FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
FAIR VALUE MEASUREMENTS |
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Assets and liabilities measured at fair value on a recurring basis |
December 31, 2021 | | | | | | | Counterparty | Cash | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Netting(a) | Collateral | | Total | Assets: | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | U.S. government and government sponsored entities | $ | 2,553 | $ | 5,641 | $ | - | $ | - | $ | - | $ | 8,194 | Obligations of states, municipalities and political subdivisions | | - | | 13,096 | | 1,431 | | - | | - | | 14,527 | Non-U.S. governments | | 9 | | 16,314 | | 7 | | - | | - | | 16,330 | Corporate debt | | - | | 172,967 | | 2,641 | | - | | - | | 175,608 | RMBS | | - | | 16,909 | | 10,378 | | - | | - | | 27,287 | CMBS | | - | | 14,619 | | 1,190 | | - | | - | | 15,809 | CDO/ABS | | - | | 8,232 | | 11,215 | | - | | - | | 19,447 | Total bonds available for sale | | 2,562 | | 247,778 | | 26,862 | | - | | - | | 277,202 | Other bond securities: | | | | | | | | | | | | | U.S. government and government sponsored entities | | - | | 1,750 | | - | | - | | - | | 1,750 | Obligations of states, municipalities and political subdivisions | | - | | 97 | | - | | - | | - | | 97 | Non-U.S. governments | | - | | 76 | | - | | - | | - | | 76 | Corporate debt | | - | | 916 | | 134 | | - | | - | | 1,050 | RMBS | | - | | 215 | | 196 | | - | | - | | 411 | CMBS | | - | | 280 | | 35 | | - | | - | | 315 | CDO/ABS | | - | | 247 | | 2,332 | | - | | - | | 2,579 | Total other bond securities | | - | | 3,581 | | 2,697 | | - | | - | | 6,278 | Equity securities | | 669 | | 64 | | 6 | | - | | - | | 739 | Other invested assets(b) | | - | | 138 | | 1,948 | | - | | - | | 2,086 | Derivative assets(c): | | | | | | | | | | | | | Interest rate contracts | | - | | 3,873 | | - | | - | | - | | 3,873 | Foreign exchange contracts | | - | | 1,188 | | 1 | | - | | - | | 1,189 | Equity contracts | | 7 | | 224 | | 450 | | - | | - | | 681 | Commodity contracts | | - | | 4 | | - | | - | | - | | 4 | Credit contracts | | - | | - | | 1 | | - | | - | | 1 | Other contracts | | - | | - | | 13 | | - | | - | | 13 | Counterparty netting and cash collateral | | - | | - | | - | | (2,779) | | (2,139) | | (4,918) | Total derivative assets | | 7 | | 5,289 | | 465 | | (2,779) | | (2,139) | | 843 | Short-term investments | | 2,584 | | 1,842 | | - | | - | | - | | 4,426 | Other assets | | - | | - | | 114 | | - | | - | | 114 | Separate account assets | | 105,221 | | 3,890 | | - | | - | | - | | 109,111 | Total | $ | 111,043 | $ | 262,582 | $ | 32,092 | $ | (2,779) | $ | (2,139) | $ | 400,799 | Liabilities: | | | | | | | | | | | | | Policyholder contract deposits | $ | - | $ | 54 | $ | 9,682 | $ | - | $ | - | $ | 9,736 | Derivative liabilities(c): | | | | | | | | | | | | | Interest rate contracts | | 1 | | 3,632 | | - | | - | | - | | 3,633 | Foreign exchange contracts | | - | | 721 | | - | | - | | - | | 721 | Equity contracts | | 1 | | 46 | | 6 | | - | | - | | 53 | Credit contracts | | - | | 16 | | 31 | | - | | - | | 47 | Other contracts | | - | | - | | - | | - | | - | | - | Counterparty netting and cash collateral | | - | | - | | - | | (2,779) | | (1,089) | | (3,868) | Total derivative liabilities | | 2 | | 4,415 | | 37 | | (2,779) | | (1,089) | | 586 | Fortitude Re funds withheld payable | | - | | - | | 5,922 | | - | | - | | 5,922 | Other liabilities | | - | | - | | - | | - | | - | | - | Long-term debt | | - | | 1,871 | | - | | - | | - | | 1,871 | Total | $ | 2 | $ | 6,340 | $ | 15,641 | $ | (2,779) | $ | (1,089) | $ | 18,115 |
December 31, 2020 | | | | | | | Counterparty | Cash | | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Netting(a) | | Collateral | | Total | Assets: | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | U.S. government and government sponsored entities | $ | 73 | $ | 4,053 | $ | - | $ | - | $ | - | $ | 4,126 | Obligations of states, municipalities and political subdivisions | | - | | 14,019 | | 2,105 | | - | | - | | 16,124 | Non-U.S. governments | | 28 | | 15,312 | | 5 | | - | | - | | 15,345 | Corporate debt | | - | | 166,949 | | 2,349 | | - | | - | | 169,298 | RMBS | | - | | 19,771 | | 11,694 | | - | | - | | 31,465 | CMBS | | - | | 15,211 | | 922 | | - | | - | | 16,133 | CDO/ABS | | - | | 9,191 | | 9,814 | | - | | - | | 19,005 | Total bonds available for sale | | 101 | | 244,506 | | 26,889 | | - | | - | | 271,496 | Other bond securities: | | | | | | | | | | | | | U.S. government and government sponsored entities | | - | | 1,845 | | - | | - | | - | | 1,845 | Non-U.S. governments | | - | | - | | - | | - | | - | | - | Corporate debt | | - | | 12 | | - | | - | | - | | 12 | RMBS | | - | | 290 | | 139 | | - | | - | | 429 | CMBS | | - | | 273 | | 47 | | - | | - | | 320 | CDO/ABS | | - | | 173 | | 2,512 | | - | | - | | 2,685 | Total other bond securities | | - | | 2,593 | | 2,698 | | - | | - | | 5,291 | Equity securities | | 929 | | 76 | | 51 | | - | | - | | 1,056 | Other invested assets(b) | | - | | 102 | | 1,827 | | - | | - | | 1,929 | Derivative assets(c): | | | | | | | | | | | | | Interest rate contracts | | - | | 4,637 | | - | | - | | - | | 4,637 | Foreign exchange contracts | | - | | 1,020 | | 2 | | - | | - | | 1,022 | Equity contracts | | 9 | | 923 | | 198 | | - | | - | | 1,130 | Credit contracts | | - | | - | | 2 | | - | | - | | 2 | Other contracts | | - | | - | | 14 | | - | | - | | 14 | Counterparty netting and cash collateral | | - | | - | | - | | (3,812) | | (2,219) | | (6,031) | Total derivative assets | | 9 | | 6,580 | | 216 | | (3,812) | | (2,219) | | 774 | Short-term investments | | 2,379 | | 3,589 | | - | | - | | - | | 5,968 | Other assets | | - | | - | | 113 | | - | | - | | 113 | Separate account assets | | 96,560 | | 3,730 | | - | | - | | - | | 100,290 | Total | $ | 99,978 | $ | 261,176 | $ | 31,794 | $ | (3,812) | $ | (2,219) | $ | 386,917 | Liabilities: | | | | | | | | | | | | | Policyholder contract deposits | $ | - | $ | - | $ | 9,798 | $ | - | $ | - | $ | 9,798 | Derivative liabilities(c): | | | | | | | | | | | | | Interest rate contracts | | 1 | | 4,435 | | - | | - | | - | | 4,436 | Foreign exchange contracts | | - | | 1,090 | | - | | - | | - | | 1,090 | Equity contracts | | 14 | | 162 | | 47 | | - | | - | | 223 | Credit contracts | | - | | 23 | | 44 | | - | | - | | 67 | Other contracts | | - | | - | | 6 | | - | | - | | 6 | Counterparty netting and cash collateral | | - | | - | | - | | (3,812) | | (1,441) | | (5,253) | Total derivative liabilities | | 15 | | 5,710 | | 97 | | (3,812) | | (1,441) | | 569 | Fortitude Re funds withheld payable | | - | | - | | 6,042 | | - | | - | | 6,042 | Other liabilities | | - | | 1 | | - | | - | | - | | 1 | Long-term debt | | - | | 2,097 | | - | | - | | - | | 2,097 | Total | $ | 15 | $ | 7,808 | $ | 15,937 | $ | (3,812) | $ | (1,441) | $ | 18,507 | (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 $8.4 billion and $6.5 billion as of December 31, 2021 and December 31, 2020, respectively. (c)
Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets.
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Changes in Level 3 recurring fair value measurements (Assets) |
| | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | Gains | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | Fair Value | | (Losses) | Other | | and | | Gross | | Gross | | | Fair Value | | in Income on | | Recurring Level 3 | | Beginning | Included | Comprehensive | | Settlements, | Transfers | Transfers | | | | End | | Instruments Held | | Instruments Held | (in millions) | of Year | in Income | Income (Loss) | | Net | | In | | Out | | Other | | of Year | | at End of Year | | at End of Year | December 31, 2021 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | | | | | | | | | Obligations of states, | | | | | | | | | | | | | | | | | | | | | municipalities and | | | | | | | | | | | | | | | | | | | | | political subdivisions | $ | 2,105 | $ | 15 | $ | (9) | $ | (358) | $ | - | $ | (260) | $ | (62) | $ | 1,431 | $ | - | $ | 254 | Non-U.S. governments | | 5 | | - | | (1) | | 1 | | 5 | | (3) | | - | | 7 | | - | | - | Corporate debt | | 2,349 | | (20) | | (31) | | 188 | | 524 | | (369) | | - | | 2,641 | | - | | (141) | RMBS | | 11,694 | | 595 | | (127) | | (1,163) | | 8 | | (629) | | - | | 10,378 | | - | | 790 | CMBS | | 922 | | 25 | | (49) | | 414 | | 57 | | (179) | | - | | 1,190 | | - | | (55) | CDO/ABS | | 9,814 | | 38 | | (122) | | 1,588 | | 1,138 | | (1,241) | | - | | 11,215 | | - | | 315 | Total bonds available for sale | | 26,889 | | 653 | | (339) | | 670 | | 1,732 | | (2,681) | | (62) | | 26,862 | | - | | 1,163 | Other bond securities: | | | | | | | | | | | | | | | | | | | | | Corporate debt | | - | | (1) | | - | | 135 | | - | | - | | - | | 134 | | (1) | | - | RMBS | | 139 | | 3 | | - | | 54 | | - | | - | | - | | 196 | | (87) | | - | CMBS | | 47 | | (3) | | - | | (15) | | 6 | | - | | - | | 35 | | 2 | | - | CDO/ABS | | 2,512 | | 28 | | - | | (208) | | - | | - | | - | | 2,332 | | 127 | | - | Total other bond securities | | 2,698 | | 27 | | - | | (34) | | 6 | | - | | - | | 2,697 | | 41 | | - | Equity securities | | 51 | | 11 | | 1 | | (123) | | 77 | | (11) | | - | | 6 | | 3 | | - | Other invested assets | | 1,827 | | 641 | | (14) | | (570) | | 64 | | - | | - | | 1,948 | | 617 | | - | Other assets | | 113 | | - | | - | | 1 | | - | | - | | - | | 114 | | - | | - | Total | $ | 31,578 | $ | 1,332 | $ | (352) | $ | (56) | $ | 1,879 | $ | (2,692) | $ | (62) | $ | 31,627 | $ | 661 | $ | 1,163 | | | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | (Gains) | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | Losses | | Other | | and | | Gross | | Gross | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | Included | Comprehensive | | Settlements, | Transfers | Transfers | | | | End | | Instruments Held | | Instruments Held | (in millions) | | of Year | in Income | Income (Loss) | | Net | | In | | Out | Other | | of Year | | at End of Year | | at End of Year | Liabilities: | | | | | | | | | | | | | | | | | | | | | Policyholder contract deposits | $ | 9,798 | $ | (545) | $ | - | $ | 484 | $ | - | $ | (55) | $ | - | $ | 9,682 | $ | 1,860 | $ | - | Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | | Interest rate contracts | | - | | (1) | | - | | 1 | | - | | - | | - | | - | | 1 | | - | Foreign exchange contracts | | (2) | | - | | - | | 1 | | - | | - | | - | | (1) | | - | | - | Equity contracts | | (151) | | (75) | | - | | (271) | | - | | 53 | | - | | (444) | | 32 | | - | Credit contracts | | 42 | | 9 | | - | | (21) | | - | | - | | - | | 30 | | 1 | | - | Other contracts | | (8) | | (66) | | - | | 61 | | - | | - | | - | | (13) | | 66 | | - | Total derivative liabilities, net(a) | | (119) | | (133) | | - | | (229) | | - | | 53 | | - | | (428) | | 100 | | - | Fortitude Re funds withheld payable | | 6,042 | | 603 | | - | | (723) | | - | | - | | - | | 5,922 | | 2,094 | | - | Total | $ | 15,721 | $ | (75) | $ | - | $ | (468) | $ | - | $ | (2) | $ | - | $ | 15,176 | $ | 4,054 | $ | - |
| | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | Gains | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | (Losses) | | Other | | and | | Gross | | Gross | | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | | Included | | Comprehensive | | Settlements, | | Transfers | | Transfers | | Divested | | End | | Instruments Held | | Instruments Held | (in millions) | | of Year | | in Income | | Income (Loss) | | Net | | In | | Out | Businesses | | of Year | | at End of Year | | at End of Year | December 31, 2020 | | | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | | | | | | | | | Obligations of states, | | | | | | | | | | | | | | | | | | | | | municipalities and | | | | | | | | | | | | | | | | | | | | | political subdivisions | $ | 2,121 | $ | 7 | $ | 211 | $ | 123 | $ | 27 | $ | (384) | $ | - | $ | 2,105 | $ | - | $ | 208 | Non-U.S. governments | | - | | - | | - | | 4 | | 7 | | (6) | | - | | 5 | | - | | - | Corporate debt | | 1,663 | | (110) | | 65 | | 11 | | 1,482 | | (762) | | - | | 2,349 | | - | | 79 | RMBS | | 13,408 | | 745 | | (337) | | (1,200) | | 29 | | (951) | | - | | 11,694 | | - | | (172) | CMBS | | 1,053 | | 18 | | 60 | | (1) | | 23 | | (231) | | - | | 922 | | - | | 55 | CDO/ABS | | 7,686 | | 35 | | 123 | | 359 | | 2,531 | | (920) | | - | | 9,814 | | - | | 106 | Total bonds available for sale | | 25,931 | | 695 | | 122 | | (704) | | 4,099 | | (3,254) | | - | | 26,889 | | - | | 276 | Other bond securities: | | | | | | | | | | | | | | | | | | | | | RMBS | | 143 | | 9 | | - | | (13) | | - | | - | | - | | 139 | | 5 | | - | CMBS | | 50 | | - | | - | | (3) | | - | | - | | - | | 47 | | (2) | | - | CDO/ABS | | 3,545 | | 293 | | - | | (1,326) | | - | | - | | - | | 2,512 | | 17 | | - | Total other bond securities | | 3,738 | | 302 | | - | | (1,342) | | - | | - | | - | | 2,698 | | 20 | | - | Equity securities | | 8 | | (1) | | 6 | | 35 | | 40 | | (37) | | - | | 51 | | - | | - | Other invested assets | | 1,192 | | 100 | | (3) | | 388 | | 150 | | - | | - | | 1,827 | | 51 | | - | Other assets | | 89 | | - | | - | | 62 | | - | | - | | (38) | | 113 | | - | | - | Total | $ | 30,958 | $ | 1,096 | $ | 125 | $ | (1,561) | $ | 4,289 | $ | (3,291) | $ | (38) | $ | 31,578 | $ | 71 | $ | 276 | | | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | (Gains) | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | Losses | | Other | | and | | Gross | | Gross | | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | | Included | | Comprehensive | | Settlements, | | Transfers | | Transfers | | Divested | | End | | Instruments Held | | Instruments Held | (in millions) | | of | | in Income | | Income (Loss) | | Net | | In | | Out | Businesses | | of | | at End of | | at End of Year | Liabilities: | | | | | | | | | | | | | | | | | | | | | Policyholder contract deposits | $ | 6,910 | $ | 2,681 | $ | - | $ | 207 | $ | - | $ | - | $ | - | $ | 9,798 | $ | (1,515) | $ | - | Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | | Interest rate contracts | | - | | (1) | | - | | 1 | | - | | - | | - | | - | | 2 | | - | Foreign exchange contracts | | (6) | | 3 | | - | | 1 | | - | | - | | - | | (2) | | 1 | | - | Equity contracts | | (151) | | 4 | | - | | (8) | | (1) | | 5 | | - | | (151) | | (33) | | - | Credit contracts | | 62 | | (47) | | - | | 27 | | - | | - | | - | | 42 | | 8 | | - | Other contracts | | (7) | | (63) | | - | | 62 | | - | | - | | - | | (8) | | 62 | | - | Total derivative liabilities, net(a) | | (102) | | (104) | | - | | 83 | | (1) | | 5 | | - | | (119) | | 40 | | - | Fortitude Re funds withheld payable | | - | | 2,645 | | - | | (276) | | - | | - | | 3,673 | | 6,042 | | (1,377) | | - | Total | $ | 6,808 | $ | 5,222 | $ | - | $ | 14 | $ | (1) | $ | 5 | $ | 3,673 | $ | 15,721 | $ | (2,852) | $ | - |
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
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Changes in Level 3 recurring fair value measurements (Liabilities) |
| | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | Gains | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | Fair Value | | (Losses) | Other | | and | | Gross | | Gross | | | Fair Value | | in Income on | | Recurring Level 3 | | Beginning | Included | Comprehensive | | Settlements, | Transfers | Transfers | | | | End | | Instruments Held | | Instruments Held | (in millions) | of Year | in Income | Income (Loss) | | Net | | In | | Out | | Other | | of Year | | at End of Year | | at End of Year | December 31, 2021 | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | | | | | | | | | Obligations of states, | | | | | | | | | | | | | | | | | | | | | municipalities and | | | | | | | | | | | | | | | | | | | | | political subdivisions | $ | 2,105 | $ | 15 | $ | (9) | $ | (358) | $ | - | $ | (260) | $ | (62) | $ | 1,431 | $ | - | $ | 254 | Non-U.S. governments | | 5 | | - | | (1) | | 1 | | 5 | | (3) | | - | | 7 | | - | | - | Corporate debt | | 2,349 | | (20) | | (31) | | 188 | | 524 | | (369) | | - | | 2,641 | | - | | (141) | RMBS | | 11,694 | | 595 | | (127) | | (1,163) | | 8 | | (629) | | - | | 10,378 | | - | | 790 | CMBS | | 922 | | 25 | | (49) | | 414 | | 57 | | (179) | | - | | 1,190 | | - | | (55) | CDO/ABS | | 9,814 | | 38 | | (122) | | 1,588 | | 1,138 | | (1,241) | | - | | 11,215 | | - | | 315 | Total bonds available for sale | | 26,889 | | 653 | | (339) | | 670 | | 1,732 | | (2,681) | | (62) | | 26,862 | | - | | 1,163 | Other bond securities: | | | | | | | | | | | | | | | | | | | | | Corporate debt | | - | | (1) | | - | | 135 | | - | | - | | - | | 134 | | (1) | | - | RMBS | | 139 | | 3 | | - | | 54 | | - | | - | | - | | 196 | | (87) | | - | CMBS | | 47 | | (3) | | - | | (15) | | 6 | | - | | - | | 35 | | 2 | | - | CDO/ABS | | 2,512 | | 28 | | - | | (208) | | - | | - | | - | | 2,332 | | 127 | | - | Total other bond securities | | 2,698 | | 27 | | - | | (34) | | 6 | | - | | - | | 2,697 | | 41 | | - | Equity securities | | 51 | | 11 | | 1 | | (123) | | 77 | | (11) | | - | | 6 | | 3 | | - | Other invested assets | | 1,827 | | 641 | | (14) | | (570) | | 64 | | - | | - | | 1,948 | | 617 | | - | Other assets | | 113 | | - | | - | | 1 | | - | | - | | - | | 114 | | - | | - | Total | $ | 31,578 | $ | 1,332 | $ | (352) | $ | (56) | $ | 1,879 | $ | (2,692) | $ | (62) | $ | 31,627 | $ | 661 | $ | 1,163 | | | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | (Gains) | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | Losses | | Other | | and | | Gross | | Gross | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | Included | Comprehensive | | Settlements, | Transfers | Transfers | | | | End | | Instruments Held | | Instruments Held | (in millions) | | of Year | in Income | Income (Loss) | | Net | | In | | Out | Other | | of Year | | at End of Year | | at End of Year | Liabilities: | | | | | | | | | | | | | | | | | | | | | Policyholder contract deposits | $ | 9,798 | $ | (545) | $ | - | $ | 484 | $ | - | $ | (55) | $ | - | $ | 9,682 | $ | 1,860 | $ | - | Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | | Interest rate contracts | | - | | (1) | | - | | 1 | | - | | - | | - | | - | | 1 | | - | Foreign exchange contracts | | (2) | | - | | - | | 1 | | - | | - | | - | | (1) | | - | | - | Equity contracts | | (151) | | (75) | | - | | (271) | | - | | 53 | | - | | (444) | | 32 | | - | Credit contracts | | 42 | | 9 | | - | | (21) | | - | | - | | - | | 30 | | 1 | | - | Other contracts | | (8) | | (66) | | - | | 61 | | - | | - | | - | | (13) | | 66 | | - | Total derivative liabilities, net(a) | | (119) | | (133) | | - | | (229) | | - | | 53 | | - | | (428) | | 100 | | - | Fortitude Re funds withheld payable | | 6,042 | | 603 | | - | | (723) | | - | | - | | - | | 5,922 | | 2,094 | | - | Total | $ | 15,721 | $ | (75) | $ | - | $ | (468) | $ | - | $ | (2) | $ | - | $ | 15,176 | $ | 4,054 | $ | - |
| | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | Gains | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | (Losses) | | Other | | and | | Gross | | Gross | | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | | Included | | Comprehensive | | Settlements, | | Transfers | | Transfers | | Divested | | End | | Instruments Held | | Instruments Held | (in millions) | | of Year | | in Income | | Income (Loss) | | Net | | In | | Out | Businesses | | of Year | | at End of Year | | at End of Year | December 31, 2020 | | | | | | | | | | | | | | | | | | | | | Assets: | | | | | | | | | | | | | | | | | | | | | Bonds available for sale: | | | | | | | | | | | | | | | | | | | | | Obligations of states, | | | | | | | | | | | | | | | | | | | | | municipalities and | | | | | | | | | | | | | | | | | | | | | political subdivisions | $ | 2,121 | $ | 7 | $ | 211 | $ | 123 | $ | 27 | $ | (384) | $ | - | $ | 2,105 | $ | - | $ | 208 | Non-U.S. governments | | - | | - | | - | | 4 | | 7 | | (6) | | - | | 5 | | - | | - | Corporate debt | | 1,663 | | (110) | | 65 | | 11 | | 1,482 | | (762) | | - | | 2,349 | | - | | 79 | RMBS | | 13,408 | | 745 | | (337) | | (1,200) | | 29 | | (951) | | - | | 11,694 | | - | | (172) | CMBS | | 1,053 | | 18 | | 60 | | (1) | | 23 | | (231) | | - | | 922 | | - | | 55 | CDO/ABS | | 7,686 | | 35 | | 123 | | 359 | | 2,531 | | (920) | | - | | 9,814 | | - | | 106 | Total bonds available for sale | | 25,931 | | 695 | | 122 | | (704) | | 4,099 | | (3,254) | | - | | 26,889 | | - | | 276 | Other bond securities: | | | | | | | | | | | | | | | | | | | | | RMBS | | 143 | | 9 | | - | | (13) | | - | | - | | - | | 139 | | 5 | | - | CMBS | | 50 | | - | | - | | (3) | | - | | - | | - | | 47 | | (2) | | - | CDO/ABS | | 3,545 | | 293 | | - | | (1,326) | | - | | - | | - | | 2,512 | | 17 | | - | Total other bond securities | | 3,738 | | 302 | | - | | (1,342) | | - | | - | | - | | 2,698 | | 20 | | - | Equity securities | | 8 | | (1) | | 6 | | 35 | | 40 | | (37) | | - | | 51 | | - | | - | Other invested assets | | 1,192 | | 100 | | (3) | | 388 | | 150 | | - | | - | | 1,827 | | 51 | | - | Other assets | | 89 | | - | | - | | 62 | | - | | - | | (38) | | 113 | | - | | - | Total | $ | 30,958 | $ | 1,096 | $ | 125 | $ | (1,561) | $ | 4,289 | $ | (3,291) | $ | (38) | $ | 31,578 | $ | 71 | $ | 276 | | | | | Net | | | | | | | | | | | | | | | | Changes in | | | | | Realized | | | | | | | | | | | | | | | | Unrealized Gains | | | | | and | | | | Purchases, | | | | | | | | | | Changes in | | (Losses) Included in | | | | | Unrealized | | | | Sales, | | | | | | | | | | Unrealized Gains | Other Comprehensive | | | | | (Gains) | | | | Issuances | | | | | | | | | | (Losses) Included | | Income (Loss) for | | | Fair Value | | Losses | | Other | | and | | Gross | | Gross | | | | Fair Value | | in Income on | | Recurring Level 3 | | | Beginning | | Included | | Comprehensive | | Settlements, | | Transfers | | Transfers | | Divested | | End | | Instruments Held | | Instruments Held | (in millions) | | of | | in Income | | Income (Loss) | | Net | | In | | Out | Businesses | | of | | at End of | | at End of Year | Liabilities: | | | | | | | | | | | | | | | | | | | | | Policyholder contract deposits | $ | 6,910 | $ | 2,681 | $ | - | $ | 207 | $ | - | $ | - | $ | - | $ | 9,798 | $ | (1,515) | $ | - | Derivative liabilities, net: | | | | | | | | | | | | | | | | | | | | | Interest rate contracts | | - | | (1) | | - | | 1 | | - | | - | | - | | - | | 2 | | - | Foreign exchange contracts | | (6) | | 3 | | - | | 1 | | - | | - | | - | | (2) | | 1 | | - | Equity contracts | | (151) | | 4 | | - | | (8) | | (1) | | 5 | | - | | (151) | | (33) | | - | Credit contracts | | 62 | | (47) | | - | | 27 | | - | | - | | - | | 42 | | 8 | | - | Other contracts | | (7) | | (63) | | - | | 62 | | - | | - | | - | | (8) | | 62 | | - | Total derivative liabilities, net(a) | | (102) | | (104) | | - | | 83 | | (1) | | 5 | | - | | (119) | | 40 | | - | Fortitude Re funds withheld payable | | - | | 2,645 | | - | | (276) | | - | | - | | 3,673 | | 6,042 | | (1,377) | | - | Total | $ | 6,808 | $ | 5,222 | $ | - | $ | 14 | $ | (1) | $ | 5 | $ | 3,673 | $ | 15,721 | $ | (2,852) | $ | - | (a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
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Schedule of net realized and unrealized gains and losses related to Level 3 items |
| | Net | | | | | | | | | Investment | | Net Realized | | Other | | | (in millions) | | Income | Gains (Losses) | | Income | | Total | December 31, 2021 | | | | | | | | | Assets: | | | | | | | | | Bonds available for sale | $ | 654 | $ | (1) | $ | - | $ | 653 | Other bond securities | | 27 | | - | | - | | 27 | Equity securities | | 11 | | - | | - | | 11 | Other invested assets | | 630 | | 11 | | - | | 641 | December 31, 2020 | | | | | | | | | Assets: | | | | | | | | | Bonds available for sale | $ | 733 | $ | (38) | $ | - | $ | 695 | Other bond securities | | 34 | | 268 | | - | | 302 | Equity securities | | - | | (1) | | - | | (1) | Other invested assets | | 98 | | 2 | | - | | 100 | | | | | | | | | | | | Net | | | | | | | | | Investment | | Net Realized | | Other | | | (in millions) | | Income | (Gains) Losses | | Income | | Total | December 31, 2021 | | | | | | | | | Liabilities: | | | | | | | | | Policyholder contract deposits* | $ | - | $ | (545) | $ | - | $ | (545) | Derivative liabilities, net | | - | | (74) | | (59) | | (133) | Fortitude Re funds withheld payable | | - | | 603 | | - | | 603 | December 31, 2020 | | | | | | | | | Liabilities: | | | | | | | | | Policyholder contract deposits* | $ | - | $ | 2,681 | $ | - | $ | 2,681 | Derivative liabilities, net | | - | | (47) | | (57) | | (104) | Fortitude Re funds withheld payable | | - | | 2,645 | | - | | 2,645 |
*
Primarily embedded derivatives. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for years ended December 31, 2021 and 2020 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
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Gross components of purchases, sales, issuances and settlements, net |
| | | | | | Issuances | | Purchases, Sales, | | | | | | | and | | Issuances and | (in millions) | | Purchases | | Sales | | Settlements(a) | | Settlements, Net(a) | December 31, 2021 | | | | | | | | | Assets: | | | | | | | | | Bonds available for sale: | | | | | | | | | Obligations of states, municipalities and political subdivisions | $ | 55 | $ | (247) | $ | (166) | $ | (358) | Non-U.S. governments | | 1 | | - | | - | | 1 | Corporate debt | | 973 | | (95) | | (690) | | 188 | RMBS | | 1,567 | | (280) | | (2,450) | | (1,163) | CMBS | | 510 | | (15) | | (81) | | 414 | CDO/ABS | | 4,409 | | 70 | | (2,891) | | 1,588 | Total bonds available for sale | | 7,515 | | (567) | | (6,278) | | 670 | Other bond securities: | | | | | | | | | Corporate debt | | 86 | | - | | 49 | | 135 | RMBS | | 54 | | (10) | | 10 | | 54 | CMBS | | - | | (15) | | - | | (15) | CDO/ABS | | 320 | | (39) | | (489) | | (208) | Total other bond securities | | 460 | | (64) | | (430) | | (34) | Equity securities | | 2 | | (3) | | (122) | | (123) | Other invested assets | | 578 | | - | | (1,148) | | (570) | Other assets | | - | | - | | 1 | | 1 | Total | $ | 8,555 | $ | (634) | $ | (7,977) | $ | (56) | Liabilities: | | | | | | | | | Policyholder contract deposits | $ | - | $ | 818 | $ | (334) | $ | 484 | Derivative liabilities, net | | (281) | | 6 | | 46 | | (229) | Fortitude Re funds withheld payable | | - | | - | | (723) | | (723) | Total | $ | (281) | $ | 824 | $ | (1,011) | $ | (468) | December 31, 2020 | | | | | | | | | Assets: | | | | | | | | | Bonds available for sale: | | | | | | | | | Obligations of states, municipalities and political subdivisions | $ | 219 | $ | (20) | $ | (76) | $ | 123 | Non-U.S. governments | | 7 | | (2) | | (1) | | 4 | Corporate debt | | 300 | | (24) | | (265) | | 11 | RMBS | | 1,118 | | (33) | | (2,285) | | (1,200) | CMBS | | 56 | | (17) | | (40) | | (1) | CDO/ABS | | 1,904 | | (408) | | (1,137) | | 359 | Total bonds available for sale | | 3,604 | | (504) | | (3,804) | | (704) | Other bond securities: | | | | | | | | | RMBS | | 37 | | (16) | | (34) | | (13) | CMBS | | - | | - | | (3) | | (3) | CDO/ABS | | 35 | | (579) | | (782) | | (1,326) | Total other bond securities | | 72 | | (595) | | (819) | | (1,342) | Equity securities | | 40 | | (5) | | - | | 35 | Other invested assets | | 480 | | - | | (92) | | 388 | Other assets | | 55 | | - | | 7 | | 62 | Total | $ | 4,251 | $ | (1,104) | $ | (4,708) | $ | (1,561) | Liabilities: | | | | | | | | | Policyholder contract deposits | $ | - | $ | 713 | $ | (506) | $ | 207 | Derivative liabilities, net | | (68) | | 8 | | 143 | | 83 | Fortitude Re funds withheld payable | | - | | - | | (276) | | (276) | Total | $ | (68) | $ | 721 | $ | (639) | $ | 14 | (a)There were no issuances during the years ended December 31, 2021 and 2020.
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Significant unobservable inputs used for recurring fair value measurements |
| | Fair Value at | | | | | | December 31, | Valuation | | Range | (in millions) | | 2021 | Technique | Unobservable Input(b) | (Weighted Average)(c) | Assets: | | | | | | | | | | | | Obligations of states, municipalities | | | | | | and political subdivisions | $ | 1,400 | Discounted cash flow | Yield | 2.74% - 3.33% (3.06%) | | | | | | | Corporate debt | | 1,561 | Discounted cash flow | Yield | 2.23% - 7.69% (4.96%) | | | | | | | RMBS(a) | | 9,916 | Discounted cash flow | Constant prepayment rate | 5.25% - 17.70% (11.47%) | | | | | Loss severity | 26.13% - 71.93% (49.03%) | | | | | Constant default rate | 1.15% - 5.85% (3.50%) | | | | | Yield | 1.69% - 3.97% (2.83%) | | | | | | | CDO/ABS(a) | | 8,229 | Discounted cash flow | Yield | 1.84% - 4.77% (3.31%) | | | | | | | CMBS | | 580 | Discounted cash flow | Yield | 1.50% - 5.01% (3.25%) | | | | | | | Liabilities:(d): | | | | | | | | | | | | Embedded derivatives within | | | | | | Policyholder contract deposits: | | | | | | | | | | | | Variable annuity guaranteed | | | | | | minimum withdrawal benefits | | | | | | (GMWB) | | 2,472 | Discounted cash flow | Equity volatility | 5.95% - 46.65% | | | | | Base lapse rate | 0.16% - 12.60% | | | | | Dynamic lapse multiplier | 20.00% - 186.00% | | | | | Mortality multiplier(e) | 38.00% - 147.00% | | | | | Utilization | 90.00% - 100.00% | | | | | Equity / interest rate correlation | 20.00% - 40.00% | | | | | NPA(f) | 0.01% - 1.40% | | | | | | | Index annuities including certain | | | | | | GMWB | | 6,445 | Discounted cash flow | Base lapse rate | 0.50% - 50.00% | | | | | Dynamic lapse multiplier | 20.00% - 186.00% | | | | | Mortality multiplier(e) | 24.00% - 180.00% | | | | | Utilization(g) | 60.00% - 95.00% | | | | | Option budget | 0.00% - 4.00% | | | | | NPA(f) | 0.01% - 1.40% | | | | | | | Indexed life | | 765 | Discounted cash flow | Base lapse rate | 0.00% - 37.97% | | | | | Mortality rate | 0.00% - 100.00% | | | | | NPA(f) | 0.01% - 1.40% | | | | | | |
| | | | | | | | Fair Value at | | | | | | December 31, | Valuation | | Range | (in millions) | | 2020 | Technique | Unobservable Input(b) | (Weighted Average)(c) | Assets: | | | | | | | | | | | | Obligations of states, municipalities | | | | | | and political subdivisions | $ | 1,670 | Discounted cash flow | Yield | 2.82% - 3.39% (3.11%) | | | | | | | Corporate debt | | 1,591 | Discounted cash flow | Yield | 2.13% - 7.82% (4.97%) | | | | | | | RMBS(a) | | 11,297 | Discounted cash flow | Constant prepayment rate | 3.90% - 11.99% (7.94%) | | | | | Loss severity | 30.08% - 78.49% (54.29%) | | | | | Constant default rate | 1.45% - 6.19% (3.82%) | | | | | Yield | 1.69% - 4.25% (2.97%) | | | | | | | CDO/ABS(a) | | 8,324 | Discounted cash flow | Yield | 1.93% - 4.85% (3.39%) | | | | | | | CMBS | | 541 | Discounted cash flow | Yield | 0.92% - 5.89% (3.40%) | | | | | | | Liabilities(d): | | | | | | | | | | | | Embedded derivatives within | | | | | | Policyholder contract deposits: | | | | | | | | | | | | GMWB | | 3,572 | Discounted cash flow | Equity volatility | 6.45% - 50.85% | | | | | Base lapse rate | 0.16% - 12.60% | | | | | Dynamic lapse multiplier | 50.00% - 143.00% | | | | | Mortality multiplier(e) | 38.00% - 147.00% | | | | | Utilization | 90.00% - 100.00% | | | | | Equity / interest rate correlation | 20.00% - 40.00% | | | | | NPA(f) | 0.06% - 1.48% | | | | | | | Index annuities including certain | | 5,538 | Discounted cash flow | Base lapse rate | 0.38% - 50.00% | GMWB | | | | Dynamic lapse multiplier | 19.00% - 178.00% | | | | | Mortality multiplier(e) | 24.00% - 180.00% | | | | | Utilization(g) | 80.00% - 100.00% | | | | | Option budget | 0.00% - 4.00% | | | | | NPA(f) | 0.06% - 1.48% | | | | | | | Indexed life | | 649 | Discounted cash flow | Base lapse rate | 0.00% - 37.97% | | | | | Mortality rate | 0.00% - 100.00% | | | | | NPA(f) | 0.06% - 1.48% | | | | | | |
(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 CDO 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 within Policyholder contract deposits 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 7, the Fortitude Re funds withheld payable is created through 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)
Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (f)
The NPA applied as a spread over risk-free curve for discounting. (g)
The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivative. The total embedded derivative liability at December 31, 2021 and 2020 was approximately $1.2 billion and $726 million, respectively. The remaining guaranteed minimum riders on the index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts. The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CDO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.
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Investments in certain entities carried at fair value using net asset value per share |
| | December 31, 2021 | | December 31, 2020 | | | | Fair Value | | | | | Fair Value | | | | | | Using NAV | | | | | Using NAV | | | | | | Per Share (or | | Unfunded | | | Per Share (or | | Unfunded | (in millions) | Investment Category Includes | | its equivalent) | | Commitments | | | its equivalent) | | 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 | $ | 2,768 | $ | 1,798 | | $ | 1,752 | $ | 1,960 | | | | | | | | | | | | Real assets | Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets | | 904 | | 487 | | | 908 | | 445 | | | | | | | | | | | | 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 | | 252 | | 201 | | | 167 | | 171 | | | | | | | | | | | | Growth equity | Funds that make investments in established companies for the purpose of growing their businesses | | 914 | | 82 | | | 703 | | 55 | | | | | | | | | | | | Mezzanine | Funds that make investments in the junior debt and equity securities of leveraged companies | | 534 | | 354 | | | 400 | | 155 | | | | | | | | | | | | 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 | | 1,216 | | 408 | | | 683 | | 365 | Total private equity funds | | 6,588 | | 3,330 | | | 4,613 | | 3,151 | Hedge funds: | | | | | | | | | | | Event-driven | Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations | | 466 | | - | | | 411 | | - | | | | | | | | | | | | Long-short | Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk | | 432 | | - | | | 361 | | - | | | | | | | | | | | | Macro | Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions | | 516 | | - | | | 807 | | - | | | | | | | | | | | | 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 | | 416 | | - | | | 301 | | 1 | Total hedge funds | | | 1,830 | | - | | | 1,880 | | 1 | Total | | $ | 8,418 | $ | 3,330 | | $ | 6,493 | $ | 3,152 |
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Gains or losses related to the eligible instruments for which AIG elected the fair value option |
Years Ended December 31, | Gain (Loss) | (in millions) | | 2021 | | 2020 | | 2019 | Assets: | | | | | | | Other bond securities | $ | (12) | $ | 552 | $ | 1,046 | Alternative investments(a) | | 1,650 | | 685 | | 591 | Liabilities: | | | | | | | Long-term debt(b) | | 66 | | (176) | | (181) | Total gain | $ | 1,704 | $ | 1,061 | $ | 1,456 |
(a)
Includes certain hedge funds, private equity funds and other investment partnerships. (b)
Includes GIAs, notes, bonds and mortgages payable.
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Difference between fair values and aggregate contractual principal amounts, fair value option |
| December 31, 2021 | | December 31, 2020 | | | | Outstanding | | | | | | Outstanding | | | (in millions) | Fair Value | Principal Amount | Difference | | Fair Value | Principal Amount | Difference | Liabilities: | | | | | | | | | | | | | | Long-term debt* | $ | 1,871 | $ | 1,405 | $ | 466 | | $ | 2,097 | $ | 1,479 | $ | 618 | *Includes GIAs, notes, bonds, loans and mortgages payable.
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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 | | | 2021 | | 2020 | | 2019 | December 31, 2021 | | | | | | | | | | | | | | | | Other investments | $ | - | $ | - | $ | 104 | $ | 104 | | $ | 6 | $ | 77 | $ | 76 | Other assets | | - | | - | | - | | - | | | 67 | | 14 | | 74 | Total | $ | - | $ | - | $ | 104 | $ | 104 | | $ | 73 | $ | 91 | $ | 150 | December 31, 2020 | | | | | | | | | | | | | | | | Other investments | $ | - | $ | - | $ | 376 | $ | 376 | | | | | | | | Other assets | | - | | - | | 28 | | 28 | | | | | | | | Total | $ | - | $ | - | $ | 404 | $ | 404 | | | | | | | |
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Carrying values and estimated fair values of AIG's financial instruments |
| Estimated Fair Value | | Carrying | (in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Value | December 31, 2021 | | | | | | | | | | | Assets: | | | | | | | | | | | Mortgage and other loans receivable | $ | - | $ | 82 | $ | 47,947 | $ | 48,029 | $ | 46,033 | Other invested assets | | - | | 871 | | 6 | | 877 | | 878 | Short-term investments | | - | | 8,931 | | - | | 8,931 | | 8,931 | Cash | | 2,198 | | - | | - | | 2,198 | | 2,198 | Other assets | | 21 | | 11 | | - | | 32 | | 32 | Liabilities: | | | | | | | | | | | Policyholder contract deposits associated | | | | | | | | | | | with investment-type contracts | | - | | 169 | | 142,974 | | 143,143 | | 133,043 | Fortitude Re funds withheld payable | | - | | - | | 34,849 | | 34,849 | | 34,849 | Other liabilities | | - | | 3,704 | | - | | 3,704 | | 3,704 | Long-term debt | | - | | 24,758 | | 336 | | 25,094 | | 21,870 | Debt of consolidated investment entities | | - | | 3,077 | | 3,313 | | 6,390 | | 6,422 | Separate account liabilities - investment contracts | | - | | 104,126 | | - | | 104,126 | | 104,126 | December 31, 2020 | | | | | | | | | | | Assets: | | | | | | | | | | | Mortgage and other loans receivable | $ | - | $ | 95 | $ | 48,541 | $ | 48,636 | $ | 45,562 | Other invested assets | | - | | 837 | | 6 | | 843 | | 843 | Short-term investments | | - | | 12,235 | | - | | 12,235 | | 12,235 | Cash | | 2,827 | | - | | - | | 2,827 | | 2,827 | Other assets | | 209 | | 14 | | - | | 223 | | 223 | Liabilities: | | | | | | | | | | | Policyholder contract deposits associated | | | | | | | | | | | with investment-type contracts | | - | | 214 | | 144,357 | | 144,571 | | 130,435 | Fortitude Re funds withheld payable | | - | | - | | 37,018 | | 37,018 | | 37,018 | Other liabilities | | - | | 3,695 | | - | | 3,695 | | 3,695 | Long-term debt | | - | | 30,310 | | 365 | | 30,675 | | 26,006 | Debt of consolidated investment entities | | - | | 1,746 | | 7,965 | | 9,711 | | 9,431 | Separate account liabilities - investment contracts | | - | | 95,610 | | - | | 95,610 | | 95,610 |
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