AIG(US:AIG)2024-08-01 15:04Financial Position - Total assets decreased from $539,306 million on December 31, 2023, to $167,890 million on June 30, 2024[10]. - Total liabilities decreased from $488,005 million on December 31, 2023, to $123,415 million on June 30, 2024[10]. - Total equity decreased from $51,301 million on December 31, 2023, to $44,475 million on June 30, 2024[10]. - The company reported a decrease in retained earnings from $37,516 million to $34,225 million[10]. - Goodwill decreased slightly from $3,422 million to $3,407 million[10]. - Long-term debt decreased from $10,375 million in December 2023 to $9,861 million in June 2024, a decline of about 4.9%[10]. - AIG's total equity at the end of the period was $44,475 million, a decrease from $51,301 million at the beginning of the year[21]. - AIG's retained earnings decreased to $34,225 million at the end of the period, down from $37,516 million at the beginning of the year[21]. - The balance of treasury stock increased to $(62,255) million at the end of the period, compared to $(59,189) million at the beginning of the year[21]. - The company reported an accumulated other comprehensive loss of $(7,565) million at the end of the period[21]. Revenue and Income - Total revenues for Q2 2024 were $6,560 million, a decrease of 11.8% from $7,436 million in Q2 2023[14]. - Net income attributable to AIG for Q2 2024 was a loss of $3,977 million, compared to a profit of $1,485 million in Q2 2023[14]. - Comprehensive income attributable to AIG for Q2 2024 was $2,717 million, compared to $13 million in Q2 2023[15]. - AIG reported a net loss attributable to the company of $2,761 million for the six months ended June 30, 2024, compared to a net income of $1,523 million for the same period in 2023[21]. - Basic income (loss) per common share attributable to AIG common shareholders was $(6.02) for Q2 2024, compared to $2.05 in Q2 2023[14]. - The company reported total net realized losses of $(180) million in Q2 2024, compared to $(14) million in Q2 2023[14]. - The company experienced a net realized loss of $(267) million for the six months ended June 30, 2024, compared to $(525) million for the same period in 2023[14]. Cash Flow and Investments - Net cash provided by operating activities for continuing operations was $1,553 million for the six months ended June 30, 2024, compared to $1,433 million in the same period of 2023, reflecting a 8.4% increase[23]. - Cash flows from investing activities for continuing operations showed a significant increase, with net cash provided amounting to $2,875 million in the first half of 2024, compared to only $191 million in the same period of 2023[23]. - The company reported a net cash used in financing activities of $4,557 million for continuing operations, compared to $148 million in the previous period, highlighting a substantial increase in cash outflows[24]. - Total cash and restricted cash at the end of the period was $1,402 million, down from $1,560 million at the end of June 2023, indicating a decrease of 10.1%[27]. - Cash flows from discontinued operations showed a net cash used of $104 million, an improvement from $322 million in the previous year[23]. - The company reported a net cash used in investing activities of $1,296 million for the first half of 2024, compared to $641 million in the same period of 2023, indicating an increase in cash outflows[24]. Expenses and Losses - Losses and loss adjustment expenses incurred were $3,467 million in Q2 2024, down from $3,979 million in Q2 2023[14]. - The total benefits, losses, and expenses for Q2 2024 were $5,943 million, a decrease from $6,550 million in Q2 2023, reflecting cost control efforts[14]. - Interest paid during the period was $470 million, a decrease from $636 million in the same period last year, representing a 26.1% reduction[27]. - The company experienced a net loss on divestitures of $102 million in the first half of 2024, compared to a gain of $12 million in the same period of 2023[23]. - Unrealized gains in earnings were reported at $(349) million for the first half of 2024, compared to $(33) million in the same period of 2023, indicating a worsening in unrealized gains[23]. - Depreciation and other amortization expenses decreased to $1,751 million in the first half of 2024 from $2,024 million in the same period of 2023, a reduction of 13.4%[23]. Shareholder Activities - The company declared dividends on common stock of $0.76 per share for the six months ended June 30, 2024, totaling $504 million[21]. - The company purchased common stock worth $3,359 million during the six months ended June 30, 2024[21]. - Contributions from noncontrolling interests amounted to $28 million during the six months ended June 30, 2024[21]. - AIG experienced a net increase due to divestitures and acquisitions of $119 million for the six months ended June 30, 2024[21].