AIG · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

American International Group

27 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Suppliers

Third-party investment managers

depends on · the majority of our investment portfolionamed as a risk

We rely on external investment managers to manage the majority of our investment portfolio, consisting of liquid fixed income securities, structured fixed income securities, certain private credit, private fund, joint venture and partnership investments, structured products, commercial real estate-related equity investments and commercial mortgage loans.Risk factors (Item 1A)

Third-party reinsurers

depends onnamed as a risk

Market conditions beyond our control have impacted and may in the future impact the availability and cost of reinsurance and could have a material adverse effect on our business, results of operations and financial condition.Risk factors (Item 1A)

Partners and platforms

Key distributors

depends onnamed as a risk

We maintain relationships with a number of key distributors, which results in distributor concentration.Risk factors (Item 1A)

Also named by MTD

Other companies

Corebridge Financial, Inc.

named as a risk

As a result, a decline in the market value of Corebridge common stock may result in a decrease in our investment income and may have a material and adverse effect on our results and financial condition.Risk factors (Item 1A)

Also named by PRI

Places

Asia Pacific

operates in · 47 percent

At December 31, 2025, we had approximately 22,100 employees based in approximately 45 countries, of which 27 percent are located in North America, 47 percent are in the Asia Pacific region and the remaining 26 percent are in the European, Middle East and Africa (EMEA region) and Latin America.Business (Item 1)

Also named by AVY, BLK, BNY, CCK, CL, COHR, DCI, EEFT and 17 more

Non-U.S. operations

operates innamed as a risk

A substantial portion of our business is conducted outside the U.S., and we intend to continue to grow our business in strategic markets.Risk factors (Item 1A)

Also named by ESI, FDS, MKC, MRSH, NTRS, SOLS, TTMI

Hazards

Hurricanes

insures or lends tonamed as a risk

Events such as hurricanes, windstorms, hailstorms, flooding, earthquakes, landslides, wildfires, solar storms, earth sinking, tsunamis, war or other military action, acts of terrorism, explosions and fires, cyberattacks, product defects, pandemics, mass torts, civil unrest and other catastrophes have adversely affected our business in the past and could do so in the future.Risk factors (Item 1A)

Also named by AN, ASO, BAC, BBY, BJ, BPOP, BRO, CAVA and 89 more

Commodities and inputs

Real estate and real estate-related investments

concentrated innamed as a risk

For example, we have significant holdings of real estate and real estate-related investments, including residential mortgage- backed securities (both U.S. government-sponsored enterprise-issued and Non-Agency issued), and commercial mortgage-backed securities and whole loans.Risk factors (Item 1A)

Regulators

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

Also, the Department of the Treasury’s Office of Foreign Assets Control administers regulations that restrict or prohibit dealings involving certain organizations, individuals and countries.Risk factors (Item 1A)

Also named by ABNB, ADP, APP, BMI, BMNR, BPOP, CAT, CHRW and 46 more

Financial Stability Oversight Council

subject tonamed as a risk

The Financial Stability Oversight Council has authority under Dodd-Frank to determine that certain nonbank financial companies, including insurers, be designated as nonbank SIFIs subject to supervision by the Board of Governors of the Federal Reserve System and enhanced prudential standards, and has in place guidance and procedures intended to govern any such designations.Risk factors (Item 1A)

Also named by BX, GPN, ICE, JXN, KKR, MET, OWL

Japan Financial Services Agency (JFSA)

subject tonamed as a risk

The failure to maintain an appropriate SMR, or comply with other similar indicators of financial health, could result in the JFSA imposing corrective actions on our operations.Business (Item 1)

Also named by AFL, PRU

New York State Department of Financial Services (NYDFS)

subject to

The New York State Department of Financial Services (NYDFS) is AIG’s lead U.S.-state regulator, and leads AIG’s Supervisory College meetings, which consist of AIG’s key global regulators.Business (Item 1)

Also named by AFL, AMP, BPOP, COIN, EFX, FNF, GS, HOOD and 9 more

Bermuda Monetary Authority (BMA)

subject to

AIG’s operating insurance subsidiaries in Bermuda are regulated by the Bermuda Monetary Authority (BMA).Business (Item 1)

Also named by AFL, APO, ARES, CAT, CB, CG, COIN, FNF and 8 more

Prudential Regulation Authority (PRA)

subject to

In the UK, the Prudential Regulation Authority (PRA) is the lead prudential supervisor for our UK insurance operations and the Financial Conduct Authority has oversight of AIG’s insurance operations for consumer protection and competition matters.Business (Item 1)

Also named by GS, TRV, UNM, WRB, WTM

Monetary Authority of Singapore (MAS)

subject to

The Monetary Authority of Singapore (MAS) supervises AIG’s insurance subsidiary in Singapore.Business (Item 1)

Also named by PYPL

Society of Lloyd's

subject to

The Society of Lloyd’s also provides regulatory oversight of AIG’s Lloyd’s Managing Agent, Talbot Underwriting Limited.Business (Item 1)

Commissariat aux Assurances (Luxembourg)

subject to

The Luxembourg insurance regulator, the Commissariat aux Assurances, is the insurance regulator for AIG Europe SA, which serves our European Economic Area (EEA) and Swiss policyholders.Business (Item 1)

Laws and programs

EU General Data Protection Regulation (GDPR)

subject to · up to 4 percent of global revenuenamed as a risk

Sanctions for non-compliance with the GDPR are onerous, with the potential for fines of up to 4 percent of global revenue for the most serious infringements.Business (Item 1)

Also named by ACN, ADSK, ALK, AMG, ANET, APG, AXON, BAX and 61 more

Internal Revenue Code Section 382

subject tonamed as a risk

If we were to experience an “ownership change,” it is possible that a significant portion of our tax loss carryforwards could expire before we are able to use them to offset future taxable income.Risk factors (Item 1A)

Also named by BKH, CHRD, EXE, IONQ, PVLA, VRNS

Terrorism Risk Insurance Program Reauthorization Act (TRIPRA)

depends onnamed as a risk

While we benefit from the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which provides U.S. government risk assistance to the insurance industry to manage the exposure to terrorism incidents, TRIPRA has specific program limits and does not cover losses in certain lines of business such as personal property and personal casualty.Risk factors (Item 1A)

Also named by ORI

IAIS Insurance Capital Standard (ICS)

subject tonamed as a risk

The ICS is intended to be applied as a group-wide prescribed capital requirement, defined as a solvency control level above which the supervisor does not intervene on capital adequacy grounds.Business (Item 1)

Solvency II

subject to

Solvency II governs the insurance industry’s solvency framework for the EU, including minimum capital and solvency requirements, governance requirements, risk management and public reporting standards applicable to AIG’s subsidiaries operating in the EU.Business (Item 1)

Also named by CB, CINF, CNA, HIG, L, MET, MKL, WRB

NAIC Group Capital Calculation (GCC)

subject to

These GCC provisions were incorporated in New York State laws in August 2023, making AIG formally subject to the GCC beginning in 2024.Business (Item 1)

Also named by CNA, KNSL

NYDFS Cybersecurity Regulation

subject to

The 2023 amendments to this cybersecurity regulation added obligations for large insurers including enhanced and updated governance, risk assessment, and technology requirements, new notification obligations, and clarifying changes regarding enforcement.Business (Item 1)

Also named by CB

NAIC Risk-Based Capital (RBC) for Insurers Model Act

subject to

The RBC levels of each of our U.S. domiciled insurance companies exceeded each of these specific thresholds as of December 31, 2025.Business (Item 1)

Financial Stability Board (FSB) resolution planning

subject to

Starting in December 2024, the FSB began publishing an annual list of insurers, including AIG, that are subject to resolution planning requirements which impose on AIG an obligation to provide to our key global regulators a comprehensive resolution plan for the Company along with periodic updates.Business (Item 1)

U.S.-EU and U.S.-UK Covered Agreements

subject to

Under the agreements, AIG is subject to consolidated group supervision by its relevant U.S. insurance supervisors only, and generally does not have to satisfy EU Solvency II capital, reporting and governance requirements at the consolidated group level.Business (Item 1)