XML 28 R12.htm IDEA: XBRL DOCUMENT v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4. Fair Value Measurements
FAIR VALUE MEASUREMENTS ON A RECURRING BASIS
Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:
•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A 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:
March 31, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$450 $1,866 $— $— $— $2,316 
Obligations of states, municipalities and political subdivisions
— 2,692 4 — — 2,696 
Non-U.S. governments109 6,175 7 — — 6,291 
Corporate debt— 37,717 85 — — 37,802 
RMBS— 9,586 1,486 — — 11,072 
CMBS— 4,611 25 — — 4,636 
CLO/ABS— 4,032 1,683 — — 5,715 
Total bonds available for sale
559 66,679 3,290 — — 70,528 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 50 — — — 50 
Non-U.S. governments— 21 — — — 21 
Corporate debt— 204 — — — 204 
RMBS— 43 50 — — 93 
CMBS— 42 — — — 42 
CLO/ABS— 150 117 — — 267 
Total other bond securities
— 510 167 — — 677 
March 31, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Equity securities(b)
1,559 3 54 — — 1,616 
Other invested assets(c)
— 137 93 — — 230 
Derivative assets(d)
— 314 25 (143)(196)— 
Short-term investments
3,253 1,624 — — — 4,877 
Total$5,371 $69,267 $3,629 $(143)$(196)$77,928 
Liabilities:
Derivative liabilities(d)
$— $387 $25 $(143)$(175)$94 
Fortitude Re funds withheld payable
— — (85)— — (85)
Other liabilities(d)
13 — 74 — — 87 
Total$13 $387 $14 $(143)$(175)$96 
December 31, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$209 $3,089 $— $— $— $3,298 
Obligations of states, municipalities and political subdivisions
— 2,771 4 — — 2,775 
Non-U.S. governments66 6,427 23 — — 6,516 
Corporate debt— 37,122 113 — — 37,235 
RMBS— 8,622 1,546 — — 10,168 
CMBS— 4,592 24 — — 4,616 
CLO/ABS— 4,683 1,741 — — 6,424 
Total bonds available for sale
275 67,306 3,451 — — 71,032 
Other bond securities:
Obligations of states, municipalities and political subdivisions
— 
51 
— 
— 
— 
51 
Non-U.S. governments— 23 — — — 23 
Corporate debt— 274 — — — 274 
RMBS— 46 51 — — 97 
CMBS— 42 — — — 42 
CLO/ABS— 135 119 — — 254 
Total other bond securities
— 571 170 — — 741 
Equity securities(b)
446 1 55 — — 502 
Other invested assets (c)
1,512 143 92 — — 1,747 
Derivative assets(d)
— 312 26 (164)(169)5 
Short-term investments
4,106 1,803 — — — 5,909 
Other assets(d)
— — 130 — — 130 
Total$6,339 $70,136 $3,924 $(164)$(169)$80,066 
Liabilities:
Derivative liabilities(d)
$— $439 $26 $(164)$(212)$89 
Fortitude Re funds withheld payable
— — (92)— — (92)
Other liabilities(d)
— — 73 — — 73 
Total$— $439 $7 $(164)$(212)$70 
(a)Represents netting of derivative exposures covered by qualifying master netting agreements.
(b)As of March 31, 2026, includes AIG's ownership interests in Corebridge and Onex of $607 million and $548 million, respectively.
(c)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.1 billion and $3.3 billion as of March 31, 2026 and December 31, 2025, respectively. As of December 31, 2025, includes AIG's ownership interest in Corebridge of $1.5 billion on which AIG elected the fair value option.
(d)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS
The following tables present changes during the three months ended March 31, 2026 and 2025 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 March 31, 2026 and 2025:
(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		OtherFair
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 March 31, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$4 $— $— $— $— $— $— $4 $— $— 
Non-U.S. governments23 1 — (3)— (14)— 7 — — 
Corporate debt113 — (2)(1)1 (26)— 85 — 6 
RMBS1,546 6 (37)(37)8 — — 1,486 — 17 
CMBS24 — — (4)5 — — 25 — — 
CLO/ABS1,741 1 (1)(58)— — — 1,683 — 10 
Total bonds available for sale3,451 8 (40)(103)14 (40)— 3,290 — 33 
Other bond securities:
RMBS51 — — (1)— — — 50 1 — 
CLO/ABS119 — — (2)— — — 117 3 — 
Total other bond securities170 — — (3)— — — 167 4 — 
Equity securities55 (3)— 2 — — — 54 — — 
Other invested assets92 1 — — — — — 93 1 — 
Other assets130 — — — — — (130)— — — 
Total
$3,898 $6 $(40)$(104)$14 $(40)$(130)$3,604 $5 $33 
(in millions)Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable$(92)$(10)$— $17 $— $— $— $(85)$17 $— 
Other Liabilities73 1 — — — — — 74 — — 
Total$(19)$(9)$— $17 $— $— $— $(11)$17 $— 
(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		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 March 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $3 $— $— 
Non-U.S. governments7 — — — — — 7 — — 
Corporate debt240 (9)10 (125)— (1)115 — 9 
RMBS1,894 7 33 (57)3 (224)1,656 — 17 
CMBS26 — — (4)4 — 26 — — 
CLO/ABS840 1 1 79 — (6)915 — 1 
Total bonds available for sale3,010 (1)44 (107)7 (231)2,722 — 27 
Other bond securities:
Corporate debt1 — — — — — 1 — — 
RMBS50 1 — (1)— — 50 1 — 
CLO/ABS113 3 — (4)31 (23)120 3 — 
Total other bond securities164 4 — (5)31 (23)171 4 — 
(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		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 securities15 1 — 10 9 — 35 — — 
Other invested assets163 — — (24)— (63)76 — — 
Other assets129 — — — — — 129 — — 
Total
$3,481 $4 $44 $(126)$47 $(317)$3,133 $4 $27 
(in millions)
Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		Fair
Value
End of
Period		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Period		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Period
Liabilities:
Fortitude Re funds withheld payable$(128)$41 $— $8 $— $— $(79)$(2)$— 
Other liabilities100 — — — — — 100 — — 
Total
$(28)$41 $— $8 $— $— $21 $(2)$— 
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 March 31, 2026
Assets:
Bonds available for sale$7 $1 $8 
Equity securities(3)— (3)
Other invested assets1 — 1 
Three Months Ended March 31, 2025
Assets:
Bonds available for sale$8 $(9)$(1)
Other bond securities4 — 4 
Equity securities1 — 1 
(in millions)Net
Investment
Income		Net Realized
(Gains) Losses		Total
Three Months Ended March 31, 2026
Liabilities:
Fortitude Re funds withheld payable$— $(10)$(10)
Other Liabilities— 1 1 
Three Months Ended March 31, 2025
Liabilities:
Fortitude Re funds withheld payable$— $41 $41 
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
Three Months Ended March 31, 2026
Assets:
Bonds available for sale:
Non-U.S. governments$3 $(3)$(3)$(3)
Corporate debt4 (5)— (1)
RMBS9 — (46)(37)
CMBS— (2)(2)(4)
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
CLO/ABS127 (27)(158)(58)
Total bonds available for sale143 (37)(209)(103)
Other bond securities:
RMBS— — (1)(1)
CLO/ABS— — (2)(2)
Total other bond securities— — (3)(3)
Equity securities16 (14)— 2 
Other invested assets1 — (1)— 
Total$160 $(51)$(213)$(104)
Liabilities:
Fortitude Re funds withheld payable$— $— $17 $17 
Total$— $— $17 $17 
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Corporate Debt$3 $(4)$(124)$(125)
RMBS— (3)(54)(57)
CMBS— (4)— (4)
CLO/ABS146 (37)(30)79 
Total bonds available for sale149 (48)(208)(107)
Other bond securities:
RMBS— — (1)(1)
CLO/ABS— — (4)(4)
Total other bond securities— — (5)(5)
Equity securities14 (4)— 10 
Other invested assets— — (24)(24)
Total$163 $(52)$(237)$(126)
Liabilities:
Fortitude Re funds withheld payable$— $— $8 $8 
Total$— $— $8 $8 
(a)There were no issuances during the three months ended March 31, 2026 and 2025.
Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and 2025 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).
Transfers of Level 3 Assets and Liabilities
The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $2 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three months ended March 31, 2026 and 2025, respectively, and includes $1 million and $5 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three months ended March 31, 2026 and 2025, respectively.
Transfers of Level 3 Assets
During the three months ended March 31, 2026 and 2025, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.
During the three months ended March 31, 2026 and 2025, transfers out of Level 3 assets primarily included investments in private placement corporate debt, RMBS, CLO/ABS and other invested assets. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result
of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.
Transfers of Level 3 Liabilities
There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2026 and 2025.
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
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
March 31, 2026		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$2 Discounted cash flowYield
5.33% - 5.33% (5.33%)
RMBS(a)
1,135 Discounted cash flowConstant prepayment rate
3.95% - 7.19% (5.57%)
Loss severity
37.41% - 64.98% (51.19%)
Constant default rate
0.49% - 1.87% (1.18%)
Yield
5.46% - 6.73% (6.10%)
CLO/ABS(a)
1,197 Discounted cash flowYield
4.40% - 5.82% (5.11%)
CMBS25 Discounted cash flowYield
3.81% - 11.75% (6.16%)
(in millions)Fair Value at
December 31, 2025		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$2 Discounted cash flowYield
5.27% - 5.27% (5.27%)
RMBS(a)
1,165 Discounted cash flowConstant prepayment rate
4.09% - 7.47% (5.78%)
Loss severity
39.29% - 79.56% (59.42%)
Constant default rate
0.51% - 1.94% (1.22%)
Yield
5.25% - 6.30% (5.77%)
CLO/ABS(a)
1,321 Discounted cash flowYield
0.07% - 13.26% (6.48%)
CMBS24 Discounted cash flowYield
4.95% - 4.95% (4.95%)
(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.
The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
Interrelationships Between Unobservable Inputs
We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.
Fixed Maturity Securities
The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.
Embedded Derivatives within Reinsurance Contracts
The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING 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.
March 31, 2026December 31, 2025
(in millions)
Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt 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$1,123 $422 $1,142 $450 
Real assetsInvestments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets417 61 496 67 
Venture capitalEarly-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 company89 30 87 31 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses174 10 172 11 
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies79 51 92 54 
OtherIncludes 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 strategies1,063 601 1,101 653 
Total private equity funds2,945 1,175 3,090 1,266 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations10 — 10 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk110 — 155 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments10 — 9 — 
Total hedge funds130 — 174 — 
Total$3,075 $1,175 $3,264 $1,266 
Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.
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:
Three Months Ended March 31,Gain (Loss)
(in millions)20262025
Other bond securities(a)
$(3)$11 
Alternative investments(b)
(8)24 
Retained investment in Corebridge(c)
(154)209 
Total gain (loss)$(165)$244 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.
(b)Includes certain hedge funds, private equity funds and real estate investments.
(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares through March 31, 2026. At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.
FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
March 31, 2026
Assets:
Mortgage and other loans receivable$— $307 $2,443 $2,750 $2,813 
Other invested assets— 480 12 492 492 
Short-term investments
— 3,319 — 3,319 3,319 
Cash1,454 — — 1,454 1,454 
Other assets17 — — 17 17 
Liabilities:
Fortitude Re funds withheld payable— — 3,045 3,045 3,045 
Long-term debt— 8,461 — 8,461 9,001 
Debt of consolidated investment entities— — 155 155 155 
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
December 31, 2025
Assets:
Mortgage and other loans receivable$— $334 $2,500 $2,834 $2,887 
Other invested assets— 480 13 493 493 
Short-term investments
— 5,232 — 5,232 5,232 
Cash1,274 — — 1,274 1,274 
Other assets16 — — 16 16 
Liabilities:
Fortitude Re funds withheld payable— — 3,130 3,130 3,130 
Long-term debt— 8,702 — 8,702 9,035 
Debt of consolidated investment entities— — 156 156 156