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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on 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, 2025		Level 1		Level 2		Level 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. governments		76		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, 2025		Level 1		Level 2		Level 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, 2024		Level 1		Level 2		Level 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. governments		161		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.

Schedule of Assets Measured on a Recurring Basis

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		Other		Fair 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. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		240		(9)		10		(125)		—		(1)		—		115		—		9
RMBS		1,894		7		33		(57)		3		(224)		—		1,656		—		17
CMBS		26		—		—		(4)		4		—		—		26		—		—
CLO/ABS		840		1		1		79		—		(6)		—		915		—		1
Total bonds available for sale		3,010		(1)		44		(107)		7		(231)		—		2,722		—		27
Other bond securities:

Corporate debt		1		—		—		—		—		—		—		1		—		—
RMBS		50		1		—		(1)		—		—		—		50		1		—

CLO/ABS		113		3		—		(4)		31		(23)		—		120		3		—
Total other bond securities		164		4		—		(5)		31		(23)		—		171		4		—
Equity securities		15		1		—		10		9		—		—		35		—		—
Other invested assets		163		—		—		(24)		—		(63)		—		76		—		—

Other assets		129		—		—		—		—		—		—		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		Other		Fair 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 Liabilities		100		—		—		—		—		—		—		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		Other		Fair 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. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		1		—		(38)		98		(1)		—		383		—		1
RMBS		1,792		23		27		(75)		—		(1)		—		1,766		—		28
CMBS		25		—		—		—		17		1		—		43		—		—
CLO/ABS		1,289		(15)		29		(19)		—		—		—		1,284		—		27
Total bonds available for sale		3,439		9		56		(131)		115		(1)		—		3,487		—		56
Other bond securities:

Corporate debt		45		—		—		—		—		—		1		46		—		—
RMBS		51		—		—		2		—		—		—		53		—		—

CLO/ABS		138		(1)		—		8		—		—		(1)		144		(2)		—
Total other bond securities		234		(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		Other		Fair 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 securities		14		—		—		—		—		(1)		—		13		—		—
Other invested assets		221		(9)		—		(3)		—		(13)		(13)		183		(11)		—

Other assets		243		—		—		(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		Other		Fair 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 liabilities		122		(30)		—		—		—		—		—		92		—		—
Total	$	(479)	$	31	$	—	$	238	$	—	$	—	$	—	$	(210)	$	25	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

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)	Purchases		Sales		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/ABS	146		(37)		(30)		79
Total bonds available for sale	149		(48)		(208)		(107)
Other bond securities:


RMBS	—		—		(1)		(1)

CLO/ABS	—		—		(4)		(4)
Total other bond securities	—		—		(5)		(5)
Equity securities	14		(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 Debt	6		(3)		(41)		(38)
RMBS	—		(1)		(74)		(75)

CLO/ABS	60		(2)		(77)		(19)
Total bonds available for sale	67		(6)		(192)		(131)
Other bond securities:


RMBS	3		—		(1)		2

CLO/ABS	11		—		(3)		8
Total other bond securities	14		—		(4)		10

Other invested assets	1		—		(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.

Schedule of Liabilities Measured on a Recurring Basis


(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		Other		Fair 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. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		240		(9)		10		(125)		—		(1)		—		115		—		9
RMBS		1,894		7		33		(57)		3		(224)		—		1,656		—		17
CMBS		26		—		—		(4)		4		—		—		26		—		—
CLO/ABS		840		1		1		79		—		(6)		—		915		—		1
Total bonds available for sale		3,010		(1)		44		(107)		7		(231)		—		2,722		—		27
Other bond securities:

Corporate debt		1		—		—		—		—		—		—		1		—		—
RMBS		50		1		—		(1)		—		—		—		50		1		—

CLO/ABS		113		3		—		(4)		31		(23)		—		120		3		—
Total other bond securities		164		4		—		(5)		31		(23)		—		171		4		—
Equity securities		15		1		—		10		9		—		—		35		—		—
Other invested assets		163		—		—		(24)		—		(63)		—		76		—		—

Other assets		129		—		—		—		—		—		—		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		Other		Fair 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 Liabilities		100		—		—		—		—		—		—		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		Other		Fair 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. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		323		1		—		(38)		98		(1)		—		383		—		1
RMBS		1,792		23		27		(75)		—		(1)		—		1,766		—		28
CMBS		25		—		—		—		17		1		—		43		—		—
CLO/ABS		1,289		(15)		29		(19)		—		—		—		1,284		—		27
Total bonds available for sale		3,439		9		56		(131)		115		(1)		—		3,487		—		56
Other bond securities:

Corporate debt		45		—		—		—		—		—		1		46		—		—
RMBS		51		—		—		2		—		—		—		53		—		—

CLO/ABS		138		(1)		—		8		—		—		(1)		144		(2)		—
Total other bond securities		234		(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		Other		Fair 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 securities		14		—		—		—		—		(1)		—		13		—		—
Other invested assets		221		(9)		—		(3)		—		(13)		(13)		183		(11)		—

Other assets		243		—		—		(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		Other		Fair 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 liabilities		122		(30)		—		—		—		—		—		92		—		—
Total	$	(479)	$	31	$	—	$	238	$	—	$	—	$	—	$	(210)	$	25	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.


(in millions)	Purchases		Sales		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/ABS	146		(37)		(30)		79
Total bonds available for sale	149		(48)		(208)		(107)
Other bond securities:


RMBS	—		—		(1)		(1)

CLO/ABS	—		—		(4)		(4)
Total other bond securities	—		—		(5)		(5)
Equity securities	14		(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 Debt	6		(3)		(41)		(38)
RMBS	—		(1)		(74)		(75)

CLO/ABS	60		(2)		(77)		(19)
Total bonds available for sale	67		(6)		(192)		(131)
Other bond securities:


RMBS	3		—		(1)		2

CLO/ABS	11		—		(3)		8
Total other bond securities	14		—		(4)		10

Other invested assets	1		—		(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.

Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets

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 securities	4		—		4
Equity securities	1		—		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)

Fair Value Measurement Inputs and Valuation Techniques

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

Discounted cash flow

Yield

5.11% - 5.59% (5.35%)

Corporate debt

Discounted cash flow

Yield

5.98% - 11.04% (7.89%)

RMBS(a)

1,251

Discounted cash flow

Constant 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 flow

Yield

3.33% - 9.11% (6.22%)

CMBS

Discounted cash flow

Yield

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

Discounted cash flow

Yield

5.09% - 5.57% (5.33%)

Corporate debt

177

Discounted cash flow

Yield

6.83% - 11.61% (9.22%)

RMBS(a)

1,321

Discounted cash flow

Constant 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 flow

Yield

4.24% - 8.42% (6.33%)

CMBS

Discounted cash flow

Yield

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.

Schedule of 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, 2025				December 31, 2024
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt 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 assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		797		228		782		261
Venture capital	Early-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 company		85		37		83		40
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		182		2		175		1
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		108		57		120		58
Other	Includes 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 strategies		921		490		819		57
Total private equity funds			3,233		1,172		3,105		792


			March 31, 2025				December 31, 2024
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		12		—		11		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		181		—		168		—

Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		8		—		8		—
Total hedge funds			201		—		187		—
Total		$	3,434	$	1,172	$	3,292	$	792

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)			2025		2024

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.

Schedule of Fair Values of 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 Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
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
Cash		1,393		—		—		1,393		1,393
Other assets		13		—		—		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 Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
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
Cash		1,302		—		—		1,302		1,302
Other assets		15		—		—		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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details