VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2013

VARIABLE INTEREST ENTITIES

Schedule of Consolidated Variable Interest Entities

(in millions)	Real estate and investment funds(c)		Securitization vehicles		Structured investment vehicles		Affordable housing partnerships		Other		Total
September 30, 2013
Assets:
Available for sale securities	$	–	$	11,111	$	–	$	–	$	–	$	11,111
Trading securities		–		–		745		–		117		862
Mortgage and other loans receivable		–		–		–		–		301		301
Other invested assets		924		–		–		2,068		862		3,854
Other assets		65		–		646		36		707		1,454
Total assets(a)(b)	$	989	$	11,111	$	1,391	$	2,104	$	1,987	$	17,582
Liabilities:
Long-term debt	$	74	$	151	$	87	$	194	$	198	$	704
Other liabilities		47		–		61		79		257		444
Total liabilities	$	121	$	151	$	148	$	273	$	455	$	1,148
December 31, 2012
Assets:
Available for sale securities	$	198	$	2,422	$	–	$	–	$	324	$	2,944
Trading securities		15		–		792		–		204		1,011
Mortgage and other loans receivable		–		–		–		–		398		398
Other invested assets		1,122		–		–		2,230		1,023		4,375
Other assets		59		–		902		33		2,013		3,007
Total assets(a)(b)	$	1,394	$	2,422	$	1,694	$	2,263	$	3,962	$	11,735
Liabilities:
Long-term debt	$	157	$	25	$	9	$	133	$	424	$	748
Other liabilities		20		–		43		68		1,044		1,175
Total liabilities	$	177	$	25	$	52	$	201	$	1,468	$	1,923

(a)  The assets of each VIE can be used only to settle specific obligations of that VIE.

(b)  At September 30, 2013 and December 31, 2012 includes approximately $12.2 billion and $3.6 billion, respectively, of primarily investment-grade debt securities held by certain securitization vehicles that issued beneficial interests in these investments. The majority of the beneficial interests issued are held by AIG.

(c)  At September 30, 2013 and December 31, 2012, off-balance sheet exposure, primarily consisting of commitments to real estate and investment funds, was $50.8 million and $48.7 million, respectively.

Schedule of Unconsolidated Variable Interest Entities

			Maximum Exposure to Loss
(in millions)	Total VIE Assets		On-Balance Sheet*		Off-Balance Sheet		Total
September 30, 2013
Real estate and investment funds	$	20,087	$	2,203	$	193	$	2,396
Affordable housing partnerships		474		473		–		473
Other		1,181		166		87		253
Total	$	21,742	$	2,842	$	280	$	3,122
December 31, 2012
Real estate and investment funds	$	16,662	$	1,881	$	169	$	2,050
Affordable housing partnerships		498		498		–		498
Other		1,018		79		–		79
Total	$	18,178	$	2,458	$	169	$	2,627

*     At September 30, 2013 and December 31, 2012, $2.8 billion and $2.5 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.