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Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Equity
16. Equity
SHARES OUTSTANDING
Preferred Stock
On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $485 million.
We may redeem the Series A Preferred Stock at our option, (a) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Rating Agency Event,” (as defined in our Amended and Restated Certificate of Incorporation), at a redemption price equal to $25,500 per share of the Series A Preferred Stock (equivalent to $25.50 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date), or (b) (i) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Regulatory Capital Event,” or (ii) in whole or in part, from time to time, on or after March 15, 2024, in each case, at a redemption price equal to $25,000 per share of the Series A Preferred Stock (equivalent to $25.00 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date).
Holders of the Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our Board of Directors (or a duly authorized committee of the board). Dividends will be payable from the original date of issue at a rate of 5.85% per annum, payable quarterly, in arrears, on the fifteenth day of March, June, September and December of each year, beginning on June 15, 2019. Dividends on the Series A Preferred Stock will be non-cumulative.
In the event of any liquidation, dissolution or winding-up of the affairs of AIG, whether voluntary or involuntary, before any distribution or payment out of our assets may be made to or set aside for the holders of any junior stock, holders of the Series A Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders, an amount equal to $25,000 per share of Series A Preferred Stock (equivalent to $25.00 per Depositary Share), together with an amount equal to all declared and unpaid dividends (if any), but no amount in respect of any undeclared dividends prior to such payment date. Distributions will be made only to the extent of our assets that are available for distribution to stockholders (i.e., after satisfaction of all our liabilities to creditors, if any).
The Series A Preferred Stock does not have voting rights, except in limited circumstances, including in the case of certain dividend non-payments.
Common Stock
The following table presents a rollforward of outstanding shares:
Years Ended December 31,202220212020
(in millions)Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding		Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding		Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding
Shares, beginning of year1,906.7 (1,088.0)818.7 1,906.7 (1,045.1)861.6 1,906.7 (1,036.7)870.0 
Shares issued— 5.5 5.5 — 6.8 6.8 — 3.7 3.7 
Shares repurchased— (90.1)(90.1)— (49.7)(49.7)— (12.1)(12.1)
Shares, end of year1,906.7 (1,172.6)734.1 1,906.7 (1,088.0)818.7 1,906.7 (1,045.1)861.6 
Dividends
Dividends are payable on AIG Common Stock only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant. The payment of dividends is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which no dividends may be declared or paid on any AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.
Repurchase of AIG Common Stock
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On May 3, 2022, the Board of Directors authorized the repurchase of $6.5 billion of AIG Common Stock (inclusive of the approximately $1.5 billion of expected remaining authorization upon expiration of the then-current 10b5-1 Plan as of May 20, 2022).
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. The repurchase of AIG Common Stock is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which AIG may not (other than in limited circumstances) purchase, redeem or otherwise acquire AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.
DIVIDENDS DECLARED
On February 15, 2023, our Board of Directors declared a cash dividend on AIG Common Stock of $0.32 per share, payable on March 31, 2023 to shareholders of record on March 17, 2023. On February 15, 2023, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on March 15, 2023 to holders of record on February 28, 2023.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
(in millions)Unrealized Appreciation
(Depreciation) of Fixed
Maturity Securities on
Which Allowance for
Credit Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Fair Value of
Liabilities Under
Fair Value Option
Attributable to
Changes in
Own Credit Risk		Total
Balance, January 1, 2020, net of tax$— $8,722 $(2,625)$(1,122)$7 $4,982 
Change in unrealized appreciation (depreciation) of investments(133)9,624 — — — 9,491 
Change in deferred policy acquisition costs adjustment and other11 (1,327)— — — (1,316)
Change in future policy benefits— 2,408 — — — 2,408 
Change in foreign currency translation adjustments— — 303 — — 303 
Change in net actuarial loss— — — (67)— (67)
Change in prior service cost— — — (18)— (18)
Change in deferred tax asset (liability)27 (2,351)56 (21)— (2,289)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk— — — — 1 1 
Total other comprehensive income (loss)(95)8,354 359 (106)1 8,513 
(in millions)Unrealized Appreciation
(Depreciation) of Fixed
Maturity Securities on
Which Allowance for
Credit Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Fair Value of
Liabilities Under
Fair Value Option
Attributable to
Changes in
Own Credit Risk		Total
Noncontrolling interests— (17)1 — — (16)
Balance, December 31, 2020, net of tax$(95)$17,093 $(2,267)$(1,228)$8 $13,511 
Change in unrealized appreciation (depreciation) of investments58 (9,313)— — — (9,255)
Change in deferred policy acquisition costs adjustment and other(14)885 — — — 871 
Change in future policy benefits— 917 — — — 917 
Change in foreign currency translation adjustments— — (117)— — (117)
Change in net actuarial loss— — — 417 — 417 
Change in prior service cost— — — 8 — 8 
Change in deferred tax asset (liability)(9)1,510 (70)(100)— 1,331 
Change in fair value of liabilities under fair value option attributable to changes in own credit risk— — — — (2)(2)
Total other comprehensive income (loss)35 (6,001)(187)325 (2)(5,830)
Other changes in AOCI:
Corebridge 9.9% noncontrolling interests sale
3 (1,100)(2)— — (1,099)
Noncontrolling interests— (102)(3)— — (105)
Balance, December 31, 2021, net of tax$(57)$10,094 $(2,453)$(903)$6 $6,687 
Change in unrealized appreciation (depreciation) of investments
(119)(47,647)— — — (47,766)
Change in deferred policy acquisition costs adjustment and other9 6,284 — — — 6,293 
Change in future policy benefits— 2,612 — — — 2,612 
Change in foreign currency translation adjustments— — (470)— — (470)
Change in net actuarial loss— — — (31)— (31)
Change in prior service cost— — — 8 — 8 
Change in deferred tax asset (liability)23 5,976 (44)3 — 5,958 
Change in fair value of liabilities under fair value option attributable to changes in own credit risk— — — — (6)(6)
Total other comprehensive loss(87)(32,775)(514)(20)(6)(33,402)
Other changes in AOCI:
Corebridge 12.4% noncontrolling interests sale
— 2,044 (3)(1)— 2,040 
Noncontrolling interests(6)(2,588)11 — — (2,583)
Balance, December 31, 2022, net of tax$(138)$(18,049)$(2,981)$(924)$— $(22,092)
The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021 and 2020, respectively:
(in millions)Unrealized Appreciation
(Depreciation) of Fixed
Maturity Securities on
Which Allowance for
Credit Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Fair Value of
Liabilities Under
Fair Value Option
Attributable to
Changes in
Own Credit Risk		Total
Year Ended December 31, 2022
Unrealized change arising during period$(103)$(39,940)$(470)$(53)$(6)$(40,572)
Less: Reclassification adjustments included in net income7 (1,189)— (30)— (1,212)
Total other comprehensive income (loss), before of income tax expense (benefit)(110)(38,751)(470)(23)(6)(39,360)
Less: Income tax expense (benefit)(23)(5,976)44 (3)— (5,958)
Total other comprehensive income (loss), net of income tax expense (benefit)$(87)$(32,775)$(514)$(20)$(6)$(33,402)
Year Ended December 31, 2021
Unrealized change arising during period$44 $(6,583)$(117)$379 $(2)$(6,279)
Less: Reclassification adjustments included in net income— 928 — (46)— 882 
Total other comprehensive income (loss), before income tax expense (benefit)44 (7,511)(117)425 (2)(7,161)
Less: Income tax expense (benefit)9 (1,510)70 100 — (1,331)
(in millions)Unrealized Appreciation
(Depreciation) of Fixed
Maturity Securities on
Which Allowance for
Credit Losses Was Taken		Unrealized
Appreciation
(Depreciation)
of All Other
Investments		Foreign
Currency
Translation
Adjustments		Retirement
Plan
Liabilities
Adjustment		Fair Value of
Liabilities Under
Fair Value Option
Attributable to
Changes in
Own Credit Risk		Total
Total other comprehensive income (loss), net of income tax expense (benefit)$35 $(6,001)$(187)$325 $(2)$(5,830)
Year Ended December 31, 2020
Unrealized change arising during period$(161)$11,758 $303 $(130)$1 $11,771 
Less: Reclassification adjustments included in net income(39)1,053 — (45)— 969 
Total other comprehensive income (loss), before income tax expense (benefit)(122)10,705 303 (85)1 10,802 
Less: Income tax expense (benefit)(27)2,351 (56)21 — 2,289 
Total other comprehensive income (loss), net of income tax expense (benefit)$(95)$8,354 $359 $(106)$1 $8,513 
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss):
Affected Line Item in the
Years Ended December 31,Amount Reclassified from AOCIConsolidated
(in millions)202220212020Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$7 $— $(39)Net realized gains (losses)
Total7 — (39)
Unrealized appreciation (depreciation) of all other investments
Investments(1,189)928 1,053 Net realized gains (losses)
Total(1,189)928 1,053 
Change in retirement plan liabilities adjustment
Prior-service credit(2)(3)(1)*
Actuarial losses(28)(43)(44)*
Total(30)(46)(45)
Total reclassifications for the period$(1,212)$882 $969 
*These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 20.
NON-CONTROLLING INTEREST
On September 19, 2022, AIG sold a 12.4 percent equity interest in Corebridge in the IPO, reducing its equity ownership to 77.7 percent.
For additional information on the Corebridge IPO, see Note 1.
The following table presents the effect of changes in our ownership interest in Corebridge on our equity:
Year Ended December 31,
(in millions)
2022
Net income attributable to AIG common shareholders$10,247 
Changes in AIG equity for sale of 12.4% interest in Corebridge
608 
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests$10,855