Debt (Tables)

12 Months Ended

Dec. 31, 2023

The following table lists our total debt outstanding at December 31, 2023 and 2022. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2023, including fixed and variable-rates:


At December 31, 2023	Range of Interest Rate(s)	Maturity Date(s)	Balance at December 31, 2023		Balance at December 31, 2022
(in millions)
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	0% - 6.82%	2024 - 2055	$	9,079	$	10,242
Junior subordinated debt	4.88% - 8.18%	2037 - 2058		992		991
AIG Japan Holdings Kabushiki Kaisha	0.27% - 0.35%	2025		267		273
Validus notes and bonds payable				—		269
Total AIG general borrowings				10,338		11,775
AIG borrowings supported by assets:
AIG notes and bonds payable	7.00% - 8.13%	2025 - 2026		19		81
Series AIGFP matched notes and bonds payable	0.00% - 5.48%	2024 - 2046		18		18

Total AIG borrowings supported by assets				37		99
Total debt issued or guaranteed by AIG				10,375		11,874
Corebridge debt:
CRBGLH notes and bonds payable(a)	6.63% - 7.50%	2025 - 2029		200		200
CRBGLH junior subordinated debt(a)	7.57% - 8.50%	2030 - 2046		227		227
Corebridge senior unsecured notes - not guaranteed by AIG	3.50% - 6.05%	2025 - 2052		7,702		6,452
Corebridge junior subordinated debt - not guaranteed by AIG	6.88%	2052		989		989
DDTL facility - not guaranteed by AIG	3.00% - 5.50%	2025		250		1,500
Total Corebridge debt				9,368		9,368

GIAs, at fair value - supported by Corebridge assets(b)	4.88% - 5.04%	2037 - 2038		53		56
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG				—		1
Total Short-term and long-term debt			$	19,796	$	21,299
Debt of consolidated investment entities - not guaranteed by AIG(c)	0% - 4.45%	2024 - 2051	$	2,591	$	5,880
Total debt			$	22,387	$	27,179

(a)We have entered into a guarantee reimbursement agreement with Corebridge and Corebridge Life Holdings, Inc. (CRBGLH) (formerly known as AIG Life Holdings, Inc.) which provides that Corebridge and CRBGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the CRBGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and CRBGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the CRBGLH debt when due, Corebridge and CRBGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest, and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the CRBGLH debt.

(b)Collateral posted to third parties was $63 million and $63 million at December 31, 2023 and 2022, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.

(c)At December 31, 2023, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $1.1 billion. At December 31, 2022, includes debt of consolidated investment entities related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion.

Schedule of Maturities of Long-Term Debt

The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):


December 31, 2023				Year Ending
(in millions)		Total		2024		2025		2026		2027		2028		Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	$	9,079	$	459	$	146	$	268	$	905	$	340	$	6,961
Junior subordinated debt		992		—		—		—		—		—		992
AIG Japan Holdings Kabushiki Kaisha(a)		267		—		267		—		—		—		—

Total AIG general borrowings		10,338		459		413		268		905		340		7,953
AIG borrowings supported by assets:
AIG notes and bonds payable		19		—		12		7		—		—		—
Series AIGFP matched notes and bonds payable		18		—		—		—		—		—		18


Total AIG borrowings supported by assets		37		—		12		7		—		—		18
Total debt issued or guaranteed by AIG		10,375		459		425		275		905		340		7,971
Corebridge debt:
CRBGLH notes and bonds payable		200		—		101		—		—		—		99
CRBGLH junior subordinated debt		227		—		—		—		—		—		227
Corebridge senior unsecured notes		7,702		—		997		—		1,243		—		5,462
Corebridge junior subordinated debt		989		—		—		—		—		—		989
DDTL facility(b)		250		250		—		—		—		—		—
Total Corebridge debt		9,368		250		1,098		—		1,243		—		6,777
GIAs, at fair value - supported by Corebridge assets		53		—		—		—		—		—		53

Total(c)	$	19,796	$	709	$	1,523	$	275	$	2,148	$	340	$	14,801

(a)In May 2023, the AIG Japan Holdings Kabushiki Kaisha syndicated loan facility in the amount of JPY24.65 billion and with a maturity date of May 25, 2023, was refinanced, and will now mature on March 25, 2025.

(b)Corebridge has the ability to further continue this borrowing through February 25, 2025.

(c)Does not reflect $2.6 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.