AMERICAN INTERNATIONAL GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Liquidity and Capital Resources Highlights
SOURCES
Liquidity to AIG Parent from Subsidiaries
During the three months ended March 31, 2024, our General Insurance companies distributed dividends of $675 million to AIG Parent or applicable intermediate holding companies.
During the three months ended March 31, 2024, Corebridge distributed $75 million of dividends to AIG Parent in its capacity as a public company shareholder of Corebridge.
USES
AIG General Borrowings
During the three months ended March 31, 2024, we repaid $459 million aggregate principal amount of our 4.125% Notes due February 15, 2024.
We made interest payments on our general borrowings totaling $119 million during the three months ended March 31, 2024.
AIG Dividends
During thethree months ended March 31, 2024:
We made a cash dividend payment of $365.625 per share on AIG’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) totaling $7 million.
We made a cash dividend payment in the amount of $0.36 per share on AIG Common Stock totaling $243 million.
Repurchases of AIG Common Stock(a)
During thethree months ended March 31, 2024, AIG Parent repurchased approximately 23 million shares of AIG Common Stock, for an aggregate purchase price of approximately $1.7 billion.
Redemption of Preferred Stock
On March 15, 2024, we redeemed all 20,000 outstanding shares of our Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares (the Depositary Shares), each representing a 1/1,000th interest in a share of Series A Preferred Stock, for a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share) for an aggregate redemption price of $500 million, paid in cash.
(a)Pursuant to a Securities Exchange Act of 1934 (the Exchange Act) Rule 10b5-1 repurchase plan, from April 1, 2024 to April 26, 2024, AIG Parent repurchased approximately 7 million shares of AIG Common Stock for an aggregate purchase price of approximately $558 million.
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