XML 40 R27.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Held-For-Sale Classification and Discontinued Operations Presentation (Tables)
 6 Months Ended
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Financial Information Related to Corebridge as an Equity Method Investee
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Corebridge pre-tax income$361 $980 $1,354 $347 
Equity method income (loss) related to Corebridge (based on fair value)$115 $482 $2,195 $(706)
Financial Information for Assets and Liabilities Held for Sale and Discontinued Operations
The following table summarizes the components of assets and liabilities held-for-sale and assets and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in millions)Assets and
Liabilities
Held for Sale		Corebridge
(Assets and
Liabilities of
Discontinued
Operations)		Assets and
Liabilities
Held for Sale
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses$14 $166,657 $14 
Other bond securities, at fair value— 4,579 — 
Equity securities, at fair value— 63 — 
Mortgage and other loans receivable, net of allowance for credit losses— 46,732 — 
Other invested assets— 9,916 — 
Short-term investments
15 4,346 1 
Total investments29 232,293 15 
Cash90 618 — 
Accrued investment income— 2,011 — 
Premiums and other receivables, net of allowance for credit losses and disputes42 709 9 
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes— 26,772 — 
Reinsurance assets - other, net of allowance for credit losses and disputes6 2,519 3 
Deferred income taxes(10)8,307 — 
Deferred policy acquisition costs— 10,782 — 
Market risk benefit assets, at fair value— 912 — 
Other assets, net of allowance for credit losses(a)
28 2,820 3 
Separate account assets, at fair value— 91,005 — 
Total assets held for sale/assets of discontinued operations$185 $378,748 $30 
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses$24 $— $19 
Unearned premiums12 65 7 
Future policy benefits for life and accident and health insurance contracts— 57,946 — 
Policyholder contract deposits— 161,979 — 
Market risk benefit liabilities, at fair value— 5,705 — 
Other policyholder funds— 2,862 — 
Fortitude Re funds withheld payable— 25,957 — 
Other liabilities117 8,790 2 
Short-term and long-term debt— 9,420 — 
Debt of consolidated investment entities— 2,360 — 
Separate account liabilities— 91,005 — 
Total liabilities held for sale/liabilities of discontinued operations$153 $366,089 $28 
(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $116 million and $3 million, respectively, for Corebridge at December 31, 2023.
The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Revenues:
Premiums$428 $2,442 $2,723 $4,548 
Policy fees555 693 1,269 1,392 
Net investment income2,314 2,732 5,238 5,420 
Net realized gains (losses)(587)(281)(923)(1,680)
Other income155 193 372 375 
Total revenues2,865 5,779 8,679 10,055 
Benefits, losses and expenses:
Policyholder benefits and losses incurred811 2,879 3,618 5,372 
Change in the fair value of market risk benefits, net20 (262)(350)(66)
Interest credited to policyholder account balances980 1,063 2,184 2,102 
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Amortization of deferred policy acquisition costs199 257 465 511 
General operating and other expenses574 772 1,350 1,512 
Interest expense106 149 249 331 
Net (gain) loss on divestitures and other(186)(59)(191)(54)
Total benefits, losses and expenses2,504 4,799 7,325 9,708 
Income (loss) from discontinued operations before income tax expense (benefit) and loss on disposal of discontinued operations361 980 1,354 347 
Income tax expense (benefit)36 130 226 (79)
Income (loss) from discontinued operations, net of income taxes before loss on disposal of discontinued operations325 850 1,128 426 
Loss on disposition of operations, net of tax(4,684)— (4,684)— 
Income (loss) from discontinued operations, net of income taxes(4,359)850 (3,556)426 
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests93 198 477 81 
Net income (loss) from discontinued operations attributable to AIG$(4,452)$652 $(4,033)$345 
The loss on deconsolidation of Corebridge is calculated as follows:
(in millions)
Corebridge retained investment (48.4% @28.90 per share at June 9, 2024)
$8,502 
Retained Interest in certain investment entities and other assets1,195 
Net fair value of assets retained9,697 
Corebridge book value at June 9, 202412,392 
Less: Noncontrolling interests5,732 
Corebridge book value excluding noncontrolling interest6,660 
Gain on sale pre-tax3,037 
Tax expense507 
Subtotal: After tax gain 2,530 
Reclassification adjustment of Accumulated other comprehensive loss at June 9, 2024(7,214)
Loss on sale of Corebridge - after-tax$(4,684)