v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt
16. 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, 2023 and 2022. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2023, including fixed and variable-rates:
At December 31, 2023Range of
Interest Rate(s)		Maturity
Date(s)		Balance at
December 31, 2023		Balance at
December 31, 2022
(in millions)
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable
0% - 6.82%
2024 - 2055
$9,079 $10,242 
Junior subordinated debt
4.88% - 8.18%
2037 - 2058
992 991 
AIG Japan Holdings Kabushiki Kaisha
0.27% - 0.35%
2025
267 273 
Validus notes and bonds payable— 269 
Total AIG general borrowings10,338 11,775 
AIG borrowings supported by assets:
AIG notes and bonds payable
7.00% - 8.13%
2025 - 2026
19 81 
Series AIGFP matched notes and bonds payable
0.00% - 5.48%
2024 - 2046
18 18 
Total AIG borrowings supported by assets37 99 
Total debt issued or guaranteed by AIG10,375 11,874 
Corebridge debt:
CRBGLH notes and bonds payable(a)
6.63% - 7.50%
2025 - 2029
200 200 
CRBGLH junior subordinated debt(a)
7.57% - 8.50%
2030 - 2046
227 227 
Corebridge senior unsecured notes - not guaranteed by AIG
3.50% - 6.05%
2025 - 2052
7,702 6,452 
Corebridge junior subordinated debt - not guaranteed by AIG
6.88%
2052
989 989 
DDTL facility - not guaranteed by AIG
3.00% - 5.50%
2025
250 1,500 
Total Corebridge debt9,368 9,368 
GIAs, at fair value - supported by Corebridge assets(b)
4.88% - 5.04%
2037 - 2038
53 56 
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG— 1 
Total Short-term and long-term debt$19,796 $21,299 
Debt of consolidated investment entities - not guaranteed by AIG(c)
0% - 4.45%
2024 - 2051
$2,591 $5,880 
Total debt$22,387 $27,179 
(a)We have entered into a guarantee reimbursement agreement with Corebridge and Corebridge Life Holdings, Inc. (CRBGLH) (formerly known as AIG Life Holdings, Inc.) which provides that Corebridge and CRBGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the CRBGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and CRBGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the CRBGLH debt when due, Corebridge and CRBGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest, and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the CRBGLH debt.
(b)Collateral posted to third parties was $63 million and $63 million at December 31, 2023 and 2022, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.
(c)At December 31, 2023, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $1.1 billion. At December 31, 2022, includes debt of consolidated investment entities related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion.
The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
December 31, 2023Year Ending
(in millions)Total20242025202620272028Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable
$9,079 $459 $146 $268 $905 $340 $6,961 
Junior subordinated debt992 — — — — — 992 
AIG Japan Holdings Kabushiki Kaisha(a)
267 — 267 — — — — 
Total AIG general borrowings10,338 459 413 268 905 340 7,953 
AIG borrowings supported by assets:
AIG notes and bonds payable19 — 12 7 — — — 
Series AIGFP matched notes and bonds payable18 — — — — — 18 
Total AIG borrowings supported by assets37 — 12 7 — — 18 
Total debt issued or guaranteed by AIG10,375 459 425 275 905 340 7,971 
Corebridge debt:
CRBGLH notes and bonds payable200 — 101 — — — 99 
CRBGLH junior subordinated debt227 — — — — — 227 
Corebridge senior unsecured notes7,702 — 997 — 1,243 — 5,462 
Corebridge junior subordinated debt989 — — — — — 989 
DDTL facility(b)
250 250 — — — — — 
Total Corebridge debt9,368 250 1,098 — 1,243 — 6,777 
GIAs, at fair value - supported by Corebridge assets53 — — — — — 53 
Total(c)
$19,796 $709 $1,523 $275 $2,148 $340 $14,801 
(a)In May 2023, the AIG Japan Holdings Kabushiki Kaisha syndicated loan facility in the amount of JPY24.65 billion and with a maturity date of May 25, 2023, was refinanced, and will now mature on March 25, 2025.
(b)Corebridge has the ability to further continue this borrowing through February 25, 2025.
(c)Does not reflect $2.6 billion 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 March 2023, AIG issued $750 million aggregate principal amount of 5.125% Notes Due 2033.
On September 15, 2023, Corebridge issued $500 million aggregate principal amount of its 6.050% Senior Notes due 2033.
On December 8, 2023, Corebridge issued $750 million aggregate principal amount of its 5.750% Senior Notes due 2034.
DEBT CASH TENDER OFFERS AND REDEMPTIONS
In 2023, we repurchased, through cash tender offers, and redeemed $2.2 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $2.2 billion, resulting in a total gain on extinguishment of debt of $37 million. This includes the following:
•Repaid £311 million aggregate principal amount of our 5.00% Notes due 2023, which was equivalent to approximately $388 million at the time of repayment.
•Redeemed $199 million aggregate principal amount of Validus 8.875% Senior Notes due 2040 for a redemption price of 143.968 percent of the principal amount, plus accrued and unpaid interest, which totaled $289 million.
•Repurchased, through cash tender offers, approximately $1.6 billion aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $1.5 billion.
CREDIT FACILITIES
On November 19, 2021, we entered into a credit agreement, which provides for a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in November 2026. Under circumstances described in the credit agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment of up to $5 billion. As of December 31, 2023, a total of $4.5 billion remained available under the Facility.
Corebridge maintains a committed, revolving syndicated credit facility (the Corebridge Facility) with aggregate commitments by the bank syndicate to provide Corebridge with unsecured revolving loans and/or standby letters of credit of up to $2.5 billion without any limits on the type of borrowings and with no recourse to AIG Parent. The Corebridge Facility is scheduled to expire in May 2027. As of December 31, 2023, a total of $2.5 billion remained available under the Corebridge Facility.
Corebridge also maintains a 3-Year Delayed Draw Term Loan Agreement (the DDTL Facility) scheduled to mature in February 2025. On September 15, 2022, Corebridge borrowed $1.5 billion under the DDTL Facility, $1.25 billion of which Corebridge repaid in 2023. At December 31, 2023, Corebridge has $250 million of borrowings outstanding in the DDTL Facility, with no recourse to AIG Parent.
We also maintain a revolving credit facility that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under this credit facility cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, this credit facility has a limit of up to $250 million. Subsequent to pricing of the related securitizations, the limit is expected to increase to up to approximately $450 million. As of December 31, 2023, we have drawn $43 million under the credit facility. This credit facility has a maturity date of seven years.
We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $396 million. As of December 31, 2023, we have drawn $231 million, under the credit facilities. Each of these credit facilities have maturity dates ranging from one year to two years.