Discontinued Operations Presentation (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Financial Information Related to Corebridge as an Equity Method Investee

The following provides Corebridge's pre-tax income for the period June 10, 2024 to December 31, 2024, as well as our equity method income (representing the sum of dividends received and changes in its stock price since June 9, 2024).

(in millions)
Corebridge pre-tax income	$	1,574
Equity method income (loss) related to Corebridge (based on fair value)	$	601

Financial Information for Assets and Liabilities Held for Sale and Discontinued Operations

The following table summarizes the components of assets and liabilities of discontinued operations on the Consolidated Balance Sheets at December 31, 2023:

	December 31, 2023
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses	$	166,657
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	4,346
Total investments	232,293
Cash	618
Accrued investment income	2,011
Premiums and other receivables, net of allowance for credit losses and disputes	709
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes	26,772
Reinsurance assets - other, net of allowance for credit losses and disputes	2,519
Deferred income taxes	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)	2,820
Separate account assets, at fair value	91,005
Total assets held for sale/assets of discontinued operations	$	378,748
Liabilities:
Unearned premiums	$	65
Future policy benefits	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 liabilities	8,790
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	$	366,089

(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $116 million and $3 million, respectively, 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:

	Years Ended December 31,
(in millions)	2024		2023		2022
Revenues:
Premiums	$	2,723	$	7,690	$	5,091
Policy fees	1,269		2,797		2,913
Net investment income	5,238		11,146		9,398
Net realized gains (losses)	(923)		(3,530)		6,236
Other income	372		761		816
Total revenues	8,679		18,864		24,454
Benefits, losses and expenses:
Policyholder benefits and losses incurred	3,618		9,362		6,715
Change in the fair value of market risk benefits, net	(350)		2		(960)
Interest credited to policyholder account balances	2,184		4,424		3,746
Amortization of deferred policy acquisition costs	465		1,037		1,013
General operating and other expenses	1,350		3,100		2,962
Interest expense	249		620		522
Net (gain) loss on divestitures and other	(191)		(672)		(71)
Total benefits, losses and expenses	7,325		17,873		13,927
Income (loss) from discontinued operations before income tax expense (benefit) and loss on disposal of discontinued operations	1,354		991		10,527
Income tax expense (benefit)	226		(146)		2,144
Income (loss) from discontinued operations, net of income taxes before loss on disposal of discontinued operations	1,128		1,137		8,383
Loss on disposition of operations, net of tax	(4,754)		—		—
Income (loss) from discontinued operations, net of income taxes	(3,626)		1,137		8,383
Less: Net income (loss) from discontinued operations attributable to noncontrolling interests	478		235		1,046
Net income (loss) from discontinued operations attributable to AIG	$	(4,104)	$	902	$	7,337

The loss on deconsolidation of Corebridge, as of December 31, 2024, is calculated as follows:

(in millions)
Corebridge retained investment (294.2 million shares at $28.90 per share at June 9, 2024)	$	8,502
Retained interest in certain investment entities and other assets	1,180
Net fair value of assets retained	9,682
Corebridge book value	12,409
Less: Noncontrolling interests	5,732
Corebridge book value excluding noncontrolling interests	6,677
Pre-tax gain on sale	3,005
Tax expense	545
Subtotal: After tax gain on sale before reclassification adjustment	2,460
Reclassification adjustment of Accumulated other comprehensive loss	(7,214)
After-tax loss on sale of Corebridge	$	(4,754)