Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

March 31, 2024		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	25	$	5,764	$	—	$	—	$	—	$	5,789
Obligations of states, municipalities and political subdivisions		—		9,260		833		—		—		10,093
Non-U.S. governments		163		11,798		7		—		—		11,968
Corporate debt		—		133,861		1,957		—		—		135,818
RMBS		—		13,308		8,113		—		—		21,421
CMBS		—		13,898		590		—		—		14,488
CLO/ABS		—		14,864		18,046		—		—		32,910
Total bonds available for sale		188		202,753		29,546		—		—		232,487
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		89		1		—		—		90
Non-U.S. governments		—		39		—		—		—		39
Corporate debt		—		2,775		222		—		—		2,997
RMBS		—		113		160		—		—		273
CMBS		—		266		17		—		—		283
CLO/ABS		—		560		1,161		—		—		1,721
Total other bond securities		—		3,842		1,561		—		—		5,403
Equity securities		727		12		58		—		—		797
Other invested assets(b)		—		134		1,854		—		—		1,988
Derivative assets(c):
Interest rate contracts		—		3,074		410		—		—		3,484
Foreign exchange contracts		—		1,235		1		—		—		1,236
Equity contracts		—		1,805		1,073		—		—		2,878
Credit contracts		—		78		33		—		—		111
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(4,545)		(2,601)		(7,146)
Total derivative assets		—		6,192		1,530		(4,545)		(2,601)		576
Short-term investments		2,969		5,518		—		—		—		8,487
Market risk benefit assets		—		—		1,172		—		—		1,172
Other assets(c)		—		—		129		—		—		129
Separate account assets		91,859		3,314		—		—		—		95,173
Total(d)	$	95,743	$	221,765	$	35,850	$	(4,545)	$	(2,601)	$	346,212
Liabilities:
Policyholder contract deposits	$	—	$	63	$	8,550	$	—	$	—	$	8,613
Market risk benefit liabilities		—		—		5,167		—		—		5,167
Derivative liabilities(c):
Interest rate contracts		—		3,379		—		—		—		3,379
Foreign exchange contracts		—		624		3		—		—		627
Equity contracts		—		1,175		54		—		—		1,229
Credit contracts		—		3		33		—		—		36
Other contracts		—		—		1		—		—		1
Counterparty netting and cash collateral		—		—		—		(4,545)		(326)		(4,871)
Total derivative liabilities		—		5,181		91		(4,545)		(326)		401
Fortitude Re funds withheld payable		—		—		(1,364)		—		—		(1,364)
Other liabilities		—		—		92		—		—		92
Long-term debt		—		68		—		—		—		68
Total	$	—	$	5,312	$	12,536	$	(4,545)	$	(326)	$	12,977

December 31, 2023		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	35	$	5,581	$	—	$	—	$	—	$	5,616
Obligations of states, municipalities and political subdivisions		—		9,816		847		—		—		10,663
Non-U.S. governments		233		12,213		7		—		—		12,453
Corporate debt		—		136,753		1,679		—		—		138,432
RMBS		—		12,804		7,640		—		—		20,444
CMBS		—		13,495		633		—		—		14,128
CLO/ABS		—		13,959		16,038		—		—		29,997
Total bonds available for sale		268		204,621		26,844		—		—		231,733
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		90		1		—		—		91
Non-U.S. governments		—		37		—		—		—		37
Corporate debt		—		2,697		211		—		—		2,908
RMBS		—		105		158		—		—		263
CMBS		—		244		17		—		—		261
CLO/ABS		—		512		1,169		—		—		1,681
Total other bond securities		—		3,685		1,556		—		—		5,241
Equity securities		632		40		56		—		—		728
Other invested assets (b)		—		155		2,070		—		—		2,225
Derivative assets(c):
Interest rate contracts		—		2,826		460		—		—		3,286
Foreign exchange contracts		—		1,235		1		—		—		1,236
Equity contracts		7		1,187		825		—		—		2,019
Credit contracts		—		8		33		—		—		41
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(3,864)		(2,220)		(6,084)
Total derivative assets		7		5,256		1,332		(3,864)		(2,220)		511
Short-term investments		2,635		8,137		—		—		—		10,772
Market risk benefit assets		—		—		912		—		—		912
Other assets(c)		—		—		243		—		—		243
Separate account assets		87,814		3,191		—		—		—		91,005
Total(d)	$	91,356	$	225,085	$	33,013	$	(3,864)	$	(2,220)	$	343,370
Liabilities:
Policyholder contract deposits	$	—	$	55	$	7,942	$	—	$	—	$	7,997
Market risk benefit liabilities		—		—		5,705		—		—		5,705
Derivative liabilities(c):
Interest rate contracts		—		3,631		—		—		—		3,631
Foreign exchange contracts		—		891		3		—		—		894
Equity contracts		2		680		63		—		—		745
Credit contracts		—		4		33		—		—		37
Other contracts		—		—		2		—		—		2
Counterparty netting and cash collateral		—		—		—		(3,864)		(1,050)		(4,914)
Total derivative liabilities		2		5,206		101		(3,864)		(1,050)		395
Fortitude Re funds withheld payable		—		—		(1,226)		—		—		(1,226)
Other liabilities		—		107		122		—		—		229
Long-term debt		—		53		—		—		—		53
Total	$	2	$	5,421	$	12,644	$	(3,864)	$	(1,050)	$	13,153

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.5 billion and $9.5 billion as of March 31, 2024 and December 31, 2023, respectively.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

(d)Excludes $176 million and $182 million as of March 31, 2024 and December 31, 2023, respectively, of assets reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis

The following tables present changes during the three months ended March 31, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and 2023:

(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	847	$	—	$	(14)	$	—	$	—	$	—	$	—	$	833	$	—	$	(16)
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		1,679		2		1		(29)		342		(38)		—		1,957		—		(4)
RMBS		7,640		90		93		329		—		(39)		—		8,113		—		89
CMBS		633		(5)		46		(103)		144		(125)		—		590		—		11
CLO/ABS		16,038		55		168		1,274		677		(166)		—		18,046		—		164
Total bonds available for sale		26,844		142		294		1,471		1,163		(368)		—		29,546		—		244
Other bond securities:
Obligations of states, municipalities and political subdivisions		1		—		—		—		—		—		—		1		—		—
Corporate debt		211		8		—		—		3		—		—		222		8		—
RMBS		158		3		—		(1)		—		—		—		160		2		—
CMBS		17		—		—		—		—		—		—		17		—		—
CLO/ABS		1,169		14		—		(20)		—		(2)		—		1,161		3		—
Total other bond securities		1,556		25		—		(21)		3		(2)		—		1,561		13		—
Equity securities		56		3		—		—		—		(1)		—		58		3		—
Other invested assets		2,070		(92)		(8)		(33)		—		(57)		(26)		1,854		(90)		—
Other assets		243		—		—		(114)		—		—		—		129		—		—
Total(a)	$	30,769	$	78	$	286	$	1,303	$	1,166	$	(428)	$	(26)	$	33,148	$	(74)	$	244
(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	7,942	$	452	$	—	$	156	$	—	$	—	$	—	$	8,550	$	(3)	$	—
Derivative liabilities, net:
Interest rate contracts		(460)		103		—		(53)		—		—		—		(410)		193		—
Foreign exchange contracts		2		—		—		—		—		—		—		2		—		—
Equity contracts		(762)		(192)		—		(65)		—		—		—		(1,019)		187		—
Other contracts		(11)		(16)		—		15		—		—		—		(12)		16		—
Total derivative liabilities, net(b)		(1,231)		(105)		—		(103)		—		—		—		(1,439)		396		—
Fortitude Re funds withheld payable		(1,226)		(13)		—		(125)		—		—		—		(1,364)		209		—
Other Liabilities		122		(30)		—		—		—		—		—		92		—		—
Total(c)	$	5,607	$	304	$	—	$	(72)	$	—	$	—	$	—	$	5,839	$	602	$	—

(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	824	$	1	$	55	$	(7)	$	—	$	—	$	—	$	873	$	—	$	44
Non-U.S. governments		1		1		—		—		7		—		—		9		—		—
Corporate debt		2,847		(102)		51		(201)		274		(421)		(16)		2,432		—		50
RMBS		7,553		109		(70)		10		—		(21)		—		7,581		—		(98)
CMBS		926		7		(3)		1		34		(27)		—		938		—		(34)
CLO/ABS		12,748		50		271		840		58		(102)		24		13,889		—		229
Total bonds available for sale		24,899		66		304		643		373		(571)		8		25,722		—		191
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		—		—		1		—		—		—		1		—		—
Corporate debt		416		1		—		(96)		—		(191)		—		130		3		—
RMBS		173		5		—		(12)		—		—		—		166		(3)		—
CMBS		28		(1)		—		—		—		—		—		27		(1)		—
CLO/ABS		910		36		—		18		1		(7)		52		1,010		24		—
Total other bond securities		1,527		41		—		(89)		1		(198)		52		1,334		23		—
Equity securities		39		—		—		27		8		—		—		74		—		—
Other invested assets		2,075		(52)		5		58		—		—		—		2,086		(50)		—
Other assets		107		—		—		3		—		—		—		110		—		—
Total(a)	$	28,647	$	55	$	309	$	642	$	382	$	(769)	$	60	$	29,326	$	(27)	$	191
(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	381	$	—	$	316	$	—	$	—	$	—	$	6,064	$	(368)	$	—
Derivative liabilities, net:
Interest rate contracts		(311)		57		—		(102)		—		—		—		(356)		(50)		—
Equity contracts		(271)		(56)		—		(175)		—		—		—		(502)		51		136
Other contracts		(14)		(16)		—		16		—		—		—		(14)		16		—
Total derivative liabilities, net(b)		(596)		(15)		—		(261)		—		—		—		(872)		17		136
Fortitude Re funds withheld payable		(2,235)		1,165		—		(793)		—		—		—		(1,863)		(759)		—
Other liabilities		112		—		—		—		—		—		—		112		—		—
Total(c)	$	2,648	$	1,531	$	—	$	(738)	$	—	$	—	$	—	$	3,441	$	(1,110)	$	136

(a)Excludes MRB assets of $1.2 billion at March 31, 2024 and $830 million at March 31, 2023. For additional information, see Note 13.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $5.2 billion at March 31, 2024 and $5.1 billion at March 31, 2023. For additional information, see Note 13.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	(1)	$	—
Corporate debt		8		(3)		(34)		(29)
RMBS		574		(1)		(244)		329
CMBS		—		(30)		(73)		(103)
CLO/ABS		1,894		(56)		(564)		1,274
Total bonds available for sale		2,477		(90)		(916)		1,471
Other bond securities:
RMBS		3		—		(4)		(1)
CLO/ABS		41		—		(61)		(20)
Total other bond securities		44		—		(65)		(21)
Other invested assets		63		—		(96)		(33)
Other assets		—		—		(114)		(114)
Total	$	2,584	$	(90)	$	(1,191)	$	1,303

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Liabilities:
Policyholder contract deposits	$	—	$	332	$	(176)	$	156
Derivative liabilities, net		(194)		6		85		(103)
Fortitude Re funds withheld payable		—		—		(125)		(125)
Total	$	(194)	$	338	$	(216)	$	(72)
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(4)	$	(4)	$	(7)
Corporate Debt		21		—		(222)		(201)
RMBS		290		(19)		(261)		10
CMBS		10		(6)		(3)		1
CLO/ABS		897		(3)		(54)		840
Total bonds available for sale		1,219		(32)		(544)		643
Other bond securities:
Obligations of states, municipalities and political subdivisions		1		—		—		1
Corporate debt		—		—		(96)		(96)
RMBS		5		—		(17)		(12)
CLO/ABS		46		(4)		(24)		18
Total other bond securities		52		(4)		(137)		(89)
Equity securities		29		—		(2)		27
Other invested assets		72		—		(14)		58
Other assets		—		—		3		3
Total	$	1,372	$	(36)	$	(694)	$	642
Liabilities:
Policyholder contract deposits	$	—	$	326	$	(10)	$	316
Derivative liabilities, net		(260)		5		(6)		(261)
Fortitude Re funds withheld payable		—		—		(793)		(793)
Total	$	(260)	$	331	$	(809)	$	(738)

(a)There were no issuances during the three months ended March 31, 2024 and 2023.

Schedule of Liabilities Measured on a Recurring Basis

The following tables present changes during the three months ended March 31, 2024 and 2023 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and 2023:

(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	847	$	—	$	(14)	$	—	$	—	$	—	$	—	$	833	$	—	$	(16)
Non-U.S. governments		7		—		—		—		—		—		—		7		—		—
Corporate debt		1,679		2		1		(29)		342		(38)		—		1,957		—		(4)
RMBS		7,640		90		93		329		—		(39)		—		8,113		—		89
CMBS		633		(5)		46		(103)		144		(125)		—		590		—		11
CLO/ABS		16,038		55		168		1,274		677		(166)		—		18,046		—		164
Total bonds available for sale		26,844		142		294		1,471		1,163		(368)		—		29,546		—		244
Other bond securities:
Obligations of states, municipalities and political subdivisions		1		—		—		—		—		—		—		1		—		—
Corporate debt		211		8		—		—		3		—		—		222		8		—
RMBS		158		3		—		(1)		—		—		—		160		2		—
CMBS		17		—		—		—		—		—		—		17		—		—
CLO/ABS		1,169		14		—		(20)		—		(2)		—		1,161		3		—
Total other bond securities		1,556		25		—		(21)		3		(2)		—		1,561		13		—
Equity securities		56		3		—		—		—		(1)		—		58		3		—
Other invested assets		2,070		(92)		(8)		(33)		—		(57)		(26)		1,854		(90)		—
Other assets		243		—		—		(114)		—		—		—		129		—		—
Total(a)	$	30,769	$	78	$	286	$	1,303	$	1,166	$	(428)	$	(26)	$	33,148	$	(74)	$	244
(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	7,942	$	452	$	—	$	156	$	—	$	—	$	—	$	8,550	$	(3)	$	—
Derivative liabilities, net:
Interest rate contracts		(460)		103		—		(53)		—		—		—		(410)		193		—
Foreign exchange contracts		2		—		—		—		—		—		—		2		—		—
Equity contracts		(762)		(192)		—		(65)		—		—		—		(1,019)		187		—
Other contracts		(11)		(16)		—		15		—		—		—		(12)		16		—
Total derivative liabilities, net(b)		(1,231)		(105)		—		(103)		—		—		—		(1,439)		396		—
Fortitude Re funds withheld payable		(1,226)		(13)		—		(125)		—		—		—		(1,364)		209		—
Other Liabilities		122		(30)		—		—		—		—		—		92		—		—
Total(c)	$	5,607	$	304	$	—	$	(72)	$	—	$	—	$	—	$	5,839	$	602	$	—

(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	824	$	1	$	55	$	(7)	$	—	$	—	$	—	$	873	$	—	$	44
Non-U.S. governments		1		1		—		—		7		—		—		9		—		—
Corporate debt		2,847		(102)		51		(201)		274		(421)		(16)		2,432		—		50
RMBS		7,553		109		(70)		10		—		(21)		—		7,581		—		(98)
CMBS		926		7		(3)		1		34		(27)		—		938		—		(34)
CLO/ABS		12,748		50		271		840		58		(102)		24		13,889		—		229
Total bonds available for sale		24,899		66		304		643		373		(571)		8		25,722		—		191
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		—		—		1		—		—		—		1		—		—
Corporate debt		416		1		—		(96)		—		(191)		—		130		3		—
RMBS		173		5		—		(12)		—		—		—		166		(3)		—
CMBS		28		(1)		—		—		—		—		—		27		(1)		—
CLO/ABS		910		36		—		18		1		(7)		52		1,010		24		—
Total other bond securities		1,527		41		—		(89)		1		(198)		52		1,334		23		—
Equity securities		39		—		—		27		8		—		—		74		—		—
Other invested assets		2,075		(52)		5		58		—		—		—		2,086		(50)		—
Other assets		107		—		—		3		—		—		—		110		—		—
Total(a)	$	28,647	$	55	$	309	$	642	$	382	$	(769)	$	60	$	29,326	$	(27)	$	191
(in millions)		Fair Value Beginning of Year		MRBs and Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	5,367	$	381	$	—	$	316	$	—	$	—	$	—	$	6,064	$	(368)	$	—
Derivative liabilities, net:
Interest rate contracts		(311)		57		—		(102)		—		—		—		(356)		(50)		—
Equity contracts		(271)		(56)		—		(175)		—		—		—		(502)		51		136
Other contracts		(14)		(16)		—		16		—		—		—		(14)		16		—
Total derivative liabilities, net(b)		(596)		(15)		—		(261)		—		—		—		(872)		17		136
Fortitude Re funds withheld payable		(2,235)		1,165		—		(793)		—		—		—		(1,863)		(759)		—
Other liabilities		112		—		—		—		—		—		—		112		—		—
Total(c)	$	2,648	$	1,531	$	—	$	(738)	$	—	$	—	$	—	$	3,441	$	(1,110)	$	136

(a)Excludes MRB assets of $1.2 billion at March 31, 2024 and $830 million at March 31, 2023. For additional information, see Note 13.

(b)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

(c)Excludes MRB liabilities of $5.2 billion at March 31, 2024 and $5.1 billion at March 31, 2023. For additional information, see Note 13.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2024 and 2023 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Three Months Ended March 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	(1)	$	—
Corporate debt		8		(3)		(34)		(29)
RMBS		574		(1)		(244)		329
CMBS		—		(30)		(73)		(103)
CLO/ABS		1,894		(56)		(564)		1,274
Total bonds available for sale		2,477		(90)		(916)		1,471
Other bond securities:
RMBS		3		—		(4)		(1)
CLO/ABS		41		—		(61)		(20)
Total other bond securities		44		—		(65)		(21)
Other invested assets		63		—		(96)		(33)
Other assets		—		—		(114)		(114)
Total	$	2,584	$	(90)	$	(1,191)	$	1,303

(in millions)		Purchases		Sales		Issuances and  Settlements(a)		Purchases, Sales,  Issuances and Settlements, Net(a)
Liabilities:
Policyholder contract deposits	$	—	$	332	$	(176)	$	156
Derivative liabilities, net		(194)		6		85		(103)
Fortitude Re funds withheld payable		—		—		(125)		(125)
Total	$	(194)	$	338	$	(216)	$	(72)
Three Months Ended March 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(4)	$	(4)	$	(7)
Corporate Debt		21		—		(222)		(201)
RMBS		290		(19)		(261)		10
CMBS		10		(6)		(3)		1
CLO/ABS		897		(3)		(54)		840
Total bonds available for sale		1,219		(32)		(544)		643
Other bond securities:
Obligations of states, municipalities and political subdivisions		1		—		—		1
Corporate debt		—		—		(96)		(96)
RMBS		5		—		(17)		(12)
CLO/ABS		46		(4)		(24)		18
Total other bond securities		52		(4)		(137)		(89)
Equity securities		29		—		(2)		27
Other invested assets		72		—		(14)		58
Other assets		—		—		3		3
Total	$	1,372	$	(36)	$	(694)	$	642
Liabilities:
Policyholder contract deposits	$	—	$	326	$	(10)	$	316
Derivative liabilities, net		(260)		5		(6)		(261)
Fortitude Re funds withheld payable		—		—		(793)		(793)
Total	$	(260)	$	331	$	(809)	$	(738)

(a)There were no issuances during the three months ended March 31, 2024 and 2023.

Schedule of Market Risk Benefits and Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets

Market risk benefits and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)		Net Investment Income		Net Realized Gains (Losses)		Change in the fair value of market risk benefits, net(c)		Other Income		Total
Three Months Ended March 31, 2024
Assets:
Bonds available for sale	$	174	$	(32)	$	—	$	—	$	142
Other bond securities		25		—		—		—		25
Equity securities		3		—		—		—		3
Other invested assets		(91)		(1)		—		—		(92)
Three Months Ended March 31, 2023
Assets:
Bonds available for sale	$	62	$	4	$	—	$	—	$	66
Other bond securities		41		—		—		—		41
Other invested assets		(51)		(1)		—		—		(52)
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Change in the fair value of market risk benefits, net(c)		Other Income		Total
Three Months Ended March 31, 2024
Liabilities:
Policyholder contract deposits(a)	$	—	$	452	$	—	$	—	$	452
Market risk benefit liabilities, net(b)		—		(2)		(1,069)		—		(1,071)
Derivative liabilities, net		—		(152)		62		(15)		(105)
Fortitude Re funds withheld payable		—		(13)		—		—		(13)
Other Liabilities		—		(30)		—		—		(30)
Three Months Ended March 31, 2023
Liabilities:
Policyholder contract deposits(a)	$	—	$	381	$	—	$	—	$	381
Market risk benefit liabilities, net(b)		—		—		87		—		87
Derivative liabilities, net		—		(88)		89		(16)		(15)
Fortitude Re funds withheld payable		—		1,165		—		—		1,165

(a)Primarily embedded derivatives.

(b)Market risk benefit assets and liabilities have been netted in the above table for presentation purposes only.

(c)The portion of the fair value change attributable to own credit risk is recognized in Other comprehensive income (loss) (OCI).

Fair Value Measurement Inputs and Valuation Techniques

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)	Fair Value at March 31, 2024		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	809	Discounted cash flow	Yield	5.10% - 5.39% (5.24%)
Corporate debt		1,945	Discounted cash flow	Yield	4.94% - 10.81% (7.65%)
RMBS(a)		4,672	Discounted cash flow	Constant prepayment rate	4.40% - 10.02% (7.21%)
				Loss severity	35.81% - 84.47% (60.14%)
				Constant default rate	0.78% - 2.56% (1.67%)
				Yield	5.66% - 7.02% (6.34%)
CLO/ABS(a)		16,371	Discounted cash flow	Yield	5.81% - 7.89% (6.85%)
CMBS		547	Discounted cash flow	Yield	5.22% - 18.38% (11.41%)
Market risk benefit assets		1,172	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits		1,675	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Fixed annuities guaranteed benefits		1,130	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(h)	0.06% - 2.33%
Fixed index annuities guaranteed benefits		2,362	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%

(in millions)	Fair Value at March 31, 2024		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)		7,603	Discounted cash flow	Equity volatility	6.35% - 49.95%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.06% - 2.33%
Index universal life		947	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	5.85% - 19.95%
				NPA(h)	0.06% - 2.33%

(in millions)	Fair Value at December 31, 2023		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	824	Discounted cash flow	Yield	4.97% - 5.31% (5.14%)
Corporate debt		1,803	Discounted cash flow	Yield	5.19% - 8.48% (6.83%)
RMBS(a)		4,656	Discounted cash flow	Constant prepayment rate	4.34% - 9.99% (7.17%)
				Loss severity	33.56% - 87.59% (60.57%)
				Constant default rate	0.76% - 2.56% (1.66%)
				Yield	6.13% - 7.41% (6.77%)
CLO/ABS(a)		14,242	Discounted cash flow	Yield	5.62% - 7.89% (6.76%)
CMBS		587	Discounted cash flow	Yield	5.62% - 17.85% (11.73%)
Market risk benefit assets		912	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits		2,174	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(g)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Fixed annuities guaranteed benefits		1,111	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(g)	90.00% - 97.50%
				NPA(h)	0.00% - 2.29%
Fixed index annuities guaranteed benefits		2,420	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%

(in millions)	Fair Value at December 31, 2023		Valuation  Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)		6,953	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(g)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(h)	0.00% - 2.29%
Index universal life		989	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	5.85% - 20.36%
				NPA(h)	0.00% - 2.29%

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives with policyholder contract deposits and market risk benefits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 8, the Fortitude Re funds withheld payable is created through modified coinsurance (modco) and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet.

(e)The ranges for these inputs vary due to the different guaranteed minimum withdrawal benefits (GMWB) product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

(f)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with GMWB riders.

(h)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.7 billion and $1.5 billion at March 31, 2024 and December 31, 2023, respectively.

Schedule of Net Asset Value Per Share

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

			March 31, 2024				December 31, 2023
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	3,736	$	2,278	$	3,617	$	2,313
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,712		824		1,814		782
Venture capital	Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company		266		136		270		141
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		690		112		680		117
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		263		94		292		98
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		2,168		257		2,125		297
Total private equity funds			8,835		3,701		8,798		3,748
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		17		—		18		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		565		—		549		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		37		—		69		—
Other	Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments		68		—		74		—
Total hedge funds			687		—		710		—
Total		$	9,522	$	3,701	$	9,508	$	3,748

Fair Value Option

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

Three Months Ended March 31,	Gain (Loss)
(in millions)		2024		2023
Assets:
Other bond securities(a)	$	78	$	136
Alternative investments(b)		130		77
Liabilities:
Long-term debt(c)		1		(1)
Total gain (loss)	$	209	$	212

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

(b)Includes certain hedge funds, private equity funds and other investment partnerships.

(c)Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.

The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:

		March 31, 2024						December 31, 2023
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Long-term debt*	$	68	$	60	$	8	$	53	$	44	$	9

*Includes GIAs, notes, bonds, loans and mortgages payable.

Schedule of Assets Measured at Far Value on a Non-Recurring Basis

The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented:

	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Three Months Ended March 31,
(in millions)		Level 1		Level 2		Level 3		Total		2024		2023
March 31, 2024
Other investments	$	—	$	—	$	98	$	98	$	25	$	—
Other assets		—		—		—		—		1		9
Total	$	—	$	—	$	98	$	98	$	26	$	9
December 31, 2023
Other investments	$	—	$	—	$	80	$	80
Total	$	—	$	—	$	80	$	80

Schedule of Fair Values of Financial Instruments not Measured at Fair Value

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
March 31, 2024
Assets:
Mortgage and other loans receivable	$	—	$	322	$	48,810	$	49,132	$	52,475
Other invested assets		—		896		6		902		902
Short-term investments(a)		—		6,590		—		6,590		6,590
Cash(b)		1,816		—		—		1,816		1,816
Other assets		43		—		—		43		43
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		86		136,106		136,192		141,851
Fortitude Re funds withheld payable		—		—		30,153		30,153		30,153
Other liabilities(c)		—		3,585		—		3,585		3,585
Short-term and long-term debt		—		17,928		249		18,177		19,250
Debt of consolidated investment entities		—		67		2,527		2,594		2,617
Separate account liabilities - investment contracts		—		91,243		—		91,243		91,243
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	272	$	48,264	$	48,536	$	51,553
Other invested assets		—		913		6		919		919
Short-term investments(a)		—		6,428		—		6,428		6,428
Cash(b)		2,155		—		—		2,155		2,155
Other assets		45		—		—		45		45
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		90		130,094		130,184		140,652
Fortitude Re funds withheld payable		—		—		30,710		30,710		30,710
Other liabilities(c)		—		2,467		—		2,467		2,467
Short-term and long-term debt		—		18,595		267		18,862		19,743
Debt of consolidated investment entities		—		43		2,526		2,569		2,591
Separate account liabilities - investment contracts		—		87,215		—		87,215		87,215

(a)Excludes $25 million and $11 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

(b)Excludes $1 million and $3 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

(c)Excludes $52 million and $45 million at March 31, 2024 and December 31, 2023, respectively, reclassified to Liabilities held for sale on the Condensed Consolidated Balance Sheets.