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Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash flows from operating activities:      
Net income (loss) $ (926) $ 3,878 $ 11,273
(Income) loss from discontinued operations 3,626 (1,137) (8,383)
Noncash revenues, expenses, gains and losses included in income (loss):      
Net losses on sales of securities available for sale and other assets 637 662 637
Net (gain) loss on divestitures and other (616) 29 153
(Gain) loss on extinguishment of debt 14 (37) 303
Unrealized (gains) losses in earnings - net (571) 1,075 2,123
Equity in income from equity method investments, net of dividends or distributions (54) (15) (67)
Depreciation and other amortization 3,597 3,841 3,861
Impairments of assets 27 21 2
Changes in operating assets and liabilities:      
Insurance reserves 341 823 (4,486)
Premiums and other receivables and payables - net (571) 544 (1,681)
Reinsurance assets, net 727 (204) 2,794
Capitalization of deferred policy acquisition costs (3,519) (4,157) (3,732)
Current and deferred income taxes - net 468 (338) 199
Other, net 197 1,968 1,626
Total adjustments 677 4,212 1,732
Net cash provided by operating activities - continuing operations 3,377 6,953 4,622
Net cash used in operating activities - discontinued operations (104) (710) (488)
Net cash provided by operating activities 3,273 6,243 4,134
Sales or distributions of:      
Available for sale securities 14,063 15,242 11,106
Other securities 263 360 2,347
Other invested assets 6,588 960 1,004
Divestitures, net 587 2,568 0
Maturities of fixed maturity securities available for sale 9,223 9,083 8,945
Principal payments received on and sales of mortgage and other loans receivable 1,007 1,265 1,886
Purchases of:      
Available for sale securities (22,990) (22,020) (19,396)
Other securities (267) (242) (804)
Other invested assets (557) (1,017) (684)
Mortgage and other loans receivable (470) (1,021) (612)
Net change in short-term investments (1,538) (5,911) 218
Other, net (66) (1,754) (1,097)
Net cash provided by (used in) investing activities - continuing operations 5,843 (2,487) 2,913
Net cash used in investing activities - discontinued operations (4,171) (4,534) (6,539)
Net cash provided by (used in) investing activities 1,672 (7,021) (3,626)
Proceeds from (payments for)      
Purchase of common stock (6,652) (2,961) (5,200)
Redemption of preferred stock (485) 0 0
Dividends on preferred stock and preferred stock redemption premiums (22) (29) (29)
Dividends on common stock (1,002) (997) (982)
Other, net 605 2,846 1,369
Net cash used in financing activities - continuing operations (8,943) (2,748) (14,505)
Net cash provided by financing activities - discontinued operations 3,880 3,530 13,903
Net cash provided by (used in) financing activities (5,063) 782 (602)
Effect of exchange rate changes on cash and restricted cash (83) (13) (117)
Net decrease in cash and restricted cash (201) (9) (211)
Cash and restricted cash at beginning of year 1,573 1,571 1,877
Cash and restricted cash of held for sale assets 0 11 (95)
Cash and restricted cash at end of year 1,372 1,573 1,571
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:      
Cash 1,302 1,540 1,482
Restricted cash included in Short-term investments 55 [1] 1 [1] 70
Restricted cash included in Other assets 15 [1] 32 [1] 19
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows 1,372 1,573 1,571
Cash paid during the period for:      
Interest 858 1,059 1,127
Taxes 708 984 746
Non-cash investing activities:      
Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations 1,316 4,317 1,121
Fixed maturity securities and other invested assets received in connection with reinsurance transactions 256 110 110
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions (148) (838) (224)
Non-cash consideration received from sale of Validus Re   290  
Non-cash financing activities:      
Interest credited to policyholder contract deposits included in financing activities 2,416 4,501 3,676
Fee income debited to policyholder contract deposits included in financing activities (1,426) (2,122) (1,694)
Consolidated VIE      
Proceeds from (payments for)      
Issuance of debt 0 0 71
Repayments of debt (1) (45) (305)
Consolidated Entity, Excluding Consolidated VIE      
Proceeds from (payments for)      
Issuance of debt 661 742 26
Repayments of debt $ (2,047) $ (2,304) $ (9,455)
[1] Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.