AMERICAN INTERNATIONAL GROUP INC
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Held-For-Sale Classification
- Held-For-Sale Classification
HELD-FOR-SALE CLASSIFICATION
We report and classify a business as held-for-sale (Held-For-Sale Business) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.
Assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At December 31, 2023, the following businesses and assets were reported and classified as held-for-sale:
AIG Life Limited
To further simplify Corebridge’s business model, on September 25, 2023, Corebridge announced that it entered into a definitive agreement to sell AIG Life to Aviva plc for £460 million in cash, subject to certain adjustments. The sale of AIG Life is expected to close in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The results of AIG Life are reported in Life and Retirement.
Other
Other primarily consists of real estate.
The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets at December 31, 2023 after elimination of intercompany balances:
| (in millions) | AIG Life | Other | Total |
|---|---|---|---|
| Assets: | |||
| Bonds available for sale | $167 | $14 | $181 |
| Other invested assets | — | 67 | 67 |
| Short-term investments, including restricted cash of $0 | 11 | 1 | 12 |
| Cash | 3 | — | 3 |
| Accrued investment income | 3 | — | 3 |
| Premiums and other receivables, net of allowance for credit losses and disputes | 116 | 9 | 125 |
| Reinsurance assets - other, net of allowance for credit losses and disputes | 899 | 3 | 902 |
| Deferred income taxes | 47 | — | 47 |
| Deferred policy acquisition costs | 814 | — | 814 |
| Other assets, net of allowance for credit losses(a) | 83 | 31 | 114 |
| Total assets held for sale | $2,143 | $125 | $2,268 |
| Liabilities: | |||
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | $— | $19 | $19 |
| Unearned premiums | 54 | 7 | 61 |
| Future policy benefits for life and accident and health insurance contracts | 838 | — | 838 |
| Other liabilities | 854 | 3 | 857 |
| Total liabilities held for sale | $1,746 | $29 | $1,775 |
(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $23 million and $3 million, respectively, for AIG Life.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.