v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Accounting Standards Update and Change in Accounting Principle
The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 as well as cross references to the applicable notes herein for additional information:
Pre-Adoption,
December 31,
2020		Cumulative Effect
Adjustment as of
January 1, 2021		Updated Balances
Post-Adoption
of LDTI
(in millions)
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes(a)
$34,578 $7,666 $42,244 
Reinsurance assets - other, net of allowance for credit losses and disputes(a)
38,963 469 39,432 
Deferred income taxes12,624 339 12,963 
Deferred policy acquisition costs(b)
9,805 3,150 12,955 
Market risk benefit assets(c)
— 338 338 
Other assets, net of allowance for credit losses(d)
13,122 398 13,520 
Total assets586,481 12,360 598,841 
Future policy benefits for life and accident and health insurance contracts(e)
56,878 10,486 67,364 
Policyholder contract deposits(e)
154,470 (6,247)148,223 
Market risk benefit liabilities(c)
— 8,739 8,739 
Other policyholder funds(f)
3,548 248 3,796 
Other liabilities(g)
27,122 398 27,520 
Total liabilities519,282 13,624 532,906 
Retained earnings15,504 933 16,437 
Accumulated other comprehensive income (loss)13,511 (2,197)11,314 
Total AIG Shareholders' equity66,362 (1,264)65,098 
Total equity67,199 (1,264)65,935 
Total liabilities and equity586,481 12,360 598,841 
(a)For additional information on the transition impacts associated with LDTI, see Note 8.
(b)For additional information on the transition impacts associated with LDTI, see Note 9.
(c)For additional information on the transition impacts associated with LDTI, see Note 14.
(d)Other assets include deferred sales inducement assets. For additional information on the transition impacts associated with LDTI, see Note 9.
(e)For additional information on the transition impacts associated with LDTI, see Note 13.
(f)Other policyholder funds include URR. For additional information on the transition impacts associated with LDTI, see Note 13.
(g)Other liabilities include deferred cost of reinsurance liabilities. For additional information on the transition impacts associated with LDTI, see Note 8.
The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 on our previously reported Consolidated Balance Sheets as of December 31, 2022:
As Previously
Reported		Effect of
Change		Updated Balances
Post-Adoption of LDTI
(in millions)
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes$32,159 $(1,408)$30,751 
Reinsurance assets - other, net of allowance for credit losses and disputes39,434 (463)38,971 
Deferred income taxes15,144 (340)14,804 
Deferred policy acquisition costs15,518 (2,661)12,857 
Market risk benefit assets— 796 796 
Other assets, net of allowance for credit losses12,714 (330)12,384 
Total assets526,634 (4,406)522,228 
Future policy benefits for life and accident and health insurance contracts59,223 (7,309)51,914 
Policyholder contract deposits158,891 (2,907)155,984 
Market risk benefit liabilities— 4,736 4,736 
Other policyholder funds3,909 (446)3,463 
Other liabilities26,456 301 26,757 
Total liabilities484,399 (5,625)478,774 
Additional paid-in capital80,284 (369)79,915 
Retained earnings33,032 1,861 34,893 
Accumulated other comprehensive income (loss)(22,092)(524)(22,616)
Total AIG Shareholders' equity40,002 968 40,970 
Non-redeemable noncontrolling interests2,233 251 2,484 
Total equity42,235 1,219 43,454 
Total liabilities and equity526,634 (4,406)522,228 
The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Income (Loss):
Year Ended December 31, 2022Year Ended December 31, 2021
As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI		As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI
(in millions, except per common share data)
Revenues:
Premiums$31,857 $(1)$31,856 $31,259 $26 $31,285 
Policy fees2,972 (59)2,913 3,051 (46)3,005 
Total net realized gains (losses)8,991 (1,927)7,064 2,151 120 2,271 
Total revenues56,437 (1,987)54,450 52,057 100 52,157 
Benefits, losses and expenses:
Policyholder benefits and losses incurred22,771 (595)22,176 24,388 (603)23,785 
Change in the fair value of market risk benefits, net— (958)(958)— (447)(447)
Interest credited to policyholder account balances3,709 35 3,744 3,557 13 3,570 
Amortization of deferred acquisition costs4,970 (413)4,557 4,573 (49)4,524 
General operating and other expenses9,195 (73)9,122 8,790 (62)8,728 
Total benefits, losses and expenses42,155 (2,004)40,151 39,958 (1,148)38,810 
Income from continuing operations before income tax expense (benefit)14,282 17 14,299 12,099 1,248 13,347 
Income tax expense3,006 19 3,025 2,176 265 2,441 
Income (loss) from continuing operations11,276 (2)11,274 9,923 983 10,906 
Net income (loss)11,275 (2)11,273 9,923 983 10,906 
Net income from continuing operations attributable to noncontrolling interests999 47 1,046 535 4 539 
Net income (loss) attributable to AIG10,276 (49)10,227 9,388 979 10,367 
Net income (loss) attributable to AIG common shareholders10,247 (49)10,198 9,359 979 10,338 
Income (loss) per common share attributable to AIG common shareholders:
Common stock - Basic13.16 (0.06)13.10 10.95 1.15 12.10 
Common stock - Diluted13.01 (0.07)12.94 10.82 1.13 11.95 
The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Comprehensive Income (Loss):
Year Ended December 31, 2022Year Ended December 31, 2021
As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI		As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI
(in millions)
Net income$11,275 $(2)$11,273 $9,923 $983 $10,906 
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken(87)(7)(94)35 9 44 
Change in unrealized appreciation (depreciation) of all other investments(32,775)(5,633)(38,408)(6,001)(1,150)(7,151)
Change in fair value of market risk benefits attributable to changes in our own credit risk— 1,294 1,294 — 179 179 
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts— 5,544 5,544 — 1,361 1,361 
Change in foreign currency translation adjustments(514)(99)(613)(187)7 (180)
Other comprehensive income (loss)(33,402)1,099 (32,303)(5,830)406 (5,424)
Comprehensive income (loss)(22,127)1,097 (21,030)4,093 1,389 5,482 
Comprehensive income (loss) attributable to noncontrolling interests(1,584)130 (1,454)430 10 440 
Comprehensive income (loss) attributable to AIG(20,543)967 (19,576)3,663 1,379 5,042 
The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Cash Flows:
Year Ended December 31, 2022Year Ended December 31, 2021
As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI		As
Previously
Reported		Effect of
Change		Updated
Balances Post-
Adoption of LDTI
(in millions)
Cash flows from operating activities:
Net income$11,275 $(2)$11,273 $9,923 $983 $10,906 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income (loss):
Unrealized gains in earnings - net(1,392)2,486 1,094 (1,889)1,016 (873)
Change in the fair value of market risk benefits in earnings, net— (1,481)(1,481)— (1,427)(1,427)
Depreciation and other amortization4,848 (439)4,409 4,633 (91)4,542 
Changes in operating assets and liabilities:
Insurance reserves(2,332)(1,505)(3,837)5,127 (655)4,472 
Premiums and other receivables and payables - net(10,193)(29)(10,222)(655)(69)(724)
Reinsurance assets, net2,843 1,135 3,978 (1,241)197 (1,044)
Capitalization of deferred policy acquisition costs(4,649)(73)(4,722)(4,906)(63)(4,969)
Current and deferred income taxes - net2,260 19 2,279 1,314 265 1,579 
Other, net340 (184)156 (1,322)(212)(1,534)
Total adjustments(7,069)(71)(7,140)(3,644)(1,039)(4,683)
Net cash provided by operating activities4,207 (73)4,134 6,279 (56)6,223 
Cash flows from financing activities:
Policyholder contract deposits26,508 74 26,582 25,424 56 25,480 
Net cash used in financing activities(676)74 (602)(3,735)56 (3,679)