We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:


(in millions)	Real Estate and Investment Entities(d)			Securitization Vehicles		Total
March 31, 2024
Assets:
Bonds available for sale	$	39	$	154	$	193
Other bond securities		46		—		46
Equity securities		19		—		19
Mortgage and other loans receivable		—		1,993		1,993
Other invested assets
Alternative investments(a)		2,536		—		2,536
Investment real estate		1,413		—		1,413
Short-term investments		157		4		161
Cash		54		—		54
Accrued investment income		2		6		8
Other assets		80		9		89
Total(b)	$	4,346	$	2,166	$	6,512
Liabilities:
Debt of consolidated investment entities	$	1,019	$	1,114	$	2,133
Other(c)		70		33		103
Total	$	1,089	$	1,147	$	2,236



December 31, 2023
Assets:
Bonds available for sale	$	36	$	148	$	184
Other bond securities		45		—		45
Equity securities		8		—		8
Mortgage and other loans receivable		—		2,063		2,063
Other invested assets
Alternative investments(a)		2,695		—		2,695
Investment real estate		1,488		—		1,488
Short-term investments		125		10		135
Cash		61		—		61
Accrued investment income		2		7		9
Other assets		94		2		96
Total(b)	$	4,554	$	2,230	$	6,784
Liabilities:
Debt of consolidated investment entities	$	1,094	$	1,106	$	2,200
Other(c)		82		1		83
Total	$	1,176	$	1,107	$	2,283

(d)At March 31, 2024 and December 31, 2023, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $1.8 billion and $1.9 billion, respectively, of which commitments to external parties were $0.5 billion and $0.4 billion, respectively.

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:


			Maximum Exposure to Loss
(in millions)		Total VIE Assets		On-Balance Sheet(c)		Off-Balance Sheet			Total
March 31, 2024
Real estate and investment entities(a)	$	546,012	$	9,226	$	3,566	(d)	$	12,792
Other(b)		1,027		58		748	(e)		806
Total	$	547,039	$	9,284	$	4,314		$	13,598
December 31, 2023
Real estate and investment entities(a)	$	528,053	$	9,125	$	3,720	(d)	$	12,845
Other(b)		1,027		58		748	(e)		806
Total	$	529,080	$	9,183	$	4,468		$	13,651

(b)At March 31, 2024 and December 31, 2023, excludes approximately $1,948 million and $1,971 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,918 million and $1,941 million, respectively. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.

(c)At March 31, 2024 and December 31, 2023, $9.2 billion and $9.1 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(e)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.