AIG(US:AIG)2023-08-01 16:00Financial Position - Total assets increased to $537,138 million as of June 30, 2023, compared to $522,228 million at the end of 2022, reflecting a growth of approximately 2.0%[9] - Total liabilities rose to $490,647 million, up from $478,774 million at the end of 2022, indicating an increase of about 2.4%[9] - AIG shareholders' equity increased to $42,454 million, compared to $40,970 million at the end of 2022, representing a growth of approximately 3.6%[9] - The company reported a liability for unpaid losses and loss adjustment expenses of $70,284 million, down from $75,167 million at the end of 2022, a decrease of about 6.0%[9] - Common stock issued remained stable at 1,906,671,492 shares for both 2023 and 2022, with total common stock valued at $4,766 million[9] - Retained earnings increased to $35,916 million as of June 30, 2023, compared to $34,893 million at the end of 2022, reflecting an increase of approximately 2.9%[9] - The company’s total investments amounted to $306,758 million, a slight decrease from $309,150 million at the end of 2022, representing a decline of about 0.1%[9] - Cash and cash equivalents rose to $2,283 million, up from $2,043 million at the end of 2022, reflecting an increase of about 11.7%[9] - The company reported a total of 89,718 million in separate account assets at fair value, an increase from 84,853 million at the end of 2022, representing a growth of approximately 5.0%[9] Revenue and Income - Total revenues for Q2 2023 were $13,218 million, a decrease of 3.3% from $13,663 million in Q2 2022[11] - Net income attributable to AIG for Q2 2023 was $1,493 million, down 45.7% from $2,754 million in Q2 2022[11] - Net investment income for Q2 2023 was $3,571 million, an increase of 37.1% compared to $2,604 million in Q2 2022[11] - Policyholder benefits and losses incurred for Q2 2023 were $6,858 million, an increase of 37.5% from $4,984 million in Q2 2022[11] - Basic income per common share attributable to AIG common shareholders for Q2 2023 was $2.05, down from $3.47 in Q2 2022[11] - Total benefits, losses, and expenses for Q2 2023 were $11,351 million, an increase of 16.5% from $9,738 million in Q2 2022[11] - Comprehensive income attributable to AIG for Q2 2023 was $13 million, a significant recovery from a loss of $8,865 million in Q2 2022[13] - AIG reported a net income attributable to AIG or noncontrolling interests of $1,604 million for the six months ended June 30, 2023, compared to $3,079 million for the same period in 2022, reflecting a decrease of approximately 47.9%[18] - Net income for the six months ended June 30, 2023, was $1,604 million, a decrease of 79% compared to $7,639 million in 2022[21] Cash Flow and Investments - Net cash provided by operating activities increased to $1,111 million from $598 million year-over-year[21] - Total cash and restricted cash at the end of the period was $2,352 million, down from $2,728 million in the previous year[23] - Policyholder contract deposits rose to $15,920 million, compared to $12,491 million in the same period last year[21] - Net cash used in investing activities was $(641) million, a decrease from $2,534 million in 2022[21] - The company reported net losses on sales of securities available for sale and other assets of $786 million, compared to $749 million in 2022[21] - Interest paid during the period increased to $636 million from $574 million in the prior year[23] - The company experienced a net change in short-term investments of $743 million, down from $3,787 million in the prior year[21] - Total adjustments to reconcile net income to net cash provided by operating activities were $(493) million, compared to $(7,042) million in 2022[21] Shareholder Equity and Dividends - AIG's common stock dividends for the second quarter were $0.36 per share, totaling $260 million, compared to $0.32 per share and $248 million in the same quarter of the previous year, representing a 9.7% increase in dividends paid[16] - AIG's total shareholders' equity decreased from $58,666 million at the end of June 30, 2022, to $46,491 million at the end of June 30, 2023, reflecting a decline of approximately 20.7%[19] - The total equity at the end of the period was $46,491 million, an increase from $47,225 million at the end of June 30, 2022, indicating a decrease of about 1.6% year-over-year[18] - AIG's retained earnings at the end of the period were $35,916 million, compared to $32,092 million at the end of June 30, 2022, indicating an increase of approximately 12.5%[18] - The balance of preferred stock remained constant at $485 million throughout the reporting period[19] - AIG's additional paid-in capital was $4,766 million, consistent with the previous year, indicating stability in this area[18] Other Comprehensive Income - Other comprehensive loss for the second quarter was $1,738 million, compared to a loss of $12,617 million in the same quarter of the previous year, showing a significant improvement[16] - AIG's total comprehensive income for the six months ended June 30, 2023, was $2,175 million, compared to a total comprehensive loss of $12,617 million for the same period in 2022, marking a significant turnaround[18] - The company reported a change in the fair value of market risk benefits, net of $(262) million for Q2 2023, compared to $(45) million in Q2 2022[11] - The company experienced a change in unrealized depreciation of fixed maturity securities of $84 million in Q2 2023, compared to $36 million in Q2 2022[13]