INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Investments [Line Items]

Amortized cost or cost and fair value of available for sale securities

December 31, 2021				Allowance		Gross		Gross
		Amortized		for Credit		Unrealized		Unrealized		Fair
(in millions)		Cost		Losses(a)		Gains		Losses		Value
Bonds available for sale:
U.S. government and government sponsored entities	$	7,874	$	-	$	347	$	(27)	$	8,194
Obligations of states, municipalities and political subdivisions		12,760		-		1,782		(15)		14,527
Non-U.S. governments		15,858		-		719		(247)		16,330
Corporate debt		163,064		(89)		13,892		(1,259)		175,608
Mortgage-backed, asset-backed and collateralized:
RMBS		25,027		(9)		2,422		(153)		27,287
CMBS		15,333		-		555		(79)		15,809
CDO/ABS		19,294		-		276		(123)		19,447
Total mortgage-backed, asset-backed and collateralized		59,654		(9)		3,253		(355)		62,543
Total bonds available for sale(b)	$	259,210	$	(98)	$	19,993	$	(1,903)	$	277,202
December 31, 2020
Bonds available for sale:
U.S. government and government sponsored entities	$	3,640	$	-	$	503	$	(17)	$	4,126
Obligations of states, municipalities and political subdivisions		13,915		-		2,216		(7)		16,124
Non-U.S. governments		14,231		(4)		1,181		(63)		15,345
Corporate debt		150,111		(164)		19,905		(554)		169,298
Mortgage-backed, asset-backed and collateralized:
RMBS		28,551		(16)		3,000		(70)		31,465
CMBS		15,182		(1)		1,023		(71)		16,133
CDO/ABS		18,707		(1)		425		(126)		19,005
Total mortgage-backed, asset-backed and collateralized		62,440		(18)		4,448		(267)		66,603
Total bonds available for sale(b)	$	244,337	$	(186)	$	28,253	$	(908)	$	271,496

(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 Other comprehensive income (loss).(b)At December 31, 2021 and 2020, bonds available for sale held by us that were below investment grade or not rated totaled $27.0 billion and $28.2 billion, respectively.

Securities available for sale in a loss position

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
December 31, 2,021.0
Bonds available for sale:
U.S. government and government sponsored entities	$	3,696	$	14	$	447	$	13	$	4,143	$	27
Obligations of states, municipalities and political
subdivisions		714		11		57		4		771		15
Non-U.S. governments		4,644		115		1,324		132		5,968		247
Corporate debt		31,914		720		8,819		467		40,733		1,187
RMBS		5,362		102		1,154		46		6,516		148
CMBS		3,980		63		153		16		4,133		79
CDO/ABS		8,263		112		339		11		8,602		123
Total bonds available for sale	$	58,573	$	1,137	$	12,293	$	689	$	70,866	$	1,826

December 31, 2020
Bonds available for sale:
U.S. government and government sponsored entities	$	649	$	17	$	-	$	-	$	649	$	17
Obligations of states, municipalities and political
subdivisions		267		4		78		3		345		7
Non-U.S. governments		1,287		28		262		33		1,549		61
Corporate debt		11,715		348		1,283		81		12,998		429
RMBS		3,486		40		282		18		3,768		58
CMBS		1,644		58		346		12		1,990		70
CDO/ABS		5,456		81		3,063		45		8,519		126
Total bonds available for sale	$	24,504	$	576	$	5,314	$	192	$	29,818	$	768

Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity

	Total Fixed Maturity Securities
	Available for Sale
		Amortized Cost,
(in millions)		Net of Allowance		Fair Value
December 31, 2021
Due in one year or less	$	7,582	$	7,634
Due after one year through five years		48,204		49,347
Due after five years through ten years		46,218		48,587
Due after ten years		97,463		109,091
Mortgage-backed, asset-backed and collateralized		59,645		62,543
Total	$	259,112	$	277,202

Gross realized gains and gross realized losses from sales or maturities of available for sale securities

	Years Ended December 31,
		2021				2020				2019
		Gross		Gross		Gross		Gross	Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses	Gains		Losses
Fixed maturity securities	$	1,369	$	441	$	1,824	$	810	$	650	$	330

Value of other securities measured at fair value based on election of the fair value option

		December 31, 2021				December 31, 2020
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	1,750	25	%	$	1,845	29	%
Obligations of states, municipalities and political subdivisions		97	1			-	-
Non-U.S. governments		76	1			-	-
Corporate debt		1,050	15			12	-
Mortgage-backed, asset-backed and collateralized:
RMBS		411	6			429	7
CMBS		315	4			320	5
CDO/ABS and other collateralized		2,579	37			2,685	42
Total mortgage-backed, asset-backed and collateralized		3,305	47			3,434	54
Total fixed maturity securities		6,278	89			5,291	83
Equity securities		739	11			1,056	17
Total	$	7,017	100	%	$	6,347	100	%

Carrying amounts values of other invested assets

		December 31,		December 31,
(in millions)		2021		2020
Alternative investments(a) (b)	$	10,951	$	9,572
Investment real estate(c)		2,727		7,930
All other investments(d)		1,990		1,558
Total	$	15,668	$	19,060

(a)At December 31, 2021, included hedge funds of $2.0 billion and private equity funds of $8.9 billion. At December 31, 2020, included hedge funds of $2.3 billion, private equity funds of $7.0 billion, and unconsolidated affordable housing partnerships of $257 million.

(b) At December 31, 2021, approximately 62 percent of our hedge fund portfolio is available for redemption in 2022. The remaining 38 percent will be available for redemption between 2023 and 2028.

(c) Represents values net of accumulated depreciation. At December 31, 2021 and 2020, the accumulated depreciation was $778 million and $756 million, respectively, excluding depreciation related to our affordable housing portfolio that has been sold.

(d) Includes AIG’s 3.5 percent ownership interest in Fortitude Holdings which is recorded using the measurement alternative for equity securities and is carried at cost, which was $100 million as of December 31, 2021 and 2020.

Summarized financial information of AIG's equity method investees

Years Ended December 31,
(in millions)		2021		2020		2019
Operating results:
Total revenues	$	31,560	$	13,090	$	8,045
Total expenses		(2,241)		(2,897)		(3,115)
Net income	$	29,319	$	10,193	$	4,930
At December 31,
(in millions)				2021		2020
Balance sheet:
Total assets			$	105,837	$	85,083
Total liabilities			$	(12,779)	$	(10,462)

The carrying value and ownership percentage of AIA and equity method investments

		2021			2020
		Carrying	Ownership		Carrying	Ownership
(in millions)		Value	Percentage		Value	Percentage
Equity method investments	$	5,145	Various	$	4,548	Various

Components of net investment income

Years Ended December 31,	2021						2020						2019
		Excluding	Fortitude Re				Excluding		Fortitude Re
	Fortitude		Funds				Fortitude		Funds
	Re Funds		Withheld				Re Funds		Withheld
(in millions)	Withheld Assets		Assets		Total		Withheld Assets		Assets		Total		Total
Available for sale fixed maturity securities,
including short-term investments	$	8,583	$	1,468	$	10,051	$	9,508	$	851	$	10,359	$	10,768
Other fixed maturity securities(a)		(19)		7		(12)		540		13		553		1,015
Equity securities		(237)		-		(237)		200		-		200		159
Interest on mortgage and other loans		1,745		207		1,952		1,883		106		1,989		2,030
Alternative investments(b)		2,579		321		2,900		913		99		1,012		1,088
Real estate		225		-		225		195		-		195		304
Other investments(c)		250		5		255		(120)		1		(119)		(220)
Total investment income		13,126		2,008		15,134		13,119		1,070		14,189		15,144
Investment expenses		485		37		522		541		17		558		525
Net investment income	$	12,641	$	1,971	$	14,612	$	12,578	$	1,053	$	13,631	$	14,619

(a)Included in the years ended December 31, 2021, 2020 and 2019 was income (loss) of $(49) million, $195 million and $177 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below.

(b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.

(c) Included in the years ended December 31, 2021, 2020 and 2019 was income (loss) of $65 million, $(162) million and $(161) million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.

Components of net realized gains (losses)

Years Ended December 31,	2021						2020						2019
	Excluding		Fortitude Re				Excluding		Fortitude Re
	Fortitude Re		Funds				Fortitude Re			Funds
	Funds		Withheld				Funds		Withheld
(in millions)	Withheld Assets		Assets			Total	Withheld Assets			Assets		Total		Total
Sales of fixed maturity securities	$	211	$	717	$	928	$	307	$	707	$	1,014	$	320
Other-than-temporary impairments		-		-		-		-		-		-		(174)
Intent to sell(a)		-		-		-		(3)		-		(3)		-
Change in allowance for credit losses on
fixed maturity securities		19		7		26		(270)		(10)		(280)		-
Change in allowance for credit losses on
loans		163		9		172		(105)		2		(103)		(46)
Foreign exchange transactions		16		(5)		11		365		13		378		227
Variable annuity embedded derivatives,
net of related hedges		(39)		-		(39)		166		-		166		(294)
All other derivatives and hedge accounting		179		28		207		(672)		(249)		(921)		(22)
Other(b)		1,202		247		1,449		156		-		156		621
Net realized gains – excluding
Fortitude Re funds withheld
embedded derivative		1,751		1,003		2,754		(56)		463		407		632
Net realized gains (losses) on Fortitude Re
funds withheld embedded derivative		-		(603)		(603)		-		(2,645)		(2,645)		-
Net realized gains (losses)	$	1,751	$	400	$	2,151	$	(56)	$	(2,182)	$	(2,238)	$	632

(a)In 2019, Intent to sell was included in Other-than-temporary impairments.(b)In 2021, primarily includes gains from sale of global real estate investments of $1.1 billion and gains from affordable housing partnerships of $208 million. In 2019, includes $200 million from the sale and concurrent leaseback of our corporate headquarters and $300 million as a result of sales in investment real estate properties.

Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category

Years Ended December 31,	2021						2020
				Non-						Non-
(in millions)	Structured		Structured			Total	Structured		Structured			Total
Balance, beginning of year*	$	17	$	169	$	186	$	7	$	-	$	7
Additions:
Securities for which allowance for credit losses were not previously recorded		9		56		65		38		290		328
Purchases of available for sale debt securities accounted for as purchased
credit deteriorated assets		-		-		-		26		-		26
Accretion of available for sale debt securities accounted for as purchased
credit deteriorated assets		-		-		-		1		-		1
Reductions:
Securities sold during the period		(4)		(29)		(33)		(5)		(26)		(31)
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		(14)		(77)		(91)		(50)		33		(17)
Write-offs charged against the allowance		-		(29)		(29)		-		(128)		(128)
Balance, end of year	$	8	$	90	$	98	$	17	$	169	$	186

*The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020.

Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings

Year Ended December 31,
(in millions)		2019
Balance, beginning of year	$	-
Increases due to:
Credit impairments on new securities subject to impairment losses		136
Additional credit impairments on previously impaired securities		17
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell		(64)
Accretion on securities previously impaired due to credit*		(20)
Balance, end of year	$	69

*Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time.

Reconciliation of purchase price to unpaid principal balance of securities purchased with credit deterioration

Years Ended December 31,
(in millions)		2021		2020
Unpaid principal balance	$	-	$	644
Allowance for expected credit losses at acquisition		-		(26)
Purchase (discount) premium		-		(149)
Purchase price	$	-	$	469

Schedule of fair value of securities pledged to counterparties under secured financing transactions

(in millions)		December 31, 2021		December 31, 2020
Fixed maturity securities available for sale	$	3,583	$	3,636

Schedule of fair value of securities pledged under repurchase agreements by collateral type and by remaining contractual maturity

	Remaining Contractual Maturity of the Agreements
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2021
Bonds available for sale:
Non-U.S. governments	$	48	$	-	$	-	$	-	$	-	$	48
Corporate debt		128		61		22		-		-		211
Total	$	176	$	61	$	22	$	-	$	-	$	259
December 31, 2020
Bonds available for sale:
Non-U.S. governments	$	63	$	-	$	-	$	-	$	-	$	63
Corporate debt		96		97		-		-		-		193
Total	$	159	$	97	$	-	$	-	$	-	$	256

	Remaining Contractual Maturity of the Agreements
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	106	$	-	$	-	$	106
Non-U.S. governments		-		-		43		-		-		43
Corporate debt		-		534		2,641		-		-		3,175
Total	$	-	$	534	$	2,790	$	-	$	-	$	3,324
December 31, 2020
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	103	$	-	$	-	$	103
Corporate debt		-		982		2,295		-		-		3,277
Total	$	-	$	982	$	2,398	$	-	$	-	$	3,380

Schedule of fair value of securities pledged to the entity under reverse repurchase agreements

(in millions)		December 31, 2021		December 31, 2020
Securities collateral pledged to us	$	1,839	$	5,359

Available-for-sale Securities [Member]

Investments [Line Items]

Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments

Years Ended December 31,
(in millions)		2021		2020
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(9,255)	$	9,489
Other investments		-		2
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	(9,255)	$	9,491

Equity Securities [Member]

Investments [Line Items]

Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments

Years Ended December 31,	2021						2020
				Other						Other
			Invested						Invested
(in millions)	Equities			Assets		Total	Equities			Assets		Total
Net gains (losses) recognized during the period on equity securities and other
investments	$	(237)	$	2,028	$	1,791	$	200	$	832	$	1,032
Less: Net gains (losses) recognized during the period on equity securities and
other investments sold during the year		(180)		114		(66)		(23)		46		23
Unrealized gains (losses) recognized during the reporting period on
equity securities and other investments still held at the reporting date	$	(57)	$	1,914	$	1,857	$	223	$	786	$	1,009