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Investments (Tables)
 3 Months Ended
Mar. 31, 2023
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
March 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$5,995 $— $49 $(289)$5,755 
Obligations of states, municipalities and political subdivisions12,344 — 161 (857)11,648 
Non-U.S. governments14,928 (10)109 (1,595)13,432 
Corporate debt157,227 (81)1,542 (20,117)138,571 
Mortgage-backed, asset-backed and collateralized:
RMBS20,230 (37)778 (1,368)19,603 
CMBS16,278 (8)21 (1,417)14,874 
CLO/ABS27,177 — 66 (1,729)25,514 
Total mortgage-backed, asset-backed and collateralized63,685 (45)865 (4,514)59,991 
Total bonds available for sale(b)
$254,179 $(136)$2,726 $(27,372)$229,397 
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities$7,094 $— $21 $(496)$6,619 
Obligations of states, municipalities and political subdivisions13,195 — 99 (1,195)12,099 
Non-U.S. governments15,133 (6)91 (1,733)13,485 
Corporate debt160,242 (132)1,152 (23,423)137,839 
Mortgage-backed, asset-backed and collateralized:
RMBS19,584 (37)807 (1,537)18,817 
CMBS15,610 (11)14 (1,420)14,193 
CLO/ABS25,135 — 38 (2,069)23,104 
Total mortgage-backed, asset-backed and collateralized60,329 (48)859 (5,026)56,114 
Total bonds available for sale(b)
$255,993 $(186)$2,222 $(31,873)$226,156 
(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 March 31, 2023 and December 31, 2022, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $19.6 billion or 9 percent and $22.3 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
March 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$3,573 $275 $256 $14 $3,829 $289 
Obligations of states, municipalities and political subdivisions6,907 832 317 25 7,224 857 
Non-U.S. governments10,501 1,574 442 16 10,943 1,590 
Corporate debt92,595 15,340 25,579 4,739 118,174 20,079 
RMBS9,238 900 2,786 375 12,024 1,275 
CMBS10,228 912 3,333 494 13,561 1,406 
CLO/ABS13,672 816 8,344 913 22,016 1,729 
Total bonds available for sale$146,714 $20,649 $41,057 $6,576 $187,771 $27,225 
Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
December 31, 2022
Bonds available for sale:
U.S. government and government sponsored entities$3,493 $368 $1,816 $128 $5,309 $496 
Obligations of states, municipalities and political subdivisions8,697 1,180 73 15 8,770 1,195 
Non-U.S. governments10,702 1,526 779 191 11,481 1,717 
Corporate debt110,683 19,756 13,778 3,609 124,461 23,365 
RMBS10,953 1,293 1,005 182 11,958 1,475 
CMBS11,620 1,094 1,728 326 13,348 1,420 
CLO/ABS16,852 1,388 4,307 681 21,159 2,069 
Total bonds available for sale$173,000 $26,605 $23,486 $5,132 $196,486 $31,737 
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
March 31, 2023
Due in one year or less$9,146 $9,053 
Due after one year through five years47,843 45,864 
Due after five years through ten years43,027 39,247 
Due after ten years90,387 75,242 
Mortgage-backed, asset-backed and collateralized63,640 59,991 
Total$254,043 $229,397 
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 March 31,
20232022
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$146$598$97$236
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20232022
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Sales of fixed maturity securities$(387)$(65)$(452)$(107)$(32)$(139)
Change in allowance for credit losses on fixed maturity securities(16)— (16)(53)(40)(93)
Change in allowance for credit losses on loans(42)(21)(63)(19)(8)(27)
Foreign exchange transactions114 16 130 (13)(9)(22)
Index-linked interest credited embedded derivatives, net of related hedges(178)— (178)203 — 203 
All other derivatives and hedge accounting*(217)38 (179)400 (56)344 
Sales of alternative investments and real estate investments4 1 5 16 1 17 
Other9 — 9 (26)4 (22)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (713)(31)(744)401 (140)261 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (1,165)(1,165)— 3,318 3,318 
Net realized gains (losses)$(713)$(1,196)$(1,909)$401 $3,178 $3,579 
*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 12.
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)March 31, 2023December 31, 2022
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$1 — %$— — %
Obligations of states, municipalities and political subdivisions140 3 111 2 
Non-U.S. governments60 1 66 1 
Corporate debt2,546 48 2,392 47 
Mortgage-backed, asset-backed and collateralized:
RMBS273 5 286 6 
CMBS317 6 331 7 
CLO/ABS and other collateralized1,425 27 1,299 26 
Total mortgage-backed, asset-backed and collateralized
2,015 38 1,916 39 
Total fixed maturity securities4,762 90 4,485 89 
Equity securities591 10 575 11 
Total$5,353 100 %$5,060 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2023December 31, 2022
Alternative investments(a)(b)
$11,852 $11,809 
Investment real estate(c)
2,199 2,153 
All other investments(d)
2,053 1,991 
Total$16,104 $15,953 
(a)At March 31, 2023, included hedge funds of $1.3 billion and private equity funds of $10.5 billion. At December 31, 2022, included hedge funds of $1.4 billion and private equity funds of $10.4 billion.
(b)At March 31, 2023, approximately 65 percent of our hedge fund portfolio is available for redemption in 2023. The remaining 35 percent will be available for redemption between 2024 and 2028.
(c)Represents values net of accumulated depreciation. At March 31, 2023 and December 31, 2022, the accumulated depreciation was $802 million and $786 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 $156 million at March 31, 2023 and December 31, 2022, respectively.
Investment Income
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended March 31,20232022
(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$2,546 $243 $2,789 $2,041 $301 $2,342 
Other fixed maturity securities(a)
12 123 135 (201)(118)(319)
Equity securities51 — 51 (27)— (27)
Interest on mortgage and other loans567 59 626 453 46 499 
Alternative investments(b)
76 31 107 669 71 740 
Real estate3 — 3 — — — 
Other investments(c)
28 (1)27 157 — 157 
Total investment income3,283 455 3,738 3,092 300 3,392 
Investment expenses196 9 205 146 9 155 
Net investment income$3,087 $446 $3,533 $2,946 $291 $3,237 
(a)Included in the three-month period ended March 31, 2022 was income (loss) of $(95) million 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-month periods ended March 31, 2023 and 2022 were income (loss) of $(3) million and $91 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 March 31,
(in millions)20232022
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$5,005 $(20,160)
Other investments— (7)
Total increase (decrease) in unrealized appreciation (depreciation) of investments$5,005 $(20,167)
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 March 31,20232022
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$51 $110 $161 $(27)$475 $448 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period153 1 154 94 (3)91 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(102)$109 $7 $(121)$478 $357 
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 March 31,20232022
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$46 $140 $186 $8 $90 $98 
Additions:
Securities for which allowance for credit losses were not previously recorded2 22 24 49 128 177 
Reductions:
Securities sold during the period(1)(10)(11)— (1)(1)
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(4)(4)(8)(42)(42)(84)
Write-offs charged against the allowance— (50)(50)— — — 
Other2 (7)(5)— 1 1 
Balance, end of period$45 $91 $136 $15 $176 $191 
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)March 31, 2023December 31, 2022
Fixed maturity securities available for sale$2,679$2,968
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
March 31, 2023
Bonds available for sale:
Non-U.S. governments$— $74 $— $— $— $74 
Corporate debt28 2,084 493 — — 2,605 
Total$28 $2,158 $493 $— $— $2,679 
December 31, 2022
Bonds available for sale:
Non-U.S. governments$— $20 $— $— $— $20 
Corporate debt— 2,371 577 — — 2,948 
Total$— $2,391 $577 $— $— $2,968