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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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:


December 31, 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	$	25	$	6,594	$	—	$	—	$	—	$	6,619
Obligations of states, municipalities and political subdivisions		—		11,275		824		—		—		12,099
Non-U.S. governments		158		13,326		1		—		—		13,485
Corporate debt		—		134,992		2,847		—		—		137,839
RMBS		—		11,264		7,553		—		—		18,817
CMBS		—		13,267		926		—		—		14,193
CLO/ABS		—		10,356		12,748		—		—		23,104
Total bonds available for sale		183		201,074		24,899		—		—		226,156
Other bond securities:
U.S. government and government sponsored entities		—		—		—		—		—		—
Obligations of states, municipalities and political subdivisions		—		111		—		—		—		111
Non-U.S. governments		—		66		—		—		—		66
Corporate debt		—		1,976		416		—		—		2,392
RMBS		—		113		173		—		—		286
CMBS		—		303		28		—		—		331
CLO/ABS		—		389		910		—		—		1,299
Total other bond securities		—		2,958		1,527		—		—		4,485
Equity securities		518		18		39		—		—		575
Other invested assets(b)		—		145		2,075		—		—		2,220
Derivative assets(c):
Interest rate contracts		1		3,410		311		—		—		3,722
Foreign exchange contracts		—		1,844		—		—		—		1,844
Equity contracts		11		132		285		—		—		428
Commodity contracts		—		9		—		—		—		9
Credit contracts		—		—		32		—		—		32
Other contracts		—		—		14		—		—		14
Counterparty netting and cash collateral		—		—		—		(3,895)		(1,640)		(5,535)
Total derivative assets		12		5,395		642		(3,895)		(1,640)		514
Short-term investments		2,821		2,887		—		—		—		5,708
Other assets(c)		—		—		107		—		—		107
Separate account assets		81,655		3,198		—		—		—		84,853
Total	$	85,189	$	215,675	$	29,289	$	(3,895)	$	(1,640)	$	324,618
Liabilities:
Policyholder contract deposits	$	—	$	41	$	7,105	$	—	$	—	$	7,146
Derivative liabilities(c):
Interest rate contracts		—		4,838		—		—		—		4,838
Foreign exchange contracts		—		1,138		—		—		—		1,138
Equity contracts		2		10		14		—		—		26
Credit contracts		—		9		32		—		—		41

Counterparty netting and cash collateral		—		—		—		(3,895)		(1,917)		(5,812)
Total derivative liabilities		2		5,995		46		(3,895)		(1,917)		231
Fortitude Re funds withheld payable		—		—		(2,235)		—		—		(2,235)
Other liabilities		—		—		112		—		—		112
Long-term debt		—		56		—		—		—		56
Total	$	2	$	6,092	$	5,028	$	(3,895)	$	(1,917)	$	5,310


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
CLO/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
CLO/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 December 31, 2022 and 2021, respectively.

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


(in millions)		Fair Value Beginning of Year		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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(533)	$	(104)	$	40	$	(11)	$	—	$	824	$	—	$	(223)
Non-U.S. governments		7		1		3		(10)		3		(3)		—		1		—		(1)
Corporate debt		2,641		37		(238)		(87)		1,155		(661)		—		2,847		—		(217)
RMBS		10,378		452		(1,319)		(1,511)		8		(455)		—		7,553		—		(504)
CMBS		1,190		7		(162)		137		102		(348)		—		926		—		(133)
CLO/ABS		11,215		114		(1,658)		3,279		2,003		(2,205)		—		12,748		—		(1,605)
Total bonds available for sale		26,862		612		(3,907)		1,704		3,311		(3,683)		—		24,899		—		(2,683)
Other bond securities:
Corporate debt		134		(5)		—		158		334		(205)		—		416		(2)		—
RMBS		196		(39)		—		16		—		—		—		173		(38)		—
CMBS		35		(6)		—		(1)		—		—		—		28		(4)		—
CLO/ABS		2,332		(233)		—		(1,182)		77		(84)		—		910		(156)		—
Total other bond securities		2,697		(283)		—		(1,009)		411		(289)		—		1,527		(200)		—
Equity securities		6		(1)		—		27		16		(9)		—		39		(1)		—
Other invested assets		1,948		338		(22)		(26)		47		(210)		—		2,075		355		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	666	$	(3,929)	$	689	$	3,785	$	(4,191)	$	—	$	28,647	$	154	$	(2,683)
(in millions)		Fair Value Beginning of Year		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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	9,682	$	(3,602)	$	—	$	1,025	$	—	$	—	$	—	$	7,105	$	3,857	$	—
Derivative liabilities, net:
Interest rate contracts		—		9		—		(245)		(81)		6		—		(311)		71		—
Foreign exchange contracts		(1)		—		—		1		—		—		—		—		(1)		—
Equity contracts		(444)		487		—		(313)		—		(1)		—		(271)		(246)		—
Credit contracts		30		3		—		(1)		—		—		(32)		—		(31)		—
Other contracts		(13)		(65)		—		64		—		—		—		(14)		65		—
Total derivative liabilities, net(a)		(428)		434		—		(494)		(81)		5		(32)		(596)		(142)		—
Fortitude Re funds withheld payable		5,922		(7,481)		—		(676)		—		—		—		(2,235)		7,729		—
Other Liabilities		—		—		—		112		—		—		—		112		—		—
Total	$	15,176	$	(10,649)	$	—	$	(33)	$	(81)	$	5	$	(32)	$	4,386	$	11,444	$	—


(in millions)		Fair Value Beginning of Year		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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	15	$	(9)	$	(358)	$	—	$	(260)	$	(62)	$	1,431	$	—	$	254
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		(20)		(31)		188		524		(369)		—		2,641		—		(141)
RMBS		11,694		595		(127)		(1,163)		8		(629)		—		10,378		—		790
CMBS		922		25		(49)		414		57		(179)		—		1,190		—		(55)
CLO/ABS		9,814		38		(122)		1,588		1,138		(1,241)		—		11,215		—		315
Total bonds available for sale		26,889		653		(339)		670		1,732		(2,681)		(62)		26,862		—		1,163
Other bond securities:
Corporate debt		—		(1)		—		135		—		—		—		134		(1)		—
RMBS		139		3		—		54		—		—		—		196		(87)		—
CMBS		47		(3)		—		(15)		6		—		—		35		2		—
CLO/ABS		2,512		28		—		(208)		—		—		—		2,332		127		—
Total other bond securities		2,698		27		—		(34)		6		—		—		2,697		41		—
Equity securities		51		11		1		(123)		77		(11)		—		6		3		—
Other invested assets		1,827		641		(14)		(570)		64		—		—		1,948		617		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,332	$	(352)	$	(56)	$	1,879	$	(2,692)	$	(62)	$	31,627	$	661	$	1,163
(in millions)		Fair Value Beginning of Year		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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	9,798	$	(545)	$	—	$	484	$	—	$	(55)	$	—	$	9,682	$	1,860	$	—
Derivative liabilities, net:
Interest rate contracts		—		(1)		—		1		—		—		—		—		1		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		(75)		—		(271)		—		53		—		(444)		32		—
Credit contracts		42		9		—		(21)		—		—		—		30		1		—
Other contracts		(8)		(66)		—		61		—		—		—		(13)		66		—
Total derivative liabilities, net(a)		(119)		(133)		—		(229)		—		53		—		(428)		100		—
Fortitude Re funds withheld payable		6,042		603		—		(723)		—		—		—		5,922		2,094		—
Total	$	15,721	$	(75)	$	—	$	(468)	$	—	$	(2)	$	—	$	15,176	$	4,054	$	—

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

Schedule of Assets Measured on a Recurring Basis

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2022 and 2021 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(72)	$	(38)	$	(104)
Non-U.S. governments		—		—		(10)		(10)
Corporate debt		143		(79)		(151)		(87)
RMBS		391		(76)		(1,826)		(1,511)
CMBS		195		(17)		(41)		137
CLO/ABS		3,655		(25)		(351)		3,279
Total bonds available for sale		4,390		(269)		(2,417)		1,704
Other bond securities:
Corporate debt		26		—		132		158
RMBS		62		(5)		(41)		16
CMBS		—		(1)		—		(1)
CLO/ABS		750		(1,530)		(402)		(1,182)
Total other bond securities		838		(1,536)		(311)		(1,009)
Equity securities		27		(1)		1		27
Other invested assets		682		—		(708)		(26)
Other assets		—		—		(7)		(7)
Total	$	5,937	$	(1,806)	$	(3,442)	$	689
Liabilities:
Policyholder contract deposits	$	—	$	1,105	$	(80)	$	1,025
Derivative liabilities, net		(687)		12		181		(494)
Fortitude Re funds withheld payable		—		—		(676)		(676)
Other Liabilities		—		—		112		112
Total	$	(687)	$	1,117	$	(463)	$	(33)
December 31, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	55	$	(247)	$	(166)	$	(358)
Non-U.S. governments		1		—		—		1
Corporate Debt		973		(95)		(690)		188
RMBS		1,567		(280)		(2,450)		(1,163)
CMBS		510		(15)		(81)		414
CLO/ABS		4,409		70		(2,891)		1,588
Total bonds available for sale		7,515		(567)		(6,278)		670
Other bond securities:
Corporate debt		86		—		49		135
RMBS		54		(10)		10		54
CMBS		—		(15)		—		(15)
CLO/ABS		320		(39)		(489)		(208)
Total other bond securities		460		(64)		(430)		(34)
Equity securities		2		(3)		(122)		(123)
Other invested assets		578		—		(1,148)		(570)
Other assets		—		—		1		1
Total	$	8,555	$	(634)	$	(7,977)	$	(56)
Liabilities:
Policyholder contract deposits	$	—	$	818	$	(334)	$	484
Derivative liabilities, net		(281)		6		46		(229)
Fortitude Re funds withheld payable		—		—		(723)		(723)
Total	$	(281)	$	824	$	(1,011)	$	(468)

(a)There were no issuances during the years ended December 31, 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 Consolidated Statements of Income (Loss) as follows:


(in millions)		Net Investment Income		Net Realized Gains (Losses)		Other Income		Total












December 31, 2022
Assets:
Bonds available for sale	$	694	$	(82)	$	—	$	612
Other bond securities		(283)		—		—		(283)
Equity securities		(1)		—		—		(1)
Other invested assets		346		(8)		—		338
December 31, 2021
Assets:
Bonds available for sale	$	654	$	(1)	$	—	$	653
Other bond securities		27		—		—		27
Equity securities		11		—		—		11
Other invested assets		630		11		—		641
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Other Income		Total










December 31, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(3,602)	$	—	$	(3,602)
Derivative liabilities, net		—		495		(61)		434
Fortitude Re funds withheld payable		—		(7,481)		—		(7,481)
December 31, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(545)	$	—	$	(545)
Derivative liabilities, net		—		(74)		(59)		(133)
Fortitude Re funds withheld payable		—		603		—		603

*Primarily embedded derivatives.

Fair Value, Liabilities Measured on Recurring Basis, Liabilities

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 CLO/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 December 31, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	799	Discounted cash flow	Yield	5.28% - 5.94% (5.61%)
Corporate debt		2,527	Discounted cash flow	Yield	4.98% - 9.36% (7.17%)
RMBS(a)		5,235	Discounted cash flow	Constant prepayment rate	4.89% - 10.49% (7.69%)
				Loss severity	45.06% - 76.87% (60.97%)
				Constant default rate	0.82% - 2.72% (1.77%)
				Yield	5.98% - 7.75% (6.87%)
CLO/ABS(a)		7,503	Discounted cash flow	Yield	6.00% - 7.97% (6.99%)
CMBS		587	Discounted cash flow	Yield	4.06% - 13.14% (8.60%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)		677	Discounted cash flow	Equity volatility	6.45% - 50.75%
				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)	0.00% - 2.03%
Fixed Index annuities including certain GMWB		5,718	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	6.45% - 50.75%
				NPA(f)	0.00% - 2.03%
Indexed life		710	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	5.75% - 23.63%
				NPA(f)	0.00% - 2.03%


(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%)
CLO/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 CLO 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 December 31, 2022 and 2021 was approximately $1.0 billion 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.


			December 31, 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	$	3,146	$	2,448	$	2,768	$	1,798
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,851		840		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		272		183		252		201
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		732		60		914		82
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		598		142		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		1,829		391		1,216		408
Total private equity funds			8,428		4,064		6,588		3,330
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		92		—		466		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		696		—		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		414		—		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		192		—		416		—
Total hedge funds			1,394		—		1,830		—
Total		$	9,822	$	4,064	$	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:


Years Ended December 31,	Gain (Loss)
(in millions)			2022		2021		2020
Assets:
Other bond securities(a)		$	(822)	$	(12)	$	552
Alternative investments(b)			224		1,650		685
Liabilities:
Long-term debt(c)			225		66		(176)
Total gain (loss)		$	(373)	$	1,704	$	1,061

(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:


		December 31, 2022						December 31, 2021
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	56	$	45	$	11	$	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								December 31,
(in millions)		Level 1		Level 2		Level 3		Total			2022		2021		2020
December 31, 2022
Other investments	$	—	$	—	$	12	$	12		$	25	$	6	$	77
Other assets		—		—		—		—			1		67		14
Total	$	—	$	—	$	12	$	12		$	26	$	73	$	91
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
December 31, 2022
Assets:
Mortgage and other loans receivable	$	—	$	89	$	45,755	$	45,844	$	49,442
Other invested assets		—		848		6		854		854
Short-term investments		—		6,668		—		6,668		6,668
Cash		2,043		—		—		2,043		2,043
Other assets		24		9		—		33		33
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		119		131,844		131,963		138,243
Fortitude Re funds withheld payable		—		—		32,618		32,618		32,618
Other liabilities		—		3,101		—		3,101		3,101
Short-term and long-term debt		—		19,328		275		19,603		21,243
Debt of consolidated investment entities		—		3,055		2,478		5,533		5,880
Separate account liabilities - investment contracts		—		80,649		—		80,649		80,649
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