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Lending Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)March 31, 2024December 31, 2023
Commercial mortgages(a)
$38,478 $38,009 
Residential mortgages9,241 8,689 
Life insurance policy loans1,753 1,753 
Commercial loans, other loans and notes receivable(b)
3,869 3,940 
Total mortgage and other loans receivable(c)
53,341 52,391 
Allowance for credit losses(c)(d)
(866)(838)
Mortgage and other loans receivable, net(c)
$52,475 $51,553 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 18 percent and 10 percent, respectively, at March 31, 2024 and 18 percent and 11 percent, respectively, at December 31, 2023).
(b)There were no loans that were held for sale carried at lower of cost or market as of March 31, 2024 and December 31, 2023.
(c)Excludes $37.6 billion at both March 31, 2024 and December 31, 2023 of loan receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
(d)Does not include allowance for credit losses of $55 million and $67 million, respectively, at March 31, 2024 and December 31, 2023, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Credit Quality
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
March 31, 202420242023202220212020PriorTotal
(in millions)
>1.2X$659 $2,388 $6,371 $2,577 $1,412 $17,872 $31,279 
1.00 - 1.20X90 420 1,148 1,528 368 2,773 6,327 
<1.00X— — 50 — — 822 872 
Total commercial mortgages$749 $2,808 $7,569 $4,105 $1,780 $21,467 $38,478 
December 31, 202320232022202120202019PriorTotal
(in millions)
>1.2X$2,555 $6,209 $2,349 $1,387 $4,969 $13,459 $30,928 
1.00 - 1.20X295 1,149 1,574 369 177 2,632 6,196 
<1.00X— 50 — — — 835 885 
Total commercial mortgages$2,850 $7,408 $3,923 $1,756 $5,146 $16,926 $38,009 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
March 31, 202420242023202220212020PriorTotal
(in millions)
Less than 65%$749 $2,520 $4,716 $2,858 $1,329 $13,730 $25,902 
65% to 75%— 288 2,225 798 286 5,204 8,801 
76% to 80%— — — 99 — 836 935 
Greater than 80%— — 628 350 165 1,697 2,840 
Total commercial mortgages$749 $2,808 $7,569 $4,105 $1,780 $21,467 $38,478 
December 31, 202320232022202120202019PriorTotal
(in millions)
Less than 65%$2,446 $4,629 $2,741 $1,303 $2,832 $11,571 $25,522 
65% to 75%290 1,763 794 288 1,937 3,220 8,292 
76% to 80%— 375 99 — 377 340 1,191 
Greater than 80%114 641 289 165 — 1,795 3,004 
Total commercial mortgages$2,850 $7,408 $3,923 $1,756 $5,146 $16,926 $38,009 
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9x at both periods ended March 31, 2024 and December 31, 2023. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 60 percent at both periods ended March 31, 2024 and December 31, 2023. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
March 31, 2024
Past Due Status:
In good standing610$15,268 $9,573 $4,172 $6,572 $2,039 $523 $38,147 99 %
90 days or less delinquent(a)
2— 61 200 — — — 261 1 
>90 days delinquent or in process of foreclosure2— 29 41 — — — 70 — 
Total(b)
614$15,268 $9,663 $4,413 $6,572 $2,039 $523 $38,478 100 %
Allowance for credit losses$82 $441 $113 $98 $43 $7 $784 2 %
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
December 31, 2023
Past Due Status:
In good standing610$15,129 $9,679 $4,263 $6,367 $2,053 $446 $37,937 100 %
90 days or less delinquent1— 29 — — — — 29 — 
>90 days delinquent or in process of foreclosure1— — 43 — — — 43 — 
Total(b)
612$15,129 $9,708 $4,306 $6,367 $2,053 $446 $38,009 100 %
Allowance for credit losses$94 $415 $109 $90 $38 $6 $752 2 %
(a)Includes $61 million of Office loans and $20 million of Retail loans supporting the Fortitude Re funds withheld arrangements, 90 days or less delinquent, at March 31, 2024.
(b)Does not reflect allowance for credit losses.
The following table presents credit quality performance indicators for residential mortgages by year of vintage:
March 31, 202420242023202220212020PriorTotal
(in millions)
FICO*:
780 and greater$55 $699 $594 $2,295 $643 $845 $5,131 
720 - 779198 1,134 539 543 151 345 2,910 
660 - 71969 364 232 131 40 168 1,004 
600 - 659— 12 34 18 10 59 133 
Less than 600— 2 18 9 5 29 63 
Total residential mortgages$322 $2,211 $1,417 $2,996 $849 $1,446 $9,241 
December 31, 202320232022202120202019PriorTotal
(in millions)
FICO*:
780 and greater$514 $589 $2,283 $622 $240 $608 $4,856 
720 - 7791,121 625 560 169 99 243 2,817 
660 - 719313 257 113 40 37 128 888 
600 - 6592 20 11 8 9 53 103 
Less than 600— 1 2 2 4 16 25 
Total residential mortgages$1,950 $1,492 $2,969 $841 $389 $1,048 $8,689 
*Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and scores have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $2.3 billion and $1.7 billion, respectively.
Allowance for Credit Loss
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a):
Three Months Ended March 31,
2024(b)
2023
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of year$752 $86 $838 $640 $76 $716 
Loans charged off— (6)(6)— — — 
Net charge-offs— (6)(6)— — — 
Addition to (release of) allowance for loan losses32 2 34 66 4 70 
Allowance, end of period
$784 $82 $866 $706 $80 $786 
(a)Does not include allowance for credit losses of $55 million and $62 million, respectively, at March 31, 2024 and 2023 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion at both March 31, 2024 and December 31, 2023, of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.