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Schedule II
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule II
Condensed Financial Information of Registrant
Balance Sheets – Parent Company Only

Schedule II
December 31,
(in millions)20242023
Assets:
Short-term investments$8,360 $7,782 
Retained investment in Corebridge using fair value option3,810 — 
Other investments393 758 
Total investments12,563 8,540 
Cash4 10 
Due from affiliates - net(a)
1,931 1,317 
Intercompany tax receivable(a)
288 379 
Deferred income taxes3,380 4,566 
Investment in consolidated subsidiaries(a)
35,312 36,544 
Assets of discontinued operations - net— 6,111 
Other assets
755 1,335 
Total assets$54,233 $58,802 
Liabilities:
Due to affiliates(a)
$1,031 $682 
Intercompany tax payable(a)
551 767 
Notes and bonds payable7,904 9,098 
Junior subordinated debt602 992 
Series AIGFP matched notes and bonds payable18 18 
Loans from subsidiaries(a)
462 443 
Other liabilities1,144 1,451 
Total liabilities11,712 13,451 
AIG Shareholders’ equity:
Preferred stock— 485 
Common stock4,766 4,766 
Treasury stock(65,573)(59,189)
Additional paid-in capital75,348 75,810 
Retained earnings35,079 37,516 
Accumulated other comprehensive income(7,099)(14,037)
Total AIG shareholders’ equity42,521 45,351 
Total liabilities and equity$54,233 $58,802 
(a)Eliminated in consolidation.
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Income – Parent Company Only

Schedule II
Years Ended December 31,
(in millions)202420232022
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)
$(957)$(4,313)$1,319 
Dividend income from consolidated subsidiaries(a)
4,631 7,312 2,202 
Interest income(b)
288 226 936 
Net realized losses(13)(74)(433)
Other income606 5 22 
Expenses:
Interest expense468 525 631 
Net (gain) loss on extinguishment of debt14 (58)301 
Net (gain) loss on divestitures and other1 5 111 
Other expenses949 778 960 
Income (loss) from continuing operations before income tax benefit3,123 1,906 2,043 
Income tax expense (benefit)85 (859)(838)
Net income3,038 2,765 2,881 
Income (loss) from discontinued operations(4,442)878 7,346 
Net income (loss) attributable to AIG Parent Company$(1,404)$3,643 $10,227 
(a)Eliminated in consolidation.
(b)Includes interest income on intercompany borrowings of $1 million, $1 million and $767 million on December 31, 2024, 2023 and 2022, respectively, eliminated in consolidation.
See accompanying Notes to Condensed Financial Information of Registrant.

Condensed Financial Information of Registrant (Continued)
Statements of Comprehensive Income – Parent Company Only

Schedule II
Years Ended December 31,
(in millions)202420232022
Net income (loss)$(1,404)$3,643$10,227 
Other comprehensive income (loss) related to continued operations132 1,240 (4,568)
Other comprehensive income (loss) related to discontinued operations(945)3,401 (25,235)
Corebridge deconsolidation7,214 — — 
Total comprehensive income attributable to AIG$4,997 $8,284 $(19,576)
See accompanying Notes to Condensed Financial Information of Registrant.
Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows – Parent Company Only

Schedule II
Years Ended December 31,
(in millions)202420232022
Net cash provided by (used in) operating activities$3,367 $4,309 $(562)
Cash flows from investing activities:
Sales and maturities of investments6,018 3,367 13,505 
Purchase of investments(353)(2,070)(90)
Net change in short-term investments(523)(4,393)945 
Contributions from (to) subsidiaries - net(12)(47)(330)
Loans to subsidiaries - net— 84 127 
Other, net278 1,025 798 
Net cash provided by (used in) investing activities5,408 (2,034)14,955 
Cash flows from financing activities:
Issuance of long-term debt660 742 — 
Repayments of long-term debt(2,047)(2,037)(9,364)
Redemption of preferred stock(485)— — 
Dividends on preferred stock and preferred stock redemption premiums(22)(29)(29)
Cash dividends paid on common stock(1,002)(997)(982)
Loans from subsidiaries - net— (97)(224)
Purchase of common stock(6,652)(2,961)(5,200)
Other, net822 3,108 1,408 
Net cash provided by (used in) financing activities(8,726)(2,271)(14,391)
Change in cash and restricted cash49 4 2 
Cash and restricted cash at beginning of year10 6 4 
Cash and restricted cash at end of year$59 $10 $6 
Supplementary disclosure of cash flow information:

Years Ended December 31,
(in millions)202420232022
Cash$4 $10 $5 
Restricted cash included in Short-term investments55 — — 
Restricted cash included in Other assets— — 1 
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only$59 $10 $6 
Cash (paid) received during the period for:
Interest:
Third party$(611)$(455)$(653)
Intercompany1 (3)— 
Taxes:
Income tax authorities(231)(109)(348)
Intercompany248 399 92 
Intercompany non-cash financing and investing activities:
Capital contributions371 861 473 
Dividends received in the form of securities— 314 494 
See accompanying Notes to Condensed Financial Information of Registrant.
NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT
American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 13, 2025.
The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.
The five-year debt maturity schedule is incorporated by reference from Note 14 to the Consolidated Financial Statements.
On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. The AIGFP loan receivable of $37.6 billion was reclassified to a third party asset, which has a full allowance for credit losses. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity.
The Registrant files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets.
Under the U.S. federal tax laws, AIGFP will continue to join in filing of AIG’s consolidated U.S. federal income tax return and AIGFP’s net operating losses continue to be available to offset taxable income of AIG’s consolidated U.S. federal income tax group. Accordingly, deferred tax assets related to AIGFP’s net operating losses remain part of AIG’s deferred tax assets as of December 31, 2024. No additional valuation allowance is required in connection with AIGFP’s reorganization.
Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated federal income tax group.
The consolidated U.S. deferred tax asset for net operating loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries.
For additional information, see Note 21 to the Consolidated Financial Statements.