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Fair Value Measurements

6 Months Ended

Jun. 30, 2022

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:


June 30, 2022		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	—	$	8,146	$	—	$	—	$	—	$	8,146
Obligations of states, municipalities and political subdivisions		—		11,643		957		—		—		12,600
Non-U.S. governments		149		13,516		9		—		—		13,674
Corporate debt		—		140,258		2,483		—		—		142,741
RMBS		—		11,821		8,352		—		—		20,173
CMBS		—		14,016		871		—		—		14,887
CDO/ABS		—		8,818		11,696		—		—		20,514
Total bonds available for sale		149		208,218		24,368		—		—		232,735
Other bond securities:
U.S. government and government sponsored entities		—		1,620		—		—		—		1,620
Obligations of states, municipalities and political subdivisions		—		99		—		—		—		99
Non-U.S. governments		—		76		—		—		—		76
Corporate debt		—		1,200		461		—		—		1,661
RMBS		—		102		192		—		—		294
CMBS		—		289		32		—		—		321
CDO/ABS		—		385		2,442		—		—		2,827
Total other bond securities		—		3,771		3,127		—		—		6,898
Equity securities		583		34		12		—		—		629
Other invested assets(b)		—		131		2,008		—		—		2,139
Derivative assets(c):
Interest rate contracts		—		4,460		151		—		—		4,611
Foreign exchange contracts		—		2,113		—		—		—		2,113
Equity contracts		21		214		152		—		—		387
Commodity contracts		—		9		—		—		—		9
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		16		—		—		16
Counterparty netting and cash collateral		—		—		—		(4,354)		(2,426)		(6,780)
Total derivative assets		21		6,796		320		(4,354)		(2,426)		357
Short-term investments		1,874		1,557		—		—		—		3,431
Other assets(c)		—		—		107		—		—		107
Separate account assets		82,990		3,745		—		—		—		86,735
Total	$	85,617	$	224,252	$	29,942	$	(4,354)	$	(2,426)	$	333,031
Liabilities:
Policyholder contract deposits	$	—	$	40	$	6,957	$	—	$	—	$	6,997
Derivative liabilities(c):
Interest rate contracts		10		6,289		8		—		—		6,307
Foreign exchange contracts		—		647		1		—		—		648
Equity contracts		4		46		3		—		—		53
Credit contracts		—		11		33		—		—		44

Counterparty netting and cash collateral		—		—		—		(4,354)		(2,418)		(6,772)
Total derivative liabilities		14		6,993		45		(4,354)		(2,418)		280
Fortitude Re funds withheld payable		—		—		(638)		—		—		(638)

Long-term debt		—		1,664		—		—		—		1,664
Total	$	14	$	8,697	$	6,364	$	(4,354)	$	(2,418)	$	8,303


December 31, 2021		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	2,553	$	5,641	$	—	$	—	$	—	$	8,194
Obligations of states, municipalities and political subdivisions		—		13,096		1,431		—		—		14,527
Non-U.S. governments		9		16,314		7		—		—		16,330
Corporate debt		—		172,967		2,641		—		—		175,608
RMBS		—		16,909		10,378		—		—		27,287
CMBS		—		14,619		1,190		—		—		15,809
CDO/ABS		—		8,232		11,215		—		—		19,447
Total bonds available for sale		2,562		247,778		26,862		—		—		277,202
Other bond securities:
U.S. government and government sponsored entities		—		1,750		—		—		—		1,750
Obligations of states, municipalities and political subdivisions		—		97		—		—		—		97
Non-U.S. governments		—		76		—		—		—		76
Corporate debt		—		916		134		—		—		1,050
RMBS		—		215		196		—		—		411
CMBS		—		280		35		—		—		315
CDO/ABS		—		247		2,332		—		—		2,579
Total other bond securities		—		3,581		2,697		—		—		6,278
Equity securities		669		64		6		—		—		739
Other invested assets (b)		—		138		1,948		—		—		2,086
Derivative assets(c):
Interest rate contracts		—		3,873		—		—		—		3,873
Foreign exchange contracts		—		1,188		1		—		—		1,189
Equity contracts		7		224		450		—		—		681
Commodity contracts		—		4		—		—		—		4
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(2,779)		(2,139)		(4,918)
Total derivative assets		7		5,289		465		(2,779)		(2,139)		843
Short-term investments		2,584		1,842		—		—		—		4,426
Other assets(c)		—		—		114		—		—		114
Separate account assets		105,221		3,890		—		—		—		109,111
Total	$	111,043	$	262,582	$	32,092	$	(2,779)	$	(2,139)	$	400,799
Liabilities:
Policyholder contract deposits	$	—	$	54	$	9,682	$	—	$	—	$	9,736
Derivative liabilities(c):
Interest rate contracts		1		3,632		—		—		—		3,633
Foreign exchange contracts		—		721		—		—		—		721
Equity contracts		1		46		6		—		—		53
Credit contracts		—		16		31		—		—		47

Counterparty netting and cash collateral		—		—		—		(2,779)		(1,089)		(3,868)
Total derivative liabilities		2		4,415		37		(2,779)		(1,089)		586
Fortitude Re funds withheld payable		—		—		5,922		—		—		5,922

Long-term debt		—		1,871		—		—		—		1,871
Total	$	2	$	6,340	$	15,641	$	(2,779)	$	(1,089)	$	18,115

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

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.6 billion and $8.4 billion as of June 30, 2022 and December 31, 2021, respectively.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three- and six-month periods ended June 30, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2022 and 2021:


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,087	$	—	$	(143)	$	(4)	$	17	$	—	$	—	$	957	$	—	$	(151)
Non-U.S. governments		8		—		—		—		1		—		—		9		—		—
Corporate debt		2,744		(15)		(78)		(214)		252		(206)		—		2,483		—		(49)
RMBS		8,925		92		(390)		(266)		—		(9)		—		8,352		—		(390)
CMBS		864		5		(46)		85		—		(37)		—		871		—		(47)
CDO/ABS		11,776		3		(502)		1,106		349		(1,036)		—		11,696		—		(513)
Total bonds available for sale		25,404		85		(1,159)		707		619		(1,288)		—		24,368		—		(1,150)
Other bond securities:
Corporate Debt		260		(4)		—		47		161		(3)		—		461		(4)		—
RMBS		199		(13)		1		5		—		—		—		192		(13)		—
CMBS		33		(1)		—		—		—		—		—		32		(1)		—
CDO/ABS		2,468		(135)		—		157		6		(54)		—		2,442		—		—
Total other bond securities		2,960		(153)		1		209		167		(57)		—		3,127		(18)		—
Equity securities		6		—		1		5		—		—		—		12		—		—
Other invested assets		1,935		133		(23)		(23)		—		(14)		—		2,008		174		—
Other assets		108		—		—		(1)		—		—		—		107		—		—
Total	$	30,413	$	65	$	(1,180)	$	897	$	786	$	(1,359)	$	—	$	29,622	$	156	$	(1,150)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	8,030	$	(1,322)	$	—	$	249	$	—	$	—	$	—	$	6,957	$	1,369	$	—
Derivative liabilities, net:
Interest rate contracts		(4)		12		—		(70)		(81)		—		—		(143)		(10)		—
Foreign exchange contracts		—		1		—		—		—		—		—		1		(1)		—
Equity contracts		(178)		89		—		(59)		—		(1)		—		(149)		(95)		—
Credit contracts		31		1		—		—		—		—		—		32		(1)		—
Other contracts		(14)		(14)		—		12		—		—		—		(16)		15		—
Total derivative liabilities, net(a)		(165)		89		—		(117)		(81)		(1)		—		(275)		(92)		—
Fortitude Re funds withheld payable		2,206		(2,776)		—		(68)		—		—		—		(638)		2,836		—
Total	$	10,071	$	(4,009)	$	—	$	64	$	(81)	$	(1)	$	—	$	6,044	$	4,113	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended June 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,896	$	5	$	128	$	(65)	$	—	$	(25)	$	—	$	1,939	$	—	$	244
Non-U.S. governments		6		—		(1)		1		4		—		—		10		—		—
Corporate debt		2,570		14		17		31		208		(67)		—		2,773		—		50
RMBS		11,464		150		(39)		(460)		—		(30)		—		11,085		—		957
CMBS		1,104		7		23		85		—		(137)		—		1,082		—		18
CDO/ABS		9,602		(1)		44		(374)		384		(337)		—		9,318		—		403
Total bonds available for sale		26,642		175		172		(782)		596		(596)		—		26,207		—		1,672
Other bond securities:
RMBS		126		1		—		(14)		—		—		—		113		12		—
CMBS		46		—		—		—		—		—		—		46		6		—
CDO/ABS		2,346		45		—		(112)		—		—		—		2,279		253		—
Total other bond securities		2,518		46		—		(126)		—		—		—		2,438		271		—
Equity securities		128		—		(3)		(112)		1		(10)		—		4		—		—
Other invested assets		1,897		114		(1)		89		—		—		—		2,099		122		—
Other assets		113		—		—		—		—		—		—		113		—		—
Total	$	31,298	$	335	$	168	$	(931)	$	597	$	(606)	$	—	$	30,861	$	393	$	1,672
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	7,617	$	1,363	$	—	$	40	$	—	$	—	$	—	$	9,020	$	(1,018)	$	—
Derivative liabilities, net:
Interest rate contracts		—		(2)		—		1		—		—		—		(1)		1		—
Foreign exchange contracts		—		—		—		(1)		—		—		—		(1)		(1)		—
Equity contracts		(222)		(71)		—		(69)		—		5		—		(357)		85		—
Credit contracts		44		2		—		(3)		—		—		—		43		(1)		—
Other contracts		(9)		(16)		—		15		—		—		—		(10)		17		—
Total derivative liabilities, net(a)		(187)		(87)		—		(57)		—		5		—		(326)		101		—
Fortitude Re funds withheld payable		3,487		2,056		—		(226)		—		—		—		5,317		(1,452)		—
Total	$	10,917	$	3,332	$	—	$	(243)	$	—	$	5	$	—	$	14,011	$	(2,369)	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	2	$	(428)	$	(65)	$	17	$	—	$	—	$	957	$	—	$	(410)
Non-U.S. governments		7		—		—		—		2		—		—		9		—		—
Corporate debt		2,641		(26)		(151)		(37)		382		(326)		—		2,483		—		(137)
RMBS		10,378		222		(943)		(874)		—		(431)		—		8,352		—		(925)
CMBS		1,190		13		(113)		117		—		(336)		—		871		—		(108)
CDO/ABS		11,215		19		(1,003)		1,651		1,464		(1,650)		—		11,696		—		(1,003)
Total bonds available for sale		26,862		230		(2,638)		792		1,865		(2,743)		—		24,368		—		(2,583)
Other bond securities:
Corporate Debt		134		(4)		—		124		222		(15)		—		461		(4)		—
RMBS		196		(18)		—		14		—		—		—		192		(21)		—
CMBS		35		(3)		—		—		—		—		—		32		(3)		—
CDO/ABS		2,332		(249)		—		352		63		(56)		—		2,442		(162)		—
Total other bond securities		2,697		(274)		—		490		285		(71)		—		3,127		(190)		—
Equity securities		6		—		—		6		—		—		—		12		—		—
Other invested assets		1,948		245		(27)		(38)		47		(167)		—		2,008		295		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	201	$	(2,665)	$	1,243	$	2,197	$	(2,981)	$	—	$	29,622	$	105	$	(2,583)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(3,119)	$	—	$	394	$	—	$	—	$	—	$	6,957	$	3,353	$	—
Derivative liabilities, net:
Interest rate contracts		—		11		—		(73)		(81)		—		—		(143)		(10)		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		390		—		(94)		—		(1)		—		(149)		(247)		—
Credit contracts		30		2		—		—		—		—		—		32		(1)		—
Other contracts		(13)		(32)		—		29		—		—		—		(16)		32		—
Total derivative liabilities, net(a)		(428)		372		—		(137)		(81)		(1)		—		(275)		(227)		—
Fortitude Re funds withheld payable		5,922		(6,094)		—		(466)		—		—		—		(638)		6,316		—
Total	$	15,176	$	(8,841)	$	—	$	(209)	$	(81)	$	(1)	$	—	$	6,044	$	9,442	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Six Months Ended June 30, 2021
Assets: Bonds available for sale:

Obligations of states, municipalities and political subdivisions	$	2,105	$	8	$	(31)	$	(118)	$	—	$	(25)	$	—	$	1,939	$	—	$	234
Non-U.S. governments		5		—		(1)		1		5		—		—		10		—		—
Corporate debt		2,349		13		7		208		395		(199)		—		2,773		—		(109)
RMBS		11,694		317		25		(891)		—		(60)		—		11,085		—		943
CMBS		922		16		(33)		258		56		(137)		—		1,082		—		(38)
CDO/ABS		9,814		15		30		(538)		838		(841)		—		9,318		—		467
Total bonds available for sale		26,889		369		(3)		(1,080)		1,294		(1,262)		—		26,207		—		1,497
Other bond securities:
RMBS		139		4		—		(30)		—		—		—		113		(86)		—
CMBS		47		(1)		—		(6)		6		—		—		46		4		—
CDO/ABS		2,512		34		—		(267)		—		—		—		2,279		255		—
Total other bond securities		2,698		37		—		(303)		6		—		—		2,438		173		—
Equity securities		51		11		—		(123)		76		(11)		—		4		3		—
Other invested assets		1,827		256		(7)		23		—		—		—		2,099		245		—
Other assets		113		—		—		—		—		—		—		113		—		—
Total	$	31,578	$	673	$	(10)	$	(1,483)	$	1,376	$	(1,273)	$	—	$	30,861	$	421	$	1,497
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(897)	$	—	$	119	$	—	$	—	$	—	$	9,020	$	1,553	$	—
Derivative liabilities, net:
Interest rate contracts		—		(2)		—		1		—		—		—		(1)		2		—
Foreign exchange contracts		(2)		1		—		—		—		—		—		(1)		(1)		—
Equity contracts		(151)		(97)		—		(154)		—		45		—		(357)		13		—
Credit contracts		42		7		—		(6)		—		—		—		43		(1)		—
Other contracts		(8)		(33)		—		31		—		—		—		(10)		33		—
Total derivative liabilities, net(a)		(119)		(124)		—		(128)		—		45		—		(326)		46		—
Fortitude Re funds withheld payable		6,042		(326)		—		(399)		—		—		—		5,317		1,503		—
Total	$	15,721	$	(1,347)	$	—	$	(408)	$	—	$	45	$	—	$	14,011	$	3,102	$	—

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

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:


(in millions)		Net Investment Income		Net Realized Gains (Losses)		Other Income		Total
Three Months Ended June 30, 2022
Assets:
Bonds available for sale	$	142	$	(57)	$	—	$	85
Other bond securities		(153)		—		—		(153)

Other invested assets		133		—		—		133
Three Months Ended June 30, 2021
Assets:
Bonds available for sale	$	163	$	12	$	—	$	175
Other bond securities		46		—		—		46

Other invested assets		99		15		—		114
Six Months Ended June 30, 2022
Assets:
Bonds available for sale	$	306	$	(76)	$	—	$	230
Other bond securities		(274)		—		—		(274)

Other invested assets		245		—		—		245
Six Months Ended June 30, 2021
Assets:
Bonds available for sale	$	348	$	21	$	—	$	369
Other bond securities		37		—		—		37
Equity securities		11		—		—		11
Other invested assets		241		15		—		256
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Other Income		Total
Three Months Ended June 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(1,322)	$	—	$	(1,322)
Derivative liabilities, net		—		102		(13)		89
Fortitude Re funds withheld payable		—		(2,776)		—		(2,776)
Three Months Ended June 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	1,363	$	—	$	1,363
Derivative liabilities, net		—		(72)		(15)		(87)
Fortitude Re funds withheld payable		—		2,056		—		2,056
Six Months Ended June 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(3,119)	$	—	$	(3,119)
Derivative liabilities, net		—		400		(28)		372
Fortitude Re funds withheld payable		—		(6,094)		—		(6,094)
Six Months Ended June 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(897)	$	—	$	(897)
Derivative liabilities, net		—		(95)		(29)		(124)
Fortitude Re funds withheld payable		—		(326)		—		(326)

*Primarily embedded derivatives.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and six-month periods ended June 30, 2022 and 2021 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended June 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	(4)	$	—	$	(4)

Corporate debt		14		—		(228)		(214)
RMBS		176		—		(442)		(266)
CMBS		76		—		9		85
CDO/ABS		1,245		—		(139)		1,106
Total bonds available for sale		1,511		(4)		(800)		707
Other bond securities:
Corporate debt		5		—		42		47
RMBS		14		—		(9)		5

CDO/ABS		293		—		(136)		157
Total other bond securities		312		—		(103)		209
Equity securities		5		—		—		5
Other invested assets		259		—		(282)		(23)
Other assets		—		—		(1)		(1)
Total	$	2,087	$	(4)	$	(1,186)	$	897
Liabilities:
Policyholder contract deposits	$	—	$	250	$	(1)	$	249
Derivative liabilities, net		(164)		1		46		(117)
Fortitude Re funds withheld payable		—		—		(68)		(68)
Total	$	(164)	$	251	$	(23)	$	64
Three Months Ended June 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	(23)	$	(45)	$	(65)
Non-U.S. governments		1		—		—		1
Corporate debt		212		(32)		(149)		31
RMBS		318		(115)		(663)		(460)
CMBS		97		—		(12)		85
CDO/ABS		780		119		(1,273)		(374)
Total bonds available for sale		1,411		(51)		(2,142)		(782)
Other bond securities:
RMBS		1		(9)		(6)		(14)

CDO/ABS		—		—		(112)		(112)
Total other bond securities		1		(9)		(118)		(126)
Equity securities		—		(3)		(109)		(112)
Other invested assets		194		—		(105)		89

Total	$	1,606	$	(63)	$	(2,474)	$	(931)
Liabilities:
Policyholder contract deposits		—		202		(162)		40
Derivative liabilities, net		(71)		1		13		(57)
Fortitude Re funds withheld payable		—		—		(226)		(226)
Total	$	(71)	$	203	$	(375)	$	(243)


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Six Months Ended June 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(64)	$	(2)	$	(65)

Corporate debt		23		—		(60)		(37)
RMBS		285		—		(1,159)		(874)
CMBS		146		—		(29)		117
CDO/ABS		2,131		—		(480)		1,651
Total bonds available for sale		2,586		(64)		(1,730)		792
Other bond securities:
Corporate debt		24		—		100		124
RMBS		31		—		(17)		14

CDO/ABS		616		—		(264)		352
Total other bond securities		671		—		(181)		490
Equity securities		5		—		1		6
Other invested assets		517		—		(555)		(38)
Other assets		—		—		(7)		(7)
Total	$	3,779	$	(64)	$	(2,472)	$	1,243
Liabilities:
Policyholder contract deposits	$	—	$	467	$	(73)	$	394
Derivative liabilities, net		(249)		3		109		(137)
Fortitude Re funds withheld payable		—		—		(466)		(466)
Total	$	(249)	$	470	$	(430)	$	(209)
Six Months Ended June 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	11	$	(43)	$	(86)	$	(118)
Non-U.S. governments		1		—		—		1
Corporate Debt		953		(33)		(712)		208
RMBS		482		(115)		(1,258)		(891)
CMBS		290		—		(32)		258
CDO/ABS		1,156		70		(1,764)		(538)
Total bonds available for sale		2,893		(121)		(3,852)		(1,080)
Other bond securities:
RMBS		1		(9)		(22)		(30)
CMBS		—		(6)		—		(6)
CDO/ABS		—		(39)		(228)		(267)
Total other bond securities		1		(54)		(250)		(303)
Equity securities		—		(3)		(120)		(123)
Other invested assets		392		—		(369)		23

Total	$	3,286	$	(178)	$	(4,591)	$	(1,483)
Liabilities:
Policyholder contract deposits	$	—		393		(274)		119
Derivative liabilities, net		(123)		2		(7)		(128)
Fortitude Re funds withheld payable		—		—		(399)		(399)
Total	$	(123)	$	395	$	(680)	$	(408)

(a)There were no issuances during the three- and six-month periods ended June 30, 2022 and 2021.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2022 and 2021 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $(38) million and $(72) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2022, respectively, and includes $(38) million and $(79) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2022, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $9 million and $28 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2021, respectively, and includes $1 million and $(4) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2021, respectively.

Transfers of Level 3 Assets

During the three- and six-month periods ended June 30, 2022 and 2021, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three- and six-month periods ended June 30, 2022 and 2021, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CDO/ABS and certain investments in municipal securities. Transfers of corporate debt, RMBS, CMBS, CDO/ABS and certain investments in municipal securities out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

During the three- and six-month periods ended June 30, 2022, transfers of derivatives into Level 3 were primarily due to increased long-dated European swaption activity with Secured Overnight Financing Rate tenors. There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three- and six-month periods ended June 30, 2021.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CDO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:


(in millions)	Fair Value at June 30, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	913	Discounted cash flow	Yield	4.43% - 5.28% (4.86%)
Corporate debt		2,346	Discounted cash flow	Yield	2.86% - 10.40% (6.63%)
RMBS(a)		5,843	Discounted cash flow	Constant prepayment rate	4.89% - 9.89% (7.39%)
				Loss severity	44.26% - 76.00% (60.13%)
				Constant default rate	0.95% - 2.86% (1.91%)
				Yield	4.93% - 6.39% (5.66%)
CDO/ABS(a)		9,064	Discounted cash flow	Yield	4.54% - 7.20% (5.87%)
CMBS		587	Discounted cash flow	Yield	4.12% - 7.74% (5.93%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)		1,198	Discounted cash flow	Equity volatility	5.85% - 46.15%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA(f)	0.00% - 2.04%
Fixed Index annuities including certain GMWB		5,130	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 4.00%
				NPA(f)	0.00% - 2.04%
Indexed life		629	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	6.37% - 24.69%
				NPA(f)	0.00% - 2.04%


(in millions)	Fair Value at December 31, 2021		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	1,400	Discounted cash flow	Yield	2.74% - 3.33% (3.06%)
Corporate debt		1,561	Discounted cash flow	Yield	2.23% - 7.69% (4.96%)
RMBS(a)		9,916	Discounted cash flow	Constant prepayment rate	5.25% - 17.70% (11.47%)
				Loss severity	26.13% - 71.93% (49.03%)
				Constant default rate	1.15% - 5.85% (3.50%)
				Yield	1.69% - 3.97% (2.83%)
CDO/ABS(a)		8,229	Discounted cash flow	Yield	1.84% - 4.77% (3.31%)
CMBS		580	Discounted cash flow	Yield	1.50% - 5.01% (3.25%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
GMWB		2,472	Discounted cash flow	Equity volatility	5.95% - 46.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA(f)	0.01% - 1.40%
Fixed Index annuities including certain GMWB		6,445	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 4.00%
				NPA(f)	0.01% - 1.40%
Indexed life		765	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	7.65% - 20.70%
				NPA(f)	0.01% - 1.40%

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for 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)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within Policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet.

(e)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(f)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivative. The total embedded derivative liability at June 30, 2022 and December 31, 2021 was approximately $943 million and $1.2 billion, respectively. The remaining guaranteed minimum riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CDO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

Embedded derivatives within Policyholder contract deposits

Embedded derivatives reported within Policyholder contract deposits include interest crediting rates based on market indices within fixed index annuities, indexed life, and GICs as well as GMWB within variable annuity and certain fixed index annuity products. For any given contract, assumptions for unobservable inputs vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. The following unobservable inputs are used for valuing embedded derivatives measured at fair value:

•Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.

•Equity / interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our GMWB embedded derivatives. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability.

•Base lapse rate assumptions are determined by company experience and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability, as fewer policyholders would persist to collect guaranteed withdrawal amounts.

•Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the liability, while lower mortality rate assumptions will generally increase the fair value of the liability, because guaranteed payments will be made for a longer period of time.

•Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience and other factors, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.

•Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

•Non-performance or “own credit” risk adjustment used in the valuation of embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the NPA spread) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the embedded derivative liabilities, resulting in a gain, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the embedded derivative liabilities, resulting in a loss. In addition to changes driven by credit market- related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits offered by variable and certain fixed index annuities.

Embedded derivatives within reinsurance contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.


			June 30, 2022				December 31, 2021
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV 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	$	3,116	$	2,147	$	2,768	$	1,798
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,694		593		904		487
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		262		202		252		201
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		829		71		914		82
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		545		290		534		354
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,555		338		1,216		408
Total private equity funds			8,001		3,641		6,588		3,330
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		355		—		466		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		428		—		432		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		432		—		516		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		354		5		416		—
Total hedge funds			1,569		5		1,830		—
Total		$	9,570	$	3,646	$	8,418	$	3,330

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one or two-year increments.

The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of our hedge fund investments are redeemable monthly or quarterly.

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:


		Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
(in millions)		2022		2021		2022		2021
Assets:
Other bond securities(a)	$	(175)	$	96	$	(376)	$	(3)
Alternative investments(b)		(167)		428		231		845
Liabilities:
Long-term debt(c)		68		(38)		171		33
Total gain (loss)	$	(274)	$	486	$	26	$	875

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

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

(c)Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.

We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.

The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:


		June 30, 2022						December 31, 2021
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	1,664	$	1,404	$	260	$	1,871	$	1,405	$	466

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

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:


		Assets at Fair Value								Impairment Charges
		Non-Recurring Basis								Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		Level 1		Level 2		Level 3		Total		2022		2021		2022		2021
June 30, 2022
Other investments	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6

Total	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6
December 31, 2021
Other investments	$	—	$	—	$	104	$	104

Total	$	—	$	—	$	104	$	104

In addition to the assets presented in the table above, AIG had $109 million of loans held for sale which are carried at fair value at June 30, 2022. There is no associated impairment charge.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
June 30, 2022
Assets:
Mortgage and other loans receivable	$	—	$	59	$	47,287	$	47,346	$	49,205
Other invested assets		—		833		6		839		839
Short-term investments		—		6,015		—		6,015		6,015
Cash		2,378		—		—		2,378		2,378
Other assets		57		12		—		69		69
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		142		141,719		141,861		135,820
Fortitude Re funds withheld payable		—		—		33,608		33,608		33,608
Other liabilities		—		3,481		—		3,481		3,481
Long-term debt		—		19,175		295		19,470		20,522
Debt of consolidated investment entities		—		3,078		3,000		6,078		6,252
Separate account liabilities - investment contracts		—		82,317		—		82,317		82,317
December 31, 2021
Assets:
Mortgage and other loans receivable	$	—	$	82	$	47,947	$	48,029	$	46,033
Other invested assets		—		871		6		877		878
Short-term investments		—		8,931		—		8,931		8,931
Cash		2,198		—		—		2,198		2,198
Other assets		21		11		—		32		32
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		169		142,974		143,143		133,043
Fortitude Re funds withheld payable		—		—		34,849		34,849		34,849
Other liabilities		—		3,704		—		3,704		3,704
Long-term debt		—		24,758		336		25,094		21,870
Debt of consolidated investment entities		—		3,077		3,313		6,390		6,422
Separate account liabilities - investment contracts		—		104,126		—		104,126		104,126

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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