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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-8787
American International Group, Inc.
(Exact name of registrant as specified in its charter)
| | | | | |
| Delaware | 13-2592361 |
(State or other jurisdiction of
incorporation or organization) | (I.R.S. Employer
Identification No.) |
| |
1271 Avenue of the Americas, New York, New York | 10020 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 770-7000
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| | | | | | | | |
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, Par Value $2.50 Per Share | AIG | New York Stock Exchange |
| 4.875% Series A-3 Junior Subordinated Debentures | AIG 67EU | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer ☑ | | | | Accelerated filer ☐ |
| Non-accelerated filer ☐ | | | | Smaller reporting company ☐ |
| | | | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of April 26, 2024, there were 663,668,009 shares outstanding of the registrant’s common stock.
AMERICAN INTERNATIONAL GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
TABLE OF CONTENTS
FORM 10-Q
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| Item Number | Description | | Page |
Part I – Financial Information | |
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Part II – Other Information |
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AIG | First Quarter 2024 Form 10-Q | 1 |
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Part I – Financial Information |
Item 1. | Financial Statements
American International Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
| | | | | | | | | | | | | | |
| (in millions, except for share data) | March 31,
2024 | December 31,
2023 |
| Assets: | | | | |
| Investments: | | | | |
| Fixed maturity securities: | | | | |
Bonds available for sale, at fair value, net of allowance for credit losses of $125 in 2024 and $162 in 2023 (amortized cost: 2024 - $255,067; 2023 - $253,035)* | $ | 232,487 | | $ | 231,733 | |
Other bond securities, at fair value (See Note 6)* | | 5,403 | | | 5,241 | |
Equity securities, at fair value (See Note 6)* | | 797 | | | 728 | |
Mortgage and other loans receivable, net of allowance for credit losses of $38,501 in 2024 and $38,473 in 2023* | | 52,475 | | | 51,553 | |
Other invested assets (portion measured at fair value: 2024 - $11,510; 2023 - $11,733)* | | 15,977 | | | 16,217 | |
Short-term investments, including restricted cash of $4 in 2024 and $4 in 2023 (portion measured at fair value: 2024 - $8,487; 2023 - $10,772)* | | 15,077 | | | 17,200 | |
| Total investments | | 322,216 | | | 322,672 | |
| Cash* | | 1,816 | | | 2,155 | |
| Accrued investment income* | | 2,698 | | | 2,588 | |
Premiums and other receivables, net of allowance for credit losses and disputes of $134 in 2024 and $139 in 2023 | | 11,293 | | | 10,561 | |
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes of $0 in 2024 and $0 in 2023 | | 29,732 | | | 30,612 | |
Reinsurance assets - other, net of allowance for credit losses and disputes of $224 in 2024 and $236 in 2023 | | 38,833 | | | 36,914 | |
| Deferred income taxes | | 14,376 | | | 14,445 | |
| Deferred policy acquisition costs | | 12,111 | | | 12,085 | |
| Market risk benefit assets, at fair value | | 1,172 | | | 912 | |
Other assets, net of allowance for credit losses of $49 in 2024 and $49 in 2023, including restricted cash of $43 in 2024 and $45 in 2023 (portion measured at fair value: 2024 - $705; 2023 - $754)* | | 12,313 | | | 13,089 | |
| Separate account assets, at fair value | | 95,173 | | | 91,005 | |
| Assets held for sale | | 2,388 | | | 2,268 | |
| Total assets | $ | 544,121 | | $ | 539,306 | |
| Liabilities: | | | | |
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2024 and $14 in 2023 | $ | 70,060 | | $ | 70,393 | |
| Unearned premiums | | 17,831 | | | 17,387 | |
| Future policy benefits for life and accident and health insurance contracts | | 58,985 | | | 58,576 | |
Policyholder contract deposits (portion measured at fair value: 2024 - $8,613; 2023 - $7,997) | | 163,698 | | | 161,979 | |
| Market risk benefit liabilities, at fair value | | 5,167 | | | 5,705 | |
| Other policyholder funds | | 3,315 | | | 3,356 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2024 - $(1,364); 2023 - $(1,226)) | | 28,789 | | | 29,484 | |
Other liabilities (portion measured at fair value: 2024 - $493; 2023 - $624)* | | 28,245 | | | 25,958 | |
Short-term and long-term debt, of which $250 and $250 is short-term debt in 2024 and 2023 (portion measured at fair value: 2024 - $68; 2023 - $53) | | 19,318 | | | 19,796 | |
| Debt of consolidated investment entities* | | 2,617 | | | 2,591 | |
| Separate account liabilities | | 95,173 | | | 91,005 | |
| Liabilities held for sale | | 1,813 | | | 1,775 | |
| Total liabilities | | 495,011 | | | 488,005 | |
Contingencies, commitments and guarantees (See Note 15) | | | | |
| AIG shareholders’ equity: | | | | |
Series A non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: 2024 - 0 and 2023 - 20,000; liquidation preference $500 | | — | | | 485 | |
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2024 - 1,906,671,492 and 2023 - 1,906,671,492 | | 4,766 | | | 4,766 | |
Treasury stock, at cost; 2024 - 1,235,652,452 shares; 2023 - 1,217,831,721 shares of common stock | | (60,603) | | | (59,189) | |
| Additional paid-in capital | | 75,625 | | | 75,810 | |
| Retained earnings | | 38,466 | | | 37,516 | |
| Accumulated other comprehensive loss | | (14,869) | | | (14,037) | |
| Total AIG shareholders’ equity | | 43,385 | | | 45,351 | |
| Non-redeemable noncontrolling interests | | 5,725 | | | 5,950 | |
| Total equity | | 49,110 | | | 51,301 | |
| Total liabilities and equity | $ | 544,121 | | $ | 539,306 | |
*See Note 10 for details of balances associated with variable interest entities.
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | |
2 | AIG | First Quarter 2024 Form 10-Q |
American International Group, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| (dollars in millions, except per common share data) | | | | | | | 2024 | | 2023 | | |
| Revenues: | | | | | | | | | | | |
| Premiums | | | | | | $ | 8,167 | | $ | 8,481 | | | |
| Policy fees | | | | | | | 714 | | | 698 | | | |
| Net investment income: | | | | | | | | | | | |
| Net investment income - excluding Fortitude Re funds withheld assets | | | | | | | 3,535 | | | 3,087 | | | |
| Net investment income - Fortitude Re funds withheld assets | | | | | | | 369 | | | 446 | | | |
| Total net investment income | | | | | | | 3,904 | | | 3,533 | | | |
| Net realized gains (losses): | | | | | | | | | | | |
| Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative | | | | | | | (258) | | | (713) | | | |
| Net realized losses on Fortitude Re funds withheld assets | | | | | | | (179) | | | (31) | | | |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | | | | | | | 13 | | | (1,165) | | | |
| Total net realized losses | | | | | | | (424) | | | (1,909) | | | |
| Other income | | | | | | | 217 | | | 181 | | | |
| Total revenues | | | | | | | 12,578 | | | 10,984 | | | |
| Benefits, losses and expenses: | | | | | | | | | | | |
Policyholder benefits and losses incurred (including remeasurement losses of $100 and $64 for the three months ended March 31, 2024, and 2023, respectively) | | | | | | | 6,320 | | | 6,397 | | | |
| Change in the fair value of market risk benefits, net | | | | | | | (369) | | | 196 | | | |
| Interest credited to policyholder account balances | | | | | | | 1,204 | | | 1,040 | | | |
| Amortization of deferred policy acquisition costs | | | | | | | 1,104 | | | 1,293 | | | |
| General operating and other expenses | | | | | | | 2,014 | | | 1,980 | | | |
| Interest expense | | | | | | | 260 | | | 307 | | | |
| | | | | | | | | | | |
| Net (gain) loss on divestitures and other | | | | | | | (6) | | | 2 | | | |
| Total benefits, losses and expenses | | | | | | | 10,527 | | | 11,215 | | | |
| Income (loss) from continuing operations before income tax expense (benefit) | | | | | | | 2,051 | | | (231) | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Income tax expense (benefit) | | | | | | | 451 | | | (144) | | | |
| Income (loss) from continuing operations | | | | | | | 1,600 | | | (87) | | | |
| Income (loss) from discontinued operations, net of income taxes | | | | | | | — | | | — | | | |
| Net income (loss) | | | | | | | 1,600 | | | (87) | | | |
| | | | | | | | | | | |
| Less: Net income (loss) from continuing operations attributable to noncontrolling interests | | | | | | | 384 | | | (117) | | | |
| Net income (loss) attributable to AIG | | | | | | | 1,216 | | | 30 | | | |
| | | | | | | | | | | |
| Less: Dividends on preferred stock and preferred stock redemption premiums | | | | | | | 22 | | | 7 | | | |
| | | | | | | | | | | |
| Net income (loss) attributable to AIG common shareholders | | | | | | $ | 1,194 | | $ | 23 | | | |
| Income per common share attributable to AIG common shareholders: | | | | | | | | | | | |
| Basic: | | | | | | | | | | | |
| Income (loss) from continuing operations | | | | | | $ | 1.75 | | $ | 0.03 | | | |
| Income from discontinued operations | | | | | | $ | — | | $ | — | | | |
| Net income (loss) attributable to AIG common shareholders | | | | | | $ | 1.75 | | $ | 0.03 | | | |
| Diluted: | | | | | | | | | | | |
| Income (loss) from continuing operations | | | | | | $ | 1.74 | | $ | 0.03 | | | |
| Income from discontinued operations | | | | | | $ | — | | $ | — | | | |
| Net income (loss) attributable to AIG common shareholders | | | | | | $ | 1.74 | | $ | 0.03 | | | |
| Weighted average shares outstanding: | | | | | | | | | | | |
| Basic | | | | | | | 682,576,848 | | | 738,661,428 | | | |
| Diluted | | | | | | | 687,961,518 | | | 744,099,186 | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 3 |
American International Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | March 31, |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| Net income (loss) | | | | | | $ | 1,600 | | $ | (87) | | | |
| Other comprehensive income (loss), net of tax | | | | | | | | | | | |
| Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | | | | | | | 57 | | | 6 | | | |
| Change in unrealized appreciation (depreciation) of all other investments | | | | | | | (1,290) | | | 4,252 | | | |
| Change in fair value of market risk benefits attributable to changes in our own credit risk | | | | | | | (23) | | | 75 | | | |
| Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | | | | | | | 545 | | | (420) | | | |
| Change in foreign currency translation adjustments | | | | | | | (353) | | | (28) | | | |
| Change in retirement plan liabilities adjustment | | | | | | | 7 | | | 28 | | | |
| | | | | | | | | | | |
| Other comprehensive income (loss) | | | | | | | (1,057) | | | 3,913 | | | |
| Comprehensive income (loss) | | | | | | | 543 | | | 3,826 | | | |
| Comprehensive income (loss) attributable to noncontrolling interests | | | | | | | 86 | | | 509 | | | |
| Comprehensive income (loss) attributable to AIG | | | | | | $ | 457 | | $ | 3,317 | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | |
4 | AIG | First Quarter 2024 Form 10-Q |
American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions, except per share data) | Preferred
Stock and
Additional
Paid-in
Capital | | Common
Stock | | Treasury
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | Accumulated
Other
Comprehensive
Income (Loss) | | Total
AIG
Share-
holders'
Equity | Non- redeemable Non-
controlling Interests | | Total
Equity |
| Three Months Ended March 31, 2024 | | | | | | | | | | | | | | | | | | |
| Balance, beginning of the year | $ | 485 | | $ | 4,766 | | $ | (59,189) | | $ | 75,810 | | $ | 37,516 | | $ | (14,037) | | $ | 45,351 | | $ | 5,950 | | $ | 51,301 | |
| | | | | | | | | | | | | | | | | | |
| Common stock issued under stock plans | | — | | | — | | | 268 | | | (295) | | | — | | | — | | | (27) | | | — | | | (27) | |
| Redemption of preferred stock | | (485) | | | — | | | — | | | — | | | — | | | — | | | (485) | | | — | | | (485) | |
| | | | | | | | | | | | | | | | | | |
| Purchase of common stock | | — | | | — | | | (1,682) | | | — | | | — | | | — | | | (1,682) | | | — | | | (1,682) | |
| Net income attributable to AIG or noncontrolling interests | | — | | | — | | | — | | | — | | | 1,216 | | | — | | | 1,216 | | | 384 | | | 1,600 | |
Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums | | — | | | — | | | — | | | — | | | (22) | | | — | | | (22) | | | — | | | (22) | |
Dividends on common stock ($0.36 per share) | | — | | | — | | | — | | | — | | | (243) | | | — | | | (243) | | | — | | | (243) | |
| Other comprehensive loss | | — | | | — | | | — | | | — | | | — | | | (759) | | | (759) | | | (298) | | | (1,057) | |
| Net decrease due to divestitures and acquisitions | | — | | | — | | | — | | | (10) | | | — | | | (73) | | | (83) | | | (202) | | | (285) | |
| Contributions from noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 11 | | | 11 | |
| Distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (70) | | | (70) | |
| Other | | — | | | — | | | — | | | 120 | | | (1) | | | — | | | 119 | | | (50) | | | 69 | |
| Balance, end of period | $ | — | | $ | 4,766 | | $ | (60,603) | | $ | 75,625 | | $ | 38,466 | | $ | (14,869) | | $ | 43,385 | | $ | 5,725 | | $ | 49,110 | |
| | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 485 | | $ | 4,766 | | $ | (56,473) | | $ | 79,915 | | $ | 34,893 | | $ | (22,616) | | $ | 40,970 | | $ | 2,484 | | $ | 43,454 | |
| | | | | | | | | | | | | | | | | | |
| Common stock issued under stock plans | | — | | | — | | | 219 | | | (366) | | | — | | | — | | | (147) | | | — | | | (147) | |
| Purchase of common stock | | — | | | — | | | (603) | | | — | | | — | | | — | | | (603) | | | — | | | (603) | |
| Net income (loss) attributable to AIG or noncontrolling interests | | — | | | — | | | — | | | — | | | 30 | | | — | | | 30 | | | (117) | | | (87) | |
Dividends on preferred stock ($365.625 per share) | | — | | | — | | | — | | | — | | | (7) | | | — | | | (7) | | | — | | | (7) | |
Dividends on common stock ($0.32 per share) | | — | | | — | | | — | | | — | | | (234) | | | — | | | (234) | | | — | | | (234) | |
| Other comprehensive income | | — | | | — | | | — | | | — | | | — | | | 3,287 | | | 3,287 | | | 626 | | | 3,913 | |
| | | | | | | | | | | | | | | | | | |
| Contributions from noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 16 | | | 16 | |
| Distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (58) | | | (58) | |
| Other | | — | | | — | | | — | | | 13 | | | 8 | | | — | | | 21 | | | 38 | | | 59 | |
| Balance, end of period | $ | 485 | | $ | 4,766 | | $ | (56,857) | | $ | 79,562 | | $ | 34,690 | | $ | (19,329) | | $ | 43,317 | | $ | 2,989 | | $ | 46,306 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 5 |
American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
| | | | | | | | | | | | | | | | |
| Three Months Ended March 31, |
| (in millions) | | 2024 | | 2023 | | |
| Cash flows from operating activities: | | | | | | |
| Net income (loss) | $ | 1,600 | | $ | (87) | | | |
| | | | | | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | |
| Noncash revenues, expenses, gains and losses included in income (loss): | | | | | | |
| Net losses on sales of securities available for sale and other assets | | 452 | | | 450 | | | |
| Net (gain) loss on divestitures and other | | (6) | | | 2 | | | |
| | | | | | |
| Unrealized (gains) losses in earnings - net | | 403 | | | (112) | | | |
| Change in the fair value of market risk benefits in earnings, net | | (891) | | | 316 | | | |
| Equity in (income) loss from equity method investments, net of dividends or distributions | | 13 | | | (12) | | | |
| Depreciation and other amortization | | 913 | | | 1,186 | | | |
| Impairments of assets | | 26 | | | 11 | | | |
| Changes in operating assets and liabilities: | | | | | | |
| Insurance reserves | | 1,352 | | | 3,015 | | | |
| Premiums and other receivables and payables - net | | 29 | | | 641 | | | |
| Reinsurance assets, net | | (1,710) | | | (2,561) | | | |
| Capitalization of deferred policy acquisition costs | | (1,221) | | | (1,689) | | | |
| Current and deferred income taxes - net | | 367 | | | (200) | | | |
| Other, net | | (808) | | | (463) | | | |
| Total adjustments | | (1,081) | | | 584 | | | |
| Net cash provided by operating activities | | 519 | | | 497 | | | |
| Cash flows from investing activities: | | | | | | |
| Proceeds from (payments for) | | | | | | |
| Sales or distributions of: | | | | | | |
| Available for sale securities | | 5,595 | | | 10,676 | | | |
| Other securities | | 207 | | | 313 | | | |
| Other invested assets | | 561 | | | 413 | | | |
| Divestitures, net | | — | | | 32 | | | |
| Maturities of fixed maturity securities available for sale | | 4,957 | | | 4,130 | | | |
| Principal payments received on and sales of mortgage and other loans receivable | | 1,095 | | | 957 | | | |
| Purchases of: | | | | | | |
| Available for sale securities | | (11,287) | | | (13,607) | | | |
| Other securities | | (308) | | | (481) | | | |
| Other invested assets | | (317) | | | (443) | | | |
| Mortgage and other loans receivable | | (2,239) | | | (2,009) | | | |
| Net change in short-term investments | | 2,135 | | | (1,152) | | | |
| Other, net | | (91) | | | (303) | | | |
| Net cash provided by (used in) investing activities | | 308 | | | (1,474) | | | |
| Cash flows from financing activities: | | | | | | |
| Proceeds from (payments for) | | | | | | |
| Policyholder contract deposits | | 8,504 | | | 8,226 | | | |
| Policyholder contract withdrawals | | (7,150) | | | (6,468) | | | |
| Issuance of long-term debt | | — | | | 743 | | | |
| Issuance of debt of consolidated investment entities | | 57 | | | 36 | | | |
| Repayments of long-term debt | | (461) | | | (1) | | | |
| Repayments of debt of consolidated investment entities | | (121) | | | (127) | | | |
| | | | | | |
| | | | | | |
| Purchase of common stock | | (1,640) | | | (577) | | | |
| Redemption of preferred stock | | (485) | | | — | | | |
| | | | | | |
| Dividends on preferred stock and preferred stock redemption premiums | | (22) | | | (7) | | | |
| Dividends on common stock | | (243) | | | (234) | | | |
| | | | | | |
| Other, net | | 420 | | | (774) | | | |
| Net cash provided by (used in) financing activities | | (1,141) | | | 817 | | | |
| Effect of exchange rate changes on cash and restricted cash | | (29) | | | 2 | | | |
| Net decrease in cash and restricted cash | | (343) | | | (158) | | | |
| Cash and restricted cash at beginning of year | | 2,204 | | | 2,216 | | | |
| Cash and restricted cash of held for sale assets | | 2 | | | — | | | |
| Cash and restricted cash at end of period | $ | 1,863 | | $ | 2,058 | | | |
| | | | | |
6 | AIG | First Quarter 2024 Form 10-Q |
American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
| | | | | | | | | | | | | | |
| | Three Months Ended March 31, |
| (in millions) | | 2024 | | 2023 | | |
| Cash | | $ | 1,816 | | | $ | 1,923 | | | |
| Restricted cash included in Short-term investments* | | 4 | | | 105 | | | |
| Restricted cash included in Other assets* | | 43 | | | 30 | | | |
| Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | | $ | 1,863 | | | $ | 2,058 | | | |
| Cash paid during the period for: | | | | | | |
| Interest | | $ | 181 | | | $ | 165 | | | |
| Taxes | | $ | 84 | | | $ | 56 | | | |
| Non-cash investing activities: | | | | | | |
| Fixed maturity securities available for sale received in connection with pension risk transfer transactions | | $ | 1,316 | | | $ | 1,424 | | | |
| Fixed maturity securities and other invested assets received in connection with reinsurance transactions | | $ | 40 | | | $ | — | | | |
| Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | | $ | (163) | | | $ | (680) | | | |
| | | | | | |
| Non-cash financing activities: | | | | | | |
| Interest credited to policyholder contract deposits included in financing activities | | $ | 1,146 | | | $ | 1,107 | | | |
| Fee income debited to policyholder contract deposits included in financing activities | | $ | (529) | | | $ | (524) | | | |
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
See accompanying Notes to Condensed Consolidated Financial Statements.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 7 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation
1. Basis of Presentation
American International Group, Inc. (AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.
These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Annual Report). The condensed consolidated financial information as of December 31, 2023 included herein has been derived from the audited Consolidated Financial Statements in the 2023 Annual Report.
In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2024 and prior to the issuance of these Condensed Consolidated Financial Statements.
SALES/DISPOSALS OF ASSETS AND BUSINESSES
AIG Life Limited
On April 8, 2024, Corebridge Financial, Inc. (Corebridge) completed the sale of AIG Life Limited (AIG Life) to Aviva plc and received gross proceeds of £453 million ($569 million). For further details on this transaction, see Note 4.
Separation of Life and Retirement Business and Relationship with Blackstone Inc.
AIG owns 52.7 percent of the outstanding common stock of Corebridge as of March 31, 2024. Corebridge is the holding company for AIG’s Life and Retirement business. AIG continues to consolidate Corebridge in AIG’s Condensed Consolidated Financial Statements. The portion of equity interest of Corebridge that AIG does not own is reflected as noncontrolling interest in AIG’s Condensed Consolidated Financial Statements.
In the three months ended March 31, 2024, Corebridge repurchased 9.5 million shares of Corebridge common stock for an aggregate purchase price of $243 million. As a result, AIG recorded a decrease of $83 million in Total AIG shareholders' equity.
Blackstone Inc. (Blackstone) owns a 10.1 percent equity stake in Corebridge as of March 31, 2024. Blackstone is required to hold its ownership interest in Corebridge, subject to exceptions currently permitting Blackstone to sell 67 percent and 75 percent of its ownership interest after September 19, 2024 and 2025, respectively, with the transfer restrictions terminating in full on September 19, 2027.
| | | | | |
8 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation
USE OF ESTIMATES
The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:
•loss reserves;
•valuation of future policy benefit liabilities and recognition of measurement gains and losses;
•valuation of market risk benefits (MRBs) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;
•valuation of embedded derivative liabilities for fixed index annuity and index universal life products;
•reinsurance assets, including the allowance for credit losses and disputes;
•goodwill impairment;
•allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;
•fair value measurements of certain financial assets and financial liabilities; and
•income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
2. Summary of Significant Accounting Policies
ACCOUNTING STANDARDS ADOPTED DURING 2024
Fair Value Measurement
On June 30, 2022, the Financial Accounting Standards Board (FASB) issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The Company adopted the standard on January 1, 2024, prospectively for entities other than investment companies. The adoption of the standard did not have a material impact to AIG consolidated financial statements.
FUTURE APPLICATION OF ACCOUNTING STANDARDS
Income Tax
In December 2023, the FASB issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard.
Segment Reporting
In November 2023, the FASB issued an accounting standard update to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods in fiscal years within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment is applied retrospectively to all prior periods presented. We are assessing the impact of this standard.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 9 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information
3. Segment Information
We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows:
GENERAL INSURANCE
General Insurance business is presented as two operating segments:
•North America – consists of insurance businesses in the United States, Canada and Bermuda.
•International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG’s Global Specialty business.
North America and International operating segments consist of the following products:
–Commercial Lines – consists of Property, Liability, Financial Lines and Specialty.
–Personal Insurance – consists of Accident & Health and Personal Lines.
For further discussion on recent activity in the General Insurance business, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
LIFE AND RETIREMENT
Life and Retirement business is presented as four operating segments:
•Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities.
•Group Retirement – consists of recordkeeping, plan administration and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and limited non-proprietary annuities and advisory and brokerage products offered outside of plans.
•Life Insurance – primary products in the U.S. include term life and universal life insurance. Corebridge previously announced agreements to sell Laya Healthcare Limited (Laya) and AIG Life. The sale of Laya closed on October 31, 2023 and the AIG Life sale closed on April 8, 2024.
•Institutional Markets – consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance, high net worth products and guaranteed investment contracts (GICs).
For further discussion on the ongoing separation of the Life and Retirement business from AIG and other recent activity, see Note 1.
OTHER OPERATIONS
Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.
SEGMENT RESULTS
We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and pre-tax income (loss), respectively. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. For the items excluded from adjusted revenues and adjusted pre-tax income (loss), see the table below.
| | | | | |
10 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information
The following table presents AIG’s continuing operations by operating segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | | 2023 | |
| (in millions) | | Adjusted
Revenues | | | | | | Adjusted
Pre-tax
Income
(Loss) | | | | Adjusted
Revenues | | Adjusted
Pre-tax
Income
(Loss) | |
| | | | | | | | | | | | | | | | | |
| General Insurance | | | | | | | | | | | | | | | | | |
| North America | $ | 2,502 | | | | | | | | $ | 224 | | (a) | | $ | 2,980 | | $ | 299 | | (a) |
| International | | 3,284 | | | | | | | | | 372 | | (a) | | | 3,279 | | | 203 | | (a) |
| Net investment income | | 762 | | | | | | | | | 762 | | | | | 746 | | | 746 | | |
| Total General Insurance | | 6,548 | | | | | | | | | 1,358 | | | | | 7,005 | | | 1,248 | | |
| Life and Retirement | | | | | | | | | | | | | | | | | |
| Individual Retirement | | 1,686 | | | | | | | | | 622 | | | | | 1,484 | | | 533 | | |
| Group Retirement | | 689 | | | | | | | | | 199 | | | | | 683 | | | 187 | | |
| Life Insurance | | 1,214 | | | | | | | | | 58 | | | | | 1,249 | | | 82 | | |
| Institutional Markets | | 2,332 | | | | | | | | | 112 | | | | | 1,955 | | | 84 | | |
| Total Life and Retirement | | 5,921 | | | | | | | | | 991 | | | | | 5,371 | | | 886 | | |
| Other Operations | | | | | | | | | | | | | | | | | |
| Other Operations before consolidation and eliminations | | 57 | | | | | | | | | (438) | | | | | 132 | | | (434) | | |
| AIG consolidation and eliminations | | 39 | | | | | | | | | 30 | | | | | (64) | | | (57) | | |
| Total Other Operations | | 96 | | | | | | | | | (408) | | | | | 68 | | | (491) | | |
| Total | | 12,565 | | | | | | | | | 1,941 | | | | | 12,444 | | | 1,643 | | |
| Reconciling items: | | | | | | | | | | | | | | | | | |
| Changes in fair value of securities used to hedge guaranteed living benefits | | 17 | | | | | | | | | (2) | | | | | 13 | | | (3) | | |
Change in the fair value of market risk benefits, net(b) | | — | | | | | | | | | 369 | | | | | — | | | (196) | | |
| Changes in benefit reserves related to net realized gains (losses) | | — | | | | | | | | | 2 | | | | | — | | | 6 | | |
| Changes in the fair value of equity securities | | 99 | | | | | | | | | 99 | | | | | 51 | | | 51 | | |
| Other income (expense) - net | | 7 | | | | | | | | | — | | | | | (7) | | | — | | |
| | | | | | | | | | | | | | | | | |
| Net investment income on Fortitude Re funds withheld assets | | 369 | | | | | | | | | 369 | | | | | 446 | | | 446 | | |
| Net realized losses on Fortitude Re funds withheld assets | | (179) | | | | | | | | | (179) | | | | | (31) | | | (31) | | |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | | 13 | | | | | | | | | 13 | | | | | (1,165) | | | (1,165) | | |
Net realized losses(c) | | (313) | | | | | | | | | (307) | | | | | (772) | | | (766) | | |
| Net gain (loss) on divestitures and other | | — | | | | | | | | | 6 | | | | | — | | | (2) | | |
| Non-operating litigation reserves and settlements | | — | | | | | | | | | — | | | | | 1 | | | 1 | | |
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | | — | | | | | | | | | (2) | | | | | — | | | 19 | | |
| Net loss reserve discount benefit (charge) | | — | | | | | | | | | (76) | | | | | — | | | (64) | | |
| | | | | | | | | | | | | | | | | |
| Integration and transaction costs associated with acquiring or divesting businesses | | — | | | | | | | | | (64) | | | | | — | | | (52) | | |
| Restructuring and other costs | | — | | | | | | | | | (114) | | | | | — | | | (117) | | |
| Non-recurring costs related to regulatory or accounting changes | | — | | | | | | | | | (4) | | | | | — | | | (13) | | |
Net impact from elimination of international reporting lag(d) | | — | | | | | | | | | — | | | | | 4 | | | 12 | | |
| Revenues and pre-tax income (loss) | $ | 12,578 | | | | | | | | $ | 2,051 | | | | $ | 10,984 | | $ | (231) | | |
(a)General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results.
(b)Includes realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging.
(c)Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).
(d)For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 11 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Held-For-Sale Classification
4. Held-For-Sale Classification
HELD-FOR-SALE CLASSIFICATION
We report and classify a business as held-for-sale (Held-For-Sale Business) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.
Assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Condensed Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At March 31, 2024, the following businesses and assets were reported and classified as held-for-sale:
AIG Life Limited
On April 8, 2024, Corebridge completed the sale of AIG Life to Aviva plc and received gross proceeds of £453 million ($569 million). The results of AIG Life are reported in Life and Retirement.
Other
Other primarily consists of real estate.
The following table summarizes the components of assets and liabilities held-for-sale on the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 after elimination of intercompany balances:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | March 31, 2024 | | | December 31, 2023 |
| (in millions) | | | | AIG Life | | Other | | Total | | | AIG Life | | Other | | Total |
| Assets: | | | | | | | | | | | | | | | |
| Bonds available for sale | | | | $ | 160 | | | $ | 15 | | | $ | 175 | | | | $ | 167 | | | $ | 14 | | | $ | 181 | |
| | | | | | | | | | | | | | | |
| Other invested assets | | | | — | | | 167 | | | 167 | | | | — | | | 67 | | | 67 | |
Short-term investments | | | | 24 | | | 1 | | | 25 | | | | 11 | | | 1 | | | 12 | |
| Cash | | | | — | | | 1 | | | 1 | | | | 3 | | | — | | | 3 | |
| Accrued investment income | | | | 3 | | | 1 | | | 4 | | | | 3 | | | — | | | 3 | |
| Premiums and other receivables, net of allowance for credit losses and disputes | | | | 131 | | | 14 | | | 145 | | | | 116 | | | 9 | | | 125 | |
| Reinsurance assets - other, net of allowance for credit losses and disputes | | | | 882 | | | 5 | | | 887 | | | | 899 | | | 3 | | | 902 | |
| Deferred income taxes | | | | 47 | | | — | | | 47 | | | | 47 | | | — | | | 47 | |
| Deferred policy acquisition costs | | | | 841 | | | 1 | | | 842 | | | | 814 | | | — | | | 814 | |
Other assets, net of allowance for credit losses(a) | | | | 82 | | | 13 | | | 95 | | | | 83 | | | 31 | | | 114 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Total assets held for sale | | | | $ | 2,170 | | | $ | 218 | | | $ | 2,388 | | | | $ | 2,143 | | | $ | 125 | | | $ | 2,268 | |
| | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | |
| Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | | | | $ | — | | | $ | 24 | | | $ | 24 | | | | $ | — | | | $ | 19 | | | $ | 19 | |
| Unearned premiums | | | | 62 | | | 11 | | | 73 | | | | 54 | | | 7 | | | 61 | |
| Future policy benefits for life and accident and health insurance contracts | | | | 842 | | | — | | | 842 | | | | 838 | | | — | | | 838 | |
| | | | | | | | | | | | | | | |
| Other liabilities | | | | 869 | | | 5 | | | 874 | | | | 854 | | | 3 | | | 857 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Total liabilities held for sale | | | | $ | 1,773 | | | $ | 40 | | | $ | 1,813 | | | | $ | 1,746 | | | $ | 29 | | | $ | 1,775 | |
(a)Other assets, net of allowance for credit losses includes goodwill and other intangibles of $23 million and $3 million, respectively, for AIG Life at March 31, 2024 and $23 million and $3 million, respectively, at December 31, 2023.
| | | | | |
12 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
5. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 13 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | Level 1 | | Level 2 | | Level 3 | Counterparty Netting(a) | Cash
Collateral | | Total |
| (in millions) | | | | |
| Assets: | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
U.S. government and government sponsored entities | $ | 25 | | $ | 5,764 | | $ | — | | $ | — | | $ | — | | $ | 5,789 | |
Obligations of states, municipalities and political subdivisions | | — | | | 9,260 | | | 833 | | | — | | | — | | | 10,093 | |
| Non-U.S. governments | | 163 | | | 11,798 | | | 7 | | | — | | | — | | | 11,968 | |
| Corporate debt | | — | | | 133,861 | | | 1,957 | | | — | | | — | | | 135,818 | |
| RMBS | | — | | | 13,308 | | | 8,113 | | | — | | | — | | | 21,421 | |
| CMBS | | — | | | 13,898 | | | 590 | | | — | | | — | | | 14,488 | |
| CLO/ABS | | — | | | 14,864 | | | 18,046 | | | — | | | — | | | 32,910 | |
Total bonds available for sale | | 188 | | | 202,753 | | | 29,546 | | | — | | | — | | | 232,487 | |
Other bond securities: | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | | — | | | 89 | | | 1 | | | — | | | — | | | 90 | |
| Non-U.S. governments | | — | | | 39 | | | — | | | — | | | — | | | 39 | |
| Corporate debt | | — | | | 2,775 | | | 222 | | | — | | | — | | | 2,997 | |
| RMBS | | — | | | 113 | | | 160 | | | — | | | — | | | 273 | |
| CMBS | | — | | | 266 | | | 17 | | | — | | | — | | | 283 | |
| CLO/ABS | | — | | | 560 | | | 1,161 | | | — | | | — | | | 1,721 | |
Total other bond securities | | — | | | 3,842 | | | 1,561 | | | — | | | — | | | 5,403 | |
Equity securities | | 727 | | | 12 | | | 58 | | | — | | | — | | | 797 | |
Other invested assets(b) | | — | | | 134 | | | 1,854 | | | — | | | — | | | 1,988 | |
Derivative assets(c): | | | | | | | | | | | | |
| Interest rate contracts | | — | | | 3,074 | | | 410 | | | — | | | — | | | 3,484 | |
Foreign exchange contracts | | — | | | 1,235 | | | 1 | | | — | | | — | | | 1,236 | |
Equity contracts | | — | | | 1,805 | | | 1,073 | | | — | | | — | | | 2,878 | |
| | | | | | | | | | | | |
Credit contracts | | — | | | 78 | | | 33 | | | — | | | — | | | 111 | |
| Other contracts | | — | | | — | | | 13 | | | — | | | — | | | 13 | |
Counterparty netting and cash collateral | | — | | | — | | | — | | | (4,545) | | | (2,601) | | | (7,146) | |
Total derivative assets | | — | | | 6,192 | | | 1,530 | | | (4,545) | | | (2,601) | | | 576 | |
Short-term investments | | 2,969 | | | 5,518 | | | — | | | — | | | — | | | 8,487 | |
| Market risk benefit assets | | — | | | — | | | 1,172 | | | — | | | — | | | 1,172 | |
Other assets(c) | | — | | | — | | | 129 | | | — | | | — | | | 129 | |
Separate account assets | | 91,859 | | | 3,314 | | | — | | | — | | | — | | | 95,173 | |
Total(d) | $ | 95,743 | | $ | 221,765 | | $ | 35,850 | | $ | (4,545) | | $ | (2,601) | | $ | 346,212 | |
| Liabilities: | | | | | | | | | | | | |
| Policyholder contract deposits | $ | — | | $ | 63 | | $ | 8,550 | | $ | — | | $ | — | | $ | 8,613 | |
| Market risk benefit liabilities | | — | | | — | | | 5,167 | | | — | | | — | | | 5,167 | |
Derivative liabilities(c): | | | | | | | | | | | | |
Interest rate contracts | | — | | | 3,379 | | | — | | | — | | | — | | | 3,379 | |
Foreign exchange contracts | | — | | | 624 | | | 3 | | | — | | | — | | | 627 | |
Equity contracts | | — | | | 1,175 | | | 54 | | | — | | | — | | | 1,229 | |
Credit contracts | | — | | | 3 | | | 33 | | | — | | | — | | | 36 | |
| Other contracts | | — | | | — | | | 1 | | | — | | | — | | | 1 | |
Counterparty netting and cash collateral | | — | | | — | | | — | | | (4,545) | | | (326) | | | (4,871) | |
Total derivative liabilities | | — | | | 5,181 | | | 91 | | | (4,545) | | | (326) | | | 401 | |
Fortitude Re funds withheld payable | | — | | | — | | | (1,364) | | | — | | | — | | | (1,364) | |
Other liabilities | | — | | | — | | | 92 | | | — | | | — | | | 92 | |
Long-term debt | | — | | | 68 | | | — | | | — | | | — | | | 68 | |
| Total | $ | — | | $ | 5,312 | | $ | 12,536 | | $ | (4,545) | | $ | (326) | | $ | 12,977 | |
| | | | | |
14 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 | | Level 1 | | Level 2 | | Level 3 | Counterparty Netting(a) | Cash
Collateral | | Total |
| (in millions) | | | | |
Assets: | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
U.S. government and government sponsored entities | $ | 35 | | $ | 5,581 | | $ | — | | $ | — | | $ | — | | $ | 5,616 | |
Obligations of states, municipalities and political subdivisions | | — | | | 9,816 | | | 847 | | | — | | | — | | | 10,663 | |
| Non-U.S. governments | | 233 | | | 12,213 | | | 7 | | | — | | | — | | | 12,453 | |
| Corporate debt | | — | | | 136,753 | | | 1,679 | | | — | | | — | | | 138,432 | |
| RMBS | | — | | | 12,804 | | | 7,640 | | | — | | | — | | | 20,444 | |
| CMBS | | — | | | 13,495 | | | 633 | | | — | | | — | | | 14,128 | |
| CLO/ABS | | — | | | 13,959 | | | 16,038 | | | — | | | — | | | 29,997 | |
Total bonds available for sale | | 268 | | | 204,621 | | | 26,844 | | | — | | | — | | | 231,733 | |
Other bond securities: | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | | — | | | 90 | | | 1 | | | — | | | — | | | 91 | |
| Non-U.S. governments | | — | | | 37 | | | — | | | — | | | — | | | 37 | |
| Corporate debt | | — | | | 2,697 | | | 211 | | | — | | | — | | | 2,908 | |
| RMBS | | — | | | 105 | | | 158 | | | — | | | — | | | 263 | |
| CMBS | | — | | | 244 | | | 17 | | | — | | | — | | | 261 | |
| CLO/ABS | | — | | | 512 | | | 1,169 | | | — | | | — | | | 1,681 | |
Total other bond securities | | — | | | 3,685 | | | 1,556 | | | — | | | — | | | 5,241 | |
Equity securities | | 632 | | | 40 | | | 56 | | | — | | | — | | | 728 | |
Other invested assets (b) | | — | | | 155 | | | 2,070 | | | — | | | — | | | 2,225 | |
Derivative assets(c): | | | | | | | | | | | | |
| Interest rate contracts | | — | | | 2,826 | | | 460 | | | — | | | — | | | 3,286 | |
Foreign exchange contracts | | — | | | 1,235 | | | 1 | | | — | | | — | | | 1,236 | |
Equity contracts | | 7 | | | 1,187 | | | 825 | | | — | | | — | | | 2,019 | |
| | | | | | | | | | | | |
Credit contracts | | — | | | 8 | | | 33 | | | — | | | — | | | 41 | |
| Other contracts | | — | | | — | | | 13 | | | — | | | — | | | 13 | |
Counterparty netting and cash collateral | | — | | | — | | | — | | | (3,864) | | | (2,220) | | | (6,084) | |
Total derivative assets | | 7 | | | 5,256 | | | 1,332 | | | (3,864) | | | (2,220) | | | 511 | |
Short-term investments | | 2,635 | | | 8,137 | | | — | | | — | | | — | | | 10,772 | |
| Market risk benefit assets | | — | | | — | | | 912 | | | — | | | — | | | 912 | |
Other assets(c) | | — | | | — | | | 243 | | | — | | | — | | | 243 | |
Separate account assets | | 87,814 | | | 3,191 | | | — | | | — | | | — | | | 91,005 | |
Total(d) | $ | 91,356 | | $ | 225,085 | | $ | 33,013 | | $ | (3,864) | | $ | (2,220) | | $ | 343,370 | |
| Liabilities: | | | | | | | | | | | | |
| Policyholder contract deposits | $ | — | | $ | 55 | | $ | 7,942 | | $ | — | | $ | — | | $ | 7,997 | |
| Market risk benefit liabilities | | — | | | — | | | 5,705 | | | — | | | — | | | 5,705 | |
Derivative liabilities(c): | | | | | | | | | | | | |
Interest rate contracts | | — | | | 3,631 | | | — | | | — | | | — | | | 3,631 | |
Foreign exchange contracts | | — | | | 891 | | | 3 | | | — | | | — | | | 894 | |
Equity contracts | | 2 | | | 680 | | | 63 | | | — | | | — | | | 745 | |
Credit contracts | | — | | | 4 | | | 33 | | | — | | | — | | | 37 | |
| Other contracts | | — | | | — | | | 2 | | | — | | | — | | | 2 | |
Counterparty netting and cash collateral | | — | | | — | | | — | | | (3,864) | | | (1,050) | | | (4,914) | |
Total derivative liabilities | | 2 | | | 5,206 | | | 101 | | | (3,864) | | | (1,050) | | | 395 | |
Fortitude Re funds withheld payable | | — | | | — | | | (1,226) | | | — | | | — | | | (1,226) | |
| Other liabilities | | — | | | 107 | | | 122 | | | — | | | — | | | 229 | |
Long-term debt | | — | | | 53 | | | — | | | — | | | — | | | 53 | |
| Total | $ | 2 | | $ | 5,421 | | $ | 12,644 | | $ | (3,864) | | $ | (1,050) | | $ | 13,153 | |
(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.5 billion and $9.5 billion as of March 31, 2024 and December 31, 2023, respectively.
(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
(d)Excludes $176 million and $182 million as of March 31, 2024 and December 31, 2023, respectively, of assets reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 15 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Fair Value
Beginning
of Year | | MRBs and
Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income | | Other
Comprehensive
Income (Loss) | | Purchases,
Sales,
Issuances
and
Settlements,
Net | | Gross
Transfers
In | | Gross
Transfers
Out | | Other | | Fair
Value
End of
Period | | Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period | | Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period |
| Three Months Ended March 31, 2024 | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 847 | | $ | — | | $ | (14) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 833 | | $ | — | | $ | (16) | |
| Non-U.S. governments | | 7 | | | — | | | — | | | — | | | — | | | — | | | — | | | 7 | | | — | | | — | |
| Corporate debt | | 1,679 | | | 2 | | | 1 | | | (29) | | | 342 | | | (38) | | | — | | | 1,957 | | | — | | | (4) | |
| RMBS | | 7,640 | | | 90 | | | 93 | | | 329 | | | — | | | (39) | | | — | | | 8,113 | | | — | | | 89 | |
| CMBS | | 633 | | | (5) | | | 46 | | | (103) | | | 144 | | | (125) | | | — | | | 590 | | | — | | | 11 | |
| CLO/ABS | | 16,038 | | | 55 | | | 168 | | | 1,274 | | | 677 | | | (166) | | | — | | | 18,046 | | | — | | | 164 | |
| Total bonds available for sale | | 26,844 | | | 142 | | | 294 | | | 1,471 | | | 1,163 | | | (368) | | | — | | | 29,546 | | | — | | | 244 | |
| Other bond securities: | | | | | | | | | | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | | 1 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | |
| Corporate debt | | 211 | | | 8 | | | — | | | — | | | 3 | | | — | | | — | | | 222 | | | 8 | | | — | |
| RMBS | | 158 | | | 3 | | | — | | | (1) | | | — | | | — | | | — | | | 160 | | | 2 | | | — | |
| CMBS | | 17 | | | — | | | — | | | — | | | — | | | — | | | — | | | 17 | | | — | | | — | |
| CLO/ABS | | 1,169 | | | 14 | | | — | | | (20) | | | — | | | (2) | | | — | | | 1,161 | | | 3 | | | — | |
| Total other bond securities | | 1,556 | | | 25 | | | — | | | (21) | | | 3 | | | (2) | | | — | | | 1,561 | | | 13 | | | — | |
| Equity securities | | 56 | | | 3 | | | — | | | — | | | — | | | (1) | | | — | | | 58 | | | 3 | | | — | |
| Other invested assets | | 2,070 | | | (92) | | | (8) | | | (33) | | | — | | | (57) | | | (26) | | | 1,854 | | | (90) | | | — | |
| Other assets | | 243 | | | — | | | — | | | (114) | | | — | | | — | | | — | | | 129 | | | — | | | — | |
Total(a) | $ | 30,769 | | $ | 78 | | $ | 286 | | $ | 1,303 | | $ | 1,166 | | $ | (428) | | $ | (26) | | $ | 33,148 | | $ | (74) | | $ | 244 | |
| (in millions) | | Fair Value
Beginning
of Year | | MRBs and
Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income | | Other
Comprehensive
Income (Loss) | | Purchases,
Sales,
Issuances
and
Settlements,
Net | | Gross
Transfers
In | | Gross
Transfers
Out | | Other | | Fair
Value
End of
Period | | Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period | | Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Policyholder contract deposits | $ | 7,942 | | $ | 452 | | $ | — | | $ | 156 | | $ | — | | $ | — | | $ | — | | $ | 8,550 | | $ | (3) | | $ | — | |
| Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | |
| Interest rate contracts | | (460) | | | 103 | | | — | | | (53) | | | — | | | — | | | — | | | (410) | | | 193 | | | — | |
| Foreign exchange contracts | | 2 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2 | | | — | | | — | |
| Equity contracts | | (762) | | | (192) | | | — | | | (65) | | | — | | | — | | | — | | | (1,019) | | | 187 | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Other contracts | | (11) | | | (16) | | | — | | | 15 | | | — | | | — | | | — | | | (12) | | | 16 | | | — | |
Total derivative liabilities, net(b) | | (1,231) | | | (105) | | | — | | | (103) | | | — | | | — | | | — | | | (1,439) | | | 396 | | | — | |
| Fortitude Re funds withheld payable | | (1,226) | | | (13) | | | — | | | (125) | | | — | | | — | | | — | | | (1,364) | | | 209 | | | — | |
| Other Liabilities | | 122 | | | (30) | | | — | | | — | | | — | | | — | | | — | | | 92 | | | — | | | — | |
Total(c) | $ | 5,607 | | $ | 304 | | $ | — | | $ | (72) | | $ | — | | $ | — | | $ | — | | $ | 5,839 | | $ | 602 | | $ | — | |
| | | | | |
16 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Fair Value
Beginning
of Year | | MRBs and
Net Realized
and
Unrealized
Gains
(Losses)
Included
in Income | | Other
Comprehensive
Income (Loss) | | Purchases,
Sales,
Issuances
and
Settlements,
Net | | Gross
Transfers
In | | Gross
Transfers
Out | | Other | | Fair
Value
End of
Period | | Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period | | Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period |
| Three Months Ended March 31, 2023 | | | | | | | | | | | | | | | | | | | | |
| Assets: | | | | | | | | | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 824 | | $ | 1 | | $ | 55 | | $ | (7) | | $ | — | | $ | — | | $ | — | | $ | 873 | | $ | — | | $ | 44 | |
| Non-U.S. governments | | 1 | | | 1 | | | — | | | — | | | 7 | | | — | | | — | | | 9 | | | — | | | — | |
| Corporate debt | | 2,847 | | | (102) | | | 51 | | | (201) | | | 274 | | | (421) | | | (16) | | | 2,432 | | | — | | | 50 | |
| RMBS | | 7,553 | | | 109 | | | (70) | | | 10 | | | — | | | (21) | | | — | | | 7,581 | | | — | | | (98) | |
| CMBS | | 926 | | | 7 | | | (3) | | | 1 | | | 34 | | | (27) | | | — | | | 938 | | | — | | | (34) | |
| CLO/ABS | | 12,748 | | | 50 | | | 271 | | | 840 | | | 58 | | | (102) | | | 24 | | | 13,889 | | | — | | | 229 | |
| Total bonds available for sale | | 24,899 | | | 66 | | | 304 | | | 643 | | | 373 | | | (571) | | | 8 | | | 25,722 | | | — | | | 191 | |
| Other bond securities: | | | | | | | | | | | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | | — | | | — | | | — | | | 1 | | | — | | | — | | | — | | | 1 | | | — | | | — | |
| Corporate debt | | 416 | | | 1 | | | — | | | (96) | | | — | | | (191) | | | — | | | 130 | | | 3 | | | — | |
| RMBS | | 173 | | | 5 | | | — | | | (12) | | | — | | | — | | | — | | | 166 | | | (3) | | | — | |
| CMBS | | 28 | | | (1) | | | — | | | — | | | — | | | — | | | — | | | 27 | | | (1) | | | — | |
| CLO/ABS | | 910 | | | 36 | | | — | | | 18 | | | 1 | | | (7) | | | 52 | | | 1,010 | | | 24 | | | — | |
| Total other bond securities | | 1,527 | | | 41 | | | — | | | (89) | | | 1 | | | (198) | | | 52 | | | 1,334 | | | 23 | | | — | |
| Equity securities | | 39 | | | — | | | — | | | 27 | | | 8 | | | — | | | — | | | 74 | | | — | | | — | |
| Other invested assets | | 2,075 | | | (52) | | | 5 | | | 58 | | | — | | | — | | | — | | | 2,086 | | | (50) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Other assets | | 107 | | | — | | | — | | | 3 | | | — | | | — | | | — | | | 110 | | | — | | | — | |
Total(a) | $ | 28,647 | | $ | 55 | | $ | 309 | | $ | 642 | | $ | 382 | | $ | (769) | | $ | 60 | | $ | 29,326 | | $ | (27) | | $ | 191 | |
| (in millions) | | Fair Value
Beginning
of Year | | MRBs and
Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income | | Other
Comprehensive
Income (Loss) | | Purchases,
Sales,
Issuances
and
Settlements,
Net | | Gross
Transfers
In | | Gross
Transfers
Out | | Other | | Fair
Value
End of
Period | | Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period | | Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period |
| Liabilities: | | | | | | | | | | | | | | | | | | | | |
| Policyholder contract deposits | $ | 5,367 | | $ | 381 | | $ | — | | $ | 316 | | $ | — | | $ | — | | $ | — | | $ | 6,064 | | $ | (368) | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | |
| Interest rate contracts | | (311) | | | 57 | | | — | | | (102) | | | — | | | — | | | — | | | (356) | | | (50) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Equity contracts | | (271) | | | (56) | | | — | | | (175) | | | — | | | — | | | — | | | (502) | | | 51 | | | 136 | |
| | | | | | | | | | | | | | | | | | | | |
| Other contracts | | (14) | | | (16) | | | — | | | 16 | | | — | | | — | | | — | | | (14) | | | 16 | | | — | |
Total derivative liabilities, net(b) | | (596) | | | (15) | | | — | | | (261) | | | — | | | — | | | — | | | (872) | | | 17 | | | 136 | |
| Fortitude Re funds withheld payable | | (2,235) | | | 1,165 | | | — | | | (793) | | | — | | | — | | | — | | | (1,863) | | | (759) | | | — | |
| Other liabilities | | 112 | | | — | | | — | | | — | | | — | | | — | | | — | | | 112 | | | — | | | — | |
Total(c) | $ | 2,648 | | $ | 1,531 | | $ | — | | $ | (738) | | $ | — | | $ | — | | $ | — | | $ | 3,441 | | $ | (1,110) | | $ | 136 | |
(a)Excludes MRB assets of $1.2 billion at March 31, 2024 and $830 million at March 31, 2023. For additional information, see Note 13.
(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
(c)Excludes MRB liabilities of $5.2 billion at March 31, 2024 and $5.1 billion at March 31, 2023. For additional information, see Note 13.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 17 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
Market risk benefits and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Net
Investment
Income | | Net Realized
Gains (Losses) | | Change in the fair value of market risk benefits, net(c) | | Other
Income | | Total |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Three Months Ended March 31, 2024 | | | | | | | | | | |
| Assets: | | | | | | | | | | |
| Bonds available for sale | $ | 174 | | $ | (32) | | $ | — | | $ | — | | $ | 142 | |
| Other bond securities | | 25 | | | — | | | — | | | — | | | 25 | |
| Equity securities | | 3 | | | — | | | — | | | — | | | 3 | |
| Other invested assets | | (91) | | | (1) | | | — | | | — | | | (92) | |
| | | | | | | | | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | |
| Assets: | | | | | | | | | | |
| Bonds available for sale | $ | 62 | | $ | 4 | | $ | — | | $ | — | | $ | 66 | |
| Other bond securities | | 41 | | | — | | | — | | | — | | | 41 | |
| | | | | | | | | | |
| Other invested assets | | (51) | | | (1) | | | — | | | — | | | (52) | |
| | | | | | | | | | |
| (in millions) | | Net
Investment
Income | | Net Realized
(Gains) Losses | | Change in the fair value of market risk benefits, net(c) | | Other
Income | | Total |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Three Months Ended March 31, 2024 | | | | | | | | | | |
| Liabilities: | | | | | | | | | | |
Policyholder contract deposits(a) | $ | — | | $ | 452 | | $ | — | | $ | — | | $ | 452 | |
Market risk benefit liabilities, net(b) | | — | | | (2) | | | (1,069) | | | — | | | (1,071) | |
| Derivative liabilities, net | | — | | | (152) | | | 62 | | | (15) | | | (105) | |
| Fortitude Re funds withheld payable | | — | | | (13) | | | — | | | — | | | (13) | |
| Other Liabilities | | — | | | (30) | | | — | | | — | | | (30) | |
| | | | | | | | | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | |
| Liabilities: | | | | | | | | | | |
Policyholder contract deposits(a) | $ | — | | $ | 381 | | $ | — | | $ | — | | $ | 381 | |
Market risk benefit liabilities, net(b) | | — | | | — | | | 87 | | | — | | | 87 | |
| Derivative liabilities, net | | — | | | (88) | | | 89 | | | (16) | | | (15) | |
| Fortitude Re funds withheld payable | | — | | | 1,165 | | | — | | | — | | | 1,165 | |
(a)Primarily embedded derivatives.
(b)Market risk benefit assets and liabilities have been netted in the above table for presentation purposes only.
(c)The portion of the fair value change attributable to own credit risk is recognized in Other comprehensive income (loss) (OCI).
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Purchases | | Sales | | Issuances and Settlements(a) | | Purchases, Sales, Issuances and Settlements, Net(a) |
| Three Months Ended March 31, 2024 | | | | | | | | |
| Assets: | | | | | | | | |
| Bonds available for sale: | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 1 | | $ | — | | $ | (1) | | $ | — | |
| | | | | | | | |
| Corporate debt | | 8 | | | (3) | | | (34) | | | (29) | |
| RMBS | | 574 | | | (1) | | | (244) | | | 329 | |
| CMBS | | — | | | (30) | | | (73) | | | (103) | |
| CLO/ABS | | 1,894 | | | (56) | | | (564) | | | 1,274 | |
| Total bonds available for sale | | 2,477 | | | (90) | | | (916) | | | 1,471 | |
| Other bond securities: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| RMBS | | 3 | | | — | | | (4) | | | (1) | |
| | | | | | | | |
| CLO/ABS | | 41 | | | — | | | (61) | | | (20) | |
| Total other bond securities | | 44 | | | — | | | (65) | | | (21) | |
| | | | | | | | |
| Other invested assets | | 63 | | | — | | | (96) | | | (33) | |
| Other assets | | — | | | — | | | (114) | | | (114) | |
| Total | $ | 2,584 | | $ | (90) | | $ | (1,191) | | $ | 1,303 | |
| | | | | |
18 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Purchases | | Sales | | Issuances and Settlements(a) | | Purchases, Sales, Issuances and Settlements, Net(a) |
| Liabilities: | | | | | | | | |
| Policyholder contract deposits | $ | — | | $ | 332 | | $ | (176) | | $ | 156 | |
| Derivative liabilities, net | | (194) | | | 6 | | | 85 | | | (103) | |
| Fortitude Re funds withheld payable | | — | | | — | | | (125) | | | (125) | |
| | | | | | | | |
| Total | $ | (194) | | $ | 338 | | $ | (216) | | $ | (72) | |
| Three Months Ended March 31, 2023 | | | | | | | | |
| Assets: | | | | | | | | |
| Bonds available for sale: | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 1 | | $ | (4) | | $ | (4) | | $ | (7) | |
| | | | | | | | |
| Corporate Debt | | 21 | | | — | | | (222) | | | (201) | |
| RMBS | | 290 | | | (19) | | | (261) | | | 10 | |
| CMBS | | 10 | | | (6) | | | (3) | | | 1 | |
| CLO/ABS | | 897 | | | (3) | | | (54) | | | 840 | |
| Total bonds available for sale | | 1,219 | | | (32) | | | (544) | | | 643 | |
| Other bond securities: | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | | 1 | | | — | | | — | | | 1 | |
| Corporate debt | | — | | | — | | | (96) | | | (96) | |
| RMBS | | 5 | | | — | | | (17) | | | (12) | |
| | | | | | | | |
| CLO/ABS | | 46 | | | (4) | | | (24) | | | 18 | |
| Total other bond securities | | 52 | | | (4) | | | (137) | | | (89) | |
| Equity securities | | 29 | | | — | | | (2) | | | 27 | |
| Other invested assets | | 72 | | | — | | | (14) | | | 58 | |
| Other assets | | — | | | — | | | 3 | | | 3 | |
| Total | $ | 1,372 | | $ | (36) | | $ | (694) | | $ | 642 | |
Liabilities: | | | | | | | | |
Policyholder contract deposits | $ | — | | $ | 326 | | $ | (10) | | $ | 316 | |
| Derivative liabilities, net | | (260) | | | 5 | | | (6) | | | (261) | |
| Fortitude Re funds withheld payable | | — | | | — | | | (793) | | | (793) | |
| | | | | | | | |
| Total | $ | (260) | | $ | 331 | | $ | (809) | | $ | (738) | |
(a)There were no issuances during the three months ended March 31, 2024 and 2023.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2024 and 2023 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $(11) million and $7 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2024 and 2023, respectively, and includes $4 million and $(5) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2024 and 2023, respectively.
Transfers of Level 3 Assets
During the three months ended March 31, 2024 and 2023, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage-backed securities (CMBS) and collateralized loan obligations (CLO)/asset-backed securities (ABS). Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS and CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended March 31, 2024 and 2023, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, residential mortgage-backed securities (RMBS), CMBS and CLO/ABS. Transfers of private placement corporate debt and certain ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the
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AIG | First Quarter 2024 Form 10-Q | 19 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2024 and 2023.
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Fair Value at
March 31, 2024 | Valuation
Technique | Unobservable Input(b) | Range (Weighted Average)(c) |
| Assets: | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 809 | | Discounted cash flow | Yield | 5.10% - 5.39% (5.24%) |
| Corporate debt | | 1,945 | | Discounted cash flow | Yield | 4.94% - 10.81% (7.65%) |
RMBS(a) | | | 4,672 | | Discounted cash flow | Constant prepayment rate | 4.40% - 10.02% (7.21%) |
| | | | | Loss severity | 35.81% - 84.47% (60.14%) |
| | | | | Constant default rate | 0.78% - 2.56% (1.67%) |
| | | | | Yield | 5.66% - 7.02% (6.34%) |
CLO/ABS(a) | | | 16,371 | | Discounted cash flow | Yield | 5.81% - 7.89% (6.85%) |
| CMBS | | | 547 | | Discounted cash flow | Yield | 5.22% - 18.38% (11.41%) |
| Market risk benefit assets | | | 1,172 | | Discounted cash flow | Equity volatility | 6.35% - 49.95% |
| | | | | Base lapse rate | 0.16% - 28.80% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 38.25% - 160.01% |
| | | | | Utilization(g) | 80.00% - 100.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.06% - 2.33% |
Liabilities(d): | | | | | | |
| Market risk benefit liabilities: | | | | | |
| Variable annuities guaranteed benefits | | 1,675 | | Discounted cash flow | Equity volatility | 6.35% - 49.95% |
| | | | | Base lapse rate | 0.16% - 28.80% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 38.25% - 160.01% |
| | | | | Utilization(g) | 80.00% - 100.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.06% - 2.33% |
| Fixed annuities guaranteed benefits | | 1,130 | | Discounted cash flow | Base lapse rate | 0.20% - 15.75% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 40.26% - 168.43% |
| | | | | Utilization(g) | 90.00% - 97.50% |
| | | | | NPA(h) | 0.06% - 2.33% |
| Fixed index annuities guaranteed benefits | 2,362 | | Discounted cash flow | Equity volatility | 6.35% - 49.95% |
| | | | | Base lapse rate | 0.20% - 50.00% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 24.00% - 146.00% |
| | | | | Utilization(g) | 60.00% - 97.50% |
| | | | | Option budget | 0.00% - 6.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.06% - 2.33% |
| | | | | |
20 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | | Fair Value at
March 31, 2024 | Valuation
Technique | Unobservable Input(b) | Range (Weighted Average)(c) |
| Embedded derivatives within Policyholder contract deposits: | | | | | |
Index credits on fixed index annuities(i) | 7,603 | | Discounted cash flow | Equity volatility | 6.35% - 49.95% |
| | | | | Base lapse rate | 0.20% - 50.00% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 24.00% - 146.00% |
| | | | | Utilization(g) | 60.00% - 97.50% |
| | | | | Option budget | 0.00% - 6.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.06% - 2.33% |
| Index universal life | | 947 | | Discounted cash flow | Base lapse rate | 0.00% - 37.97% |
| | | | | Mortality rate | 0.00% - 100.00% |
| | | | | Equity volatility | 5.85% - 19.95% |
| | | | | NPA(h) | 0.06% - 2.33% |
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | Fair Value at
December 31, 2023 | Valuation
Technique | Unobservable Input(b) | Range (Weighted Average)(c) |
| Assets: | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 824 | | Discounted cash flow | Yield | 4.97% - 5.31% (5.14%) |
| Corporate debt | | 1,803 | | Discounted cash flow | Yield | 5.19% - 8.48% (6.83%) |
RMBS(a) | | | 4,656 | | Discounted cash flow | Constant prepayment rate | 4.34% - 9.99% (7.17%) |
| | | | | Loss severity | 33.56% - 87.59% (60.57%) |
| | | | | Constant default rate | 0.76% - 2.56% (1.66%) |
| | | | | Yield | 6.13% - 7.41% (6.77%) |
CLO/ABS(a) | | | 14,242 | | Discounted cash flow | Yield | 5.62% - 7.89% (6.76%) |
| CMBS | | | 587 | | Discounted cash flow | Yield | 5.62% - 17.85% (11.73%) |
| Market risk benefit assets | | | 912 | | Discounted cash flow | Equity volatility | 6.25% - 49.75% |
| | | | | Base lapse rate | 0.16% - 28.80% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 38.25% - 160.01% |
| | | | | Utilization(g) | 80.00% - 100.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.00% - 2.29% |
Liabilities(d): | | | | | | |
| Market risk benefit liabilities: | | | | | |
| Variable annuities guaranteed benefits | | 2,174 | | Discounted cash flow | Equity volatility | 6.25% - 49.75% |
| | | | | Base lapse rate | 0.16% - 28.80% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 38.25% - 160.01% |
| | | | | Utilization(g) | 80.00% - 100.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.00% - 2.29% |
| Fixed annuities guaranteed benefits | | 1,111 | | Discounted cash flow | Base lapse rate | 0.20% - 15.75% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 40.26% - 168.43% |
| | | | | Utilization(g) | 90.00% - 97.50% |
| | | | | NPA(h) | 0.00% - 2.29% |
| Fixed index annuities guaranteed benefits | 2,420 | | Discounted cash flow | Equity volatility | 6.25% - 49.75% |
| | | | | Base lapse rate | 0.20% - 50.00% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 24.00% - 146.00% |
| | | | | Utilization(g) | 60.00% - 97.50% |
| | | | | Option budget | 0.00% - 6.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.00% - 2.29% |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 21 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
| | | | | | | | | | | | | | | | | | | | |
| (in millions) | Fair Value at
December 31, 2023 | Valuation
Technique | Unobservable Input(b) | Range (Weighted Average)(c) |
| Embedded derivatives within Policyholder contract deposits: | | | | | |
Index credits on fixed index annuities(i) | 6,953 | | Discounted cash flow | Equity volatility | 6.25% - 49.75% |
| | | | | Base lapse rate | 0.20% - 50.00% |
| | | | | Dynamic lapse multiplier(e) | 20.00% - 186.18% |
| | | | | Mortality multiplier(e)(f) | 24.00% - 146.00% |
| | | | | Utilization(g) | 60.00% - 97.50% |
| | | | | Option budget | 0.00% - 6.00% |
| | | | | Equity / interest rate correlation | 0.00% - 30.00% |
| | | | | NPA(h) | 0.00% - 2.29% |
| Index universal life | | 989 | | Discounted cash flow | Base lapse rate | 0.00% - 37.97% |
| | | | | Mortality rate | 0.00% - 100.00% |
| | | | | Equity volatility | 5.85% - 20.36% |
| | | | | NPA(h) | 0.00% - 2.29% |
(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.
(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.
(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives with policyholder contract deposits and market risk benefits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 8, the Fortitude Re funds withheld payable is created through modified coinsurance (modco) and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet.
(e)The ranges for these inputs vary due to the different guaranteed minimum withdrawal benefits (GMWB) product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.
(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.
(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.
(h)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.
(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.7 billion and $1.5 billion at March 31, 2024 and December 31, 2023, respectively.
The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.
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22 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
MRBs and Embedded Derivatives within Policyholder Contract Deposits
For MRBs and embedded derivatives, the assumptions for unobservable inputs vary throughout the period over which cash flows are projected for valuation purposes. The following are applicable unobservable inputs:
•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.
•Equity and interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our MRBs. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability. Only our fixed index annuities with a GMWB rider are subject to the equity and interest correlation assumption. Other policies such as accumulation fixed index annuity and life products do not use a correlation assumption.
•Base lapse rate assumptions are determined by company experience and judgment and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability as fewer policyholders would persist to collect guaranteed benefit amounts.
•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the GMWB liability, while lower mortality rate assumptions will generally increase the fair value of the liability because guaranteed withdrawal payments will be made for a longer period of time and generally exceed any decrease in guaranteed death benefits.
•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.
•Non-performance or “own credit” risk adjustment used in the valuation of MRBs and embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the NPA spread) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the MRBs and embedded derivatives, resulting in a gain in AOCI or Net realized gains (losses), respectively, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the MRBs and embedded derivatives, resulting in a loss in AOCI or Net realized gains (losses), respectively.
•The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.
•For embedded derivatives, option budgets estimate the expected long-term cost of options used to hedge exposures associated with index price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
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AIG | First Quarter 2024 Form 10-Q | 23 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.
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| | | March 31, 2024 | | | December 31, 2023 |
| (in millions) | Investment Category Includes | | Fair Value Using NAV Per Share (or its equivalent) | | Unfunded Commitments | | | Fair Value Using NAV Per Share (or its equivalent) | | Unfunded Commitments |
| Investment Category | | | | | | | | | | |
| Private equity funds: | | | | | | | | | | |
| Leveraged buyout | Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage | $ | 3,736 | | $ | 2,278 | | | $ | 3,617 | | $ | 2,313 | |
| Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets | | 1,712 | | | 824 | | | | 1,814 | | | 782 | |
| Venture capital | Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company | | 266 | | | 136 | | | | 270 | | | 141 | |
| Growth equity | Funds that make investments in established companies for the purpose of growing their businesses | | 690 | | | 112 | | | | 680 | | | 117 | |
| Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies | | 263 | | | 94 | | | | 292 | | | 98 | |
| Other | Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies | | 2,168 | | | 257 | | | | 2,125 | | | 297 | |
| Total private equity funds | | 8,835 | | | 3,701 | | | | 8,798 | | | 3,748 | |
| Hedge funds: | | | | | | | | | | |
| Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations | | 17 | | | — | | | | 18 | | | — | |
| Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk | | 565 | | | — | | | | 549 | | | — | |
| Macro | Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions | | 37 | | | — | | | | 69 | | | — | |
| Other | Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments | | 68 | | | — | | | | 74 | | | — | |
| Total hedge funds | | | 687 | | | — | | | | 710 | | | — | |
| Total | | $ | 9,522 | | $ | 3,701 | | | $ | 9,508 | | $ | 3,748 | |
Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.
The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to eight quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.
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24 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
FAIR VALUE OPTION
The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | Gain (Loss) |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| Assets: | | | | | | | | | | | |
Other bond securities(a) | | | | | | $ | 78 | | $ | 136 | | | |
Alternative investments(b) | | | | | | | 130 | | | 77 | | | |
| Liabilities: | | | | | | | | | | | |
Long-term debt(c) | | | | | | | 1 | | | (1) | | | |
| Total gain (loss) | | | | | | $ | 209 | | $ | 212 | | | |
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.
(b)Includes certain hedge funds, private equity funds and other investment partnerships.
(c)Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.
The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | March 31, 2024 | | | December 31, 2023 |
| (in millions) | | Fair Value | | Outstanding Principal Amount | | Difference | | | Fair Value | | Outstanding Principal Amount | | Difference |
| | | | | | | | | | | | | |
| Long-term debt* | $ | 68 | | $ | 60 | | $ | 8 | | | $ | 53 | | $ | 44 | | $ | 9 | |
*Includes GIAs, notes, bonds, loans and mortgages payable.
FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS
The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Assets at Fair Value | | | | | | | Impairment Charges |
| Non-Recurring Basis | | | | Three Months Ended
March 31, |
| (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | | | | | | | 2024 | | 2023 | | |
| March 31, 2024 | | | | | | | | | | | | | | | | | | | | |
| Other investments | $ | — | | $ | — | | $ | 98 | | $ | 98 | | | | | | | | $ | 25 | | $ | — | | | |
| Other assets | | — | | | — | | | — | | | — | | | | | | | | | 1 | | | 9 | | | |
| Total | $ | — | | $ | — | | $ | 98 | | $ | 98 | | | | | | | | $ | 26 | | $ | 9 | | | |
| December 31, 2023 | | | | | | | | | | | | | | | | | | | | |
| Other investments | $ | — | | $ | — | | $ | 80 | | $ | 80 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Total | $ | — | | $ | — | | $ | 80 | | $ | 80 | | | | | | | | | | | | | |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 25 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Estimated Fair Value | | Carrying
Value |
| (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | |
| March 31, 2024 | | | | | | | | | | |
| Assets: | | | | | | | | | | |
| Mortgage and other loans receivable | $ | — | | $ | 322 | | $ | 48,810 | | $ | 49,132 | | $ | 52,475 | |
| Other invested assets | | — | | | 896 | | | 6 | | | 902 | | | 902 | |
Short-term investments(a) | | — | | | 6,590 | | | — | | | 6,590 | | | 6,590 | |
Cash(b) | | 1,816 | | | — | | | — | | | 1,816 | | | 1,816 | |
| Other assets | | 43 | | | — | | | — | | | 43 | | | 43 | |
| Liabilities: | | | | | | | | | | |
| Policyholder contract deposits associated with investment-type contracts | | — | | | 86 | | | 136,106 | | | 136,192 | | | 141,851 | |
| Fortitude Re funds withheld payable | | — | | | — | | | 30,153 | | | 30,153 | | | 30,153 | |
Other liabilities(c) | | — | | | 3,585 | | | — | | | 3,585 | | | 3,585 | |
| Short-term and long-term debt | | — | | | 17,928 | | | 249 | | | 18,177 | | | 19,250 | |
| Debt of consolidated investment entities | | — | | | 67 | | | 2,527 | | | 2,594 | | | 2,617 | |
| Separate account liabilities - investment contracts | | — | | | 91,243 | | | — | | | 91,243 | | | 91,243 | |
| December 31, 2023 | | | | | | | | | | |
| Assets: | | | | | | | | | | |
| Mortgage and other loans receivable | $ | — | | $ | 272 | | $ | 48,264 | | $ | 48,536 | | $ | 51,553 | |
| Other invested assets | | — | | | 913 | | | 6 | | | 919 | | | 919 | |
Short-term investments(a) | | — | | | 6,428 | | | — | | | 6,428 | | | 6,428 | |
Cash(b) | | 2,155 | | | — | | | — | | | 2,155 | | | 2,155 | |
| Other assets | | 45 | | | — | | | — | | | 45 | | | 45 | |
| Liabilities: | | | | | | | | | | |
| Policyholder contract deposits associated with investment-type contracts | | — | | | 90 | | | 130,094 | | | 130,184 | | | 140,652 | |
| Fortitude Re funds withheld payable | | — | | | — | | | 30,710 | | | 30,710 | | | 30,710 | |
Other liabilities(c) | | — | | | 2,467 | | | — | | | 2,467 | | | 2,467 | |
| Short-term and long-term debt | | — | | | 18,595 | | | 267 | | | 18,862 | | | 19,743 | |
| Debt of consolidated investment entities | | — | | | 43 | | | 2,526 | | | 2,569 | | | 2,591 | |
| Separate account liabilities - investment contracts | | — | | | 87,215 | | | — | | | 87,215 | | | 87,215 | |
(a)Excludes $25 million and $11 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.
(b)Excludes $1 million and $3 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.
(c)Excludes $52 million and $45 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Liabilities held for sale on the Condensed Consolidated Balance Sheets.
| | | | | |
26 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
6. Investments
SECURITIES AVAILABLE FOR SALE
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(b) | | Gross Unrealized Losses(b) | | Fair Value |
| March 31, 2024 | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | |
| U.S. government and government sponsored entities | $ | 6,157 | | $ | — | | $ | 23 | | $ | (391) | | $ | 5,789 | |
| Obligations of states, municipalities and political subdivisions | | 10,894 | | | — | | | 85 | | | (886) | | | 10,093 | |
| Non-U.S. governments | | 13,310 | | | — | | | 109 | | | (1,451) | | | 11,968 | |
| Corporate debt | | 153,436 | | | (84) | | | 1,598 | | | (19,132) | | | 135,818 | |
| Mortgage-backed, asset-backed and collateralized: | | | | | | | | | | |
| RMBS | | 21,841 | | | (24) | | | 849 | | | (1,245) | | | 21,421 | |
| CMBS | | 15,563 | | | (17) | | | 68 | | | (1,126) | | | 14,488 | |
| CLO/ABS | | 33,866 | | | — | | | 234 | | | (1,190) | | | 32,910 | |
| Total mortgage-backed, asset-backed and collateralized | | 71,270 | | | (41) | | | 1,151 | | | (3,561) | | | 68,819 | |
Total bonds available for sale(c) | $ | 255,067 | | $ | (125) | | $ | 2,966 | | $ | (25,421) | | $ | 232,487 | |
| December 31, 2023 | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | |
| U.S. government and government sponsored entities | $ | 5,885 | | $ | — | | $ | 58 | | $ | (327) | | $ | 5,616 | |
| Obligations of states, municipalities and political subdivisions | | 11,387 | | | — | | | 118 | | | (842) | | | 10,663 | |
| Non-U.S. governments | | 13,668 | | | (3) | | | 137 | | | (1,349) | | | 12,453 | |
| Corporate debt | | 154,674 | | | (90) | | | 1,898 | | | (18,050) | | | 138,432 | |
| Mortgage-backed, asset-backed and collateralized: | | | | | | | | | | |
| RMBS | | 20,875 | | | (35) | | | 821 | | | (1,217) | | | 20,444 | |
| CMBS | | 15,379 | | | (34) | | | 46 | | | (1,263) | | | 14,128 | |
| CLO/ABS | | 31,167 | | | — | | | 183 | | | (1,353) | | | 29,997 | |
| Total mortgage-backed, asset-backed and collateralized | | 67,421 | | | (69) | | | 1,050 | | | (3,833) | | | 64,569 | |
Total bonds available for sale(c) | $ | 253,035 | | $ | (162) | | $ | 3,261 | | $ | (24,401) | | $ | 231,733 | |
(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 March 31, 2024, includes mark to market movement relating to embedded derivatives.
(c)At March 31, 2024 and December 31, 2023, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $16.9 billion or 7 percent and $17.1 billion or 7 percent, respectively.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 27 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
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 Months | | 12 Months or More | | Total |
| (in millions) | | Fair
Value | | Gross
Unrealized
Losses* | | Fair
Value | | Gross
Unrealized
Losses* | | Fair
Value | | Gross
Unrealized
Losses* |
| March 31, 2024 | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
| U.S. government and government sponsored entities | $ | 2,600 | | $ | 33 | | $ | 1,486 | | $ | 358 | | $ | 4,086 | | $ | 391 | |
| Obligations of states, municipalities and political subdivisions | | 2,150 | | | 134 | | | 5,187 | | | 752 | | | 7,337 | | | 886 | |
| Non-U.S. governments | | 2,007 | | | 148 | | | 7,424 | | | 1,302 | | | 9,431 | | | 1,450 | |
| Corporate debt | | 16,567 | | | 2,141 | | | 91,020 | | | 16,952 | | | 107,587 | | | 19,093 | |
| RMBS | | 4,044 | | | 189 | | | 7,877 | | | 1,025 | | | 11,921 | | | 1,214 | |
| CMBS | | 1,678 | | | 70 | | | 8,664 | | | 1,050 | | | 10,342 | | | 1,120 | |
| CLO/ABS | | 6,593 | | | 154 | | | 12,577 | | | 1,036 | | | 19,170 | | | 1,190 | |
| Total bonds available for sale | $ | 35,639 | | $ | 2,869 | | $ | 134,235 | | $ | 22,475 | | $ | 169,874 | | $ | 25,344 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | |
| December 31, 2023 | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
| U.S. government and government sponsored entities | $ | 1,046 | | $ | 12 | | $ | 1,550 | | $ | 315 | | $ | 2,596 | | $ | 327 | |
| Obligations of states, municipalities and political subdivisions | | 1,994 | | | 133 | | | 5,218 | | | 709 | | | 7,212 | | | 842 | |
| Non-U.S. governments | | 1,901 | | | 168 | | | 7,483 | | | 1,175 | | | 9,384 | | | 1,343 | |
| Corporate debt | | 15,483 | | | 1,936 | | | 93,649 | | | 16,076 | | | 109,132 | | | 18,012 | |
| RMBS | | 4,154 | | | 288 | | | 7,246 | | | 880 | | | 11,400 | | | 1,168 | |
| CMBS | | 2,864 | | | 219 | | | 8,192 | | | 1,027 | | | 11,056 | | | 1,246 | |
| CLO/ABS | | 6,965 | | | 202 | | | 13,436 | | | 1,151 | | | 20,401 | | | 1,353 | |
| Total bonds available for sale | $ | 34,407 | | $ | 2,958 | | $ | 136,774 | | $ | 21,333 | | $ | 171,181 | | $ | 24,291 | |
*At March 31, 2024, includes mark to market movement relating to embedded derivatives.
At March 31, 2024, we held 27,875 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 22,726 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2023, we held 27,930 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 22,663 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2024 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
| | | | | |
28 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Contractual Maturities of Fixed Maturity Securities Available for Sale
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
| | | | | | | | | | | | | | |
| March 31, 2024 | | Total Fixed Maturity Securities
Available for Sale |
| (in millions) | | Amortized Cost,
Net of Allowance | | Fair Value |
| | | | |
| Due in one year or less | $ | 8,347 | | $ | 8,235 | |
| Due after one year through five years | | 47,710 | | | 46,259 | |
| Due after five years through ten years | | 39,506 | | | 36,657 | |
| Due after ten years | | 88,150 | | | 72,517 | |
| Mortgage-backed, asset-backed and collateralized | | 71,229 | | | 68,819 | |
| Total | $ | 254,942 | | $ | 232,487 | |
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
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, |
| | | | | 2024 | | 2023 | | |
| (in millions) | | | | | | | | | | | | Gross
Realized
Gains | | Gross
Realized
Losses | | | Gross
Realized
Gains | | Gross
Realized
Losses | | | | | |
| Fixed maturity securities | | | | | | | | | | | $ | 20 | $ | 463 | | $ | 146 | $ | 598 | | | | | |
For the three months ended March 31, 2024 and 2023, the aggregate fair value of available for sale securities sold was $4.9 billion and $10.8 billion, respectively, which resulted in net realized gains (losses) of $(443) million and $(452) million, respectively. Included within the net realized gains (losses) are $(37) million and $(65) million of net realized gains (losses) for the three months ended March 31, 2024 and 2023, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
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, 2024 | | | | December 31, 2023 | |
| Fair
Value | | Percent
of Total | | | | Fair
Value | | Percent
of Total | |
| Fixed maturity securities: | | | | | | | | | | | |
| | | | | | | | | | | |
| Obligations of states, municipalities and political subdivisions | $ | 90 | | | 1 | | % | | $ | 91 | | | 2 | | % |
| Non-U.S. governments | | 39 | | | 1 | | | | | 37 | | | 1 | | |
| Corporate debt | | 2,997 | | | 48 | | | | | 2,908 | | | 49 | | |
| Mortgage-backed, asset-backed and collateralized: | | | | | | | | | | | |
| RMBS | | 273 | | | 4 | | | | | 263 | | | 4 | | |
| CMBS | | 283 | | | 5 | | | | | 261 | | | 4 | | |
| CLO/ABS and other collateralized | | 1,721 | | | 28 | | | | | 1,681 | | | 28 | | |
Total mortgage-backed, asset-backed and collateralized | | 2,277 | | | 37 | | | | | 2,205 | | | 36 | | |
| Total fixed maturity securities | | 5,403 | | | 87 | | | | | 5,241 | | | 88 | | |
| Equity securities | | 797 | | | 13 | | | | | 728 | | | 12 | | |
| Total | $ | 6,200 | | | 100 | | % | | $ | 5,969 | | | 100 | | % |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 29 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
| | | | | | | | | | | | | | |
| (in millions) | | March 31, 2024 | | December 31, 2023 |
Alternative investments(a)(b) | $ | 11,195 | | $ | 11,320 | |
Investment real estate(c) | | 2,159 | | | 2,237 | |
All other investments(d) | | 2,623 | | | 2,660 | |
| Total | $ | 15,977 | | $ | 16,217 | |
(a)At March 31, 2024, included hedge funds of $0.7 billion and private equity funds of $10.5 billion. At December 31, 2023, included hedge funds of $0.7 billion and private equity funds of $10.6 billion.
(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to six quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.
(c)Represents values net of accumulated depreciation. At March 31, 2024 and December 31, 2023, the accumulated depreciation was $834 million and $853 million, respectively.
(d)Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), and DaVinciRe Holdings Ltd, Class D (DVRH), which are recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $156 million at March 31, 2024 and December 31, 2023, respectively. Our investment in DVRH totaled $300 million and $300 million at March 31, 2024 and December 31, 2023, respectively.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | 2023 | | |
| (in millions) | Excluding Fortitude
Re Funds
Withheld Assets | Fortitude Re
Funds Withheld
Assets | Total | | Excluding Fortitude
Re Funds
Withheld Assets | Fortitude Re
Funds Withheld
Assets | Total | | | | |
| Available for sale fixed maturity securities, including short-term investments | $ | 2,946 | | $ | 216 | | $ | 3,162 | | | $ | 2,546 | | $ | 243 | | $ | 2,789 | | | | | | | | |
Other fixed maturity securities | | 9 | | | 71 | | | 80 | | | | 12 | | | 123 | | | 135 | | | | | | | | |
| Equity securities | | 99 | | | — | | | 99 | | | | 51 | | | — | | | 51 | | | | | | | | |
| Interest on mortgage and other loans | | 649 | | | 57 | | | 706 | | | | 567 | | | 59 | | | 626 | | | | | | | | |
Alternative investments(a) | | 8 | | | 33 | | | 41 | | | | 76 | | | 31 | | | 107 | | | | | | | | |
| Real estate | | 5 | | | (7) | | | (2) | | | | 3 | | | — | | | 3 | | | | | | | | |
Other investments | | 33 | | | 7 | | | 40 | | | | 28 | | | (1) | | | 27 | | | | | | | | |
| Total investment income | | 3,749 | | | 377 | | | 4,126 | | | | 3,283 | | | 455 | | | 3,738 | | | | | | | | |
| Investment expenses | | 214 | | | 8 | | | 222 | | | | 196 | | | 9 | | | 205 | | | | | | | | |
| Net investment income | $ | 3,535 | | $ | 369 | | $ | 3,904 | | | $ | 3,087 | | $ | 446 | | $ | 3,533 | | | | | | | | |
(a)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.
| | | | | |
30 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | 2023 | | |
| (in millions) | Excluding Fortitude
Re Funds
Withheld Assets | Fortitude Re
Funds Withheld
Assets | | Total | | Excluding Fortitude
Re Funds
Withheld Assets | Fortitude Re
Funds Withheld
Assets | | Total | | | | | |
| Sales of fixed maturity securities | $ | (406) | | $ | (37) | | $ | (443) | | | $ | (387) | | $ | (65) | | $ | (452) | | | | | | | | |
| Intent to sell | | (16) | | | (32) | | | (48) | | | | — | | | — | | | — | | | | | | | | |
| Change in allowance for credit losses on fixed maturity securities | | (62) | | | (6) | | | (68) | | | | (16) | | | — | | | (16) | | | | | | | | |
| Change in allowance for credit losses on loans | | (23) | | | 1 | | | (22) | | | | (42) | | | (21) | | | (63) | | | | | | | | |
| Foreign exchange transactions | | 14 | | | (14) | | | — | | | | 114 | | | 16 | | | 130 | | | | | | | | |
| Index-linked interest credited embedded derivatives, net of related hedges | | 90 | | | — | | | 90 | | | | (178) | | | — | | | (178) | | | | | | | | |
| All other derivatives and hedge accounting* | | 123 | | | (90) | | | 33 | | | | (217) | | | 38 | | | (179) | | | | | | | | |
| Sales of alternative investments and real estate investments | | 30 | | | (1) | | | 29 | | | | 4 | | | 1 | | | 5 | | | | | | | | |
| Other | | (8) | | | — | | | (8) | | | | 9 | | | — | | | 9 | | | | | | | | |
| Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative | | (258) | | | (179) | | | (437) | | | | (713) | | | (31) | | | (744) | | | | | | | | |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | | — | | | 13 | | | 13 | | | | — | | | (1,165) | | | (1,165) | | | | | | | | |
| Net realized gains (losses) | $ | (258) | | $ | (166) | | $ | (424) | | | $ | (713) | | $ | (1,196) | | $ | (1,909) | | | | | | | | |
*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.
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF 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) | | | | | | | 2024 | | 2023 |
| Increase (decrease) in unrealized appreciation (depreciation) of investments: | | | | | | | | | |
| Fixed maturity securities | | | | | | $ | (1,214) | | $ | 5,005 | |
| | | | | | | | | |
| Total increase (decrease) in unrealized appreciation (depreciation) of investments* | | | | | | $ | (1,214) | | $ | 5,005 | |
*Excludes net unrealized gains and losses attributable to businesses held for sale at March 31, 2024.
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, | | 2024 | | | 2023 |
| (in millions) | | Equities | | Other
Invested
Assets | | Total | | | Equities | | Other
Invested
Assets | | Total |
| Net gains recognized during the period on equity securities and other investments | $ | 99 | | $ | 153 | | $ | 252 | | | $ | 51 | | $ | 110 | | $ | 161 | |
| Less: Net gains recognized during the period on equity securities and other investments sold during the period | | 67 | | | 2 | | | 69 | | | | 153 | | | 1 | | | 154 | |
| Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $ | 32 | | $ | 151 | | $ | 183 | | | $ | (102) | | $ | 109 | | $ | 7 | |
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2023 Annual Report.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 31 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Credit Impairments
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, | 2024 | | 2023 | | |
| (in millions) | Structured | Non-
Structured | | Total | | Structured | Non-
Structured | | Total | | | | | |
| Balance, beginning of year | $ | 69 | | $ | 93 | | $ | 162 | | | $ | 46 | | $ | 140 | | $ | 186 | | | | | | | | |
| Additions: | | | | | | | | | | | | | | | | | | | | |
| Securities for which allowance for credit losses were not previously recorded | | 13 | | | 20 | | | 33 | | | | 2 | | | 22 | | | 24 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Reductions: | | | | | | | | | | | | | | | | | | | | |
| Securities sold during the period | | (15) | | | (8) | | | (23) | | | | (1) | | | (10) | | | (11) | | | | | | | | |
| 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 | | 12 | | | 23 | | | 35 | | | | (4) | | | (4) | | | (8) | | | | | | | | |
| Write-offs charged against the allowance | | (39) | | | (44) | | | (83) | | | | — | | | (50) | | | (50) | | | | | | | | |
| Other | | 1 | | | — | | | 1 | | | | 2 | | | (7) | | | (5) | | | | | | | | |
| Balance, end of period | $ | 41 | | $ | 84 | | $ | 125 | | | $ | 45 | | $ | 91 | | $ | 136 | | | | | | | | |
Purchased Credit Deteriorated Securities
We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:
•Current delinquency rates;
•Expected default rates and the timing of such defaults;
•Loss severity and the timing of any recovery; and
•Expected prepayment speeds.
Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.
We did not purchase securities with more than insignificant credit deterioration since their origination during the three months ended March 31, 2024 and 2023.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
| | | | | |
32 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
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, 2024 | | December 31, 2023 |
| Fixed maturity securities available for sale | $ | 3,651 | $ | 2,723 |
| | | | |
At March 31, 2024 and December 31, 2023, amounts borrowed under repurchase and securities lending agreements totaled $3.6 billion and $2.6 billion, respectively.
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, 2024 | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
| | | | | | | | | | | | |
| Non-U.S. governments | | $ | — | | | $ | 51 | | | $ | — | | | $ | — | | | $ | — | | | $ | 51 | |
| Corporate debt | | 14 | | | 3,586 | | | — | | | — | | | — | | | 3,600 | |
| Total | | $ | 14 | | | $ | 3,637 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,651 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | |
| December 31, 2023 | | | | | | | | | | | | |
| Bonds available for sale: | | | | | | | | | | | | |
| Non-U.S. governments | | $ | — | | | $ | 277 | | | $ | — | | | $ | — | | | $ | — | | | $ | 277 | |
| Corporate debt | | 38 | | | 2,408 | | | — | | | — | | | — | | | 2,446 | |
| Total | | $ | 38 | | | $ | 2,685 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,723 | |
We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
| | | | | | | | | | | | | | |
| (in millions) | | March 31, 2024 | | December 31, 2023 |
| Securities collateral pledged to us | $ | 934 | | $ | 1,200 | |
At March 31, 2024 and December 31, 2023, the carrying value of reverse repurchase agreements totaled $927 million and $1.1 billion, respectively.
All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance contracts, was $18.5 billion and $16.5 billion at March 31, 2024 and December 31, 2023, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $288 million and $283 million of stock in FHLBs at March 31, 2024 and December 31, 2023, respectively. In addition, our subsidiaries have pledged securities available for sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $6.2 billion and $3.1 billion, respectively, at March 31, 2024 and $6.5 billion and $3.0 billion, respectively, at December 31, 2023.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 33 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments
Certain GIAs have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our long-term debt ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades, and the aggregate amount of payments that we could be required to make, depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $77 million and $63 million, at March 31, 2024 and December 31, 2023, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.
Investments held in escrow accounts or otherwise subject to restriction as to their use were $164 million and $164 million, comprised of bonds available for sale and short-term investments at March 31, 2024 and December 31, 2023, respectively.
Reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld.
7. Lending Activities
The following table presents the composition of Mortgage and other loans receivable, net:
| | | | | | | | | | | |
| (in millions) | March 31, 2024 | | December 31, 2023 |
Commercial mortgages(a) | $ | 38,478 | | | $ | 38,009 | |
| Residential mortgages | 9,241 | | | 8,689 | |
| Life insurance policy loans | 1,753 | | | 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.
Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2024, $32 million and $656 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $492 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.
Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2024, accrued interest receivable was $34 million and $187 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $183 million associated with residential mortgage loans and commercial mortgage loans, respectively.
A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.
Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.
| | | | | |
34 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
CREDIT QUALITY OF COMMERCIAL MORTGAGES
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Total |
| (in millions) | | | | | | | |
| >1.2X | $ | 659 | | $ | 2,388 | | $ | 6,371 | | $ | 2,577 | | $ | 1,412 | | $ | 17,872 | | $ | 31,279 | |
| 1.00 - 1.20X | | 90 | | | 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, 2023 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
| (in millions) | | | | | | | |
| >1.2X | $ | 2,555 | | $ | 6,209 | | $ | 2,349 | | $ | 1,387 | | $ | 4,969 | | $ | 13,459 | | $ | 30,928 | |
| 1.00 - 1.20X | | 295 | | | 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, 2024 | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Total |
| (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, 2023 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
| (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 | | Class | | | Percent
of
Total | |
| (dollars in millions) | | Apartments | | Offices | | Retail | | Industrial | | Hotel | | Others | | Total | |
| March 31, 2024 | | | | | | | | | | | | | | | | | |
| Past Due Status: | | | | | | | | | | | | | | | | | |
| In good standing | 610 | $ | 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 foreclosure | 2 | | — | | | 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 | | % |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 35 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Number
of
Loans | | Class | | | Percent
of
Total | |
| (dollars in millions) | | Apartments | | Offices | | Retail | | Industrial | | Hotel | | Others | | Total | |
| December 31, 2023 | | | | | | | | | | | | | | | | | |
| Past Due Status: | | | | | | | | | | | | | | | | | |
| In good standing | 610 | $ | 15,129 | | $ | 9,679 | | $ | 4,263 | | $ | 6,367 | | $ | 2,053 | | $ | 446 | | $ | 37,937 | | 100 | | % |
| | | | | | | | | | | | | | | | | |
| 90 days or less delinquent | 1 | | — | | | 29 | | | — | | | — | | | — | | | — | | | 29 | | — | | |
| >90 days delinquent or in process of foreclosure | 1 | | — | | | — | | | 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, 2024 | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior | | Total |
| (in millions) | | | | | | | | |
| FICO*: | | | | | | | | | | | | | | | |
| 780 and greater | | $ | 55 | | $ | 699 | | $ | 594 | | $ | 2,295 | | $ | 643 | | $ | 845 | | $ | 5,131 | |
| 720 - 779 | | | 198 | | | 1,134 | | | 539 | | | 543 | | | 151 | | | 345 | | | 2,910 | |
| 660 - 719 | | | 69 | | | 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, 2023 | | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
| (in millions) | | | | | | | | |
| FICO*: | | | | | | | | | | | | | | | |
| 780 and greater | | $ | 514 | | $ | 589 | | $ | 2,283 | | $ | 622 | | $ | 240 | | $ | 608 | | $ | 4,856 | |
| 720 - 779 | | | 1,121 | | | 625 | | | 560 | | | 169 | | | 99 | | | 243 | | | 2,817 | |
| 660 - 719 | | | 313 | | | 257 | | | 113 | | | 40 | | | 37 | | | 128 | | | 888 | |
| 600 - 659 | | | 2 | | | 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.
METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES
For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2023 Annual Report.
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 | | Total | | | Commercial
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 losses | | 32 | | | 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.
Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.
| | | | | |
36 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities
LOAN MODIFICATIONS
The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.
Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.
When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.
We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.
During the three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $17 million supporting the funds withheld arrangements with Fortitude Re and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1 percent and 4 percent, respectively, of these portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.
There were no loans that had defaulted during the three months ended March 31, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.
AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that have been modified in the 12 months prior to March 31, 2024 are current and performing in conjunction with their modified terms.
8. Reinsurance
FORTITUDE RE
Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.
As of March 31, 2024, approximately $26.9 billion of reserves from our Life and Retirement Run-Off Lines and approximately $2.9 billion of reserves from our General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 37 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance
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, 2024 | | December 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 option | | 5,035 | | | 5,035 | | | | 4,867 | | | 4,867 | | Fair value through net investment income |
| Commercial mortgage loans | | 3,882 | | | 3,614 | | | | 3,921 | | | 3,685 | | Amortized cost |
| Real estate investments | | 175 | | | 302 | | | | 184 | | | 329 | | Amortized cost |
| Private equity funds / hedge funds | | 1,920 | | | 1,920 | | | | 1,910 | | | 1,910 | | Fair value through net investment income |
| Policy loans | | 325 | | | 325 | | | | 330 | | | 330 | | Amortized cost |
| Short-term investments | | 178 | | | 178 | | | | 176 | | | 176 | | Fair value through net investment income |
| Funds withheld investment assets | | 28,241 | | | 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.
The impact of the funds withheld arrangements with Fortitude Re was as follows:
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| | | | | | | | | | | |
| 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 derivative | | | | | | | 13 | | | (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.
Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.
REINSURANCE – CREDIT LOSSES
The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:
•paid and unpaid amounts recoverable;
•whether the balance is in dispute or subject to legal collection;
| | | | | |
38 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 8. Reinsurance
•the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and
•whether collateral and collateral arrangements exist.
An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.
The total reinsurance recoverables as of March 31, 2024 were $71.1 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 90 percent of the reinsurance recoverables were investment grade, of which 49 percent related to General Insurance and 41 percent related to Life and Retirement; (ii) approximately 9 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance and (iii) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG.
The total reinsurance recoverables as of December 31, 2023 were $69.8 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 90 percent of the reinsurance recoverables were investment grade, of which 51 percent related to General Insurance and 39 percent related to Life and Retirement; (ii) approximately 9 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG.
As of March 31, 2024 and December 31, 2023, approximately 82 percent and 83 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.
Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | 2024 | | | 2023 | | | |
| (in millions) | General Insurance | Life and Retirement | | Total | | General Insurance | Life and Retirement | | Total | | | | | |
| Balance, beginning of year | $ | 255 | | $ | 30 | | $ | 285 | | | $ | 260 | | $ | 84 | | $ | 344 | | | | | | | | |
| Addition to (release of) allowance for expected credit losses and disputes, net | | 1 | | | (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 | | | | | | | | |
Past-Due Status
We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.
9. Deferred Policy Acquisition Costs
DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Condensed Consolidated Statements of Income (Loss).
We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 39 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 9. Deferred Policy Acquisition Costs
DAC for all contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis over the expected term of the related contracts.
The following table presents a rollforward of DAC:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | General
Insurance | | Individual
Retirement | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | | | |
| (in millions) | | | | | | | Total | | |
| Balance, beginning of year | $ | 2,075 | | $ | 4,735 | | $ | 1,056 | | $ | 4,149 | | $ | 70 | | $ | 12,085 | | | |
| Capitalization | | 882 | | | 170 | | | 22 | | | 134 | | | 13 | | | 1,221 | | | |
| Amortization expense | | (828) | | | (148) | | | (21) | | | (104) | | | (3) | | | (1,104) | | | |
| Other, including foreign exchange | | (56) | | | — | | | — | | | (7) | | | — | | | (63) | | | |
| | | | | | | | | | | | | | |
| Reclassified to held for sale* | | (1) | | | — | | | — | | | (27) | | | — | | | (28) | | | |
| Balance, end of period | $ | 2,072 | | $ | 4,757 | | $ | 1,057 | | $ | 4,145 | | $ | 80 | | $ | 12,111 | | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 2,310 | | $ | 4,597 | | $ | 1,060 | | $ | 4,839 | | $ | 51 | | $ | 12,857 | | | |
| Capitalization | | 1,358 | | | 187 | | | 20 | | | 120 | | | 4 | | | 1,689 | | | |
| Amortization expense | | (1,034) | | | (137) | | | (21) | | | (99) | | | (2) | | | (1,293) | | | |
| Other, including foreign exchange | | 40 | | | — | | | — | | | 11 | | | — | | | 51 | | | |
| Balance, end of period | $ | 2,674 | | $ | 4,647 | | $ | 1,059 | | $ | 4,871 | | $ | 53 | | $ | 13,304 | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
*Represents changes in DAC included in Assets held for sale. For additional information, see Note 4.
DEFERRED SALES INDUCEMENTS
We offer DSI which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC.
The following table presents a rollforward of DSI:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | 2023 | | |
| (in millions) | Individual
Retirement | Group
Retirement | Total | | Individual
Retirement | Group
Retirement | Total | | | | |
| Balance, beginning of year | $ | 333 | | $ | 164 | | $ | 497 | | | $ | 381 | | $ | 177 | | $ | 558 | | | | | |
| Capitalization | 1 | | — | | 1 | | | 2 | | — | | 2 | | | | | |
| Amortization expense | (13) | | (3) | | (16) | | | (14) | | (3) | | (17) | | | | | |
| | | | | | | | | | | |
| Balance, end of period* | $ | 321 | | $ | 161 | | $ | 482 | | | $ | 369 | | $ | 174 | | $ | 543 | | | | | |
*At March 31, 2024 and 2023, Other assets, excluding DSI, totaled $11.8 billion and $12.4 billion, respectively.
10. Variable Interest Entities
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.
| | | | | |
40 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Variable Interest Entities
BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS
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 | |
(a)Comprised primarily of investments in real estate joint ventures at March 31, 2024 and December 31, 2023.
(b)The assets of each VIE can be used only to settle specific obligations of that VIE.
(c)Comprised primarily of Other liabilities at March 31, 2024 and December 31, 2023.
(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.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 41 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Variable Interest Entities
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 | |
(a)Comprised primarily of hedge funds and private equity funds.
(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.
(d)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.
(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.
For additional information on VIEs, see Note 10 to the Consolidated Financial Statements in the 2023 Annual Report.
11. Derivatives and Hedge Accounting
We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. We use credit derivatives to manage our credit exposures. Commodity derivatives are used to hedge exposures within reinsurance contracts. The derivatives are effective economic hedges of the exposures that they are meant to offset. As part of our strategy to enhance investment income, in addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.
| | | | | |
42 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | | December 31, 2023 |
| Gross Derivative Assets | | Gross Derivative Liabilities | | Gross Derivative Assets | | Gross Derivative Liabilities |
| (in millions) | | Notional
Amount | | Fair
Value | | | Notional
Amount | | Fair
Value | | | Notional
Amount | | Fair
Value | | | Notional
Amount | | Fair
Value |
Derivatives designated as hedging instruments:(a) | | | | | | | | | | | | | | | | | | | |
| Interest rate contracts | $ | 577 | | $ | 208 | | | $ | 2,638 | | $ | 50 | | | $ | 1,863 | | $ | 230 | | | $ | 752 | | $ | 17 | |
| Foreign exchange contracts | | 5,627 | | | 385 | | | | 1,932 | | | 204 | | | | 3,847 | | | 416 | | | | 6,402 | | | 336 | |
Derivatives not designated as hedging instruments:(a) | | | | | | | | | | | | | | | | | | | |
| Interest rate contracts | | 52,800 | | | 3,276 | | | | 36,050 | | | 3,329 | | | | 42,549 | | | 3,056 | | | | 42,466 | | | 3,614 | |
| Foreign exchange contracts | | 14,993 | | | 851 | | | | 6,430 | | | 423 | | | | 8,803 | | | 820 | | | | 9,900 | | | 558 | |
| Equity contracts | | 80,551 | | | 2,878 | | | | 10,368 | | | 1,229 | | | | 81,110 | | | 2,019 | | | | 9,595 | | | 745 | |
| | | | | | | | | | | | | | | | | | | |
Credit contracts(b) | | 3,808 | | | 111 | | | | 508 | | | 36 | | | | 2,109 | | | 41 | | | | 509 | | | 37 | |
Other contracts(c) | | 43,182 | | | 13 | | | | 47 | | | 1 | | | | 44,640 | | | 13 | | | | 48 | | | 2 | |
| Total derivatives, gross | $ | 201,538 | | $ | 7,722 | | | $ | 57,973 | | $ | 5,272 | | | $ | 184,921 | | $ | 6,595 | | | $ | 69,672 | | $ | 5,309 | |
Counterparty netting(d) | | | | (4,545) | | | | | | (4,545) | | | | | | (3,864) | | | | | | (3,864) | |
Cash collateral(e) | | | | (2,601) | | | | | | (326) | | | | | | (2,220) | | | | | | (1,050) | |
Total derivatives on Condensed Consolidated Balance Sheets(f) | | | $ | 576 | | | | | $ | 401 | | | | | $ | 511 | | | | | $ | 395 | |
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of March 31, 2024 and December 31, 2023, included CDSs on super senior multi-sector CLO with a net notional amount of $49 million and $50 million (fair value liability of $33 million and $32 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.
(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.
(d)Represents netting of derivative exposures covered by a qualifying master netting agreement.
(e)Represents cash collateral posted and received that is eligible for netting.
(f)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $1.4 billion at March 31, 2024 and $1.2 billion at December 31, 2023. Fair value of liabilities related to bifurcated embedded derivatives was $8.7 billion and $8.0 billion, respectively, at March 31, 2024 and December 31, 2023. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities, index universal life products, and bonds available for sale, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information, see Note 8.
COLLATERAL
We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.
Collateral posted by us to third parties for derivative transactions was $1.4 billion and $1.9 billion at March 31, 2024 and December 31, 2023, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $3.2 billion and $2.8 billion at March 31, 2024 and December 31, 2023, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 43 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
OFFSETTING
We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.
HEDGE ACCOUNTING
We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates.
We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three months ended March 31, 2024 and 2023, we recognized gains (losses) of $25 million and $(25) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.
A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.
The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Gains/(Losses) Recognized in Income for: | | |
| (in millions) | | Hedging Derivatives(a) | | Excluded Components(b) | | Hedged
Items | | Net Impact |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
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| Three Months Ended March 31, 2024 | | | | | | | | |
| Interest rate contracts: | | | | | | | | |
| Interest credited to policyholder account balances | | $ | (62) | | | $ | — | | | $ | 64 | | | $ | 2 | |
| | | | | | | | |
| Foreign exchange contracts: | | | | | | | | |
| Net realized gains/(losses) | | 88 | | | (18) | | | (88) | | | (18) | |
| Three Months Ended March 31, 2023 | | | | | | | | |
| Interest rate contracts: | | | | | | | | |
| Interest credited to policyholder account balances | | $ | 43 | | | $ | — | | | $ | (47) | | | $ | (4) | |
| | | | | | | | |
| Foreign exchange contracts: | | | | | | | | |
| Net realized gains/(losses) | | (130) | | | 76 | | | 130 | | | 76 | |
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(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.
(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.
| | | | | |
44 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Derivatives and Hedge Accounting
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | Gains (Losses) Recognized in Income |
| | | | | |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| By Derivative Type: | | | | | | | | | | | |
| Interest rate contracts | | | | | | $ | (289) | | $ | 95 | | | |
| Foreign exchange contracts | | | | | | | 71 | | | (101) | | | |
| Equity contracts | | | | | | | 189 | | | (78) | | | |
| Commodity contracts | | | | | | | — | | | 7 | | | |
| Credit contracts | | | | | | | 23 | | | (1) | | | |
| Other contracts | | | | | | | 16 | | | 16 | | | |
| Embedded derivatives | | | | | | | (549) | | | (1,548) | | | |
| Total | | | | | | $ | (539) | | $ | (1,610) | | | |
| By Classification: | | | | | | | | | | | |
| Policy fees | | | | | | $ | 15 | | $ | 16 | | | |
| Net investment income - excluding Fortitude Re funds withheld assets | | | | | | | — | | | — | | | |
| Net investment income - Fortitude Re funds withheld assets | | | | | | | 6 | | | (2) | | | |
Net realized gains (losses) - excluding Fortitude Re funds withheld assets(a) | | | | | | | 220 | | | (391) | | | |
Net realized losses on Fortitude Re funds withheld assets(b) | | | | | | | (77) | | | (1,127) | | | |
| Policyholder benefits and claims incurred | | | | | | | (3) | | | 3 | | | |
Change in the fair value of market risk benefits, net(c) | | | | | | | (700) | | | (109) | | | |
| Total | | | | | | $ | (539) | | $ | (1,610) | | | |
(a)Includes $5 million gain related to the sale of AIG Life reported in Net (gain) loss on divestitures. For additional information, see Notes 1 and 4.
(b)Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.
(c)This represents activity related to derivatives that economically hedged changes in the fair value of certain market risk benefits.
CREDIT RISK-RELATED CONTINGENT FEATURES
We estimate that at March 31, 2024, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $6 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $32 million and $32 million at March 31, 2024 and December 31, 2023, respectively. The aggregate fair value of assets posted as collateral under these contracts at March 31, 2024 and December 31, 2023, was approximately $33 million and $34 million, respectively.
HYBRID SECURITIES WITH EMBEDDED CREDIT DERIVATIVES
We invest in hybrid securities (such as credit-linked notes) with the intent of generating income and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CLO and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.
We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair value of these hybrid securities was under $1 million at both March 31, 2024 and December 31, 2023, respectively. These securities have par amounts of $42 million and $42 million at March 31, 2024 and December 31, 2023, respectively, and have remaining stated maturity dates that extend to 2052.
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AIG | First Quarter 2024 Form 10-Q | 45 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
12. Insurance Liabilities
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.
Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.5 billion and $12.1 billion at March 31, 2024 and December 31, 2023, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At March 31, 2024 and December 31, 2023 we held collateral of approximately $8.8 billion and $8.7 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both March 31, 2024 and December 31, 2023.
The following table presents the rollforward of activity in loss reserves:
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| Liability for unpaid loss and loss adjustment expenses, beginning of year | | | | | | $ | 70,393 | | $ | 75,167 | | | |
| Reinsurance recoverable | | | | | | | (30,289) | | | (32,102) | | | |
| Net Liability for unpaid loss and loss adjustment expenses, beginning of year | | | | | | | 40,104 | | | 43,065 | | | |
| Losses and loss adjustment expenses incurred: | | | | | | | | | | | |
| Current year | | | | | | | 3,365 | | | 3,784 | | | |
| Prior years, excluding discount and amortization of deferred gain | | | | | | | — | | | (27) | | | |
| Prior years, discount charge (benefit) | | | | | | | 106 | | | 94 | | | |
Prior years, amortization of deferred gain on retroactive reinsurance(a) | | | | | | | (32) | | | (60) | | | |
| Total losses and loss adjustment expenses incurred | | | | | | | 3,439 | | | 3,791 | | | |
| Losses and loss adjustment expenses paid: | | | | | | | | | | | |
| Current year | | | | | | | (286) | | | (289) | | | |
| Prior years | | | | | | | (2,857) | | | (3,549) | | | |
| Total losses and loss adjustment expenses paid | | | | | | | (3,143) | | | (3,838) | | | |
| Other changes: | | | | | | | | | | | |
| Foreign exchange effect | | | | | | | (496) | | | 397 | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Retroactive reinsurance adjustment (net of discount)(b) | | | | | | | (8) | | | 12 | | | |
| | | | | | | | | | | |
Reclassified to held for sale, net of reinsurance recoverables(c) | | | | | | | (5) | | | — | | | |
| Total other changes | | | | | | | (509) | | | 409 | | | |
| Liability for unpaid loss and loss adjustment expenses, end of period: | | | | | | | | | | | |
| Net liability for unpaid losses and loss adjustment expenses | | | | | | | 39,891 | | | 43,427 | | | |
Reinsurance recoverable | | | | | | | 30,169 | | | 32,366 | | | |
| Total | | | | | | $ | 70,060 | | $ | 75,793 | | | |
(a)Includes $5 million and $7 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended March 31, 2024 and 2023, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $55 million and $70 million for the three months ended March 31, 2024 and 2023, respectively.
(c)Represents change in loss reserves included in Liabilities held for sale. For additional information, see Note 4.
| | | | | |
46 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.
Prior Year Development
During the three months ended March 31, 2024, we did not recognize any prior year loss reserve development excluding discount and amortization of deferred gain.
During the three months ended March 31, 2023, we recognized favorable prior year loss reserve development of $27 million excluding discount and amortization of deferred gain. The development in this period was primarily driven by favorable development on U.S. Workers' Compensation and Other product lines, partially offset by unfavorable development on prior year catastrophes.
Discounting of Loss Reserves
At March 31, 2024 and December 31, 2023, the loss reserves reflect a net loss reserve discount of $1.2 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:
•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or permitted) for each state.
–For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.
–The Pennsylvania and Delaware regulators approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.
•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our cases reserves (45 percent).
The discount for asbestos reserves has been fully accreted.
At March 31, 2024 and December 31, 2023, the discount consists of $293 million and $294 million of tabular discount, respectively, and $919 million and $939 million of non-tabular discount for workers’ compensation, respectively. During the three months ended March 31, 2024 and 2023, the benefit / (charge) from changes in discount of $(76) million and $(64) million, respectively, were recorded as part of Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income (Loss).
The following table presents the components of the loss reserve discount discussed above:
| | | | | | | | | | | | | | |
| (in millions) | | March 31, 2024 | | December 31, 2023 |
| U.S. workers' compensation | $ | 2,261 | | $ | 2,337 | |
| Retroactive reinsurance | | (1,049) | | | (1,104) | |
Total reserve discount(a)(b) | $ | 1,212 | | $ | 1,233 | |
(a)Excludes $194 million and $196 million of discount related to certain long-tail liabilities in the UK at March 31, 2024 and December 31, 2023, respectively.
(b)Includes gross discount of $680 million and $687 million, which was 100 percent ceded to Fortitude Re at March 31, 2024 and December 31, 2023, respectively.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 47 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
The following table presents the net loss reserve discount benefit (charge):
| | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | | |
| | | | | | |
| (in millions) | | | | | | | 2024 | | 2023 | | |
| Current accident year | | | | | | $ | 30 | | $ | 30 | | | |
| Accretion and other adjustments to prior year discount | | | | | | | (106) | | | (94) | | | |
| | | | | | | | | | | |
| Net reserve discount benefit (charge) | | | | | | | (76) | | | (64) | | | |
| Change in discount on loss reserves ceded under retroactive reinsurance | | | | | | | 55 | | | 70 | | | |
| Net change in total reserve discount* | | | | | | $ | (21) | | $ | 6 | | | |
*Excludes $(2) million and $4 million of discount related to certain long-tail liabilities in the UK for the three months ended March 31, 2024 and 2023, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $27 million and $53 million related to the adverse development reinsurance cover with NICO for the three months ended March 31, 2024 and 2023, respectively.
Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.
FUTURE POLICY BENEFITS
Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits.
For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a net premium ratio methodology for each annual cohort of business.
| | | | | |
48 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | General
Insurance | | Individual
Retirement | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | Other(f) | | Total |
| (in millions, except for liability durations) | | | | | | |
| Present value of expected net premiums | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 1,702 | | | $ | — | | | $ | — | | | $ | 8,379 | | | $ | — | | | $ | 973 | | | $ | 11,054 | |
| Effect of changes in discount rate assumptions (AOCI) | 339 | | | — | | | — | | | 1,482 | | | — | | | 44 | | | 1,865 | |
| Reclassified to Liabilities held for sale | — | | | — | | | — | | | 4,287 | | | — | | | — | | | 4,287 | |
| Beginning balance at original discount rate | 2,041 | | | — | | | — | | | 14,148 | | | — | | | 1,017 | | | 17,206 | |
| | | | | | | | | | | | | |
| Effect of actual variances from expected experience | (2) | | | — | | | — | | | (13) | | | — | | | — | | | (15) | |
| Adjusted beginning of year balance | 2,039 | | | — | | | — | | | 14,135 | | | — | | | 1,017 | | | 17,191 | |
| Issuances | 31 | | | — | | | — | | | 353 | | | — | | | — | | | 384 | |
| Interest accrual | 11 | | | — | | | — | | | 117 | | | — | | | 11 | | | 139 | |
| Net premium collected | (138) | | | — | | | — | | | (381) | | | — | | | (29) | | | (548) | |
| Foreign exchange impact | (91) | | | — | | | — | | | (46) | | | — | | | — | | | (137) | |
| Other | — | | | — | | | — | | | (4) | | | — | | | — | | | (4) | |
| Ending balance at original discount rate | 1,852 | | | — | | | — | | | 14,174 | | | — | | | 999 | | | 17,025 | |
| Effect of changes in discount rate assumptions (AOCI) | (283) | | | — | | | — | | | (1,621) | | | — | | | (57) | | | (1,961) | |
| Reclassified to Liabilities held for sale | — | | | — | | | — | | | (4,247) | | | — | | | — | | | (4,247) | |
| Balance, end of period | $ | 1,569 | | | $ | — | | | $ | — | | | $ | 8,306 | | | $ | — | | | $ | 942 | | | $ | 10,817 | |
| | | | | | | | | | | | | |
| Present value of expected future policy benefits | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 2,149 | | | $ | 1,353 | | | $ | 217 | | | $ | 17,531 | | | $ | 18,482 | | | $ | 20,654 | | | $ | 60,386 | |
| Effect of changes in discount rate assumptions (AOCI) | 441 | | | 132 | | | (3) | | | 2,745 | | | 1,906 | | | 437 | | | 5,658 | |
| Reclassified to Liabilities held for sale | — | | | — | | | — | | | 5,119 | | | — | | | — | | | 5,119 | |
| Beginning balance at original discount rate | 2,590 | | | 1,485 | | | 214 | | | 25,395 | | | 20,388 | | | 21,091 | | | 71,163 | |
| | | | | | | | | | | | | |
Effect of actual variances from expected experience(a) | (2) | | | (6) | | | (1) | | | (7) | | | — | | | (9) | | | (25) | |
| Adjusted beginning of year balance | 2,588 | | | 1,479 | | | 213 | | | 25,388 | | | 20,388 | | | 21,082 | | | 71,138 | |
| Issuances | 32 | | | 34 | | | 5 | | | 350 | | | 1,726 | | | 2 | | | 2,149 | |
| Interest accrual | 13 | | | 16 | | | 3 | | | 236 | | | 217 | | | 252 | | | 737 | |
| Benefit payments | (141) | | | (33) | | | (7) | | | (458) | | | (283) | | | (370) | | | (1,292) | |
| Foreign exchange impact | (119) | | | — | | | — | | | (61) | | | (82) | | | — | | | (262) | |
| Other | — | | | — | | | — | | | (3) | | | — | | | (3) | | | (6) | |
| Ending balance at original discount rate | 2,373 | | | 1,496 | | | 214 | | | 25,452 | | | 21,966 | | | 20,963 | | | 72,464 | |
| Effect of changes in discount rate assumptions (AOCI) | (374) | | | (153) | | | — | | | (3,149) | | | (2,347) | | | (959) | | | (6,982) | |
| Reclassified to Liabilities held for sale | — | | | — | | | — | | | (5,078) | | | — | | | — | | | (5,078) | |
| Balance, end of period | $ | 1,999 | | | $ | 1,343 | | | $ | 214 | | | $ | 17,225 | | | $ | 19,619 | | | $ | 20,004 | | | $ | 60,404 | |
| Net liability for future policy benefits, end of period | $ | 430 | | | $ | 1,343 | | | $ | 214 | | | $ | 8,919 | | | $ | 19,619 | | | $ | 19,062 | | | $ | 49,587 | |
| Liability for future policy benefits for certain participating contracts | | | | | | | | | | | | | 1,302 | |
Liability for universal life policies with secondary guarantees and similar features(b) | | | | | | | | | | | | | 3,972 | |
| Deferred profit liability | | | | | | | | | | | | | 2,553 | |
Other reconciling items(c) | | | | | | | | | | | | | 1,571 | |
Future policy benefits for life and accident and health insurance contracts | | | | | | | | | | | | | 58,985 | |
| Less: Reinsurance recoverable | | | | | | | | | | | | | (22,898) | |
| Net liability for future policy benefits after reinsurance recoverable | | | | | | | | | | | | | $ | 36,087 | |
| | | | | | | | | | | | | |
Weighted average liability duration of the liability for future policy benefits(d)(e) | 9.1 | | 7.7 | | 6.7 | | 12.6 | | 12.2 | | 11.2 | | |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 49 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | General
Insurance | | Individual
Retirement | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | Other(f) | | Total |
| (in millions, except for liability durations) | | | | | | |
| Present value of expected net premiums | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 1,929 | | | $ | — | | | $ | — | | | $ | 11,654 | | | $ | — | | | $ | 991 | | | $ | 14,574 | |
| Effect of changes in discount rate assumptions (AOCI) | 262 | | | — | | | — | | | 1,872 | | | — | | | 66 | | | 2,200 | |
| Beginning balance at original discount rate | 2,191 | | | — | | | — | | | 13,526 | | | — | | | 1,057 | | | 16,774 | |
| | | | | | | | | | | | | |
| Effect of actual variances from expected experience | (10) | | | 1 | | | — | | | 12 | | | — | | | 3 | | | 6 | |
| Adjusted beginning of year balance | 2,181 | | | 1 | | | — | | | 13,538 | | | — | | | 1,060 | | | 16,780 | |
| Issuances | 36 | | | 6 | | | — | | | 322 | | | — | | | — | | | 364 | |
| Interest accrual | 11 | | | — | | | — | | | 106 | | | — | | | 12 | | | 129 | |
| Net premium collected | (57) | | | (7) | | | — | | | (352) | | | — | | | (30) | | | (446) | |
| Foreign exchange impact | (8) | | | — | | | — | | | 96 | | | — | | | — | | | 88 | |
| Other | — | | | — | | | — | | | 3 | | | — | | | — | | | 3 | |
| Ending balance at original discount rate | 2,163 | | | — | | | — | | | 13,713 | | | — | | | 1,042 | | | 16,918 | |
| Effect of changes in discount rate assumptions (AOCI) | (353) | | | — | | | — | | | (1,648) | | | — | | | (48) | | | (2,049) | |
| Balance, end of period | $ | 1,810 | | | $ | — | | | $ | — | | | $ | 12,065 | | | $ | — | | | $ | 994 | | | $ | 14,869 | |
| | | | | | | | | | | | | |
| Present value of expected future policy benefits | | | | | | | | | | | | | |
| Balance, beginning of year | $ | 2,380 | | | $ | 1,223 | | | $ | 211 | | | $ | 21,179 | | | $ | 12,464 | | | $ | 20,429 | | | $ | 57,886 | |
| Effect of changes in discount rate assumptions (AOCI) | 362 | | | 167 | | | 2 | | | 3,424 | | | 2,634 | | | 1,083 | | | 7,672 | |
| Beginning balance at original discount rate | 2,742 | | | 1,390 | | | 213 | | | 24,603 | | | 15,098 | | | 21,512 | | | 65,558 | |
| | | | | | | | | | | | | |
Effect of actual variances from expected experience(a) | (2) | | | (3) | | | (1) | | | 26 | | | (5) | | | — | | | 15 | |
| Adjusted beginning of year balance | 2,740 | | | 1,387 | | | 212 | | | 24,629 | | | 15,093 | | | 21,512 | | | 65,573 | |
| Issuances | 36 | | | 70 | | | 2 | | | 318 | | | 1,450 | | | 3 | | | 1,879 | |
| Interest accrual | 13 | | | 12 | | | 3 | | | 224 | | | 139 | | | 257 | | | 648 | |
| Benefit payments | (60) | | | (32) | | | (7) | | | (476) | | | (228) | | | (379) | | | (1,182) | |
| Foreign exchange impact | (10) | | | — | | | — | | | 277 | | | 125 | | | — | | | 392 | |
| Other | — | | | — | | | — | | | 1 | | | — | | | (3) | | | (2) | |
| Ending balance at original discount rate | 2,719 | | | 1,437 | | | 210 | | | 24,973 | | | 16,579 | | | 21,390 | | | 67,308 | |
| Effect of changes in discount rate assumptions (AOCI) | (457) | | | (141) | | | 3 | | | (3,081) | | | (2,302) | | | (492) | | | (6,470) | |
| Balance, end of period | $ | 2,262 | | | $ | 1,296 | | | $ | 213 | | | $ | 21,892 | | | $ | 14,277 | | | $ | 20,898 | | | $ | 60,838 | |
| Net liability for future policy benefits, end of period | $ | 452 | | | $ | 1,296 | | | $ | 213 | | | $ | 9,827 | | | $ | 14,277 | | | $ | 19,904 | | | $ | 45,969 | |
| Liability for future policy benefits for certain participating contracts | | | | | | | | | | | | | 1,340 | |
Liability for universal life policies with secondary guarantees and similar features(b) | | | | | | | | | | | | | 3,512 | |
| Deferred profit liability | | | | | | | | | | | | | 2,396 | |
Other reconciling items(c) | | | | | | | | | | | | | 1,629 | |
| Future policy benefits for life and accident and health insurance contracts | | | | | | | | | | | | | 54,846 | |
| Less: Reinsurance recoverable | | | | | | | | | | | | | (24,266) | |
| Net liability for future policy benefits after reinsurance recoverable | | | | | | | | | | | | | $ | 30,580 | |
| | | | | | | | | | | | | |
Weighted average liability duration of the liability for future policy benefits(d) | 10.0 | | 7.7 | | 7.1 | | 12.4 | | 11.5 | | 11.6 | | |
(a)Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability.
(b)Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features.
(c)Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts.
(d)The weighted average liability durations are calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below.
(e)Includes balances that were reclassified to Liabilities held for sale in the Condensed Consolidated Balance sheets. For additional information, see Note 4.
(f)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
| | | | | |
50 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
For the three months ended March 31, 2024 and 2023 in the traditional and term life insurance block, capping of net premium ratios at 100 percent caused a (credit)/charge to net income of $(1) million and $7 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits.
The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts:
| | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | | | |
| (in millions) | | | 2024 | | 2023 | | |
General Insurance(a) | Undiscounted expected future benefits and expense | | $ | 2,911 | | | $ | 3,350 | | | |
| Undiscounted expected future gross premiums | | 4,002 | | | 4,616 | | | |
| Individual Retirement | Undiscounted expected future benefits and expense | | $ | 2,156 | | | $ | 2,048 | | | |
| Undiscounted expected future gross premiums | | — | | | — | | | |
| Group Retirement | Undiscounted expected future benefits and expense | | $ | 309 | | | $ | 317 | | | |
| Undiscounted expected future gross premiums | | — | | | — | | | |
Life Insurance(b) | Undiscounted expected future benefits and expense | | $ | 40,741 | | | $ | 39,028 | | | |
| Undiscounted expected future gross premiums | | 30,656 | | | 28,964 | | | |
| Institutional Markets | Undiscounted expected future benefits and expense | | $ | 42,519 | | | $ | 29,029 | | | |
| Undiscounted expected future gross premiums | | — | | | — | | | |
Other(c) | Undiscounted expected future benefits and expense | | $ | 42,701 | | | $ | 44,148 | | | |
| Undiscounted expected future gross premiums | | 2,106 | | | 2,225 | | | |
(a)General Insurance discounted expected future gross premiums (at current discount rate) for the three months ended March 31, 2024 were $2.9 billion.
(b)Includes balances reclassified to Liabilities held for sale at March 31, 2024. Life Insurance discounted expected future gross premiums (at current discount rate) for the three months ended March 31, 2024 were $20.0 billion.
(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other discounted expected future gross premiums (at current discount rate) for the three months ended March 31, 2024 were $1.4 billion.
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | | Gross Premiums | | Interest Accretion |
| | | | | | | | | | | |
| (in millions) | | | | | | | | | 2024 | | 2023 | | | | 2024 | | 2023 | | |
| General Insurance | | | | | | | | | $ | 110 | | | $ | 95 | | | | | $ | 2 | | | $ | 1 | | | |
| Individual Retirement | | | | | | | | | 39 | | | 75 | | | | | 16 | | | 12 | | | |
| Group Retirement | | | | | | | | | 5 | | | 6 | | | | | 3 | | | 3 | | | |
| Life Insurance | | | | | | | | | 618 | | | 575 | | | | | 119 | | | 118 | | | |
| Institutional Markets | | | | | | | | | 1,805 | | | 1,581 | | | | | 217 | | | 139 | | | |
| Other* | | | | | | | | | 52 | | | 54 | | | | | 241 | | | 245 | | | |
| Total | | | | | | | | | $ | 2,629 | | | $ | 2,386 | | | | | $ | 598 | | | $ | 518 | | | |
*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | General
Insurance | | Individual
Retirement | | Group
Retirement | Life Insurance(a) | | Institutional
Markets | | Other(b) | | |
| | | | | | |
| Weighted-average interest rate, original discount rate | 1.84 | % | | 3.79 | % | | 5.13 | % | | 4.12 | % | | 4.25 | % | | 4.86 | % | | |
| Weighted-average interest rate, current discount rate | 3.70 | % | | 5.27 | % | | 5.24 | % | | 5.28 | % | | 5.19 | % | | 5.32 | % | | |
| | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | | | | | | | | | | | | | |
| Weighted-average interest rate, original discount rate | 1.78 | % | | 3.65 | % | | 5.19 | % | | 4.11 | % | | 3.76 | % | | 4.88 | % | | |
| Weighted-average interest rate, current discount rate | 3.64 | % | | 5.33 | % | | 4.91 | % | | 5.08 | % | | 5.04 | % | | 5.10 | % | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
(a)Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale at March 31, 2024.
(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 51 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Condensed Consolidated Balance Sheets.
Our additional liabilities primarily consist of universal life policies with secondary guarantees and these additional liabilities are recognized in addition to the Policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances are reported within Policyholder contract deposits, while these additional liabilities are reported within the liability for future policy benefits in the Condensed Consolidated Balance Sheets. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale on accumulated assessments, with related changes recognized through OCI. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.
The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | 2023 | | |
| (in millions, except duration of liability) | Life
Insurance | | Other(b) | | Total | | Life
Insurance | | Other(b) | | Total | | | | | | |
| Balance, beginning of year | $ | 3,731 | | | $ | 55 | | | $ | 3,786 | | | $ | 3,300 | | | $ | 55 | | | $ | 3,355 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Effect of changes in experience | 109 | | | (1) | | | 108 | | | 74 | | | (1) | | | 73 | | | | | | | |
| Adjusted beginning balance | 3,840 | | | 54 | | | 3,894 | | | 3,374 | | | 54 | | | 3,428 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Assessments | 145 | | | — | | | 145 | | | 179 | | | — | | | 179 | | | | | | | |
| Excess benefits paid | (232) | | | — | | | (232) | | | (238) | | | — | | | (238) | | | | | | | |
| Interest accrual | 38 | | | 1 | | | 39 | | | 28 | | | 1 | | | 29 | | | | | | | |
| Other | — | | | — | | | — | | | (5) | | | — | | | (5) | | | | | | | |
| Changes related to unrealized appreciation (depreciation) of investments | 126 | | | — | | | 126 | | | 119 | | | — | | | 119 | | | | | | | |
| Balance, end of period | 3,917 | | | 55 | | | 3,972 | | | 3,457 | | | 55 | | | 3,512 | | | | | | | |
| Less: Reinsurance recoverable | (172) | | | (55) | | | (227) | | | (192) | | | — | | | (192) | | | | | | | |
| Balance, end of period, net of Reinsurance recoverable | $ | 3,745 | | | $ | — | | | $ | 3,745 | | | $ | 3,265 | | | $ | 55 | | | $ | 3,320 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted average duration of liability(a) | 25.3 | | 9.1 | | | | 26.4 | | 9.4 | | | | | | | | |
(a)The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below.
(b)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
The following table presents the amount of revenue and interest recognized in the Condensed Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | Gross Assessments | | Interest Accretion |
| | | | | | | |
| (in millions) | 2024 | | 2023 | | | | 2024 | | 2023 | | |
| Life Insurance | $ | 248 | | | $ | 299 | | | | | $ | 38 | | | $ | 28 | | | |
| Other* | 10 | | | 10 | | | | | 1 | | | 1 | | | |
| Total | $ | 258 | | | $ | 309 | | | | | $ | 39 | | | $ | 29 | | | |
*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | 2024 | | 2023 | | |
| Life Insurance | | Other* | | Life Insurance | | Other* | | | | |
| Weighted-average interest rate | 3.92 | % | | 4.20 | % | | 3.76 | % | | 4.24 | % | | | | |
*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
| | | | | |
52 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
The weighted average interest rates are calculated using projected future net liability cash flows that are aggregated to the segment level, and are represented as an annual rate.
The following table presents details concerning our universal life policies with secondary guarantees and similar features:
| | | | | | | | | | | | | | |
| Three Months Ended March 31, | | | | |
| (dollars in millions) | | 2024 | | 2023 |
| Account value | $ | 3,773 | | $ | 3,556 | |
| Net amount at risk | $ | 73,092 | | $ | 70,014 | |
| Average attained age of contract holders | | 53 | | 53 |
POLICYHOLDER CONTRACT DEPOSITS
The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues.
In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses.
For additional information on index credits accounted for as embedded derivatives, see Note 5.
Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our Life and Retirement companies through our Institutional Markets business.
The following table presents the balances and changes in Policyholder contract deposits account balances(a):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | Individual
Retirement | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | Other(d) | | Total |
| (in millions, except for average crediting rate) | | | | | |
| Policyholder contract deposits account balance, beginning of year | $ | 94,896 | | | $ | 41,299 | | | $ | 10,231 | | | $ | 13,649 | | | $ | 3,333 | | | $ | 163,408 | |
| Deposits | 4,878 | | | 1,349 | | | 407 | | | 798 | | | 11 | | | 7,443 | |
| | | | | | | | | | | |
| Policy charges | (186) | | | (122) | | | (377) | | | (17) | | | (15) | | | (717) | |
| Surrenders and withdrawals | (4,600) | | | (2,466) | | | (73) | | | (31) | | | (21) | | | (7,191) | |
| Benefit payments | (761) | | | (494) | | | (79) | | | (181) | | | (79) | | | (1,594) | |
| Net transfers from (to) separate account | 1,248 | | | 1,024 | | | 5 | | | (27) | | | — | | | 2,250 | |
| Interest credited | 816 | | | 303 | | | 121 | | | 157 | | | 40 | | | 1,437 | |
| Other | (3) | | | 2 | | | 6 | | | (11) | | | 3 | | | (3) | |
| Policyholder contract deposits account balance, end of period | 96,288 | | | 40,895 | | | 10,241 | | | 14,337 | | | 3,272 | | | 165,033 | |
Other reconciling items(b) | (1,225) | | | (192) | | | 134 | | | 33 | | | (85) | | | (1,335) | |
| | | | | | | | | | | |
| Policyholder contract deposits | $ | 95,063 | | | $ | 40,703 | | | $ | 10,375 | | | $ | 14,370 | | | $ | 3,187 | | | $ | 163,698 | |
| | | | | | | | | | | |
| Weighted average crediting rate | 2.86 | | % | 3.05 | | % | 4.39 | | % | 4.59 | | % | 4.98 | | % | |
Cash surrender value(c) | $ | 89,795 | | | $ | 39,746 | | | $ | 9,042 | | | $ | 2,585 | | | $ | 1,696 | | | $ | 142,864 | |
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 53 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | Individual
Retirement | | Group
Retirement | | Life
Insurance | | Institutional
Markets | | Other(d) | | Total |
| (in millions, except for average crediting rate) | | | | | |
| Policyholder contract deposits account balance, beginning of year | $ | 89,554 | | | $ | 43,395 | | | $ | 10,224 | | | $ | 11,734 | | | $ | 3,587 | | | $ | 158,494 | |
| Deposits | 4,864 | | | 1,326 | | | 414 | | | 595 | | | 11 | | | 7,210 | |
| | | | | | | | | | | |
| Policy charges | (244) | | | (110) | | | (384) | | | (17) | | | (16) | | | (771) | |
| Surrenders and withdrawals | (3,171) | | | (2,016) | | | (56) | | | (403) | | | (20) | | | (5,666) | |
| Benefit payments | (1,036) | | | (557) | | | (49) | | | (167) | | | (88) | | | (1,897) | |
| Net transfers from (to) separate account | 728 | | | 592 | | | (1) | | | 443 | | | — | | | 1,762 | |
| Interest credited | 377 | | | 270 | | | 88 | | | 105 | | | 43 | | | 883 | |
| Other | (2) | | | 3 | | | (16) | | | 4 | | | (1) | | | (12) | |
| Policyholder contract deposits account balance, end of period | 91,070 | | | 42,903 | | | 10,220 | | | 12,294 | | | 3,516 | | | 160,003 | |
Other reconciling items(b) | (1,889) | | | (279) | | | 116 | | | 74 | | | (129) | | | (2,107) | |
| | | | | | | | | | | |
| Policyholder contract deposits | $ | 89,181 | | | $ | 42,624 | | | $ | 10,336 | | | $ | 12,368 | | | $ | 3,387 | | | $ | 157,896 | |
| | | | | | | | | | | |
| Weighted average crediting rate | 2.52 | | % | 2.78 | | % | 4.24 | | % | 3.55 | | % | 4.95 | | % | |
Cash surrender value(c) | $ | 84,906 | | | $ | 41,361 | | | $ | 8,874 | | | $ | 2,545 | | | $ | 1,781 | | | $ | 139,467 | |
(a)Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), thus, did not impact the ending balance of policyholder contract deposits.
(b)Includes MRBs that are bifurcated and reported separately, net of embedded derivatives recorded in Policyholder contract deposits. Other also includes amounts related to Other Operations of $(85) million and $(129) million at March 31, 2024 and 2023, respectively.
(c)Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs, do not have a cash surrender value).
(d)Primarily represents Life and Retirement legacy insurance lines ceded to Fortitude Re.
For information related to net amount at risk, see Note 13.
The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2024 | At
Guaranteed
Minimum | | 1 Basis Point -
50 Basis Points
Above | | More than 50
Basis Points Above
Minimum Guarantee | | Total | |
| (in millions, except percentage of total) | | | |
| Individual Retirement | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | 6,251 | | | $ | 1,917 | | | $ | 28,202 | | | $ | 36,370 | | |
| > 1% - 2% | 3,556 | | | 21 | | | 1,490 | | | 5,067 | | |
| > 2% - 3% | 7,653 | | | 11 | | | 1,407 | | | 9,071 | | |
| > 3% - 4% | 6,342 | | | 36 | | | 5 | | | 6,383 | | |
| > 4% - 5% | 424 | | | — | | | 4 | | | 428 | | |
| > 5% | 32 | | | — | | | 3 | | | 35 | | |
| Total | $ | 24,258 | | | $ | 1,985 | | | $ | 31,111 | | | $ | 57,354 | | |
| Group Retirement | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | 2,133 | | | $ | 1,895 | | | $ | 7,672 | | | $ | 11,700 | | |
| > 1% - 2% | 3,597 | | | 1,126 | | | 670 | | | 5,393 | | |
| > 2% - 3% | 11,686 | | | 215 | | | 110 | | | 12,011 | | |
| > 3% - 4% | 603 | | | — | | | — | | | 603 | | |
| > 4% - 5% | 6,579 | | | — | | | — | | | 6,579 | | |
| > 5% | 141 | | | — | | | — | | | 141 | | |
| Total | $ | 24,739 | | | $ | 3,236 | | | $ | 8,452 | | | $ | 36,427 | | |
| Life Insurance | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
| > 1% - 2% | — | | | 110 | | | 365 | | | 475 | | |
| > 2% - 3% | 9 | | | 1,072 | | | 856 | | | 1,937 | | |
| > 3% - 4% | 1,190 | | | 482 | | | 7 | | | 1,679 | | |
| > 4% - 5% | 2,820 | | | — | | | — | | | 2,820 | | |
| > 5% | 214 | | | — | | | — | | | 214 | | |
| Total | $ | 4,233 | | | $ | 1,664 | | | $ | 1,228 | | | $ | 7,125 | | |
| Total* | $ | 53,230 | | | $ | 6,885 | | | $ | 40,791 | | | $ | 100,906 | | |
| Percentage of total | 53 | % | 7 | % | 40 | % | 100 | % |
| | | | | |
54 | AIG | First Quarter 2024 Form 10-Q |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Insurance Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2023 | At
Guaranteed
Minimum | | 1 Basis Point -
50 Basis Points
Above | | More than 50
Basis Points Above
Minimum Guarantee | | Total | |
| (in millions, except percentage of total) | | | |
| Individual Retirement | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | 7,776 | | | $ | 2,562 | | | $ | 23,263 | | | $ | 33,601 | | |
| > 1% - 2% | 3,994 | | | 24 | | | 2,163 | | | 6,181 | | |
| > 2% - 3% | 9,155 | | | 1 | | | 390 | | | 9,546 | | |
| > 3% - 4% | 7,359 | | | 40 | | | 6 | | | 7,405 | | |
| > 4% - 5% | 452 | | | — | | | 4 | | | 456 | | |
| > 5% | 32 | | | — | | | 4 | | | 36 | | |
| Total | $ | 28,768 | | | $ | 2,627 | | | $ | 25,830 | | | $ | 57,225 | | |
| Group Retirement | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | 2,063 | | | $ | 2,713 | | | $ | 6,049 | | | $ | 10,825 | | |
| > 1% - 2% | 5,005 | | | 908 | | | 353 | | | 6,266 | | |
| > 2% - 3% | 13,561 | | | 40 | | | — | | | 13,601 | | |
| > 3% - 4% | 658 | | | — | | | — | | | 658 | | |
| > 4% - 5% | 6,821 | | | — | | | — | | | 6,821 | | |
| > 5% | 153 | | | — | | | — | | | 153 | | |
| Total | $ | 28,261 | | | $ | 3,661 | | | $ | 6,402 | | | $ | 38,324 | | |
| Life Insurance | Range of Guaranteed Minimum Credited Rate | | | | | |
| <=1% | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
| > 1% - 2% | — | | | 131 | | | 349 | | | 480 | | |
| > 2% - 3% | 28 | | | 862 | | | 1,079 | | | 1,969 | | |
| > 3% - 4% | 1,417 | | | 118 | | | 198 | | | 1,733 | | |
| > 4% - 5% | 2,946 | | | — | | | — | | | 2,946 | | |
| > 5% | 222 | | | — | | | — | | | 222 | | |
| Total | $ | 4,613 | | | $ | 1,111 | | | $ | 1,626 | | | $ | 7,350 | | |
| Total* | $ | 61,642 | | | $ | 7,399 | | | $ | 33,858 | | | $ | 102,899 | | |
| Percentage of total | 60 | | % | 7 | | % | 33 | | % | 100 | | % |
*Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates.
OTHER POLICYHOLDER FUNDS
Other policyholder funds include unearned revenue reserves (URR), consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees.
URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis).
The following table presents a rollforward of URR:
| | | | | | | | | | | | | | | | | | | | | | | |
| Life
Insurance | | Institutional
Markets | | Other* | | Total |
| (in millions) | | | |
| Three Months Ended March 31, 2024 | | | | | | | |
| Balance, beginning of year | $ | 1,770 | | | $ | 1 | | | $ | 94 | | | $ | 1,865 | |
| Revenue deferred | 40 | | | — | | | — | | | 40 | |
| | | | | | | |
| Amortization | (28) | | | — | | | (2) | | | (30) | |
| | | | | | | |
| Balance, end of period | $ | 1,782 | | | $ | 1 | | | $ | 92 | | | $ | 1,875 | |
| Three Months Ended March 31, 2023 | | | | | | | |
| Balance, beginning of year | $ | 1,727 | | | $ | 2 | | | $ | 105 | | | $ | 1,834 | |
| Revenue deferred | 38 | | | — | | | — | | | 38 | |
| | | | | | | |
| Amortization | (27) | | | (1) | | | (2) | | | (30) | |
| | | | | | | |
| Balance, end of period | $ | 1,738 | | | $ | 1 | | | $ | 103 | | | $ | 1,842 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
*Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. At March 31, 2024 and 2023, Other policyholder funds, excluding URR, totaled $1.4 billion and $1.6 billion, respectively.
| | | | | |
AIG | First Quarter 2024 Form 10-Q | 55 |
ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Market Risk Benefits
13. Market Risk Benefits
MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose AIG to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, guaranteed minimum death benefits (GMDB) and guaranteed minimum income benefits (GMIBs) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero.
MRBs are recorded at fair value, and AIG applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products.
Changes in the fair value of MRBs, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders.
The following table presents the balances of and changes in MRBs:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | 2024 | | 2023 | | |
| | Individual
Retirement | | Group
Retirement | | Total | | Individual
Retirement | | Group
Retirement | | Total | | | | | | |
| (in millions, except for attained age of contract holders) | | | | | | | | | |
| Balance, beginning of year | | $ | 4,562 | | | $ | 308 | | | $ | 4,870 | | | $ | 3,738 | | | $ | 296 | | | $ | 4,034 | | | | | | | |
| Effect of changes in our own credit risk | | (1,072) | | | (88) | | | (1,160) | | | (441) | | | (24) | | | (465) | | | | | | | |
| Balance, beginning of year, before effect of changes in our own credit risk | | $ | 3,490 | | | $ | 220 | | | $ | 3,710 | | | 3,297 | | | 272 | | | 3,569 | | | | | | | |
| Issuances | | 123 | | | 10 | | | 133 | | | 191 | | | 9 | | | 200 | | | | | | | |
| Interest accrual | | 45 | | | 3 | | | 48 | | | 38 | | | 4 | | | 42 | | | | | | | |
| Attributed fees | | 174 | | | 15 | | | 189 | | | 235 | | | 17 | | | 252 | | | | | | | |
| Expected claims | | (18) | | | — | | | (18) | | | (25) | | | (1) | | | (26) | | | | | | | |
| Effect of changes in interest rates | | (474) | | | (38) | | | (512) | | | 478 | | | 46 | | | 524 | | | | | | | |
| Effect of changes in interest rate volatility | | (14) | | | — | | | (14) | | | (73) | | | (4) | | | (77) | | | | | | | |
| Effect of changes in equity markets | | (529) | | | (50) | | | (579) | | | (391) | | | (36) | | | (427) | | | | | | | |
| Effect of changes in equity index volatility | | (15) | | | — | | | (15) | | | 16 | | | (3) | | | 13 | | | | | | | |
| Actual outcome different from model expected outcome | | (63) | | | 3 | | | (60) | | | 72 | | | 1 | | | 73 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Effect of changes in other future expected assumptions | | (5) | | | (1) | | | (6) | | | (94) | | | (18) | | | (112) | | | | | | | |
| Other, including foreign exchange | | — | | | (2) | | | (2) | | | 1 | | | — | | | 1 | | | | | | | |
| Balance, end of period, before effect of changes in our own credit risk | | 2,714 | | | 160 | | | 2,874 | | | 3,745 | | | 287 | | | 4,032 | | | | | | | |
| Effect of changes in our own credit risk | | 1,100 | | | 89 | | | 1,189 | | | 339 | | | 32 | | | 371 | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Balance, end of period | | 3,814 | | | 249 | | | 4,063 | | | 4,084 | | | 319 | | | 4,403 | | | | | | | |
| Less: Reinsured MRB, end of period | | (68) | | | — | | | (68) | | | (89) | | | — | | | (89) | | | | | | | |
| Net Liability Balance after reinsurance recoverable | | $ | 3,746 | | | $ | 249 | | | $ | 3,995 | | | $ | 3,995 | | | $ | 319 | | | $ | 4,314 | | | | | | | |
| Net amount at risk | | | | | | | | | | | | | | | | | | |
| GMDB only | | $ | 623 | | | $ | 136 | | | $ | 759 | | | $ | 1,307 | | | $ | 266 | | | $ | 1,573 | | | | | | | |
| GMWB only | | $ | 128 | | | $ | 12 | | | $ | 140 | | | $ | 63 | | | $ | 5 | | | $ | 68 | | | |
