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Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments
6. Investments
SECURITIES AVAILABLE FOR SALE
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
March 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$3,225 $— $30 $(78)$3,177 
Obligations of states, municipalities and political subdivisions3,062 — 47 (78)3,031 
Non-U.S. governments7,119 (1)58 (449)6,727 
Corporate debt36,090 (18)356 (1,615)34,813 
Mortgage-backed, asset-backed and collateralized:
RMBS9,121 (6)277 (340)9,052 
CMBS3,591 (5)47 (68)3,565 
CLO/ABS5,678 — 32 (48)5,662 
Total mortgage-backed, asset-backed and collateralized18,390 (11)356 (456)18,279 
Total bonds available for sale(b)
$67,886 $(30)$847 $(2,676)$66,027 
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 
(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 March 31, 2025 and December 31, 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.5 billion or 8 percent and $3.6 billion or 6 percent, respectively.
Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded
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
March 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$655 $7 $355 $71 $1,010 $78 
Obligations of states, municipalities and political subdivisions733 13 582 65 1,315 78 
Non-U.S. governments1,947 60 1,749 385 3,696 445 
Corporate debt10,136 220 10,037 1,356 20,173 1,576 
RMBS1,407 42 1,843 272 3,250 314 
CMBS801 12 650 46 1,451 58 
CLO/ABS2,497 20 298 28 2,795 48 
Total bonds available for sale$18,176 $374 $15,514 $2,223 $33,690 $2,597 
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 
At March 31, 2025, we held 10,707 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,239 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.
Contractual Maturities of Fixed Maturity Securities Available for Sale
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
March 31, 2025Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,290 $4,210 
Due after one year through five years22,473 22,353 
Due after five years through ten years16,601 16,085 
Due after ten years6,113 5,100 
Mortgage-backed, asset-backed and collateralized18,379 18,279 
Total$67,856 $66,027 
Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.
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 March 31,
20252024
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$16$278$15$116
For the three months ended March 31, 2025 and 2024, the aggregate fair value of available for sale securities sold was $4.8 billion and $2.4 billion, respectively, which resulted in net realized gains (losses) of $(262) million and $(101) million, respectively. Included within the net realized gains (losses) are $(7) million and $(15) million of net realized gains (losses) for the three months ended March 31, 2025 and 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.
OTHER SECURITIES MEASURED AT FAIR VALUE
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)March 31, 2025December 31, 2024
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$51 3 %$50 3 %
Non-U.S. governments22 1 24 2 
Corporate debt284 19 282 19 
Mortgage-backed, asset-backed and collateralized:
RMBS100 7 100 7 
CMBS42 3 43 3 
CLO/ABS and other collateralized securities255 17 246 17 
Total mortgage-backed, asset-backed and collateralized
397 27 389 27 
Total fixed maturity securities754 50 745 51 
Equity securities733 50 704 49 
Total$1,487 100 %$1,449 100 %
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2025December 31, 2024
Alternative investments(a)
$4,133 $4,032 
Retained investment in Corebridge using fair value option4,018 3,810 
All other investments(b)
1,836 1,986 
Total$9,987 $9,828 
(a)At March 31, 2025, includes hedge funds of $200 million and private equity funds of $3.7 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 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 March 31, 2025 and December 31, 2024, the accumulated depreciation was $164 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.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended March 31,20252024
(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$790 $22 $812 $765 $22 $787 
Other fixed maturity securities
— 11 11 (5)7 2 
Equity securities9 — 9 88 — 88 
Interest on mortgage and other loans44 7 51 68 9 77 
Alternative investments(a)
43 — 43 55 (1)54 
Other investments(b)
217 — 217 22 2 24 
Total investment income1,103 40 1,143 993 39 1,032 
Investment expenses38 — 38 53 — 53 
Net investment income$1,065 $40 $1,105 $940 $39 $979 
(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 $31 million and $209 million, respectively, for the three months ended March 31, 2025.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20252024
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(255)$(7)$(262)$(86)$(15)$(101)
Change in allowance for credit losses on fixed maturity securities8 — 8 (1)— (1)
Change in allowance for credit losses on loans5 4 9 (8)(2)(10)
Foreign exchange transactions220 6 226 59 (3)56 
All other derivatives and hedge accounting(28)(6)(34)(48)2 (46)
Sales of alternative investments— — — 10 (1)9 
Other(10)1 (9)15 — 15 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(60)(2)(62)(59)(19)(78)
Net realized losses on Fortitude Re funds withheld embedded derivative— (41)(41)— (9)(9)
Net realized gains (losses)$(60)$(43)$(103)$(59)$(28)$(87)
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31,
(in millions)20252024
Fixed maturity securities*$322 $(132)
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at March 31, 2024.
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 March 31,20252024
(in millions)EquitiesOther Invested Assets*TotalEquitiesOther Invested AssetsTotal
Net gains recognized during the period on equity securities and other investments$9 $233 $242 $88 $83 $171 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period13 (1)12 40 (1)39 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(4)$234 $230 $48 $84 $132 
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $209 million in the three months ended March 31, 2025.
EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS
For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2024 Annual Report.
Credit Impairments
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 March 31,20252024
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$10 $28 $38 $13 $21 $34 
Additions:
Securities for which allowance for credit losses was not previously recorded— 2 2 — 4 4 
Reductions:
Securities sold during the period— (4)(4)— 1 1 
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 basis1 1 2 (10)7 (3)
Write-offs charged against the allowance— (8)(8)— (8)(8)
Balance, end of period$11 $19 $30 $3 $25 $28 
Purchased Credit Deteriorated Securities
We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:
•Current delinquency rates;
•Expected default rates and the timing of such defaults;
•Loss severity and the timing of any recovery; and
•Expected prepayment speeds.
Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.
We did not purchase securities with more than insignificant credit deterioration since their origination during the three months ended March 31, 2025 and 2024.
PLEDGED INVESTMENTS
Secured Financing and Similar Arrangements
We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.
Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.
We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)March 31, 2025December 31, 2024
Securities collateral pledged to us$2,257 $2,853 
At March 31, 2025 and December 31, 2024, the carrying value of reverse repurchase agreements totaled $2.2 billion and $2.8 billion, respectively.
All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.
Insurance – Statutory and Other Deposits
The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts, was $7.9 billion and $7.8 billion at March 31, 2025 and December 31, 2024, respectively.
Other Pledges and Restrictions
Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at March 31, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.8 billion at March 31, 2025 and $1.6 billion at December 31, 2024.
Investments held in escrow accounts or otherwise subject to restriction as to their use were $73 million and $73 million, comprised of bonds available for sale and short-term investments at March 31, 2025 and December 31, 2024, respectively.
Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.