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Lending Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)September 30, 2025December 31, 2024
Commercial mortgages(a)
$2,869 $3,305 
Life insurance policy loans5 6 
Commercial loans, other loans and notes receivable(b)
544 721 
Total mortgage and other loans receivable(c)
3,418 4,032 
Allowance for credit losses(c)(d)
(104)(164)
Mortgage and other loans receivable, net(c)
$3,314 $3,868 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 13 percent and 13 percent, respectively, at September 30, 2025 and 12 percent and 14 percent, respectively, at December 31, 2024).
(b)There were no loans that were held-for-sale carried at lower of cost or market as of September 30, 2025 and December 31, 2024.
(c)Excludes $37.6 billion at both September 30, 2025 and December 31, 2024 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.
(d)Does not include allowance for credit losses of $0 million and $8 million at September 30, 2025 and December 31, 2024, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Schedule of Credit Quality
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
September 30, 202520252024202320222021PriorTotal
(in millions)
>1.2X$14 $48 $192 $189 $546 $1,470 $2,459 
1.00 - 1.20X— — 27 26 44 147 244 
<1.00X— — 5 — 25 136 166 
Total commercial mortgages$14 $48 $224 $215 $615 $1,753 $2,869 
December 31, 202420242023202220212020PriorTotal
(in millions)
>1.2X$120 $484 $185 $563 $79 $1,482 $2,913 
1.00 - 1.20X26 10 15 17 — 49 117 
<1.00X— — — 32 — 243 275 
Total commercial mortgages$146 $494 $200 $612 $79 $1,774 $3,305 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
September 30, 202520252024202320222021PriorTotal
(in millions)
Less than 65%$14 $48 $187 $174 $488 $1,163 $2,074 
65% to 75%— — 32 — 64 345 441 
76% to 80%— — — — — 38 38 
Greater than 80%— — 5 41 63 207 316 
Total commercial mortgages$14 $48 $224 $215 $615 $1,753 $2,869 
December 31, 202420242023202220212020PriorTotal
(in millions)
Less than 65%$107 $433 $177 $485 $71 $1,012 $2,285 
65% to 75%— 40 — 54 — 317 411 
76% to 80%— — — 31 — 51 82 
Greater than 80%39 21 23 42 8 394 527 
Total commercial mortgages$146 $494 $200 $612 $79 $1,774 $3,305 
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both September 30, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
September 30, 2025
Past Due Status:
In good standing158$908 $1,004 $330 $208 $203 $126 $2,779 97 %
90 days or less delinquent
—— — — — — — — — 
>90 days delinquent or in process of foreclosure4— 29 61 — — — 90 3 
Total*
162$908 $1,033 $391 $208 $203 $126 $2,869 100 %
Allowance for credit losses$1 $59 $33 $1 $10 $— $104 4 %
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
December 31, 2024
Past Due Status:
In good standing186$1,087 $971 $370 $301 $258 $119 $3,106 94 %
90 days or less delinquent1— 25 — — — — 25 1 
>90 days delinquent or in process of foreclosure3— 112 62 — — — 174 5 
Total*
190$1,087 $1,108 $432 $301 $258 $119 $3,305 100 %
Allowance for credit losses$5 $99 $34 $11 $13 $1 $163 5 %
*Does not reflect allowance for credit losses.
Rollforward of the Changes in the Allowance for Credit Losses
The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a)(b):
Three Months Ended September 30,
2025
2024
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of period$106 $— $106 $162 $1 $163 
Loans charged off(8)— (8)— — — 
Net charge-offs(8)— (8)— — — 
Addition to (release of) allowance for loan losses6 — 6 3 1 4 
Allowance, end of period$104 $— $104 $165 $2 $167 
Nine Months Ended September 30,
2025
2024
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of year$163 $1 $164 $138 $2 $140 
Loans charged off(60)— (60)— — — 
Net charge-offs(60)— (60)— — — 
Addition to (release of) allowance for loan losses1 (1)— 27 — 27 
Allowance, end of period
$104 $— $104 $165 $2 $167 
(a)Does not include allowance for credit losses of $0 million and $5 million at September 30, 2025 and 2024, respectively, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2024 Annual Report.