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VARIABLE INTEREST ENTITIES (Tables)
12 Months Ended
Dec. 31, 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
 
   

December 31, 2013

                                     

Assets:

                                     

Bonds available for sale

  $ –   $ 11,028   $ –   $ –   $ 70   $ 11,098  

Other bond securities

    –     7,449     748     –     113     8,310  

Mortgage and other loans receivable

    –     1,508     –     –     189     1,697  

Other invested assets

    849     –     –     1,986     793     3,628  

Other assets

    49     481     93     41     615     1,279
   

Total assets(a)(b)

  $ 898   $ 20,466   $ 841   $ 2,027   $ 1,780   $ 26,012
   

Liabilities:

                                     

Long-term debt

  $ 71   $ 494   $ 87   $ 188   $ 154   $ 994  

Other liabilities

    31     74     –     83     367     555
   

Total liabilities

  $ 102   $ 568   $ 87   $ 271   $ 521   $ 1,549
   

December 31, 2012

                                     

Assets:

                                     

Bonds available for sale

  $ 198   $ 2,422   $ –   $ –   $ 324   $ 2,944  

Other bond securities

    15     8,406     792     –     204     9,417  

Mortgage and other loans receivable

    –     –     –     –     398     398  

Other invested assets

    1,122     –     –     2,230     1,023     4,375  

Other assets

    59     719     183     33     2,013     3,007
   

Total assets(a)(b)

  $ 1,394   $ 11,547   $ 975   $ 2,263   $ 3,962   $ 20,141
   

Liabilities:

                                     

Long-term debt

  $ 157   $ 25   $ 9   $ 133   $ 424   $ 748  

Other liabilities

    20     43     –     68     1,044     1,175
   

Total liabilities

  $ 177   $ 68   $ 9   $ 201   $ 1,468   $ 1,923
   

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

(b)  At December 31, 2013 and 2012, includes approximately $21.4 billion and $12.8 billion, respectively, of investment-grade debt securities, loans and other assets 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 December 31, 2013 and 2012, off-balance sheet exposure primarily consisting of commitments to real estate and investments 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
 
   

December 31, 2013

                         

Real estate and investment funds

  $ 17,572   $ 2,343   $ 289   $ 2,632  

Affordable housing partnerships

    478     477     –     477  

Other

    708     37     –     37
   

Total

  $ 18,758   $ 2,857   $ 289   $ 3,146
   

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