AMERICAN INTERNATIONAL GROUP INC
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Other Operations
Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.
OTHER OPERATIONS RESULTS
| Years Ended December 31, | Change | |||||||
|---|---|---|---|---|---|---|---|---|
| (in millions) · 2024 · 2023 · 2022 · 2024 vs 2023 · 2023 vs 2022 | ||||||||
| Net investment income and other | $434 | $190 | $(110) | 128 | % | NM | % | |
| Benefits, losses and expenses: | ||||||||
| Corporate and other general operating expenses | 623 | 698 | 850 | (11) | (18) | |||
| Amortization of intangible assets | 18 | 27 | 40 | (33) | (33) | |||
| Interest expense | 445 | 498 | 624 | (11) | (20) | |||
| Total benefits, losses and expenses | 1,086 | 1,223 | 1,514 | (11) | (19) | |||
| Adjusted pre-tax loss before consolidation and eliminations | (652) | (1,033) | (1,624) | 37 | 36 | |||
| Consolidation and eliminations | (1) | (17) | 63 | 94 | NM | |||
| Adjusted pre-tax loss* | $(653) | $(1,050) | $(1,561) | 38 | % | 33 | % | |
*In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.
YEARS ENDED DECEMBER 31, 2024 AND 2023 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations was $652 million in 2024 compared to $1.0 billion in 2023, a decrease of $381 million, primarily due to:
higher net investment income and other of $244 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;
lower corporate general operating expenses of $75 million primarily driven by employee related costs and other operating expenses; and
lower interest expense of $53 million primarily driven by interest savings from $3.5 billion debt repurchases, through cash tender offers and debt redemption and maturity in 2023 and 2024, offset by interest expense of $10 million on $750 million Senior unsecured debt issued in the first quarter of 2023.
YEARS ENDED DECEMBER 31, 2023 AND 2022 COMPARISON
Adjusted pre-tax loss before consolidation and eliminations of $1.0 billion in 2023 compared to $1.6 billion in 2022, a decrease of $591 million, was primarily due to:
higher net investment income and other of $300 million primarily driven by AIG Parent portfolio due to higher yields and higher average balance;
lower corporate general operating expenses of $152 million primarily driven by a reduction in employee related costs and other operating expenses; and
lower interest expense of $126 million primarily driven by interest savings from $11.0 billion debt repurchases, through cash tender offers and debt redemption and maturity in 2022 and 2023.
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