FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2011

FAIR VALUE MEASUREMENTS

Impact of change in discount rate or cash flow estimate on fair value of Maiden Lane III Interests

Year Ended December 31, 2011 (in millions)		Maiden Lane III Fair Value Change
Discount Rates:
	200 basis point increase	$	(585	)
	200 basis point decrease		668
	400 basis point increase		(1,101	)
	400 basis point decrease		1,433
Estimated Future Cash Flows:
	10% increase		658
	10% decrease		(664	)
	20% increase		1,309
	20% decrease		(1,338	)

Assets and liabilities measured at fair value on a recurring basis

December 31, 2011 (in millions)			Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
	Bonds available for sale:
		U.S. government and government sponsored entities	$	174	$	5,904	$	-	$	-		$	-		$	6,078
		Obligations of states, municipalities and political subdivisions		-		36,538		960		-			-			37,498
		Non-U.S. governments		259		25,467		9		-			-			25,735
		Corporate debt		-		142,883		1,935		-			-			144,818
		RMBS		-		23,727		10,877		-			-			34,604
		CMBS		-		3,991		3,955		-			-			7,946
		CDO/ABS		-		3,082		4,220		-			-			7,302
Total bonds available for sale				433		241,592		21,956		-			-			263,981
	Bond trading securities:
		U.S. government and government sponsored entities		100		7,404		-		-			-			7,504
		Obligations of states, municipalities and political subdivisions		-		257		-		-			-			257
		Non-U.S. governments		-		35		-		-			-			35
		Corporate debt		-		809		7		-			-			816
		RMBS		-		1,345		303		-			-			1,648
		CMBS		-		1,283		554		-			-			1,837
		CDO/ABS		-		3,835		8,432		-			-			12,267
Total bond trading securities				100		14,968		9,296		-			-			24,364
	Equity securities available for sale:
		Common stock		3,294		70		57		-			-			3,421
		Preferred stock		-		44		99		-			-			143
		Mutual funds		55		5		-		-			-			60
Total equity securities available for sale				3,349		119		156		-			-			3,624
	Equity securities trading			43		82		-		-			-			125
	Mortgage and other loans receivable			-		106		1		-			-			107
	Other invested assets(c)			12,549		1,709		6,618		-			-			20,876
	Derivative assets:
		Interest rate contracts		2		7,251		1,033		-			-			8,286
		Foreign exchange contracts		-		143		2		-			-			145
		Equity contracts		92		133		38		-			-			263
		Commodity contracts		-		134		2		-			-			136
		Credit contracts		-		-		89		-			-			89
		Other contracts		29		462		250		-			-			741
		Counterparty netting and cash collateral		-		-		-		(3,660	)		(1,501	)		(5,161	)
Total derivative assets				123		8,123		1,414		(3,660	)		(1,501	)		4,499
	Short-term investments(d)			2,309		3,604		-		-			-			5,913
	Separate account assets			48,502		2,886		-		-			-			51,388
Total			$	67,408	$	273,189	$	39,441	$	(3,660	)	$	(1,501	)	$	374,877
Liabilities:
	Policyholder contract deposits		$	-	$	-	$	918	$	-		$	-		$	918
	Derivative liabilities:
		Interest rate contracts		-		6,661		248		-			-			6,909
		Foreign exchange contracts		-		178		-		-			-			178
		Equity contracts		-		198		10		-			-			208
		Commodity contracts		-		146		-		-			-			146
		Credit contracts(e)		-		4		3,362		-			-			3,366
		Other contracts		-		155		217		-			-			372
		Counterparty netting and cash collateral		-		-		-		(3,660	)		(2,786	)		(6,446	)
Total derivative liabilities				-		7,342		3,837		(3,660	)		(2,786	)		4,733
	Other long-term debt(f)			-		10,258		508		-			-			10,766
	Other liabilities(g)			193		714		-		-			-			907
Total			$	193	$	18,314	$	5,263	$	(3,660	)	$	(2,786	)	$	17,324

December 31, 2010 (in millions)			Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Assets:
	Bonds available for sale:
		U.S. government and government sponsored entities	$	142	$	7,208	$	-	$	-		$	-		$	7,350
		Obligations of states, municipalities and political subdivisions		4		46,007		609		-			-			46,620
		Non-U.S. governments		719		16,084		5		-			-			16,808
		Corporate debt		8		122,624		2,262		-			-			124,894
		RMBS		-		13,441		6,367		-			-			19,808
		CMBS		-		2,807		3,604		-			-			6,411
		CDO/ABS		-		2,170		4,241		-			-			6,411
Total bonds available for sale				873		210,341		17,088		-			-			228,302
	Bond trading securities:
		U.S. government and government sponsored entities		339		6,563		-		-			-			6,902
		Obligations of states, municipalities and political subdivisions		-		316		-		-			-			316
		Non-U.S. governments		-		125		-		-			-			125
		Corporate debt		-		912		-		-			-			912
		RMBS		-		1,837		91		-			-			1,928
		CMBS		-		1,572		506		-			-			2,078
		CDO/ABS		-		4,490		9,431		-			-			13,921
Total bond trading securities				339		15,815		10,028		-			-			26,182
	Equity securities available for sale:
		Common stock		3,577		61		61		-			-			3,699
		Preferred stock		-		423		64		-			-			487
		Mutual funds		316		79		-		-			-			395
Total equity securities available for sale				3,893		563		125		-			-			4,581
	Equity securities trading			6,545		106		1		-			-			6,652
	Mortgage and other loans receivable			-		143		-		-			-			143
	Other invested assets(c)			12,281		1,661		7,414		-			-			21,356
	Derivative assets:
		Interest rate contracts		1		13,146		1,057		-			-			14,204
		Foreign exchange contracts		14		172		16		-			-			202
		Equity contracts		61		233		65		-			-			359
		Commodity contracts		-		69		23		-			-			92
		Credit contracts		-		2		377		-			-			379
		Other contracts		8		923		144		-			-			1,075
		Counterparty netting and cash collateral		-		-		-		(6,298	)		(4,096	)		(10,394	)
Total derivative assets				84		14,545		1,682		(6,298	)		(4,096	)		5,917
	Short-term investments(d)			5,401		18,459		-		-			-			23,860
	Separate account assets			51,607		2,825		-		-			-			54,432
	Other assets			-		14		-		-			-			14
Total			$	81,023	$	264,472	$	36,338	$	(6,298	)	$	(4,096	)	$	371,439

December 31, 2010 (in millions)			Level 1		Level 2		Level 3		Counterparty Netting(a)			Cash Collateral(b)			Total
Liabilities:
	Policyholder contract deposits		$	-	$	-	$	445	$	-		$	-		$	445
	Derivative liabilities:
		Interest rate contracts		-		9,387		325		-			-			9,712
		Foreign exchange contracts		14		324		-		-			-			338
		Equity contracts		-		286		43		-			-			329
		Commodity contracts		-		68		-		-			-			68
		Credit contracts(e)		-		5		4,175		-			-			4,180
		Other contracts		-		52		256		-			-			308
		Counterparty netting and cash collateral		-		-		-		(6,298	)		(2,902	)		(9,200	)
Total derivative liabilities				14		10,122		4,799		(6,298	)		(2,902	)		5,735
	Other long-term debt(f)			-		11,161		982		-			-			12,143
	Other liabilities(g)			391		2,228		-		-			-			2,619
Total			$	405	$	23,511	$	6,226	$	(6,298	)	$	(2,902	)	$	20,942

(a)

Represents netting of derivative exposures covered by a qualifying master netting agreement.

(b)

Represents cash collateral posted and received. Securities collateral posted for derivative transactions that is reflected in Fixed maturity securities in the Consolidated Balance Sheet, and collateral received, not reflected in the Consolidated Balance Sheet, were $1.8 billion and $100 million, respectively, at December 31, 2011 and $1.4 billion and $109 million, respectively, at December 31, 2010.

(c)

Included in Level 1 are $12.4 billion and $11.1 billion at December 31, 2011 and December 31, 2010, respectively, of AIA shares publicly traded on the Hong Kong Stock Exchange. Approximately 3 percent and 5 percent of the fair value of the assets recorded as Level 3 relates to various private equity, real estate, hedge fund and fund-of-funds investments that are consolidated by AIG at December 31, 2011 and December 31, 2010, respectively. AIG's ownership in these funds represented 57.3 percent, or $0.7 billion, of Level 3 assets at December 31, 2011 and 68.6 percent, or $1.3 billion, of Level 3 assets at December 31, 2010.

(d)

Included in Level 2 is the fair value of $0.1 billion and $1.6 billion at December 31, 2011 and December 31, 2010, respectively, of securities purchased under agreements to resell.

(e)

Included in Level 3 is the fair value derivative liability of $3.2 billion and $3.7 billion at December 31, 2011 and December 31, 2010, respectively, on the AIGFP super senior credit default swap portfolio.

(f)

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

(g)

Included in Level 2 is the fair value of $0.6 billion, $144 million and $6 million at December 31, 2011 of securities sold under agreements to repurchase, securities and spot commodities sold but not yet purchased and trust deposits and deposits due to banks and other depositors, respectively. Included in Level 2 is the fair value of $2.1 billion, $94 million and $15 million at December 31, 2010 of securities sold under agreements to repurchase, securities and spot commodities sold but not yet purchased and trust deposits and deposits due to banks and other depositors, respectively.

Changes in Level 3 recurring fair value measurements

(in millions)			Fair value Beginning of Year(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Accumulated Other Comprehensive Income			Purchases, Sales, Issuances and Settlements, Net			Gross Transfers in			Gross Transfers out			Fair value End of Year			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year
December 31, 2011
Assets:
	Bonds available for sale:
		Obligations of states, municipalities and political subdivisions	$	609		$	2		$	112		$	296		$	17		$	(76	)	$	960		$	-
		Non-U.S. governments		5			-			-			5			-			(1	)		9			-
		Corporate debt		2,262			11			(25	)		171			2,480			(2,964	)		1,935			-
		RMBS		6,367			(50	)		288			3,232			1,093			(53	)		10,877			-
		CMBS		3,604			(100	)		239			207			134			(129	)		3,955			-
		CDO/ABS		4,241			73			142			(432	)		852			(656	)		4,220			-
Total bonds available for sale				17,088			(64	)		756			3,479			4,576			(3,879	)		21,956			-
	Bond trading securities:
		Corporate debt		-			-			-			(11	)		18			-			7			1
		RMBS		91			(27	)		-			239			-			-			303			(28	)
		CMBS		506			92			-			(95	)		292			(241	)		554			87
		CDO/ABS		9,431			(660	)		-			(323	)		48			(64	)		8,432			(677	)(b)
Total bond trading securities				10,028			(595	)		-			(190	)		358			(305	)		9,296			(617	)
	Equity securities available for sale:
		Common stock		61			28			(4	)		(40	)		18			(6	)		57			-
		Preferred stock		64			(1	)		32			(1	)		5			-			99			-
		Mutual funds		-			-			-			(6	)		6			-			-			-
Total equity securities available for sale				125			27			28			(47	)		29			(6	)		156			-
	Equity securities trading			1			-			-			(1	)		-			-			-			-
	Mortgage and other loans receivable			-			-			-			1			-			-			1			-
	Other invested assets			7,414			(10	)		139			(739	)		251			(437	)		6,618			2
Total			$	34,656		$	(642	)	$	923		$	2,503		$	5,214		$	(4,627	)	$	38,027		$	(615	)
Liabilities:
	Policyholder contract deposits		$	(445	)	$	(429	)	$	-		$	(44	)	$	-		$	-		$	(918	)	$	508
	Derivative liabilities, net:
		Interest rate contracts		732			46			-			(2	)		30			(21	)		785			(90	)
		Foreign exchange contracts		16			(11	)		-			(5	)		2			-			2			1
		Equity contracts		22			(16	)		-			41			(7	)		(12	)		28			(15	)
		Commodity contracts		23			1			-			(22	)		-			-			2			(1	)
		Credit contracts		(3,798	)		332			-			193			-			-			(3,273	)		493
		Other contracts		(112	)		(14	)		(51	)		74			(30	)		166			33			(98	)
Total derivative liabilities, net				(3,117	)		338			(51	)		279			(5	)		133			(2,423	)		290
	Other long-term debt(c)			(982	)		(60	)		-			555			(21	)		-			(508	)		(135	)
Total			$	(4,544	)	$	(151	)	$	(51	)	$	790		$	(26	)	$	133		$	(3,849	)	$	663

(in millions)			Fair value Beginning of Year(a)			Net Realized and Unrealized Gains (Losses) Included in Income			Accumulated Other Comprehensive Income		Purchases, Sales, Issuances and Settlements, Net			Net Transfers			Activity of Discontinued Operations			Fair value End of Year			Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year
December 31, 2010
Assets:
	Bonds available for sale:
		Obligations of states, municipalities and political subdivisions	$	613		$	(59	)	$	5	$	(121	)	$	171		$	-		$	609		$	-
		Non-U.S. governments		753			-			3		29			(39	)		(741	)		5			-
		Corporate debt		4,791			(44	)		122		(322	)		(1,813	)		(472	)		2,262			-
		RMBS		6,654			(700	)		1,847		(2,497	)		1,106			(43	)		6,367			-
		CMBS		4,939			(801	)		2,055		(668	)		146			(2,067	)		3,604			-
		CDO/ABS		4,724			110			605		(667	)		(19	)		(512	)		4,241			-
Total bonds available for sale				22,474			(1,494	)		4,637		(4,246	)		(448	)		(3,835	)		17,088			-
	Bond trading securities:
		U.S. government and government sponsored entities		16			-			-		-			-			(16	)		-			-
		Non-U.S. governments		56			-			-		(32	)		(11	)		(13	)		-			-
		Corporate debt		121			(3	)		-		(7	)		-			(111	)		-			(6	)
		RMBS		4			(24	)		-		(7	)		118			-			91			(19	)
		CMBS		325			50			-		19			210			(98	)		506			146
		CDO/ABS		6,865			2,876			-		(144	)		4			(170	)		9,431			1,407	(b)
Total bond trading securities				7,387			2,899			-		(171	)		321			(408	)		10,028			1,528
	Equity securities available for sale:
		Common stock		35			(2	)		38		4			(5	)		(9	)		61			-
		Preferred stock		54			(5	)		6		8			1			-			64			-
		Mutual funds		6			-			3		11			(2	)		(18	)		-			-
Total equity securities available for sale				95			(7	)		47		23			(6	)		(27	)		125			-
	Equity securities trading			8			-			-		1			-			(8	)		1			-
	Other invested assets			6,910			355			149		(1,075	)		1,474			(399	)		7,414			(516	)
	Other assets			270			-			-		(270	)		-			-			-			-
	Separate account assets			1			-			-		-			-			(1	)		-			-
Total			$	37,145		$	1,753		$	4,833	$	(5,738	)	$	1,341		$	(4,678	)	$	34,656		$	1,012
Liabilities:
	Policyholder contract deposits		$	(5,214	)	$	175		$	-	$	(544	)	$	-		$	5,138		$	(445	)	$	(609	)
	Derivative liabilities, net:
		Interest rate contracts		(1,469	)		(20	)		-		1,230			991			-			732			(61	)
		Foreign exchange contracts		29			7			-		(2	)		-			(18	)		16			9
		Equity contracts		74			(27	)		-		(44	)		20			(1	)		22			(4	)
		Commodity contracts		22			3			-		(2	)		-			-			23			3
		Credit contracts		(4,545	)		880			-		(131	)		(2	)		-			(3,798	)		993
		Other contracts		(176	)		(61	)		-		69			49			7			(112	)		(86	)
Total derivatives liabilities, net				(6,065	)		782			-		1,120			1,058			(12	)		(3,117	)		854
	Other long-term debt(c)			(881	)		(237	)		-		743			(607	)		-			(982	)		(275	)
Total			$	(12,160	)	$	720		$	-	$	1,319		$	451		$	5,126		$	(4,544	)	$	(30	)

(a)

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

(b)

In 2011, AIG made revisions to the presentation to include income from ML III. The prior periods have been revised to conform to the current period presentation.

(c)

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

Schedule of net realized and unrealized gains and losses related to Level 3 items

(in millions)		Net Investment Income			Net Realized Capital Gains (Losses)			Other Income			Policyholder Benefits and Claims Incurred			Total
December 31, 2011
	Bonds available for sale	$	638		$	(717	)	$	15		$	-		$	(64	)
	Bond trading securities		(634	)		4			35			-			(595	)
	Equity securities available for sale		-			27			-			-			27
	Other invested assets		23			(84	)		51			-			(10	)
	Policyholder contract deposits		-			(499	)		70			-			(429	)
	Derivative liabilities, net		2			13			323			-			338
	Other long-term debt		-			-			(60	)		-			(60	)
December 31, 2010
	Bonds available for sale	$	321		$	(1,832	)	$	17		$	-		$	(1,494	)
	Bond trading securities		2,282			39			578			-			2,899
	Equity securities available for sale		-			(7	)		-			-			(7	)
	Other invested assets		581			(271	)		45			-			355
	Policyholder contract deposits		-			419			76			(320	)		175
	Derivative liabilities, net		-			260			522			-			782
	Other long-term debt		-			-			(237	)		-			(237	)

Gross components of purchases, sales, issuances and settlements, net

(in millions)			Purchases		Sales			Settlements			Purchases, Sales, Issuances and Settlements, Net(a)
December 31, 2011
Assets:
	Bonds available for sale:
		Obligations of states, municipalities and political subdivisions	$	305	$	(4	)	$	(5	)	$	296
		Non-U.S. governments		4		(2	)		3			5
		Corporate debt		497		(27	)		(299	)		171
		RMBS		4,932		(205	)		(1,495	)		3,232
		CMBS		470		(34	)		(229	)		207
		CDO/ABS		1,067		(1	)		(1,498	)		(432	)
Total bonds available for sale				7,275		(273	)		(3,523	)		3,479
	Bond trading securities:
		Corporate debt		-		-			(11	)		(11	)
		RMBS		305		(1	)		(65	)		239
		CMBS		221		(207	)		(109	)		(95	)
		CDO/ABS		331		(304	)		(350	)		(323	)
Total bond trading securities				857		(512	)		(535	)		(190	)
	Equity securities available for sale:
		Common stock		-		(31	)		(9	)		(40	)
		Preferred stock		-		-			(1	)		(1	)
		Mutual funds		-		-			(6	)		(6	)
Total equity securities available for sale				-		(31	)		(16	)		(47	)
	Equity securities trading			-		-			(1	)		(1	)
	Mortgage and other loans receivable			-		-			1			1
	Other invested assets			718		(296	)		(1,161	)		(739	)
Total assets			$	8,850	$	(1,112	)	$	(5,235	)	$	2,503
Liabilities:
	Policyholder contract deposits		$	-	$	(70	)	$	26		$	(44	)
	Derivative liabilities, net:
		Interest rate contracts		-		-			(2	)		(2	)
		Foreign exchange contracts		-		-			(5	)		(5	)
		Equity contracts		43		-			(2	)		41
		Commodity contracts		-		-			(22	)		(22	)
		Credit contracts		-		-			193			193
		Other contracts		-		-			74			74
Total derivative liabilities, net				43		-			236			279
Other long-term debt(b)				-		-			555			555
Total liabilities			$	43	$	(70	)	$	817		$	790

(a)

There were no issuances during year ended December 31, 2011.

(b)

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

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

		December 31, 2011				December 31, 2010
(in millions)	Investment Category Includes	Fair Value Using Net Asset Value		Unfunded Commitments		Fair Value Using Net Asset Value		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	$	3,185	$	945	$	3,137	$	1,151
Non-U.S.	Investments that focus primarily on Asian and European based buyouts, expansion capital, special situations, turnarounds, venture capital, mezzanine and distressed opportunities strategies		165		57		172		67
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		316		39		325		42
Distressed	Securities of companies that are already in default, under bankruptcy protection, or troubled		182		42		258		67
Other	Real estate, energy, multi-strategy, mezzanine, and industry-focused strategies		252		98		373		147
Total private equity funds			4,100		1,181		4,265		1,474

		December 31, 2011				December 31, 2010
(in millions)	Investment Category Includes	Fair Value Using Net Asset Value		Unfunded Commitments		Fair Value Using Net Asset Value			Unfunded Commitments
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		774		2		1,310			2
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		927		-		1,038			-
Relative value	Funds that seek to benefit from market inefficiencies and value discrepancies between related investments		52		-		230			-
Distressed	Securities of companies that are already in default, under bankruptcy protection or troubled		272		10		369			20
Other	Non-U.S. companies, futures and commodities, macro and multi-strategy and industry-focused strategies		748		-		708			-
Total hedge funds			2,773		12		3,655			22
Total		$	6,873	$	1,193	$	7,920	*	$	1,496

*

Includes investments of entities classified as held for sale of $415 million at December 31, 2010.

Fair value assets measured on nonrecurring basis and impairment charges

		Assets at Fair Value								Impairment Charges
		Non-Recurring Basis								December 31,
(in millions)		Level 1		Level 2		Level 3		Total		2011		2010		2009
December 31, 2011
	Goodwill	$	-	$	-	$	-	$	-	$	-	$	-	$	693
	Investment real estate		-		-		457		457		18		604		1,198
	Other investments		-		-		2,199		2,199		639		323		908
	Aircraft*		-		-		1,683		1,683		1,693		1,614		51
	Other assets		-		-		4		4		3		5		225
Total		$	-	$	-	$	4,343	$	4,343	$	2,353	$	2,546	$	3,075
December 31, 2010
	Investment real estate	$	-	$	-	$	1,588	$	1,588
	Other investments		-		4		2,388		2,392
	Aircraft		-		-		4,224		4,224
	Other assets		-		-		2		2
Total		$	-	$	4	$	8,202	$	8,206

*

Aircraft impairment charges include fair value adjustments on aircraft.

Gains or losses related to the eligible instruments for which AIG elected the fair value option

Years Ended December 31,		Gain (Loss)
(in millions)		2011			2010			2009
Assets:
	Mortgage and other loans receivable	$	11		$	53		$	(6	)
	Bonds and equity securities		1,273			2,060			2,513
	Trading – ML II interest		42			513			(25	)
	Trading – ML III interest		(646	)		1,792			419
	Securities purchased under agreements to resell		34			1			(8	)
	Retained interest in AIA		1,289			(638	)		-
	Short-term investments and other invested assets and Other assets		1			(40	)		(32	)
Liabilities:
	Policyholder contract deposits		-			(320	)		(1,121	)
	Securities sold under agreements to repurchase		(62	)		14			(73	)
	Securities and spot commodities sold but not yet purchased		(4	)		(21	)		(148	)
	Other long-term debt(a)		(966	)		(1,595	)		2,482
	Other liabilities		(1	)		(1	)		(173	)
Total gain(b)		$	971		$	1,818		$	3,828

(a)

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

(b)

Excludes discontinued operations. For instruments required to be carried at fair value, AIG recognized gains of $1.3 billion, $4.9 billion and $3.8 billion for the years ended December 31, 2011, 2010 and 2009, respectively, that were primarily due to changes in the fair value of derivatives, trading securities and certain other invested assets for which the fair value option was not elected.

Difference between fair values and aggregate contractual principal amounts, fair value option

		December 31, 2011							December 31, 2010
(in millions)		Fair Value		Outstanding Principal Amount		Difference			Fair Value		Outstanding Principal Amount		Difference
Assets:
	Mortgage and other loans receivable	$	107	$	150	$	(43	)	$	143	$	203	$	(60	)
Liabilities:
	Other long-term debt*	$	10,766	$	8,624	$	2,142		$	12,143	$	10,508	$	1,635

*

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

Carrying value and estimated fair value of AIG's financial instruments

		December 31, 2011				December 31, 2010
(in millions)		Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Assets:
	Mortgage and other loans receivable	$	19,382	$	20,494	$	20,094	$	20,285
	Other invested assets		4,701		3,390		4,405		3,644
	Short-term investments		16,659		16,657		19,878		19,878
	Cash		1,474		1,474		1,558		1,558
Liabilities:
	Policyholder contract deposits associated with investment-type contracts		106,950		122,125		102,585		112,710
	Long-term debt (including FRBNY Credit Facility)		64,487		61,295		94,318		93,745