XML 46 R33.htm IDEA: XBRL DOCUMENT v3.25.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
March 31, 2025December 31, 2024
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$1,918 $1,918 $1,918 $1,918 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option729 729 721 721 Fair value through net investment income
Commercial mortgage loans477 465 450 437 Amortized cost
Short-term investments22 22 15 15 Fair value through net investment income
Funds withheld investment assets3,146 3,134 3,104 3,091 
Derivative assets, net(b)
— — 1 1 Fair value through net realized gains (losses)
Other(c)
81 81 115 115 Amortized cost
Total$3,227 $3,215 $3,220 $3,207 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(2) million ($(2) million after-tax) and $(35) million ($(28) million after-tax), respectively for the three months ended March 31, 2025 and for the year ended December 31, 2024.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $33 million, respectively, as of March 31, 2025. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $9 million and $2 million, respectively, as of December 31, 2024. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
Summary of the Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Three Months Ended March 31,
(in millions)20252024
Net investment income - Fortitude Re funds withheld assets$40 $39 
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(2)(19)
Net realized losses - Fortitude Re funds withheld embedded derivative(41)(9)
Net realized losses on Fortitude Re funds withheld assets(43)(28)
Income (loss) from continuing operations before income tax expense (benefit)(3)11 
Income tax expense (benefit)(a)
(1)2 
Net income (loss)
(2)9 
Change in unrealized depreciation on available for sale securities(a)
(2)(8)
Comprehensive income (loss)$(4)$1 
(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) was computed using AIG’s U.S. statutory tax rate of 21 percent.
Rollforward of the Reinsurance Recoverable Allowance
The following table presents a rollforward of the reinsurance recoverable allowance:
Three Months Ended March 31,
(in millions)20252024
Balance, beginning of period$269 $255 
Addition to (release of) allowance for expected credit losses and disputes, net3 1 
Write-offs charged against the allowance for credit losses and disputes— (1)
Other changes7 — 
Balance, end of period$279 $255