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Investments (Tables)
 9 Months Ended
Sep. 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
September 30, 2024
Bonds available for sale:
U.S. government and government sponsored entities$4,488 $— $95 $(69)$4,514 
Obligations of states, municipalities and political subdivisions4,661 — 87 (97)4,651 
Non-U.S. governments9,187 (2)92 (544)8,733 
Corporate debt33,903 (25)808 (1,652)33,034 
Mortgage-backed, asset-backed and collateralized:
RMBS6,462 (6)256 (293)6,419 
CMBS4,127 (7)69 (83)4,106 
CLO/ABS4,536 — 43 (56)4,523 
Total mortgage-backed, asset-backed and collateralized15,125 (13)368 (432)15,048 
Total bonds available for sale(b)
$67,364 $(40)$1,450 $(2,794)$65,980 
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 September 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 $3.1 billion or 5 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
September 30, 2024
Bonds available for sale:
U.S. government and government sponsored entities$533 $2 $502 $67 $1,035 $69 
Obligations of states, municipalities and political subdivisions1,779 15 25 82 1,804 97 
Non-U.S. governments1,286 34 3,896 507 5,182 541 
Corporate debt10,953 100 7,554 1,533 18,507 1,633 
RMBS2,454 24 443 266 2,897 290 
CMBS1,568 6 121 75 1,689 81 
CLO/ABS1,389 12 45 44 1,434 56 
Total bonds available for sale$19,962 $193 $12,586 $2,574 $32,548 $2,767 
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:
September 30, 2024Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,626 $4,608 
Due after one year through five years25,918 25,593 
Due after five years through ten years16,595 16,180 
Due after ten years5,073 4,551 
Mortgage-backed, asset-backed and collateralized15,112 15,048 
Total$67,324 $65,980 
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 September 30,Nine Months Ended September 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$11$95$3$159$54$408$121$736
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(66)$(18)$(84)$(152)$(4)$(156)
Change in allowance for credit losses on fixed maturity securities1 (1)— (7)— (7)
Change in allowance for credit losses on loans(3)(1)(4)(16)3 (13)
Foreign exchange transactions65 1 66 (30)(5)(35)
All other derivatives and hedge accounting7 (2)5 (20)6 (14)
Sales of alternative investments(18)— (18)25 — 25 
Other22 3 25 11 (3)8 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative8 (18)(10)(189)(3)(192)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (157)(157)— 57 57 
Net realized gains (losses)$8 $(175)$(167)$(189)$54 $(135)
Nine Months Ended September 30,20242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(320)$(34)$(354)$(552)$(63)$(615)
Change in allowance for credit losses on fixed maturity securities(18)(1)(19)(31)— (31)
Change in allowance for credit losses on loans(23)— (23)(23)2 (21)
Foreign exchange transactions176 (2)174 125 — 125 
All other derivatives and hedge accounting(62)— (62)(133)— (133)
Sales of alternative investments(4)(1)(5)26 — 26 
Other13 — 13 17 (3)14 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(238)(38)(276)(571)(64)(635)
Net realized losses on Fortitude Re funds withheld embedded derivative— (158)(158)— (25)(25)
Net realized gains (losses)$(238)$(196)$(434)$(571)$(89)$(660)
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)September 30, 2024December 31, 2023
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$52 3 %$51 4 %
Non-U.S. governments27 2 24 2 
Corporate debt299 20 255 19 
Mortgage-backed, asset-backed and collateralized:
RMBS107 7 93 7 
CMBS44 3 33 2 
CLO/ABS and other collateralized securities234 15 207 16 
Total mortgage-backed, asset-backed and collateralized
385 25 333 25 
Total fixed maturity securities763 50 663 50 
Equity securities767 50 665 50 
Total$1,530 100 %$1,328 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)September 30, 2024December 31, 2023
Alternative investments(a)
$4,334 $4,345 
Retained investment in Corebridge using fair value option8,143 — 
All other investments(b)
1,963 2,023 
Total$14,440 $6,368 
(a)At September 30, 2024, includes hedge funds of $187 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. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At September 30, 2024 and December 31, 2023, the accumulated depreciation was $167 million and $161 million, respectively.
(b)All other investments include mainly bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended September 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$746 $25 $771 $731 $22 $753 
Other fixed maturity securities
4 16 20 (1)(4)(5)
Equity securities60 — 60 31 — 31 
Interest on mortgage and other loans52 9 61 73 10 83 
Alternative investments(a)
42 — 42 19 — 19 
Other investments(b)
63 1 64 43 1 44 
Total investment income967 51 1,018 896 29 925 
Investment expenses45 — 45 69 — 69 
Net investment income$922 $51 $973 $827 $29 $856 
Nine Months Ended September 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$2,234 $67 $2,301 $2,085 $72 $2,157 
Other fixed maturity securities
— 27 27 1 3 4 
Equity securities144 — 144 93 — 93 
Interest on mortgage and other loans185 26 211 212 28 240 
Alternative investments(a)
129 (1)128 158 — 158 
Other investments(b)
262 4 266 51 3 54 
Total investment income2,954 123 3,077 2,600 106 2,706 
Investment expenses135 — 135 169 — 169 
Net investment income$2,819 $123 $2,942 $2,431 $106 $2,537 
(a)Includes 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 $65 million and $(35) million, respectively, for the three months ended September 30, 2024, and $133 million and $30 million, respectively, for the nine months ended September 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
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$1,616 $(670)$1,499 $159 
Other investments(19)— (58)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$1,597 $(670)$1,441 $159 
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 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 September 30,20242023
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains recognized during the period on equity securities and other investments$60 $42 $102 $31 $46 $77 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period8 — 8 12 (8)4 
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date$52 $42 $94 $19 $54 $73 
Nine Months Ended September 30,20242023
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains recognized during the period on equity securities and other investments$144 $234 $378 $93 $189 $282 
Less: Net gains recognized during the period on equity securities and other investments sold during the period51 24 75 88 1 89 
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date$93 $210 $303 $5 $188 $193 
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.
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 September 30,20242023
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$6 $27 $33 $7 $27 $34
Additions:
Securities for which allowance for credit losses was not previously recorded2 — 2 2 19 21 
Reductions:
Securities sold during the period— — — (1)(6)(7)
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 basis4 (6)(2)2 (16)(14)
Write-offs charged against the allowance— — — —(2)(2)
Other— 7 7 1(3)(2)
Balance, end of period$12 $28 $40 $11 $19 $30 
Nine Months Ended September 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 was not previously recorded3 9 12 4 47 51 
Reductions:
Securities sold during the period— — — (3)(9)(12)
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(4)11 7 (1)(19)(20)
Write-offs charged against the allowance— (22)(22)(10)(13)(23)
Other— 9 9 1 (4)(3)
Balance, end of period$12 $28 $40 $11 $19 $30 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)September 30, 2024December 31, 2023
Fixed maturity securities available for sale$—$106
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
December 31, 2023
Bonds available for sale:
Non-U.S. governments$— $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)September 30, 2024December 31, 2023
Securities collateral pledged to us$957 $1,200