AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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Deferred Policy Acquisition Costs
- Deferred Policy Acquisition Costs
DAC represent costs that are directly related to the successful acquisition of new or renewal of existing insurance contracts. Such DAC generally include commissions, premium taxes and certain other underwriting costs. We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling.
DAC is amortized over the period in which the related premiums written are earned. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and reviewed for recoverability based on the profitability of the underlying insurance contracts.
The following table presents a rollforward of DAC:
| Years Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Balance, beginning of year | $2,065 | $2,117 | $2,343 |
| Capitalization | 3,381 | 3,519 | 4,157 |
| Amortization expense | (3,371) | (3,425) | (3,771) |
| Other, including foreign exchange | 31 | (146) | (34) |
| Dispositions* | — | — | (578) |
| Balance, end of year | $2,106 | $2,065 | $2,117 |
*Includes amounts related to the sale of Validus Re through the date of disposition.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.