INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Investments [Line Items]

Amortized cost or cost and fair value of available for sale securities

December 31, 2020		Amortized		Allowance		Gross		Gross
		Cost or		for Credit		Unrealized		Unrealized		Fair
(in millions)		Cost		Losses(a)		Gains		Losses		Value
Bonds available for sale:
U.S. government and government sponsored entities	$	3,640	$	-	$	503	$	(17)	$	4,126
Obligations of states, municipalities and political subdivisions		13,915		-		2,216		(7)		16,124
Non-U.S. governments		14,231		(4)		1,181		(63)		15,345
Corporate debt		150,111		(164)		19,905		(554)		169,298
Mortgage-backed, asset-backed and collateralized:
RMBS		28,551		(16)		3,000		(70)		31,465
CMBS		15,182		(1)		1,023		(71)		16,133
CDO/ABS		18,707		(1)		425		(126)		19,005
Total mortgage-backed, asset-backed and collateralized		62,440		(18)		4,448		(267)		66,603
Total bonds available for sale(b)	$	244,337	$	(186)	$	28,253	$	(908)	$	271,496
December 31, 2019										Other-Than-
		Amortized		Gross		Gross				Temporary
		Cost or		Unrealized		Unrealized		Fair		Impairments
(in millions)		Cost		Gains		Losses		Value		in AOCI(c)
Bonds available for sale:
U.S. government and government sponsored entities	$	5,108	$	316	$	(44)	$	5,380	$	-
Obligations of states, municipalities and political subdivisions		13,960		1,390		(32)		15,318		-
Non-U.S. governments		14,042		884		(57)		14,869		(18)
Corporate debt		138,046		12,090		(500)		149,636		7
Mortgage-backed, asset-backed and collateralized:
RMBS		29,802		3,067		(64)		32,805		1,149
CMBS		13,879		576		(25)		14,430		34
CDO/ABS		18,393		348		(93)		18,648		14
Total mortgage-backed, asset-backed and collateralized		62,074		3,991		(182)		65,883		1,197
Total bonds available for sale(b)	$	233,230	$	18,671	$	(815)	$	251,086	$	1,186

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net Realized Capital Gains and Losses and are not recognized in other comprehensive income.

(b)At December 31, 2020 and 2019, bonds available for sale held by us that were below investment grade or not rated totaled $28.2 billion and $27.8 billion, respectively.

(c) Represents the amount of other-than-temporary impairments recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date.

Securities available for sale in a loss position

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
December 31, 2,020.0
Bonds available for sale:
U.S. government and government sponsored entities	$	649	$	17	$	-	$	-	$	649	$	17
Obligations of states, municipalities and political
subdivisions		267		4		78		3		345		7
Non-U.S. governments		1,287		28		262		33		1,549		61
Corporate debt		11,715		348		1,283		81		12,998		429
RMBS		3,486		40		282		18		3,768		58
CMBS		1,644		58		346		12		1,990		70
CDO/ABS		5,456		81		3,063		45		8,519		126
Total bonds available for sale	$	24,504	$	576	$	5,314	$	192	$	29,818	$	768

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
December 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	1,461	$	44	$	63	$	-	$	1,524	$	44
Obligations of states, municipalities and political
subdivisions		672		21		246		11		918		32
Non-U.S. governments		1,105		12		343		45		1,448		57
Corporate debt		11,868		319		2,405		181		14,273		500
RMBS		3,428		28		1,367		36		4,795		64
CMBS		1,877		16		367		9		2,244		25
CDO/ABS		3,920		53		2,571		40		6,491		93
Total bonds available for sale	$	24,331	$	493	$	7,362	$	322	$	31,693	$	815

Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity

	Total Fixed Maturity Securities
	Available for Sale
		Amortized Cost,
(in millions)		Net of Allowance		Fair Value
December 31, 2020
Due in one year or less	$	10,619	$	10,734
Due after one year through five years		43,405		45,248
Due after five years through ten years		40,927		45,241
Due after ten years		86,778		103,670
Mortgage-backed, asset-backed and collateralized		62,422		66,603
Total	$	244,151	$	271,496

Gross realized gains and gross realized losses from sales or maturities of available for sale securities

	Years Ended December 31,
		2020				2019				2018
		Gross		Gross		Gross		Gross	Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses	Gains		Losses
Fixed maturity securities	$	1,824	$	810	$	650	$	330	$	331	$	476
Equity securities		-		-		-		-		16		-
Total	$	1,824	$	810	$	650	$	330	$	347	$	476

Value of other securities measured at fair value based on election of the fair value option

		December 31, 2020				December 31, 2019
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	1,845	29	%	$	2,121	28	%
Corporate debt		12	-			18	-
Mortgage-backed, asset-backed and collateralized:
RMBS		429	7			489	7
CMBS		320	5			322	4
CDO/ABS and other collateralized		2,685	42			3,732	50
Total mortgage-backed, asset-backed and collateralized		3,434	54			4,543	61
Total fixed maturity securities		5,291	83			6,682	89
Equity securities		1,056	17			841	11
Total	$	6,347	100	%	$	7,523	100	%

Carrying amounts values of other invested assets

		December 31,		December 31,
(in millions)		2020		2019
Alternative investments(a) (b)	$	9,572	$	8,845
Investment real estate(c)		7,930		8,491
All other investments(d)		1,558		1,456
Total	$	19,060	$	18,792

(a)At December 31, 2020, included hedge funds of $2.3 billion, private equity funds of $7.0 billion, and affordable housing partnerships of $257 million. At December 31, 2019, included hedge funds of $3.3 billion, private equity funds of $5.2 billion, and affordable housing partnerships of $331 million.

(b) At December 31, 2020, approximately 68 percent of our hedge fund portfolio is available for redemption in 2021. The remaining 32 percent will be available for redemption between 2022 and 2027.

(c) Net of accumulated depreciation of $756 million and $703 million in 2020 and 2019, respectively.

(d) Includes AIG’s 3.5 percent ownership interest in Fortitude Holdings which is recorded using the measurement alternative for equity securities and is carried at cost, which was $100 million as of December 31, 2020.

Summarized financial information of AIG's equity method investees

Years Ended December 31,
(in millions)		2020		2019		2018
Operating results:
Total revenues	$	13,090	$	8,045	$	15,310
Total expenses		(2,897)		(3,115)		(3,200)
Net income	$	10,193	$	4,930	$	12,110
At December 31,
(in millions)				2020		2019
Balance sheet:
Total assets			$	85,083	$	93,773
Total liabilities			$	(10,462)	$	(14,218)

The carrying value and ownership percentage of AIA and equity method investments

		2020			2019
		Carrying	Ownership		Carrying	Ownership
(in millions)		Value	Percentage		Value	Percentage
Equity method investments	$	4,548	Various	$	5,911	Various

Components of net investment income

Years Ended December 31,	2020						2019		2018
	Excluding Fortitude		Fortitude Re
	Re Funds		Funds Withheld
(in millions)	Withheld Assets		Assets(d)		Total		Total		Total
Available for sale fixed maturity securities, including short-term
investments	$	9,508	$	851	$	10,359	$	10,768	$	10,494
Other fixed maturity securities(a)		540		13		553		1,015		437
Equity securities		200		-		200		159		(170)
Interest on mortgage and other loans		1,883		106		1,989		2,030		1,883
Alternative investments(b)		913		99		1,012		1,088		655
Real estate		195		-		195		304		307
Other investments(c)		(120)		1		(119)		(220)		(27)
Total investment income		13,119		1,070		14,189		15,144		13,579
Investment expenses		541		17		558		525		493
Net investment income	$	12,578	$	1,053	$	13,631	$	14,619	$	13,086

(a)Included in the years ended December 31, 2020, 2019 and 2018 was income of $195 million, $177 million and $19 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below.

(b) 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.

(c) Included in the years ended December 31, 2020, 2019 and 2018 were losses of $162 million, $161 million and $21 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.

(d) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020.

Components of net realized capital gains (losses)

Years Ended December 31,	2020						2019		2018
	Excluding		Fortitude Re
	Fortitude Re		Funds
	Funds		Withheld
(in millions)	Withheld Assets		Assets(c)			Total		Total		Total
Sales of fixed maturity securities	$	307	$	707	$	1,014	$	320	$	(145)
Sales of equity securities		-		-		-		-		16
Other-than-temporary impairments		-		-		-		(174)		(251)
Intent to sell(a)		(3)		-		(3)		-		-
Change in allowance for credit losses on fixed maturity securities		(270)		(10)		(280)		-		-
Change in allowance for credit losses on loans		(105)		2		(103)		(46)		(92)
Foreign exchange transactions		365		13		378		227		(182)
Variable annuity embedded derivatives, net of related hedges		166		-		166		(294)		304
All other derivatives and hedge accounting		(672)		(249)		(921)		(22)		417
Loss on sale of private equity funds		-		-		-		-		(321)
Other(b)		156		-		156		621		203
Net realized capital gains (losses) – excluding Fortitude Re
funds withheld embedded derivative		(56)		463		407		632		(51)
Net realized capital gains (losses) on Fortitude Re funds withheld
embedded derivative		-		(2,645)		(2,645)		-		-
Net realized capital gains (losses)	$	(56)	$	(2,182)	$	(2,238)	$	632	$	(51)

(a)In 2019 and 2018, Intent to sell was included in Other-than-temporary impairments.

(b) In 2019, includes $200 million from the sale and concurrent leaseback of our corporate headquarters and $300 million as a result of sales in investment real estate properties. In 2018, primarily includes $96 million and $49 million of realized gains on the sale of shares of OneMain Holdings, Inc. and an investment in Castle Holdings LLC’s aircraft assets, respectively.

(c) Represents activity subsequent to the deconsolidation of Fortitude Re on June 2, 2020.

Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major ivnvestment category

Year Ended December 31,	2020
				Non-
(in millions)	Structured		Structured			Total
Balance, beginning of year*	$	7	$	-	$	7
Additions:
Securities for which allowance for credit losses were not previously recorded		38		290		328
Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets		26		-		26
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets		1		-		1
Reductions:
Securities sold during the period		(5)		(26)		(31)
Intent to sell security or more likely than not will be required to sell the security before recovery of
its amortized cost basis		-		-		-
Additional net increases or decreases to 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
amortized cost basis		(50)		33		(17)
Write-offs charged against the allowance		-		(128)		(128)
Recoveries of amounts previously written off		-		-		-
Other		-		-		-
Balance, end of year	$	17	$	169	$	186

* The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020.

Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings

Years Ended December 31,
(in millions)		2019		2018
Balance, beginning of year	$	-	$	526
Increases due to:
Credit impairments on new securities subject to impairment losses		136		59
Additional credit impairments on previously impaired securities		17		90
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(64)		(145)
Accretion on securities previously impaired due to credit*		(20)		(530)
Balance, end of year	$	69	$	-

*Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time.

Reconciliation of purchase price to unpaid principal balance of securities purchased with credit deterioration

(in millions)	December 31, 2020
Unpaid principal balance	$	644
Allowance for expected credit losses at acquisition		(26)
Purchase (discount) premium		(149)
Purchase price	$	469

Schedule of purchased credit impaired (PCI) securities, at acquisition date

(in millions)	At Date of Acquisition
Contractually required payments (principal and interest)	$	35,139
Cash flows expected to be collected*		28,720
Recorded investment in acquired securities		19,382

*Represents undiscounted expected cash flows, including both principal and interest.

Schedule of purchased credit impaired (PCI) securities, at reporting date

		December 31,
(in millions)		2019
Outstanding principal balance	$	10,476
Amortized cost		6,970
Fair value		8,664

Activity for accretable yield on purchased credit Impaired (PCI) securities

Years Ended December 31,
(in millions)		2019
Balance, beginning of year	$	7,210
Newly purchased PCI securities		17
Accretion		(624)
Effect of changes in interest rate indices		(541)
Net reclassification from (to) non-accretable difference, including effects of prepayments		(350)
Activities related to businesses reclassified to held for sale		(7)
Balance, end of year	$	5,705

Schedule of fair value of securities pledged to counterparties under secured financing transactions

(in millions)		December 31, 2020		December 31, 2019
Fixed maturity securities available for sale	$	3,636	$	3,030

Schedule of fair value of securities pledged under repurchase agreements by collateral type and by remaining contractual maturity

	Remaining Contractual Maturity of the Agreements
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2020
Bonds available for sale:
Non-U.S. governments	$	63	$	-	$	-	$	-	$	-	$	63
Corporate debt		96		97		-		-		-		193
Total	$	159	$	97	$	-	$	-	$	-	$	256
December 31, 2019
Bonds available for sale:
Non-U.S. governments	$	2	$	71	$	-	$	-	$	-	$	73
Corporate debt		22		55		82		-		-		159
Total	$	24	$	126	$	82	$	-	$	-	$	232

	Remaining Contractual Maturity of the Agreements
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2020
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	103	$	-	$	-	$	103
Corporate debt		-		982		2,295		-		-		3,277
RMBS		-		-		-		-		-		-
Total	$	-	$	982	$	2,398	$	-	$	-	$	3,380
December 31, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	386	$	-	$	-	$	386
Corporate debt		-		1,071		947		-		-		2,018
RMBS		-		-		-		394		-		394
Total	$	-	$	1,071	$	1,333	$	394	$	-	$	2,798

Schedule of fair value of securities pledged to the entity under reverse repurchase agreements

(in millions)		December 31, 2020		December 31, 2019
Securities collateral pledged to us	$	5,359	$	2,567
Amount sold or repledged by us		-		121

Available-for-sale Securities [Member]

Investments [Line Items]

Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments

	Years Ended
	December 31,
(in millions)		2020		2019
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	9,489	$	14,245
Other investments		2		(70)
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	9,491	$	14,175

*Excludes net unrealized gains and losses attributable to businesses held for sale at December 31, 2019.

Equity Securities [Member]

Investments [Line Items]

Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments

Years Ended December 31,	2020						2019
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the year on equity securities	$	200	$	832	$	1,032	$	159	$	744	$	903
Less: Net gains and losses recognized during the year on equity
securities sold during the year		(23)		46		23		39		159		198
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	223	$	786	$	1,009	$	120	$	585	$	705