American International Group (AIG) reported a net loss of $926 million for the fiscal year 2024, a significant decline compared to a net income of $3,878 million in 2023. This was primarily driven by a $3,626 million loss from discontinued operations, reflecting the deconsolidation of Corebridge, which was presented as discontinued operations starting in the second quarter of 2024.

Total revenues for 2024 were $27,251 million, a slight decrease of 2% from $27,938 million in 2023. This decline was primarily due to an 8% drop in premiums, which fell to $23,537 million from $25,564 million in 2023. However, net investment income increased by 23% to $4,255 million, driven by higher income on fixed maturity securities and favorable market conditions.

AIG's General Insurance segment reported underwriting income of $1,917 million in 2024, down 18% from $2,349 million in 2023. The combined ratio increased to 91.8% from 90.6% in 2023, reflecting higher catastrophe losses and a slight increase in the expense ratio. However, the accident year combined ratio, as adjusted, improved to 88.2% from 87.7% in 2023, indicating better underlying performance.

Net investment income for General Insurance rose to $3,060 million in 2024, a 1% increase from $3,022 million in 2023. This growth was supported by higher yields on fixed maturity securities and improved investment performance.

AIG repurchased $6.6 billion of its common stock in 2024, reducing outstanding shares by 12%. Additionally, the company paid $1.0 billion in dividends on common stock, reflecting an 11% increase in the quarterly dividend rate compared to the prior year. These actions highlight AIG's focus on returning capital to shareholders.

The deconsolidation of Corebridge in 2024 significantly impacted AIG's financial results. Corebridge's historical results were reclassified as discontinued operations, contributing to a $3,626 million loss from discontinued operations. This deconsolidation also led to a reduction in AIG's total assets, which fell to $161,322 million at the end of 2024 from $539,306 million in 2023.

AIG's adjusted pre-tax income for 2024 was $4,324 million, consistent with the $4,321 million reported in 2023. This stability reflects higher net investment income and improved underwriting results, offset by increased restructuring costs and other expenses.

The company's liquidity position remained strong at the end of 2024, with $7.7 billion in parent liquidity. This was supported by cash, short-term investments, and a $3.0 billion revolving credit facility. AIG also reduced its debt-to-capital ratio to 17.0% by repaying $1.6 billion in general borrowings during the year.

AIG's book value per share increased to $70.16 at the end of 2024, up from $65.14 in 2023. The adjusted book value per share, which excludes accumulated other comprehensive income, decreased to $73.79 from $78.50, reflecting changes in equity and asset valuations.

The effective tax rate on income from continuing operations was 30.2% in 2024, significantly higher than 4.4% in 2023. This increase was driven by changes in deferred tax valuation allowances and other tax adjustments.