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Investments (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2023
Bonds available for sale:
U.S. government and government sponsored entities$6,485 $— $17 $(333)$6,169 
Obligations of states, municipalities and political subdivisions11,982 — 107 (943)11,146 
Non-U.S. governments14,087 (11)97 (1,665)12,508 
Corporate debt153,633 (67)1,122 (21,385)133,303 
Mortgage-backed, asset-backed and collateralized:
RMBS19,353 (26)856 (1,289)18,894 
CMBS15,258 (19)13 (1,503)13,749 
CLO/ABS28,437 (2)99 (1,773)26,761 
Total mortgage-backed, asset-backed and collateralized63,048 (47)968 (4,565)59,404 
Total bonds available for sale(b)
$249,235 $(125)$2,311 $(28,891)$222,530 
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 OCI.
(b)At June 30, 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 $17.8 billion or 8 percent and $22.3 billion or 10 percent, respectively.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
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
June 30, 2023
Bonds available for sale:
U.S. government and government sponsored entities$5,299 $314 $213 $19 $5,512 $333 
Obligations of states, municipalities and political subdivisions7,172 861 769 82 7,941 943 
Non-U.S. governments10,200 1,647 438 18 10,638 1,665 
Corporate debt88,949 15,831 28,260 5,538 117,209 21,369 
RMBS8,305 687 3,775 560 12,080 1,247 
CMBS8,162 851 4,569 650 12,731 1,501 
CLO/ABS11,969 698 10,096 1,075 22,065 1,773 
Total bonds available for sale$140,056 $20,889 $48,120 $7,942 $188,176 $28,831 
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
June 30, 2023
Due in one year or less$9,123 $9,000 
Due after one year through five years45,775 43,487 
Due after five years through ten years41,559 37,535 
Due after ten years89,652 73,104 
Mortgage-backed, asset-backed and collateralized63,001 59,404 
Total$249,110 $222,530 
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 June 30,Six Months Ended June 30,
2023202220232022
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$83$424$186$790$229$1,022$283$1,026
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30,20232022
(in millions)Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets		TotalExcluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(287)$(54)$(341)$(482)$(122)$(604)
Change in allowance for credit losses on fixed maturity securities(56)(2)(58)(47)(1)(48)
Change in allowance for credit losses on loans(46)(5)(51)24 6 30 
Foreign exchange transactions211 11 222 (229)(15)(244)
Index-linked interest credited embedded derivatives, net of related hedges(141)— (141)(20)— (20)
All other derivatives and hedge accounting*26 (87)(61)682 48 730 
Sales of alternative investments and real estate investments4 (1)3 7 2 9 
Other(50)— (50)7 (4)3 
Net realized losses – excluding Fortitude Re funds withheld embedded derivative (339)(138)(477)(58)(86)(144)
Net realized gains on Fortitude Re funds withheld embedded derivative— 180 180 — 2,776 2,776 
Net realized gains (losses)$(339)$42 $(297)$(58)$2,690 $2,632 
Six Months Ended June 30,20232022
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Sales of fixed maturity securities$(674)$(119)$(793)$(589)$(154)$(743)
Change in allowance for credit losses on fixed maturity securities(72)(2)(74)(100)(41)(141)
Change in allowance for credit losses on loans(88)(26)(114)5 (2)3 
Foreign exchange transactions325 27 352 (242)(24)(266)
Index-linked interest credited embedded derivatives, net of related hedges(319)— (319)183 — 183 
All other derivatives and hedge accounting*(191)(49)(240)1,082 (8)1,074 
Sales of alternative investments and real estate investments8 — 8 23 3 26 
Other(41)— (41)(19)— (19)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (1,052)(169)(1,221)343 (226)117 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (985)(985)— 6,094 6,094 
Net realized gains (losses)$(1,052)$(1,154)$(2,206)$343 $5,868 $6,211 
*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 13.
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions)June 30, 2023December 31, 2022
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$— — %$— — %
Obligations of states, municipalities and political subdivisions111 2 111 2 
Non-U.S. governments46 1 66 1 
Corporate debt2,577 46 2,392 47 
Mortgage-backed, asset-backed and collateralized:
RMBS358 6 286 6 
CMBS309 6 331 7 
CLO/ABS and other collateralized1,540 27 1,299 26 
Total mortgage-backed, asset-backed and collateralized
2,207 39 1,916 39 
Total fixed maturity securities4,941 88 4,485 89 
Equity securities660 12 575 11 
Total$5,601 100 %$5,060 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)June 30, 2023December 31, 2022
Alternative investments(a)(b)
$11,792 $11,809 
Investment real estate(c)
2,218 2,153 
All other investments(d)
2,057 1,991 
Total$16,067 $15,953 
(a)At June 30, 2023, included hedge funds of $1.0 billion and private equity funds of $10.8 billion. At December 31, 2022, included hedge funds of $1.4 billion and private equity funds of $10.4 billion.
(b)At June 30, 2023, approximately 51 percent of our hedge fund portfolio is available for redemption in 2023. The remaining 49 percent will be available for redemption between 2024 and 2028.
(c)Represents values net of accumulated depreciation. At June 30, 2023 and December 31, 2022, the accumulated depreciation was $806 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 June 30, 2023 and December 31, 2022, respectively.
Investment Income
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended June 30,20232022
(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$2,629 $232 $2,861 $2,147 $267 $2,414 
Other fixed maturity securities(a)
8 (7)1 (175)(180)(355)
Equity securities43 — 43 (30)— (30)
Interest on mortgage and other loans625 58 683 460 51 511 
Alternative investments(b)
147 13 160 109 56 165 
Real estate17 — 17 32 — 32 
Other investments(c)
8 1 9 37 3 40 
Total investment income3,477 297 3,774 2,580 197 2,777 
Investment expenses197 6 203 164 9 173 
Net investment income$3,280 $291 $3,571 $2,416 $188 $2,604 
Six Months Ended June 30,20232022
(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$5,175 $475 $5,650 $4,188 $568 $4,756 
Other fixed maturity securities(a)
20 116 136 (376)(298)(674)
Equity securities94 — 94 (57)— (57)
Interest on mortgage and other loans1,192 117 1,309 913 97 1,010 
Alternative investments(b)
223 44 267 778 127 905 
Real estate20 — 20 32 — 32 
Other investments(c)
36 — 36 194 3 197 
Total investment income6,760 752 7,512 5,672 497 6,169 
Investment expenses393 15 408 310 18 328 
Net investment income$6,367 $737 $7,104 $5,362 $479 $5,841 
(a)Included in the three and six months ended June 30, 2022 were income (loss) of $(55) million and $(151) 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 six months ended June 30, 2023 were income (loss) of $(1) million and $(4) 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 six months ended June 30, 2022 were income (loss) of $41 million and $132 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2023202220232022
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(1,934)$(17,897)$3,071 $(38,057)
Other investments— (7)— (14)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$(1,934)$(17,904)$3,071 $(38,071)
*Excludes net unrealized gains and losses attributable to businesses held for sale at June 30, 2023.
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 June 30,20232022
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$43 $187 $230 $(30)$(71)$(101)
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period(13)17 4 (1)(33)(34)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$56 $170 $226 $(29)$(38)$(67)
Six Months Ended June 30,20232022
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$94 $297 $391 $(57)$404 $347 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period140 18 158 93 (36)57 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(46)$279 $233 $(150)$440 $290 
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 June 30,20232022
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$45 $91 $136 $15 $176 $191
Additions:
Securities for which allowance for credit losses were not previously recorded16 40 56 2 28 30 
Reductions:
Securities sold during the period(2)(16)(18)(1)(40)(41)
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— 2 2 10 8 18 
Write-offs charged against the allowance(10)(37)(47)—(22)(22)
Other(2)(2)(4)—(1)(1)
Balance, end of period$47 $78 $125 $26 $149 $175 
Six Months Ended June 30,20232022
(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 recorded18 62 80 51 156 207 
Reductions:
Securities sold during the period(3)(26)(29)(1)(41)(42)
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)(2)(6)(32)(34)(66)
Write-offs charged against the allowance(10)(87)(97)— (22)(22)
Other— (9)(9)— — — 
Balance, end of period$47 $78 $125 $26 $149 $175 
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)June 30, 2023December 31, 2022
Fixed maturity securities available for sale$542$2,968
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
June 30, 2023
Bonds available for sale:
Non-U.S. governments$— $— $— $— $— $— 
Corporate debt27 515 — — — 542 
Total$27 $515 $— $— $— $542 
December 31, 2022
Bonds available for sale:
Non-U.S. governments$— $20 $— $— $— $20 
Corporate debt— 2,371 577 — — 2,948 
Total$— $2,391 $577 $— $— $2,968 
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)June 30, 2023December 31, 2022
Securities collateral pledged to us$2,019 $—