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Investments (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities$2,964 $— $33 $(88)$2,909 
Obligations of states, municipalities and political subdivisions3,047 — 52 (76)3,023 
Non-U.S. governments7,250 (1)88 (424)6,913 
Corporate debt37,369 (34)499 (1,349)36,485 
Mortgage-backed, asset-backed and collateralized:
RMBS9,806 (5)245 (329)9,717 
CMBS3,741 (5)52 (45)3,743 
CLO/ABS6,052 — 47 (29)6,070 
Total mortgage-backed, asset-backed and collateralized19,599 (10)344 (403)19,530 
Total bonds available for sale(b)
$70,229 $(45)$1,016 $(2,340)$68,860 
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 June 30, 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 $5.7 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
June 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities$491 $13 $350 $75 $841 $88 
Obligations of states, municipalities and political subdivisions647 15 570 61 1,217 76 
Non-U.S. governments1,637 52 1,532 371 3,169 423 
Corporate debt6,463 188 9,283 1,157 15,746 1,345 
RMBS1,571 37 1,840 280 3,411 317 
CMBS521 5 642 41 1,163 46 
CLO/ABS1,192 7 274 22 1,466 29 
Total bonds available for sale$12,522 $317 $14,491 $2,007 $27,013 $2,324 
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:
June 30, 2025Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,517 $4,461 
Due after one year through five years23,415 23,408 
Due after five years through ten years16,236 15,999 
Due after ten years6,427 5,462 
Mortgage-backed, asset-backed and collateralized19,589 19,530 
Total$70,184 $68,860 
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 June 30,Six Months Ended June 30,
2025202420252024
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$14$165$28$197$30$443$43$313
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30,20252024
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(102)$(49)$(151)$(168)$(1)$(169)
Change in allowance for credit losses on fixed maturity securities(15)— (15)(18)— (18)
Change in allowance for credit losses on loans45 5 50 (12)3 (9)
Foreign exchange transactions(27)13 (14)52 — 52 
All other derivatives and hedge accounting(98)(16)(114)(21)— (21)
Sales of alternative investments3 — 3 4 — 4 
Other2 (5)(3)(24)(3)(27)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(192)(52)(244)(187)(1)(188)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (14)(14)— 8 8 
Net realized gains (losses)$(192)$(66)$(258)$(187)$7 $(180)
Six Months Ended June 30,20252024
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(357)$(56)$(413)$(254)$(16)$(270)
Change in allowance for credit losses on fixed maturity securities(7)— (7)(19)— (19)
Change in allowance for credit losses on loans50 9 59 (20)1 (19)
Foreign exchange transactions193 19 212 111 (3)108 
All other derivatives and hedge accounting(126)(22)(148)(69)2 (67)
Sales of alternative investments3 — 3 14 (1)13 
Other(8)(4)(12)(9)(3)(12)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(252)(54)(306)(246)(20)(266)
Net realized losses on Fortitude Re funds withheld embedded derivative— (55)(55)— (1)(1)
Net realized losses$(252)$(109)$(361)$(246)$(21)$(267)
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)June 30, 2025December 31, 2024
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$50 3 %$50 3 %
Non-U.S. governments23 2 24 2 
Corporate debt260 17 282 19 
Mortgage-backed, asset-backed and collateralized:
RMBS98 7 100 7 
CMBS43 3 43 3 
CLO/ABS and other collateralized securities248 17 246 17 
Total mortgage-backed, asset-backed and collateralized
389 27 389 27 
Total fixed maturity securities722 49 745 51 
Equity securities775 51 704 49 
Total$1,497 100 %$1,449 100 %
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended June 30,20252024
(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$876 $16 $892 $723 $20 $743 
Other fixed maturity securities
— 16 16 1 4 5 
Equity securities14 — 14 (4)— (4)
Interest on mortgage and other loans46 7 53 65 8 73 
Alternative investments(a)
48 — 48 32 — 32 
Other investments(b)
482 — 482 177 1 178 
Total investment income1,466 39 1,505 994 33 1,027 
Investment expenses39 — 39 37 — 37 
Net investment income$1,427 $39 $1,466 $957 $33 $990 
Six Months Ended June 30,20252024
(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$1,666 $38 $1,704 $1,488 $42 $1,530 
Other fixed maturity securities
— 27 27 (4)11 7 
Equity securities23 — 23 84 — 84 
Interest on mortgage and other loans90 14 104 133 17 150 
Alternative investments(a)
91 — 91 87 (1)86 
Other investments(b)
699 — 699 199 3 202 
Total investment income2,569 79 2,648 1,987 72 2,059 
Investment expenses77 — 77 90 — 90 
Net investment income$2,492 $79 $2,571 $1,897 $72 $1,969 
(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 $27 million and $455 million, respectively, for the three months ended June 30, 2025, $58 million and $664 million, respectively, for the six months ended June 30, 2025, and $68 million and $65 million, respectively, for both three and six months ended June 30, 2024.
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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities*$505 $15 $827 $(117)
Other investments— (39)— (39)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$505 $(24)$827 $(156)
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at June 30, 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 June 30,20252024
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
Invested
Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments$14 $512 $526 $(4)$109 $105 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period(12)34 22 3 25 28 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$26 $478 $504 $(7)$84 $77 
Six Months Ended June 30,20252024
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
Invested
Assets*		Total
Net gains recognized during the period on equity securities and other investments$23 $745 $768 $84 $192 $276 
Less: Net gains recognized during the period on equity securities and other investments sold during the period1 33 34 43 24 67 
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date$22 $712 $734 $41 $168 $209 
*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $455 million and $664 million in the three and six months ended June 30, 2025, respectively, and $65 million in the three and six months ended June 30, 2024.
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 June 30,20252024
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$11 $19 $30 $3 $25 $28
Additions:
Securities for which allowance for credit losses was not previously recorded— 18 18 1 5 6 
Reductions:
Securities sold during the period— (2)(2)— (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 basis(1)1 — 2 10 12 
Write-offs charged against the allowance— (1)(1)—(14)(14)
Other— — — —2 2 
Balance, end of period$10 $35 $45 $6 $27 $33 
Six Months Ended June 30,20252024
(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— 20 20 1 9 10 
Reductions:
Securities sold during the period— (6)(6)— — — 
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 basis— 2 2 (8)17 9 
Write-offs charged against the allowance— (9)(9)— (22)(22)
Other— — — — 2 2 
Balance, end of period$10 $35 $45 $6 $27 $33 
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)June 30, 2025December 31, 2024
Securities collateral pledged to us$2,901 $2,853 
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)June 30, 2025December 31, 2024
Alternative investments(a)
$4,151 $4,032 
Retained investment in Corebridge using fair value option4,043 3,810 
All other investments(b)
1,793 1,986 
Total$9,987 $9,828 
(a)At June 30, 2025, includes hedge funds of $190 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 June 30, 2025 and December 31, 2024, the accumulated depreciation was $138 million and $161 million, respectively.
(b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both June 30, 2025 and December 31, 2024.