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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Effects of Reinsurance
The following tables present the transition rollforward for Reinsurance assets:
(in millions)Individual
Retirement		Life
Insurance		Institutional
Markets		Total
Reinsurance assets - other, net of allowance for credit losses and disputes(a)
Pre-adoption, December 31, 2020$309 $2,370 $28 $2,707 
Reclassification of Cost of Reinsurance(b)
— 416 — 416 
Reclassification to Market risk benefits(35)— — (35)
Change in cash flow assumptions and effect of net premiums exceeding gross premiums— 9 — 9 
Change due to the current upper-medium grade discount rate— 74 5 79 
Post-adoption January 1, 2021$274 $2,869 $33 $3,176 
(in millions)Total
Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes(c)
Pre-adoption, December 31, 2020$29,135 
Change in cash flow assumptions and effect of net premiums exceeding gross premiums55 
Change due to the current upper-medium grade discount rate7,611 
Post-adoption January 1, 2021$36,801 
(a)Excludes $36.3 billion of Reinsurance assets - other, net of allowance for credit losses and disputes in General Insurance and Other Operations.
(b)Cost of reinsurance is reported in Other liabilities in the Consolidated Balance sheets.
(c)Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Excludes $5.4 billion of Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes in General Insurance and Other Operations.
The following table presents short-duration insurance premiums written and earned:
Years Ended December 31,
(in millions)202320222021
Premiums written:
Direct$31,445 $32,025 $30,910 
Assumed7,951 7,385 7,209 
Ceded(12,190)(12,650)(11,702)
Net$27,206 $26,760 $26,417 
Premiums earned:
Direct$30,781 $32,053 $30,279 
Assumed7,050 7,137 6,640 
Ceded(12,268)(12,425)(11,301)
Net$25,563 $26,765 $25,618 
The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations:
Years Ended December 31,
(in millions)202320222021
Premiums earned:
Direct$4,706 $4,739 $4,604 
Assumed4,111 1,318 2,265 
Ceded(1,126)(966)(1,202)
Net$7,691 $5,091 $5,667 
Policy Fees:
Direct$2,873 $2,991 $3,090 
Assumed— — — 
Ceded(76)(78)(85)
Net$2,797 $2,913 $3,005 
Summary of The Composition of Pool of Assets
The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance:
At December 31,20232022
(in millions)As
Reported		Net of
Reinsurance		As
Reported		Net of
Reinsurance
Liability for unpaid losses and loss adjustment expenses$(70,393)$(39,994)$(75,167)$(42,955)
Future policy benefits for life and accident and health insurance contracts(58,576)(35,005)(51,914)(27,836)
Policyholder contract deposits(161,979)(158,171)(155,984)(152,375)
Reserve for unearned premiums(17,387)(13,117)(18,338)(13,992)
Other policyholder funds(3,356)(2,817)(3,463)(2,898)
Reinsurance assets*
62,58764,810
*Reinsurance assets excludes (i) allowance for credit losses and disputes of $236 million and $295 million (of which $110 million and $110 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2023 and 2022, respectively, (ii) paid loss recoveries of $4,879 million and $4,662 million for the years ended December 31, 2023 and 2022, respectively, and (iii) policy and contract claims recoverable of $296 million and $545 million for the years ended December 31, 2023 and 2022, respectively.
Summary of Assets Supporting Funds Withheld Arrangements
There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:
December 31, 2023December 31, 2022
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$17,384 $17,384 $18,821 $18,821 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option4,867 4,867 4,182 4,182 Fair value through net investment income
Commercial mortgage loans3,921 3,685 4,107 3,837 Amortized cost
Real estate investments184 329 133 348 Amortized cost
Private equity funds / hedge funds1,910 1,910 1,893 1,893 Fair value through net investment income
Policy loans330 330 355 355 Amortized cost
Short-term investments176 176 75 75 Fair value through net investment income
Funds withheld investment assets28,772 28,681 29,566 29,511 
Derivative assets, net(b)
45 45 90 90 Fair value through net realized gains (losses)
Other(c)
758 758 782 782 Amortized cost
Total$29,575 $29,484 $30,438 $30,383 
(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $734 million ($580 million after-tax) and $(7.5) billion ($(5.9) billion after-tax), respectively for the years ended December 31, 2023 and 2022.
(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $63 million and $34 million, respectively, as of December 31, 2023. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $192 million and $28 million, respectively, as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities.
(c)Primarily comprised of Cash and Accrued investment income.
Summary of The Impact of Funds Withheld Arrangements
The impact of the funds withheld arrangements with Fortitude Re was as follows:
Years Ended December 31,
(in millions)202320222021
Net investment income - Fortitude Re funds withheld assets$1,544 $943 $1,971 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) - Fortitude Re funds withheld assets(295)(486)1,003 
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative(2,007)7,481 (603)
Net realized gains (losses) on Fortitude Re funds withheld assets(2,302)6,995 400 
Income (loss) from continuing operations before income tax expense (benefit)(758)7,938 2,371 
Income tax expense (benefit)(a)
(159)1,667 499 
Net income (loss)
(599)6,271 1,872 
Change in unrealized appreciation (depreciation) of all other investments(a)
580 (5,900)(1,760)
Comprehensive income (loss)$(19)$371 $112 
(a)The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.
Reinsurance Recoverable, Allowance for Credit Loss
The following table presents a rollforward of the reinsurance recoverable allowance:
Years Ended December 31,202320222021
(in millions)General InsuranceLife and RetirementTotalGeneral InsuranceLife and RetirementTotalGeneral InsuranceLife and RetirementTotal
Balance, beginning of year$260 $84 $344 $281 $101 $382 $292 $83 $375 
Addition to (release of) allowance for expected credit losses and disputes, net(5)(5)(10)(22)(17)(39)6 18 24 
Write-offs charged against the allowance for credit losses and disputes— (49)(49)(5)— (5)(17)— (17)
Recoveries of amounts previously written off— — — 2 — 2 — — — 
Other changes— — — 4 — 4 — — — 
Balance, end of year$255 $30 $285 $260 $84 $344 $281 $101 $382 
Schedule of Life Insurance in Force Ceded to Other Insurance Companies
The following table presents long-duration insurance in-force ceded to other insurance companies:
At December 31,
(in millions)202320222021
Long-duration insurance in force ceded$363,471 $346,879 $363,008