Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

14. Debt

Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable.

The following table lists our total debt outstanding at December 31, 2024 and 2023. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2024, including fixed and variable-rates:

At December 31, 2024	Range of Interest Rate(s)	Maturity Date(s)	Balance at December 31, 2024		Balance at December 31, 2023
(in millions)
General borrowings:
Notes and bonds payable	1.58% - 6.82%	2025 - 2055	$	7,885	$	9,079
Junior subordinated debt	5.75% - 8.18%	2037 - 2058		602		992
AIG Japan Holdings Kabushiki Kaisha	0.27% - 0.73%	2025		239		267
Total general borrowings				8,726		10,338
Borrowings supported by assets	4.48% - 7.05%	2025 - 2046		37		37
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG	9.96% - 10.46%	2027 - 2028		1		—
Total long-term debt				8,764		10,375
Debt of consolidated investment entities - not guaranteed by AIG*	4.15% - 4.48%	2026 - 2028		158		231
Total debt			$	8,922	$	10,606

*At December 31, 2024, includes debt of consolidated investment entities primarily related to real estate investments of $158 million. At December 31, 2023, includes debt of consolidated investment entities related to real estate investments of $79 million and other securitization vehicles of $152 million.

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

December 31, 2024				Year Ending
(in millions)		Total		2025		2026		2027		2028		2029	Thereafter
General borrowings:
Notes and bonds payable	$	7,885	$	146	$	265	$	848	$	830	$	257	$	5,539
Junior subordinated debt		602		—		—		—		—		—	602
AIG Japan Holdings Kabushiki Kaisha		239		239		—		—		—		—	—
Total general borrowings		8,726		385		265		848		830		257	6,141
Borrowings supported by assets		37		12		7		—		—		—	18
Other subsidiaries notes, bonds, loans and mortgages payable		1		1		—		—		—		—	—
Total long-term debt*	$	8,764	$	398	$	272	$	848	$	830	$	257	$	6,159

*Does not reflect $158 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.

DEBT ISSUANCE

In November 2024, AIG issued ¥77.1 billion aggregate principal amount of 1.580% Notes Due 2028, ¥10.3 billion aggregate principal amount of 1.757% Notes Due 2029 and ¥12.6 billion aggregate principal amount of 2.137% Notes Due 2034, which was equivalent to approximately $660 million at the time of the offering.

DEBT CASH TENDER OFFERS AND REDEMPTIONS

In 2024, we repaid, redeemed and repurchased $2.0 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $2.1 billion, resulting in a total loss on extinguishment of debt of $14 million. This includes the following:

•Repayment of $459 million aggregate principal amount of our 4.125% Notes due February 15, 2024.

•Redemption of €41.55 million aggregate principal amount of our Series A-3 Junior Subordinated Debentures, equivalent to approximately $46 million at the time of repayment.

•Redemption of $400 million aggregate principal amount of our Zero Coupon Callable Notes Due 2047, for a purchase price of approximately $543 million.

•Repurchased, through cash tender offers, approximately $1.13 billion aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $1.14 billion.

CREDIT FACILITIES

On September 27, 2024, AIG entered into the amended and restated credit agreement (Amended Credit Agreement) that amends and restates AIG's credit agreement, dated as of November 19, 2021, which provides for a syndicated, multicurrency revolving credit facility as a potential source of liquidity for general corporate purposes. The Amended Credit Agreement provides for a five-year total commitment of $3.0 billion, consisting of standby letters of credit and/or revolving credit borrowings. Under circumstances described in the Amended Credit Agreement, the aggregate commitments may be increased by up to $1.5 billion, for a total commitment of up to $4.5 billion. Under the Amended Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of AIG’s senior long-term unsecured debt. The Amended Credit Agreement is scheduled to expire in September 2029.

As of December 31, 2024, there were no borrowings or letters of credit outstanding under the Amended Credit Agreement, so that a total of approximately $3.0 billion remains available under the Amended Credit Agreement.