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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
March 31, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$16,726 $16,726 $17,384 $17,384 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option5,035 5,035 4,867 4,867 Fair value through net investment income
Commercial mortgage loans3,882 3,614 3,921 3,685 Amortized cost
Real estate investments175 302 184 329 Amortized cost
Private equity funds / hedge funds1,920 1,920 1,910 1,910 Fair value through net investment income
Policy loans325 325 330 330 Amortized cost
Short-term investments178 178 176 176 Fair value through net investment income
Funds withheld investment assets28,241 28,100 28,772 28,681 
Derivative assets, net(b)
14 14 45 45 Fair value through net realized gains (losses)
Other(c)
675 675 758 758 Amortized cost
Total$28,930 $28,789 $29,575 $29,484 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(163) million ($(128) million after-tax) and $704 million ($556 million after-tax), respectively for the three months ended March 31, 2024 and 2023.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $17 million and $27 million, respectively, as of March 31, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $63 million and $34 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
Summary of the Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended March 31,
(in millions)20242023
Net investment income - Fortitude Re funds withheld assets$369 $446 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(179)(31)
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative13 (1,165)
Net realized losses on Fortitude Re funds withheld assets(166)(1,196)
Income (loss) from continuing operations before income tax expense (benefit)203 (750)
Income tax expense (benefit)(a)
43 (158)
Net income (loss)
160 (592)
Change in unrealized appreciation (depreciation) of all other investments(a)
(128)556 
Comprehensive income (loss)$32 $(36)
(a)The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.
Rollforward of the Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended March 31,20242023
(in millions)General InsuranceLife and RetirementTotalGeneral InsuranceLife and RetirementTotal
Balance, beginning of year$255 $30 $285 $260 $84 $344 
Addition to (release of) allowance for expected credit losses and disputes, net1 (10)(9)(3)(10)(13)
Write-offs charged against the allowance for credit losses and disputes(1)(2)(3)(1)— (1)
Other changes— — — (3)— (3)
Balance, end of period$255 $18 $273 $253 $74 $327