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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A 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:
March 31, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$76 $3,101 $— $— $— $3,177 
Obligations of states, municipalities and political subdivisions
— 3,028 3 — — 3,031 
Non-U.S. governments76 6,644 7 — — 6,727 
Corporate debt— 34,698 115 — — 34,813 
RMBS— 7,396 1,656 — — 9,052 
CMBS— 3,539 26 — — 3,565 
CLO/ABS— 4,747 915 — — 5,662 
Total bonds available for sale
152 63,153 2,722 — — 66,027 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 51 — — — 51 
Non-U.S. governments— 22 — — — 22 
Corporate debt— 283 1 — — 284 
RMBS— 50 50 — — 100 
CMBS— 42 — — — 42 
CLO/ABS— 135 120 — — 255 
Total other bond securities
— 583 171 — — 754 
Equity securities
693 5 35 — — 733 
Other invested assets(b)
4,018 185 76 — — 4,279 
Derivative assets(c)
— 459 46 (225)(226)54 
Short-term investments
3,916 2,296 — — — 6,212 
Other assets(c)
— — 129 — — 129 
Total$8,779 $66,681 $3,179 $(225)$(226)$78,188 
March 31, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Liabilities:
Derivative liabilities(c)
— 500 46 (225)(240)81 
Fortitude Re funds withheld payable
— — (79)— — (79)
Other liabilities
— — 100 — — 100 
Total$— $500 $67 $(225)$(240)$102 
December 31, 2024Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$36 $3,231 $— $— $— $3,267 
Obligations of states, municipalities and political subdivisions
— 3,140 3 — — 3,143 
Non-U.S. governments161 7,939 7 — — 8,107 
Corporate debt— 31,586 240 — — 31,826 
RMBS— 6,710 1,894 — — 8,604 
CMBS— 3,900 26 — — 3,926 
CLO/ABS— 4,293 840 — — 5,133 
Total bonds available for sale
197 60,799 3,010 — — 64,006 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 50 — — — 50 
Non-U.S. governments— 24 — — — 24 
Corporate debt— 281 1 — — 282 
RMBS— 50 50 — — 100 
CMBS— 43 — — — 43 
CLO/ABS— 133 113 — — 246 
Total other bond securities
— 581 164 — — 745 
Equity securities
689 — 15 — — 704 
Other invested assets (b)
3,810 119 163 — — 4,092 
Derivative assets(c)
— 573 51 (270)(304)50 
Short-term investments
7,942 1,847 — — — 9,789 
Other assets(c)
— — 129 — — 129 
Total$12,638 $63,919 $3,532 $(270)$(304)$79,515 
Liabilities:
Derivative liabilities(c)
— 571 51 (270)(201)151 
Fortitude Re funds withheld payable
— — (128)— — (128)
Other liabilities— — 100 — — 100 
Total$— $571 $23 $(270)$(201)$123 
(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 $3.3 billion as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $4.0 billion and $3.8 billion, respectively, on which AIG elected the fair value option.
(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2025 and 2024 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 March 31, 2025 and 2024:
(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		OtherFair
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 March 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $— $3 $— $— 
Non-U.S. governments7 — — — — — — 7 — — 
Corporate debt240 (9)10 (125)— (1)— 115 — 9 
RMBS1,894 7 33 (57)3 (224)— 1,656 — 17 
CMBS26 — — (4)4 — — 26 — — 
CLO/ABS840 1 1 79 — (6)— 915 — 1 
Total bonds available for sale3,010 (1)44 (107)7 (231)— 2,722 — 27 
Other bond securities:
Corporate debt1 — — — — — — 1 — — 
RMBS50 1 — (1)— — — 50 1 — 
CLO/ABS113 3 — (4)31 (23)— 120 3 — 
Total other bond securities164 4 — (5)31 (23)— 171 4 — 
Equity securities15 1 — 10 9 — — 35 — — 
Other invested assets163 — — (24)— (63)— 76 — — 
Other assets129 — — — — — — 129 — — 
Total
$3,481 $4 $44 $(126)$47 $(317)$— $3,133 $4 $27 
(in millions)Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable$(128)$41 $— $8 $— $— $— $(79)$(2)$— 
Other Liabilities100 — — — — — — 100 — — 
Total$(28)$41 $— $8 $— $— $— $21 $(2)$— 
(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		OtherFair
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 March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $1 $— $— $— $4 $— $— 
Non-U.S. governments7 — — — — — — 7 — — 
Corporate debt323 1 — (38)98 (1)— 383 — 1 
RMBS1,792 23 27 (75)— (1)— 1,766 — 28 
CMBS25 — — — 17 1 — 43 — — 
CLO/ABS1,289 (15)29 (19)— — — 1,284 — 27 
Total bonds available for sale3,439 9 56 (131)115 (1)— 3,487 — 56 
Other bond securities:
Corporate debt45 — — — — — 1 46 — — 
RMBS51 — — 2 — — — 53 — — 
CLO/ABS138 (1)— 8 — — (1)144 (2)— 
Total other bond securities234 (1)— 10 — — — 243 (2)— 
(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		OtherFair
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
Equity securities14 — — — — (1)— 13 — — 
Other invested assets221 (9)— (3)— (13)(13)183 (11)— 
Other assets243 — — (114)— — — 129 — — 
Total
$4,151 $(1)$56 $(238)$115 $(15)$(13)$4,055 $(13)$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		OtherFair
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(a)
$(453)$52 $— $218 $— $— $— $(183)$11 $— 
Fortitude Re funds withheld payable(148)9 — 20 — — — (119)14 — 
Other liabilities122 (30)— — — — — 92 — — 
Total
$(479)$31 $— $238 $— $— $— $(210)$25 $— 
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
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 March 31, 2025
Assets:
Bonds available for sale$8 $(9)$(1)
Other bond securities4 — 4 
Equity securities1 — 1 
Three Months Ended March 31, 2024
Assets:
Bonds available for sale$15 $(6)$9 
Other bond securities(1)— (1)
Other invested assets(9)— (9)
(in millions)Net
Investment
Income		Net Realized
(Gains) Losses		Total
Three Months Ended March 31, 2025
Liabilities:
Fortitude Re funds withheld payable$— $41 $41 
Three Months Ended March 31, 2024
Liabilities:
Derivative liabilities, net$— $52 $52 
Fortitude Re funds withheld payable— 9 9 
Other Liabilities— (30)(30)
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Corporate debt$3 $(4)$(124)$(125)
RMBS— (3)(54)(57)
CMBS— (4)— (4)
CLO/ABS146 (37)(30)79 
Total bonds available for sale149 (48)(208)(107)
Other bond securities:
RMBS— — (1)(1)
CLO/ABS— — (4)(4)
Total other bond securities— — (5)(5)
Equity securities14 (4)— 10 
Other invested assets— — (24)(24)
Total$163 $(52)$(237)$(126)
Liabilities:
Fortitude Re funds withheld payable$— $— $8 $8 
Total$— $— $8 $8 
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1 $— $— $1 
Corporate Debt6 (3)(41)(38)
RMBS— (1)(74)(75)
CLO/ABS60 (2)(77)(19)
Total bonds available for sale67 (6)(192)(131)
Other bond securities:
RMBS3 — (1)2 
CLO/ABS11 — (3)8 
Total other bond securities14 — (4)10 
Other invested assets1 — (4)(3)
Other assets— — (114)(114)
Total$82 $(6)$(314)$(238)
Liabilities:
Derivative liabilities, net$— $— $218 $218 
Fortitude Re funds withheld payable— — 20 20 
Total$— $— $238 $238 
(a)There were no issuances during the three months ended March 31, 2025 and 2024.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $2 million and $(3) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2025 and 2024, respectively, and includes $5 million and $0 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2025 and 2024, respectively.
Transfers of Level 3 Assets
During the three months ended March 31, 2025 and 2024, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset-backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended March 31, 2025 and 2024, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, CMBS, RMBS, CLO/ABS, municipal bonds and equity securities. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2025 and 2024.
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
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
March 31, 2025		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$3 Discounted cash flowYield
5.11% - 5.59% (5.35%)
Corporate debt57 Discounted cash flowYield
5.98% - 11.04% (7.89%)
RMBS(a)
1,251 Discounted cash flowConstant prepayment rate
3.96% - 7.46% (5.71%)
Loss severity
34.69% - 85.45% (60.07%)
Constant default rate
0.60% - 1.97% (1.28%)
Yield
5.43% - 6.36% (5.90%)
CLO/ABS(a)
760 Discounted cash flowYield
3.33% - 9.11% (6.22%)
CMBS5 Discounted cash flowYield
5.72% - 8.94% (7.21%)
(in millions)Fair Value at
December 31, 2024		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$3 Discounted cash flowYield
5.09% - 5.57% (5.33%)
Corporate debt177 Discounted cash flowYield
6.83% - 11.61% (9.22%)
RMBS(a)
1,321 Discounted cash flowConstant prepayment rate
4.10% - 9.26% (6.68%)
Loss severity
40.81% - 76.72% (58.76%)
Constant default rate
0.57% - 2.48% (1.52%)
Yield
5.89% - 6.98% (6.44%)
CLO/ABS(a)
760 Discounted cash flowYield
4.24% - 8.42% (6.33%)
CMBS25 Discounted cash flowYield
7.04% - 10.12% (8.70%)
(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.
The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING 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.
March 31, 2025December 31, 2024
(in millions)Investment Category IncludesFair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt 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$1,140 $358 $1,126 $375 
Real assetsInvestments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets797 228 782 261 
Venture capitalEarly-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 company85 37 83 40 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses182 2 175 1 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies108 57 120 58 
OtherIncludes 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 strategies921 490 819 57 
Total private equity funds3,233 1,172 3,105 792 
March 31, 2025December 31, 2024
(in millions)Investment Category IncludesFair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations12 — 11 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk181 — 168 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments8 — 8 — 
Total hedge funds201 — 187 — 
Total$3,434 $1,172 $3,292 $792 
Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.
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:
Three Months Ended March 31,Gain (Loss)
(in millions)20252024
Other bond securities(a)
$11 $2 
Alternative investments(b)
24 80 
Retained investment in Corebridge(c)
209 — 
Total gain (loss)$244 $82 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.
(b)Includes certain hedge funds, private equity funds and real estate investments.
(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge.
We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
March 31, 2025
Assets:
Mortgage and other loans receivable$— $339 $3,333 $3,672 $3,737 
Other invested assets— 546 5 551 551 
Short-term investments
— 4,389 — 4,389 4,389 
Cash1,393 — — 1,393 1,393 
Other assets13 — — 13 13 
Liabilities:
Fortitude Re funds withheld payable— — 3,294 3,294 3,294 
Long-term debt— 8,085 1 8,086 8,596 
Debt of consolidated investment entities— — 157 157 157 
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets:
Mortgage and other loans receivable$— $339 $3,413 $3,752 $3,868 
Other invested assets— 578 5 583 583 
Short-term investments
— 4,673 — 4,673 4,673 
Cash1,302 — — 1,302 1,302 
Other assets15 — — 15 15 
Liabilities:
Fortitude Re funds withheld payable— — 3,335 3,335 3,335 
Long-term debt— 7,981 240 8,221 8,764 
Debt of consolidated investment entities— — 158 158 158