Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.

Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method.

Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy.


(in millions)	December 31, 2023		December 31, 2022
Commercial mortgages(a)	$	38,009	$	37,128
Residential mortgages	8,689		6,130
Life insurance policy loans	1,753		1,758
Commercial loans, other loans and notes receivable(b)	3,940		5,305
Total mortgage and other loans receivable(c)	52,391		50,321
Allowance for credit losses(c)(d)	(838)		(716)
Mortgage and other loans receivable, net(c)	$	51,553	$	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 18 percent and 11 percent, respectively, at December 31, 2023 and 19 percent and 11 percent, respectively, at December 31, 2022).

(b)There were no loans that were held for sale carried at lower of cost or market as of December 31, 2023. The net carrying value of loans carried at lower of cost or market was $170 million as of 2022.

(c)Excludes $37.6 billion at both December 31, 2023 and 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 $67 million and $69 million, respectively, at December 31, 2023 and 2022, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of December 31, 2023, $27 million and $492 million of residential mortgage loans and commercial mortgage loans, respectively, are placed on nonaccrual status. As of December 31, 2022, $5 million and $703 million of residential mortgage loans and commercial mortgage loans, respectively, are placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Consolidated Balance Sheets. As of December 31, 2023, accrued interest receivable was $20 million and $183 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2022, accrued interest receivable was $15 million and $147 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.


December 31, 2023		2023		2022		2021		2020		2019		Prior		Total
(in millions)
>1.2X	$	2,555	$	6,209	$	2,349	$	1,387	$	4,969	$	13,459	$	30,928
1.00 - 1.20X		295		1,149		1,574		369		177		2,632		6,196
<1.00X		—		50		—		—		—		835		885
Total commercial mortgages	$	2,850	$	7,408	$	3,923	$	1,756	$	5,146	$	16,926	$	38,009


December 31, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
>1.2X	$	5,518	$	2,457	$	1,710	$	4,985	$	4,120	$	11,663	$	30,453
1.00 - 1.20X		910		898		473		416		567		1,353		4,617
<1.00X		45		—		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, 2023		2023		2022		2021		2020		2019		Prior		Total
(in millions)
Less than 65%	$	2,446	$	4,629	$	2,741	$	1,303	$	2,832	$	11,571	$	25,522
65% to 75%		290		1,763		794		288		1,937		3,220		8,292
76% to 80%		—		375		99		—		377		340		1,191
Greater than 80%		114		641		289		165		—		1,795		3,004
Total commercial mortgages	$	2,850	$	7,408	$	3,923	$	1,756	$	5,146	$	16,926	$	38,009

December 31, 2022		2022		2021		2020		2019		2018		Prior		Total
(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 December 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 December 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.


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2023
Past Due Status:
In good standing	610	$	15,129	$	9,679	$	4,263	$	6,367	$	2,053	$	446	$	37,937	100	%

90 days or less delinquent	1		—		29		—		—		—		—		29	—
>90 days delinquent or in process of foreclosure(a)	1		—		—		43		—		—		—		43	—
Total(b)	612	$	15,129	$	9,708	$	4,306	$	6,367	$	2,053	$	446	$	38,009	100	%
Allowance for credit losses		$	94	$	415	$	109	$	90	$	38	$	6	$	752	2	%


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
December 31, 2022
Past Due Status:
In good standing	625	$	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 foreclosure(a)	4		—		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	%

(a)Includes $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2022. Office loans supporting the Fortitude Re funds have been foreclosed and are reported in Other invested assets in the Consolidated Balance Sheets at December 31, 2023.


December 31, 2023		2023		2022		2021		2020		2019		Prior		Total
(in millions)
FICO*:
780 and greater	$	514	$	589	$	2,283	$	622	$	240	$	608	$	4,856
720 - 779		1,121		625		560		169		99		243		2,817
660 - 719		313		257		113		40		37		128		888
600 - 659		2		20		11		8		9		53		103
Less than 600		—		1		2		2		4		16		25
Total residential mortgages	$	1,950	$	1,492	$	2,969	$	841	$	389	$	1,048	$	8,689

December 31, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
FICO*:
780 and greater	$	296	$	2,204	$	654	$	232	$	77	$	567	$	4,030
720 - 779		536		728		168		76		32		169		1,709
660 - 719		163		80		28		16		9		62		358
600 - 659		2		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.

At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions.

The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage.

The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads.

Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual.

We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into

loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss).


Years Ended December 31,	2023(b)						2022					2021
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans			Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	640	$	76	$	716		$	545	$	84		$	629	$	685	$	129	$	814


Loans charged off	(109)		—		(109)			(17)		—			(17)		(2)		—		(2)

Net charge-offs	(109)		—		(109)			(17)		—			(17)		(2)		—		(2)
Addition to (release of) allowance for loan losses	221		10		231			112		(8)			104		(138)		(26)		(164)
Divestitures	—		—		—			—		—			—		—		(19)		(19)

Allowance, end of year	$	752	$	86	$	838		$	640	$	76		$	716	$	545	$	84	$	629

(a)Does not include allowance for credit losses of $67 million, $69 million and $71 million, respectively, at December 31, 2023, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(b)Excludes $37.6 billion at both December 31, 2023 and 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.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses.

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor.

During the year ended December 31, 2023, commercial mortgage loans with an amortized cost of $87 million (including $56 million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term extensions. The modified loans represent less than 1 percent of each of these two portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments.

There were no loans that had defaulted during the year ended December 31, 2023, that had been previously modified with borrowers experiencing financial difficulties.

Prior to January 1, 2023, we were required to assess loan modifications to determine if they were a troubled debt restructuring. A troubled debt restructuring was a modification of a loan with a borrower that was experiencing financial difficulty and the modification involved us granting a concession to the troubled borrower. Concessions previously granted included extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants.