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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Summary of The Composition of Pool of Assets
The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance:
At December 31,20222021
(in millions)As
Reported		Net of
Reinsurance		As
Reported		Net of
Reinsurance
Liability for unpaid losses and loss adjustment expenses$(75,167)$(42,955)$(79,026)$(43,678)
Future policy benefits for life and accident and health insurance contracts(59,223)(33,666)(59,950)(33,964)
Policyholder contract deposits(158,891)(154,712)(156,686)(152,266)
Reserve for unearned premiums(18,338)(13,992)(19,313)(15,028)
Other policyholder funds(3,909)(3,344)(3,476)(2,885)
Reinsurance assets*
66,85970,630
*Reinsurance assets excludes (i) allowance for credit losses and disputes of $295 million and $333 million (of which $110 million and $135 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2022 and 2021, respectively, (ii) paid loss recoveries of $4,663 million and $3,645 million for the years ended December 31, 2022 and 2021, respectively, and (iii) policy and contract claims recoverable of $366 million and $342 million for the years ended December 31, 2022 and 2021, respectively.
Effects of Reinsurance
The following table presents short-duration insurance premiums written and earned:
Years Ended December 31,
(in millions)202220212020
Premiums written:
Direct$32,025 $30,910 $28,521 
Assumed7,385 7,209 5,947 
Ceded(12,650)(11,702)(11,012)
Net$26,760 $26,417 $23,456 
Premiums earned:
Direct$32,053 $30,279 $28,596 
Assumed7,137 6,640 5,984 
Ceded(12,425)(11,301)(10,435)
Net$26,765 $25,618 $24,145 
The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations:
Years Ended December 31,
(in millions)202220212020
Premiums
Direct$4,738 $4,596 $4,381 
Assumed1,318 2,265 1,058 
Ceded(964)(1,220)(1,061)
Net$5,092 $5,641 $4,378 
Policy Fees
Direct$3,048 $3,130 $2,957 
Assumed— — — 
Ceded(76)(79)(40)
Net$2,972 $3,051 $2,917 
Schedule of Life Insurance in Force Ceded to Other Insurance Companies
The following table presents long-duration insurance in-force ceded to other insurance companies:
At December 31,
(in millions)202220212020
Long-duration insurance in force ceded$346,879 $363,008 $349,453
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
December 31, 2022December 31, 2021
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$18,821 $18,821 $31,815 $31,815 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option4,182 4,182 1,983 1,983 Fair value through net investment income
Commercial mortgage loans4,107 3,837 3,637 3,859 Amortized cost
Real estate investments133 348 201 395 Amortized cost
Private equity funds / hedge funds1,893 1,893 1,606 1,606 Fair value through net investment income
Policy loans355 355 380 380 Amortized cost
Short-term investments75 75 50 50 Fair value through net investment income
Funds withheld investment assets29,566 29,511 39,672 40,088 
Derivative assets, net(b)
90 90 81 81 Fair value through net realized gains (losses)
Other(c)
782 782 602 602 Amortized cost
Total$30,438 $30,383 $40,355 $40,771 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(7.5) billion ($(5.9) billion after-tax) and $(2.2) billion ($(1.8) billion after-tax), respectively for 2022 and 2021.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $192 million and $28 million, respectively, as of December 31, 2022. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $389 million and $10 million, respectively, as of December 31, 2021. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
Summary of The Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Years Ended December 31,
(in millions)202220212020
Net underwriting income
$— $— $— 
Net investment income - Fortitude Re funds withheld assets943 1,971 1,053 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) - Fortitude Re funds withheld assets(486)1,003 463 
Net realized gains (losses) - Fortitude Re embedded derivative7,481 (603)(2,645)
Net realized gains (losses) on Fortitude Re funds withheld assets6,995 400 (2,182)
Income (loss) from continuing operations before income tax expense (benefit)7,938 2,371 (1,129)
Income tax expense (benefit)(a)
1,667 499 (237)
Net income (loss)
6,271 1,872 (892)
Change in unrealized appreciation (depreciation) of all other investments(a)
(5,900)(1,760)812 
Comprehensive income (loss)$371 $112 $(80)
(a)The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.
Reinsurance Recoverable, Allowance for Credit Loss The following table presents a rollforward of the reinsurance recoverable allowance:
Years Ended December 31,202220212020
(in millions)General InsuranceLife and RetirementTotalGeneral InsuranceLife and RetirementTotalGeneral InsuranceLife and RetirementTotal
Balance, beginning of year$281 $101 $382 $292 $83 $375 $111 $40 $151 
Initial allowance upon CECL adoption— — — — — — 202 22 224 
Addition to (release of) allowance for expected credit losses and disputes, net(22)(17)(39)6 18 24 (12)21 9 
Write-offs charged against the allowance for credit losses and disputes(5)— (5)(17)— (17)(9)— (9)
Recoveries of amounts previously written off2 — 2 — — — — — — 
Other changes4 — 4 — — — — — — 
Balance, end of year$260 $84 $344 $281 $101 $382 $292 $83 $375