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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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:


September 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	$	1	$	4,513	$	—	$	—	$	—	$	4,514
Obligations of states, municipalities and political subdivisions		—		4,647		4		—		—		4,651
Non-U.S. governments		181		8,545		7		—		—		8,733
Corporate debt		—		32,649		385		—		—		33,034
RMBS		—		4,324		2,095		—		—		6,419
CMBS		—		4,024		82		—		—		4,106
CLO/ABS		—		3,540		983		—		—		4,523
Total bonds available for sale		182		62,242		3,556		—		—		65,980
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		52		—		—		—		52
Non-U.S. governments		—		27		—		—		—		27
Corporate debt		—		253		46		—		—		299
RMBS		—		52		55		—		—		107
CMBS		—		44		—		—		—		44
CLO/ABS		—		87		147		—		—		234
Total other bond securities		—		515		248		—		—		763
Equity securities		739		15		13		—		—		767
Other invested assets(b)		8,143		129		158		—		—		8,430
Derivative assets(c):
Interest rate contracts		—		305		—		—		—		305
Foreign exchange contracts		—		249		—		—		—		249
Equity contracts		—		—		31		—		—		31

Credit contracts		—		—		33		—		—		33
Other contracts		—		—		1		—		—		1
Counterparty netting and cash collateral		—		—		—		(276)		(241)		(517)
Total derivative assets		—		554		65		(276)		(241)		102
Short-term investments		4,969		3,853		—		—		—		8,822
Other assets(c)		—		—		129		—		—		129
Total(d)	$	14,033	$	67,308	$	4,169	$	(276)	$	(241)	$	84,993
Liabilities:
Derivative liabilities(c):
Interest rate contracts	$	—	$	333	$	—	$	—	$	—	$	333
Foreign exchange contracts		—		255		—		—		—		255
Equity contracts		—		—		31		—		—		31
Credit contracts		—		—		34		—		—		34
Other contracts		—		—		1		—		—		1
Counterparty netting and cash collateral		—		—		—		(276)		(209)		(485)
Total derivative liabilities		—		588		66		(276)		(209)		169
Fortitude Re funds withheld payable		—		—		—		—		—		—
Other liabilities		—		—		99		—		—		99

Total	$	—	$	588	$	165	$	(276)	$	(209)	$	268


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 $3.4 billion and $3.8 billion as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, includes AIG's ownership interest in Corebridge of $8.1 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 $1 million and $15 million as of September 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 nine months ended September 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 September 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 September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		359		(3)		18		4		—		—		7		385		—		14
RMBS		2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS		94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS		1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale		3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate Debt		44		—		—		—		—		—		2		46		2		—
RMBS		49		3		—		(2)		—		—		5		55		—		—

CLO/ABS		145		3		—		(1)		—		—		—		147		3		—
Total other bond securities		238		6		—		(3)		—		—		7		248		5		—
Equity securities		13		1		—		2		—		—		(3)		13		—		—
Other invested assets		145		(3)		—		5		—		—		11		158		—		—
Other assets		130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100
(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	$	(3)	$	—	$	—	$	3	$	—	$	—	$	—	$	—	$	—	$	—

Equity contracts		(35)		—		—		(1)		—		—		36		—		2		—
Credit contracts		—		1		—		—		—		—		—		1		(1)		—
Other contracts		(1)		—		—		—		—		—		1		—		1		—
Total derivative liabilities, net(a)		(39)		1		—		2		—		—		37		1		2		—
Fortitude Re funds withheld payable		(154)		157		—		(3)		—		—		—		—		(153)		—
Other Liabilities		99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(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 September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	16	$	(1)	$	—	$	(11)	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		6		—		—		(3)		—		—		—		3		—		—
Corporate debt		418		(2)		(12)		(63)		30		(16)		—		355		—		(13)
RMBS		1,868		26		(15)		(63)		—		(3)		7		1,820		—		(16)
CMBS		48		(7)		—		6		31		(24)		—		54		—		(5)
CLO/ABS		1,396		(14)		19		(27)		—		(32)		2		1,344		—		(3)
Total bonds available for sale		3,752		2		(8)		(161)		61		(75)		9		3,580		—		(37)
Other bond securities:

Corporate debt		44		1		—		—		—		—		—		45		1		—
RMBS		52		—		—		(2)		—		—		—		50		1		—

CLO/ABS		154		(2)		—		(1)		1		—		1		153		(4)		—
Total other bond securities		250		(1)		—		(3)		1		—		1		248		(2)		—
Equity securities		28		—		—		(2)		—		(12)		—		14		—		—
Other invested assets		227		3		—		(2)		10		—		—		238		3		—
Other assets		111		—		—		1		—		—		—		112		—		—
Total	$	4,368	$	4	$	(8)	$	(167)	$	72	$	(87)	$	10	$	4,192	$	1	$	(37)
(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	$	(339)	$	(174)	$	—	$	(20)	$	—	$	—	$	—	$	(533)	$	128	$	—
Foreign exchange contracts		2		(1)		—		1		—		—		—		2		—		—
Equity contracts		(399)		178		—		91		—		—		—		(130)		(65)		—
Credit contracts		—		1		—		(1)		—		—		—		—		(1)		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(737)		3		—		72		—		—		—		(662)		63		—
Fortitude Re funds withheld payable		(269)		(57)		—		(29)		—		—		—		(355)		78		—
Other liabilities		98		(6)		—		—		—		—		—		92		—		—
Total	$	(908)	$	(60)	$	—	$	43	$	—	$	—	$	—	$	(925)	$	141	$	—


(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
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS		1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS		25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS		1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale		3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt		45		1		—		—		—		—		—		46		1		—
RMBS		51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS		138		3		—		4		2		—		—		147		1		—
Total other bond securities		234		7		—		2		2		(2)		5		248		4		—
Equity securities		14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets		221		(16)		—		(34)		—		(13)		—		158		(12)		—
Other assets		243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56
(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	$	—	$	345	$	—	$	—	$	—	$	—	$	(3)	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(48)		(18)		—		30		—		—		36		—		10		—
Credit contracts		—		1		—		—		—		—		—		1		(1)		—
Other contracts		(1)		(1)		—		1		—		—		1		—		1		—
Total derivative liabilities, net(a)		(453)		41		—		376		—		—		37		1		7		—
Fortitude Re funds withheld payable		(148)		158		—		(10)		—		—		—		—		(106)		—
Other Liabilities		122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—


(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
Nine Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	20	$	(1)	$	1	$	(16)	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		2		—		1		(5)		7		(2)		—		3		—		1
Corporate debt		879		(6)		5		(410)		138		(251)		—		355		—		(9)
RMBS		1,884		85		11		(81)		—		(51)		(28)		1,820		—		8
CMBS		207		(29)		(1)		7		42		(172)		—		54		—		(15)
CLO/ABS		1,483		(26)		39		(110)		17		(74)		15		1,344		—		1
Total bonds available for sale		4,475		23		56		(615)		204		(550)		(13)		3,580		—		(14)
Other bond securities:

Corporate debt		—		1		—		44		—		—		—		45		1		—
RMBS		65		2		—		(17)		—		—		—		50		(7)		—

CLO/ABS		158		(1)		—		(14)		1		(3)		12		153		(30)		—
Total other bond securities		223		2		—		13		1		(3)		12		248		(36)		—
Equity securities		13		2		—		2		10		(13)		—		14		2		—
Other invested assets		244		(4)		—		(12)		10		—		—		238		(7)		—

Other assets		107		—		—		5		—		—		—		112		—		—
Total	$	5,062	$	23	$	56	$	(607)	$	225	$	(566)	$	(1)	$	4,192	$	(41)	$	(14)
(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)	$	(90)	$	—	$	(132)	$	—	$	—	$	—	$	(533)	$	146	$	—
Foreign exchange contracts		—		1		—		1		—		—		—		2		(2)		—
Equity contracts		(271)		109		—		32		—		—		—		(130)		(49)		—
Credit contracts		—		—		—		—		—		—		—		—		(1)		—
Other contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Total derivative liabilities, net(a)		(583)		18		—		(97)		—		—		—		(662)		96		—
Fortitude Re funds withheld payable		(41)		25		—		(339)		—		—		—		(355)		30		—
Other liabilities		112		(20)		—		—		—		—		—		92		—		—
Total	$	(512)	$	23	$	—	$	(436)	$	—	$	—	$	—	$	(925)	$	126	$	—

(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 nine months ended September 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 September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)
Three Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(11)	$	—	$	(11)
Non-U.S. governments	$	—	$	—	$	(3)	$	(3)
Corporate debt	5		—		(68)		(63)
RMBS	18		(6)		(75)		(63)
CMBS	—		(7)		13		6
CLO/ABS	76		(151)		48		(27)
Total bonds available for sale	99		(175)		(85)		(161)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		(10)		9		(1)
Total other bond securities	—		(10)		7		(3)
Equity securities	—		(2)		—		(2)
Other invested assets	—		—		(2)		(2)
Other assets	—		—		1		1
Total	$	99	$	(187)	$	(79)	$	(167)
Liabilities:
Derivative liabilities, net	$	(91)	$	3	$	160	$	72
Fortitude Re funds withheld payable	—		—		(29)		(29)
Total	$	(91)	$	3	$	131	$	43


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other Liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345
Nine Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(15)	$	(2)	$	(16)
Non-U.S. governments	—		—		(5)		(5)
Corporate Debt	13		—		(423)		(410)
RMBS	188		(25)		(244)		(81)
CMBS	1		(12)		18		7
CLO/ABS	183		(302)		9		(110)
Total bonds available for sale	386		(354)		(647)		(615)
Other bond securities:

Corporate debt	20		—		24		44
RMBS	—		—		(17)		(17)

CLO/ABS	14		(10)		(18)		(14)
Total other bond securities	34		(10)		(11)		13
Equity securities	5		(2)		(1)		2
Other invested assets	1		—		(13)		(12)
Other assets	—		—		5		5
Total	$	426	$	(366)	$	(667)	$	(607)
Liabilities:
Derivative liabilities, net	$	(407)	$	7	$	303	$	(97)
Fortitude Re funds withheld payable	—		—		(339)		(339)

Total	$	(407)	$	7	$	(36)	$	(436)

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

Schedule of Liabilities Measured on a Recurring Basis


(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 September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		359		(3)		18		4		—		—		7		385		—		14
RMBS		2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS		94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS		1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale		3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate Debt		44		—		—		—		—		—		2		46		2		—
RMBS		49		3		—		(2)		—		—		5		55		—		—

CLO/ABS		145		3		—		(1)		—		—		—		147		3		—
Total other bond securities		238		6		—		(3)		—		—		7		248		5		—
Equity securities		13		1		—		2		—		—		(3)		13		—		—
Other invested assets		145		(3)		—		5		—		—		11		158		—		—
Other assets		130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100
(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	$	(3)	$	—	$	—	$	3	$	—	$	—	$	—	$	—	$	—	$	—

Equity contracts		(35)		—		—		(1)		—		—		36		—		2		—
Credit contracts		—		1		—		—		—		—		—		1		(1)		—
Other contracts		(1)		—		—		—		—		—		1		—		1		—
Total derivative liabilities, net(a)		(39)		1		—		2		—		—		37		1		2		—
Fortitude Re funds withheld payable		(154)		157		—		(3)		—		—		—		—		(153)		—
Other Liabilities		99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(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 September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	16	$	(1)	$	—	$	(11)	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		6		—		—		(3)		—		—		—		3		—		—
Corporate debt		418		(2)		(12)		(63)		30		(16)		—		355		—		(13)
RMBS		1,868		26		(15)		(63)		—		(3)		7		1,820		—		(16)
CMBS		48		(7)		—		6		31		(24)		—		54		—		(5)
CLO/ABS		1,396		(14)		19		(27)		—		(32)		2		1,344		—		(3)
Total bonds available for sale		3,752		2		(8)		(161)		61		(75)		9		3,580		—		(37)
Other bond securities:

Corporate debt		44		1		—		—		—		—		—		45		1		—
RMBS		52		—		—		(2)		—		—		—		50		1		—

CLO/ABS		154		(2)		—		(1)		1		—		1		153		(4)		—
Total other bond securities		250		(1)		—		(3)		1		—		1		248		(2)		—
Equity securities		28		—		—		(2)		—		(12)		—		14		—		—
Other invested assets		227		3		—		(2)		10		—		—		238		3		—
Other assets		111		—		—		1		—		—		—		112		—		—
Total	$	4,368	$	4	$	(8)	$	(167)	$	72	$	(87)	$	10	$	4,192	$	1	$	(37)
(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	$	(339)	$	(174)	$	—	$	(20)	$	—	$	—	$	—	$	(533)	$	128	$	—
Foreign exchange contracts		2		(1)		—		1		—		—		—		2		—		—
Equity contracts		(399)		178		—		91		—		—		—		(130)		(65)		—
Credit contracts		—		1		—		(1)		—		—		—		—		(1)		—
Other contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Total derivative liabilities, net(a)		(737)		3		—		72		—		—		—		(662)		63		—
Fortitude Re funds withheld payable		(269)		(57)		—		(29)		—		—		—		(355)		78		—
Other liabilities		98		(6)		—		—		—		—		—		92		—		—
Total	$	(908)	$	(60)	$	—	$	43	$	—	$	—	$	—	$	(925)	$	141	$	—


(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
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS		1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS		25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS		1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale		3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt		45		1		—		—		—		—		—		46		1		—
RMBS		51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS		138		3		—		4		2		—		—		147		1		—
Total other bond securities		234		7		—		2		2		(2)		5		248		4		—
Equity securities		14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets		221		(16)		—		(34)		—		(13)		—		158		(12)		—
Other assets		243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56
(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	$	—	$	345	$	—	$	—	$	—	$	—	$	(3)	$	—
Foreign exchange contracts		2		(2)		—		—		—		—		—		—		—		—
Equity contracts		(48)		(18)		—		30		—		—		36		—		10		—
Credit contracts		—		1		—		—		—		—		—		1		(1)		—
Other contracts		(1)		(1)		—		1		—		—		1		—		1		—
Total derivative liabilities, net(a)		(453)		41		—		376		—		—		37		1		7		—
Fortitude Re funds withheld payable		(148)		158		—		(10)		—		—		—		—		(106)		—
Other Liabilities		122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—


(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
Nine Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	20	$	(1)	$	1	$	(16)	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments		2		—		1		(5)		7		(2)		—		3		—		1
Corporate debt		879		(6)		5		(410)		138		(251)		—		355		—		(9)
RMBS		1,884		85		11		(81)		—		(51)		(28)		1,820		—		8
CMBS		207		(29)		(1)		7		42		(172)		—		54		—		(15)
CLO/ABS		1,483		(26)		39		(110)		17		(74)		15		1,344		—		1
Total bonds available for sale		4,475		23		56		(615)		204		(550)		(13)		3,580		—		(14)
Other bond securities:

Corporate debt		—		1		—		44		—		—		—		45		1		—
RMBS		65		2		—		(17)		—		—		—		50		(7)		—

CLO/ABS		158		(1)		—		(14)		1		(3)		12		153		(30)		—
Total other bond securities		223		2		—		13		1		(3)		12		248		(36)		—
Equity securities		13		2		—		2		10		(13)		—		14		2		—
Other invested assets		244		(4)		—		(12)		10		—		—		238		(7)		—

Other assets		107		—		—		5		—		—		—		112		—		—
Total	$	5,062	$	23	$	56	$	(607)	$	225	$	(566)	$	(1)	$	4,192	$	(41)	$	(14)
(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)	$	(90)	$	—	$	(132)	$	—	$	—	$	—	$	(533)	$	146	$	—
Foreign exchange contracts		—		1		—		1		—		—		—		2		(2)		—
Equity contracts		(271)		109		—		32		—		—		—		(130)		(49)		—
Credit contracts		—		—		—		—		—		—		—		—		(1)		—
Other contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Total derivative liabilities, net(a)		(583)		18		—		(97)		—		—		—		(662)		96		—
Fortitude Re funds withheld payable		(41)		25		—		(339)		—		—		—		(355)		30		—
Other liabilities		112		(20)		—		—		—		—		—		92		—		—
Total	$	(512)	$	23	$	—	$	(436)	$	—	$	—	$	—	$	(925)	$	126	$	—

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


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other Liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345
Nine Months Ended September 30, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(15)	$	(2)	$	(16)
Non-U.S. governments	—		—		(5)		(5)
Corporate Debt	13		—		(423)		(410)
RMBS	188		(25)		(244)		(81)
CMBS	1		(12)		18		7
CLO/ABS	183		(302)		9		(110)
Total bonds available for sale	386		(354)		(647)		(615)
Other bond securities:

Corporate debt	20		—		24		44
RMBS	—		—		(17)		(17)

CLO/ABS	14		(10)		(18)		(14)
Total other bond securities	34		(10)		(11)		13
Equity securities	5		(2)		(1)		2
Other invested assets	1		—		(13)		(12)
Other assets	—		—		5		5
Total	$	426	$	(366)	$	(667)	$	(607)
Liabilities:
Derivative liabilities, net	$	(407)	$	7	$	303	$	(97)
Fortitude Re funds withheld payable	—		—		(339)		(339)

Total	$	(407)	$	7	$	(36)	$	(436)

(a)There were no issuances during the three and nine months ended September 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 September 30, 2024
Assets:
Bonds available for sale	$	25	$	(41)	$	(16)
Other bond securities	6		—		6
Equity securities	1		—		1
Other invested assets	(3)		—		(3)
Three Months Ended September 30, 2023
Assets:
Bonds available for sale	$	40	$	(38)	$	2
Other bond securities	(1)		—		(1)

Other invested assets	4		(1)		3
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale	$	65	$	(49)	$	16
Other bond securities	7		—		7
Equity securities	1		—		1
Other invested assets	(16)		—		(16)
Nine Months Ended September 30, 2023
Assets:
Bonds available for sale	$	77	$	(54)	$	23
Other bond securities	2		—		2
Equity securities	2		—		2
Other invested assets	(3)		(1)		(4)

(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total
Three Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	1	$	1
Fortitude Re funds withheld payable	—		157		157

Three Months Ended September 30, 2023
Liabilities:
Derivative liabilities, net	$	—	$	3	$	3
Fortitude Re funds withheld payable	—		(57)		(57)
Other Liabilities	—		(6)		(6)
Nine Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	41	$	41
Fortitude Re funds withheld payable	—		158		158
Other Liabilities	—		(2)		(2)
Nine Months Ended September 30, 2023
Liabilities:
Derivative liabilities, net	$	—	$	18	$	18
Fortitude Re funds withheld payable	—		25		25
Other Liabilities	—		(20)		(20)

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
September 30, 2024

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

4.60% - 4.82% (4.71%)

Corporate debt

128

Discounted cash flow

Yield

5.71% - 10.24% (7.98%)

RMBS(a)

1,365

Discounted cash flow

Constant prepayment rate

4.21% - 8.90% (6.55%)

Loss severity

41.59% - 77.42% (59.51%)

Constant default rate

0.80% - 2.38% (1.59%)

Yield

5.23% - 6.40% (5.81%)

CLO/ABS(a)

1,003

Discounted cash flow

Yield

3.10% - 7.82% (5.46%)

CMBS

Discounted cash flow

Yield

5.07% - 15.74% (10.41%)

(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

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

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.


			September 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	$	1,219	$	783	$	1,171	$	558
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		693		337		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		102		92		67		50
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		205		—		196		9
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		101		91		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		842		165		944		64
Total private equity funds			3,162		1,468		3,388		1,081
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		12		—		13		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		168		—		389		—

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		8		—		9		—
Total hedge funds			188		—		411		—
Total		$	3,350	$	1,468	$	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 September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2024		2023		2024		2023

Other bond securities(a)	$	20	$	(5)	$	27	$	4
Alternative investments(b)		76		41		184		171
Retained investment in Corebridge(c)		(35)		—		30		—


Total gain (loss)	$	61	$	36	$	241	$	175

(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
September 30, 2024
Assets:
Mortgage and other loans receivable	$	—	$	341	$	3,935	$	4,276	$	4,286
Other invested assets		—		583		5		588		588
Short-term investments(a)		—		3,026		—		3,026		3,026
Cash(b)		1,472		—		—		1,472		1,472
Other assets		15		—		—		15		15
Liabilities:
Fortitude Re funds withheld payable		—		—		3,477		3,477		3,477

Long-term debt		—		9,343		264		9,607		9,892
Debt of consolidated investment entities		—		—		162		162		162


		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 $10 million at September 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

(b)Excludes $85 million at September 30, 2024 reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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