Debt (Tables)

12 Months Ended

Dec. 31, 2022

The following table lists our total debt outstanding at December 31, 2022 and 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable-rates:


At December 31, 2022	Range of Interest Rate(s)	Maturity Date(s)	Balance at December 31, 2022		Balance at December 31, 2021
(in millions)
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	0% - 6.82%	2023 - 2055	$	10,242	$	19,633
Junior subordinated debt	4.88% - 8.18%	2037 - 2058		991		1,164
AIG Japan Holdings Kabushiki Kaisha	0.20% - 0.35%	2023 - 2025		273		333
Validus notes and bonds payable	8.88%	2040		269		293
Total AIG general borrowings				11,775		21,423
AIG borrowings supported by assets(a):
AIG notes and bonds payable	7.00% - 8.13%	2023 - 2026		81		—
Series AIGFP matched notes and bonds payable	4.74% - 4.77%	2046		18		18
GIAs, at fair value	4.88% - 5.04%	2035 - 2037		56		1,803
Notes and bonds payable, at fair value				—		68
Total AIG borrowings supported by assets				155		1,889
Total debt issued or guaranteed by AIG				11,930		23,312
Corebridge debt:
AIGLH notes and bonds payable(b)	6.63% - 7.50%	2025 - 2029		200		199
AIGLH junior subordinated debt(b)	7.57% - 8.50%	2030 - 2046		227		227
Corebridge senior unsecured notes - not guaranteed by AIG	3.50% - 4.40%	2025 - 2052		6,452		—
Corebridge junior subordinated debt - not guaranteed by AIG	6.88%	2052		989		—
DDTL facility - not guaranteed by AIG	3.00% - 5.50%	2023		1,500		—
Total Corebridge debt				9,368		426

Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG	2.76% - 4.50%	2023 - 2024		1		3
Total Short-term and long-term debt			$	21,299	$	23,741
Debt of consolidated investment entities - not guaranteed by AIG(c)	0% - 7.95%	2023 - 2051	$	5,880	$	6,422
Total debt			$	27,179	$	30,163

(a)AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable and AIG notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $63 million at December 31, 2022 and $1.4 billion at December 31, 2021. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.

(b)We have entered into a guarantee reimbursement agreement with Corebridge and AIG Life Holdings, Inc. (AIGLH) which provides that Corebridge and AIGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the AIGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and AIGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the AIGLH debt when due, Corebridge and AIGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the AIGLH debt.

(c)At December 31, 2022, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. At December 31, 2021, includes debt of consolidated investment entities related to real estate investments of $1.9 billion and other securitization vehicles of $4.5 billion.

Schedule of Maturities of Long-Term Debt

The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):


December 31, 2022				Year Ending
(in millions)		Total		2023		2024		2025		2026		2027		Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	$	10,242	$	401	$	459	$	997	$	783	$	1,067	$	6,535
Junior subordinated debt		991		—		—		—		—		—		991
AIG Japan Holdings Kabushiki Kaisha		273		179		—		94		—		—		—
Validus notes and bonds payable		269		—		—		—		—		—		269
Total AIG general borrowings		11,775		580		459		1,091		783		1,067		7,795
AIG borrowings supported by assets:
AIG notes and bonds payable		81		62		—		12		7		—		—
Series AIGFP matched notes and bonds payable		18		—		—		—		—		—		18
GIAs, at fair value		56		—		—		—		—		—		56

Total AIG borrowings supported by assets		155		62		—		12		7		—		74
Total debt issued or guaranteed by AIG		11,930		642		459		1,103		790		1,067		7,869
Corebridge debt:
AIGLH notes and bonds payable		200		—		—		101		—		—		99
AIGLH junior subordinated debt		227		—		—		—		—		—		227
Corebridge senior unsecured notes		6,452		—		—		994		—		1,240		4,218
Corebridge junior subordinated debt		989		—		—		—		—		—		989
DDTL facility(a)		1,500		1,500		—		—		—		—		—
Total Corebridge debt		9,368		1,500		—		1,095		—		1,240		5,533
Other subsidiaries notes, bonds, loans and mortgages payable		1		1		—		—		—		—		—
Total(b)	$	21,299	$	2,143	$	459	$	2,198	$	790	$	2,307	$	13,402

(a)Corebridge continued this borrowing through June 21, 2023. Corebridge has the ability to further continue this borrowing through February 25, 2025.

(b)Does not reflect $5.9 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.