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Lending Activities (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Composition of Mortgages and Other Loans Receivable
The following table presents the composition of Mortgage and other loans receivable, net:
(in millions)March 31, 2023December 31, 2022
Commercial mortgages(a)
$37,779 $37,128 
Residential mortgages6,899 6,130 
Life insurance policy loans1,747 1,758 
Commercial loans, other loans and notes receivable(b)
5,191 5,305 
Total mortgage and other loans receivable(c)
51,616 50,321 
Allowance for credit losses(c)(d)
(786)(716)
Mortgage and other loans receivable, net(c)
$50,830 $49,605 
(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 March 31, 2023 and 19 percent and 11 percent, respectively, at December 31, 2022).
(b)Includes loans held for sale which are carried at lower of cost or market and are collateralized primarily by apartments. As of March 31, 2023 and December 31, 2022, the net carrying value of these loans were $173 million and $170 million, respectively.
(c)Excludes $37.6 billion and $37.6 billion, respectively, at March 31, 2023 and December 31, 2022 of 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 $62 million and $69 million, respectively, at March 31, 2023 and December 31, 2022, 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:
March 31, 202320232022202120202019PriorTotal
(in millions)
>1.2X$339 $5,615 $2,441 $1,288 $5,076 $15,838 $30,597 
1.00 - 1.20X57 1,051 1,050 909 431 1,686 5,184 
<1.00X— 49 — 23 — 1,926 1,998 
Total commercial mortgages$396 $6,715 $3,491 $2,220 $5,507 $19,450 $37,779 
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 
The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:
March 31, 202320232022202120202019PriorTotal
(in millions)
Less than 65%$354 $5,602 $2,674 $1,786 $4,006 $14,091 $28,513 
65% to 75%42 1,063 527 269 1,451 2,509 5,861 
76% to 80%— 50 52 — — 424 526 
Greater than 80%— — 238 165 50 2,426 2,879 
Total commercial mortgages$396 $6,715 $3,491 $2,220 $5,507 $19,450 $37,779 
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 
(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 both periods ended on March 31, 2023 and December 31, 2022. 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 both periods ended on March 31, 2023 and December 31, 2022. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.
The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
March 31, 2023
Past Due Status:
In good standing621$14,608 $9,950 $4,090 $6,062 $2,082 $417 $37,209 98 %
90 days or less delinquent2360 — — — — — 360 1 
>90 days delinquent or in process of foreclosure4— 169 41 — — — 210 1 
Total(b)
627$14,968 $10,119 $4,131 $6,062 $2,082 $417 $37,779 100 %
Allowance for credit losses$101 $411 $87 $72 $27 $8 $706 2 %
December 31, 2022
Past Due Status:
In good standing625$14,597 $10,102 $3,774 $6,006 $2,027 $407 $36,913 99 %
90 days or less delinquent—— — — — — — — — 
>90 days delinquent or in process of foreclosure4— 173 42 — — — 215 1 
Total(a)
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 %
(a)Does not reflect allowance for credit losses.
The following table presents credit quality performance indicators for residential mortgages by year of vintage:
March 31, 202320232022202120202019PriorTotal
(in millions)
FICO*:
780 and greater$70 $539 $2,328 $649 $234 $637 $4,457 
720 - 779269 541 511 168 71 234 1,794 
660 - 71972 231 82 34 16 104 539 
600 - 6592 21 6 1 2 50 82 
Less than 600— — 1 — 2 24 27 
Total residential mortgages$413 $1,332 $2,928 $852 $325 $1,049 $6,899 
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 
*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):
Three Months Ended March 31,
2023(b)
2022
(in millions)Commercial
Mortgages		Other
Loans		TotalCommercial
Mortgages		Other
Loans		Total
Allowance, beginning of year$640 $76 $716 $545 $84 $629 
Loans charged off— — — (4)— (4)
Net charge-offs— — — (4)— (4)
Addition to (release of) allowance for loan losses66 4 70 (8)— (8)
Allowance, end of period
$706 $80 $786 $533 $84 $617 
(a)Does not include allowance for credit losses of $62 million and $106 million, respectively, at March 31, 2023 and 2022 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
(b)Excludes $37.6 billion and $37.6 billion, respectively, at March 31, 2023 and December 31, 2022, of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1.