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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
The following table presents the amortized cost and fair value of our available for sale securities:
(in millions)
Amortized
Cost
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities$8,609 $— $20 $(679)$7,950 
Obligations of states, municipalities and political subdivisions13,072 — 75 (1,256)11,891 
Non-U.S. governments14,866 (9)92 (1,942)13,007 
Corporate debt157,955 (75)1,024 (25,568)133,336 
Mortgage-backed, asset-backed and collateralized:
RMBS19,174 (30)908 (1,545)18,507 
CMBS15,272 — 12 (1,353)13,931 
CDO/ABS23,035 (1)57 (1,946)21,145 
Total mortgage-backed, asset-backed and collateralized57,481 (31)977 (4,844)53,583 
Total bonds available for sale(b)
$251,983 $(115)$2,188 $(34,289)$219,767 
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities$7,874 $— $347 $(27)$8,194 
Obligations of states, municipalities and political subdivisions12,760 — 1,782 (15)14,527 
Non-U.S. governments15,858 — 719 (247)16,330 
Corporate debt163,064 (89)13,892 (1,259)175,608 
Mortgage-backed, asset-backed and collateralized:
RMBS25,027 (9)2,422 (153)27,287 
CMBS15,333 — 555 (79)15,809 
CDO/ABS19,294 — 276 (123)19,447 
Total mortgage-backed, asset-backed and collateralized59,654 (9)3,253 (355)62,543 
Total bonds available for sale(b)
$259,210 $(98)$19,993 $(1,903)$277,202 
(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in Other comprehensive income (loss).
(b)At September 30, 2022 and December 31, 2021, bonds available for sale held by us that were below investment grade or not rated totaled $22.4 billion or 10 percent and $27.0 billion or 10 percent, respectively.
Schedule of Unrealized Loss on Investments
The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities$6,560 $588 $947 $91 $7,507 $679 
Obligations of states, municipalities and political subdivisions9,854 1,225 144 31 9,998 1,256 
Non-U.S. governments8,824 1,387 2,382 529 11,206 1,916 
Corporate debt110,817 22,151 11,263 3,345 122,080 25,496 
RMBS10,909 1,362 513 96 11,422 1,458 
CMBS13,068 1,312 335 41 13,403 1,353 
CDO/ABS19,110 1,788 1,030 158 20,140 1,946 
Total bonds available for sale$179,142 $29,813 $16,614 $4,291 $195,756 $34,104 
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities$3,696 $14 $447 $13 $4,143 $27 
Obligations of states, municipalities and political subdivisions714 11 57 4 771 15 
Non-U.S. governments4,644 115 1,324 132 5,968 247 
Corporate debt31,914 720 8,819 467 40,733 1,187 
RMBS5,362 102 1,154 46 6,516 148 
CMBS3,980 63 153 16 4,133 79 
CDO/ABS8,263 112 339 11 8,602 123 
Total bonds available for sale$58,573 $1,137 $12,293 $689 $70,866 $1,826 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
September 30, 2022
Due in one year or less$8,048 $7,972 
Due after one year through five years50,823 48,051 
Due after five years through ten years44,127 38,775 
Due after ten years91,420 71,386 
Mortgage-backed, asset-backed and collateralized57,450 53,583 
Total$251,868 $219,767 
Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)Gross Realized GainsGross Realized LossesGross Realized GainsGross Realized LossesGross Realized GainsGross Realized LossesGross Realized GainsGross Realized Losses
Fixed maturity securities$123$254$348$123$406$1,280$1,098$349 
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20222021
(in millions)Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(67)$(64)$(131)$66 $159 $225 
Change in allowance for credit losses on fixed maturity securities(1)7 6 3 1 4 
Change in allowance for credit losses on loans(26)(24)(50)22 3 25 
Foreign exchange transactions(244)(22)(266)(127)(9)(136)
Variable annuity embedded derivatives, net of related hedges441 — 441 (39)— (39)
All other derivatives and hedge accounting1,240 (13)1,227 317 (15)302 
Sales of alternative investments and real estate investments137 32 169 336 52 388 
Other24 (2)22 101 (1)100 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 1,504 (86)1,418 679 190 869 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 1,757 1,757 — (209)(209)
Net realized gains (losses)$1,504 $1,671 $3,175 $679 $(19)$660 
Nine Months Ended September 30,20222021
(in millions)
Excluding
Fortitude Re
Funds
Withheld Assets
Fortitude Re
Funds
Withheld
Assets
Total
Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(656)$(218)$(874)$200 $549 $749 
Change in allowance for credit losses on fixed maturity securities(101)(34)(135)64 7 71 
Change in allowance for credit losses on loans(21)(26)(47)130 6 136 
Foreign exchange transactions(489)(46)(535)(37)(6)(43)
Variable annuity embedded derivatives, net of related hedges1,401 — 1,401 (3)— (3)
All other derivatives and hedge accounting3,149 (21)3,128 332 (72)260 
Sales of alternative investments and real estate investments160 35 195 393 53 446 
Other4 (2)2 252 (1)251 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 3,447 (312)3,135 1,331 536 1,867 
Net realized gains on Fortitude Re funds withheld embedded derivative— 7,851 7,851 — 117 117 
Net realized gains$3,447 $7,539 $10,986 $1,331 $653 $1,984 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions)September 30, 2022December 31, 2021
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$1,565 20 %$1,750 25 %
Obligations of states, municipalities and political subdivisions111 1 97 1 
Non-U.S. governments64 1 76 1 
Corporate debt2,034 26 1,050 15 
Mortgage-backed, asset-backed and collateralized:
RMBS341 4 411 6 
CMBS391 5 315 4 
CDO/ABS and other collateralized2,625 34 2,579 37 
Total mortgage-backed, asset-backed and collateralized
3,357 43 3,305 47 
Total fixed maturity securities7,131 91 6,278 89 
Equity securities608 9 739 11 
Total$7,739 100 %$7,017 100 %
Schedule Of Other Invested Assets
The following table summarizes the carrying amount of other invested assets:
(in millions)September 30, 2022December 31, 2021
Alternative investments(a)(b)
$11,625 $10,951 
Investment real estate(c)
2,205 2,727 
All other investments(d)
1,964 1,990 
Total$15,794 $15,668 
(a)At September 30, 2022, included hedge funds of $1.5 billion and private equity funds of $10.1 billion. At December 31, 2021, included hedge funds of $2.0 billion, private equity funds of $8.9 billion.
(b)At September 30, 2022, approximately 56 percent of our hedge fund portfolio is available for redemption in 2022. The remaining 44 percent will be available for redemption between 2023 and 2028.
(c)Represents values net of accumulated depreciation. At September 30, 2022 and December 31, 2021, the accumulated depreciation was $774 million and $778 million, respectively.
(d)Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), which is recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $100 million at September 30, 2022 and December 31, 2021, respectively.
Investment Income
The following table presents the components of Net investment income:
Three Months Ended September 30,20222021
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$2,150 $256 $2,406 $2,173 $374 $2,547 
Other fixed maturity securities(a)
(73)(168)(241)32 3 35 
Equity securities16 — 16 (45)— (45)
Interest on mortgage and other loans515 53 568 435 50 485 
Alternative investments(b)
(49)11 (38)616 77 693 
Real estate14 — 14 99 — 99 
Other investments(c)
83 11 94 41 1 42 
Total investment income2,656 163 2,819 3,351 505 3,856 
Investment expenses143 8 151 131 10 141 
Net investment income$2,513 $155 $2,668 $3,220 $495 $3,715 
Nine Months Ended September 30,20222021
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$6,338 $824 $7,162 $6,481 $1,112 $7,593 
Other fixed maturity securities(a)
(449)(466)(915)23 9 32 
Equity securities(41)— (41)(36)— (36)
Interest on mortgage and other loans1,428 150 1,578 1,295 154 1,449 
Alternative investments(b)
729 138 867 1,767 238 2,005 
Real estate46 — 46 215 — 215 
Other investments(c)
277 14 291 162 3 165 
Total investment income8,328 660 8,988 9,907 1,516 11,423 
Investment expenses453 26 479 348 28 376 
Net investment income$7,875 $634 $8,509 $9,559 $1,488 $11,047 
(a)Included in the three- and nine-month periods ended September 30, 2022 were income (loss) of $(57) million and $(208) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and nine-month periods ended September 30, 2021 were income (loss) of $(3) million and $(49) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below.
(b)Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
(c)Included in the three- and nine-month periods ended September 30, 2022 were income (loss) of $62 million and $194 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Included in the three- and nine-month periods ended September 30, 2021 were income (loss) of $9 million and $52 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2022202120222021
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(12,134)$(2,065)$(50,191)$(7,863)
Other investments— — (14)(5)
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(12,134)$(2,065)$(50,205)$(7,868)
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended September 30,20222021
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$16 $(98)$(82)$(45)$471 $426 
Less: Net gains recognized during the period on equity securities and other investments sold during the period26 13 39 8 23 31 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(10)$(111)$(121)$(53)$448 $395 
Nine Months Ended September 30,20222021
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$(41)$306 $265 $(36)$1,484 $1,448 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period119 (23)96 (192)38 (154)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(160)$329 $169 $156 $1,446 $1,602 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended September 30,20222021
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$26 $149 $175 $10 $87 $97
Additions:
Securities for which allowance for credit losses were not previously recorded6 25 31 — 20 20 
Reductions:
Securities sold during the period(1)(45)(46)— (21)(21)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis— (37)(37)(3)(21)(24)
Write-offs charged against the allowance— (7)(7)—(6)(6)
Other(1)— (1)—— — 
Balance, end of period$30 $85 $115 $7 $59 $66 
Nine Months Ended September 30,20222021
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$8 $90 $98 $17 $169 $186 
Additions:
Securities for which allowance for credit losses were not previously recorded57 181 238 8 48 56 
Reductions:
Securities sold during the period(2)(86)(88)(3)(28)(31)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis(32)(71)(103)(15)(112)(127)
Write-offs charged against the allowance— (29)(29)— (18)(18)
Other(1)— (1)— — — 
Balance, end of period$30 $85 $115 $7 $59 $66 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)September 30, 2022December 31, 2021
Fixed maturity securities available for sale$321$3,583
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities$— $26 $50 $14 $— $90 
Non-U.S. governments28 — — 28 — 56 
Corporate debt175 — — — — 175 
Total$203 $26 $50 $42 $— $321 
December 31, 2021
Bonds available for sale:
Non-U.S. governments$48 $— $— $— $— $48 
Corporate debt128 61 22 — — 211 
Total$176 $61 $22 $— $— $259 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
September 30, 2022
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$— $— $— $— $— $— 
Non-U.S. governments— — — — — — 
Total$— $— $— $— $— $— 
December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$—$—$106$—$—$106
Non-U.S. governments——43——43
Corporate debt—534 2,641 ——3,175 
Total$—$534 $2,790 $—$—$3,324
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)September 30, 2022December 31, 2021
Securities collateral pledged to us$265 $1,839