v3.25.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Funded Status of the Plans Reconciled to the Amount Reported in the Balance Sheets
The following table presents the funded status of the pension plans reconciled to the amount reported in the Consolidated Balance Sheets.
As of or for the Years Ended December 31,
U.S. Plans(a)
Non-U.S. Plans(a)
(in millions)2025202420252024
Change in projected benefit obligation:
Benefit obligation, beginning of year$2,962 $3,301 $747 $804 
Service cost4 4 14 14 
Interest cost149 154 20 20 
Actuarial (gain) loss(b)
40 (200)(34)14 
Benefits paid:
AIG assets(16)(17)(8)(9)
Plan assets(247)(280)(32)(28)
Plan amendment— — 1 1 
Settlements— — (7)(9)
Foreign exchange effect— — 34 (60)
As of or for the Years Ended December 31,
U.S. Plans(a)
Non-U.S. Plans(a)
(in millions)2025202420252024
Other(1)— 1 — 
Projected benefit obligation, end of year$2,891 $2,962 $736 $747 
Change in plan assets:
Fair value of plan assets, beginning of year$2,976 $3,228 $704 $734 
Actual return on plan assets, net of expenses236 28 16 35 
AIG contributions16 17 38 42 
Benefits paid:
AIG assets(16)(17)(8)(9)
Plan assets(247)(280)(32)(28)
Settlements— — (7)(9)
Foreign exchange effect— — 24 (61)
Fair value of plan assets, end of year$2,965 $2,976 $735 $704 
Funded status, end of year$74 $14 $(1)$(43)
Amounts recognized in the balance sheet:
Assets$242 $184 $157 $122 
Liabilities(168)(170)(158)(165)
Total amounts recognized$74 $14 $(1)$(43)
Pre-tax amounts recognized in AOCI:
Net gain (loss)$(1,025)$(1,082)$(50)$(72)
Prior service (cost) credit— — (16)(18)
Total amounts recognized$(1,025)$(1,082)$(66)$(90)
(a)Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $168 million and $170 million for the U.S. at December 31, 2025 and 2024, respectively, and $138 million and $139 million for the non-U.S. at December 31, 2025 and 2024, respectively.
(b)The primary reason for the significant gain in 2024 is due to a change in the discount rate for the U.S. AIG Retirement Plan.
Schedule of Accumulated Benefit Obligations
The following table presents the accumulated benefit obligations for U.S. and non-U.S. defined benefit pension plans:
At December 31,
(in millions)20252024
U.S. pension benefit plans$2,891 $2,962 
Non-U.S. pension benefit plans$723 $735 
Schedule of Projected Benefit Obligation in Excess of the Plan Assets and the Accumulated Benefit Obligation in Excess of the Plan Assets
Defined benefit pension plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows:
At December 31,PBO Exceeds Fair Value of Plan AssetsABO Exceeds Fair Value of Plan Assets
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions)20252024202520242025202420252024
Projected benefit obligation$168 $170 $284 $287 $— $— $— $— 
Accumulated benefit obligation— — — — 168 170 243 245 
Fair value of plan assets— — 97 91 — — 97 91 
Schedule of Periodic Benefit Costs with Respect to Pension Plan Benefits
The following table presents the components of net periodic benefit cost with respect to our pension plan benefits:
Years Ended December 31,U.S. PlansNon-U.S. Plans
(in millions)202520242023202520242023
Components of net periodic benefit cost:
Service cost*$4 $4 $5 $14 $14 $16 
Interest cost149 154 168 20 20 20 
Expected return on assets(171)(201)(193)(24)(19)(21)
Amortization of prior service cost (credit)— — — 3 2 3 
Amortization of net (gain) loss33 33 33 2 2 2 
Net periodic benefit cost (credit)$15 $(10)$13 $15 $19 $20 
Settlement loss— — 71 (1)1 — 
Net benefit cost (credit)$15 $(10)$84 $14 $20 $20 
Total recognized in AOCI$57 $60 $137 $23 $11 $6 
Total recognized in net periodic benefit cost and other comprehensive income (loss)$42 $70 $53 $9 $(9)$(14)
*Reflects administrative fees for the U.S. pension plans.
Schedule of Weighted Average Assumptions Used to Determine the Benefit Obligations
The following table summarizes the weighted average assumptions used to determine the pension benefit obligations:
U.S. Plans
Non-U.S. Plans(a)
December 31, 2025
Discount rate5.40 %3.58 %
Interest crediting rate4.64 %1.72 %
(b)
Rate of compensation increaseN/A
(c)
2.39 %
December 31, 2024
Discount rate5.57 %2.87 %
Interest crediting rate4.37 %1.36 %
(b)
Rate of compensation increaseN/A
(c)
2.43 %
(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.
(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.
(c)Compensation increases are no longer applicable as the plans are frozen effective January 1, 2016.
Schedule of Weighted Average Assumptions Used to Determine the Net Periodic Benefit Costs
The following table presents the weighted average assumptions used to determine the net periodic benefit costs:
U.S. Plans
Non-U.S. Plans(a)
For the Year Ended December 31, 2025
Discount rate5.57 %2.87 %
Interest crediting rate4.37 %1.36 %
(b)
Rate of compensation increaseN/A2.43 %
Expected return on assets6.00 %3.25 %
For the Year Ended December 31, 2024
Discount rate4.98 %2.85 %
Interest crediting rate4.94 %1.40 %
(b)
Rate of compensation increaseN/A2.42 %
Expected return on assets6.50 %2.77 %
For the Year Ended December 31, 2023
Discount rate5.22 %2.51 %
Interest crediting rate4.02 %1.07 %
(b)
Rate of compensation increaseN/A2.38 %
Expected return on assets6.25 %2.67 %
(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.
(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.
Schedule of Asset Allocation Percentage by Major Asset Class and Target Allocation
The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2026 based on the plan’s funded status at December 31, 2025:
At December 31,Target 2026Actual 2025Actual 2024
Asset class:
Equity securities8 %13 %13 %
Fixed maturity securities80 74 72 
Other investments12 13 15 
Total100 %100 %100 %
The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation:
At December 31,Target 2026Actual 2025Actual 2024
Asset class:
Equity securities20 %19 %20 %
Fixed maturity securities59 47 47 
Other investments17 21 24 
Cash and cash equivalents4 13 9 
Total100 %100 %100 %
Schedule of Plan Assets Based on the Level Within the Fair Value Hierarchy in Which the Fair Value Measurement Falls
The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 5 to the Consolidated Financial Statements.
U.S. PlansNon-U.S. Plans

(in millions)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
December 31, 2025
Assets:
Cash and cash equivalents$57 $— $— $57 $97 $— $— $97 
Equity securities:
U.S.(a)
385 — — 385 — — — — 
International(b)
3 — — 3 83 57 — 140 
Fixed maturity securities:
U.S. investment grade(c)
— 2,018 50 2,068 — — — — 
International investment grade(c)
— 79 — 79 — 153 — 153 
U.S. and international high yield(d)
— (28)— (28)— 192 — 192 
Mortgage and other asset-backed securities— 63 — 63 — — — — 
Other investment types(e):
Futures— — (3)(3)— — — — 
Direct private equity(f)
— — 12 12 — — — — 
Insurance contracts— 6 — 6 — — 143 143 
Mutual funds(f)
— — — — — 10 — 10 
Total$445 $2,138 $59 $2,642 $180 $412 $143 $735 
December 31, 2024
Assets:
Cash and cash equivalents$52 $— $— $52 $66 $— $— $66 
Equity securities:
U.S.(a)
163 — — 163 — — — — 
International(b)
4 — — 4 82 55 — 137 
Fixed maturity securities:
U.S. investment grade(c)
22 1,996 5 2,023 — — — — 
International investment grade(c)
— 101 — 101 — 146 — 146 
U.S. and international high yield(d)
— (40)— (40)— 185 — 185 
Mortgage and other asset-backed securities— 54 1 55 — — — — 
Other fixed maturity securities— 9 — 9 — — — — 
Other investment types(e):
Futures(7)— — (7)— — — — 
Insurance contracts— 8 — 8 — — 161 161 
Mutual funds(f)
— — — — — 9 — 9 
Total$234 $2,128 $6 $2,368 $148 $395 $161 $704 
(a)Includes passive and active U.S. equity strategies.
(b)Includes passive and active international equity strategies.
(c)Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds.
(d)Consists primarily of investments in securities or debt obligations that have a rating below investment grade.
(e)Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $323 million and $608 million at December 31, 2025 and 2024, respectively.
(f)Comprised of mutual fund investing in variety of equity, derivatives, and bonds.
Schedule of Changes in Level 3 Plan Assets Measured at Fair Value
The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value:
December 31, 2025Balance
Beginning
of year		Net
Realized
and
Unrealized
Gains
(Losses)		PurchasesSalesTransfers
In		Transfers
Out		Balance
at End
of Year		Changes in
Unrealized
Gains (Losses)
on Instruments
Held at
End of Year
(in millions)
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade$5 $3 $94 $(178)$130 $(4)$50 $27 
Mortgage and other asset backed securities1 — — — — (1)— — 
Futures— — — (3)— — (3)— 
Direct private equity— (1)62 (58)9 — 12 11 
Total$6 $2 $156 $(239)$139 $(5)$59 $38 
Non-U.S. Plan Assets:
Insurance contracts$161 $(14)$(4)$— $— $— $143 $— 
Total$161 $(14)$(4)$— $— $— $143 $— 
December 31, 2024
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade$10 $(1)$— $(3)$— $(1)$5 $— 
Mortgage and other asset backed securities1 — — — — — 1 — 
Total$11 $(1)$— $(3)$— $(1)$6 $— 
Non-U.S. Plan Assets:
Insurance contracts$138 $21 $2 $— $— $— $161 $— 
Total$138 $21 $2 $— $— $— $161 $— 
Schedule of Expected Future Benefit Payments, Net of Participants' Contributions
The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans are as follows:
(in millions)U.S. PlansNon-U.S. Plans
2026$253 $41 
2027259 41 
2028255 46 
2029257 47 
2030245 49 
2031-20351,100 255