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Investments (Tables)
 9 Months Ended
Sep. 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
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 subdivisions2,878 — 69 (58)2,889 
Non-U.S. governments6,906 (1)82 (374)6,613 
Corporate debt37,496 (38)613 (1,120)36,951 
Mortgage-backed, asset-backed and collateralized:
RMBS10,302 (4)293 (288)10,303 
CMBS4,165 — 63 (38)4,190 
CLO/ABS6,424 — 49 (22)6,451 
Total mortgage-backed, asset-backed and collateralized20,891 (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 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 September 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 $5.8 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
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 subdivisions248 8 543 50 791 58 
Non-U.S. governments1,262 28 1,311 344 2,573 372 
Corporate debt5,027 116 8,729 1,002 13,756 1,118 
RMBS781 19 2,090 258 2,871 277 
CMBS537 5 528 33 1,065 38 
CLO/ABS982 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 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:
September 30, 2025Total 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 years23,651 23,727 
Due after five years through ten years16,357 16,260 
Due after ten years6,118 5,317 
Mortgage-backed, asset-backed and collateralized20,887 20,944 
Total$71,965 $71,184 
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 September 30,Nine Months Ended September 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$15$117$11$95$45$560$54$408
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20252024
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(96)$(6)$(102)$(66)$(18)$(84)
Change in allowance for credit losses on fixed maturity securities2 — 2 1 (1)— 
Change in allowance for credit losses on loans(52)1 (51)(3)(1)(4)
Foreign exchange transactions(10)(1)(11)65 1 66 
All other derivatives and hedge accounting(11)2 (9)7 (2)5 
Sales of alternative investments(2)— (2)(18)— (18)
Other*(262)(1)(263)22 3 25 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(431)(5)(436)8 (18)(10)
Net realized losses on Fortitude Re funds withheld embedded derivative— (54)(54)— (157)(157)
Net realized gains (losses)$(431)$(59)$(490)$8 $(175)$(167)
Nine Months Ended September 30,20252024
(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$(453)$(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 transactions183 18 201 176 (2)174 
All other derivatives and hedge accounting(137)(20)(157)(62)— (62)
Sales of alternative investments1 — 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)
*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.
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)September 30, 2025December 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. governments22 1 24 2 
Corporate debt258 16 282 19 
Mortgage-backed, asset-backed and collateralized:
RMBS99 6 100 7 
CMBS42 3 43 3 
CLO/ABS and other collateralized securities271 17 246 17 
Total mortgage-backed, asset-backed and collateralized
412 26 389 27 
Total fixed maturity securities743 46 745 51 
Equity securities829 54 704 49 
Total$1,572 100 %$1,449 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)September 30, 2025December 31, 2024
Alternative investments(a)
$3,889 $4,032 
Retained investment in Corebridge using fair value option2,651 3,810 
All other investments(b)
1,821 1,986 
Total$8,361 $9,828 
(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.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended September 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$873 $13 $886 $746 $25 $771 
Other fixed maturity securities
— 11 11 4 16 20 
Equity securities62 — 62 60 — 60 
Interest on mortgage and other loans40 6 46 52 9 61 
Alternative investments(a)
137 — 137 42 — 42 
Other investments(b)
(331)(1)(332)63 1 64 
Total investment income781 29 810 967 51 1,018 
Investment expenses38 — 38 45 — 45 
Net investment income$743 $29 $772 $922 $51 $973 
Nine Months Ended September 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$2,539 $51 $2,590 $2,234 $67 $2,301 
Other fixed maturity securities
— 38 38 — 27 27 
Equity securities85 — 85 144 — 144 
Interest on mortgage and other loans130 20 150 185 26 211 
Alternative investments(a)
228 — 228 129 (1)128 
Other investments(b)
368 (1)367 262 4 266 
Total investment income3,350 108 3,458 2,954 123 3,077 
Investment expenses115 — 115 135 — 135 
Net investment income$3,235 $108 $3,343 $2,819 $123 $2,942 
(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.
(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.
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
September 30,		Nine Months Ended
September 30,
(in millions)2025202420252024
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 
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 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 September 30,20252024
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
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 period2 (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 30,20252024
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
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 period3 (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.
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 September 30,20252024
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of period$10 $35 $45 $6 $27 $33
Additions:
Securities for which allowance for credit losses was not previously recorded1 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 30,20252024
(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 recorded1 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 
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)September 30, 2025December 31, 2024
Securities collateral pledged to us$2,883 $2,853