Business Context and Reporting Period
Company: American International Group, Inc. (AIG)
Filing Type: Form 8-K (Current Report)
Date of Report: May 4, 2023
Subject: Regulation FD Disclosure regarding the adoption of Accounting Standard Update 2018-12 (LDTI).
Key Financial Metrics
This filing does not report specific revenue, profit, cash flow, margin, debt, or liquidity figures. The document serves as a notice that historical segment results have been revised to reflect accounting changes.
Material Changes Versus Prior Period
- Accounting Standard Adoption: The Company adopted Accounting Standard Update 2018-12, "Targeted Improvements to the Accounting for Long-Duration Contracts Issued by Insurance Companies" (LDTI).
- Transition Date: The standard was adopted with a transition date of January 1, 2021.
- Revised Historical Data: The Fourth Quarter 2022 Financial Supplement has been updated to include revised historical segment results for:
- The twelve-month periods ended December 31, 2022, and December 31, 2021.
- The quarters ended March 31, June 30, and September 30, 2022.
Guidance, Outlook, and Management Commentary
Management Commentary: The Company states that the updated Fourth Quarter 2022 Financial Supplement is unaudited. The revised data is available on the Company's website (www.aig.com).
Website Disclaimer: Information on the Company's website is not incorporated by reference into this Current Report on Form 8-K; the reference is inactive.
Important Facts for Investor Verification
- Verify the specific impact of the LDTI adoption on segment results by reviewing the updated Fourth Quarter 2022 Financial Supplement on the AIG website.
- Confirm that the revised historical data covers the twelve-month periods ending December 31, 2022 and 2021, as well as the first three quarters of 2022.
- Note that the updated financial supplement is unaudited.