
(in millions)	March 31, 2024		December 31, 2023
Commercial mortgages(a)	$	38,478	$	38,009
Residential mortgages	9,241		8,689
Life insurance policy loans	1,753		1,753
Commercial loans, other loans and notes receivable(b)	3,869		3,940
Total mortgage and other loans receivable(c)	53,341		52,391
Allowance for credit losses(c)(d)	(866)		(838)
Mortgage and other loans receivable, net(c)	$	52,475	$	51,553

(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 10 percent, respectively, at March 31, 2024 and 18 percent and 11 percent, respectively, at December 31, 2023).

(c)Excludes $37.6 billion at both March 31, 2024 and December 31, 2023 of loan receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1 to the Consolidated Financial Statements in the 2023 Annual Report.

(d)Does not include allowance for credit losses of $55 million and $67 million, respectively, at March 31, 2024 and December 31, 2023, 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 March 31, 2024, $32 million and $656 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2023, $27 million and $492 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2024, accrued interest receivable was $34 million and $187 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2023, accrued interest receivable was $20 million and $183 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.


March 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
>1.2X	$	659	$	2,388	$	6,371	$	2,577	$	1,412	$	17,872	$	31,279
1.00 - 1.20X		90		420		1,148		1,528		368		2,773		6,327
<1.00X		—		—		50		—		—		822		872
Total commercial mortgages	$	749	$	2,808	$	7,569	$	4,105	$	1,780	$	21,467	$	38,478


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


March 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
Less than 65%	$	749	$	2,520	$	4,716	$	2,858	$	1,329	$	13,730	$	25,902
65% to 75%		—		288		2,225		798		286		5,204		8,801
76% to 80%		—		—		—		99		—		836		935
Greater than 80%		—		—		628		350		165		1,697		2,840
Total commercial mortgages	$	749	$	2,808	$	7,569	$	4,105	$	1,780	$	21,467	$	38,478

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

(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 March 31, 2024 and December 31, 2023. 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 60 percent at both periods ended March 31, 2024 and December 31, 2023. 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
March 31, 2024
Past Due Status:
In good standing	610	$	15,268	$	9,573	$	4,172	$	6,572	$	2,039	$	523	$	38,147	99	%

90 days or less delinquent(a)	2		—		61		200		—		—		—		261	1
>90 days delinquent or in process of foreclosure	2		—		29		41		—		—		—		70	—
Total(b)	614	$	15,268	$	9,663	$	4,413	$	6,572	$	2,039	$	523	$	38,478	100	%
Allowance for credit losses		$	82	$	441	$	113	$	98	$	43	$	7	$	784	2	%


	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	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	%

(a)Includes $61 million of Office loans and $20 million of Retail loans supporting the Fortitude Re funds withheld arrangements, 90 days or less delinquent, at March 31, 2024.


March 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
FICO*:
780 and greater	$	55	$	699	$	594	$	2,295	$	643	$	845	$	5,131
720 - 779		198		1,134		539		543		151		345		2,910
660 - 719		69		364		232		131		40		168		1,004
600 - 659		—		12		34		18		10		59		133
Less than 600		—		2		18		9		5		29		63
Total residential mortgages	$	322	$	2,211	$	1,417	$	2,996	$	849	$	1,446	$	9,241

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

*Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and scores have been updated within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On March 31, 2024 and December 31, 2023 residential loans direct to consumers totaled $2.3 billion and $1.7 billion, respectively.


Three Months Ended March 31,	2024(b)						2023
(in millions)	Commercial Mortgages		Other Loans		Total			Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	752	$	86	$	838		$	640	$	76	$	716
Loans charged off	—		(6)		(6)			—		—		—

Net charge-offs	—		(6)		(6)			—		—		—
Addition to (release of) allowance for loan losses	32		2		34			66		4		70


Allowance, end of period	$	784	$	82	$	866		$	706	$	80	$	786

(a)Does not include allowance for credit losses of $55 million and $62 million, respectively, at March 31, 2024 and 2023 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 March 31, 2024 and December 31, 2023, 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 to the Consolidated Financial Statements in the 2023 Annual Report.

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 three months ended March 31, 2024, commercial mortgage loans with an amortized cost of $17 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, and $168 million of which is related to the loans previously modified in 2023) were granted term extensions. The modified loans represent less than 1 percent and 4 percent, respectively, of these 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 three months ended March 31, 2024 and 2023, that had been previously modified with borrowers experiencing financial difficulties.