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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
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
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.
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
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 
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:
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 
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:
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$116
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20252024
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(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)
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)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 %
Schedule of 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.
Schedule of 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.
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:
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.
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:
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 
Schedule of Financial Instruments Owned and Pledged as Collateral
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