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Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
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
Gross
Unrealized
Losses
Fair
Value
June 30, 2024
Bonds available for sale:
U.S. government and government sponsored entities$4,511 $— $15 $(117)$4,409 
Obligations of states, municipalities and political subdivisions4,635 — 32 (175)4,492 
Non-U.S. governments8,649 — 67 (655)8,061 
Corporate debt32,503 (24)481 (2,173)30,787 
Mortgage-backed, asset-backed and collateralized:
RMBS6,041 (5)197 (455)5,778 
CMBS4,431 (4)19 (159)4,287 
CLO/ABS4,556 — 36 (73)4,519 
Total mortgage-backed, asset-backed and collateralized15,028 (9)252 (687)14,584 
Total bonds available for sale(b)
$65,326 $(33)$847 $(3,807)$62,333 
December 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$4,444 $— $40 $(89)$4,395 
Obligations of states, municipalities and political subdivisions4,930 — 60 (157)4,833 
Non-U.S. governments8,973 (1)94 (670)8,396 
Corporate debt34,013 (20)606 (2,253)32,346 
Mortgage-backed, asset-backed and collateralized:
RMBS6,423 (9)219 (426)6,207 
CMBS4,326 (4)23 (198)4,147 
CLO/ABS5,010 — 31 (123)4,918 
Total mortgage-backed, asset-backed and collateralized15,759 (13)273 (747)15,272 
Total bonds available for sale(b)
$68,119 $(34)$1,073 $(3,916)$65,242 
(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 June 30, 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 $4.8 billion or 8 percent and $5.2 billion or 8 percent, respectively.
Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities
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 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
June 30, 2024
Bonds available for sale:
U.S. government and government sponsored entities$2,137 $20 $1,274 $97 $3,411 $117 
Obligations of states, municipalities and political subdivisions1,529 31 1,904 144 3,433 175 
Non-U.S. governments1,492 44 4,504 611 5,996 655 
Corporate debt5,683 112 16,911 2,050 22,594 2,162 
RMBS1,114 48 2,752 398 3,866 446 
CMBS999 17 1,991 136 2,990 153 
CLO/ABS932 19 782 54 1,714 73 
Total bonds available for sale$13,886 $291 $30,118 $3,490 $44,004 $3,781 
Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
December 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$1,027 $10 $804 $79 $1,831 $89 
Obligations of states, municipalities and political subdivisions850 24 1,602 133 2,452 157 
Non-U.S. governments1,431 87 4,503 583 5,934 670 
Corporate debt4,089 171 18,612 2,070 22,701 2,241 
RMBS1,456 114 2,385 300 3,841 414 
CMBS1,024 54 1,622 137 2,646 191 
CLO/ABS1,371 33 1,509 90 2,880 123 
Total bonds available for sale$11,248 $493 $31,037 $3,392 $42,285 $3,885 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
June 30, 2024Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,441 $4,383 
Due after one year through five years24,968 24,177 
Due after five years through ten years16,122 15,111 
Due after ten years4,743 4,078 
Mortgage-backed, asset-backed and collateralized15,019 14,584 
Total$65,293 $62,333 
Realized Gain (Loss) on Investments
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 June 30,Six Months Ended June 30,
2024202320242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$28$197$24$119$43$313$118$577
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(168)$(1)$(169)$(88)$(7)$(95)
Change in allowance for credit losses on fixed maturity securities(18)— (18)(30)— (30)
Change in allowance for credit losses on loans(12)3 (9)1 1 2 
Foreign exchange transactions52 — 52 123 2 125 
All other derivatives and hedge accounting(21)— (21)(89)(3)(92)
Sales of alternative investments4 — 4 — — — 
Other(24)(3)(27)18 — 18 
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(187)(1)(188)(65)(7)(72)
Net realized gains on Fortitude Re funds withheld embedded derivative— 8 8 — 58 58 
Net realized gains (losses)$(187)$7 $(180)$(65)$51 $(14)
Six Months Ended June 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(254)$(16)$(270)$(400)$(59)$(459)
Change in allowance for credit losses on fixed maturity securities(19)— (19)(24)— (24)
Change in allowance for credit losses on loans(20)1 (19)(7)(1)(8)
Foreign exchange transactions111 (3)108 155 5 160 
All other derivatives and hedge accounting(69)2 (67)(113)(6)(119)
Sales of alternative investments14 (1)13 1 — 1 
Other(9)(3)(12)6 — 6 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(246)(20)(266)(382)(61)(443)
Net realized losses on Fortitude Re funds withheld embedded derivative— (1)(1)— (82)(82)
Net realized gains (losses)$(246)$(21)$(267)$(382)$(143)$(525)
Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option
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)June 30, 2024December 31, 2023
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$50 3 %$51 4 %
Non-U.S. governments25 2 24 2 
Corporate debt311 21 255 19 
Mortgage-backed, asset-backed and collateralized:
RMBS102 7 93 7 
CMBS42 3 33 2 
CLO/ABS and other collateralized securities236 16 207 16 
Total mortgage-backed, asset-backed and collateralized
380 26 333 25 
Total fixed maturity securities766 52 663 50 
Equity securities688 48 665 50 
Total$1,454 100 %$1,328 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)June 30, 2024December 31, 2023
Alternative investments(a)(b)
$4,283 $4,345 
Retained investment in Corebridge using fair value option8,567 — 
All other investments
1,938 2,023 
Total$14,788 $6,368 
(a)At June 30, 2024, included hedge funds of $188 million and private equity funds of $3.9 billion. At December 31, 2023, included hedge funds of $411 million and private equity funds of $3.7 billion. Includes investments in real estate, net of accumulated depreciation. At June 30, 2024 and December 31, 2023, the accumulated depreciation was $162 million and $161 million, respectively.
(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.
Schedule of Net Investment Income
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended June 30,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$723 $20 $743 $714 $24 $738 
Other fixed maturity securities
1 4 5 (1)(10)(11)
Equity securities(4)— (4)41 — 41 
Interest on mortgage and other loans65 8 73 73 9 82 
Alternative investments(a)
32 — 32 44 — 44 
Other investments(b)
177 1 178 (6)2 (4)
Total investment income994 33 1,027 865 25 890 
Investment expenses37 — 37 53 — 53 
Net investment income$957 $33 $990 $812 $25 $837 
Six Months Ended June 30,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$1,488 $42 $1,530 $1,354 $50 $1,404 
Other fixed maturity securities
(4)11 7 2 7 9 
Equity securities84 — 84 62 — 62 
Interest on mortgage and other loans133 17 150 139 18 157 
Alternative investments(a)
87 (1)86 139 — 139 
Other investments(b)
199 3 202 8 2 10 
Total investment income1,987 72 2,059 1,704 77 1,781 
Investment expenses90 — 90 100 — 100 
Net investment income$1,897 $72 $1,969 $1,604 $77 $1,681 
(a)Included income from hedge funds, private equity funds and real estate investments. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
(b)Includes dividends received from Corebridge and changes in its stock price of $68 million and $65 million, respectively, for both three and six months ended June 30, 2024.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2024202320242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$15 $(180)$(117)$829 
Other investments(39)— (39)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$(24)$(180)$(156)$829 
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at June 30, 2024 and 2023.
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended June 30,20242023
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains (losses) recognized during the period on equity securities and other investments$(4)$109 $105 $41 $64 $105 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period3 25 28 (12)8 (4)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(7)$84 $77 $53 $56 $109 
Six Months Ended June 30,20242023
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains recognized during the period on equity securities and other investments$84 $192 $276 $62 $143 $205 
Less: Net gains recognized during the period on equity securities and other investments sold during the period43 24 67 76 9 85 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$41 $168 $209 $(14)$134 $120 
*Includes unrealized gain on AIG’s ownership interest in Corebridge of $65 million in the three and six months ended June 30, 2024.
Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities
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 June 30,20242023
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$3 $25 $28 $16 $12 $28
Additions:
Securities for which allowance for credit losses were not previously recorded1 5 6 1 23 24 
Reductions:
Securities sold during the period— (1)(1)(2)(1)(3)
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 basis2 10 12 1 5 6 
Write-offs charged against the allowance— (14)(14)(10)(11)(21)
Other— 2 2 1(1)— 
Balance, end of period$6 $27 $33 $7 $27 $34 
Six Months Ended June 30,20242023
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$13 $21 $34 $20 $17 $37 
Additions:
Securities for which allowance for credit losses were not previously recorded1 9 10 2 28 30 
Reductions:
Securities sold during the period— — — (2)(3)(5)
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(8)17 9 (3)(3)(6)
Write-offs charged against the allowance— (22)(22)(10)(11)(21)
Other— 2 2 — (1)(1)
Balance, end of period$6 $27 $33 $7 $27 $34 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)June 30, 2024December 31, 2023
Fixed maturity securities available for sale$—$106
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
December 31, 2023
Bonds available for sale:
Non-U.S. governments$— $106 $— $— $— $106 
Corporate debt— — — — — — 
Total$— $106 $— $— $— $106 
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)June 30, 2024December 31, 2023
Securities collateral pledged to us$1,700 $1,200