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VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2021
Variable Interest Entity Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

Real Estate and

 

 

 

Affordable

 

 

 

 

 

 

Investment

 

Securitization

 

Housing

 

 

 

 

(in millions)

 

Entities(d)

 

Vehicles(e)

 

Partnerships

 

Other

 

Total

March 31, 2021

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

5,728

$

-

$

-

$

5,728

Other bond securities

 

-

 

2,226

 

-

 

-

 

2,226

Equity securities

 

558

 

-

 

-

 

-

 

558

Mortgage and other loans receivable

 

-

 

2,422

 

-

 

-

 

2,422

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

2,860

 

-

 

-

 

-

 

2,860

Investment real estate

 

3,304

 

-

 

3,879

 

-

 

7,183

Short-term investments

 

174

 

1,071

 

-

 

20

 

1,265

Cash

 

129

 

-

 

249

 

-

 

378

Accrued investment income

 

-

 

33

 

-

 

-

 

33

Other assets

 

129

 

41

 

260

 

-

 

430

Other

 

26

 

-

 

-

 

2

 

28

Total assets(b)

$

7,180

$

11,521

$

4,388

$

22

$

23,111

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,529

$

3,548

$

2,515

$

-

$

8,592

Other(c)

 

169

 

397

 

198

 

9

 

773

Total liabilities

$

2,698

$

3,945

$

2,713

$

9

$

9,365

December 31, 2020

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

Bonds available for sale

$

-

$

6,089

$

-

$

-

$

6,089

Other bond securities

 

-

 

2,367

 

-

 

-

 

2,367

Equity securities

 

507

 

-

 

-

 

-

 

507

Mortgage and other loans receivable

 

-

 

3,135

 

-

 

-

 

3,135

Other invested assets

 

 

 

 

 

 

 

 

 

 

Alternative investments(a)

 

2,689

 

-

 

-

 

-

 

2,689

Investment real estate

 

3,378

 

-

 

3,558

 

-

 

6,936

Short-term investments

 

365

 

1,534

 

-

 

27

 

1,926

Cash

 

129

 

-

 

203

 

-

 

332

Accrued investment income

 

-

 

38

 

-

 

-

 

38

Other assets

 

166

 

120

 

243

 

-

 

529

Other

 

3

 

-

 

-

 

2

 

5

Total assets(b)

$

7,237

$

13,283

$

4,004

$

29

$

24,553

Liabilities:

 

 

 

 

 

 

 

 

 

 

Debt of consolidated investment entities

$

2,559

$

3,961

$

2,287

$

2

$

8,809

Other(c)

 

180

 

187

 

187

 

10

 

564

Total liabilities

$

2,739

$

4,148

$

2,474

$

12

$

9,373

(a)Comprised primarily of investments in real estate joint ventures at March 31, 2021 and December 31, 2020.

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

(c) Comprised primarily of Other liabilities at March 31, 2021 and December 31, 2020.

(d) At March 31, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.2 billion and $2.4 billion, respectively, of which commitments to external parties were $0.6 billion and $0.7 billion, respectively.

(e) At March 31, 2021 and December 31, 2020, AIG had contributed total assets of $10.8 billion and $12.5 billion, respectively, into consolidated securitization vehicles.

 

Variable Interest Entity Not Primary Beneficiary  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities

 

 

 

Maximum Exposure to Loss

 

 

Total VIE

 

On-Balance

 

Off-Balance

 

 

 

(in millions)

 

Assets

 

Sheet(b)

 

Sheet

 

 

Total

March 31, 2021

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

335,307

$

6,482

$

3,378

(c)

$

9,860

Affordable housing partnerships

 

2,429

 

300

 

1

 

 

301

Other

 

1,726

 

203

 

528

(d)

 

731

Total

$

339,462

$

6,985

$

3,907

 

$

10,892

December 31, 2020

 

 

 

 

 

 

 

 

 

Real estate and investment entities(a)

$

321,716

$

6,420

$

3,273

(c)

$

9,693

Affordable housing partnerships

 

2,801

 

368

 

4

 

 

372

Other

 

1,733

 

195

 

546

(d)

 

741

Total

$

326,250

$

6,983

$

3,823

 

$

10,806

(a)Comprised primarily of hedge funds and private equity funds.

(b)At March 31, 2021 and December 31, 2020, $6.8 billion and $6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

(d) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.