AIG Q2 2024 10-Q Filing Released
Ticker: AIG · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 5272
Sentiment: neutral
Topics: 10-Q, financials, insurance
TL;DR
**AIG Q2 2024 10-Q filed. Financials and operations detailed.**
AI Summary
American International Group, Inc. (AIG) filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.
Why It Matters
This filing provides crucial financial insights into AIG's performance for the second quarter of 2024, impacting investor decisions and market perception.
Risk Assessment
Risk Level: medium — Quarterly reports like this 10-Q can reveal significant financial shifts, operational challenges, or strategic changes that may impact a company's stock price and overall market position.
Key Numbers
- 12/31 — Fiscal Year End (Indicates the end of AIG's fiscal year.)
- Q2 — Quarter (Specifies the reporting quarter as the second quarter.)
Key Players & Entities
- AMERICAN INTERNATIONAL GROUP, INC. (company) — Filer
- 20240630 (date) — Period of Report
- 20240801 (date) — Filed as of Date
- 2127707000 (dollar_amount) — Business Phone
FAQ
What is the primary purpose of this 10-Q filing?
This 10-Q filing provides a comprehensive overview of American International Group, Inc.'s financial performance and condition for the second quarter ended June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on August 1, 2024.
What is AIG's Standard Industrial Classification code?
AIG's Standard Industrial Classification code is 6331, which corresponds to FIRE, MARINE & CASUALTY INSURANCE.
Where is American International Group, Inc. headquartered?
American International Group, Inc. is headquartered in New York, NY, with its business address at 1271 Ave of the Americas, FL 37.
What is the fiscal year end for AIG?
AIG's fiscal year ends on December 31st.
Filing Stats: 5,028 words · 20 min read · ~17 pages · Grade level 18.3 · Accepted 2024-08-01 11:04:42
Key Financial Figures
- $2.50 — ich registered Common Stock, Par Value $2.50 Per Share AIG New York Stock Exchange
Filing Documents
- aig-20240630.htm (10-Q) — 7347KB
- q22024exhibit103.htm (EX-10.3) — 11KB
- q22024exhibit31.htm (EX-31) — 15KB
- q22024exhibit32.htm (EX-32) — 8KB
- aig-20240630_g1.gif (GRAPHIC) — 33KB
- aig-20240630_g2.gif (GRAPHIC) — 41KB
- aig-20240630_g3.gif (GRAPHIC) — 46KB
- 0000005272-24-000079.txt ( ) — 33719KB
- aig-20240630.xsd (EX-101.SCH) — 122KB
- aig-20240630_cal.xml (EX-101.CAL) — 224KB
- aig-20240630_def.xml (EX-101.DEF) — 973KB
- aig-20240630_lab.xml (EX-101.LAB) — 1405KB
- aig-20240630_pre.xml (EX-101.PRE) — 1130KB
- aig-20240630_htm.xml (XML) — 9044KB
– Financial Information
Part I – Financial Information ITEM 1
Financial Statements
Financial Statements 2 Note 1. Basis of Presentation 9 Note 2. Summary of Significant Accounting Policies 10 Note 3. Segment Information 10 Note 4. Held-For-Sale Classification & Discontinued Operations Presentation 12 Note 5. Fair Value Measurements 15 Note 6. Investments 29 Note 7. Lending Activities 36 Note 8. Reinsurance 39 Note 9. Deferred Policy Acquisition Costs 41 Note 10. Variable Interest Entities 41 Note 11. Derivatives and Hedge Accounting 42 Note 12. Insurance Liabilities 45 Note 13. Contingencies, Commitments and Guarantees 49 Note 14. Equity 50 Note 15. Earnings Per Common Share (EPS) 55 Note 16. Income Taxes 56 ITEM 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results 58 Use of Non-GAAP Measures 61 Critical Accounting Estimates 63 Executive Summary 63 Consolidated Results of Operations 66 Business Segment Operations 72 Investments 81 Insurance Reserves 90 Liquidity and Capital Resources 95 Enterprise Risk Management 101 Glossary 102 Acronyms 104 ITEM 3
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 105 ITEM 4
Controls and Procedures
Controls and Procedures 105
– Other Information
Part II – Other Information ITEM 1
Legal Proceedings
Legal Proceedings 106 ITEM 1A
Risk Factors
Risk Factors 106 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds 107 ITEM 5 Other Information 107 ITEM 6 Exhibits 108
Signatures
Signatures 109 AIG | Second Quarter 2024 Form 10-Q 1 TABLE OF CONTENTS
– Financial Information
Part I – Financial Information
| Financial Statements
Item 1. | Financial Statements American International Group, Inc. Condensed Consolidated Balance Sheets (unaudited) (in millions, except for share data) June 30, 2024 December 31, 2023 Assets: Investments: Fixed maturity securities: Bonds available for sale, at fair value, net of allowance for credit losses of $ 33 in 2024 and $ 34 in 2023 (amortized cost: 2024 - $ 65,326 ; 2023 - $ 68,119 )* $ 62,333 $ 65,242 Other bond securities, at fair value (See Note 6) 766 663 Equity securities, at fair value (See Note 6) 688 665 Mortgage and other loans receivable, net of allowance for credit losses of $ 37,799 in 2024 and $ 37,776 in 2023* 4,347 4,441 Other invested assets (portion measured at fair value: 2024 - $ 12,386 ; 2023 - $ 4,175 ) 14,788 6,368 Short-term investments, including restricted cash of $ 3 in 2024 and $ 1 in 2023 (portion measured at fair value: 2024 - $ 8,137 ; 2023 - $ 9,363 )* 12,563 12,865 Total investments 95,485 90,244 Cash 1,381 1,540 Accrued investment income* 563 580 Premiums and other receivables, net of allowance for credit losses and disputes of $ 126 in 2024 and $ 138 in 2023 11,669 9,967 Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $ 0 in 2024 and $ 0 in 2023 3,592 3,839 Reinsurance assets - other, net of allowance for credit losses and disputes of $ 211 in 2024 and $ 206 in 2023 37,068 35,293 Deferred income tax assets 5,568 6,186 Deferred policy acquisition costs 2,123 2,117 Goodwill 3,407 3,422 Deposit accounting assets, net of allowance for credit losses of $ 49 in 2024 and $ 49 in 2023 2,132 1,915 Other assets, including restricted cash of $ 18 in 2024 and $ 32 in 2023 (portion measured at fair value: 2024 - $ 189 ; 2023 - $ 374 )* 4,717 5,425 Assets held for sale 185 30 Assets of discontinued operations — 378,748 Total assets $ 167,890 $ 539,306 Liabilities: Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses
| Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation 1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. Unless the context indicates otherwise, the terms "AIG," "we," "us," "our" or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term "AIG Parent" means American International Group, Inc. and not any of its consolidated subsidiaries. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report). The condensed consolidated financial information as of December 31, 2023 included herein has been derived from the audited Consolidated Financial Statements in the 2023 Annual Report. In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Operating results for the six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. We evaluated the need to recognize or disclose events that occurred subsequent to June 30, 2024 and prior to the issuance of these Condensed Consolidated Financial Statements. Prior year Condensed Consolidated Financial Statements have b