FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2013

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

December 31, 2013 (in millions)	Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	133	$	3,062	$	–	$	–		$	–		$	3,195
Obligations of states, municipalities and political subdivisions		–		28,300		1,080		–			–			29,380
Non-U.S. governments		508		21,985		16		–			–			22,509
Corporate debt		–		143,297		1,255		–			–			144,552
RMBS		–		21,207		14,941		–			–			36,148
CMBS		–		5,747		5,735		–			–			11,482
CDO/ABS		–		4,034		6,974		–			–			11,008
Total bonds available for sale		641		227,632		30,001		–			–			258,274
Other bond securities:
U.S. government and government sponsored entities		78		5,645		–		–			–			5,723
Obligations of states, municipalities and political subdivisions		–		121		–		–			–			121
Non-U.S. governments		–		2		–		–			–			2
Corporate debt		–		1,169		–		–			–			1,169
RMBS		–		1,326		937		–			–			2,263
CMBS		–		509		844		–			–			1,353
CDO/ABS		–		3,158		8,834		–			–			11,992
Total other bond securities		78		11,930		10,615		–			–			22,623
Equity securities available for sale:
Common stock		3,218		–		1		–			–			3,219
Preferred stock		–		27		–		–			–			27
Mutual funds		408		2		–		–			–			410
Total equity securities available for sale		3,626		29		1		–			–			3,656
Other equity securities		750		84		–		–			–			834
Mortgage and other loans receivable		–		–		–		–			–			–
Other invested assets		1		2,667		5,930		–			–			8,598
Derivative assets:
Interest rate contracts		14		3,716		41		–			–			3,771
Foreign exchange contracts		–		52		–		–			–			52
Equity contracts		151		106		49		–			–			306
Commodity contracts		–		–		1		–			–			1
Credit contracts		–		–		55		–			–			55
Other contracts		–		1		33		–			–			34
Counterparty netting and cash collateral		–		–		–		(1,734	)		(820	)		(2,554	)
Total derivative assets		165		3,875		179		(1,734	)		(820	)		1,665
Short-term investments		332		5,981		–		–			–			6,313
Separate account assets		67,708		3,351		–		–			–			71,059
Other assets		–		418		–		–			–			418
Total	$	73,301	$	255,967	$	46,726	$	(1,734	)	$	(820	)	$	373,440
Liabilities:
Policyholder contract deposits	$	–	$	72	$	312	$	–		$	–		$	384
Derivative liabilities:
Interest rate contracts		–		3,661		141		–			–			3,802
Foreign exchange contracts		–		319		–		–			–			319
Equity contracts		–		101		–		–			–			101
Commodity contracts		–		5		–		–			–			5
Credit contracts		–		–		1,335		–			–			1,335
Other contracts		–		25		142		–			–			167
Counterparty netting and cash collateral		–		–		–		(1,734	)		(1,484	)		(3,218	)
Total derivative liabilities		–		4,111		1,618		(1,734	)		(1,484	)		2,511
Long-term debt		–		6,377		370		–			–			6,747
Other liabilities		42		891		–		–			–			933
Total	$	42	$	11,451	$	2,300	$	(1,734	)	$	(1,484	)	$	10,575

December 31, 2012 (in millions)	Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	–	$	3,483	$	–	$	–		$	–		$	3,483
Obligations of states, municipalities and political subdivisions		–		34,681		1,024		–			–			35,705
Non-U.S. governments		1,004		25,782		14		–			–			26,800
Corporate debt		–		149,625		1,487		–			–			151,112
RMBS		–		22,730		11,662		–			–			34,392
CMBS		–		5,010		4,905		–			–			9,915
CDO/ABS		–		3,492		5,060		–			–			8,552
Total bonds available for sale		1,004		244,803		24,152		–			–			269,959
Other bond securities:
U.S. government and government sponsored entities		266		6,528		–		–			–			6,794
Non-U.S. governments		–		2		–		–			–			2
Corporate debt		–		1,320		–		–			–			1,320
RMBS		–		1,331		396		–			–			1,727
CMBS		–		1,424		803		–			–			2,227
CDO/ABS		–		3,969		8,545		–			–			12,514
Total other bond securities		266		14,574		9,744		–			–			24,584
Equity securities available for sale:
Common stock		3,002		3		24		–			–			3,029
Preferred stock		–		34		44		–			–			78
Mutual funds		83		22		–		–			–			105
Total equity securities available for sale		3,085		59		68		–			–			3,212
Other equity securities		578		84		–		–			–			662
Mortgage and other loans receivable		–		134		–		–			–			134
Other invested assets		125		1,542		5,389		–			–			7,056
Derivative assets:
Interest rate contracts		2		5,521		956		–			–			6,479
Foreign exchange contracts		–		104		–		–			–			104
Equity contracts		104		63		54		–			–			221
Commodity contracts		–		144		1		–			–			145
Credit contracts		–		–		60		–			–			60
Other contracts		–		–		38		–			–			38
Counterparty netting and cash collateral		–		–		–		(2,467	)		(909	)		(3,376	)
Total derivative assets		106		5,832		1,109		(2,467	)		(909	)		3,671
Short-term investments		285		7,771		–		–			–			8,056
Separate account assets		54,430		2,907		–		–			–			57,337
Other assets		–		696		–		–			–			696
Total	$	59,879	$	278,402	$	40,462	$	(2,467	)	$	(909	)	$	375,367
Liabilities:
Policyholder contract deposits	$	–	$	–	$	1,257	$	–		$	–		$	1,257
Derivative liabilities:
Interest rate contracts		–		5,582		224		–			–			5,806
Foreign exchange contracts		–		174		–		–			–			174
Equity contracts		–		114		7		–			–			121
Commodity contracts		–		146		–		–			–			146
Credit contracts		–		–		2,051		–			–			2,051
Other contracts		–		6		200		–			–			206
Counterparty netting and cash collateral		–		–		–		(2,467	)		(1,976	)		(4,443	)
Total derivative liabilities		–		6,022		2,482		(2,467	)		(1,976	)		4,061
Long-term debt		–		7,711		344		–			–			8,055
Other liabilities		30		1,050		–		–			–			1,080
Total	$	30	$	14,783	$	4,083	$	(2,467	)	$	(1,976	)	$	14,453

(a)  Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)  Represents cash collateral posted and received. Securities collateral posted for derivative transactions that is reflected in Fixed maturity securities in the Consolidated Balance Sheet, and collateral received, not reflected in the Consolidated Balance Sheet, was $1.3 billion and $120 million, respectively, at December 31, 2013 and $1.9 billion and $299 million, respectively, at December 31, 2012.

Changes in Level 3 recurring fair value measurements

(in millions)	Fair Value Beginning of Year(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers In			Gross Transfers Out			Fair Value End of Year			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year
December 31, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,024		$	29		$	(175	)	$	403		$	–		$	(201	)	$	1,080		$	–
Non-U.S. governments		14			–			(1	)		3			1			(1	)		16			–
Corporate debt		1,487			8			(19	)		(176	)		450			(495	)		1,255			–
RMBS		11,662			867			466			1,818			186			(58	)		14,941			–
CMBS		5,124			24			100			375			161			(49	)		5,735			–
CDO/ABS		4,841			161			9			1,946			901			(884	)		6,974			–
Total bonds available for sale		24,152			1,089			380			4,369			1,699			(1,688	)		30,001			–
Other bond securities:
RMBS		396			66			–			208			267			–			937			(2	)
CMBS		812			67			–			(200	)		279			(114	)		844			29
CDO/ABS		8,536			1,527			–			(2,044	)		843			(28	)		8,834			681
Total other bond securities		9,744			1,660			–			(2,036	)		1,389			(142	)		10,615			708
Equity securities available for sale:
Common stock		24			7			(8	)		(22	)		–			–			1			–
Preferred stock		44			–			3			(47	)		–			–			–			–
Total equity securities available for sale		68			7			(5	)		(69	)		–			–			1			–
Other invested assets		5,389			208			237			64			344			(312	)		5,930			–
Total	$	39,353		$	2,964		$	612		$	2,328		$	3,432		$	(2,142	)	$	46,547		$	708
Liabilities:
Policyholder contract deposits	$	(1,257	)	$	744		$	(1	)	$	202		$	–		$	–		$	(312	)	$	104
Derivative liabilities, net:
Interest rate contracts		732			19			–			(851	)		–			–			(100	)		35
Equity contracts		47			74			–			(20	)		1			(53	)		49			30
Commodity contracts		1			–			–			–			–			–			1			(1	)
Credit contracts		(1,991	)		567			–			144			–			–			(1,280	)		711
Other contracts		(162	)		42			15			(2	)		(2	)		–			(109	)		7
Total derivative liabilities, net		(1,373	)		702			15			(729	)		(1	)		(53	)		(1,439	)		782
Long-term debt		(344	)		(137	)		–			38			(2	)		75			(370	)		(30	)
Total	$	(2,974	)	$	1,309		$	14		$	(489	)	$	(3	)	$	22		$	(2,121	)	$	856

(in millions)	Fair Value Beginning of Year*			Net Realized and Unrealized Gains (Losses) Included in Income			Other Comprehensive Income (Loss)			Purchases, Sales, Issues and Settlements, Net			Gross Transfers In			Gross Transfers Out			Fair Value End of Year			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year
December 31, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	960		$	48		$	12		$	84		$	70		$	(150	)	$	1,024		$	–
Non-U.S. governments		9			1			(1	)		1			4			–			14			–
Corporate debt		1,935			(44	)		145			24			664			(1,237	)		1,487			–
RMBS		10,877			522			2,121			(316	)		952			(2,494	)		11,662			–
CMBS		3,955			(135	)		786			636			44			(162	)		5,124			–
CDO/ABS		4,220			334			289			10			691			(703	)		4,841			–
Total bonds available for sale		21,956			726			3,352			439			2,425			(4,746	)		24,152			–
Other bond securities:
Corporate debt		7			–			–			(7	)		–			–			–			–
RMBS		303			76			2			(109	)		128			(4	)		396			42
CMBS		554			70			2			(159	)		446			(101	)		812			87
CDO/ABS		8,432			3,683			3			(3,968	)		386			–			8,536			2,547
Total other bond securities		9,296			3,829			7			(4,243	)		960			(105	)		9,744			2,676
Equity securities available for sale:
Common stock		57			22			(28	)		(33	)		6			–			24			–
Preferred stock		99			17			(35	)		(36	)		11			(12	)		44			–
Total equity securities available for sale		156			39			(63	)		(69	)		17			(12	)		68			–
Mortgage and other loans receivable		1			–			–			(1	)		–			–			–			–
Other invested assets		6,618			(95	)		290			(257	)		1,204			(2,371	)		5,389			–
Total	$	38,027		$	4,499		$	3,586		$	(4,131	)	$	4,606		$	(7,234	)	$	39,353		$	2,676
Liabilities:
Policyholder contract deposits	$	(918	)	$	(275	)	$	(72	)	$	8		$	–		$	–		$	(1,257	)	$	(276	)
Derivative liabilities, net:
Interest rate contracts		785			(11	)		–			(42	)		–			–			732			(56	)
Foreign exchange contracts		2			–			–			(2	)		–			–			–			–
Equity contracts		28			10			–			12			(3	)		–			47			10
Commodity contracts		2			5			–			(6	)		–			–			1			6
Credit contracts		(3,273	)		638			–			644			–			–			(1,991	)		1,172
Other contracts		33			(76	)		(18	)		15			(116	)		–			(162	)		(46	)
Total derivatives liabilities, net		(2,423	)		566			(18	)		621			(119	)		–			(1,373	)		1,086
Long-term debt		(508	)		(411	)		(77	)		242			(14	)		424			(344	)		(105	)
Total	$	(3,849	)	$	(120	)	$	(167	)	$	871		$	(133	)	$	424		$	(2,974	)	$	705

*     Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

Schedule of net realized and unrealized gains and losses related to Level 3 items

(in millions)	Net Investment Income		Net Realized Capital Gains (Losses)			Other Income			Total
December 31, 2013
Bonds available for sale	$	997	$	(17	)	$	109		$	1,089
Other bond securities		187		9			1,464			1,660
Equity securities available for sale		–		7			–			7
Other invested assets		210		(42	)		40			208
Policyholder contract deposits		–		744			–			744
Derivative liabilities, net		39		43			620			702
Long-term debt		–		–			(137	)		(137	)
December 31, 2012
Bonds available for sale	$	906	$	(395	)	$	215		$	726
Other bond securities		3,303		–			526			3,829
Equity securities available for sale		–		39			–			39
Other invested assets		54		(210	)		61			(95	)
Policyholder contract deposits		–		(275	)		–			(275	)
Derivative liabilities, net		3		26			537			566
Long-term debt		–		–			(411	)		(411	)

Gross components of purchases, sales, issues and settlements, net

(in millions)	Purchases		Sales			Settlements			Purchases, Sales, Issues and Settlements, Net(a)
December 31, 2013
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	541	$	(138	)	$	–		$	403
Non-U.S. governments		9		–			(6	)		3
Corporate debt		487		(114	)		(549	)		(176	)
RMBS		4,424		(266	)		(2,340	)		1,818
CMBS		1,023		(188	)		(460	)		375
CDO/ABS		2,662		(159	)		(557	)		1,946
Total bonds available for sale		9,146		(865	)		(3,912	)		4,369
Other bond securities:
RMBS		350		(12	)		(130	)		208
CMBS		24		(71	)		(153	)		(200	)
CDO/ABS		353		(72	)		(2,325	)		(2,044	)
Total other bond securities		727		(155	)		(2,608	)		(2,036	)
Equity securities available for sale		58		(12	)		(115	)		(69	)
Other invested assets		882		(9	)		(809	)		64
Total assets	$	10,813	$	(1,041	)	$	(7,444	)	$	2,328
Liabilities:
Policyholder contract deposits	$	–	$	(26	)	$	228		$	202
Derivative liabilities, net		10		(1	)		(738	)		(729	)
Long-term debt(c)		–		–			38			38
Total liabilities	$	10	$	(27	)	$	(472	)	$	(489	)
December 31, 2012
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	477	$	(219	)	$	(174	)	$	84
Non-U.S. governments		5		(3	)		(1	)		1
Corporate debt		283		(75	)		(184	)		24
RMBS		2,308		(723	)		(1,901	)		(316	)
CMBS		1,137		(318	)		(183	)		636
CDO/ABS		1,120		(4	)		(1,106	)		10
Total bonds available for sale		5,330		(1,342	)		(3,549	)		439
Other bond securities:
Corporate debt		–		–			(7	)		(7	)
RMBS		–		(45	)		(64	)		(109	)
CMBS		225		(106	)		(278	)		(159	)
CDO/ABS(b)		7,382		(21	)		(11,329	)		(3,968	)
Total other bond securities		7,607		(172	)		(11,678	)		(4,243	)
Equity securities available for sale		67		(56	)		(80	)		(69	)
Mortgage and other loans receivable		–		–			(1	)		(1	)
Other invested assets		900		(100	)		(1,057	)		(257	)
Total assets	$	13,904	$	(1,670	)	$	(16,365	)	$	(4,131	)
Liabilities:
Policyholder contract deposits	$	–	$	(25	)	$	33		$	8
Derivative liabilities, net		11		(2	)		612			621
Long-term debt(c)		–		–			242			242
Total liabilities	$	11	$	(27	)	$	887		$	871

(a)  There were no issuances during year ended December 31, 2013 and 2012.

(b)  Includes $7.1 billion of securities purchased through the FRBNY's auction of ML III assets.

(c)  Includes GIAs, notes, bonds, loans and mortgages payable.

Significant unobservable inputs used for recurring fair value measurements

(in millions)	Fair Value at December 31, 2013		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(a)
Assets:
Corporate debt	$	788	Discounted cash flow	Yield(b)	0.00% – 14.29% (6.64%)
RMBS		14,419	Discounted cash flow	Constant prepayment rate(c)	0.00% – 10.35% (4.97%)
				Loss severity(c)	42.60% – 79.07% (60.84%)
				Constant default rate(c)	3.98% – 12.22% (8.10%)
				Yield(c)	2.54% – 7.40% (4.97%)
Certain CDO/ABS		5,414	Discounted cash flow	Constant prepayment rate(c)	5.20% – 10.80% (8.20%)
				Loss severity(c)	48.60% – 63.40% (56.40%)
				Constant default rate(c)	3.20% – 16.20% (9.00%)
				Yield(c)	5.20% – 11.50% (9.40%)
CMBS		5,847	Discounted cash flow	Yield(b)	0.00% – 14.69% (5.58%)
CDO/ABS – Direct			Binomial Expansion	Recovery rate(b)	6.00% – 63.00% (25.00%)
Investment Book		557	Technique (BET)	Diversity score(b)	5 – 35 (12)
				Weighted average life(b)	1.07 – 9.47 years (4.86 years)
Liabilities:
Policyholder contract deposits – GMWB		312	Discounted cash flow	Equity implied volatility(b)	6.00% – 39.00%
				Base lapse rate(b)	1.00% – 40.00%
				Dynamic lapse rate(b)	0.20% – 60.00%
				Mortality rate(b)	0.50% – 40.00%
				Utilization rate(b)	0.50% – 25.00%
Derivative Liabilities – Credit contracts		996	BET	Recovery rate(b)	5.00% – 34.00% (17.00%)
				Diversity score(b)	9 – 32 (13)
				Weighted average life(b)	4.50 – 9.47 years (5.63 years)

(in millions)	Fair Value at December 31, 2012		Valuation Technique	Unobservable Input(a)	Range (Weighted Average)(a)
Assets:
Corporate debt	$	775	Discounted cash flow	Yield(b)	0.08% – 6.55% (3.31%)
RMBS		10,650	Discounted cash flow	Constant prepayment rate(c)	0.00% – 10.76% (5.03%)
				Loss severity(c)	43.70% – 78.72% (61.21%)
				Constant default rate(c)	4.21% – 13.30% (8.75%)
				Yield(c)	2.23% – 9.42% (5.82%)
Certain CDO/ABS(d)		7,844	Discounted cash flow	Constant prepayment rate(c)	0.00% – 32.25% (11.82%)
				Loss severity(c)	0.00% – 29.38% (6.36%)
				Constant default rate(c)	0.00% – 4.05% (1.18%)
				Yield(c)	5.41% – 10.67% (8.04%)
CMBS		3,251	Discounted cash flow	Yield(b)	0.00% – 19.95% (7.76%)
CDO/ABS – Direct			Binomial Expansion	Recovery rate(b)	3.00% – 63.00% (27.00%)
Investment Book		1,205	Technique (BET)	Diversity score(b)	4 – 44 (13)
				Weighted average life(b)	1.27 – 9.11 years (4.91 years)
Liabilities:
Policyholder contract deposits – GMWB		1,257	Discounted cash flow	Equity implied volatility(b)	6.00% – 39.00%
				Base lapse rate(b)	1.00% – 40.00%
				Dynamic lapse rate(b)	0.20% – 60.00%
				Mortality rate(b)	0.50% – 40.00%
				Utilization rate(b)	0.50% – 25.00%
Derivative Liabilities – Credit contracts		1,436	BET	Recovery rate(b)	3.00% – 37.00% (17.00%)
				Diversity score(b)	9 – 38 (14)
				Weighted average life(b)	5.10 – 8.45 years (5.75 years)

(a)  The unobservable inputs and ranges for the 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 CDO 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)  Information received from third-party valuation service providers.

(d)  Yield was the only input available for $6.6 billion of total fair value at December 31, 2012.

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

		December 31, 2013				December 31, 2012
(in millions)	Investment Category Includes	Fair Value Using Net Asset Value Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using Net Asset Value 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	$	2,544	$	578	$	2,529	$	669
Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		346		86		251		52
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		140		13		157		16
Distressed	Securities of companies that are in default, under bankruptcy protection, or troubled		183		34		184		36
Other	Includes multi-strategy and mezzanine strategies		134		238		112		100
Total private equity funds			3,347		949		3,233		873
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		976		2		788		2
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		1,759		11		1,318		–
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		612		–		320		–
Distressed	Securities of companies that are in default, under bankruptcy protection or troubled		594		15		316		–
Emerging markets	Investments in the financial markets of developing countries		287		–		–		–
Other	Includes multi-strategy and relative value strategies		157		–		66		–
Total hedge funds			4,385		28		2,808		2
Total		$	7,732	$	977	$	6,041	$	875

Gains or losses related to the eligible instruments for which AIG elected the fair value option

	Gain (Loss)
Years Ended December 31, (in millions)
	2013			2012			2011
Assets:
Mortgage and other loans receivable	$	3		$	47		$	11
Bond and equity securities		1,667			2,339			1,273
Other securities – ML II interest		–			246			42
Other securities – ML III interest		–			2,888			(646	)
Retained interest in AIA		–			2,069			1,289
Alternative investments(a)		360			36			2
Other, including Short-term investments		11			20			33
Liabilities:
Long-term debt(b)		327			(681	)		(966	)
Other liabilities		(15	)		(33	)		(67	)
Total gain	$	2,353		$	6,931		$	971

(a)  Includes certain hedge funds, private equity funds and other investment partnerships.

(b)  Includes GIAs, notes, bonds and mortgage payable.

Difference between fair values and aggregate contractual principal amounts, fair value option

	December 31, 2013						December 31, 2012
(in millions)	Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Assets:
Mortgage and other loans receivable	$	–	$	–	$	–	$	134	$	141	$	(7	)
Liabilities:
Long-term debt*	$	6,747	$	5,231	$	1,516	$	8,055	$	5,705	$	2,350

*     Includes GIAs, notes, bonds, loans and mortgages payable.

Fair value assets measured on nonrecurring basis and impairment charges

	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								December 31,
(in millions)	Level 1		Level 2		Level 3		Total		2013		2012		2011
December 31, 2013
Investment real estate	$	–	$	–	$	–	$	–	$	–	$	–	$	18
Other investments		–		–		1,615		1,615		112		151		327
Investments in life settlements		–		–		896		896		971		309		312
Other assets		–		11		48		59		31		11		3
Total	$	–	$	11	$	2,559	$	2,570	$	1,114	$	471	$	660
December 31, 2012
Other investments	$	–	$	–	$	1,930	$	1,930
Investments in life settlements		–		–		120		120
Other assets		–		3		18		21
Total	$	–	$	3	$	2,068	$	2,071

Carrying values and estimated fair values of AIG's financial instruments

	Estimated Fair Value
									Carrying Value
(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2013
Assets:
Mortgage and other loans receivable	$	–	$	219	$	21,418	$	21,637	$	20,765
Other invested assets		–		529		2,705		3,234		4,194
Short-term investments		–		15,304		–		15,304		15,304
Cash		2,241		–		–		2,241		2,241
Liabilities:
Policyholder contract deposits associated with investment-type contracts		–		199		114,361		114,560		105,093
Other liabilities		–		4,869		1		4,870		4,869
Long-term debt		–		36,239		2,394		38,633		34,946
December 31, 2012
Assets:
Mortgage and other loans receivable	$	–	$	823	$	19,396	$	20,219	$	19,348
Other invested assets		–		237		3,521		3,758		4,932
Short-term investments		–		20,752		–		20,752		20,752
Cash		1,151		–		–		1,151		1,151
Liabilities:
Policyholder contract deposits associated with investment-type contracts		–		245		123,860		124,105		105,979
Other liabilities		–		3,981		818		4,799		4,800
Long-term debt		–		43,966		1,925		45,891		40,445