AMERICAN INTERNATIONAL GROUP, INC.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

About this filing

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, 2025 · Filed Nov 5, 2025

AIG$77.75-3.9%Stored close · as of Nov 6, 2026

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Contents

Fair Value Measurements

Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2025	Level 1	Level 2	Level 3	CounterpartyNetting(a)	CashCollateral	Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$177	$3,610	$—	$—	$—	$3,787
Obligations of states, municipalities and political subdivisions	—	2,886	3	—	—	2,889
Non-U.S. governments	52	6,554	7	—	—	6,613
Corporate debt	—	36,831	120	—	—	36,951
RMBS	—	8,677	1,626	—	—	10,303
CMBS	—	4,168	22	—	—	4,190
CLO/ABS	—	4,965	1,486	—	—	6,451
Total bonds available for sale	229	67,691	3,264	—	—	71,184
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	51	—	—	—	51
Non-U.S. governments	—	22	—	—	—	22
Corporate debt	—	257	1	—	—	258
RMBS	—	46	53	—	—	99
CMBS	—	42	—	—	—	42
CLO/ABS	—	139	132	—	—	271
Total other bond securities	—	557	186	—	—	743
Equity securities	767	1	61	—	—	829
Other invested assets(b)	2,651	223	93	—	—	2,967
Derivative assets(c)	—	356	32	(179)	(207)	2
Short-term investments	3,433	1,427	—	—	—	4,860
Other assets(c)	—	—	129	—	—	129
Total	$7,080	$70,255	$3,765	$(179)	$(207)	$80,714

16	AIG \| Third Quarter 2025 Form 10-Q

September 30, 2025	Level 1	Level 2	Level 3	CounterpartyNetting(a)	CashCollateral	Total
(in millions)
Liabilities:
Derivative liabilities(c)	$—	$412	$32	$(179)	$(216)	$49
Fortitude Re funds withheld payable	—	—	(103)	—	—	(103)
Other liabilities	—	—	72	—	—	72
Total	$—	$412	$1	$(179)	$(216)	$18

December 31, 2024	Level 1	Level 2	Level 3	CounterpartyNetting(a)	CashCollateral	Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$36	$3,231	$—	$—	$—	$3,267
Obligations of states, municipalities and political subdivisions	—	3,140	3	—	—	3,143
Non-U.S. governments	161	7,939	7	—	—	8,107
Corporate debt	—	31,586	240	—	—	31,826
RMBS	—	6,710	1,894	—	—	8,604
CMBS	—	3,900	26	—	—	3,926
CLO/ABS	—	4,293	840	—	—	5,133
Total bonds available for sale	197	60,799	3,010	—	—	64,006
Other bond securities:
Obligations of states, municipalities and political subdivisions	—	50	—	—	—	50
Non-U.S. governments	—	24	—	—	—	24
Corporate debt	—	281	1	—	—	282
RMBS	—	50	50	—	—	100
CMBS	—	43	—	—	—	43
CLO/ABS	—	133	113	—	—	246
Total other bond securities	—	581	164	—	—	745
Equity securities	689	—	15	—	—	704
Other invested assets (b)	3,810	119	163	—	—	4,092
Derivative assets(c)	—	573	51	(270)	(304)	50
Short-term investments	7,942	1,847	—	—	—	9,789
Other assets(c)	—	—	129	—	—	129
Total	$12,638	$63,919	$3,532	$(270)	$(304)	$79,515
Liabilities:
Derivative liabilities(c)	$—	$571	$51	$(270)	$(201)	$151
Fortitude Re funds withheld payable	—	—	(128)	—	—	(128)
Other liabilities	—	—	100	—	—	100
Total	$—	$571	$23	$(270)	$(201)	$123

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $2.7 billion and $3.8 billion, respectively, on which AIG elected the fair value option.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

AIG \| Third Quarter 2025 Form 10-Q	17

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and nine months ended September 30, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2025 and 2024:

(in millions)	Fair ValueBeginning of Period	Net RealizedandUnrealizedGains(Losses)Includedin Income	OtherComprehensiveIncome (Loss)	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$3	$—	$—	$—	$—	$—	$—	$3	$—	$—
Non-U.S. governments	6	—	—	—	1	—	—	7	—	—
Corporate debt	147	(2)	(15)	(4)	—	(6)	—	120	—	(13)
RMBS	1,633	7	8	(5)	—	(17)	—	1,626	—	15
CMBS	26	(5)	5	(4)	—	—	—	22	—	5
CLO/ABS	1,200	1	9	277	—	(1)	—	1,486	—	10
Total bonds available for sale	3,015	1	7	264	1	(24)	—	3,264	—	17
Other bond securities:
Corporate Debt	1	—	—	—	—	—	—	1	—	—
RMBS	50	—	—	3	—	—	—	53	—	—
CLO/ABS	123	1	—	10	—	(2)	—	132	4	—
Total other bond securities	174	1	—	13	—	(2)	—	186	4	—
Equity securities	46	2	—	5	8	—	—	61	—	—
Other invested assets	93	(5)	—	5	—	—	—	93	(1)	—
Other assets	129	—	—	—	—	—	—	129	—	—
Total	$3,457	$(1)	$7	$287	$9	$(26)	$—	$3,733	$3	$17

(in millions)	Fair ValueBeginning of Period	NetRealizedandUnrealized(Gains)LossesIncludedin Income	OtherComprehensive(Income) Loss	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Fortitude Re funds withheld payable	$(185)	$54	$—	$28	$—	$—	$—	$(103)	$(30)	$—
Other Liabilities	81	(9)	—	—	—	—	—	72	—	—
Total	$(104)	$45	$—	$28	$—	$—	$—	$(31)	$(30)	$—

(in millions)	Fair ValueBeginning of Period	Net RealizedandUnrealizedGains(Losses)Includedin Income	OtherComprehensiveIncome (Loss)	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$4	$—	$—	$—	$—	$—	$—	$4	$—	$—
Non-U.S. governments	7	—	—	—	—	—	—	7	—	—
Corporate debt	359	(3)	18	4	—	—	7	385	—	14
RMBS	2,016	(1)	110	(23)	—	—	(7)	2,095	—	63
CMBS	94	(1)	1	(12)	—	—	—	82	—	—
CLO/ABS	1,275	(11)	33	(314)	—	—	—	983	—	23
Total bonds available for sale	3,755	(16)	162	(345)	—	—	—	3,556	—	100
Other bond securities:
Corporate debt	44	—	—	—	—	—	2	46	2	—
RMBS	49	3	—	(2)	—	—	5	55	—	—
CLO/ABS	145	3	—	(1)	—	—	—	147	3	—
Total other bond securities	238	6	—	(3)	—	—	7	248	5	—

18	AIG \| Third Quarter 2025 Form 10-Q

(in millions)	Fair ValueBeginning of Period	Net RealizedandUnrealizedGains(Losses)Includedin Income	OtherComprehensiveIncome (Loss)	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Equity securities	13	1	—	2	—	—	(3)	13	—	—
Other invested assets	145	(3)	—	5	—	—	11	158	—	—
Other assets	130	—	—	(1)	—	—	—	129	—	—
Total	$4,281	$(12)	$162	$(342)	$—	$—	$15	$4,104	$5	$100

(in millions)	Fair ValueBeginning of Period	NetRealizedandUnrealized(Gains)LossesIncludedin Income	OtherComprehensive(Income) Loss	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Derivative liabilities, net(a)	$(39)	$1	$—	$2	$—	$—	$37	$1	$2	$—
Fortitude Re funds withheld payable	(154)	157	—	(3)	—	—	—	—	(153)	—
Other liabilities	99	—	—	—	—	—	—	99	—	—
Total	$(94)	$158	$—	$(1)	$—	$—	$37	$100	$(151)	$—

(in millions)	Fair ValueBeginning of Year	Net RealizedandUnrealizedGains(Losses)Includedin Income	OtherComprehensiveIncome (Loss)	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$3	$—	$—	$—	$—	$—	$—	$3	$—	$—
Non-U.S. governments	7	—	—	(1)	1	—	—	7	—	—
Corporate debt	240	(10)	(4)	(155)	49	(38)	38	120	—	(13)
RMBS	1,894	22	50	(101)	3	(242)	—	1,626	—	30
CMBS	26	(4)	6	(9)	4	(1)	—	22	—	5
CLO/ABS	840	7	20	685	—	(7)	(59)	1,486	—	29
Total bonds available for sale	3,010	15	72	419	57	(288)	(21)	3,264	—	51
Other bond securities:
Corporate debt	1	—	—	—	—	—	—	1	—	—
RMBS	50	2	—	1	—	—	—	53	1	—
CLO/ABS	113	5	—	6	33	(25)	—	132	9	—
Total other bond securities	164	7	—	7	33	(25)	—	186	10	—
Equity securities	15	6	—	23	17	—	—	61	2	—
Other invested assets	163	(5)	—	(24)	1	(63)	21	93	(2)	—
Other assets	129	—	—	—	—	—	—	129	—	—
Total	$3,481	$23	$72	$425	$108	$(376)	$—	$3,733	$10	$51

(in millions)	Fair ValueBeginning of Year	NetRealizedandUnrealized(Gains)LossesIncludedin Income	OtherComprehensive(Income) Loss	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Fortitude Re funds withheld payable	$(128)	$109	$—	$(84)	$—	$—	$—	$(103)	$(64)	$—
Other Liabilities	100	(28)	—	—	—	—	—	72	—	—
Total	$(28)	$81	$—	$(84)	$—	$—	$—	$(31)	$(64)	$—

AIG \| Third Quarter 2025 Form 10-Q	19

(in millions)	Fair ValueBeginning of Year	Net RealizedandUnrealizedGains(Losses)Includedin Income	OtherComprehensiveIncome (Loss)	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$3	$—	$—	$1	$—	$—	$—	$4	$—	$(5)
Non-U.S. governments	7	—	—	—	—	—	—	7	—	—
Corporate debt	323	(2)	16	(56)	134	(37)	7	385	—	9
RMBS	1,792	46	108	(173)	287	(2)	37	2,095	—	3
CMBS	25	(5)	7	(30)	85	—	—	82	—	—
CLO/ABS	1,289	(23)	65	(380)	44	(12)	—	983	—	49
Total bonds available for sale	3,439	16	196	(638)	550	(51)	44	3,556	—	56
Other bond securities:
Corporate debt	45	1	—	—	—	—	—	46	1	—
RMBS	51	3	—	(2)	—	(2)	5	55	2	—
CLO/ABS	138	3	—	4	2	—	—	147	1	—
Total other bond securities	234	7	—	2	2	(2)	5	248	4	—
Equity securities	14	1	—	2	—	(1)	(3)	13	1	—
Other invested assets	221	(16)	—	(34)	—	(13)	—	158	(12)	—
Other assets	243	—	—	(114)	—	—	—	129	—	—
Total	$4,151	$8	$196	$(782)	$552	$(67)	$46	$4,104	$(7)	$56

(in millions)	Fair ValueBeginning of Year	NetRealizedandUnrealized(Gains)LossesIncludedin Income	OtherComprehensive(Income) Loss	Purchases, Sales,IssuancesandSettlements,Net	GrossTransfersIn	GrossTransfersOut	Other	FairValueEnd ofPeriod	Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period	Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Derivative liabilities, net(a)	$(453)	$41	$—	$376	$—	$—	$37	$1	$7	$—
Fortitude Re funds withheld payable	(148)	158	—	(10)	—	—	—	—	(106)	—
Other liabilities	122	(2)	—	(21)	—	—	—	99	—	—
Total	$(479)	$197	$—	$345	$—	$—	$37	$100	$(99)	$—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)	NetInvestmentIncome	Net RealizedGains (Losses)	Total
Assets:
Bonds available for sale	$8	$(7)	$1
Other bond securities	1	—	1
Equity securities	2	—	2
Other invested assets	(5)	—	(5)
Assets:
Bonds available for sale	$25	$(41)	$(16)
Other bond securities	6	—	6
Equity securities	1	—	1
Other invested assets	(3)	—	(3)
Assets:
Bonds available for sale	$21	$(6)	$15
Other bond securities	7	—	7
Equity securities	6	—	6
Other invested assets	(5)	—	(5)

20	AIG \| Third Quarter 2025 Form 10-Q

(in millions)	NetInvestmentIncome	Net RealizedGains (Losses)	Total
Assets:
Bonds available for sale	$65	$(49)	$16
Other bond securities	7	—	7
Equity securities	1	—	1
Other invested assets	(16)	—	(16)
(in millions)	NetInvestmentIncome	Net Realized(Gains) Losses	Total
Liabilities:
Fortitude Re funds withheld payable	$—	$54	$54
Other Liabilities	—	(9)	(9)
Liabilities:
Derivative liabilities, net	$—	$1	$1
Fortitude Re funds withheld payable	—	157	157
Liabilities:
Fortitude Re funds withheld payable	$—	$109	$109
Other Liabilities	—	(28)	(28)
Liabilities:
Derivative liabilities, net	$—	$41	$41
Fortitude Re funds withheld payable	—	158	158
Other Liabilities	—	(2)	(2)

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)	Purchases	Sales	Issuancesand Settlements(a)	Purchases, Sales, Issuances andSettlements, Net(a)
Assets:
Bonds available for sale:
Corporate debt	$—	$(2)	$(2)	$(4)
RMBS	46	—	(51)	(5)
CMBS	—	—	(4)	(4)
CLO/ABS	437	(14)	(146)	277
Total bonds available for sale	483	(16)	(203)	264
Other bond securities:
RMBS	3	—	—	3
CLO/ABS	11	—	(1)	10
Total other bond securities	14	—	(1)	13
Equity securities	21	(16)	—	5
Other invested assets	6	—	(1)	5
Total	$524	$(32)	$(205)	$287
Liabilities:
Fortitude Re funds withheld payable	$—	$—	$28	$28
Total	$—	$—	$28	$28
Assets:
Bonds available for sale:
Corporate debt	$10	$(4)	$(2)	$4
RMBS	87	(45)	(65)	(23)

AIG \| Third Quarter 2025 Form 10-Q	21

(in millions)	Purchases	Sales	Issuancesand Settlements(a)	Purchases, Sales, Issuances andSettlements, Net(a)
CMBS	—	(12)	—	(12)
CLO/ABS	270	(563)	(21)	(314)
Total bonds available for sale	367	(624)	(88)	(345)
Other bond securities:
RMBS	—	—	(2)	(2)
CLO/ABS	—	—	(1)	(1)
Total other bond securities	—	—	(3)	(3)
Equity securities	2	—	—	2
Other invested assets	17	—	(12)	5
Other assets	—	—	(1)	(1)
Total	$386	$(624)	$(104)	$(342)
Liabilities:
Derivative liabilities, net	$—	$—	$2	$2
Fortitude Re funds withheld payable	—	—	(3)	(3)
Total	$—	$—	$(1)	$(1)

(in millions)	Purchases	Sales	Issuancesand Settlements(a)	Purchases, Sales, Issuances andSettlements, Net(a)
Assets:
Bonds available for sale:
Non-U.S. governments	$—	$—	$(1)	$(1)
Corporate debt	5	(8)	(152)	(155)
RMBS	54	(3)	(152)	(101)
CMBS	—	(4)	(5)	(9)
CLO/ABS	969	(84)	(200)	685
Total bonds available for sale	1,028	(99)	(510)	419
Other bond securities:
RMBS	3	—	(2)	1
CLO/ABS	12	—	(6)	6
Total other bond securities	15	—	(8)	7
Equity securities	56	(33)	—	23
Other invested assets	7	—	(31)	(24)
Total	$1,106	$(132)	$(549)	$425
Liabilities:
Fortitude Re funds withheld payable	$—	$—	$(84)	$(84)
Total	$—	$—	$(84)	$(84)
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$1	$—	$—	$1
Non-U.S. governments	4	—	(4)	—
Corporate Debt	21	(7)	(70)	(56)
RMBS	87	(46)	(214)	(173)
CMBS	—	(12)	(18)	(30)
CLO/ABS	336	(565)	(151)	(380)
Total bonds available for sale	449	(630)	(457)	(638)
Other bond securities:
RMBS	3	(1)	(4)	(2)
CLO/ABS	11	—	(7)	4
Total other bond securities	14	(1)	(11)	2
Equity securities	2	—	—	2
Other invested assets	18	—	(52)	(34)
Other assets	—	—	(114)	(114)
Total	$483	$(631)	$(634)	$(782)

22	AIG \| Third Quarter 2025 Form 10-Q

(in millions)	Purchases	Sales	Issuancesand Settlements(a)	Purchases, Sales, Issuances andSettlements, Net(a)
Liabilities:
Derivative liabilities, net	$—	$—	$376	$376
Fortitude Re funds withheld payable	—	—	(10)	(10)
Other liabilities	—	—	(21)	(21)
Total	$—	$—	$345	$345

(a)There wereno issuances during the three and nine months ended September 30, 2025 and 2024.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $11 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2025, respectively, and includes $0 million and $6 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $0 million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $0 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.

Transfers of Level 3 Assets

During the three months ended September 30, 2025, there were no significant transfers into Level 3 assets. There were no transfers into Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended September 30, 2025, transfers out of Level 3 assets included investments in private placement corporate debt and RMBS. There were no transfers out of Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025 and 2024, transfers out of Level 3 assets primarily included investments in private placement corporate debt, CMBS, RMBS, CLO/ABS and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

AIG \| Third Quarter 2025 Form 10-Q	23

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)	Fair Value atSeptember 30, 2025	Valuation Technique	Unobservable Input(b)	Range(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$3	Discounted cash flow	Yield	5.25% - 5.58% (5.41%)
Corporate debt	20	Discounted cash flow	Yield	8.60% - 16.76% (13.63%)
RMBS(a)	1,197	Discounted cash flow	Constant prepayment rate	4.05% - 7.51% (5.78%)
		Loss severity	39.50% - 79.31% (59.41%)
		Constant default rate	0.54% - 1.96% (1.25%)
		Yield	5.20% - 5.94% (5.57%)
CLO/ABS(a)	1,053	Discounted cash flow	Yield	2.39% - 9.54% (5.88%)
CMBS	5	Discounted cash flow	Yield	5.56% - 13.35% (8.78%)

(in millions)	Fair Value atDecember 31, 2024	Valuation Technique	Unobservable Input(b)	Range(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$3	Discounted cash flow	Yield	5.09% - 5.57% (5.33%)
Corporate debt	177	Discounted cash flow	Yield	6.83% - 11.61% (9.22%)
RMBS(a)	1,321	Discounted cash flow	Constant prepayment rate	4.10% - 9.26% (6.68%)
		Loss severity	40.81% - 76.72% (58.76%)
		Constant default rate	0.57% - 2.48% (1.52%)
		Yield	5.89% - 6.98% (6.44%)
CLO/ABS(a)	760	Discounted cash flow	Yield	4.24% - 8.42% (6.33%)
CMBS	25	Discounted cash flow	Yield	7.04% - 10.12% (8.70%)

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

24	AIG \| Third Quarter 2025 Form 10-Q

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

September 30, 2025 · December 31, 2024
(in millions) · Investment Category Includes · Fair Value Using NAV Per Share (or its equivalent) · Unfunded Commitments · Fair Value Using NAV Per Share (or its equivalent) · Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage		$1,166		$326		$1,126		$375
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		741		115		782		261
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		88		34		83		40
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		187		2		175		1
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		92		55		120		58
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,037		615		819		57
Total private equity funds		3,311		1,147		3,105		792
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		11		—		11		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		171		—		168		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		9		—		8		—
Total hedge funds			191		—		187		—
Total			$3,502		$1,147		$3,292		$792

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically inone-year ortwo-year increments.

AIG \| Third Quarter 2025 Form 10-Q	25

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

	Gain (Loss) Three MonthsEnded September 30,		Gain (Loss) Nine MonthsEnded September 30,
(in millions)	2025	2024	2025	2024
Other bond securities(a)	$10	$20	$37	$27
Alternative investments(b)	98	76	185	184
Retained investment in Corebridge(c)	(348)	(35)	316	30
Total gain (loss)	$(240)	$61	$538	$241

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

Estimated Fair Value · CarryingValue
(in millions) · Level 1 · Level 2 · Level 3 · Total
Assets:
Mortgage and other loans receivable	$—	$336	$2,929	$3,265	$3,314
Other invested assets	—	494	7	501	501
Short-term investments	—	4,557	—	4,557	4,557
Cash	1,589	—	—	1,589	1,589
Other assets	2	—	—	2	2
Liabilities:
Fortitude Re funds withheld payable	—	—	3,197	3,197	3,197
Long-term debt	—	8,782	—	8,782	9,087
Debt of consolidated investment entities	—	—	156	156	156

Estimated Fair Value · CarryingValue
(in millions) · Level 1 · Level 2 · Level 3 · Total
Assets:
Mortgage and other loans receivable	$—	$339	$3,413	$3,752	$3,868
Other invested assets	—	578	5	583	583
Short-term investments	—	4,673	—	4,673	4,673
Cash	1,302	—	—	1,302	1,302
Other assets	15	—	—	15	15
Liabilities:
Fortitude Re funds withheld payable	—	—	3,335	3,335	3,335
Long-term debt	—	7,981	240	8,221	8,764
Debt of consolidated investment entities	—	—	158	158	158

26	AIG \| Third Quarter 2025 Form 10-Q

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.