Debt

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2025, including fixed and variable-rates:

At December 31, 2025	Range of Interest Rate(s)	Maturity Date(s)	Balance at December 31, 2025		Balance at December 31, 2024
(in millions)
General borrowings:
Notes and bonds payable	1.58% - 6.82%	2026 - 2055	$	8,529	$	7,885
Junior subordinated debt	5.75% - 8.18%	2037 - 2058		481		602
AIG Japan Holdings Kabushiki Kaisha				—		239
Total general borrowings				9,010		8,726
Borrowings supported by assets	3.77% - 7.00%	2026 - 2046		25		37
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG				—		1
Total long-term debt				9,035		8,764
Debt of consolidated investment entities - not guaranteed by AIG*	4.15% - 4.48%	2026 - 2028		156		158
Total debt			$	9,191	$	8,922

*Includes debt of consolidated investment entities related to real estate investments of $156 million at December 31, 2025 and $158 million at December 31, 2024.

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, 2025				Year Ending
(in millions)		Total		2026		2027		2028		2029		2030	Thereafter
General borrowings:
Notes and bonds payable	$	8,529	$	29	$	963	$	692	$	205	$	959	$	5,681
Junior subordinated debt		481		—		—		—		—		—	481
Total general borrowings		9,010		29		963		692		205		959	6,162
Borrowings supported by assets		25		7		—		—		—		—	18
Total long-term debt*	$	9,035	$	36	$	963	$	692	$	205	$	959	$	6,180

*Does not reflect $156 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 May 2025, AIG issued $625 million aggregate principal amount of 4.850% Notes Due 2030 and $625 million aggregate principal amount of 5.450% Notes Due 2035.

DEBT CASH TENDER OFFERS AND REDEMPTIONS

In 2025, we repaid, redeemed and/or repurchased $1.1 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $1.1 billion, resulting in a total gain on extinguishment of debt of $5 million. This includes the following:

•Repayment of ¥37.7 billion aggregate principal amount of AIG Japan Holdings Kabushiki Kaisha's borrowings, equivalent to approximately $250 million at the time of repayment.

•Repurchase, through cash tender offers, of approximately $457 million aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $448 million.

•Redemption of approximately $236 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.

•Repayment of $146 million aggregate principal amount of our 2.500% Notes Due June 30, 2025.

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, 2025, 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.