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Investments (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
The following table presents the amortized cost and fair value of our available for sale securities:
(in millions)
Amortized
Cost
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
June 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities$8,524 $— $48 $(426)$8,146 
Obligations of states, municipalities and political subdivisions13,013 — 256 (669)12,600 
Non-U.S. governments15,065 (71)123 (1,443)13,674 
Corporate debt158,714 (77)1,724 (17,620)142,741 
Mortgage-backed, asset-backed and collateralized:
RMBS20,060 (26)1,125 (986)20,173 
CMBS15,740 — 67 (920)14,887 
CDO/ABS21,761 (1)34 (1,280)20,514 
Total mortgage-backed, asset-backed and collateralized57,561 (27)1,226 (3,186)55,574 
Total bonds available for sale(b)
$252,877 $(175)$3,377 $(23,344)$232,735 
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities$7,874 $— $347 $(27)$8,194 
Obligations of states, municipalities and political subdivisions12,760 — 1,782 (15)14,527 
Non-U.S. governments15,858 — 719 (247)16,330 
Corporate debt163,064 (89)13,892 (1,259)175,608 
Mortgage-backed, asset-backed and collateralized:
RMBS25,027 (9)2,422 (153)27,287 
CMBS15,333 — 555 (79)15,809 
CDO/ABS19,294 — 276 (123)19,447 
Total mortgage-backed, asset-backed and collateralized59,654 (9)3,253 (355)62,543 
Total bonds available for sale(b)
$259,210 $(98)$19,993 $(1,903)$277,202 
(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 June 30, 2022 and December 31, 2021, bonds available for sale held by us that were below investment grade or not rated totaled $22.9 billion or 10 percent and $27.0 billion or 10 percent, respectively.
Schedule of Unrealized Loss on Investments
The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
June 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities$6,962 $387 $439 $39 $7,401 $426 
Obligations of states, municipalities and political subdivisions6,802 641 99 28 6,901 669 
Non-U.S. governments9,110 988 1,658 455 10,768 1,443 
Corporate debt109,879 15,019 10,125 2,588 120,004 17,607 
RMBS10,351 809 914 123 11,265 932 
CMBS13,057 893 230 27 13,287 920 
CDO/ABS18,433 1,211 696 69 19,129 1,280 
Total bonds available for sale$174,594 $19,948 $14,161 $3,329 $188,755 $23,277 
December 31, 2021
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 subdivisions714 11 57 4 771 15 
Non-U.S. governments4,644 115 1,324 132 5,968 247 
Corporate debt31,914 720 8,819 467 40,733 1,187 
RMBS5,362 102 1,154 46 6,516 148 
CMBS3,980 63 153 16 4,133 79 
CDO/ABS8,263 112 339 11 8,602 123 
Total bonds available for sale$58,573 $1,137 $12,293 $689 $70,866 $1,826 
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
June 30, 2022
Due in one year or less$7,507 $7,478 
Due after one year through five years49,832 48,172 
Due after five years through ten years44,844 41,309 
Due after ten years92,985 80,202 
Mortgage-backed, asset-backed and collateralized57,534 55,574 
Total$252,702 $232,735 
Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)Gross Realized GainsGross Realized LossesGross Realized GainsGross Realized LossesGross Realized GainsGross Realized LossesGross Realized GainsGross Realized Losses
Fixed maturity securities$186$790$290$155$283$1,026$750$226 
The following table presents the components of Net realized gains (losses):
Three Months Ended June 30,20222021
(in millions)Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(482)$(122)$(604)$40 $95 $135 
Change in allowance for credit losses on fixed maturity securities(47)(1)(48)10 4 14 
Change in allowance for credit losses on loans24 6 30 67 8 75 
Foreign exchange transactions(231)(15)(246)139 9 148 
Variable annuity embedded derivatives, net of related hedges454 — 454 (53)— (53)
All other derivatives and hedge accounting970 48 1,018 (336)60 (276)
Sales of alternative investments and real estate investments7 2 9 31 (3)28 
Other7 (4)3 59 — 59 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 702 (86)616 (43)173 130 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 2,776 2,776 — (2,056)(2,056)
Net realized gains (losses)$702 $2,690 $3,392 $(43)$(1,883)$(1,926)
Six Months Ended June 30,20222021
(in millions)
Excluding
Fortitude Re
Funds
Withheld Assets
Fortitude Re
Funds
Withheld
Assets
Total
Excluding
Fortitude Re
Funds
Withheld Assets		Fortitude Re
Funds
Withheld
Assets
Total
Sales of fixed maturity securities$(589)$(154)$(743)$134 $390 $524 
Change in allowance for credit losses on fixed maturity securities(100)(41)(141)61 6 67 
Change in allowance for credit losses on loans5 (2)3 108 3 111 
Foreign exchange transactions(245)(24)(269)90 3 93 
Variable annuity embedded derivatives, net of related hedges960 — 960 36 — 36 
All other derivatives and hedge accounting1,909 (8)1,901 15 (57)(42)
Sales of alternative investments and real estate investments23 3 26 57 1 58 
Other(20)— (20)151 — 151 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 1,943 (226)1,717 652 346 998 
Net realized gains on Fortitude Re funds withheld embedded derivative— 6,094 6,094 — 326 326 
Net realized gains$1,943 $5,868 $7,811 $652 $672 $1,324 
Debt Securities, Trading, and Equity Securities, FV-NI
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions)June 30, 2022December 31, 2021
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
U.S. government and government sponsored entities$1,620 22 %$1,750 25 %
Obligations of states, municipalities and political subdivisions99 1 97 1 
Non-U.S. governments76 1 76 1 
Corporate debt1,661 22 1,050 15 
Mortgage-backed, asset-backed and collateralized:
RMBS294 4 411 6 
CMBS321 4 315 4 
CDO/ABS and other collateralized2,827 38 2,579 37 
Total mortgage-backed, asset-backed and collateralized
3,442 46 3,305 47 
Total fixed maturity securities6,898 92 6,278 89 
Equity securities629 8 739 11 
Total$7,527 100 %$7,017 100 %
Schedule Of Other Invested Assets
The following table summarizes the carrying amount of other invested assets:
(in millions)June 30, 2022December 31, 2021
Alternative investments(a)(b)
$11,520 $10,951 
Investment real estate(c)
2,565 2,727 
All other investments(d)
1,955 1,990 
Total$16,040 $15,668 
(a)At June 30, 2022, included hedge funds of $1.6 billion and private equity funds of $9.9 billion. At December 31, 2021, included hedge funds of $2.0 billion, private equity funds of $8.9 billion.
(b)At June 30, 2022, approximately 58 percent of our hedge fund portfolio is available for redemption in 2022. The remaining 42 percent will be available for redemption between 2023 and 2028.
(c)Represents values net of accumulated depreciation. At June 30, 2022 and December 31, 2021, the accumulated depreciation was $813 million and $778 million, respectively.
(d)Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), which is recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $100 million at June 30, 2022 and December 31, 2021, respectively.
Investment Income
The following table presents the components of Net investment income:
Three Months Ended June 30,20222021
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$2,147 $267 $2,414 $2,130 $361 $2,491 
Other fixed maturity securities(a)
(175)(180)(355)93 6 99 
Equity securities(30)— (30)(13)— (13)
Interest on mortgage and other loans460 51 511 446 57 503 
Alternative investments(b)
109 56 165 579 92 671 
Real estate32 — 32 57 — 57 
Other investments(c)
37 3 40 (19)1 (18)
Total investment income2,580 197 2,777 3,273 517 3,790 
Investment expenses164 9 173 105 10 115 
Net investment income$2,416 $188 $2,604 $3,168 $507 $3,675 
Six Months Ended June 30,20222021
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$4,188 $568 $4,756 $4,308 $738 $5,046 
Other fixed maturity securities(a)
(376)(298)(674)(9)6 (3)
Equity securities(57)— (57)9 — 9 
Interest on mortgage and other loans913 97 1,010 860 104 964 
Alternative investments(b)
778 127 905 1,151 161 1,312 
Real estate32 — 32 116 — 116 
Other investments(c)
194 3 197 121 2 123 
Total investment income5,672 497 6,169 6,556 1,011 7,567 
Investment expenses310 18 328 217 18 235 
Net investment income$5,362 $479 $5,841 $6,339 $993 $7,332 
(a)Included in the three- and six-month periods ended June 30, 2022 were income (loss) of $(55) million and $(151) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and six-month periods ended June 30, 2021 were income (loss) of $35 million and $(46) 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 three- and six-month periods ended June 30, 2022 were income (loss) of $41 million and $132 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Included in the three- and six-month periods ended June 30, 2021 were income (loss) of $(40) million and $43 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2022202120222021
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(17,897)$5,851 $(38,057)$(5,798)
Other investments(7)(5)(14)(5)
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(17,904)$5,846 $(38,071)$(5,803)
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended June 30,20222021
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$(30)$(71)$(101)$(13)$543 $530 
Less: Net losses recognized during the period on equity securities and other investments sold during the period(1)(33)(34)(179)(9)(188)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(29)$(38)$(67)$166 $552 $718 
Six Months Ended June 30,20222021
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments$(57)$404 $347 $9 $1,013 $1,022 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period93 (36)57 (200)15 (185)
Unrealized gains (losses) recognized during the reporting period on
   equity securities and other investments still held at the reporting date
$(150)$440 $290 $209 $998 $1,207 
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended June 30,20222021
(in millions)StructuredNon-StructuredTotalStructuredNon-
Structured		Total
Balance, beginning of period$15 $176 $191 $14 $108 $122
Additions:
Securities for which allowance for credit losses were not previously recorded2 28 30 6 15 21 
Reductions:
Securities sold during the period(1)(40)(41)(2)(3)(5)
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 basis10 8 18 (8)(27)(35)
Write-offs charged against the allowance— (22)(22)—(6)(6)
Other— (1)(1)—— — 
Balance, end of period$26 $149 $175 $10 $87 $97 
Six Months Ended June 30,20222021
(in millions)StructuredNon-StructuredTotalStructuredNon-
Structured		Total
Balance, beginning of period$8 $90 $98 $17 $169 $186 
Additions:
Securities for which allowance for credit losses were not previously recorded51 156 207 8 28 36 
Reductions:
Securities sold during the period(1)(41)(42)(3)(7)(10)
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(32)(34)(66)(12)(91)(103)
Write-offs charged against the allowance— (22)(22)— (12)(12)
Other— — — — — — 
Balance, end of period$26 $149 $175 $10 $87 $97 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)June 30, 2022December 31, 2021
Fixed maturity securities available for sale$2,937$3,583
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight and Continuousup to
30 days		31 - 90
days		91 - 364
days		365 days or greaterTotal
June 30, 2022
Bonds available for sale:
Non-U.S. governments$42 $— $— $— $— $42 
Corporate debt219 61 — — — 280 
Total$261 $61 $— $— $— $322 
December 31, 2021
Bonds available for sale:
Non-U.S. governments$48 $— $— $— $— $48 
Corporate debt128 61 22 — — 211 
Total$176 $61 $22 $— $— $259 
The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight and Continuousup to
30 days		31 - 90
days		91 - 364
days		365 days or greaterTotal
June 30, 2022
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$— $197 $— $— $— $197 
Non-U.S. governments— 457 13 — — 470 
Corporate debt— 1,816 132 — — 1,948 
Other bond securities:
Non-U.S. governments— — — — — — 
Corporate debt— — — — — — 
Total$— $2,470 $145 $— $— $2,615 
December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$—$—$106$—$—$106
Non-U.S. governments——43——43
Corporate debt—534 2,641 ——3,175 
Total$—$534 $2,790 $—$—$3,324
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)June 30, 2022December 31, 2021
Securities collateral pledged to us$411 $1,839