
(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	3,837	$	—	$	34	$	(84)	$	3,787
Obligations of states, municipalities and political subdivisions		2,878		—		69		(58)		2,889
Non-U.S. governments		6,906		(1)		82		(374)		6,613
Corporate debt		37,496		(38)		613		(1,120)		36,951
Mortgage-backed, asset-backed and collateralized:
RMBS		10,302		(4)		293		(288)		10,303
CMBS		4,165		—		63		(38)		4,190
CLO/ABS		6,424		—		49		(22)		6,451
Total mortgage-backed, asset-backed and collateralized		20,891		(4)		405		(348)		20,944
Total bonds available for sale(b)	$	72,008	$	(43)	$	1,203	$	(1,984)	$	71,184
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 subdivisions		3,223		—		32		(112)		3,143
Non-U.S. governments		8,644		(1)		54		(590)		8,107
Corporate debt		33,031		(28)		581		(1,758)		31,826
Mortgage-backed, asset-backed and collateralized:
RMBS		8,820		(6)		209		(419)		8,604
CMBS		3,988		(3)		32		(91)		3,926
CLO/ABS		5,143		—		34		(44)		5,133
Total mortgage-backed, asset-backed and collateralized		17,951		(9)		275		(554)		17,663
Total bonds available for sale(b)	$	66,195	$	(38)	$	962	$	(3,113)	$	64,006

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 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2025
Bonds available for sale:
U.S. government and government sponsored entities	$	331	$	10	$	325	$	74	$	656	$	84
Obligations of states, municipalities and political subdivisions		248		8		543		50		791		58
Non-U.S. governments		1,262		28		1,311		344		2,573		372
Corporate debt		5,027		116		8,729		1,002		13,756		1,118
RMBS		781		19		2,090		258		2,871		277
CMBS		537		5		528		33		1,065		38
CLO/ABS		982		6		252		16		1,234		22
Total bonds available for sale	$	9,168	$	192	$	13,778	$	1,777	$	22,946	$	1,969


		Less than 12 Months				12 Months or More				Total
(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 subdivisions		1,502		33		586		79		2,088		112
Non-U.S. governments		1,964		55		3,446		534		5,410		589
Corporate debt		10,347		234		10,907		1,515		21,254		1,749
RMBS		3,711		58		2,147		343		5,858		401
CMBS		1,052		18		992		71		2,044		89
CLO/ABS		1,368		9		315		35		1,683		44
Total bonds available for sale	$	21,662	$	428	$	18,751	$	2,655	$	40,413	$	3,083

At September 30, 2025, we held 7,530 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,415 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2024, we held 12,274 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,984 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at September 30, 2025 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.


September 30, 2025	Total Fixed Maturity Securities Available for Sale
(in millions)	Amortized Cost, Net of Allowance		Fair Value

Due in one year or less	$	4,952	$	4,936
Due after one year through five years	23,651		23,727
Due after five years through ten years	16,357		16,260
Due after ten years	6,118		5,317
Mortgage-backed, asset-backed and collateralized	20,887		20,944
Total	$	71,965	$	71,184


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
(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	$	15	$	117	$	11	$	95	$	45	$	560	$	54	$	408

For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $2.5 billion and $9.9 billion, respectively, which resulted in net realized gains (losses) of $(102) million and $(515) million, respectively. Included within the net realized gains (losses) are $(6) million and $(62) million of net realized gains (losses) for the three and nine months ended September 30, 2025, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $1.9 billion and $6.9 billion, respectively, which resulted in net realized gains (losses) of $(84) million and $(354) million, respectively. Included within the net realized gains (losses) are $(18) million and $(34) million of net realized gains (losses) for the three and nine months ended September 30, 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

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)		September 30, 2025				December 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. governments		22	1			24	2
Corporate debt		258	16			282	19
Mortgage-backed, asset-backed and collateralized:
RMBS		99	6			100	7
CMBS		42	3			43	3
CLO/ABS and other collateralized securities		271	17			246	17
Total mortgage-backed, asset-backed and collateralized		412	26			389	27
Total fixed maturity securities		743	46			745	51
Equity securities		829	54			704	49
Total	$	1,572	100	%	$	1,449	100	%

(a)At September 30, 2025, includes hedge funds of $191 million and private equity funds of $3.4 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 September 30, 2025 and December 31, 2024, the accumulated depreciation was $135 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 September 30, 2025 and December 31, 2024.


Three Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	873	$	13	$	886	$	746	$	25	$	771
Other fixed maturity securities		—		11		11		4		16		20
Equity securities		62		—		62		60		—		60
Interest on mortgage and other loans		40		6		46		52		9		61
Alternative investments(a)		137		—		137		42		—		42
Other investments(b)		(331)		(1)		(332)		63		1		64
Total investment income		781		29		810		967		51		1,018
Investment expenses		38		—		38		45		—		45
Net investment income	$	743	$	29	$	772	$	922	$	51	$	973


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	2,539	$	51	$	2,590	$	2,234	$	67	$	2,301
Other fixed maturity securities		—		38		38		—		27		27
Equity securities		85		—		85		144		—		144
Interest on mortgage and other loans		130		20		150		185		26		211
Alternative investments(a)		228		—		228		129		(1)		128
Other investments(b)		368		(1)		367		262		4		266
Total investment income		3,350		108		3,458		2,954		123		3,077
Investment expenses		115		—		115		135		—		135
Net investment income	$	3,235	$	108	$	3,343	$	2,819	$	123	$	2,942

(b)Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $20 million and $(348) million, respectively, for the three months ended September 30, 2025, $78 million and $316 million, respectively, for the nine months ended September 30, 2025, $65 million and $(35) million, respectively, for the three months ended September 30, 2024, and $133 million and $30 million, respectively, for the nine months ended September 30, 2024.


Three Months Ended September 30,		2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(96)	$	(6)	$	(102)	$	(66)	$	(18)	$	(84)

Change in allowance for credit losses on fixed maturity securities		2		—		2		1		(1)		—
Change in allowance for credit losses on loans		(52)		1		(51)		(3)		(1)		(4)
Foreign exchange transactions		(10)		(1)		(11)		65		1		66
All other derivatives and hedge accounting		(11)		2		(9)		7		(2)		5
Sales of alternative investments		(2)		—		(2)		(18)		—		(18)
Other*		(262)		(1)		(263)		22		3		25
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(431)		(5)		(436)		8		(18)		(10)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(54)		(54)		—		(157)		(157)
Net realized gains (losses)	$	(431)	$	(59)	$	(490)	$	8	$	(175)	$	(167)


Nine Months Ended September 30,	2025						2024
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(453)	$	(62)	$	(515)	$	(320)	$	(34)	$	(354)

Change in allowance for credit losses on fixed maturity securities		(5)		—		(5)		(18)		(1)		(19)
Change in allowance for credit losses on loans		(2)		10		8		(23)		—		(23)
Foreign exchange transactions		183		18		201		176		(2)		174
All other derivatives and hedge accounting		(137)		(20)		(157)		(62)		—		(62)
Sales of alternative investments		1		—		1		(4)		(1)		(5)
Other*		(270)		(5)		(275)		13		—		13
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(683)		(59)		(742)		(238)		(38)		(276)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(109)		(109)		—		(158)		(158)
Net realized losses	$	(683)	$	(168)	$	(851)	$	(238)	$	(196)	$	(434)


	Three Months Ended September 30,				Nine Months Ended September 30,

(in millions)		2025		2024		2025		2024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities*	$	543	$	1,616	$	1,370	$	1,499
Other investments		—		(19)		—		(58)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	543	$	1,597	$	1,370	$	1,441


Three Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	62	$	(244)	$	(182)	$	60	$	42	$	102
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	2		(65)		(63)		8		—		8
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	60	$	(179)	$	(119)	$	52	$	42	$	94


Nine Months Ended September 30,	2025						2024

(in millions)	Equities		Other Invested Assets*		Total		Equities		Other Invested Assets*		Total
Net gains recognized during the period on equity securities and other investments	$	85	$	501	$	586	$	144	$	234	$	378
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	3		(32)		(29)		51		24		75
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date	$	82	$	533	$	615	$	93	$	210	$	303

*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $(348) million and $316 million in the three and nine months ended September 30, 2025, respectively, and $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.


Three Months Ended September 30,		2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	10	$	35	$	45	$	6	$	27	$	33
Additions:
Securities for which allowance for credit losses was not previously recorded		1		1		2		2		—		2




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)		4		3		4		(6)		(2)
Write-offs charged against the allowance		(5)		—		(5)		—		—		—
Other		(1)		(1)		(2)		—		7		7
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40


Nine Months Ended September 30,	2025						2024
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of year	$	10	$	28	$	38	$	13	$	21	$	34
Additions:
Securities for which allowance for credit losses was not previously recorded		1		21		22		3		9		12


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		(1)		6		5		(4)		11		7
Write-offs charged against the allowance		(5)		(9)		(14)		—		(22)		(22)
Other		(1)		(1)		(2)		—		9		9
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.8 billion and $7.8 billion at September 30, 2025 and December 31, 2024, respectively.

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $13 million and $13 million of stock in FHLBs at September 30, 2025 and December 31, 2024, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $1.7 billion at September 30, 2025 and $1.6 billion at December 31, 2024.