Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on 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:

June 30, 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	$	24	$	4,385	$	—	$	—	$	—	$	4,409
Obligations of states, municipalities and political subdivisions		—		4,488		4		—		—		4,492
Non-U.S. governments		161		7,893		7		—		—		8,061
Corporate debt		1		30,427		359		—		—		30,787
RMBS		—		3,762		2,016		—		—		5,778
CMBS		—		4,193		94		—		—		4,287
CLO/ABS		—		3,244		1,275		—		—		4,519
Total bonds available for sale		186		58,392		3,755		—		—		62,333
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		50		—		—		—		50
Non-U.S. governments		—		25		—		—		—		25
Corporate debt		—		267		44		—		—		311
RMBS		—		53		49		—		—		102
CMBS		—		42		—		—		—		42
CLO/ABS		—		91		145		—		—		236
Total other bond securities		—		528		238		—		—		766
Equity securities		659		16		13		—		—		688
Other invested assets(b)		8,567		124		145		—		—		8,836
Derivative assets(c):
Interest rate contracts		—		263		3		—		—		266
Foreign exchange contracts		—		256		1		—		—		257
Equity contracts		—		—		35		—		—		35
Credit contracts		—		—		33		—		—		33
Other contracts		—		—		1		—		—		1
Counterparty netting and cash collateral		—		—		—		(245)		(288)		(533)
Total derivative assets		—		519		73		(245)		(288)		59
Short-term investments		3,845		4,292		—		—		—		8,137
Other assets(c)		—		—		130		—		—		130
Total(d)	$	13,257	$	63,871	$	4,354	$	(245)	$	(288)	$	80,949
Liabilities:
Derivative liabilities(c):
Interest rate contracts	$	—	$	291	$	—	$	—	$	—	$	291
Foreign exchange contracts		—		324		1		—		—		325
Credit contracts		—		—		33		—		—		33
Counterparty netting and cash collateral		—		—		—		(245)		(180)		(425)
Total derivative liabilities		—		615		34		(245)		(180)		224
Fortitude Re funds withheld payable		—		—		(154)		—		—		(154)
Other liabilities		—		—		99		—		—		99
Total	$	—	$	615	$	(21)	$	(245)	$	(180)	$	169

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	$	15	$	4,380	$	—	$	—	$	—	$	4,395
Obligations of states, municipalities and political subdivisions		—		4,830		3		—		—		4,833
Non-U.S. governments		233		8,156		7		—		—		8,396
Corporate debt		—		32,023		323		—		—		32,346
RMBS		—		4,415		1,792		—		—		6,207
CMBS		—		4,122		25		—		—		4,147
CLO/ABS		—		3,629		1,289		—		—		4,918
Total bonds available for sale		248		61,555		3,439		—		—		65,242
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		51		—		—		—		51
Non-U.S. governments		—		24		—		—		—		24
Corporate debt		—		210		45		—		—		255
RMBS		—		42		51		—		—		93
CMBS		—		33		—		—		—		33
CLO/ABS		—		69		138		—		—		207
Total other bond securities		—		429		234		—		—		663
Equity securities		612		39		14		—		—		665
Other invested assets (b)		—		155		221		—		—		376
Derivative assets(c):
Interest rate contracts		—		335		406		—		—		741
Foreign exchange contracts		—		450		1		—		—		451
Equity contracts		—		18		48		—		—		66
Credit contracts		—		—		33		—		—		33
Other contracts		—		—		1		—		—		1
Counterparty netting and cash collateral		—		—		—		(450)		(711)		(1,161)
Total derivative assets		—		803		489		(450)		(711)		131
Short-term investments		2,613		6,750		—		—		—		9,363
Other assets(c)		—		—		243		—		—		243
Total(d)	$	3,473	$	69,731	$	4,640	$	(450)	$	(711)	$	76,683
Liabilities:
Derivative liabilities(c):
Interest rate contracts	$	—	$	352	$	—	$	—	$	—	$	352
Foreign exchange contracts		—		561		3		—		—		564
Credit contracts		—		3		33		—		—		36
Counterparty netting and cash collateral		—		—		—		(450)		(249)		(699)
Total derivative liabilities		—		916		36		(450)		(249)		253
Fortitude Re funds withheld payable		—		—		(148)		—		—		(148)
Other liabilities		—		107		122		—		—		229
Total	$	—	$	1,023	$	10	$	(450)	$	(249)	$	334

(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 $3.6 billion and $3.8 billion as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, includes AIG's ownership interest in Corebridge of $8.6 billion on which AIG elected the fair value option.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

(d)Excludes $22 million and $15 million as of June 30, 2024 and December 31, 2023, respectively, of assets reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis

The following tables present changes during the three and six months ended June 30, 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 June 30, 2024 and 2023:

(in millions)		Fair Value Beginning of Period		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 June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		383		—		(2)		(22)		36		(36)		—		359		—		(2)
RMBS		1,766		24		(29)		(75)		287		(1)		44		2,016		—		(30)
CMBS		43		(4)		6		(18)		68		(1)		—		94		—		—
CLO/ABS		1,284		3		3		(47)		44		(12)		—		1,275		—		3
Total bonds available for sale		3,487		23		(22)		(162)		435		(50)		44		3,755		—		(29)
Other bond securities:
Corporate Debt		46		1		—		—		—		—		(3)		44		—		—
RMBS		53		—		—		(2)		—		(2)		—		49		—		—
CLO/ABS		144		1		—		(3)		2		—		1		145		1		—
Total other bond securities		243		2		—		(5)		2		(2)		(2)		238		1		—
Equity securities		13		—		—		—		—		—		—		13		—		—
Other invested assets		183		(4)		—		(36)		—		—		2		145		(1)		—
Other assets		129		—		—		1		—		—		—		130		—		—
Total	$	4,055	$	21	$	(22)	$	(202)	$	437	$	(52)	$	44	$	4,281	$	—	$	(29)
(in millions)		Fair Value Beginning of Period		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:
Derivative liabilities, net:
Interest rate contracts	$	(128)	$	(8)	$	—	$	133	$	—	$	—	$	—	$	(3)	$	—	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(56)		(2)		—		23		—		—		—		(35)		2		—
Other contracts		(1)		—		—		—		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(183)		(12)		—		156		—		—		—		(39)		3		—
Fortitude Re funds withheld payable		(119)		(8)		—		(27)		—		—		—		(154)		33		—
Other Liabilities		92		28		—		(21)		—		—		—		99		—		—
Total	$	(210)	$	8	$	—	$	108	$	—	$	—	$	—	$	(94)	$	36	$	—

(in millions)		Fair Value Beginning of Period		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 June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	15	$	—	$	1	$	—	$	—	$	—	$	—	$	16	$	—	$	—
Non-U.S. governments		9		—		1		(2)		—		(2)		—		6		—		1
Corporate debt		728		(4)		10		(131)		1		(186)		—		418		—		4
RMBS		1,896		30		56		(36)		—		(43)		(35)		1,868		—		56
CMBS		220		(22)		(2)		—		—		(148)		—		48		—		(4)
CLO/ABS		1,524		(15)		3		(99)		6		(32)		9		1,396		—		(9)
Total bonds available for sale		4,392		(11)		69		(268)		7		(411)		(26)		3,752		—		48
Other bond securities:
Corporate debt		—		—		—		44		—		—		—		44		—		—
RMBS		52		2		—		(2)		—		—		—		52		(4)		—
CLO/ABS		176		(3)		—		(19)		—		—		—		154		(25)		—
Total other bond securities		228		(1)		—		23		—		—		—		250		(29)		—
Equity securities		25		2		—		—		2		(1)		—		28		2		—
Other invested assets		235		1		—		(9)		—		—		—		227		(3)		—
Other assets		110		—		—		1		—		—		—		111		—		—
Total	$	4,990	$	(9)	$	69	$	(253)	$	9	$	(412)	$	(26)	$	4,368	$	(30)	$	48
(in millions)		Fair Value Beginning of Period		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:
Derivative liabilities, net:
Interest rate contracts	$	(355)	$	26	$	—	$	(10)	$	—	$	—	$	—	$	(339)	$	—	$	(21)
Foreign exchange contracts		—		2		—		—		—		—		—		2		—		(2)
Equity contracts		(328)		2		—		(73)		—		—		—		(399)		4		—
Credit contracts		—		(1)		—		1		—		—		—		—		—		—
Other contracts		(1)		—		—		—		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(684)		29		—		(82)		—		—		—		(737)		5		(23)
Fortitude Re funds withheld payable		(167)		(58)		—		(44)		—		—		—		(269)		78		—
Other liabilities		112		(14)		—		—		—		—		—		98		—		—
Total	$	(739)	$	(43)	$	—	$	(126)	$	—	$	—	$	—	$	(908)	$	83	$	(23)

(in millions)		Fair Value Beginning of Year		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
Six Months Ended June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		1		(2)		(60)		134		(37)		—		359		—		(1)
RMBS		1,792		47		(2)		(150)		287		(2)		44		2,016		—		(2)
CMBS		25		(4)		6		(18)		85		—		—		94		—		1
CLO/ABS		1,289		(12)		32		(66)		44		(12)		—		1,275		—		29
Total bonds available for sale		3,439		32		34		(293)		550		(51)		44		3,755		—		27
Other bond securities:
Corporate debt		45		1		—		—		—		—		(2)		44		—		—
RMBS		51		—		—		—		—		(2)		—		49		—		—
CLO/ABS		138		—		—		5		2		—		—		145		(1)		—
Total other bond securities		234		1		—		5		2		(2)		(2)		238		(1)		—
Equity securities		14		—		—		—		—		(1)		—		13		1		—
Other invested assets		221		(13)		—		(39)		—		(13)		(11)		145		(12)		—
Other assets		243		—		—		(113)		—		—		—		130		—		—
Total	$	4,151	$	20	$	34	$	(440)	$	552	$	(67)	$	31	$	4,281	$	(12)	$	27
(in millions)		Fair Value Beginning of Year		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:
Derivative liabilities, net:
Interest rate contracts	$	(406)	$	61	$	—	$	342	$	—	$	—	$	—	$	(3)	$	(3)	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(48)		(18)		—		31		—		—		—		(35)		10		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(453)		40		—		374		—		—		—		(39)		8		—
Fortitude Re funds withheld payable		(148)		1		—		(7)		—		—		—		(154)		47		—
Other Liabilities		122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	39	$	—	$	346	$	—	$	—	$	—	$	(94)	$	55	$	—

(in millions)		Fair Value Beginning of Year		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
Six Months Ended June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	20	$	—	$	1	$	(5)	$	—	$	—	$	—	$	16	$	—	$	1
Non-U.S. governments		2		—		1		(2)		7		(2)		—		6		—		1
Corporate debt		879		(4)		17		(347)		108		(235)		—		418		—		3
RMBS		1,884		59		26		(18)		—		(48)		(35)		1,868		—		24
CMBS		207		(22)		(1)		1		11		(148)		—		48		—		(12)
CLO/ABS		1,483		(12)		20		(83)		17		(42)		13		1,396		—		12
Total bonds available for sale		4,475		21		64		(454)		143		(475)		(22)		3,752		—		29
Other bond securities:
Corporate debt		—		—		—		44		—		—		—		44		—		—
RMBS		65		2		—		(15)		—		—		—		52		(9)		—
CLO/ABS		158		1		—		(13)		—		(3)		11		154		(23)		—
Total other bond securities		223		3		—		16		—		(3)		11		250		(32)		—
Equity securities		13		2		—		4		10		(1)		—		28		2		—
Other invested assets		244		(7)		—		(10)		—		—		—		227		(10)		—
Other assets		107		—		—		4		—		—		—		111		—		—
Total	$	5,062	$	19	$	64	$	(440)	$	153	$	(479)	$	(11)	$	4,368	$	(40)	$	29
(in millions)		Fair Value Beginning of Year		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:
Derivative liabilities, net:
Interest rate contracts	$	(311)	$	84	$	—	$	(112)	$	—	$	—	$	—	$	(339)	$	—	$	(29)
Foreign exchange contracts		—		2		—		—		—		—		—		2		—		(2)
Equity contracts		(271)		(69)		—		(59)		—		—		—		(399)		63		—
Credit contracts		—		(1)		—		1		—		—		—		—		—		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(583)		15		—		(169)		—		—		—		(737)		64		(31)
Fortitude Re funds withheld payable		(41)		82		—		(310)		—		—		—		(269)		(48)		—
Other liabilities		112		(14)		—		—		—		—		—		98		—		—
Total	$	(512)	$	83	$	—	$	(479)	$	—	$	—	$	—	$	(908)	$	16	$	(31)

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 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 June 30, 2024
Assets:
Bonds available for sale:
Non-U.S. governments	$	4	$	—	$	(4)	$	—
Corporate debt	5		—		(27)		(22)
RMBS	—		—		(75)		(75)
CMBS	—		—		(18)		(18)
CLO/ABS	6		—		(53)		(47)
Total bonds available for sale	15		—		(177)		(162)
Other bond securities:
RMBS	—		(1)		(1)		(2)
CLO/ABS	—		—		(3)		(3)
Total other bond securities	—		(1)		(4)		(5)
Other invested assets	—		—		(36)		(36)
Other assets	—		—		1		1
Total	$	15	$	(1)	$	(216)	$	(202)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	156	$	156
Fortitude Re funds withheld payable	—		—		(27)		(27)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	108	$	108
Three Months Ended June 30, 2023
Assets:
Bonds available for sale:
Non-U.S. governments	$	—	$	—	$	(2)	$	(2)
Corporate debt	—		—		(131)		(131)
RMBS	46		—		(82)		(36)
CMBS	—		(5)		5		—
CLO/ABS	77		(148)		(28)		(99)
Total bonds available for sale	123		(153)		(238)		(268)
Other bond securities:
Corporate debt	20		—		24		44
RMBS	—		—		(2)		(2)
CLO/ABS	—		4		(23)		(19)
Total other bond securities	20		4		(1)		23
Other invested assets	(1)		—		(8)		(9)
Other assets	—		—		1		1
Total	$	142	$	(149)	$	(246)	$	(253)
Liabilities:
Derivative liabilities, net	$	(105)	$	1	$	22	$	(82)
Fortitude Re funds withheld payable	—		—		(44)		(44)
Total	$	(105)	$	1	$	(22)	$	(126)

(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Six Months Ended June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate debt	11		(3)		(68)		(60)
RMBS	—		(1)		(149)		(150)
CMBS	—		—		(18)		(18)
CLO/ABS	66		(2)		(130)		(66)
Total bonds available for sale	82		(6)		(369)		(293)
Other bond securities:
RMBS	3		(1)		(2)		—
CLO/ABS	11		—		(6)		5
Total other bond securities	14		(1)		(8)		5
Other invested assets	1		—		(40)		(39)
Other assets	—		—		(113)		(113)
Total	$	97	$	(7)	$	(530)	$	(440)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	374	$	374
Fortitude Re funds withheld payable	—		—		(7)		(7)
Other Liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	346	$	346
Six Months Ended June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(4)	$	(2)	$	(5)
Non-U.S. governments	—		—		(2)		(2)
Corporate Debt	8		—		(355)		(347)
RMBS	170		(19)		(169)		(18)
CMBS	1		(5)		5		1
CLO/ABS	107		(151)		(39)		(83)
Total bonds available for sale	287		(179)		(562)		(454)
Other bond securities:
Corporate debt	20		—		24		44
RMBS	—		—		(15)		(15)
CLO/ABS	14		—		(27)		(13)
Total other bond securities	34		—		(18)		16
Equity securities	5		—		(1)		4
Other invested assets	1		—		(11)		(10)
Other assets	—		—		4		4
Total	$	327	$	(179)	$	(588)	$	(440)
Liabilities:
Derivative liabilities, net	$	(316)	$	4	$	143	$	(169)
Fortitude Re funds withheld payable	—		—		(310)		(310)
Total	$	(316)	$	4	$	(167)	$	(479)

(a)There were no issuances during the three and six months ended June 30, 2024 and 2023.

Schedule of Liabilities Measured on a Recurring Basis

The following tables present changes during the three and six months ended June 30, 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 June 30, 2024 and 2023:

(in millions)		Fair Value Beginning of Period		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 June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		383		—		(2)		(22)		36		(36)		—		359		—		(2)
RMBS		1,766		24		(29)		(75)		287		(1)		44		2,016		—		(30)
CMBS		43		(4)		6		(18)		68		(1)		—		94		—		—
CLO/ABS		1,284		3		3		(47)		44		(12)		—		1,275		—		3
Total bonds available for sale		3,487		23		(22)		(162)		435		(50)		44		3,755		—		(29)
Other bond securities:
Corporate Debt		46		1		—		—		—		—		(3)		44		—		—
RMBS		53		—		—		(2)		—		(2)		—		49		—		—
CLO/ABS		144		1		—		(3)		2		—		1		145		1		—
Total other bond securities		243		2		—		(5)		2		(2)		(2)		238		1		—
Equity securities		13		—		—		—		—		—		—		13		—		—
Other invested assets		183		(4)		—		(36)		—		—		2		145		(1)		—
Other assets		129		—		—		1		—		—		—		130		—		—
Total	$	4,055	$	21	$	(22)	$	(202)	$	437	$	(52)	$	44	$	4,281	$	—	$	(29)
(in millions)		Fair Value Beginning of Period		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:
Derivative liabilities, net:
Interest rate contracts	$	(128)	$	(8)	$	—	$	133	$	—	$	—	$	—	$	(3)	$	—	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(56)		(2)		—		23		—		—		—		(35)		2		—
Other contracts		(1)		—		—		—		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(183)		(12)		—		156		—		—		—		(39)		3		—
Fortitude Re funds withheld payable		(119)		(8)		—		(27)		—		—		—		(154)		33		—
Other Liabilities		92		28		—		(21)		—		—		—		99		—		—
Total	$	(210)	$	8	$	—	$	108	$	—	$	—	$	—	$	(94)	$	36	$	—

(in millions)		Fair Value Beginning of Period		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 June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	15	$	—	$	1	$	—	$	—	$	—	$	—	$	16	$	—	$	—
Non-U.S. governments		9		—		1		(2)		—		(2)		—		6		—		1
Corporate debt		728		(4)		10		(131)		1		(186)		—		418		—		4
RMBS		1,896		30		56		(36)		—		(43)		(35)		1,868		—		56
CMBS		220		(22)		(2)		—		—		(148)		—		48		—		(4)
CLO/ABS		1,524		(15)		3		(99)		6		(32)		9		1,396		—		(9)
Total bonds available for sale		4,392		(11)		69		(268)		7		(411)		(26)		3,752		—		48
Other bond securities:
Corporate debt		—		—		—		44		—		—		—		44		—		—
RMBS		52		2		—		(2)		—		—		—		52		(4)		—
CLO/ABS		176		(3)		—		(19)		—		—		—		154		(25)		—
Total other bond securities		228		(1)		—		23		—		—		—		250		(29)		—
Equity securities		25		2		—		—		2		(1)		—		28		2		—
Other invested assets		235		1		—		(9)		—		—		—		227		(3)		—
Other assets		110		—		—		1		—		—		—		111		—		—
Total	$	4,990	$	(9)	$	69	$	(253)	$	9	$	(412)	$	(26)	$	4,368	$	(30)	$	48
(in millions)		Fair Value Beginning of Period		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:
Derivative liabilities, net:
Interest rate contracts	$	(355)	$	26	$	—	$	(10)	$	—	$	—	$	—	$	(339)	$	—	$	(21)
Foreign exchange contracts		—		2		—		—		—		—		—		2		—		(2)
Equity contracts		(328)		2		—		(73)		—		—		—		(399)		4		—
Credit contracts		—		(1)		—		1		—		—		—		—		—		—
Other contracts		(1)		—		—		—		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(684)		29		—		(82)		—		—		—		(737)		5		(23)
Fortitude Re funds withheld payable		(167)		(58)		—		(44)		—		—		—		(269)		78		—
Other liabilities		112		(14)		—		—		—		—		—		98		—		—
Total	$	(739)	$	(43)	$	—	$	(126)	$	—	$	—	$	—	$	(908)	$	83	$	(23)

(in millions)		Fair Value Beginning of Year		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
Six Months Ended June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		1		(2)		(60)		134		(37)		—		359		—		(1)
RMBS		1,792		47		(2)		(150)		287		(2)		44		2,016		—		(2)
CMBS		25		(4)		6		(18)		85		—		—		94		—		1
CLO/ABS		1,289		(12)		32		(66)		44		(12)		—		1,275		—		29
Total bonds available for sale		3,439		32		34		(293)		550		(51)		44		3,755		—		27
Other bond securities:
Corporate debt		45		1		—		—		—		—		(2)		44		—		—
RMBS		51		—		—		—		—		(2)		—		49		—		—
CLO/ABS		138		—		—		5		2		—		—		145		(1)		—
Total other bond securities		234		1		—		5		2		(2)		(2)		238		(1)		—
Equity securities		14		—		—		—		—		(1)		—		13		1		—
Other invested assets		221		(13)		—		(39)		—		(13)		(11)		145		(12)		—
Other assets		243		—		—		(113)		—		—		—		130		—		—
Total	$	4,151	$	20	$	34	$	(440)	$	552	$	(67)	$	31	$	4,281	$	(12)	$	27
(in millions)		Fair Value Beginning of Year		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:
Derivative liabilities, net:
Interest rate contracts	$	(406)	$	61	$	—	$	342	$	—	$	—	$	—	$	(3)	$	(3)	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(48)		(18)		—		31		—		—		—		(35)		10		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(453)		40		—		374		—		—		—		(39)		8		—
Fortitude Re funds withheld payable		(148)		1		—		(7)		—		—		—		(154)		47		—
Other Liabilities		122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	39	$	—	$	346	$	—	$	—	$	—	$	(94)	$	55	$	—

(in millions)		Fair Value Beginning of Year		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
Six Months Ended June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	20	$	—	$	1	$	(5)	$	—	$	—	$	—	$	16	$	—	$	1
Non-U.S. governments		2		—		1		(2)		7		(2)		—		6		—		1
Corporate debt		879		(4)		17		(347)		108		(235)		—		418		—		3
RMBS		1,884		59		26		(18)		—		(48)		(35)		1,868		—		24
CMBS		207		(22)		(1)		1		11		(148)		—		48		—		(12)
CLO/ABS		1,483		(12)		20		(83)		17		(42)		13		1,396		—		12
Total bonds available for sale		4,475		21		64		(454)		143		(475)		(22)		3,752		—		29
Other bond securities:
Corporate debt		—		—		—		44		—		—		—		44		—		—
RMBS		65		2		—		(15)		—		—		—		52		(9)		—
CLO/ABS		158		1		—		(13)		—		(3)		11		154		(23)		—
Total other bond securities		223		3		—		16		—		(3)		11		250		(32)		—
Equity securities		13		2		—		4		10		(1)		—		28		2		—
Other invested assets		244		(7)		—		(10)		—		—		—		227		(10)		—
Other assets		107		—		—		4		—		—		—		111		—		—
Total	$	5,062	$	19	$	64	$	(440)	$	153	$	(479)	$	(11)	$	4,368	$	(40)	$	29
(in millions)		Fair Value Beginning of Year		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:
Derivative liabilities, net:
Interest rate contracts	$	(311)	$	84	$	—	$	(112)	$	—	$	—	$	—	$	(339)	$	—	$	(29)
Foreign exchange contracts		—		2		—		—		—		—		—		2		—		(2)
Equity contracts		(271)		(69)		—		(59)		—		—		—		(399)		63		—
Credit contracts		—		(1)		—		1		—		—		—		—		—		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(583)		15		—		(169)		—		—		—		(737)		64		(31)
Fortitude Re funds withheld payable		(41)		82		—		(310)		—		—		—		(269)		(48)		—
Other liabilities		112		(14)		—		—		—		—		—		98		—		—
Total	$	(512)	$	83	$	—	$	(479)	$	—	$	—	$	—	$	(908)	$	16	$	(31)

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and six months ended June 30, 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)
Six Months Ended June 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate debt	11		(3)		(68)		(60)
RMBS	—		(1)		(149)		(150)
CMBS	—		—		(18)		(18)
CLO/ABS	66		(2)		(130)		(66)
Total bonds available for sale	82		(6)		(369)		(293)
Other bond securities:
RMBS	3		(1)		(2)		—
CLO/ABS	11		—		(6)		5
Total other bond securities	14		(1)		(8)		5
Other invested assets	1		—		(40)		(39)
Other assets	—		—		(113)		(113)
Total	$	97	$	(7)	$	(530)	$	(440)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	374	$	374
Fortitude Re funds withheld payable	—		—		(7)		(7)
Other Liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	346	$	346
Six Months Ended June 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(4)	$	(2)	$	(5)
Non-U.S. governments	—		—		(2)		(2)
Corporate Debt	8		—		(355)		(347)
RMBS	170		(19)		(169)		(18)
CMBS	1		(5)		5		1
CLO/ABS	107		(151)		(39)		(83)
Total bonds available for sale	287		(179)		(562)		(454)
Other bond securities:
Corporate debt	20		—		24		44
RMBS	—		—		(15)		(15)
CLO/ABS	14		—		(27)		(13)
Total other bond securities	34		—		(18)		16
Equity securities	5		—		(1)		4
Other invested assets	1		—		(11)		(10)
Other assets	—		—		4		4
Total	$	327	$	(179)	$	(588)	$	(440)
Liabilities:
Derivative liabilities, net	$	(316)	$	4	$	143	$	(169)
Fortitude Re funds withheld payable	—		—		(310)		(310)
Total	$	(316)	$	4	$	(167)	$	(479)

(a)There were no issuances during the three and six months ended June 30, 2024 and 2023.

Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets

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)		Total
Three Months Ended June 30, 2024
Assets:
Bonds available for sale	$	25	$	(2)	$	23
Other bond securities	2		—		2
Other invested assets	(4)		—		(4)
Three Months Ended June 30, 2023
Assets:
Bonds available for sale	$	4	$	(15)	$	(11)
Other bond securities	(1)		—		(1)
Equity securities	2		—		2
Other invested assets	1		—		1
Six Months Ended June 30, 2024
Assets:
Bonds available for sale	$	40	$	(8)	$	32
Other bond securities	1		—		1
Other invested assets	(13)		—		(13)
Six Months Ended June 30, 2023
Assets:
Bonds available for sale	$	37	$	(16)	$	21
Other bond securities	3		—		3
Equity securities	2		—		2
Other invested assets	(7)		—		(7)
(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total
Three Months Ended June 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	(12)	$	(12)
Fortitude Re funds withheld payable	—		(8)		(8)
Other Liabilities	—		28		28
Three Months Ended June 30, 2023
Liabilities:
Derivative liabilities, net	$	—	$	29	$	29
Fortitude Re funds withheld payable	—		(58)		(58)
Other Liabilities	—		(14)		(14)
Six Months Ended June 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	40	$	40
Fortitude Re funds withheld payable	—		1		1
Other Liabilities	—		(2)		(2)
Six Months Ended June 30, 2023
Liabilities:
Derivative liabilities, net	$	—	$	15	$	15
Fortitude Re funds withheld payable	—		82		82
Other Liabilities	—		(14)		(14)

Fair Value Measurement Inputs and Valuation Techniques

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 June 30, 2024		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	4	Discounted cash flow	Yield	5.09% - 5.47% (5.28%)
Corporate debt		306	Discounted cash flow	Yield	5.69% - 10.38% (8.04%)
RMBS(a)		1,268	Discounted cash flow	Constant prepayment rate	4.58% - 10.68% (7.63%)
				Loss severity	41.73% - 76.79% (59.26%)
				Constant default rate	0.77% - 2.62% (1.70%)
				Yield	6.30% - 7.61% (6.96%)
CLO/ABS(a)		1,163	Discounted cash flow	Yield	5.47% - 8.82% (7.15%)
CMBS		14	Discounted cash flow	Yield	7.22% - 15.19% (11.20%)

(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	$	3	Discounted cash flow	Yield	5.00% - 5.50% (5.23%)
Corporate debt		332	Discounted cash flow	Yield	5.16% - 9.62% (7.39%)
RMBS(a)		1,341	Discounted cash flow	Constant prepayment rate	4.43% - 10.30% (7.36%)
				Loss severity	43.21% - 76.65% (59.93%)
				Constant default rate	0.82% - 2.64% (1.73%)
				Yield	6.18% - 7.42% (6.80%)
CLO/ABS(a)		1,100	Discounted cash flow	Yield	5.31% - 8.56% (6.94%)
CMBS		22	Discounted cash flow	Yield	9.84% - 17.24% (13.54%)

(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.

Schedule of 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.

			June 30, 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	$	1,212	$	479	$	1,171	$	558
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		839		308		870		344
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		77		45		67		50
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		204		13		196		9
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		129		54		140		56
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		901		60		944		64
Total private equity funds			3,362		959		3,388		1,081
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		13		—		13		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		168		—		389		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		—		—		—		—
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		7		—		9		—
Total hedge funds			188		—		411		—
Total		$	3,550	$	959	$	3,799	$	1,081

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:

	Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
(in millions)		2024		2023		2024		2023
Other bond securities(a)	$	5	$	(11)	$	7	$	9
Alternative investments(b)		28		54		108		130
All other investments(c)		65		—		65		—
Total gain (loss)	$	98	$	43	$	180	$	139

(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 real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge.

Schedule of Fair Values of 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
June 30, 2024
Assets:
Mortgage and other loans receivable	$	—	$	341	$	3,871	$	4,212	$	4,347
Other invested assets		—		591		6		597		597
Short-term investments(a)		—		4,426		—		4,426		4,426
Cash(b)		1,381		—		—		1,381		1,381
Other assets		18		—		—		18		18
Liabilities:
Fortitude Re funds withheld payable		—		—		3,518		3,518		3,518
Long-term debt		—		8,867		235		9,102		9,861
Debt of consolidated investment entities		—		—		79		79		79

		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	242	$	4,113	$	4,355	$	4,441
Other invested assets		—		645		6		651		651
Short-term investments		—		3,502		—		3,502		3,502
Cash		1,540		—		—		1,540		1,540
Other assets		32		—		—		32		32
Liabilities:
Fortitude Re funds withheld payable		—		—		3,675		3,675		3,675
Long-term debt		—		9,623		267		9,890		10,375
Debt of consolidated investment entities		—		—		231		231		231

(a)Excludes $7 million at June 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

(b)Excludes $90 million at June 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.