Policyholder contract deposits, portion measured at fair value

4,878

4,116

Other liabilities, portion measured at fair value

1,421

1,265

Long-term debt, portion measured at fair value

2,263

2,213

Assets:

363

^[1]

343

Assets:

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

$ 251

^[1]

$ 142

[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments .

Consolidated Balance Sheets (Parenthetical - equity) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
AIG shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 5	$ 0
Preferred stock, shares authorized	100,000,000	0
Preferred stock, shares issued	20,000	0
Preferred stock liquidation preference	$ 500	$ 0
Common stock, par value (in dollars per share)	$ 2.5	$ 2.5
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	1,906,671,492	1,906,671,492
Treasury stock, shares of common stock	1,036,934,591	1,040,062,063

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Premiums	$ 8,070	$ 7,275
Policy fees	735	764
Net investment income	3,879	3,261
Net realized capital losses:
Total other-than-temporary impairments on available for sale securities	(80)	(75)
Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Other comprehensive loss	(3)	(12)
Net other-than-temporary impairments on available for sale securities recognized in net income	(83)	(87)
Other realized capital gains (losses)	(363)	68
Total net realized capital losses	(446)	(19)
Other income	218	431
Total revenues	12,456	11,712
Benefits, losses and expenses:
Policyholder benefits and losses incurred	6,679	5,667
Interest credited to policyholder account balances	940	916
Amortization of deferred policy acquisition costs	1,289	1,358
General operating and other expenses	2,053	2,271
Interest expense	349	277
(Gain) loss on extinguishment of debt	(2)	4
Net gain on sale of divested businesses	(6)	(8)
Total benefits, losses and expenses	11,302	10,485
Income from continuing operations before income tax expense	1,154	1,227
Income tax expense:
Income tax expense	217	277
Income from continuing operations	937	950
Loss from discontinued operations, net of income tax expense	0	(1)
Net income	937	949
Less:
Net income from continuing operations attributable to noncontrolling interests	283	11
Net income attributable to AIG	$ 654	$ 938
Basic:
Income from continuing operations	$ 0.75	$ 1.03
Income from discontinued operations	0	0
Net income attributable to AIG	0.75	1.03
Diluted:
Income from continuing operations	0.75	1.01
Income from discontinued operations	0	0
Net income attributable to AIG	$ 0.75	$ 1.01
Weighted average shares outstanding:
Basic	875,383,084	907,951,597
Diluted	877,512,244	925,266,577

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 937	$ 949
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken	676	(150)
Change in unrealized appreciation (depreciation) of all other investments	2,708	(2,708)
Change in foreign currency translation adjustments	164	158
Change in retirement plan liabilities adjustment	(1)	29
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	2
Other comprehensive income (loss)	3,547	(2,669)
Comprehensive income (loss)	4,484	(1,720)
Comprehensive income attributable to noncontrolling interests	289	11
Comprehensive income (loss) attributable to AIG	$ 4,195	$ (1,731)

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total AIG Shareholders' Equity	Preferred Stock and Additional Paid-In Capital	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non redeemable Non-controlling Interests
Cumulative effect of change in accounting principle, net of tax	$ (8)	$ (8)	$ 0	$ 0	$ 0	$ 0	$ 568	$ (576)	$ 0
Balance at Dec. 31, 2017	65,708	65,171	0	4,766	(47,595)	81,078	21,457	5,465	537
Common stock issued under stock plans	(150)	(150)	0	0	186	(336)	0	0	0
Purchase of common stock	(298)	(298)	0	0	(298)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	949	938	0	0	0	0	938	0	11
Dividends	(289)	(289)	0	0	0	0	(289)	0	0
Other comprehensive income (loss)	(2,669)	(2,669)	0	0	0	0	0	(2,669)	0
Current and deferred income taxes	0	0	0	0	0	0	0	0	0
Net increase due to acquisitions and consolidations	36	0	0	0	0	0	0	0	36
Contributions from noncontrolling interests	10	0	0	0	0	0	0	0	10
Distributions to noncontrolling interests	(25)	0	0	0	0	0	0	0	(25)
Other	93	97	0	0	1	99	(3)	0	(4)
Balance at Mar. 31, 2018	63,357	62,792	0	4,766	(47,706)	80,841	22,671	2,220	565
Balance at Dec. 31, 2018	57,309	56,361	0	4,766	(49,144)	81,268	20,884	(1,413)	948
Preferred stock issued	485	485	485	0	0	0	0	0	0
Common stock issued under stock plans	(77)	(77)	0	0	145	(222)	0	0	0
Purchase of common stock	0	0	0	0	0	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	937	654	0	0	0	0	654	0	283
Dividends	(278)	(278)	0	0	0	0	(278)	0	0
Other comprehensive income (loss)	3,547	3,541	0	0	0	0	0	3,541	6
Current and deferred income taxes	(1)	(1)	0	0	0	(1)	0	0	0
Net increase due to acquisitions and consolidations	108	0	0	0	0	0	0	0	108
Contributions from noncontrolling interests	12	0	0	0	0	0	0	0	12
Distributions to noncontrolling interests	(59)	0	0	0	0	0	0	0	(59)
Other	110	102	0	0	0	103	(1)	0	8
Balance at Mar. 31, 2019	$ 62,093	$ 60,787	$ 485	$ 4,766	$ (48,999)	$ 81,148	$ 21,259	$ 2,128	$ 1,306

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 937	$ 949
Loss from discontinued operations	0	1
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets	(22)	(120)
Net gain on sale of divested businesses	(6)	(8)
(Gains) losses on extinguishment of debt	(2)	4
Unrealized losses in earnings - net	367	268
Equity in income from equity method investments, net of dividends or distributions	(83)	(86)
Depreciation and other amortization	1,299	1,382
Impairments of assets	125	105
Changes in operating assets and liabilities:
Insurance reserves	596	137
Premiums and other receivables and payables - net	315	400
Reinsurance assets and funds held under reinsurance treaties	(2,495)	(1,706)
Capitalization of deferred policy acquisition costs	(1,420)	(1,397)
Current and deferred income taxes - net	167	250
Other, net	(754)	(1,117)
Total adjustments	(1,913)	(1,888)
Net cash used in operating activities	(976)	(938)
Sales or distribution of:
Available for sale securities	6,370	5,638
Other securities	1,034	1,385
Other invested assets	1,118	1,064
Divested businesses, net	0	6
Maturities of fixed maturity securities available for sale	4,957	5,347
Principal payments received on and sales of mortgage and other loans receivable	861	1,037
Purchases of:
Available for sale securities	(12,757)	(9,042)
Other securities	(287)	(384)
Other invested assets	(567)	(847)
Mortgage and other loans receivable	(1,504)	(2,490)
Net change in short-term investments	(1,221)	(3,040)
Other, net	17	(646)
Net cash used in investing activities	(1,979)	(1,972)
Proceeds from (payments for)
Policyholder contract deposits	5,629	7,069
Policyholder contract withdrawals	(4,195)	(4,160)
Issuance of long-term debt	1,449	3,039
Repayments of long-term debt	(589)	(1,327)
Issuance of preferred stock	485	0
Purchase of common stock	0	(298)
Dividends paid	(278)	(289)
Other, net	263	(1,548)
Net cash provided by financing activities	2,764	2,486
Effect of exchange rate changes on cash and restricted cash	12	58
Net decrease in cash and restricted cash	(179)	(366)
Cash and restricted cash at beginning of year	3,358	2,737
Cash and restricted cash at end of period	$ 3,179	$ 2,371

Supplementary Disclosure of Consolidated Cash Flow Information - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

$ 2,565

$ 2,103

3,179

2,371

Cash paid during the period for:

Interest

315

357

Taxes

Non-cash investing/financing activities:

Interest credited to policyholder contract deposits included in financing activities

878

825

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

^[1]

363

221

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

$ 251

^[1]

$ 47

[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments .

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 80 countries and jurisdictions. AIG companies serve commercial and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG). Unless the context indicates otherwise, the terms “AIG,” “we,” “us” or “our” mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Annual Report). The condensed consolidated financial information as of December 31, 2018 included herein has been derived from the audited Consolidated Financial Statements in the 2018 Annual Report. Certain of our foreign subsidiaries included in the Condensed Consolidated Financial Statements report on the basis of fiscal period ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries through the date of each of the periods presented in these Condensed Consolidated Financial Statements has been considered for adjustment and/or disclosure. In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Interim-period operating results may not be indicative of the operating results for a full year. We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2019 and prior to the issuance of these Condensed Consolidated Financial Statements. Use of Estimates The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: liability for unpaid losses and loss adjustment expenses (loss reserves); reinsurance assets; valuation of future policy benefit liabilities and timing and extent of loss recognition; valuation of liabilities for guaranteed benefit features of variable annuity products; valuation of embedded derivatives for fixed index annuity and life products; estimated gross profits to value deferred policy acquisition costs for investment-oriented products; impairment charges, including other-than-temporary impairments on available for sale securities, impairments on other invested assets, including investments in life settlements, and goodwill impairment; allowances for loan losses; liability for legal contingencies; fair value measurements of certain financial assets and liabilities; and income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Act. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Summary of Significant Accounting Policies Accounting Standards Adopted During 2019 Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an accounting standard that requires lessees with lease terms of more than 12 months to recognize a right of use asset and a corresponding lease liability on their balance sheets. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating leases or finance leases. Lessor accounting remained largely the same, with the exception of certain specified changes. We adopted the standard on its effective date of January 1, 2019, using a modified retrospective approach and did not adjust prior comparative periods in accordance with the standard’s transition guidance. The majority of the Company’s lease obligations pertain to real estate utilized in the operation of our businesses. Consequently, the primary impact of adoption resulted in the recognition of discounted lease liabilities of $823 million and corresponding right-of-use assets of $724 million for operating leases pertaining to our real estate portfolio, which are reflected in Other Liabilities and Other Assets, respectively. The standard did not have a material effect on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued an accounting standard that shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The standard does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. We adopted the standard using a modified retrospective approach on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Derivatives and Hedging In August 2017, the FASB issued an accounting standard that improves and expands hedge accounting for both financial and commodity risks. The provisions of the standard are intended to better align the accounting with an entity’s risk management activities, enhance the transparency on how the economic results are presented in the financial statements and disclosures, and simplify the application of hedge accounting treatment. We adopted the standard on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Future Application of Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that will change how entities account for credit losses for most financial assets, trade receivables and reinsurance receivables. The standard will replace the existing incurred loss impairment model with a new “current expected credit loss model” that generally will result in earlier recognition of credit losses. The standard will apply to financial assets subject to credit losses, including loans measured at amortized cost, reinsurance receivables and certain off-balance sheet credit exposures. Additionally, the impairment of available-for-sale debt securities, including purchased credit deteriorated securities, are subject to the new guidance and will be measured in a similar manner, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard will also require additional information to be disclosed in the footnotes. We plan to adopt the standard on its effective date of January 1, 2020. We are continuing to develop our implementation plan to adopt the standard and are assessing the impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. While we expect an increase in our allowances for credit losses for the financial instruments within scope of the standard, given the objective of the new standard, the amount of any change will be dependent on our portfolios’ composition and quality at the adoption date as well as economic conditions and forecasts at that time. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The standard is effective on January 1, 2020, with early adoption permitted. We are evaluating the timing of our adoption. Any impact of the standard will be dependent on the market conditions of the reporting units at the time of adoption. Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below: Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement. Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income. Simplifies the amortization of deferred acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test. Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income. Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We plan to adopt the standard on its effective date of January 1, 2021. We are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. RECLASSIFICATIONS In the first quarter of 2019, we began reporting investment income from our non-insurance subsidiaries in Net investment income instead of Other income on a prospective basis to be consistent with how we report investment income from our General Insurance and Life and Retirement reporting segments. This reclassification has no impact to our consolidated statement of operations.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

3. Segment Information

We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows:

General Insurance

General Insurance business is presented as two operating segments:

North America — consists of insurance businesses in the United States, Canada and Bermuda. This also includes the results of Validus Reinsurance, Ltd., Western World Insurance Group, Inc. and Glatfelter Insurance Group. as of their respective acquisition dates.
International — consists of insurance businesses in Japan, the United Kingdom, Europe, Asia Pacific, Latin America, Puerto Rico, Australia, the Middle East and Africa. This also includes the results of Talbot Holdings, Ltd. as of its acquisition date.

Results are presented before internal reinsurance transactions. North America and International operating segments consist of the following products:

– Commercial Lines — consists of Liability, Financial Lines, Property and Special Risks.

– Personal Insurance — consists of Personal Lines and Accident and Health.

Life and Retirement

Life and Retirement business is presented as four operating segments:

Individual Retirement — consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.
Group Retirement — consists of group mutual funds, group annuities, individual annuity and investment products, and financial planning and advisory services.
Life Insurance — primary products in the U.S. include term life and universal life insurance. International operations include distribution of life and health products in the UK and Ireland.
Institutional Markets — consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance and guaranteed investment contracts (GICs).

Other Operations

Other Operations category consists of:

Income from assets held by AIG Parent and other corporate subsidiaries.
General operating expenses not attributable to specific reporting segments.
Interest expense.
Blackboard — a subsidiary focused on delivering commercial insurance solutions using digital technology, data analytics and automation.

Legacy Portfolio

Legacy Portfolio represents exited or discontinued product lines, policy forms or distribution channels. Effective February 2018, our Bermuda domiciled composite reinsurer, Fortitude Reinsurance Company Ltd. (Fortitude Re), is included in our Legacy Portfolio.

Legacy Life and Retirement Run-Off Lines — Reserves consist of certain structured settlements, pension risk transfer annuities and single premium immediate annuities written prior to April 2012. Also includes exposures to whole life, long-term care and exited accident & health product lines.
Legacy General Insurance Run-Off Lines — Reserves consist of excess workers’ compensation, environmental exposures and exposures to other products within General Insurance that are no longer actively marketed. Also includes the remaining reserves in Eaglestone Reinsurance Company (Eaglestone).
Legacy Investments — Includes investment classes that we have placed into run-off including holdings in direct investments as well as investments in global capital markets and global real estate.

We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and net income (loss) attributable to AIG, respectively. Beginning in the first quarter of 2019, on a prospective basis, the changes in the fair value of equity securities are excluded from adjusted pre-tax income (loss). For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below.

The following table presents AIG’s continuing operations by operating segment:

Three Months Ended March 31,	2019				2018
				Adjusted				Adjusted
		Total		Pre-tax		Total		Pre-tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	4,098	$	934	$	3,340	$	320
International		3,704		334		4,104		190
Total General Insurance		7,802		1,268		7,444		510
Life and Retirement
Individual Retirement		1,351		508		1,361		499
Group Retirement		709		232		761		282
Life Insurance		1,073		116		1,061		52
Institutional Markets		1,071		68		277		59
Total Life and Retirement		4,204		924		3,460		892
Other Operations		203		(387)		150		(342)
Legacy Portfolio		706		112		836		145
AIG Consolidation and elimination		(161)		(70)		(62)		11
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		12,754		1,847		11,828		1,216
Reconciling Items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		105		96		(77)		(77)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains		-		99		-		(31)
Changes in the fair value of equity securities		79		79		-		-
Other income (expense) - net		7		-		(11)		-
Gain (Loss) on extinguishment of debt		-		2		-		(4)
Net realized capital losses^*		(489)		(474)		(29)		(19)
Income (loss) from divested businesses		-		6		-		8
Non-operating litigation reserves and settlements		-		(1)		1		(13)
(Unfavorable) favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		27		-		(34)
Net loss reserve discount benefit (charge)		-		(473)		-		205
Integration and transaction costs associated with acquired businesses		-		(7)		-		-
Restructuring and other costs		-		(47)		-		(24)
Revenues and Pre-tax income	$	12,456	$	1,154	$	11,712	$	1,227

* Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

BUSINESS COMBINATION

3 Months Ended

Mar. 31, 2019

BUSINESS COMBINATION

BUSINESS COMBINATION

4. Business Combination

On July 18, 2018, we completed the purchase of a 100 percent voting interest in Validus Holdings, Ltd. (Validus), a leading provider of reinsurance, primary insurance, and asset management services, for $5.5 billion in cash.

The purchase was accounted for under the acquisition method. Accordingly, the total purchase price was allocated to the estimated fair values of assets acquired and liabilities assumed. This allocation resulted in the purchase price exceeding the fair value of net assets acquired, which results in a difference recorded as goodwill. Goodwill generated from the acquisition is attributable to expected synergies from future growth and potential future monetization opportunities. Goodwill related to the purchase of Validus assigned to our General Insurance operating segments was $1.8 billion for North America and $157 million for International.

In addition, Validus participates in the market for insurance-linked securities (ILS) primarily through AlphaCat Managers, Ltd (AlphaCat Manager). AlphaCat Manager is an asset manager primarily for third party investors and in connection with the issuance of ILS invests in AlphaCat funds which are considered variable interest entities (VIEs). ILS are financial instruments for which the values are determined based on insurance losses caused primarily by natural catastrophes such as major earthquakes and hurricanes. We report the investment in AlphaCat funds, which is approximately $124 million at March 31, 2019, in Other Invested Assets in the Condensed Consolidated Balance Sheet.

The following unaudited summarized pro forma consolidated income statement information assumes that the acquisition of Validus occurred as of January 1, 2018. The pro forma amounts are for comparative purposes only and may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be attained in the future.

	Three Months Ended March 31,
(in millions)		2019		2018*
Total revenues	$	12,456	$	12,242
Net income		937		951
Net income attributable to AIG		654		940

Income per common share attributable to AIG:
Basic:
Net income attributable to AIG		0.75		1.04
Diluted:
Net income attributable to AIG		0.75		1.02

* Pro forma adjustments were made to Validus external reporting results prior to the acquisition date for the deconsolidation of certain asset management entities consistent with AIG’s post acquisition accounting, which had no impact on Net income attributable to Validus.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. Fair Value Measurements

Fair Value Measurements on a Recurring Basis

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.
Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.
Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

March 31, 2019							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	$	-	$	3,401	$	-	$	-	$	-	$	3,401
Obligations of states, municipalities and political subdivisions		-		13,786		2,136		-		-		15,922
Non-U.S. governments		15		15,256		3		-		-		15,274
Corporate debt		-		137,141		1,532		-		-		138,673
RMBS		-		19,959		14,045		-		-		34,004
CMBS		-		12,269		892		-		-		13,161
CDO/ABS		-		8,926		8,840		-		-		17,766
Total bonds available for sale		15		210,738		27,448		-		-		238,201
Other bond securities:
U.S. government and government sponsored entities		84		2,696		-		-		-		2,780
Non-U.S. governments		-		51		-		-		-		51
Corporate debt		-		1,745		-		-		-		1,745
RMBS		-		491		1,266		-		-		1,757
CMBS		-		315		84		-		-		399
CDO/ABS		-		530		4,249		-		-		4,779
Total other bond securities		84		5,828		5,599		-		-		11,511
Equity securities		804		11		26		-		-		841
Other invested assets^(b)		-		86		591		-		-		677
Derivative assets:
Interest rate contracts		4		2,660		-		-		-		2,664
Foreign exchange contracts		-		1,106		1		-		-		1,107
Equity contracts		55		330		103		-		-		488
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		13		-		-		13
Counterparty netting and cash collateral		-		-		-		(1,647)		(1,734)		(3,381)
Total derivative assets		59		4,096		118		(1,647)		(1,734)		892
Short-term investments		1,993		2,047		-		-		-		4,040
Separate account assets		84,260		4,558		-		-		-		88,818
Other assets		-		-		59		-		-		59
Total	$	87,215	$	227,364	$	33,841	$	(1,647)	$	(1,734)	$	345,039
Liabilities:
Policyholder contract deposits	$	-	$	-	$	4,878	$	-	$	-	$	4,878
Derivative liabilities:
Interest rate contracts		-		1,905		15		-		-		1,920
Foreign exchange contracts		-		850		-		-		-		850
Equity contracts		12		32		7		-		-		51
Credit contracts		-		17		223		-		-		240
Other contracts		-		-		5		-		-		5
Counterparty netting and cash collateral		-		-		-		(1,647)		(188)		(1,835)
Total derivative liabilities		12		2,804		250		(1,647)		(188)		1,231
Long-term debt		-		2,263		-		-		-		2,263
Other liabilities		105		85		-		-		-		190
Total	$	117	$	5,152	$	5,128	$	(1,647)	$	(188)	$	8,562

December 31, 2018							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	$	53	$	3,207	$	-	$	-	$	-	$	3,260
Obligations of states, municipalities and political subdivisions		-		14,001		2,000		-		-		16,001
Non-U.S. governments		69		14,445		11		-		-		14,525
Corporate debt		-		129,836		864		-		-		130,700
RMBS		-		20,178		14,199		-		-		34,377
CMBS		-		11,784		917		-		-		12,701
CDO/ABS		-		8,725		9,102		-		-		17,827
Total bonds available for sale		122		202,176		27,093		-		-		229,391
Other bond securities:
U.S. government and government sponsored entities		11		2,654		-		-		-		2,665
Non-U.S. governments		-		45		-		-		-		45
Corporate debt		-		1,671		-		-		-		1,671
RMBS		-		424		1,290		-		-		1,714
CMBS		-		311		77		-		-		388
CDO/ABS		-		454		4,478		-		-		4,932
Total other bond securities		11		5,559		5,845		-		-		11,415
Equity securities		1,213		13		27		-		-		1,253
Other invested assets^(b)		-		341		587		-		-		928
Derivative assets:
Interest rate contracts		2		2,888		-		-		-		2,890
Foreign exchange contracts		-		1,159		5		-		-		1,164
Equity contracts		133		190		75		-		-		398
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		15		-		-		15
Counterparty netting and cash collateral		-		-		-		(1,713)		(1,840)		(3,553)
Total derivative assets		135		4,237		96		(1,713)		(1,840)		915
Short-term investments		2,416		599		-		-		-		3,015
Separate account assets		77,202		4,645		-		-		-		81,847
Other assets		-		-		58		-		-		58
Total	$	81,099	$	217,570	$	33,706	$	(1,713)	$	(1,840)	$	328,822
Liabilities:
Policyholder contract deposits	$	-	$	-	$	4,116	$	-	$	-	$	4,116
Derivative liabilities:
Interest rate contracts		4		2,004		15		-		-		2,023
Foreign exchange contracts		-		858		-		-		-		858
Equity contracts		12		3		-		-		-		15
Credit contracts		-		8		228		-		-		236
Other contracts		-		-		6		-		-		6
Counterparty netting and cash collateral		-		-		-		(1,713)		(187)		(1,900)
Total derivative liabilities		16		2,873		249		(1,713)		(187)		1,238
Long-term debt		-		2,213		-		-		-		2,213
Other liabilities		16		11		-		-		-		27
Total	$	32	$	5,097	$	4,365	$	(1,713)	$	(187)	$	7,594

(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 $5.1 billion and $5.0 billion as of March 31, 2019 and December 31, 2018, respectively.

Transfers of Level 1 and Level 2 Assets and Liabilities

Our policy is to record transfers of assets and liabilities between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market.

During the three-month periods ended March 31, 2019 and 2018, we transferred $62 million and $16 million, respectively, of securities issued by non-U.S. government entities from Level 1 to Level 2, because they are no longer considered actively traded. For similar reasons, during the three-month periods ended March 31, 2019 and 2018, we transferred $51 million and $191 million, respectively, of securities issued by the U.S. government and government sponsored entities from Level 1 to Level 2. We had no material transfers from Level 2 to Level 1 during the three-month periods ended March 31, 2019 and 2018.

Changes in Level 3 Recurring Fair Value Measurements

The following tables present changes during the three-month periods ended March 31, 2019 and 2018 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2019 and 2018:

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	97	$	24	$	29	$	(13)	$	2,136	$	-
Non-U.S. governments		11		-		-		(4)		-		(4)		3		-
Corporate debt		864		(3)		38		34		654		(55)		1,532		-
RMBS		14,199		227		24		(412)		23		(16)		14,045		-
CMBS		917		1		17		146		-		(189)		892		-
CDO/ABS		9,102		4		54		(45)		92		(367)		8,840		-
Total bonds available for sale		27,093		228		230		(257)		798		(644)		27,448		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		17		-		(41)		-		-		1,266		-
CMBS		77		4		-		3		-		-		84		3
CDO/ABS		4,478		68		-		(201)		-		(96)		4,249		24
Total other bond securities		5,845		89		-		(239)		-		(96)		5,599		27
Equity securities		27		-		-		-		-		(1)		26		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		-		-		4		-		-		591		2
Other assets		58		-		-		1		-		-		59		-
Total	$	33,610	$	317	$	230	$	(491)	$	798	$	(741)	$	33,723	$	29

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	569	$	-	$	193	$	-	$	-	$	4,878	$	(521)
Derivative liabilities, net:
Interest rate contracts		15		1		-		(1)		-		-		15		(1)
Foreign exchange contracts		(5)		(5)		-		9		-		-		(1)		(1)
Equity contracts		(75)		(16)		-		(5)		-		-		(96)		19
Credit contracts		227		(3)		-		(2)		-		-		222		4
Other contracts		(9)		(17)		-		18		-		-		(8)		17
Total derivative liabilities, net^(a)		153		(40)		-		19		-		-		132		38
Total	$	4,269	$	529	$	-	$	212	$	-	$	-	$	5,010	$	(483)

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	1	$	(75)	$	(69)	$	-	$	-	$	2,261	$	-
Non-U.S. governments		8		(4)		4		1		-		-		9		-
Corporate debt		1,173		(57)		10		248		565		(68)		1,871		-
RMBS		16,136		266		5		(536)		-		(32)		15,839		-
CMBS		624		6		(17)		(23)		-		(6)		584		-
CDO/ABS		8,651		8		(88)		(710)		-		(15)		7,846		-
Total bonds available for sale		28,996		220		(161)		(1,089)		565		(121)		28,410		-
Other bond securities:
Corporate debt		18		1		-		-		-		-		19		-
RMBS		1,464		39		-		(76)		-		-		1,427		51
CMBS		74		(1)		-		(1)		1		-		73		(1)
CDO/ABS		4,956		89		-		(260)		-		(9)		4,776		8
Total other bond securities		6,512		128		-		(337)		1		(9)		6,295		58
Equity securities		-		-		-		3		-		-		3		2
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		23		1		18		-		-		292		30
Other assets		-		-		-		-		-		-		-		-
Total	$	35,763	$	371	$	(160)	$	(1,410)	$	566	$	(130)	$	35,000	$	90

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(506)	$	-	$	66	$	-	$	-	$	3,696	$	604
Derivative liabilities, net:
Interest rate contracts		22		(3)		-		(2)		-		-		17		3
Foreign exchange contracts		-		(10)		-		11		-		-		1		3
Equity contracts		(82)		4		-		-		-		-		(78)		(4)
Credit contracts		262		(10)		-		(2)		-		-		250		10
Other contracts		(15)		(17)		-		20		-		-		(12)		17
Total derivative liabilities, net^(a)		187		(36)		-		27		-		-		178		29
Total	$	4,323	$	(542)	$	-	$	93	$	-	$	-	$	3,874	$	633

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

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income as follows:

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	Gains (Losses)			Income		Total
Three Months Ended March 31, 2019
Assets:
Bonds available for sale	$	242	$	(14)	$	-	$	228
Other bond securities		87		2		-		89
Other invested assets		-		-		-		-
Three Months Ended March 31, 2018
Assets:
Bonds available for sale	$	282	$	(62)	$	-	$	220
Other bond securities		23		(4)		109		128
Other invested assets		25		-		(2)		23

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
Three Months Ended March 31, 2019
Liabilities:
Policyholder contract deposits	$	-	$	569	$	-	$	569
Derivative liabilities, net		-		(24)		(16)		(40)
Three Months Ended March 31, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(506)	$	-	$	(506)
Derivative liabilities, net		-		1		(37)		(36)

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three-month periods ended March 31, 2019 and 2018 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
Three Months Ended March 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	47	$	(15)	$	(8)	$	24
Non-U.S. governments		-		-		(4)		(4)
Corporate debt		49		-		(15)		34
RMBS		307		(26)		(693)		(412)
CMBS		184		-		(38)		146
CDO/ABS		198		(156)		(87)		(45)
Total bonds available for sale		785		(197)		(845)		(257)
Other bond securities:
RMBS		-		-		(41)		(41)
CMBS		4		-		(1)		3
CDO/ABS		-		-		(201)		(201)
Total other bond securities		4		-		(243)		(239)
Equity securities		-		-		-		-
Mortgage and other loans receivable		-		-		-		-
Other invested assets		4		-		-		4
Other assets		-		-		1		1
Total assets	$	793	$	(197)	$	(1,087)	$	(491)
Liabilities:
Policyholder contract deposits	$	-	$	173	$	20	$	193
Derivative liabilities, net		(13)		-		32		19
Total liabilities	$	(13)	$	173	$	52	$	212
Three Months Ended March 31, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	15	$	-	$	(84)	$	(69)
Non-U.S. governments		2		-		(1)		1
Corporate debt		254		(3)		(3)		248
RMBS		233		(5)		(764)		(536)
CMBS		12		-		(35)		(23)
CDO/ABS		495		(851)		(354)		(710)
Total bonds available for sale		1,011		(859)		(1,241)		(1,089)
Other bond securities:
RMBS		1		(5)		(72)		(76)
CMBS		-		-		(1)		(1)
CDO/ABS		-		(4)		(256)		(260)
Total other bond securities		1		(9)		(329)		(337)
Equity securities		3		-		-		3
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		22		-		(4)		18
Total assets	$	1,037	$	(873)	$	(1,574)	$	(1,410)
Liabilities:
Policyholder contract deposits	$	-	$	112	$	(46)	$	66
Derivative liabilities, net		(7)		-		34		27
Total liabilities	$	(7)	$	112	$	(12)	$	93

(a) There were no issuances during the three-month periods ended March 31, 2019 and 2018, respectively.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2019 and 2018 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

We record transfers of assets and liabilities into or out of Level 3 classification at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in income or Other comprehensive income (loss) as shown in the table above excludes $55 million and $24 million of net losses related to assets and liabilities transferred into Level 3 during the three-month periods ended March 31, 2019 and 2018, respectively, and includes $1 million of net losses related to assets and liabilities transferred out of Level 3 in the three-month period ended March 31, 2019.

Transfers of Level 3 Assets

During the three-month periods ended March 31, 2019 and 2018, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to decreases in market transparency and liquidity for individual security types.

During the three-month periods ended March 31, 2019 and 2018, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CDO/ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CDO/ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three-month periods ended March 31, 2019 and 2018.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

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

	Fair Value at
	March 31,		Valuation		Range
(in millions)	2019		Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,590	Discounted cash flow	Yield	3.59% - 4.58% (4.08%)

Corporate debt		530	Discounted cash flow	Yield	4.23% - 6.09% (5.16%)

RMBS^(a)		13,243	Discounted cash flow	Constant prepayment rate	3.63% - 12.64% (8.13%)
				Loss severity	38.94% - 75.51% (57.22%)
				Constant default rate	2.17% - 7.14% (4.65%)
				Yield	2.96% - 5.07% (4.01%)

CDO/ABS^(a)		4,554	Discounted cash flow	Yield	3.45% - 5.21% (4.33%)

CMBS		484	Discounted cash flow	Yield	2.81% - 5.81% (4.31%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

Guaranteed minimum withdrawal benefits (GMWB)		2,023	Discounted cash flow	Equity volatility	5.85% - 46.25%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 180.00%
				Mortality multiplier^(c)	40.00% - 153.00%
				Utilization	90.00% - 100.00%
				Equity / interest-rate correlation	20.00% - 40.00%

Index Annuities		2,382	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 4.00%

Indexed Life		448	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%


		Fair Value at
		December 31,	Valuation		Range
(in millions)		2018	Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,473	Discounted cash flow	Yield	3.91% - 5.00% (4.46%)

Corporate debt		445	Discounted cash flow	Yield	4.35% - 5.99% (5.17%)

RMBS^(a)		13,608	Discounted cash flow	Constant prepayment rate	4.58% - 14.00% (9.29%)
				Loss severity	39.66% - 74.40% (57.03%)
				Constant default rate	2.46% - 7.39% (4.92%)
				Yield	3.31% - 5.50% (4.40%)

CDO/ABS^(a)		5,461	Discounted cash flow	Yield	3.65% - 5.10% (4.37%)

CMBS		447	Discounted cash flow	Yield	3.29% - 6.07% (4.68%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

GMWB		1,943	Discounted cash flow	Equity volatility	6.05% - 47.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 180.00%
				Mortality multiplier^(c)	40.00% - 153.00%
				Utilization	90.00% - 100.00%
				Equity / interest-rate correlation	20.00% - 40.00%

Index Annuities		1,778	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 3.00%

Indexed Life		374	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%

(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.

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.

Sensitivity to Changes in Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently of changes in any other assumptions. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.

Obligations of States, Municipalities and Political Subdivisions

The significant unobservable input used in the fair value measurement of certain investments in obligations of states, municipalities and political subdivisions is yield. In general, increases in the yield would decrease the fair value of investments in obligations of states, municipalities and political subdivisions.

Corporate Debt

Corporate debt securities included in Level 3 are primarily private placement issuances that are not traded in active markets or that are subject to transfer restrictions. Fair value measurements consider illiquidity and non-transferability. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of publicly-traded debt of the issuer or other comparable securities, considering illiquidity and structure. The significant unobservable input used in the fair value measurement of corporate debt is the yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. In addition, the migration in credit quality of a given security generally has a corresponding effect on the fair value measurement of the security. For example, a downward migration of credit quality would increase spreads. Holding U.S. Treasury rates constant, an increase in corporate credit spreads would decrease the fair value of corporate debt.

RMBS and CDO/ABS

The significant unobservable inputs used in fair value measurements of RMBS and certain CDO/ABS valued by third-party valuation service providers are constant prepayment rates (CPR), loss severity, constant default rates (CDR) and yield. A change in the assumptions used for the probability of default will generally be accompanied by a corresponding change in the assumption used for the loss severity and an inverse change in the assumption used for prepayment rates. In general, increases in CPR, loss severity, CDR and yield, in isolation, would result in a decrease in the fair value measurement. Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship between the directional change of each input is not usually linear.

CMBS

The significant unobservable input used in fair value measurements for CMBS is the yield. Prepayment assumptions for each mortgage pool are factored into the yield. CMBS generally feature a lower degree of prepayment risk than RMBS because commercial mortgages generally contain a penalty for prepayment. In general, increases in the yield would decrease the fair value of CMBS.

Embedded derivatives within Policyholder contract deposits

Embedded derivatives reported within Policyholder contract deposits include GMWB within variable annuity products and interest crediting rates based on market indices within index annuities, indexed life and GICs. For any given contract, assumptions for unobservable inputs vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. The following unobservable inputs are used for valuing embedded derivatives measured at fair value:

Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.
Equity / interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our GMWB embedded derivatives. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability.
Base lapse rate assumptions are determined by company experience and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability, as fewer policyholders would persist to collect guaranteed withdrawal amounts.
Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the liability, while lower mortality rate assumptions will generally increase the fair value of the liability, because guaranteed payments will be made for a longer period of time.
Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.
Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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

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

		March 31, 2019				December 31, 2018
			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	$	970	$	1,378	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		232		179		190		83

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		130		116		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		371		29		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		218		97		211		75

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		623		285		514		307
Total private equity funds			2,544		2,084		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		815		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		725		-		863		-

Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		820		-		887		-

Distressed	Securities of companies that are in default, under bankruptcy protection or troubled		18		-		21		8

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		160		1		158		1
Total hedge funds			2,538		1		2,716		9
Total		$	5,082	$	2,085	$	4,966	$	1,956

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one or two-year increments. At March 31, 2019, assuming average original expected lives of 10 years for the funds, 19 percent of the total fair value using net asset value per share (or its equivalent) presented above would have expected remaining lives of three years or less, 43 percent between four and six years and 38 percent between seven and 10 years.

The hedge fund investments included above, which are carried at fair value, are generally redeemable monthly (35 percent), quarterly (29 percent), semi-annually (10 percent) and annually (26 percent), with redemption notices ranging from one day to 180 days. At March 31, 2019, investments representing approximately 56 percent of the total fair value of these hedge fund investments had partial contractual redemption restrictions. These partial redemption restrictions are generally related to one or more investments held in the hedge funds that the fund manager deemed to be illiquid. The majority of these contractual restrictions, which may have been put in place at the fund’s inception or thereafter, have pre-defined end dates. The majority of these restrictions are generally expected to be lifted by the end of 2019.

Fair Value Option

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

Three Months Ended March 31,	Gain (Loss)
(in millions)		2019		2018
Assets:
Bond and equity securities	$	355	$	23
Alternative investments^(a)		230		128
Liabilities:
Long-term debt^(b)		(60)		52
Total gain	$	525	$	203

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

(b) Includes GIAs, notes, bonds and mortgages payable.

As a result of the adoption of the Financial Instruments Recognition and Measurement Standard on January 1, 2018, we are required to record unrealized gains and losses attributable to the observable effect of changes in credit spreads on our liabilities for which the fair value option was elected in Other Comprehensive Income. We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted.

The following table presents the difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term debt for which the fair value option was elected:

	March 31, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,263	$	1,685	$	578	$	2,213	$	1,653	$	560

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

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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

		Assets at Fair Value							Impairment Charges
		Non-Recurring Basis							Three Months Ended March 31,
(in millions)		Level 1		Level 2		Level 3		Total		2019		2018
March 31, 2019
Other investments	$	-	$	-	$	207	$	207	$	41	$	28
Other assets		-		-		1		1		8		-
Total	$	-	$	-	$	208	$	208	$	49	$	28
December 31, 2018
Other investments	$	-	$	-	$	315	$	315
Other assets		-		-		11		11
Total	$	-	$	-	$	326	$	326

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

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

	Estimated Fair Value									Carrying
(in millions)		Level 1		Level 2		Level 3		Total		Value
March 31, 2019
Assets:
Mortgage and other loans receivable	$	-	$	107	$	44,870	$	44,977	$	43,834
Other invested assets		-		699		6		705		705
Short-term investments		-		7,093		-		7,093		7,093
Cash		2,565		-		-		2,565		2,565
Other assets		348		15		-		363		363
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		337		119,312		119,649		122,616
Other liabilities		-		1,606		-		1,606		1,606
Long-term debt		1,044		24,384		8,432		33,860		33,513
December 31, 2018
Assets:
Mortgage and other loans receivable	$	-	$	105	$	43,522	$	43,627	$	43,135
Other invested assets		-		731		6		737		737
Short-term investments		-		6,659		-		6,659		6,659
Cash		2,873		-		-		2,873		2,873
Other assets		308		35		-		343		343
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		339		121,035		121,374		120,602
Other liabilities		-		1,154		-		1,154		1,154
Long-term debt		-		22,822		8,775		31,597		32,327

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVESTMENTS

3 Months Ended

Mar. 31, 2019

INVESTMENTS

INVESTMENTS

6. Investments

Securities Available for Sale

The following table presents the amortized cost or cost and fair value of our available for sale securities:

										Other-Than-
		Amortized		Gross		Gross				Temporary
		Cost or		Unrealized		Unrealized		Fair		Impairments
(in millions)		Cost		Gains		Losses		Value		in AOCI^(a)
March 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	3,267	$	151	$	(17)	$	3,401	$	-
Obligations of states, municipalities and political subdivisions		14,952		1,013		(43)		15,922		-
Non-U.S. governments		14,799		600		(125)		15,274		-
Corporate debt		133,768		6,314		(1,409)		138,673		(24)
Mortgage-backed, asset-backed and collateralized:
RMBS		31,324		2,871		(191)		34,004		1,171
CMBS		12,895		355		(89)		13,161		31
CDO/ABS		17,603		287		(124)		17,766		17
Total mortgage-backed, asset-backed and collateralized		61,822		3,513		(404)		64,931		1,219
Total bonds available for sale^(b)	$	228,608	$	11,591	$	(1,998)	$	238,201	$	1,195
December 31, 2018
Bonds available for sale:
U.S. government and government sponsored entities	$	3,170	$	132	$	(42)	$	3,260	$	-
Obligations of states, municipalities and political subdivisions		15,421		701		(121)		16,001		4
Non-U.S. governments		14,376		451		(302)		14,525		-
Corporate debt		130,436		3,911		(3,647)		130,700		4
Mortgage-backed, asset-backed and collateralized:
RMBS		31,940		2,754		(317)		34,377		1,155
CMBS		12,673		242		(214)		12,701		31
CDO/ABS		17,764		228		(165)		17,827		17
Total mortgage-backed, asset-backed and collateralized		62,377		3,224		(696)		64,905		1,203
Total bonds available for sale^(b)	$	225,780	$	8,419	$	(4,808)	$	229,391	$	1,211

(a) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income (loss). 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.

(b) At March 31, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $29.1 billion and $28.8 billion, respectively.

Securities Available for Sale in a Loss Position

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:

	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
March 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	508	$	10	$	356	$	7	$	864	$	17
Obligations of states, municipalities and political
subdivisions		331		8		935		35		1,266		43
Non-U.S. governments		2,642		52		1,635		73		4,277		125
Corporate debt		16,010		520		21,874		889		37,884		1,409
RMBS		4,715		73		3,800		118		8,515		191
CMBS		1,524		20		2,796		69		4,320		89
CDO/ABS		7,121		99		1,554		25		8,675		124
Total bonds available for sale	$	32,851	$	782	$	32,950	$	1,216	$	65,801	$	1,998
December 31, 2018
Bonds available for sale:
U.S. government and government sponsored entities	$	574	$	13	$	873	$	29	$	1,447	$	42
Obligations of states, municipalities and political
subdivisions		1,965		51		1,530		70		3,495		121
Non-U.S. governments		3,851		149		2,422		153		6,273		302
Corporate debt		47,364		2,181		20,056		1,466		67,420		3,647
RMBS		5,231		94		5,641		223		10,872		317
CMBS		2,646		47		4,264		167		6,910		214
CDO/ABS		9,169		144		1,324		21		10,493		165
Total bonds available for sale	$	70,800	$	2,679	$	36,110	$	2,129	$	106,910	$	4,808

At March 31, 2019, we held 10,388 individual fixed maturity securities that were in an unrealized loss position, of which 4,656 individual fixed maturity securities were in a continuous unrealized loss position for 12 months or more. We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2019 because we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:

	Total Fixed Maturity Securities				Fixed Maturity Securities in a Loss
	Available for Sale				Position Available for Sale
(in millions)		Amortized Cost		Fair Value		Amortized Cost		Fair Value
March 31, 2019
Due in one year or less	$	10,113	$	10,263	$	2,009	$	1,978
Due after one year through five years		46,478		47,484		11,419		11,088
Due after five years through ten years		44,185		45,355		15,183		14,787
Due after ten years		66,010		70,168		17,274		16,438
Mortgage-backed, asset-backed and collateralized		61,822		64,931		21,914		21,510
Total	$	228,608	$	238,201	$	67,799	$	65,801
December 31, 2018
Due in one year or less	$	9,539	$	9,674	$	2,322	$	2,294
Due after one year through five years		47,400		47,905		17,382		16,844
Due after five years through ten years		42,363		42,045		27,724		26,517
Due after ten years		64,101		64,862		35,319		32,980
Mortgage-backed, asset-backed and collateralized		62,377		64,905		28,971		28,275
Total	$	225,780	$	229,391	$	111,718	$	106,910

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

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,		2019				2018
		Gross		Gross		Gross		Gross
	Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses
Fixed maturity securities	$	93	$	124	$	70	$	60
Equity securities		-		-		16		-
Total	$	93	$	124	$	86	$	60

For the three-month periods ended March 31, 2019 and 2018, the aggregate fair value of available for sale securities sold was $6.4 billion and $5.5 billion, respectively, which resulted in net realized capital gains (losses) of $(31) million and $26 million, respectively.

Other Securities Measured at Fair Value

The following table presents the fair value of other securities measured at fair value based on our election of the fair value option:

		March 31, 2019				December 31, 2018
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	2,780	23	%	$	2,665	21	%
Non-U.S. governments		51	-			45	-
Corporate debt		1,745	14			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		1,757	14			1,714	14
CMBS		399	3			388	3
CDO/ABS and other collateralized^*		4,779	39			4,932	39
Total mortgage-backed, asset-backed and collateralized		6,935	56			7,034	56
Total fixed maturity securities		11,511	93			11,415	90
Equity securities		841	7			1,253	10
Total	$	12,352	100	%	$	12,668	100	%

* Includes $164 million and $178 million of U.S. government agency-backed ABS at March 31, 2019 and December 31, 2018, respectively.

Other Invested Assets

The following table summarizes the carrying amounts of other invested assets:

		March 31,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,711	$	8,966
Investment real estate^(c)		9,204		8,935
All other investments		1,428		1,440
Total	$	19,343	$	19,341

(a) At March 31, 2019, included hedge funds of $3.9 billion, private equity funds of $4.4 billion, and affordable housing partnerships of $392 million. At December 31, 2018, included hedge funds of $4.2 billion, private equity funds of $4.3 billion, and affordable housing partnerships of $438 million.

(b) At March 31, 2019, approximately 72 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 28 percent will be available for redemption between 2020 and 2027.

(c) Net of accumulated depreciation of $633 million and $598 million at March 31, 2019 and December 31, 2018, respectively.

Net Investment Income

The following table presents the components of Net investment income:

Three Months Ended March 31,
(in millions)		2019		2018
Available for sale fixed maturity securities, including short-term investments	$	2,653	$	2,610
Other fixed maturity securities		327		(21)
Equity securities		79		(32)
Interest on mortgage and other loans		498		450
Alternative investments^(a)		419		337
Real estate		69		31
Other investments		(52)		10
Total investment income		3,993		3,385
Investment expenses		114		124
Net investment income	$	3,879	$	3,261

(a) Includes 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.

Net Realized Capital Gains and Losses

The following table presents the components of Net realized capital gains (losses):

Three Months Ended March 31,
(in millions)		2019		2018
Sales of fixed maturity securities	$	(31)	$	10
Sales of equity securities		-		16
Other-than-temporary impairments:
Change in intent		(3)		(49)
Foreign currency declines		(6)		(6)
Issuer-specific credit events		(71)		(32)
Adverse projected cash flows		(3)		-
Provision for loan losses		(24)		(24)
Foreign exchange transactions		(37)		53
Variable annuity embedded derivatives, net of related hedges		(261)		147
All other derivatives and hedge accounting		(72)		(225)
Other		62		91
Net realized capital losses	$	(446)	$	(19)

Change in Unrealized Appreciation (Depreciation) of 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)		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	5,982	$	(4,969)
Other investments		(69)		(25)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	5,913	$	(4,994)

The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date:

				Other Invested
(in millions)		Equities		Assets		Total
Three Months Ended March 31, 2019
Net gains and losses recognized during the period on equity securities	$	79	$	239	$	318
Less: Net gains and losses recognized during the period on equity securities sold
during the period		19		10		29
Unrealized gains and losses recognized during the reporting period on equity
securities still held at the reporting date	$	60	$	229	$	289
Three Months Ended March 31, 2018
Net gains and losses recognized during the period on equity securities	$	(31)	$	192	$	161
Less: Net gains and losses recognized during the period on equity securities sold
during the period		(8)		(1)		(9)
Unrealized gains and losses recognized during the reporting period on equity
securities still held at the reporting date	$	(23)	$	193	$	170

Evaluating Investments for Other-Than-Temporary Impairments

For a discussion of our policy for evaluating investments for other-than-temporary impairments see Note 6 to the Consolidated Financial Statements in the 2018 Annual Report.

Credit Impairments

The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings for available for sale fixed maturity securities:

Three Months Ended March 31,
(in millions)		2019		2018
Balance, beginning of year	$	-	$	526
Increases due to:
Credit impairments on new securities subject to impairment losses		68		14
Additional credit impairments on previously impaired securities		6		17
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(21)		(51)
Accretion on securities previously impaired due to credit^*		(53)		(148)
Balance, end of period	$	-	$	358

* 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.

Purchased Credit Impaired (PCI) Securities

We purchase certain RMBS securities that have experienced deterioration in credit quality since their issuance. We determine whether it is probable at acquisition that we will not collect all contractually required payments for these PCI securities, including both principal and interest. At acquisition, the timing and amount of the undiscounted future cash flows expected to be received on each PCI security is determined based on our best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. At acquisition, the difference between the undiscounted expected future cash flows of the PCI securities and the recorded investment in the securities represents the initial accretable yield, which is accreted into Net investment income over their remaining lives on an effective yield basis. Additionally, the difference between the contractually required payments on the PCI securities and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. The accretable yield and the non-accretable difference will change over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, which are discussed further below.

On a quarterly basis, the undiscounted expected future cash flows associated with PCI securities are re-evaluated based on updates to key assumptions. Declines in undiscounted expected future cash flows due to further credit deterioration as well as changes in the expected timing of the cash flows can result in the recognition of an other-than-temporary impairment charge, as PCI securities are subject to our policy for evaluating investments for other-than-temporary impairment. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI securities will change the accretable yield prospectively. Significant increases in undiscounted expected future cash flows for reasons other than interest rate changes are recognized prospectively as adjustments to the accretable yield.

The following tables present information on our PCI securities, which are included in bonds available for sale:

(in millions)	At Date of Acquisition
Contractually required payments (principal and interest)	$	36,385
Cash flows expected to be collected^*		29,862
Recorded investment in acquired securities		20,156

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

(in millions)	March 31, 2019		December 31, 2018
Outstanding principal balance	$	12,063	$	12,495
Amortized cost		8,307		8,646
Fair value		9,973		10,280

The following table presents activity for the accretable yield on PCI securities:

Three Months Ended March 31,
(in millions)		2019		2018
Balance, beginning of year	$	7,210	$	7,501
Newly purchased PCI securities		12		23
Accretion		(172)		(187)
Effect of changes in interest rate indices		(134)		206
Net reclassification from (to) non-accretable difference, including effects of prepayments		(115)		58
Balance, end of period	$	6,801	$	7,601

Pledged Investments

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

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, 2019		December 31, 2018
Fixed maturity securities available for sale	$	1,503	$	1,050
Other bond securities, at fair value	$	184	$	122

At March 31, 2019 and December 31, 2018, amounts borrowed under repurchase and securities lending agreements totaled $1.7 billion and $1.2 billion, respectively.

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 to30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
March 31, 2019
Bonds available for sale:
Non-U.S. governments	$	41	$	-	$	-	$	-	$	-	$	41
Corporate debt		46		7		-		-		-		53
Other bond securities:
U.S. government and government sponsored entities		86		-		-		-		-		86
Non-U.S. governments		-		3		-		-		-		3
Corporate debt		-		63		32		-		-		95
Total	$	173	$	73	$	32	$	-	$	-	$	278

December 31, 2018
Bonds available for sale:
Non-U.S. governments	$	25	$	35	$	-	$	-	$	-	$	60
Corporate debt		51		55		-		-		-		106
Other bond securities:
U.S. government and government sponsored entities		11		-		-		-		-		11
Non-U.S. governments		-		3		-		-		-		3
Corporate debt		17		38		53		-		-		108
Total	$	104	$	131	$	53	$	-	$	-	$	288

The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity:

	Remaining Contractual Maturity of the Agreements
(in millions)		Overnight and Continuous		up to30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
March 31, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	77	$	55	$	-	$	-	$	132
Non-U.S. governments		-		19		23		-		-		42
Corporate debt		-		276		528		431		-		1,235
Total	$	-	$	372	$	606	$	431	$	-	$	1,409

December 31, 2018
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	50	$	130	$	-	$	-	$	180
Non-U.S. governments		-		21		8		-		-		29
Corporate debt		-		330		345		-		-		675
Total	$	-	$	401	$	483	$	-	$	-	$	884

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements:

(in millions)		March 31, 2019		December 31, 2018
Securities collateral pledged to us	$	1,374	$	426
Amount sold or repledged by us		121		106

At March 31, 2019 and December 31, 2018, amounts loaned under reverse repurchase agreements totaled $1.4 billion and $426 million, respectively.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $8.2 billion and $7.9 billion at March 31, 2019 and December 31, 2018, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $185 million and $202 million of stock in FHLBs at March 31, 2019 and December 31, 2018, respectively. In addition, our subsidiaries have pledged securities available for sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $4.6 billion and $2.1 billion, respectively, at March 31, 2019 and $4.2 billion and $2.1 billion, respectively, at December 31, 2018.

Certain GIAs have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our long-term debt ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades, and the aggregate amount of payments that we could be required to make, depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $1.6 billion at both March 31, 2019 and December 31, 2018, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $262 million and $273 million, comprised of bonds available for sale and short term investments at March 31, 2019 and December 31, 2018, respectively.

LENDING ACTIVITIES

3 Months Ended

Mar. 31, 2019

LENDING ACTIVITIES

LENDING ACTIVITIES

7. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

	March 31,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	33,665	$	32,882
Residential mortgages		6,500		6,532
Life insurance policy loans		2,124		2,147
Commercial loans, other loans and notes receivable		1,967		1,971
Total mortgage and other loans receivable		44,256		43,532
Allowance for credit losses		(422)		(397)
Mortgage and other loans receivable, net	$	43,834	$	43,135

* Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 23 percent and 10 percent, respectively, at March 31, 2019, and 22 percent and 11 percent, respectively, at December 31, 2018).

Credit Quality of Commercial Mortgages

The following table presents debt service coverage ratios and loan-to-value ratios for commercial mortgages:

	Debt Service Coverage Ratios^(a)
(in millions)		>1.20X		1.00X - 1.20X		<1.00X		Total
March 31, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	20,054	$	2,274	$	247	$	22,575
65% to 75%		9,266		297		203		9,766
76% to 80%		838		20		20		878
Greater than 80%		244		96		106		446
Total commercial mortgages	$	30,402	$	2,687	$	576	$	33,665

December 31, 2018
Loan-to-Value Ratios^(b)
Less than 65%	$	19,204	$	2,543	$	250	$	21,997
65% to 75%		9,060		300		203		9,563
76% to 80%		476		20		15		511
Greater than 80%		596		103		112		811
Total commercial mortgages	$	29,336	$	2,966	$	580	$	32,882

(a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X for both periods ended March 31, 2019 and December 31, 2018.

(b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 58 percent for both periods ended March 31, 2019, and December 31, 2018.

The following table presents the credit quality performance indicators for commercial mortgages:

	Number															Percent
	of	Class														of
(dollars in millions)	Loans	Apartments			Offices		Retail	Industrial			Hotel		Others		Total^(c)	Total $
March 31, 2019
Credit Quality Performance
Indicator:
In good standing	762	$	12,061	$	9,797	$	5,613	$	2,989	$	2,511	$	584	$	33,555	100	%
Restructured^(a)	2		-		94		-		-		16		-		110	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	764	$	12,061	$	9,891	$	5,613	$	2,989	$	2,527	$	584	$	33,665	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	-	$	-	$	1	$	-	$	3	-	%
General			126		104		51		12		20		7		320	1
Total allowance for credit losses		$	126	$	106	$	51	$	12	$	21	$	7	$	323	1	%

December 31, 2018
Credit Quality Performance
Indicator:
In good standing	762	$	11,190	$	9,774	$	5,645	$	3,074	$	2,507	$	580	$	32,770	100	%
Restructured^(a)	2		-		96		-		-		16		-		112	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	764	$	11,190	$	9,870	$	5,645	$	3,074	$	2,523	$	580	$	32,882	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	-	$	-	$	1	$	-	$	3	-	%
General			122		104		51		13		19		6		315	1
Total allowance for credit losses		$	122	$	106	$	51	$	13	$	20	$	6	$	318	1	%

(a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report.

(b) Does not reflect allowance for credit losses.

(c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented.

Allowance for Credit Losses

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report.

The following table presents a rollforward of the changes in the allowance for losses on Mortgage and other loans receivable:

Three Months Ended March 31,	2019						2018
		Commercial		Other				Commercial		Other
(in millions)		Mortgages		Loans		Total		Mortgages		Loans		Total
Allowance, beginning of year	$	318	$	79	$	397	$	247	$	75	$	322
Loans charged off		-		-		-		-		-		-
Recoveries of loans previously charged off		-		-		-		-		-		-
Net charge-offs		-		-		-		-		-		-
Provision for loan losses		5		20		25		27		(2)		25
Other		-		-		-		-		-		-
Allowance, end of period	$	323 ^*	$	99	$	422	$	274 ^*	$	73	$	347

* Of the total allowance, $3 million and $23 million relate to individually assessed credit losses on $148 million and $82 million of commercial mortgages at March 31, 2019 and 2018, respectively.

There were no loans modified in troubled debt restructurings during the three-month periods ended March 31, 2019, and March 31, 2018.

VARIABLE INTEREST ENTITIES

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2019

VARIABLE INTEREST ENTITIES

8. Variable Interest Entities

We enter into various arrangements with variable interest entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks the entity was designed to expose the variable interest holders to.

The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

Balance Sheet Classification and Exposure to Loss

The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:

(in millions)		Real Estate andInvestmentEntities^(d)		Securitization Vehicles^(e)		Affordable Housing Partnerships		Other		Total
March 31, 2019
Assets:
Bonds available for sale	$	-	$	8,285	$	-	$	-	$	8,285
Other bond securities		-		3,802		-		2		3,804
Mortgage and other loans receivable		-		3,593		-		-		3,593
Other invested assets		5,438		-		3,650		25		9,113
Other^(a)		603		2,064		459		72		3,198
Total assets^(b)	$	6,041	$	17,744	$	4,109	$	99	$	27,993
Liabilities:
Long-term debt	$	2,593	$	3,764	$	2,152	$	5	$	8,514
Other^(c)		227		546		207		23		1,003
Total liabilities	$	2,820	$	4,310	$	2,359	$	28	$	9,517
December 31, 2018
Assets:
Bonds available for sale	$	-	$	7,662	$	-	$	-	$	7,662
Other bond securities		-		3,923		-		2		3,925
Mortgage and other loans receivable		-		3,693		-		-		3,693
Other invested assets		5,212		-		3,142		24		8,378
Other^(a)		580		1,581		394		70		2,625
Total assets^(b)	$	5,792	$	16,859	$	3,536	$	96	$	26,283
Liabilities:
Long-term debt	$	2,577	$	3,154	$	1,834	$	4	$	7,569
Other^(c)		227		165		159		24		575
Total liabilities	$	2,804	$	3,319	$	1,993	$	28	$	8,144

(a) Comprised primarily of Short-term investments and Other assets at March 31, 2019 and December 31, 2018.

(b) The assets of each VIE can be used only to settle specific obligations of that VIE.

(d) At March 31, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.9 billion and $1.4 billion, respectively.

(e) At March 31, 2019 and December 31, 2018, $16.9 billion and $16.0 billion, respectively, of the total assets of consolidated securitization vehicles were owed to AIG Parent or its subsidiaries.

We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. Interest holders in VIEs sponsored by us generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to us, except in limited circumstances when we have provided a guarantee to the VIE’s interest holders.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

			Maximum Exposure to Loss
		Total VIE		On-Balance		Off-Balance
(in millions)		Assets		Sheet^(b)		Sheet			Total
March 31, 2019
Real estate and investment entities^(a)	$	264,238	$	6,492	$	3,190		$	9,682
Affordable housing partnerships		3,650		544		-			544
Other		5,365		327		-	^(c)		327
Total	$	273,253	$	7,363	$	3,190		$	10,553
December 31, 2018
Real estate and investment entities^(a)	$	309,598	$	6,820	$	2,501		$	9,321
Affordable housing partnerships		4,116		607		-			607
Other		2,813		284		1,222	^(c)		1,506
Total	$	316,527	$	7,711	$	3,723		$	11,434

(a) Comprised primarily of hedge funds and private equity funds.

(b) At March 31, 2019 and December 31, 2018, $7.0 billion and $7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

For additional information on VIEs see Note 10 to the Consolidated Financial Statements in the 2018 Annual Report.

DERIVATIVES AND HEDGE ACCOUNTING

3 Months Ended

Mar. 31, 2019

DERIVATIVES AND HEDGE ACCOUNTING

DERIVATIVES AND HEDGE ACCOUNTING

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations.

For a discussion of our accounting policies and procedures regarding derivatives and hedge accounting see Note 11 to the Consolidated Financial Statements in the 2018 Annual Report.

Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and options) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset.

In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, CDSs and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

	March 31, 2019								December 31, 2018
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
		Notional		Fair		Notional		Fair		Notional		Fair		Notional		Fair
(in millions)		Amount		Value		Amount		Value		Amount		Value		Amount		Value
Derivatives designated as
hedging instruments:^(a)
Interest rate contracts	$	-	$	-	$	830	$	14	$	10	$	-	$	866	$	19
Foreign exchange contracts		5,749		371		2,954		150		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		50,037		2,664		28,818		1,906		42,821		2,890		27,329		2,004
Foreign exchange contracts		13,113		736		4,108		700		11,134		801		5,434		711
Equity contracts		14,356		488		3,938		51		17,807		398		2,399		15
Credit contracts^(b)		3		1		1,441		240		8		1		1,406		236
Other contracts^(c)		39,096		13		57		5		39,070		15		58		6
Total derivatives, gross	$	122,354	$	4,273	$	42,146	$	3,066	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(1,647)				(1,647)				(1,713)				(1,713)
Cash collateral^(e)				(1,734)				(188)				(1,840)				(187)
Total derivatives on condensed
consolidated balance sheets^(f)			$	892			$	1,231			$	915			$	1,238

(a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b) As of March 31, 2019 and December 31, 2018, included CDSs on super senior multi-sector CDOs with a net notional amount of $580 million and $592 million (fair value liability of $217 million and $224 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio. As of March 31, 2019 and December 31, 2018, there were no super senior corporate debt/CLOs remaining.

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

(e) Represents cash collateral posted and received that is eligible for netting.

(f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other Assets and Liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both March 31, 2019 and December 31, 2018. Fair value of liabilities related to bifurcated embedded derivatives was $4.9 billion and $4.1 billion, respectively, at March 31, 2019 and December 31, 2018. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components.

Collateral

We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex (CSA) provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.

Collateral posted by us to third parties for derivative transactions was $1.7 billion at both March 31, 2019 and December 31, 2018. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $1.9 billion and $2.1 billion at March 31, 2019 and December 31, 2018, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

Offsetting

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

Hedge Accounting

We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates.

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three-month periods ended March 31, 2019 and 2018, we recognized gains (losses) of $64 million and $(120) million, respectively, included in Change in foreign currency translation adjustment in Other comprehensive income related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges.

The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income:

	Gains/(Losses) Recognized in Earnings for:
	Hedging		Excluded		Hedged
(in millions)	Derivatives^(a)		Components^(b)		Items		Net Impact
Three Months Ended March 31, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		5		-		(5)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		(8)		(14)		8		(14)
Three Months Ended March 31, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	(8)	$	-	$	9	$	1
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		(8)		(33)		8		(33)

(a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.

Derivatives Not Designated as Hedging Instruments

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income:

	Gains (Losses)
Three Months Ended March 31,	Recognized in Earnings
(in millions)		2019		2018
By Derivative Type:
Interest rate contracts	$	359	$	(398)
Foreign exchange contracts		(28)		(139)
Equity contracts		(208)		(73)
Credit contracts		(8)		11
Other contracts		16		17
Embedded derivatives		(449)		591
Total	$	(318)	$	9
By Classification:
Policy fees	$	17	$	17
Net investment income		(5)		(4)
Net realized capital losses		(334)		(13)
Other income		-		12
Policyholder benefits and claims incurred		4		(3)
Total	$	(318)	$	9

Credit Risk-Related Contingent Features

We estimate that at March 31, 2019, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $63 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $436 million and $423 million at March 31, 2019 and December 31, 2018, respectively. The aggregate fair value of assets posted as collateral under these contracts at March 31, 2019 and December 31, 2018, was approximately $480 million and $453 million, respectively.

Hybrid Securities with Embedded Credit Derivatives

We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CDOs and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities.

We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income and Other income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were $3.8 billion and $3.9 billion at March 31, 2019 and December 31, 2018, respectively. These securities have par amounts of $8.3 billion and $8.5 billion at March 31, 2019 and December 31, 2018, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

3 Months Ended

Mar. 31, 2019

Insurance Liabilites

INSURANCE LIABILITIES

10. Insurance Liabilities

Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves)

Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported (IBNR) and loss adjustment expenses (LAE), less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.7 billion and $12.3 billion at March 31, 2019 and December 31, 2018, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At March 31, 2019 and December 31, 2018, we held collateral of approximately $9.0 billion and $9.2 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements.

The following table presents the roll-forward of activity in Loss Reserves:

	Three Months Ended
	March 31,
(in millions)		2019		2018
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	83,639	$	78,393
Reinsurance recoverable		(31,690)		(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		51,949		51,685
Losses and loss adjustment expenses incurred:
Current year		4,805		4,698
Prior years, excluding discount and amortization of deferred gain		(15)		(40)
Prior years, discount charge (benefit)		497		(205)
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(86)		(39)
Total losses and loss adjustment expenses incurred		5,201		4,414
Losses and loss adjustment expenses paid:
Current year		(344)		(610)
Prior years		(6,120)		(4,779)
Total losses and loss adjustment expenses paid		(6,464)		(5,389)
Other changes:
Foreign exchange effect		216		274
Retroactive reinsurance adjustment (net of discount)^(b)		(190)		(97)
Total other changes		26		177
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		50,712		50,887
Reinsurance recoverable		31,784		27,211
Total	$	82,496	$	78,098

(a) Includes $9 million and $5 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the three-month periods ended March 31, 2019 and 2018, respectively.

(b) Includes change in discount on retroactive reinsurance of $(307) million and $128 million for the three-month periods ended March 31, 2019 and 2018, respectively.

On January 20, 2017, we entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement. The total paid claims subject to the agreement as of March 31, 2019 were below the attachment point.

Discounting of Loss Reserves

At March 31, 2019, the loss reserves reflect a net loss reserve discount of $1.9 billion, including tabular and non-tabular calculations based upon the following assumptions:

The discount for asbestos reserves has been fully amortized.

The tabular workers’ compensation discount is calculated based on a 3.5 percent interest rate and the mortality rate used in the 2007 U.S. Life Table.

The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York and Pennsylvania, and follows the statutory regulations (prescribed or permitted) for each state. For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns. For the Pennsylvania companies, the statute specifies discount factors for accident years 2001 and prior, which are based on a 6 percent interest rate and an industry payout pattern. For accident years 2002 and subsequent, the discount is based on the payout patterns and investment yields of the companies.

In 2013, our Pennsylvania regulator approved use of a consistent discount rate (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania-domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios.

The discount consists of $603 million of tabular discount and $1.3 billion of non-tabular discount for workers’ compensation as of March 31, 2019. During the three-month periods ended March 31, 2019 and 2018, the benefit/(charge) from changes in discount of $(473) million and $205 million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Consolidated Statement of Income.

The following table presents the components of the loss reserve discount discussed above:

	March 31, 2019						December 31, 2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,387	$	894	$	3,281	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,412)		-		(1,412)		(1,720)		-		(1,720)
Total reserve discount^*	$	975	$	894	$	1,869	$	1,062	$	973	$	2,035

* Excludes $198 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at March 31, 2019 and December 31, 2018, respectively.

The following tables present the net loss reserve discount benefit (charge):

Three Months Ended March 31,	2019						2018
	North						North
	America						America
	Commercial		Legacy				Commercial		Legacy
(in millions)	Insurance		Portfolio			Total	Insurance		Portfolio			Total
Current accident year	$	24	$	-	$	24	$	19	$	-	$	19
Accretion and other adjustments to prior year discount		(251)		(13)		(264)		45		(18)		27
Effect of interest rate changes		(167)		(66)		(233)		123		36		159
Net reserve discount benefit (charge)		(394)		(79)		(473)		187		18		205
Change in discount on loss reserves ceded under
retroactive reinsurance		307		-		307		(128)		-		(128)
Net change in total reserve discount^(a)	$	(87)	$	(79)	$	(166)	$	59	$	18	$	77

(a) Excludes $35 million and $(5) million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended March 31, 2019 and 2018, respectively.

During the three-month period ended March 31, 2019, effective interest rates declined due to a decrease in the forward yield curve component of the discount rates. This decrease reflects a decline in U.S. Treasury rates. The decrease together with certain changes in payout pattern assumptions resulted in a decrease in the loss reserve discount by $233 million in the first quarter of 2019.

During the three-month period ended March 31, 2018, effective interest rates increased due to an increase in the forward yield curve component of the discount rates. This increase reflects an incline in U.S. Treasury rates. The increase together with certain changes in payout pattern assumptions resulted in an increase in the loss reserve discount by $159 million in the first quarter of 2018.

CONTINGENCIES, COMMITMENTS AND GUARANTEES	3 Months Ended
CONTINGENCIES, COMMITMENTS AND GUARANTEES	Mar. 31, 2019
CONTINGENCIES, COMMITMENTS AND GUARANTEES
CONTINGENCIES, COMMITMENTS AND GUARANTEES	11. Contingencies, Commitments and Guarantees In the normal course of business, various contingent liabilities and commitments are entered into by AIG and our subsidiaries. In addition, AIG Parent guarantees various obligations of certain subsidiaries. Although AIG cannot currently quantify its ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on AIG’s consolidated financial condition or its consolidated results of operations or consolidated cash flows for an individual reporting period. Legal Contingencies Overview. In the normal course of business, AIG and our subsidiaries are, like others in the insurance and financial services industries in general, subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operation. Additionally, from time to time, various regulatory and governmental agencies review the transactions and practices of AIG and our subsidiaries in connection with industry-wide and other inquiries into, among other matters, the business practices of current and former operating insurance subsidiaries. We have cooperated, and will continue to cooperate, in producing documents and other information in response to such requests. Tax Litigation We are party to pending tax litigation before the Southern District of New York. For additional information see Note 15 to the Condensed Consolidated Financial Statements. Other Commitments In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $7.3 billion at March 31, 2019. Guarantees Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIG Financial Products Corp. and related subsidiaries (collectively AIGFP) and of AIG Markets arising from transactions entered into by AIG Markets. In connection with AIGFP’s business activities, AIGFP has issued, in a limited number of transactions, standby letters of credit or similar facilities to equity investors of structured leasing transactions in an amount equal to the termination value owing to the equity investor by the lessee in the event of a lessee default (the equity termination value). The total amount outstanding at March 31, 2019 was $82 million. In those transactions, AIGFP has agreed to pay such amount if the lessee fails to pay. The amount payable by AIGFP is, in certain cases, partially offset by amounts payable under other instruments typically equal to the present value of scheduled payments to be made by AIGFP. In the event that AIGFP is required to make a payment to the equity investor, the lessee is unconditionally obligated to reimburse AIGFP. To the extent that the equity investor is paid the equity termination value from the standby letter of credit and/or other sources, including payments by the lessee, AIGFP takes an assignment of the equity investor’s rights under the lease of the underlying property. Because the obligations of the lessee under the lease transactions are generally economically defeased, lessee bankruptcy is the most likely circumstance in which AIGFP would be required to pay without reimbursement. AIG Parent files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service (IRS). AIG Parent and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated federal income taxes. Under an Amended and Restated Tax Payment Allocation Agreement dated June 6, 2011 between AIG Parent and one of its Bermuda-domiciled insurance subsidiaries, AIG Life of Bermuda, Ltd. (AIGB), AIG Parent has agreed to indemnify AIGB for any tax liability (including interest and penalties) resulting from adjustments made by the IRS or other appropriate authorities to taxable income, special deductions or credits in connection with investments made by AIGB in certain affiliated entities. Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses pursuant to our asset disposition plan. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Other For additional discussion on commitments and guarantees associated with VIEs see Note 8. For additional disclosures about derivatives see Note 9. For additional disclosures about guarantees of outstanding debt of AIG Life Holdings, Inc. (AIGLH), see Note 16.

EQUITY

3 Months Ended

Mar. 31, 2019

EQUITY

EQUITY

12. Equity

Shares Outstanding

Preferred Stock

On March 14, 2019, we issued 20,000 shares of 5.85% Series A Non-Cumulative Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock), $5.00 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $485 million.

We may redeem the Series A Preferred Stock at our option, (a) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Rating Agency Event,” at a redemption price equal to $25,500 per share of the Series A Preferred Stock (equivalent to $25.50 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date), or (b) (i) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Regulatory Capital Event,” or (ii) in whole or in part, from time to time, on or after March 15, 2024, in each case, at a redemption price equal to $25,000 per share of the Series A Preferred Stock (equivalent to $25.00 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date).

A “Rating Agency Event” is generally defined to mean that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for us amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series A Preferred Stock, which amendment, clarification or change results in the shortening of the length of time the Series A Preferred Stock is assigned a particular level of equity credit by that rating agency as compared to the length of time it would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock, or the lowering of the equity credit (including up to a lesser amount) assigned to the Series A Preferred Stock by that rating agency as compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock. A “Regulatory Capital Event” is generally defined to mean our good faith determination that as a result of a change in law, rule or regulation, or a proposed change or an official judicial or administrative pronouncement, there is more than an insubstantial risk that the full liquidation preference of the Series A Preferred Stock would not qualify as capital (or a substantially similar concept) for purposes of any group capital standard to which we are or will be subject.

Holders of the Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors (or a duly authorized committee of the board). Dividends will be payable from the original date of issue at a rate of 5.85% per annum, payable quarterly, in arrears, on the fifteenth day of March, June, September and December of each year, beginning on June 15, 2019. Dividends on the Series A Preferred Stock will be non-cumulative.

In the event of any liquidation, dissolution or winding-up of the affairs of AIG, whether voluntary or involuntary, before any distribution or payment out of our assets may be made to or set aside for the holders of any junior stock, holders of the Series A Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders, an amount equal to $25,000 per share of Series A Preferred Stock (equivalent to $25.00 per Depositary Share), together with an amount equal to all declared and unpaid dividends (if any), but no amount in respect of any undeclared dividends prior to such payment date. Distributions will be made only to the extent of our assets that are available for distribution to stockholders (i.e., after satisfaction of all our liabilities to creditors, if any).

The Series A Preferred Stock does not have voting rights, except in limited circumstances, including in the case of certain dividend non-payments.

Common Stock

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2019	Common	Treasury	Common Stock
	Stock Issued	Stock	Outstanding
Shares, beginning of year	1,906,671,492	(1,040,062,063)	866,609,429
Shares issued	-	3,127,472	3,127,472
Shares repurchased	-	-	-
Shares, end of period	1,906,671,492	(1,036,934,591)	869,736,901

Dividends

Dividends are payable on AIG Common Stock only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant. The payment of dividends is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which no dividends may be declared or paid on any AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.

The following table presents declaration date, record date, payment date and dividends paid per share on AIG Common Stock:

			Dividends Paid
Declaration Date	Record Date	Payment Date	Per Share
February 13, 2019	March 15, 2019	March 29, 2019	0.32
February 8, 2018	March 15, 2018	March 29, 2018	0.32

For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries see Note 19 to the Consolidated Financial Statements in the 2018 Annual Report.

Repurchase of AIG Common Stock

The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock:

Three Months Ended March 31,
(in millions)		2019		2018
Aggregate repurchases of common stock	$	-	$	298
Total number of common shares repurchased		-		5
Aggregate repurchases of warrants	$	-	$	2
Total number of warrants repurchased^*		-		-

* For the three-month periods ended March 31, 2018, we repurchased 97,553 warrants to purchase shares of AIG Common Stock. For the three-month periods ended March 31, 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock..

Our Board of Directors has authorized the repurchase of shares of AIG Common Stock and warrants to purchase shares of AIG Common Stock through a series of actions. On February 13, 2019, our Board of Directors authorized an additional increase of approximately $1.5 billion to its previous share repurchase authorization. As of March 31, 2019, $2.0 billion remained under our share repurchase authorization. Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise (including through the purchase of warrants). Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans.

We did not repurchase any shares of AIG Common Stock during the three months ended March 31, 2019. The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors. The repurchase of AIG Common Stock is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which AIG may not (other than in limited circumstances) purchase, redeem or otherwise acquire AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for.

Accumulated Other Comprehensive Income

The following table presents a rollforward of Accumulated other comprehensive income (loss):

		Unrealized Appreciation								Fair Value of
		(Depreciation) of Fixed		Unrealized						Liabilities Under
		Maturity Securities on		Appreciation		Foreign		Retirement		Fair Value Option
		Which Other-Than-		(Depreciation)		Currency		Plan		Attributable to
		Temporary Credit		of All Other		Translation		Liabilities		Changes in
(in millions)		Impairments Were Taken		Investments		Adjustments		Adjustment		Own Credit Risk		Total
Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation of investments		849		5,064		-		-		-		5,913
Change in deferred policy acquisition costs
adjustment and other		(8)		(856)		-		-		-		(864)
Change in future policy benefits		-		(1,068)		-		-		-		(1,068)
Change in foreign currency translation adjustments		-		-		188		-		-		188
Change in net actuarial loss		-		-		-		1		-		1
Change in prior service credit		-		-		-		(1)		-		(1)
Change in deferred tax liability		(165)		(432)		(24)		(1)		-		(622)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		-		-
Total other comprehensive income (loss)		676		2,708		164		(1)		-		3,547
Noncontrolling interests		-		5		1		-		-		6
Balance, March 31, 2019, net of tax	$	638	$	5,129	$	(2,562)	$	(1,087)	$	10	$	2,128


Balance, December 31, 2017, net of tax	$	793	$	7,693	$	(2,090)	$	(931)	$	-	$	5,465
Cumulative effect of change in accounting
principles		169		(285)		(284)		(183)		7		(576)
Change in unrealized depreciation of investments		(240)		(4,754)		-		-		-		(4,994)
Change in deferred policy acquisition costs
adjustment and other		30		634		-		-		-		664
Change in future policy benefits		-		741		-		-		-		741
Change in foreign currency translation adjustments		-		-		172		-		-		172
Change in net actuarial loss		-		-		-		16		-		16
Change in prior service credit		-		-		-		(4)		-		(4)
Change in deferred tax asset (liability)		60		671		(14)		17		-		734
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		2		2
Total other comprehensive income (loss)		(150)		(2,708)		158		29		2		(2,669)
Noncontrolling interests		-		-		-		-		-		-
Balance, March 31, 2018, net of tax	$	812	$	4,700	$	(2,216)	$	(1,085)	$	9	$	2,220

The following table presents the other comprehensive income reclassification adjustments for the three-month periods ended March 31, 2019 and 2018, respectively:

		Unrealized Appreciation								Fair Value of
		(Depreciation) of Fixed		Unrealized						Liabilities Under
		Maturity Securities on		Appreciation		Foreign		Retirement		Fair Value Option
		Which Other-Than-		(Depreciation)		Currency		Plan		Attributable to
		Temporary Credit		of All Other		Translation		Liabilities		Changes in
(in millions)		Impairments Were Taken		Investments		Adjustments		Adjustment		Own Credit Risk		Total
March 31, 2019
Unrealized change arising during period	$	841	$	3,109	$	188	$	(5)	$	-	$	4,133
Less: Reclassification adjustments
included in net income		-		(31)		-		(5)		-		(36)
Total other comprehensive income (loss),
before income tax expense		841		3,140		188		-		-		4,169
Less: Income tax expense		165		432		24		1		-		622
Total other comprehensive income (loss),
net of income tax expense	$	676	$	2,708	$	164	$	(1)	$	-	$	3,547

March 31, 2018
Unrealized change arising during period	$	(208)	$	(3,386)	$	172	$	3	$	2	$	(3,417)
Less: Reclassification adjustments
included in net income		2		(7)		-		(9)		-		(14)
Total other comprehensive income (loss),
before income tax expense (benefit)		(210)		(3,379)		172		12		2		(3,403)
Less: Income tax expense (benefit)		(60)		(671)		14		(17)		-		(734)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(150)	$	(2,708)	$	158	$	29	$	2	$	(2,669)

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income:

	Amount Reclassified
	from Accumulated Other
	Comprehensive Income
	Three Months Ended March 31,					Affected Line Item in the
(in millions)			2019		2018	Condensed Consolidated Statements of Income
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	-	$	2	Other realized capital gains
Total			-		2
Unrealized appreciation (depreciation) of
all other investments
Investments			(31)		24	Other realized capital gains
Deferred acquisition costs adjustment			-		(31)	Amortization of deferred policy acquisition costs
Future policy benefits			-		-	Policyholder benefits and losses incurred
Total			(31)		(7)
Change in retirement plan liabilities adjustment
Prior-service credit			-		-	*
Actuarial losses			(5)		(9)	*
Total			(5)		(9)
Total reclassifications for the period		$	(36)	$	(14)

* These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14.

EARNINGS PER SHARE (EPS)

3 Months Ended

Mar. 31, 2019

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

13. Earnings Per Share (EPS)

The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits.

The following table presents the computation of basic and diluted EPS:

Three Months Ended March 31,
(dollars in millions, except per share data)		2019		2018
Numerator for EPS:
Income from continuing operations	$	937	$	950
Less: Net income from continuing operations attributable to noncontrolling interests		283		11
Income attributable to AIG common shareholders from continuing operations		654		939
Loss from discontinued operations, net of income tax expense		-		(1)
Net income attributable to AIG common shareholders	$	654	$	938
Denominator for EPS:
Weighted average shares outstanding — basic		875,383,084		907,951,597
Dilutive shares		2,129,160		17,314,980
Weighted average shares outstanding — diluted^(a)		877,512,244		925,266,577
Income per common share attributable to AIG:
Basic:
Income from continuing operations	$	0.75	$	1.03
Income from discontinued operations	$	-	$	-
Net income attributable to AIG	$	0.75	$	1.03
Diluted:
Income from continuing operations	$	0.75	$	1.01
Income from discontinued operations	$	-	$	-
Net income attributable to AIG	$	0.75	$	1.01

(a) Dilutive shares included our share-based employee compensation plans and a weighted average portion of the warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of shares excluded from diluted shares outstanding was 64.3 million and 0.7 million for the three-month periods ended March 31, 2019 and 2018, respectively, because the effect of including those shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2019

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14. Employee Benefits

We sponsor various defined benefit pension plans, post-retirement medical and life insurance plans for eligible employees and retirees in the U.S. and certain non-U.S. countries.

The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits:

	Pension						Postretirement
		U.S.		Non-U.S.				U.S.		Non-U.S.
(in millions)		Plans		Plans		Total		Plans		Plans		Total
Three Months Ended March 31, 2019
Components of net periodic benefit cost:
Service cost	$	2	$	6	$	8	$	-	$	-	$	-
Interest cost		44		4		48		2		-		2
Expected return on assets		(57)		(5)		(62)		-		-		-
Amortization of prior service cost		-		-		-		-		-		-
Amortization of net loss		8		1		9		-		-		-
Net periodic benefit cost (credit)		(3)		6		3		2		-		2
Settlement gain		-		(4)		(4)		-		-		-
Net benefit cost (credit)	$	(3)	$	2	$	(1)	$	2	$	-	$	2
Three Months Ended March 31, 2018
Components of net periodic benefit cost:
Service cost	$	2	$	6	$	8	$	-	$	-	$	-
Interest cost		41		4		45		2		-		2
Expected return on assets		(71)		(7)		(78)		-		-		-
Amortization of prior service cost		-		1		1		-		-		-
Amortization of net loss		7		2		9		-		-		-
Net periodic benefit cost (credit)		(21)		6		(15)		2		-		2
Settlement gain		-		-		-		-		-		-
Net benefit cost (credit)	$	(21)	$	6	$	(15)	$	2	$	-	$	2

For the three-month period ended March 31, 2019, we did not make any contributions to the U.S. AIG Retirement Plan.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2019
INCOME TAXES
INCOME TAXES	15. Income Taxes U.S. Tax Reform Overview On December 22, 2017, the U.S. enacted Public Law 115-97, known informally as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act reduced the statutory rate of U.S. federal corporate income tax to 21 percent and enacted numerous other changes impacting AIG and the insurance industry. The Tax Act includes provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. There are substantial uncertainties in the interpretation of BEAT and GILTI and, while certain formal guidance was issued by the U.S. tax authority, there are still aspects of the Tax Act that remain unclear and additional guidance is expected later in 2019. Such guidance may result in changes to the interpretations and assumptions we made and actions we may take, which may impact amounts recorded with respect to international provisions of the Tax Act, possibly materially. Consistent with accounting guidance, we treat BEAT as a period tax charge in the period the tax is incurred and have made an accounting policy election to treat GILTI taxes in a similar manner. Interim Tax Calculation Method We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions, and are recorded in the period in which the change occurs. While certain impacts of the Tax Act are included in our annual effective tax rate, we continue to refine our calculations as additional information becomes available, which may result in changes to the estimated annual effective tax rate. Interim Tax Expense (Benefit) For the three-month period ended March 31, 2019, the effective tax rate on income from continuing operations was 18.8 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with tax exempt income, reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities, and valuation allowance activity related to certain foreign subsidiaries, partially offset by tax charges associated with the effect of foreign operations, state and local income taxes, a net tax charge related to the accrual of IRS interest, excess tax charges related to share based compensation payments recorded through the income statement, non-deductible transfer pricing charges, and U.S. tax imposed on GILTI earned by certain foreign subsidiaries. The effect of foreign operations is primarily related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three-month period ended March 31, 2018, the effective tax rate on income from continuing operations was 22.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, tax on GILTI earned by certain foreign subsidiaries, valuation allowance activity related to certain foreign subsidiaries and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities and excess tax deductions related to share based compensation payments recorded through the income statement. As a result of the Tax Act, the majority of accumulated foreign earnings that were previously untaxed are subject to a one-time deemed repatriation tax. Going forward, certain foreign earnings of our foreign affiliates will be exempt from U.S. tax upon repatriation. Notwithstanding the changes, U.S. tax on foreign exchange gain or loss and certain non-U.S. withholding taxes will continue to be applicable upon future repatriations of foreign earnings. For the three-month period ended March 31, 2019, we consider our foreign earnings with respect to certain operations in Canada, South Africa, the Far East, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Assessment of Deferred Tax Asset Valuation Allowance The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Our framework for assessing the recoverability of the deferred tax asset requires us to consider all available evidence, including: the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; the sustainability of recent operating profitability of our subsidiaries; the predictability of future operating profitability of the character necessary to realize the net deferred tax asset; the carryforward period for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset. In performing our assessment of the recoverability of the deferred tax asset under this framework, we consider tax laws governing the utilization of the net operating loss, capital loss and foreign tax credit carryforwards in each applicable jurisdiction. Under U.S. tax law, a company generally must use its net operating loss carryforwards before it can use its foreign tax credit carryforwards, even though the carryforward period for the foreign tax credit is shorter than for the net operating loss. Our U.S. federal consolidated income tax group includes both life companies and non-life companies. While the U.S. taxable income of our non-life companies can be offset by our net operating loss carryforwards, only a portion (no more than 35 percent) of the U.S. taxable income of our life companies can be offset by those net operating loss carryforwards. The remaining tax liability of our life companies can be offset by the foreign tax credit carryforwards. Accordingly, we utilize both the net operating loss and foreign tax credit carryforwards concurrently which enables us to realize our tax attributes prior to expiration. As of March 31, 2019, based on all available evidence, it is more likely than not that the U.S. net operating loss and foreign tax credit carryforwards will be utilized prior to expiration and, thus, no valuation allowance has been established. Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies and interpretations and assumptions related to the impact of the Tax Act could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period. For the three-month period ended March 31, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, resulting in a decrease to the deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2019, based on all available evidence, we concluded that no valuation allowance is required. For the three-month period ended March 31, 2019, we released $290 million of valuation allowance associated with the unrealized tax losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, all of which was allocated to other comprehensive income. For the three-month period ended March 31, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Non-Life Companies’ available for sale securities portfolio, resulting in an increase to the deferred tax liability related to net unrealized tax capital gains. As of March 31, 2019, we continue to be in an overall unrealized tax gain position with respect to the U.S. Non-Life Companies’ available for sale securities portfolio and thus concluded no valuation allowance is necessary in the U.S. Non-Life Companies’ available for sale securities portfolio. For the three-month period ended March 31, 2019, we recognized a net decrease of $38 million in our deferred tax asset valuation allowance associated with certain foreign subsidiaries, primarily attributable to changes in projections and current year activity. Tax Examinations and Litigation On August 1, 2012, we filed a motion for partial summary judgment related to the disallowance of foreign tax credits associated with cross border financing transactions in the Southern District of New York. The Southern District of New York denied our summary judgment motion and upon AIG’s appeal, the U.S. Court of Appeals for the Second Circuit (the Second Circuit) affirmed the denial. AIG’s petition for certiorari to the U.S. Supreme Court from the decision of the Second Circuit was denied on March 7, 2016. As a result, the case has been remanded back to the Southern District of New York for a jury trial. In January 2018, the parties reached non-binding agreements in principle on issues presented in the dispute and are currently reviewing the computations reflecting the settlement terms. The resolution is not final and is subject to various reviews. The litigation has been stayed pending the outcome of the review process. We can provide no assurance regarding the outcome of any such litigation or whether binding compromised settlements with the parties will ultimately be reached. We currently believe that we have adequate reserves for the potential liabilities that may result from these matters. Accounting for Uncertainty in Income Taxes At both March 31, 2019 and December 31, 2018, our unrecognized tax benefits, excluding interest and penalties, were $4.7 billion. At March 31, 2019 and December 31, 2018, our unrecognized tax benefits related to tax positions that, if recognized, would not affect the effective tax rate because they relate to such factors as the timing, rather than the permissibility, of the deduction were $45 million and $38 million, respectively. Accordingly, at both March 31, 2019 and December 31, 2018, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $4.7 billion. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At March 31, 2019 and December 31, 2018, we had accrued liabilities of $2.3 billion and $2.2 billion, respectively, for the payment of interest (net of the federal benefit) and penalties. For the three-month periods ended March 31, 2019 and 2018, we accrued expense (benefit) of $58 million and $54 million, respectively, for the payment of interest and penalties. We believe it is reasonably possible that our unrecognized tax benefits could decrease within the next 12 months by as much as $3.9 billion, principally as a result of potential resolutions or settlements of prior years’ tax items. The prior years’ tax items include unrecognized tax benefits related to the deductibility of certain expenses and matters related to cross border financing transactions.

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

3 Months Ended

Mar. 31, 2019

Information Provided in Connection with Outstanding Debt

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

16. Information Provided in Connection with Outstanding Debt

The following Condensed Consolidating Financial Statements reflect the results of Validus Holdings, Ltd. and AIG Life Holdings, Inc. (AIGLH), each a holding company and a wholly owned subsidiary of AIG. AIG provides a full and unconditional guarantee of the senior notes of Validus and all outstanding debt of AIGLH.

Condensed Consolidating Balance Sheets

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and	Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
March 31, 2019
Assets:
Short-term investments^(a)	$	2,051	$	2	$	-	$	11,306	$	(2,226)	$	11,133
Other investments^(b)		3,750		-		-		309,980		-		313,730
Total investments		5,801		2		-		321,286		(2,226)		324,863
Cash		2		1		3		2,559		-		2,565
Loans to subsidiaries^(c)		35,221		-		-		608		(35,829)		-
Investment in consolidated subsidiaries^(c)		36,737		4,282		29,312		-		(70,331)		-
Other assets, including deferred income taxes^(d)		15,707		1,796		126		170,000		(2,135)		185,494
Total assets	$	93,468	$	6,081	$	29,441	$	494,453	$	(110,521)	$	512,922
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	298,689	$	-	$	298,689
Long-term debt		22,993		357		643		11,783		-		35,776
Other liabilities, including intercompany balances^(b)		9,080		221		133		111,293		(4,363)		116,364
Loans from subsidiaries^(c)		608		-		-		35,222		(35,830)		-
Total liabilities		32,681		578		776		456,987		(40,193)		450,829
Total AIG shareholders’ equity		60,787		5,503		28,665		36,160		(70,328)		60,787
Non-redeemable noncontrolling interests		-		-		-		1,306		-		1,306
Total equity		60,787		5,503		28,665		37,466		(70,328)		62,093
Total liabilities and equity	$	93,468	$	6,081	$	29,441	$	494,453	$	(110,521)	$	512,922

December 31, 2018
Assets:
Short-term investments^(a)	$	1,141	$	2	$	-	$	10,329	$	(1,798)	$	9,674
Other investments^(b)		3,377		-		-		301,158		-		304,535
Total investments		4,518		2		-		311,487		(1,798)		314,209
Cash		2		9		9		2,853		-		2,873
Loans to subsidiaries^(c)		34,963		-		-		615		(35,578)		-
Investment in consolidated subsidiaries^(c)		33,300		4,029		26,321		-		(63,650)		-
Other assets, including deferred income taxes^(d)		15,389		1,798		124		159,430		(1,839)		174,902
Total assets	$	88,172	$	5,838	$	26,454	$	474,385	$	(102,865)	$	491,984
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	293,652	$	-	$	293,652
Long-term debt		22,422		359		643		11,116		-		34,540
Other liabilities, including intercompany balances^(b)		8,774		228		144		100,974		(3,637)		106,483
Loans from subsidiaries^(c)		615		-		-		34,963		(35,578)		-
Total liabilities		31,811		587		787		440,705		(39,215)		434,675
Total AIG shareholders’ equity		56,361		5,251		25,667		32,732		(63,650)		56,361
Non-redeemable noncontrolling interests		-		-		-		948		-		948
Total equity		56,361		5,251		25,667		33,680		(63,650)		57,309
Total liabilities and equity	$	88,172	$	5,838	$	26,454	$	474,385	$	(102,865)	$	491,984

(a) At March 31, 2019, includes restricted cash of $8 million and $243 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $124 million and $18 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively.

(b) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment.

(d) At March 31, 2019, includes restricted cash of $1 million and $362 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $1 million and $342 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively.

Condensed Consolidating Statements of Income

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	708	$	207	$	700	$	-	$	(1,615)	$	-
Other income		287		1		-		12,208		(40)		12,456
Total revenues		995		208		700		12,208		(1,655)		12,456
Expenses:
Interest expense		246		-		13		94		(4)		349
Loss on extinguishment of debt		-		4		-		(6)		-		(2)
Other expenses		188		1		-		10,804		(38)		10,955
Total expenses		434		5		13		10,892		(42)		11,302
Income (loss) from continuing operations before income tax
expense (benefit)		561		203		687		1,316		(1,613)		1,154
Income tax expense (benefit)		(94)		-		(1)		312		-		217
Income (loss) from continuing operations		655		203		688		1,004		(1,613)		937
Income (loss) from discontinued operations, net of income taxes		(1)		-		-		1		-		-
Net income (loss)		654		203		688		1,005		(1,613)		937
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests		-		-		-		283		-		283
Net income (loss) attributable to AIG	$	654	$	203	$	688	$	722	$	(1,613)	$	654

Three Months Ended March 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,033	$	-	$	722	$	-	$	(1,755)	$	-
Other income		258		-		-		11,512		(58)		11,712
Total revenues		1,291		-		722		11,512		(1,813)		11,712
Expenses:
Interest expense		220		-		12		48		(3)		277
Loss on extinguishment of debt		-		-		-		4		-		4
Other expenses		152		-		1		10,106		(55)		10,204
Total expenses		372		-		13		10,158		(58)		10,485
Income (loss) from continuing operations before income tax
expense (benefit)		919		-		709		1,354		(1,755)		1,227
Income tax expense (benefit)		(19)		-		3		293		-		277
Income (loss) from continuing operations		938		-		706		1,061		(1,755)		950
Loss from discontinued operations, net of income taxes		-		-		-		(1)		-		(1)
Net income (loss)		938		-		706		1,060		(1,755)		949
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests		-		-		-		11		-		11
Net income (loss) attributable to AIG	$	938	$	-	$	706	$	1,049	$	(1,755)	$	938

* Eliminated in consolidation.

Condensed Consolidating Statements of Comprehensive Income

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Net income (loss)	$	654	$	203	$	688	$	1,005	$	(1,613)	$	937
Other comprehensive income (loss)		3,541		1		5,308		9,175		(14,478)		3,547
Comprehensive income (loss)		4,195		204		5,996		10,180		(16,091)		4,484
Total comprehensive income attributable to noncontrolling interests		-		-		-		289		-		289
Comprehensive income (loss) attributable to AIG	$	4,195	$	204	$	5,996	$	9,891	$	(16,091)	$	4,195

Three Months Ended March 31, 2018
Net income (loss)	$	938	$	-	$	706	$	1,060	$	(1,755)	$	949
Other comprehensive income (loss)		(2,669)		-		4,950		14,655		(19,605)		(2,669)
Comprehensive income (loss)		(1,731)		-		5,656		15,715		(21,360)		(1,720)
Total comprehensive income attributable to noncontrolling interests		-		-		-		11		-		11
Comprehensive income (loss) attributable to AIG	$	(1,731)	$	-	$	5,656	$	15,704	$	(21,360)	$	(1,731)

Condensed Consolidating Statements of Cash Flows

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Net cash (used in) provided by operating activities	$	318	$	(8)	$	480	$	(665)	$	(1,101)	$	(976)
Cash flows from investing activities:
Sales of investments		864		-		-		13,840		(364)		14,340
Sales of divested businesses, net		-		-		-		-		-		-
Purchase of investments		(675)		-		-		(14,804)		364		(15,115)
Loans to subsidiaries - net		(10)		-		-		10		-		-
Contributions from (to) subsidiaries - net		(319)		-		-		-		319		-
Acquisition of businesses, net of cash and
restricted cash acquired		-		-		-		-		-		-
Net change in short-term investments		(1,020)		-		-		(201)		-		(1,221)
Other, net		(20)		-		-		37		-		17
Net cash (used in) provided by investing activities		(1,180)		-		-		(1,118)		319		(1,979)
Cash flows from financing activities:
Issuance of long-term debt		596		-		-		853		-		1,449
Repayments of long-term debt		-		-		-		(589)		-		(589)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		(10)		-		-		10		-		-
Cash dividends paid		(278)		-		(486)		(615)		1,101		(278)
Other, net		(47)		-		-		2,063		(319)		1,697
Net cash (used in) provided by financing activities		746		-		(486)		1,722		782		2,764
Effect of exchange rate changes on cash and
restricted cash		-		-		-		12		-		12
Change in cash and restricted cash		(116)		(8)		(6)		(49)		-		(179)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Cash and restricted cash at end of period	$	11	$	1	$	3	$	3,164	$	-	$	3,179

Three Months Ended March 31, 2018
Net cash (used in) provided by operating activities	$	9	$	-	$	362	$	(501)	$	(808)	$	(938)
Cash flows from investing activities:
Sales of investments		1,322		-		-		15,830		(2,681)		14,471
Sales of divested businesses, net		-		-		-		6		-		6
Purchase of investments		(39)		-		-		(15,405)		2,681		(12,763)
Loans to subsidiaries - net		422		-		-		(60)		(362)		-
Contributions from (to) subsidiaries - net		153		-		-		-		(153)		-
Net change in short-term investments		(2,460)		-		-		(580)		-		(3,040)
Other, net		(79)		-		-		(567)		-		(646)
Net cash (used in) investing activities		(681)		-		-		(776)		(515)		(1,972)
Cash flows from financing activities:
Issuance of long-term debt		2,472		-		-		567		-		3,039
Repayments of long-term debt		(1,107)		-		-		(220)		-		(1,327)
Purchase of common stock		(298)		-		-		-		-		(298)
Intercompany loans - net		60		-		-		(422)		362		-
Cash dividends paid		(289)		-		(377)		(431)		808		(289)
Other, net		(154)		-		-		1,362		153		1,361
Net cash (used in) provided by financing activities		684		-		(377)		856		1,323		2,486
Effect of exchange rate changes on cash and
restricted cash		-		-		-		58		-		58
Change in cash and restricted cash		12		-		(15)		(363)		-		(366)
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of period	$	20	$	-	$	5	$	2,346	$	-	$	2,371

Supplementary Disclosure of Condensed Consolidating Cash Flow Information

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
March 31, 2019
Cash	$	2	$	1	$	3	$	2,559	$	-	$	2,565
Restricted cash included in Short-term investments		8		-		-		243		-		251
Restricted cash included in Other assets		1		-		-		362		-		363
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	11	$	1	$	3	$	3,164	$	-	$	3,179

Cash (paid) received during the 2019 period for:
Interest:
Third party	$	(225)	$	(11)	$	(23)	$	(56)	$	-	$	(315)
Intercompany		(1)		-		-		1		-		-
Taxes:
Income tax authorities	$	(4)	$	-	$	-	$	(46)	$	-	$	(50)
Intercompany		194		-		-		(194)		-		-

March 31, 2018
Cash	$	4	$	-	$	5	$	2,094	$	-	$	2,103
Restricted cash included in Short-term investments		15		-		-		32		-		47
Restricted cash included in Other assets		1		-		-		220		-		221
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	20	$	-	$	5	$	2,346	$	-	$	2,371

Cash (paid) received during the 2018 period for:
Interest:
Third party	$	(260)	$	-	$	-	$	(97)	$	-	$	(357)
Intercompany		-		-		-		-		-		-
Taxes:
Income tax authorities	$	(9)	$	-	$	-	$	(19)	$	-	$	(28)
Intercompany		403		-		-		(403)		-		-

American International Group, Inc. (As Guarantor) Supplementary Disclosure of Non-Cash Activities:

Three Months Ended March 31,
(in millions)		2019		2018
Intercompany non-cash financing and investing activities:
Capital contributions	$	-	$	2,339
Dividends received in the form of securities		486		60
Return of capital		-		2,706

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. Subsequent Events Dividends Declared On May 6, 2019, our Board of Directors declared a cash dividend on AIG Common Stock of $0.32 per share, payable on June 28, 2019 to shareholders of record on June 14, 2019.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2019
BASIS OF PRESENTATION
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: liability for unpaid losses and loss adjustment expenses (loss reserves); reinsurance assets; valuation of future policy benefit liabilities and timing and extent of loss recognition; valuation of liabilities for guaranteed benefit features of variable annuity products; valuation of embedded derivatives for fixed index annuity and life products; estimated gross profits to value deferred policy acquisition costs for investment-oriented products; impairment charges, including other-than-temporary impairments on available for sale securities, impairments on other invested assets, including investments in life settlements, and goodwill impairment; allowances for loan losses; liability for legal contingencies; fair value measurements of certain financial assets and liabilities; and income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Act. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Standards Adopted	Accounting Standards Adopted During 2019 Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an accounting standard that requires lessees with lease terms of more than 12 months to recognize a right of use asset and a corresponding lease liability on their balance sheets. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating leases or finance leases. Lessor accounting remained largely the same, with the exception of certain specified changes. We adopted the standard on its effective date of January 1, 2019, using a modified retrospective approach and did not adjust prior comparative periods in accordance with the standard’s transition guidance. The majority of the Company’s lease obligations pertain to real estate utilized in the operation of our businesses. Consequently, the primary impact of adoption resulted in the recognition of discounted lease liabilities of $823 million and corresponding right-of-use assets of $724 million for operating leases pertaining to our real estate portfolio, which are reflected in Other Liabilities and Other Assets, respectively. The standard did not have a material effect on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued an accounting standard that shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The standard does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. We adopted the standard using a modified retrospective approach on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Derivatives and Hedging In August 2017, the FASB issued an accounting standard that improves and expands hedge accounting for both financial and commodity risks. The provisions of the standard are intended to better align the accounting with an entity’s risk management activities, enhance the transparency on how the economic results are presented in the financial statements and disclosures, and simplify the application of hedge accounting treatment. We adopted the standard on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures.
Future Application of Accounting Standards	Future Application of Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that will change how entities account for credit losses for most financial assets, trade receivables and reinsurance receivables. The standard will replace the existing incurred loss impairment model with a new “current expected credit loss model” that generally will result in earlier recognition of credit losses. The standard will apply to financial assets subject to credit losses, including loans measured at amortized cost, reinsurance receivables and certain off-balance sheet credit exposures. Additionally, the impairment of available-for-sale debt securities, including purchased credit deteriorated securities, are subject to the new guidance and will be measured in a similar manner, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard will also require additional information to be disclosed in the footnotes. We plan to adopt the standard on its effective date of January 1, 2020. We are continuing to develop our implementation plan to adopt the standard and are assessing the impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. While we expect an increase in our allowances for credit losses for the financial instruments within scope of the standard, given the objective of the new standard, the amount of any change will be dependent on our portfolios’ composition and quality at the adoption date as well as economic conditions and forecasts at that time. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The standard is effective on January 1, 2020, with early adoption permitted. We are evaluating the timing of our adoption. Any impact of the standard will be dependent on the market conditions of the reporting units at the time of adoption. Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below: Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement. Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income. Simplifies the amortization of deferred acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test. Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income. Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We plan to adopt the standard on its effective date of January 1, 2021. We are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. RECLASSIFICATIONS In the first quarter of 2019, we began reporting investment income from our non-insurance subsidiaries in Net investment income instead of Other income on a prospective basis to be consistent with how we report investment income from our General Insurance and Life and Retirement reporting segments. This reclassification has no impact to our consolidated statement of operations.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2019

SEGMENT INFORMATION

Schedule of continuing operations by operating segment

The following table presents AIG’s continuing operations by operating segment:

Three Months Ended March 31,	2019				2018
				Adjusted				Adjusted
		Total		Pre-tax		Total		Pre-tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	4,098	$	934	$	3,340	$	320
International		3,704		334		4,104		190
Total General Insurance		7,802		1,268		7,444		510
Life and Retirement
Individual Retirement		1,351		508		1,361		499
Group Retirement		709		232		761		282
Life Insurance		1,073		116		1,061		52
Institutional Markets		1,071		68		277		59
Total Life and Retirement		4,204		924		3,460		892
Other Operations		203		(387)		150		(342)
Legacy Portfolio		706		112		836		145
AIG Consolidation and elimination		(161)		(70)		(62)		11
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		12,754		1,847		11,828		1,216
Reconciling Items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		105		96		(77)		(77)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains		-		99		-		(31)
Changes in the fair value of equity securities		79		79		-		-
Other income (expense) - net		7		-		(11)		-
Gain (Loss) on extinguishment of debt		-		2		-		(4)
Net realized capital losses^*		(489)		(474)		(29)		(19)
Income (loss) from divested businesses		-		6		-		8
Non-operating litigation reserves and settlements		-		(1)		1		(13)
(Unfavorable) favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		27		-		(34)
Net loss reserve discount benefit (charge)		-		(473)		-		205
Integration and transaction costs associated with acquired businesses		-		(7)		-		-
Restructuring and other costs		-		(47)		-		(24)
Revenues and Pre-tax income	$	12,456	$	1,154	$	11,712	$	1,227

BUSINESS COMBINATION (Tables)

3 Months Ended

Mar. 31, 2019

BUSINESS COMBINATION

Pro Forma Income Statement Information

	Three Months Ended March 31,
(in millions)		2019		2018*
Total revenues	$	12,456	$	12,242
Net income		937		951
Net income attributable to AIG		654		940

Income per common share attributable to AIG:
Basic:
Net income attributable to AIG		0.75		1.04
Diluted:
Net income attributable to AIG		0.75		1.02

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

March 31, 2019							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	$	-	$	3,401	$	-	$	-	$	-	$	3,401
Obligations of states, municipalities and political subdivisions		-		13,786		2,136		-		-		15,922
Non-U.S. governments		15		15,256		3		-		-		15,274
Corporate debt		-		137,141		1,532		-		-		138,673
RMBS		-		19,959		14,045		-		-		34,004
CMBS		-		12,269		892		-		-		13,161
CDO/ABS		-		8,926		8,840		-		-		17,766
Total bonds available for sale		15		210,738		27,448		-		-		238,201
Other bond securities:
U.S. government and government sponsored entities		84		2,696		-		-		-		2,780
Non-U.S. governments		-		51		-		-		-		51
Corporate debt		-		1,745		-		-		-		1,745
RMBS		-		491		1,266		-		-		1,757
CMBS		-		315		84		-		-		399
CDO/ABS		-		530		4,249		-		-		4,779
Total other bond securities		84		5,828		5,599		-		-		11,511
Equity securities		804		11		26		-		-		841
Other invested assets^(b)		-		86		591		-		-		677
Derivative assets:
Interest rate contracts		4		2,660		-		-		-		2,664
Foreign exchange contracts		-		1,106		1		-		-		1,107
Equity contracts		55		330		103		-		-		488
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		13		-		-		13
Counterparty netting and cash collateral		-		-		-		(1,647)		(1,734)		(3,381)
Total derivative assets		59		4,096		118		(1,647)		(1,734)		892
Short-term investments		1,993		2,047		-		-		-		4,040
Separate account assets		84,260		4,558		-		-		-		88,818
Other assets		-		-		59		-		-		59
Total	$	87,215	$	227,364	$	33,841	$	(1,647)	$	(1,734)	$	345,039
Liabilities:
Policyholder contract deposits	$	-	$	-	$	4,878	$	-	$	-	$	4,878
Derivative liabilities:
Interest rate contracts		-		1,905		15		-		-		1,920
Foreign exchange contracts		-		850		-		-		-		850
Equity contracts		12		32		7		-		-		51
Credit contracts		-		17		223		-		-		240
Other contracts		-		-		5		-		-		5
Counterparty netting and cash collateral		-		-		-		(1,647)		(188)		(1,835)
Total derivative liabilities		12		2,804		250		(1,647)		(188)		1,231
Long-term debt		-		2,263		-		-		-		2,263
Other liabilities		105		85		-		-		-		190
Total	$	117	$	5,152	$	5,128	$	(1,647)	$	(188)	$	8,562

December 31, 2018							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	$	53	$	3,207	$	-	$	-	$	-	$	3,260
Obligations of states, municipalities and political subdivisions		-		14,001		2,000		-		-		16,001
Non-U.S. governments		69		14,445		11		-		-		14,525
Corporate debt		-		129,836		864		-		-		130,700
RMBS		-		20,178		14,199		-		-		34,377
CMBS		-		11,784		917		-		-		12,701
CDO/ABS		-		8,725		9,102		-		-		17,827
Total bonds available for sale		122		202,176		27,093		-		-		229,391
Other bond securities:
U.S. government and government sponsored entities		11		2,654		-		-		-		2,665
Non-U.S. governments		-		45		-		-		-		45
Corporate debt		-		1,671		-		-		-		1,671
RMBS		-		424		1,290		-		-		1,714
CMBS		-		311		77		-		-		388
CDO/ABS		-		454		4,478		-		-		4,932
Total other bond securities		11		5,559		5,845		-		-		11,415
Equity securities		1,213		13		27		-		-		1,253
Other invested assets^(b)		-		341		587		-		-		928
Derivative assets:
Interest rate contracts		2		2,888		-		-		-		2,890
Foreign exchange contracts		-		1,159		5		-		-		1,164
Equity contracts		133		190		75		-		-		398
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		15		-		-		15
Counterparty netting and cash collateral		-		-		-		(1,713)		(1,840)		(3,553)
Total derivative assets		135		4,237		96		(1,713)		(1,840)		915
Short-term investments		2,416		599		-		-		-		3,015
Separate account assets		77,202		4,645		-		-		-		81,847
Other assets		-		-		58		-		-		58
Total	$	81,099	$	217,570	$	33,706	$	(1,713)	$	(1,840)	$	328,822
Liabilities:
Policyholder contract deposits	$	-	$	-	$	4,116	$	-	$	-	$	4,116
Derivative liabilities:
Interest rate contracts		4		2,004		15		-		-		2,023
Foreign exchange contracts		-		858		-		-		-		858
Equity contracts		12		3		-		-		-		15
Credit contracts		-		8		228		-		-		236
Other contracts		-		-		6		-		-		6
Counterparty netting and cash collateral		-		-		-		(1,713)		(187)		(1,900)
Total derivative liabilities		16		2,873		249		(1,713)		(187)		1,238
Long-term debt		-		2,213		-		-		-		2,213
Other liabilities		16		11		-		-		-		27
Total	$	32	$	5,097	$	4,365	$	(1,713)	$	(187)	$	7,594

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

Changes in Level 3 recurring fair value measurements (Assets)

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	97	$	24	$	29	$	(13)	$	2,136	$	-
Non-U.S. governments		11		-		-		(4)		-		(4)		3		-
Corporate debt		864		(3)		38		34		654		(55)		1,532		-
RMBS		14,199		227		24		(412)		23		(16)		14,045		-
CMBS		917		1		17		146		-		(189)		892		-
CDO/ABS		9,102		4		54		(45)		92		(367)		8,840		-
Total bonds available for sale		27,093		228		230		(257)		798		(644)		27,448		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		17		-		(41)		-		-		1,266		-
CMBS		77		4		-		3		-		-		84		3
CDO/ABS		4,478		68		-		(201)		-		(96)		4,249		24
Total other bond securities		5,845		89		-		(239)		-		(96)		5,599		27
Equity securities		27		-		-		-		-		(1)		26		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		-		-		4		-		-		591		2
Other assets		58		-		-		1		-		-		59		-
Total	$	33,610	$	317	$	230	$	(491)	$	798	$	(741)	$	33,723	$	29

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	569	$	-	$	193	$	-	$	-	$	4,878	$	(521)
Derivative liabilities, net:
Interest rate contracts		15		1		-		(1)		-		-		15		(1)
Foreign exchange contracts		(5)		(5)		-		9		-		-		(1)		(1)
Equity contracts		(75)		(16)		-		(5)		-		-		(96)		19
Credit contracts		227		(3)		-		(2)		-		-		222		4
Other contracts		(9)		(17)		-		18		-		-		(8)		17
Total derivative liabilities, net^(a)		153		(40)		-		19		-		-		132		38
Total	$	4,269	$	529	$	-	$	212	$	-	$	-	$	5,010	$	(483)

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	1	$	(75)	$	(69)	$	-	$	-	$	2,261	$	-
Non-U.S. governments		8		(4)		4		1		-		-		9		-
Corporate debt		1,173		(57)		10		248		565		(68)		1,871		-
RMBS		16,136		266		5		(536)		-		(32)		15,839		-
CMBS		624		6		(17)		(23)		-		(6)		584		-
CDO/ABS		8,651		8		(88)		(710)		-		(15)		7,846		-
Total bonds available for sale		28,996		220		(161)		(1,089)		565		(121)		28,410		-
Other bond securities:
Corporate debt		18		1		-		-		-		-		19		-
RMBS		1,464		39		-		(76)		-		-		1,427		51
CMBS		74		(1)		-		(1)		1		-		73		(1)
CDO/ABS		4,956		89		-		(260)		-		(9)		4,776		8
Total other bond securities		6,512		128		-		(337)		1		(9)		6,295		58
Equity securities		-		-		-		3		-		-		3		2
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		23		1		18		-		-		292		30
Other assets		-		-		-		-		-		-		-		-
Total	$	35,763	$	371	$	(160)	$	(1,410)	$	566	$	(130)	$	35,000	$	90

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(506)	$	-	$	66	$	-	$	-	$	3,696	$	604
Derivative liabilities, net:
Interest rate contracts		22		(3)		-		(2)		-		-		17		3
Foreign exchange contracts		-		(10)		-		11		-		-		1		3
Equity contracts		(82)		4		-		-		-		-		(78)		(4)
Credit contracts		262		(10)		-		(2)		-		-		250		10
Other contracts		(15)		(17)		-		20		-		-		(12)		17
Total derivative liabilities, net^(a)		187		(36)		-		27		-		-		178		29
Total	$	4,323	$	(542)	$	-	$	93	$	-	$	-	$	3,874	$	633

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

Changes in Level 3 recurring fair value measurements (Liabilities)

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	97	$	24	$	29	$	(13)	$	2,136	$	-
Non-U.S. governments		11		-		-		(4)		-		(4)		3		-
Corporate debt		864		(3)		38		34		654		(55)		1,532		-
RMBS		14,199		227		24		(412)		23		(16)		14,045		-
CMBS		917		1		17		146		-		(189)		892		-
CDO/ABS		9,102		4		54		(45)		92		(367)		8,840		-
Total bonds available for sale		27,093		228		230		(257)		798		(644)		27,448		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		17		-		(41)		-		-		1,266		-
CMBS		77		4		-		3		-		-		84		3
CDO/ABS		4,478		68		-		(201)		-		(96)		4,249		24
Total other bond securities		5,845		89		-		(239)		-		(96)		5,599		27
Equity securities		27		-		-		-		-		(1)		26		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		-		-		4		-		-		591		2
Other assets		58		-		-		1		-		-		59		-
Total	$	33,610	$	317	$	230	$	(491)	$	798	$	(741)	$	33,723	$	29

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	569	$	-	$	193	$	-	$	-	$	4,878	$	(521)
Derivative liabilities, net:
Interest rate contracts		15		1		-		(1)		-		-		15		(1)
Foreign exchange contracts		(5)		(5)		-		9		-		-		(1)		(1)
Equity contracts		(75)		(16)		-		(5)		-		-		(96)		19
Credit contracts		227		(3)		-		(2)		-		-		222		4
Other contracts		(9)		(17)		-		18		-		-		(8)		17
Total derivative liabilities, net^(a)		153		(40)		-		19		-		-		132		38
Total	$	4,269	$	529	$	-	$	212	$	-	$	-	$	5,010	$	(483)

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Three Months Ended March 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	1	$	(75)	$	(69)	$	-	$	-	$	2,261	$	-
Non-U.S. governments		8		(4)		4		1		-		-		9		-
Corporate debt		1,173		(57)		10		248		565		(68)		1,871		-
RMBS		16,136		266		5		(536)		-		(32)		15,839		-
CMBS		624		6		(17)		(23)		-		(6)		584		-
CDO/ABS		8,651		8		(88)		(710)		-		(15)		7,846		-
Total bonds available for sale		28,996		220		(161)		(1,089)		565		(121)		28,410		-
Other bond securities:
Corporate debt		18		1		-		-		-		-		19		-
RMBS		1,464		39		-		(76)		-		-		1,427		51
CMBS		74		(1)		-		(1)		1		-		73		(1)
CDO/ABS		4,956		89		-		(260)		-		(9)		4,776		8
Total other bond securities		6,512		128		-		(337)		1		(9)		6,295		58
Equity securities		-		-		-		3		-		-		3		2
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		23		1		18		-		-		292		30
Other assets		-		-		-		-		-		-		-		-
Total	$	35,763	$	371	$	(160)	$	(1,410)	$	566	$	(130)	$	35,000	$	90

				Net												Changes in
				Realized and				Purchases,								Unrealized Gains
				Unrealized				Sales,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Issuances and		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Settlements,		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)		Net		In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(506)	$	-	$	66	$	-	$	-	$	3,696	$	604
Derivative liabilities, net:
Interest rate contracts		22		(3)		-		(2)		-		-		17		3
Foreign exchange contracts		-		(10)		-		11		-		-		1		3
Equity contracts		(82)		4		-		-		-		-		(78)		(4)
Credit contracts		262		(10)		-		(2)		-		-		250		10
Other contracts		(15)		(17)		-		20		-		-		(12)		17
Total derivative liabilities, net^(a)		187		(36)		-		27		-		-		178		29
Total	$	4,323	$	(542)	$	-	$	93	$	-	$	-	$	3,874	$	633

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

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

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	Gains (Losses)			Income		Total
Three Months Ended March 31, 2019
Assets:
Bonds available for sale	$	242	$	(14)	$	-	$	228
Other bond securities		87		2		-		89
Other invested assets		-		-		-		-
Three Months Ended March 31, 2018
Assets:
Bonds available for sale	$	282	$	(62)	$	-	$	220
Other bond securities		23		(4)		109		128
Other invested assets		25		-		(2)		23

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
Three Months Ended March 31, 2019
Liabilities:
Policyholder contract deposits	$	-	$	569	$	-	$	569
Derivative liabilities, net		-		(24)		(16)		(40)
Three Months Ended March 31, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(506)	$	-	$	(506)
Derivative liabilities, net		-		1		(37)		(36)

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

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
Three Months Ended March 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	47	$	(15)	$	(8)	$	24
Non-U.S. governments		-		-		(4)		(4)
Corporate debt		49		-		(15)		34
RMBS		307		(26)		(693)		(412)
CMBS		184		-		(38)		146
CDO/ABS		198		(156)		(87)		(45)
Total bonds available for sale		785		(197)		(845)		(257)
Other bond securities:
RMBS		-		-		(41)		(41)
CMBS		4		-		(1)		3
CDO/ABS		-		-		(201)		(201)
Total other bond securities		4		-		(243)		(239)
Equity securities		-		-		-		-
Mortgage and other loans receivable		-		-		-		-
Other invested assets		4		-		-		4
Other assets		-		-		1		1
Total assets	$	793	$	(197)	$	(1,087)	$	(491)
Liabilities:
Policyholder contract deposits	$	-	$	173	$	20	$	193
Derivative liabilities, net		(13)		-		32		19
Total liabilities	$	(13)	$	173	$	52	$	212
Three Months Ended March 31, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	15	$	-	$	(84)	$	(69)
Non-U.S. governments		2		-		(1)		1
Corporate debt		254		(3)		(3)		248
RMBS		233		(5)		(764)		(536)
CMBS		12		-		(35)		(23)
CDO/ABS		495		(851)		(354)		(710)
Total bonds available for sale		1,011		(859)		(1,241)		(1,089)
Other bond securities:
RMBS		1		(5)		(72)		(76)
CMBS		-		-		(1)		(1)
CDO/ABS		-		(4)		(256)		(260)
Total other bond securities		1		(9)		(329)		(337)
Equity securities		3		-		-		3
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		22		-		(4)		18
Total assets	$	1,037	$	(873)	$	(1,574)	$	(1,410)
Liabilities:
Policyholder contract deposits	$	-	$	112	$	(46)	$	66
Derivative liabilities, net		(7)		-		34		27
Total liabilities	$	(7)	$	112	$	(12)	$	93

(a) There were no issuances during the three-month periods ended March 31, 2019 and 2018, respectively.

Significant unobservable inputs used for recurring fair value measurements

	Fair Value at
	March 31,		Valuation		Range
(in millions)	2019		Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,590	Discounted cash flow	Yield	3.59% - 4.58% (4.08%)

Corporate debt		530	Discounted cash flow	Yield	4.23% - 6.09% (5.16%)

RMBS^(a)		13,243	Discounted cash flow	Constant prepayment rate	3.63% - 12.64% (8.13%)
				Loss severity	38.94% - 75.51% (57.22%)
				Constant default rate	2.17% - 7.14% (4.65%)
				Yield	2.96% - 5.07% (4.01%)

CDO/ABS^(a)		4,554	Discounted cash flow	Yield	3.45% - 5.21% (4.33%)

CMBS		484	Discounted cash flow	Yield	2.81% - 5.81% (4.31%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

Guaranteed minimum withdrawal benefits (GMWB)		2,023	Discounted cash flow	Equity volatility	5.85% - 46.25%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 180.00%
				Mortality multiplier^(c)	40.00% - 153.00%
				Utilization	90.00% - 100.00%
				Equity / interest-rate correlation	20.00% - 40.00%

Index Annuities		2,382	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 4.00%

Indexed Life		448	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%


		Fair Value at
		December 31,	Valuation		Range
(in millions)		2018	Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,473	Discounted cash flow	Yield	3.91% - 5.00% (4.46%)

Corporate debt		445	Discounted cash flow	Yield	4.35% - 5.99% (5.17%)

RMBS^(a)		13,608	Discounted cash flow	Constant prepayment rate	4.58% - 14.00% (9.29%)
				Loss severity	39.66% - 74.40% (57.03%)
				Constant default rate	2.46% - 7.39% (4.92%)
				Yield	3.31% - 5.50% (4.40%)

CDO/ABS^(a)		5,461	Discounted cash flow	Yield	3.65% - 5.10% (4.37%)

CMBS		447	Discounted cash flow	Yield	3.29% - 6.07% (4.68%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

GMWB		1,943	Discounted cash flow	Equity volatility	6.05% - 47.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 180.00%
				Mortality multiplier^(c)	40.00% - 153.00%
				Utilization	90.00% - 100.00%
				Equity / interest-rate correlation	20.00% - 40.00%

Index Annuities		1,778	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 3.00%

Indexed Life		374	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%

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

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

		March 31, 2019				December 31, 2018
			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	$	970	$	1,378	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		232		179		190		83

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		130		116		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		371		29		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		218		97		211		75

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		623		285		514		307
Total private equity funds			2,544		2,084		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		815		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		725		-		863		-

Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		820		-		887		-

Distressed	Securities of companies that are in default, under bankruptcy protection or troubled		18		-		21		8

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		160		1		158		1
Total hedge funds			2,538		1		2,716		9
Total		$	5,082	$	2,085	$	4,966	$	1,956

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

Three Months Ended March 31,	Gain (Loss)
(in millions)		2019		2018
Assets:
Bond and equity securities	$	355	$	23
Alternative investments^(a)		230		128
Liabilities:
Long-term debt^(b)		(60)		52
Total gain	$	525	$	203

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

(b) Includes GIAs, notes, bonds and mortgages payable.

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

	March 31, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,263	$	1,685	$	578	$	2,213	$	1,653	$	560

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

Fair value assets measured on nonrecurring basis and impairment charges

		Assets at Fair Value							Impairment Charges
		Non-Recurring Basis							Three Months Ended March 31,
(in millions)		Level 1		Level 2		Level 3		Total		2019		2018
March 31, 2019
Other investments	$	-	$	-	$	207	$	207	$	41	$	28
Other assets		-		-		1		1		8		-
Total	$	-	$	-	$	208	$	208	$	49	$	28
December 31, 2018
Other investments	$	-	$	-	$	315	$	315
Other assets		-		-		11		11
Total	$	-	$	-	$	326	$	326

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
March 31, 2019
Assets:
Mortgage and other loans receivable	$	-	$	107	$	44,870	$	44,977	$	43,834
Other invested assets		-		699		6		705		705
Short-term investments		-		7,093		-		7,093		7,093
Cash		2,565		-		-		2,565		2,565
Other assets		348		15		-		363		363
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		337		119,312		119,649		122,616
Other liabilities		-		1,606		-		1,606		1,606
Long-term debt		1,044		24,384		8,432		33,860		33,513
December 31, 2018
Assets:
Mortgage and other loans receivable	$	-	$	105	$	43,522	$	43,627	$	43,135
Other invested assets		-		731		6		737		737
Short-term investments		-		6,659		-		6,659		6,659
Cash		2,873		-		-		2,873		2,873
Other assets		308		35		-		343		343
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		339		121,035		121,374		120,602
Other liabilities		-		1,154		-		1,154		1,154
Long-term debt		-		22,822		8,775		31,597		32,327

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Investment [Line Items]

The amortized cost or cost and fair value of AIG's available for sale securities and other invested assets carried at fair value

										Other-Than-
		Amortized		Gross		Gross				Temporary
		Cost or		Unrealized		Unrealized		Fair		Impairments
(in millions)		Cost		Gains		Losses		Value		in AOCI^(a)
March 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	3,267	$	151	$	(17)	$	3,401	$	-
Obligations of states, municipalities and political subdivisions		14,952		1,013		(43)		15,922		-
Non-U.S. governments		14,799		600		(125)		15,274		-
Corporate debt		133,768		6,314		(1,409)		138,673		(24)
Mortgage-backed, asset-backed and collateralized:
RMBS		31,324		2,871		(191)		34,004		1,171
CMBS		12,895		355		(89)		13,161		31
CDO/ABS		17,603		287		(124)		17,766		17
Total mortgage-backed, asset-backed and collateralized		61,822		3,513		(404)		64,931		1,219
Total bonds available for sale^(b)	$	228,608	$	11,591	$	(1,998)	$	238,201	$	1,195
December 31, 2018
Bonds available for sale:
U.S. government and government sponsored entities	$	3,170	$	132	$	(42)	$	3,260	$	-
Obligations of states, municipalities and political subdivisions		15,421		701		(121)		16,001		4
Non-U.S. governments		14,376		451		(302)		14,525		-
Corporate debt		130,436		3,911		(3,647)		130,700		4
Mortgage-backed, asset-backed and collateralized:
RMBS		31,940		2,754		(317)		34,377		1,155
CMBS		12,673		242		(214)		12,701		31
CDO/ABS		17,764		228		(165)		17,827		17
Total mortgage-backed, asset-backed and collateralized		62,377		3,224		(696)		64,905		1,203
Total bonds available for sale^(b)	$	225,780	$	8,419	$	(4,808)	$	229,391	$	1,211

(b) At March 31, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $29.1 billion and $28.8 billion, respectively.

The fair value and gross unrealized losses on AIG's available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized 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
March 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	508	$	10	$	356	$	7	$	864	$	17
Obligations of states, municipalities and political
subdivisions		331		8		935		35		1,266		43
Non-U.S. governments		2,642		52		1,635		73		4,277		125
Corporate debt		16,010		520		21,874		889		37,884		1,409
RMBS		4,715		73		3,800		118		8,515		191
CMBS		1,524		20		2,796		69		4,320		89
CDO/ABS		7,121		99		1,554		25		8,675		124
Total bonds available for sale	$	32,851	$	782	$	32,950	$	1,216	$	65,801	$	1,998
December 31, 2018
Bonds available for sale:
U.S. government and government sponsored entities	$	574	$	13	$	873	$	29	$	1,447	$	42
Obligations of states, municipalities and political
subdivisions		1,965		51		1,530		70		3,495		121
Non-U.S. governments		3,851		149		2,422		153		6,273		302
Corporate debt		47,364		2,181		20,056		1,466		67,420		3,647
RMBS		5,231		94		5,641		223		10,872		317
CMBS		2,646		47		4,264		167		6,910		214
CDO/ABS		9,169		144		1,324		21		10,493		165
Total bonds available for sale	$	70,800	$	2,679	$	36,110	$	2,129	$	106,910	$	4,808

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

	Total Fixed Maturity Securities				Fixed Maturity Securities in a Loss
	Available for Sale				Position Available for Sale
(in millions)		Amortized Cost		Fair Value		Amortized Cost		Fair Value
March 31, 2019
Due in one year or less	$	10,113	$	10,263	$	2,009	$	1,978
Due after one year through five years		46,478		47,484		11,419		11,088
Due after five years through ten years		44,185		45,355		15,183		14,787
Due after ten years		66,010		70,168		17,274		16,438
Mortgage-backed, asset-backed and collateralized		61,822		64,931		21,914		21,510
Total	$	228,608	$	238,201	$	67,799	$	65,801
December 31, 2018
Due in one year or less	$	9,539	$	9,674	$	2,322	$	2,294
Due after one year through five years		47,400		47,905		17,382		16,844
Due after five years through ten years		42,363		42,045		27,724		26,517
Due after ten years		64,101		64,862		35,319		32,980
Mortgage-backed, asset-backed and collateralized		62,377		64,905		28,971		28,275
Total	$	225,780	$	229,391	$	111,718	$	106,910

The gross realized gains and gross realized losses from sales of AIG's available for sale securities

Three Months Ended March 31,		2019				2018
		Gross		Gross		Gross		Gross
	Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses
Fixed maturity securities	$	93	$	124	$	70	$	60
Equity securities		-		-		16		-
Total	$	93	$	124	$	86	$	60

The fair value of AIG's other securities

		March 31, 2019				December 31, 2018
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	2,780	23	%	$	2,665	21	%
Non-U.S. governments		51	-			45	-
Corporate debt		1,745	14			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		1,757	14			1,714	14
CMBS		399	3			388	3
CDO/ABS and other collateralized^*		4,779	39			4,932	39
Total mortgage-backed, asset-backed and collateralized		6,935	56			7,034	56
Total fixed maturity securities		11,511	93			11,415	90
Equity securities		841	7			1,253	10
Total	$	12,352	100	%	$	12,668	100	%

* Includes $164 million and $178 million of U.S. government agency-backed ABS at March 31, 2019 and December 31, 2018, respectively.

Components of other invested assets

		March 31,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,711	$	8,966
Investment real estate^(c)		9,204		8,935
All other investments		1,428		1,440
Total	$	19,343	$	19,341

(b) At March 31, 2019, approximately 72 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 28 percent will be available for redemption between 2020 and 2027.

(c) Net of accumulated depreciation of $633 million and $598 million at March 31, 2019 and December 31, 2018, respectively.

Components of net investment income

Three Months Ended March 31,
(in millions)		2019		2018
Available for sale fixed maturity securities, including short-term investments	$	2,653	$	2,610
Other fixed maturity securities		327		(21)
Equity securities		79		(32)
Interest on mortgage and other loans		498		450
Alternative investments^(a)		419		337
Real estate		69		31
Other investments		(52)		10
Total investment income		3,993		3,385
Investment expenses		114		124
Net investment income	$	3,879	$	3,261

Components of net realized capital gains (losses)

Three Months Ended March 31,
(in millions)		2019		2018
Sales of fixed maturity securities	$	(31)	$	10
Sales of equity securities		-		16
Other-than-temporary impairments:
Change in intent		(3)		(49)
Foreign currency declines		(6)		(6)
Issuer-specific credit events		(71)		(32)
Adverse projected cash flows		(3)		-
Provision for loan losses		(24)		(24)
Foreign exchange transactions		(37)		53
Variable annuity embedded derivatives, net of related hedges		(261)		147
All other derivatives and hedge accounting		(72)		(225)
Other		62		91
Net realized capital losses	$	(446)	$	(19)

Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other 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)		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	5,982	$	(4,969)
Other investments		(69)		(25)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	5,913	$	(4,994)

The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date:

				Other Invested
(in millions)		Equities		Assets		Total
Three Months Ended March 31, 2019
Net gains and losses recognized during the period on equity securities	$	79	$	239	$	318
Less: Net gains and losses recognized during the period on equity securities sold
during the period		19		10		29
Unrealized gains and losses recognized during the reporting period on equity
securities still held at the reporting date	$	60	$	229	$	289
Three Months Ended March 31, 2018
Net gains and losses recognized during the period on equity securities	$	(31)	$	192	$	161
Less: Net gains and losses recognized during the period on equity securities sold
during the period		(8)		(1)		(9)
Unrealized gains and losses recognized during the reporting period on equity
securities still held at the reporting date	$	(23)	$	193	$	170

Credit impairments recognized in earnings for available for sale fixed maturity securities

Three Months Ended March 31,
(in millions)		2019		2018
Balance, beginning of year	$	-	$	526
Increases due to:
Credit impairments on new securities subject to impairment losses		68		14
Additional credit impairments on previously impaired securities		6		17
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(21)		(51)
Accretion on securities previously impaired due to credit^*		(53)		(148)
Balance, end of period	$	-	$	358

Schedule of Purchased Credit Impaired (PCI) Securities, at acquisition date

(in millions)	At Date of Acquisition
Contractually required payments (principal and interest)	$	36,385
Cash flows expected to be collected^*		29,862
Recorded investment in acquired securities		20,156

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

Schedule of Purchased Credit Impaired (PCI) Securities, at reporting date

(in millions)	March 31, 2019		December 31, 2018
Outstanding principal balance	$	12,063	$	12,495
Amortized cost		8,307		8,646
Fair value		9,973		10,280

Activity for accretable yield on Purchased Credit Impaired (PCI) Securities

The following table presents activity for the accretable yield on PCI securities:

Three Months Ended March 31,
(in millions)		2019		2018
Balance, beginning of year	$	7,210	$	7,501
Newly purchased PCI securities		12		23
Accretion		(172)		(187)
Effect of changes in interest rate indices		(134)		206
Net reclassification from (to) non-accretable difference, including effects of prepayments		(115)		58
Balance, end of period	$	6,801	$	7,601

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

(in millions)		March 31, 2019		December 31, 2018
Fixed maturity securities available for sale	$	1,503	$	1,050
Other bond securities, at fair value	$	184	$	122

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
(in millions)	Overnight and Continuous			up to30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
March 31, 2019
Bonds available for sale:
Non-U.S. governments	$	41	$	-	$	-	$	-	$	-	$	41
Corporate debt		46		7		-		-		-		53
Other bond securities:
U.S. government and government sponsored entities		86		-		-		-		-		86
Non-U.S. governments		-		3		-		-		-		3
Corporate debt		-		63		32		-		-		95
Total	$	173	$	73	$	32	$	-	$	-	$	278

December 31, 2018
Bonds available for sale:
Non-U.S. governments	$	25	$	35	$	-	$	-	$	-	$	60
Corporate debt		51		55		-		-		-		106
Other bond securities:
U.S. government and government sponsored entities		11		-		-		-		-		11
Non-U.S. governments		-		3		-		-		-		3
Corporate debt		17		38		53		-		-		108
Total	$	104	$	131	$	53	$	-	$	-	$	288

	Remaining Contractual Maturity of the Agreements
(in millions)		Overnight and Continuous		up to30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
March 31, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	77	$	55	$	-	$	-	$	132
Non-U.S. governments		-		19		23		-		-		42
Corporate debt		-		276		528		431		-		1,235
Total	$	-	$	372	$	606	$	431	$	-	$	1,409

December 31, 2018
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	50	$	130	$	-	$	-	$	180
Non-U.S. governments		-		21		8		-		-		29
Corporate debt		-		330		345		-		-		675
Total	$	-	$	401	$	483	$	-	$	-	$	884

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

(in millions)		March 31, 2019		December 31, 2018
Securities collateral pledged to us	$	1,374	$	426
Amount sold or repledged by us		121		106

LENDING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2019

LENDING ACTIVITIES

Composition of Mortgages and other loans receivable

	March 31,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	33,665	$	32,882
Residential mortgages		6,500		6,532
Life insurance policy loans		2,124		2,147
Commercial loans, other loans and notes receivable		1,967		1,971
Total mortgage and other loans receivable		44,256		43,532
Allowance for credit losses		(422)		(397)
Mortgage and other loans receivable, net	$	43,834	$	43,135

Schedule of debt service coverage ratio and loan-to-value ratio for the commercial mortgage loans

	Debt Service Coverage Ratios^(a)
(in millions)		>1.20X		1.00X - 1.20X		<1.00X		Total
March 31, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	20,054	$	2,274	$	247	$	22,575
65% to 75%		9,266		297		203		9,766
76% to 80%		838		20		20		878
Greater than 80%		244		96		106		446
Total commercial mortgages	$	30,402	$	2,687	$	576	$	33,665

December 31, 2018
Loan-to-Value Ratios^(b)
Less than 65%	$	19,204	$	2,543	$	250	$	21,997
65% to 75%		9,060		300		203		9,563
76% to 80%		476		20		15		511
Greater than 80%		596		103		112		811
Total commercial mortgages	$	29,336	$	2,966	$	580	$	32,882

Schedule of credit quality indicators for the commercial mortgage loans

	Number															Percent
	of	Class														of
(dollars in millions)	Loans	Apartments			Offices		Retail	Industrial			Hotel		Others		Total^(c)	Total $
March 31, 2019
Credit Quality Performance
Indicator:
In good standing	762	$	12,061	$	9,797	$	5,613	$	2,989	$	2,511	$	584	$	33,555	100	%
Restructured^(a)	2		-		94		-		-		16		-		110	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	764	$	12,061	$	9,891	$	5,613	$	2,989	$	2,527	$	584	$	33,665	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	-	$	-	$	1	$	-	$	3	-	%
General			126		104		51		12		20		7		320	1
Total allowance for credit losses		$	126	$	106	$	51	$	12	$	21	$	7	$	323	1	%

December 31, 2018
Credit Quality Performance
Indicator:
In good standing	762	$	11,190	$	9,774	$	5,645	$	3,074	$	2,507	$	580	$	32,770	100	%
Restructured^(a)	2		-		96		-		-		16		-		112	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	764	$	11,190	$	9,870	$	5,645	$	3,074	$	2,523	$	580	$	32,882	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	-	$	-	$	1	$	-	$	3	-	%
General			122		104		51		13		19		6		315	1
Total allowance for credit losses		$	122	$	106	$	51	$	13	$	20	$	6	$	318	1	%

(b) Does not reflect allowance for credit losses.

Schedule of changes in the allowance for losses on Mortgage and other loans receivable

Three Months Ended March 31,	2019						2018
		Commercial		Other				Commercial		Other
(in millions)		Mortgages		Loans		Total		Mortgages		Loans		Total
Allowance, beginning of year	$	318	$	79	$	397	$	247	$	75	$	322
Loans charged off		-		-		-		-		-		-
Recoveries of loans previously charged off		-		-		-		-		-		-
Net charge-offs		-		-		-		-		-		-
Provision for loan losses		5		20		25		27		(2)		25
Other		-		-		-		-		-		-
Allowance, end of period	$	323 ^*	$	99	$	422	$	274 ^*	$	73	$	347

* Of the total allowance, $3 million and $23 million relate to individually assessed credit losses on $148 million and $82 million of commercial mortgages at March 31, 2019 and 2018, respectively.

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2019

Variable Interest Entity Primary Beneficiary

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

(in millions)		Real Estate andInvestmentEntities^(d)		Securitization Vehicles^(e)		Affordable Housing Partnerships		Other		Total
March 31, 2019
Assets:
Bonds available for sale	$	-	$	8,285	$	-	$	-	$	8,285
Other bond securities		-		3,802		-		2		3,804
Mortgage and other loans receivable		-		3,593		-		-		3,593
Other invested assets		5,438		-		3,650		25		9,113
Other^(a)		603		2,064		459		72		3,198
Total assets^(b)	$	6,041	$	17,744	$	4,109	$	99	$	27,993
Liabilities:
Long-term debt	$	2,593	$	3,764	$	2,152	$	5	$	8,514
Other^(c)		227		546		207		23		1,003
Total liabilities	$	2,820	$	4,310	$	2,359	$	28	$	9,517
December 31, 2018
Assets:
Bonds available for sale	$	-	$	7,662	$	-	$	-	$	7,662
Other bond securities		-		3,923		-		2		3,925
Mortgage and other loans receivable		-		3,693		-		-		3,693
Other invested assets		5,212		-		3,142		24		8,378
Other^(a)		580		1,581		394		70		2,625
Total assets^(b)	$	5,792	$	16,859	$	3,536	$	96	$	26,283
Liabilities:
Long-term debt	$	2,577	$	3,154	$	1,834	$	4	$	7,569
Other^(c)		227		165		159		24		575
Total liabilities	$	2,804	$	3,319	$	1,993	$	28	$	8,144

(a) Comprised primarily of Short-term investments and Other assets at March 31, 2019 and December 31, 2018.

(b) The assets of each VIE can be used only to settle specific obligations of that VIE.

(d) At March 31, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.9 billion and $1.4 billion, respectively.

(e) At March 31, 2019 and December 31, 2018, $16.9 billion and $16.0 billion, respectively, of the total assets of consolidated securitization vehicles were owed to AIG Parent or its subsidiaries.

Variable Interest Entity Not Primary Beneficiary

Variable Interest Entity [Line Items]

Schedule of Assets And Liabilities of Variable Interest Entities by Balance Sheets Location

			Maximum Exposure to Loss
		Total VIE		On-Balance		Off-Balance
(in millions)		Assets		Sheet^(b)		Sheet			Total
March 31, 2019
Real estate and investment entities^(a)	$	264,238	$	6,492	$	3,190		$	9,682
Affordable housing partnerships		3,650		544		-			544
Other		5,365		327		-	^(c)		327
Total	$	273,253	$	7,363	$	3,190		$	10,553
December 31, 2018
Real estate and investment entities^(a)	$	309,598	$	6,820	$	2,501		$	9,321
Affordable housing partnerships		4,116		607		-			607
Other		2,813		284		1,222	^(c)		1,506
Total	$	316,527	$	7,711	$	3,723		$	11,434

(a) Comprised primarily of hedge funds and private equity funds.

(b) At March 31, 2019 and December 31, 2018, $7.0 billion and $7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

Notional amounts and fair values of derivative instruments

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

DERIVATIVES AND HEDGE ACCOUNTING (Tables)

3 Months Ended

Mar. 31, 2019

DERIVATIVES AND HEDGE ACCOUNTING

	March 31, 2019								December 31, 2018
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
		Notional		Fair		Notional		Fair		Notional		Fair		Notional		Fair
(in millions)		Amount		Value		Amount		Value		Amount		Value		Amount		Value
Derivatives designated as
hedging instruments:^(a)
Interest rate contracts	$	-	$	-	$	830	$	14	$	10	$	-	$	866	$	19
Foreign exchange contracts		5,749		371		2,954		150		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		50,037		2,664		28,818		1,906		42,821		2,890		27,329		2,004
Foreign exchange contracts		13,113		736		4,108		700		11,134		801		5,434		711
Equity contracts		14,356		488		3,938		51		17,807		398		2,399		15
Credit contracts^(b)		3		1		1,441		240		8		1		1,406		236
Other contracts^(c)		39,096		13		57		5		39,070		15		58		6
Total derivatives, gross	$	122,354	$	4,273	$	42,146	$	3,066	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(1,647)				(1,647)				(1,713)				(1,713)
Cash collateral^(e)				(1,734)				(188)				(1,840)				(187)
Total derivatives on condensed
consolidated balance sheets^(f)			$	892			$	1,231			$	915			$	1,238

(a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

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

(e) Represents cash collateral posted and received that is eligible for netting.

Gain (loss) recognized in earnings on AIG's derivative instruments in fair value hedging relationships in the Consolidated Statements of Income

	Gains/(Losses) Recognized in Earnings for:
	Hedging		Excluded		Hedged
(in millions)	Derivatives^(a)		Components^(b)		Items		Net Impact
Three Months Ended March 31, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		5		-		(5)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		(8)		(14)		8		(14)
Three Months Ended March 31, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	(8)	$	-	$	9	$	1
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		(8)		(33)		8		(33)

(a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

Effect of AIG's derivative instruments not designated as hedging instruments in the Consolidated Statements of Income

	Gains (Losses)
Three Months Ended March 31,	Recognized in Earnings
(in millions)		2019		2018
By Derivative Type:
Interest rate contracts	$	359	$	(398)
Foreign exchange contracts		(28)		(139)
Equity contracts		(208)		(73)
Credit contracts		(8)		11
Other contracts		16		17
Embedded derivatives		(449)		591
Total	$	(318)	$	9
By Classification:
Policy fees	$	17	$	17
Net investment income		(5)		(4)
Net realized capital losses		(334)		(13)
Other income		-		12
Policyholder benefits and claims incurred		4		(3)
Total	$	(318)	$	9

Schedule of reconciliation of activity in the liability for unpaid claims and claims adjustment expense

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

INSURANCE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2019

Claims Development [Line Items]

The following table presents the roll-forward of activity in Loss Reserves:

	Three Months Ended
	March 31,
(in millions)		2019		2018
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	83,639	$	78,393
Reinsurance recoverable		(31,690)		(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		51,949		51,685
Losses and loss adjustment expenses incurred:
Current year		4,805		4,698
Prior years, excluding discount and amortization of deferred gain		(15)		(40)
Prior years, discount charge (benefit)		497		(205)
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(86)		(39)
Total losses and loss adjustment expenses incurred		5,201		4,414
Losses and loss adjustment expenses paid:
Current year		(344)		(610)
Prior years		(6,120)		(4,779)
Total losses and loss adjustment expenses paid		(6,464)		(5,389)
Other changes:
Foreign exchange effect		216		274
Retroactive reinsurance adjustment (net of discount)^(b)		(190)		(97)
Total other changes		26		177
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		50,712		50,887
Reinsurance recoverable		31,784		27,211
Total	$	82,496	$	78,098

(a) Includes $9 million and $5 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the three-month periods ended March 31, 2019 and 2018, respectively.

(b) Includes change in discount on retroactive reinsurance of $(307) million and $128 million for the three-month periods ended March 31, 2019 and 2018, respectively.

Schedule of loss reserve discount and loss reserve discount benefit (charge)

The following table presents the components of the loss reserve discount discussed above:

	March 31, 2019						December 31, 2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,387	$	894	$	3,281	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,412)		-		(1,412)		(1,720)		-		(1,720)
Total reserve discount^*	$	975	$	894	$	1,869	$	1,062	$	973	$	2,035

* Excludes $198 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at March 31, 2019 and December 31, 2018, respectively.

The following tables present the net loss reserve discount benefit (charge):

Three Months Ended March 31,	2019						2018
	North						North
	America						America
	Commercial		Legacy				Commercial		Legacy
(in millions)	Insurance		Portfolio			Total	Insurance		Portfolio			Total
Current accident year	$	24	$	-	$	24	$	19	$	-	$	19
Accretion and other adjustments to prior year discount		(251)		(13)		(264)		45		(18)		27
Effect of interest rate changes		(167)		(66)		(233)		123		36		159
Net reserve discount benefit (charge)		(394)		(79)		(473)		187		18		205
Change in discount on loss reserves ceded under
retroactive reinsurance		307		-		307		(128)		-		(128)
Net change in total reserve discount^(a)	$	(87)	$	(79)	$	(166)	$	59	$	18	$	77

(a) Excludes $35 million and $(5) million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended March 31, 2019 and 2018, respectively.

EQUITY (Tables)

3 Months Ended

Mar. 31, 2019

EQUITY

Rollforward of common stock outstanding

Three Months Ended March 31, 2019	Common	Treasury	Common Stock
	Stock Issued	Stock	Outstanding
Shares, beginning of year	1,906,671,492	(1,040,062,063)	866,609,429
Shares issued	-	3,127,472	3,127,472
Shares repurchased	-	-	-
Shares, end of period	1,906,671,492	(1,036,934,591)	869,736,901

Dividends Paid

The following table presents declaration date, record date, payment date and dividends paid per share on AIG Common Stock:

			Dividends Paid
Declaration Date	Record Date	Payment Date	Per Share
February 13, 2019	March 15, 2019	March 29, 2019	0.32
February 8, 2018	March 15, 2018	March 29, 2018	0.32

Repurchases Of Common Stock and Warrant

The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock:

Three Months Ended March 31,
(in millions)		2019		2018
Aggregate repurchases of common stock	$	-	$	298
Total number of common shares repurchased		-		5
Aggregate repurchases of warrants	$	-	$	2
Total number of warrants repurchased^*		-		-

Accumulated Other Comprehensive Income (Loss)

		Unrealized Appreciation								Fair Value of
		(Depreciation) of Fixed		Unrealized						Liabilities Under
		Maturity Securities on		Appreciation		Foreign		Retirement		Fair Value Option
		Which Other-Than-		(Depreciation)		Currency		Plan		Attributable to
		Temporary Credit		of All Other		Translation		Liabilities		Changes in
(in millions)		Impairments Were Taken		Investments		Adjustments		Adjustment		Own Credit Risk		Total
Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation of investments		849		5,064		-		-		-		5,913
Change in deferred policy acquisition costs
adjustment and other		(8)		(856)		-		-		-		(864)
Change in future policy benefits		-		(1,068)		-		-		-		(1,068)
Change in foreign currency translation adjustments		-		-		188		-		-		188
Change in net actuarial loss		-		-		-		1		-		1
Change in prior service credit		-		-		-		(1)		-		(1)
Change in deferred tax liability		(165)		(432)		(24)		(1)		-		(622)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		-		-
Total other comprehensive income (loss)		676		2,708		164		(1)		-		3,547
Noncontrolling interests		-		5		1		-		-		6
Balance, March 31, 2019, net of tax	$	638	$	5,129	$	(2,562)	$	(1,087)	$	10	$	2,128


Balance, December 31, 2017, net of tax	$	793	$	7,693	$	(2,090)	$	(931)	$	-	$	5,465
Cumulative effect of change in accounting
principles		169		(285)		(284)		(183)		7		(576)
Change in unrealized depreciation of investments		(240)		(4,754)		-		-		-		(4,994)
Change in deferred policy acquisition costs
adjustment and other		30		634		-		-		-		664
Change in future policy benefits		-		741		-		-		-		741
Change in foreign currency translation adjustments		-		-		172		-		-		172
Change in net actuarial loss		-		-		-		16		-		16
Change in prior service credit		-		-		-		(4)		-		(4)
Change in deferred tax asset (liability)		60		671		(14)		17		-		734
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		2		2
Total other comprehensive income (loss)		(150)		(2,708)		158		29		2		(2,669)
Noncontrolling interests		-		-		-		-		-		-
Balance, March 31, 2018, net of tax	$	812	$	4,700	$	(2,216)	$	(1,085)	$	9	$	2,220

Other comprehensive income (loss) reclassification adjustments

		Unrealized Appreciation								Fair Value of
		(Depreciation) of Fixed		Unrealized						Liabilities Under
		Maturity Securities on		Appreciation		Foreign		Retirement		Fair Value Option
		Which Other-Than-		(Depreciation)		Currency		Plan		Attributable to
		Temporary Credit		of All Other		Translation		Liabilities		Changes in
(in millions)		Impairments Were Taken		Investments		Adjustments		Adjustment		Own Credit Risk		Total
March 31, 2019
Unrealized change arising during period	$	841	$	3,109	$	188	$	(5)	$	-	$	4,133
Less: Reclassification adjustments
included in net income		-		(31)		-		(5)		-		(36)
Total other comprehensive income (loss),
before income tax expense		841		3,140		188		-		-		4,169
Less: Income tax expense		165		432		24		1		-		622
Total other comprehensive income (loss),
net of income tax expense	$	676	$	2,708	$	164	$	(1)	$	-	$	3,547

March 31, 2018
Unrealized change arising during period	$	(208)	$	(3,386)	$	172	$	3	$	2	$	(3,417)
Less: Reclassification adjustments
included in net income		2		(7)		-		(9)		-		(14)
Total other comprehensive income (loss),
before income tax expense (benefit)		(210)		(3,379)		172		12		2		(3,403)
Less: Income tax expense (benefit)		(60)		(671)		14		(17)		-		(734)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(150)	$	(2,708)	$	158	$	29	$	2	$	(2,669)

Schedule of effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income

	Amount Reclassified
	from Accumulated Other
	Comprehensive Income
	Three Months Ended March 31,					Affected Line Item in the
(in millions)			2019		2018	Condensed Consolidated Statements of Income
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	-	$	2	Other realized capital gains
Total			-		2
Unrealized appreciation (depreciation) of
all other investments
Investments			(31)		24	Other realized capital gains
Deferred acquisition costs adjustment			-		(31)	Amortization of deferred policy acquisition costs
Future policy benefits			-		-	Policyholder benefits and losses incurred
Total			(31)		(7)
Change in retirement plan liabilities adjustment
Prior-service credit			-		-	*
Actuarial losses			(5)		(9)	*
Total			(5)		(9)
Total reclassifications for the period		$	(36)	$	(14)

* These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14.

Computation of basic and diluted EPS

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

EARNINGS PER SHARE (EPS) (Tables)

3 Months Ended

Mar. 31, 2019

EARNINGS PER SHARE (EPS)

Three Months Ended March 31,
(dollars in millions, except per share data)		2019		2018
Numerator for EPS:
Income from continuing operations	$	937	$	950
Less: Net income from continuing operations attributable to noncontrolling interests		283		11
Income attributable to AIG common shareholders from continuing operations		654		939
Loss from discontinued operations, net of income tax expense		-		(1)
Net income attributable to AIG common shareholders	$	654	$	938
Denominator for EPS:
Weighted average shares outstanding — basic		875,383,084		907,951,597
Dilutive shares		2,129,160		17,314,980
Weighted average shares outstanding — diluted^(a)		877,512,244		925,266,577
Income per common share attributable to AIG:
Basic:
Income from continuing operations	$	0.75	$	1.03
Income from discontinued operations	$	-	$	-
Net income attributable to AIG	$	0.75	$	1.03
Diluted:
Income from continuing operations	$	0.75	$	1.01
Income from discontinued operations	$	-	$	-
Net income attributable to AIG	$	0.75	$	1.01

EMPLOYEE BENEFITS (Tables)

3 Months Ended

Mar. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Components of net periodic benefit cost

	Pension						Postretirement
		U.S.		Non-U.S.				U.S.		Non-U.S.
(in millions)		Plans		Plans		Total		Plans		Plans		Total
Three Months Ended March 31, 2019
Components of net periodic benefit cost:
Service cost	$	2	$	6	$	8	$	-	$	-	$	-
Interest cost		44		4		48		2		-		2
Expected return on assets		(57)		(5)		(62)		-		-		-
Amortization of prior service cost		-		-		-		-		-		-
Amortization of net loss		8		1		9		-		-		-
Net periodic benefit cost (credit)		(3)		6		3		2		-		2
Settlement gain		-		(4)		(4)		-		-		-
Net benefit cost (credit)	$	(3)	$	2	$	(1)	$	2	$	-	$	2
Three Months Ended March 31, 2018
Components of net periodic benefit cost:
Service cost	$	2	$	6	$	8	$	-	$	-	$	-
Interest cost		41		4		45		2		-		2
Expected return on assets		(71)		(7)		(78)		-		-		-
Amortization of prior service cost		-		1		1		-		-		-
Amortization of net loss		7		2		9		-		-		-
Net periodic benefit cost (credit)		(21)		6		(15)		2		-		2
Settlement gain		-		-		-		-		-		-
Net benefit cost (credit)	$	(21)	$	6	$	(15)	$	2	$	-	$	2

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Information Provided in Connection with Outstanding Debt

Condensed Consolidating Balance Sheets

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and	Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
March 31, 2019
Assets:
Short-term investments^(a)	$	2,051	$	2	$	-	$	11,306	$	(2,226)	$	11,133
Other investments^(b)		3,750		-		-		309,980		-		313,730
Total investments		5,801		2		-		321,286		(2,226)		324,863
Cash		2		1		3		2,559		-		2,565
Loans to subsidiaries^(c)		35,221		-		-		608		(35,829)		-
Investment in consolidated subsidiaries^(c)		36,737		4,282		29,312		-		(70,331)		-
Other assets, including deferred income taxes^(d)		15,707		1,796		126		170,000		(2,135)		185,494
Total assets	$	93,468	$	6,081	$	29,441	$	494,453	$	(110,521)	$	512,922
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	298,689	$	-	$	298,689
Long-term debt		22,993		357		643		11,783		-		35,776
Other liabilities, including intercompany balances^(b)		9,080		221		133		111,293		(4,363)		116,364
Loans from subsidiaries^(c)		608		-		-		35,222		(35,830)		-
Total liabilities		32,681		578		776		456,987		(40,193)		450,829
Total AIG shareholders’ equity		60,787		5,503		28,665		36,160		(70,328)		60,787
Non-redeemable noncontrolling interests		-		-		-		1,306		-		1,306
Total equity		60,787		5,503		28,665		37,466		(70,328)		62,093
Total liabilities and equity	$	93,468	$	6,081	$	29,441	$	494,453	$	(110,521)	$	512,922

December 31, 2018
Assets:
Short-term investments^(a)	$	1,141	$	2	$	-	$	10,329	$	(1,798)	$	9,674
Other investments^(b)		3,377		-		-		301,158		-		304,535
Total investments		4,518		2		-		311,487		(1,798)		314,209
Cash		2		9		9		2,853		-		2,873
Loans to subsidiaries^(c)		34,963		-		-		615		(35,578)		-
Investment in consolidated subsidiaries^(c)		33,300		4,029		26,321		-		(63,650)		-
Other assets, including deferred income taxes^(d)		15,389		1,798		124		159,430		(1,839)		174,902
Total assets	$	88,172	$	5,838	$	26,454	$	474,385	$	(102,865)	$	491,984
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	293,652	$	-	$	293,652
Long-term debt		22,422		359		643		11,116		-		34,540
Other liabilities, including intercompany balances^(b)		8,774		228		144		100,974		(3,637)		106,483
Loans from subsidiaries^(c)		615		-		-		34,963		(35,578)		-
Total liabilities		31,811		587		787		440,705		(39,215)		434,675
Total AIG shareholders’ equity		56,361		5,251		25,667		32,732		(63,650)		56,361
Non-redeemable noncontrolling interests		-		-		-		948		-		948
Total equity		56,361		5,251		25,667		33,680		(63,650)		57,309
Total liabilities and equity	$	88,172	$	5,838	$	26,454	$	474,385	$	(102,865)	$	491,984

(b) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment.

Condensed Consolidating Statements of Income (Loss)

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	708	$	207	$	700	$	-	$	(1,615)	$	-
Other income		287		1		-		12,208		(40)		12,456
Total revenues		995		208		700		12,208		(1,655)		12,456
Expenses:
Interest expense		246		-		13		94		(4)		349
Loss on extinguishment of debt		-		4		-		(6)		-		(2)
Other expenses		188		1		-		10,804		(38)		10,955
Total expenses		434		5		13		10,892		(42)		11,302
Income (loss) from continuing operations before income tax
expense (benefit)		561		203		687		1,316		(1,613)		1,154
Income tax expense (benefit)		(94)		-		(1)		312		-		217
Income (loss) from continuing operations		655		203		688		1,004		(1,613)		937
Income (loss) from discontinued operations, net of income taxes		(1)		-		-		1		-		-
Net income (loss)		654		203		688		1,005		(1,613)		937
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests		-		-		-		283		-		283
Net income (loss) attributable to AIG	$	654	$	203	$	688	$	722	$	(1,613)	$	654

Three Months Ended March 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,033	$	-	$	722	$	-	$	(1,755)	$	-
Other income		258		-		-		11,512		(58)		11,712
Total revenues		1,291		-		722		11,512		(1,813)		11,712
Expenses:
Interest expense		220		-		12		48		(3)		277
Loss on extinguishment of debt		-		-		-		4		-		4
Other expenses		152		-		1		10,106		(55)		10,204
Total expenses		372		-		13		10,158		(58)		10,485
Income (loss) from continuing operations before income tax
expense (benefit)		919		-		709		1,354		(1,755)		1,227
Income tax expense (benefit)		(19)		-		3		293		-		277
Income (loss) from continuing operations		938		-		706		1,061		(1,755)		950
Loss from discontinued operations, net of income taxes		-		-		-		(1)		-		(1)
Net income (loss)		938		-		706		1,060		(1,755)		949
Less:
Net income (loss) from continuing operations attributable to
noncontrolling interests		-		-		-		11		-		11
Net income (loss) attributable to AIG	$	938	$	-	$	706	$	1,049	$	(1,755)	$	938

* Eliminated in consolidation.

Condensed Consolidating Statements of Comprehensive Income (Loss)

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Net income (loss)	$	654	$	203	$	688	$	1,005	$	(1,613)	$	937
Other comprehensive income (loss)		3,541		1		5,308		9,175		(14,478)		3,547
Comprehensive income (loss)		4,195		204		5,996		10,180		(16,091)		4,484
Total comprehensive income attributable to noncontrolling interests		-		-		-		289		-		289
Comprehensive income (loss) attributable to AIG	$	4,195	$	204	$	5,996	$	9,891	$	(16,091)	$	4,195

Three Months Ended March 31, 2018
Net income (loss)	$	938	$	-	$	706	$	1,060	$	(1,755)	$	949
Other comprehensive income (loss)		(2,669)		-		4,950		14,655		(19,605)		(2,669)
Comprehensive income (loss)		(1,731)		-		5,656		15,715		(21,360)		(1,720)
Total comprehensive income attributable to noncontrolling interests		-		-		-		11		-		11
Comprehensive income (loss) attributable to AIG	$	(1,731)	$	-	$	5,656	$	15,704	$	(21,360)	$	(1,731)

Condensed Consolidating Statements of Cash Flows

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Three Months Ended March 31, 2019
Net cash (used in) provided by operating activities	$	318	$	(8)	$	480	$	(665)	$	(1,101)	$	(976)
Cash flows from investing activities:
Sales of investments		864		-		-		13,840		(364)		14,340
Sales of divested businesses, net		-		-		-		-		-		-
Purchase of investments		(675)		-		-		(14,804)		364		(15,115)
Loans to subsidiaries - net		(10)		-		-		10		-		-
Contributions from (to) subsidiaries - net		(319)		-		-		-		319		-
Acquisition of businesses, net of cash and
restricted cash acquired		-		-		-		-		-		-
Net change in short-term investments		(1,020)		-		-		(201)		-		(1,221)
Other, net		(20)		-		-		37		-		17
Net cash (used in) provided by investing activities		(1,180)		-		-		(1,118)		319		(1,979)
Cash flows from financing activities:
Issuance of long-term debt		596		-		-		853		-		1,449
Repayments of long-term debt		-		-		-		(589)		-		(589)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		(10)		-		-		10		-		-
Cash dividends paid		(278)		-		(486)		(615)		1,101		(278)
Other, net		(47)		-		-		2,063		(319)		1,697
Net cash (used in) provided by financing activities		746		-		(486)		1,722		782		2,764
Effect of exchange rate changes on cash and
restricted cash		-		-		-		12		-		12
Change in cash and restricted cash		(116)		(8)		(6)		(49)		-		(179)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Cash and restricted cash at end of period	$	11	$	1	$	3	$	3,164	$	-	$	3,179

Three Months Ended March 31, 2018
Net cash (used in) provided by operating activities	$	9	$	-	$	362	$	(501)	$	(808)	$	(938)
Cash flows from investing activities:
Sales of investments		1,322		-		-		15,830		(2,681)		14,471
Sales of divested businesses, net		-		-		-		6		-		6
Purchase of investments		(39)		-		-		(15,405)		2,681		(12,763)
Loans to subsidiaries - net		422		-		-		(60)		(362)		-
Contributions from (to) subsidiaries - net		153		-		-		-		(153)		-
Net change in short-term investments		(2,460)		-		-		(580)		-		(3,040)
Other, net		(79)		-		-		(567)		-		(646)
Net cash (used in) investing activities		(681)		-		-		(776)		(515)		(1,972)
Cash flows from financing activities:
Issuance of long-term debt		2,472		-		-		567		-		3,039
Repayments of long-term debt		(1,107)		-		-		(220)		-		(1,327)
Purchase of common stock		(298)		-		-		-		-		(298)
Intercompany loans - net		60		-		-		(422)		362		-
Cash dividends paid		(289)		-		(377)		(431)		808		(289)
Other, net		(154)		-		-		1,362		153		1,361
Net cash (used in) provided by financing activities		684		-		(377)		856		1,323		2,486
Effect of exchange rate changes on cash and
restricted cash		-		-		-		58		-		58
Change in cash and restricted cash		12		-		(15)		(363)		-		(366)
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of period	$	20	$	-	$	5	$	2,346	$	-	$	2,371

Supplementary Disclosure of Condensed Consolidating Cash Flow Information

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
March 31, 2019
Cash	$	2	$	1	$	3	$	2,559	$	-	$	2,565
Restricted cash included in Short-term investments		8		-		-		243		-		251
Restricted cash included in Other assets		1		-		-		362		-		363
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	11	$	1	$	3	$	3,164	$	-	$	3,179

Cash (paid) received during the 2019 period for:
Interest:
Third party	$	(225)	$	(11)	$	(23)	$	(56)	$	-	$	(315)
Intercompany		(1)		-		-		1		-		-
Taxes:
Income tax authorities	$	(4)	$	-	$	-	$	(46)	$	-	$	(50)
Intercompany		194		-		-		(194)		-		-

March 31, 2018
Cash	$	4	$	-	$	5	$	2,094	$	-	$	2,103
Restricted cash included in Short-term investments		15		-		-		32		-		47
Restricted cash included in Other assets		1		-		-		220		-		221
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	20	$	-	$	5	$	2,346	$	-	$	2,371

Cash (paid) received during the 2018 period for:
Interest:
Third party	$	(260)	$	-	$	-	$	(97)	$	-	$	(357)
Intercompany		-		-		-		-		-		-
Taxes:
Income tax authorities	$	(9)	$	-	$	-	$	(19)	$	-	$	(28)
Intercompany		403		-		-		(403)		-		-

Supplementary disclosure of non-cash activities

Three Months Ended March 31,
(in millions)		2019		2018
Intercompany non-cash financing and investing activities:
Capital contributions	$	-	$	2,339
Dividends received in the form of securities		486		60
Return of capital		-		2,706

BASIS OF PRESENTATION (Details)	Mar. 31, 2019 item $ / shares	Dec. 31, 2018 $ / shares
Basis of Presentation [Line Items]
Common Stock, Par or Stated Value Per Share \| $ / shares	$ 2.5	$ 2.5
Minimum
Basis of Presentation [Line Items]
Number of Countries in which Entity Operates \| item	80

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Jan. 01, 2019 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease liability	$ 823
Right of use asset	$ 724

SEGMENT INFORMATION (Details - Continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total Revenues	$ 12,456	$ 11,712
Adjusted pre-tax income (loss)	1,154	1,227
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Total Revenues	(161)	(62)
Adjusted pre-tax income (loss)	(70)	11
Total AIG Consolidated adjusted revenues and adjusted pre-tax income (loss)
Segment Reporting Information [Line Items]
Total Revenues	12,754	11,828
Adjusted pre-tax income (loss)	1,847	1,216
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	7,802	7,444
Adjusted pre-tax income (loss)	1,268	510
General Insurance \| Reportable Segments \| North America
Segment Reporting Information [Line Items]
Total Revenues	4,098	3,340
Adjusted pre-tax income (loss)	934	320
General Insurance \| Reportable Segments \| International
Segment Reporting Information [Line Items]
Total Revenues	3,704	4,104
Adjusted pre-tax income (loss)	334	190
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	4,204	3,460
Adjusted pre-tax income (loss)	924	892
Life and Retirement \| Reportable Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,351	1,361
Adjusted pre-tax income (loss)	508	499
Life and Retirement \| Reportable Segments \| Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	709	761
Adjusted pre-tax income (loss)	232	282
Life and Retirement \| Reportable Segments \| Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,073	1,061
Adjusted pre-tax income (loss)	116	52
Life and Retirement \| Reportable Segments \| Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	1,071	277
Adjusted pre-tax income (loss)	68	59
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	203	150
Adjusted pre-tax income (loss)	(387)	(342)
Legacy Portfolio
Segment Reporting Information [Line Items]
Total Revenues	706	836
Adjusted pre-tax income (loss)	$ 112	$ 145

SEGMENT INFORMATION (Details - Continuing operations by operating segment - Pretax operating income to pre-tax income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reconciling items from adjusted pre-tax income to pre-tax income):
Gain (Loss) on extinguishment of debt	$ 2	$ (4)
Income (loss) from divested businesses	6	8
Net reserve discount benefit (charge)	(473)	205
Revenues	12,456	11,712
Adjusted pre-tax income (loss)	1,154	1,227
Reconciling items from adjusted pre-tax income to pre-tax income \| Total Revenues
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair values of securities used to hedge guaranteed living benefits	105	(77)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains	0	0
Changes in the fair value of equity securities	79	0
Other income (expense) - net	7	(11)
Gain (Loss) on extinguishment of debt	0	0
Net realized capital gains (losses)	(489)	(29)
Income (loss) from divested businesses	0	0
Non-operating litigation reserves and settlements	0	1
Prior Year Development And Change In Amortization Of Deferred Gain On Retroactive Reinsurance	0	0
Net reserve discount benefit (charge)	0	0
Integration and transaction costs associated with acquired business	0	0
Restructuring and other costs	0	0
Reconciling items from adjusted pre-tax income to pre-tax income \| Adjusted Pre-Tax Income (loss)
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair values of securities used to hedge guaranteed living benefits	96	(77)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains	99	(31)
Changes in the fair value of equity securities	79	0
Other income (expense) - net	0	0
Gain (Loss) on extinguishment of debt	2	(4)
Net realized capital gains (losses)	(474)	(19)
Income (loss) from divested businesses	6	8
Non-operating litigation reserves and settlements	(1)	(13)
Prior Year Development And Change In Amortization Of Deferred Gain On Retroactive Reinsurance	27	(34)
Net reserve discount benefit (charge)	(473)	205
Integration and transaction costs associated with acquired business	(7)	0
Restructuring and other costs	$ (47)	$ (24)

SEGMENT INFORMATION (Details - Narrative)	3 Months Ended
SEGMENT INFORMATION (Details - Narrative)	Mar. 31, 2019 segment
General Insurance
Segment Reporting Information [Line Items]
Number of operating segments	2
Life and Retirement
Segment Reporting Information [Line Items]
Number of operating segments	4

BUSINESS COMBINATION (Details - Pro Forma Income Statement Information) - Validus Holding Ltd [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
BUSINESS COMBINATION
Total revenues	$ 12,456	$ 12,242
Net income (loss)	937	951
Net income (loss) attributable to AIG	$ 654	$ 940
Basic net income (loss) per common share attributable to AIG	$ 0.75	$ 1.04
Diluted net income (loss) per common share attributable to AIG	$ 0.75	$ 1.02

BUSINESS COMBINATION (Details - Narrative) - USD ($) $ in Millions		3 Months Ended
	Jul. 18, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Revenues		$ 12,456	$ 11,712
Net income		937	949
Net income (loss) attributable to AIG		654	$ 938
Other invested assets		19,343		$ 19,341
Validus Holding Ltd [Member]
Business Acquisition [Line Items]
Interest acquired	100.00%
Cash consideration paid	$ 5,500
Validus Holding Ltd [Member] \| North America Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	1,800
Validus Holding Ltd [Member] \| International Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	$ 157
AlphaCat [Member]
Business Acquisition [Line Items]
Other invested assets		$ 124

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	$ 238,201		$ 229,391
Other bond securities	11,511		11,415
Equity securities	841		1,253
Other invested assets	5,759		5,894
Derivative Assets, Fair Value, Gross	4,273		4,468
Derivative assets, Counterparty netting	(1,647)		(1,713)
Derivative assets, Cash collateral	(1,734)		(1,840)
Derivative assets	892		915
Short-term investments, portion measured at fair value	4,040		3,015
Separate account assets, at fair value	88,818		81,847
Other assets	951		973
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	4,878		4,116
Other policyholder funds	3,493		3,568
Derivative Liabilities, Fair Value, Gross	3,066		3,138
Derivative liabilities, Counterparty netting	(1,647)		(1,713)
Derivative liabilities, Cash collateral	(188)		(187)
Derivative liabilities	1,231		1,238
Long-term debt, portion measured at fair value	2,263		2,213
Other liabilities	1,421		1,265
U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	51	$ 191
Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	62	$ 16
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	238,201		229,391
Other bond securities	11,511		11,415
Equity securities	841		1,253
Other invested assets	677		928
Derivative assets, Counterparty netting	(1,647)		(1,713)
Derivative assets, Cash collateral	(1,734)		(1,840)
Derivative assets, Counterparty netting and cash collateral	(3,381)		(3,553)
Derivative assets	892		915
Short-term investments, portion measured at fair value	4,040		3,015
Separate account assets, at fair value	88,818		81,847
Other assets	59		58
Fair value assets measured on recurring basis, total	345,039		328,822
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	4,878		4,116
Derivative liabilities, Counterparty netting	(1,647)		(1,713)
Derivative liabilities, Cash collateral	(188)		(187)
Derivative liabilities, Counterparty netting and cash collateral	(1,835)		(1,900)
Derivative liabilities	1,231		1,238
Long-term debt, portion measured at fair value	2,263		2,213
Other liabilities	190		27
Fair value liabilities measured on recurring basis, total	8,562		7,594
Recurring Basis \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	2,664		2,890
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,920		2,023
Recurring Basis \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,107		1,164
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	850		858
Recurring Basis \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	488		398
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	51		15
Recurring Basis \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1		1
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	240		236
Recurring Basis \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13		15
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	5		6
Recurring Basis \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	3,401		3,260
Other bond securities	2,780		2,665
Recurring Basis \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,922		16,001
Recurring Basis \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,274		14,525
Other bond securities	51		45
Recurring Basis \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	138,673		130,700
Other bond securities	1,745		1,671
Recurring Basis \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	34,004		34,377
Other bond securities	1,757		1,714
Recurring Basis \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,161		12,701
Other bond securities	399		388
Recurring Basis \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	17,766		17,827
Other bond securities	4,779		4,932
Recurring Basis \| Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15		122
Other bond securities	84		11
Equity securities	804		1,213
Other invested assets	0		0
Derivative Assets, Fair Value, Gross	59		135
Short-term investments, portion measured at fair value	1,993		2,416
Separate account assets, at fair value	84,260		77,202
Other assets	0		0
Fair value assets measured on recurring basis, total	87,215		81,099
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0
Other policyholder funds	0
Derivative Liabilities, Fair Value, Gross	12		16
Long-term debt, portion measured at fair value	0		0
Other liabilities	105		16
Fair value liabilities measured on recurring basis, total	117		32
Recurring Basis \| Level 1 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	4		2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		4
Recurring Basis \| Level 1 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0
Recurring Basis \| Level 1 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	55		133
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	12		12
Recurring Basis \| Level 1 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0
Recurring Basis \| Level 1 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0
Recurring Basis \| Level 1 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		53
Other bond securities	84		11
Recurring Basis \| Level 1 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 1 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15		69
Other bond securities	0		0
Recurring Basis \| Level 1 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 1 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 1 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 1 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 2
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	210,738		202,176
Other bond securities	5,828		5,559
Equity securities	11		13
Other invested assets	86		341
Derivative Assets, Fair Value, Gross	4,096		4,237
Short-term investments, portion measured at fair value	2,047		599
Separate account assets, at fair value	4,558		4,645
Other assets	0		0
Fair value assets measured on recurring basis, total	227,364		217,570
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0
Other policyholder funds	0
Derivative Liabilities, Fair Value, Gross	2,804		2,873
Long-term debt, portion measured at fair value	2,263		2,213
Other liabilities	85		11
Fair value liabilities measured on recurring basis, total	5,152		5,097
Recurring Basis \| Level 2 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	2,660		2,888
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,905		2,004
Recurring Basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,106		1,159
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	850		858
Recurring Basis \| Level 2 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	330		190
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	32		3
Recurring Basis \| Level 2 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	17		8
Recurring Basis \| Level 2 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0
Recurring Basis \| Level 2 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	3,401		3,207
Other bond securities	2,696		2,654
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,786		14,001
Other bond securities	0		0
Recurring Basis \| Level 2 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,256		14,445
Other bond securities	51		45
Recurring Basis \| Level 2 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	137,141		129,836
Other bond securities	1,745		1,671
Recurring Basis \| Level 2 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	19,959		20,178
Other bond securities	491		424
Recurring Basis \| Level 2 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	12,269		11,784
Other bond securities	315		311
Recurring Basis \| Level 2 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	8,926		8,725
Other bond securities	530		454
Recurring Basis \| Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	27,448		27,093
Other bond securities	5,599		5,845
Equity securities	26		27
Other invested assets	591		587
Derivative Assets, Fair Value, Gross	118		96
Short-term investments, portion measured at fair value	0		0
Separate account assets, at fair value	0		0
Other assets	59		58
Fair value assets measured on recurring basis, total	33,841		33,706
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	4,878		4,116
Other policyholder funds	0
Derivative Liabilities, Fair Value, Gross	250		249
Long-term debt, portion measured at fair value	0		0
Other liabilities	0		0
Fair value liabilities measured on recurring basis, total	5,128		4,365
Recurring Basis \| Level 3 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	15		15
Recurring Basis \| Level 3 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1		5
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0
Recurring Basis \| Level 3 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	103		75
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	7		0
Recurring Basis \| Level 3 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1		1
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	223		228
Recurring Basis \| Level 3 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13		15
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	5		6
Recurring Basis \| Level 3 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0
Other bond securities	0		0
Recurring Basis \| Level 3 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,136		2,000
Other bond securities	0		0
Recurring Basis \| Level 3 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	3		11
Other bond securities	0		0
Recurring Basis \| Level 3 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,532		864
Other bond securities	0		0
Recurring Basis \| Level 3 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,045		14,199
Other bond securities	1,266		1,290
Recurring Basis \| Level 3 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	892		917
Other bond securities	84		77
Recurring Basis \| Level 3 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	8,840		9,102
Other bond securities	$ 4,249		$ 4,478

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	$ 33,610	$ 35,763
Net Realized and Unrealized Gains (Losses) Included in Income	317	371
Other Comprehensive Income (Loss)	230	(160)
Purchases, Sales, Issuances and Settlements, Net	(491)	(1,410)
Gross Transfers In, assets	798	566
Gross Transfers Out, assets	(741)	(130)
Balance End of Period	33,723	35,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	29	90
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	4,269	4,323
Net realized and unrealized gains and losses related to Level 3 items, liabilities	529	(542)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	212	93
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	5,010	3,874
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(483)	633
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	4,116	4,136
Net realized and unrealized gains and losses related to Level 3 items, liabilities	569	(506)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	193	66
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	4,878	3,696
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(521)	604
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	153	187
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(40)	(36)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	19	27
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	132	178
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	38	29
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	15	22
Net realized and unrealized gains and losses related to Level 3 items, liabilities	1	(3)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(1)	(2)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	15	17
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(1)	3
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(5)	0
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(5)	(10)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	9	11
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	(1)	1
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(1)	3
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(75)	(82)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(16)	4
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(5)	0
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	(96)	(78)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	19	(4)
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	227	262
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(3)	(10)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(2)	(2)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	222	250
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	4	10
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(9)	(15)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(17)	(17)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	18	20
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Balance at the End of the Period	(8)	(12)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	17	17
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	27,093	28,996
Net Realized and Unrealized Gains (Losses) Included in Income	228	220
Other Comprehensive Income (Loss)	230	(161)
Purchases, Sales, Issuances and Settlements, Net	(257)	(1,089)
Gross Transfers In, assets	798	565
Gross Transfers Out, assets	(644)	(121)
Balance End of Period	27,448	28,410
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	2,000	2,404
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	1
Other Comprehensive Income (Loss)	97	(75)
Purchases, Sales, Issuances and Settlements, Net	24	(69)
Gross Transfers In, assets	29	0
Gross Transfers Out, assets	(13)	0
Balance End of Period	2,136	2,261
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Non-U.S. governments
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	11	8
Net Realized and Unrealized Gains (Losses) Included in Income	0	(4)
Other Comprehensive Income (Loss)	0	4
Purchases, Sales, Issuances and Settlements, Net	(4)	1
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	(4)	0
Balance End of Period	3	9
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	864	1,173
Net Realized and Unrealized Gains (Losses) Included in Income	(3)	(57)
Other Comprehensive Income (Loss)	38	10
Purchases, Sales, Issuances and Settlements, Net	34	248
Gross Transfers In, assets	654	565
Gross Transfers Out, assets	(55)	(68)
Balance End of Period	1,532	1,871
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	14,199	16,136
Net Realized and Unrealized Gains (Losses) Included in Income	227	266
Other Comprehensive Income (Loss)	24	5
Purchases, Sales, Issuances and Settlements, Net	(412)	(536)
Gross Transfers In, assets	23	0
Gross Transfers Out, assets	(16)	(32)
Balance End of Period	14,045	15,839
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	917	624
Net Realized and Unrealized Gains (Losses) Included in Income	1	6
Other Comprehensive Income (Loss)	17	(17)
Purchases, Sales, Issuances and Settlements, Net	146	(23)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	(189)	(6)
Balance End of Period	892	584
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	9,102	8,651
Net Realized and Unrealized Gains (Losses) Included in Income	4	8
Other Comprehensive Income (Loss)	54	(88)
Purchases, Sales, Issuances and Settlements, Net	(45)	(710)
Gross Transfers In, assets	92	0
Gross Transfers Out, assets	(367)	(15)
Balance End of Period	8,840	7,846
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	5,845	6,512
Net Realized and Unrealized Gains (Losses) Included in Income	89	128
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(239)	(337)
Gross Transfers In, assets	0	1
Gross Transfers Out, assets	(96)	(9)
Balance End of Period	5,599	6,295
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	27	58
Other bond securities \| Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	18
Net Realized and Unrealized Gains (Losses) Included in Income	0	1
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Balance End of Period	0	19
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	1,290	1,464
Net Realized and Unrealized Gains (Losses) Included in Income	17	39
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(41)	(76)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Balance End of Period	1,266	1,427
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	51
Other bond securities \| Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	77	74
Net Realized and Unrealized Gains (Losses) Included in Income	4	(1)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	3	(1)
Gross Transfers In, assets	0	1
Gross Transfers Out, assets	0	0
Balance End of Period	84	73
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	3	(1)
Other bond securities \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	4,478	4,956
Net Realized and Unrealized Gains (Losses) Included in Income	68	89
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(201)	(260)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	(96)	(9)
Balance End of Period	4,249	4,776
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	24	8
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	27	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	0
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	0	3
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	(1)	0
Balance End of Period	26	3
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	2
Mortgage and other loans receivable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	5
Net Realized and Unrealized Gains (Losses) Included in Income	0	0
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	0	(5)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Balance End of Period	0	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	587	250
Net Realized and Unrealized Gains (Losses) Included in Income	0	23
Other Comprehensive Income (Loss)	0	1
Purchases, Sales, Issuances and Settlements, Net	4	18
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Balance End of Period	591	292
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	2	$ 30
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	58
Net Realized and Unrealized Gains (Losses) Included in Income	0
Other Comprehensive Income (Loss)	0
Purchases, Sales, Issuances and Settlements, Net	1
Gross Transfers In, assets	0
Gross Transfers Out, assets	0
Balance End of Period	59
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	$ 0

FAIR VALUE MEASUREMENTS (Details - Gross components of purchases, sales, issuances and settlements) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (491)	$ (1,410)
Issuances	0	0
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period	(55)	(24)
Transfers out Level 3 at end of reporting period, net gains (losses) included in realized and unrealized gains and losses related to Level 3 for the period.	(1)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(13)	(7)
Sales, liabilities	173	112
Settlements, liabilities	52	(12)
Purchases, Sales, Issuances and Settlements, Net, liabilities	212	93
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0
Sales, liabilities	173	112
Settlements, liabilities	20	(46)
Purchases, Sales, Issuances and Settlements, Net, liabilities	193	66
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(13)	(7)
Sales, liabilities	0	0
Settlements, liabilities	32	34
Purchases, Sales, Issuances and Settlements, Net, liabilities	19	27
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	793	1,037
Sales, assets	(197)	(873)
Settlements, assets	(1,087)	(1,574)
Purchases, Sales, Issuances and Settlements, Net, assets	(491)	(1,410)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	785	1,011
Sales, assets	(197)	(859)
Settlements, assets	(845)	(1,241)
Purchases, Sales, Issuances and Settlements, Net, assets	(257)	(1,089)
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	47	15
Sales, assets	(15)	0
Settlements, assets	(8)	(84)
Purchases, Sales, Issuances and Settlements, Net, assets	24	(69)
Bonds available for sale \| Non-U.S. governments
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	2
Sales, assets	0	0
Settlements, assets	(4)	(1)
Purchases, Sales, Issuances and Settlements, Net, assets	(4)	1
Bonds available for sale \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	49	254
Sales, assets	0	(3)
Settlements, assets	(15)	(3)
Purchases, Sales, Issuances and Settlements, Net, assets	34	248
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	307	233
Sales, assets	(26)	(5)
Settlements, assets	(693)	(764)
Purchases, Sales, Issuances and Settlements, Net, assets	(412)	(536)
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	184	12
Sales, assets	0	0
Settlements, assets	(38)	(35)
Purchases, Sales, Issuances and Settlements, Net, assets	146	(23)
Bonds available for sale \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	198	495
Sales, assets	(156)	(851)
Settlements, assets	(87)	(354)
Purchases, Sales, Issuances and Settlements, Net, assets	(45)	(710)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	4	1
Sales, assets	0	(9)
Settlements, assets	(243)	(329)
Purchases, Sales, Issuances and Settlements, Net, assets	(239)	(337)
Other bond securities \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	0	0
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	1
Sales, assets	0	(5)
Settlements, assets	(41)	(72)
Purchases, Sales, Issuances and Settlements, Net, assets	(41)	(76)
Other bond securities \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	4	0
Sales, assets	0	0
Settlements, assets	(1)	(1)
Purchases, Sales, Issuances and Settlements, Net, assets	3	(1)
Other bond securities \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	(4)
Settlements, assets	(201)	(256)
Purchases, Sales, Issuances and Settlements, Net, assets	(201)	(260)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	3
Sales, assets	0	0
Settlements, assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	3
Mortgage and other loans receivable, net of allowance
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	(5)
Settlements, assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	(5)
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	4	22
Sales, assets	0	0
Settlements, assets	0	(4)
Purchases, Sales, Issuances and Settlements, Net, assets	4	$ 18
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0
Sales, assets	0
Settlements, assets	1
Purchases, Sales, Issuances and Settlements, Net, assets	$ 1

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 5,082	$ 4,966
Unfunded Commitments	2,085	1,956
Direct private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	2,544	2,250
Unfunded Commitments	$ 2,084	1,947
Average original expected lives	10 years
Direct private equity \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	2 years
Direct private equity \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	1 year
Direct private equity \| Expected remaining lives of less than 3 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	19.00%
Direct private equity \| Expected remaining lives of less than 3 years \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
First threshold level of remaining lives	3 years
Direct private equity \| Expected remaining lives of 4 to 6 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	43.00%
Direct private equity \| Expected remaining lives of 4 to 6 years \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Second threshold level of remaining lives	6 years
Direct private equity \| Expected remaining lives of 4 to 6 years \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Second threshold level of remaining lives	4 years
Direct private equity \| Expected remaining lives of 7 to 10 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	38.00%
Direct private equity \| Expected remaining lives of 7 to 10 years \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Third threshold level of remaining lives	10 years
Direct private equity \| Expected remaining lives of 7 to 10 years \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Third threshold level of remaining lives	7 years
Leveraged buyout
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 970	847
Unfunded Commitments	1,378	1,327
Real Estate / Infrastructure
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	232	190
Unfunded Commitments	179	83
Venture capital
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	130	126
Unfunded Commitments	116	127
Growth equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	371	362
Unfunded Commitments	29	28
Mezzanine
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	218	211
Unfunded Commitments	97	75
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	623	514
Unfunded Commitments	285	307
Hedge funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	2,538	2,716
Unfunded Commitments	$ 1	9
Hedge fund investments redeemable monthly (as a percent)	35.00%
Hedge fund investments redeemable quarterly (as a percent)	29.00%
Hedge fund investments redeemable semi-annually (as a percent)	10.00%
Hedge fund investments redeemable annually (as a percent)	26.00%
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	56.00%
Hedge funds \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investment redemption notice period (in days/years)	180 days
Hedge funds \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investment redemption notice period (in days/years)	1 day
Event-driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 815	787
Unfunded Commitments	0	0
Long-short
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	725	863
Unfunded Commitments	0	0
Macro
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	820	887
Unfunded Commitments	0	0
Distressed
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	18	21
Unfunded Commitments	0	8
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	160	158
Unfunded Commitments	$ 1	$ 1

FAIR VALUE MEASUREMENTS (Details - Gains or losses recorded related to the eligible instruments for which we elected the fair value option) - Fair Value Option - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 525	$ 203
Bond and equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	355	23
Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	230	128
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ (60)	$ 52

FAIR VALUE MEASUREMENTS (Details - Difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term borrowings for which the fair value option was elected) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage and other loans receivable, Outstanding Principal Amount	$ 44,256	$ 43,532
Mortgage and other loans receivable, Difference	44,256	43,532
Long-term debt, Fair Value	2,263	2,213
Long-term debt, Outstanding Principal Amount	35,776	34,540
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	2,263	2,213
Long-term debt, Outstanding Principal Amount	1,685	1,653
Long-term debt, Difference	$ 578	$ 560

FAIR VALUE MEASUREMENTS (Details - Assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented) - Fair value on a non-recurring basis - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 208		$ 326
Impairment Charges	49	$ 28
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	41	28
Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	0	0
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	8	$ 0
Level 3 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	208		326
Level 3 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	207		315
Level 3 \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 3 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	1		11
Total Fair Value \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	207		315
Total Fair Value \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Total Fair Value \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 1		$ 11

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Assets:
Mortgage and other loans receivable	$ 43,834	$ 43,135
Short-term investments	11,133	9,674
Cash	2,565	2,873	$ 2,103
Other assets	14,308	13,568
Liabilities:
Other liabilities	27,546	24,636
Long-term Debt	35,776	34,540
Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	44,977	43,627
Other invested assets	705	737
Short-term investments	7,093	6,659
Cash	2,565	2,873
Other assets	363	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	119,649	121,374
Other liabilities	1,606	1,154
Long-term Debt	33,860	31,597
Carrying Value
Assets:
Mortgage and other loans receivable	43,834	43,135
Other invested assets	705	737
Short-term investments	7,093	6,659
Cash	2,565	2,873
Other assets	363	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	122,616	120,602
Other liabilities	1,606	1,154
Long-term Debt	33,513	32,327
Level 1 \| Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	0	0
Other invested assets	0	0
Short-term investments	0	0
Cash	2,565	2,873
Other assets	348	308
Liabilities:
Policyholder contract deposits associated with investment-type contracts	0	0
Other liabilities	0	0
Long-term Debt	1,044	0
Level 2 \| Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	107	105
Other invested assets	699	731
Short-term investments	7,093	6,659
Cash	0	0
Other assets	15	35
Liabilities:
Policyholder contract deposits associated with investment-type contracts	337	339
Other liabilities	1,606	1,154
Long-term Debt	24,384	22,822
Level 3 \| Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	44,870	43,522
Other invested assets	6	6
Short-term investments	0	0
Cash	0	0
Other assets	0	0
Liabilities:
Policyholder contract deposits associated with investment-type contracts	119,312	121,035
Other liabilities	0	0
Long-term Debt	$ 8,432	$ 8,775

INVESTMENTS (Details - Amortized cost or cost and fair value of Available for sale securities) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 228,608	$ 225,780
Available for sale securities, Gross Unrealized Gains	11,591	8,419
Available for sale securities, Gross Unrealized Losses	(1,998)	(4,808)
Available-for-sale Securities	238,201	229,391
Total, Other-Than-Temporary Impairments in AOCI		0
AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,195	1,211
Common Stock
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI		0
Mutual Funds
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI		0
Bonds available for sale
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	228,608	225,780
Available for sale securities, Gross Unrealized Gains	11,591	8,419
Available for sale securities, Gross Unrealized Losses	(1,998)	(4,808)
Available-for-sale Securities	238,201	229,391
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade	29,100	28,800
Bonds available for sale \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,195	1,211
Bonds available for sale \| U.S. government and government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	3,267	3,170
Available for sale securities, Gross Unrealized Gains	151	132
Available for sale securities, Gross Unrealized Losses	(17)	(42)
Available-for-sale Securities	3,401	3,260
Bonds available for sale \| U.S. government and government sponsored entities \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,952	15,421
Available for sale securities, Gross Unrealized Gains	1,013	701
Available for sale securities, Gross Unrealized Losses	(43)	(121)
Available-for-sale Securities	15,922	16,001
Bonds available for sale \| Obligations of states, municipalities and political subdivisions \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	4
Bonds available for sale \| Non-U.S. governments
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,799	14,376
Available for sale securities, Gross Unrealized Gains	600	451
Available for sale securities, Gross Unrealized Losses	(125)	(302)
Available-for-sale Securities	15,274	14,525
Bonds available for sale \| Non-U.S. governments \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Bonds available for sale \| Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	133,768	130,436
Available for sale securities, Gross Unrealized Gains	6,314	3,911
Available for sale securities, Gross Unrealized Losses	(1,409)	(3,647)
Available-for-sale Securities	138,673	130,700
Bonds available for sale \| Corporate debt \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	(24)	4
Bonds available for sale \| Mortgage-backed, asset-backed and collateralized
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	61,822	62,377
Available for sale securities, Gross Unrealized Gains	3,513	3,224
Available for sale securities, Gross Unrealized Losses	(404)	(696)
Available-for-sale Securities	64,931	64,905
Bonds available for sale \| Mortgage-backed, asset-backed and collateralized \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,219	1,203
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	31,324	31,940
Available for sale securities, Gross Unrealized Gains	2,871	2,754
Available for sale securities, Gross Unrealized Losses	(191)	(317)
Available-for-sale Securities	34,004	34,377
Bonds available for sale \| Residential mortgage-backed securities (RMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,171	1,155
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	12,895	12,673
Available for sale securities, Gross Unrealized Gains	355	242
Available for sale securities, Gross Unrealized Losses	(89)	(214)
Available-for-sale Securities	13,161	12,701
Bonds available for sale \| Commercial mortgage-backed securities (CMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	31	31
Bonds available for sale \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	17,603	17,764
Available for sale securities, Gross Unrealized Gains	287	228
Available for sale securities, Gross Unrealized Losses	(124)	(165)
Available-for-sale Securities	17,766	17,827
Bonds available for sale \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	17	17
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	0	0
Available for sale securities, Gross Unrealized Gains	0	0
Available for sale securities, Gross Unrealized Losses	0	0
Available-for-sale Securities	0	0
Equity securities \| Common Stock
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	0	0
Available for sale securities, Gross Unrealized Gains	0	0
Available for sale securities, Gross Unrealized Losses	0	0
Available-for-sale Securities	0	0
Equity securities \| Mutual Funds
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	0	0
Available for sale securities, Gross Unrealized Gains	0	0
Available for sale securities, Gross Unrealized Losses	0	0
Available-for-sale Securities	$ 0	$ 0

INVESTMENTS (Details - Summary of fair value and gross unrealized losses on available for sale securities aggregated by major investment category and length of time in a continuous unrealized loss position) $ in Millions	Mar. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	$ 32,851	$ 70,800
Gross Unrealized Losses, Less than 12 Months	782	2,679
Fair Value, 12 Months or More	32,950	36,110
Gross Unrealized Losses, 12 Months or More	1,216	2,129
Fair Value, Total	65,801	106,910
Gross Unrealized Losses, Total	1,998	4,808
Bonds available for sale
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	32,851	70,800
Gross Unrealized Losses, Less than 12 Months	782	2,679
Fair Value, 12 Months or More	32,950	36,110
Gross Unrealized Losses, 12 Months or More	1,216	2,129
Fair Value, Total	65,801	106,910
Gross Unrealized Losses, Total	$ 1,998	4,808
Number of securities in an unrealized loss position \| item	10,388
Number of individual securities in continuous unrealized loss position for longer than twelve months \| item	4,656
Bonds available for sale \| U.S. government and government sponsored entities
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	$ 508	574
Gross Unrealized Losses, Less than 12 Months	10	13
Fair Value, 12 Months or More	356	873
Gross Unrealized Losses, 12 Months or More	7	29
Fair Value, Total	864	1,447
Gross Unrealized Losses, Total	17	42
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	331	1,965
Gross Unrealized Losses, Less than 12 Months	8	51
Fair Value, 12 Months or More	935	1,530
Gross Unrealized Losses, 12 Months or More	35	70
Fair Value, Total	1,266	3,495
Gross Unrealized Losses, Total	43	121
Bonds available for sale \| Non-U.S. governments
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	2,642	3,851
Gross Unrealized Losses, Less than 12 Months	52	149
Fair Value, 12 Months or More	1,635	2,422
Gross Unrealized Losses, 12 Months or More	73	153
Fair Value, Total	4,277	6,273
Gross Unrealized Losses, Total	125	302
Bonds available for sale \| Corporate debt
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	16,010	47,364
Gross Unrealized Losses, Less than 12 Months	520	2,181
Fair Value, 12 Months or More	21,874	20,056
Gross Unrealized Losses, 12 Months or More	889	1,466
Fair Value, Total	37,884	67,420
Gross Unrealized Losses, Total	1,409	3,647
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	4,715	5,231
Gross Unrealized Losses, Less than 12 Months	73	94
Fair Value, 12 Months or More	3,800	5,641
Gross Unrealized Losses, 12 Months or More	118	223
Fair Value, Total	8,515	10,872
Gross Unrealized Losses, Total	191	317
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	1,524	2,646
Gross Unrealized Losses, Less than 12 Months	20	47
Fair Value, 12 Months or More	2,796	4,264
Gross Unrealized Losses, 12 Months or More	69	167
Fair Value, Total	4,320	6,910
Gross Unrealized Losses, Total	89	214
Bonds available for sale \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	7,121	9,169
Gross Unrealized Losses, Less than 12 Months	99	144
Fair Value, 12 Months or More	1,554	1,324
Gross Unrealized Losses, 12 Months or More	25	21
Fair Value, Total	8,675	10,493
Gross Unrealized Losses, Total	124	165
Equity securities
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	0	0
Gross Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or More	0
Gross Unrealized Losses, 12 Months or More	0
Fair Value, Total	0	0
Gross Unrealized Losses, Total	0	0
Equity securities \| Common Stock
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	0	0
Gross Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or More	0
Gross Unrealized Losses, 12 Months or More	0
Fair Value, Total	0	0
Gross Unrealized Losses, Total	0	0
Equity securities \| Mutual Funds
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	0	0
Gross Unrealized Losses, Less than 12 Months	0	0
Fair Value, 12 Months or More	0
Gross Unrealized Losses, 12 Months or More	0
Fair Value, Total	0	0
Gross Unrealized Losses, Total	$ 0	$ 0

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 228,608	$ 225,780
Fixed Maturity Securities Available for Sale, Fair Value, Total	238,201	229,391
Fixed Maturity Securities Available for Sale in a Loss Position
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	2,009	2,322
Due after one year through five years, Amortized Cost	11,419	17,382
Due after five years through ten years, Amortized Cost	15,183	27,724
Due after ten years, Amortized Cost	17,274	35,319
Mortgage-backed, asset-backed and collateralized, Amortized Cost	21,914	28,971
Available for sale securities, Amortized Cost, Total	67,799	111,718
Due in one year or less, Fair Value	1,978	2,294
Due after one year through five years, Fair Value	11,088	16,844
Due after five years through ten years, Fair Value	14,787	26,517
Due after ten years, Fair Value	16,438	32,980
Mortgage-backed, asset-backed and collateralized, Fair Value	21,510	28,275
Fixed Maturity Securities Available for Sale, Fair Value, Total	65,801	106,910
Bonds available for sale
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	10,113	9,539
Due after one year through five years, Amortized Cost	46,478	47,400
Due after five years through ten years, Amortized Cost	44,185	42,363
Due after ten years, Amortized Cost	66,010	64,101
Mortgage-backed, asset-backed and collateralized, Amortized Cost	61,822	62,377
Available for sale securities, Amortized Cost, Total	228,608	225,780
Due in one year or less, Fair Value	10,263	9,674
Due after one year through five years, Fair Value	47,484	47,905
Due after five years through ten years, Fair Value	45,355	42,045
Due after ten years, Fair Value	70,168	64,862
Mortgage-backed, asset-backed and collateralized, Fair Value	64,931	64,905
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 238,201	$ 229,391

INVESTMENTS (Details - Realized gains and gross realized losses from sales or maturities) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	$ 93	$ 86
Gross Realized Losses	124	60
Aggregate fair value of available for sale securities sold	6,400	5,500
Net realized capital gains (losses)	(31)	26
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	93	70
Gross Realized Losses	124	60
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	0	16
Gross Realized Losses	$ 0	$ 0

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 12,352	$ 12,668
Other Securities, Percent of Total	100.00%	100.00%
U.S. Government agency backed ABS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 164	$ 178
Fixed maturity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 11,511	$ 11,415
Other Securities, Percent of Total	93.00%	90.00%
Fixed maturity securities \| U.S. government and government sponsored entities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 2,780	$ 2,665
Other Securities, Percent of Total	23.00%	21.00%
Fixed maturity securities \| Non-U.S. governments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 51	$ 45
Other Securities, Percent of Total	0.00%	0.00%
Fixed maturity securities \| Corporate debt
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,745	$ 1,671
Other Securities, Percent of Total	14.00%	13.00%
Fixed maturity securities \| Mortgage-backed, asset-backed and collateralized
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 6,935	$ 7,034
Other Securities, Percent of Total	56.00%	56.00%
Fixed maturity securities \| Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,757	$ 1,714
Other Securities, Percent of Total	14.00%	14.00%
Fixed maturity securities \| Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 399	$ 388
Other Securities, Percent of Total	3.00%	3.00%
Fixed maturity securities \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 4,779	$ 4,932
Other Securities, Percent of Total	39.00%	39.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 841	$ 1,253
Other Securities, Percent of Total	7.00%	10.00%

INVESTMENTS (Details - Carrying values of other invested assets) - USD ($) $ in Millions	12 Months Ended	96 Months Ended
	Dec. 31, 2019	Dec. 31, 2027	Mar. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Other invested assets			$ 19,343	$ 19,341
Alternative investments
Investment [Line Items]
Other invested assets			8,711	8,966
Investment real estate
Investment [Line Items]
Other invested assets			9,204	8,935
Net of accumulated depreciation on investment in real estate			633	598
All other investments
Investment [Line Items]
Other invested assets			1,428	1,440
Hedge Funds
Investment [Line Items]
Other invested assets			3,900	4,200
Hedge Fund Fair Value Redemption, Additional Percentage	72.00%	28.00%
Direct private equity
Investment [Line Items]
Other invested assets			4,400	4,300
Affordable Housing Partnerships
Investment [Line Items]
Other invested assets			$ 392	$ 438

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Investment [Line Items]
Total investment income	$ 3,993	$ 3,385
Investment expenses	114	124
Net investment income	3,879	3,261
Fixed maturity securities, including short-term investments
Investment [Line Items]
Total investment income	2,653	2,610
Other fixed maturity securities
Investment [Line Items]
Total investment income	327	(21)
Equity securities
Investment [Line Items]
Total investment income	79	(32)
Interest on mortgage and other loans
Investment [Line Items]
Total investment income	498	450
Alternative investments
Investment [Line Items]
Total investment income	419	337
Real estate
Investment [Line Items]
Total investment income	69	31
Other investments
Investment [Line Items]
Total investment income	$ (52)	$ 10

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other-than-temporary impairments:
Severity	$ 0	$ 0
Change in intent	(3)	(49)
Foreign currency declines	(6)	(6)
Issuer-specific credit events	(71)	(32)
Adverse projected cash flows	(3)	0
Provision for loan losses	(24)	(24)
Foreign exchange transactions	(37)	53
Variable annuity embedded derivatives, net of related hedges	(261)	147
All other derivatives and hedge accounting	(72)	(225)
Impairments on investments in life settlements	0	0
Other	62	91
Total net realized capital losses	(446)	(19)
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	(31)	10
Equity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	$ 0	$ 16

INVESTMENTS (Details - Increase (decrease) in unrealized appreciation (depreciation)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	$ 318	$ 161
Less: Net gains and losses recognized during the period on equity securities sold during the period	29	(9)
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	289	170
Change in unrealized appreciation (depreciation) of investments	5,913	(4,994)
Fixed maturity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	5,982	(4,969)
Equity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	79	(31)
Less: Net gains and losses recognized during the period on equity securities sold during the period	19	(8)
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	60	(23)
Other investments
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	(69)	(25)
Other invested assets
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	239	192
Less: Net gains and losses recognized during the period on equity securities sold during the period	10	(1)
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 229	$ 193

INVESTMENTS (Details - Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings) - Fixed maturity securities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Than Temporary Impairment Credit Losses Recognized in Earnings
Balance, beginning of year	$ 0	$ 526
Increases due to:
Credit impairments on new securities subject to impairment losses	68	14
Additional credit impairments on previously impaired securities	6	17
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	(21)	(51)
Accretion on securities previously impaired due to credit	(53)	(148)
Other	0	0
Balance, end of year	$ 0	$ 358

INVESTMENTS (Details - Purchased Credit Impaired (PCI) Securities) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 228,608		$ 225,780
Fair value	238,201		229,391
Purchased Credit Impaired (PCI) Securities
Schedule of Available-for-sale Securities [Line Items]
Contractually required payments (principal and interest)	36,385
Cash flows expected to be collected	29,862
Recorded investment in acquired securities	20,156
Outstanding principal balance	12,063		12,495
Amortized cost	8,307		8,646
Fair value	9,973		$ 10,280
Available for sale securities \| Purchased Credit Impaired (PCI) Securities
Changes in activity for the accretable yield on PCI securities:
Balance, beginning of period	7,210	$ 7,501
Newly purchased PCI securities	12	23
Disposals	0	0
Accretion	(172)	(187)
Effect of changes in interest rate indices	(134)	206
Net reclassification from (to) non-accretable difference, including effects of prepayments	(115)	58
Balance, end of period	$ 6,801	$ 7,601

INVESTMENTS (Details - Pledged Investments) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Investment [Line Items]
Fair value of securities collateral pledged	$ 1,374	$ 426
Fair value of amount sold or repledged	121	106
Securities Lending Agreements, Fair Value of Collateral	1,409	884
Short-term investments held in escrow	262	273
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	8,200	7,900
Overnight and continuous
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Up to 30 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	372	401
31 to 90 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	606	483
91 to 364 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	431	0
365 Days or Greater
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
FHLBs
Investment [Line Items]
Fair value of fixed maturities securities available for sale	4,600	4,200
Amount owned by subsidiaries	185	202
Residential loans pledged as collateral	2,100	2,100
Secured financing
Investment [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	1,700	1,200
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	278	288
Amounts Loaned under Reverse Repurchase Agreements	1,400	426
Secured financing \| Fixed Maturities [Member]
Investment [Line Items]
Fair value of fixed maturities securities available for sale	1,503	1,050
Fair value of other bond securities	184	122
Secured financing \| Overnight and continuous
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	173	104
Secured financing \| Up to 30 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	73	131
Secured financing \| 31 to 90 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	32	53
Secured financing \| 91 to 364 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| 365 Days or Greater
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	132	180
Secured financing \| Bonds available for sale \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	41	60
Securities Lending Agreements, Fair Value of Collateral	42	29
Secured financing \| Bonds available for sale \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	53	106
Securities Lending Agreements, Fair Value of Collateral	1,235	675
Secured financing \| Bonds available for sale \| Overnight and continuous \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Overnight and continuous \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	41	25
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Overnight and continuous \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	46	51
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Up to 30 Days \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	77	50
Secured financing \| Bonds available for sale \| Up to 30 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	35
Securities Lending Agreements, Fair Value of Collateral	19	21
Secured financing \| Bonds available for sale \| Up to 30 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	7	55
Securities Lending Agreements, Fair Value of Collateral	276	330
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	55	130
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	23	8
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	528	345
Secured financing \| Bonds available for sale \| 91 to 364 Days \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| 91 to 364 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| 91 to 364 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	431	0
Secured financing \| Bonds available for sale \| 365 Days or Greater \| Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| 365 Days or Greater \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| 365 Days or Greater \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	3	3
Secured financing \| Other bond securities \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	95	108
Secured financing \| Other bond securities \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	86	11
Secured financing \| Other bond securities \| Overnight and continuous \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| Overnight and continuous \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	17
Secured financing \| Other bond securities \| Overnight and continuous \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	86	11
Secured financing \| Other bond securities \| Up to 30 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	3	3
Secured financing \| Other bond securities \| Up to 30 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	63	38
Secured financing \| Other bond securities \| Up to 30 Days \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 31 to 90 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 31 to 90 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	32	53
Secured financing \| Other bond securities \| 31 to 90 Days \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 91 to 364 Days \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 91 to 364 Days \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 91 to 364 Days \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 365 Days or Greater \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 365 Days or Greater \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 365 Days or Greater \| U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
GIAs
Investment [Line Items]
Fair value of other bond securities	$ 1,600	$ 1,600

LENDING ACTIVITIES (Details - Composition of Mortgages and other loans receivable) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 44,256	$ 43,532
Allowance for losses	(422)	(397)	$ (347)	$ (322)
Mortgage and other loans receivable, net	43,834	43,135
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	33,665	32,882
Allowance for losses	$ (323)	$ (318)	$ (274)	$ (247)
Commercial mortgages \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	10.00%	11.00%
Commercial mortgages \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	23.00%	22.00%
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 6,500	$ 6,532
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	2,124	2,147
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 1,967	$ 1,971

LENDING ACTIVITIES (Details - Credit quality indicators for commercial mortgage loans) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Commercial Mortgage Recorded Investment [Line Items]
Mortgage and other loans receivable, net	$ 43,834	$ 43,135
Allowance for credit losses	422	397	$ 347	$ 322
Total mortgage and other loans receivable	$ 44,256	$ 43,532
Debt Coverage Ratio	1.9	1.9
Average Loan to Value Ratio	58.00%	58.00%
Apartments
Commercial Mortgage Recorded Investment [Line Items]
In good standing	$ 12,061	$ 11,190
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	12,061	11,190
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	126	122
Allowance for credit losses	126	122
Offices
Commercial Mortgage Recorded Investment [Line Items]
In good standing	9,797	9,774
Restructured	94	96
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	9,891	9,870
Allowance for credit losses, Specific	2	2
Allowance for credit losses, General	104	104
Allowance for credit losses	106	106
Retail
Commercial Mortgage Recorded Investment [Line Items]
In good standing	5,613	5,645
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	5,613	5,645
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	51	51
Allowance for credit losses	51	51
Industrial
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,989	3,074
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	2,989	3,074
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	12	13
Allowance for credit losses	12	13
Hotel
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,511	2,507
Restructured	16	16
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	2,527	2,523
Allowance for credit losses, Specific	1	1
Allowance for credit losses, General	20	19
Allowance for credit losses	21	20
Others
Commercial Mortgage Recorded Investment [Line Items]
In good standing	584	580
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	584	580
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	7	6
Allowance for credit losses	$ 7	$ 6
Commercial mortgages
Commercial Mortgage Recorded Investment [Line Items]
Number of loans in good standing \| loan	762	762
Number of loans restructured \| loan	2	2
Number of loans 90 days or less delinquent \| loan	0	0
Number of loans greater than 90 days delinquent or in process of foreclosure \| loan	0	0
Number of Loans \| loan	764	764
In good standing	$ 33,555	$ 32,770
Restructured	110	112
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	33,665	32,882
Allowance for credit losses, Specific	3	3
Allowance for credit losses, General	320	315
Allowance for credit losses	$ 323	$ 318
Percentage of loans that are current as to payments of principal and interest	100.00%	100.00%
Percentage restructured	0.00%	0.00%
Percentage 90 days or less delinquent	0.00%	0.00%
Percentage greater than 90 days delinquent or in foreclosure	0.00%	0.00%
Percentage Total	100.00%	100.00%
Percentage of loans with valuation allowance, Genaral	1.00%	1.00%
Percentage of loans with valuation allowance, Specific	0.00%	0.00%
Percentage of loans with allowance for losses	1.00%	1.00%
Commercial mortgages \| Less than 65% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 20,054	$ 19,204
Commercial mortgages \| Less than 65% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,274	2,543
Commercial mortgages \| Less than 65% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	247	250
Commercial mortgages \| Less than 65% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	22,575	21,997
Commercial mortgages \| 65% to 75% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,266	9,060
Commercial mortgages \| 65% to 75% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	297	300
Commercial mortgages \| 65% to 75% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	203	203
Commercial mortgages \| 65% to 75% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,766	9,563
Commercial mortgages \| 76% to 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	838	476
Commercial mortgages \| 76% to 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	20	20
Commercial mortgages \| 76% to 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	20	15
Commercial mortgages \| 76% to 80% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	878	511
Commercial mortgages \| Greater than 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	244	596
Commercial mortgages \| Greater than 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	96	103
Commercial mortgages \| Greater than 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	106	112
Commercial mortgages \| Greater than 80% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	446	811
Commercial mortgages \| Total \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	30,402	29,336
Commercial mortgages \| Total \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,687	2,966
Commercial mortgages \| Total \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	576	580
Commercial mortgages \| Total \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 33,665	$ 32,882

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for losses on Mortgage and other loans receivable) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	$ 397	$ 322
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	25	25
Other	0	0
Allowance, end of period	422	347
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	318	247
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	5	27
Other	0	0
Allowance, end of period	323	274
Allowance related to individually assessed credit losses	3	23
Commercial mortgage loans	148	82
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	79	75
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	20	(2)
Other	0	0
Allowance, end of period	$ 99	$ 73

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Assets:
Bonds available for sale	$ 238,201	$ 229,391
Other bond securities	11,511	11,415
Mortgage and other loans receivable	43,834	43,135
Other invested assets	19,343	19,341
Liabilities:
Long-term Debt	35,776	34,540
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure	2,900	1,400
Consolidated VIE
Assets:
Bonds available for sale	8,285	7,662
Other bond securities	3,804	3,925
Mortgage and other loans receivable	3,593	3,693
Other invested assets	9,113	8,378
Other assets	3,198	2,625
Total assets	27,993	26,283
Liabilities:
Long-term Debt	8,514	7,569
Other liabilities	1,003	575
Total liabilities	9,517	8,144
Consolidated VIE \| Real Estate and Investment Entities
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	5,438	5,212
Other assets	603	580
Total assets	6,041	5,792
Liabilities:
Long-term Debt	2,593	2,577
Other liabilities	227	227
Total liabilities	2,820	2,804
Consolidated VIE \| Securitization Vehicles
Assets:
Bonds available for sale	8,285	7,662
Other bond securities	3,802	3,923
Mortgage and other loans receivable	3,593	3,693
Other invested assets	0	0
Other assets	2,064	1,581
Total assets	17,744	16,859
Liabilities:
Long-term Debt	3,764	3,154
Other liabilities	546	165
Total liabilities	4,310	3,319
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total assets of consolidated securitization vehicles owed to Parent or its subsidiaries	16,900	16,000
Consolidated VIE \| Affordable Housing Partnerships
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	3,650	3,142
Other assets	459	394
Total assets	4,109	3,536
Liabilities:
Long-term Debt	2,152	1,834
Other liabilities	207	159
Total liabilities	2,359	1,993
Consolidated VIE \| Other
Assets:
Bonds available for sale	0	0
Other bond securities	2	2
Mortgage and other loans receivable	0	0
Other invested assets	25	24
Other assets	72	70
Total assets	99	96
Liabilities:
Long-term Debt	5	4
Other liabilities	23	24
Total liabilities	28	28
Unconsolidated VIE
Assets:
Other invested assets	7,000	7,400
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	273,253	316,527
Maximum Exposure to Loss, On-Balance Sheet	7,363	7,711
Maximum Exposure to Loss, Off-Balance Sheet	3,190	3,723
Total maximum exposure to loss	10,553	11,434
Unconsolidated VIE \| Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	264,238	309,598
Maximum Exposure to Loss, On-Balance Sheet	6,492	6,820
Maximum Exposure to Loss, Off-Balance Sheet	3,190	2,501
Total maximum exposure to loss	9,682	9,321
Unconsolidated VIE \| Affordable Housing Partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	3,650	4,116
Maximum Exposure to Loss, On-Balance Sheet	544	607
Maximum Exposure to Loss, Off-Balance Sheet	0	0
Total maximum exposure to loss	544	607
Unconsolidated VIE \| Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	5,365	2,813
Maximum Exposure to Loss, On-Balance Sheet	327	284
Maximum Exposure to Loss, Off-Balance Sheet	0	1,222
Total maximum exposure to loss	$ 327	$ 1,506

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of our derivative instruments) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 122,354	$ 117,207
Gross Derivative Assets, Fair Value	4,273	4,468
Gross Derivative Liabilities, Notional Amount	42,146	40,028
Gross Derivative Liabilities, Fair Value	3,066	3,138
Derivative assets, Counterparty netting	(1,647)	(1,713)
Derivative assets, Cash collateral	(1,734)	(1,840)
Total derivative assets on consolidated balance sheet	892	915
Derivative liabilities, Counterparty netting	(1,647)	(1,713)
Derivative liabilities, Cash collateral	(188)	(187)
Total derivative liabilities on consolidated balance sheet	1,231	1,238
Bifurcated embedded derivatives
Derivative [Line Items]
Derivative assets, Counterparty netting	(4,900)	(4,100)
Derivatives designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	0	10
Gross Derivative Assets, Fair Value	0	0
Gross Derivative Liabilities, Notional Amount	830	866
Gross Derivative Liabilities, Fair Value	14	19
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	5,749	6,357
Gross Derivative Assets, Fair Value	371	363
Gross Derivative Liabilities, Notional Amount	2,954	2,536
Gross Derivative Liabilities, Fair Value	150	147
Derivatives designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	0	0
Gross Derivative Assets, Fair Value	0	0
Gross Derivative Liabilities, Notional Amount	0	0
Gross Derivative Liabilities, Fair Value	0	0
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	50,037	42,821
Gross Derivative Assets, Fair Value	2,664	2,890
Gross Derivative Liabilities, Notional Amount	28,818	27,329
Gross Derivative Liabilities, Fair Value	1,906	2,004
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	13,113	11,134
Gross Derivative Assets, Fair Value	736	801
Gross Derivative Liabilities, Notional Amount	4,108	5,434
Gross Derivative Liabilities, Fair Value	700	711
Derivatives not designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	14,356	17,807
Gross Derivative Assets, Fair Value	488	398
Gross Derivative Liabilities, Notional Amount	3,938	2,399
Gross Derivative Liabilities, Fair Value	51	15
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	0	0
Gross Derivative Assets, Fair Value	0	0
Gross Derivative Liabilities, Notional Amount	0	0
Gross Derivative Liabilities, Fair Value	0	0
Derivatives not designated as hedging instruments \| Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	3	8
Gross Derivative Assets, Fair Value	1	1
Gross Derivative Liabilities, Notional Amount	1,441	1,406
Gross Derivative Liabilities, Fair Value	240	236
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	580	592
Gross Derivative Liabilities, Fair Value	217	224
Derivatives not designated as hedging instruments \| Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	39,096	39,070
Gross Derivative Assets, Fair Value	13	15
Gross Derivative Liabilities, Notional Amount	57	58
Gross Derivative Liabilities, Fair Value	$ 5	$ 6

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Mar. 31, 2019	Dec. 31, 2018
Collateral
Collateral posted to third parties for derivative transactions	$ 1.7	$ 1.7
Collateral obtained from third parties for derivative transactions	$ 1.9	$ 2.1

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ 64	$ (120)
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	(8)
Gain (loss) recognized in earnings on hedged items	0	9
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	1
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Interest credited to policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	5	0
Gain (loss) recognized in earnings on hedged items	(5)	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(1)	0
Gain (loss) recognized in earnings on hedged items	1	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Loss on extinguishment of debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(8)	(8)
Gain (loss) recognized in earnings on hedged items	8	8
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	(14)	(33)
Net Impact	(14)	(33)
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Interest credited to policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Loss on extinguishment of debt
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives designated as hedging instruments \| Equity contracts \| Fair value hedging \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0
Gain (loss) recognized in earnings on hedged items	0	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0
Net Impact	0	0
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(318)	9
Derivatives not designated as hedging instruments \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(334)	(13)
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(5)	(4)
Derivatives not designated as hedging instruments \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	12
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	17	17
Derivatives not designated as hedging instruments \| Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	4	(3)
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	359	(398)
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(28)	(139)
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(208)	(73)
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(8)	11
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	16	17
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	$ (449)	$ 591

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Collateral posted	$ 1,700	$ 1,700
Fair value of hybrid securities	3,800	3,900
Par value of hybrid securities	8,300	8,500
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	480	453
Aggregate fair value of net liability position	436	$ 423
Additional collateral postings and termination payments	$ 63

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 9,200
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of year	83,639	$ 78,393
Reinsurance recoverable, balance at the beginning of the year	(31,690)	(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year	51,949	51,685
Losses and loss adjustment expenses incurred
Current year	4,805	4,698
Prior years, excluding discount and amortization of deferred gain	(15)	(40)
Prior years, discount charge (benefit)	497	(205)
Prior years, amortization of deferred gain on retroactive reinsurance	(86)	(39)
Total losses and loss adjustment expenses incurred	5,201	4,414
Losses and loss adjustment expenses paid
Current year	(344)	(610)
Prior years	(6,120)	(4,779)
Total losses and loss adjustment expenses paid	(6,464)	(5,389)
Other changes
Foreign exchange effect	216	274
Retroactive reinsurance adjustment (net of discount)	(190)	(97)
Reclassified to liabilities held for sale	0	0
Total other changes	26	177
Net liability for unpaid losses and loss adjustment expenses, balance at end of year	50,712	50,887
Reinsurance recoverable, balance at the end of the year	31,784	27,211
Total, balance at the end of the year	82,496	78,098
U.S. Commercial long-tail exposures \| NICO \| Accident Years 2015 and Prior
Other changes
Discount on retroactive reinsurance	$ 9	$ 5
Risk Transferred - U.S. Commercial long-tail exposures for accident years 2015 and prior, percent				80.00%
Reinsurance Percent Ceded on Paid Losses Percent				80.00%
Ceded to NICO net paid losses in excess				$ 25,000
Ceded to NICO net paid losses in excess, aggregate limit				25,000
NICO's limit of liability under the contract				20,000
Consideration paid, including interest				$ 10,200

INSURANCE LIABILITIES (Details - Reconciliation of the Net Incurred and Paid Claims Development) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Liability For Claims And Claims Adjustment Expense [LineItems]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	$ 50,712	$ 51,949	$ 50,887	$ 51,685
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	31,784	31,690	27,211	26,708
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	$ 82,496	$ 83,639	$ 78,098	$ 78,393

INSURANCE LIABILITIES (Details - Undiscounted, Incurred and Paid Losses and Allocated Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Claims Development [Line Items]
2018 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement	$ (15)	$ (40)
Liabilities for losses and loss adjustment expenses, net of reinsurance	$ 50,712	$ 50,887	$ 51,949	$ 51,685

INSURANCE LIABILITIES (Details - Narratives) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Insurance Liabilities Disclosure [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 9,200
Liability for Claims and Claims Adjustment Expense	82,496	$ 78,098	83,639	$ 78,393
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	50,712	50,887	51,949	$ 51,685
Contractual deductible recoverable amount	12,700		12,300
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	$ 1,869		2,035
Tabular Discount Rate	3.50%
Workers Compensation Tabular Discount Amount	$ 603
Workers Compensation Non Tabular Discount Amount	1,300
(Increase) Decrease in Loss Reserve Discount	$ (473)	205
New York
Discounting Of Loss Reserves [Abstract]
Non Tabular Discount Rate	5.00%
Pennsylvania
Discounting Of Loss Reserves [Abstract]
Non Tabular Discount Rate	6.00%
Legacy General Insrance Run-Off Lines
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	$ 894		$ 973
(Increase) Decrease in Loss Reserve Discount	$ (79)	$ 18

INSURANCE LIABILITIES (Details - Discounting of Reserves) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Discounting of Reserves [Line Items]
Tabular Discount Rate	3.50%
Workers Compensation Tabular Discount Amount	$ 603
Workers Compensation Non Tabular Discount Amount	1,300
U.S. Workers' compensation	3,281		$ 3,755
Retroactive Reinsurance	(1,412)		(1,720)
Total reserve discount	1,869		2,035
Current accident year	24	$ 19
Accretion and other adjustments to prior year discount	(264)	27
Effect of interest rate changes	(233)	159
Net reserve discount benefit (charge)	(473)	205
Change in discount on loss reserves ceded under retroactive reinsurance	307	(128)
Net change in total reserve discount	(166)	77
North America Commerical Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	2,387		2,782
Retroactive Reinsurance	(1,412)		(1,720)
Total reserve discount	975		1,062
Current accident year	24	19
Accretion and other adjustments to prior year discount	(251)	45
Effect of interest rate changes	(167)	123
Net reserve discount benefit (charge)	(394)	187
Change in discount on loss reserves ceded under retroactive reinsurance	307	(128)
Net change in total reserve discount	(87)	59
Legacy General Insrance Run-Off Lines
Discounting of Reserves [Line Items]
U.S. Workers' compensation	894		973
Retroactive Reinsurance	0		0
Total reserve discount	894		973
Current accident year	0	0
Accretion and other adjustments to prior year discount	(13)	(18)
Effect of interest rate changes	(66)	36
Net reserve discount benefit (charge)	(79)	18
Change in discount on loss reserves ceded under retroactive reinsurance	0	0
Net change in total reserve discount	(79)	18
United Kingdom
Discounting of Reserves [Line Items]
Net reserve discount benefit (charge)	198		$ 163
Net change in total reserve discount	$ 35	$ (5)

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 14, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Issuances (in shares)		3,127,472
Preferred stock, par value (in dollars per share)		$ 5		$ 0
Preferred stock liquidation preference		$ 500		$ 0
Issuance of preferred stock		$ 485	$ 0
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)	20,000
Preferred stock, dividend rate (as a percent)	5.85%
Preferred stock, par value (in dollars per share)	$ 5
Preferred stock liquidation preference	$ 25,000
Issuance of preferred stock	$ 485
Series A Preferred Stock \| Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms		90 days
Preferred stock redemption price per share	$ 25,500
Series A Preferred Stock \| Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms		90 days
Preferred stock redemption price per share	$ 25,000
Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)	20,000,000
Preferred stock liquidation preference	$ 25
Depositary Shares \| Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share	25.5
Depositary Shares \| Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share	$ 25

EQUITY (Details - Shares Outstanding) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 29, 2019	Mar. 29, 2018	Mar. 31, 2019	Mar. 31, 2018	Feb. 13, 2019
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			(1,040,062,063)
Shares, beginning of year			1,906,671,492
Shares, beginning of year			866,609,429
Issuances (in shares)			3,127,472
Shares repurchased			0	(5,000,000)
Shares, end of period			(1,036,934,591)
Shares, end of period			1,906,671,492
Shares, end of period			869,736,901
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Dividend paid (in dollars per share)	$ 0.32	$ 0.32
Date of Shareholders of Record	Mar. 15, 2019	Mar. 15, 2018
Date Dividends Declared	Feb. 13, 2019	Feb. 08, 2018
Authorized amount of common Stock share repurchase					$ 1,500
Aggregate remaining authorization amount of common Stock share repurchase			$ 2,000
Payments for Repurchase of Common Stock			0	$ 298
Amount paid to purchase warrants			$ 0	$ 2
Common Stock Issued
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			1,906,671,492
Issuances (in shares)			0
Shares repurchased			0
Shares, end of period			1,906,671,492
Treasury Stock
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			(1,040,062,063)
Issuances (in shares)			3,127,472
Shares repurchased			0
Shares, end of period			(1,036,934,591)

EQUITY (Details - Rollforward of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	$ (1,413)	$ 5,465
Cumulative effect of change in accounting principle			$ (8)
Change in unrealized appreciation (depreciation) of investments	5,913	(4,994)
Change in deferred acquisition costs adjustment and other	(864)	664
Change in future policy benefits	(1,068)	741
Changes in foreign currency translation adjustments	188	172
Change in net actuarial gain (loss)	1	16
Change in prior service cost (credit)	(1)	(4)
Deferred tax asset (liability)	(622)	734
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	2
Other comprehensive income (loss)	3,547	(2,669)
Noncontrolling interests	6	0
Balance, end of period, net of tax	2,128	2,220
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative effect of change in accounting principle			(576)
Other comprehensive income (loss)	3,541	(2,669)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(38)	793
Cumulative effect of change in accounting principle			169
Change in unrealized appreciation (depreciation) of investments	849	(240)
Change in deferred acquisition costs adjustment and other	(8)	30
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	0	0
Change in net actuarial gain (loss)	0	0
Change in prior service cost (credit)	0	0
Deferred tax asset (liability)	(165)	60
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	676	(150)
Noncontrolling interests	0	0
Balance, end of period, net of tax	638	812
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	2,426	7,693
Cumulative effect of change in accounting principle			(285)
Change in unrealized appreciation (depreciation) of investments	5,064	(4,754)
Change in deferred acquisition costs adjustment and other	(856)	634
Change in future policy benefits	(1,068)	741
Changes in foreign currency translation adjustments	0	0
Change in net actuarial gain (loss)	0	0
Change in prior service cost (credit)	0	0
Deferred tax asset (liability)	(432)	671
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	2,708	(2,708)
Noncontrolling interests	5	0
Balance, end of period, net of tax	5,129	4,700
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(2,725)	(2,090)
Cumulative effect of change in accounting principle			(284)
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	188	172
Change in net actuarial gain (loss)	0	0
Change in prior service cost (credit)	0	0
Deferred tax asset (liability)	(24)	(14)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	164	158
Noncontrolling interests	1	0
Balance, end of period, net of tax	(2,562)	(2,216)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(1,086)	(931)
Cumulative effect of change in accounting principle			(183)
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	0	0
Change in net actuarial gain (loss)	1	16
Change in prior service cost (credit)	(1)	(4)
Deferred tax asset (liability)	(1)	17
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	(1)	29
Noncontrolling interests	0	0
Balance, end of period, net of tax	(1,087)	(1,085)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	10	0
Cumulative effect of change in accounting principle			$ 7
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	0	0
Change in net actuarial gain (loss)	0	0
Change in prior service cost (credit)	0	0
Deferred tax asset (liability)	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	2
Other comprehensive income (loss)	0	2
Noncontrolling interests	0	0
Balance, end of period, net of tax	$ 10	$ 9

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ 4,133	$ (3,417)
Less: Reclassification adjustments included in net income	(36)	(14)
Total other comprehensive income (loss), before income tax expense (benefit)	4,169	(3,403)
Less: Income tax expense (benefit)	622	(734)
Other comprehensive income (loss)	3,547	(2,669)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	841	(208)
Less: Reclassification adjustments included in net income	0	2
Total other comprehensive income (loss), before income tax expense (benefit)	841	(210)
Less: Income tax expense (benefit)	165	(60)
Other comprehensive income (loss)	676	(150)
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3,109	(3,386)
Less: Reclassification adjustments included in net income	(31)	(7)
Total other comprehensive income (loss), before income tax expense (benefit)	3,140	(3,379)
Less: Income tax expense (benefit)	432	(671)
Other comprehensive income (loss)	2,708	(2,708)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	188	172
Less: Reclassification adjustments included in net income	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	188	172
Less: Income tax expense (benefit)	24	14
Other comprehensive income (loss)	164	158
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(5)	3
Less: Reclassification adjustments included in net income	(5)	(9)
Total other comprehensive income (loss), before income tax expense (benefit)	0	12
Less: Income tax expense (benefit)	1	(17)
Other comprehensive income (loss)	(1)	29
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	2
Less: Reclassification adjustments included in net income	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	0	2
Less: Income tax expense (benefit)	0	0
Other comprehensive income (loss)	$ 0	$ 2

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	$ (363)	$ 68
Deferred acquisition costs adjustment	1,289	1,358
Future policy benefits	6,679	5,667
Total	(36)	(14)
Income from continuing operations before income tax expense (benefit)	1,154	1,227
Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income tax expense (benefit)	(36)	(14)
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	0	2
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	0	2
Deferred acquisition costs adjustment	0	0
Future policy benefits	0	0
Total	0	2
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(31)	(7)
Unrealized appreciation (depreciation) of all other investments \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	(31)	24
Deferred acquisition costs adjustment	0	(31)
Future policy benefits	0	0
Total	(31)	(7)
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(5)	(9)
Change in retirement plan liabilities adjustment \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(5)	(9)
Prior-Service Credit \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	0	0
Actuarial Gains (Losses) \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	$ (5)	$ (9)

EARNINGS PER SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator for EPS:
Income (Loss) from Continuing Operations	$ 937	$ 950
Less:
Net income from continuing operations attributable to noncontrolling interests	283	11
Net income (loss) attributable to AIG common shareholders from continuing operations	654	939
Loss from discontinued operations, net of income tax expense	0	(1)
Net income (loss) attributable to AIG common shareholders	$ 654	$ 938
Denominator for EPS:
Weighted average shares outstanding - basic	875,383,084	907,951,597
Dilutive shares	2,129,160	17,314,980
Weighted average shares outstanding - diluted	877,512,244	925,266,577
Basic:
Income from continuing operations	$ 0.75	$ 1.03
Income from discontinued operations	0	0
Net income (loss) attributable to AIG	0.75	1.03
Diluted:
Income from continuing operations	0.75	1.01
Income from discontinued operations	0	0
Net Income (loss) attributable to AIG	$ 0.75	$ 1.01
Number of shares, warrants, and options excluded from diluted shares outstanding because the effect would have been anti-dilutive	64,300,000	700,000

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost with respect to pensions and other postretirement benefits) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Pensions
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 8	$ 8
Interest cost	48	45
Expected return on assets	(62)	(78)
Amortization of prior service cost (credit)	0	1
Amortization of net (gain) loss	9	9
Net periodic benefit cost (credit)	3	(15)
Settlement charges	4	0
Net benefit cost (credit)	(1)	(15)
Pensions \| Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	44	41
Expected return on assets	(57)	(71)
Amortization of prior service cost (credit)	0	0
Amortization of net (gain) loss	8	7
Net periodic benefit cost (credit)	(3)	(21)
Settlement charges	0	0
Net benefit cost (credit)	(3)	(21)
Pensions \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	6	6
Interest cost	4	4
Expected return on assets	(5)	(7)
Amortization of prior service cost (credit)	0	1
Amortization of net (gain) loss	1	2
Net periodic benefit cost (credit)	6	6
Settlement charges	4	0
Net benefit cost (credit)	2	6
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	2	2
Expected return on assets	0	0
Amortization of prior service cost (credit)	0	0
Amortization of net (gain) loss	0	0
Net periodic benefit cost (credit)	2	2
Settlement charges	0	0
Net benefit cost (credit)	2	2
Postretirement Plans \| Domestic Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	2	2
Expected return on assets	0	0
Amortization of prior service cost (credit)	0	0
Amortization of net (gain) loss	0	0
Net periodic benefit cost (credit)	2	2
Settlement charges	0	0
Net benefit cost (credit)	2	2
Postretirement Plans \| Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	0	0
Expected return on assets	0	0
Amortization of prior service cost (credit)	0	0
Amortization of net (gain) loss	0	0
Net periodic benefit cost (credit)	0	0
Settlement charges	0	0
Net benefit cost (credit)	$ 0	$ 0

INCOME TAXES (Details - EFFECTIVE TAX RATE) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income (loss) from continuing operations before income tax expense (benefit)
Income from continuing operations before income tax expense	$ 1,154	$ 1,227
U.S.:
Income tax expense	217	277
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, pre-tax income (loss)
Income from continuing operations before income tax expense	1,154	1,227
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, tax expense/benefit
Income tax expense	217	$ 277
Valuation allowance
Increase (Decrease) in certain other valuation allowances associated with foreign jurisdictions	$ (38)
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, percentage of pre-tax income (loss)
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%
Adjustments:
Amounts attributable to continuing operations (as a percent)	18.80%	22.60%
Accounting for Uncertainty in Income Taxes
Unrecognized tax benefits, excluding interest and penalties	$ 4,700		$ 4,700
Unrecognized tax benefits, if recognized would not affect the effective tax rate	45		38
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	4,700		4,700
Unrecognized tax benefits, interest and penalties accrued	2,300		$ 2,200
Unrecognized tax benefits, interest net of the federal benefit (expense) and penalties	(58)	$ (54)
Decrease in Unrecognized Tax Benefits is Reasonably Possible in the next twelve months	$ 3,900

INCOME TAXES (Details - Assessment of Deferred Tax Asset (liabilities) Valuation Allowance) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Life Insurance Companies [Member]
Deferred Tax Assets, Liabilities [Line Items]
Deferred tax asset valuation allowance allocated to other comprehensive income	$ 290

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Balance Sheets) - USD ($)
$ in Millions

Mar. 31, 2019

Dec. 31, 2018

Mar. 31, 2018

Dec. 31, 2017

Assets:

$ 11,133

$ 9,674

313,730

304,535

324,863

314,209

2,565

2,873

$ 2,103

185,494

174,902

512,922

491,984

298,689

293,652

35,776

34,540

116,364

106,483

450,829

434,675

60,787

56,361

1,306

948

62,093

57,309

63,357

$ 65,708

512,922

491,984

AIG (As Guarantor)

Assets:

2,051

1,141

3,750

3,377

5,801

4,518

35,221

34,963

36,737

33,300

15,707

15,389

93,468

88,172

22,993

22,422

9,080

8,774

608

615

32,681

31,811

60,787

56,361

60,787

56,361

93,468

88,172

Validus Holdings, Ltd

Assets:

4,282

4,029

1,796

1,798

6,081

5,838

357

359

221

228

578

587

5,503

5,251

5,503

5,251

6,081

5,838

AIGLH

Assets:

29,312

26,321

126

124

29,441

26,454

643

133

144

776

787

28,665

25,667

28,665

25,667

29,441

26,454

Other Subsidiaries

Assets:

11,306

10,329

309,980

301,158

321,286

311,487

2,559

2,853

2,094

608

615

170,000

159,430

494,453

474,385

298,689

293,652

11,783

11,116

111,293

100,974

35,222

34,963

456,987

440,705

36,160

32,732

1,306

948

37,466

33,680

494,453

474,385

Assets:

Other assets | AIG (As Guarantor)

363

^[1]

343

221

^[1]

Assets:

Other assets | Validus Holdings, Ltd

Assets:

Other assets | AIGLH

Assets:

Other assets | Other Subsidiaries

Assets:

362

342

220

Assets:

Short-term investments | AIG (As Guarantor)

251

^[1]

142

Assets:

Short-term investments | Validus Holdings, Ltd

124

Assets:

Short-term investments | AIGLH

Assets:

Short-term investments | Other Subsidiaries

Assets:

Reclassification and Eliminations

243

Assets:

(2,226)

(1,798)

(2,226)

(1,798)

(35,829)

(35,578)

(70,331)

(63,650)

(2,135)

(1,839)

(110,521)

(102,865)

(4,363)

(3,637)

(35,830)

(35,578)

(40,193)

(39,215)

(70,328)

(63,650)

(70,328)

(63,650)

Reclassification and Eliminations | Other assets

(110,521)

$ (102,865)

Assets:

Reclassification and Eliminations | Short-term investments

Assets:

Condensed Financial Statements, Captions [Line Items]

$ 0

[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments .

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Income (Loss)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries	$ 0	$ 0
Other income	12,456	11,712
Total revenues	12,456	11,712
Expenses:
Interest expense	349	277
(Gains) losses on extinguishment of debt	(2)	4
Other expenses	10,955	10,204
Total benefits, losses and expenses	11,302	10,485
Income (loss) from continuing operations before income tax expense (benefit)	1,154	1,227
Income tax expense (benefit)	217	277
Income from continuing operations	937	950
Income (loss) from discontinued operations	0	(1)
Net income	937	949
Less:
Net income from continuing operations attributable to noncontrolling interests	283	11
Net Income (Loss) Attributable to Noncontrolling Interest	283	11
Net income (loss) attributable to AIG	654	938
AIG (As Guarantor)
Revenues:
Equity in earnings of consolidated subsidiaries	708	1,033
Other income	287	258
Total revenues	995	1,291
Expenses:
Interest expense	246	220
(Gains) losses on extinguishment of debt	0	0
Other expenses	188	152
Total benefits, losses and expenses	434	372
Income (loss) from continuing operations before income tax expense (benefit)	561	919
Income tax expense (benefit)	(94)	(19)
Income from continuing operations	655	938
Income (loss) from discontinued operations	(1)	0
Net income	654	938
Less:
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income (loss) attributable to AIG	654	938
Validus Holdings, Ltd
Revenues:
Equity in earnings of consolidated subsidiaries	207	0
Other income	1	0
Total revenues	208	0
Expenses:
Interest expense	0	0
(Gains) losses on extinguishment of debt	4	0
Other expenses	1	0
Total benefits, losses and expenses	5	0
Income (loss) from continuing operations before income tax expense (benefit)	203	0
Income tax expense (benefit)	0	0
Income from continuing operations	203	0
Income (loss) from discontinued operations	0	0
Net income	203	0
Less:
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income (loss) attributable to AIG	203	0
AIGLH
Revenues:
Equity in earnings of consolidated subsidiaries	700	722
Other income	0	0
Total revenues	700	722
Expenses:
Interest expense	13	12
(Gains) losses on extinguishment of debt	0	0
Other expenses	0	1
Total benefits, losses and expenses	13	13
Income (loss) from continuing operations before income tax expense (benefit)	687	709
Income tax expense (benefit)	(1)	3
Income from continuing operations	688	706
Income (loss) from discontinued operations	0	0
Net income	688	706
Less:
Net Income (Loss) Attributable to Noncontrolling Interest	0	0
Net income (loss) attributable to AIG	688	706
Other Subsidiaries
Revenues:
Equity in earnings of consolidated subsidiaries	0	0
Other income	12,208	11,512
Total revenues	12,208	11,512
Expenses:
Interest expense	94	48
(Gains) losses on extinguishment of debt	(6)	4
Other expenses	10,804	10,106
Total benefits, losses and expenses	10,892	10,158
Income (loss) from continuing operations before income tax expense (benefit)	1,316	1,354
Income tax expense (benefit)	312	293
Income from continuing operations	1,004	1,061
Income (loss) from discontinued operations	1	(1)
Net income	1,005	1,060
Less:
Net Income (Loss) Attributable to Noncontrolling Interest	283	11
Net income (loss) attributable to AIG	722	1,049
Reclassification and Eliminations
Revenues:
Equity in earnings of consolidated subsidiaries	(1,615)	(1,755)
Other income	(40)	(58)
Total revenues	(1,655)	(1,813)
Expenses:
Interest expense	(4)	(3)
(Gains) losses on extinguishment of debt	0	0
Other expenses	(38)	(55)
Total benefits, losses and expenses	(42)	(58)
Income (loss) from continuing operations before income tax expense (benefit)	(1,613)	(1,755)
Income tax expense (benefit)	0	0
Income from continuing operations	(1,613)	(1,755)
Income (loss) from discontinued operations	0	0
Net income	(1,613)	(1,755)
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0
Net income (loss) attributable to AIG	$ (1,613)	$ (1,755)

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Comprehensive Income (Loss)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net income	$ 937	$ 949
Other comprehensive income (loss)	3,547	(2,669)
Comprehensive income (loss)	4,484	(1,720)
Comprehensive income attributable to noncontrolling interests	289	11
Comprehensive income (loss) attributable to AIG	4,195	(1,731)
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income	654	938
Other comprehensive income (loss)	3,541	(2,669)
Comprehensive income (loss)	4,195	(1,731)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to AIG	4,195	(1,731)
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net income	203	0
Other comprehensive income (loss)	1	0
Comprehensive income (loss)	204	0
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to AIG	204	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net income	688	706
Other comprehensive income (loss)	5,308	4,950
Comprehensive income (loss)	5,996	5,656
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to AIG	5,996	5,656
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income	1,005	1,060
Other comprehensive income (loss)	9,175	14,655
Comprehensive income (loss)	10,180	15,715
Comprehensive income attributable to noncontrolling interests	289	11
Comprehensive income (loss) attributable to AIG	9,891	15,704
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income	(1,613)	(1,755)
Other comprehensive income (loss)	(14,478)	(19,605)
Comprehensive income (loss)	(16,091)	(21,360)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income (loss) attributable to AIG	$ (16,091)	$ (21,360)

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Cash Flows) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Mar. 31, 2019

Dec. 31, 2018

Mar. 31, 2018

Net cash provided by (used in) operating activities

$ (976)

$ (938)

14,340

14,471

(15,115)

(12,763)

Acquisition of businesses, net of cash and restricted cash acquired

(1,221)

(3,040)

Net cash provided by (used in) investing activities

(646)

(1,979)

(1,972)

1,449

3,039

(589)

(1,327)

485

(298)

(278)

(289)

1,697

1,361

Effect of exchange rate changes on cash and restricted cash

2,764

2,486

(179)

(366)

3,358

2,737

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

3,179

2,371

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

$ 2,565

$ 2,873

$ 2,103

3,179

2,371

3,179

3,358

2,371

Interest:

(315)

(357)

Taxes:

(50)

(28)

Condensed Financial Statements, Captions [Line Items]

AIG (As Guarantor)

Net cash provided by (used in) operating activities

318

864

1,322

(675)

(39)

(10)

422

Acquisition of businesses, net of cash and restricted cash acquired

(319)

153

(1,020)

(2,460)

Net cash provided by (used in) investing activities

(20)

(79)

(1,180)

(681)

596

2,472

(1,107)

485

(298)

(10)

(278)

(289)

(47)

(154)

Effect of exchange rate changes on cash and restricted cash

746

684

(116)

127

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

127

Interest:

(225)

(260)

(1)

Taxes:

(4)

(9)

Non-cash financing and investing activities:

194

403

Return of capital

2,706

Dividends received in the form of securities

486

Capital contributions

2,339

Non-cash consideration received from sale

Validus Holdings, Ltd

Condensed Financial Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(8)

Acquisition of businesses, net of cash and restricted cash acquired

Net cash provided by (used in) investing activities

Effect of exchange rate changes on cash and restricted cash

(8)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

Interest:

(11)

Taxes:

Condensed Financial Statements, Captions [Line Items]

AIGLH

Net cash provided by (used in) operating activities

480

362

Acquisition of businesses, net of cash and restricted cash acquired

Net cash provided by (used in) investing activities

(486)

(377)

Effect of exchange rate changes on cash and restricted cash

(486)

(377)

(6)

(15)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

Interest:

(23)

Taxes:

Condensed Financial Statements, Captions [Line Items]

Other Subsidiaries

Net cash provided by (used in) operating activities

(665)

(501)

13,840

15,830

(14,804)

(15,405)

(60)

Acquisition of businesses, net of cash and restricted cash acquired

(201)

(580)

Net cash provided by (used in) investing activities

(567)

(1,118)

(776)

853

567

(589)

(220)

(422)

(615)

(431)

2,063

1,362

Effect of exchange rate changes on cash and restricted cash

1,722

856

(49)

(363)

3,213

2,709

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

3,164

2,346

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

2,559

2,853

2,094

3,213

2,709

3,164

3,213

2,346

Interest:

(56)

(97)

Taxes:

(46)

(19)

(194)

(403)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Other assets | AIG (As Guarantor)

363

^[1]

343

221

^[1]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Other assets | Validus Holdings, Ltd

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Other assets | AIGLH

Other assets | Other Subsidiaries

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

362

342

220

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Short-term investments | AIG (As Guarantor)

251

^[1]

142

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Short-term investments | Validus Holdings, Ltd

124

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Short-term investments | AIGLH

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Short-term investments | Other Subsidiaries

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Reclassification and Eliminations

243

Condensed Financial Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(1,101)

(808)

(364)

(2,681)

364

2,681

(362)

Acquisition of businesses, net of cash and restricted cash acquired

319

(153)

Net cash provided by (used in) investing activities

319

(515)

362

1,101

808

(319)

153

Effect of exchange rate changes on cash and restricted cash

782

1,323

Change in cash of businesses held for sale

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Total cash and restricted cash shown in the Consolidated Statements of Cash Flows

$ 0

Interest:

Taxes:

Reclassification and Eliminations | Other assets

$ 0

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]

Reclassification and Eliminations | Short-term investments

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]