AMERICAN INTERNATIONAL GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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Mar 31, 2024 · Filed May 2, 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 Condensed Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At March 31, 2024, the following businesses and assets were reported and classified as held-for-sale:
AIG Life Limited
On April 8, 2024, Corebridge completed the sale of AIG Life to Aviva plc and received gross proceeds of £453 million ($569 million). 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 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 after elimination of intercompany balances:
| March 31, 2024 | December 31, 2023 | |||||
|---|---|---|---|---|---|---|
| (in millions) | AIG Life | Other | Total | AIG Life | Other | Total |
| Assets: | ||||||
| Bonds available for sale | $160 | $15 | $175 | $167 | $14 | $181 |
| Other invested assets | — | 167 | 167 | — | 67 | 67 |
| Short-term investments | 24 | 1 | 25 | 11 | 1 | 12 |
| Cash | — | 1 | 1 | 3 | — | 3 |
| Accrued investment income | 3 | 1 | 4 | 3 | — | 3 |
| Premiums and other receivables, net of allowance for credit losses and disputes | 131 | 14 | 145 | 116 | 9 | 125 |
| Reinsurance assets - other, net of allowance for credit losses and disputes | 882 | 5 | 887 | 899 | 3 | 902 |
| Deferred income taxes | 47 | — | 47 | 47 | — | 47 |
| Deferred policy acquisition costs | 841 | 1 | 842 | 814 | — | 814 |
| Other assets, net of allowance for credit losses(a) | 82 | 13 | 95 | 83 | 31 | 114 |
| Total assets held for sale | $2,170 | $218 | $2,388 | $2,143 | $125 | $2,268 |
| Liabilities: | ||||||
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | $— | $24 | $24 | $— | $19 | $19 |
| Unearned premiums | 62 | 11 | 73 | 54 | 7 | 61 |
| Future policy benefits for life and accident and health insurance contracts | 842 | — | 842 | 838 | — | 838 |
| Other liabilities | 869 | 5 | 874 | 854 | 3 | 857 |
| Total liabilities held for sale | $1,773 | $40 | $1,813 | $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 at March 31, 2024 and $23 million and $3 million, respectively, at December 31, 2023.
| 12 | AIG | First Quarter 2024 Form 10-Q |
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