Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Continuing Operations Before Income Tax Expense (Benefit) by U.S. and Foreign Location

The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:

Years Ended December 31,
(in millions)		2024		2023		2022
U.S.	$	1,818	$	900	$	1,950
Foreign		2,052		1,967		1,822
Total	$	3,870	$	2,867	$	3,772

Schedule of Income Tax Expense (Benefit) Attributable to Pre-Tax Income (Loss) from Continuing Operations

The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations:

Years Ended December 31,
(in millions)		2024		2023		2022
Foreign and U.S. components of actual income tax expense (benefit):
U.S.:
Current	$	283	$	(246)	$	(713)
Deferred		416		(110)		1,173
Foreign:
Current		374		422		261
Deferred		97		60		161
Total	$	1,170	$	126	$	882

Reconciliation Between Actual Income Tax (Benefit) Expense and Statutory U.S. Federal Amount Computed by Applying the Federal Income Tax Rate

Our actual income tax expense (benefit) from continuing operations differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:

Years Ended December 31,	2024						2023						2022
(dollars in millions)	Pre-Tax Income (Loss)		Tax Expense (Benefit)		Percent of Pre-Tax Income (Loss)		Pre-Tax Income (Loss)		Tax Expense (Benefit)		Percent of Pre-Tax Income (Loss)		Pre-Tax Income (Loss)		Tax Expense (Benefit)		Percent of Pre-Tax Income (Loss)
U.S. federal income tax at statutory rate	$	3,870	$	813	21.0	%	$	2,867	$	602	21.0	%	$	3,772	$	792	21.0	%
Adjustments:
Tax exempt interest			(8)		(0.2)				(14)		(0.5)				(18)		(0.5)
Uncertain tax positions(a)			17		0.4				169		5.9				(12)		(0.3)
Dispositions of subsidiaries(b)			(1)		—				(143)		(5.0)				—		—
Non-deductible transfer pricing charges			13		0.3				16		0.6				15		0.4
Effect of foreign operations(c)			110		2.8				176		6.1				150		4.0
Share-based compensation payments excess tax effect			(16)		(0.4)				(21)		(0.7)				(13)		(0.3)
State and local income taxes			26		0.7				23		0.8				(42)		(1.1)
Developments related to prior tax years under IRS review(a)			240		6.2				(467)		(16.3)				—		—
Other(d)			9		0.3				150		5.2				184		4.8
Valuation allowance(e)			(33)		(0.9)				(365)		(12.7)				(174)		(4.6)
Consolidated total amounts	$	3,870	$	1,170	30.2	%	$	2,867	$	126	4.4	%	$	3,772	$	882	23.4	%

(a)2024 includes an update related to the estimated impact of potential resolution for prior tax years under IRS Appeals review. Refer to the Tax Examinations section below for further discussion on developments related to prior tax years under IRS review. For 2023, refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on tax audit resolution activity.

(b)This primarily includes tax implications of the sales of Validus Re for year 2023.

(c)Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation.

(d)Primarily includes tax charges associated with tax adjustments related to prior year returns.

(e)Primarily due to 2023 and 2022 reductions in valuation allowance related to AIG’s U.S. federal consolidated income tax group tax attribute carryforwards

Schedule of Components of the Net Deferred Tax Asset

The following table presents the components of the net deferred tax assets (liabilities):

December 31,
(in millions)		2024		2023
Deferred tax assets:
Losses and tax credit carryforwards	$	4,636	$	5,655
Basis differences on investments		30		75
Accruals not currently deductible, and other		150		273
Investments in foreign subsidiaries		19		16
Loss reserve discount		443		424
Loan loss and other reserves		37		51
Unearned premium reserve reduction		46		87
Fixed assets and intangible assets		293		159
Unrealized losses related to available for sale debt securities		618		783
Employee benefits		192		271
Other		39		156
Total deferred tax assets		6,503		7,950
Deferred tax liabilities:
Deferred policy acquisition costs		(278)		(316)
Life policy reserves		(45)		(49)
Total deferred tax liabilities		(323)		(365)
Net deferred tax assets before valuation allowance		6,180		7,585
Valuation allowance		(1,650)		(1,746)
Net deferred tax assets (liabilities)	$	4,530	$	5,839

Schedule of Consolidated Income Tax Group Credits Carryforwards

The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards.

December 31, 2024			Tax		Carryforward Period Ending Tax Year(b)								Unlimited Carryforward Period and Carryforward Periods(b)
(in millions)	Gross		Effected		2028		2029		2030		2031		2032 - After
Net operating loss carryforwards	$	18,046	$	3,790	$	1,836	$	178	$	—	$	930	$	846
Other carryforwards			—		—		—		—		—		—
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a)			$	3,790	$	1,836	$	178	$	—	$	930	$	846

(a)Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement.

(b)Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated

Schedule of Net Deferred Tax Assets (Liabilities)

The following table presents the net deferred tax assets (liabilities) at December 31, 2024 and 2023 on a U.S. GAAP basis:

December 31,
(in millions)		2024		2023
Net U.S. deferred tax assets	$	4,922	$	5,992
Net deferred tax assets (liabilities) in AOCI		421		509
Valuation allowance		(798)		(840)
Subtotal		4,545		5,661
Net foreign, state and local deferred tax assets		1,263		1,431
Valuation allowance		(852)		(906)
Subtotal		411		525
Subtotal - Net U.S., foreign, state and local deferred tax assets		4,956		6,186
Net foreign, state and local deferred tax liabilities		(426)		(347)
Total AIG net deferred tax assets (liabilities)	$	4,530	$	5,839

Reconciliation of the Beginning and Ending Balances of the Total Amounts of Gross Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:

Years Ended December 31,
(in millions)		2024		2023		2022
Gross unrecognized tax benefits, beginning of year	$	1,387	$	1,191	$	1,157
Increases in tax positions for prior years		3		200		29
Decreases in tax positions for prior years		(20)		(4)		(33)
Increases in tax positions for current year		15		—		59
Lapse in statute of limitations		(1)		—		(21)
Gross unrecognized tax benefits, end of year	$	1,384	$	1,387	$	1,191