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Equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Equity
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, 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). After underwriting discounts and expenses, we received net proceeds of approximately $485 million.
Common Stock
The following table presents a rollforward of outstanding shares:
Six Months Ended June 30, 2023
Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,172.6)734.1 
Shares issued— 4.8 4.8 
Shares repurchased— (21.4)(21.4)
Shares, end of period1,906.7 (1,189.2)717.5 
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. The payment of dividends is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which no dividends may be declared or paid on any AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.
For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2022 Annual Report.
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. On August 1, 2023, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately
$2.15 billion of expected remaining authorization under the Board's prior share repurchase authorization upon expiration of the current 10b5-1 plan as of August 7, 2023).
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. The repurchase of AIG Common Stock is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which AIG may not (other than in limited circumstances) purchase, redeem or otherwise acquire AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.
Pursuant to an Exchange Act Rule 10b5-1 repurchase plan from July 1, 2023 to July 26, 2023, we repurchased approximately 6 million shares of AIG Common Stock for an aggregate purchase price of approximately $336 million.
DIVIDENDS DECLARED
On August 1, 2023, our Board of Directors declared a cash dividend on AIG Common Stock of $0.36 per share, payable on September 29, 2023 to shareholders of record on September 15, 2023. On August 1, 2023, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on September 15, 2023 to holders of record on August 31, 2023.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents a rollforward of Accumulated other comprehensive income (loss):
*Includes net unrealized gains and losses attributable to businesses held for sale at June 30, 2023.
The following table presents the other comprehensive income (loss) reclassification adjustments for the three and six months ended June 30, 2023 and 2022, 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		Fair Value of
Liabilities
Under Fair
Value Option
Attributable to
Changes in Our
Own Credit Risk		Total
Three Months Ended June 30, 2023
Unrealized change arising during period$97 $(2,739)$(241)$531 $(25)$72 $— $(2,305)
Less: Reclassification adjustments included in net income(7)(334)— — — (8)— (349)
Total other comprehensive income (loss), before income tax expense (benefit)104 (2,405)(241)531 (25)80 — (1,956)
Less: Income tax expense (benefit)20 (407)(51)158 34 28 — (218)
Total other comprehensive income (loss), net of income tax expense (benefit)$84 $(1,998)$(190)$373 $(59)$52 $— $(1,738)
Three Months Ended June 30, 2022
Unrealized change arising during period$36 $(17,908)$737 $2,352 $(273)$2 $(4)$(15,058)
Less: Reclassification adjustments included in net income(8)(596)— — — (7)— (611)
Total other comprehensive income (loss), before income tax expense (benefit)44 (17,312)737 2,352 (273)9 (4)(14,447)
Less: Income tax expense (benefit)8 (2,530)155 482 62 (7)— (1,830)
Total other comprehensive income (loss), net of income tax expense (benefit)$36 $(14,782)$582 $1,870 $(335)$16 $(4)$(12,617)
Six Months Ended June 30, 2023
Unrealized change arising during period$90 $1,827 $(146)$4 $(44)$90 $— $1,821 
Less: Reclassification adjustments included in net income(23)(770)— — — (17)— (810)
Total other comprehensive income (loss), before of income tax expense (benefit)113 2,597 (146)4 (44)107 — 2,631 
Less: Income tax expense (benefit)23 343 (31)51 43 27 — 456 
Total other comprehensive income (loss), net of income tax expense (benefit)$90 $2,254 $(115)$(47)$(87)$80 $— $2,175 
Six Months Ended June 30, 2022
Unrealized change arising during period$(21)$(37,347)$1,728 $5,235 $(276)$6 $(4)$(30,679)
Less: Reclassification adjustments included in net income(8)(735)— — — (15)— (758)
Total other comprehensive income (loss), before income tax expense (benefit)(13)(36,612)1,728 5,235 (276)21 (4)(29,921)
Less: Income tax expense (benefit)(4)(5,689)364 1,075 65 (4)— (4,193)
Total other comprehensive income (loss), net of income tax expense (benefit)$(9)$(30,923)$1,364 $4,160 $(341)$25 $(4)$(25,728)
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended June 30,Condensed Consolidated
(in millions)20232022Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(7)$(8)Net realized gains (losses)
Total(7)(8)
Unrealized appreciation (depreciation) of all other investments
Investments(334)(596)Net realized gains (losses)
Total(334)(596)
Change in retirement plan liabilities adjustment
Prior-service credit— — 
(b)
Actuarial losses(8)(7)
(b)
Total(8)(7)
Total reclassifications for the period$(349)$(611)
Amount Reclassified from AOCIAffected Line Item in the
Six Months Ended June 30,Condensed Consolidated
(in millions)20232022Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(23)$(8)Net realized gains (losses)
Total(23)(8)
Unrealized appreciation (depreciation) of all other investments
Investments(770)(735)Net realized gains (losses)
Total(770)(735)
Change in retirement plan liabilities adjustment
Prior-service credit(1)(1)
(b)
Actuarial losses(16)(14)
(b)
Total(17)(15)
Total reclassifications for the period$(810)$(758)
(a)The following items are not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts, and (c) Fair value of liabilities under fair value option attributable to changes in own credit risk.
(b)These AOCI components are included in the computation of net periodic pension cost.
NON-CONTROLLING INTEREST
On June 12, 2023, AIG closed a secondary offering of Corebridge common stock, selling 74.75 million existing shares (out of approximately 648 million total shares of common stock outstanding), which included 65 million shares initially offered and the full exercise by the underwriters of their option to purchase an additional 9.75 million shares. Corebridge also repurchased approximately 11 million shares of Corebridge common stock from AIG during the six months ended June 30, 2023. AIG owns 65.3 percent of the outstanding common stock of Corebridge as of June 30, 2023.
For additional information on the Corebridge common stock offerings and share repurchases, see Note 1.
The following table presents the effect of changes in our ownership interest in Corebridge on our equity:
(in millions)
Three Months Ended
June 30, 2023		Six Months Ended
June 30, 2023
Net income attributable to AIG common shareholders$1,485 $1,508 
Changes in AIG equity for sale of interest in Corebridge and Corebridge share repurchases
(86)(86)
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests
$1,399 $1,422