Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

16. Equity

SHARES OUTSTANDING

Preferred Stock

On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares (the Depositary Shares), each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share).

On March 15, 2024, we redeemed all 20,000 outstanding shares of our Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock, for a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share) for an aggregate redemption price of $500 million, paid in cash. The $15 million difference between the aggregate redemption price and the outstanding par and additional paid in capital amount of $485 million was recorded as a reduction of retained earnings and is presented on Dividends on preferred stock and preferred stock redemption premiums on the Consolidated Statements of Income.

Common Stock

The following table presents a rollforward of outstanding shares:


Years Ended December 31,	2025			2024			2023
(in millions)	Common Stock Issued	Treasury Stock	Common Stock Outstanding	Common Stock Issued	Treasury Stock	Common Stock Outstanding	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	1,906.7	(1,300.6)	606.1	1,906.7	(1,217.9)	688.8	1,906.7	(1,172.6)	734.1
Shares issued	—	5.0	5.0	—	6.8	6.8	—	5.5	5.5
Shares repurchased	—	(72.9)	(72.9)	—	(89.5)	(89.5)	—	(50.8)	(50.8)
Shares, end of year	1,906.7	(1,368.5)	538.2	1,906.7	(1,300.6)	606.1	1,906.7	(1,217.9)	688.8

Dividends

Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.

Repurchase of AIG Common Stock

Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans.

Effective April 1, 2025, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $3.4 billion remaining under the Board's prior share repurchase authorization).

The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from January 1, 2026 to February 6, 2026, we repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $125 million.

DIVIDENDS DECLARED

On February 10, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $0.45 per share, payable on March 30, 2026 to shareholders of record on March 16, 2026.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a rollforward of Accumulated other comprehensive income (loss):


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Balance, January 1, 2023, net of tax	$	(136)	$	(20,675)	$	(284)	$	2,459	$	(3,056)	$	(924)	$	(22,616)

Change in unrealized appreciation (depreciation) of investments*		30		8,410		—		—		—		—		8,440
Change in other		(10)		52		—		—		—		—		42
Change in fair value of market risk benefits, net		—		—		(695)		—		—		—		(695)
Change in discount rates		—		—		—		(1,045)		—		—		(1,045)
Change in future policy benefits		—		(254)		—		—		—		—		(254)
Change in foreign currency translation adjustments		—		—		—		—		137		—		137
Change in net actuarial loss		—		—		—		—		—		143		143
Change in prior service cost		—		—		—		—		—		4		4
Change in deferred tax asset (liability)		(6)		(1,074)		151		174		(35)		(42)		(832)

Total other comprehensive income		14		7,134		(544)		(871)		102		105		5,940

Add: Corebridge noncontrolling interests		13		4,524		153		(732)		(18)		(2)		3,938
Less: Noncontrolling interests		(3)		1,871		(199)		(377)		7		—		1,299



Balance, December 31, 2023, net of tax	$	(106)	$	(10,888)	$	(476)	$	1,233	$	(2,979)	$	(821)	$	(14,037)
Change in unrealized appreciation (depreciation) of investments*		95		(1,551)		—		—		—		—		(1,456)
Change in other		—		18		—		—		—		—		18
Change in fair value of market risk benefits, net		—		—		130		—		—		—		130
Change in discount rates		—		—		—		946		—		—		946
Change in future policy benefits		—		(59)		—		—		—		—		(59)
Change in foreign currency translation adjustments		—		—		—		—		(407)		—		(407)
Change in net actuarial loss		—		—		—		—		—		63		63
Change in prior service cost		—		—		—		—		—		2		2
Change in deferred tax asset (liability)		(20)		(70)		(28)		(165)		(45)		(18)		(346)
Corebridge deconsolidation, net of tax		42		8,513		330		(1,583)		(88)		—		7,214

Total other comprehensive income (loss)		117		6,851		432		(802)		(540)		47		6,105
Add: Corebridge noncontrolling interests		2		610		33		(105)		(3)		—		537
Less: Noncontrolling interests		17		(559)		(11)		258		(1)		—		(296)



Balance, December 31, 2024, net of tax	$	(4)	$	(2,868)	$	—	$	68	$	(3,521)	$	(774)	$	(7,099)
Change in unrealized appreciation (depreciation) of investments		—		1,448		—		—		—		—		1,448
Change in other		—		(1)		—		—		—		—		(1)

Change in discount rates		—		—		—		28		—		—		28
Change in future policy benefits		—		—		—		—		—		—		—
Change in foreign currency translation adjustments		—		—		—		—		518		—		518
Change in net actuarial loss		—		—		—		—		—		78		78
Change in prior service cost		—		—		—		—		—		1		1
Change in deferred tax asset (liability)		1		48		—		(9)		22		(22)		40


Total other comprehensive income		1		1,495		—		19		540		57		2,112

Less: Noncontrolling interests		—		—		—		—		—		—		—
Balance, December 31, 2025, net of tax	$	(3)	$	(1,373)	$	—	$	87	$	(2,981)	$	(717)	$	(4,987)

*Includes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at December 31, 2024 and 2023.

The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2025, 2024 and 2023, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk		Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Total
Year Ended December 31, 2025
Unrealized change arising during year	$	—	$	854	$	—	$	28	$	518	$	49	$	1,449
Less: Reclassification adjustments included in net income		—		(593)		—		—		—		(30)		(623)
Total other comprehensive income (loss), before of income tax expense (benefit)		—		1,447		—		28		518		79		2,072
Less: Income tax expense (benefit)		(1)		(48)		—		9		(22)		22		(40)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	1	$	1,495	$	—	$	19	$	540	$	57	$	2,112


Year Ended December 31, 2024
Unrealized change arising during year	$	95	$	(2,211)	$	130	$	946	$	(407)	$	34	$	(1,413)
Less: Reclassification adjustments included in net income		(42)		(9,132)		(330)		1,583		88		(31)		(7,864)
Total other comprehensive income (loss), before income tax expense (benefit)		137		6,921		460		(637)		(495)		65		6,451
Less: Income tax expense (benefit)		20		70		28		165		45		18		346
Total other comprehensive income (loss), net of income tax expense (benefit)	$	117	$	6,851	$	432	$	(802)	$	(540)	$	47	$	6,105

Year Ended December 31, 2023
Unrealized change arising during year	$	(6)	$	7,172	$	(695)	$	(1,045)	$	137	$	118	$	5,681
Less: Reclassification adjustments included in net income		(26)		(1,036)		—		—		—		(29)		(1,091)
Total other comprehensive income (loss), before income tax expense (benefit)		20		8,208		(695)		(1,045)		137		147		6,772
Less: Income tax expense (benefit)		6		1,074		(151)		(174)		35		42		832
Total other comprehensive income (loss), net of income tax expense (benefit)	$	14	$	7,134	$	(544)	$	(871)	$	102	$	105	$	5,940

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss)(a):


	Amount Reclassified from AOCI						Affected Line Item in the















	Years Ended December 31,						Consolidated
(in millions)		2025		2024		2023	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	—	$	—	$	(26)	Net realized gains (losses)
Total		—		—		(26)
Unrealized appreciation (depreciation) of all other investments
Investments		(593)		(619)		(1,036)	Net realized gains (losses)
Total		(593)		(619)		(1,036)
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(2)		(2)	(b)
Actuarial losses		(28)		(29)		(27)	(b)
Total		(30)		(31)		(29)
Corebridge deconsolidation, net of tax		—		(7,214)		—	(c)
Total reclassifications for the year	$	(623)	$	(7,864)	$	(1,091)

(a)The following items are not reclassified out of AOCI and included in the Consolidated Statements of Income (Loss) and thus have been excluded from the table: (i) Change in fair value of market risk benefits attributable to changes in our own credit risk and (ii) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts.

(b)These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 20.

(c)Represents adjustments related to the deconsolidation of Corebridge which is reflected in Income (loss) from discontinued operations, net of taxes. See the rollforward of Accumulated other comprehensive income (loss) above for further details.

- Definition

The entire disclosure for equity.

+ References

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+ Details

AMERICAN INTERNATIONAL GROUP, INC. 10-K