AIG(AIG) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2025 were $6,783 million, a slight increase from$6,763 million in Q1 2024, representing a 0.3% growth[8] - Net income attributable to AIG common shareholders for Q1 2025 was $698 million, down from$1,194 million in Q1 2024, reflecting a 41.7% decrease[8] - Income from continuing operations per common share was $1.18 for Q1 2025, compared to$1.14 in Q1 2024, indicating a 3.5% increase[8] - Comprehensive income attributable to AIG for Q1 2025 was $1,333 million, significantly higher than$457 million in Q1 2024, showing a 191.5% increase[10] - Net income attributable to AIG for Q1 2025 was $698 million, a decrease of 56.3$1,600 million in Q1 2024[14] Investment Income - Total net investment income for Q1 2025 was $1,105 million, up from$979 million in Q1 2024, marking a 12.9% increase[8] - AIG's total net investment income for Q1 2025 was $736 million, compared to$762 million in Q1 2024, showing a decrease of 3.4%[35] Expenses and Losses - Losses and loss adjustment expenses incurred in Q1 2025 were $3,794 million, an increase of 8.0$3,513 million in Q1 2024[8] - General operating and other expenses decreased to $1,115 million in Q1 2025 from$1,238 million in Q1 2024, a decline of 9.9%[8] - The company reported net realized losses of $103 million in Q1 2025, compared to$87 million in Q1 2024, indicating a rise of about 18.4%[8] - AIG recognized a loss of $4.8 billion due to the deconsolidation of Corebridge, primarily from an accumulated comprehensive loss of$7.2 billion, impacting financial results significantly[43] Cash Flow and Equity - Cash and restricted cash at the end of Q1 2025 totaled $1,408 million, slightly down from$1,437 million at the end of Q1 2024[15] - Total cash provided by investing activities for continuing operations in Q1 2025 was $2,751 million, compared to$2,980 million in Q1 2024[14] - AIG's total equity at the end of Q1 2025 was $41,459 million, a decrease from$49,110 million at the end of Q1 2024[12] - The company experienced a net cash used in financing activities of $(2,677) million in Q1 2025, compared to$(1,144) million in Q1 2024[14] Stock and Dividends - AIG repurchased $2,229 million of common stock in Q1 2025, compared to$1,640 million in Q1 2024[14] - Dividends on common stock for Q1 2025 were $234 million, compared to$243 million in Q1 2024[14] Segment Performance - In Q1 2025, AIG's North America Commercial segment reported underwriting income of $129 million, while International Commercial achieved$240 million, and Global Personal incurred a loss of $126 million[35] - AIG's total general insurance underwriting income for Q1 2025 was$243 million, with total general operating expenses amounting to $703 million[35] - Total net premiums written for AIG in Q1 2025 amounted to$4.526 billion, with net premiums earned at $5.769 billion, reflecting a significant operational scale[35] Corebridge Impact - Corebridge's pre-tax loss for Q1 2025 was$862 million, while AIG reported equity method income related to Corebridge of $240 million[46] - As of March 31, 2025, AIG holds 23.0$78,188 million[49] - The total bonds available for sale were valued at $66,027 million, with corporate debt contributing$34,813 million to this total[49] - The company utilizes Level 1, Level 2, and Level 3 fair value measurements based on market observability and valuation techniques[50]