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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2015
FAIR VALUE MEASUREMENTS  
Assets and liabilities measured at fair value on a recurring basis
December 31, 2015 CounterpartyCash
(in millions) Level 1Level 2Level 3Netting*CollateralTotal
Assets:
Bonds available for sale:
U.S. government and government sponsored entities$-$1,844$-$-$-$1,844
Obligations of states, municipalities and political subdivisions-25,1992,124--27,323
Non-U.S. governments68317,48032--18,195
Corporate debt-134,6181,370--135,988
RMBS-19,69016,537--36,227
CMBS-10,9862,585--13,571
CDO/ABS-8,9286,169--15,097
Total bonds available for sale683218,74528,817--248,245
Other bond securities:
U.S. government and government sponsored entities-3,369---3,369
Obligations of states, municipalities and political subdivisions-75---75
Non-U.S. governments-50---50
Corporate debt-2,01817--2,035
RMBS-6491,581--2,230
CMBS-557193--750
CDO/ABS-1,2187,055--8,273
Total other bond securities-7,9368,846--16,782
Equity securities available for sale:
Common stock2,401----2,401
Preferred stock22----22
Mutual funds4911---492
Total equity securities available for sale2,9141---2,915
Other equity securities 906114--921
Mortgage and other loans receivable--11--11
Other invested assets24,2564,654--8,912
Derivative assets:
Interest rate contracts -3,15012--3,162
Foreign exchange contracts-766---766
Equity contracts913254--177
Commodity contracts------
Credit contracts--3--3
Other contracts-221--23
Counterparty netting and cash collateral---(1,268)(1,554)(2,822)
Total derivative assets913,95090(1,268)(1,554)1,309
Short-term investments1,4161,175---2,591
Separate account assets73,6995,875---79,574
Total$79,711$241,939$42,432$(1,268)$(1,554)$361,260
Liabilities:
Policyholder contract deposits$-$36$2,289$-$-$2,325
Other policyholder funds6----6
Derivative liabilities:
Interest rate contracts-2,13762--2,199
Foreign exchange contracts-1,1977--1,204
Equity contracts-68---68
Commodity contracts------
Credit contracts--508--508
Other contracts--69--69
Counterparty netting and cash collateral---(1,268)(760)(2,028)
Total derivative liabilities-3,402646(1,268)(760)2,020
Long-term debt-3,487183--3,670
Other liabilities-62---62
Total$6$6,987$3,118$(1,268)$(760)$8,083

December 31, 2014 CounterpartyCash
(in millions) Level 1Level 2Level 3Netting*CollateralTotal
Assets:
Bonds available for sale:
U.S. government and government sponsored entities$322$2,670$-$-$-$2,992
Obligations of states, municipalities and political subdivisions-25,5002,159--27,659
Non-U.S. governments74220,32330--21,095
Corporate debt-142,5501,883--144,433
RMBS-20,71516,805--37,520
CMBS-10,1892,696--12,885
CDO/ABS-7,1656,110--13,275
Total bonds available for sale1,064229,11229,683--259,859
Other bond securities:
U.S. government and government sponsored entities1305,368---5,498
Obligations of states, municipalities and political subdivisions-122---122
Non-U.S. governments-2---2
Corporate debt-719---719
RMBS-9891,105--2,094
CMBS-708369--1,077
CDO/ABS-2,7517,449--10,200
Total other bond securities13010,6598,923--19,712
Equity securities available for sale:
Common stock3,62621--3,629
Preferred stock25----25
Mutual funds7383---741
Total equity securities available for sale4,38951--4,395
Other equity securities1,02425---1,049
Mortgage and other loans receivable--6--6
Other invested assets23,7425,650--9,394
Derivative assets:
Interest rate contracts23,72912--3,743
Foreign exchange contracts-8391--840
Equity contracts985851--207
Commodity contracts------
Credit contracts--4--4
Other contracts--31--31
Counterparty netting and cash collateral---(2,102)(1,119)(3,221)
Total derivative assets1004,62699(2,102)(1,119)1,604
Short-term investments5841,100---1,684
Separate account assets73,9396,097---80,036
Total$81,232$255,366$44,362$(2,102)$(1,119)$377,739
Liabilities:
Policyholder contract deposits$-$52$1,509$-$-$1,561
Other policyholder funds-8---8
Derivative liabilities:
Interest rate contracts-3,04786--3,133
Foreign exchange contracts-1,4829--1,491
Equity contracts-984--102
Commodity contracts-6---6
Credit contracts--982--982
Other contracts--90--90
Counterparty netting and cash collateral---(2,102)(1,429)(3,531)
Total derivative liabilities-4,6331,171(2,102)(1,429)2,273
Long-term debt-5,253213--5,466
Other liabilities34316---350
Total$34$10,262$2,893$(2,102)$(1,429)$9,658

* Represents netting of derivative exposures covered by qualifying master netting agreements.
Changes in Level 3 recurring fair value measurements (Assets)
Net Changes in
Realized and Unrealized Gains
UnrealizedPurchases, (Losses) Included
Fair ValueGains (Losses)OtherSales,GrossGrossFair Valuein Income on
BeginningIncludedComprehensiveIssues andTransfersTransfersEndInstruments Held
(in millions)of Yearin IncomeIncome (Loss)Settlements, NetInOutof Yearat End of Year
December 31, 2015
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions$2,159$1$(85)$154$-$(105)$2,124$-
Non-U.S. governments30-(7)10-(1)32-
Corporate debt1,88315(109)(210)1,515(1,724)1,370-
RMBS16,8051,052(512)(808)--16,537-
CMBS2,69677(95)118-(211)2,585-
CDO/ABS6,110149(258)3007(139)6,169-
Total bonds available for sale29,6831,294(1,066)(436)1,522(2,180)28,817-
Other bond securities:
Corporate debt---116-17-
RMBS1,10532-46043(59)1,581(27)
CMBS369(3)-(177)4-193(13)
CDO/ABS7,449646-(1,658)698(80)7,055(87)
Total other bond securities8,923675-(1,374)761(139)8,846(127)
Equity securities available for sale:
Common stock12-(3)----
Preferred stock--------
Total equity securities available for sale12-(3)----
Other equity securities-(1)-(7)22-14(2)
Mortgage and other loans receivable6--5--11-
Other invested assets5,650435(789)(530)117(229)4,654-
Total$44,263$2,405$(1,855)$(2,345)$2,422$(2,548)$42,342$(129)
Liabilities:
Policyholder contract deposits$(1,509)$(315)$-$(465)$-$-$(2,289)$64
Derivative liabilities, net:
Interest rate contracts(74)--24--(50)(1)
Foreign exchange contracts(8)1----(7)1
Equity contracts472-5--54(3)
Commodity contracts--------
Credit contracts(978)186-287--(505)95
Other contracts(59)79-(68)--(48)76
Total derivative liabilities, net(a)(1,072)268-248--(556)168
Long-term debt(b)(213)10-20--(183)17
Total$(2,794)$(37)$-$(197)$-$-$(3,028)$249

Net Changes in
Realized and Unrealized Gains
UnrealizedPurchases, (Losses) Included
Fair ValueGains (Losses)OtherSales,GrossGrossFair Valuein Income on
BeginningIncludedComprehensiveIssues andTransfersTransfersEndInstruments Held
(in millions)of Yearin IncomeIncome (Loss)Settlements, NetInOutof Yearat End of Year
December 31, 2014
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions(c)$1,080$-$233$914$119$(187)$2,159$-
Non-U.S. governments161(1)98(3)30-
Corporate debt1,2551219(257)1,363(509)1,883-
RMBS14,9411,01253796120(117)16,805-
CMBS5,735692438583(3,519)2,696-
CDO/ABS6,97486(38)1,5452,488(4,945)6,110-
Total bonds available for sale30,0011,1805093,0924,181(9,280)29,683-
Other bond securities:
Corporate debt--------
RMBS93740-9751(20)1,105(13)
CMBS844(6)-(141)124(452)369(7)
CDO/ABS8,8341,098-(1,805)271(949)7,449318
Total other bond securities10,6151,132-(1,849)446(1,421)8,923298
Equity securities available for sale:
Common stock1--(1)2(1)1-
Preferred stock--------
Mutual funds----1(1)--
Total equity securities available for sale1--(1)3(2)1-
Mortgage and other loans receivable---6--6-
Other invested assets5,930150398(83)167(912)5,650-
Total$46,547$2,462$907$1,165$4,797$(11,615)$44,263$298
Liabilities:
Policyholder contract deposits$(312)$(1,127)$(54)$(16)$-$-$(1,509)$(218)
Derivative liabilities, net:
Interest rate contracts(100)(10)-39-(3)(74)(10)
Foreign exchange contracts-2-(10)--(8)3
Equity contracts4921-(18)48(53)4713
Commodity contracts1(1)-----(1)
Credit contracts(1,280)263-39--(978)268
Other contracts(109)9953(103)1-(59)82
Total derivatives liabilities, net(a)(1,439)37453(53)49(56)(1,072)355
Long-term debt(b)(370)94-37(70)96(213)15
Total$(2,121)$(659)$(1)$(32)$(21)$40$(2,794)$152

(a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(b) Includes guaranteed investment agreements (GIAs), notes, bonds, loans and mortgages payable.

(c) Purchases, Sales, Issues and Settlements, Net primarily reflect the effect of consolidating previously unconsolidated securitization vehicles.
Changes in Level 3 recurring fair value measurements (Liabilities)
Net Changes in
Realized and Unrealized Gains
UnrealizedPurchases, (Losses) Included
Fair ValueGains (Losses)OtherSales,GrossGrossFair Valuein Income on
BeginningIncludedComprehensiveIssues andTransfersTransfersEndInstruments Held
(in millions)of Yearin IncomeIncome (Loss)Settlements, NetInOutof Yearat End of Year
December 31, 2015
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions$2,159$1$(85)$154$-$(105)$2,124$-
Non-U.S. governments30-(7)10-(1)32-
Corporate debt1,88315(109)(210)1,515(1,724)1,370-
RMBS16,8051,052(512)(808)--16,537-
CMBS2,69677(95)118-(211)2,585-
CDO/ABS6,110149(258)3007(139)6,169-
Total bonds available for sale29,6831,294(1,066)(436)1,522(2,180)28,817-
Other bond securities:
Corporate debt---116-17-
RMBS1,10532-46043(59)1,581(27)
CMBS369(3)-(177)4-193(13)
CDO/ABS7,449646-(1,658)698(80)7,055(87)
Total other bond securities8,923675-(1,374)761(139)8,846(127)
Equity securities available for sale:
Common stock12-(3)----
Preferred stock--------
Total equity securities available for sale12-(3)----
Other equity securities-(1)-(7)22-14(2)
Mortgage and other loans receivable6--5--11-
Other invested assets5,650435(789)(530)117(229)4,654-
Total$44,263$2,405$(1,855)$(2,345)$2,422$(2,548)$42,342$(129)
Liabilities:
Policyholder contract deposits$(1,509)$(315)$-$(465)$-$-$(2,289)$64
Derivative liabilities, net:
Interest rate contracts(74)--24--(50)(1)
Foreign exchange contracts(8)1----(7)1
Equity contracts472-5--54(3)
Commodity contracts--------
Credit contracts(978)186-287--(505)95
Other contracts(59)79-(68)--(48)76
Total derivative liabilities, net(a)(1,072)268-248--(556)168
Long-term debt(b)(213)10-20--(183)17
Total$(2,794)$(37)$-$(197)$-$-$(3,028)$249

Net Changes in
Realized and Unrealized Gains
UnrealizedPurchases, (Losses) Included
Fair ValueGains (Losses)OtherSales,GrossGrossFair Valuein Income on
BeginningIncludedComprehensiveIssues andTransfersTransfersEndInstruments Held
(in millions)of Yearin IncomeIncome (Loss)Settlements, NetInOutof Yearat End of Year
December 31, 2014
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions(c)$1,080$-$233$914$119$(187)$2,159$-
Non-U.S. governments161(1)98(3)30-
Corporate debt1,2551219(257)1,363(509)1,883-
RMBS14,9411,01253796120(117)16,805-
CMBS5,735692438583(3,519)2,696-
CDO/ABS6,97486(38)1,5452,488(4,945)6,110-
Total bonds available for sale30,0011,1805093,0924,181(9,280)29,683-
Other bond securities:
Corporate debt--------
RMBS93740-9751(20)1,105(13)
CMBS844(6)-(141)124(452)369(7)
CDO/ABS8,8341,098-(1,805)271(949)7,449318
Total other bond securities10,6151,132-(1,849)446(1,421)8,923298
Equity securities available for sale:
Common stock1--(1)2(1)1-
Preferred stock--------
Mutual funds----1(1)--
Total equity securities available for sale1--(1)3(2)1-
Mortgage and other loans receivable---6--6-
Other invested assets5,930150398(83)167(912)5,650-
Total$46,547$2,462$907$1,165$4,797$(11,615)$44,263$298
Liabilities:
Policyholder contract deposits$(312)$(1,127)$(54)$(16)$-$-$(1,509)$(218)
Derivative liabilities, net:
Interest rate contracts(100)(10)-39-(3)(74)(10)
Foreign exchange contracts-2-(10)--(8)3
Equity contracts4921-(18)48(53)4713
Commodity contracts1(1)-----(1)
Credit contracts(1,280)263-39--(978)268
Other contracts(109)9953(103)1-(59)82
Total derivatives liabilities, net(a)(1,439)37453(53)49(56)(1,072)355
Long-term debt(b)(370)94-37(70)96(213)15
Total$(2,121)$(659)$(1)$(32)$(21)$40$(2,794)$152

(a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(b) Includes guaranteed investment agreements (GIAs), notes, bonds, loans and mortgages payable.

(c) Purchases, Sales, Issues and Settlements, Net primarily reflect the effect of consolidating previously unconsolidated securitization vehicles.
Schedule of net realized and unrealized gains and losses related to Level 3 items
NetNet Realized
InvestmentCapital Other
(in millions)IncomeGains (Losses)IncomeTotal
December 31, 2015
Bonds available for sale$1,227$(49)$116$1,294
Other bond securities443628675
Equity securities available for sale-2-2
Other equity securities--(1)(1)
Other invested assets4532466435
Policyholder contract deposits-(315)-(315)
Derivative liabilities, net-(1)269268
Long-term debt--1010
December 31, 2014
Bonds available for sale$1,236$(107)$51$1,180
Other bond securities95-1,0371,132
Equity securities available for sale----
Other invested assets175(28)3150
Policyholder contract deposits-(1,127)-(1,127)
Derivative liabilities, net688298374
Long-term debt--9494
Gross components of purchases, sales, issues and settlements, net
Purchases,
Sales, Issues and
(in millions)PurchasesSalesSettlementsSettlements, Net(a)
December 31, 2015
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$279$(37)$(88)$154
Non-U.S. governments18(1)(7)10
Corporate debt221(60)(371)(210)
RMBS2,215(194)(2,829)(808)
CMBS273(28)(127)118
CDO/ABS1,400(210)(890)300
Total bonds available for sale4,406(530)(4,312)(436)
Other bond securities:
Corporate debt--11
RMBS655(22)(173)460
CMBS-(79)(98)(177)
CDO/ABS242(380)(1,520)(1,658)
Total other bond securities897(481)(1,790)(1,374)
Equity securities available for sale-(2)(1)(3)
Other equity securities--(7)(7)
Mortgage and other loans receivable5--5
Other invested assets682(587)(625)(530)
Total assets$5,990$(1,600)$(6,735)$(2,345)
Liabilities:
Policyholder contract deposits$-$(442)$(23)$(465)
Derivative liabilities, net19-229248
Long-term debt(b)--2020
Total liabilities$19$(442)$226$(197)
December 31, 2014
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions(c)$1,041$(35)$(92)$914
Non-U.S. governments12-(3)9
Corporate debt148(8)(397)(257)
RMBS3,301(124)(2,381)796
CMBS368(224)(59)85
CDO/ABS2,760(70)(1,145)1,545
Total bonds available for sale7,630(461)(4,077)3,092
Other bond securities:
Corporate debt----
RMBS211(31)(83)97
CMBS-(16)(125)(141)
CDO/ABS55(21)(1,839)(1,805)
Total other bond securities266(68)(2,047)(1,849)
Equity securities available for sale--(1)(1)
Mortgage and other loans receivable6--6
Other invested assets776(25)(834)(83)
Total assets$8,678$(554)$(6,959)$1,165
Liabilities:
Policyholder contract deposits$-$(149)$133$(16)
Derivative liabilities, net2(3)(52)(53)
Long-term debt(b)--3737
Total liabilities$2$(152)$118$(32)

(a) There were no issuances during the years ended December 31, 2015 and 2014.

(b) Includes GIAs, notes, bonds, loans and mortgages payable.

(c) Purchases primarily reflect the effect of consolidating previously unconsolidated securitization vehicles.

Significant unobservable inputs used for recurring fair value measurements
Fair Value  at
December 31,ValuationRange
(in millions)2015TechniqueUnobservable Input(b)(Weighted Average )
Assets:
Obligations of states,$1,217Discounted cash flowYield4.32% - 5.10% (4.71%)
municipalities and
political subdivisions
Corporate debt642Discounted cash flowYield5.63% - 12.45% (9.04%)
RMBS(a)17,280Discounted cash flowConstant prepayment rate0.99% - 8.95% (4.97%)
Loss severity47.21% - 79.50% (63.35%)
Constant default rate3.49% - 9.04% (6.26%)
Yield3.13% - 6.14% (4.63%)
CDO/ABS(a)3,338Discounted cash flowYield3.41% - 4.98% (4.19%)
CMBS2,388Discounted cash flowYield0.00% - 17.65% (6.62%)
Liabilities:
Embedded derivatives
within Policyholder
contract deposits:
GMWB and GMAB1,234Discounted cash flowEquity volatility15.00% - 50.00%
Base lapse rate1.00% - 17.00%
Dynamic lapse rate0.20% - 25.50%
Mortality multiplier(c)80.00% - 104.27%
Utilization rate0.00% - 70.00%
Equity / interest-rate correlation(d)20.00% - 40.00%
Index Annuities715Discounted cash flowLapse rate0.75% - 66.00%
Mortality multiplier(c)50.00% - 75.00%
Indexed Life332Discounted cash flowEquity volatility13.25% to 22.00%
Base lapse rate2.00% to 19.00%
Mortality rate0.00% to 40.00%

Fair Value  at
December 31,ValuationRange
(in millions)2014TechniqueUnobservable Input(b)(Weighted Average)
Assets:
Obligations of states,$1,178Discounted cash flowYield3.9% - 4.62% (4.26%)
municipalities and
political subdivisions
Corporate debt1,145Discounted cash flowYield3.46% - 8.75% (6.10%)
RMBS(a)17,353Discounted cash flowConstant prepayment rate0.59% - 9.35% (4.97%)
Loss severity46.04% - 79.56% (62.80%)
Constant default rate3.67% - 9.96% (6.82%)
Yield2.67% - 6.64% (4.65%)
CDO/ABS(a)5,282Discounted cash flowYield4.70% - 9.70% (7.10%)
CMBS2,687Discounted cash flowYield0.00% - 17.29% (6.06%)
Liabilities:
Embedded derivatives
within Policyholder
contract deposits:
GMWB and GMAB957Discounted cash flowEquity volatility6.00% - 39.00%
Base lapse rate1.00% - 28.00%
Dynamic lapse rate0.20% - 42.00%
Mortality rate0.10% - 35.00%
Utilization rate0.50% - 30.00%
Index Annuities294Discounted cash flowLapse rate0.75% - 66.00%
Mortality rate0.02% - 44.06%
Indexed Life259Discounted cash flowEquity volatility10.00% to 25.00%
Base lapse rate2.00% to 19.00%
Mortality rate0.00% to 20.00%
Derivative liabilities -
credit contracts(e)791BETRecovery rate5.00% - 23.00% (13.00%)
Diversity score8 - 25 (13)
Weighted average life2.67 - 10.49 years (4.65 years)

(a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table for GMWB and GMAB, and the 1975-1980 Modified Basic Table for index annuities.

(d) An equity / interest rate correlation factor was added to the valuation model in the fourth quarter of 2015.

(e) Beginning in the third quarter of 2015, we began valuing these instruments using prices obtained from vendors and/or counterparties and discontinued use of the BET model.
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share
December 31, 2015December 31, 2014
Fair Value Using Net Asset Value Per Share (or its equivalent)Fair Value Using Net Asset Value Per Share (or its equivalent)
UnfundedUnfunded
(in millions)Investment Category IncludesCommitmentsCommitments
Investment Category
Private equity funds:
Leveraged buyoutDebt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage$1,774$436$2,275$450
Real Estate / InfrastructureInvestments in real estate properties and infrastructure positions, including power plants and other energy generating facilities306213384227
Venture capitalEarly-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company1074112126
DistressedSecurities of companies that are in default, under bankruptcy protection, or troubled 1464116443
OtherIncludes multi-strategy, mezzanine, and other strategies298239216234
Total private equity funds2,6319703,160980
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations1,194-1,109-
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk2,978252,4281
MacroInvestments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions555-498-
DistressedSecurities of companies that are in default, under bankruptcy protection or troubled 69987315
Emerging marketsInvestments in the financial markets of developing countries353-308-
OtherIncludes multi-strategy, relative value, and other strategies167-125-
Total hedge funds5,946335,1996
Total$8,577$1,003$8,359$986
Gains or losses related to the eligible instruments for which AIG elected the fair value option
Years Ended December 31,Gain (Loss)
(in millions)201520142013
Assets:
Mortgage and other loans receivable$-$-$3
Bond and equity securities6162,0991,667
Alternative investments(a)36313360
Other, including Short-term investments21011
Liabilities:
Long-term debt(b)(38)(269)327
Other liabilities(3)(13)(15)
Total gain$613$2,140$2,353

(a) Includes certain hedge funds, private equity funds and other investment partnerships.

(b) Includes GIAs, notes, bonds and mortgages payable.
Difference between fair values and aggregate contractual principal amounts, fair value option
December 31, 2015December 31, 2014
OutstandingOutstanding
(in millions)Fair ValuePrincipal AmountDifferenceFair ValuePrincipal AmountDifference
Assets:
Mortgage and other loans receivable$11$9$2$6$4$2
Liabilities:
Long-term debt*$3,670$2,675$995$5,466$4,101$1,365

* Includes GIAs, notes, bonds, loans and mortgages payable.

Fair value assets measured on nonrecurring basis and impairment charges
Assets at Fair ValueImpairment Charges
Non-Recurring BasisDecember 31,
(in millions) Level 1 Level 2 Level 3 Total 201520142013
December 31, 2015
Other investments$-$-$1,117$1,117$189$134$112
Investments in life settlements--828828540201971
Other assets--12912980731
Total$-$-$2,074$2,074$809$342$1,114
December 31, 2014
Other investments$-$-$790$790
Investments in life settlements--537537
Other assets--11
Total$-$-$1,328$1,328
Carrying values and estimated fair values of AIG's financial instruments
Estimated Fair ValueCarrying
(in millions)Level 1Level 2Level 3TotalValue
December 31, 2015
Assets:
Mortgage and other loans receivable$-$198$30,147$30,345$29,554
Other invested assets-5632,8803,4434,169
Short-term investments-7,541-7,5417,541
Cash1,629--1,6291,629
Liabilities:
Policyholder contract deposits associated
with investment-type contracts-309117,537117,846108,788
Other liabilities-2,852-2,8522,852
Long-term debt-21,6864,52826,21425,680
December 31, 2014
Assets:
Mortgage and other loans receivable$-$449$26,157$26,606$24,984
Other invested assets-5932,8823,4754,352
Short-term investments-9,559-9,5599,559
Cash1,758--1,7581,758
Liabilities:
Policyholder contract deposits associated
with investment-type contracts-244119,268119,512106,395
Other liabilities-1,120-1,1201,120
Long-term debt-24,7492,93227,68125,751