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Lending Activities (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)March 31, 2025December 31, 2024
Commercial mortgages(a)
$3,292 $3,305 
Life insurance policy loans5 6 
Commercial loans, other loans and notes receivable(b)
595 721 
Total mortgage and other loans receivable(c)
3,892 4,032 
Allowance for credit losses(c)(d)
(155)(164)
Mortgage and other loans receivable, net(c)
$3,737 $3,868 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 14 percent and 11 percent, respectively, at March 31, 2025 and 14 percent and 12 percent, respectively, at December 31, 2024).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of March 31, 2025 and December 31, 2024.
(c)Excludes $37.6 billion at both March 31, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(d)Does not include allowance for credit losses of $8 million at both March 31, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Schedule of Credit Quality
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
March 31, 202520252024202320222021PriorTotal
(in millions)
>1.2X$10 $124 $502 $194 $562 $1,521 $2,913 
1.00 - 1.20X— 30 10 16 18 49 123 
<1.00X— — — — 32 224 256 
Total commercial mortgages$10 $154 $512 $210 $612 $1,794 $3,292 
December 31, 202420242023202220212020PriorTotal
(in millions)
>1.2X$120 $484 $185 $563 $79 $1,482 $2,913 
1.00 - 1.20X26 10 15 17 — 49 117 
<1.00X— — — 32 — 243 275 
Total commercial mortgages$146 $494 $200 $612 $79 $1,774 $3,305 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
March 31, 202520252024202320222021PriorTotal
(in millions)
Less than 65%$10 $114 $426 $187 $462 $1,044 $2,243 
65% to 75%— — 86 — 84 316 486 
76% to 80%— — — — — 74 74 
Greater than 80%— 40 — 23 66 360 489 
Total commercial mortgages$10 $154 $512 $210 $612 $1,794 $3,292 
December 31, 202420242023202220212020PriorTotal
(in millions)
Less than 65%$107 $433 $177 $485 $71 $1,012 $2,285 
65% to 75%— 40 — 54 — 317 411 
76% to 80%— — — 31 — 51 82 
Greater than 80%39 21 23 42 8 394 527 
Total commercial mortgages$146 $494 $200 $612 $79 $1,774 $3,305 
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both March 31, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 67 percent and 65 percent at March 31, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
March 31, 2025
Past Due Status:
In good standing180$1,117 $962 $350 $288 $252 $122 $3,091 94 %
90 days or less delinquent
1— 5 — — — — 5 — 
>90 days delinquent or in process of foreclosure4— 137 59 — — — 196 6 
Total*
185$1,117 $1,104 $409 $288 $252 $122 $3,292 100 %
Allowance for credit losses$2 $105 $33 $4 $10 $1 $155 5 %
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
December 31, 2024
Past Due Status:
In good standing186$1,087 $971 $370 $301 $258 $119 $3,106 94 %
90 days or less delinquent1— 25 — — — — 25 1 
>90 days delinquent or in process of foreclosure3— 112 62 — — — 174 5 
Total*
190$1,087 $1,108 $432 $301 $258 $119 $3,305 100 %
Allowance for credit losses$5 $99 $34 $11 $13 $1 $163 5 %
*Does not reflect allowance for credit losses.
Rollforward of the Changes in the Allowance for Credit Losses
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):
Three Months Ended March 31,
2025
2024
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of year$163 $1 $164 $138 $2 $140 
Addition to (release of) allowance for loan losses(8)(1)(9)12 1 13 
Allowance, end of period
$155 $— $155 $150 $3 $153 
(a)Does not include allowance for credit losses of $8 million and $6 million at March 31, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.