AIG deconsolidates Corebridge as of June 9, 2024; recasts historicals with Corebridge as discontinued operations

AMERICAN INTERNATIONAL GROUP, INC.

AIG held 48.4% of Corebridge at deconsolidation; waived majority board representation right, triggering accounting deconsolidation.
Recast continuing ops income: Q1 2024 $797M; Q4 2023 $862M; adjusted pre-tax income Q1 2024 $1.16B.
Going forward, AIG will account for its Corebridge stake as equity-method investment at fair value (stock price).
Corebridge dividends and stock price changes will flow through net investment income; adjusted pre-tax income includes dividends but excludes price changes.
Remaining AIG segments: General Insurance (unchanged) and Other Operations (no longer includes asset management or Life & Retirement).

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