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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt
14. Debt
Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable.
The following table lists our total debt outstanding at December 31, 2022 and 2021. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2022, including fixed and variable-rates:
At December 31, 2022Range of
Interest Rate(s)		Maturity
Date(s)		Balance at
December 31, 2022		Balance at
December 31, 2021
(in millions)
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable
0% - 6.82%
2023 - 2055
$10,242 $19,633 
Junior subordinated debt
4.88% - 8.18%
2037 - 2058
991 1,164 
AIG Japan Holdings Kabushiki Kaisha
0.20% - 0.35%
2023 - 2025
273 333 
Validus notes and bonds payable
8.88%
2040
269 293 
Total AIG general borrowings11,775 21,423 
AIG borrowings supported by assets(a):
AIG notes and bonds payable
7.00% - 8.13%
2023 - 2026
81 — 
Series AIGFP matched notes and bonds payable
4.74% - 4.77%
2046
18 18 
GIAs, at fair value
4.88% - 5.04%
2035 - 2037
56 1,803 
Notes and bonds payable, at fair value— 68 
Total AIG borrowings supported by assets155 1,889 
Total debt issued or guaranteed by AIG11,930 23,312 
Corebridge debt:
AIGLH notes and bonds payable(b)
6.63% - 7.50%
2025 - 2029
200 199 
AIGLH junior subordinated debt(b)
7.57% - 8.50%
2030 - 2046
227 227 
Corebridge senior unsecured notes - not guaranteed by AIG
3.50% - 4.40%
2025 - 2052
6,452 — 
Corebridge junior subordinated debt - not guaranteed by AIG
6.88%
2052
989 — 
DDTL facility - not guaranteed by AIG
3.00% - 5.50%
2023
1,500 — 
Total Corebridge debt9,368 426 
Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG
2.76% - 4.50%
2023 - 2024
1 3 
Total Short-term and long-term debt$21,299 $23,741 
Debt of consolidated investment entities - not guaranteed by AIG(c)
0% - 7.95%
2023 - 2051
$5,880 $6,422 
Total debt$27,179 $30,163 
(a)AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable and AIG notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $63 million at December 31, 2022 and $1.4 billion at December 31, 2021. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.
(b)We have entered into a guarantee reimbursement agreement with Corebridge and AIG Life Holdings, Inc. (AIGLH) which provides that Corebridge and AIGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the AIGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and AIGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or AIGLH long-term unsecured indebtedness below specified levels or (ii) the failure by AIGLH to pay principal and interest on the AIGLH debt when due, Corebridge and AIGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the AIGLH debt.
(c)At December 31, 2022, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. At December 31, 2021, includes debt of consolidated investment entities related to real estate investments of $1.9 billion and other securitization vehicles of $4.5 billion.
The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
December 31, 2022Year Ending
(in millions)Total20232024202520262027Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable
$10,242 $401 $459 $997 $783 $1,067 $6,535 
Junior subordinated debt991 — — — — — 991 
AIG Japan Holdings Kabushiki Kaisha273 179 — 94 — — — 
Validus notes and bonds payable269 — — — — — 269 
Total AIG general borrowings11,775 580 459 1,091 783 1,067 7,795 
AIG borrowings supported by assets:
AIG notes and bonds payable81 62 — 12 7 — — 
Series AIGFP matched notes and bonds payable18 — — — — — 18 
GIAs, at fair value56 — — — — — 56 
Total AIG borrowings supported by assets155 62 — 12 7 — 74 
Total debt issued or guaranteed by AIG11,930 642 459 1,103 790 1,067 7,869 
Corebridge debt:
AIGLH notes and bonds payable200 — — 101 — — 99 
AIGLH junior subordinated debt227 — — — — — 227 
Corebridge senior unsecured notes6,452 — — 994 — 1,240 4,218 
Corebridge junior subordinated debt989 — — — — — 989 
DDTL facility(a)
1,500 1,500 — — — — — 
Total Corebridge debt9,368 1,500 — 1,095 — 1,240 5,533 
Other subsidiaries notes, bonds, loans and mortgages payable1 1 — — — — — 
Total(b)
$21,299 $2,143 $459 $2,198 $790 $2,307 $13,402 
(a)Corebridge continued this borrowing through June 21, 2023. Corebridge has the ability to further continue this borrowing through February 25, 2025.
(b)Does not reflect $5.9 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.
AIGLH JUNIOR SUBORDINATED DEBENTURES
In connection with our acquisition of AIGLH in 2001, we entered into arrangements with AIGLH with respect to outstanding AIGLH capital securities. In 1996, AIGLH issued capital securities through a trust to institutional investors and funded the trust with AIGLH junior subordinated debentures issued to the trust with the same terms as the capital securities.
On July 11, 2013, the AIGLH junior subordinated debentures were distributed to holders of the capital securities, the capital securities were cancelled and the trusts were dissolved. At December 31, 2022, the junior subordinated debentures outstanding consisted of $54 million of 8.5 percent junior subordinated debentures due July 2030, $142 million of 8.125 percent junior subordinated debentures due March 2046 and $31 million of 7.57 percent junior subordinated debentures due December 2045, each guaranteed by AIG Parent.
DEBT ISSUANCE
On April 5, 2022, Corebridge issued $6.5 billion of senior unsecured notes consisting of $1.0 billion aggregate principal amount of its 3.5% Senior Notes due 2025, $1.25 billion aggregate principal amount of its 3.65% Senior Notes due 2027, $1.0 billion aggregate principal amount of its 3.85% Senior Notes due 2029, $1.5 billion aggregate principal amount of its 3.90% Senior Notes due 2032, $500 million aggregate principal amount of its 4.35% Senior Notes due 2042 and $1.25 billion aggregate principal amount of its 4.40% Senior Notes due 2052.
On August 23, 2022, Corebridge issued $1.0 billion aggregate principal amount of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052. Subject to certain redemption provisions and other terms of the hybrid junior subordinated notes, the interest rate and interest payment date reset every five years based on the average of the yields on five year U.S. Treasury securities, as of the most recent interest rate determination on a reset plus a spread, payable semi-annually.
DEBT CASH TENDER OFFERS AND REDEMPTIONS
In 2022, we repurchased, through cash tender offers, and redeemed $9.4 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $9.7 billion, resulting in a total loss on extinguishment of debt of $0.3 billion. This includes the following:
•redeemed €750 million aggregate principal amount of our 1.500% Notes due 2023 for a redemption price of 101.494 percent of the principal amount, plus accrued and unpaid interest.
•repurchased, through cash tender offers, approximately $6.8 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG for an aggregate purchase price of approximately $7.1 billion.
•redeemed $750 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest;
•redeemed approximately $522 million aggregate principal amount of our 3.750% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest;
•redeemed $500 million aggregate principal amount of our 2.500% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.
CREDIT FACILITIES
On November 19, 2021, we entered into a credit agreement, which provides for a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in November 2026. Under circumstances described in the credit agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment of up to $5 billion. As of December 31, 2022, a total of $4.5 billion remained available under the Facility.
Corebridge maintains a revolving syndicated credit facility (the Corebridge Facility) with aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $2.5 billion without any limits on the type of borrowings. The Corebridge Facility is scheduled to expire in May 2027. As of December 31, 2022, a total of $2.5 billion remained available under the Corebridge Facility.
Corebridge also maintains a 3-Year Delayed Draw Term Loan Agreement (the DDTL Facility) with aggregate commitments by the bank syndicate to provide Corebridge with delayed draw term loans of up to $1.5 billion, with no recourse to AIG Parent. On September 15, 2022, Corebridge borrowed $1.5 billion under the DDTL Facility, a portion of which was used to repay the remaining amount due to AIG Parent under the Intercompany Note. The DDTL Facility is scheduled to expire in February 2025.
We also maintain revolving credit facilities that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under those credit facilities cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, these credit facilities have combined limits of up to $556 million. Subsequent to pricing of the related securitizations, the combined limits are expected to increase to up to approximately $1.4 billion. As of December 31, 2022, we have drawn $177 million under the credit facilities. These credit facilities have maturity dates ranging from one year to eight years.
We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $420 million. As of December 31, 2022, we have drawn $326 million, under the credit facilities. Each of these credit facilities have maturity dates ranging from one year to two years.