of $25 million and $25 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 $3.0 billion at March 31, 2026 and $3.0 billion at December 31, 2025. Fair value of liabilities related to bifurcated embedded derivatives was zero at both March 31, 2026 and December 31, 2025. 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 7.
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. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. 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
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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 $298 million and $362 million at March 31, 2026 and December 31, 2025, 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 $228 million and $222 million at March 31, 2026 and December 31, 2025, 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. 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 designate 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 months ended March 31, 2026 and 2025, we recognized gains (losses) of $28 million and $(71) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.
A qualitative methodology is utilized to assess hedge effectiveness.
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
Gains/(Losses) Recognized in Income for:
(in millions)
Hedging
Derivatives(a)
Excluded
Components(b)
Hedged
Items		Net Impact
Three Months Ended March 31, 2026
Foreign exchange contracts:
Net realized gains/(losses)$(14)$12 $14 $12 
Three Months Ended March 31, 2025
Foreign exchange contracts:
Net realized gains/(losses)$(1)$(1)$1 $(1)
(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.
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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):
Three Months Ended March 31,Gains (Losses) Recognized in Income
(in millions)20262025
By Derivative Type:
Interest rate contracts$1 $(1)
Foreign exchange contracts5 (33)
Embedded derivatives10 (41)
Total$16 $(75)
By Classification:
Net realized gains (losses) - excluding Fortitude Re funds withheld assets
$2 $(28)
Net realized gains (losses) on Fortitude Re funds withheld assets*
14 (47)
Total$16 $(75)
*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 March 31, 2026, 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 $25 million at March 31, 2026 and December 31, 2025, respectively. The aggregate fair value of assets posted as collateral under these contracts at March 31, 2026 and December 31, 2025, was approximately $25 million and $25 million, respectively.
11. 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 $14.0 billion and $13.8 billion at March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 we held collateral of approximately $10.0 billion and $9.6 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 March 31, 2026 and December 31, 2025.
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The following table presents the rollforward of activity in loss reserves:
Three Months Ended March 31,
(in millions)20262025
Liability for unpaid loss and loss adjustment expenses, beginning of year$70,666 $69,168 
Reinsurance recoverable(28,871)(29,026)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year41,795 40,142 
Losses and loss adjustment expenses incurred:
Current year3,661 3,809 
Prior years, excluding discount and amortization of deferred gain(126)(33)
Prior years, discount charge (benefit)(25)40 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(35)(22)
Total losses and loss adjustment expenses incurred3,475 3,794 
Losses and loss adjustment expenses paid:
Current year(480)(429)
Prior years(2,853)(2,961)
Total losses and loss adjustment expenses paid(3,333)(3,390)
Other changes:
Foreign exchange effect(194)484 
Losses and loss adjustment expenses recognized within net (gain) loss on divestitures
4 32 
Retroactive reinsurance adjustment (net of discount)(b)
18 35 
Total other changes(172)551 
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses41,765 41,097 
Reinsurance recoverable
28,198 27,799 
Total$69,963 $68,896 
(a)Includes $15 million and $5 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 March 31, 2026 and 2025, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $53 million and $1 million for the three months ended March 31, 2026 and 2025, 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 March 31, 2026, we recognized favorable prior year loss reserve development of $126 million, net of external reinsurance but before adverse development reinsurance agreement (ADC) cessions. The development in this period was largely driven by favorable experience in U.S Property and U.S. Personal Insurance.
During the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $33 million, net of external reinsurance but before ADC cessions. The development in this period was largely driven by favorable development in U.S. Property and Global Specialty.
Discounting of Loss Reserves
At March 31, 2026 and December 31, 2025, the loss reserves reflect a net loss reserve discount of $1.3 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 approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium), subject to a 4.5 percent maximum as stipulated by Delaware, 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, which was 4.5 percent at March 31, 2026 and December 31, 2025.
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•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 March 31, 2026 and December 31, 2025, the discount consists of $149 million and $141 million of tabular discount, respectively, and $1.1 billion and $1.0 billion of non-tabular discount for workers’ compensation, respectively. During the three months ended March 31, 2026 and 2025, the benefit / (charge) from changes in discount of $48 million and $(17) 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)March 31, 2026December 31, 2025
U.S. workers' compensation$2,111 $2,063 
Retroactive reinsurance(838)(891)
Total reserve discount(a)(b)
$1,273 $1,172 
(a)Excludes $162 million and $166 million of discount related to certain long-tail liabilities in the UK at March 31, 2026 and December 31, 2025, respectively.
(b)Includes gross discount of $686 million and $693 million, which was 100 percent ceded to Fortitude Re at March 31, 2026 and December 31, 2025, respectively.
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended March 31,
(in millions)20262025
Current accident year$23 $23 
Accretion and other adjustments to prior year discount25 (40)
Net reserve discount benefit (charge)48 (17)
Change in discount on loss reserves ceded under retroactive reinsurance53 1 
Net change in total reserve discount*$101 $(16)
*Excludes $(4) million and $6 million of discount related to certain long-tail liabilities in the UK for the three months ended March 31, 2026 and 2025, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $20 million and $17 million related to the adverse development reinsurance cover with NICO for the three months ended March 31, 2026 and 2025, 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 $727 million and $797 million at March 31, 2026 and December 31, 2025, respectively, certain other long-duration contracts of $554 million and $583 million at March 31, 2026 and December 31, 2025, respectively, and Global Accident & Health contracts.
12. 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.

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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 $1.4 billion and $1.5 billion at March 31, 2026 and December 31, 2025, 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 March 31, 2026, a $73 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.
We 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.
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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 9.
•For additional information on derivatives, see Note 10.
13. Equity
SHARES OUTSTANDING
Common Stock
The following table presents a rollforward of outstanding shares:
Three Months Ended March 31, 2026
Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,368.5)538.2 
Shares issued— 1.4 1.4 
Shares repurchased— (6.7)(6.7)
Shares, end of period1,906.7 (1,373.8)532.9 
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 (the Board) 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 2025 Annual Report.
Repurchase of AIG Common Stock
The Board has authorized the repurchase of shares of AIG Common Stock and as of April 24, 2026, $3.2 billion remained under the Board's authorization. Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or through Rule 10b5-1 plans under the Securities Exchange Act of 1934, as amended (the Exchange Act). Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, we repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.
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.
DIVIDENDS DECLARED
On April 30, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $0.50 per share, an 11 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 29, 2026 to shareholders of record as of June 15, 2026.

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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 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, 2025, net of tax$(3)$(1,373)$87 $(2,981)$(717)$(4,987)
Change in unrealized appreciation (depreciation) of investments
(1)(734)— — — (735)
Change in other— (3)— — — (3)
Change in discount rates— — 5 — — 5 
Change in foreign currency translation adjustments— — — (119)— (119)
Change in net actuarial loss— — — — 7 7 
Change in prior service cost
— — — — 1 1 
Change in deferred tax asset (liability)— 121 (1)(2)(2)116 
Total other comprehensive income (loss)(1)(616)4 (121)6 (728)
Balance, March 31, 2026, net of tax$(4)$(1,989)$91 $(3,102)$(711)$(5,715)
Balance, December 31, 2024, net of tax$(4)$(2,868)$68 $(3,521)$(774)$(7,099)
Change in unrealized appreciation (depreciation) of investments4 318 — — — 322 
Change in other— 6 — — — 6 
Change in discount rates— — 9 — — 9 
Change in foreign currency translation adjustments— — — 175 — 175 
Change in net actuarial loss— — — — 8 8 
Change in deferred tax asset (liability)
— 101 (3)19 (1)116 
Total other comprehensive income4 425 6 194 7 636 
Less: Noncontrolling interests— — — 1 — 1 
Balance, March 31, 2025, net of tax$— $(2,443)$74 $(3,328)$(767)$(6,464)
The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2026 and 2025, respectively:
(in millions)Unrealized
Appreciation
(Depreciation)
of Fixed Maturity
Securities on Which
Allowance for Credit
Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Change in the
discount rates
used to measure
traditional and
limited payment
long-duration
insurance contracts		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Total
Three Months Ended March 31, 2026
Unrealized change arising during period$(1)$(867)$5 $(119)$— $(982)
Less: Reclassification adjustments included in net income— (130)— — (8)(138)
Total other comprehensive income (loss), before of income tax expense (benefit)(1)(737)5 (119)8 (844)
Less: Income tax expense (benefit)— (121)1 2 2 (116)
Total other comprehensive income (loss), net of income tax expense (benefit)$(1)$(616)$4 $(121)$6 $(728)
Three Months Ended March 31, 2025
Unrealized change arising during period$4 $62 $9 $175 $— $250 
Less: Reclassification adjustments included in net income— (262)— — (8)(270)
Total other comprehensive income (loss), before income tax expense (benefit)4 324 9 175 8 520 
Less: Income tax expense (benefit)— (101)3 (19)1 (116)
Total other comprehensive income (loss), net of income tax expense (benefit)$4 $425 $6 $194 $7 $636 
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Equity

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 AOCIAffected Line Item in the
Three Months Ended March 31,Condensed Consolidated
(in millions)20262025Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$— $— Net realized gains (losses)
Total— — 
Unrealized appreciation (depreciation) of all other investments
Investments(130)(262)Net realized gains (losses)
Total(130)(262)
Change in retirement plan liabilities adjustment
Prior-service credit(1)(1)
(b)
Actuarial losses(7)(7)
(b)
Total(8)(8)
Total reclassifications for the period$(138)$(270)
(a)Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts is not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table.
(b)These AOCI components are included in the computation of net periodic pension cost.
14. 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 March 31,
(dollars in millions, except per common share data)20262025
Numerator for EPS:
Net income$763 $698 
Less: Net income attributable to noncontrolling interests— — 
Net income (loss) attributable to AIG common shareholders763 698 
Denominator for EPS:
Weighted average common shares outstanding - basic538,053,962 593,839,665 
Dilutive common shares4,106,994 5,400,381 
Weighted average common shares outstanding - diluted(a)
542,160,956 599,240,046 
Net income (loss) per common share attributable to AIG common shareholders:
Basic$1.42 $1.18 
Diluted$1.41 $1.16 
(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 653,677 and 161,754 for the three months ended March 31, 2026 and 2025, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.
For information regarding our repurchases of AIG Common Stock, see Note 13.
15. Income Taxes
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.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 15. Income Taxes

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 March 31, 2026, the effective tax rate on income was 22.7 percent. The effective tax rate on income 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. The charges are partially offset by the impact of 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 March 31, 2025, the effective tax rate on income was 27.3 percent. The effective tax rate on income 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 tax benefits related to 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.
ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE
For the three months ended March 31, 2026, 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 an increase 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 March 31, 2026, based on all available evidence, we concluded that a valuation allowance of $249 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 three months ended March 31, 2026, we recorded an increase in valuation allowance of $49 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 three months ended March 31, 2026, we recognized a net $5 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions, and established a state valuation allowance of $88 million related to the initial recognition and corresponding increase in NYS net operating loss deferred tax asset as a result of the completion of NYS audit activity.
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
There were no significant changes in our unrecognized tax benefits, interest and penalties for the three months ended March 31, 2026.
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ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
This discussion contains a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report) to assist readers seeking additional information related to a particular subject.
In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, we use the terms “AIG,” “we,” “us,” “our” or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Note on Forward-Looking Statements
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” "strive," “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

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All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, pandemics, and geopolitical events or conflicts;
•the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;
•disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;
•our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
•our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
•the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;
•concentrations in our investment portfolios;
•changes in the valuation of our investments;
•our reliance on third-party investment managers;
•nonperformance or defaults by counterparties;
•our reliance on third parties to provide certain business and administrative services;
•our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;
•changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
•concentrations of our insurance, reinsurance and other risk exposures;
•availability of adequate reinsurance or access to reinsurance on acceptable terms;
•changes to tax laws in the countries in which we operate;
•the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
•the effects of sanctions and the failure to comply with those sanctions;
•difficulty in marketing and distributing products through current and future distribution channels;
•actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;
•changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
•our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards;
•our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
•changes to sources of or access to liquidity;
•changes in accounting principles and financial reporting requirements or their applicability to us;
•the outcome of significant legal, regulatory or governmental proceedings; and
•such other factors discussed in:
–Part I, Item 2. MD&A of this Quarterly Report on Form 10-Q;
–Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2025 Annual Report; and
–our other filings with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.
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INDEX TO ITEM 2
Page
Investment Highlights in the Three Months Ended March 31, 2026
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ITEM 2 | Executive Summary

Executive Summary
OVERVIEW
This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2025 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.
OPERATING STRUCTURE
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. 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. Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.
General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance Pte. Ltd.; AIG Europe S.A.; American International Group UK Limited; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).
Commercial Lines Products
Property & Short Tail: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Casualty: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit and trade finance.
Personal Insurance Products
Global Accident & Health: Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.
Personal Lines: Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
Competition
General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements.
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ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.
The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, are related to the determination of:
•loss reserves;
•reinsurance assets;
•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.
For a detailed discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2025 Annual Report.
Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2025 Annual Report.
The following table presents our consolidated results of operations and other key financial metrics:
Three Months Ended March 31,Percentage
(in millions)20262025Change
Revenues:
Premiums$6,072 $5,770 5 %
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets689 1,065 (35)
Net investment income - Fortitude Re funds withheld assets23 40 (43)
Total net investment income712 1,105 (36)
Net realized gains (losses):
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative(132)(60)(120)
Net realized losses on Fortitude Re funds withheld assets(13)(2)NM
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative10 (41)NM
Total net realized losses(135)(103)(31)
Other income1 11 (91)
Total revenues6,650 6,783 (2)
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred3,475 3,794 (8)
Amortization of deferred policy acquisition costs824 825 — 
General operating and other expenses1,137 1,115 2 
Interest expense100 92 9 
Net (gain) loss on divestitures and other127 (3)NM
Total benefits, losses and expenses5,663 5,823 (3)
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ITEM 2 | Consolidated Results of Operations

Three Months Ended March 31,Percentage
(in millions)20262025Change
Income before income tax expense987 960 3 
Income tax expense224 262 (15)
Net income763 698 9 
Less: Net income attributable to noncontrolling interests— — NM
Net income attributable to AIG common shareholders$763 $698 9 %
NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended March 31, 2026 and 2025 Comparison
Net income (loss) attributable to AIG common shareholders increased $65 million primarily driven by:
•higher underwriting income primarily driven by lower catastrophe losses of $345 million and higher net favorable prior year reserve development of $68 million. For additional information, see Business Segment Operations – General Insurance; and
•lower Net investment income of $393 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $449 million and lower income on Alternative investments and Mortgage loans of $48 million, partially offset by higher income from available for sale fixed maturity securities of $103 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.

Business Segment Operations
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.

General Insurance
General Insurance consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.
GENERAL INSURANCE
Three Months Ended March 31,
(in millions)20262025Change
Underwriting results:
Net premiums written$5,599 $4,526 24 %
Net premiums written, on constant dollar basis18 
(Increase) decrease in unearned premiums453 1,243 (64)
Net premiums earned6,052 5,769 5 
Losses and loss adjustment expenses incurred(a)
3,509 3,766 (7)
Acquisition expenses:
Amortization of deferred policy acquisition costs818 825 (1)
Other acquisition expenses233 232 — 
Total acquisition expenses1,051 1,057 (1)
General operating expenses718 703 2 
Underwriting income774 243 219 
Net investment income864 736 17 
Amortization of intangible assets including renewal rights(b)
(10)(4)(150)
Adjusted pre-tax income$1,628 $975 67 %
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,
(in millions)20262025Change
Loss ratio(a)
58.0 65.3 (7.3)
Acquisition ratio17.4 18.3 (0.9)
General operating expense ratio11.9 12.2 (0.3)
Expense ratio29.3 30.5 (1.2)
Combined ratio(a)
87.3 95.8 (8.5)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(3.0)(9.1)6.1 
Prior year development, net of prior year premiums
2.3 1.1 1.2 
Accident year loss ratio, as adjusted57.3 57.3 — 
Accident year combined ratio, as adjusted86.6 87.8 (1.2)
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
(b)In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
The following tables present General Insurance accident year catastrophes(a) by segment:
(dollars in millions)North America
Commercial
International
Commercial
Global
Personal
Total
Three Months Ended March 31, 2026
Flooding, rainstorms and other$— $27 $1 $28 
Windstorms and hailstorms— 16 — 16 
Winter storms108 1 27 136 
Total catastrophe-related charges$108 $44 $28 $180 
Three Months Ended March 31, 2025
Windstorms and hailstorms$25 $1 $2 $28 
Winter storms12 — — 12 
Wildfires216 50 194 460 
Earthquakes— 20 — 20 
Reinstatement premiums5 (1)1 5 
Total catastrophe-related charges$258 $70 $197 $525 
(a)Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
NORTH AMERICA COMMERCIAL
The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda. Products include Property, Casualty and Financial Lines with clients ranging from small and medium-sized businesses to multinational companies.
Three Months Ended March 31,
(in millions)20262025Change
Underwriting results:
Net premiums written$1,605 $1,174 37 %
Net premiums written, on constant dollar basis
36 
(Increase) decrease in unearned premiums648 950 (32)
Net premiums earned2,253 2,124 6 
Losses and loss adjustment expenses incurred(a)
1,421 1,526 (7)
Acquisition expenses:
Amortization of deferred policy acquisition costs213 227 (6)
Other acquisition expenses68 47 45 
Total acquisition expenses281 274 3 
General operating expenses224 195 15 
Underwriting income$327 $129 153 %
Loss ratio(a)
63.1 71.8 (8.7)
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,
(in millions)20262025Change
Acquisition ratio12.5 12.9 (0.4)
General operating expense ratio9.9 9.2 0.7 
Expense ratio22.4 22.1 0.3 
Combined ratio(a)
85.5 93.9 (8.4)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums
(4.8)(12.0)7.2 
Prior year development, net of prior year premiums
4.8 2.4 2.4 
Accident year loss ratio, as adjusted63.1 62.2 0.9 
Accident year combined ratio, as adjusted85.5 84.3 1.2 
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
Premiums Three Months Ended March 31, 2026 and 2025 Comparison
Net premiums written increased by $431 million, or 37 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty and Property. The increase in Net premiums earned is primarily driven by business growth.
Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison
North America Commercial produced underwriting income of $327 million from a combined ratio of 85.5, which was an 8.4 point improvement. This was driven by a lower loss ratio (8.7 points) from:
•lower catastrophe losses (7.2 points); and
•higher net favorable prior year reserve development (2.4 points), with favorable development driven by Property.
This was partially offset by a higher accident year loss ratio, as adjusted (0.9 points) due to changes in business mix.
The expense ratio increased by 0.3 points, as a lower acquisition ratio (0.4 points) primarily driven by changes in business mix partially offset the increase in the general operating expense ratio (0.7 points).
For additional information on prior year development, see Insurance Reserves.
INTERNATIONAL COMMERCIAL
The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business. Products include Property, Casualty and Financial Lines, with clients ranging from small and medium-sized businesses to multinational companies. Global Specialty products include aviation, political risk, trade credit and trade finance.
Three Months Ended March 31,
(in millions)20262025Change
Underwriting results:
Net premiums written$2,450 $2,027 21 %
Net premiums written, on constant dollar basis
12 
(Increase) decrease in unearned premiums(263)24 NM
Net premiums earned2,187 2,051 7 
Losses and loss adjustment expenses incurred1,246 1,178 6 
Acquisition expenses:
Amortization of deferred policy acquisition costs278 245 13 
Other acquisition expenses85 94 (10)
Total acquisition expenses363 339 7 
General operating expenses300 294 2 
Underwriting income$278 $240 16 %
Loss ratio57.0 57.4 (0.4)
Acquisition ratio16.6 16.5 0.1 
General operating expense ratio13.7 14.3 (0.6)
Expense ratio30.3 30.8 (0.5)
Combined ratio87.3 88.2 (0.9)
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended March 31,
(in millions)20262025Change
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(2.0)(3.4)1.4 
Prior year development, net of prior year premiums(0.2)0.6 (0.8)
Accident year loss ratio, as adjusted54.8 54.6 0.2 
Accident year combined ratio, as adjusted85.1 85.4 (0.3)
Premiums Three Months Ended March 31, 2026 and 2025 Comparison
Net premiums written, excluding the favorable impact of foreign exchange ($162 million), increased by $261 million, or 12 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property and Casualty. The increase in Net premiums earned is primarily driven by business growth.
Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison
International Commercial produced underwriting income of $278 million from a combined ratio of 87.3, which was a 0.9 point improvement. This was driven by a lower loss ratio (0.4 points) from lower catastrophe losses (1.4 points), partially offset by:
•higher accident year loss ratio, as adjusted (0.2 points) due to changes in business mix; and
•net adverse prior year reserve development (0.8 points), driven by prior year premiums.
The expense ratio improved by 0.5 points, as a mix-driven increase in the acquisition ratio (0.1 points) was more than offset by a lower general operating expense ratio (0.6 points).
For additional information on prior year development, see Insurance Reserves.
GLOBAL PERSONAL
The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
Three Months Ended March 31,
(in millions)20262025Change
Underwriting results:
Net premiums written$1,544 $1,325 17 %
Net premiums written, on constant dollar basis
11 
(Increase) decrease in unearned premiums68 269 (75)
Net premiums earned1,612 1,594 1 
Losses and loss adjustment expenses incurred842 1,062 (21)
Acquisition expenses:
Amortization of deferred policy acquisition costs327 353 (7)
Other acquisition expenses80 91 (12)
Total acquisition expenses407 444 (8)
General operating expenses194 214 (9)
Underwriting income (loss)$169 $(126)NM%
Loss ratio52.2 66.6 (14.4)
Acquisition ratio25.2 27.9 (2.7)
General operating expense ratio12.0 13.4 (1.4)
Expense ratio37.2 41.3 (4.1)
Combined ratio89.4 107.9 (18.5)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(1.7)(12.3)10.6 
Prior year development, net of prior year premiums2.2 — 2.2 
Accident year loss ratio, as adjusted52.7 54.3 (1.6)
Accident year combined ratio, as adjusted89.9 95.6 (5.7)
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ITEM 2 | Business Segment Operations | General Insurance

Premiums Three Months Ended March 31, 2026 and 2025 Comparison
Net premiums written, excluding the favorable impact of foreign exchange ($60 million) increased by $159 million, or 11 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Underwriting Results Three Months Ended March 31, 2026 and 2025 Comparison
Global Personal produced underwriting income of $169 million from a combined ratio of 89.4, which was an 18.5 point improvement. This was driven by a lower loss ratio (14.4 points) from:
•lower catastrophe losses (10.6 points);
•net favorable prior year reserve development (2.2 points), with favorable development driven by U.S. high net worth; and
•lower accident year loss ratio, as adjusted (1.6 points) due to changes in business mix.
The expense ratio improved by 4.1 points, reflecting a lower acquisition ratio (2.7 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.4 points).
For additional information on prior year development, see Insurance Reserves.

Other Operations
Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.
OTHER OPERATIONS
Three Months Ended March 31,
(in millions)20262025Change
Net investment income and other$54 $110 (51)%
Benefits, losses and expenses:
Corporate and other general operating expenses79 85 (7)
Interest expense100 91 10 
Total benefits, losses and expenses*179 176 2 
Adjusted pre-tax loss before consolidation and eliminations(125)(66)(89)
Consolidation and eliminations— — NM
Adjusted pre-tax loss$(125)$(66)(89)%
*In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
ADJUSTED PRE-TAX LOSS BEFORE CONSOLIDATION AND ELIMINATIONS
Three Months Ended March 31, 2026 and 2025 Comparison
Adjusted pre-tax loss before consolidation and eliminations increased $59 million primarily due to the following:
•lower net investment income and other of $56 million due to lower dividend income from Corebridge of $25 million and lower interest on AIG Parent portfolio as a result of lower balance; and
•higher interest expense of $9 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $693 million debt repurchases, through cash tender offers and debt redemption in 2025.
AIG | First Quarter 2026 Form 10-Q
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ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income before income tax:
•changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;
•net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets);
•net realized gains and losses on Fortitude Re funds withheld assets;
•loss (gain) on extinguishment of debt;
•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. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);
•income or loss from discontinued operations;
•net loss reserve discount benefit (charge);
•net results of businesses in run-off;
•non-operating pension expenses;
•net gain or loss on divestitures and other;
•non-operating litigation reserves and settlements;
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;
•integration and transaction costs associated with acquiring or divesting businesses;
•losses from the impairment of goodwill; and
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles.
Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
•deferred income tax valuation allowance releases and charges; and
•changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance.

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ITEM 2 | Use of Non-GAAP Measures

The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:
Three Months Ended March 31,20262025
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge		After
Tax		Pre-taxTotal Tax
(Benefit)
Charge		After
Tax
Pre-tax income/Net income, including noncontrolling interests$987 $224 $763 $960 $262 $698 
Noncontrolling interests
— — 
Pre-tax income/Net income attributable to AIG common shareholders987 224 763 960 262 698 
Changes in uncertain tax positions and other tax adjustments
93 (93)6 (6)
Deferred income tax valuation allowance (releases) charges
(83)83 2 (2)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares237 50 187 (217)(46)(171)
Net investment income on Fortitude Re funds withheld assets(23)(5)(18)(40)(8)(32)
Net realized losses on Fortitude Re funds withheld assets13 3 10 2 — 2 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative(10)(2)(8)41 9 32 
Net realized losses(a)
136 43 93 66 (38)104 
Net (gain) loss on divestitures and other(b)
127 27 100 (3)(1)(2)
Non-operating litigation reserves and settlements— — — (11)(2)(9)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements(8)(2)(6)9 2 7 
Net loss reserve discount (benefit) charge(48)(10)(38)17 3 14 
Net results of businesses in run-off(c)
5 1 4 (5)(1)(4)
Non-operating pension expenses(1)— (1)5 1 4 
Integration and transaction costs associated with acquiring or divesting businesses7 1 6 5 1 4 
Restructuring and other costs
76 16 60 76 16 60 
Non-recurring costs related to regulatory or accounting changes5 1 4 4 1 3 
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders$1,503 $357 $1,146 $909 $207 $702 
Weighted average diluted shares outstanding
542.2 599.2 
Income per common share attributable to AIG common shareholders (diluted)
$1.41 $1.16 
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$2.11 $1.17 
(a)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.
(b)In the three months ended March 31, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.
(c)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.
The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):
Three Months Ended March 31,20262025
General InsuranceOther OperationsGeneral InsuranceOther Operations
(in millions)
Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)(a)
$784 $1,341 $(71)$(354)$756 $849 $360 $111 
Consolidation and Eliminations— — 1 — — — (1)— 
Other income (expense) - net(2)— 1 — — — (9)— 
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
82 82 155 155 (20)(20)(197)(197)
Net investment income on Fortitude Re funds withheld assets— — (23)(23)1 1 (41)(41)
Net realized losses on Fortitude Re funds withheld assets— — — 13 — 2 — — 
Net realized gains on Fortitude Re funds withheld embedded derivative— — — (10)— — — 41 
Net realized (gains) losses— 156 — (20)(1)53 3 13 
Net (gain) loss on divestitures and other— (3)— 130 — 6 — (9)
Non-operating litigation reserves and settlements
— — — — — — — (11)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements— 5 — (13)— 14 — (5)
Net loss reserve discount (benefit) charge— (48)— — — 17 — — 
Net results of businesses in run-off— — (9)5 — — (5)(5)
Non-operating pension expenses— 1 — (2)— 4 — 1 
Integration and transaction costs associated with acquiring or divesting businesses— 32 — (25)— — — 5 
Restructuring and other costs— 57 — 19 — 45 — 31 
Non-recurring costs related to regulatory or accounting changes— 5 — — — 4 — — 
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)$864 $1,628 $54 $(125)$736 $975 $110 $(66)
(a)In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
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ITEM 2 | Use of Non-GAAP Measures

Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures.
March 31,December 31,
(in millions, except per share data)
20262025
Total AIG common shareholders' equity
$40,405 $41,139 
Less: Investments related AOCI
(1,993)(1,376)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(537)(523)
Subtotal: Investments AOCI(1,456)(853)
AIG adjusted common shareholders' equity$41,861 $41,992 
Total AIG common shareholders' equity
$40,405 $41,139 
Less: AIG's ownership interest in Corebridge607 1,512 
Less: Investments related AOCI - AIG
(1,993)(1,376)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG
(537)(523)
Subtotal: Investments AOCI - AIG(1,456)(853)
Less: Deferred tax assets3,132 3,278 
AIG core operating shareholders' equity$38,122 $37,202 
Total common shares outstanding532.9 538.2 
Book value per share$75.82 $76.44 
Adjusted book value per share78.55 78.02 
Core operating book value per share71.54 69.12 
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
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ITEM 2 | Use of Non-GAAP Measures

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures.
Three Months Ended March 31,
(dollars in millions)
2026 2025 
Actual or annualized net income (loss) attributable to AIG common shareholders
$3,052 $2,792 
Actual or annualized adjusted after-tax income attributable to AIG common shareholders
$4,584 $2,808 
Average AIG common shareholders' equity
$40,772 $41,976 
Less: Average investments AOCI(1,155)(1,992)
Average AIG adjusted common shareholders' equity$41,927 $43,968 
Average AIG common shareholders' equity
$40,772 $41,976 
Less: Average AIG's ownership interest in Corebridge1,060 3,914 
Less: Average Investments AOCI - AIG(1,155)(1,992)
Less: Average deferred tax assets3,205 3,430 
Average AIG core operating shareholders' equity$37,662 $36,624 
Return on equity7.5 %6.7 %
Adjusted return on equity10.9 6.4 
Core operating return on equity12.2 7.7 
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Results from discontinued operations are excluded from all of these measures.

Investments
OVERVIEW
Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.
INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2026
•Blended investment yields on new investments were higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.
•Total Net investment income decreased for the three months ended March 31, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities and lower income from mortgage loans and alternative investments, partially offset by higher income on available for sale fixed maturity securities.
AIG | First Quarter 2026 Form 10-Q
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ITEM 2 | Investments

INVESTMENT STRATEGIES
Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, where appropriate, environmental, social and governance considerations.
Some of our key investment strategies are as follows:
•Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.
•Within General Insurance, investments generally consist of a split between reserve backing and surplus portfolios.
–Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, currency, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.
–Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity and private credit.
•We seek to purchase private equity and private credit assets that offer enhanced yield through illiquidity premiums and other portfolio diversification benefits. The private credit assets typically provide credit protections such as covenants along with other features that support insurance company needs.
•Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.
•AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.
Asset-Liability Management
The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 4 years.
While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate a portion of our portfolio to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.
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ITEM 2 | Investments

Available-for-Sale Investments
The following table presents the fair value of our available-for-sale securities:
(in millions)March 31, 2026December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$2,316 $3,298 
Obligations of states, municipalities and political subdivisions2,696 2,775 
Non-U.S. governments6,291 6,516 
Corporate debt37,802 37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS - agency6,405 5,988 
RMBS - non-agency
4,667 4,180 
CMBS4,636 4,616 
CLO/ABS5,715 6,424 
Total mortgage-backed, asset-backed and collateralized21,423 21,208 
Total bonds available for sale*$70,528 $71,032 
*At March 31, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.7 billion and $5.9 billion, respectively.
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:
(in millions)March 31, 2026December 31, 2025
Canada$1,083 $1,207 
Japan474 489 
Germany380 444 
United Kingdom356 344 
Israel338 322 
Australia303 284 
Denmark235 241 
Singapore221 206 
Malaysia205 216 
Korea, Republic of197 214 
Other2,520 2,572 
Total$6,312 $6,539 
The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:
March 31, 2026December 31,
2025
Total
(in millions)SovereignFinancial
 Institution		Non-Financial
Corporates		Structured
Products		Total
Euro-Zone countries:
France$132 $1,570 $514 $42 $2,258 $2,258 
Germany380 261 857 51 1,549 1,660 
Netherlands65 599 304 50 1,018 1,061 
Ireland5 132 106 469 712 733 
Spain7 347 86 54 494 494 
Italy13 91 336 30 470 480 
Denmark235 91 48 — 374 337 
Belgium10 132 56 14 212 216 
Luxembourg18 45 88 18 169 205 
Finland9 68 3 1 81 93 
Other Euro-Zone200 34 32 27 293 310 
Total Euro-Zone$1,074 $3,370 $2,430 $756 $7,630 $7,847 
Remainder of Europe:
United Kingdom$356 $1,634 $1,687 $427 $4,104 $4,017 
Switzerland19 238 253 — 510 534 
Sweden117 208 28 — 353 372 
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ITEM 2 | Investments

March 31, 2026December 31,
2025
Total
(in millions)SovereignFinancial
 Institution		Non-Financial
Corporates		Structured
Products		Total
Norway60 77 4 — 141 136 
Jersey (Channel Islands)3 3 8 48 62 58 
Other - Remainder of Europe38 14 4 — 56 59 
Total - Remainder of Europe$593 $2,174 $1,984 $475 $5,226 $5,176 
Total$1,667 $5,544 $4,414 $1,231 $12,856 $13,023 
Investments in Municipal Bonds
At March 31, 2026, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 98 percent of the portfolio rated A or higher.
The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:
March 31, 2026
(in millions)State
General
Obligation		Local
General
Obligation		RevenueTotal
Fair
Value		December 31, 2025
Total Fair Value
California$209 $138 $321 $668 $690 
New York28 88 255 371 401 
Massachusetts40 11 111 162 167 
Florida1 — 130 131 127 
Texas11 29 88 128 144 
Connecticut26 2 83 111 111 
Pennsylvania34 — 74 108 118 
Illinois4 17 54 75 84 
Georgia48 — 26 74 73 
Oregon7 46 15 68 67 
Virginia8 3 54 65 60 
Hawaii63 — 1 64 66 
Alabama— — 52 52 57 
All other states
31 34 554 619 610 
Total
$510 $368 $1,818 $2,696 $2,775 
Investments in Corporate Debt Securities
The following table presents the fair value of our available for sale corporate debt securities by industry categories:
Industry Category
(in millions)March 31, 2026December 31, 2025
Financial institutions:
Banks$8,052 $8,086 
Insurance1,472 1,378 
Securities firms and other finance companies887 856 
Other financial institutions5,785 5,733 
Utilities3,307 3,231 
Communications2,301 2,188 
Consumer noncyclical2,812 2,706 
Capital goods1,723 1,805 
Energy2,233 2,010 
Consumer cyclical3,553 3,649 
Basic materials2,229 2,093 
Other3,448 3,500 
Total*$37,802 $37,235 
*At March 31, 2026 and December 31, 2025, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.
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ITEM 2 | Investments

Commercial Mortgage Loans
At March 31, 2026, we had direct commercial mortgage loan exposure of $2.4 billion.
The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:
Number
of Loans		ClassPercent
of Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
March 31, 2026
State:
California16 $89 $191 $26 $17 $16 $— $339 14 %
New York17 49 183 44 19 32 — 327 14 
Texas19 71 135 1 30 — 40 277 11 
Massachusetts7 — 172 48 7 — — 227 9 
Florida11 68 — 60 7 38 — 173 7 
Pennsylvania9 29 58 15 18 — — 120 5 
Illinois5 88 13 — — — — 101 4 
New Jersey4 56 — — — — 10 66 3 
Washington3 49 — — — — — 49 2 
Colorado3 7 20 15 — — — 42 2 
Other states21 100 3 67 28 — — 198 9 
Foreign22 144 192 49 27 78 — 490 20 
Total*137 $750 $967 $325 $153 $164 $50 $2,409 100 %
December 31, 2025
State:
California17 $89 $190 $27 $18 $31 $— $355 14 %
New York17 48 188 44 19 33 — 332 13 
Texas19 72 135 1 30 10 — 248 10 
Massachusetts7 — 175 48 7 — — 230 9 
Florida11 68 — 60 8 37 — 173 7 
Pennsylvania9 28 57 15 18 — — 118 5 
Illinois5 88 13 — — — — 101 4 
New Jersey8 55 — — 3 — 10 68 3 
Washington3 49 — — — — — 49 2 
Colorado3 7 20 16 — — — 43 2 
Other states23 109 12 68 28 — — 217 9 
Foreign23 180 196 78 27 80 — 561 22 
Total*145 $793 $986 $357 $158 $191 $10 $2,495 100 %
*Does not reflect allowance for credit losses.
For additional information on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.
Net Realized Gains and Losses
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20262025
(in millions)
Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(115)$(15)$(130)$(255)$(7)$(262)
Change in allowance for credit losses on fixed maturity securities(2)1 (1)8 — 8 
Change in allowance for credit losses on loans33 1 34 5 4 9 
Foreign exchange transactions(19)(3)(22)220 6 226 
All other derivatives and hedge accounting2 4 6 (28)(6)(34)
Sales of alternative investments22 — 22 — — — 
Other(53)(1)(54)(10)1 (9)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(132)(13)(145)(60)(2)(62)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 10 10 — (41)(41)
Net realized losses$(132)$(3)$(135)$(60)$(43)$(103)
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Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.
Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements.
For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.
Unrealized Gains and Losses on Investments
Net unrealized investment losses included in shareholders’ equity were $2.0 billion at March 31, 2026 compared with $2.4 billion at March 31, 2025. The change in net unrealized gains and losses on investments in the three months ended March 31, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates and slight widening of credit spreads. The change in net unrealized gains and losses on investments in the three months ended March 31, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
At March 31, 2026, the Company had $1.5 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.
At March 31, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at March 31, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.8 billion and a fair value of $2.7 billion, resulting in a net pre-tax unrealized investment loss of $125 million.
For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.
CREDIT RATINGS
Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities.
At March 31, 2026, approximately 62 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
At March 31, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Composite AIG Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (96 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.
For information regarding credit risks associated with investments, see Part II, Item 7. MD&A – Enterprise Risk Management in the 2025 Annual Report.

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ITEM 2 | Investments

The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:
Available for SaleOther Bond SecuritiesTotal
(in millions)March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Rating:
Other fixed maturity securities
AAA$3,701 $4,063 $13 $14 $3,714 $4,077 
AA7,716 8,693 49 50 7,765 8,743 
A17,449 17,679 114 173 17,563 17,852 
BBB15,535 14,565 97 100 15,632 14,665 
Below investment grade4,615 4,730 2 11 4,617 4,741 
Non-rated89 94 — — 89 94 
Total$49,105 $49,824 $275 $348 $49,380 $50,172 
Mortgage-backed, asset-backed and collateralized
AAA$11,118 $11,198 $96 $102 $11,214 $11,300 
AA7,866 7,468 48 49 7,914 7,517 
A1,065 1,030 152 135 1,217 1,165 
BBB341 411 76 77 417 488 
Below investment grade1,033 1,101 30 30 1,063 1,131 
Total$21,423 $21,208 $402 $393 $21,825 $21,601 
Total
AAA$14,819 $15,261 $109 $116 $14,928 $15,377 
AA15,582 16,161 97 99 15,679 16,260 
A18,514 18,709 266 308 18,780 19,017 
BBB15,876 14,976 173 177 16,049 15,153 
Below investment grade5,648 5,831 32 41 5,680 5,872 
Non-rated89 94 — — 89 94 
Total$70,528 $71,032 $677 $741 $71,205 $71,773 
Insurance Reserves
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
The following table presents the components of our gross and net loss reserves by segment and major lines of business(a):
March 31, 2026December 31, 2025
(in millions)Net Loss ReservesReinsurance
Recoverable		Gross Loss ReservesNet Loss ReservesReinsurance
Recoverable		Gross Loss Reserves
General Insurance:
North America Commercial:
U.S. Workers' Compensation (net of discount)$2,254 $3,717 $5,971 $2,273 $3,742 $6,015 
U.S. Excess Casualty3,117 2,894 6,011 3,153 2,961 6,114 
U.S. Other Casualty4,938 3,099 8,037 4,651 3,170 7,821 
U.S. Financial Lines5,301 1,449 6,750 5,270 1,516 6,786 
U.S. Property and Special Risks4,214 938 5,152 4,142 990 5,132 
Other product lines(b)
3,342 2,493 5,835 4,356 2,947 7,303 
Total North America Commercial23,166 14,590 37,756 23,845 15,326 39,171 
International Commercial:
UK/Europe Casualty and Financial Lines8,737 2,258 10,995 8,288 2,376 10,664 
UK/Europe Property and Special Risks2,373 2,206 4,579 2,176 2,214 4,390 
Other product lines(b)
2,048 1,528 3,576 1,882 1,272 3,154 
Total International Commercial13,158 5,992 19,150 12,346 5,862 18,208 
Global Personal:
U.S. Personal Insurance840 1,963 2,803 705 1,986 2,691 
UK/Europe and Japan Personal Insurance1,228 717 1,945 1,240 733 1,973 
Other product lines(b)
1,091 814 1,905 1,109 750 1,859 
Total Global Personal3,159 3,494 6,653 3,054 3,469 6,523 
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March 31, 2026December 31, 2025
(in millions)Net Loss ReservesReinsurance
Recoverable		Gross Loss ReservesNet Loss ReservesReinsurance
Recoverable		Gross Loss Reserves
Unallocated loss adjustment expenses(b)
1,666 578 2,244 1,965 629 2,594 
Total General Insurance41,149 24,654 65,803 41,210 25,286 66,496 
Other Operations616 3,544 4,160 585 3,585 4,170 
Total$41,765 $28,198 $69,963 $41,795 $28,871 $70,666 
(a)Includes net loss reserve discount of $1.3 billion and $1.2 billion at March 31, 2026 and December 31, 2025, respectively. For information regarding loss reserve discount, see Note 11 to the Condensed Consolidated Financial Statements.
(b)Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.3 billion at March 31, 2026 and December 31, 2025, respectively.
Prior Year Development
The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:
Three Months Ended March 31,
(in millions)20262025
General Insurance:
North America Commercial:
U.S. Workers' Compensation$(8)$(10)
U.S. Excess Casualty(6)(7)
U.S. Other Casualty(6)(7)
U.S. Financial Lines(23)(5)
U.S. Property and Special Risks(68)(21)
Other Product Lines7 — 
Total North America Commercial$(104)$(50)
International Commercial:
UK/Europe Casualty and Financial Lines$(1)$— 
UK/Europe Property and Special Risks28 (13)
Other Product Lines(52)(1)
Total International Commercial$(25)$(14)
Global Personal:
U.S. Personal Insurance$(22)$— 
UK/Europe and Japan Personal Insurance(3)(1)
Other Product Lines1 1 
Total Global Personal$(24)$— 
Total Prior Year (Favorable) Unfavorable Development*$(153)$(64)
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended March 31, 2026 and 2025, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $0 million and $0 million for the three months ended March 31, 2026 and 2025, respectively. Also excludes the related changes in amortization of the deferred gain, which were $9 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.
Net Loss Development
In the three months ended March 31, 2026, we recognized favorable prior year loss reserve development of $153 million, primarily driven by:
North America Commercial
•Favorable development in U.S. Property and Special Risks primarily reflecting lower than expected non-CAT loss experience in Property Lines.
•Favorable development in U.S. Financial Lines reflecting favorable experience in Directors and Officers in more mature accident years.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Other Product Lines primarily driven by Energy and Cargo.
•Adverse development in UK/Europe Property and Special Risks due to adverse development on prior year catastrophes, partially offset by favorable experience primarily concentrated in EMEA Property.
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Global Personal
•Favorable development in U.S. Personal Insurance attributable to favorable development on prior year catastrophes.
In the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $64 million, primarily driven by:
North America Commercial
•Favorable development in U.S. Property.
•Amortization benefit related to the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Global Specialty.
For certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.
Significant Reinsurance Agreements
NICO
In the first quarter of 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 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. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.
For a description of AIG’s catastrophe reinsurance protection for 2026, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risk – Natural Catastrophe Risk in the 2025 Annual Report.
The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.
(in millions)March 31, 2026December 31, 2025
Gross Covered Losses
Covered reserves before discount$8,749 $8,907 
Inception to date losses paid32,746 32,588 
Attachment point(25,000)(25,000)
Covered losses above attachment point$16,495 $16,495 
Deferred Gain Development
Covered losses above attachment ceded to NICO (80%)$13,196 $13,196 
Consideration paid including interest(10,188)(10,188)
Pre-tax deferred gain before discount and amortization3,008 3,008 
Discount on ceded losses(a)
(838)(891)
Pre-tax deferred gain before amortization2,170 2,117 
Inception to date amortization of deferred gain at inception(1,714)(1,688)
Inception to date amortization attributed to changes in deferred gain(b)
(150)(156)
Deferred gain liability reflected in AIG's balance sheet$306 $273 
(a)The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.
(b)Excluded from APTI.
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The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:
Three Months Ended March 31,
(in millions)20262025
Balance at beginning of year, net of discount$273 $284 
(Favorable) unfavorable prior year reserve development ceded to NICO(a)
— — 
Amortization attributed to deferred gain at inception(b)
(26)(31)
Amortization attributed to changes in deferred gain(c)
6 14 
Changes in discount on ceded loss reserves53 1 
Balance at end of period, net of discount$306 $268 
(a)Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.
(b)Represents amortization of the deferred gain recognized in APTI.
(c)Excluded from APTI.
The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.
Fortitude Re
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of March 31, 2026, $3.1 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

Liquidity and Capital Resources
OVERVIEW
Liquidity refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.
For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk in the 2025 Annual Report.
We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.
For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit in the 2025 Annual Report.
Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG common stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.
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ITEM 2 | Liquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS
Sources
Liquidity to AIG Parent from Subsidiaries
During the three months ended March 31, 2026, our General Insurance companies distributed dividends of $0.7 billion to AIG Parent or applicable intermediate holding companies.
Sale of Corebridge Shares by AIG
In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42. The aggregate proceeds to AIG Parent were $750 million. As of March 31, 2026, we owned 25,457,020 shares of Corebridge common stock.
Uses
General Borrowings
We made interest payments on our general borrowings totaling $65 million during the three months ended March 31, 2026.
Dividends
We made a cash dividend payment in the amount of $0.45 per share on AIG Common Stock for the three month period ended March 31, 2026, totaling $241 million in the aggregate.
Repurchases of Common Stock
During the three months ended March 31, 2026, AIG Parent repurchased approximately 7 million shares of AIG Common Stock, for an aggregate purchase price of approximately $0.5 billion. Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, AIG Parent repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.
Acquisition of Convex Group Limited (Convex) and Onex Corporation (Onex)
On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex, for $642 million.
ANALYSIS OF SOURCES AND USES OF CASH
Operating Cash Flow Activities
Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.
Interest payments totaled $67 million and $72 million in the three months ended March 31, 2026 and 2025, respectively. Excluding interest payments, AIG had operating cash inflows of $222 million and $16 million in the three months ended March 31, 2026 and 2025, respectively.
Investing Cash Flow Activities
Net cash provided by investing activities in the three months ended March 31, 2026 was $833 million compared to $2.8 billion in the prior year period.
Financing Cash Flow Activities
Net cash used in financing activities in the three months ended March 31, 2026 totaled $799 million, reflecting:
•$241 million to pay dividends of $0.45 per share on AIG Common Stock; and
•$0.5 billion to repurchase approximately 7 million shares of AIG Common Stock.
Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion reflecting:
•$234 million to pay dividends of $0.40 per share on AIG Common Stock;
•$2.2 billion to repurchase approximately 29 million shares of AIG Common Stock; and
•$247 million in net outflows from the issuance and repayment of long-term debt.
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LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES
AIG Parent
As of March 31, 2026 and December 31, 2025, respectively, AIG Parent had approximately $6.4 billion and $9.3 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion. AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent’s primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.
We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.
Insurance Companies
We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.
Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies’ liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding.
The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements. Payments of dividends to AIG Parent or intermediate holding companies by insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. For information regarding restrictions on payments of dividends by our subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2025 Annual Report.
Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.
We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown. Letters of credit issued in support of our insurance companies totaled approximately $2.2 billion at March 31, 2026.
CREDIT FACILITIES
We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion. The Facility is scheduled to expire in September 2029.
Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.
As of March 31, 2026, a total of $3.0 billion remained available under the Facility.
CONTRACTUAL OBLIGATIONS
As of March 31, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2025 Annual Report.
OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
As of March 31, 2026, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2025, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2025 Annual Report.
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ITEM 2 | Liquidity and Capital Resources

DEBT
We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.
The following table provides the rollforward of our total debt outstanding:
Three Months Ended March 31, 2026Balance,
Beginning
of Year		IssuancesMaturities
and
Repayments		Effect of
Foreign
Exchange		Other
Changes		Balance,
End of
Period
(in millions)
General borrowings:
Notes and bonds payable$8,529 $— $— $(28)$2 $8,503 
Junior subordinated debt481 — — — — 481 
Total general borrowings9,010 — — (28)2 8,984 
Borrowings supported by assets25 — (7)— (1)17 
Total long-term debt$9,035 $— $(7)$(28)$1 $9,001 
Debt of consolidated investment entities - not guaranteed by AIG(a)
$156 $— $(1)$— $— $155 
(a)Includes debt of consolidated investment entities related to real estate investments.
Debt Maturities
The following table summarizes maturing long-term debt at March 31, 2026 of AIG for the next four quarters:
Second
Quarter		Third
Quarter		Fourth
Quarter		First
Quarter
(in millions)2026202620262027Total
General borrowings$— $— $28 $— $28 

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
March 31, 2026RemainderYear Ending
(in millions)Totalof 202620272028202920302031Thereafter
General borrowings:
Notes and bonds payable
$8,503 $28 $945 $685 $204 $959 $— $5,682 
Junior subordinated debt481 — — — — — — 481 
Total general borrowings8,984 28 945 685 204 959 — 6,163 
Borrowings supported by assets17 — — — — — — 17 
Total long-term debt*
$9,001 $28 $945 $685 $204 $959 $— $6,180 
*Does not reflect $155 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.
FINANCIAL STRENGTH RATINGS
Financial Strength ratings estimate an insurance company’s ability to pay its obligations under an insurance policy. The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.
A.M. BestS&PFitchMoody’s
National Union Fire Insurance Company of Pittsburgh, Pa.AAA-AA-A1
Lexington Insurance CompanyAAA-AA-A1
American Home Assurance CompanyAAA-AA-A1
AIG Europe S.A.NRAA-NRA1
American International Group UK LimitedAAA-NRA1
AIG General Insurance Company, Ltd.NRAA-NRNR
These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
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ITEM 2 | Liquidity and Capital Resources

CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency’s rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.
Short-Term Debt
Senior Debt Rating
Moody'sS&P
Moody's(a)
S&P(b)
Fitch(c)
American International Group, Inc.
P-2 (2nd of 4)A-2 (2nd of 5)
Baa 1 (4th of 9) / Stable
A- (3rd of 9) /
Stable
A- (3rd of 9) /
Stable
(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.
The actual amount of collateral that we would be required to post 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 the time of the downgrade.
For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2025 Annual Report and Note 10 to the Condensed Consolidated Financial Statements.
REGULATION AND SUPERVISION
For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2025 Annual Report.
DIVIDENDS
On April 30, 2026, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.50 per share, an 11 percent increase from prior quarterly dividends on AIG Common Stock, payable on June 29, 2026 to shareholders of record as of June 15, 2026.
The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors. For further detail on our dividends, see Note 13 to the Condensed Consolidated Financial Statements.
REPURCHASES OF AIG COMMON STOCK
The Board has authorized the repurchase of shares of AIG Common Stock and as of April 24, 2026, $3.2 billion remained under the Board's authorization. During the three months ended March 31, 2026, AIG Parent repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of $0.5 billion. Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, AIG Parent repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.
The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 13 to the Condensed Consolidated Financial Statements.
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ITEM 2 | Enterprise Risk Management


Enterprise Risk Management
Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our Enterprise Risk Management (ERM) Department oversees and integrates the risk management functions in our business and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. For further information regarding the risks associated with our business and operations, see Part I, Item 1A. Risk Factors in the 2025 Annual Report.
AIG employs a Three Lines model. AIG’s business leaders assume full accountability for the risks and controls in their segments and functions, and ERM and other second line functions have review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.
For additional information on AIG’s risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2025 Annual Report.
The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of March 31, 2026, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2025 Annual Report. See Part I, Item 1A. Risk Factors in the 2025 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.
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Glossary


Glossary
Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.
Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.
Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.
Acquisition ratio Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.
Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.
Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.
Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.
DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.
Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.
Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.
General operating expense ratio General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.
IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.
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Glossary

ISDA Master Agreement An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, 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.
Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.
Loss Adjustment Expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.
Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.
Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.
Loss reserves Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.
Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.
Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.
Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.
Prior year development See Loss reserve development.
Reinstatement premiums Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.
Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.
Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.
Retroactive reinsurance See Deferred gain on retroactive reinsurance.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.
VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.
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Acronyms


Acronyms
A&HAccident and Health InsuranceISDAInternational Swaps and Derivatives Association, Inc.
ABSAsset-Backed SecuritiesMoody'sMoody's Investors Service, Inc.
APTIAdjusted pre-tax incomeNAICNational Association of Insurance Commissioners
CDSCredit Default SwapNMNot Meaningful
CLOCollateralized Loan ObligationsORRObligor Risk Ratings
CMBSCommercial Mortgage-Backed SecuritiesRMBSResidential Mortgage-Backed Securities
ERMEnterprise Risk ManagementS&PStandard & Poor's Financial Services LLC
FASBFinancial Accounting Standards BoardSECSecurities and Exchange Commission
GAAPAccounting Principles Generally Accepted in the United States of AmericaVIEVariable Interest Entity

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk
The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of March 31, 2026. Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2026.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II – Other Information
ITEM 1 | Legal Proceedings
For a discussion of legal proceedings, see Note 12 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in the 2025 Annual Report.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended March 31, 2026:
PeriodTotal Number
of Shares
Repurchased		Average Price
Paid per Share*		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans
or Programs (in millions)
January 1-311,330,605 $75.15 1,330,605 $3,812 
February 1-281,883,456 78.71 1,883,456 3,664 
March 1-313,529,553 76.54 3,529,553 3,394 
Total6,743,614 $76.87 6,743,614 $3,394 
*Excludes excise tax of $5 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2026.
During the three months ended March 31, 2026, American International Group, Inc. repurchased approximately 7 million shares of AIG common stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $0.5 billion. From April 1, 2026 to April 24, 2026, we repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.
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 Rule 10b5-1 plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

ITEM 5 | Other Information
None.
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ITEM 6 | Exhibits
Exhibit Index
Exhibit
Number
Description
Location
10Filed herewith.
Filed herewith.
Filed herewith.
22Guaranteed SecuritiesNone.
31Filed herewith.
32Furnished herewith.
101
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Income (Loss) for the three months ended March 31, 2026 and 2025, (iii) the Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 and (vi) the Notes to the Condensed Consolidated Financial Statements
Filed herewith.
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)Filed herewith.
*This exhibit is a management contract or a compensatory plan or arrangement.
**    This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
/S/ KEITH WALSH
Keith Walsh
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/S/ KATHLEEN CARBONE
Kathleen Carbone
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)


Dated: May 1, 2026
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