Table of Contents








Separate Account I

American General Life Insurance Company

Financial Statements

December 31, 2024


Report of Independent Registered Public Accounting Firm

To the Board of Directors of American General Life Insurance Company and the Contract Owners of Separate Account I.
Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the sub-accounts of Separate Account I indicated in the table below as of December 31, 2024, and the related statements of operations and changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of Separate Account I as of December 31, 2024, and the results of each of their operations, and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB VPS Balanced Hedged Allocation Portfolio Class A (1)
LVIP Delaware High Yield Fund Standard Class (1)
AB VPS Discovery Value Portfolio Class A (1)
LVIP Delaware Limited-Term Diversified Income Fund Standard Class (3)
AB VPS International Value Portfolio Class A (1)
LVIP Delaware Value Fund Standard Class (1)
AB VPS Large Cap Growth Portfolio Class A (1)
VanEck VIP Emerging Markets Fund Initial Class (1)
AB VPS Large Cap Growth Portfolio Class B (1)
VanEck VIP Global Resources Fund Initial Class (1)
AB VPS Relative Value Portfolio Class A (1)
Vanguard 500 Index Fund Admiral Shares (1)
AB VPS Relative Value Portfolio Class B (1)
Vanguard Dividend Growth Fund Investor Shares (1)
AB VPS Small Cap Growth Portfolio Class A (1)
Vanguard Federal Money Market Fund Investor Shares (1)
AB VPS Sustainable Global Thematic Portfolio Class A (1)
Vanguard GNMA Fund Investor Shares (1)
AB VPS Sustainable Global Thematic Portfolio Class B (1)
Vanguard Health Care Fund Investor Shares (1)
AB VPS Sustainable International Thematic Portfolio Class A (2)
Vanguard Inflation-Protected Securities Fund Investor Shares (1)
BlackRock II High Yield V.I. Fund Class I (1)
Vanguard International Growth Fund Investor Shares (1)
BlackRock II Total Return V.I. Fund Class I (1)
Vanguard LifeStrategy Conservative Growth Fund Investor Shares (1)
BlackRock Advantage Large Cap Core V.I. Fund Class I (1)
Vanguard LifeStrategy Growth Fund Investor Shares (1)
BlackRock Advantage SMID Cap V.I. Fund Class I (1)
Vanguard LifeStrategy Income Fund Investor Shares (1)
BlackRock Basic Value V.I. Fund Class I (1)
Vanguard LifeStrategy Moderate Growth Fund Investor Shares (1)
BlackRock Equity Dividend V.I. Fund Class I (1)
Vanguard Small-Cap Growth Index Fund Admiral Shares (1)
BlackRock Global Allocation V.I. Fund Class I (1)
Vanguard Total International Stock Index Fund Admiral Shares (1)
BlackRock Government Money Market V.I. Fund Class I (1)
Vanguard U.S. Growth Fund Investor Shares (1)
   BlackRock International V.I. Fund Class I (1)
Vanguard VIF Balanced Portfolio (1)
BlackRock Large Cap Focus Growth V.I. Fund Class I (1)
Vanguard VIF Capital Growth Portfolio (1)
BNY Mellon Stock Index Fund, Inc. Initial Shares (1)
Vanguard VIF Diversified Value Portfolio (1)
Fidelity VIP Asset Manager Portfolio Initial Class (1)
Vanguard VIF Equity Income Portfolio (1)
Fidelity VIP Contrafund Portfolio Initial Class (1)
Vanguard VIF Equity Index Portfolio (1)
Fidelity VIP Government Money Market Portfolio Initial Class (1)
    Vanguard VIF Growth Portfolio (1)
Fidelity VIP Growth Portfolio Initial Class (1)
Vanguard VIF High Yield Bond Portfolio (1)
Fidelity VIP High Income Portfolio Initial Class (1)
Vanguard VIF International Portfolio (1)
Fidelity VIP Investment Grade Bond Portfolio Initial Class (1)
Vanguard VIF Mid-Cap Index Portfolio (1)
Fidelity VIP Government Money Market Portfolio Service Class 2 (1)
Vanguard VIF Real Estate Index Portfolio (1)
Fidelity VIP Overseas Portfolio Initial Class (1)
Vanguard VIF Short-Term Investment-Grade Portfolio (1)
Invesco V.I. American Franchise Fund Series I (1)
Vanguard VIF Small Company Growth Portfolio (1)
Invesco V.I. EQV International Equity Fund Series 1 (1)
Vanguard VIF Total Bond Market Index Portfolio (1)
LVIP BlackRock Global Allocation Fund Standard Class (1)
Vanguard VIF Total Stock Market Index Portfolio (1)
(1)
Statement of Operations and Changes in Net Assets for the years ended December 31, 2024 and 2023


1



(2)
Statement of Operations and Changes in Net Assets for the period January 1, 2023 to December 31, 2023 and January 1, 2024 to April 16, 2024 (cessation of operations).
(3)
Sub-account had no assets and liabilities as of December 31, 2024 and is therefore not included in the Statement of Assets and Liabilities and the Schedule of Portfolio Investments.

Basis for Opinions
These financial statements are the responsibility of American General Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of Separate Account I based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of Separate Account I in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2024 by correspondence with the transfer agents of the investee mutual funds and the custodians. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP

Houston, Texas
April 17, 2025
We have served as the auditor of one or more of the sub-accounts of Corebridge Separate Account Group since at least 1994. We have not been able to determine the specific year we began serving as auditor.

2



SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2024
Sub-accounts Investments at Fair Value Due from (to) General Account, Net Net Assets Contract Owners - Annuity Reserves Contract Owners - Accumulation Reserves Net Assets Attributable to Contract Owner Reserves
AB VPS Balanced Hedged Allocation Portfolio Class A $ 13,647,209 $ — $ 13,647,209 $ 582,409 $ 13,064,800 $ 13,647,209
AB VPS Discovery Value Portfolio Class A 9,339,278 — 9,339,278 373,501 8,965,777 9,339,278
AB VPS International Value Portfolio Class A 2,676,610 — 2,676,610 60,809 2,615,801 2,676,610
AB VPS Large Cap Growth Portfolio Class A 44,792,869 — 44,792,869 1,641,551 43,151,318 44,792,869
AB VPS Large Cap Growth Portfolio Class B 29,573,423 — 29,573,423 1,971,974 27,601,449 29,573,423
AB VPS Relative Value Portfolio Class A 25,426,998 — 25,426,998 815,127 24,611,871 25,426,998
AB VPS Relative Value Portfolio Class B 31,757,564 — 31,757,564 1,866,659 29,890,905 31,757,564
AB VPS Small Cap Growth Portfolio Class A 8,628,486 — 8,628,486 290,451 8,338,035 8,628,486
AB VPS Sustainable Global Thematic Portfolio Class A 5,890,272 — 5,890,272 160,256 5,730,016 5,890,272
AB VPS Sustainable Global Thematic Portfolio Class B 3,319,033 — 3,319,033 69,084 3,249,949 3,319,033
BlackRock II High Yield V.I. Fund Class I 13,862 79 13,941 — 13,941 13,941
BlackRock II Total Return V.I. Fund Class I 642,128 2,412 644,540 1,027 643,513 644,540
BlackRock Advantage Large Cap Core V.I. Fund Class I 1,296,854 — 1,296,854 1,360 1,295,494 1,296,854
BlackRock Advantage SMID Cap V.I. Fund Class I 354,554 — 354,554 153 354,401 354,554
BlackRock Basic Value V.I. Fund Class I 1,053,704 — 1,053,704 1,140 1,052,564 1,053,704
BlackRock Equity Dividend V.I. Fund Class I 295,347 — 295,347 — 295,347 295,347
BlackRock Global Allocation V.I. Fund Class I 975,475 — 975,475 — 975,475 975,475
BlackRock Government Money Market V.I. Fund Class I 575,749 — 575,749 252,705 323,044 575,749
BlackRock International V.I. Fund Class I 204,310 — 204,310 — 204,310 204,310
BlackRock Large Cap Focus Growth V.I. Fund Class I 247,437 — 247,437 123 247,314 247,437
BNY Mellon Stock Index Fund, Inc. Initial Shares 1,905,481 — 1,905,481 125,467 1,780,014 1,905,481
Fidelity VIP Asset Manager Portfolio Initial Class 317,470 — 317,470 122 317,348 317,470
Fidelity VIP Contrafund Portfolio Initial Class 1,186,646 — 1,186,646 4,538 1,182,108 1,186,646
Fidelity VIP Government Money Market Portfolio Initial Class 15,215,242 (93) 15,215,149 999,247 14,215,902 15,215,149
Fidelity VIP Government Money Market Portfolio Service Class 2 8,342,836 — 8,342,836 487,125 7,855,711 8,342,836
Fidelity VIP Growth Portfolio Initial Class 1,822,792 — 1,822,792 123,942 1,698,850 1,822,792
Fidelity VIP High Income Portfolio Initial Class 39,418 — 39,418 — 39,418 39,418
Fidelity VIP Investment Grade Bond Portfolio Initial Class 574,335 — 574,335 1,046 573,289 574,335
Fidelity VIP Overseas Portfolio Initial Class 91,283 — 91,283 — 91,283 91,283
Invesco V.I. American Franchise Fund Series I 227,625 — 227,625 63 227,562 227,625
Invesco V.I. EQV International Equity Fund Series 1 67,479 — 67,479 6,965 60,514 67,479
LVIP BlackRock Global Allocation Fund Standard Class 105,079 — 105,079 — 105,079 105,079
LVIP Delaware High Yield Fund Standard Class 20,153 — 20,153 — 20,153 20,153
LVIP Delaware Value Fund Standard Class 576,483 — 576,483 — 576,483 576,483
VanEck VIP Emerging Markets Fund Initial Class 71,313 — 71,313 — 71,313 71,313
VanEck VIP Global Resources Fund Initial Class 26,322 — 26,322 7,645 18,677 26,322
Vanguard 500 Index Fund Admiral Shares 25,967 885 26,852 26,852 — 26,852
Vanguard Dividend Growth Fund Investor Shares 979,156 (10,924) 968,232 968,232 — 968,232
Vanguard Federal Money Market Fund Investor Shares 407,036 (644) 406,392 406,392 — 406,392
Vanguard GNMA Fund Investor Shares 17,716 132 17,848 17,848 — 17,848
Vanguard Health Care Fund Investor Shares 12,458 127  12,585 12,585 — 12,585
Vanguard Inflation-Protected Securities Fund Investor Shares 386,816 (48,039) 338,777 338,777 — 338,777
Vanguard International Growth Fund Investor Shares 8,725 228 8,953 8,953 — 8,953
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 483,135 3,195 486,330 486,330 — 486,330
Vanguard LifeStrategy Growth Fund Investor Shares 636,907 (72,178) 564,729 564,729 — 564,729
Vanguard LifeStrategy Income Fund Investor Shares 146,110 (17,862) 128,248 128,248 — 128,248
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 1,971,974 3,753 1,975,727 1,975,727 — 1,975,727
Vanguard Small-Cap Growth Index Fund Admiral Shares 2,021 188  2,209 2,209 — 2,209
Vanguard Total International Stock Index Fund Admiral Shares 4,935 109  5,044 5,044 — 5,044
The accompanying Notes to Financial Statements are an integral part of this statement.
3
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES
December 31, 2024
Sub-accounts Investments at Fair Value Due from (to) General Account, Net Net Assets Contract Owners - Annuity Reserves Contract Owners - Accumulation Reserves Net Assets Attributable to Contract Owner Reserves
Vanguard U.S. Growth Fund Investor Shares $ 9,577 $ 279  $ 9,856 $ 9,856 $ — $ 9,856
Vanguard VIF Balanced Portfolio 5,539,369 (166,124) 5,373,245 5,373,245 — 5,373,245
Vanguard VIF Capital Growth Portfolio 908,086 (132,556) 775,530 775,530 — 775,530
Vanguard VIF Diversified Value Portfolio 557,723 (21,128) 536,595 536,595 — 536,595
Vanguard VIF Equity Income Portfolio 1,518,448 (52,665) 1,465,783 1,465,783 — 1,465,783
Vanguard VIF Equity Index Portfolio 960,240 (78,172) 882,068 882,068 — 882,068
Vanguard VIF Growth Portfolio 610,203 (63,395) 546,808 546,808 — 546,808
Vanguard VIF High Yield Bond Portfolio 359,547 (99,232) 260,315 260,315 — 260,315
Vanguard VIF International Portfolio 3,315,032 (52,962) 3,262,070 3,262,070 — 3,262,070
Vanguard VIF Mid-Cap Index Portfolio 1,343,231 17,299  1,360,530 1,360,530 — 1,360,530
Vanguard VIF Real Estate Index Portfolio 679,477 (19,505) 659,972 659,972 — 659,972
Vanguard VIF Short-Term Investment-Grade Portfolio 312,404 (8,894) 303,510 303,510 — 303,510
Vanguard VIF Small Company Growth Portfolio 620,894 26,076  646,970 646,970 — 646,970
Vanguard VIF Total Bond Market Index Portfolio 383,269 (104,934) 278,335 278,335 — 278,335
Vanguard VIF Total Stock Market Index Portfolio 3,872,954 (144,393) 3,728,561 3,728,561 — 3,728,561
The accompanying Notes to Financial Statements are an integral part of this statement.
4
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS
December 31, 2024

Sub-accounts Shares Net Asset Value per Share Shares at Fair Value Cost of Shares Held Level*
AB VPS Balanced Hedged Allocation Portfolio Class A 1,488,245 $ 9.17 $ 13,647,209 $ 14,690,752 1
AB VPS Discovery Value Portfolio Class A 509,786 18.32 9,339,278 8,929,200 1
AB VPS International Value Portfolio Class A 177,024 15.12 2,676,610 2,504,988 1
AB VPS Large Cap Growth Portfolio Class A 501,544 89.31 44,792,869 33,615,780 1
AB VPS Large Cap Growth Portfolio Class B 370,966 79.72 29,573,423 23,197,327 1
AB VPS Relative Value Portfolio Class A 802,620 31.68 25,426,998 23,219,388 1
AB VPS Relative Value Portfolio Class B 1,028,752 30.87 31,757,564 29,219,035 1
AB VPS Small Cap Growth Portfolio Class A 678,874 12.71 8,628,486 10,371,673 1
AB VPS Sustainable Global Thematic Portfolio Class A 167,671 35.13 5,890,272 5,752,442 1
AB VPS Sustainable Global Thematic Portfolio Class B 101,190 32.80 3,319,033 3,254,763 1
BlackRock II High Yield V.I. Fund Class I 2,006 6.91 13,862 14,150 1
BlackRock II Total Return V.I. Fund Class I 64,731 9.92 642,128 744,540 1
BlackRock Advantage Large Cap Core V.I. Fund Class I 56,336 23.02 1,296,854 1,259,182 1
BlackRock Advantage SMID Cap V.I. Fund Class I 15,049 23.56 354,554 299,948 1
BlackRock Basic Value V.I. Fund Class I 81,367 12.95 1,053,704 1,068,198 1
BlackRock Equity Dividend V.I. Fund Class I 27,968 10.56 295,347 317,696 1
BlackRock Global Allocation V.I. Fund Class I 59,191 16.48 975,475 994,105 1
BlackRock Government Money Market V.I. Fund Class I 575,749 1.00 575,749 575,749 1
BlackRock International V.I. Fund Class I 20,289 10.07 204,310 237,772 1
BlackRock Large Cap Focus Growth V.I. Fund Class I 10,661 23.21 247,437 221,468 1
BNY Mellon Stock Index Fund, Inc. Initial Shares 23,890 79.76 1,905,481 1,161,847 1
Fidelity VIP Asset Manager Portfolio Initial Class 19,299 16.45 317,470 294,008 1
Fidelity VIP Contrafund Portfolio Initial Class 20,481 57.94 1,186,646 803,396 1
Fidelity VIP Government Money Market Portfolio Initial Class 15,215,242 1.00 15,215,242 15,215,242 1
Fidelity VIP Government Money Market Portfolio Service Class 2 8,342,836 1.00 8,342,836 8,342,836 1
Fidelity VIP Growth Portfolio Initial Class 18,803 96.94 1,822,792 1,488,703 1
Fidelity VIP High Income Portfolio Initial Class 8,351 4.72 39,418 42,948 1
Fidelity VIP Investment Grade Bond Portfolio Initial Class 52,307 10.98 574,335 673,894 1
Fidelity VIP Overseas Portfolio Initial Class 3,584 25.47 91,283 60,219 1
Invesco V.I. American Franchise Fund Series I 2,862 79.53 227,625 155,666 1
Invesco V.I. EQV International Equity Fund Series 1 2,013 33.52 67,479 69,646 1
LVIP BlackRock Global Allocation Fund Standard Class 8,659 12.14 105,079 91,548 1
LVIP Delaware High Yield Fund Standard Class 4,773 4.22 20,153 21,153 1
LVIP Delaware Value Fund Standard Class 22,554 25.56 576,483 613,343 1
VanEck VIP Emerging Markets Fund Initial Class 7,777 9.17 71,313 86,984 1
VanEck VIP Global Resources Fund Initial Class 1,045 25.18 26,322 26,931 1
Vanguard 500 Index Fund Admiral Shares 48 542.76 25,967 19,325 1
Vanguard Dividend Growth Fund Investor Shares 27,041 36.21 979,156 987,902 1
Vanguard Federal Money Market Fund Investor Shares 407,036 1.00 407,036 407,036 1
Vanguard GNMA Fund Investor Shares 1,943 9.12 17,716 17,846 1
Vanguard Health Care Fund Investor Shares 68 182.37 12,458 14,172 1
Vanguard Inflation-Protected Securities Fund Investor Shares 33,724 11.47 386,816 422,801 1
Vanguard International Growth Fund Investor Shares 273 31.95 8,725 9,361 1
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 23,637 20.44 483,135 483,531 1
Vanguard LifeStrategy Growth Fund Investor Shares 14,419 44.17 636,907 562,145 1
Vanguard LifeStrategy Income Fund Investor Shares 9,721 15.03 146,110 141,117 1
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 62,942 31.33 1,971,974 1,858,293 1
Vanguard Small-Cap Growth Index Fund Admiral Shares 21 98.43 2,021 1,655 1
Vanguard Total International Stock Index Fund Admiral Shares 156 31.69 4,935 4,842 1
* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.
The accompanying Notes to Financial Statements are an integral part of this statement.
5
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS
December 31, 2024

Sub-accounts Shares Net Asset Value per Share Shares at Fair Value Cost of Shares Held Level*
Vanguard U.S. Growth Fund Investor Shares 134 $ 71.43 $ 9,577 $ 7,244 1
Vanguard VIF Balanced Portfolio 223,632 24.77 5,539,369 5,251,202 1
Vanguard VIF Capital Growth Portfolio 17,827 50.94 908,086 838,677 1
Vanguard VIF Diversified Value Portfolio 33,497 16.65 557,723 486,617 1
Vanguard VIF Equity Income Portfolio 60,592 25.06 1,518,448 1,429,607 1
Vanguard VIF Equity Index Portfolio 13,311 72.14 960,240 747,261 1
Vanguard VIF Growth Portfolio 18,139 33.64 610,203 425,007 1
Vanguard VIF High Yield Bond Portfolio 48,587 7.40 359,547 347,971 1
Vanguard VIF International Portfolio 129,493 25.60 3,315,032 3,031,376 1
Vanguard VIF Mid-Cap Index Portfolio 50,046 26.84 1,343,231 1,131,013 1
Vanguard VIF Real Estate Index Portfolio 57,877 11.74 679,477 660,848 1
Vanguard VIF Short-Term Investment-Grade Portfolio 29,981 10.42 312,404 307,278 1
Vanguard VIF Small Company Growth Portfolio 31,824 19.51 620,894 517,316 1
Vanguard VIF Total Bond Market Index Portfolio 36,641 10.46 383,269 383,907 1
Vanguard VIF Total Stock Market Index Portfolio 68,963 56.16 3,872,954 3,113,957 1
* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.
The accompanying Notes to Financial Statements are an integral part of this statement.
6
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

AB VPS Balanced Hedged Allocation Portfolio Class A AB VPS Discovery Value Portfolio Class A AB VPS International Value Portfolio Class A AB VPS Large Cap Growth Portfolio Class A AB VPS Large Cap Growth Portfolio Class B
For the Year Ended December 31, 2024
From operations:
Dividends $ 281,139  $ 82,422  $ 72,963  $ 24,541  $ — 
Mortality and expense risk and administrative charges (197,784) (132,349) (39,402) (650,594) (419,147)
Net investment income (loss) 83,355  (49,927) 33,561  (626,053) (419,147)
Net realized gain (loss) (562,711) (73,317) 53,379  2,975,209  1,388,308 
Capital gain distribution from mutual funds 281,139  469,305  —  1,818,602  1,313,846 
Change in unrealized appreciation (depreciation) of investments 1,188,615  404,963  19,407  5,539,433  3,901,764 
Increase (decrease) in net assets from operations 990,398  751,024  106,347  9,707,191  6,184,771 
From contract transactions:
Payments received from contract owners 211,800  131,750  413  265,197  847,924 
Payments for contract benefits or terminations (1,885,848) (1,270,398) (290,149) (9,445,178) (5,304,874)
Transfers between sub-accounts (including fixed account), net 208,868  180,714  55,303  (77,493) (1,139,707)
Contract maintenance charges (36,858) (28,331) (9,505) (72,543) (95,491)
Adjustments to net assets allocated to contracts in payout period 1,733  10,447  842  96,869  16,208 
Increase (decrease) in net assets from contract transactions (1,500,305) (975,818) (243,096) (9,233,148) (5,675,940)
Increase (decrease) in net assets (509,907) (224,794) (136,749) 474,043  508,831 
Net assets at beginning of period 14,157,116  9,564,072  2,813,359  44,318,826  29,064,592 
Net assets at end of period $ 13,647,209  $ 9,339,278  $ 2,676,610  $ 44,792,869  $ 29,573,423 
Beginning units 717,755  164,573  148,028  299,744  204,964 
Units issued 59,311  9,193  18,650  15,119  13,199 
Units redeemed (132,317) (25,583) (30,667) (68,657) (48,904)
Ending units 644,749  148,183  136,011  246,206  169,259 
For the Year Ended December 31, 2023
From operations:
Dividends $ 163,435  $ 98,800  $ 22,894  $ —  $ — 
Mortality and expense risk and administrative charges (196,144) (130,926) (41,418) (579,701) (386,941)
Net investment income (loss) (32,709) (32,126) (18,524) (579,701) (386,941)
Net realized gain (loss) (562,179) (119,383) 4,169  525,684  264,294 
Capital gain distribution from mutual funds 705,052  778,106  —  2,736,590  2,041,390 
Change in unrealized appreciation (depreciation) of investments 1,425,974  727,964  381,223  9,172,771  5,874,100 
Increase (decrease) in net assets from operations 1,536,138  1,354,561  366,868  11,855,344  7,792,843 
From contract transactions:
Payments received from contract owners 153,499  37,109  7,781  144,163  1,695,426 
Payments for contract benefits or terminations (1,675,772) (1,132,568) (375,244) (4,967,531) (4,354,662)
Transfers between sub-accounts (including fixed account), net (313,419) (172,460) (20,684) (693,127) (779,616)
Contract maintenance charges (36,699) (27,361) (9,077) (67,325) (86,962)
Adjustments to net assets allocated to contracts in payout period 60  4,760  768  55,726  28,332 
Increase (decrease) in net assets from contract transactions (1,872,331) (1,290,520) (396,456) (5,528,094) (3,497,482)
Increase (decrease) in net assets (336,193) 64,041  (29,588) 6,327,250  4,295,361 
Net assets at beginning of period 14,493,309  9,500,031  2,842,947  37,991,576  24,769,231 
Net assets at end of period $ 14,157,116  $ 9,564,072  $ 2,813,359  $ 44,318,826  $ 29,064,592 
Beginning units 819,049  188,888  169,842  341,667  232,178 
Units issued 25,311  3,840  5,711  4,827  11,689 
Units redeemed (126,605) (28,155) (27,525) (46,750) (38,903)
Ending units 717,755  164,573  148,028  299,744  204,964 
The accompanying Notes to Financial Statements are an integral part of this statement.




7
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

AB VPS Relative Value Portfolio Class A AB VPS Relative Value Portfolio Class B AB VPS Small Cap Growth Portfolio Class A AB VPS Sustainable Global Thematic Portfolio Class A AB VPS Sustainable Global Thematic Portfolio Class B
For the Year Ended December 31, 2024
From operations:
Dividends $ 378,042  $ 407,916  $ 20,536  $ —  $ — 
Mortality and expense risk and administrative charges (376,420) (465,455) (122,818) (91,911) (52,589)
Net investment income (loss) 1,622  (57,539) (102,282) (91,911) (52,589)
Net realized gain (loss) 187,938  41,978  (1,028,458) 786,707  463,921 
Capital gain distribution from mutual funds 898,058  1,147,786  —  17,961  11,352 
Change in unrealized appreciation (depreciation) of investments 1,826,108  2,440,378  2,500,673  (385,820) (243,825)
Increase (decrease) in net assets from operations 2,913,726  3,572,603  1,369,933  326,937  178,859 
From contract transactions:
Payments received from contract owners 100,937  995,198  762  2,810  90,801 
Payments for contract benefits or terminations (4,185,608) (5,159,798) (1,333,212) (1,322,869) (357,233)
Transfers between sub-accounts (including fixed account), net (140,205) (856,841) 314,211  (56,834) (243,882)
Contract maintenance charges (49,902) (111,146) (28,334) (11,665) (11,170)
Adjustments to net assets allocated to contracts in payout period 1,371  19,752  5,503  20,027  88 
Increase (decrease) in net assets from contract transactions (4,273,407) (5,112,835) (1,041,070) (1,368,531) (521,396)
Increase (decrease) in net assets (1,359,681) (1,540,232) 328,863  (1,041,594) (342,537)
Net assets at beginning of period 26,786,679  33,297,796  8,299,623  6,931,866  3,661,570 
Net assets at end of period $ 25,426,998  $ 31,757,564  $ 8,628,486  $ 5,890,272  $ 3,319,033 
Beginning units 210,925  274,920  162,676  166,960  93,480 
Units issued 10,942  10,869  11,346  13,532  8,099 
Units redeemed (41,808) (49,967) (29,385) (44,980) (20,578)
Ending units 180,059  235,822  144,637  135,512  81,001 
For the Year Ended December 31, 2023
From operations:
Dividends $ 401,546  $ 426,289  $ —  $ 19,656  $ 1,119 
Mortality and expense risk and administrative charges (375,709) (464,745) (116,371) (96,945) (52,739)
Net investment income (loss) 25,837  (38,456) (116,371) (77,289) (51,620)
Net realized gain (loss) (155,314) (310,375) (640,537) 562,835  273,051 
Capital gain distribution from mutual funds 2,111,619  2,692,706  —  406,653  241,227 
Change in unrealized appreciation (depreciation) of investments 655,282  855,208  2,005,525  33,104  12,843 
Increase (decrease) in net assets from operations 2,637,424  3,199,083  1,248,617  925,303  475,501 
From contract transactions:
Payments received from contract owners 113,140  933,918  2,274  35,371  21,413 
Payments for contract benefits or terminations (3,377,663) (3,769,842) (748,339) (844,663) (430,393)
Transfers between sub-accounts (including fixed account), net (435,413) (655,399) (147,805) (64,575) (27,148)
Contract maintenance charges (50,623) (108,334) (25,601) (12,992) (11,015)
Adjustments to net assets allocated to contracts in payout period 28,757  5,551  931  2,686  30 
Increase (decrease) in net assets from contract transactions (3,721,802) (3,594,106) (918,540) (884,173) (447,113)
Increase (decrease) in net assets (1,084,378) (395,023) 330,077  41,130  28,388 
Net assets at beginning of period 27,871,057  33,692,819  7,969,546  6,890,736  3,633,182 
Net assets at end of period $ 26,786,679  $ 33,297,796  $ 8,299,623  $ 6,931,866  $ 3,661,570 
Beginning units 242,006  306,469  181,805  189,822  105,799 
Units issued 4,817  9,142  2,617  3,028  1,765 
Units redeemed (35,898) (40,691) (21,746) (25,890) (14,084)
Ending units 210,925  274,920  162,676  166,960  93,480 
The accompanying Notes to Financial Statements are an integral part of this statement.






8
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

AB VPS Sustainable International Thematic Portfolio Class A BlackRock II High Yield V.I. Fund Class I BlackRock II Total Return V.I. Fund Class I BlackRock Advantage Large Cap Core V.I. Fund Class I BlackRock Advantage SMID Cap V.I. Fund Class I
For the Year Ended December 31, 2024
From operations:
Dividends $ —  $ 3,124  $ 22,550  $ 9,203  $ 2,705 
Mortality and expense risk and administrative charges (27,489) (580) (6,670) (19,732) (5,123)
Net investment income (loss) (27,489) 2,544  15,880  (10,529) (2,418)
Net realized gain (loss) (1,314,463) (725) (10,010) (35,203) (16,343)
Capital gain distribution from mutual funds —  —  —  130,096  — 
Change in unrealized appreciation (depreciation) of investments 1,241,616  1,755  (6,981) 215,101  53,384 
Increase (decrease) in net assets from operations (100,336) 3,574  (1,111) 299,465  34,623 
From contract transactions:
Payments received from contract owners 11,114  —  1,393  2,409  — 
Payments for contract benefits or terminations (463,141) (39,154) (38,387) (88,938) (223,680)
Transfers between sub-accounts (including fixed account), net (7,270,874) (265) 248,575  (183,002) (1)
Contract maintenance charges (4,835) (89) (1,815) (4,530) (914)
Adjustments to net assets allocated to contracts in payout period 50  —  324  560  — 
Increase (decrease) in net assets from contract transactions (7,727,686) (39,508) 210,090  (273,501) (224,595)
Increase (decrease) in net assets (7,828,022) (35,934) 208,979  25,964  (189,972)
Net assets at beginning of period 7,828,022  49,875  435,561  1,270,890  544,526 
Net assets at end of period $ —  $ 13,941  $ 644,540  $ 1,296,854  $ 354,554 
Beginning units 176,665  1,762  24,449  21,831  8,104 
Units issued 9,513  —  13,877  175  99 
Units redeemed (186,178) (1,301) (2,135) (3,996) (3,424)
Ending units —  461  36,191  18,010  4,779 
For the Year Ended December 31, 2023
From operations:
Dividends $ —  $ 3,306  $ 17,807  $ 10,158  $ 4,909 
Mortality and expense risk and administrative charges (111,388) (654) (5,916) (15,949) (8,330)
Net investment income (loss) (111,388) 2,652  11,891  (5,791) (3,421)
Net realized gain (loss) 95,755  (88) (1,364) (22,265) (55,261)
Capital gain distribution from mutual funds 293,652  —  —  —  — 
Change in unrealized appreciation (depreciation) of investments 545,786  2,873  9,017  270,291  149,147 
Increase (decrease) in net assets from operations 823,805  5,437  19,544  242,235  90,465 
From contract transactions:
Payments received from contract owners 98,077  —  —  —  — 
Payments for contract benefits or terminations (906,028) —  —  (1,784) (156,649)
Transfers between sub-accounts (including fixed account), net (63,869) (240) (1,338) (1) (1)
Contract maintenance charges (19,284) (96) (1,271) (3,168) (1,636)
Adjustments to net assets allocated to contracts in payout period 320  —  —  —  — 
Increase (decrease) in net assets from contract transactions (890,784) (336) (2,609) (4,953) (158,286)
Increase (decrease) in net assets (66,979) 5,101  16,935  237,282  (67,821)
Net assets at beginning of period 7,895,001  44,774  418,626  1,033,608  612,347 
Net assets at end of period $ 7,828,022  $ 49,875  $ 435,561  $ 1,270,890  $ 544,526 
Beginning units 197,901  1,766  24,522  21,931  10,680 
Units issued 6,716  —  —  371  — 
Units redeemed (27,952) (4) (73) (471) (2,576)
Ending units 176,665  1,762  24,449  21,831  8,104 
The accompanying Notes to Financial Statements are an integral part of this statement.






9
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

BlackRock Basic Value V.I. Fund Class I BlackRock Equity Dividend V.I. Fund Class I BlackRock Global Allocation V.I. Fund Class I BlackRock Government Money Market V.I. Fund Class I BlackRock International V.I. Fund Class I
For the Year Ended December 31, 2024
From operations:
Dividends $ 21,791  $ 7,509  $ 13,094  $ 30,553  $ 1,221 
Mortality and expense risk and administrative charges (16,466) (4,140) (14,118) (8,774) (3,647)
Net investment income (loss) 5,325  3,369  (1,024) 21,779  (2,426)
Net realized gain (loss) 17,384  657  5,140  —  (15,067)
Capital gain distribution from mutual funds 78,361  22,370  61,348  —  — 
Change in unrealized appreciation (depreciation) of investments 1,125  (3,086) 9,607  —  16,520 
Increase (decrease) in net assets from operations 102,195  23,310  75,071  21,779  (973)
From contract transactions:
Payments received from contract owners 537  —  1  —  358 
Payments for contract benefits or terminations (105,657) (878) (195,797) (137,235) (15,754)
Transfers between sub-accounts (including fixed account), net (114,717) 1  8,363  103,249  (63,779)
Contract maintenance charges (2,876) (848) (2,583) (954) (886)
Adjustments to net assets allocated to contracts in payout period 125  —  —  —  83 
Increase (decrease) in net assets from contract transactions (222,588) (1,725) (190,016) (34,940) (79,978)
Increase (decrease) in net assets (120,393) 21,585  (114,945) (13,161) (80,951)
Net assets at beginning of period 1,174,097  273,762  1,090,420  588,910  285,261 
Net assets at end of period $ 1,053,704  $ 295,347  $ 975,475  $ 575,749  $ 204,310 
Beginning units 23,406  4,590  32,023  52,216  11,676 
Units issued 537  —  237  15,602  — 
Units redeemed (4,636) (26) (5,659) (18,516) (3,226)
Ending units 19,307  4,564  26,601  49,302  8,450 
For the Year Ended December 31, 2023
From operations:
Dividends $ 19,799  $ 5,249  $ 23,242  $ 28,456  $ 2,348 
Mortality and expense risk and administrative charges (12,764) (3,580) (14,317) (8,406) (4,020)
Net investment income (loss) 7,035  1,669  8,925  20,050  (1,672)
Net realized gain (loss) 6,575  161  (2,684) —  (3,192)
Capital gain distribution from mutual funds 43,784  12,878  —  —  — 
Change in unrealized appreciation (depreciation) of investments 79,128  11,751  104,259  —  49,521 
Increase (decrease) in net assets from operations 136,522  26,459  110,500  20,050  44,657 
From contract transactions:
Payments for contract benefits or terminations (1,810) (673) (168) (46,775) (2,247)
Transfers between sub-accounts (including fixed account), net 176,179  1  (1) (1) (27,360)
Contract maintenance charges (2,112) (739) (2,691) (838) (879)
Increase (decrease) in net assets from contract transactions 172,257  (1,411) (2,860) (47,614) (30,486)
Increase (decrease) in net assets 308,779  25,048  107,640  (27,564) 14,171 
Net assets at beginning of period 865,318  248,714  982,780  616,474  271,090 
Net assets at end of period $ 1,174,097  $ 273,762  $ 1,090,420  $ 588,910  $ 285,261 
Beginning units 19,856  4,616  32,113  56,554  13,024 
Units issued 6,383  —  —  3,019  — 
Units redeemed (2,833) (26) (90) (7,357) (1,348)
Ending units 23,406  4,590  32,023  52,216  11,676 
The accompanying Notes to Financial Statements are an integral part of this statement.
10
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

BlackRock Large Cap Focus Growth V.I. Fund Class I BNY Mellon Stock Index Fund, Inc. Initial Shares Fidelity VIP Asset Manager Portfolio Initial Class Fidelity VIP Contrafund Portfolio Initial Class Fidelity VIP Government Money Market Portfolio Initial Class
For the Year Ended December 31, 2024
From operations:
Dividends $ —  $ 20,804  $ 7,721  $ 2,076  $ 735,803 
Mortality and expense risk and administrative charges (2,838) (25,085) (4,543) (15,353) (206,722)
Net investment income (loss) (2,838) (4,281) 3,178  (13,277) 529,081 
Net realized gain (loss) 81,605  57,566  (2,858) 30,636  — 
Capital gain distribution from mutual funds 17,970  109,295  2,017  133,035  — 
Change in unrealized appreciation (depreciation) of investments (35,514) 197,261  18,814  137,206  — 
Increase (decrease) in net assets from operations 61,223  359,841  21,151  287,600  529,081 
From contract transactions:
Payments received from contract owners 1  720  —  1,303  139,775 
Payments for contract benefits or terminations (291,517) (67,238) (46,850) (43,035) (2,665,898)
Transfers between sub-accounts (including fixed account), net 62,458  1  4  (13) 4,574,870 
Contract maintenance charges (550) (608) (138) (402) (31,600)
Adjustments to net assets allocated to contracts in payout period —  1,369  —  —  20,196 
Increase (decrease) in net assets from contract transactions (229,608) (65,756) (46,984) (42,147) 2,037,343 
Increase (decrease) in net assets (168,385) 294,085  (25,833) 245,453  2,566,424 
Net assets at beginning of period 415,822  1,611,396  343,303  941,193  12,648,725 
Net assets at end of period $ 247,437  $ 1,905,481  $ 317,470  $ 1,186,646  $ 15,215,149 
Beginning units 9,063  20,307  9,591  11,940  1,317,129 
Units issued 1,095  328  819  457  619,676 
Units redeemed (6,005) (1,099) (2,120) (986) (402,699)
Ending units 4,153  19,536  8,290  11,411  1,534,106 
For the Year Ended December 31, 2023
From operations:
Dividends $ —  $ 21,048  $ 7,738  $ 4,196  $ 624,028 
Mortality and expense risk and administrative charges (4,926) (20,594) (4,561) (12,172) (181,217)
Net investment income (loss) (4,926) 454  3,177  (7,976) 442,811 
Net realized gain (loss) 729  36,306  (1,198) 56,326  — 
Capital gain distribution from mutual funds 7,080  53,576  3,485  30,626  — 
Change in unrealized appreciation (depreciation) of investments 137,514  228,885  29,869  158,209  — 
Increase (decrease) in net assets from operations 140,397  319,221  35,333  237,185  442,811 
From contract transactions:
Payments received from contract owners —  84,084  —  —  134,254 
Payments for contract benefits or terminations (975) (126,660) (4,386) (100,489) (2,082,893)
Transfers between sub-accounts (including fixed account), net (1) 3  (2) (1,003) 191,079 
Contract maintenance charges (1,055) (606) (176) (423) (26,569)
Adjustments to net assets allocated to contracts in payout period —  1,266  —  —  35,250 
Increase (decrease) in net assets from contract transactions (2,031) (41,913) (4,564) (101,915) (1,748,879)
Increase (decrease) in net assets 138,366  277,308  30,769  135,270  (1,306,068)
Net assets at beginning of period 277,456  1,334,088  312,534  805,923  13,954,793 
Net assets at end of period $ 415,822  $ 1,611,396  $ 343,303  $ 941,193  $ 12,648,725 
Beginning units 9,116  20,879  9,725  13,454  1,508,209 
Units issued —  40  —  —  58,599 
Units redeemed (53) (612) (134) (1,514) (249,679)
Ending units 9,063  20,307  9,591  11,940  1,317,129 
The accompanying Notes to Financial Statements are an integral part of this statement.
11
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Fidelity VIP Government Money Market Portfolio Service Class 2 Fidelity VIP Growth Portfolio Initial Class Fidelity VIP High Income Portfolio Initial Class Fidelity VIP Investment Grade Bond Portfolio Initial Class Fidelity VIP Overseas Portfolio Initial Class
For the Year Ended December 31, 2024
From operations:
Dividends $ 393,138  $ 15  $ 2,323  $ 20,123  $ 1,550 
Mortality and expense risk and administrative charges (117,811) (23,954) (547) (8,094) (1,326)
Net investment income (loss) 275,327  (23,939) 1,776  12,029  224 
Net realized gain (loss) —  37,083  (7) (2,038) 921 
Capital gain distribution from mutual funds —  381,508  —  —  4,297 
Change in unrealized appreciation (depreciation) of investments —  15,379  1,044  (7,874) (2,254)
Increase (decrease) in net assets from operations 275,327  410,031  2,813  2,117  3,188 
From contract transactions:
Payments received from contract owners 118,745  900  —  240  360 
Payments for contract benefits or terminations (1,334,333) (30,559) (1,030) (1,484) (507)
Transfers between sub-accounts (including fixed account), net 1,336,776  14  (1) (3) 1 
Contract maintenance charges (30,689) (813) (17) (1,005) (29)
Adjustments to net assets allocated to contracts in payout period 3,662  20  —  —  — 
Increase (decrease) in net assets from contract transactions 94,161  (30,438) (1,048) (2,252) (175)
Increase (decrease) in net assets 369,488  379,593  1,765  (135) 3,013 
Net assets at beginning of period 7,973,348  1,443,199  37,653  574,470  88,270 
Net assets at end of period $ 8,342,836  $ 1,822,792  $ 39,418  $ 574,335  $ 91,283 
Beginning units 853,460  15,384  1,652  24,647  2,881 
Units issued 206,076  8  —  5  11 
Units redeemed (195,519) (279) (43) (101) (15)
Ending units 864,017  15,113  1,609  24,551  2,877 
For the Year Ended December 31, 2023
From operations:
Dividends $ 368,166  $ 1,674  $ 2,132  $ 14,546  $ 868 
Mortality and expense risk and administrative charges (114,118) (18,000) (544) (7,735) (1,136)
Net investment income (loss) 254,048  (16,326) 1,588  6,811  (268)
Net realized gain (loss) —  78,337  (4,321) (2,357) 481 
Capital gain distribution from mutual funds —  60,181  —  —  219 
Change in unrealized appreciation (depreciation) of investments —  258,493  6,741  21,299  13,529 
Increase (decrease) in net assets from operations 254,048  380,685  4,008  25,753  13,961 
From contract transactions:
Payments received from contract owners 62,737  10,676  —  —  360 
Payments for contract benefits or terminations (1,290,100) (127,368) (23,371) (1,889) — 
Transfers between sub-accounts (including fixed account), net 722,101  (2,836) (686) 7,934  — 
Contract maintenance charges (29,909) (783) (24) (985) (31)
Adjustments to net assets allocated to contracts in payout period 7,133  —  —  —  — 
Increase (decrease) in net assets from contract transactions (528,038) (120,311) (24,081) 5,060  329 
Increase (decrease) in net assets (273,990) 260,374  (20,073) 30,813  14,290 
Net assets at beginning of period 8,247,338  1,182,825  57,726  543,657  73,980 
Net assets at end of period $ 7,973,348  $ 1,443,199  $ 37,653  $ 574,470  $ 88,270 
Beginning units 910,782  16,940  2,759  24,428  2,870 
Units issued 112,711  21  —  348  13 
Units redeemed (170,033) (1,577) (1,107) (129) (2)
Ending units 853,460  15,384  1,652  24,647  2,881 
The accompanying Notes to Financial Statements are an integral part of this statement.
12
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Invesco V.I. American Franchise Fund Series I Invesco V.I. EQV International Equity Fund Series 1 LVIP BlackRock Global Allocation Fund Standard Class LVIP Delaware High Yield Fund Standard Class LVIP Delaware Limited-Term Diversified Income Fund Standard Class
For the Year Ended December 31, 2024
From operations:
Dividends $ —  $ 1,240  $ 1,366  $ 1,282  $ — 
Mortality and expense risk and administrative charges (2,875) (993) (1,357) (261) (5)
Net investment income (loss) (2,875) 247  9  1,021  (5)
Net realized gain (loss) 1,705  756  2,989  (482) (61)
Capital gain distribution from mutual funds —  369  2,474  —  — 
Change in unrealized appreciation (depreciation) of investments 57,787  (1,920) 3,232  511  70 
Increase (decrease) in net assets from operations 56,617  (548) 8,704  1,050  4 
From contract transactions:
Payments received from contract owners —  6,687  —  —  — 
Payments for contract benefits or terminations (1,795) (8,071) (23,374) (3,913) (1,175)
Transfers between sub-accounts (including fixed account), net 3  (8) 201  (1) 1 
Contract maintenance charges (48) (15) (91) (39) (5)
Adjustments to net assets allocated to contracts in payout period 1,294  —  —  —  — 
Increase (decrease) in net assets from contract transactions (546) (1,407) (23,264) (3,953) (1,179)
Increase (decrease) in net assets 56,071  (1,955) (14,560) (2,903) (1,175)
Net assets at beginning of period 171,554  69,434  119,639  23,056  1,175 
Net assets at end of period $ 227,625  $ 67,479  $ 105,079  $ 20,153  $ — 
Beginning units 4,886  2,352  10,956  414  41 
Units issued 40  110  —  —  — 
Units redeemed (52) (158) (2,058) (70) (41)
Ending units 4,874  2,304  8,898  344  — 
For the Year Ended December 31, 2023
From operations:
Dividends $ —  $ 129  $ 3,430  $ 1,496  $ 41 
Mortality and expense risk and administrative charges (2,088) (913) (1,751) (301) (18)
Net investment income (loss) (2,088) (784) 1,679  1,195  23 
Net realized gain (loss) 1,025  2,971  311  (867) (43)
Capital gain distribution from mutual funds 3,405  48  —  —  — 
Change in unrealized appreciation (depreciation) of investments 46,014  8,477  11,517  2,179  70 
Increase (decrease) in net assets from operations 48,356  10,712  13,507  2,507  50 
From contract transactions:
Payments for contract benefits or terminations (2,417) (12,539) (37,149) (4,860) (684)
Transfers between sub-accounts (including fixed account), net (3) (151) 425  —  (1)
Contract maintenance charges (49) (27) (90) (40) (5)
Adjustments to net assets allocated to contracts in payout period 1,158  —  —  —  — 
Increase (decrease) in net assets from contract transactions (1,311) (12,717) (36,814) (4,900) (690)
Increase (decrease) in net assets 47,045  (2,005) (23,307) (2,393) (640)
Net assets at beginning of period 124,509  71,439  142,946  25,449  1,815 
Net assets at end of period $ 171,554  $ 69,434  $ 119,639  $ 23,056  $ 1,175 
Beginning units 4,928  2,819  14,689  509  66 
Units issued 41  24  —  —  — 
Units redeemed (83) (491) (3,733) (95) (25)
Ending units 4,886  2,352  10,956  414  41 
The accompanying Notes to Financial Statements are an integral part of this statement.
13
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

LVIP Delaware Value Fund Standard Class VanEck VIP Emerging Markets Fund Initial Class VanEck VIP Global Resources Fund Initial Class Vanguard 500 Index Fund Admiral Shares Vanguard Dividend Growth Fund Investor Shares
For the Year Ended December 31, 2024
From operations:
Dividends $ 11,303  $ 1,269  $ 740  $ 334  $ 16,680 
Mortality and expense risk and administrative charges (7,557) (1,061) (405) (190) (5,087)
Net investment income (loss) 3,746  208  335  144  11,593 
Net realized gain (loss) (1,257) (93) (227) 1,425  7,046 
Capital gain distribution from mutual funds 21,872  —  —  —  90,112 
Change in unrealized appreciation (depreciation) of investments 10,447  (257) (1,229) 3,828  (33,101)
Increase (decrease) in net assets from operations 34,808  (142) (1,121) 5,397  75,650 
From contract transactions:
Payments received from contract owners —  —  7,177  —  — 
Payments for contract benefits or terminations (49,830) —  (8,465) (4,506) (123,353)
Transfers between sub-accounts (including fixed account), net —  (7) —  812  25,611 
Contract maintenance charges (255) (117) (67) —  — 
Adjustments to net assets allocated to contracts in payout period —  —  —  1,852  71,607 
Increase (decrease) in net assets from contract transactions (50,085) (124) (1,355) (1,842) (26,135)
Increase (decrease) in net assets (15,277) (266) (2,476) 3,555  49,515 
Net assets at beginning of period 591,760  71,579  28,798  23,297  918,717 
Net assets at end of period $ 576,483  $ 71,313  $ 26,322  $ 26,852  $ 968,232 
Beginning units 4,907  2,705  1,114  431  13,876 
Units issued —  —  149  18  1,818 
Units redeemed (391) (5) (200) (60) (1,946)
Ending units 4,516  2,700  1,063  389  13,748 
For the Year Ended December 31, 2023
From operations:
Dividends $ 9,856  $ 2,467  $ 828  $ 340  $ 15,168 
Mortality and expense risk and administrative charges (7,355) (961) (414) (160) (4,428)
Net investment income (loss) 2,501  1,506  414  180  10,740 
Net realized gain (loss) (3,712) (1,204) (115) 3,803  6,052 
Capital gain distribution from mutual funds 26,175  —  —  —  5,417 
Change in unrealized appreciation (depreciation) of investments (13,621) 5,798  (1,831) 920  42,299 
Increase (decrease) in net assets from operations 11,343  6,100  (1,532) 4,903  64,508 
From contract transactions:
Payments for contract benefits or terminations (42,061) (8,129) (857) (3,017) (103,231)
Transfers between sub-accounts (including fixed account), net (1) (651) —  11  56,051 
Contract maintenance charges (255) (118) (78) —  — 
Adjustments to net assets allocated to contracts in payout period —  —  —  1,217  70,053 
Increase (decrease) in net assets from contract transactions (42,317) (8,898) (935) (1,789) 22,873 
Increase (decrease) in net assets (30,974) (2,798) (2,467) 3,114  87,381 
Net assets at beginning of period 622,734  74,377  31,265  20,183  831,336 
Net assets at end of period $ 591,760  $ 71,579  $ 28,798  $ 23,297  $ 918,717 
Beginning units 5,277  3,042  1,149  456  12,965 
Units issued —  —  —  37  2,869 
Units redeemed (370) (337) (35) (62) (1,958)
Ending units 4,907  2,705  1,114  431  13,876 
The accompanying Notes to Financial Statements are an integral part of this statement.
14
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard Federal Money Market Fund Investor Shares Vanguard GNMA Fund Investor Shares Vanguard Health Care Fund Investor Shares Vanguard Inflation-Protected Securities Fund Investor Shares Vanguard International Growth Fund Investor Shares
For the Year Ended December 31, 2024
From operations:
Dividends $ 20,912  $ 998  $ 113  $ 15,873  $ 66 
Mortality and expense risk and administrative charges (2,143) (148) (72) (2,169) (67)
Net investment income (loss) 18,769  850  41  13,704  (1)
Net realized gain (loss) —  (2,768) 236  (7,979) (1,276)
Capital gain distribution from mutual funds —  —  1,378  —  712 
Change in unrealized appreciation (depreciation) of investments —  2,170  (1,830) 232  1,305 
Increase (decrease) in net assets from operations 18,769  252  (175) 5,957  740 
From contract transactions:
Payments for contract benefits or terminations (30,368) (4,198) (1,976) (40,158) (1,039)
Transfers between sub-accounts (including fixed account), net 1  (16,362) (7) 7,818  2 
Adjustments to net assets allocated to contracts in payout period 5,539  6,730  1,365  (64,761) 345 
Increase (decrease) in net assets from contract transactions (24,828) (13,830) (618) (97,101) (692)
Increase (decrease) in net assets (6,059) (13,578) (793) (91,144) 48 
Net assets at beginning of period 412,451  31,426  13,378  429,921  8,905 
Net assets at end of period $ 406,392  $ 17,848  $ 12,585  $ 338,777  $ 8,953 
Beginning units 34,530  1,880  188  23,720  220 
Units issued 4,193  602  11  422  — 
Units redeemed (2,742) (1,410) (25) (3,173) (28)
Ending units 35,981  1,072  174  20,969  192 
For the Year Ended December 31, 2023
From operations:
Dividends $ 18,890  $ 1,279  $ 111  $ 17,787  $ 92 
Mortality and expense risk and administrative charges (1,969) (202) (67) (2,246) (63)
Net investment income (loss) 16,921  1,077  44  15,541  29 
Net realized gain (loss) —  (3,108) 47  (20,877) (510)
Capital gain distribution from mutual funds —  —  834  —  74 
Change in unrealized appreciation (depreciation) of investments —  3,263  (248) 17,968  1,504 
Increase (decrease) in net assets from operations 16,921  1,232  677  12,632  1,097 
From contract transactions:
Payments for contract benefits or terminations (29,994) (4,812) (1,868) (39,585) (963)
Transfers between sub-accounts (including fixed account), net (1) (101) (8) 3,869  (1)
Adjustments to net assets allocated to contracts in payout period 64,274  (6,334) 1,393  6,848  606 
Increase (decrease) in net assets from contract transactions 34,279  (11,247) (483) (28,868) (358)
Increase (decrease) in net assets 51,200  (10,015) 194  (16,236) 739 
Net assets at beginning of period 361,251  41,441  13,184  446,157  8,166 
Net assets at end of period $ 412,451  $ 31,426  $ 13,378  $ 429,921  $ 8,905 
Beginning units 35,770  2,637  172  24,804  214 
Units issued 1,597  —  44  1,216  30 
Units redeemed (2,837) (757) (28) (2,300) (24)
Ending units 34,530  1,880  188  23,720  220 
The accompanying Notes to Financial Statements are an integral part of this statement.
15
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard LifeStrategy Conservative Growth Fund Investor Shares Vanguard LifeStrategy Growth Fund Investor Shares Vanguard LifeStrategy Income Fund Investor Shares Vanguard LifeStrategy Moderate Growth Fund Investor Shares Vanguard Small-Cap Growth Index Fund Admiral Shares
For the Year Ended December 31, 2024
From operations:
Dividends $ 15,453  $ 15,262  $ 5,617  $ 55,554  $ 12 
Mortality and expense risk and administrative charges (2,658) (3,432) (901) (10,809) (15)
Net investment income (loss) 12,795  11,830  4,716  44,745  (3)
Net realized gain (loss) 5,765  16,314  (2,087) 52,652  (35)
Capital gain distribution from mutual funds 17,883  22,528  2,831  80,929  — 
Change in unrealized appreciation (depreciation) of investments (2,316) 26,806  2,116  14,472  348 
Increase (decrease) in net assets from operations 34,127  77,478  7,576  192,798  310 
From contract transactions:
Payments for contract benefits or terminations (51,227) (65,414) (22,024) (248,743) (332)
Transfers between sub-accounts (including fixed account), net 4,559  (6,804) 1,167  1,071  8 
Adjustments to net assets allocated to contracts in payout period (3,567) (71,016) (34,921) (411) 220 
Increase (decrease) in net assets from contract transactions (50,235) (143,234) (55,778) (248,083) (104)
Increase (decrease) in net assets (16,108) (65,756) (48,202) (55,285) 206 
Net assets at beginning of period 502,438  630,485  176,450  2,031,012  2,003 
Net assets at end of period $ 486,330  $ 564,729  $ 128,248  $ 1,975,727  $ 2,209 
Beginning units 19,824  16,691  8,785  64,954  39 
Units issued 7  3  31  —  — 
Units redeemed (2,193) (1,950) (1,947) (8,864) (8)
Ending units 17,638  14,744  6,869  56,090  31 
For the Year Ended December 31, 2023
From operations:
Dividends $ 13,270  $ 14,385  $ 6,866  $ 53,482  $ 15 
Mortality and expense risk and administrative charges (2,155) (2,964) (1,292) (9,817) (15)
Net investment income (loss) 11,115  11,421  5,574  43,665  — 
Net realized gain (loss) 3,728  (32,761) (47,428) (42,722) 234 
Capital gain distribution from mutual funds 11,314  4,171  —  28,262  — 
Change in unrealized appreciation (depreciation) of investments 15,127  107,897  68,043  194,480  133 
Increase (decrease) in net assets from operations 41,284  90,728  26,189  223,685  367 
From contract transactions:
Payments for contract benefits or terminations (40,611) (57,841) (26,175) (227,759) (293)
Transfers between sub-accounts (including fixed account), net 265,447  (3,951) (233,139) 1  (4)
Adjustments to net assets allocated to contracts in payout period 28,869  41,475  (24,670) 58,970  144 
Increase (decrease) in net assets from contract transactions 253,705  (20,317) (283,984) (168,788) (153)
Increase (decrease) in net assets 294,989  70,411  (257,795) 54,897  214 
Net assets at beginning of period 207,449  560,074  434,245  1,976,115  1,789 
Net assets at end of period $ 502,438  $ 630,485  $ 176,450  $ 2,031,012  $ 2,003 
Beginning units 8,894  16,094  21,836  63,418  37 
Units issued 13,207  2,351  201  9,176  7 
Units redeemed (2,277) (1,754) (13,252) (7,640) (5)
Ending units 19,824  16,691  8,785  64,954  39 
The accompanying Notes to Financial Statements are an integral part of this statement.
16
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard Total International Stock Index Fund Admiral Shares Vanguard U.S. Growth Fund Investor Shares Vanguard VIF Balanced Portfolio Vanguard VIF Capital Growth Portfolio Vanguard VIF Diversified Value Portfolio
For the Year Ended December 31, 2024
From operations:
Dividends $ 424  $ 18  $ 136,953  $ 10,547  $ 10,498 
Mortality and expense risk and administrative charges (162) (68) (30,351) (4,445) (3,305)
Net investment income (loss) 262  (50) 106,602  6,102  7,193 
Net realized gain (loss) 7,541  (294) 74,364  133,302  17,305 
Capital gain distribution from mutual funds —  409  296,204  19,278  37,945 
Change in unrealized appreciation (depreciation) of investments (3,286) 2,392  296,320  (44,198) 21,568 
Increase (decrease) in net assets from operations 4,517  2,457  773,490  114,484  84,011 
From contract transactions:
Payments for contract benefits or terminations (2,967) (1,461) (612,105) (145,469) (85,314)
Transfers between sub-accounts (including fixed account), net (44) (3) 8,140  1,315  2,526 
Adjustments to net assets allocated to contracts in payout period (67,061) 639  (438,153) 10,321  (80,005)
Increase (decrease) in net assets from contract transactions (70,072) (825) (1,042,118) (133,833) (162,793)
Increase (decrease) in net assets (65,555) 1,632  (268,628) (19,349) (78,782)
Net assets at beginning of period 70,599  8,224  5,641,873  794,879  615,377 
Net assets at end of period $ 5,044  $ 9,856  $ 5,373,245  $ 775,530  $ 536,595 
Beginning units 2,509  163  125,330  9,503  11,772 
Units issued —  4  476  3,078  237 
Units redeemed (2,357) (24) (19,582) (3,316) (3,037)
Ending units 152  143  106,224  9,265  8,972 
For the Year Ended December 31, 2023
From operations:
Dividends $ 2,443  $ 24  $ 105,237  $ 10,005  $ 7,572 
Mortality and expense risk and administrative charges (373) (54) (27,332) (5,114) (3,188)
Net investment income (loss) 2,070  (30) 77,905  4,891  4,384 
Net realized gain (loss) (2,977) (919) (57,531) (56,609) 14,767 
Capital gain distribution from mutual funds —  —  203,941  48,204  28,784 
Change in unrealized appreciation (depreciation) of investments 11,318  3,574  457,781  231,257  59,004 
Increase (decrease) in net assets from operations 10,411  2,625  682,096  227,743  106,939 
From contract transactions:
Payments for contract benefits or terminations 219  (1,110) (522,920) (135,402) (72,887)
Transfers between sub-accounts (including fixed account), net (43) —  5,335  (8,436) (10,406)
Adjustments to net assets allocated to contracts in payout period (9,872) 221  314,706  (347,082) (402)
Increase (decrease) in net assets from contract transactions (9,696) (889) (202,879) (490,920) (83,695)
Increase (decrease) in net assets 715  1,736  479,217  (263,177) 23,244 
Net assets at beginning of period 69,884  6,488  5,162,656  1,058,056  592,133 
Net assets at end of period $ 70,599  $ 8,224  $ 5,641,873  $ 794,879  $ 615,377 
Beginning units 2,750  179  124,622  15,115  12,418 
Units issued 36  9  14,209  286  1,112 
Units redeemed (277) (25) (13,501) (5,898) (1,758)
Ending units 2,509  163  125,330  9,503  11,772 
The accompanying Notes to Financial Statements are an integral part of this statement.
17
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard VIF Equity Income Portfolio Vanguard VIF Equity Index Portfolio Vanguard VIF Growth Portfolio Vanguard VIF High Yield Bond Portfolio Vanguard VIF International Portfolio
For the Year Ended December 31, 2024
From operations:
Dividends $ 43,947  $ 12,485  $ 1,493  $ 21,299  $ 40,188 
Mortality and expense risk and administrative charges (8,032) (5,008) (2,963) (1,898) (17,840)
Net investment income (loss) 35,915  7,477  (1,470) 19,401  22,348 
Net realized gain (loss) (11,781) 27,198  53,658  (9,036) 65,775 
Capital gain distribution from mutual funds 92,643  35,695  —  —  106,384 
Change in unrealized appreciation (depreciation) of investments 90,909  136,553  107,186  10,523  80,256 
Increase (decrease) in net assets from operations 207,686  206,923  159,374  20,888  274,763 
From contract transactions:
Payments for contract benefits or terminations (178,940) (100,076) (61,860) (48,476) (342,428)
Transfers between sub-accounts (including fixed account), net 4,537  2,358  1,852  1,061  43,684 
Adjustments to net assets allocated to contracts in payout period 8,949  (122,298) (32,663) (67,076) 40,169 
Increase (decrease) in net assets from contract transactions (165,454) (220,016) (92,671) (114,491) (258,575)
Increase (decrease) in net assets 42,232  (13,093) 66,703  (93,603) 16,188 
Net assets at beginning of period 1,423,551  895,161  480,105  353,918  3,245,882 
Net assets at end of period $ 1,465,783  $ 882,068  $ 546,808  $ 260,315  $ 3,262,070 
Beginning units 25,784  14,882  7,638  12,620  72,303 
Units issued 1,265  —  232  1,439  2,189 
Units redeemed (3,463) (2,237) (778) (1,687) (9,508)
Ending units 23,586  12,645  7,092  12,372  64,984 
For the Year Ended December 31, 2023
From operations:
Dividends $ 36,794  $ 11,302  $ 1,102  $ 16,193  $ 45,078 
Mortality and expense risk and administrative charges (7,345) (4,190) (2,407) (1,823) (16,549)
Net investment income (loss) 29,449  7,112  (1,305) 14,370  28,529 
Net realized gain (loss) 37,556  48,468  (103,208) (14,124) (116,029)
Capital gain distribution from mutual funds 71,935  25,032  —  —  97,201 
Change in unrealized appreciation (depreciation) of investments (34,827) 103,209  257,245  35,887  406,413 
Increase (decrease) in net assets from operations 104,113  183,821  152,732  36,133  416,114 
From contract transactions:
Payments for contract benefits or terminations (157,030) (92,461) (52,615) (44,379) (308,706)
Transfers between sub-accounts (including fixed account), net 28,677  (248) 56  127  (4,675)
Adjustments to net assets allocated to contracts in payout period 54,794  22,867  (55,949) 6,032  80,303 
Increase (decrease) in net assets from contract transactions (73,559) (69,842) (108,508) (38,220) (233,078)
Increase (decrease) in net assets 30,554  113,979  44,224  (2,087) 183,036 
Net assets at beginning of period 1,392,997  781,182  435,881  356,005  3,062,846 
Net assets at end of period $ 1,423,551  $ 895,161  $ 480,105  $ 353,918  $ 3,245,882 
Beginning units 25,887  15,450  8,839  14,095  71,251 
Units issued 3,531  1,132  —  255  10,781 
Units redeemed (3,634) (1,700) (1,201) (1,730) (9,729)
Ending units 25,784  14,882  7,638  12,620  72,303 
The accompanying Notes to Financial Statements are an integral part of this statement.
18
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard VIF Mid-Cap Index Portfolio Vanguard VIF Real Estate Index Portfolio Vanguard VIF Short-Term Investment-Grade Portfolio Vanguard VIF Small Company Growth Portfolio Vanguard VIF Total Bond Market Index Portfolio
For the Year Ended December 31, 2024
From operations:
Dividends $ 19,203  $ 23,893  $ 11,929  $ 3,411  $ 12,200 
Mortality and expense risk and administrative charges (7,346) (3,811) (1,710) (3,389) (2,179)
Net investment income (loss) 11,857  20,082  10,219  22  10,021 
Net realized gain (loss) (22,361) (65,038) (5,419) 8,381  (1,981)
Capital gain distribution from mutual funds 16,004  20,156  —  —  — 
Change in unrealized appreciation (depreciation) of investments 189,040  58,896  9,564  57,298  (3,976)
Increase (decrease) in net assets from operations 194,540  34,096  14,364  65,701  4,064 
From contract transactions:
Payments for contract benefits or terminations (146,486) (84,457) (31,047) (74,771) (52,940)
Transfers between sub-accounts (including fixed account), net (10,055) (17,594) 18,677  1,313  18,466 
Adjustments to net assets allocated to contracts in payout period (6,942) (1,956) (11,613) 35,998  (116,297)
Increase (decrease) in net assets from contract transactions (163,483) (104,007) (23,983) (37,460) (150,771)
Increase (decrease) in net assets 31,057  (69,911) (9,619) 28,241  (146,707)
Net assets at beginning of period 1,329,473  729,883  313,129  618,729  425,042 
Net assets at end of period $ 1,360,530  $ 659,972  $ 303,510  $ 646,970  $ 278,335 
Beginning units 21,827  17,396  19,823  12,306  25,507 
Units issued 532  160  1,693  20  1,085 
Units redeemed (3,663) (2,970) (2,677) (1,984) (3,842)
Ending units 18,696  14,586  18,839  10,342  22,750 
For the Year Ended December 31, 2023
From operations:
Dividends $ 17,651  $ 16,298  $ 6,125  $ 2,086  $ 8,960 
Mortality and expense risk and administrative charges (6,578) (3,772) (1,607) (2,956) (2,214)
Net investment income (loss) 11,073  12,526  4,518  (870) 6,746 
Net realized gain (loss) 25,469  (20,964) (6,608) (65,072) (26,069)
Capital gain distribution from mutual funds 22,150  30,747  —  —  — 
Change in unrealized appreciation (depreciation) of investments 130,167  58,160  18,853  170,518  39,543 
Increase (decrease) in net assets from operations 188,859  80,469  16,763  104,576  20,220 
From contract transactions:
Payments for contract benefits or terminations (133,953) (82,194) (27,763) (66,926) (53,514)
Transfers between sub-accounts (including fixed account), net (6,317) (66,672) 12,315  (1,253) 4,039 
Adjustments to net assets allocated to contracts in payout period 71,870  30,856  10,069  35,267  8,091 
Increase (decrease) in net assets from contract transactions (68,400) (118,010) (5,379) (32,912) (41,384)
Increase (decrease) in net assets 120,459  (37,541) 11,384  71,664  (21,164)
Net assets at beginning of period 1,209,014  767,424  301,745  547,065  446,206 
Net assets at end of period $ 1,329,473  $ 729,883  $ 313,129  $ 618,729  $ 425,042 
Beginning units 21,878  18,131  20,009  11,480  27,463 
Units issued 3,052  3,031  3,293  2,214  1,766 
Units redeemed (3,103) (3,766) (3,479) (1,388) (3,722)
Ending units 21,827  17,396  19,823  12,306  25,507 
The accompanying Notes to Financial Statements are an integral part of this statement.
19
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

Vanguard VIF Total Stock Market Index Portfolio
For the Year Ended December 31, 2024
From operations:
Dividends $ 51,793 
Mortality and expense risk and administrative charges (20,871)
Net investment income (loss) 30,922 
Net realized gain (loss) 25,768 
Capital gain distribution from mutual funds 283,949 
Change in unrealized appreciation (depreciation) of investments 490,473 
Increase (decrease) in net assets from operations 831,112 
From contract transactions:
Payments for contract benefits or terminations (416,907)
Transfers between sub-accounts (including fixed account), net (45,664)
Adjustments to net assets allocated to contracts in payout period (497,925)
Increase (decrease) in net assets from contract transactions (960,496)
Increase (decrease) in net assets (129,384)
Net assets at beginning of period 3,857,945 
Net assets at end of period $ 3,728,561 
Beginning units 65,952 
Units issued 124 
Units redeemed (14,694)
Ending units 51,382 
For the Year Ended December 31, 2023
From operations:
Dividends $ 41,700 
Mortality and expense risk and administrative charges (19,121)
Net investment income (loss) 22,579 
Net realized gain (loss) 135,741 
Capital gain distribution from mutual funds 203,235 
Change in unrealized appreciation (depreciation) of investments 478,823 
Increase (decrease) in net assets from operations 840,378 
From contract transactions:
Payments for contract benefits or terminations (358,088)
Transfers between sub-accounts (including fixed account), net (46,146)
Adjustments to net assets allocated to contracts in payout period (62,459)
Increase (decrease) in net assets from contract transactions (466,693)
Increase (decrease) in net assets 373,685 
Net assets at beginning of period 3,484,260 
Net assets at end of period $ 3,857,945 
Beginning units 68,755 
Units issued 4,715 
Units redeemed (7,518)
Ending units 65,952 
The accompanying Notes to Financial Statements are an integral part of this statement.




20
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS

1.    Organization
Separate Account I (the “Separate Account”) is a segregated investment account established by American General Life Insurance Company (“AGL”) to receive and invest premium payments from variable annuity contracts issued by AGL. AGL is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life”), which is wholly owned by Corebridge Life Holdings, Inc. (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”). American International Group, Inc. (“AIG”) owned approximately 22.7% and Nippon Life Insurance Company owned approximately 21.7% of outstanding Corebridge common stock as of December 31, 2024.
The Separate Account includes the following products, which are no longer available for sale:
Gallery Paradigm
Group Immediate Variable Annuity (“GIVA”) Profile
Individual Immediate Variable Annuity (“IVA”) Trilogy
Ovation Vanguard Lifetime Income Program Group
Ovation Advisor and Variable Annuity (“Vanguard SPIA”)
Ovation Plus Variable Annuity
1.     Organization
The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940, as amended. The Separate Account consists of various sub-accounts. Each sub-account invests all its investible assets in a corresponding eligible mutual fund, which is registered under the 1940 Act as an open- ended management investment company. The names in bold in the table below are the diversified, open-ended management investment companies and the names below them are the names of the sub-accounts/corresponding eligible mutual funds. Collectively, all of the mutual funds are referred to as “Funds” throughout these financial statements..
For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2024 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods to reflect a full twelve months, except as noted below.
AB Variable Products Series Fund, Inc. (AB VPS)
AB VPS Balanced Hedged Allocation Portfolio Class A AB VPS Relative Value Portfolio Class B
AB VPS Discovery Value Portfolio Class A AB VPS Small Cap Growth Portfolio Class A
AB VPS International Value Portfolio Class A AB VPS Sustainable Global Thematic Portfolio Class A
AB VPS Large Cap Growth Portfolio Class A AB VPS Sustainable Global Thematic Portfolio Class B
AB VPS Large Cap Growth Portfolio Class B
AB VPS Sustainable International Thematic Portfolio Class A(b)
AB VPS Relative Value Portfolio Class A
BlackRock Variable Series Funds II, Inc. (BlackRock)
BlackRock II High Yield V.I. Fund Class I BlackRock II Total Return V.I. Fund Class I
BlackRock Variable Series Funds, Inc. (BlackRock)
BlackRock Advantage Large Cap Core V.I. Fund Class I BlackRock Global Allocation V.I. Fund Class I
BlackRock Advantage SMID Cap V.I. Fund Class I BlackRock Government Money Market V.I. Fund Class I
BlackRock Basic Value V.I. Fund Class I BlackRock International V.I. Fund Class I
BlackRock Equity Dividend V.I. Fund Class I BlackRock Large Cap Focus Growth V.I. Fund Class I
BNY Mellon Stock Index Fund Inc.
BNY Mellon Stock Index Fund, Inc. Initial Shares
Fidelity Variable Insurance Products (Fidelity VIP)
Fidelity VIP Asset Manager Portfolio Initial Class Fidelity VIP Growth Portfolio Initial Class
Fidelity VIP Contrafund Portfolio Initial Class Fidelity VIP High Income Portfolio Initial Class
Fidelity VIP Government Money Market Portfolio Initial Class Fidelity VIP Investment Grade Bond Portfolio Initial Class
Fidelity VIP Government Money Market Portfolio Service Class 2 Fidelity VIP Overseas Portfolio Initial Class
21
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series I Invesco V.I. EQV International Equity Fund Series 1
Lincoln Variable Insurance Products Trust (LVIP)
LVIP BlackRock Global Allocation Fund Standard Class
LVIP Delaware SMID Cap Core Fund Standard Class(a)
LVIP Delaware High Yield Fund Standard Class LVIP Delaware Value Fund Standard Class
LVIP Delaware Limited-Term Diversified Income Fund Standard Class(c)
VanEck VIP Trust (VanEck VIP)
VanEck VIP Emerging Markets Fund Initial Class VanEck VIP Global Resources Fund Initial Class
The Vanguard Group, Inc. (Vanguard)
Vanguard 500 Index Fund Admiral Shares Vanguard LifeStrategy Income Fund Investor Shares
Vanguard Dividend Growth Fund Investor Shares Vanguard LifeStrategy Moderate Growth Fund Investor Shares
Vanguard Federal Money Market Fund Investor Shares Vanguard Small-Cap Growth Index Fund Admiral Shares
Vanguard GNMA Fund Investor Shares
Vanguard Small-Cap Value Index Fund Admiral Shares(a)
Vanguard Health Care Fund Investor Shares
Vanguard Total Bond Market Index Fund Admiral Shares(a)
Vanguard Inflation-Protected Securities Fund Investor Shares Vanguard Total International Stock Index Fund Admiral Shares
Vanguard International Growth Fund Investor Shares Vanguard U.S. Growth Fund Investor Shares
Vanguard LifeStrategy Conservative Growth Fund Investor Shares
Vanguard Wellington Fund Investor Shares(a)
Vanguard LifeStrategy Growth Fund Investor Shares
Vanguard Windsor Fund Investor Shares(a)
Vanguard Variable Insurance Fund (Vanguard VIF)
Vanguard VIF Balanced Portfolio Vanguard VIF International Portfolio
Vanguard VIF Capital Growth Portfolio Vanguard VIF Mid-Cap Index Portfolio
Vanguard VIF Conservative Allocation Portfolio(a)
Vanguard VIF Moderate Allocation Portfolio(a)
Vanguard VIF Diversified Value Portfolio Vanguard VIF Real Estate Index Portfolio
Vanguard VIF Equity Income Portfolio Vanguard VIF Short-Term Investment-Grade Portfolio
Vanguard VIF Equity Index Portfolio Vanguard VIF Small Company Growth Portfolio
Vanguard VIF Growth Portfolio Vanguard VIF Total Bond Market Index Portfolio
Vanguard VIF High Yield Bond Portfolio Vanguard VIF Total Stock Market Index Portfolio

(a)    Sub-account had no activity during the current year or prior year and no assets or liabilities as of December 31, 2024.
(b)    Statement of Operations and Changes in Net Assets for the period January 1, 2023 to December 31, 2023 and January 1, 2024 to April 16, 2024 (cessation of operations).
(c)     Sub-account had no assets and liabilities as of December 31, 2024 and is therefore not included in the Statement of Assets and Liabilities and the Schedule of Portfolio Investments.
In addition to the sub-accounts above, a contract owner may allocate contract funds to a fixed account, which is part of AGL’s General Account and not included in these financial statements. Contract owners should refer to the product prospectus for the available Funds and fixed account.
The assets of each of the sub-accounts of the Separate Account are registered in the name of AGL. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from AGL’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business of AGL.
Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.
Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of the subaccounts may vary based on the underlying fund’s investment objectives specified in the fund prospectuses. The chief operating decision maker (CODM) oversees the performance of the underlying funds to evaluate the results of the business and make operational decisions. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

22
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2.    Summary of Significant Accounting Policy
The financial statements of the Separate Account have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account in the preparation of its financial statements.
Use of Estimates: The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from assumptions used, the financial statements of the Separate Account could be materially affected.
Investments: Investments in mutual funds are valued at their closing net asset value per share as determined by the respective mutual funds, which generally value their securities at fair value. Purchases and sales of shares of the Funds are made at the net asset values of such Funds. Transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are recognized at the date of sale and are determined on a first-in, first-out basis. Dividends and capital gain distributions from the Funds are recorded on the ex-dividend date and reinvested upon receipt.
Reserves for Annuity Contracts in Payout: Net assets allocated to contracts in the payout period are based on industry standard mortality tables depending on the calendar year of annuitization as well as other assumptions, including provisions for the risk of adverse deviation from assumptions.
An assumed interest rate between 3.50 percent and 5.00 percent is used in determining annuity payments for all contracts.
At each reporting period, the assumptions must be evaluated based on current experience, and the reserves must be adjusted accordingly. To the extent additional reserves are established due to mortality risk experience, AGL makes payments to the Separate Account. If there are excess reserves remaining at the time annuity payments cease, the assets supporting those reserves are transferred from the Separate Account to the General Account. Transfers between the General Account and the Separate Account, if any, are disclosed as adjustments to net assets allocated to contracts in payout period in the Statements of Operations and Changes in Net Assets. Annuity benefit payments are recorded as payments for contract benefits or terminations in the Statements of Operations and Changes in Net Assets.
Accumulation Unit: This is the basic valuation unit used to calculate the contract owner’s interest. Such units are valued daily to reflect investment performance and the prorated daily deduction for expense charges.
Income Taxes: The operations of the Separate Account are included in the federal income tax return of AGL, which is taxed as a life insurance company under the provision of the Internal Revenue Code (the Code). Under the current provisions of the Code, AGL does not expect to incur federal income taxes on the earnings of the Separate Account to the extent that the earnings are credited under the contracts. As a result, no charge is currently made to the Separate Account for federal income taxes. The Separate Account is not treated as a regulated investment company under the Code. AGL will periodically review changes in the tax law. AGL retains the right to charge for any federal income tax incurred which is applicable to the Separate Account if the law is changed.
3.    Fair Value Measurements
Assets recorded at fair value in the Separate Account’s Statement of Assets and Liabilities are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1— Fair value measurements based on quoted prices (unadjusted) in active markets that the Separate Account has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Separate Account does not adjust the quoted price for such instruments.
• Level 2— Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3— Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair value positions in Level 3. The circumstances for these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Separate Account makes certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
23
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Separate Account assets measured at fair value as of December 31, 2024 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2024, and respective hierarchy levels.
4.    Expenses
Expense charges are applied against the current value of the Separate Account and are paid to AGL as follows:
Separate Account Annual Charges: Deductions for the mortality and expense risk charges are calculated daily, at an annual rate, on the actual prior day’s net asset value of the underlying Funds comprising the sub-accounts attributable to the contract owners and are paid to AGL. The mortality risk charge represents compensation to AGL for the mortality risks assumed under the contract, which is the obligation to provide payments during the payout period for the life of the contract and to provide the standard death benefit. The expense risk charge represents compensation to AGL for assuming the risk that the current contract administration charges will be insufficient to cover the cost of administering the contract in the future. These charges are included on the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets.
The exact rate depends on the particular product issued. Expense charges for each product are as follows:
Products Separate Account Annual Charges Maximum Annual Rate
Gallery 1.40%
GIVA 1.25%
IVA 1.25%
Ovation 1.40%
Ovation Advisor 1.40%
Ovation Plus 1.40%
Paradigm 1.40%
Profile 1.40%
Trilogy 1.40%
Vanguard SPIA 0.52%
Variable Annuity 1.25%
Annual Administrative Charge: An annual administrative expense charge may be assessed against each contract on its anniversary date. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.
An annual administrative expense charge of $30 may be assessed against each contract. For Ovation, Ovation Advisor, Paradigm, Profile, and Trilogy products, if the contract value equals or exceeds $50,000 the administrative expense charge may be waived. Contracts under the Ovation Plus, Vanguard SPIA, and GIVA products are not subject to the annual administrative expense charge.
Distribution Charge: Daily charges for distribution expense are assessed on contracts issued under certain product and are equivalent to certain percentage of the value of the contracts. This covers all expenses associated with the distribution of the contract. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.
An annual distribution charge of 0.20 percent of the value of the contracts is assessed against all contracts issued under the Ovation Plus product.
Withdrawal Charge: A withdrawal charge is applicable to certain contract withdrawals pursuant to the contract and is payable to AGL. The withdrawal charges are included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.
24
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The maximum withdrawal charge is 6 percent of the contract value subject to a maximum charge of 8.50 percent of premiums paid for single premium contracts and a maximum charge of 6 percent of premiums paid for flexible premium contracts. The partial withdrawal charge is the lesser of 2 percent of the amount withdrawn or $25. Contracts under the Ovation Advisor, Vanguard SPIA and GIVA products are not subject to withdrawal charges.
Transfer Fee: A transfer fee may be assessed on each transfer of funds in excess of the maximum transactions allowed within a contract year depending on the contract provision. The transfer fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.
A transfer fee of $10 is assessed on each transfer in excess of 12 transfers during the contract year may be assessed on all contracts issued under the Vanguard SPIA and GIVA products.
Accidental Death Benefit Charge: Daily charges for the accidental death benefit (ADB) option are assessed through the daily unit value calculation on all contracts that have elected this option. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.
An annual charge of 0.05 percent of the value of the contracts is assessed against all contracts that have elected this option.
Death Benefit Rider Charges: Daily charges for the death benefit rider option are assessed on all contracts that have elected this option and are equivalent to an annual rate applied on the value of the contract. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.
Plan Death Benefit Rider Annual Charges
Annual Ratchet Plan 0.10% of the contract value
Equity Assurance Plan 0.20% of the contract value(a)
Estate Benefit Payment 0.20% of the contract value

(a)     For Ovation, Ovation Advisor, Ovation Plus, Paradigm, Profile, and Trilogy products this is the annual charge for Ages 60 and over. The annual charge for Ages 0-59 is 0.07%.
Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.50 percent. Some states assess premium taxes at the time of purchase payments, while some other states assess premium taxes when annuity payments begin or upon surrender. There are certain states that do not assess premium taxes. If the law of the state requires premium taxes to be paid when purchase payments are made, AGL will deduct the tax from such payments prior to depositing the payments into the Separate Account. Otherwise, such tax will be deducted from the account value when annuity payments begin. Premium taxes are included as part of the payments received from contract owners line in the Statements of Operations and Changes in Net Assets.
25
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5.    Purchases and Sales of Investments
For the year ended December 31, 2024, the aggregate cost of purchases and proceeds from the sales of investments were:
Sub-accounts Cost of Purchases Proceeds from Sales
AB VPS Balanced Hedged Allocation Portfolio Class A $ 1,165,710 $ 2,301,522
AB VPS Discovery Value Portfolio Class A 973,618 1,530,059
AB VPS International Value Portfolio Class A 374,328 583,862
AB VPS Large Cap Growth Portfolio Class A 3,175,521 11,216,120
AB VPS Large Cap Growth Portfolio Class B 1,800,803 6,582,045
AB VPS Relative Value Portfolio Class A 1,954,257 5,327,984
AB VPS Relative Value Portfolio Class B 2,212,284 6,234,871
AB VPS Small Cap Growth Portfolio Class A 484,440 1,627,792
AB VPS Sustainable Global Thematic Portfolio Class A 461,395 1,903,875
AB VPS Sustainable Global Thematic Portfolio Class B 310,363 872,997
AB VPS Sustainable International Thematic Portfolio Class A 359,099 8,114,055
BlackRock II High Yield V.I. Fund Class I 3,046 39,823
BlackRock II Total Return V.I. Fund Class I 270,088 45,106
BlackRock Advantage Large Cap Core V.I. Fund Class I 150,437 304,371
BlackRock Advantage SMID Cap V.I. Fund Class I 9,498 236,512
BlackRock Basic Value V.I. Fund Class I 128,041 266,943
BlackRock Equity Dividend V.I. Fund Class I 29,879 5,866
BlackRock Global Allocation V.I. Fund Class I 82,765 212,457
BlackRock Government Money Market V.I. Fund Class I 208,316 221,477
BlackRock International V.I. Fund Class I 1,221 83,626
BlackRock Large Cap Focus Growth V.I. Fund Class I 80,421 294,897
BNY Mellon Stock Index Fund, Inc. Initial Shares 130,145 90,886
Fidelity VIP Asset Manager Portfolio Initial Class 9,738 51,527
Fidelity VIP Contrafund Portfolio Initial Class 135,727 58,117
Fidelity VIP Government Money Market Portfolio Initial Class 6,025,232 3,442,847
Fidelity VIP Government Money Market Portfolio Service Class 2 2,255,607 1,886,119
Fidelity VIP Growth Portfolio Initial Class 381,579 54,446
Fidelity VIP High Income Portfolio Initial Class 2,323 1,594
Fidelity VIP Investment Grade Bond Portfolio Initial Class 20,221 10,444
Fidelity VIP Overseas Portfolio Initial Class 6,121 1,775
Invesco V.I. American Franchise Fund Series I 97 3,522
Invesco V.I. EQV International Equity Fund Series 1 4,963 5,752
LVIP BlackRock Global Allocation Fund Standard Class 3,840 24,621
LVIP Delaware High Yield Fund Standard Class 1,282 4,214
LVIP Delaware Limited-Term Diversified Income Fund Standard Class 0 1,185
LVIP Delaware Value Fund Standard Class 33,175 57,642
VanEck VIP Emerging Markets Fund Initial Class 1,269 1,186
VanEck VIP Global Resources Fund Initial Class 4,331 5,353
Vanguard 500 Index Fund Admiral Shares 2,451 4,930
Vanguard Dividend Growth Fund Investor Shares 321,334 227,224
Vanguard Federal Money Market Fund Investor Shares 75,880 41,989
Vanguard GNMA Fund Investor Shares 11,345 23,939
Vanguard Health Care Fund Investor Shares 4,048 3,739
Vanguard Inflation-Protected Securities Fund Investor Shares 36,492 74,207
Vanguard International Growth Fund Investor Shares 1,740 2,232
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 50,373 78,035
Vanguard LifeStrategy Growth Fund Investor Shares 73,659 119,741
Vanguard LifeStrategy Income Fund Investor Shares 22,260 55,699
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 292,745 468,932
Vanguard Small-Cap Growth Index Fund Admiral Shares 411 896
Vanguard Total International Stock Index Fund Admiral Shares 2,654 79,864
Vanguard U.S. Growth Fund Investor Shares 1,543 2,435
Vanguard VIF Balanced Portfolio 831,516 1,385,688
Vanguard VIF Capital Growth Portfolio 558,743 565,400
Vanguard VIF Diversified Value Portfolio 134,031 255,984
Vanguard VIF Equity Income Portfolio 373,432 383,610
Vanguard VIF Equity Index Portfolio 163,096 276,582
Vanguard VIF Growth Portfolio 157,049 203,918
Vanguard VIF High Yield Bond Portfolio 95,489 83,795
Vanguard VIF International Portfolio 634,006 866,222
26
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Sub-accounts Cost of Purchases Proceeds from Sales
Vanguard VIF Mid-Cap Index Portfolio $ 206,941 $ 400,297
Vanguard VIF Real Estate Index Portfolio 173,874 266,006
Vanguard VIF Short-Term Investment-Grade Portfolio 65,770 72,532
Vanguard VIF Small Company Growth Portfolio 128,694 240,249
Vanguard VIF Total Bond Market Index Portfolio 61,884 99,369
Vanguard VIF Total Stock Market Index Portfolio 659,470 1,342,100
27
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6.    Financial Highlights
The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2024, follows:

December 31, 2024 For the Year Ended December 31, 2024
Investment Expense Total
Unit Value ($)(a)(f) December 31, 2024 Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
AB VPS Balanced Hedged Allocation Portfolio Class A 644,749 21.00 21.17 13,647,209 2.02 1.40 1.45 7.26 7.32
AB VPS Discovery Value Portfolio Class A 148,183 62.35 63.10 9,339,278 0.87 1.40 1.45 8.43 8.48
AB VPS International Value Portfolio Class A 136,011 19.48 19.71 2,676,610 2.66 1.40 1.45 3.55 3.60
AB VPS Large Cap Growth Portfolio Class A 246,206 183.52 186.06 44,792,869 0.06 1.40 1.45 23.44 23.51
AB VPS Large Cap Growth Portfolio Class B 169,259 172.50 174.88 29,573,423 0.00 1.40 1.45 23.14 23.21
AB VPS Relative Value Portfolio Class A 180,059 141.65 143.61 25,426,998 1.45 1.40 1.45 11.39 11.44
AB VPS Relative Value Portfolio Class B 235,822 132.93 134.76 31,757,564 1.25 1.40 1.45 11.13 11.19
AB VPS Small Cap Growth Portfolio Class A 144,637 58.95 59.77 8,628,486 0.24 1.40 1.45 16.92 16.98
AB VPS Sustainable Global Thematic Portfolio Class A 135,512 42.98 43.57 5,890,272 0.00 1.40 1.45 4.67 4.73
AB VPS Sustainable Global Thematic Portfolio Class B 81,001 40.46 41.02 3,319,033 0.00 1.40 1.45 4.43 4.48
AB VPS Sustainable International Thematic Portfolio Class A — 43.23 43.81 — 0.00 1.40 1.45 -1.25 -1.24
BlackRock II High Yield V.I. Fund Class I 461 30.22 13,941 9.79 1.40 6.75
BlackRock II Total Return V.I. Fund Class I 36,191 17.81 644,540 4.18 1.40 -0.03
BlackRock Advantage Large Cap Core V.I. Fund Class I 18,010 71.06 72.04 1,296,854 0.72 1.40 1.45 23.63 23.69
BlackRock Advantage SMID Cap V.I. Fund Class I 4,779 73.34 74.34 354,554 0.60 1.40 1.45 10.43 10.49
BlackRock Basic Value V.I. Fund Class I 19,307 53.93 54.67 1,053,704 1.96 1.40 1.45 8.78 8.83
BlackRock Equity Dividend V.I. Fund Class I 4,564 64.72 295,347 2.64 1.40 8.52
BlackRock Global Allocation V.I. Fund Class I 26,601 36.20 36.69 975,475 1.27 1.40 1.45 7.65 7.71
BlackRock Government Money Market V.I. Fund Class I 49,302 11.52 11.68 575,749 5.25 1.40 1.45 3.50 3.55
BlackRock International V.I. Fund Class I 8,450 23.87 24.18 204,310 0.50 1.40 1.45 -1.08 -1.03
BlackRock Large Cap Focus Growth V.I. Fund Class I 4,153 59.58 247,437 0.00 1.40 29.87
BNY Mellon Stock Index Fund, Inc. Initial Shares 19,536 97.54 1,905,481 1.18 1.40 22.92
Fidelity VIP Asset Manager Portfolio Initial Class 8,290 38.29 317,470 2.34 1.40 6.98
Fidelity VIP Contrafund Portfolio Initial Class 11,411 102.60 104.01 1,186,646 0.20 1.40 1.45 31.86 31.92
Fidelity VIP Government Money Market Portfolio Initial Class 1,534,106 9.78 11.19 15,215,149 5.28 0.52 1.45 3.58 4.56
Fidelity VIP Government Money Market Portfolio Service Class 2 864,017 9.60 9.67 8,342,836 4.82 1.40 1.45 3.32 3.37
Fidelity VIP Growth Portfolio Initial Class 15,113 118.98 120.62 1,822,792 0.00 1.40 1.45 28.50 28.57
Fidelity VIP High Income Portfolio Initial Class 1,609 24.49 39,418 6.03 1.40 7.45
Fidelity VIP Investment Grade Bond Portfolio Initial Class 24,551 23.39 574,335 3.50 1.40 0.37
Fidelity VIP Overseas Portfolio Initial Class 2,877 31.73 91,283 1.73 1.40 3.58
Invesco V.I. American Franchise Fund Series I 4,874 46.41 46.71 227,625 0.00 1.40 1.45 32.94 33.00
Invesco V.I. EQV International Equity Fund Series 1 2,304 28.91 29.30 67,479 1.81 1.40 1.45 -0.84 -0.79
LVIP BlackRock Global Allocation Fund Standard Class 8,898 11.81 105,079 1.22 1.25 8.14
LVIP Delaware High Yield Fund Standard Class 344 58.63 20,153 5.93 1.25 5.33
LVIP Delaware Limited-Term Diversified Income Fund Standard Class — 28.43 — 0.00 1.25 0.32
LVIP Delaware Value Fund Standard Class 4,516 127.66 576,483 1.94 1.25 5.85
VanEck VIP Emerging Markets Fund Initial Class 2,700 26.41 71,313 1.78 1.40 -0.21
VanEck VIP Global Resources Fund Initial Class 1,063 24.50 24.84 26,322 2.69 1.40 1.45 -4.24 -4.19
Vanguard 500 Index Fund Admiral Shares 389 66.79 26,852 1.33 0.75 24.03
Vanguard Dividend Growth Fund Investor Shares 13,748 59.97 71.43 968,232 1.77 0.52 0.75 8.21 8.46
Vanguard Federal Money Market Fund Investor Shares 35,981 11.31 406,392 5.11 0.52 4.68
Vanguard GNMA Fund Investor Shares 1,072 16.52 17,848 4.05 0.52 0.53
Vanguard Health Care Fund Investor Shares 174 71.42 12,585 0.87 0.52 -2.10
Vanguard Inflation-Protected Securities Fund Investor Shares 20,969 18.45 338,777 4.13 0.52 1.22
Vanguard International Growth Fund Investor Shares 192 45.37 8,953 0.74 0.75 8.54
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 17,638 27.39 486,330 3.13 0.52 6.98
Vanguard LifeStrategy Growth Fund Investor Shares 14,744 43.20 564,729 2.55 0.52 12.59
Vanguard LifeStrategy Income Fund Investor Shares 6,869 21.27 128,248 3.69 0.52 4.12
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 56,090 35.16 1,975,727 2.77 0.52 9.74
Vanguard Small-Cap Growth Index Fund Admiral Shares 31 65.31 2,209 0.57 0.75 15.61
Vanguard Total International Stock Index Fund Admiral Shares 152 32.48 5,044 1.12 0.52 4.63
Vanguard U.S. Growth Fund Investor Shares 143 67.17 9,856 0.20 0.75 30.90
Vanguard VIF Balanced Portfolio 106,224 52.15 5,373,245 2.49 0.52 14.20
Vanguard VIF Capital Growth Portfolio 9,265 98.02 775,530 1.34 0.52 12.82
Vanguard VIF Diversified Value Portfolio 8,972 49.79 62.57 536,595 1.82 0.52 0.75 14.02 14.29
Vanguard VIF Equity Income Portfolio 23,586 64.38 1,465,783 3.04 0.52 14.52
Vanguard VIF Equity Index Portfolio 12,645 75.94 882,068 1.40 0.52 24.19
Vanguard VIF Growth Portfolio 7,092 86.04 546,808 0.29 0.52 32.44
Vanguard VIF High Yield Bond Portfolio 12,372 26.20 29.13 260,315 6.94 0.52 0.75 5.65 5.89
Vanguard VIF International Portfolio 64,984 40.89 51.05 3,262,070 1.24 0.52 0.75 8.19 8.44
Vanguard VIF Mid-Cap Index Portfolio 18,696 71.85 1,360,530 1.43 0.52 14.48
Vanguard VIF Real Estate Index Portfolio 14,586  46.58  659,972  3.44 0.52 4.20
28
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2024 For the Year Ended December 31, 2024
Investment Expense Total
Unit Value ($)(a)(f) December 31, 2024 Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
Vanguard VIF Short-Term Investment-Grade Portfolio 18,839 16.58 303,510 3.87 0.52 4.35
Vanguard VIF Small Company Growth Portfolio 10,342  60.03  646,970  0.54 0.52 10.80
Vanguard VIF Total Bond Market Index Portfolio 22,750  15.59  16.87  278,335  3.47 0.52 0.75 0.48 0.72
Vanguard VIF Total Stock Market Index Portfolio 51,382  75.38  3,728,561  1.37 0.52 23.07

December 31, 2023 For the Year Ended December 31, 2023
Investment Expense Total
Unit Value ($)(a)(f) Net Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
AB VPS Balanced Hedged Allocation Portfolio Class A 717,755  19.58  19.73  14,157,116  1.14 1.40 1.45 11.41 11.47
AB VPS Discovery Value Portfolio Class A 164,573  57.51  58.16  9,564,072  1.04 1.40 1.45 15.50 15.55
AB VPS International Value Portfolio Class A 148,028  18.81  19.02  2,813,359  0.81 1.40 1.45 13.50 13.55
AB VPS Large Cap Growth Portfolio Class A 299,744  148.67  150.65  44,318,826  0.00 1.40 1.45 33.19 33.26
AB VPS Large Cap Growth Portfolio Class B 204,964  140.08  141.94  29,064,592  0.00 1.40 1.45 32.85 32.92
AB VPS Relative Value Portfolio Class A 210,925  127.17  128.86  26,786,679  1.47 1.40 1.45 10.42 10.47
AB VPS Relative Value Portfolio Class B 274,920  119.61  121.20  33,297,796  1.27 1.40 1.45 10.12 10.17
AB VPS Small Cap Growth Portfolio Class A 162,676  50.42  51.09  8,299,623  0.00 1.40 1.45 16.33 16.39
AB VPS Sustainable Global Thematic Portfolio Class A 166,960  41.06  41.60  6,931,866  0.28 1.40 1.45 14.34 14.40
AB VPS Sustainable Global Thematic Portfolio Class B 93,480  38.74  39.26  3,661,570  0.03 1.40 1.45 14.04 14.10
AB VPS Sustainable International Thematic Portfolio Class A 176,665  43.77  44.36  7,828,022  0.00 1.40 1.45 11.02 11.07
BlackRock II High Yield V.I. Fund Class I 1,762  28.30  49,875  6.99 1.40 11.62
BlackRock II Total Return V.I. Fund Class I 24,449  17.81  435,561  4.17 1.40 4.36
BlackRock Advantage Large Cap Core V.I. Fund Class I 21,831  57.48  58.24  1,270,890  0.88 1.40 1.45 23.43 23.49
BlackRock Advantage SMID Cap V.I. Fund Class I 8,104  66.41  67.28  544,526  0.85 1.40 1.45 17.18 17.24
BlackRock Basic Value V.I. Fund Class I 23,406  49.58  50.24  1,174,097  1.94 1.40 1.45 14.94 14.99
BlackRock Equity Dividend V.I. Fund Class I 4,590  59.64  273,762  2.01 1.40 10.68
BlackRock Global Allocation V.I. Fund Class I 32,023  33.62  34.07  1,090,420  2.24 1.40 1.45 11.21 11.26
BlackRock Government Money Market V.I. Fund Class I 52,216  11.14  11.28  588,910  4.72 1.40 1.45 3.35 3.40
BlackRock International V.I. Fund Class I 11,676  24.13  24.43  285,261  0.84 1.40 1.45 17.31 17.37
BlackRock Large Cap Focus Growth V.I. Fund Class I 9,063  45.88  415,822  0.00 1.40 50.74
BNY Mellon Stock Index Fund, Inc. Initial Shares 20,307  79.35  1,611,396  1.43 1.40 24.18
Fidelity VIP Asset Manager Portfolio Initial Class 9,591  35.79  343,303  2.36 1.40 11.38
Fidelity VIP Contrafund Portfolio Initial Class 11,940  77.81  78.84  941,193  0.48 1.40 1.45 31.54 31.60
Fidelity VIP Government Money Market Portfolio Initial Class 1,317,129  9.44  10.70  12,648,725  4.69 0.52 1.45 3.39 4.35
Fidelity VIP Government Money Market Portfolio Service Class 2 853,460  9.30  9.35  7,973,348  4.54 1.40 1.45 3.13 3.18
Fidelity VIP Growth Portfolio Initial Class 15,384  92.59  93.82  1,443,199  0.13 1.40 1.45 34.28 34.35
Fidelity VIP High Income Portfolio Initial Class 1,652  22.80  37,653  4.47 1.40 8.95
Fidelity VIP Investment Grade Bond Portfolio Initial Class 24,647  23.31  574,470  2.60 1.40 4.73
Fidelity VIP Overseas Portfolio Initial Class 2,881  30.64  88,270  1.07 1.40 18.84
Invesco V.I. American Franchise Fund Series I 4,886  34.91  35.12  171,554  0.00 1.40 1.45 38.91 38.97
Invesco V.I. EQV International Equity Fund Series 1 2,352  29.15  29.54  69,434  0.18 1.40 1.45 16.45 16.51
LVIP BlackRock Global Allocation Fund Standard Class 10,956  10.92  119,639  2.61 1.25 12.22
LVIP Delaware High Yield Fund Standard Class 414  55.66  23,056  6.17 1.25 11.27
LVIP Delaware Limited-Term Diversified Income Fund Standard Class 41  28.34  1,175  2.74 1.25 3.69
LVIP Delaware Value Fund Standard Class 4,907  120.61  591,760  1.62 1.25 2.21
VanEck VIP Emerging Markets Fund Initial Class 2,705  26.46  71,579  3.38 1.40 8.25
VanEck VIP Global Resources Fund Initial Class 1,114  25.58  25.92  28,798  2.76 1.40 1.45 -4.97 -4.92
Vanguard 500 Index Fund Admiral Shares 431  53.85  23,297  1.56 0.75 25.30
Vanguard Dividend Growth Fund Investor Shares 13,876  55.42  65.86  918,717  1.73 0.52 0.75 7.30 7.54
Vanguard Federal Money Market Fund Investor Shares 34,530  10.81  412,451  4.88 0.52 4.55
Vanguard GNMA Fund Investor Shares 1,880  16.44  31,426  3.51 0.52 4.61
Vanguard Health Care Fund Investor Shares 188  72.95  13,378  0.84 0.52 4.88
Vanguard Inflation-Protected Securities Fund Investor Shares 23,720  18.22  429,921  4.06 0.52 3.20
Vanguard International Growth Fund Investor Shares 220  41.80  8,905  1.08 0.75 13.81
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 19,824  25.16  25.61  502,438  3.74 0.52 0.75 11.64 11.89
Vanguard LifeStrategy Growth Fund Investor Shares 16,691  35.78  38.37  630,485  2.42 0.52 0.75 17.67 17.94
Vanguard LifeStrategy Income Fund Investor Shares 8,785  20.43  20.55  176,450  2.25 0.52 0.75 8.66 8.91
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 64,954  32.04  2,031,012  2.67 0.52 14.89
Vanguard Small-Cap Growth Index Fund Admiral Shares 39  56.49  2,003  0.79 0.75 20.50
Vanguard Total International Stock Index Fund Admiral Shares 2,509  31.04  70,599  3.48 0.52 14.88
Vanguard U.S. Growth Fund Investor Shares 163  51.32  8,224  0.33 0.75 44.09
Vanguard VIF Balanced Portfolio 125,330  45.66  5,641,873  1.95 0.52 13.73
Vanguard VIF Capital Growth Portfolio 9,503  86.88  794,879  1.08 0.52 27.32
Vanguard VIF Diversified Value Portfolio 11,772  43.66  54.75  615,377  1.25 0.52 0.75 19.23 19.50
Vanguard VIF Equity Income Portfolio 25,784  56.22  1,423,551  2.61 0.52 7.54
Vanguard VIF Equity Index Portfolio 14,882  61.15  895,161  1.35 0.52 25.46
Vanguard VIF Growth Portfolio 7,638  64.97  480,105  0.24 0.52 39.41
Vanguard VIF High Yield Bond Portfolio 12,620  24.80  27.51  353,918  4.56 0.52 0.75 10.83 11.09
29
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2023 For the Year Ended December 31, 2023
Investment Expense Total
Unit Value ($)(a)(f) Net Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
Vanguard VIF International Portfolio 72,303  37.80  47.07  3,245,882  1.43 0.52 0.75 13.80 14.06
Vanguard VIF Mid-Cap Index Portfolio 21,827  62.76  1,329,473  1.39 0.52 15.23
Vanguard VIF Real Estate Index Portfolio 17,396  44.71  729,883  2.18 0.52 11.12
Vanguard VIF Short-Term Investment-Grade Portfolio 19,823  15.89  313,129  1.99 0.52 5.61
Vanguard VIF Small Company Growth Portfolio 12,306  54.18  618,729  0.36 0.52 19.03
Vanguard VIF Total Bond Market Index Portfolio 25,507  15.51  16.75  425,042  2.06 0.52 0.75 4.79 5.03
Vanguard VIF Total Stock Market Index Portfolio 65,952  61.25  3,857,945  1.14 0.52 25.30
30
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2022 For the Year Ended December 31, 2022
Investment Expense Total
Unit Value ($)(a)(f) Net Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
AB VPS Balanced Hedged Allocation Portfolio Class A 819,049 17.57 17.70 14,493,309 3.19 1.40 1.45 -20.15 -20.11
AB VPS Discovery Value Portfolio Class A 188,888 49.79 50.33 9,500,031 1.05 1.40 1.45 -16.84 -16.80
AB VPS International Value Portfolio Class A 169,842 16.57 16.75 2,842,947 4.17 1.40 1.45 -14.85 -14.81
AB VPS Large Cap Growth Portfolio Class A 341,667 111.62 113.05 37,991,576 0.00 1.40 1.45 -29.54 -29.50
AB VPS Large Cap Growth Portfolio Class B 232,178 105.44 106.79 24,769,231 0.00 1.40 1.45 -29.71 -29.68
AB VPS Relative Value Portfolio Class A 242,006 115.17 116.65 27,871,057 1.38 1.40 1.45 -5.57 -5.52
AB VPS Relative Value Portfolio Class B 306,469 108.62 110.01 33,692,819 1.06 1.40 1.45 -5.79 -5.75
AB VPS Small Cap Growth Portfolio Class A 181,805 43.34 43.90 7,969,546 0.00 1.40 1.45 -39.97 -39.94
AB VPS Sustainable Global Thematic Portfolio Class A 189,822 35.91 36.37 6,890,736 0.00 1.40 1.45 -28.03 -28.00
AB VPS Sustainable Global Thematic Portfolio Class B 105,799 33.97 34.41 3,633,182 0.00 1.40 1.45 -28.22 -28.18
AB VPS Sustainable International Thematic Portfolio Class A 197,901 39.43 39.93 7,895,001 0.00 1.40 1.45 -28.65 -28.62
BlackRock II High Yield V.I. Fund Class I 1,766 25.36 44,774 5.87 1.40 -11.58
BlackRock II Total Return V.I. Fund Class I 24,522 17.07 418,626 2.43 1.40 -15.25
BlackRock Advantage Large Cap Core V.I. Fund Class I 21,931 46.57 47.16 1,033,608 0.89 1.40 1.45 -21.14 -21.10
BlackRock Advantage SMID Cap V.I. Fund Class I 10,680 56.67 57.39 612,347 0.83 1.40 1.45 -17.68 -17.64
BlackRock Basic Value V.I. Fund Class I 19,856 43.14 43.69 865,318 1.38 1.40 1.45 -6.29 -6.24
BlackRock Equity Dividend V.I. Fund Class I 4,616 53.88 248,714 1.67 1.40 -5.18
BlackRock Global Allocation V.I. Fund Class I 32,113 30.23 30.62 982,780 0.00 1.40 1.45 -17.07 -17.03
BlackRock Government Money Market V.I. Fund Class I 56,554 10.77 10.91 616,474 2.26 1.40 1.45 -0.05 0.00
BlackRock International V.I. Fund Class I 13,024 20.57 20.82 271,090 0.66 1.40 1.45 -25.70 -25.67
BlackRock Large Cap Focus Growth V.I. Fund Class I 9,116 30.44 277,456 0.00 1.40 -38.97
BNY Mellon Stock Index Fund, Inc. Initial Shares 20,879 63.90 1,334,088 1.24 1.40 -19.45
Fidelity VIP Asset Manager Portfolio Initial Class 9,725 32.14 312,534 1.81 1.40 -16.12
Fidelity VIP Contrafund Portfolio Initial Class 13,454 59.16 59.91 805,923 0.46 1.40 1.45 -27.37 -27.34
Fidelity VIP Government Money Market Portfolio Initial Class 1,508,209 9.13 10.26 13,954,793 2.57 0.52 1.45 -0.02 0.91
Fidelity VIP Government Money Market Portfolio Service Class 2 910,782 9.01 9.06 8,247,338 1.55 1.40 1.45 -0.19 -0.14
Fidelity VIP Growth Portfolio Initial Class 16,940 68.95 69.83 1,182,825 0.58 1.40 1.45 -25.54 -25.51
Fidelity VIP High Income Portfolio Initial Class 2,759 20.92 57,726 4.85 1.40 -12.60
Fidelity VIP Investment Grade Bond Portfolio Initial Class 24,428 22.26 543,657 2.19 1.40 -14.17
Fidelity VIP Overseas Portfolio Initial Class 2,870 25.78 73,980 0.97 1.40 -25.53
Invesco V.I. American Franchise Fund Series I 4,928 25.13 25.27 124,509 0.00 1.40 1.45 -32.10 -32.07
Invesco V.I. EQV International Equity Fund Series 1 2,819 25.03 25.35 71,439 1.54 1.40 1.45 -19.48 -19.44
LVIP BlackRock Global Allocation Fund Standard Class 14,689 9.73 142,946 0.38 1.25 -2.68
LVIP Delaware High Yield Fund Standard Class 509 50.02 25,449 5.89 1.25 -12.51
LVIP Delaware Limited-Term Diversified Income Fund Standard Class 66 27.33 1,815 2.05 1.25 -5.31
LVIP Delaware Value Fund Standard Class 5,277 118.00 622,734 1.74 1.25 -4.47
VanEck VIP Emerging Markets Fund Initial Class 3,042 24.45 74,377 0.24 1.40 -25.42
VanEck VIP Global Resources Fund Initial Class 1,149 26.92 27.26 31,265 1.82 1.40 1.45 6.84 6.89
Vanguard 500 Index Fund Admiral Shares 456 42.98 20,183 1.43 0.75 -18.76
Vanguard Dividend Growth Fund Investor Shares 12,965 51.65 61.24 831,336 1.51 0.52 0.75 -5.59 -5.38
Vanguard Federal Money Market Fund Investor Shares 35,770 10.34 361,251 1.21 0.52 1.03
Vanguard GNMA Fund Investor Shares 2,637 15.71 41,441 2.16 0.52 -11.28
Vanguard Health Care Fund Investor Shares 172 69.55 13,184 0.57 0.52 -1.57
Vanguard Inflation-Protected Securities Fund Investor Shares 24,804 17.66 446,157 7.97 0.52 -12.48
Vanguard International Growth Fund Investor Shares 214 36.72 8,166 1.08 0.75 -31.37
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 8,894 22.53 22.88 207,449 1.80 0.52 0.75 -15.63 -15.43
Vanguard LifeStrategy Growth Fund Investor Shares 16,094 30.41 32.53 560,074 1.93 0.52 0.75 -17.71 -17.52
Vanguard LifeStrategy Income Fund Investor Shares 21,836 18.76 18.91 434,245 1.75 0.52 0.75 -14.58 -14.38
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 63,418 27.89 1,976,115 2.25 0.52 -16.43
Vanguard Small-Cap Growth Index Fund Admiral Shares 37 46.88 1,789 0.46 0.75 -28.93
Vanguard Total International Stock Index Fund Admiral Shares 2,750 27.02 69,884 2.75 0.52 -16.44
Vanguard U.S. Growth Fund Investor Shares 179 35.62 6,488 0.27 0.75 -40.09
Vanguard VIF Balanced Portfolio 124,622 40.15 5,162,656 1.87 0.52 -14.75
Vanguard VIF Capital Growth Portfolio 15,115 68.24 1,058,056 0.85 0.52 -15.92
Vanguard VIF Diversified Value Portfolio 12,418 36.62 45.82 592,133 1.08 0.52 0.75 -12.15 -11.95
Vanguard VIF Equity Income Portfolio 25,887 52.28 1,392,997 2.27 0.52 -1.18
Vanguard VIF Equity Index Portfolio 15,450 48.74 781,182 1.22 0.52 -18.65
Vanguard VIF Growth Portfolio 8,839 46.60 435,881 0.00 0.52 -33.71
Vanguard VIF High Yield Bond Portfolio 14,095 22.38 24.76 356,005 5.53 0.52 0.75 -10.04 -9.83
Vanguard VIF International Portfolio 71,251 33.21 41.27 3,062,846 1.47 0.52 0.75 -30.64 -30.48
Vanguard VIF Mid-Cap Index Portfolio 21,878 54.47 1,209,014 1.02 0.52 -19.24
Vanguard VIF Real Estate Index Portfolio 18,131 40.23 767,424 1.84 0.52 -26.68
Vanguard VIF Short-Term Investment-Grade Portfolio 20,009 15.05 301,745 1.76 0.52 -6.21
Vanguard VIF Small Company Growth Portfolio 11,480 45.52 547,065 0.25 0.52 -25.74
Vanguard VIF Total Bond Market Index Portfolio 27,463 14.80 15.95 446,206 2.36 0.52 0.75 -13.86 -13.66
Vanguard VIF Total Stock Market Index Portfolio 68,755 48.88 3,484,260 1.28 0.52 -20.01
31
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


December 31, 2021 For the Year Ended December 31, 2021
Investment Expense Total
Unit Value ($)(a)(f) Net Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
AB VPS Balanced Hedged Allocation Portfolio Class A 893,044 22.01 22.16 19,782,349 0.52 1.40 1.45 12.09 12.15
AB VPS Discovery Value Portfolio Class A 206,892 59.88 60.50 12,507,918 0.80 1.40 1.45 33.99 34.06
AB VPS International Value Portfolio Class A 190,302 19.46 19.67 3,740,391 1.99 1.40 1.45 9.48 9.54
AB VPS Large Cap Growth Portfolio Class A 399,349 158.42 160.36 63,083,210 0.00 1.40 1.45 27.12 27.18
AB VPS Large Cap Growth Portfolio Class B 244,840 150.01 151.85 37,146,395 0.00 1.40 1.45 26.80 26.86
AB VPS Relative Value Portfolio Class A 260,448 121.96 123.46 31,765,057 0.87 1.40 1.45 26.31 26.38
AB VPS Relative Value Portfolio Class B 338,055 115.30 116.72 39,431,673 0.66 1.40 1.45 26.00 26.06
AB VPS Small Cap Growth Portfolio Class A 230,627 72.20 73.09 16,837,793 0.00 1.40 1.45 7.88 7.93
AB VPS Sustainable Global Thematic Portfolio Class A 207,788 49.89 50.51 10,477,418 0.00 1.40 1.45 21.10 21.16
AB VPS Sustainable Global Thematic Portfolio Class B 115,479 47.33 47.91 5,522,409 0.00 1.40 1.45 20.81 20.87
AB VPS Sustainable International Thematic Portfolio Class A 217,214 55.26 55.94 12,140,810 0.00 1.40 1.45 6.69 6.74
BlackRock II High Yield V.I. Fund Class I 1,834 28.68 52,600 6.56 1.40 3.86
BlackRock II Total Return V.I. Fund Class I 24,696 20.14 497,416 1.90 1.40 -2.80
BlackRock Advantage Large Cap Core V.I. Fund Class I 23,429 59.05 59.77 1,399,624 1.56 1.40 1.45 26.60 26.66
BlackRock Advantage SMID Cap V.I. Fund Class I 11,646 68.84 69.68 808,667 0.89 1.40 1.45 12.00 12.06
BlackRock Basic Value V.I. Fund Class I 21,967 46.03 46.59 1,021,373 1.24 1.40 1.45 19.92 19.98
BlackRock Equity Dividend V.I. Fund Class I 4,286 56.83 243,553 1.61 1.40 18.87
BlackRock Global Allocation V.I. Fund Class I 35,399 36.46 36.90 1,305,754 0.93 1.40 1.45 5.14 5.19
BlackRock Government Money Market V.I. Fund Class I 15,276 10.78 10.91 166,171 0.00 1.40 1.45 -1.43 -1.39
BlackRock International V.I. Fund Class I 16,023 27.69 28.00 448,688 0.59 1.40 1.45 7.11 7.17
BlackRock Large Cap Focus Growth V.I. Fund Class I 10,974 49.87 547,265 0.00 1.40 16.45
BNY Mellon Stock Index Fund, Inc. Initial Shares 23,291 79.33 1,847,634 1.15 1.40 26.63
Fidelity VIP Asset Manager Portfolio Initial Class 11,807 38.31 452,362 1.57 1.40 8.39
Fidelity VIP Contrafund Portfolio Initial Class 14,414 81.45 82.44 1,188,273 0.06 1.40 1.45 26.00 26.06
Fidelity VIP Government Money Market Portfolio Initial Class 229,686 9.13 10.16 2,184,605 0.01 0.52 1.45 -1.43 -0.51
Fidelity VIP Government Money Market Portfolio Service Class 2 587,512 9.03 9.08 5,329,418 0.01 1.40 1.45 -1.43 -1.38
Fidelity VIP Growth Portfolio Initial Class 18,784 92.60 93.74 1,760,675 0.00 1.40 1.45 21.44 21.50
Fidelity VIP High Income Portfolio Initial Class 3,743 23.94 89,614 5.33 1.40 2.96
Fidelity VIP Investment Grade Bond Portfolio Initial Class 24,755 25.93 641,861 2.01 1.40 -1.99
Fidelity VIP Overseas Portfolio Initial Class 2,856 34.62 98,885 0.54 1.40 18.04
Invesco V.I. American Franchise Fund Series I 5,795 37.02 37.20 215,555 0.00 1.40 1.45 10.32 10.37
Invesco V.I. EQV International Equity Fund Series 1 3,365 31.09 31.47 105,887 1.27 1.40 1.45 4.36 4.42
LVIP Delaware High Yield Fund Standard Class 544 57.17 31,126 9.71 1.25 3.62
LVIP Delaware Limited-Term Diversified Income Fund Standard Class 93 28.86 2,672 1.64 1.25 -1.92
LVIP Delaware Value Fund Standard Class 5,615 123.52 693,587 5.77 1.25 20.90
VanEck VIP Emerging Markets Fund Initial Class 3,773 32.78 123,682 0.99 1.40 -13.09
VanEck VIP Global Resources Fund Initial Class 1,309 25.20 25.51 33,321 0.46 1.40 1.45 17.21 17.27
Vanguard 500 Index Fund Admiral Shares 489 52.90 25,392 1.32 0.75 27.70
Vanguard Dividend Growth Fund Investor Shares 15,100 54.71 64.72 909,945 1.59 0.52 0.75 23.90 24.19
Vanguard Federal Money Market Fund Investor Shares 74,645 10.23 764,171 0.01 0.52 -0.51
Vanguard GNMA Fund Investor Shares 2,788 17.71 49,588 0.75 0.52 -1.64
Vanguard Health Care Fund Investor Shares 379 70.66 25,425 0.79 0.52 13.71
Vanguard Inflation-Protected Securities Fund Investor Shares 11,445 20.18 208,402 5.17 0.52 5.02
Vanguard International Growth Fund Investor Shares 223 53.51 12,118 0.92 0.75 -1.59
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 9,634 26.71 27.06 258,188 1.94 0.52 0.75 5.26 5.50
Vanguard LifeStrategy Growth Fund Investor Shares 15,728 36.95 39.44 602,656 1.90 0.52 0.75 13.50 13.76
Vanguard LifeStrategy Income Fund Investor Shares 26,725 21.91 22.14 560,621 2.08 0.52 0.75 1.16 1.40
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 44,751 33.37 1,488,437 1.78 0.52 9.51
Vanguard Small-Cap Growth Index Fund Admiral Shares 39 65.95 2,523 0.36 0.75 4.91
Vanguard Small-Cap Value Index Fund Admiral Shares — 46.74 — 0.00 0.75 27.14
Vanguard Total International Stock Index Fund Admiral Shares 3,169 32.34 96,503 3.13 0.52 8.06
Vanguard U.S. Growth Fund Investor Shares 174 59.45 10,604 0.00 0.75 11.50
Vanguard VIF Balanced Portfolio 142,894 47.09 6,616,912 1.89 0.52 18.40
Vanguard VIF Capital Growth Portfolio 16,518 81.16 1,309,299 1.07 0.52 20.91
Vanguard VIF Diversified Value Portfolio 14,030 41.69 52.03 706,139 1.27 0.52 0.75 29.49 29.79
Vanguard VIF Equity Income Portfolio 33,062 52.90 1,708,813 2.12 0.52 24.68
Vanguard VIF Equity Index Portfolio 17,528 59.91 1,018,830 1.27 0.52 27.88
Vanguard VIF Growth Portfolio 9,359 70.30 653,555 0.03 0.52 17.25
Vanguard VIF High Yield Bond Portfolio 15,952 24.88 27.46 424,046 4.98 0.52 0.75 2.90 3.14
Vanguard VIF International Portfolio 74,495 47.89 59.37 4,377,596 0.28 0.52 0.75 -2.28 -2.05
Vanguard VIF Mid-Cap Index Portfolio 23,771 67.44 1,582,134 1.19 0.52 23.71
Vanguard VIF Real Estate Index Portfolio 19,457 54.87 986,804 2.38 0.52 39.48
Vanguard VIF Short-Term Investment-Grade Portfolio 24,075 16.04 384,936 2.15 0.52 -0.97
Vanguard VIF Small Company Growth Portfolio 12,138 61.30 733,584 0.40 0.52 13.62
Vanguard VIF Total Bond Market Index Portfolio 40,042 17.19 18.47 720,848 2.16 0.52 0.75 -2.45 -2.23
Vanguard VIF Total Stock Market Index Portfolio 78,308 61.11 4,577,459 1.31 0.52 24.99
32
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

December 31, 2020 For the Year Ended December 31, 2020
Investment Expense Total
Unit Value ($)(a)(f) Net Income Ratio (%)(d)(f) Return (%)(e)(f)
Sub-accounts Units Lowest Highest Assets ($)(b) Ratio (%)(c) Lowest Highest Lowest Highest
AB VPS Balanced Hedged Allocation Portfolio Class A 971,048 19.63 19.76 19,179,865 2.17 1.40 1.45 7.84 7.89
AB VPS Discovery Value Portfolio Class A 240,887 44.69 45.13 10,863,491 0.88 1.40 1.45 1.88 1.93
AB VPS International Value Portfolio Class A 215,481 17.78 17.95 3,866,462 1.63 1.40 1.45 0.99 1.04
AB VPS Large Cap Growth Portfolio Class A 495,296 124.62 126.09 61,612,538 0.00 1.40 1.45 33.54 33.60
AB VPS Large Cap Growth Portfolio Class B 280,308 118.30 119.70 33,527,294 0.00 1.40 1.45 33.20 33.27
AB VPS Relative Value Portfolio Class A 300,102 96.56 97.69 28,980,492 1.37 1.40 1.45 1.24 1.29
AB VPS Relative Value Portfolio Class B 381,384 91.51 92.59 35,291,828 1.14 1.40 1.45 1.00 1.05
AB VPS Small Cap Growth Portfolio Class A 281,022 66.93 67.72 19,005,497 0.00 1.40 1.45 51.77 51.84
AB VPS Sustainable Global Thematic Portfolio Class A 243,305 41.20 41.69 10,126,489 0.61 1.40 1.45 37.40 37.47
AB VPS Sustainable Global Thematic Portfolio Class B 136,326 39.18 39.64 5,395,579 0.42 1.40 1.45 37.08 37.15
AB VPS Sustainable International Thematic Portfolio Class A 255,237 51.80 52.41 13,364,718 1.26 1.40 1.45 28.07 28.14
BlackRock II High Yield V.I. Fund Class I 3,610 27.61 99,695 5.08 1.40 5.80
BlackRock II Total Return V.I. Fund Class I 26,671 20.72 552,697 2.16 1.40 7.38
BlackRock Advantage Large Cap Core V.I. Fund Class I 25,710 46.65 47.19 1,212,696 0.87 1.40 1.45 18.07 18.13
BlackRock Advantage SMID Cap V.I. Fund Class I 12,051 61.47 62.18 746,942 0.95 1.40 1.45 18.24 18.30
BlackRock Basic Value V.I. Fund Class I 31,547 38.39 38.83 1,223,335 1.78 1.40 1.45 1.94 1.99
BlackRock Equity Dividend V.I. Fund Class I 4,302 47.81 205,655 2.04 1.40 2.47
BlackRock Global Allocation V.I. Fund Class I 35,651 34.67 35.08 1,250,173 0.97 1.40 1.45 19.27 19.33
BlackRock Government Money Market V.I. Fund Class I 17,594 10.94 11.06 194,173 0.36 1.40 1.45 -1.10 -1.05
BlackRock International V.I. Fund Class I 16,717 25.85 26.13 436,818 0.43 1.40 1.45 19.58 19.64
BlackRock Large Cap Focus Growth V.I. Fund Class I 11,533 42.83 493,912 0.00 1.40 41.75
BNY Mellon Stock Index Fund, Inc. Initial Shares 23,631 62.65 1,480,432 1.49 1.40 16.37
Fidelity VIP Asset Manager Portfolio Initial Class 13,248 35.35 468,279 1.44 1.40 13.27
Fidelity VIP Contrafund Portfolio Initial Class 15,273 64.65 65.40 998,813 0.24 1.40 1.45 28.69 28.75
Fidelity VIP Government Money Market Portfolio Initial Class 284,744 9.27 10.22 2,732,984 0.34 0.52 1.45 -1.12 -0.20
Fidelity VIP Government Money Market Portfolio Service Class 2 666,524 9.16 9.20 6,131,192 0.24 1.40 1.45 -1.20 -1.15
Fidelity VIP Growth Portfolio Initial Class 19,203 76.25 77.15 1,481,462 0.07 1.40 1.45 41.82 41.89
Fidelity VIP High Income Portfolio Initial Class 3,975 23.25 92,443 4.83 1.40 1.32
Fidelity VIP Investment Grade Bond Portfolio Initial Class 25,646 26.45 678,464 2.22 1.40 7.87
Fidelity VIP Overseas Portfolio Initial Class 2,853 29.33 83,677 0.41 1.40 14.01
Invesco V.I. American Franchise Fund Series I 5,930 33.56 33.70 199,851 0.07 1.40 1.45 40.31 40.38
Invesco V.I. EQV International Equity Fund Series 1 3,555 29.79 30.14 107,119 2.19 1.40 1.45 12.35 12.41
LVIP Delaware High Yield Fund Standard Class 580 55.17 32,024 8.63 1.25 5.91
LVIP Delaware Limited-Term Diversified Income Fund Standard Class 120 29.43 3,533 1.87 1.25 3.03
LVIP Delaware SMID Cap Core Fund Standard Class — 122.63 — 0.00 1.25 9.70
LVIP Delaware Value Fund Standard Class 5,955 102.17 608,459 1.91 1.25 -0.83
VanEck VIP Emerging Markets Fund Initial Class 3,783 37.72 142,711 1.84 1.40 15.62
VanEck VIP Global Resources Fund Initial Class 1,346 21.50 21.75 29,210 0.77 1.40 1.45 17.40 17.46
Vanguard 500 Index Fund Admiral Shares 483 41.43 19,440 2.44 0.75 17.48
Vanguard Dividend Growth Fund Investor Shares 13,997 44.16 52.11 774,607 1.40 0.52 0.75 11.23 11.48
Vanguard Federal Money Market Fund Investor Shares 86,042 10.28 885,342 0.43 0.52 -0.08
Vanguard GNMA Fund Investor Shares 2,936 18.00 52,996 1.61 0.52 3.18
Vanguard Health Care Fund Investor Shares 536 62.14 34,156 0.42 0.52 12.04
Vanguard Inflation-Protected Securities Fund Investor Shares 13,651 19.21 277,347 1.18 0.52 10.32
Vanguard International Growth Fund Investor Shares 158 54.38 8,314 0.21 0.75 58.36
Vanguard LifeStrategy Conservative Growth Fund Investor Shares 9,749 25.37 25.65 252,812 1.52 0.52 0.75 10.68 10.93
Vanguard LifeStrategy Growth Fund Investor Shares 18,647 32.56 34.67 641,745 1.62 0.52 0.75 14.59 14.86
Vanguard LifeStrategy Income Fund Investor Shares 23,207 21.61 21.89 509,354 1.56 0.52 0.75 8.31 8.56
Vanguard LifeStrategy Moderate Growth Fund Investor Shares 80,901 30.47 2,489,054 1.46 0.52 13.01
Vanguard Small-Cap Growth Index Fund Admiral Shares 37 62.87 1,966 1.24 0.75 34.27
Vanguard Small-Cap Value Index Fund Admiral Shares 179 36.76 6,510 1.19 0.75 5.06
Vanguard Total International Stock Index Fund Admiral Shares 3,472 29.93 103,248 0.34 0.52 10.70
Vanguard U.S. Growth Fund Investor Shares 118 53.32 6,268 0.03 0.75 57.38
Vanguard VIF Balanced Portfolio 155,157 39.77 6,185,622 2.31 0.52 10.11
Vanguard VIF Capital Growth Portfolio 19,022 67.12 1,285,260 1.08 0.52 16.86
Vanguard VIF Diversified Value Portfolio 17,797 32.19 40.09 714,006 2.22 0.52 0.75 10.94 11.20
Vanguard VIF Equity Income Portfolio 38,135 42.43 1,655,001 2.21 0.52 2.71
Vanguard VIF Equity Index Portfolio 18,546 46.85 880,586 1.31 0.52 17.59
Vanguard VIF Growth Portfolio 6,466 59.96 406,535 0.32 0.52 42.35
Vanguard VIF High Yield Bond Portfolio 21,443 24.17 26.63 588,479 4.74 0.52 0.75 4.88 5.12
Vanguard VIF International Portfolio 65,273 49.00 60.61 4,060,101 1.12 0.52 0.75 56.41 56.76
Vanguard VIF Mid-Cap Index Portfolio 26,422 54.52 1,450,228 1.34 0.52 17.46
Vanguard VIF Real Estate Index Portfolio 24,584 39.34 998,735 2.14 0.52 -5.35
Vanguard VIF Short-Term Investment-Grade Portfolio 24,167 16.20 393,024 1.98 0.52 4.95
Vanguard VIF Small Company Growth Portfolio 12,911 53.95 684,820 0.55 0.52 22.55
Vanguard VIF Total Bond Market Index Portfolio 43,607 17.62 18.89 848,968 2.05 0.52 0.75 6.78 7.02
Vanguard VIF Total Stock Market Index Portfolio 84,773 48.89 4,214,592 1.22 0.52 19.93
33
SEPARATE ACCOUNT I
AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(a)    Because the unit values are presented as a range of lowest to highest, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract unit values are not within the ranges presented.
(b)    These amounts represent the net asset value before adjustments allocated to the contracts in payout period.
(c)    These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year. If there are no assets at either the beginning or end of the year, the asset balance of the first or last day the sub-account had assets is used.
(d)    These amounts represent the annualized contract expenses of the sub-account, consisting of distribution, mortality and expense charges, for each period indicated. The ratios include only those expenses that result in direct reduction to unit values. Charges made directly to the contract owners account through the redemption of units and expenses of the Funds have been excluded. For additional information on charges and deductions, see Note 4.
(e)    These amounts represent the total return for the periods indicated, including changes in the value of the Funds, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each of the periods indicated or from the effective date through the end of the reporting period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.
(f)    A blank in the lowest unit value, lowest expense ratio and lowest total return columns indicates that the lowest value is the same as the highest value.
7.    Subsequent Events
Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.
34

Table of Contents

American General Life Insurance Company

(An indirect wholly owned subsidiary of Corebridge Financial, Inc.)

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2024 and 2023 and

for each of the three years ended December 31, 2024

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AMERICAN GENERAL LIFE INSURANCE COMPANY

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STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION    Page  

Report of Independent Auditors

      2  

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December 31, 2024 and 2023

      4  

Statutory Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022

      6  

Statutory Statements of Changes in Capital and Surplus for the Years Ended December 31, 2024, 2023 and 2022

      7  

Statutory Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022

      8  

Notes to Statutory Financial Statements

      10  

Supplemental Schedule of Selected Financial Data

      79  

Supplemental Investment Risks Interrogatories

      81  

Supplemental Summary Investment Schedule

      87  

Supplemental Schedule of Reinsurance Disclosures

      88  

 

 

 

 
1

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Report of Independent Auditors

To the Board of Directors and Shareholder of American General Life Insurance Company

Opinions

We have audited the accompanying statutory financial statements of American General Life Insurance Company (the “Company”), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2024 and 2023, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2024.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Texas Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

 

  ●  

Exercise professional judgment and maintain professional skepticism throughout the audit.

 

  ●  

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

 

  ●  

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

 

  ●  

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

 

  ●  

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, investment risks interrogatories, summary investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2024 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 24, 2025

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AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS

 

      December 31,  
 (in millions)    2024      2023  

Admitted assets

      

Cash and investments

      

Bonds

     $   117,044      $   112,132  

Preferred stock

      160        80  

Common stock

      234        266  

Cash, cash equivalents and short-term investments

      731        900  

Mortgage loans

      36,078        29,652  

Real estate

      89        75  

Contract loans

      1,144        1,157  

Derivatives

      1,779        1,884  

Derivative cash collateral and deferred asset for SSAP 108

      1,680        1,985  

Other invested assets

      6,651        6,556  

Total cash and investments

      165,590        154,687  

Amounts recoverable from reinsurers

      263        251  

Amounts receivable under reinsurance contracts

      658        520  

Current federal income tax recoverable

      77        337  

Deferred tax asset

      1,295        1,164  

Due and accrued investment income

      1,418        1,413  

Premiums due, deferred and uncollected

      49        62  

Receivables from affiliates

      262        222  

Other assets

      2,601        2,323  

Separate account assets

      74,287        68,792  

Total admitted assets

     $ 246,500      $ 229,771  

 See accompanying Notes to Statutory Financial Statements.

 

 

 

 
4

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AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS (CONTINUED)

 

      December 31,  
(in millions, except for share data)    2024      2023  

Liabilities

      

Policy reserves and contractual liabilities

     $    112,536       $   113,699  

Life and annuity reserves

Liabilities for deposit-type contracts

      16,792        14,014  

Accident and health reserves

      675        697  

Premiums received in advance

      12        10  

Policy and contract claims

      684        657  

Policyholder dividends

      18        17  

Total policy reserves and contractual liabilities

      130,717        129,094  

Payable to affiliates

      211        224  

Interest maintenance reserve

      504        1,389  

Derivatives

      123        953  

Payable for securities lending

      2,284        —  

Repurchase agreements

      232        1,623  

Collateral for derivatives program

      1,245        1,729  

Funds held under coinsurance

      24,543        12,849  

Accrued expenses and other liabilities

      2,251        3,598  

Net transfers from separate accounts due or accrued

      (2,434)        (1,745)  

Asset valuation reserve

      2,510        2,343  

Separate account liabilities

      74,280        68,785  

Total liabilities

      236,466        220,842  

Commitments and contingencies (see Note 21)

      

Capital and surplus

      

Common stock, $10 par value; 600,000 shares authorized, issued and outstanding

      6        6  

Preferred stock, $100 par value; 8,500 shares authorized, issued and outstanding

      1        1  

Surplus Notes

      500        —  

Gross paid-in and contributed surplus

      5,412        5,410  

Special surplus funds

      1,630        1,279  

Unassigned surplus

      2,485        2,233  
     

Total capital and surplus

      10,034        8,929  
     

Total liabilities and capital and surplus

     $ 246,500      $ 229,771  

 See accompanying Notes to Statutory Financial Statements.

 

 

 
5

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS

 

      December 31,  
(in millions)    2024      2023      2022  

Revenues

         

Premiums and annuity considerations

     $ 13,839      $ 23,157      $ 39,948  

Net investment income

      7,887        6,574        7,172  

Amortization of interest maintenance reserve

      42        113        123  

Reserve adjustments on reinsurance ceded

      (2,191)        (4,276)        (2,112)  

Commissions and expense allowances

      1,363        679        779  

Separate account fees

      1,183        902        1,648  

Other income

      1,132        1,018        741  
       

Total revenues

      23,255        28,167        48,299  

Benefits and expenses

         

Death benefits

      785        749        811  

Annuity benefits

      3,815        3,244        2,652  

Surrender benefits

      17,484        15,931        9,350  

Other benefits

      1,371        1,077        692  

Change in reserves

      (1,223)        4,817        4,769  

Commissions

      1,677        1,519        2,672  

General insurance expenses

      983        946        928  

Net transfers to (from) separate accounts

        (1,829)        2,078        1,109  

Modco reinsurance assumed

      (2,914)          (3,394)        22,095  

Other expenses

      1,063        742        716  
       

Total benefits and expenses

      21,212        27,709          45,794  

Net gain from operations before dividends to policyholders and federal income taxes

      2,043        457        2,505  

Dividends to policyholders

      7        2        6  

Net gain from operations after dividends to policyholders and before federal income taxes

      2,036        455        2,499  

Federal income tax expense (benefit)

      451        (52)        518  

Net gain from operations

      1,585        507        1,981  

Net realized capital (losses), net of tax after transfers to interest maintenance reserves

      (152)        (363)        (1,190)  
       

Net income

     $ 1,433      $ 144      $ 791  

 See accompanying Notes to Statutory Financial Statements. 

 

 

 
6

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

 

             
(in millions)    Common &
Preferred
Stock		      Surplus
Notes		     

Gross Paid-
In and

Contributed

Surplus

     

Special

Surplus
Funds

     

Unassigned

Surplus

    

Total Capital

and Surplus

  
             

Balance, January 1, 2022

    $ 7      $ —      $ 3,510      $ 126      $ 4,889     $ 8,532  

Net income

      —        —        —        —        791       791  

Change in net unrealized capital gains (losses)

      —        —        —        —        (694 )      (694 ) 

Change in net unrealized foreign exchange capital gains (losses)

      —        —        —        —        (705 )      (705 ) 

Change in deferred tax

      —        —        —        —        (40 )      (40 ) 

Change in non-admitted assets

      —        —        —        —        (84 )      (84 ) 

Change in liability for reinsurance in unauthorized and certified companies

      —        —        —        —        (22 )      (22 ) 

Change in asset valuation reserve

      —        —        —        —        621       621  

Change in surplus from separate accounts

      —        —        —        —        296       296  

Other changes in surplus in separate accounts

      —        —        —        —        (296 )      (296 ) 

Additional paid in surplus

      —        —        1,900        —        —       1,900  

Change in surplus as a result of reinsurance

      —        —        —        —        (256 )      (256 ) 

Dividends

      —        —        —        —        (800 )      (800 ) 

Prior period corrections

      —        —        —        —        73       73  

Reinsurance permitted practice

      —        —        —        —        433       433  

Other changes

      —        —        —        790        (789 )      1  
             

Balance, December 31, 2022

    $ 7      $ —      $ 5,410      $ 916      $ 3,417     $ 9,750  

Net income

      —        —        —        —        144       144  

Change in net unrealized capital gains (losses)

      —        —        —        —        58       58  

Change in net unrealized foreign exchange capital gains (losses)

      —        —        —        —        492       492  

Change in deferred tax

      —        —        —        —        167       167  

Change in non-admitted assets

      —        —        —        —        (7 )      (7 ) 

Change in liability for reinsurance in unauthorized and certified companies

      —        —        —        —        21       21  

Change in asset valuation reserve

      —        —        —        —        (662 )      (662 ) 

Change in surplus from separate accounts

      —        —        —        —        (367 )      (367 ) 

Other changes in surplus in separate accounts

      —        —        —        —        367       367  

Additional paid in surplus

      —        —        —        —        —       —  

Change in surplus as a result of reinsurance

      —        —        —        —        249       249  

Dividends

      —        —        —        —        (2,000 )      (2,000 ) 

Prior period corrections

      —        —        —        —        (8 )      (8 ) 

Reinsurance permitted practice

      —        —        —        —        725       725  

Other changes

      —        —        —        363        (363 )      —  
             

Balance, December 31, 2023

    $ 7      $ —      $ 5,410      $ 1,279      $ 2,233     $ 8,929  

Net income

      —        —        —        —        1,433       1,433  

Change in net unrealized capital gains (losses)

      —        —        —        —        80       80  

Change in net unrealized foreign exchange capital gains (losses)

      —        —        —        —        (393 )      (393 ) 

Change in deferred tax

      —        —        —        —        140       140  

Change in non-admitted assets

      —        —        —        —        106       106  

Change in liability for reinsurance in unauthorized and certified companies

      —        —        —        —        1       1  

Change in asset valuation reserve

      —        —        —        —        (167 )      (167 ) 

Change in surplus from separate accounts

      —        —        —        —        (17 )      (17 ) 

Other changes in surplus in separate accounts

      —        —        —        —        17       17  

Change in surplus notes

      —        500        —        —        —       500  

Change in additional paid-in surplus

      —        —        2        —        —       2  

Change in surplus as a result of reinsurance

      —        —        —        —        62       62  

Dividends

      —        —        —        —        (1,300 )      (1,300 ) 

Prior period corrections

      —        —        —        —        318       318  

Reinsurance permitted practice

      —        —        —        —        322       322  

Other changes

      —        —        —        351        (350 )      1  
             

Balance, December 31, 2024

    $     7      $    500      $    5,412      $    1,630      $    2,485     $    10,034  

 See accompanying Notes to Statutory Financial Statements.

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

 

      December 31,  
(in millions)    2024      2023      2022  

Cash from operations

         

Premium and annuity considerations, collected, net of reinsurance

     $   12,375      $   23,059      $   18,180  

Net investment income collected

      7,040        5,711        6,547  

Other income

      1,504        (1,038)        557  

Total revenue received

      20,919        27,732        25,284  

Benefits paid

      23,562        21,098        13,473  

Net transfers to (from) separate accounts

      (6,004)        (2,569)        536  

Commissions and expenses paid

      2,961        2,447        3,584  

Dividends paid to policyholders

      6        3        2  

Federal income taxes paid

      451        (26)        1,089  

Total benefits and expenses paid

      20,976        20,953        18,684  

Net cash provided by operations

      (57)        6,779        6,600  

Cash from investments

         

Proceeds from investments sold, matured or repaid:

         

Bonds

      16,803        8,775        15,962  

Stocks

      29        144        498  

Mortgage loans

      3,473        3,446        3,005  

Real estate

      15        —        —  

Other invested assets

      664        1,436        1,136  

Securities lending reinvested collateral assets

      —        —        1,727  

Other, net

      445        —        124  

Total proceeds from investments sold, matured or repaid

      21,429        13,801        22,452  

Cost of investments acquired:

         

Bonds

      26,023        16,318        17,824  

Stocks

      31        43        300  

Mortgage loans

      10,157        7,349        6,465  

Real estate

      14        —        1  

Derivatives, net

      971        2,103        823  

Other invested assets

      853        952        2,791  

Securities lending reinvested collateral assets

      —        —        —  

Other, net

      —        539        1,878  

Total cost of investments acquired

      38,049        27,304        30,082  

Net adjustment in contract loans

      (7)        15        (26)  

Net cash provided by (used in) investing activities

      (16,613)        (13,518)        (7,604)  

Cash from financing and miscellaneous sources

         

Cash provided (applied):

         

Surplus notes

      500        —        —  

Capital and paid-in surplus

      2        —        1,900  

Net deposits on (withdrawals from) deposit-type contracts

      2,778        1,698        (11)  

Dividends to parent

      (1,300)        (2,000)        (800)  

Change in securities lending

      2,284        —        (2,426)  

Other, net

      12,237        6,988        2,490  

Net cash provided by (used in) financing and miscellaneous activities

      16,501        6,686        1,153  

Net increase (decrease) in cash, cash equivalents and short-term investments

      (169)        (51)        149  

Cash, cash equivalents and short-term investments at beginning of year

      900        951        802  

Cash, cash equivalents and short-term investments at end of year

     $ 731      $ 900      $ 951  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

 

   
     December 31,  
(in millions)    2024      2023      2022  

Non-cash activities, excluded from above:

         

Non-cash transfer from general to separate account

     $    4,288      $   1,002      $ —  

Non-cash pension risk transfer premiums transfer from separate account

      1,334        —        —  

Non-cash transfer from separate to general account

      758        4,068        —  

Non-cash internal transfers mortgage loans

      609        —        —  

Non-cash Modco to FRL settlements

      232        274        204  

Non-cash corporate actions-bonds

      133        —        —  

Non-cash transfer from other invested assets to bonds

      92        456        —  

Non-cash transfer from bonds to stocks

      70        —        —  

Non-cash internal transfers other invested assets

      69        —        —  

Non-cash transfer from short-term bonds to bonds

      44        —        —  

Non-cash transfer from mortgage loans to bonds

      33        —        —  

Non-cash payment in kind to bonds

      31        —        —  

Non-cash AGL Loan Inv Corp-return of capital

      22        —        —  

Non-cash transfer from mortgage loans to real estate

      4        —        —  

Non-cash capitalized interest - mortgage loans

      4        —        —  

Non-cash transfer from bonds to other invested assets

      4        —        —  

Non-cash transfer from common stocks to other invested assets

      3        —        —  

Non-cash transfer from other invested assets to common stocks

      1        1        —  

Non-cash AGLIC - Bermuda redemption

      —        642        —  

Non-cash transfer from other invested assets to mortgage loans

      —        425        12  

Non-cash Hannover reinsurance transaction

      —        253        —  

Non-cash Modco adjustment on assumed reinsurance

      —        —          22,924  

Non-cash pension risk transfer premiums

      —        —        1,159  

 See accompanying Notes to Statutory Financial Statements.

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

 

1. NATURE OF OPERATIONS

 

 

American General Life Insurance Company (“AGL” or the “Company”), including its wholly owned subsidiaries, is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life” or the “Parent”), a Missouri-domiciled life insurance company, which is wholly owned by Corebridge Life Holdings, Inc. (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”). American International Group, Inc. (“AIG”) owned approximately 22.7% and Nippon Life Insurance Company owned approximately 21.7% of outstanding Corebridge common stock as of December 31, 2024.

On December 9, 2024, Nippon Life Insurance Company, a mutual company organized under the laws of Japan, completed its purchase of approximately 122 million shares of Corebridge.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of Texas and is subject to regulation by the Texas Department of Insurance (“TDI”). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed in 49 states and the District of Columbia.

The Company is a leading provider in the United States of individual term and universal life insurance solutions to middle-income and high-net-worth customers, as well as a leading provider in the United States of fixed and variable annuities. The Company’s primary products include term life insurance, universal, variable universal and whole life insurance, accident and health insurance, single- and flexible-premium deferred fixed and variable annuities, fixed index deferred annuities, single-premium immediate and delayed-income annuities, private placement variable annuities, private placement variable universal life, structured settlements, corporate- and bank-owned life insurance, pension risk transfer annuities, guaranteed investment contracts, funding agreements, stable value wrap products and group benefits. The Company distributes its products through a broad multi-channel distribution network, which includes independent marketing organizations, independent insurance agents and financial advisors, banks, broker dealers, structured settlement brokers and benefit consultants and direct-to-consumer through Corebridge Direct Insurance Services, Inc. (“Corebridge Direct”).

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

 

Basis of Presentation

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”), as described herein.

The TDI recognizes only statutory accounting practices (“SAP”) prescribed or permitted by the State of Texas for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Texas Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of Texas. The Insurance Commissioner of the State of Texas has the right to permit other specific practices that deviate from prescribed practices.

At December 31, 2024, 2023 and 2022, the Company used the following permitted practices that resulted in reported statutory surplus or risk-based capital that is different from the statutory surplus or risk-based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of the TDI been followed in all respects:

 

  •  

The Company recognized an admitted asset related to the notional value of coverage defined in an excess of loss (“XOL”) reinsurance agreement with a 20-year term that provides coverage to the Company for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement. This permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL reinsurance agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including certain new business issued after the effective date (“Block 2”).

 

  •  

Effective September 30, 2023, the permitted practice for Block 1 and Block 2 was extended through September 30, 2026 and the maximum notional value of Block 2 was increased for certain new business. Effective December 31, 2024, the permitted practice related to Block 2 was amended to determine the XOL limit based on annual standalone cash flow testing (“CFT”) for business retained, net of reinsurance, where the XOL cap is defined as 90% of the CFT margin performed at each year-end. For new business issued after December 31, 2024, the XOL limit will be increased each quarter based on a specified calculation. At the end of the calendar year, the new business retained will be included with the business from prior years in the determination of the XOL limit based on 90% of the CFT margin performed at year-end. The amended permitted practice for Block 2 will remain in effect through September 30, 2026.

 

  •  

This permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date, including certain new business issued after the effective date (“Block 3”). Effective September 30, 2023, the permitted practice for Block 3 was extended through September 30, 2026 and the maximum notional value was increased for certain new business. Effective December 31, 2024, the permitted practice related to Block 3 was amended to determine the XOL limit based on annual standalone CFT for business retained, net of reinsurance, where the XOL cap is defined as 90% of the CFT margin performed at each year-end. For new business issued after December 31, 2024, the XOL limit will be increased each quarter based on a specified calculation. At the end of the calendar year, the new business retained will be included with the business from prior years in the determination of the XOL limit based on 90% of the CFT margin performed at year-end. The amended permitted practice for Block 3 will remain in effect through September 30, 2026.

The value of the assets subject to the above permitted practices was approximately $2,064 million, $1,742 million and $1,017 million in total at December 31, 2024, 2023 and 2022 respectively and are reported in Other assets.

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Additionally, the Company has a prescribed accounting practice in accordance with the State of Texas related to the admittance of furniture and equipment.

The following table presents a reconciliation of the Company’s net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the State of Texas:

 

          December 31,  
 (in millions)    SSAP#     2024      2023     2022  

 NET INCOME

          

 State basis

       $ 1,433      $ 144     $ 791  

 Net (loss) income, NAIC SAP

         $ 1,433      $ 144     $ 791  

 SURPLUS

          

 State basis

       $ 10,034     $ 8,929     $ 9,750  

 State prescribed practices that increase (decrease) NAIC SAP:

          

 Furniture and equipment

    19      (34 )      —       —  

 State permitted practices that increase (decrease) NAIC SAP:

          

 XoL reinsurance agreement

    4      (2,064 )      (1,742 )      (1,017 ) 

 Statutory capital and surplus, NAIC SAP

         $   7,936     $   7,187     $   8,733  

In the event the Company had not employed any or all of these permitted and prescribed practices, the Company’s risk- based capital (“RBC”) would not have triggered a regulatory event.

The statement of cash flows in this report has balances that are different from those in the annual statement filed with the NAIC. The annual statement for 2023 had net cash provided by operations, investments and financing of $6.3 billion, $(12.9) billion and $6.5 billion, respectively, while this report has $6.8 billion, $(13.5) billion and $6.7 billion, respectively.

Use of Estimates

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the TDI requires management to make estimates and assumptions that affect the reported amounts in the statutory financial statements and the accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the statutory financial statements and the reported amounts of revenue and expense during the period. The areas of significant judgments and estimates include the following:

 

•  

application of other-than-temporary impairments;

 

•  

estimates with respect to income taxes, including recoverability of deferred tax assets;

 

•  

fair value measurements of certain financial assets; and

 

•  

policy reserves for life, annuity and accident and health insurance contracts, including guarantees.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

Bonds not backed by other loans are carried at amortized cost except for those with a NAIC designation of “6” or “6*”. Bonds with a NAIC 6 designation are carried at the lower of amortized cost or fair value, with unrealized losses charged directly to unassigned surplus. Bonds that have not been filed and have not received a designation in over one year from the NAIC’s Investment Analysis Office (“IAO”) receive a “6*” designation and are carried at zero, with the unrealized loss charged directly to unassigned surplus. Bonds filed with the IAO which receive a “6*” designation may

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

carry a value greater than zero. Securities are assigned a NAIC 5* designation if the Company certifies that (1) the documentation necessary to permit a full credit analysis does not exist, (2) the issuer or obligor is current on all contracted interest and principal payments and (3) the Company has an actual expectation of ultimate repayment of all contracted interest and principal. Securities with NAIC 5* designations are deemed to possess the credit characteristics of securities assigned a NAIC 5 designation. The discount or premium on bonds is amortized using the effective yield method.

Loan-backed and structured securities (“LBaSS”) include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), pass-thru securities, lease-backed securities, equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer. LBaSS are carried on a basis consistent with that of bonds not backed by loans. Income recognition for LBaSS is determined using the effective yield method and estimated cash flows. Prepayment assumptions for single-class and multi-class mortgage-backed securities (“MBS”) and ABS were obtained from an outside vendor or internal estimates. The Company uses independent pricing services and broker quotes in determining the fair value of its LBaSS. The Company uses the retrospective adjustment method to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Reference to “non-rated residual tranches or interests” intends to capture securitization tranches, beneficial interests, interests of structured finance investments, as well as other structures, that reflect loss layers without contractual interest or principal payments. Payments to holders of these investments occur after contractual interest and principal payments have been made to other tranches or interests and are based on the remaining available funds. Although payments to holders can occur throughout an investment’s duration (and not just at maturity), such instances still reflect the residual amount permitted to be distributed after other holders have received contractual interest and principal payments.

NAIC designations are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects RBC. The final NAIC designation is determined for most RMBS and CMBS by financial modeling conducted by BlackRock. For credit tenant loans, equipment trust certificates, any corporate-like securities rated by the IAO, interest-only securities, and those securities with an original NAIC designation of 5, 5*, 6, or 6*, the final NAIC designation is based on the IAO or Credit Rating Provider rating and is not subject to financial modeling.

Redeemable preferred stocks with NAIC designations of “1” through “3” are carried at amortized cost. All other redeemable preferred stocks are stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus. Perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary.

Unaffiliated common stocks are carried at fair value, with unrealized capital gains and losses credited or charged directly to unassigned surplus. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary. For Federal Home Loan Bank (“FHLB”) capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

Subsidiary, controlled, and affiliated (“SCA”) entities: The Company has no investments in insurance SCA entities. Investments in non-insurance SCA entities are recorded based on the equity of the investee per audited financial statements prepared pursuant to U.S. GAAP, which is adjusted to a statutory basis of accounting, if applicable. All investments in non-insurance SCA entities for which audited U.S. GAAP financial statements are not available are non- admitted as assets. Undistributed equity in earnings of affiliates is included in unassigned surplus as a component of unrealized capital gains or losses. Dividends received from such affiliates are recorded as investment income when declared.

Mortgage and mezzanine real estate loans are carried at unpaid principal balances less allowances for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on performing loans is accrued as earned.

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Real estate consists of properties occupied by the Company, properties held for the production of income and properties held for sale. Properties occupied by the Company and held for the production of income are carried at depreciated cost, less encumbrances, unless events or circumstances indicate the carrying amount of the asset (amount prior to reduction for encumbrances) may not be recoverable. Properties held for sale are carried at the lower of its depreciated cost or fair value less estimated costs to sell the property and net of encumbrances. Real estate obtained through foreclosure, in satisfaction of a loan, is recorded at the time of foreclosure at the lower of fair value as determined by acceptable appraisal methodologies, or the carrying amount of the related loan. Land is reported at cost.

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks, highly liquid debt instruments that have original maturities within one year of date of purchase and are carried at amortized cost, interest-bearing money market funds, investment pools and other investments (excluding loan-backed and structured securities) with original maturities within one year from the date of purchase.

Contract loans are carried at unpaid balances, which include unpaid principal plus accrued interest, including 90 days or more past due. All loan amounts in excess of the contract cash surrender value are considered non-admitted assets.

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are reported in a manner consistent with the hedged asset or liability (“hedge accounting”). Changes in statement value or cash flow of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the statement value or cash flow of the hedged asset or liability are recorded. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge (“ineffective hedges”) are accounted for at fair value and the changes in fair value are recorded as unrealized gains or losses.

The Company uses Statement of Statutory Accounting Principles (“SSAP”) No. 108, Derivatives Hedging Variable Annuity Guarantees, which allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. The Company designated, under SSAP 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. The Company also designated certain interest rate swaps as effective cash flow hedges of floating-rate investment assets.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for limited partnerships and limited liability companies with a minor ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Limited partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements. The audited U.S. tax basis equity may also be used in certain circumstances.

All other investments in entities for which audited U.S. GAAP financial statements, or another acceptable audited basis of accounting as described above were not available have been recorded as non-admitted assets. Undistributed accumulated earnings of such entities are included in unassigned surplus as a component of unrealized capital gains or losses. Distributions received that are not in excess of the undistributed accumulated earnings are recognized as investment income. Impairments that are determined to be other than temporary are recognized as realized capital losses.

Securities lending and repurchase agreements: The Company has a securities lending program, which was approved by its Board of Directors, that lends securities from its investment portfolio to supplement liquidity or for other uses as deemed appropriate by management. Under the program, securities are lent to financial institutions, and in return the Company receives cash as collateral equal to 102 percent of the fair value of the loaned securities. The cash

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

collateral received is invested in cash and/or short-term investments that may be sold or repledged or partially used for short-term liquidity purposes based on conservative cash flow forecasts. Securities lent by the Company under these transactions may be sold or repledged by the counterparties. The liability for cash collateral received would be reported in payable for securities lending in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the fair value of securities loaned and obtains additional collateral as necessary. At the termination of the transactions, the Company and its counterparties are obligated to return the collateral provided and the securities lent, respectively. These transactions are treated as secured financing arrangements.

In addition, the Company is a party to secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements. In all of these secured financing transactions, the securities transferred by the Company (pledged collateral) may be sold or repledged by the counterparties.

The Company entered into bilateral reverse repurchase agreements to purchase and resell short-term securities. The Company receives securities as collateral, having a fair value at least equal to 102% of the purchase price paid by the Company for the securities and the Company’s designated custodian takes possession of this collateral. The Company did not sell or repledge these securities. The fair value of the securities held as collateral is monitored daily and additional collateral is obtained, where appropriate, to protect against credit exposure. The Company records the amount paid for securities purchased under agreements to resell in cash, cash equivalents and short-term investments.

Investment income due and accrued is non-admitted from investment income for bonds and other invested assets when collection of interest is overdue by more than 90 days, or is uncertain, and for mortgage loans when loans are foreclosed, or delinquent in payment for greater than 180 days, or when collection of interest is uncertain.

Net realized capital gains and losses, which are determined by using the specific identification method, are reflected in income net of applicable federal income taxes and transfers to the interest maintenance reserve.

The Company regularly evaluates its investments for other-than-temporary impairment (“OTTI”) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments. For bonds, other than LBaSS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds are written down to fair value and the amount of the write-down is recognized as a realized capital loss.

For LBaSS, a non-interest related OTTI resulting from a decline in value due to fundamental credit problems of the issuer is recognized when the projected discounted cash flows for a particular security are less than its amortized cost. When a non-interest related OTTI occurs, the LBaSS is written down to the present value of future cash flows expected to be collected. An OTTI is also deemed to have occurred if the Company intends to sell the LBaSS or does not have the intent and ability to retain the LBaSS until recovery. If the decline is interest-related, the LBaSS is written down to fair value.

In periods subsequent to the recognition of an OTTI loss, the Company generally accretes the difference between the new cost basis and the future cash flows expected to be collected, if applicable, as interest income over the remaining life of the security based on the amount and timing of estimated future cash flows.

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a certain portion of deferred tax assets, prepaid expenses, electronic data processing (“EDP”) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $4.5 billion and $4.6 billion at December 31, 2024 and 2023, respectively.

Interest maintenance reserve (“IMR”) is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related investment gains and losses resulting from sales (net of taxes) and interest- related OTTI (net of taxes). IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. An OTTI occurs when the Company, at the reporting date, has the intent to sell an investment or does not have the intent and ability to hold the security before recovery of the cost of the investment. For LBaSS, if the Company recognizes an interest-related OTTI, the non-interest-related OTTI is recorded to the asset

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

valuation reserve, and the interest-related portion to IMR. Such gains and losses are deferred into the IMR and amortized into income using the grouped method over the remaining contractual lives of the securities sold.

Asset valuation reserve (“AVR”) is used to stabilize surplus from fluctuations in the market value of bonds, stocks, mortgage loans, real estate, limited partnerships and other investments. Changes in the AVR are recorded as direct increases or decreases in surplus.

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair value. In addition, certain products with fixed guarantees and market-value-adjusted (“MVA”) fixed annuity contracts in which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts are provided in accordance with the Variable Annuity Commissioners’ Annuity Reserve Valuation Method (“VACARVM”) under subsection 21 of the Valuation Manual (“VM-21”). Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued beginning in 2020, and in accordance with the Commissioners’ Reserve Valuation Method (“CRVM”) for policies issued prior to 2020.

Policy reserves are established according to different methods.

Life, annuity, and health reserves are developed by actuarial methods and are generally determined based on published tables using specified interest rates, mortality or morbidity assumptions, and valuation methods prescribed or permitted by statutes that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the TDI.

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for the Company’s life insurance policies issued after January 1, 2020 are contained in VM-20, Requirements for Principle-Based Reserves for Life Products, policies issued prior to 2020 are reserved for using the CRVM. Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions.

The Company waives the deduction of deferred fractional premiums on the death of the life and annuity policy insured and returns any premium beyond the date of death. The Company reported additional reserves for surrender values in excess of the corresponding policy reserves.

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $40 million and $175 million at December 31, 2024 and 2023, respectively.

A majority of the Company’s variable annuity products are issued with a guaranteed minimum death benefit (“GMDB”) which provides that, upon the death of a contractholder, the contractholder’s beneficiary will receive the greater of (1) the contractholder’s account value, or (2) a GMDB that varies by product. Depending on the product, the GMDB may equal the principal invested, adjusted for withdrawals; or the greatest contract value, adjusted for withdrawals, at the specified contract anniversaries; or the principal invested, adjusted for withdrawals, accumulated at the specified rate per annum. These benefits have issue age and other restrictions to reduce mortality risk exposure. The Company bears the risk that death claims following a decline in the financial markets may exceed contract holder account balances, and that the fees collected under the contract are insufficient to cover the costs of the benefit to be provided. Death benefits on GMDB policies generally reduce on a proportional basis or on a dollar-for-dollar basis when a partial withdrawal occurs.

Reserves for GMDB benefits are included in the VACARVM reserve. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements are contained in VM-21, Reserves for Variable Requirements for Principle-Based Annuities.

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula, except for universal life insurance and deferred annuity reserves, which include fund accumulations for which tabular interest has been determined from basic data. For the determination of tabular interest on funds not involving life contingencies, the actual credited interest is used.

Liabilities for deposit-type contracts, which include supplementary contracts without life contingencies and annuities certain, are based on the discounting of future payments at an annual statutory effective rate. Tabular interest on other funds not involving life contingencies is based on the interest rate at which the liability accrues.

Policy and contract claims represent the ultimate net cost of all reported and unreported claims incurred during the year. Reserves for unpaid claims are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary, as experience develops or new information becomes known; such adjustments are included in current operations.

Reserves for future policy benefits to be paid on life and accident and health policies, incurred in the statement period, but not yet reported, were established using historical data from claim lag experience. The data is aggregated from product specific studies performed on the Company’s business.

Premiums and annuity considerations and related expenses are recognized over different periods. Life premiums are recognized as income over the premium paying periods of the related policies. Annuity considerations are recognized as revenue when received. Premiums for deposit-type products are credited directly to the respective reserves and are not recorded in the Statutory Statement of Operations. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Acquisition costs such as commissions and other expenses related to the production of new business are charged to the Statutory Statements of Operations as incurred.

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Annuity and deposit-type contract surrender benefits are reported on a cash basis, and include annuity benefits, payments under supplementary contracts with life contingencies, surrenders and withdrawals. Withdrawals from deposit-type contracts directly reduce the liability for deposit-type contracts and are not reported in the Statutory Statements of Operations.

General insurance expenses include allocated expenses pursuant to cost allocation agreements. The Company purchases administrative, accounting, marketing and data processing services from Corebridge and affiliates and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from affiliates is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to tax sharing agreements, because the Company is included in the consolidated federal income tax returns of its parent company filing group. The Company joins with AGC Life, The Variable Annuity Life Insurance Company (“VALIC”), The United States Life Insurance Company in the City of New York (“USL”), and Corebridge Insurance Company of Bermuda, Ltd. (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return. To the extent that benefits for net operating losses, foreign tax credits, corporate alternative minimum tax (“CAMT”) credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Income taxes on capital gains or losses reflect differences in the recognition of capital gains or losses on a statutory accounting basis versus a tax accounting basis. The most significant of such differences involve impairments of investments, which are recorded as realized losses in the Statutory Statements of Operations but are not recognized for tax purposes, and the deferral of net capital gains and losses into the IMR for statutory income but not for taxable income. Capital gains and losses on certain related-party transactions are recognized for statutory financial reporting purposes but are deferred for income tax reporting purposes until the security is sold to an outside party.

A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, which reflects the expected future tax consequences of temporary differences between the statement values of assets and liabilities for statutory financial reporting purposes and the amounts used for income tax reporting purposes. The change in the net DTA or DTL is reflected in a separate component of unassigned surplus. Net DTAs are limited in their admissibility.

The CAMT is disregarded when evaluating the need for a valuation allowance for the Company’s non-CAMT DTAs.

Accounting Changes

The Company had no accounting changes during 2024 or 2023.

Substantive changes were made to SSAP 26R, Bonds, SSAP 21R, Other Admitted Assets, and SSAP 43R, Loan-Backed and Structured Securities, effective January 1, 2025. The changes provide a new principle-based bond definition to be used for determining which investments are eligible for reporting on Schedule D as a bond. The changes focus on ensuring appropriate consideration of whether an investment qualifies as an issuer credit obligation or asset- backed security prior to reporting as a bond.

Correction of Errors

SAP requires that corrections of errors related to prior periods be reported as adjustments to unassigned surplus to the extent that they are not material to prior periods.

In 2024, out-of-period errors were identified and corrected related to reinsurance, net investment income and reserves for indexed universal life. These corrections increased unassigned surplus by $318 million and were primarily driven by the reinsurance error. The reinsurance error resulted in an overstatement of accrued expenses and other liabilities and an understatement in reserve adjustments on reinsurance ceded with a corresponding understatement of pre-tax income by $111 million in 2023 and $101 million in 2022. This error resulted in an understatement of unassigned surplus of $297 million at December 31, 2023 and $209 million at December 31, 2022. The remaining impact relates to periods prior to 2022. The Company believes that these errors are not material to the prior year financial statements taken as a whole. As such, the Company has reflected the adjustments necessary to correct these errors as direct charges to unassigned surplus in 2024 in accordance with SSAP 3.

In 2023, out-of-period errors were identified and corrected, the largest of which was related to an understatement of reserves for variable annuities due to model implementations in 2022. The total of these corrections decreased unassigned surplus by $8 million.

In 2022, out-of-period errors were identified and corrected, which increased unassigned surplus by $72 million. This decreased claims reserved as a result of overstated claim reserves from 2019-2021.

The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously issued audited financial statements.

Differences in Statutory Accounting and U.S. GAAP Accounting

The accompanying statutory financial statements have been prepared in accordance with accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from U.S. GAAP. The primary differences between NAIC SAP and U.S. GAAP are as follows.

The objectives of U.S. GAAP differ from the objectives of SAP. U.S. GAAP is designed to measure the entity as a going concern and to produce general purpose financial statements to meet the varying needs of the different users of financial statements. SAP is designed to address the accounting requirements of regulators, who are the primary users

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

of statutory-basis financial statements and whose primary objective is to measure solvency. As a result, U.S. GAAP stresses measurement of earnings and financial condition of a business from period to period, while SAP stresses measurement of the ability of the insurer to pay claims in the future.

Investments. Under SAP, investments in bonds and redeemable preferred stocks are generally reported at amortized cost. However, if bonds are designated category “6” and redeemable preferred stocks are designated categories “4 – 6” by the NAIC, these investments are reported at the lesser of amortized cost or fair value with a credit or charge to unrealized investment gains or losses. For U.S. GAAP, such fixed-maturity investments are designated at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity fixed-maturity investments are reported at amortized cost, and the remaining fixed-maturity investments are reported at fair value, with unrealized capital gains and losses reported in operations for those designated as trading and as a component of other comprehensive income for those designated as available-for-sale.

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (“CMO”) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For LBaSS, if it is determined that a decline in fair value is other than temporary, the cost basis of the security is written down to the discounted estimated future cash flows. Bonds, other than LBaSS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, MBS and ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, an allowance for credit losses is based on the expectation of lifetime credit losses.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest or is deemed to have control are accounted for under the equity method. Where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings.

Real Estate. Under SAP, investments in real estate are reported net of related obligations; under U.S. GAAP, investments in real estate are reported on a gross basis. Under SAP, real estate owned and occupied by the insurer is included in investments; under U.S. GAAP, real estate owned and occupied by the insurer is reported as an operating asset, and operating income and expenses include rent for the insurer’s occupancy of those properties.

Derivatives. Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing derivatives incorporate either counterparty’s credit risk for derivative assets or the insurer’s credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index life insurance features in indexed universal life contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives and market risk benefits, respectively. Under SAP, embedded derivatives and market risk benefits are not bifurcated or accounted for separately from the host contract.

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Interest Maintenance Reserve. Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any negative IMR balance is treated as a non-admitted asset, unless certain criteria are met. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as a component of total revenues, with related taxes included in taxes from operations.

Asset Valuation Reserve. Under SAP, the insurer is required to maintain an AVR, which is computed in accordance with a prescribed formula and represents a provision for possible fluctuations in the value of bonds, equity securities, mortgage loans, real estate, and other invested assets. The level of AVR is based on both the type of investment and its credit rating. Under SAP, AVR is included in total adjusted capital for RBC analysis purposes. Changes to AVR are charged or credited directly to unassigned surplus. This reserve is not required under U.S. GAAP.

Subsidiaries. Under SAP, investments in insurance subsidiaries are recorded based upon the underlying audited statutory equity of a subsidiary with all undistributed earnings or losses shown as an unrealized capital gain or loss in unassigned surplus. Dividends received by the parent company from its subsidiaries are recorded through net investment income. Under U.S. GAAP, subsidiaries’ financial statements are combined with the parent company’s financial statements through consolidation. All intercompany balances and transactions are eliminated under U.S. GAAP. Dividends received by the parent company from its subsidiaries reduce the parent company’s investment in the subsidiaries.

Policy Acquisition Costs and Sales Inducements. Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance contracts are deferred as deferred policy acquisition costs (“DAC”). DAC is amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

Deferred Premiums. Under SAP, when deferred premiums exist, statutory deferred premiums are held as a statutory asset, while under U.S. GAAP, deferred premiums are held as a contra-liability in the future policy benefits liability.

Non-admitted Assets. Certain assets designated as “non-admitted,” principally any agents’ balances or unsecured loans or advances to agents, certain DTAs, furniture, equipment and computer software, receivables over 90 days and prepaid expenses, as well as other assets not specifically identified as admitted assets within the NAIC SAP, are excluded from the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and are charged directly to unassigned surplus. Under U.S. GAAP, such assets are included in the balance sheet.

Universal Life and Annuity Policies. Under SAP, revenues for universal life and annuity policies containing mortality or morbidity risk considerations consist of the entire premium received, and benefits incurred consist of the total of death benefits paid and the change in policy reserves. Payments received on contracts that do not incorporate any mortality or morbidity risk considerations (deposit-type contracts) are credited directly to an appropriate liability for deposit-type contract account without recognizing premium income. Interest credited to deposit-type contracts is recorded as an expense in the Statutory Statements of Operations as incurred. Payments that represent a return of policyholder balances are recorded as a direct reduction of the liability for deposit-type contracts, rather than a benefit expense. Under U.S. GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves. Under SAP, loading is the difference between the gross and valuation net premium. Valuation net premium is calculated using valuation assumptions which are different for statutory and U.S. GAAP. Statutory valuation assumptions are set by the insurer within limits as defined by statutory law. U.S. GAAP valuation assumptions are set by the insurer based on management’s estimates and judgment.

 

 

 
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Policyholder funds not involving life contingencies use different valuation assumptions for SAP and U.S. GAAP. Under SAP, prescribed rates of interest related to payout annuities are used in the discounting of expected benefit payments, while under U.S. GAAP, the insurer’s best estimates of interest rates are used.

Under SAP, the CRVM is used for the majority of individual insurance reserves. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net premium ratio (“NPR”) method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates.

Under SAP, the CARVM is used for the majority of individual deferred annuity reserves, while under U.S. GAAP, individual deferred annuity policyholder liabilities are generally equal to the contract value that has accrued to the benefit of the policyholder, together with liabilities for certain contractual guarantees, if applicable. Under SAP, reserves for fixed rate deposit-type contracts are based upon their accumulated values, discounted at an annual statutory effective rate, while under U.S. GAAP, reserves for deposit-type contracts are recorded at their accumulated values.

Under GAAP, indexed interest credits and guarantees in excess of contract account values are bifurcated from the host contract as embedded derivatives and market risk benefits, respectively, and reported at fair value. Under SAP, embedded derivatives and market risk benefits are not bifurcated and accounted for separately, but rather are included in the benefit reserve valuation for the host contract.

Reinsurance. Under SAP, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves rather than as assets as required under U.S. GAAP. Under SAP, a liability for reinsurance balances has been provided for unsecured policy reserves, unearned premiums, and unpaid losses ceded to reinsurers not licensed to assume such business. Changes to these amounts are credited or charged directly to unassigned surplus. Under U.S. GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Under SAP, the criteria used to demonstrate risk transfer varies from U.S. GAAP, which may result in transactions that are accounted for as reinsurance for SAP and deposit accounting for U.S. GAAP. Under SAP, the reserve credit permitted for unauthorized reinsurers is less than or equal to the amount of letter of credit or funds held in trust by the reinsurer. Under U.S. GAAP, assumed and ceded reinsurance is reflected on a gross basis in the balance sheet, and certain commissions allowed by reinsurers on ceded business are deferred and amortized generally on a basis consistent with DAC.

Policyholder Dividend Liabilities. Under SAP, policyholder dividends are recognized when declared. Under U.S. GAAP, policyholder dividends are recognized over the term of the related policies.

Separate Accounts. Under SAP, separate account surplus created through the use of the CRVM, the VACARVM or other reserving methods is reported by the general account as an unsettled transfer from the separate account. The net change on such transfers is included as a part of the net gain from operations in the general account. This is not required under U.S. GAAP.

Separate accounts include certain non-unitized assets which primarily represent MVA fixed options of variable annuity contracts and certain pension risk transfer annuities issued in various states. Under SAP, these contracts are accounted for in the separate account financial statements, while under U.S. GAAP, they are accounted for in the general account.

Deferred Income Taxes. Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non- admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

 

 

 
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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Offsetting of Assets and Liabilities. Under SAP, offsetting of assets and liabilities is not permitted when there are master netting agreements unless four requirements for valid right of offset are met. The requirements include 1) each of the two parties owes the other determinable amounts, 2) the reporting party has the right to set off the amount owed with the amount owed by the other party, 3) the reporting party intends to set off, and 4) the right of setoff is enforceable. The prohibition against offsetting extends to derivatives and collateral posted against derivative positions, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, when the reporting entity does not have the intent to set off. Under U.S. GAAP, these amounts under master netting arrangements may generally be offset and presented on a net basis pursuant to an accounting election, even when the reporting entity does not have the intent to set off.

Surplus Notes. Under SAP, surplus notes are included as a component of surplus, whereas under U.S. GAAP, they are presented as a liability.

3. INVESTMENTS

 

Bonds and Equity Securities

The following table presents the statement value, gross unrealized gain, gross unrealized loss and the estimated fair value of bonds and equity securities by major security type:

 

 (in millions)    Statement
Value		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses		      Fair Value  

 December 31, 2024

            

 Bonds:

            

U.S. government obligations

    $ 1,688      $ 1      $ (295)      $ 1,394  

All other governments

      1,809        13        (269)        1,553  

States, territories and possessions

      188        —        (26)        162  

Political subdivisions of states, territories and possessions

      166        1        (16)        151  

Special revenue

      4,791        19        (646)        4,164  

Industrial and miscellaneous

      102,779        1,494        (9,273)        95,000  

Hybrid securities

      445        11        (11)        445  

Bank loans

      4,739        28        (95)        4,672  

Parent, subsidiaries and affiliates

      439        3        —        442  

Total bonds

      117,044        1,570        (10,631)        107,983  

Preferred stock

      160        5        (2)        163  

Common stock*

      234        —        —        234  

Total equity securities

      394        5        (2)        397  

Total

    $  117,438      $  1,575      $  (10,633)      $  108,380  

 December 31, 2023

            

 Bonds:

            

U.S. government obligations

    $ 1,321      $ 5      $ (214)      $ 1,112  

All other government

      2,041        21        (249)        1,813  

States, territories and possessions

      239        2        (23)        218  

Political subdivisions of states, territories and possessions

      210        4        (12)        202  

Special revenue

      5,392        39        (532)        4,899  

Industrial and miscellaneous

      98,249        1,546        (9,929)        89,866  

Hybrid securities

      377        10        (15)        372  

Bank loans

      3,937        16        (96)        3,857  

Parent, subsidiaries and affiliates

      366        —        —        366  

Total bonds

      112,132        1,643        (11,070)        102,705  

Preferred stock

      80        3        —        83  

Common stock*

      266        —        —        266  

 Total equity securities

      346        3        —        349  

Total

    $ 112,478      $ 1,646      $ (11,070)      $ 103,054  

* Common stock includes $25 million and $73 million of investments in affiliates at December 31, 2024 and 2023, respectively.

 

 

 
22

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Bonds and Equity Securities in Loss Positions

The following table summarizes the fair value and gross unrealized losses (where fair value is less than amortized cost) on bonds and equity securities, including amounts on NAIC 6 and 6* bonds, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:

 

        Less than 12 Months       12 Months or More     Total  
 (in millions)
    Fair
Value		      Gross  
Unrealized  
Losses  		     Fair
Value		      Gross  
Unrealized  
Losses  		     Fair
Value		      Gross 
Unrealized 
Losses 		  

December 31, 2024

                

Bonds:

                

U.S. government obligations

    $ 504      $ (26 )    $ 825      $ (269 )    $ 1,329      $ (295 ) 

All other government

      415        (42 )      931        (227 )      1,346        (269 ) 

U.S. States, territories and possessions

      30        (2 )      124        (24 )      154        (26 ) 

Political subdivisions of states, territories and possessions

      48        (3 )      67        (13 )      115        (16 ) 

Special revenue

      532        (28 )      3,127        (618 )      3,659        (646 ) 

Industrial and miscellaneous

      19,947        (1,195 )      40,338        (8,092 )      60,285        (9,287 ) 

Hybrid securities

      200        (3 )      77        (9 )      277        (12 ) 

Bank loans

      1,082        (37 )      717        (59 )      1,799        (96 ) 

Parents, subsidiaries & affliates

      —        —       —        —       —        —  

Total bonds

      22,758        (1,336 )      46,206        (9,311 )      68,964        (10,647 ) 

Preferred stock

      28        (1 )      6        (1 )      34        (2 ) 

Common stock

      —        —       —        —       —        —  

Total equity securities

      28        (1 )      6        (1 )      34        (2 ) 

Total

    $ 22,786      $ (1,337 )    $ 46,212      $ (9,312 )    $ 68,998      $ (10,649 ) 

December 31, 2023

                                                    

 Bonds:

                

U.S. government obligations

    $ 88      $ (6 )    $ 889      $ (208 )    $ 977      $ (214 ) 

All other government

      158        (20 )      1,344        (227 )      1,502        (247 ) 

U.S States, territories and possessions

      32        (1 )      139        (22 )      171        (23 ) 

Political subdivisions of states, territories and possessions

      28        (2 )      82        (11 )      110        (13 ) 

Special revenue

      1,001        (81 )      2,977        (450 )      3,978        (531 ) 

Industrial and miscellaneous

      11,361        (1,080 )      53,785        (8,851 )      65,146        (9,931 ) 

Hybrid securities

      40        (1 )      199        (14 )      239        (15 ) 

Bank loans

      813        (40 )      1,695        (62 )      2,508        (102 ) 

Parents, subsidiaries & affliates

      —        —       8        —       8        —  

Total

    $  13,521      $    (1,231)     $  61,118      $  (9,845)     $  74,639      $  (11,076)  

Preferred stock

      —        —       —        —       —        —  

Common stock

      —        —       —        —       —        —  

Total equity securities

      —        —       —        —       —        —  

Total

    $ 13,521      $ (1,231 )    $ 61,118      $ (9,845 )    $ 74,639      $ (11,076 ) 

As of December 31, 2024 and 2023, the number of bonds and equity securities in an unrealized loss position was 6,388 and 7,290, respectively. Bonds comprised 6,384 of the total, of which 4,625 were in a continuous loss position greater than 12 months at December 31, 2024. Bonds comprised 7,288 of the total, of which 5,725 were in a continuous loss position greater than 12 months at December 31, 2023.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2024 and 2023, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

 

 

 
23

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Contractual Maturities of Bonds

The following table presents the statement value and fair value of bonds by contractual maturity:

 

 (in millions)   

Statement

Value

      Fair Value  

December 31, 2024

      

Due in one year or less

    $ 2,210      $ 2,191  

Due after one year through five years

      13,372        13,106  

Due after five years through ten years

      15,727        14,968  

Due after ten years

      42,996        35,695  

LBaSS

      42,919        42,202  
     

Total

    $       117,224      $       108,162  

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Bonds in or near default as to payment of principal or interest had a statement value of $29 million and $25 million at December 31, 2024 and 2023, respectively, which is the fair value. At December 31, 2024 and 2023, the Company had no income excluded from due and accrued for bonds.

December 31, 2024 , the Company’s bond portfolio included bonds totaling $6.4 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 4 percent of invested assets. These below investment grade securities, excluding structured securities, span across 15 industries. At December 31, 2023, the Company’s bond portfolio included bonds totaling $6.4 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 4 percent of invested assets. These below investment grade securities, excluding structured securities, span across 14 industries.

December 31, 2024 and 2023 The following table presents the industries that constitute more than 10% of the below investment grade securities:

 

   
     December 31,  
      2024      2023  

Consumer cyclical

          14.6%             17.3%  

Consumer non-cyclical

      15.0         16.0   

LBaSS

The Company determines fair value of LBaSS based on the amount at which a security could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The majority of the Company’s ABS, RMBS, CMBS, and collateralized debt obligations (“CDO”) are priced by approved independent third-party valuation service providers and broker dealer quotations. Small portions of the LBaSS that are not traded in active markets are priced by market standard internal valuation methodologies, which include discounted cash flow methodologies and matrix pricing. The estimated fair values are based on available market information and management’s judgments.

The following table presents the statement value and fair value of LBaSS:

 

       
     December 31, 2024          December 31, 2023  
 (in millions)   

Statement

Value

      Fair Value           Statement
Value		      Fair Value  
           

 Loan-backed and structured securities

    $       42,919      $       42,202          $     38,552      $     37,330  

Prepayment assumptions for single class, multi-class mortgage-backed and ABS were obtained from independent third- party valuation service providers or internal estimates. These assumptions are consistent with the current interest rate and economic environment.

 

 

 
24

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

At December 31, 2024 and 2023, the Company had exposure to a variety of LBaSS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2024 and 2023, the Company did not have any LBaSS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

During 2024, 2023 and 2022, the Company recognized total OTTI of $55 million, $36 million and $114 million, respectively, on LBaSS that were still held by the Company. In addition, at December 31, 2024 and 2023, the Company held loan-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

The following table summarizes the fair value and aggregate amount of unrealized losses on LBaSS and length of time that individual securities have been in a continuous unrealized loss position:

 

      Less than 12 Months           12 Months or More           Total  
 (in millions)   

Fair

Value

     

Gross

Unrealized

Losses

    

 

   

Fair

Value

     

Gross

Unrealized

Losses

    

 

   

Fair

Value

     

Gross

Unrealized

Losses

  

 December 31, 2024

                      

  LBaSS

    $ 6,947      $ (181 )       $ 13,005      $ (1,549 )       $ 19,952      $ (1,730 ) 

 December 31, 2023

                      

  LBaSS

    $    7,184      $    (454 )         $    16,089      $      (1,699 )         $    23,273      $    (2,153 ) 

In its OTTI assessment, the Company considers all information relevant to the collectability of the security, including past history, current conditions and reasonable forecasts when developing an estimate of future cash flows. Relevant analyst reports and forecasts for the asset class also receive appropriate consideration. The Company also considers how credit enhancements affect the expected performance of the security. In addition, the Company generally considers its cash and working capital requirements and expected cash flows in relation to its business plans and how such forecasts affect the intent and ability to hold such securities to recovery of their amortized cost.

The Company does not have any LBaSS for which it is not practicable to estimate fair values.

The following table presents the rollforward of non-interest related OTTI for LBaSS:

 

     December 31,  
(in millions)    2024      2023  

Balance, beginning of year

     $           1,212      $       1,256  

Increases due to:

      

Credit impairment on new securities subject to impairment losses

      55        26  

Additional credit impairment on previously impaired investments

      —        10  

Reduction due to:

      

Credit impaired securities fully disposed for which there was no prior intent or requirement to sell

      44        80  
     

Balance, end of year

     $ 1,223      $ 1,212  

See Note 4 for a list with each LBaSS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2024.

 

 

 
25

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Mortgage Loans

Mortgage loans had outstanding principal balances of $37 billion and $30.4 billion at December 31, 2024 and 2023, respectively. Contractual interest rates range from 0.00 percent to 35.00 percent. The mortgage loans at December 31, 2024 had maturity dates ranging from 2024 to 2069.

The Company’s mortgage loans are collateralized by a variety of commercial real estate property types located throughout the U.S. and Canada. The commercial mortgage loans are non-recourse to the borrower.

The following tables present the geographic and property-type distribution of the Company’s mortgage loan portfolio:

 

      December 31,
      2024    2023 

 Geographic distribution:

     

Mid-Atlantic

      24.9 %      26.2 % 

Foreign

      15.9       20.0  

Pacific

      15.3       15.1  

South Atlantic

      16.9       15.4  

West South Central

      7.0       6.4  

East North Central

      5.5       5.1  

New England

      5.7       5.3  

Mountain

      6.1       4.4  

East South Central

      2.0       1.5  

West North Central

      0.7       0.6  
     

 Total

          100.0 %          100.0 % 

 Property type distribution:

     

Multi-family

      28.1 %      32.6 % 

Office

      16.0       19.5  

Retail

      8.0       8.5  

Industrial

      15.1       14.9  

Hotel/Motel

      3.6       4.1  

Other

      29.2       20.4  
     

 Total

      100.0 %      100.0 % 

At December 31, 2024, there were 370 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 69 percent of this portfolio.

The following table presents the minimum and maximum lending rates for new mortgage loans during 2024 and 2023:

 

      Years Ended December 31,  
     2024      2023  
 (in millions)    Maximum       Minimum       Maximum      Minimum   

Office

      9.75        3.53        12.00  %      3.00  % 

Multi-family

      8.80        4.82        9.84       3.01  

Retail

      7.56        4.70        8.84       5.06  

Industrial

      9.50        4.52        10.34       4.08  

Hotel/Motel

      7.08        5.82        9.69       6.95  

Other

      12.63        0.00        26.01       (0.16 ) 

The Company reduced interest rates on three loans during 2024. The Company did not reduce any interest rates during 2023.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 97 percent and 144 percent, in 2024 and 2023, respectively.

 

 

 
26

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

At December 31, 2024, and 2023, the Company held $1,026 million and $560 million, respectively, in impaired mortgages with related allowances for credit losses. There were no impaired mortgage loans without a related allowance at both periods ended December 31, 2024 and 2023. The Company’s average recorded investment in impaired loans was $139 million and $604 million, at December 31, 2024 and 2023, respectively. The Company recognized interest income of $17 million, $15 million and $22 million in 2024, 2023 and 2022, respectively.

The following table presents a rollforward of the changes in the allowance for losses on mortgage loans receivable:

 

      December 31,  
 (in millions)    2024      2023      2022  

Balance, beginning of year

    $ 355      $ 294      $ 245  

Additions (reductions) charged to unrealized capital loss

      21        148        58  

Direct write-downs charged against allowance

      (12)        (87)        (9)  

Balance, end of year

    $       364      $       355      $       294  

During 2024, the Company derecognized $4 million of mortgage loans and recognized $4 million of real estate collateral as a result of foreclosure.

The mortgage loan portfolio has been originated by the Company under strict underwriting standards. Commercial mortgage loans on properties such as offices, hotels and shopping centers generally represent a higher level of risk than do mortgage loans secured by multi-family residences. This greater risk is due to several factors, including the larger size of such loans and the more immediate effects of general economic conditions on these commercial property types. However, due to the Company’s strict underwriting standards, the Company believes that it has prudently managed the risk attributable to its mortgage loan portfolio while maintaining attractive yields.

The following table presents the age analysis of mortgage loans:

 

     December 31,  
 (in millions)   2024      2023  

 Current

   $ 35,494      $      29,547  

 30 - 59 days past due

     195        68  

 60 - 89 days past due

     131        13  

 90 - 179 days past due

     258        24  

 Greater than 180 days past due

     —        —  

 Total

   $      36,078      $ 29,652  

At December 31, 2024 and 2023, the Company had mortgage loans outstanding under participant or co-lender agreements of $24.9 billion and $22.7 billion, respectively.

The Company had $571 million and $307 million in restructured loans at December 31, 2024 and 2023, respectively.

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2024:

 

       
(in millions)    Residential     Commercial     Agricultural  
             
Loan-to-Value    Amount     

Percentage

of Total

Admitted

Assets

     Amount     

Percentage

of Total

Admitted

Assets

     Amount     

Percentage

of Total

Admitted

Assets

  

a. above 95%

    $ 48        —  %    $ 996        0.60  %    $     —        — %  

b. 91% to 95%

      44        —       70        —       —        —     

c. 81% to 90%

      605        0.40       1,288        0.70       —        —     

d. 71% to 80%

      3,245        1.90       3,099        1.80       —        —     

e. below 70%

       5,994        3.50        21,026        12.20       27        —     

 

 

 
27

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2024 and 2023. At December 31, 2024, the Company had $18 million outstanding commitments to debtors that hold loans with restructured terms. At December 31, 2023, the Company had $4 million of outstanding commitments to debtors that held loans with restructured terms.

Real Estate

The following table presents the components of the Company’s investment in real estate:

 

   
     December 31,  
 (in millions)    2024      2023  

 Properties occupied by the Company

    $ —      $ —  

 Properties held for production of income

      85        73  

 Properties held for sale

      4        2  
     

 Total

    $        89      $        75  

The Company recognized gains of $12 million in 2024. The Company recognized no gains or losses in 2023 and 2022. The Company recognized $1 million and $3 million in impairment write-downs for its investment in real estate during 2024 and 2023, respectively. The Company did not recognize any impairment write-downs for its investment in real estate during 2022.

Other Invested Assets

The following table presents the components of the Company’s other invested assets:

 

   
      December 31,  
 (in millions)    2024      2023  

 Investments in limited liability companies

    $ 660      $ 644  

 Investments in limited partnerships

      4,075        3,921  

 Other unaffiliated investments

      1,831        1,892  

 Receivable for securities

      86        100  

 Non-admitted assets

      (1)        (1)  
     

 Total

    $     6,651      $     6,556  

The Company utilizes the look-through approach in valuing its investments in affiliated limited partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $931 million and $955 million at December 31, 2024 and 2023, respectively. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $11 million, $4 million and $13 million during 2024, 2023 and 2022, respectively.

 

 

 
28

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Net Investment Income

The following table presents the components of net investment income:

 

      Years ended December 31,  

 (in millions)

      2024        2023        2022  

Bonds

     $ 6,065      $ 5,259      $ 4,608  

Preferred stocks

      10        2        10  

Common stocks

      13        11        2  

Cash and short-term investments

      83        57        44  

Mortgage loans

      1,793        1,437        1,038  

Real estate*

      17        4        4  

Contract loans

      71        78        68  

Derivatives

      64        (283)        994  

Investment income from affiliates

      169        148        399  

Other invested assets

      227        246        320  

Gross investment income

      8,512        6,959        7,487  

Investment expenses

      (625)        (385)        (315)  

Net investment income

     $       7,887      $       6,574      $       7,172  

* Includes amounts for the occupancy of Company-owned property of $1 million in 2024 and $2 million in 2023 and 2022.

Net Realized and Unrealized Capital Gains (Losses)

The following table presents the components of Net realized capital gains (losses):

 

      Years ended December 31,  

 (in millions)

      2024        2023        2022  

Bonds

     $ (1,210)      $ (460)      $ (551)  

Preferred stocks

      —        (12)        —  

Common stocks

      —        8        (2)  

Cash and short-term investments

      (7)        36        (79)  

Mortgage loans

      (130)        (162)        (107)  

Real estate

      11        (3)        —  

Derivatives

      108        (329)        (1,233)  

Other invested assets

      (10)        113        80  

Other

      —        —        —  

Realized capital (losses) gains

      (1,238)        (809)        (1,892)  

Federal income tax benefit (expense)

      260        170        397  

Net gains transferred to IMR

      826        276        305  

Net realized capital (losses) gains

     $       (152)      $       (363)      $       (1,190)  

During 2024, 2023 and 2022, the Company recognized $172 million, $87 million and $167 million, respectively, of impairment write-downs in the fixed maturity portfolio in accordance with the impairment policy described in Note 2.

The following table presents the proceeds from sales of bonds and equities and the related gross realized capital gains and gross realized capital losses:

 

      Years ended December 31,  

 (in millions)

      2024        2023        2022  
       

Proceeds

     $ 5,640      $ 3,401      $ 9,787  

Gross realized capital gains

     $ 97      $ 64      $ 112  

Gross realized capital losses

     $ (1,126)        (456)        (472)  
       

Net realized capital (losses) gains

     $       (1,029)      $       (392)      $       (360)  

 

 

 
29

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the net change in unrealized capital gains (losses) of investments (including foreign exchange capital gains (losses):

 

     Years ended December 31,  
 (in millions)   2024      2023      2022  

Bonds

    $ (322)      $ 280      $ (369)  

Preferred and common stocks

     (2)        53        (59)  

Mortgage loans

     (122)        273        (523)  

Derivatives

     29        148        (497)  

Other invested assets

     82        (68)              (280)  

Other

     (67)        (10)        19  

Federal income tax benefit (expense)

     89        (126)        310  
       

Net change in unrealized (losses) gains of investments

    $       (313)      $       550      $ (1,399)  

5GI Securities Measured at Aggregate Book Adjusted Carrying Value and Fair Value

The following table presents 5GI Securities measured at aggregate book adjusted carrying value (BACV) and aggregate fair value at December 31:

 

           
Investment   

Number of 5GI

Securities

            

Aggregate BACV

(in millions)

            

Aggregate Fair Value

(in millions)

  
     2024       2023             2024       2023             2024       2023   

Bonds - AC

            2        5        $ 5      $ 45        $ 5      $ 45  

LB&SS - AC

      2        3          3        3          1        1  

Preferred Stock - AC

      —        —          —        —          —        —  

Preferred Stock - FV

      3        3          1        1          1        1  

Total

      7             11              $       9      $       49              $       7      $      47  

AC - Amortized Cost

FV - Fair Value

4. LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS AND STRUCTURED NOTES HOLDINGS

LBaSS

The following table presents the LBaSS held by the Company at December 31, 2024 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:

 

(in thousands)                                               
  CUSIP   

Amortized

Cost Before

Current Period
OTTI

     

Present Value

of Projected

Cash Flows

    

Recognized

OTTI

     

Amortized

Cost After

OTTI

     

Fair Value at

Time of OTTI

     

Date of

Financial

Statement

Where

Reported

  

64133WAE5

    $ 3,404      $ 868     $ 2,536      $ 868      $ 751        6/30/2024  

61772WAS6

      44,366        2,200       42,166        2,200        2,200        6/30/2024  

23312RAE5

      13,950        3,988       9,962        3,988        4,004        6/30/2024  

Quarterly Total

    $       61,720      $ 7,056     $       54,664      $       7,056      $       6,955           

126685DB9

    $ 380      $ 369     $ 11      $ 369      $ 273        9/30/2024  

Quarterly Total

    $ 380      $ 369     $ 11      $ 369      $ 273           

    None

      —        —       —        —        —          12/31/2024  
             

Quarterly Total

    $ —      $ —     $ —      $ —      $ —      $ —  
             
                Year-end Total     $ 54,675                             

None of the structured notes held by the Company are defined as a Mortgage-Referenced Security by the IAO.

 

 

 
30

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

 

Securities Lending

In conjunction with its securities lending program, the Company had securities with a carrying value of $2,577 million and the fair value of $2,162 million loaned to unaffiliated third parties as of December 31, 2024. At December 31, 2023, the Company had no bonds loaned pursuant to the securities lending program.

The following table presents the aggregate fair value of cash collateral received related to the securities lending program and the terms of the contractually obligated collateral positions:

 

      December 31,  
 (in millions)    2024      2023  

Open positions

    $ —      $ —  

30 days or less

      2,279        —  

31 to 60 days

      —        —  

61 to 90 days

      —        —  

Greater than 90 days

      —        —  

Subtotal

      2,279        —  

Securities collateral received

      —        —  

Total collateral received

    $         2,279      $         —  

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the securities lending program by maturity date:

 

      December 31, 2024             December 31, 2023  
 (in millions)    Amortized
Cost		      Fair Value             Amortized
Cost		      Fair
Value		  

Open positions

    $ 531      $ 531              $ —      $ —  

Subtotal

      531        531          —        —  

Securities collateral received

      —        —          —        —  

Total collateral reinvested

    $       531      $      531              $      —      $      —  

Repurchase Agreements

At December 31, 2024 and 2023, bonds with a fair value of approximately $214 million and $1,675 million, respectively, were subject to repurchase agreements to secure amounts borrowed by the Company.

The following table presents the aggregate fair value of cash collateral received related to the repurchase agreement program and the terms of the contractually obligated collateral positions:

 

      December 31,  
 (in millions)    2024      2023  

Open positions

    $ —      $ —  

30 days or less

      232        1,623  

31 to 60 days

      —        —  

61 to 90 days

      —        —  

Greater than 90 days

      —        —  

Subtotal

      232        1,623  

Securities collateral received

      —        —  

Total collateral received

    $       232      $       1,623  

 

 
31

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2024:

 

(in millions)  

 

FIRST
QUARTER

 

          

 

SECOND
QUARTER

 

          

 

THIRD
QUARTER

 

          

 

FOURTH
QUARTER

 

  
a.   Maximum Amount              

1. Open - No Maturity

   $ 10       $ 18       $ 6             $ 6  

2. Overnight

     499         381         668         410  

3. 2 Days to 1 Week

     1,370         967         1,785         1,603  

4. > 1 Week to 1 Month

           1,500                       1,583                       3,322                 1,779  

5. > 1 Month to 3 Months

     —         149         —         —  

6. > 3 Months to 1 Year

     —         —         —         —  

7. > 1 Year

     —         —         —         —  

b.   Ending Balance

              

1. Open - No Maturity

   $ 8       $ 18       $ 6       $ 6  

2. Overnight

     161         —         —         —  

3. 2 Days to 1 Week

     1,303         259         1,178         225  

4. > 1 Week to 1 Month

     1,177         693         3,322         —  

5. > 1 Month to 3 Months

     —         —         —         —  

6. > 3 Months to 1 Year

     —         —         —         —  

7. > 1 Year

     —         —         —         —  

The following table presents the Company’s liability to return collateral for the year ended December 31, 2024:

 

(in millions)  

 

FIRST

QUARTER

 

          

 

SECOND

QUARTER

 

          

 

THIRD

QUARTER

 

          

 

FOURTH

QUARTER

 

  

a. Maximum Amount

              

1. Cash (Collateral - All)

   $ 3,379              $          3,099              $ 5,782              $          3,798  

2. Securities Collateral (FV)

     —         —         —         —  

b. Ending Balance

              

1. Cash (Collateral - All)

   $          2,650       $ 970       $          4,506       $ 231  

2. Securities Collateral (FV)

     —         —         —         —  

The Company requires a minimum of 95 percent of the fair value of securities sold under the repurchase agreements to be maintained as collateral. Cash collateral received is invested in corporate bonds and the offsetting collateral liability for repurchase agreements is included in other liabilities.

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the repurchase agreement program by maturity date:

 

      December 31, 2024      December 31, 2023  
 (in millions)    Amortized
Cost		      Fair Value      Amortized
Cost		      Fair Value  

Open positions

    $ 218      $ 214      $ 2,036      $ 1,675  

Greater than three years

      —        —        —        —  

Subtotal

      218        214        2,036        1,675  

Securities collateral received

      —        —        —        —  
         

Total collateral reinvested

    $       218      $       214      $       2,036      $       1,675  

 

 

 

 
32

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2024:

 

       
(in millions)   

FIRST

QUARTER

     

 

     

SECOND

QUARTER

             THIRD
QUARTER		             FOURTH
QUARTER		  

a.   Maximum Amount

                     

1. BACV

    $ —               $ —               $ —               $ —  

2. Nonadmitted - Subset of BACV

      —           —           —           —  

3. Fair Value

      —           —           —           —  

b.   Ending Balance

                     

1. BACV

    $         3,067         $         1,064         $         4,980         $         218  

2. Nonadmitted - Subset of BACV

      —           —           —           —  

3. Fair Value

      2,618           986           4,540           214  

 

 

 

 
33

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2024:

 

(in millions)   

1

None

    

 

   

2

NAIC 1

         

3

NAIC 2

         

4

NAIC 3

  

Ending Balance

                  

a. Bonds - BACV

    $         —        $         11        $         207        $         —  

b. Bonds - FV

      —          6          208          —  

c. LB & SS - BACV

      —          —          —          —  

d. LB & SS - FV

      —          —          —          —  

e. Preferred Stock - BACV

      —          —          —          —  

f. Preferred Stock - FV

      —          —          —          —  

g. Common Stock

      —          —          —          —  

h. Mortgage Loans - BACV

      —          —          —          —  

i. Mortgage Loans - FV

      —          —          —          —  

j. Real Estate - BACV

      —          —          —          —  

k. Real Estate - FV

      —          —          —          —  

l. Derivatives - BACV

      —          —          —          —  

m. Derivatives - FV

      —          —          —          —  

n. Other Invested Assets - BACV

      —          —          —          —  

o. Other Invested Assets - FV

      —          —          —          —  

p. Total Assets - BACV

      —          11          207          —  

q. Total Assets - FV

      —          6          208          —  
(in millions)   

5

NAIC 4

    

 

   

6

NAIC 5

    

 

   

7

NAIC 6

    

 

   

8

Non-Admitted

  

Ending Balance

                  

a. Bonds - BACV

    $ —        $ —        $ —        $ —  

b. Bonds - FV

      —          —          —          —  

c. LB & SS - BACV

      —          —          —          —  

d. LB & SS - FV

      —          —          —          —  

e. Preferred Stock - BACV

      —          —          —          —  

f. Preferred Stock - FV

      —          —          —          —  

g. Common Stock

      —          —          —          —  

h. Mortgage Loans - BACV

      —          —          —          —  

i. Mortgage Loans - FV

      —          —          —          —  

j. Real Estate - BACV

      —          —          —          —  

k. Real Estate - FV

      —          —          —          —  

l. Derivatives - BACV

      —          —          —          —  

m. Derivatives - FV

      —          —          —          —  

n. Other Invested Assets - BACV

      —          —          —          —  

o. Other Invested Assets - FV

      —          —          —          —  

p. Total Assets - BACV

      —          —          —          —  

q. Total Assets - FV

      —            —            —            —  

 

 

 
34

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Reverse Repurchase Agreements

The Company entered into bilateral reverse repurchase agreements to purchase and resell short-term securities. The Company receives securities as collateral, having a fair value at least equal to 102% of the purchase price paid by the Company for the securities and the Company’s designated custodian takes possession of this collateral. The Company did not sell or repledge these securities during 2024. The collateral is not recorded on the Company’s financial statements. However, if the counterparty defaults, the Company would then exercise its rights with respect to the collateral, including a sale of the collateral. The fair value of the securities held as collateral is monitored daily and additional collateral is obtained, where appropriate, to protect against credit exposure. The Company records the amount paid for securities purchased under agreements to resell in cash, cash equivalents and short-term investments.

At December 31, 2024, the carrying value and fair value of securities held under agreements to purchase and resell was $21 million. The securities had a weighted average maturity of 2 days and a weighted average yield of 4.3%. The Company had no reverse repurchase agreements at December 31, 2023.

Type of Repo Trade Used:

 

       
   

1

 

First Quarter

    

2

 

Second Quarter

    

3

 

Third Quarter

    

4

 

Fourth Quarter

  

a. Bilateral (YES/NO)

     —       —       —       YES  

b. Tri-Party (YES/NO)

     —       —       —       NO  
Original (Flow) and Residual Maturity:        
       
(in millions)  

FIRST

 QUARTER 

    

SECOND

 QUARTER 

     THIRD
 QUARTER 		     FOURTH
 QUARTER 		  
a. Maximum Amount        

1. Open - No Maturity

   $         —     $         —     $         —     $ 20  

2. Overnight

     —       —       —       —  

3. 2 Days to 1 Week

     —       —       —       —  

4. > 1 Week to 1 Month

     —       —       —       —  

5. > 1 Month to 3 Months

     —       —       —       —  

6. > 3 Months to 1 Year

     —       —       —       —  

7. > 1 Year

     —       —       —       —  

b. Ending Balance

        

1. Open - No Maturity

   $ —     $ —     $ —     $         20  

2. Overnight

     —       —       —       —  

3. 2 Days to 1 Week

     —       —       —       —  

4. > 1 Week to 1 Month

     —       —       —       —  

5. > 1 Month to 3 Months

     —       —       —       —  

6. > 3 Months to 1 Year

     —       —       —       —  

7. > 1 Year

     —       —       —       —  

The Company had no securities sold and/or acquired under Repo that resulted in default at December 31, 2024 and December 31, 2023.

 

 

 
35

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Collateral Received – Secured Borrowing:

 

       
(in millions)  

FIRST

QUARTER

    

SECOND

QUARTER

     THIRD
QUARTER		     FOURTH
QUARTER		  

a. Maximum Amount

        

1. Cash

   $         —     $         —     $         —     $ —  

2. Securities (FV)

     —       —       —               21  

b. Ending Balance

        

1. Cash

   $ —     $ —     $ —     $ —  

2. Securities (FV)

     —       —       —       21  

Cash and Non-Cash Collateral Received – Secured Borrowing by NAIC Designation:

 

(in millions)   

1

NONE

     

2

NAIC 1

     

3

NAIC 2

     

4

NAIC 3

  
Ending Balance            

a. Cash

    $         —      $         —      $         —      $         —  

b. Bonds - FV

      —        21        —        —  

c. LB & SS - FV

      —        —        —        —  

d. Preferred Stock - FV

      —        —        —        —  

e. Common Stock

      —        —        —        —  

f. Mortgage Loans - BACV

      —        —        —        —  

g. Mortgage Loans - FV

      —        —        —        —  

h. Real Estate - FV

      —        —        —        —  

i. Derivatives - FV

      —        —        —        —  

j. Other Invested Assets - FV

      —        —        —        —  

k. Total Assets - FV

      —        21        —        —  
    

5

 

NAIC 4

     

6

 

NAIC 5

     

7

 

NAIC 6

     

8

 

Does Not
Qualify As
Admitted

  

Ending Balance

            

a. Cash

    $ —      $ —      $ —      $ —  

b. Bonds - FV

      —        —        —        —  

c. LB & SS - FV

      —        —        —        —  

d. Preferred Stock - FV

      —        —        —        —  

e. Common Stock

      —        —        —        —  

f. Mortgage Loans - BACV

      —        —        —        —  

g. Mortgage Loans - FV

      —        —        —        —  

h. Real Estate - FV

      —        —        —        —  

i. Derivatives - FV

      —        —        —        —  

j. Other Invested Assets - FV

      —        —        —        —  

k. Total Assets - FV

      —        —        —        —  

 

 

 
36

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Allocation of Aggregate Collateral by Remaining Contractual Maturity:

 

(in millions)      Fair Value    

a. Overnight and Continuous

    $          21   

b. 30 Days or Less

      —  

c. 31 to 90 Days

      —  

d. > 90 Days

      —  

6 RESTRICTED ASSETS

 

The Company has restricted assets as detailed below. Assets under restriction are general account assets and are not part of the Separate Accounts.

The following table presents the carrying value of the Company’s restricted assets:

 

   
     December 31,  
(in millions)    2024      2023  

On deposit with states

    $ 47      $ 47  

Collateral held on securities lending

      2,279        —  

FHLB stock and collateral pledged

      6,649        6,938  

Subject to reverse repurchase agreements

      20        —  

Subject to repurchase agreements

      231        1,618  

Collateral for derivatives

      651        1,412  

Guaranteed interest contracts

      68        66  

Other restricted assets

      1,528        985  

Total

    $    11,473      $    11,066  

7. SUBPRIME MORTGAGE RISK EXPOSURE

 

The following features are commonly recognized characteristics of subprime mortgage loans:

 

•  

An interest rate above prime to borrowers who do not qualify for prime rate loans;

 

•  

Borrowers with low credit ratings (FICO scores);

 

•  

Interest-only or negative amortizing loans;

 

•  

Unconventionally high initial loan-to-value ratios;

 

•  

Low initial payments based on a fixed introductory rate that expires after a short initial period, then adjusts to a variable index rate plus a margin for the remaining term of the loan;

 

•  

Borrowers with less than conventional documentation of their income and/or net assets;

 

•  

Very high or no limits on how much the payment amount or the interest rate may increase at reset periods, potentially causing a substantial increase in the monthly payment amount; and/or

 

•  

Substantial prepayment penalties and/or prepayment penalties that extend beyond the initial interest rate adjustment period.

Non-agency RMBS can belong to one of several different categories depending on the characteristics of the borrower, the property and the loan used to finance the property. Categorization is a function of FICO score, the type of loan, loan- to-value ratio, and property type and loan documentation.

Generally, subprime loans are made to borrowers with low FICO scores, low levels of equity and reduced income/asset documentation. Due to these characteristics, subprime borrowers pay a substantially higher interest rate than prime borrowers. In addition, they often utilize mortgage products that reduce their monthly payments in the near-term. These

 

 

 

 
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include adjustable-rate mortgages with low initial rates or interest-only loans. Borrowers in products like this often experience significant “payment shock” when the teaser payment resets upwards after the initial fixed period.

The primary classification mechanism the Company uses for subprime loans is FICO score. Specifically, a pool with an average FICO at origination less than 650 is considered to be subprime. However, the Company may subjectively adjust this classification based on an assessment of the other parameters mentioned above.

To monitor subprime securities, the Company uses a model with vintage-specific assumptions for delinquency roll rates, loss severities and the timing of losses. As and when needed, these vintage-based assumptions are supplemented with deal-specific information including, but not limited to, geographic distribution, realized loss severities, trigger status and scenario analysis.

The Company has no direct exposure through investments in subprime mortgage loans. The Company’s exposure is through other investments, primarily in RMBS, as described above.

The following table presents information regarding the Company’s investments with subprime exposures:

 

 (in millions)    Actual Cost     Book
Adjusted
Statement
Value		     Fair Value     OTTI
Recognized
to Date		  

 December 31, 2024

         

 In general account:

         

 RMBS

    $ 686     $ 666     $ 771     $ (14 ) 

 CDOs

      68       82       81       —  

 Total subprime exposure

    $ 754     $ 748     $ 852     $ (14 ) 

 December 31, 2023

         

 In general account:

         

 RMBS

    $ 810     $ 791     $ 903     $ (14 ) 

 CDOs

      101       117       113       —  

 Total subprime exposure

    $ 911     $ 908     $ 1,016     $ (14 ) 

The Company has no underwriting exposure to subprime mortgage risk through mortgage guaranty or financial guaranty insurance coverage.

8. DERIVATIVES

 

The Company has taken positions in certain derivative financial instruments to mitigate or hedge the impact of changes in interest rates, foreign currencies, equity markets, swap spreads, volatility, correlations and yield curve risk on cash flows from investment income, policyholder liabilities and equity. Financial instruments used by the Company for such purposes include interest rate swaps, interest rate swaptions, cross-currency swaps, futures and futures options on equity indices, and futures and futures options on government securities. The Company does not engage in the use of derivative instruments for speculative purposes and is neither a dealer nor trader in derivative instruments.

All derivative instruments are recognized in the financial statements. SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. The special accounting provision permits reporting entities to utilize a form of macro-hedging in which a portfolio of variable annuity policies are jointly designated as the host contracts containing the hedge item, in a fair value hedge, pursuant to a Clearly Defined Hedging Strategy defined within VM-21.

At inception and on an ongoing basis, the hedging relationship must be highly effective in achieving offsetting changes in fair value attributed to the hedged risk during the period that the hedge is designated. The term “highly effective” describes a fair value hedge relationship where the change in fair value of the derivative instrument is within 80 to 125 percent of the opposite change in fair value of the hedged item attributed to the hedged risk.

 

 

 
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SSAP 108 requires the Company use the same fair value definition that is used for its economic hedge target, which enables the Company to leverage the existing modeling and attribution platform currently in place for hedging analysis. In addition, the Company uses the VM-21 interest rate sensitivities measured at the beginning of the quarter to estimate the reserve movement attributed to interest rate movement, which leverages the existing modeling and attribution platform in place for Statutory analysis. These approaches and the overall use of the special accounting provision of SSAP 108 have received the approval of the TDI.

The Company uses a portfolio of interest rates swaps and swaptions to hedge the interest rate risk associated with a portfolio of guaranteed minimum withdrawal benefits (“GMWB”) riders on its variable annuities. This hedging relationship was highly effective and complied with the Clearly Defined Hedging Strategy of VM-21.

Under SSAP 108 all derivatives are reported at fair value. Fair value change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk is recognized as realized gain/loss in the current period there were no excludable components.

At December 31, 2024 and 2023, fair value of the derivatives was a liability of $10 million and $455 million, full contract fair value was an asset of $59 million and a liability of $1 billion and hedge target fair value was a liability of $88 million and $963 million. For the year ended December 31, 2024 and 2023, fair value change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk was a realized loss of $42 million and a realized loss of $193 million, respectively. Fair value change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk are recognized as deferred assets/liabilities in the current period and amortized over projected VA guarantees’ Macaulay Duration within the Standard Projection, but not more than 10 years. At December 31, 2024 and 2023, the fair value change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk was a deferred asset of $1.5 billion and deferred asset $1.1 billion, respectively. For the years ended December 31, 2024 and 2023, amortization was a realized loss of $137 million and a realized loss of $93 million, respectively. Fair value change in hedge instruments not attributable to the hedged risk are recognized as unrealized gain/loss, if any. All fair value changes in hedge instruments were attributable to the hedged risk for the period. Based on the currently liability profile, deferred asset/ liabilities are being amortized over 10 years.

The Company designates, under SSAP 86, certain foreign exchange derivatives as effective hedges of certain invested assets. The Company also designates certain interest rate swaps as effective cash flow hedges of floating-rate investment assets. Derivatives not designated for hedge accounting are accounted for at fair value, and the changes in the fair value recorded in surplus as unrealized gains or losses, net of deferred taxes. The value of the Company’s exchange traded futures contracts relates to the one-day lag in the net cash settlement of these contracts.

The Company recognized a net unrealized capital loss of $40 million in 2024, an unrealized capital gain of $167 million in 2023 and an unrealized capital gain of $478 million in 2022, related to derivatives that did not qualify for hedge accounting.

Net cash collateral received for derivative transactions increased in the year 2024, as a result of increases in fair values of derivatives covered by an International Swaps and Derivative Association Master Agreement (“ISDA Master Agreement”) and Credit Support Annex provisions. At December 31, 2024, the Company held collateral for SSAP 86 and SSAP 108 derivatives of $1,345 million, which is invested in cash, cash equivalents and/or short-term investments.

Refer to Note 3 for disclosures related to net realized capital gains (losses).

Swaps, Options, and Futures

Interest rate or cross-currency swap agreements are agreements to exchange with a counterparty, at specified intervals, payments of differing character (for example, variable-rate payments exchanged for fixed-rate payments) or in different currencies, based on an underlying principal balance, notional amount. Generally no cash is exchanged at the outset of the contract and no principal payments are made by either party. A single net payment is usually made by one counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

Options are contracts that grant the purchaser, for a premium payment, the right, but not the obligation, either to purchase or sell a financial instrument at a specified price within a specified period of time. The Company purchases call options on the S&P 500 Index to offset the risk of certain guarantees of specific equity-index annuity and universal

 

 

 
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life policy values. The Company also purchases put options on the S&P 500 Index to offset volatility risk arising from minimum guarantees embedded in variable annuities. The options are carried at fair value, with changes in fair value recognized in unrealized investment gains and losses.

Financial futures are contracts between two parties that commit one party to purchase and the other to sell a particular commodity or financial instrument at a price determined on the final settlement day of the contract. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The Company uses futures contracts on Euro dollar deposits, U.S. Treasury Notes, U.S. Treasury Bonds, the S&P 500 Index, MidCap 400, Russell 2000, MSCI EAFE, foreign government debt securities, and foreign denominated equity indices to offset the risk of certain guarantees on annuity policy values.

Interest Rate Risk

Interest rate derivatives are used to manage interest rate risk associated with certain guarantees of variable annuities and equity indexed annuities and certain bonds. The Company’s interest rate hedging derivative instruments include (1) interest rate swaps and swaptions; (2) listed futures on government securities; and (3) listed futures options on government securities; and (4) unlisted swaps and swaptions in U.S. Dollar Secured Overnight Financing Rate.

Currency Risk

Foreign exchange contracts used by the Company include cross-currency swaps, which are used to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company holds.

Equity Risk

Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. For over-the-counter (“OTC”) derivatives, the Company’s net credit exposure is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. The Company is exposed to credit risk when the net position with a particular counterparty results in an asset that exceeds collateral pledged by that counterparty.

For OTC contracts, the Company generally uses an ISDA Master Agreement and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency, in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The parties with whom the Company enters into exchange-traded futures are regulated futures commission merchants who are members of a trading exchange. The credit risk of exchange-traded futures is partially mitigated because variation margin is settled daily in cash. Exchange-traded option contracts are not subject to daily margin settlements and amounts due to the Company based upon favorable movements in the underlying securities or indices are owed upon exercise.

 

 

 

 
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The following table presents the notional amounts, statement values and fair values of the Company’s derivative instruments:

 

      December 31, 2024      December 31, 2023  
(in millions)    Contract or
Notional
Amount		      Statement
Value		      Fair Value      Contract or
Notional
Amount		      Statement
Value		      Fair Value  

Assets:

                  

Interest rate contracts

    $ 22,131      $      1,551      $      1,551      $ 25,958      $     1,808      $      1,808  

Foreign exchange contracts

      12,862        915        877        6,641        679        679  

Equity contracts

      60,862        4,257        4,256        104,770        5,372        5,371  

Other contracts

      14        —        —        14        —        —  

Derivative assets, gross

      95,869        6,723        6,684        137,383        7,859        7,858  

Counter party netting*

      —        (4,944)        (4,944)        —        (5,975)        (5,975)  

Derivative assets, net

    $ 95,869      $ 1,779      $ 1,740      $ 137,383      $ 1,884      $ 1,883  

Liabilities:

                  

Interest rate contracts

    $ 34,293      $ 1,737      $ 2,111      $ 31,308      $ 2,070      $ 2,063  

Foreign exchange contracts

      3,197        243        260        9,001        453        467  

Equity contracts

      39,350        3,085        3,085        43,063        4,403        4,403  

Other contracts

      45        2        2        47        2        2  

Derivative liabilities, gross

      76,885        5,067        5,458        83,419        6,928        6,935  

Counter party netting*

      —        (4,944)        (4,944)        —        (5,975)        (5,975)  

Derivative liabilities, net

    $ 76,885      $ 123      $ 514      $ 83,419      $ 953      $ 960  

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

The Company has a right of offset of its derivatives asset and liability positions with various counterparties. The following table presents the effect of the right of offsets:

 

      December 31, 2024      December 31, 2023  
(in millions)    Assets      Liabilities      Assets      Liabilities  

Gross amount recognized

    $ 6,723      $     5,067      $ 7,859      $      6,927  

Amount offset

      (4,944)        (4,944)        (5,975)        (5,975)  

Net amount presented in the Statement of Admitted

            

Assets, Liabilities, and Capital and Surplus

    $      1,779      $ 123      $      1,884      $ 952  

 

 

 
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9. INFORMATION ABOUT FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK

 

The following table presents the Company’s derivative financial instruments with concentrations of credit risk:

 

 

  
     December 31, 2024          December 31, 2023  
  

 

 

       

 

 

  
(in millions)    Contract or
Notional
Amount		      Final 
Maturity 
Date 		        Contract or
Notional
Amount		      Final Maturity 
Date 

Derivative assets:

              

Interest rate contracts

    $       22,131               2064        $       25,958              2056   

Foreign exchange contracts

      12,862        2063          6,641        2061   

Equity contracts

      60,862        2030          104,770        2028   

Credit contracts

      —        —          —        —   

Other contracts

      14        2053          14        2053   

Derivative liabilities:

                    

Interest rate contracts

      34,293        2071          31,308        2071   

Foreign exchange contracts

      3,197        2061          9,001        2063   

Equity contracts

      39,350        2030          43,063        2025   

Other contracts

      45        2042            47        2042   

The credit exposure to the Company’s derivative contracts is limited to the fair value of such contracts that are favorable to the Company at the reporting date.

The credit exposure to the Company’s derivative contracts aggregated $991.6 million and $829.4 million at December 31, 2024 and 2023, respectively.

10. FAIR VALUE INSTRUMENTS

 

Fair Value Measurements

The Company carries certain financial instruments at fair value. The Company defines the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions

Fair Value Hierarchy

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

 

•  

Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that the Company has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Company does not adjust the quoted price for such instruments.

 

•  

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and

 

 

 

 
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inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

 

•  

Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Company must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Bonds: Fair value is based principally on value from independent third-party valuation service providers, broker quotes and other independent information.

Preferred stocks: Fair value of unaffiliated preferred stocks is based principally on value from independent third-party service providers, broker quotes and other independent information.

Cash, cash equivalents and short term investments: Carrying amount approximate fair value because of the relatively short period of time between origination and expected realization and their limited exposure to credit risk.

Mortgage loans: Fair values are primarily determined by discounting future cash flows to the present at current market rates, using expected prepayment rates.

Contract loans: Carrying amounts, which approximate fair value, are generally equal to unpaid principal amount as of each reporting date. No consideration is given to credit risk because contract loans are effectively collateralized by the cash surrender value of the policies.

Securities lending reinvested collateral assets: Securities lending assets are generally invested in short-term investments and thus carrying amounts approximate fair values because of the relatively short period of time between origination and expected realizations.

Separate account assets: Variable annuity and variable universal life assets are carried at the market value of the underlying securities. Certain separate account assets related to market value adjustment fixed annuity contracts are carried at book value. Fair value is based principally on the value from independent third-party valuation service providers, broker quotes and other independent information.

Policy reserves and contractual liabilities: Fair value for investment contracts (those without significant mortality risk) not accounted for at fair value were estimated for disclosure purposes using discounted cash flow calculations based upon interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rates (if available) or current risk-free interest rates consistent with the currency in which cash flows are denominated.

Payable for securities lending: Cash collateral received from the securities lending program is invested in short-term investments and the offsetting liability is included in payable for securities lending. The carrying amount of this liability approximates fair value because of the relatively short period between origination of the liability and expected settlement.

Receivables/payables for securities: Such amounts represent transactions of a short-term nature for which the statement value is considered a reasonable estimate of fair value.

 

 

 

 
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Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

The Company estimates the fair value of securities not traded in active markets, by referring to traded securities with similar attributes, using dealer quotations, a matrix pricing methodology, discounted cash flow analyses or internal valuation models. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, prepayment rates and other relevant factors. For bonds that are not traded in active markets or that are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments generally are based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Fair values for bonds and preferred stocks based on observable market prices for identical or similar instruments implicitly include the incorporation of counterparty credit risk. Fair values for bonds and preferred stocks based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

Common Stocks (Unaffiliated)

Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchanges or dealer markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded OTC. The Company generally values exchange- traded derivatives, such as futures and options, using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other observable market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models can require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. When the Company does not have corroborating market evidence to support significant model inputs and cannot verify the model using market transactions, the transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. Subsequent to initial recognition, the Company updates valuation inputs when corroborated by evidence such as similar market transactions, independent third-party valuation services and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

 

 

 
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Separate Account Assets

Separate account assets are comprised primarily of registered and open-ended variable funds that trade daily and are measured at fair value using quoted prices in active markets for identical assets. Certain separate account assets are carried at amortized cost.

 

 

 

 
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Assets and Liabilities Measured at Fair Value

The following table presents information about assets and liabilities measured at fair value:

 

           
(in millions)    Level 1      Level 2      Level 3     

Counterparty

Netting*

     Total  

December 31, 2024

              

Assets at fair value:

              

Bonds

              

All Other Government

                 —  

Industrial and miscellaneous

      —        16        7        —       23  

Bank loans

      —        —        —        —       —  

Total bonds

      —        16        7        —       23  

Preferred stock

              

Industrial and miscellaneous

      4        —        1        —       5  

Total preferred stock

      4        —        1        —       5  

Total common stock

      —        —        —        —       —  

Derivative assets:

              

Interest rate contracts

      —        1,239        312        —       1,551  

Foreign exchange contracts

      —        872        —        —       872  

Equity contracts

      1        3,686        569        —       4,256  

Other Contracts

      —        —        —        —       —  

Counterparty netting

      —        —        —        (4,944 )      (4,944 ) 

Total derivative assets

      1        5,797        881        (4,944 )      1,735  

Separate account assets

      47,053        1,468        —        —       48,521  

Total assets at fair value

    $   47,058      $   7,281      $    889      $     (4,944)     $   50,284  

Liabilities at fair value:

              

Derivative liabilities:

              

Interest rate contracts

    $ —      $ 1,737      $ —      $ —     $ 1,737  

Foreign exchange contracts

      —        230        —        —       230  

Equity contracts

      7        3,066        12        —       3,085  

Credit contracts

      —        —        —        —       —  

Other contracts

      —        —        2        —       2  

Counterparty netting

      —        —        —        (4,944 )      (4,944 ) 

Total derivative liabilities

      7        5,033        14        (4,944 )      110  

Total liabilities at fair value

    $ 7      $ 5,033      $ 14      $ (4,944 )    $ 110  

December 31, 2023

              

Assets at fair value:

              

Bonds

              

All Other Government

      —        —        —        —     $ —  

Industrial and miscellaneous

    $ —      $ 14      $ 6      $ —     $ 20  

Total bonds

      —        14        6        —       20  

Preferred stock

              

Industrial and miscellaneous

      4        —        1        —       5  

Total preferred stock

      4        —        1        —       5  

Common stock

Industrial and miscellaneous

      —        —        —        —       —  

Mutual funds

      1        —        —        —       1  

Total common stock

      1        —        —        —       1  

Derivative assets:

              

Interest rate contracts

      —        1,401        408        —       1,809  

Foreign exchange contracts

      —        679        —        —       679  

Equity contracts

      6        4,665        700        —       5,371  

Other Contracts

      —           —        —       —  

Counterparty netting

      —        —        —        (5,975 )      (5,975 ) 

Total derivative assets

      6        6,745        1,108        (5,975 )      1,884  

Separate account assets

      45,987        1,426        —        —       47,414  

Total assets at fair value

    $ 45,998      $ 8,185      $ 1,115      $ (5,975 )    $ 49,324  

Liabilities at fair value:

              

Derivative liabilities:

              

Interest rate contracts

    $ —      $ 2,070      $ —      $ —     $ 2,070  

Foreign exchange contracts

      —        414        —        —       414  

Equity contracts

      2        4,336        65        —       4,403  

Credit contracts

      —        —        —        —       —  

Other contracts

      —        —        2        —       2  

Counterparty netting

      —        —        —        (5,975 )      (5,975 ) 

Total derivative liabilities

      2        6,820        67        (5,975 )      914  

Total liabilities at fair value

    $ 2      $ 6,820      $ 67      $ (5,975 )    $ 914  

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

 

 

 

 
46

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Changes in Level 3 Fair Value Measurements

The following tables present changes in Level 3 assets and liabilities measured at fair value and the gains (losses) related to the Level 3 assets and liabilities that remained on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus:

 

(in millions)    Bonds    

Preferred

Stocks

    

Common

Stocks

    

Derivative

Assets

    

Total

Assets

    

Derivative

Liabilities

  

Balance, January 1, 2022

    $ 11     $ 6     $ —     $ 410     $ 427     $ 22  

Total realized/unrealized capital gains or losses:

             

Included in net (loss) income

      13       —       —       (232 )      (219 )      (29 ) 

Included in surplus

      (11 )      (1 )      —       (214 )      (226 )      (22 ) 

Purchases, issuances and settlements

      (44 )      2       1       565       524       45  

Transfers into Level 3

      73       —       1       —       74       —  

Transfers out of Level 3

      (39 )      —       —       —       (39 )      —  

Balance, December 31, 2022

    $ 3     $ 7     $ 2     $ 529     $ 541     $ 16  

Total realized/unrealized capital gains or losses:

             

Included in net (loss) income

      (10 )      (7 )      —       (444 )      (461 )      (29 ) 

Included in surplus

      —       1       —       329       330       30  

Purchases, issuances and settlements

      9       —       (2 )      694       701       50  

Transfers into Level 3

      4       —       —       —       4       —  

Transfers out of Level 3

      —       —       —       —       —       —  

Balance, December 31, 2023

    $ 6     $ 1     $ —     $ 1,108     $ 1,115     $ 67  

Total realized/unrealized capital gains or losses:

             

Included in net (loss) income

      (28 )      —       —       153       125       (3 ) 

Included in surplus

      30       —       (3 )      (259 )      (232 )      (77 ) 

Purchases, issuances and settlements

      (16 )      —       —       (121 )      (137 )      27  

Transfers into Level 3

      28       —       4       —       32       —  

Transfers out of Level 3

      (12 )      —       —       —       (12 )      —  

Balance, December 31, 2024

    $      8     $     1     $      1     $     881     $     891     $       14  

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and thus observable. Transfers out of level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

In both 2024 and 2023, there were no transfers between Level 1 and Level 2 securities.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2024 and 2023 may include changes in fair value that were attributable to both observable and unobservable inputs.

Quantitative Information About Level 3 Fair Value Measurements

The Company had no quantitative information about level 3 fair value measurements to report at December 31, 2024.

 

 

 

 
47

Table of Contents

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Gross Basis Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value, on a gross basis, before counterparty and cash collateral netting:

 

(in millions)    Level 1      Level 2      Level 3      Total  

December 31, 2024

            

Derivative assets at fair value

      1        5,797             881        6,679  

Derivative liabilities at fair value

      (7)        (5,033)        (14)        (5,054)  

December 31, 2023

            

Derivative assets at fair value

    $        6      $     6,745      $ 1,108      $    7,859  

Derivative liabilities at fair value

      (2)        (6,820)        (67)        (6,889)  

Fair Value Information about Financial Instruments Not Measured at Fair Value

The following table presents the aggregate fair values of the Company’s financial instruments not measured at fair value compared to their statement values:

 

(in millions)    Aggregate
Fair Value		      Admitted
Assets or
Liabilities		      Level 1      Level 2      Level 3  

December 31, 2024

               

Assets:

               

Bonds

    $   107,959      $ 117,020      $ 9      $    84,314      $    23,636  

Preferred stocks

      159        156        —        159        —  

Common stocks

      208        208        —        208        —  

Cash, cash equivalents and short-term investments

      731        731        531        200        —  

Mortgage loans

      34,031        36,078        —        —        34,031  

Contract loans

      1,144        1,144        —        —        1,144  

Derivatives

      (399)        31           (399)     

Receivables for securities

      86        86        —        86        —  

Separate account assets

      16,880        25,766        —        16,880        —  

Liabilities:

               

Policy reserves and contractual liabilities

      17,668        17,617        —        58        17,610  

Derivatives

      —        —        —        —        —  

Payable for securities

      309        309        —        309        —  

Payable for securities lending

      2,284        2,284        —        2,284        —  

December 31, 2023

               

Assets:

               

Bonds

    $ 102,685      $ 112,112      $       22      $ 84,726      $ 17,937  

Preferred stocks

      79        76        —        79        —  

Common stocks

      196        196        —        196        —  

Cash, cash equivalents and short-term investments

      900        900        778        122        —  

Mortgage loans

      27,861        29,652        —        —        27,861  

Contract loans

      1,157        1,157        —        —        1,157  

Derivatives

      (46)        (39)           (46)     

Receivables for securities

      100        100        —        100        —  

Separate account assets

      19,068        21,379        —        19,068        —  

Liabilities:

               

Policy reserves and contractual liabilities

      13,330        13,439        —        79        13,251  

Derivatives

      —        —           —     

Payable for securities

      182        182        —        182        —  

 

 
48

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

11. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

 

The following table presents the Company’s reserves by major category:

 

      Years ended December 31, 
(in millions)    2024   2023  

Life insurance

    $ 42,136     $ 41,544  

Annuities (excluding supplementary contracts with life contingencies)

      104,975       95,144  

Supplementary contracts with life contingencies

      377       371  

Accidental death benefits

      14       15  

Disability - active lives

      27       29  

Disability - disabled lives

      206       208  

Excess of VM-21 reserves over basic reserves

      2       111  

Deficiency reserves

      1,075       1,180  

Other miscellaneous reserve

      1,012       1,065  

Gross life and annuity reserves

      149,824       139,667  

Reinsurance ceded

      (37,288 )      (25,967 ) 

Net life and annuity reserves

      112,536       113,700  

Accident and health reserves

     

Unearned premium reserves

      6       7  

Present value of amounts not yet due on claims

      193       192  

Additional contract reserves

      480       504  

Gross accident and health reserves

      679       703  

Reinsurance ceded

      (4 )      (6 ) 

Net accident and health reserves

      675       697  

Aggregate policy reserves

    $ 113,211       114,397  

The following table presents the withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life contingencies:

A. Individual Annuities:

 

            December 31, 2023 
(in millions)    General
account		    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ 54,345      $ 4,437      $ —      $ 58,782        42.84 % 

  b. At book value less current surrender charge of 5% or more

      13,000        —        —        13,000        9.48 % 

  c. At fair value

      1        32        31,079        31,112        22.68 % 

  d. Total with market adjustment or at fair value

      67,346        4,469        31,079        102,894        75.00 % 

  e. At book value without adjustment
  (minimal or no charge or adjustment)

      20,170        —        —        20,170        14.70 % 

(2) Not subject to discretionary withdrawal

      14,041        —        96        14,137        10.30 % 

(3) Total (gross: direct + assumed)

    $ 101,557      $ 4,469      $          31,175      $ 137,201        100.00 % 

(4) Reinsurance ceded

      11,045        —        —        11,045     

(5) Total (net)* (3) - (4)

    $       90,512      $          4,469      $ 31,175      $    126,156     

(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:

    $ 3,286      $ —      $ —      $ 3,286     

 

 

 
49

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

            December 31, 2023
(in millions)    General
account		    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ 44,316      $ 3,563      $ —      $ 47,879        38.34 % 

  b. At book value less current surrender charge of 5% or more

      10,554        —        —        10,554        8.45 % 

  c. At fair value

      —        26        29,877        29,903        23.95 % 

  d. Total with market adjustment or at fair value

      54,870        3,589        29,877        88,336        70.74 % 

  e. At book value without adjustment

               

    (minimal or no charge or adjustment)

      22,365        —        12        22,377        17.92 % 

(2) Not subject to discretionary withdrawal

      14,102        —        60        14,162        11.34 % 

(3) Total (gross: direct + assumed)

    $ 91,337      $          3,589      $          29,949      $    124,875        100.00 % 

(4) Reinsurance ceded

      244        —        —        244     

(5) Total (net)* (3) - (4)

    $       91,093      $ 3,589      $ 29,949      $ 124,631     

(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:

    $ 2,966      $ —      $ —      $ 2,966     

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

B. Group Annuities:

 

            December 31, 2024
(in millions)    General
account		    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ 140      $ 49      $ —      $ 189        0.52 % 

  b. At book value less current surrender charge of 5% or more

      28        —        —        28        0.08 % 

  c. At fair value

      —        —        13,508        13,508        37.26 % 

  d. Total with market adjustment or at fair value

      168        49        13,508        13,725        37.86 % 

  e. At book value without adjustment

               

    (minimal or no charge or adjustment)

      1,851        —        —        1,851        5.11 % 

(2) Not subject to discretionary withdrawal

      1,776        18,904        —        20,680        57.03 % 

(3) Total (gross: direct + assumed)

    $       3,795      $          18,953      $          13,508      $    36,256        100.00 % 

(4) Reinsurance ceded

      69        —        —        69     

(5) Total (net)* (3) - (4)

    $ 3,726      $ 18,953      $ 13,508      $ 36,187     

(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:

    $ 2      $ —      $ —      $ 2     

 

           December 31, 2023
(in millions)    General
account		    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ 162      $ 54      $ —      $ 216        0.63 % 

  b. At book value less current surrender charge of 5% or more

      30        —        —        30        0.09 % 

  c. At fair value

      —        —        13,681        13,681        39.80 % 

  d. Total with market adjustment or at fair value

      192        54        13,681        13,927        40.52 % 

  e. At book value without adjustment
  (minimal or no charge or adjustment)

      2,108        —        —        2,108        6.13 % 

(2) Not subject to discretionary withdrawal

      1,878        16,434        25        18,337        53.35 % 

(3) Total (gross: direct + assumed)

    $       4,178      $          16,488      $          13,706      $    34,372        100.00 % 

(4) Reinsurance ceded

      65        —        —        65     

(5) Total (net)* (3) - (4)

    $ 4,113      $ 16,488      $ 13,706      $ 34,307     

(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:

    $ 2      $ —      $ —      $ 2     

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

 

 

 
50

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

C. Deposit-Type Contracts (no life contingencies):

 

           December 31, 2024
(in millions)    General account    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ —      $ —      $ —      $ —        — % 

  b. At book value less current surrender charge of 5% or more

      —        —        —        —        — % 

  c. At fair value

      —        —        —        —        — % 

  d. Total with market adjustment or at fair value

      —        —        —        —        — % 

  e. At book value without adjustment

               

    (minimal or no charge or adjustment)

      520        —        —        520        2.86 % 

(2) Not subject to discretionary withdrawal

      17,616        —        72        17,688        97.14 % 

(3) Total (gross: direct + assumed)

    $           18,136      $            —      $            72      $    18,208        100.00 % 

(4) Reinsurance ceded

      1,344        —        —        1,344     

(5) Total (net)* (3) - (4)

    $ 16,792      $ —      $ 72      $ 16,864     

(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:

    $ —      $ —      $ —      $ —     

 

           December 31, 2023
(in millions)    General account    Separate
account with
guarantees		      Separate
account non-
guaranteed		      Total      % of
Total		  

(1) Subject to discretionary withdrawal :

               

  a. With market value adjusted

    $ —      $ —      $ —      $ —        — % 

  b. At book value less current surrender charge of 5% or more

      —        —        —        —        — % 

  c. At fair value

      —        —        —        —        — % 

  d. Total with market adjustment or at fair value

      —        —        —        —        — % 

  e. At book value without adjustment

               

    (minimal or no charge or adjustment)

      537        —        8        545        3.87 % 

(2) Not subject to discretionary withdrawal

      13,495        —        54        13,549        96.13 % 

(3) Total (gross: direct + assumed)

    $           14,032      $            —      $            62      $    14,094        100.00 % 

(4) Reinsurance ceded

      17        —        —        17     

(5) Total (net)* (3) - (4)

    $ 14,015      $ —      $ 62      $ 14,077     

(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:

    $ —      $ —      $ —      $ —     

* Represents annuity reserves reported in separate accounts liabilities.

 

 

 
51

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2024:

 

           December 31, 2024
         General Account    Separate Account - non-guaranteed
         Account    Cash
value		             Account    Cash
value		         
(in millions)    value    Reserve      value    Reserve  

A. Subject to discretionary withdrawal,

                  

  surrender values, or policy loans:

                  

  (1) Term policies with cash value

    $ —      $ 687      $ 3,245      $ —      $ —      $ —  

  (2) Universal life

      5,276        5,333        6,111        —        —        —  

  (3) Universal life with secondary guarantees

      1,597        1,446        8,347        —        —        —  

  (4) Indexed universal life

      795        726        781        —        —        —  

  (5) Indexed universal life with secondary
  guarantees

      2,140        1,414        2,365        —        —        —  

  (6) Indexed life

      —        —        —        —        —        —  

  (7) Other permanent cash value life insurance

      2,168        8,571        9,811        1,824        1,824        1,824  

  (8) Variable life

      —        —        —        —        —        —  

  (9) Variable universal life

      114        106        155        1,822        1,814        1,806  

  (10) Miscellaneous reserves

      —        —        —        —        —        —  

B. Not subject to discretionary withdrawal

                  

  or no cash values

                  

  (1) Term policies without cash value

      XXX        XXX      $ 11,320        XXX        XXX      $ —  

  (2) Accidental death benefits

      XXX        XXX        14        XXX        XXX        —  

  (3) Disability - active lives

      XXX        XXX        27        XXX        XXX        —  

  (4) Disability - disabled lives

      XXX        XXX        206        XXX        XXX        —  

  (5) Miscellaneous reserves

      XXX        XXX        1,981        XXX        XXX        —  

C. Total (gross: direct + assumed)

    $     12,090      $    18,283      $     44,364      $     3,646      $     3,638      $     3,630  

D. Reinsurance ceded

      7,039        10,245        26,174        —        —        —  

E. Total (net) (C) - (D)

    $ 5,051      $ 8,038      $ 18,190      $ 3,646      $ 3,638      $ 3,630  

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2023:

 

           December 31, 2023
         General Account    Separate Account - non-guaranteed
         Account    Cash
value		      Reserve      Account    Cash
value		      Reserve  
(in millions)    value    value

A. Subject to discretionary withdrawal,

                  

  surrender values, or policy loans:

                  

  (1) Term policies with cash value

    $ —      $ 642      $ 3,239      $ —      $ —      $ —  

  (2) Universal life

      5,478        5,499        6,238        —        —        —  

  (3) Universal life with secondary guarantees

      1,641        1,453        7,987        —        —        —  

  (4) Indexed universal life

      743        665        730        —        —        —  

  (5) Indexed universal life with secondary
  guarantees

      1,833        1,187        1,842        —        —        —  

  (6) Indexed life

      —        —        —        —        —        —  

  (7) Other permanent cash value life insurance

      2,183        8,605        9,854        1,760        1,760        1,760  

  (8) Variable life

      —        —        —        —        —        —  

  (9) Variable universal life

      113        103        140        1,649        1,642        1,636  

  (10) Miscellaneous reserves

      —        —        —        —        —        —  

B. Not subject to discretionary withdrawal
  or no cash values

                  

  (1) Term policies without cash value

      XXX        XXX      $ 11,514        XXX        XXX      $ —  

  (2) Accidental death benefits

      XXX        XXX        15        XXX        XXX        —  

  (3) Disability - active lives

      XXX        XXX        29        XXX        XXX        —  

  (4) Disability - disabled lives

      XXX        XXX        208        XXX        XXX        —  

  (5) Miscellaneous reserves

      XXX        XXX        2,200        XXX        XXX        —  

C. Total (gross: direct + assumed)

    $     11,991      $    18,154      $     43,996      $     3,409      $     3,402      $     3,396  

D. Reinsurance ceded

      6,979        10,192        25,651        —        —        —  

E. Total (net) (C) - (D)

    $ 5,012      $ 7,962      $ 18,345      $ 3,409      $ 3,402      $ 3,396  

12. SEPARATE ACCOUNTS 

 

Separate Accounts 

The separate accounts held by the Company consist primarily of variable life insurance policies and variable annuities. These contracts generally are non-guaranteed in nature such that the benefit is determined by the performance and/or market value of the investments held in the separate accounts. The net investment experience of the separate accounts is credited directly to the policyholder and can be positive or negative.

Certain other separate accounts relate to MVA fixed annuity contracts in which the assets are carried at amortized cost. These policies are required to be held in the Company’s separate account by certain states, including Texas.

Certain other separate accounts relate to flexible premium adjustable life insurance and pension risk transfer annuities in which the assets are carried at amortized cost. These contracts provide the greater of guaranteed interest returns defined in the policy or interest in excess of the guaranteed rate as defined by the Company.

The Company does not engage in securities lending transactions within the separate accounts.

In accordance with the products/transactions recorded within the separate accounts, some assets are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

General account reserves of $71 million and $13 million were established for the separate account reserve in excess of assets in subaccounts TFA1-B and TFA1-D, respectively.

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents separate account assets by product or transaction:

 

      December 31, 2024      December 31, 2023  
(in millions)    Legally
Insulated
Assets		      Separate
Accounts
Assets (Not
Legally
Insulated)		      Legally
Insulated
Assets		      Separate
Accounts Assets
(Not Legally
Insulated)		  

Variable annuities

    $ 45,316      $ —      $ 44,445      $ —  

Variable life

      3,206        —        2,969        —  

Bank-owned life insurance – hybrid

      464        —        503        —  

Deferred annuities with MVA features

      300        —        401        —  

Pension risk transfer annuities

      20,800        —        18,022        —  

Annuities with MVA features

      —        4,122        —        2,427  

Fixed annuities excess interest adjustment features

      —        9        —        25  

Registered index-linked annuities

      —        70        —        —  

Total

    $ 70,086      $ 4,201      $ 66,340      $ 2,452  

Some separate account liabilities are guaranteed by the general account. To compensate the general account for the risks taken, the separate accounts pay risk charges to the general account.

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2024 and 2023 is $4.5 billion and $5.4 billion, respectively.

The separate account business seed money balances were $7 million and $6 million at December 31, 2024 and 2023, respectively.

The following table presents the risk charges paid by the separate accounts and the guarantees paid by the general account:

 

(in millions)   

Risk Charge

paid by the

Separate

Account

     

Guarantees

Paid by the

General

Account

  

2024

    $             445      $            42  

2023

      558        65  

2022

      596        64  

2021

      539        36  

2020

      450        43  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents information regarding the separate accounts:

 

           
 (in millions)    Indexed      

Non- 

indexed 

guarantee 

less than 

or equal 

to 4% 

     

Non- 

indexed 

guarantee 

more than 

4% 

     

Non-

guaranteed

separate

accounts

      Total  

 December 31, 2024

               

Premiums, considerations or deposits

    $ 737      $ —      $     176      $    4,117      $    5,030  

 Reserves for accounts with assets at:

               

 Market value

    $ —      $ —      $ —      $ 47,778      $ 47,778  

 Amortized costs

      3,056        20,094        806        —        23,956  

 Total reserves

    $   3,056      $   20,094      $ 806      $ 47,778      $ 71,734  

 By withdrawal characteristics:

               

 Subject to discretionary withdrawal with MVA

    $ 3,056      $ 17,791      $ 806      $ —      $ 21,653  

 At market value

      —        —        —        47,706        47,706  

 Subtotal

      3,056        17,791        806        47,706        69,359  

 Not subject to discretionary withdrawal

      —        2,303        —        72        2,375  

 Total reserves

    $ 3,056      $ 20,094      $ 806      $ 47,778      $ 71,734  

 December 31, 2023

               

 Premiums, considerations or deposits

    $ 803      $ —      $ 178      $ 6,597      $ 7,578  

 Reserves for accounts with assets at:

               

 Market value

    $ —      $ —      $ —      $ 46,589      $ 46,589  

 Amortized costs

      2,611        17,306        617        —        20,534  

 Total reserves

    $ 2,611      $ 17,306      $ 617      $ 46,589      $ 67,123  

 By withdrawal characteristics:

               

 Subject to discretionary withdrawal with MVA

    $ 2,611      $ 17,179      $ 617      $ —      $ 20,407  

 At market value

      —        —        —        46,488        46,488  

 Subtotal

      2,611        17,179        617        46,488        66,895  

 Not subject to discretionary withdrawal

      —        127        —        101        228  

 Total reserves

    $ 2,611      $ 17,306      $ 617      $ 46,589      $ 67,123  

 December 31, 2022

               

 Premiums, considerations or deposits

    $ 434      $ —      $ 41      $ 4,964      $ 5,439  

 Reserves for accounts with assets at:

               

 Market value

    $ —      $ —      $ —      $ 44,187      $ 44,187  

 Amortized costs

      2,071        11,613        385        —        14,069  

 Total reserves

    $ 2,071      $ 11,613      $ 385      $ 44,187      $ 58,256  

 By withdrawal characteristics:

               

 Subject to discretionary withdrawal with MVA

    $ 2,071      $ 11,154      $ 385      $ —      $ 13,610  

 At market value

      —        —        —        44,094        44,094  

 Subtotal

      2,071        11,154        385        44,094        57,704  

 Not subject to discretionary withdrawal

      —        458        —        93        551  

 Total reserves

    $ 2,071      $ 11,612      $ 385      $ 44,187      $ 58,255  

Reconciliation of Net Transfers to or from Separate Accounts

The following table presents a reconciliation of the net transfers to (from) separate accounts:

 

      Years Ended December 31,  
 (in millions)    2024     2023     2022  

Transfers to separate accounts

    $      5,030     $      7,578     $      5,439  

 Transfers from separate accounts

      (6,859)       (5,500 )      (4,330 ) 

 Net transfers to (from) separate accounts

      (1,829 )      2,078       1,109  

 Reconciling adjustments:

       

 Deposit-type contracts

      —       —       —  

 Total reconciling adjustments

      —       —       —  

 Transfers as reported in the Statutory Statements of Operations

    $ (1,829 )    $ 2,078     $ 1,109  

13. RESERVES FOR GUARANTEED POLICY BENEFITS AND ENHANCEMENTS

 

 

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits include GMWB and, to a lesser extent, guaranteed minimum accumulation benefits (“GMAB”), which are no longer offered. A

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder generally can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive. A policyholder cannot purchase more than one living benefit on one contract.

Reserves for GMDB, GMIB and GMWB were included in the VACARVM reserves. Total reserves in excess of cash surrender value were $2.0 million and $103.1 million at December 31, 2024 and 2023, respectively.

GMDB and GMIB

Depending on the product, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary. GMIB guarantees a minimum level of periodic income payments upon annuitization. GMDB is the Company’s most widely offered benefit; variable annuity contracts may also include GMIB to a lesser extent, which is no longer offered.

GMWB

Certain of the Company’s variable annuity contracts offer optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) are living.

14. PARTICIPATING POLICY CONTRACTS

 

 

Participating policy contracts entitle a policyholder to share in earnings through dividend payments. These contracts represented less than 1.0 percent of gross insurance in-force at December 31, 2024, 2023 and 2022, respectively. Policyholder dividends for the years ended December 31, 2024, 2023 and 2022 were $17 million, $13 million, and $10 million, respectively.

15. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

 

 

The following table presents the deferred and uncollected insurance premiums and annuity consideration

(before deduction for amounts non-admitted):

 

      December 31, 2024           December 31, 2023  
 (in millions)    Gross    

Net of

Loading

          Gross    

Net of

Loading

  

 Ordinary new business

    $ 30     $ 30        $ 22     $ 22  

 Ordinary renewal

      (450 )      20          (503 )      39  

 Group life

      (1 )      (1 )         (1 )      (1 ) 

 Total

    $       (421)     $       49          $       (482)     $       60  

16. REINSURANCE

 

 

In the ordinary course of business, the Company utilizes internal and third-party reinsurance transactions to manage insurance risks and to facilitate capital management strategies. Long-duration reinsurance is effected principally under yearly renewable term treaties. Pools of highly-rated third party reinsurers are utilized to manage net amounts at risk in excess of retention limits. Reinsurance agreements do not relieve the Company of its direct obligations to insureds and beneficiaries. Thus, a credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. In addition, the Company assumes reinsurance from other insurance companies.

Reinsurance premiums assumed in 2024, 2023 and 2022 were $2.1 billion, $4.9 billion and $24.5 billion, respectively. Reinsurance premiums ceded in 2024, 2023 and 2022 were $12.7 billion, $2.5 billion and $2.7 billion, respectively.

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Additionally, reserves on reinsurance assumed were $11.2 billion and $9.8 billion at December 31, 2024 and 2023, respectively. The reserve credit taken on reinsurance ceded was $38.6 billion and $26.0 billion at December 31, 2024 and 2023, respectively. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2024 and 2023, the Company’s reinsurance recoverables were $263 million and $251 million, respectively.

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company has no reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total revenue collected under the reinsured policies.

The Company previously entered into a reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover”) effective July 1, 2016, under which the Company ceded blocks of whole life policies on a coinsurance with funds withheld basis and a block of current assumption universal life business on a yearly renewable term basis. Effective December 31, 2016, the Company recaptured certain term and universal life policies that had been ceded to AGC Life and concurrently amended and restated the July 1, 2016 reinsurance treaty (the “A&R Treaty”) with Hannover to add this in-force term and guaranteed universal life business on a coinsurance basis and additional current assumption universal life on a yearly renewable term basis.

Effective March 31, 2023, the Company recaptured term life business issued from 2017 through 2019 that had previously been ceded to AGC Life on a coinsurance/modified coinsurance basis and concurrently amended the A&R Treaty with Hannover to add this in-force term life business on a coinsurance with funds withheld basis. The Company recognized the net benefit of the recapture and simultaneous cession as a direct credit to surplus of $93 million at March 31, 2023. This increase in surplus will be amortized to income over the life of the treaty.

 

 (in millions)        March 31, 2023 Recapture 
from AGC Life		       March 31, 2023
 Cession to Hannover 		        Net Impact of 
Reinsurance

Increase (Decrease)

            

Summary Of Operations

            

Premiums

   $   1,538   $   (1,738)   $   (200)

Commissions on reinsurance ceded

     (1,054)     1,054     —

Reserve adjustments on reinsurance ceded

     (484)     —     (484)
   

 

    

 

    

 

Total revenue

   $   —   $   (684)   $   (684)

Increase in aggregate reserves for life contracts

   $   1,054   $   (1,738)   $   (684)

Federal income tax expense (benefit)

     (221)     221     —
   

 

    

 

    

 

Net income

   $   (833)   $   833   $   —
   

 

    

 

    

 

Capital and Surplus Account

            

Change in surplus as a result of reinsurance

   $   —   $   93   $   93

Effective September 30, 2023, the Company recaptured universal life business issued from 2017 through 2019 that had previously been ceded to AGC Life on a coinsurance/modified coinsurance basis and concurrently amended the A&R Treaty with Hannover to add this in-force universal life business on a coinsurance with funds withheld basis. The

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Company recognized the net benefit of the recapture and simultaneous cession as a direct credit to surplus of $253 million at September 30, 2023. This increase in surplus will be amortized to income over the life of the treaty.

 

 (in millions)        Sept 30, 2023 Recapture 
from AGC Life		       Sept 30, 2023
 Cession to Hannover 		        Net Impact of 
Reinsurance

Increase (Decrease)

            

Summary Of Operations

            

Premiums

   $   2,092   $   (2,035)   $   57

Commissions on reinsurance ceded

     (939)     939     —

Reserve adjustments on reinsurance ceded

     (1,153)     —     (1,153)
   

 

    

 

    

 

Total Revenue

   $   —   $   (1,096)   $   (1,096)

Increase in aggregate reserves for life contracts

   $   939   $   (2,035)   $   (1,096)

Federal income tax expense (benefit)

     (197)     197     —
   

 

    

 

    

 

Net Income

   $   (742)   $   742   $   —
   

 

    

 

    

 

Capital and Surplus Account

            

Change in surplus as a result of reinsurance

   $   —   $   253   $   253

The Company previously ceded term and universal life insurance business issued from January 1, 2020 to December 31, 2021 to AGC Life on a coinsurance/modified coinsurance basis. Effective October 1, 2023, AGL recaptured this business, resulting in a $66 million decrease in the Company’s net income.

 

 (in millions)        Oct 1, 2023 Recapture 
from AGC Life

Increase (Decrease)

    

Summary Of Operations

    

Premiums

   $     129  

Commissions on reinsurance ceded

       (83)  

Reserve adjustments on reinsurance ceded

       (46)  
   

 

 

 

Total Revenue

   $     —  

Increase in aggregate reserves for life contracts

   $     83  

Federal income tax expense (benefit)

       (17)  
   

 

 

 

Net Income

   $     (66)  
   

 

 

 

The coinsurance/modified coinsurance agreements with AGC Life increased the Company’s pre-tax earnings by $6 million, $63 million (excluding the impact of recaptures) and $91 million in 2024, 2023 and 2022, respectively.

The Company has a modified coinsurance reinsurance agreement with VALIC, pursuant to which certain blocks of VALIC’s variable annuity business are ceded to the Company. At December 31, 2024 and 2023, the liabilities resulting from the agreement and recorded in the accompanying financial statements were $17.7 billion and $19.9 billion, respectively. In 2024, 2023 and 2022, the agreement increased the Company’s pre-tax earnings by $278 million, $319

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

million and $120 million, respectively. Related to the agreement, included within Other income are assumed expense risk charges of $449 million, $393 million and $88 million for 2024, 2023 and 2022, respectively.

As of December 31, 2024 and 2023, $21 billion and $22 billion of the Company’s reserves representing a mix of run-off life and annuity risks were ceded to Fortitude Reinsurance Company Ltd. (“Fortitude Re”) under modified coinsurance agreements.

The Company has an annuity coinsurance/modified coinsurance agreement with Corebridge Bermuda in which Corebridge Bermuda reinsures certain deferred annuity contracts issued between 2003 and 2007. The agreement is such that the Company retains and controls assets held in relation to the related reserve. At December 31, 2024 and 2023, the liabilities resulting from the agreement and recorded in the accompanying financial statements were $3.4 billion and $4.1 billion, respectively. In each of 2024, 2023 and 2022, the agreement decreased the Company’s pre-tax earnings by $1 million.

In July 2024, the Company entered into a Variable Quota Share Coinsurance and Coinsurance with Funds Withheld Reinsurance Agreement, effective as of January 1, 2024, with Corebridge Bermuda. Under the agreement, the Company will cede to Corebridge Bermuda a variable quota share percentage of certain fixed indexed annuity and fixed annuity products issued subsequent to December 31, 2023. The agreement was accounted for on a prospective basis from January 1, 2024 and the impact of the agreement as of December 31, 2024 is below.

 

     Cession to
 (in millions)     Corebridge Bermuda 

Increase (Decrease)

   

Summary of Operations

   

Premiums

     $ (9,327 ) 

Commissions and expense allowances on reinsurance ceded

      481  
  

 

 

 

Total Revenue

      (8,846 ) 

Annuity benefits

      (34 ) 

Surrender benefits and withdrawals for life contracts

      (69 ) 

Change in reserves

      (10,245 ) 

Interest on funds withheld

      266  
  

 

 

 

Net gain from operations before federal income taxes

     $ 1,236  

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Effective December 31, 2024, the Company entered into a combined coinsurance and coinsurance with funds withheld reinsurance agreement with Corebridge Bermuda. Under the agreement, the Company will cede to Corebridge Bermuda term life insurance policies written from January 1, 2020 to December 31, 2024 and certain structured settlement annuity contracts issued from April 1, 2012 to December 31, 2024. Additionally, the Company will cede newly issued term life insurance policies and certain structured settlement annuity contracts issued starting January 1, 2025. The impact of the agreement as of December 31, 2024 is below.

 

     Cession to

(in millions)

       Corebridge Bermuda   

Increase (Decrease)

   

Summary of Operations

   

Premiums

     $ (688 ) 

Commissions and expense allowances on reinsurance ceded

      31  
  

 

 

 

Total Revenue

      (657 ) 

Change in reserves

      (687 ) 
  

 

 

 

Net gain from operations before federal income taxes

     $ 30  

Capital and Surplus Account

   

Change in surplus as a result of reinsurance

     $ 118  

17. FEDERAL INCOME TAXES

 

 

Recent U.S. Tax Law Changes

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% CAMT on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. On December 23, 2024, the U.S. Treasury and Internal Revenue Service (“IRS”) published technical corrections to the proposed regulations that would address the application of CAMT, which were published in September 2024. The technical corrections were open to public comment through January 16, 2025, and certain specifics of application of the CAMT remain subject to future guidance. The Company’s estimated CAMT liability will continue to be refined based on future guidance.

The AGC Life Insurance Company consolidated federal income tax return group, of which the Company is a member, has determined that as of the reporting date it is an applicable reporting entity for the CAMT.

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the components of the net deferred tax assets and liabilities:

 

      December 31, 2024      December 31, 2023      Change  
 (in millions)    Ordinary       Capital       Total       Ordinary       Capital       Total       Ordinary       Capital       Total  

Gross DTA

    $  3,703      $  1,976      $  5,679      $  3,478      $  1,993      $  5,471      $  225      $  (17)      $  208  

Statutory valuation allowance adjustment

      —        159        159        —        183        183        —        (24 )       (24 ) 

Adjusted gross DTA

      3,703        1,817        5,520        3,478        1,810        5,288        225        7        232  

DTA non-admitted

      2,286        1,817        4,103        2,195        1,810        4,005        91        7        98  

Net admitted DTA

      1,417        —        1,417        1,283        —        1,283        134        —        134  

DTL

      122        —        122        119        —        119        3        —        3  

Total

    $ 1,295      $ —      $ 1,295      $ 1,164      $ —      $ 1,164      $ 131      $ —      $ 131  

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:

 

      December 31, 2024      December 31, 2023      Change  
 (in millions)     Ordinary       Capital       Total       Ordinary       Capital       Total       Ordinary       Capital       Total  

Admission calculation components

                           

SSAP 101

                           

Federal income taxes paid in prior years recoverable through loss carry backs

    $ —      $ —      $ —      $ —      $ —      $ —      $ —      $ —      $ —  

Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation

      1,295        —        1,295        1,164        —        1,164        131        —        131  

1. Adjusted gross DTA expected to be realized following the reporting date

      1,295        —        1,295        1,164        —        1,164        131        —        131  

2. Adjusted gross DTA allowed per limitation threshold

      —        —        1,311        —        —        1,164        —        —        147  

Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL

      122        —        122        119        —        119        3        —        3  

DTA admitted as the result of application of SSAP 101

    $ 1,417      $ —      $ 1,417      $ 1,283      $ —      $ 1,283      $ 134      $ —      $ 134  

The following table presents the ratio percentage and amount of adjusted capital to determine the recovery period and threshold limitation amount:

 

      Years Ended December 31,  
 ($ in millions)    2024             2023         

Ratio percentage used to determine recovery period and threshold limitation amount

      734       %        700       %  

Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount

    $   8,738              $   7,759          

The Company has no tax planning strategies used in the determination of adjusted gross DTA’s or net admitted DTA’s.

The Company’s tax planning strategy does not include the use of reinsurance.

The Company is not aware of any significant DTLs that are not recognized in the statutory financial statements.

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following tables present the major components of the current income tax expense and net deferred tax assets (liabilities):

 

      Years Ended December 31,  
 (in millions)    2024     2023     2022  

 Current income tax expense

       

Federal

    $ 451     $ (52 )    $ 518  

Foreign

      —       —       —  

Subtotal

      451       (52 )      518  

Federal income tax on net capital gains (losses)

      (260 )      (170 )      (397 ) 

Federal income tax incurred

      191       (222 )      121  
                    
     Years Ended December 31,  
 (in millions)    2024     2023     Change  

Deferred tax assets:

       

Ordinary:

       

Policyholder reserves

    $ 1,668     $ 1,644     $ 24  

Investments

      184       223       (39)  

Deferred acquisition costs

      1,301       1,133       168  

Fixed assets

      411       401       10  

Policyholder Dividend Accruals

      4       4       —  

Compensation and benefits accrual

      39       42       (3 ) 

Tax credit carryforward

      —       —       —  

Net operating loss carry-forward

      1       1       —  

Other (including items less than 5% of total ordinary tax assets)

      95       30       65  

Subtotal

      3,703       3,478       225  

Non-admitted

      2,286       2,195       91  

Admitted ordinary deferred tax assets

      1,417       1,283       134  

Capital:

       

Investments

      1,708       1,993       (285 ) 

Net capital loss carryforward

      268       —       268  

Subtotal

      1,976       1,993       (17 ) 

Statutory Valuation Adjustment

      159       183       (24 ) 

Non-admitted

      1,817       1,810       7  

Admitted capital deferred tax assets

      —       —       —  

Admitted deferred tax assets

      1,417       1,283       134  

Deferred tax liabilities:

       

Ordinary:

       

Deferred and uncollected premium

      51       56       (5 ) 

Policyholder reserves

      15       62       (47 ) 

Other (including items less than 5% of total ordinary tax liabilities)

      56       1       55  

Subtotal

      122       119       3  

Capital:

       

Other (including items less than 5% of total capital tax liabilities)

      —       —       —  

Subtotal

      —     $    —     $    —  

Deferred tax liabilities

      122       119       3  

Net deferred tax assets

    $  1,295     $  1,164       131  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of non- admitted assets as the change in non-admitted assets and the change in net deferred income taxes are reported in separate components of capital and surplus):

 

(in millions)

      Years Ended December 31,            Change  
   2024      2023  

Total adjusted deferred tax assets

    $ 5,520      $ 5,288      $ 232  

Total deferred tax liabilities

      122        119      $ 3  

Net adjusted deferred tax assets

    $ 5,398      $ 5,169      $ 229  

Tax effect of unrealized gains (losses)

                        (88)  

Change in net deferred income tax

            141  

The provision for incurred federal taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents the significant items causing this difference:

 

       December 31, 2024       December 31, 2023       December 31, 2022   
 (in millions)    Amount     Effective
Tax Rate		     Amount     Effective
Tax Rate		     Amount     Effective
Tax Rate		  

Income tax expense at applicable rate

    $ 341     $ 21.0   %    $ (16 )      21.0   %    $ 191       21.0   % 

Change in valuation adjustment

      (24 )    $ (1.5 )      (120 )      154.8       303       33.2  

Disregarded entities

      (3 )    $ (0.2 )      1       (1.2 )      (56 )      (6.2 ) 

Amortization of interest maintenance reserve

      (183 )    $ (11.3 )      (82 )      105.5       (97 )      (10.4 ) 

Surplus adjustments

      17     $ 1.1       50       (65.0 )      (38 )      (4.2 ) 

Dividend received deduction

      (22 )    $ (1.4 )      (26 )      33.2       (14 )      (1.6 ) 

Prior year return true-ups and adjustments

      (89 )    $ (5.5 )      (84 )      108.5       (25 )      (2.8 ) 

Other permanent adjustments

      (27 )    $ (1.6 )      (3 )      3.8       (8 )      (0.9 ) 

Change in non-admitted assets

      43     $ 2.8       10       (12.7 )      8       0.9  

LTIP shortfall deduction

      (3 )    $ (0.2 )      (8 )      10.7       (4 )      (0.4 ) 

Separation adjustment on pensions

    $ —     $ —     $ —       —     $ (99 )      (10.9 ) 
             

Statutory income tax expense (benefit)

    $ 50     $ 3.2   %    $ (278 )      358.6   %    $ 161       17.7   % 

Federal income taxes incurred

    $ 191     $ 11.8   %    $ (222 )      286.4   %    $ 121       13.3   % 

Change in net deferred income taxes

      (141 )    $ (8.6 )      (56 )      72.2       40       4.4  
             

Total statutory income taxes

    $ 50     $ 3.2   %    $ (278 )      358.6   %    $ 161       17.7   % 

At December 31, 2024, the Company had no foreign tax credit carryforwards.

At December 31, 2024, the Company had U.S federal operating loss carryforwards of $0.7 million.

At December 31, 2024, the Company has the following capital loss carryforwards (in millions).

 

 Year Expires    Amount      

 2029

    $268     

 Total

    $268     

At December 31, 2024, the Company had no alternative minimum tax credits.

At December 31, 2024, the Company had no general business credit carryforwards.

At December 31, 2024, the Company had no CAMT credits.

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents income tax incurred that is available for recoupment in the event of future net losses:

 

(in millions)        
December 31,                  Capital  

2022

    $ —  

2023

      —  

2024

      —  

Total

    $ —  

In general, realization of DTAs depends on a company’s ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its ability to realize DTAs of $5.7 billion and concluded that $159 million valuation allowance was required at December 31, 2024. The Company had concluded that $183 million valuation allowance was required on the DTAs of $5.5 billion at December 31, 2023.

The Company had no deposits admitted under Internal Revenue Code Section 6603.

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:

 

      Years Ended December 31,  
 (in millions)    2024     2023  

Gross unrecognized tax benefits at beginning of year

    $ 7     $ 7  

Increases in tax position for prior years

      —       —  

Decreases in tax position for prior years

      (7 )      —  

Gross unrecognized tax benefits at end of year

    $ —     $ 7  

At December 31, 2024 and 2023, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $0.2 million and $7 million, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2024, the Company had no accrued liabilities for the payment of interest (net of the federal benefit) and penalties. In 2023, the Company had accrued $(0.1) million for the payment of interest (net of the federal benefit) and penalties. In 2024 and 2023, the Company did not recognize any expense of interest (net of the federal benefit) and penalties.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2024, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under IRS examinations for the taxable years 2011-2019 and engaging in the IRS Appeals process in regard to years 2007-2010. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company’s taxable years 2008-2023 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2024.

The Company joined with AGC Life, VALIC, USL and Corebridge Bermuda in filing a consolidated life company federal income tax return.

The Company has a written agreement with AGC Life, under which each subsidiary agrees to pay the parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary’s separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary’s separate return tax liability over the allocated consolidated tax liability. AGC Life agrees to pay each subsidiary for the

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary but which are used by other members of the consolidated group.

The Company may be charged with a portion of CAMT incurred by the AGC Life consolidated group (or credited with a portion of the consolidated group’s CAMT credit utilization).

18. CAPITAL AND SURPLUS

 

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2024, the Company exceeded RBC requirements that would require any regulatory action.

The Company is subject to the Texas Insurance Code (“TIC”), which imposes certain restrictions on shareholder dividends. Pursuant to TIC 823.107, the maximum amount of dividends in a 12-month period, measured retrospectively from the date of payment, which can be paid by the Company without prior approval of the Texas Insurance Commissioner (the “Commissioner”), is the greater of (i) 10% of its policyholder surplus as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized gains), not including pro rata distributions of such insurance company’s own securities. The Company will be permitted to pay a dividend to its shareholder in excess of the greater of such two amounts (i.e., an extraordinary dividend) only if it files notice of the declaration of such an extraordinary dividend and the amount thereof with the Commissioner and the Commissioner either approves the distribution of the extraordinary dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (“unassigned funds (surplus)”) calculated as of the most recent financial information available would require the filing of a notice of an extraordinary dividend with the Commissioner.

The maximum amount, before considering the dividend test discussed below, that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to AGC Life (as immediate parent company), by the Company in 2025 is $1,586 million. The estimated ordinary dividend capacity of the Company is further limited by the fact that the dividend test under Texas insurance law is based on dividends previously paid over a rolling twelve-month period. Consequently, depending on the actual payment dates during 2024, some or all of the dividends estimated to be ordinary in 2024 may require regulatory approval or non-disapproval. Dividend payments in excess of positive retained earnings are classified and reported as a return of capital.

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2024, 2023 and 2022:

 

Date    Type    Cash or Non-cash   

Amount

(in millions)

  

2024

         

June 26, 2024

    Extraordinary    Cash    $ 200  

September 23, 2024

    Extraordinary    Cash      357  

September 23, 2024

    Ordinary    Cash      193  

December 23, 2024

    Extraordinary    Cash      408  

December 23, 2024

    Ordinary    Cash      142  

2023

         

March 27, 2023

    Ordinary    Cash    $ 500  

June 20, 2023

    Ordinary    Cash      500  

September 19, 2023

    Ordinary    Cash      500  

December 20, 2023

    Ordinary    Cash      481  

December 20, 2023

    Extraordinary    Cash      19  

2022

         

March 28, 2022

    Ordinary    Cash    $ 400  

June 24, 2022

    Ordinary    Cash      400  

The Company has 8,500 shares of $100 par value cumulative preferred stock authorized and outstanding at December 31, 2024.

The following table summarizes the Company’s surplus notes issued and outstanding at December 31, 2024.

(in millions)

 

1   2   3   4   5   6   7   8
               

Item

Number

   Date Issued  

Interest

Rate

   Original Issue
Amount of Note		  

Is Surplus
Note Holder a

Related Party

(Y/N)

  

Carrying Value

of Note Prior
Year

  

Carrying Value

of Note Current
Year

   Unapproved
Interest And/
Or Principal

1

   10/28/2024  

5.725%

  

$    500

  

YES

  

$    —

  

$    500

  

$    —

 

1   9   10   11   12   13   14

Item

Number

   Current Year
Interest
Expense
Recognized		  

Life-To-Date
Interest

Expense
Recognized

   Current Year
Interest Offset
Percentage (not
including
amounts paid to a
3rd party liquidity
provider)		   Current Year
Principal paid		   Life-To-Date
Principal Paid		   Date To Maturity

1

  

$     5

  

$     5

  

$     —

  

$     —

  

$     —

   10/28/2027

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

1    15    16    17    18    19
           
Item
Number		    Are Surplus Note
Payments
contractually
Linked? (Y/N)		    Were Surplus Note
proceeds used to
purchase an asset
directly from the
holder of the surplus
note? (Y/N)		    Were Surplus Note
proceeds used to
purchase an asset
directly from the
holder of the surplus
note? (Y/N)		    Is Asset Issuer a
Related Party( Y/N)		    Type of Assets
Received Upon
Issuance
           

1

    NO    NO    NO    YES    N/A

 

1    20    21    22

Item

Number

   

Principal Amount of

Amounts Received

under Issuance

   

Book/Adjusted Carry

Value of

Asset

   

Is Liquidity

Source a Related

Party to the Surplus

Note

Issuer? (Y/N)

1

    N/A    N/A    NO

On October 28, 2024, the Company and its affiliate, USL, executed a Surplus Note Agreement, the form of which was previously approved by the TDI, pursuant to which USL purchased a $500 million surplus note issued by the Company with cash. The surplus note pays interest of 5.725% per annum and has a maturity date of October 28, 2027.

The surplus notes are subordinate in right of payment to the claims of policyholders, claimants and beneficiaries and to all other classes of creditors.

Each payment of principal and interest on the surplus notes may be made only with the prior approval of the Commissioner.

19. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

 

The Company does not directly sponsor any defined benefit or defined contribution plans and does not participate in any multi-employer plans.

Employee Retirement and Postretirement Benefit Plans

Certain employees and retirees of the Company participated in various AIG-sponsored U.S. defined benefit pension plans until the Corebridge IPO on September 19, 2022. The Company received an allocation of the Company’s share of expenses.

Prior to August 22, 2022, AIG provided post-employment medical and life benefits for certain retired employees (the “Benefits”). Since August 22, 2022, the Benefits are provided by Corebridge with certain limited exceptions. The Company receives an allocation of the Company’s share of expenses based on estimated claims less contributions from participants.

The following table presents information about employee-related costs (expense credits):

 

          Years Ended December 31,       
 (in millions)   2024      2023      2022  

Defined benefit plans

   $ —      $ 7      $ (9)  

Postretirement medical and life insurance plans

     —        —        1  

Total

   $ —      $ 7      $ (8)  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

Defined Contribution Plan

The Company’s employees participate in the Corebridge Financial Inc. Retirement Savings 401(k) Plan (“401(k) plan”), a qualified defined contribution plan that provides for pre-tax salary contributions by its US employees, as well as an employer contribution. The 401(k) plan provides pre-tax salary reduction contributions by its U.S. employees. Employer matching contributions of 100 percent are made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. The Company’s pre-tax expense associated with this plan was $26 million, $23 million and $28 million in 2024, 2023 and 2022, respectively.

Share-based and Deferred Compensation Plans

The Company’s employees participate in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023, (the “2022 Plan”, together with the LTIP, the “Corebridge Plans”). Corebridge’s 2023 LTIP provides for an annual award to certain employees, including senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: restricted stock units (“RSUs”) or stock options. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

The Company recognized compensation expenses of $26 million, $23 million and $31 million for the years ending December 31, 2024, 2023 and 2022, respectively, on the grant date of the awards.

20. DEBT

 

The Company is a member of the Federal Home Loan Bank (“FHLB”) of Dallas. Membership with the FHLB provides the Company with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. The Company’s ownership in the FHLB stock is reported as common stock. Pursuant to the membership terms, the Company elected to pledge such stock to the FHLB as collateral for the Company’s obligations under agreements entered into with the FHLB.

Cash advances obtained from the FHLB are reported in and accounted for as borrowed money. The Company may periodically obtain cash advances on a same-day basis, up to a limit determined by management and applicable laws.

The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed. The Company’s net borrowing capacity at December 31, 2024 is $1.7 billion.

The following table presents the aggregate carrying value of stock held with the FHLB of Dallas and the classification of the stock:

 

         December 31,     
(in millions)    2024      2023  

Membership stock - Class B

    $ 7      $ 7  

Activity stock

      181        183  

Excess stock

      20        5  

Total

    $ 208      $ 195  

Actual or estimated borrowing capacity as determined by the insurer

    $ 6,132      $ 6,536  

The Company did not hold any Class A at December 31, 2024 or 2023.

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

 

 

The following table presents the amount of collateral pledged, including FHLB common stock held, to secure advances from the FHLB:

 

         December 31, 2024            December 31, 2023     
(in millions)    Amortized
Cost		      Fair Value      Amortized
Cost		      Fair Value  

Amount pledged

    $ 6,649      $ 5,939      $ 6,938      $ 6,239  

Maximum amount pledged during reporting period

      6,893        6,211        7,070        6,098  

The Company’s borrowing capacity determined quarterly based upon the borrowing limit imposed by statute in the state of domicile.

The following table presents the outstanding funding agreements and maximum borrowings from the FHLB:

 

      December 31,  
(in millions)    2024      2023  

Amount outstanding

    $    4,423      $    4,475  

Maximum amount borrowed during reporting period

    $ 4,475      $ 4,475  

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2024 or 2023.

The following table reflects the principal amounts of the funding agreements issued to the FHLB:

 

(in millions)

      
Funding Agreements    Date Issued    Amounts  

10-year floating rate

    February 15, 2018    $ 1,148  

10-year floating rate

    February 15, 2018      1,277  

10-year floating rate

    February 15, 2018      175  

10-year floating rate

    February 6, 2018      87  

10-year floating rate

    January 25, 2018      31  

10-year floating rate

    January 31, 2017      67  

10-year floating rate

    January 12, 2017      57  

10-year floating rate

    June 14, 2016      254  

5-year fixed rate

    August 25, 2022      300  

5-year fixed rate

    March 01, 2023      506  

5-year fixed rate

    September 12, 2023      521  

21. COMMITMENTS AND CONTINGENCIES 

 

Commitments 

The Company had commitments to provide funding to various limited partnerships totaling $2.4 billion and at

December 31, 2024 and $2.9 billion at December 31, 2023. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund. Of the total commitments at December 31, 2024, $1.5 billion are currently expected to expire in 2025, and the remainder by 2030 based on the expected life cycle of the related funds and the Company’s historical funding trends for such commitments.

At December 31, 2024 and 2023, the Company had $2.1 billion and $2.8 billion, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans. Of

 

 

 
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the total current commitments, $1.0 billion are expected to expire in 2025 and the remainder by 2036, based on the expected life cycle of the related loans and the Company’s historical funding trends for such commitments.

The Company has various long-term, noncancelable operating leases, primarily for office space and equipment, which expire at various dates over the next several years. At December 31, 2024, the future minimum lease payments under the operating leases are as follows:

 

(in millions)        

2025

    $ 6  

2026

      6  

2027

      3  

2028

      2  

2029

      1  

Thereafter

      3  

Total

    $     21  

Rent expense was $16 million, $15 million and $16 million in 2024, 2023 and 2022, respectively.

Contingencies

Legal Matters

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. The Company has disputed, and expects to continue disputing, any requested rate increases under these agreements. Certain reinsurers may send rate increases in the future and those may result in arbitration. To the extent reinsurers seek retroactive premium increases, the Company’s practice is to assess and accrue its current estimate of probable loss with respect to these matters.

The Company continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code, which was instituted against the Company on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following non-payment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The plaintiff contends the Company did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. The Company asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held that a trial was necessary to determine whether the Company was liable on the plaintiff’s breach of contract claim, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach of contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial court proceedings pending the outcome of the Company’s appeal. The Ninth Circuit granted the Company’s petition for interlocutory appeal on November 21, 2023, which remains pending. The Company filed its opening brief on April 15, 2024. The Ninth Circuit granted the plaintiff’s third request for an extension of time to file an answering brief, which the plaintiff filed on July 22, 2024, and the Company filed its reply on September 11, 2024. On August 13, 2024, the plaintiff filed a motion with the Ninth Circuit to certify a question regarding the interpretation of the California statute – namely, whether an insured can terminate an insurance policy without having complied with the notice and grace period requirements of the California statute. The Company opposed the plaintiff’s motion on August 23, 2024, arguing that there was no basis for certification and disagreeing with the plaintiff’s claimed issue for review. While the Moriarty appeal was pending, the Ninth Circuit issued a published decision in Small v. Allianz Life Insurance Co. of North America, a related case presenting a substantially identical issue. The Ninth Circuit’s decision in Small squarely rejected the theory that the plaintiffs had advanced in that case and in Moriarty and embraced the argument, made by insurers, that any policyholder or beneficiary suing based on supposed breaches of Sections 10113.71 and 10113.72 must prove that the breaches actually caused them harm, for instance by resulting in missed payments or the lapse of the policy. On January 6, 2025, the parties in Moriarty, at the Ninth Circuit’s request, submitted simultaneous supplemental briefing on Small’s effect on the litigation, with the Company taking the position that Small fully disposes of the appeal in its favor and requires vacatur of the summary-judgment order in the plaintiff’s favor. The plaintiff in Small filed a petition for panel rehearing and rehearing en banc on January 23, 2025. The Ninth Circuit denied the Small petition for rehearing (without any judge calling for a vote) on February 19, 2025, and the mandate in that case issued

 

 

 
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on February 27, 2025. On March 4, 2025, the panel in Moriarty issued a memorandum disposition without hearing oral argument, vacating the district court’s summary judgment order and remanding for further proceedings. The panel’s short opinion principally relies on the Ninth Circuit’s decision in Small. The panel also denied the plaintiff’s request to certify a question to the California Supreme Court. On March 11, 2025, the plaintiff sought and obtained a 21-day extension of her deadline to file a petition for panel rehearing or rehearing en banc. That petition is now due on April 8, 2025. The plaintiff has indicated that she principally intends to (as the plaintiff did in Small) ask the full Ninth Circuit to grant rehearing only in order to certify a question to the California Supreme Court. In addition, in Pitt v. Metropolitan Tower Life Insurance Co., a case presenting a distinct question about whether the statutes apply to life insurance policies initially issued and delivered in a state other than California, the Ninth Circuit has certified that extraterritoriality question to the California Supreme Court. The plaintiff in Moriarty filed an amicus letter in Pitt urging the California Supreme Court to accept review of that extraterritoriality question, as well as the distinct causation question at issue in Moriarty. The insurer in Pitt has prepared a reply letter urging rejection of that proposal, which was filed on March 24, 2025.

The Company is also defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and American General Life Insurance Co. (E.D. Cal.) was filed in state court on September 26, 2022. After being removed to federal court, the plaintiffs filed a motion on August 11, 2023, seeking leave to amend the complaint to add class action allegations against the Company. The case is stayed pending the resolution of appellate proceedings in Moriarty. Koch Family Insurance Trust v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on May 15, 2024, and removed to federal court on June 28, 2024. Wong v. American General Life Insurance Co. (C.D. Cal.) was filed in state court on July 31, 2024, and removed to federal court on September 4, 2024. People of the State of California v. American General Life Insurance Co., et al. (Cal. Superior Court, San Diego County) was filed on October 17, 2024, against the Company, Lincoln Benefit Life Co., Everlake Life Insurance Co., and Transamerica Life Insurance Co., seeking civil penalties and equitable relief under California Business & Professions Code §§ 17200 et seq. The Company negotiated an agreement to acknowledge voluntary acceptance of service on and as of December 13, 2024. On January 27, 2025, the Company filed a demurrer to the complaint. That demurrer is set for a hearing on June 13, 2025.

These cases are in the early stages, and the Company expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same statutes.

The Company has accrued its current estimate of probable loss with respect to these litigation matters.

Various other lawsuits against the Company have arisen in the ordinary course of business. The Company believes it is unlikely that contingent liabilities arising from such lawsuits will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Regulatory Matters

Various federal, state or other regulatory agencies may from time to time review, examine or inquire into the operations, practices and procedures of the Company, such as through financial examinations, subpoenas, investigations, market conduct exams or other regulatory inquiries. Based on the current status of pending regulatory examinations, investigations and inquiries involving the Company, the Company believes it is not likely that these regulatory examinations, investigations or inquiries will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Other Contingencies

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments (“GFA”) when an assessment is probable and can be reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and

 

 

 
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timing of any future GFA, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $39 million and $41 million for GFA at December 31, 2024 and 2023, respectively. The Company has recorded receivables of $73 million and $31 million at December 31, 2024 and 2023, respectively, for expected recoveries against the payment of future premium taxes.

During 1997 and 1998, the Company participated in a workers’ compensation underwriting pool with a third party insurance company. Both companies share equally in the pool. Collectively, the workers’ compensation business is assumed from over 50 ceding companies and retro-ceded to 15 programs. The business covers risks primarily from the 1997 and 1998 underwriting years but also includes risk from the 1996 underwriting year. There were no reinsurance recoverables on claim liabilities and reserves included in these financial statements related to the workers’ compensation business at both December 31, 2024 and 2023. While not included in these statutory financial statements, the Company is contingently liable for losses incurred by its 50 percent pool participant should that third party become insolvent or otherwise unable to meet its obligations under the pool agreement.

At December 31, 2024 and 2023, the Company had admitted assets of $49 million and $62 million, respectively, in premiums receivable due from policyholders (or agents). The Company routinely evaluates the collectability of these receivables. Based upon Company experience, the potential for any loss is not believed to be material to the Company’s financial condition.

The Company did not receive any business interruption insurance recoveries during the periods covered by this report.

22. RELATED PARTY TRANSACTIONS

 

Affiliate Transactions

In July 2024, the Company entered into a Variable Quota Share Coinsurance and Coinsurance with Funds Withheld Reinsurance Agreement, effective as of January 1, 2024, with Corebridge Bermuda, an affiliated insurance company organized under the laws of Bermuda. Under the agreement, the Company will cede to Corebridge Bermuda a variable quota share percentage of certain fixed indexed annuity and fixed annuity products issued subsequent to December 31, 2023.

Effective December 31, 2024, the Company entered into a combined coinsurance and coinsurance with funds withheld reinsurance agreement with Corebridge Bermuda. Under the agreement, the Company will cede to Corebridge Bermuda term life insurance policies written from January 1, 2020 to December 31, 2024 and certain structured settlement annuity contracts issued from April 1, 2012 to December 31, 2024. Additionally, the Company will cede newly issued term life insurance policies and certain structured settlement annuity contracts issued starting January 1, 2025.

On October 28, 2024, the Company and its affiliate, USL, executed a Surplus Note Agreement, the form of which was previously approved by the TDI, pursuant to which USL purchased a $500 million surplus note issued by the Company. The surplus note pays interest of 5.725% per annum and has a maturity date of October 28, 2027.

Corebridge Life Holdings issued two senior promissory notes to the Company in the amount of $150,000,000 and $200,000,000, respectively, in exchange for cash. Each of the promissory notes was supported by a guarantee issued by AIG for the benefit of the Company, with maturity dates of January 2, 2025 and January 2, 2024, respectively, and original interest rates of 2.52% and 2.40% per year, respectively. On December 30, 2019, the TDI issued a letter allowing AGL to record the total amounts due under each promissory note as an admitted asset for the period ending March 31, 2020 and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP No. 25. On August 1, 2023, the guarantee of these promissory notes was novated from AIG to Corebridge. Effective January 2, 2024, Corebridge Life Holdings amended and restated the $200,000,000 promissory note to the Company, extending the note term to January 2, 2029 and updating the interest rate to 5.314%. The amended and restated promissory note was supported by an amended and restated guarantee issued by Corebridge for the benefit of the Company. On January 8, 2024, the TDI issued a letter allowing the Company to record the total amounts due under the amended and restated promissory note as an admitted asset for the period ending March 31, 2024, and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP No. 25. Effective January 2, 2025 Corebridge Life Holdings amended and restated the $150,000,000 promissory note to the Company, extending the note term to January 2, 2030 and updating the interest

 

 

 
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rate to 5.178%. The amended and restated promissory note was supported by an amended and restated guarantee issued by Corebridge for the benefit of the Company. On November 20, 2024, in recognition of the future extension of the note, the TDI issued a letter allowing the Company to record the total amounts due under the amended and restated promissory note as an admitted asset for the period ending March 31, 2025, and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP No. 25.

Effective January 1, 2011, the Company entered into a Reinsurance Agreement with AGC Life pursuant to which certain blocks of life business issued by the Company were ceded to AGC Life. The Reinsurance Agreement was non-disapproved by the TDI and Missouri Department of Commerce and Insurance (“MDCI”). Amendment 29 to the reinsurance agreement was approved by the TDI and MDCI effective December 31, 2020 to add certain term and universal life policies issued by AGL on or after January 1, 2020 to the reinsurance agreement. Amendment 29 was closed to new business as of December 31, 2021. Effective March 31, 2023, the Company recaptured certain XXX business issued from 2017 through 2019 from the treaty and concurrently ceded the business to an external reinsurer. Effective September 30, 2023, the Company recaptured certain AXXX business from the treaty issued from 2017 through 2019 and concurrently ceded the business to an external reinsurer. Effective October 1, 2023, the Company recaptured certain term and universal life business issued from 2020 through 2021 from the treaty.

Effective October 1, 2022, the Company entered into a modified coinsurance reinsurance agreement with VALIC, pursuant to which certain blocks of VALIC’s VA business were ceded to the Company. The ceded reserves and assets supporting the reserves remain on VALIC’s balance sheet, pursuant to the modified coinsurance structure. The business covered by the agreement includes substantially all of VALIC’s VA contracts, excluding those issued by VALIC in the State of New York and those that have been previously assumed (through reinsurance) by VALIC. At inception, VALIC ceded $22.9 billion of reserves and received a ceding commission of $1.5 billion from the Company representing the embedded profits in the business ceded. The majority of the initial ceding commission was recognized directly in surplus on an after-tax basis, while a portion of the ceding commission ($0.3 billion) was recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations as an offset to the related tax expense. The after-tax surplus impact will be amortized over the life of the treaty as the after-tax profits emerge on the reinsured business and will be recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations, offset by a corresponding charge to change in surplus as a result of reinsurance with no net impact on capital and surplus. After contract inception, the Company paid a ceding commission and expense allowance to reimburse VALIC for its commissions, related issue and policy administration expenses. The agreement was non-disapproved by the TDI. The agreement allows the Company and VALIC to more efficiently manage the reserve and capital requirements for their VA business.

In December 2022, the Company received capital contributions of $1.9 billion from AGC Life in connection with the Company and VALIC reinsurance transaction.

During the year ended December 31, 2024, the Company purchased and sold securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business.

In 2018, AGLIC Investments Bermuda Limited, a Bermuda corporation (“AGLIC Bermuda”) was formed by the Company as an investment subsidiary under Texas Insurance Code Section 823.255. The Company made capital contributions of $2 million, $11 million, and $76 million in 2024, 2023 and 2022, respectively. AGLIC Bermuda made distributions to the Company of $0 million in 2024, $738 million in 2023 and $214 million in 2022. Effective May 10, 2024, AGLIC Bermuda was dissolved.

At December 31, 2024, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $86.4 million, $71.2 million, $61.3 million, $105.6 million, $48.9 million and $55.9 million respectively.

At December 31, 2023, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $86.9 million, $73.8 million, $73.3 million, $142.1 million, $49.8 million and $83.7 million, respectively.

Financing Agreements

On May 17, 2022, the Company and certain of its affiliates entered into a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid

 

 

 

 
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and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500 million. The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500 million.

At both December 31, 2024 and 2023, the Company did not have a balance outstanding under this facility.

Cut-Through Agreement

The Company and Corebridge Bermuda entered into a Cut-through Agreement in which insureds, their beneficiaries and owners were granted a direct right of action against the Company in the event Corebridge Bermuda becomes insolvent or otherwise cannot or refuses to perform its obligations under certain life insurance policies issued by Corebridge Bermuda. The Cut-through Agreement was approved by the TDI. The amount of the retained liability on Corebridge Bermuda’s books related to this agreement was approximately $280 thousand and $320 thousand for the years ending December 31, 2024 and 2023. The Company believes the probability of loss under this agreement is remote. No liability has been recognized in relation to this guarantee due to immateriality.

 

 

 

 
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Investments in Subsidiary, Controlled and Affiliated Entities

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2024:

 

(in millions)   

Gross

 Amount

     Non-
 admitted
Amount		     

 Admitted

Asset
Amount

    

Date of
NAIC

Filing

  

AGL Loan Investments Corporation

     $ 24      $ —       $ 24       NA  

Corebridge Direct - SER B

      2       2        —       NA  

Corebridge Direct - SER A

      2       2        —       NA  

Corebridge Direct - Non Voting

      1       1        —       NA  

American Gen Annuity Svc Corp

      —       —        —       NA  

UG Corp Com

      —       —        —       NA  

AGL Alternative Holdings, LLC

      266       —        266       NA  

Freshwater RTC Holdings LLC

      (2 )      —        (2 )      NA  

SA Affordable Housing LLC

      220       —        220       NA  

SunAmerica Asset Management LLC

      21       —        21       NA  

Corebridge Commercial Real Estate Lending Holdings, LLC

      —       —        —       NA  

SunAmerica Investors 3, LP (Whitehouse Hotel LP)

      65       —        65       NA  

Kite Stratford Owner, LLC

      32       —        32       NA  

GRE LB Industrial Joint Venture II, LP

      32       —        32       NA  

Corebridge Europe Real Estate Fund II LR Feeder, LLC

      108       —        108       NA  

Bayshore PII Company LLC

      10       —        10       NA  

Corebridge U.S. Real Estate Fund IV Development Sidecar LP

      61       —        61       NA  

Corebridge U.S. Real Estate Fund III, LP

      104       —        104       NA  

Corebridge U.S. Real Estate Fund IV, LP

      190       —        190       NA  

Touchdown MGP, LLC (Varagon Wildfire Direct Management MGP, LLC)

      —       —        —       NA  

Corebridge Europe Real Estate Fund I S.C.SP

      11       —        11       NA  

Bayshore Shopping Center JV LLC

      21       —        21       NA  

Corebridge U.S. Real Estate Fund II, LP

      74       —        74       NA  

Corebridge REI LB Southeast Industrial Joint Venture, LP.

      70       —        70       NA  

Corebridge U.S. Real Estate Fund I, LP

      (26 )      —        (26 )      NA  

Branch Retail Partners II, LP

      (3 )      —        (3 )      NA  

Corebridge Bartlett Investor II LLC

      1       —        1       NA  

Corebridge Papermill Investor II LLC

      1       —        1       NA  

Corebridge U.S. LT Apartments JV, LP

      29       —        29       NA  
  

 

 

    

 

 

     

 

 

  

Total

     $ 1,314      $ 5       $ 1,309          

 

 

 
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The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2023:

 

(in millions)   

Gross

 Amount

     Non-
 admitted
Amount		     

 Admitted

Asset
Amount

    

Date of
NAIC

Filing

  

AGL LOAN INVESTMENTS CORPORATION

    $ 69     $ —      $ 69       5/7/2020  

AIG Direct - SER B

      1       1        —       NA  

AIG Direct - SER A

      1       1        —       NA  

AGLIC INVESTMENTS BERMUDA LTD.

      1       —        1       10/3/2020  

AIG Direct - NON VOTING

      1       1        —       NA  

American Gen Annuity Svc Corp

      —       —        —       NA  

UG Corp COM

      —       —        —       NA  

AGL Alternative Holdings, LLC

      270       —        270    

SA Affordable Housing LLC

      207       —        207       NA  

SunAmerica Asset Management LLC

      27       —        27       NA  

Corebridge Commercial Real Estate Lending Holdings, LLC

      2       —        2       NA  

SunAmerica Investors 3, LP

      65       —        65       NA  

GRE LB Industrial Joint Venture II, LP

      33       —        33       NA  

Corebridge Europe Real Estate Fund II LR Feeder, LLC

      95       —        95       NA  

Bayshore PII Company LLC

      9       —        9       NA  

Corebridge U.S. Real Estate Fund IV Development Sidecar LP

      48       —        48       NA  

SPAIG North Williams, LLC

      (3 )      —        (3 )      NA  

Clinton Grand Holdings LLC

      8       —        8       NA  

AIG LIQUID ALTERNATIVE EQUITY ALPHA FUND, LLC

      1       —        1       NA  

Corebridge U.S. Real Estate Fund III, LP

      154       —        154       NA  

Corebridge U.S. Real Estate Fund IV, LP

      179       —        179       NA  

Touchdown MGP, LLC

      —       —        —       NA  

Corebridge Europe Real Estate Fund I S.C.SP

      25       —        25       NA  

Bayshore Shopping Center JV LLC

      24       —        24       NA  

Corebridge U.S. Real Estate Fund II, LP

      102       —        102       NA  

Corebridge REI LB Southeast Industrial JV LLC

      74       —        74       NA  

Corebridge U.S. Real Estate Fund I, LP

      (26 )      —        (26 )      NA  

Branch Retail Partners II, LP

      (1 )      —        (1 )      NA  

Corebridge Bartlett Investor II LLC

      1       —        1       NA  

Corebridge Papermill Investor II LLC

      1       —        1       NA  

Corebridge U.S. LT Apartments JV, LP

      34       —        34       NA  

Total

    $ 1,402     $ 3      $ 1,399          

Operating Agreements

The Company had investments in a Liquidity Pool in which funds were managed by an affiliate, Corebridge Institutional Investments, LLC (formerly known as AIG Asset Management (U.S.), LLC), in the amount of $856 million at December 31, 2023.

Pursuant to service and expense agreements, Corebridge and affiliates provide, or cause to be provided, administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to Corebridge or the affiliate providing the

 

 

 
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service. The Company was charged $44 million, $48 million and $69 million under such agreements in 2024, 2023 and 2022, respectively.

Pursuant to an amended and restated investment advisory agreement, the majority of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $110 million in 2024, $119 million in 2023 and $112 million in 2022.

The majority of the Company’s Swap agreements are entered into with an affiliated counterparty, Corebridge Markets, Inc. (See Note 8).

American Home and National Union Guarantees

The Company has a General Guarantee Agreement with American Home Assurance Company (“American Home”), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed insurance policies the Company issued between March 3, 2003 and December 29, 2006.

The Company, as successor-in-interest to American General Life and Accident Insurance Company (“AGLA”) has a General Guarantee Agreement with American Home. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by AGLA between March 3, 2003 and September 30, 2010.

The Company, as successor-in-interest to SunAmerica Annuity and Life Assurance Company (“SAAL”) and SunAmerica Life Insurance Company (“SALIC”) has a General Guarantee Agreement with American Home. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by SAAL and SALIC between January 4, 1999 and December 29, 2006.

The Company, as successor-in-interest to American General Life Insurance Company of Delaware, formerly known as AIG Life Insurance Company (“AIG Life”), has a General Guarantee Agreement with National Union Fire Insurance Company of Pittsburg, Pa. (“National Union”), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, National Union has unconditionally and irrevocably guaranteed insurance policies issued by AIG Life Holding, Inc. between July 13, 1998 and April 30, 2010.

Other

The Company engages in structured settlement transactions, certain of which involve affiliated property and casualty insurance companies that are subsidiaries of AIG. In a structured settlement arrangement, a property and casualty insurance policy claimant has agreed to settle a casualty insurance claim in exchange for fixed payments over either a fixed determinable period of time or a life contingent period. In such claim settlement arrangements, a casualty insurance claim payment provides the funding for the purchase of a single premium immediate annuity issued by the Company for the ultimate benefit of the claimant. In certain structured settlement arrangements, the affiliated property and casualty insurance company remains contingently liable for the payments to the claimant.

23. SUBSEQUENT EVENTS

 

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through March 24, 2025, the date the financial statements were issued.

On March 14, 2025, Corebridge Life Holdings issued a promissory note to the Company in the amount of $250 million in exchange for cash. The promissory note was supported by a guarantee issued by Corebridge for the benefit of the Company, with a maturity date of March 14, 2032 and original interest rate of 5.35% per year.

 

 

 
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Supplemental Information

 

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

 

   
(in millions)    December 31, 2024  

Investment income earned:

   

Government bonds

    $ 52  

Other bonds (unaffiliated)

      6,013  

Bonds of affiliates

      18  

Preferred stocks (unaffiliated)

      11  

Common stocks (unaffiliated)

      13  

Common stocks of affiliates

      7  

Cash and short-term investments

      83  

Mortgage loans

      1,803  

Real estate

      17  

Contract loans

      71  

Other invested assets

      350  

Derivative instruments

      64  

Miscellaneous income

      10  

Gross investment income

    $ 8,512  
   

Real estate owned - book value less encumbrances

    $ 89  

Mortgage loans - book value:

   

Commercial mortgages

    $ 25,527  

Residential mortgages

      9,935  

Mezzanine loans

      952  

Farm Loans

      27  

Total mortgage loans

    $ 36,441  

Mortgage loans by standing - book value:

   

Good standing

    $ 35,530  

Good standing with restructured terms

      571  

Greater than 90 days delinquent

      252  

Interest overdue more than 90 days, not in foreclosure

      24  

Foreclosure in process

      64  

Total mortgage loans

    $ 36,441  
   

Partnerships - statement value

    $ 6,651  

Bonds and stocks of parents, subsidiaries and affiliates - statement value:

   

Bonds

    $ 439  

Common stocks

      30  

Bonds, short-term and cash equivalent bond investments by class and maturity:

   

Bonds, short-term and cash equivalent bond investments by maturity - statement value:

   

Due within one year or less

    $ 7,566  

Over 1 year through 5 years

      33,741  

Over 5 years through 10 years

      29,643  

Over 10 years through 20 years

      20,603  

Over 20 years

      25,672  

Total maturity

    $ 117,225  

Bonds, short-term and cash equivalent bond investments by class - statement value:

   

Class 1

    $ 68,096  

Class 2

      42,674  

Class 3

      3,679  

Class 4

      2,337  

Class 5

      411  

Class 6

      29  

Total by class

    $ 117,226  

Total bonds, short-term and cash equivalent bond investments publicly traded

      47,972  

Total bonds, short-term and cash equivalent bond investments privately traded

      69,273  

Preferred stocks - statement value

    $ 160  

Common stocks - market value

      234  

Short-term investments - book value

      200  

Cash equivalents - book value

      373  

Options, caps and floors owned - statement value

      1,481  

Collar, swap and forward agreements open - statement value

      181  

Futures contracts open - current value

      (6 ) 

Cash on deposit

      158  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA - (Continued)

 

 

 

   
 (in millions)    December 31, 2024  

Life insurance in-force:

   

Industrial

    $ 679  

Ordinary

      89,638  

Credit

      —  

Group

      3,339  

Amount of accidental death insurance in-force under ordinary policies

      4,359  

Life insurance policies with disability provisions in-force:

   

Industrial

      192  

Ordinary

      36,710  

Group life

      29  

Supplementary contracts in-force:

   

Ordinary - not involving life contingencies:

   

Amount on deposit

      458  

Income payable

      244  

Ordinary - involving life contingencies:

   

Amount on deposit

      370  

Income payable

      79  

Group - not involving life contingencies:

   

Amount on deposit

      1  

Annuities:

   

Ordinary:

   

Immediate - amount of income payable

    $ 1,430  

Deferred, fully paid - account balance

      81,004  

Deferred, not fully paid - account balance

      37,018  

Group:

   

Amount of income payable

      688  

Fully paid - account balance

      588  

Not fully paid - account balance

      15,027  

Accident and health insurance - premiums in-force:

   

Other

    $ 59  

Group

      —  

Credit

      —  

Deposit funds and dividend accumulations:

   

Deposit funds - account balance

    $ 13,001  

Dividend accumulations - account balance

      470  

Claim payments in 2024

   

Group accident & health:

   

2024

    $ —  

2023

      3  

2022

      —  

2021

      —  

2020

      —  

Prior

      172  

Other accident & health:

   

2024

      1  

2023

      14  

2022

      1  

2021

      (79 ) 

2020

      (57 ) 

Prior

      414  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2024

(in millions)

1. The Company’s total admitted assets as of December 31, 2024 are $246.5 billion.

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2024 are $172 billion.

2. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the Appendix to the IAO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) policy loans:

 

       
   Issuer    Description of Exposure      Amount     

Percentage   

of Total   
Admitted   
Assets   

a.  Carlyle Group

    OIA    $ 1,492       0.90 % 

b.  Senior Direct Lending Program LLC

    BONDS      1,273       0.70   

c.  AIG Global Real Estate Investment Corp

    OIA      728       0.40   

d.  Microsoft Corporation

    BONDS      605       0.40   

e.  Exelon Corporation

    BONDS      578       0.30   

f.   Amazon.com, Inc.

    BONDS      514       0.30   

g.  Duke Energy Corporation

    BONDS      467       0.30   

h.  Southern Company, The

    BONDS      444       0.30   

i.   American Electric Power Company, Inc.

    BONDS      411       0.20   

j.   Sempra Energy

    BONDS      408       0.20   

3. The Company’s total admitted assets held in bonds and preferred stocks, by NAIC rating, are:

 

Bonds and Short-Term Investments          Preferred Stocks  
 NAIC Rating    Amount      Percentage of
Total Admitted
Assets		         NAIC Rating    Amount      Percentage of
Total Admitted
Assets		  

NAIC - 1

    $     68,096        39.50  %      P/RP - 1    $       156        0.10  % 

NAIC - 2

      42,674        24.80       P/RP - 2      4        —  

NAIC - 3

      3,679        2.10       P/RP - 3      —        —  

NAIC - 4

      2,337        1.40       P/RP - 4      —        —  

NAIC - 5

      411        0.20       P/RP - 5      1        —  

NAIC - 6

      29        —         P/RP - 6      —        —  

4. Assets held in foreign investments:

 

     
      Amount      Percentage
of Total
Admitted
Assets		  

a.  Total admitted assets held in foreign investments

    $   28,673         16.60  % 

b.  Foreign currency denominated investments

      12,588         7.30  

c.  Insurance liabilities denominated in that same foreign currency

      —         —  

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:

 

     
      Amount      Percentage
of Total
Admitted
Assets		  

a.  Countries rated NAIC - 1

    $   26,564         15.40  % 

b.  Countries rated NAIC - 2

      1,568         0.90  

c.  Countries rated NAIC - 3 or below

      540         0.30  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2024

(in millions)

 

6. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:

 

     
       Amount       Percentage
of Total
Admitted
Assets		  

 a. Countries rated NAIC - 1

      

Country 1: United Kingdom

    $ 6,657        3.90  % 

Country 2: Cayman Islands

      3,909        2.30  

 b. Countries rated NAIC - 2

      

Country 1: Mexico

      512        0.30  

Country 2: Indonesia

      242        0.10  

 c. Countries rated NAIC - 3 or below

      

Country 1: Colombia

      161        0.10  

Country 2: British Virgin Islands

      87        0.10  

7. Aggregate unhedged foreign currency exposure:

 

     
       Amount       Percentage
of Total
Admitted
Assets		  

Aggregate unhedged foreign currency exposure

    $ 12,588        7.30  % 

8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:

 

     
       Amount       Percentage
of Total
Admitted
Assets		  

a. Countries rated NAIC - 1

    $ 12,584        7.30  % 

b. Countries rated NAIC - 2

      3        —  

c. Countries rated NAIC - 3 or below

      1        —  

9. Two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating:

 

     
       Amount       Percentage
of Total
Admitted
Assets		  

a. Countries rated NAIC - 1

      

Country 1: United Kingdom

    $ 4,889        2.80  % 

Country 2: Ireland

      1,934        1.10  

b. Countries rated NAIC - 2

      

Country 1: Peru

      3        —  

Country 2:

      —        —  

c. Countries rated NAIC - 3 or below

      

Country 1: Brazil

      1        —  

Country 2:

      —        —  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2024

(in millions)

 

10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

 

            NAIC Rating    Amount      Percentage
of Total
Admitted
Assets		  

a.

    Granite DEBTCO 9 Limited    NAIC 1 - Bonds    $   281        0.20  %

b.

    5555143    MORTGAGE LOAN      263        0.20  

c.

    5555267    MORTGAGE LOAN      260        0.20  

d.

    5555184    MORTGAGE LOAN      250        0.10  

e.

    Greensaif Pipelines Bidco Sarl    NAIC 1 - Bonds      240        0.10  

f.

    5555239    MORTGAGE LOAN      238        0.10  

g.

    Silver (BREDS)    Other invested Assest      225        0.10  

h.

    5555187    MORTGAGE LOAN      218        0.10  

i.

    5555164    MORTGAGE LOAN      213        0.10  

j.

    5555261    MORTGAGE LOAN      206        0.10  

11. Assets held in Canadian investments are less than 2.5% of the reporting entity’s total admitted assets.

12. Assets held in investments with contractual sales restrictions are less than 2.5 percent of the Company’s total admitted assets.

13. The Company’s admitted assets held in the ten largest equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1) are:

 

            Amount      Percentage
of Total
Admitted
Assets		  

a.

    Carlyle Group    $ 1,492        0.90  % 

b.

    AIG Global Real Estate Investment Corp      728        0.40  

c.

    BLACKSTONE GROUP      292        0.20  

d.

    SUNAMERICA INVESTMENT INC.      240        0.10  

e.

    Silver (BREDS)      225        0.10  

f.

    The Spiral      208        0.10  

g.

    GENERAL ATLANTIC      190        0.10  

h.

    Think Investments LLC      149        0.10  

i.

    THOMA BRAVO LLC      137        0.10  

j.

    TEACHERS INSUR & ANNUITY      116        0.10  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2024

(in millions)

 

14. Assets held in nonaffiliated, privately placed equities:

 

            Amount      Percentage
of Total
Admitted
Assets		  

Aggregate statement value of investment held in nonaffiliated, privately placed equities:

    $   1,855        1.10  % 

Largest three investments held in nonaffiliated, privately placed equities:

      

a.

    Carlyle Alternative Opportunities Fund L.P.    $ 333        0.20  

b.

    Silver (BREDS)      225        0.10  

c.

    The Spiral      208        0.10  

 

Ten largest fund managers:

 

                  
      Fund Manager    Total
Invested		      Diversified      Non-
diversified		  

a.

    AIG Global Real Estate Investment Corp    $    728      $ —      $ 728  

b.

    Carlyle Group      1,492        1,492            —  

c.

    Silver (BREDS)      225        —        225  

d.

    SUNAMERICA INVESTMENT INC.      240          240        —  

e.

    BLACKSTONE GROUP      292        292        —  

f.

    The Spiral      208        —        208  

g.

    GENERAL ATLANTIC      190        190        —  

h.

    TEACHERS INSUR & ANNUITY      116        116        —  

i.

    THOMA BRAVO LLC      137        137        —  

j.

    Think Investments LLC      149        149        —  

15. Assets held in general partnership interests are less than 2.5 percent of the Company’s total admitted assets.

16. Mortgage loans reported in Schedule B, include the following ten largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:

 

       
            Amount       Percentage
of Total
Admitted
Assets		  

a.

    COMMERCIAL MORTGAGE LOAN, Loan No. 8002341, NY    $ 366        0.20  % 

b.

    COMMERCIAL MORTGAGE LOAN, Loan No. 8002930, CA      272        0.20  

c.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555143, GBR      263        0.20  

d.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555267, ESP      260        0.20  

e.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555184, GBR      250        0.10  

f.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555239, ESP      238        0.10  

g.

    COMMERCIAL MORTGAGE LOAN, Loan No. 8002954, NY      236        0.10  

h.

    COMMERCIAL MORTGAGE LOAN, Loan No. 8002917, NY      221        0.10  

i.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555187, GBR      218        0.10  

j.

    COMMERCIAL MORTGAGE LOAN, Loan No. 5555164, GBR      213        0.10  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2024

(in millions)

 

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:

 

     
        Amount      Percentage
of Total
Admitted
Assets		  

a.  Construction loans

    $ 1,578        0.90  % 

b.  Mortgage loans over 90 days past due

      277        0.20  

c.  Mortgage loans in the process of foreclosure

      64        —  

d.  Mortgage loans foreclosed

      —        —  

e.  Restructured mortgage loans

      571        0.30  

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

 

          Residential             Commercial             Agricultural      
 Loan-to-Value      Amount      Percentage
of Total
Admitted
Assets		       Amount      Percentage
of Total
Admitted
Assets		       Amount      Percentage
of Total
Admitted
Assets		  

a.  above 95%

    $ 48        —  %    $ 996        0.60  %    $ —        —  % 

b.  91% to 95%

      44        —       70        —       —        —  

c.  81% to 90%

      605        0.40       1,288        0.70       —        —  

d.  71% to 80%

      3,245        1.90       3,099        1.80       —        —  

e.  below 70%

      5,994        3.50       21,026        12.20       27        —  

18.  Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5 percent of the Company’s total admitted assets.

19. Assets held in mezzanine real estate loans are less than 2.5 percent of the Company’s total admitted assets.

20. The Company’s total admitted assets subject to the following types of agreements as of the following dates:

 

                               Unaudited At End of Each Quarter      
     At Year-End          Quarter      Quarter      Quarter  
        Amount      Percentage
of Total
Admitted
Assets		             Amount        Amount        Amount  

a.  Securities lending (do not include assets held as collateral

     for such transactions)

    $ —        —  %       $ —      $ —      $ —  

b.  Repurchase agreements

      218        0.10          3,067        1,064        4,980  

c.  Reverse repurchase agreements

      20        —          —        —        —  

d.  Dollar repurchase agreements

      —        —          —        —        —  

e.  Dollar reverse repurchase agreements

      —        —            —        —        —  

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2024

(in millions)

 

21. The Company’s potential exposure to warrants not attached to other financial instruments, options, caps, and floors:

 

      Owned           Written  
         Amount      Percentage
of Total
Admitted
Assets		              Amount      Percentage
of Total
Admitted
Assets		  

a. Hedging

    $ —        —  %       $ —        —  % 

b. Income generation

      —        —          —        —  

c. Other

      —        —            —        —  

22. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of the following dates:

 

                 
    

 

     Unaudited At End of Each Quarter  
     At Year-End     1st Quarter      2nd Quarter      3rd Quarter  
        Amount      Percentage
of Total
Admitted
Assets		       Amount        Amount        Amount  

a. Hedging

    $ 879        0.50  %    $ 801      $ 856      $ 851  

b. Income generation

      —        —       —        —        —  

c. Replications

      —        —       1,000        1,000        2,000  

d. Other

      —        —       —        —        —  

23. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for futures contracts as of the following dates:

 

              
     

 

     Unaudited At End of Each Quarter  
     At Year-End     1st Quarter      2nd Quarter      3rd Quarter  
        Amount      Percentage
of Total
Admitted
Assets		       Amount        Amount       Amount  

a. Hedging

    $ 112        0.10  %    $ 59      $ 106      $ 141  

b. Income generation

      —        —       —        —        —  

c. Replications

      —        —       —        —        —  

d. Other

      —        —       —        —        —  

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2024

 

(in millions)    Gross Investment
Holdings		     Admitted Assets as Reported in the Annual Statement  
Investment Categories    Amount     Percentage     Amount     Securities
Lending
Reinvested
Collateral
Amount		      Total
Amount		     Percentage  

Bonds:

              

U.S. governments

    $ 1,688       1.0       $ 1,688     $ —       $ 1,688       1.0  % 

All other governments

      1,809       1.1       1,809     $ —        1,809       1.1  

U.S. states, territories and possessions, etc. guaranteed

      188       0.1       188     $ —        188       0.1  

U.S. political subdivisions of states, territories, and possessions, guaranteed

      166       0.1       166     $ —        166       0.1  

U.S. special revenue and special assessment obligations, etc. non-guaranteed

      4,791       2.9       4,791     $ —        4,791       2.9  

Industrial and miscellaneous

      102,779       62.1       102,779     $ —        102,779       62.1  

Hybrid securities

      445       0.3       445     $ —        445       0.3  

Parent, subsidiaries and affiliates

      439       0.3       439     $ —        439       0.3  

Unaffiliated Bank loans

      4,739       2.9       4,739     $ —        4,739       2.9  
             

Total long-term bonds

    $ 117,044       70.8       $ 117,044     $ —       $ 117,044       70.8  

Preferred stocks:

              

Industrial and miscellaneous (Unaffiliated)

    $ 160       0.1       $ 160     $ —       $ 160       0.1  

Parent, subsidiaries and affiliates

      —       —       —     $ —        —       —  
             

Total preferred stocks

    $ 160       0.1       $ 160     $ —       $ 160       0.1  

Common stocks:

              

Industrial and miscellaneous Publicly traded (Unaffiliated)

    $ —       —       $ —     $ —       $ —       —  

Industrial and miscellaneous Other (Unaffiliated)

      209       0.1       209     $ —        209       0.1  

Parent, subsidiaries and affiliates Publicly traded

      —       —       —     $ —        —       —  

Parent, subsidiaries and affiliates Other

      30       —       25     $ —        25       —  

Mutual funds

      —       —       —     $ —        —       —  
             

Total common stocks

    $ 239       0.1       $ 234     $ —       $ 234       0.1  

Mortgage loans:

              

Farm mortgages

    $ 27       —       $ 27     $ —       $ 27       —  

Residential mortgages

      9,935       6.0       9,935     $ —        9,935       6.0  

Commercial mortgages

      25,528       15.4       25,528     $ —        25,528       15.4  

Mezzanine real estate loans

      952       0.6       952     $ —        952       0.6  

Total valuation allowance

      (364 )      (0.2 )      (364 )    $ —        (364 )      (0.2 ) 
             

Total mortgage loans

    $ 36,078       21.8       $ 36,078     $ —       $ 36,078       21.8  

Real estate:

              

Properties occupied by company

    $ —       —       $ —     $ —       $ —       —  

Properties held for production of income

      85       0.1       85     $ —        85       0.1  

Properties held for sale

      4       —       4     $ —        4       —  
             

Total real estate

    $ 89       0.1       $ 89     $ —       $ 89       0.1  

Cash, cash equivalents and short-term investments:

              

Cash

    $ 158       0.1       $ 158     $ —       $ 158       0.1  

Cash equivalents

      373       0.2       373     $ —        373       0.2  

Short-term investments

      200       0.1       200     $ —        200       0.1  
             

Total cash, cash equivalents and short-term investments

      731       0.4       731     $ —        731       0.4  

Contract loans

      1,168       0.7       1,144     $ —        1,144       0.7  

Derivatives

      1,779       1.1       1,779     $ —        1,779       1.1  

Other invested assets

      6,566       4.0       6,565     $ —        6,565       4.0  

Receivables for securities

      86       0.1       86     $ —        86       0.1  

Securities Lending

      —       —       —       XXX        XXX       XXX  

Other invested assets

      1,680       1.0       1,680     $ —        1,680       1.0  

Total invested assets

    $ 165,620       100.0       $ 165,590     $ —       $ 165,590       100.0  % 

 

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2024

 

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

 

1.

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:     

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes [ ] No [ ] N/A [ X ]

 

2.

Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:     

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features. Yes [ ] No [ ] N/A [ X ]

 

3.

Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

 

  (a)

Provisions that permit the reporting of losses to be made less frequently than quarterly;

 

  (b)

Provisions that permit settlements to be made less frequently than quarterly;

 

  (c)

Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

 

  (d)

The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes [ ] No [ X ]

 

4.

Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

 

       
Type of contract:     Response:      

Identify reinsurance

contract(s):

    Has the insured event(s)
triggering contract coverage
been recognized?
       

Assumption reinsurance –

new for the reporting period

   Yes [ ] No [ X ]         N/A
       
Non-proportional reinsurance, which does not result in significant surplus relief   Yes [ ] No [ X ]         N/A

 

 

 
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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES - (continued)

December 31, 2024

 

5.  

Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

 

(a) Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or

 

Yes [ ] No [ X ] N/A [ ]

 

(b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

 

Yes [ ] No [ X ] N/A [ ]

 

If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below:

 

 

  

     

 

 

 
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