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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Supplemental Information for Loss and Benefit Reserves, Gross and Net of Ceded Reinsurance
The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance:
At December 31,20242023
(in millions)As
Reported		Net of
Reinsurance		As
Reported		Net of
Reinsurance
Liability for unpaid losses and loss adjustment expenses$(69,168)$(40,032)$(70,393)$(39,994)
Future policy benefits(1,317)(591)(1,467)(644)
Reserve for unearned premiums(17,232)(12,928)(17,375)(13,105)
Other policyholder funds(418)(418)(495)(495)
Reinsurance assets*
34,16635,492
*Reinsurance assets excludes (i) allowance for credit losses and disputes of $220 million and $206 million (of which $110 million and $110 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2024 and 2023, respectively, (ii) paid loss recoveries of $4,068 million and $3,819 million for the years ended December 31, 2024 and 2023, respectively, and (iii) policy and contract claims recoverable of $31 million and $27 million for the years ended December 31, 2024 and 2023, respectively.
Summary of Short-Duration Insurance Premiums Written and Earned
The following table presents short-duration insurance premiums written and earned:
Years Ended December 31,
(in millions)2024 2023 2022 
Premiums written:
Direct$31,743 $31,445 $32,025 
Assumed3,950 7,951 7,385 
Ceded(11,791)(12,190)(12,650)
Net$23,902 $27,206 $26,760 
Premiums earned:
Direct$31,208 $30,781 $32,053 
Assumed3,947 7,050 7,137 
Ceded(11,618)(12,267)(12,425)
Net$23,537 $25,564 $26,765 
Percent of amount assumed to net16.8 %27.6 %26.7 %
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
December 31, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$1,918 $1,918 $2,180 $2,180 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option721 721 655 655 Fair value through net investment income
Commercial mortgage loans450 437 543 528 Amortized cost
Short-term investments15 15 46 46 Fair value through net investment income
Funds withheld investment assets3,104 3,091 3,424 3,409 
Derivative assets, net(b)
1 1 — — Fair value through net realized gains (losses)
Other(c)
115 115 118 118 Amortized cost
Total$3,220 $3,207 $3,542 $3,527 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(35) million ($(28) million after-tax) and $116 million ($92 million after-tax), respectively for the years ended December 31, 2024 and 2023.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $28 million, respectively, as of December 31, 2023. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
Summary of the Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Years Ended December 31,
(in millions)202420232022
Net investment income - Fortitude Re funds withheld assets$144 $180 $53 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(39)(71)(99)
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative(75)(273)1,133 
Net realized gains (losses) on Fortitude Re funds withheld assets(114)(344)1,034 
Income (loss) from continuing operations before income tax expense (benefit)30 (164)1,087 
Income tax expense (benefit)(a)
6 (34)228 
Net income (loss)
24 (130)859 
Change in unrealized appreciation (depreciation) on available for sale securities(a)
(28)92 (848)
Comprehensive income (loss)$(4)$(38)$11 
(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Rollforward of the Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Years Ended December 31,
(in millions)202420232022
Balance, beginning of period$255 $260 $281 
Addition to (release of) allowance for expected credit losses and disputes, net11 (5)(22)
Write-offs charged against the allowance for credit losses and disputes(1)— (5)
Recoveries of amounts previously written off— — 2 
Other changes4 — 4 
Balance, end of year$269 $255 $260