AIG said Net income attributable to AIG common shareholders decreased $6.6 billion. The largest pre-tax decline was a $9.5 billion drop in Net realized gains on the Fortitude Re funds withheld embedded derivative, which the company attributed to interest rate movements.

10-KAnnual reportFiled Feb 14, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

AIG said Net income attributable to AIG common shareholders decreased $6.6 billion. The largest pre-tax decline was a $9.5 billion drop in Net realized gains on the Fortitude Re funds withheld embedded derivative, which the company attributed to interest rate movements.
AIG said pre-tax income was $3.9 billion in 2023, $14.3 billion in 2022 and $13.3 billion in 2021. Adjusted pre-tax income was $7.4 billion in 2023, $5.8 billion in 2022 and $6.6 billion in 2021.
The company said it sold Validus Re to RenaissanceRe on November 1, 2023 and received $3.3 billion in cash, including a dividend of about $570 million paid before the sale. On July 3, 2023, it sold CRS to American Financial Group, Inc. Total revenue from the sale, before commissions, was $234 million.
AIG said in 2023 that AIG Parent repurchased about 51 million shares of AIG Common Stock for about $3.0 billion and paid $997 million in dividends on AIG Common Stock. Net cash inflow from financing activities in 2023 was $782 million.

Key figures

Fiscal year ended December 31, 2023

Revenue: $46.8B
Net income: $3.6B
EPS: $4.98
Operating cash flow: $6.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Drivers of the decline in AIG net income to common shareholders

AIG said Net income attributable to AIG common shareholders decreased $6.6 billion. The largest pre-tax decline was a $9.5 billion drop in Net realized gains on the Fortitude Re funds withheld embedded derivative, which the company attributed to interest rate movements.

Source · Based on the MD&A text of the filing

Pre-tax income and adjusted pre-tax income comparison

AIG said pre-tax income was $3.9 billion in 2023, $14.3 billion in 2022 and $13.3 billion in 2021. Adjusted pre-tax income was $7.4 billion in 2023, $5.8 billion in 2022 and $6.6 billion in 2021.

Source · Based on the MD&A text of the filing

Validus Re and CRS dispositions

The company said it sold Validus Re to RenaissanceRe on November 1, 2023 and received $3.3 billion in cash, including a dividend of about $570 million paid before the sale. On July 3, 2023, it sold CRS to American Financial Group, Inc. Total revenue from the sale, before commissions, was $234 million.

Source · Based on the MD&A text of the filing

Shareholder returns and financing cash flow

AIG said in 2023 that AIG Parent repurchased about 51 million shares of AIG Common Stock for about $3.0 billion and paid $997 million in dividends on AIG Common Stock. Net cash inflow from financing activities in 2023 was $782 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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