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Lending Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)December 31, 2022December 31, 2021
Commercial mortgages(a)
$37,128 $35,665 
Residential mortgages6,130 5,492 
Life insurance policy loans1,758 1,843 
Commercial loans, other loans and notes receivable(b)
5,305 3,677 
Total mortgage and other loans receivable(c)
50,321 46,677 
Allowance for credit losses(c)(d)
(716)(629)
Mortgage and other loans receivable, net(c)
$49,605 $46,048 
(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 19 percent and 11 percent, respectively, at December 31, 2022 and 21 percent and 10 percent, respectively, at December 31, 2021).
(b)Includes loans held for sale which are carried at lower of cost or market and are collateralized primarily by apartments. As of December 31, 2022 and 2021, the net carrying value of these loans were $170 million and $15 million, respectively.
(c)In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1.
(d)Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Credit Quality
The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:
December 31, 202220222021202020192018PriorTotal
(in millions)
>1.2X$5,518 $2,457 $1,710 $4,985 $4,120 $11,663 $30,453 
1.00 - 1.20X910 898 473 416 567 1,353 4,617 
<1.00X45 — 23 52 744 1,194 2,058 
Total commercial mortgages$6,473 $3,355 $2,206 $5,453 $5,431 $14,210 $37,128 
December 31, 202120212020201920182017PriorTotal
(in millions)
>1.2X$2,245 $1,662 $5,126 $3,926 $3,557 $10,796 $27,312 
1.00 - 1.20X574 1,019 700 1,138 136 1,929 5,496 
<1.00X1 27 71 925 41 1,792 2,857 
Total commercial mortgages$2,820 $2,708 $5,897 $5,989 $3,734 $14,517 $35,665 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
December 31, 202220222021202020192018PriorTotal
(in millions)
Less than 65%$5,425 $2,548 $1,775 $3,958 $3,016 $10,739 $27,461 
65% to 75%998 517 405 1,445 1,487 1,393 6,245 
76% to 80%50 52 — — 168 229 499 
Greater than 80%— 238 26 50 760 1,849 2,923 
Total commercial mortgages$6,473 $3,355 $2,206 $5,453 $5,431 $14,210 $37,128 
December 31, 202120212020201920182017PriorTotal
(in millions)
Less than 65%$2,286 $2,272 $4,149 $4,815 $2,892 $9,902 $26,316 
65% to 75%372 410 1,748 1,174 406 3,490 7,600 
76% to 80%— — — — 188 274 462 
Greater than 80%162 26 — — 248 851 1,287 
Total commercial mortgages$2,820 $2,708 $5,897 $5,989 $3,734 $14,517 $35,665 
(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9x at period ended December 31, 2022 and 1.9x at period ended December 31, 2021. The debt service coverage ratios have been updated within the last three months. The debt service coverage ratios are updated when additional relevant information becomes available.
(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59 percent at December 31, 2022 and was 57 percent at December 31, 2021. The loan-to-value ratios have been updated within the last three months.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
December 31, 2022
Past Due Status:
In good standing615$14,597 $9,652 $3,634 $6,006 $1,935 $407 $36,231 97 %
Restructured(a)
10— 450 140 — 92 — 682 2 
90 days or less delinquent—— — — — — — — — 
>90 days delinquent or in process of foreclosure4— 173 42 — — — 215 1 
Total(b)
629$14,597 $10,275 $3,816 $6,006 $2,027 $407 $37,128 100 %
Allowance for credit losses$100 $351 81 71 29 8 $640 2 %
December 31, 2021
Past Due Status:
In good standing636$14,267 $9,695 $4,778 $3,858 $1,985 $432 $35,015 98 %
Restructured(a)
8— 354 25 — 136 — 515 2 
90 days or less delinquent—— — — — — — — — 
>90 days delinquent or in process of foreclosure5— 81 54 — — — 135 — 
Total(b)
649$14,267 $10,130 $4,857 $3,858 $2,121 $432 $35,665 100 %
Allowance for credit losses$109 $247 $103 $47 $31 $8 $545 2 %
(a)Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings, see – Troubled Debt Restructurings.
(b)Does not reflect allowance for credit losses.
The following table presents credit quality performance indicators for residential mortgages by year of vintage:
December 31, 202220222021202020192018PriorTotal
(in millions)
FICO*:
780 and greater$296 $2,204 $654 $232 $77 $567 $4,030 
720 - 779536 728 168 76 32 169 1,709 
660 - 719163 80 28 16 9 62 358 
600 - 6592 4 2 2 2 14 26 
Less than 600— — — 1 — 6 7 
Total residential mortgages$997 $3,016 $852 $327 $120 $818 $6,130 
December 31, 202120212020201920182017PriorTotal
(in millions)
FICO*:
780 and greater$1,601 $691 $297 $107 $192 $501 $3,389 
720 - 7791,306 230 86 44 58 154 1,878 
660 - 71948 42 22 12 20 49 193 
600 - 6591 1 2 3 2 12 21 
Less than 600— — 1 1 2 7 11 
Total residential mortgages$2,956 $964 $408 $167 $274 $723 $5,492 
*Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months.
Allowance for Credit Loss The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a):
Years Ended December 31,202220212020
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of year$545 $84 $629 $685 $129 $814 $336 $102 $438 
Initial allowance upon CECL adoption— — — — — — 311 7 318 
Loans charged off(17)— (17)(2)— (2)(12)(5)(17)
Net charge-offs(17)— (17)(2)— (2)(12)(5)(17)
Addition to (release of) allowance for loan losses112 (8)104 (138)(26)(164)50 25 75 
Divestitures— — — — (19)(19)— — — 
Allowance, end of year(b)
$640 $76 $716 $545 $84 $629 $685 $129 $814 
(a)Does not include allowance for credit losses of $69 million and $71 million, respectively, at December 31, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)In 2022, excludes $37.6 billion loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1.