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Schedule II
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II
Condensed Financial Information of Registrant
Balance Sheets – Parent Company Only

Schedule II
December 31,
(in millions)20252024
Assets:
Short-term investments(a)
$5,792 $8,360 
Retained investment in Corebridge using fair value option1,512 3,810 
Other investments
1,261 393 
Total investments8,565 12,563 
Cash8 4 
Loans to subsidiaries(b)
231 — 
Due from affiliates - net(b)
1,924 1,931 
Intercompany tax receivable(b)
159 288 
Deferred income taxes3,396 3,380 
Investment in consolidated subsidiaries(b)
38,171 35,312 
Other assets
792 755 
Total assets$53,246 $54,233 
Liabilities:
Due to affiliates(b)
$417 $1,031 
Intercompany tax payable(b)
738 551 
Notes and bonds payable8,536 7,904 
Junior subordinated debt481 602 
Series AIGFP matched notes and bonds payable18 18 
Loans from subsidiaries(b)
479 462 
Other liabilities1,438 1,144 
Total liabilities12,107 11,712 
AIG Shareholders’ equity:
Common stock4,766 4,766 
Treasury stock(71,199)(65,573)
Additional paid-in capital75,373 75,348 
Retained earnings37,186 35,079 
Accumulated other comprehensive income(4,987)(7,099)
Total AIG shareholders’ equity41,139 42,521 
Total liabilities and equity$53,246 $54,233 
(a)Included restricted cash of $55 million at both December 31, 2025 and 2024.
(b)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)202520242023
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)
$727 $(957)$(4,313)
Dividend income from consolidated subsidiaries(a)
1,992 4,631 7,312 
Interest income
252 288 226 
Net realized gains (losses)14 (13)(74)
Other income277 606 5 
Expenses:
Interest expense408 468 525 
Net (gain) loss on extinguishment of debt(5)14 (58)
Net (gain) loss on divestitures and other(3)1 5 
Other expenses151 949 778 
Income (loss) from continuing operations before income tax benefit2,711 3,123 1,906 
Income tax expense (benefit)(385)85 (859)
Net income3,096 3,038 2,765 
Income (loss) from discontinued operations— (4,442)878 
Net income (loss) attributable to AIG Parent Company$3,096 $(1,404)$3,643 
(a)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)202520242023
Net income (loss)$3,096$(1,404)$3,643 
Other comprehensive income (loss) related to continued operations2,112 132 1,240 
Other comprehensive income (loss) related to discontinued operations— (945)3,401 
Corebridge deconsolidation— 7,214 — 
Total comprehensive income attributable to AIG$5,208 $4,997 $8,284 
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)202520242023
Net cash provided by (used in) operating activities$2,083 $3,367 $4,309 
Cash flows from investing activities:
Sales and maturities of investments2,924 6,018 3,367 
Purchase of investments(1,303)(353)(2,070)
Net change in short-term investments2,568 (523)(4,393)
Contributions from (to) subsidiaries - net312 (12)(47)
Loans to subsidiaries - net(239)— 84 
Other, net28 278 1,025 
Net cash provided by (used in) investing activities4,290 5,408 (2,034)
Cash flows from financing activities:
Issuance of long-term debt1,241 660 742 
Repayments of long-term debt(852)(2,047)(2,037)
Redemption of preferred stock— (485)— 
Dividends on preferred stock and preferred stock redemption premiums— (22)(29)
Cash dividends paid on common stock(976)(1,002)(997)
Loans from subsidiaries - net— — (97)
Purchase of common stock(5,836)(6,652)(2,961)
Other, net54 822 3,108 
Net cash provided by (used in) financing activities(6,369)(8,726)(2,271)
Change in cash and restricted cash4 49 4 
Cash and restricted cash at beginning of year59 10 6 
Cash and restricted cash at end of year$63 $59 $10 

Supplementary disclosure of cash flow information:

Years Ended December 31,
(in millions)202520242023
Cash$8 $4 $10 
Restricted cash included in Short-term investments55 55 — 
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only$63 $59 $10 
Cash (paid) received during the period for:
Interest:
Third party$(382)$(611)$(455)
Intercompany2 1 (3)
Taxes:
Income tax authorities178 (231)(109)
Intercompany627 248 399 
Intercompany non-cash financing and investing activities:
Capital contributions312 371 861 
Dividends received in the form of securities— — 314 
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 2025 Annual Report on Form 10-K for the year ended December 31, 2025 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 12, 2026.
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 for the year ended December 31, 2022, 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, 2025. 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.