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Schedule II
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule II
Condensed Financial Information of Registrant
Balance Sheets – Parent Company Only

Schedule II
December 31,
(in millions)20232022
Assets:
Short-term investments$7,782 $3,389 
Other investments758 1,930 
Total investments8,540 5,319 
Cash10 5 
Loans to subsidiaries(a)
— 84 
Due from affiliates - net(a)
1,371 1,224 
Intercompany tax receivable(a)
751 329 
Deferred income taxes4,566 4,992 
Investment in consolidated subsidiaries(a)
42,655 44,823 
Other assets
909 250 
Total assets$58,802 $57,026 
Liabilities:
Due to affiliates(a)
$703 $1,195 
Intercompany tax payable(a)
767 1,633 
Notes and bonds payable9,098 10,323 
Junior subordinated debt992 991 
Series AIGFP matched notes and bonds payable18 18 
Loans from subsidiaries(a)
443 521 
Other liabilities1,430 1,375 
Total liabilities13,451 16,056 
AIG Shareholders’ equity:
Preferred stock485 485 
Common stock4,766 4,766 
Treasury stock(59,189)(56,473)
Additional paid-in capital75,810 79,915 
Retained earnings37,516 34,893 
Accumulated other comprehensive income(14,037)(22,616)
Total AIG shareholders’ equity45,351 40,970 
Total liabilities and equity$58,802 $57,026 
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)202320222021
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries(a)
$(4,508)$7,875 $(2,391)
Dividend income from consolidated subsidiaries(a)
8,385 2,974 14,699 
Interest income(b)
226 936 169 
Net realized losses(74)(433)(1)
Other income (loss)5 22 (3)
Expenses:
Interest expense525 631 948 
Net loss on extinguishment of debt(58)301 304 
Net (gain) loss on divestitures and other5 111 (10)
Other expenses778 960 1,214 
Income (loss) from continuing operations before income tax benefit2,784 9,371 10,017 
Income tax benefit(859)(838)(350)
Net income (loss)3,643 10,209 10,367 
Loss from discontinued operations— 18 — 
Net income (loss) attributable to AIG Parent Company$3,643 $10,227 $10,367 
(a)Eliminated in consolidation.
(b)Includes interest income on intercompany borrowings of $1 million, $813 million and $131 million on December 31, 2023, 2022 and 2021, respectively, 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)202320222021
Net income (loss)$3,643$10,227$10,367 
Other comprehensive income (loss)4,641 (29,803)(5,325)
Total comprehensive income attributable to AIG$8,284 $(19,576)$5,042 
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)202320222021
Net cash provided by (used in) operating activities$5,382 $191 $3,837 
Cash flows from investing activities:
Sales and maturities of investments3,367 5,205 4,228 
Purchase of investments(2,070)(90)(5,761)
Net change in short-term investments(4,393)945 2,647 
Contributions from (to) subsidiaries - net(47)(330)403 
Loans to subsidiaries - net84 8,427 (104)
Other, net(48)45 (41)
Net cash provided by (used in) investing activities(3,107)14,202 1,372 
Cash flows from financing activities:
Issuance of long-term debt742 — — 
Repayments of long-term debt(2,037)(9,364)(3,703)
Cash dividends paid on preferred stock(29)(29)(29)
Cash dividends paid on common stock(997)(982)(1,083)
Loans from subsidiaries - net(97)(224)3 
Purchase of common stock(2,961)(5,200)(2,598)
Other, net3,108 1,408 2,201 
Net cash provided by (used in) financing activities(2,271)(14,391)(5,209)
Change in cash and restricted cash4 2 — 
Cash and restricted cash at beginning of year6 4 4 
Cash and restricted cash at end of year$10 $6 $4 
Supplementary disclosure of cash flow information:

Years Ended December 31,
(in millions)202320222021
Cash$10 $5 $3 
Restricted cash included in Other assets— 1 1 
Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only$10 $6 $4 
Cash (paid) received during the period for:
Interest:
Third party$(455)$(716)$(941)
Intercompany(3)63 1 
Taxes:
Income tax authorities(109)(348)(494)
Intercompany(95)1,120 1,950 
Intercompany non-cash financing and investing activities:
Capital contributions861 660 2,284 
Return of capital— — 1,365 
Dividend received in the form of intercompany note— — 8,300 
Dividends received in the form of securities314 494 1,289 
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 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 14, 2024.
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 16 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 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, 2023. 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 23 to the Consolidated Financial Statements.