XML 48 R31.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	177	$	3,610	$	—	$	—	$	—	$	3,787
Obligations of states, municipalities and political subdivisions		—		2,886		3		—		—		2,889
Non-U.S. governments		52		6,554		7		—		—		6,613
Corporate debt		—		36,831		120		—		—		36,951
RMBS		—		8,677		1,626		—		—		10,303
CMBS		—		4,168		22		—		—		4,190
CLO/ABS		—		4,965		1,486		—		—		6,451
Total bonds available for sale		229		67,691		3,264		—		—		71,184
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		51		—		—		—		51
Non-U.S. governments		—		22		—		—		—		22
Corporate debt		—		257		1		—		—		258
RMBS		—		46		53		—		—		99
CMBS		—		42		—		—		—		42
CLO/ABS		—		139		132		—		—		271
Total other bond securities		—		557		186		—		—		743
Equity securities		767		1		61		—		—		829
Other invested assets(b)		2,651		223		93		—		—		2,967
Derivative assets(c)		—		356		32		(179)		(207)		2
Short-term investments		3,433		1,427		—		—		—		4,860
Other assets(c)		—		—		129		—		—		129
Total	$	7,080	$	70,255	$	3,765	$	(179)	$	(207)	$	80,714


September 30, 2025		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Liabilities:
Derivative liabilities(c)	$	—	$	412	$	32	$	(179)	$	(216)	$	49
Fortitude Re funds withheld payable		—		—		(103)		—		—		(103)
Other liabilities		—		—		72		—		—		72

Total	$	—	$	412	$	1	$	(179)	$	(216)	$	18


December 31, 2024		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	36	$	3,231	$	—	$	—	$	—	$	3,267
Obligations of states, municipalities and political subdivisions		—		3,140		3		—		—		3,143
Non-U.S. governments		161		7,939		7		—		—		8,107
Corporate debt		—		31,586		240		—		—		31,826
RMBS		—		6,710		1,894		—		—		8,604
CMBS		—		3,900		26		—		—		3,926
CLO/ABS		—		4,293		840		—		—		5,133
Total bonds available for sale		197		60,799		3,010		—		—		64,006
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		50		—		—		—		50
Non-U.S. governments		—		24		—		—		—		24
Corporate debt		—		281		1		—		—		282
RMBS		—		50		50		—		—		100
CMBS		—		43		—		—		—		43
CLO/ABS		—		133		113		—		—		246
Total other bond securities		—		581		164		—		—		745
Equity securities		689		—		15		—		—		704
Other invested assets (b)		3,810		119		163		—		—		4,092
Derivative assets(c)		—		573		51		(270)		(304)		50
Short-term investments		7,942		1,847		—		—		—		9,789
Other assets(c)		—		—		129		—		—		129
Total	$	12,638	$	63,919	$	3,532	$	(270)	$	(304)	$	79,515
Liabilities:
Derivative liabilities(c)	$	—	$	571	$	51	$	(270)	$	(201)	$	151
Fortitude Re funds withheld payable		—		—		(128)		—		—		(128)
Other liabilities		—		—		100		—		—		100

Total	$	—	$	571	$	23	$	(270)	$	(201)	$	123

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, includes AIG's ownership interest in Corebridge of $2.7 billion and $3.8 billion, respectively, on which AIG elected the fair value option.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis

The following tables present changes during the three and nine months ended September 30, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2025 and 2024:


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	6		—		—		—		1		—		—		7		—		—
Corporate debt	147		(2)		(15)		(4)		—		(6)		—		120		—		(13)
RMBS	1,633		7		8		(5)		—		(17)		—		1,626		—		15
CMBS	26		(5)		5		(4)		—		—		—		22		—		5
CLO/ABS	1,200		1		9		277		—		(1)		—		1,486		—		10
Total bonds available for sale	3,015		1		7		264		1		(24)		—		3,264		—		17
Other bond securities:

Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		—		—		3		—		—		—		53		—		—

CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(185)	$	54	$	—	$	28	$	—	$	—	$	—	$	(103)	$	(30)	$	—
Other Liabilities	81		(9)		—		—		—		—		—		72		—		—
Total	$	(104)	$	45	$	—	$	28	$	—	$	—	$	—	$	(31)	$	(30)	$	—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	359		(3)		18		4		—		—		7		385		—		14
RMBS	2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS	94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS	1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale	3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate debt	44		—		—		—		—		—		2		46		2		—
RMBS	49		3		—		(2)		—		—		5		55		—		—

CLO/ABS	145		3		—		(1)		—		—		—		147		3		—
Total other bond securities	238		6		—		(3)		—		—		7		248		5		—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities	13		1		—		2		—		—		(3)		13		—		—
Other invested assets	145		(3)		—		5		—		—		11		158		—		—
Other assets	130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:

Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—

CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—

Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—

Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three and nine months ended September 30, 2025 and 2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:


Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:


RMBS	3		—		—		3

CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5

Total	$	524	$	(32)	$	(205)	$	287
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28

Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:

Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:


RMBS	3		—		(2)		1

CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)

Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)

Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Schedule of Liabilities Measured on a Recurring Basis


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	6		—		—		—		1		—		—		7		—		—
Corporate debt	147		(2)		(15)		(4)		—		(6)		—		120		—		(13)
RMBS	1,633		7		8		(5)		—		(17)		—		1,626		—		15
CMBS	26		(5)		5		(4)		—		—		—		22		—		5
CLO/ABS	1,200		1		9		277		—		(1)		—		1,486		—		10
Total bonds available for sale	3,015		1		7		264		1		(24)		—		3,264		—		17
Other bond securities:

Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		—		—		3		—		—		—		53		—		—

CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(185)	$	54	$	—	$	28	$	—	$	—	$	—	$	(103)	$	(30)	$	—
Other Liabilities	81		(9)		—		—		—		—		—		72		—		—
Total	$	(104)	$	45	$	—	$	28	$	—	$	—	$	—	$	(31)	$	(30)	$	—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	359		(3)		18		4		—		—		7		385		—		14
RMBS	2,016		(1)		110		(23)		—		—		(7)		2,095		—		63
CMBS	94		(1)		1		(12)		—		—		—		82		—		—
CLO/ABS	1,275		(11)		33		(314)		—		—		—		983		—		23
Total bonds available for sale	3,755		(16)		162		(345)		—		—		—		3,556		—		100
Other bond securities:

Corporate debt	44		—		—		—		—		—		2		46		2		—
RMBS	49		3		—		(2)		—		—		5		55		—		—

CLO/ABS	145		3		—		(1)		—		—		—		147		3		—
Total other bond securities	238		6		—		(3)		—		—		7		248		5		—


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Equity securities	13		1		—		2		—		—		(3)		13		—		—
Other invested assets	145		(3)		—		5		—		—		11		158		—		—
Other assets	130		—		—		(1)		—		—		—		129		—		—
Total	$	4,281	$	(12)	$	162	$	(342)	$	—	$	—	$	15	$	4,104	$	5	$	100


(in millions)	Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:

Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—

CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—

Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:

Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:

Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—

CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—

Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56


(in millions)	Fair Value Beginning of Year		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive (Income) Loss		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:


Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:


RMBS	3		—		—		3

CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5

Total	$	524	$	(32)	$	(205)	$	287
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28

Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:


Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:


RMBS	—		—		(2)		(2)

CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)

Total	$	—	$	—	$	(1)	$	(1)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:

Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:


RMBS	3		—		(2)		1

CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)

Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:

Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)

Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:


RMBS	3		(1)		(4)		(2)

CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Three Months Ended September 30, 2025
Assets:
Bonds available for sale	$	8	$	(7)	$	1
Other bond securities	1		—		1
Equity securities	2		—		2
Other invested assets	(5)		—		(5)
Three Months Ended September 30, 2024
Assets:
Bonds available for sale	$	25	$	(41)	$	(16)
Other bond securities	6		—		6
Equity securities	1		—		1
Other invested assets	(3)		—		(3)

Nine Months Ended September 30, 2025
Assets:
Bonds available for sale	$	21	$	(6)	$	15
Other bond securities	7		—		7
Equity securities	6		—		6
Other invested assets	(5)		—		(5)


(in millions)	Net Investment Income		Net Realized Gains (Losses)		Total
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale	$	65	$	(49)	$	16
Other bond securities	7		—		7
Equity securities	1		—		1
Other invested assets	(16)		—		(16)

(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total
Three Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	54	$	54
Other Liabilities	—		(9)		(9)
Three Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	1	$	1
Fortitude Re funds withheld payable	—		157		157


Nine Months Ended September 30, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	109	$	109
Other Liabilities	—		(28)		(28)
Nine Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	41	$	41
Fortitude Re funds withheld payable	—		158		158
Other Liabilities	—		(2)		(2)

Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)

Fair Value at
September 30, 2025

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.25% - 5.58% (5.41%)

Corporate debt

Discounted cash flow

Yield

8.60% - 16.76% (13.63%)

RMBS(a)

1,197

Discounted cash flow

Constant prepayment rate

4.05% - 7.51% (5.78%)

Loss severity

39.50% - 79.31% (59.41%)

Constant default rate

0.54% - 1.96% (1.25%)

Yield

5.20% - 5.94% (5.57%)

CLO/ABS(a)

1,053

Discounted cash flow

Yield

2.39% - 9.54% (5.88%)

CMBS

Discounted cash flow

Yield

5.56% - 13.35% (8.78%)

(in millions)

Fair Value at
December 31, 2024

Valuation
Technique

Unobservable Input(b)

Range

(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.09% - 5.57% (5.33%)

Corporate debt

177

Discounted cash flow

Yield

6.83% - 11.61% (9.22%)

RMBS(a)

1,321

Discounted cash flow

Constant prepayment rate

4.10% - 9.26% (6.68%)

Loss severity

40.81% - 76.72% (58.76%)

Constant default rate

0.57% - 2.48% (1.52%)

Yield

5.89% - 6.98% (6.44%)

CLO/ABS(a)

760

Discounted cash flow

Yield

4.24% - 8.42% (6.33%)

CMBS

Discounted cash flow

Yield

7.04% - 10.12% (8.70%)

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

Schedule of Net Asset Value Per Share

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.


			September 30, 2025				December 31, 2024
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	1,166	$	326	$	1,126	$	375
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		741		115		782		261
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		88		34		83		40
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		187		2		175		1
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		92		55		120		58
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,037		615		819		57
Total private equity funds			3,311		1,147		3,105		792
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		11		—		11		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		171		—		168		—

Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		9		—		8		—
Total hedge funds			191		—		187		—
Total		$	3,502	$	1,147	$	3,292	$	792

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2025		2024		2025		2024

Other bond securities(a)	$	10	$	20	$	37	$	27
Alternative investments(b)		98		76		185		184
Retained investment in Corebridge(c)		(348)		(35)		316		30


Total gain (loss)	$	(240)	$	61	$	538	$	241

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.

Schedule of Fair Values of Financial Instruments not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2025
Assets:
Mortgage and other loans receivable	$	—	$	336	$	2,929	$	3,265	$	3,314
Other invested assets		—		494		7		501		501
Short-term investments		—		4,557		—		4,557		4,557
Cash		1,589		—		—		1,589		1,589
Other assets		2		—		—		2		2
Liabilities:
Fortitude Re funds withheld payable		—		—		3,197		3,197		3,197

Long-term debt		—		8,782		—		8,782		9,087
Debt of consolidated investment entities		—		—		156		156		156


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
December 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	339	$	3,413	$	3,752	$	3,868
Other invested assets		—		578		5		583		583
Short-term investments		—		4,673		—		4,673		4,673
Cash		1,302		—		—		1,302		1,302
Other assets		15		—		—		15		15
Liabilities:
Fortitude Re funds withheld payable		—		—		3,335		3,335		3,335

Long-term debt		—		7,981		240		8,221		8,764
Debt of consolidated investment entities		—		—		158		158		158

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details