AMERICAN INTERNATIONAL GROUP INC
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Other Operations
Other Operations primarily consists of income and expenses from assets, including AIG's ownership of Corebridge, held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.
OTHER OPERATIONS RESULTS
| Three Months EndedSeptember 30, · Nine Months EndedSeptember 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · 2024 · 2023 · Change · 2024 · 2023 · Change | |||||||||||||
| Adjusted revenues: | |||||||||||||
| Premiums | $(1) | $123 | NM | % | $83 | $354 | (77) | % | |||||
| Net investment income: | |||||||||||||
| Interest and dividends | 77 | 67 | 15 | 256 | 183 | 40 | |||||||
| Other investment income (loss) | 54 | (9) | NM | 106 | (32) | NM | |||||||
| Investment expenses | (6) | (13) | 54 | (17) | (21) | 19 | |||||||
| Total net investment income | 125 | 45 | 178 | 345 | 130 | 165 | |||||||
| Other income | (1) | 3 | NM | 3 | 6 | (50) | |||||||
| Total adjusted revenues | 123 | 171 | (28) | 431 | 490 | (12) | |||||||
| Benefits, losses and expenses: | |||||||||||||
| Losses and loss adjustment expenses incurred | 7 | 114 | (94) | 78 | 329 | (76) | |||||||
| Acquisition expenses | (4) | 16 | NM | 8 | 42 | (81) | |||||||
| General operating expenses: | |||||||||||||
| Corporate and Other | 146 | 175 | (17) | 489 | 514 | (5) | |||||||
| Amortization of intangible assets | 4 | 4 | — | 13 | 22 | (41) | |||||||
| Total general operating expenses | 150 | 179 | (16) | 502 | 536 | (6) | |||||||
| Interest expense | 111 | 133 | (17) | 339 | 398 | (15) | |||||||
| Total benefits, losses and expenses | 264 | 442 | (40) | 927 | 1,305 | (29) | |||||||
| Adjusted pre-tax loss before consolidation and eliminations | (141) | (271) | 48 | (496) | (815) | 39 | |||||||
| Consolidation and eliminations | (2) | (7) | 71 | (3) | (20) | 85 | |||||||
| Adjusted pre-tax loss | $(143) | $(278) | 49 | % | $(499) | $(835) | 40 | % | |||||
THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $141 million in 2024 compared to $271 million in 2023, a decrease of $130 million, primarily due to:
higher net investment income of $80 million due to dividend income from Corebridge in 2024 compared to $0 in 2023 and on AIG Parent portfolio due to higher yields and higher average balance; and
lower interest expense of $22 million primarily driven by interest savings from $2.2 billion debt reduction, through cash tender offers and debt redemption and maturity in 2023 and 2024.
NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $496 million in 2024 compared to $815 million in 2023, a decrease of $319 million, primarily due to:
higher net investment income of $215 million due to dividend income from Corebridge in 2024 compared to $0 in 2023 and on AIG Parent portfolio due to higher yields and higher average balance; and
lower interest expense of $59 million primarily driven by interest savings from $2.6 billion debt repurchases, through cash tender offers and debt redemption and maturity in 2023 and 2024.
| 78 | AIG | Third Quarter 2024 Form 10-Q |
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