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Investments (Tables)
 12 Months Ended
Dec. 31, 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
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$3,346 $— $20 $(99)$3,267 
Obligations of states, municipalities and political subdivisions3,223 — 32 (112)3,143 
Non-U.S. governments8,644 (1)54 (590)8,107 
Corporate debt33,031 (28)581 (1,758)31,826 
Mortgage-backed, asset-backed and collateralized:
RMBS8,820 (6)209 (419)8,604 
CMBS3,988 (3)32 (91)3,926 
CLO/ABS5,143 — 34 (44)5,133 
Total mortgage-backed, asset-backed and collateralized17,951 (9)275 (554)17,663 
Total bonds available for sale(b)
$66,195 $(38)$962 $(3,113)$64,006 
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 December 31, 2024 and 2023, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $3.6 billion or 6 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
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$1,718 $21 $358 $78 $2,076 $99 
Obligations of states, municipalities and political subdivisions1,502 33 586 79 2,088 112 
Non-U.S. governments1,964 55 3,446 534 5,410 589 
Corporate debt10,347 234 10,907 1,515 21,254 1,749 
RMBS3,711 58 2,147 343 5,858 401 
CMBS1,052 18 992 71 2,044 89 
CLO/ABS1,368 9 315 35 1,683 44 
Total bonds available for sale$21,662 $428 $18,751 $2,655 $40,413 $3,083 
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:
December 31, 2024Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,070 $3,980 
Due after one year through five years22,194 22,163 
Due after five years through ten years15,712 15,010 
Due after ten years6,239 5,190 
Mortgage-backed, asset-backed and collateralized17,942 17,663 
Total$66,157 $64,006 
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:
Years Ended December 31,
202420232022
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$81$700$130$865$281$929
The following table presents the components of Net realized gains (losses):
Years Ended December 31,202420232022
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(583)$(36)$(619)$(668)$(67)$(735)$(565)$(83)$(648)
Intent to sell— — — — — — (66)— (66)
Change in allowance for credit losses on fixed maturity securities(25)— (25)(44)— (44)(72)— (72)
Change in allowance for credit losses on loans(23)— (23)(28)3 (25)19 (3)16 
Foreign exchange transactions256 (9)247 124 5 129 266 (10)256 
All other derivatives and hedge accounting(62)7 (55)(165)(8)(173)159 (3)156 
Sales of alternative investments(16)— (16)29 — 29 15 — 15 
Other19 (1)18 18 (4)14 37 — 37 
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(434)(39)(473)(734)(71)(805)(207)(99)(306)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (75)(75)— (273)(273)— 1,133 1,133 
Net realized gains (losses)$(434)$(114)$(548)$(734)$(344)$(1,078)$(207)$1,034 $827 
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)December 31, 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. governments24 2 24 2 
Corporate debt282 19 255 19 
Mortgage-backed, asset-backed and collateralized:
RMBS100 7 93 7 
CMBS43 3 33 2 
CLO/ABS and other collateralized securities246 17 207 16 
Total mortgage-backed, asset-backed and collateralized
389 27 333 25 
Total fixed maturity securities745 51 663 50 
Equity securities704 49 665 50 
Total$1,449 100 %$1,328 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)December 31, 2024December 31, 2023
Alternative investments(a)
$4,032 $4,345 
Retained investment in Corebridge using fair value option3,810 — 
All other investments(b)
1,986 2,023 
Total$9,828 $6,368 
(a)At December 31, 2024, includes hedge funds of $187 million and private equity funds of $3.6 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 December 31, 2024 and 2023, the accumulated depreciation was $161 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 Summarized Financial Information of Equity Method Investees
The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:
Years Ended December 31,
(in millions)2024*20232022
Operating results:
Total revenues$21,860 $2,320 $6,486 
Total expenses(18,557)(1,668)(1,832)
Income before income taxes$3,303 $652 $4,654 
At December 31,
(in millions)2024*2023
Balance sheet:
Total assets$418,639 $28,264 
Total liabilities$(383,643)$(5,196)
*2024 includes investment in Corebridge.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Years Ended December 31,202420232022
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
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$2,989 $89 $3,078 $2,862 $95 $2,957 $1,960 $113 $2,073 
Other fixed maturity securities(a)
— 19 19 3 43 46 (282)(92)(374)
Equity securities149 — 149 53 — 53 29 — 29 
Interest on mortgage and other loans229 32 261 283 38 321 264 27 291 
Alternative investments(b)
196 — 196 199 — 199 315 — 315 
Other investments(c)(d)
727 4 731 101 4 105 211 5 216 
Total investment income4,290 144 4,434 3,501 180 3,681 2,497 53 2,550 
Investment expenses179 — 179 235 — 235 180 — 180 
Net investment income$4,111 $144 $4,255 $3,266 $180 $3,446 $2,317 $53 $2,370 
(a)Included in the year ended December 31, 2022 was losses of $195 million related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below.
(b)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.
(c)Included in the year ended December 31, 2022 was income of $186 million related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.
(d)Includes dividends received from Corebridge, changes in its stock price and gain on sale of shares of $162 million and $439 million, respectively, for the year ended December 31, 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:
Years Ended
December 31,
(in millions)20242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$692 $2,463 
Other investments— — 
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$692 $2,463 
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at December 31, 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:
Years Ended December 31,20242023
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains recognized during the period on equity securities and other investments$149 $696 $845 $53 $249 $302 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period45 461 506 90 (20)70 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$104 $235 $339 $(37)$269 $232 
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge and gain on sale of shares of $439 million in the year ended December 31, 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:
Years Ended December 31,202420232022
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$13 $21 $34 $20 $17 $37 $2 $19 $21 
Additions:
Securities for which allowance for credit losses was not previously recorded5 10 15 6 46 52 32 99 131 
Reductions:
Securities sold during the period(4)(2)(6)(3)(9)(12)— (45)(45)
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(3)13 10 (1)(7)(8)(13)(46)(59)
Write-offs charged against the allowance— (24)(24)(11)(26)(37)— (6)(6)
Other(1)10 9 2 — 2 (1)(4)(5)
Balance, end of year$10 $28 $38 $13 $21 $34 $20 $17 $37 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)December 31, 2024December 31, 2023
Fixed maturity securities available for sale$—$106
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
December 31, 2023
Bonds available for sale:
Non-U.S. governments$— $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)December 31, 2024December 31, 2023
Securities collateral pledged to us$2,853 $1,200