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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Off-Balance Sheet Arrangements and Commercial Commitments
In the normal course of business, AIG and our subsidiaries enter into commitments under which we may be required to make payments in the future on a contingent basis.
The following table summarizes Off-Balance Sheet Arrangements and Commercial Commitments in total, and by remaining maturity:
| December 31, 2023 · Total AmountsCommitted · Amount of Commitment Expiring | ||||||
|---|---|---|---|---|---|---|
| (in millions) | 2024 | 2025 - 2026 | Thereafter | |||
| Commitments: | ||||||
| Investment commitments | $6,091 | $3,104 | $2,367 | $620 | ||
| Commitments to extend credit | 4,640 | 1,540 | 2,681 | 419 | ||
| Letters of credit | 447 | 219 | — | 228 | ||
| Total(a)(b) | $11,178 | $4,863 | $5,048 | $1,267 | ||
(a)Excludes guarantees, CMAs or other support arrangements between AIG consolidated entities.
(b)Excludes commitments with respect to pension plans. The annual pension contribution for 2024 is expected to be approximately $59 million.
Investment commitments
We enter into investment commitments in the normal course of business that are aligned with and support our investment strategies. These represent commitments to investment in private equity funds, hedge funds and other funds, as well as commitments to purchase and develop real estate in the United States and abroad. The commitments to invest in private equity funds, hedge funds and other funds are called at the discretion of each fund, as needed for funding new investments or expenses of the fund. The expiration of these commitments is estimated based on the expected life cycle of the related funds, consistent with past trends of requirements for funding. These commitments are primarily made by insurance and real estate subsidiaries of the Company.
We also enter into arrangements with variable interest entities (VIEs) and consolidate a VIE when we are the primary beneficiary of the entity.
For additional information on investment commitments and VIEs, see Note 10 to the Consolidated Financial Statements.
Commitments to extend credit
As part of our normal course of business lending operations, we enter into commitments to fund mortgage loans at certain interest rates and various other terms, within a stated period of time. Such commitments are legally binding and generally made by insurance subsidiaries of the Company.
Letters of credit
AIG is party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time for the benefit of third parties in support of our businesses. These letters of credit are subject to reimbursement by AIG in the event of a drawdown.
Indemnification agreements
For information regarding our indemnification agreements, see Note 17 to the Consolidated Financial Statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.