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Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Available For Sale Securities
The following table presents the amortized cost and fair value of our available for sale securities:
(in millions)
Amortized
Cost
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains(b)
Gross
Unrealized
Losses(b)
Fair
Value
March 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$6,157 $— $23 $(391)$5,789 
Obligations of states, municipalities and political subdivisions10,894 — 85 (886)10,093 
Non-U.S. governments13,310 — 109 (1,451)11,968 
Corporate debt153,436 (84)1,598 (19,132)135,818 
Mortgage-backed, asset-backed and collateralized:
RMBS21,841 (24)849 (1,245)21,421 
CMBS15,563 (17)68 (1,126)14,488 
CLO/ABS33,866 — 234 (1,190)32,910 
Total mortgage-backed, asset-backed and collateralized71,270 (41)1,151 (3,561)68,819 
Total bonds available for sale(c)
$255,067 $(125)$2,966 $(25,421)$232,487 
December 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$5,885 $— $58 $(327)$5,616 
Obligations of states, municipalities and political subdivisions11,387 — 118 (842)10,663 
Non-U.S. governments13,668 (3)137 (1,349)12,453 
Corporate debt154,674 (90)1,898 (18,050)138,432 
Mortgage-backed, asset-backed and collateralized:
RMBS20,875 (35)821 (1,217)20,444 
CMBS15,379 (34)46 (1,263)14,128 
CLO/ABS31,167 — 183 (1,353)29,997 
Total mortgage-backed, asset-backed and collateralized67,421 (69)1,050 (3,833)64,569 
Total bonds available for sale(c)
$253,035 $(162)$3,261 $(24,401)$231,733 
(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.
(b)At March 31, 2024, includes mark to market movement relating to embedded derivatives.
(c)At March 31, 2024 and December 31, 2023, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $16.9 billion or 7 percent and $17.1 billion or 7 percent, respectively.
Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities
The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:
Less than 12 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses*		Fair
Value		Gross
Unrealized
Losses*		Fair
Value		Gross
Unrealized
Losses*
March 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$2,600 $33 $1,486 $358 $4,086 $391 
Obligations of states, municipalities and political subdivisions2,150 134 5,187 752 7,337 886 
Non-U.S. governments2,007 148 7,424 1,302 9,431 1,450 
Corporate debt16,567 2,141 91,020 16,952 107,587 19,093 
RMBS4,044 189 7,877 1,025 11,921 1,214 
CMBS1,678 70 8,664 1,050 10,342 1,120 
CLO/ABS6,593 154 12,577 1,036 19,170 1,190 
Total bonds available for sale$35,639 $2,869 $134,235 $22,475 $169,874 $25,344 
December 31, 2023
Bonds available for sale:
U.S. government and government sponsored entities$1,046 $12 $1,550 $315 $2,596 $327 
Obligations of states, municipalities and political subdivisions1,994 133 5,218 709 7,212 842 
Non-U.S. governments1,901 168 7,483 1,175 9,384 1,343 
Corporate debt15,483 1,936 93,649 16,076 109,132 18,012 
RMBS4,154 288 7,246 880 11,400 1,168 
CMBS2,864 219 8,192 1,027 11,056 1,246 
CLO/ABS6,965 202 13,436 1,151 20,401 1,353 
Total bonds available for sale$34,407 $2,958 $136,774 $21,333 $171,181 $24,291 
*At March 31, 2024, includes mark to market movement relating to embedded derivatives.
Investments Classified by Contractual Maturity Date
The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:
March 31, 2024Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$8,347 $8,235 
Due after one year through five years47,710 46,259 
Due after five years through ten years39,506 36,657 
Due after ten years88,150 72,517 
Mortgage-backed, asset-backed and collateralized71,229 68,819 
Total$254,942 $232,487 
Realized Gain (Loss) on Investments
The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:
Three Months Ended March 31,
20242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$20$463$146$598
The following table presents the components of Net realized gains (losses):
Three Months Ended March 31,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Sales of fixed maturity securities$(406)$(37)$(443)$(387)$(65)$(452)
Intent to sell(16)(32)(48)— — — 
Change in allowance for credit losses on fixed maturity securities(62)(6)(68)(16)— (16)
Change in allowance for credit losses on loans(23)1 (22)(42)(21)(63)
Foreign exchange transactions14 (14)— 114 16 130 
Index-linked interest credited embedded derivatives, net of related hedges90 — 90 (178)— (178)
All other derivatives and hedge accounting*123 (90)33 (217)38 (179)
Sales of alternative investments and real estate investments30 (1)29 4 1 5 
Other(8)— (8)9 — 9 
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (258)(179)(437)(713)(31)(744)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 13 13 — (1,165)(1,165)
Net realized gains (losses)$(258)$(166)$(424)$(713)$(1,196)$(1,909)
*Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 13.
Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option
The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:
(in millions)March 31, 2024December 31, 2023
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$90 1 %$91 2 %
Non-U.S. governments39 1 37 1 
Corporate debt2,997 48 2,908 49 
Mortgage-backed, asset-backed and collateralized:
RMBS273 4 263 4 
CMBS283 5 261 4 
CLO/ABS and other collateralized1,721 28 1,681 28 
Total mortgage-backed, asset-backed and collateralized
2,277 37 2,205 36 
Total fixed maturity securities5,403 87 5,241 88 
Equity securities797 13 728 12 
Total$6,200 100 %$5,969 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)March 31, 2024December 31, 2023
Alternative investments(a)(b)
$11,195 $11,320 
Investment real estate(c)
2,159 2,237 
All other investments(d)
2,623 2,660 
Total$15,977 $16,217 
(a)At March 31, 2024, included hedge funds of $0.7 billion and private equity funds of $10.5 billion. At December 31, 2023, included hedge funds of $0.7 billion and private equity funds of $10.6 billion.
(b)The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to six quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice.
(c)Represents values net of accumulated depreciation. At March 31, 2024 and December 31, 2023, the accumulated depreciation was $834 million and $853 million, respectively.
(d)Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), and DaVinciRe Holdings Ltd, Class D (DVRH), which are recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $156 million at March 31, 2024 and December 31, 2023, respectively. Our investment in DVRH totaled $300 million and $300 million at March 31, 2024 and December 31, 2023, respectively.
Schedule of Net Investment Income
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended March 31,20242023
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$2,946 $216 $3,162 $2,546 $243 $2,789 
Other fixed maturity securities
9 71 80 12 123 135 
Equity securities99 — 99 51 — 51 
Interest on mortgage and other loans649 57 706 567 59 626 
Alternative investments(a)
8 33 41 76 31 107 
Real estate5 (7)(2)3 — 3 
Other investments
33 7 40 28 (1)27 
Total investment income3,749 377 4,126 3,283 455 3,738 
Investment expenses214 8 222 196 9 205 
Net investment income$3,535 $369 $3,904 $3,087 $446 $3,533 
(a)Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.
Unrealized Gain (Loss) on Investments
The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:
Three Months Ended March 31,
(in millions)20242023
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(1,214)$5,005 
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$(1,214)$5,005 
*Excludes net unrealized gains and losses attributable to businesses held for sale at March 31, 2024.
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended March 31,20242023
(in millions)EquitiesOther
Invested
Assets		TotalEquitiesOther
Invested
Assets		Total
Net gains recognized during the period on equity securities and other investments$99 $153 $252 $51 $110 $161 
Less: Net gains recognized during the period on equity securities and other investments sold during the period67 2 69 153 1 154 
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$32 $151 $183 $(102)$109 $7 
Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities
The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:
Three Months Ended March 31,20242023
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$69 $93 $162 $46 $140 $186 
Additions:
Securities for which allowance for credit losses were not previously recorded13 20 33 2 22 24 
Reductions:
Securities sold during the period(15)(8)(23)(1)(10)(11)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis12 23 35 (4)(4)(8)
Write-offs charged against the allowance(39)(44)(83)— (50)(50)
Other1 — 1 2 (7)(5)
Balance, end of period$41 $84 $125 $45 $91 $136 
Schedule of Financial Instruments Owned and Pledged as Collateral
The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:
(in millions)March 31, 2024December 31, 2023
Fixed maturity securities available for sale$3,651$2,723
The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity:
Remaining Contractual Maturity of the Agreements
(in millions)Overnight
and
Continuous		up to
30 days		31 - 90
days		91 - 364
days		365 days
or greater		Total
March 31, 2024
Bonds available for sale:
Non-U.S. governments$— $51 $— $— $— $51 
Corporate debt14 3,586 — — — 3,600 
Total$14 $3,637 $— $— $— $3,651 
December 31, 2023
Bonds available for sale:
Non-U.S. governments$— $277 $— $— $— $277 
Corporate debt38 2,408 — — — 2,446 
Total$38 $2,685 $— $— $— $2,723 
The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:
(in millions)March 31, 2024December 31, 2023
Securities collateral pledged to us$934 $1,200