Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2022		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	5	$	7,945	$	—	$	—	$	—	$	7,950
Obligations of states, municipalities and political subdivisions		—		11,077		814		—		—		11,891
Non-U.S. governments		111		12,887		9		—		—		13,007
Corporate debt		—		129,419		3,917		—		—		133,336
RMBS		—		10,626		7,881		—		—		18,507
CMBS		—		13,125		806		—		—		13,931
CDO/ABS		—		9,362		11,783		—		—		21,145
Total bonds available for sale		116		194,441		25,210		—		—		219,767
Other bond securities:
U.S. government and government sponsored entities		—		1,565		—		—		—		1,565
Obligations of states, municipalities and political subdivisions		—		111		—		—		—		111
Non-U.S. governments		—		64		—		—		—		64
Corporate debt		—		1,485		549		—		—		2,034
RMBS		—		130		211		—		—		341
CMBS		—		362		29		—		—		391
CDO/ABS		—		369		2,256		—		—		2,625
Total other bond securities		—		4,086		3,045		—		—		7,131
Equity securities		481		93		34		—		—		608
Other invested assets(b)		—		130		1,958		—		—		2,088
Derivative assets(c):
Interest rate contracts		4		3,142		210		—		—		3,356
Foreign exchange contracts		—		2,788		—		—		—		2,788
Equity contracts		14		392		159		—		—		565
Commodity contracts		—		18		—		—		—		18
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		16		—		—		16
Counterparty netting and cash collateral		—		—		—		(3,170)		(3,181)		(6,351)
Total derivative assets		18		6,340		386		(3,170)		(3,181)		393
Short-term investments		3,405		1,939		—		—		—		5,344
Other assets(c)		—		—		107		—		—		107
Separate account assets		77,683		3,619		—		—		—		81,302
Total	$	81,703	$	210,648	$	30,740	$	(3,170)	$	(3,181)	$	316,740
Liabilities:
Policyholder contract deposits	$	—	$	37	$	6,348	$	—	$	—	$	6,385
Derivative liabilities(c):
Interest rate contracts		—		4,856		—		—		—		4,856
Foreign exchange contracts		—		726		1		—		—		727
Equity contracts		4		76		4		—		—		84
Credit contracts		—		10		32		—		—		42
Counterparty netting and cash collateral		—		—		—		(3,170)		(2,263)		(5,433)
Total derivative liabilities		4		5,668		37		(3,170)		(2,263)		276
Fortitude Re funds withheld payable		—		—		(2,505)		—		—		(2,505)
Long-term debt		—		1,613		—		—		—		1,613
Total	$	4	$	7,318	$	3,880	$	(3,170)	$	(2,263)	$	5,769

December 31, 2021		Level 1		Level 2		Level 3	Counterparty  Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	2,553	$	5,641	$	—	$	—	$	—	$	8,194
Obligations of states, municipalities and political subdivisions		—		13,096		1,431		—		—		14,527
Non-U.S. governments		9		16,314		7		—		—		16,330
Corporate debt		—		172,967		2,641		—		—		175,608
RMBS		—		16,909		10,378		—		—		27,287
CMBS		—		14,619		1,190		—		—		15,809
CDO/ABS		—		8,232		11,215		—		—		19,447
Total bonds available for sale		2,562		247,778		26,862		—		—		277,202
Other bond securities:
U.S. government and government sponsored entities		—		1,750		—		—		—		1,750
Obligations of states, municipalities and political subdivisions		—		97		—		—		—		97
Non-U.S. governments		—		76		—		—		—		76
Corporate debt		—		916		134		—		—		1,050
RMBS		—		215		196		—		—		411
CMBS		—		280		35		—		—		315
CDO/ABS		—		247		2,332		—		—		2,579
Total other bond securities		—		3,581		2,697		—		—		6,278
Equity securities		669		64		6		—		—		739
Other invested assets (b)		—		138		1,948		—		—		2,086
Derivative assets(c):
Interest rate contracts		—		3,873		—		—		—		3,873
Foreign exchange contracts		—		1,188		1		—		—		1,189
Equity contracts		7		224		450		—		—		681
Commodity contracts		—		4		—		—		—		4
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(2,779)		(2,139)		(4,918)
Total derivative assets		7		5,289		465		(2,779)		(2,139)		843
Short-term investments		2,584		1,842		—		—		—		4,426
Other assets(c)		—		—		114		—		—		114
Separate account assets		105,221		3,890		—		—		—		109,111
Total	$	111,043	$	262,582	$	32,092	$	(2,779)	$	(2,139)	$	400,799
Liabilities:
Policyholder contract deposits	$	—	$	54	$	9,682	$	—	$	—	$	9,736
Derivative liabilities(c):
Interest rate contracts		1		3,632		—		—		—		3,633
Foreign exchange contracts		—		721		—		—		—		721
Equity contracts		1		46		6		—		—		53
Credit contracts		—		16		31		—		—		47
Counterparty netting and cash collateral		—		—		—		(2,779)		(1,089)		(3,868)
Total derivative liabilities		2		4,415		37		(2,779)		(1,089)		586
Fortitude Re funds withheld payable		—		—		5,922		—		—		5,922
Long-term debt		—		1,871		—		—		—		1,871
Total	$	2	$	6,340	$	15,641	$	(2,779)	$	(1,089)	$	18,115

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.8 billion and $8.4 billion as of September 30, 2022 and December 31, 2021, respectively.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis

The following tables present changes during the three- and nine-month periods ended September 30, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2022 and 2021:

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	957	$	(1)	$	(106)	$	(29)	$	—	$	(7)	$	—	$	814	$	—	$	(167)
Non-U.S. governments		9		—		—		(1)		1		—		—		9		—		—
Corporate debt		2,483		(31)		(53)		(100)		1,781		(163)		—		3,917		—		(55)
RMBS		8,352		101		(267)		(299)		2		(8)		—		7,881		—		(39)
CMBS		871		(1)		(31)		(33)		12		(12)		—		806		—		(50)
CDO/ABS		11,696		(25)		(454)		523		366		(323)		—		11,783		—		(557)
Total bonds available for sale		24,368		43		(911)		61		2,162		(513)		—		25,210		—		(868)
Other bond securities:
Corporate Debt		461		(5)		—		66		28		(1)		—		549		(7)		—
RMBS		192		(7)		—		26		—		—		—		211		(8)		—
CMBS		32		(3)		—		—		—		—		—		29		(3)		—
CDO/ABS		2,442		(25)		—		(158)		12		(15)		—		2,256		(92)		—
Total other bond securities		3,127		(40)		—		(66)		40		(16)		—		3,045		(110)		—
Equity securities		12		(1)		—		8		15		—		—		34		—		—
Other invested assets		2,008		62		(25)		(45)		—		(42)		—		1,958		20		—
Other assets		107		—		—		—		—		—		—		107		—		—
Total	$	29,622	$	64	$	(936)	$	(42)	$	2,217	$	(571)	$	—	$	30,354	$	(90)	$	(868)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	6,957	$	(936)	$	—	$	327	$	—	$	—	$	—	$	6,348	$	949	$	—
Derivative liabilities, net:
Interest rate contracts		(143)		37		—		(110)		—		6		—		(210)		30		—
Foreign exchange contracts		1		—		—		—		—		—		—		1		—		—
Equity contracts		(149)		88		—		(94)		—		—		—		(155)		(89)		—
Credit contracts		32		1		—		(2)		—		—		—		31		—		—
Other contracts		(16)		(16)		—		16		—		—		—		(16)		17		—
Total derivative liabilities, net(a)		(275)		110		—		(190)		—		6		—		(349)		(42)		—
Fortitude Re funds withheld payable		(638)		(1,757)		—		(110)		—		—		—		(2,505)		1,791		—
Total	$	6,044	$	(2,583)	$	—	$	27	$	—	$	6	$	—	$	3,494	$	2,698	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,939	$	6	$	(9)	$	(7)	$	—	$	(61)	$	(62)	$	1,806	$	—	$	—
Non-U.S. governments		10		—		—		—		—		(3)		—		7		—		—
Corporate debt		2,773		(1)		2		(173)		57		(12)		—		2,646		—		—
RMBS		11,085		118		(8)		(86)		8		(19)		—		11,098		—		—
CMBS		1,082		4		(6)		(13)		—		(42)		—		1,025		—		—
CDO/ABS		9,318		22		(41)		180		64		(356)		—		9,187		—		—
Total bonds available for sale		26,207		149		(62)		(99)		129		(493)		(62)		25,769		—		—
Other bond securities:
RMBS		113		2		—		(8)		—		—		—		107		—		—
CMBS		46		(1)		—		(9)		—		—		—		36		—		—
CDO/ABS		2,279		40		—		(134)		—		—		—		2,185		—		—
Total other bond securities		2,438		41		—		(151)		—		—		—		2,328		—		—
Equity securities		4		—		1		(1)		1		—		—		5		—		—
Other invested assets		2,099		161		(3)		(351)		—		—		—		1,906		141		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	30,861	$	351	$	(64)	$	(601)	$	130	$	(493)	$	(62)	$	30,122	$	141	$	—
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,020	$	(26)	$	—	$	279	$	—	$	—	$	—	$	9,273	$	362	$	—
Derivative liabilities, net:
Interest rate contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Foreign exchange contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Equity contracts		(357)		99		—		(50)		—		1		—		(307)		(90)		—
Credit contracts		43		—		—		(2)		—		—		—		41		1		—
Other contracts		(10)		(17)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(a)		(326)		79		—		(33)		—		1		—		(279)		(70)		—
Fortitude Re funds withheld payable		5,317		209		—		(93)		—		—		—		5,433		414		—
Total	$	14,011	$	262	$	—	$	153	$	—	$	1	$	—	$	14,427	$	706	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(534)	$	(94)	$	17	$	(7)	$	—	$	814	$	—	$	(319)
Non-U.S. governments		7		—		—		(1)		3		—		—		9		—		—
Corporate debt		2,641		(57)		(204)		(137)		2,163		(489)		—		3,917		—		(183)
RMBS		10,378		323		(1,210)		(1,173)		2		(439)		—		7,881		—		(704)
CMBS		1,190		12		(144)		84		12		(348)		—		806		—		(143)
CDO/ABS		11,215		(6)		(1,457)		2,174		1,830		(1,973)		—		11,783		—		(1,486)
Total bonds available for sale		26,862		273		(3,549)		853		4,027		(3,256)		—		25,210		—		(2,835)
Other bond securities:
Corporate Debt		134		(9)		—		190		250		(16)		—		549		(8)		—
RMBS		196		(25)		—		40		—		—		—		211		(28)		—
CMBS		35		(6)		—		—		—		—		—		29		(6)		—
CDO/ABS		2,332		(274)		—		194		75		(71)		—		2,256		(414)		—
Total other bond securities		2,697		(314)		—		424		325		(87)		—		3,045		(456)		—
Equity securities		6		(1)		—		14		15		—		—		34		—		—
Other invested assets		1,948		307		(52)		(83)		47		(209)		—		1,958		316		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	265	$	(3,601)	$	1,201	$	4,414	$	(3,552)	$	—	$	30,354	$	(140)	$	(2,835)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(4,055)	$	—	$	721	$	—	$	—	$	—	$	6,348	$	4,302	$	—
Derivative liabilities, net:
Interest rate contracts		—		48		—		(183)		(81)		6		—		(210)		27		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		478		—		(188)		—		(1)		—		(155)		(272)		—
Credit contracts		30		3		—		(2)		—		—		—		31		—		—
Other contracts		(13)		(48)		—		45		—		—		—		(16)		49		—
Total derivative liabilities, net(a)		(428)		482		—		(327)		(81)		5		—		(349)		(197)		—
Fortitude Re funds withheld payable		5,922		(7,851)		—		(576)		—		—		—		(2,505)		8,107		—
Total	$	15,176	$	(11,424)	$	—	$	(182)	$	(81)	$	5	$	—	$	3,494	$	12,212	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	14	$	(40)	$	(125)	$	—	$	(86)	$	(62)	$	1,806	$	—	$	225
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		12		9		35		452		(211)		—		2,646		—		(106)
RMBS		11,694		435		17		(977)		8		(79)		—		11,098		—		934
CMBS		922		20		(39)		245		56		(179)		—		1,025		—		(45)
CDO/ABS		9,814		37		(11)		(358)		902		(1,197)		—		9,187		—		425
Total bonds available for sale		26,889		518		(65)		(1,179)		1,423		(1,755)		(62)		25,769		—		1,433
Other bond securities:
RMBS		139		6		—		(38)		—		—		—		107		(86)		—
CMBS		47		(2)		—		(15)		6		—		—		36		2		—
CDO/ABS		2,512		74		—		(401)		—		—		—		2,185		235		—
Total other bond securities		2,698		78		—		(454)		6		—		—		2,328		151		—
Equity securities		51		11		1		(124)		77		(11)		—		5		3		—
Other invested assets		1,827		417		(10)		(328)		—		—		—		1,906		386		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,024	$	(74)	$	(2,084)	$	1,506	$	(1,766)	$	(62)	$	30,122	$	540	$	1,433
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(923)	$	—	$	398	$	—	$	—	$	—	$	9,273	$	1,914	$	—
Derivative liabilities, net:
Interest rate contracts		—		(4)		—		3		—		—		—		(1)		4		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		2		—		(204)		—		46		—		(307)		(58)		—
Credit contracts		42		7		—		(8)		—		—		—		41		2		—
Other contracts		(8)		(50)		—		47		—		—		—		(11)		50		—
Total derivative liabilities, net(a)		(119)		(45)		—		(161)		—		46		—		(279)		(2)		—
Fortitude Re funds withheld payable		6,042		(117)		—		(492)		—		—		—		5,433		1,917		—
Total	$	15,721	$	(1,085)	$	—	$	(255)	$	—	$	46	$	—	$	14,427	$	3,829	$	—

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

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and nine-month periods ended September 30, 2022 and 2021 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales,  Issuances and  Settlements, Net(a)
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	5	$	—	$	(34)	$	(29)
Corporate debt		31		(49)		(82)		(100)
RMBS		56		—		(355)		(299)
CMBS		27		—		(60)		(33)
CDO/ABS		581		(22)		(36)		523
Total bonds available for sale		700		(71)		(568)		61
Other bond securities:
Corporate debt		2		—		64		66
RMBS		31		—		(5)		26
CDO/ABS		65		(123)		(100)		(158)
Total other bond securities		98		(123)		(41)		(66)
Equity securities		8		—		—		8
Other invested assets		53		—		(98)		(45)
Other assets		—		—		—		—
Total	$	859	$	(194)	$	(707)	$	(42)
Liabilities:
Policyholder contract deposits	$	—	$	294	$	33	$	327
Derivative liabilities, net		(243)		3		50		(190)
Fortitude Re funds withheld payable		—		—		(110)		(110)
Total	$	(243)	$	297	$	(27)	$	27
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	40	$	(16)	$	(31)	$	(7)
Non-U.S. governments		—		—		—		—
Corporate debt		23		(61)		(135)		(173)
RMBS		704		(164)		(626)		(86)
CMBS		7		(3)		(17)		(13)
CDO/ABS		849		—		(669)		180
Total bonds available for sale		1,623		(244)		(1,478)		(99)
Other bond securities:
RMBS		—		(2)		(6)		(8)
CMBS		—		(9)		—		(9)
CDO/ABS		—		—		(134)		(134)
Total other bond securities		—		(11)		(140)		(151)
Equity securities		—		—		(1)		(1)
Other invested assets		32		—		(383)		(351)
Other assets		—		—		1		1
Total	$	1,655	$	(255)	$	(2,001)	$	(601)
Liabilities:
Policyholder contract deposits	$	—	$	214	$	65	$	279
Derivative liabilities, net		(75)		2		40		(33)
Fortitude Re funds withheld payable		—		—		(93)		(93)
Total	$	(75)	$	216	$	12	$	153

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(64)	$	(36)	$	(94)
Corporate debt		54		(49)		(142)		(137)
RMBS		341		—		(1,514)		(1,173)
CMBS		173		—		(89)		84
CDO/ABS		2,712		(22)		(516)		2,174
Total bonds available for sale		3,286		(135)		(2,298)		853
Other bond securities:
Corporate debt		26		—		164		190
RMBS		62		—		(22)		40
CDO/ABS		681		(123)		(364)		194
Total other bond securities		769		(123)		(222)		424
Equity securities		13		—		1		14
Other invested assets		570		—		(653)		(83)
Other assets		—		—		(7)		(7)
Total	$	4,638	$	(258)	$	(3,179)	$	1,201
Liabilities:
Policyholder contract deposits	$	—	$	761	$	(40)	$	721
Derivative liabilities, net		(492)		6		159		(327)
Fortitude Re funds withheld payable		—		—		(576)		(576)
Total	$	(492)	$	767	$	(457)	$	(182)
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	51	$	(59)	$	(117)	$	(125)
Non-U.S. governments		1		—		—		1
Corporate Debt		976		(94)		(847)		35
RMBS		1,186		(279)		(1,884)		(977)
CMBS		297		(3)		(49)		245
CDO/ABS		2,005		70		(2,433)		(358)
Total bonds available for sale		4,516		(365)		(5,330)		(1,179)
Other bond securities:
RMBS		1		(11)		(28)		(38)
CMBS		—		(15)		—		(15)
CDO/ABS		—		(39)		(362)		(401)
Total other bond securities		1		(65)		(390)		(454)
Equity securities		—		(3)		(121)		(124)
Other invested assets		424		—		(752)		(328)
Other assets		—		—		1		1
Total	$	4,941	$	(433)	$	(6,592)	$	(2,084)
Liabilities:
Policyholder contract deposits	$	—	$	607	$	(209)	$	398
Derivative liabilities, net		(198)		4		33		(161)
Fortitude Re funds withheld payable		—		—		(492)		(492)
Total	$	(198)	$	611	$	(668)	$	(255)

(a)There were no issuances during the three- and nine-month periods ended September 30, 2022 and 2021.

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)		Net Investment Income		Net Realized Gains (Losses)		Other Income		Total
Three Months Ended September 30, 2022
Assets:
Bonds available for sale	$	106	$	(63)	$	—	$	43
Other bond securities		(40)		—		—		(40)
Equity securities		(1)		—		—		(1)
Other invested assets		62		—		—		62
Three Months Ended September 30, 2021
Assets:
Bonds available for sale	$	155	$	(6)	$	—	$	149
Other bond securities		41		—		—		41
Other invested assets		165		(4)		—		161
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale	$	412	$	(139)	$	—	$	273
Other bond securities		(314)		—		—		(314)
Equity securities		(1)		—		—		(1)
Other invested assets		307		—		—		307
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale	$	503	$	15	$	—	$	518
Other bond securities		78		—		—		78
Equity securities		11		—		—		11
Other invested assets		406		11		—		417
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Other Income		Total
Three Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(936)	$	—	$	(936)
Derivative liabilities, net		—		127		(17)		110
Fortitude Re funds withheld payable		—		(1,757)		—		(1,757)
Three Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(26)	$	—	$	(26)
Derivative liabilities, net		—		93		(14)		79
Fortitude Re funds withheld payable		—		209		—		209
Nine Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(4,055)	$	—	$	(4,055)
Derivative liabilities, net		—		527		(45)		482
Fortitude Re funds withheld payable		—		(7,851)		—		(7,851)
Nine Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(923)	$	—	$	(923)
Derivative liabilities, net		—		(2)		(43)		(45)
Fortitude Re funds withheld payable		—		(117)		—		(117)

*Primarily embedded derivatives.

Fair Value, Liabilities Measured on Recurring Basis, Liabilities

The following tables present changes during the three- and nine-month periods ended September 30, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2022 and 2021:

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	957	$	(1)	$	(106)	$	(29)	$	—	$	(7)	$	—	$	814	$	—	$	(167)
Non-U.S. governments		9		—		—		(1)		1		—		—		9		—		—
Corporate debt		2,483		(31)		(53)		(100)		1,781		(163)		—		3,917		—		(55)
RMBS		8,352		101		(267)		(299)		2		(8)		—		7,881		—		(39)
CMBS		871		(1)		(31)		(33)		12		(12)		—		806		—		(50)
CDO/ABS		11,696		(25)		(454)		523		366		(323)		—		11,783		—		(557)
Total bonds available for sale		24,368		43		(911)		61		2,162		(513)		—		25,210		—		(868)
Other bond securities:
Corporate Debt		461		(5)		—		66		28		(1)		—		549		(7)		—
RMBS		192		(7)		—		26		—		—		—		211		(8)		—
CMBS		32		(3)		—		—		—		—		—		29		(3)		—
CDO/ABS		2,442		(25)		—		(158)		12		(15)		—		2,256		(92)		—
Total other bond securities		3,127		(40)		—		(66)		40		(16)		—		3,045		(110)		—
Equity securities		12		(1)		—		8		15		—		—		34		—		—
Other invested assets		2,008		62		(25)		(45)		—		(42)		—		1,958		20		—
Other assets		107		—		—		—		—		—		—		107		—		—
Total	$	29,622	$	64	$	(936)	$	(42)	$	2,217	$	(571)	$	—	$	30,354	$	(90)	$	(868)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	6,957	$	(936)	$	—	$	327	$	—	$	—	$	—	$	6,348	$	949	$	—
Derivative liabilities, net:
Interest rate contracts		(143)		37		—		(110)		—		6		—		(210)		30		—
Foreign exchange contracts		1		—		—		—		—		—		—		1		—		—
Equity contracts		(149)		88		—		(94)		—		—		—		(155)		(89)		—
Credit contracts		32		1		—		(2)		—		—		—		31		—		—
Other contracts		(16)		(16)		—		16		—		—		—		(16)		17		—
Total derivative liabilities, net(a)		(275)		110		—		(190)		—		6		—		(349)		(42)		—
Fortitude Re funds withheld payable		(638)		(1,757)		—		(110)		—		—		—		(2,505)		1,791		—
Total	$	6,044	$	(2,583)	$	—	$	27	$	—	$	6	$	—	$	3,494	$	2,698	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,939	$	6	$	(9)	$	(7)	$	—	$	(61)	$	(62)	$	1,806	$	—	$	—
Non-U.S. governments		10		—		—		—		—		(3)		—		7		—		—
Corporate debt		2,773		(1)		2		(173)		57		(12)		—		2,646		—		—
RMBS		11,085		118		(8)		(86)		8		(19)		—		11,098		—		—
CMBS		1,082		4		(6)		(13)		—		(42)		—		1,025		—		—
CDO/ABS		9,318		22		(41)		180		64		(356)		—		9,187		—		—
Total bonds available for sale		26,207		149		(62)		(99)		129		(493)		(62)		25,769		—		—
Other bond securities:
RMBS		113		2		—		(8)		—		—		—		107		—		—
CMBS		46		(1)		—		(9)		—		—		—		36		—		—
CDO/ABS		2,279		40		—		(134)		—		—		—		2,185		—		—
Total other bond securities		2,438		41		—		(151)		—		—		—		2,328		—		—
Equity securities		4		—		1		(1)		1		—		—		5		—		—
Other invested assets		2,099		161		(3)		(351)		—		—		—		1,906		141		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	30,861	$	351	$	(64)	$	(601)	$	130	$	(493)	$	(62)	$	30,122	$	141	$	—
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,020	$	(26)	$	—	$	279	$	—	$	—	$	—	$	9,273	$	362	$	—
Derivative liabilities, net:
Interest rate contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Foreign exchange contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Equity contracts		(357)		99		—		(50)		—		1		—		(307)		(90)		—
Credit contracts		43		—		—		(2)		—		—		—		41		1		—
Other contracts		(10)		(17)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(a)		(326)		79		—		(33)		—		1		—		(279)		(70)		—
Fortitude Re funds withheld payable		5,317		209		—		(93)		—		—		—		5,433		414		—
Total	$	14,011	$	262	$	—	$	153	$	—	$	1	$	—	$	14,427	$	706	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(534)	$	(94)	$	17	$	(7)	$	—	$	814	$	—	$	(319)
Non-U.S. governments		7		—		—		(1)		3		—		—		9		—		—
Corporate debt		2,641		(57)		(204)		(137)		2,163		(489)		—		3,917		—		(183)
RMBS		10,378		323		(1,210)		(1,173)		2		(439)		—		7,881		—		(704)
CMBS		1,190		12		(144)		84		12		(348)		—		806		—		(143)
CDO/ABS		11,215		(6)		(1,457)		2,174		1,830		(1,973)		—		11,783		—		(1,486)
Total bonds available for sale		26,862		273		(3,549)		853		4,027		(3,256)		—		25,210		—		(2,835)
Other bond securities:
Corporate Debt		134		(9)		—		190		250		(16)		—		549		(8)		—
RMBS		196		(25)		—		40		—		—		—		211		(28)		—
CMBS		35		(6)		—		—		—		—		—		29		(6)		—
CDO/ABS		2,332		(274)		—		194		75		(71)		—		2,256		(414)		—
Total other bond securities		2,697		(314)		—		424		325		(87)		—		3,045		(456)		—
Equity securities		6		(1)		—		14		15		—		—		34		—		—
Other invested assets		1,948		307		(52)		(83)		47		(209)		—		1,958		316		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	265	$	(3,601)	$	1,201	$	4,414	$	(3,552)	$	—	$	30,354	$	(140)	$	(2,835)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(4,055)	$	—	$	721	$	—	$	—	$	—	$	6,348	$	4,302	$	—
Derivative liabilities, net:
Interest rate contracts		—		48		—		(183)		(81)		6		—		(210)		27		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		478		—		(188)		—		(1)		—		(155)		(272)		—
Credit contracts		30		3		—		(2)		—		—		—		31		—		—
Other contracts		(13)		(48)		—		45		—		—		—		(16)		49		—
Total derivative liabilities, net(a)		(428)		482		—		(327)		(81)		5		—		(349)		(197)		—
Fortitude Re funds withheld payable		5,922		(7,851)		—		(576)		—		—		—		(2,505)		8,107		—
Total	$	15,176	$	(11,424)	$	—	$	(182)	$	(81)	$	5	$	—	$	3,494	$	12,212	$	—

(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	14	$	(40)	$	(125)	$	—	$	(86)	$	(62)	$	1,806	$	—	$	225
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		12		9		35		452		(211)		—		2,646		—		(106)
RMBS		11,694		435		17		(977)		8		(79)		—		11,098		—		934
CMBS		922		20		(39)		245		56		(179)		—		1,025		—		(45)
CDO/ABS		9,814		37		(11)		(358)		902		(1,197)		—		9,187		—		425
Total bonds available for sale		26,889		518		(65)		(1,179)		1,423		(1,755)		(62)		25,769		—		1,433
Other bond securities:
RMBS		139		6		—		(38)		—		—		—		107		(86)		—
CMBS		47		(2)		—		(15)		6		—		—		36		2		—
CDO/ABS		2,512		74		—		(401)		—		—		—		2,185		235		—
Total other bond securities		2,698		78		—		(454)		6		—		—		2,328		151		—
Equity securities		51		11		1		(124)		77		(11)		—		5		3		—
Other invested assets		1,827		417		(10)		(328)		—		—		—		1,906		386		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,024	$	(74)	$	(2,084)	$	1,506	$	(1,766)	$	(62)	$	30,122	$	540	$	1,433
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(923)	$	—	$	398	$	—	$	—	$	—	$	9,273	$	1,914	$	—
Derivative liabilities, net:
Interest rate contracts		—		(4)		—		3		—		—		—		(1)		4		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		2		—		(204)		—		46		—		(307)		(58)		—
Credit contracts		42		7		—		(8)		—		—		—		41		2		—
Other contracts		(8)		(50)		—		47		—		—		—		(11)		50		—
Total derivative liabilities, net(a)		(119)		(45)		—		(161)		—		46		—		(279)		(2)		—
Fortitude Re funds withheld payable		6,042		(117)		—		(492)		—		—		—		5,433		1,917		—
Total	$	15,721	$	(1,085)	$	—	$	(255)	$	—	$	46	$	—	$	14,427	$	3,829	$	—

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

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and nine-month periods ended September 30, 2022 and 2021 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales,  Issuances and  Settlements, Net(a)
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	5	$	—	$	(34)	$	(29)
Corporate debt		31		(49)		(82)		(100)
RMBS		56		—		(355)		(299)
CMBS		27		—		(60)		(33)
CDO/ABS		581		(22)		(36)		523
Total bonds available for sale		700		(71)		(568)		61
Other bond securities:
Corporate debt		2		—		64		66
RMBS		31		—		(5)		26
CDO/ABS		65		(123)		(100)		(158)
Total other bond securities		98		(123)		(41)		(66)
Equity securities		8		—		—		8
Other invested assets		53		—		(98)		(45)
Other assets		—		—		—		—
Total	$	859	$	(194)	$	(707)	$	(42)
Liabilities:
Policyholder contract deposits	$	—	$	294	$	33	$	327
Derivative liabilities, net		(243)		3		50		(190)
Fortitude Re funds withheld payable		—		—		(110)		(110)
Total	$	(243)	$	297	$	(27)	$	27
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	40	$	(16)	$	(31)	$	(7)
Non-U.S. governments		—		—		—		—
Corporate debt		23		(61)		(135)		(173)
RMBS		704		(164)		(626)		(86)
CMBS		7		(3)		(17)		(13)
CDO/ABS		849		—		(669)		180
Total bonds available for sale		1,623		(244)		(1,478)		(99)
Other bond securities:
RMBS		—		(2)		(6)		(8)
CMBS		—		(9)		—		(9)
CDO/ABS		—		—		(134)		(134)
Total other bond securities		—		(11)		(140)		(151)
Equity securities		—		—		(1)		(1)
Other invested assets		32		—		(383)		(351)
Other assets		—		—		1		1
Total	$	1,655	$	(255)	$	(2,001)	$	(601)
Liabilities:
Policyholder contract deposits	$	—	$	214	$	65	$	279
Derivative liabilities, net		(75)		2		40		(33)
Fortitude Re funds withheld payable		—		—		(93)		(93)
Total	$	(75)	$	216	$	12	$	153

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(64)	$	(36)	$	(94)
Corporate debt		54		(49)		(142)		(137)
RMBS		341		—		(1,514)		(1,173)
CMBS		173		—		(89)		84
CDO/ABS		2,712		(22)		(516)		2,174
Total bonds available for sale		3,286		(135)		(2,298)		853
Other bond securities:
Corporate debt		26		—		164		190
RMBS		62		—		(22)		40
CDO/ABS		681		(123)		(364)		194
Total other bond securities		769		(123)		(222)		424
Equity securities		13		—		1		14
Other invested assets		570		—		(653)		(83)
Other assets		—		—		(7)		(7)
Total	$	4,638	$	(258)	$	(3,179)	$	1,201
Liabilities:
Policyholder contract deposits	$	—	$	761	$	(40)	$	721
Derivative liabilities, net		(492)		6		159		(327)
Fortitude Re funds withheld payable		—		—		(576)		(576)
Total	$	(492)	$	767	$	(457)	$	(182)
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	51	$	(59)	$	(117)	$	(125)
Non-U.S. governments		1		—		—		1
Corporate Debt		976		(94)		(847)		35
RMBS		1,186		(279)		(1,884)		(977)
CMBS		297		(3)		(49)		245
CDO/ABS		2,005		70		(2,433)		(358)
Total bonds available for sale		4,516		(365)		(5,330)		(1,179)
Other bond securities:
RMBS		1		(11)		(28)		(38)
CMBS		—		(15)		—		(15)
CDO/ABS		—		(39)		(362)		(401)
Total other bond securities		1		(65)		(390)		(454)
Equity securities		—		(3)		(121)		(124)
Other invested assets		424		—		(752)		(328)
Other assets		—		—		1		1
Total	$	4,941	$	(433)	$	(6,592)	$	(2,084)
Liabilities:
Policyholder contract deposits	$	—	$	607	$	(209)	$	398
Derivative liabilities, net		(198)		4		33		(161)
Fortitude Re funds withheld payable		—		—		(492)		(492)
Total	$	(198)	$	611	$	(668)	$	(255)

(a)There were no issuances during the three- and nine-month periods ended September 30, 2022 and 2021.

Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CDO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)	Fair Value at September 30, 2022		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	815	Discounted cash flow	Yield	5.08% - 6.07% (5.57%)
Corporate debt		2,059	Discounted cash flow	Yield	3.42% - 14.51% (7.92%)
RMBS(a)		5,530	Discounted cash flow	Constant prepayment rate	4.78% - 10.05% (7.42%)
				Loss severity	44.65% - 76.04% (60.35%)
				Constant default rate	0.87% - 2.79% (1.83%)
				Yield	5.58% - 7.22% (6.40%)
CDO/ABS(a)		8,802	Discounted cash flow	Yield	5.72% - 7.99% (6.85%)
CMBS		553	Discounted cash flow	Yield	5.16% - 9.47% (7.31%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)		698	Discounted cash flow	Equity volatility	6.05% - 48.05%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	10.00% - 30.00%
				NPA(f)	0.13% - 2.29%
Fixed Index annuities including certain GMWB		5,095	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 5.00%
				Equity volatility	6.05% - 48.05%
				NPA(f)	0.13% - 2.29%
Indexed life		555	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	6.20% - 26.11%
				NPA(f)	0.13% - 2.29%

(in millions)	Fair Value at December 31, 2021		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	1,400	Discounted cash flow	Yield	2.74% - 3.33% (3.06%)
Corporate debt		1,561	Discounted cash flow	Yield	2.23% - 7.69% (4.96%)
RMBS(a)		9,916	Discounted cash flow	Constant prepayment rate	5.25% - 17.70% (11.47%)
				Loss severity	26.13% - 71.93% (49.03%)
				Constant default rate	1.15% - 5.85% (3.50%)
				Yield	1.69% - 3.97% (2.83%)
CDO/ABS(a)		8,229	Discounted cash flow	Yield	1.84% - 4.77% (3.31%)
CMBS		580	Discounted cash flow	Yield	1.50% - 5.01% (3.25%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
GMWB		2,472	Discounted cash flow	Equity volatility	5.95% - 46.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA(f)	0.01% - 1.40%
Fixed Index annuities including certain GMWB		6,445	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 4.00%
				Equity volatility	5.95% - 46.65%
				NPA(f)	0.01% - 1.40%
Indexed life		765	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	7.65% - 20.70%
				NPA(f)	0.01% - 1.40%

(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)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within Policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet.

(e)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(f)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivative. The total embedded derivative liability at September 30, 2022 and December 31, 2021 was approximately $920 million and $1.2 billion, respectively. The remaining guaranteed minimum riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

			September 30, 2022				December 31, 2021
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt 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	$	3,114	$	2,534	$	2,768	$	1,798
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,870		778		904		487
Venture capital	Early-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 company		265		189		252		201
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		774		63		914		82
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		577		230		534		354
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,626		384		1,216		408
Total private equity funds			8,226		4,178		6,588		3,330
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		282		—		466		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		383		—		432		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		443		—		516		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		417		5		416		—
Total hedge funds			1,525		5		1,830		—
Total		$	9,751	$	4,183	$	8,418	$	3,330

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Assets:
Other bond securities(a)	$	(241)	$	35	$	(915)	$	32
Alternative investments(b)		(57)		403		174		1,248
Liabilities:
Long-term debt(c)		69		6		240		39
Total gain (loss)	$	(229)	$	444	$	(501)	$	1,319

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

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

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

The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:

		September 30, 2022						December 31, 2021
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	1,613	$	1,451	$	162	$	1,871	$	1,405	$	466

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

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:

	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		Level 1		Level 2		Level 3		Total		2022		2021		2022		2021
September 30, 2022
Other investments	$	—	$	—	$	17	$	17	$	11	$	—	$	11	$	6
Other assets		—		—		—		—		—		13		—		13
Total	$	—	$	—	$	17	$	17	$	11	$	13	$	11	$	19
December 31, 2021
Other investments	$	—	$	—	$	104	$	104
Total	$	—	$	—	$	104	$	104

Fair Value, by Balance Sheet Grouping

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2022
Assets:
Mortgage and other loans receivable	$	—	$	56	$	44,341	$	44,397	$	47,954
Other invested assets		—		869		6		875		871
Short-term investments		—		9,319		—		9,319		9,319
Cash		2,294		—		—		2,294		2,294
Other assets		57		12		—		69		69
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		132		138,398		138,530		138,255
Fortitude Re funds withheld payable		—		—		32,929		32,929		32,929
Other liabilities		—		207		—		207		207
Short-term and long-term debt		—		19,054		273		19,327		22,895
Debt of consolidated investment entities		—		3,039		2,713		5,752		5,924
Separate account liabilities - investment contracts		—		77,070		—		77,070		77,070
December 31, 2021
Assets:
Mortgage and other loans receivable	$	—	$	82	$	47,947	$	48,029	$	46,033
Other invested assets		—		871		6		877		878
Short-term investments		—		8,931		—		8,931		8,931
Cash		2,198		—		—		2,198		2,198
Other assets		21		11		—		32		32
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		169		142,974		143,143		133,043
Fortitude Re funds withheld payable		—		—		34,849		34,849		34,849
Other liabilities		—		3,704		—		3,704		3,704
Short-term and long-term debt		—		24,758		336		25,094		21,870
Debt of consolidated investment entities		—		3,077		3,313		6,390		6,422
Separate account liabilities - investment contracts		—		104,126		—		104,126		104,126