Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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:

March 31, 2026		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	$	450	$	1,866	$	—	$	—	$	—	$	2,316
Obligations of states, municipalities and political subdivisions		—		2,692		4		—		—		2,696
Non-U.S. governments		109		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, 2026		Level 1		Level 2		Level 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, 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	$	209	$	3,089	$	—	$	—	$	—	$	3,298
Obligations of states, municipalities and political subdivisions		—		2,771		4		—		—		2,775
Non-U.S. governments		66		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.

Schedule of Assets Measured on a Recurring Basis

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		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 March 31, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	23		1		—		(3)		—		(14)		—		7		—		—
Corporate debt	113		—		(2)		(1)		1		(26)		—		85		—		6
RMBS	1,546		6		(37)		(37)		8		—		—		1,486		—		17
CMBS	24		—		—		(4)		5		—		—		25		—		—
CLO/ABS	1,741		1		(1)		(58)		—		—		—		1,683		—		10
Total bonds available for sale	3,451		8		(40)		(103)		14		(40)		—		3,290		—		33
Other bond securities:
RMBS	51		—		—		(1)		—		—		—		50		1		—
CLO/ABS	119		—		—		(2)		—		—		—		117		3		—
Total other bond securities	170		—		—		(3)		—		—		—		167		4		—
Equity securities	55		(3)		—		2		—		—		—		54		—		—
Other invested assets	92		1		—		—		—		—		—		93		1		—
Other assets	130		—		—		—		—		—		(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		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	$	(92)	$	(10)	$	—	$	17	$	—	$	—	$	—	$	(85)	$	17	$	—
Other Liabilities	73		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. governments	7		—		—		—		—		—		7		—		—
Corporate debt	240		(9)		10		(125)		—		(1)		115		—		9
RMBS	1,894		7		33		(57)		3		(224)		1,656		—		17
CMBS	26		—		—		(4)		4		—		26		—		—
CLO/ABS	840		1		1		79		—		(6)		915		—		1
Total bonds available for sale	3,010		(1)		44		(107)		7		(231)		2,722		—		27
Other bond securities:
Corporate debt	1		—		—		—		—		—		1		—		—
RMBS	50		1		—		(1)		—		—		50		1		—
CLO/ABS	113		3		—		(4)		31		(23)		120		3		—
Total other bond securities	164		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 securities	15		1		—		10		9		—		35		—		—
Other invested assets	163		—		—		(24)		—		(63)		76		—		—
Other assets	129		—		—		—		—		—		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 liabilities	100		—		—		—		—		—		100		—		—
Total	$	(28)	$	41	$	—	$	8	$	—	$	—	$	21	$	(2)	$	—

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)	Purchases		Sales		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 debt	4		(5)		—		(1)
RMBS	9		—		(46)		(37)
CMBS	—		(2)		(2)		(4)

(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
CLO/ABS	127		(27)		(158)		(58)
Total bonds available for sale	143		(37)		(209)		(103)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(2)		(2)
Total other bond securities	—		—		(3)		(3)
Equity securities	16		(14)		—		2
Other invested assets	1		—		(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/ABS	146		(37)		(30)		79
Total bonds available for sale	149		(48)		(208)		(107)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(4)		(4)
Total other bond securities	—		—		(5)		(5)
Equity securities	14		(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.

Schedule of Liabilities Measured on a Recurring Basis

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		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 March 31, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	4	$	—	$	—
Non-U.S. governments	23		1		—		(3)		—		(14)		—		7		—		—
Corporate debt	113		—		(2)		(1)		1		(26)		—		85		—		6
RMBS	1,546		6		(37)		(37)		8		—		—		1,486		—		17
CMBS	24		—		—		(4)		5		—		—		25		—		—
CLO/ABS	1,741		1		(1)		(58)		—		—		—		1,683		—		10
Total bonds available for sale	3,451		8		(40)		(103)		14		(40)		—		3,290		—		33
Other bond securities:
RMBS	51		—		—		(1)		—		—		—		50		1		—
CLO/ABS	119		—		—		(2)		—		—		—		117		3		—
Total other bond securities	170		—		—		(3)		—		—		—		167		4		—
Equity securities	55		(3)		—		2		—		—		—		54		—		—
Other invested assets	92		1		—		—		—		—		—		93		1		—
Other assets	130		—		—		—		—		—		(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		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	$	(92)	$	(10)	$	—	$	17	$	—	$	—	$	—	$	(85)	$	17	$	—
Other Liabilities	73		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. governments	7		—		—		—		—		—		7		—		—
Corporate debt	240		(9)		10		(125)		—		(1)		115		—		9
RMBS	1,894		7		33		(57)		3		(224)		1,656		—		17
CMBS	26		—		—		(4)		4		—		26		—		—
CLO/ABS	840		1		1		79		—		(6)		915		—		1
Total bonds available for sale	3,010		(1)		44		(107)		7		(231)		2,722		—		27
Other bond securities:
Corporate debt	1		—		—		—		—		—		1		—		—
RMBS	50		1		—		(1)		—		—		50		1		—
CLO/ABS	113		3		—		(4)		31		(23)		120		3		—
Total other bond securities	164		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 securities	15		1		—		10		9		—		35		—		—
Other invested assets	163		—		—		(24)		—		(63)		76		—		—
Other assets	129		—		—		—		—		—		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 liabilities	100		—		—		—		—		—		100		—		—
Total	$	(28)	$	41	$	—	$	8	$	—	$	—	$	21	$	(2)	$	—

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)	Purchases		Sales		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 debt	4		(5)		—		(1)
RMBS	9		—		(46)		(37)
CMBS	—		(2)		(2)		(4)

(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
CLO/ABS	127		(27)		(158)		(58)
Total bonds available for sale	143		(37)		(209)		(103)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(2)		(2)
Total other bond securities	—		—		(3)		(3)
Equity securities	16		(14)		—		2
Other invested assets	1		—		(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/ABS	146		(37)		(30)		79
Total bonds available for sale	149		(48)		(208)		(107)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(4)		(4)
Total other bond securities	—		—		(5)		(5)
Equity securities	14		(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.

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 March 31, 2026
Assets:
Bonds available for sale	$	7	$	1	$	8
Equity securities	(3)		—		(3)
Other invested assets	1		—		1
Three Months Ended March 31, 2025
Assets:
Bonds available for sale	$	8	$	(9)	$	(1)
Other bond securities	4		—		4
Equity securities	1		—		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

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 March 31, 2026		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	2	Discounted cash flow	Yield	5.33% - 5.33% (5.33%)
RMBS(a)		1,135	Discounted cash flow	Constant 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 flow	Yield	4.40% - 5.82% (5.11%)
CMBS		25	Discounted cash flow	Yield	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 flow	Yield	5.27% - 5.27% (5.27%)
RMBS(a)		1,165	Discounted cash flow	Constant 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 flow	Yield	0.07% - 13.26% (6.48%)
CMBS		24	Discounted cash flow	Yield	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.

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.

			March 31, 2026				December 31, 2025
(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	$	1,123	$	422	$	1,142	$	450
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		417		61		496		67
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		89		30		87		31
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		174		10		172		11
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		79		51		92		54
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		1,063		601		1,101		653
Total private equity funds			2,945		1,175		3,090		1,266
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		10		—		10		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		110		—		155		—
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		10		—		9		—
Total hedge funds			130		—		174		—
Total		$	3,075	$	1,175	$	3,264	$	1,266

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)		2026		2025
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.

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
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
Cash		1,454		—		—		1,454		1,454
Other assets		17		—		—		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 Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
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
Cash		1,274		—		—		1,274		1,274
Other assets		16		—		—		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