8-KRegulation FD

AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Regulation FD Disclosure (May 4, 2023)

Filed May 4, 2023For Securities:AIG

Summary

This 8-K filing from American International Group, Inc. (AIG) primarily serves as a disclosure regarding the adoption of a new accounting standard, Accounting Standard Update 2018-12, known as LDTI (Targeted Improvements to the Accounting for Long-Duration Contracts Issued by Insurance Companies). AIG adopted LDTI effective January 1, 2023, with a retrospective transition date of January 1, 2021. In conjunction with this adoption, AIG has updated its Fourth Quarter 2022 Financial Supplement. This supplement now includes revised historical segment results for various periods in 2021 and 2022 to reflect the impact of LDTI. Investors should note that this supplementary information is unaudited and available on AIG's corporate website.

Key Highlights

  • 1AIG adopted the new accounting standard LDTI (ASU 2018-12) on January 1, 2023.
  • 2The adoption of LDTI has a retrospective effect, with a transition date of January 1, 2021.
  • 3Revised historical segment financial results for 2021 and 2022 are now available in the updated Fourth Quarter 2022 Financial Supplement.
  • 4The updated financial supplement reflects the impact of LDTI adoption on prior periods.
  • 5The information provided in the updated Fourth Quarter 2022 Financial Supplement is unaudited.
  • 6The updated financial supplement can be accessed on AIG's corporate website (www.aig.com).

Frequently Asked Questions

LDTI stands for Long-Duration Targeted Improvements, which is a new accounting standard (ASU 2018-12) designed to improve the accounting for long-duration insurance contracts. AIG is adopting it to comply with these updated accounting principles.

The adoption of LDTI requires AIG to revise its historical segment results for periods in 2021 and 2022. This means that prior financial reporting under the old accounting rules has been restated to reflect the new LDTI standards. The specific financial impact on earnings and balance sheet accounts will be detailed in the updated Fourth Quarter 2022 Financial Supplement.

The revised historical segment results, reflecting the adoption of LDTI, are included in AIG's updated Fourth Quarter 2022 Financial Supplement. This document is available on AIG's corporate website at www.aig.com.

No, the information provided in the updated Fourth Quarter 2022 Financial Supplement is unaudited.