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Investments (Tables)
 3 Months Ended
Mar. 31, 2026
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
March 31, 2026
Bonds available for sale:
U.S. government and government sponsored entities$2,385 $— $19 $(88)$2,316 
Obligations of states, municipalities and political subdivisions2,694 — 54 (52)2,696 
Non-U.S. governments6,633 — 53 (395)6,291 
Corporate debt38,737 (32)318 (1,221)37,802 
Mortgage-backed, asset-backed and collateralized:
RMBS11,150 (5)231 (304)11,072 
CMBS4,626 (1)50 (39)4,636 
CLO/ABS5,711 — 25 (21)5,715 
Total mortgage-backed, asset-backed and collateralized21,487 (6)306 (364)21,423 
Total bonds available for sale(b)
$71,936 $(38)$750 $(2,120)$70,528 
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$3,353 $— $31 $(86)$3,298 
Obligations of states, municipalities and political subdivisions2,757 — 71 (53)2,775 
Non-U.S. governments6,799 (1)86 (368)6,516 
Corporate debt37,746 (31)576 (1,056)37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS10,137 (4)294 (259)10,168 
CMBS4,585 — 67 (36)4,616 
CLO/ABS6,395 (1)53 (23)6,424 
Total mortgage-backed, asset-backed and collateralized21,117 (5)414 (318)21,208 
Total bonds available for sale(b)
$71,772 $(37)$1,178 $(1,881)$71,032 
(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 March 31, 2026 and December 31, 2025, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.7 billion or 8 percent and $5.9 billion or 8 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
March 31, 2026
Bonds available for sale:
U.S. government and government sponsored entities$645 $8 $305 $80 $950 $88 
Obligations of states, municipalities and political subdivisions283 5 541 47 824 52 
Non-U.S. governments2,147 46 1,503 349 3,650 395 
Corporate debt13,598 279 7,786 938 21,384 1,217 
RMBS3,376 33 1,645 255 5,021 288 
CMBS1,283 12 529 24 1,812 36 
CLO/ABS2,429 14 180 7 2,609 21 
Total bonds available for sale$23,761 $397 $12,489 $1,700 $36,250 $2,097 
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, 2025
Bonds available for sale:
U.S. government and government sponsored entities$167 $8 $322 $78 $489 $86 
Obligations of states, municipalities and political subdivisions232 8 515 45 747 53 
Non-U.S. governments1,524 33 1,347 336 2,871 369 
Corporate debt6,031 125 8,165 927 14,196 1,052 
RMBS769 8 1,764 241 2,533 249 
CMBS580 6 523 30 1,103 36 
CLO/ABS883 5 232 18 1,115 23 
Total bonds available for sale$10,186 $193 $12,868 $1,675 $23,054 $1,868 
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:
March 31, 2026Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$3,911 $3,892 
Due after one year through five years23,182 23,055 
Due after five years through ten years16,184 15,914 
Due after ten years7,140 6,244 
Mortgage-backed, asset-backed and collateralized21,481 21,423 
Total$71,898 $70,528 
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 March 31,
20262025
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$20$150$16$278
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(115)$(15)$(130)$(255)$(7)$(262)
Change in allowance for credit losses on fixed maturity securities(2)1 (1)8 — 8 
Change in allowance for credit losses on loans33 1 34 5 4 9 
Foreign exchange transactions(19)(3)(22)220 6 226 
All other derivatives and hedge accounting2 4 6 (28)(6)(34)
Sales of alternative investments22 — 22 — — — 
Other(53)(1)(54)(10)1 (9)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative(132)(13)(145)(60)(2)(62)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 10 10 — (41)(41)
Net realized losses$(132)$(3)$(135)$(60)$(43)$(103)
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)March 31, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$50 2 %$51 4 %
Non-U.S. governments21 1 23 2 
Corporate debt204 9 274 22 
Mortgage-backed, asset-backed and collateralized:
RMBS93 4 97 8 
CMBS42 2 42 3 
CLO/ABS and other collateralized securities267 12 254 20 
Total mortgage-backed, asset-backed and collateralized
402 18 393 31 
Total fixed maturity securities677 30 741 59 
Equity securities*1,616 70 502 41 
Total$2,293 100 %$1,243 100 %
*At March 31, 2026, includes AIG’s interest in Onex of $548 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex. Also includes AIG's remaining interest in Corebridge of $607 million that changed following loss of significant influence from an equity method investment recorded in Other invested assets to an equity security, at fair value.
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2026December 31, 2025
Alternative investments(a)
$3,227 $3,456 
Retained investment in Corebridge using fair value option(b)
— 1,512 
Investment in Convex
2,155 — 
All other investments(c)
1,633 1,728 
Total$7,015 $6,696 
(a)At March 31, 2026, includes hedge funds of $130 million and private equity funds of $2.9 billion. At December 31, 2025, included hedge funds of $175 million and private equity funds of $3.0 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 March 31, 2026 and December 31, 2025, the accumulated depreciation was $143 million and $142 million, respectively.
(b)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.
(c)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $254 million and $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at March 31, 2026 and December 31, 2025, respectively.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Three Months Ended March 31,20262025
(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$895 $20 $915 $790 $22 $812 
Other fixed maturity securities
(1)(3)(4)— 11 11 
Equity securities(77)— (77)9 — 9 
Interest on mortgage and other loans33 5 38 44 7 51 
Alternative investments(a)
8 — 8 43 — 43 
Other investments(b)
(129)1 (128)217 — 217 
Total investment income729 23 752 1,103 40 1,143 
Investment expenses40 — 40 38 — 38 
Net investment income$689 $23 $712 $1,065 $40 $1,105 
(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 AIG's share of Convex’s net income less amortization of intangible asset basis differences. Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $6 million and $(154) million, respectively, for the three months ended March 31, 2026 and $31 million and $209 million, respectively, for the three months ended March 31, 2025.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31,
(in millions)20262025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(667)$322 
Other investments(38)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(705)$322 
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended March 31,20262025
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
Invested
Assets*		Total
Net gains (losses) recognized during the period on equity securities and other investments$(83)$(158)$(241)$9 $233 $242 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period17 (11)6 13 (1)12 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(100)$(147)$(247)$(4)$234 $230 
*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $(154) million and $209 million in the three months ended March 31, 2026 and 2025, respectively. 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.
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 March 31,20262025
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$5 $32 $37 $10 $28 $38 
Additions:
Securities for which allowance for credit losses was not previously recorded2 4 6 — 2 2 
Reductions:
Securities sold during the period(1)(2)(3)— (4)(4)
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— (2)(2)1 1 2 
Write-offs charged against the allowance— — — — (8)(8)
Balance, end of period$6 $32 $38 $11 $19 $30