Policyholder contract deposits, portion measured at fair value

6,065

4,116

Other liabilities, portion measured at fair value

1,232

1,265

Long-term debt, portion measured at fair value

2,303

2,213

Assets:

232

^[1]

343

Assets:

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

$ 18

^[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	Jun. 30, 2019	Dec. 31, 2018
AIG shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 5.00	$ 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)	$ 2.50	$ 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	1,036,769,981	1,040,062,063

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Premiums	$ 7,430	$ 7,207	$ 15,500	$ 14,482
Policy fees	769	763	1,504	1,527
Net investment income	3,745	3,065	7,624	6,326
Net realized capital losses:
Total other-than-temporary impairments on available for sale securities	(24)	(28)	(104)	(103)
Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Other comprehensive loss	(6)	(8)	(9)	(20)
Net other-than-temporary impairments on available for sale securities recognized in net income	(30)	(36)	(113)	(123)
Other realized capital gains (losses)	434	201	71	269
Total net realized capital gain (losses)	404	165	(42)	146
Other income	213	431	431	862
Total revenues	12,561	11,631	25,017	23,343
Benefits, losses and expenses:
Policyholder benefits and losses incurred	5,802	5,505	12,481	11,172
Interest credited to policyholder account balances	967	935	1,907	1,851
Amortization of deferred policy acquisition costs	1,439	1,337	2,728	2,695
General operating and other expenses	2,140	2,323	4,193	4,594
Interest expense	360	299	709	576
(Gain) loss on extinguishment of debt	15	5	13	9
Net gain on sale of divested businesses	1	(25)	(5)	(33)
Total benefits, losses and expenses	10,724	10,379	22,026	20,864
Income from continuing operations before income tax expense	1,837	1,252	2,991	2,479
Income tax expense	446	321	663	598
Income from continuing operations	1,391	931	2,328	1,881
Loss from discontinued operations, net of income tax expense	(1)	0	(1)	(1)
Net income	1,390	931	2,327	1,880
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income attributable to AIG	1,109	937	1,763	1,875
Less: Dividends on preferred stock	7	0	7	0
Net income attributable to AIG common shareholders	$ 1,102	$ 937	$ 1,756	$ 1,875
Basic:
Income from continuing operations	$ 1.26	$ 1.04	$ 2.00	$ 2.07
Income from discontinued operations	0	0	0	0
Net income attributable to AIG	1.26	1.04	2.00	2.07
Diluted:
Income from continuing operations	1.24	1.02	1.99	2.04
Income from discontinued operations	0	0	0	0
Net income attributable to AIG	$ 1.24	$ 1.02	$ 1.99	$ 2.04
Weighted average shares outstanding:
Basic	876,382,884	903,215,488	875,885,588	905,566,733
Diluted	888,325,042	916,572,481	882,921,247	920,902,720

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 1,390	$ 931	$ 2,327	$ 1,880
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	82	(1,046)	758	(1,196)
Change in unrealized appreciation (depreciation) of all other investments	2,914	(756)	5,622	(3,464)
Change in foreign currency translation adjustments	(129)	(210)	35	(52)
Change in retirement plan liabilities adjustment	8	23	7	52
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2)	(1)	(2)	1
Other comprehensive income (loss)	2,873	(1,990)	6,420	(4,659)
Comprehensive income (loss)	4,263	(1,059)	8,747	(2,779)
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	$ 3,972	$ (1,053)	$ 8,167	$ (2,784)

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								$ (576)
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	187	(337)	0	0	0
Purchase of common stock	(646)	(646)	0	0	(646)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	1,880	1,875	0	0	0	0	1,875	0	5
Dividends on common stock	(575)	(575)	0	0	0	0	(575)	0	0
Other comprehensive income (loss)	(4,659)	(4,659)	0	0	0	0	0	(4,659)	0
Net increase due to acquisitions and consolidations	98	0	0	0	0	0	0	0	98
Contributions from noncontrolling interests	3	0	0	0	0	0	0	0	3
Distributions to noncontrolling interests	(27)	0	0	0	0	0	0	0	(27)
Other	173	178	0	0	2	183	(7)	0	(5)
Balance at Jun. 30, 2018	61,797	61,186	0	4,766	(48,052)	80,924	23,318	230	611
Cumulative effect of change in accounting principle, net of tax	(8)	(8)	0	0	0	0	568	(576)	0
Balance at Mar. 31, 2018	63,357	62,792	0	4,766	(47,706)	80,841	22,671	2,220	565
Common stock issued under stock plans	0	0	0	0	1	(1)	0	0	0
Purchase of common stock	(348)	(348)	0	0	(348)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	931	937	0	0	0	0	937	0	(6)
Dividends on common stock	(286)	(286)	0	0	0	0	(286)	0	0
Other comprehensive income (loss)	(1,990)	(1,990)	0	0	0	0	0	(1,990)	0
Net increase due to acquisitions and consolidations	62	0	0	0	0	0	0	0	62
Contributions from noncontrolling interests	(7)	0	0	0	0	0	0	0	(7)
Distributions to noncontrolling interests	(2)	0	0	0	0	0	0	0	(2)
Other	80	81	0	0	1	84	(4)	0	(1)
Balance at Jun. 30, 2018	61,797	61,186	0	4,766	(48,052)	80,924	23,318	230	611
Cumulative effect of change in accounting principle, net of tax	0	0	0	0	0	0	0	0	0
Balance at Dec. 31, 2018	57,309	56,361	0	4,766	(49,144)	81,268	20,884	(1,413)	948
Dividends on preferred stock	(7)	(7)	0	0	0	0	(7)	0	0
Balance at Mar. 31, 2019	62,093	60,787	485	4,766	(48,999)	81,148	21,259	2,128	1,306
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	(78)	(78)	0	0	153	(231)	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	2,327	1,763	0	0	0	0	1,763	0	564
Dividends on preferred stock	(7)	(7)	0	0	0	0	(7)	0	0
Dividends on common stock	(557)	(557)	0	0	0	0	(557)	0	0
Other comprehensive income (loss)	6,420	6,404	0	0	0	0	0	6,404	16
Current and deferred income taxes	0	0	0	0	0	0	0	0	0
Net increase due to acquisitions and consolidations	96	0	0	0	0	0	0	0	96
Contributions from noncontrolling interests	2	0	0	0	0	0	0	0	2
Distributions to noncontrolling interests	(69)	0	0	0	0	0	0	0	(69)
Other	177	168	0	0	0	174	(6)	0	9
Balance at Jun. 30, 2019	66,105	64,539	485	4,766	(48,991)	81,211	22,077	4,991	1,566
Balance at Mar. 31, 2019	62,093	60,787	485	4,766	(48,999)	81,148	21,259	2,128	1,306
Preferred stock issued	0	0	0	0	0	0	0	0	0
Common stock issued under stock plans	(1)	(1)	0	0	8	(9)	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	1,390	1,109	0	0	0	0	1,109	0	281
Dividends on common stock	(279)	(279)	0	0	0	0	(279)	0	0
Other comprehensive income (loss)	2,873	2,863	0	0	0	0	0	2,863	10
Current and deferred income taxes	1	1	0	0	0	1	0	0	0
Net increase due to acquisitions and consolidations	(12)	0	0	0	0	0	0	0	(12)
Contributions from noncontrolling interests	(10)	0	0	0	0	0	0	0	(10)
Distributions to noncontrolling interests	(10)	0	0	0	0	0	0	0	(10)
Other	67	66	0	0	0	71	(5)	0	1
Balance at Jun. 30, 2019	$ 66,105	$ 64,539	$ 485	$ 4,766	$ (48,991)	$ 81,211	$ 22,077	$ 4,991	$ 1,566

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 2,327	$ 1,880
Loss from discontinued operations	1	1
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets	(141)	(103)
Net gain on sale of divested businesses	(5)	(33)
(Gains) losses on extinguishment of debt	13	9
Unrealized losses in earnings - net	369	43
Equity in income from equity method investments, net of dividends or distributions	(62)	95
Depreciation and other amortization	2,657	2,784
Impairments of assets	167	209
Changes in operating assets and liabilities:
Insurance reserves	(1,057)	(745)
Premiums and other receivables and payables - net	22	13
Reinsurance assets and funds held under reinsurance treaties	(2,334)	(1,413)
Capitalization of deferred policy acquisition costs	(2,843)	(2,875)
Current and deferred income taxes - net	523	563
Other, net	(909)	(768)
Total adjustments	(3,600)	(2,221)
Net cash used in operating activities	(1,272)	(340)
Sales or distribution of:
Available for sale securities	12,765	12,233
Other securities	2,609	2,484
Other invested assets	1,931	2,306
Divested businesses, net	0	10
Maturities of fixed maturity securities available for sale	11,888	12,305
Principal payments received on and sales of mortgage and other loans receivable	2,474	1,836
Purchases of:
Available for sale securities	(27,219)	(21,000)
Other securities	(405)	(797)
Other invested assets	(1,423)	(1,542)
Mortgage and other loans receivable	(2,919)	(5,165)
Net change in short-term investments	(4,837)	(3,840)
Other, net	989	(300)
Net cash used in investing activities	(4,147)	(1,470)
Proceeds from (payments for)
Policyholder contract deposits	11,474	12,625
Policyholder contract withdrawals	(8,362)	(8,770)
Issuance of long-term debt	2,199	3,504
Repayments of long-term debt	(910)	(1,959)
Issuance of preferred stock	485	0
Purchase of common stock	0	(646)
Dividends paid on preferred stock	(7)	0
Dividends paid on common stock	(557)	(575)
Other, net	896	(2,756)
Net cash provided by financing activities	5,218	1,423
Effect of exchange rate changes on cash and restricted cash	28	30
Net decrease in cash and restricted cash	(173)	(357)
Cash and restricted cash at beginning of year	3,358	2,737
Cash and restricted cash at end of period	$ 3,185	$ 2,380

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

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

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

$ 2,935

$ 2,135

3,185

2,380

Cash paid during the period for:

Interest

684

664

Taxes

140

Non-cash investing/financing activities:

Interest credited to policyholder contract deposits included in financing activities

1,791

1,662

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

^[1]

232

227

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

^[1]

$ 18

[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

6 Months Ended

Jun. 30, 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 June 30, 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

6 Months Ended

Jun. 30, 2019

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

6 Months Ended

Jun. 30, 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 June 30,	2019				2018
				Adjusted				Adjusted
		Total		Pre-tax		Total		Pre-tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	4,025	$	718	$	3,426	$	407
International		3,502		262		3,801		161
Total General Insurance		7,527		980		7,227		568
Life and Retirement
Individual Retirement		1,466		588		1,366		462
Group Retirement		790		293		730		250
Life Insurance		1,154		86		1,092		175
Institutional Markets		418		82		277		75
Total Life and Retirement		3,828		1,049		3,465		962
Other Operations		211		(415)		169		(374)
Legacy Portfolio		740		119		781		134
AIG Consolidation and elimination		(146)		(56)		(110)		(12)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		12,160		1,677		11,532		1,278
Reconciling items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		84		75		(27)		(36)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		(73)		-		1
Changes in the fair value of equity securities		(22)		(22)		-		-
Professional fees related to regulatory or accounting changes		-		(2)		-		-
Other income (expense) - net		4		-		(14)		-
Loss on extinguishment of debt		-		(15)		-		(5)
Net realized capital gains^*		335		351		139		155
Income (loss) from divested businesses		-		(1)		-		25
Non-operating litigation reserves and settlements		-		-		1		(12)
Favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		125		-		32
Net loss reserve discount benefit (charge)		-		(212)		-		14
Integration and transaction costs associated with acquired businesses		-		(6)		-		-
Restructuring and other costs		-		(60)		-		(200)
Revenues and Pre-tax income	$	12,561	$	1,837	$	11,631	$	1,252

Six Months Ended June 30,	2019				2018
				Adjusted				Adjusted
		Total		Pre-Tax		Total		Pre-Tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	8,123	$	1,652	$	6,766	$	727
International		7,206		596		7,905		351
Total General Insurance		15,329		2,248		14,671		1,078
Life and Retirement
Individual Retirement		2,817		1,096		2,727		961
Group Retirement		1,499		525		1,491		532
Life Insurance		2,227		202		2,153		227
Institutional Markets		1,489		150		554		134
Total Life and Retirement		8,032		1,973		6,925		1,854
Other Operations		414		(802)		319		(716)
Legacy Portfolio		1,446		231		1,617		279
AIG Consolidation and elimination		(307)		(126)		(172)		(1)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		24,914		3,524		23,360		2,494
Reconciling items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		189		171		(104)		(113)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		26		-		(30)
Changes in the fair value of equity securities		57		57		-		-
Professional fees related to regulatory or accounting changes		-		(2)		-		-
Other income (expense) - net		11		-		(25)		-
Loss on extinguishment of debt		-		(13)		-		(9)
Net realized capital gains (losses)^*		(154)		(123)		110		136
Income from divested businesses		-		5		-		33
Non-operating litigation reserves and settlements		-		(1)		2		(25)
(Unfavorable) favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		152		-		(2)
Net loss reserve discount benefit (charge)		-		(685)		-		219
Integration and transaction costs associated with acquired businesses		-		(13)		-		-
Restructuring and other costs		-		(107)		-		(224)
Revenues and Pre-tax income	$	25,017	$	2,991	$	23,343	$	2,479

*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

6 Months Ended

Jun. 30, 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 $125 million at June 30, 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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018*		2019		2018*
Total revenues	$	12,561	$	12,300	$	25,017	$	24,542
Net income		1,390		884		2,327		1,835
Net income attributable to AIG common shareholders		1,102		890		1,756		1,830

Income per common share attributable to AIG common shareholders:
Basic:
Net income attributable to AIG common shareholders		1.26		0.99		2.00		2.02
Diluted:
Net income attributable to AIG common shareholders		1.24		0.97		1.99		1.99

*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

6 Months Ended

Jun. 30, 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:

June 30, 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	$	105	$	4,123	$	-	$	-	$	-	$	4,228
Obligations of states, municipalities and political subdivisions		-		13,784		2,162		-		-		15,946
Non-U.S. governments		75		15,323		2		-		-		15,400
Corporate debt		-		142,739		1,821		-		-		144,560
RMBS		-		19,313		13,863		-		-		33,176
CMBS		-		12,521		1,103		-		-		13,624
CDO/ABS		-		9,565		9,062		-		-		18,627
Total bonds available for sale		180		217,368		28,013		-		-		245,561
Other bond securities:
U.S. government and government sponsored entities		22		2,177		-		-		-		2,199
Non-U.S. governments		-		56		-		-		-		56
Corporate debt		-		1,798		-		-		-		1,798
RMBS		-		494		830		-		-		1,324
CMBS		-		330		88		-		-		418
CDO/ABS		-		516		4,150		-		-		4,666
Total other bond securities		22		5,371		5,068		-		-		10,461
Equity securities		829		16		35		-		-		880
Other invested assets^(b)		-		71		605		-		-		676
Derivative assets:
Interest rate contracts		-		3,275		-		-		-		3,275
Foreign exchange contracts		-		1,262		4		-		-		1,266
Equity contracts		77		548		118		-		-		743
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		13		-		-		13
Counterparty netting and cash collateral		-		-		-		(2,080)		(2,315)		(4,395)
Total derivative assets		77		5,085		136		(2,080)		(2,315)		903
Short-term investments		2,368		3,082		-		-		-		5,450
Separate account assets		85,803		4,508		-		-		-		90,311
Other assets		-		-		61		-		-		61
Total	$	89,279	$	235,501	$	33,918	$	(2,080)	$	(2,315)	$	354,303
Liabilities:
Policyholder contract deposits	$	-	$	-	$	6,065	$	-	$	-	$	6,065
Derivative liabilities:
Interest rate contracts		2		2,277		16		-		-		2,295
Foreign exchange contracts		-		960		-		-		-		960
Equity contracts		19		23		5		-		-		47
Credit contracts		-		21		174		-		-		195
Other contracts		-		-		6		-		-		6
Counterparty netting and cash collateral		-		-		-		(2,080)		(303)		(2,383)
Total derivative liabilities		21		3,281		201		(2,080)		(303)		1,120
Long-term debt		-		2,303		-		-		-		2,303
Other liabilities		90		22		-		-		-		112
Total	$	111	$	5,606	$	6,266	$	(2,080)	$	(303)	$	9,600

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 $5.2 billion and $5.0 billion as of June 30, 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.

There were no transfers of securities issued by non-U.S. government entities or securities issued by the U.S. government and government sponsored entities from Level 1 to Level 2 in the three-month period ended June 30, 2019. During the six-month period ended June 30, 2019, we transferred $62 million 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 six-month period ended June 30, 2019, we transferred $51 million 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- and six-month periods ended June 30, 2019.

There were no transfers of securities issued by non-U.S. government entities from Level 1 to Level 2 in the three-month period ended June 30, 2018. During the six-month period ended June 30, 2018, we transferred $16 million of securities issued by non-U.S. government entities from Level 1 to Level 2, because they were no longer considered actively traded. For similar reasons, during the three- and six-month periods ended June 30, 2018, we transferred $490 million and $681 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- and six-month periods ended June 30, 2018.

Changes in Level 3 Recurring Fair Value Measurements

The following tables present changes during the three- and six-month periods ended June 30, 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 June 30, 2019 and 2018:

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,136	$	-	$	105	$	62	$	6	$	(147)	$	2,162	$	-
Non-U.S. governments		3		(1)		-		-		-		-		2		-
Corporate debt		1,532		29		43		(99)		389		(73)		1,821		-
RMBS		14,045		182		137		(404)		44		(141)		13,863		-
CMBS		892		5		13		150		58		(15)		1,103		-
CDO/ABS		8,840		8		113		104		4		(7)		9,062		-
Total bonds available for sale		27,448		223		411		(187)		501		(383)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,266		43		-		(479)		-		-		830		(19)
CMBS		84		-		-		14		-		(10)		88		1
CDO/ABS		4,249		116		-		(214)		-		(1)		4,150		76
Total other bond securities		5,599		159		-		(679)		-		(11)		5,068		58
Equity securities		26		-		-		9		-		-		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		591		18		1		(5)		-		-		605		18
Other assets		59		-		-		2		-		-		61		-
Total	$	33,723	$	400	$	412	$	(860)	$	501	$	(394)	$	33,782	$	79
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,878	$	970	$	-	$	217	$	-	$	-	$	6,065	$	(832)
Derivative liabilities, net:
Interest rate contracts		15		2		-		(1)		-		-		16		(2)
Foreign exchange contracts		(1)		(5)		-		2		-		-		(4)		4
Equity contracts		(96)		(4)		-		(13)		-		-		(113)		4
Credit contracts		222		(24)		-		(25)		-		-		173		23
Other contracts		(8)		(16)		-		17		-		-		(7)		18
Total derivative liabilities, net^(a)		132		(47)		-		(20)		-		-		65		47
Total	$	5,010	$	923	$	-	$	197	$	-	$	-	$	6,130	$	(785)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	202	$	86	$	35	$	(160)	$	2,162	$	-
Non-U.S. governments		11		(1)		-		(4)		-		(4)		2		-
Corporate debt		864		26		81		(65)		1,043		(128)		1,821		-
RMBS		14,199		409		161		(816)		67		(157)		13,863		-
CMBS		917		6		30		296		58		(204)		1,103		-
CDO/ABS		9,102		12		167		59		96		(374)		9,062		-
Total bonds available for sale		27,093		451		641		(444)		1,299		(1,027)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		60		-		(520)		-		-		830		(19)
CMBS		77		4		-		17		-		(10)		88		4
CDO/ABS		4,478		184		-		(415)		-		(97)		4,150		100
Total other bond securities		5,845		248		-		(918)		-		(107)		5,068		85
Equity securities		27		-		-		9		-		(1)		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		18		1		(1)		-		-		605		19
Other assets		58		-		-		3		-		-		61		-
Total	$	33,610	$	717	$	642	$	(1,351)	$	1,299	$	(1,135)	$	33,782	$	107
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	1,539	$	-	$	410	$	-	$	-	$	6,065	$	(1,352)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(2)		-		-		16		(3)
Foreign exchange contracts		(5)		(10)		-		11		-		-		(4)		4
Equity contracts		(75)		(20)		-		(18)		-		-		(113)		32
Credit contracts		227		(27)		-		(27)		-		-		173		27
Other contracts		(9)		(33)		-		35		-		-		(7)		35
Total derivative liabilities, net^(a)		153		(87)		-		(1)		-		-		65		95
Total	$	4,269	$	1,452	$	-	$	409	$	-	$	-	$	6,130	$	(1,257)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,261	$	-	$	(40)	$	(29)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		9		(1)		2		(5)		-		(5)		-		-
Corporate debt		1,871		(8)		(7)		(394)		3		(581)		884		-
RMBS		15,839		153		(5)		(616)		8		(2)		15,377		-
CMBS		584		(2)		(4)		(7)		47		(13)		605		-
CDO/ABS		7,846		8		3		56		-		(1,057)		6,856		-
Total bonds available for sale		28,410		150		(51)		(995)		58		(1,794)		25,778		-
Other bond securities:
Corporate debt		19		(1)		-		-		-		-		18		-
RMBS		1,427		16		-		(105)		-		-		1,338		151
CMBS		73		(2)		-		-		-		-		71		4
CDO/ABS		4,776		118		-		(253)		-		-		4,641		204
Total other bond securities		6,295		131		-		(358)		-		-		6,068		359
Equity securities		3		(3)		-		-		-		-		-		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		292		29		-		78		-		-		399		-
Total	$	35,000	$	307	$	(51)	$	(1,275)	$	58	$	(1,794)	$	32,245	$	359
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	3,696	$	(238)	$	-	$	76	$	-	$	-	$	3,534	$	298
Derivative liabilities, net:
Interest rate contracts		17		(1)		-		(2)		-		-		14		1
Foreign exchange contracts		1		6		-		(2)		-		-		5		(4)
Equity contracts		(78)		5		-		(8)		-		2		(79)		(5)
Credit contracts		250		(4)		-		-		-		-		246		3
Other contracts		(12)		(15)		-		17		-		-		(10)		18
Total derivative liabilities, net^(a)		178		(9)		-		5		-		2		176		13
Total	$	3,874	$	(247)	$	-	$	81	$	-	$	2	$	3,710	$	311

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,404	$	1	$	(115)	$	(98)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		8		(5)		6		(4)		-		(5)		-		-
Corporate debt		1,173		(65)		3		(146)		568		(649)		884		-
RMBS		16,136		419		-		(1,152)		8		(34)		15,377		-
CMBS		624		4		(21)		(30)		47		(19)		605		-
CDO/ABS		8,651		16		(85)		(654)		-		(1,072)		6,856		-
Total bonds available for sale		28,996		370		(212)		(2,084)		623		(1,915)		25,778		-
Other bond securities:
Corporate debt		18		-		-		-		-		-		18		1
RMBS		1,464		55		-		(181)		-		-		1,338		153
CMBS		74		(3)		-		(1)		1		-		71		4
CDO/ABS		4,956		207		-		(513)		-		(9)		4,641		208
Total other bond securities		6,512		259		-		(695)		1		(9)		6,068		366
Equity securities		-		(3)		-		3		-		-		-		-
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		52		1		96		-		-		399		25
Total	$	35,763	$	678	$	(211)	$	(2,685)	$	624	$	(1,924)	$	32,245	$	391
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(744)	$	-	$	142	$	-	$	-	$	3,534	$	902
Derivative liabilities, net:
Interest rate contracts		22		(4)		-		(4)		-		-		14		4
Foreign exchange contracts		-		(4)		-		9		-		-		5		(3)
Equity contracts		(82)		9		-		(8)		-		2		(79)		(9)
Credit contracts		262		(14)		-		(2)		-		-		246		13
Other contracts		(15)		(32)		-		37		-		-		(10)		35
Total derivative liabilities, net^(a)		187		(45)		-		32		-		2		176		40
Total	$	4,323	$	(789)	$	-	$	174	$	-	$	2	$	3,710	$	942

(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 June 30, 2019
Assets:
Bonds available for sale	$	245	$	(22)	$	-	$	223
Other bond securities		109		50		-		159
Equity securities		-		-		-		-
Other invested assets		18		-		-		18
Six Months Ended June 30, 2019
Assets:
Bonds available for sale	$	487	$	(36)	$	-	$	451
Other bond securities		196		52		-		248
Equity securities		-		-		-		-
Other invested assets		18		-		-		18
Three Months Ended June 30, 2018
Assets:
Bonds available for sale	$	200	$	(50)	$	-	$	150
Other bond securities		34		-		97		131
Equity securities		(3)		-		-		(3)
Other invested assets		32		-		(3)		29
Six Months Ended June 30, 2018
Assets:
Bonds available for sale	$	482	$	(112)	$	-	$	370
Other bond securities		57		(4)		206		259
Equity securities		(3)		-		-		(3)
Other invested assets		57		-		(5)		52

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
Three Months Ended June 30, 2019
Liabilities:
Policyholder contract deposits	$	-	$	970	$	-	$	970
Derivative liabilities, net		-		(29)		(18)		(47)
Six Months Ended June 30, 2019
Liabilities:
Policyholder contract deposits	$	-	$	1,539	$	-	$	1,539
Derivative liabilities, net		-		(53)		(34)		(87)
Three Months Ended June 30, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(238)	$	-	$	(238)
Derivative liabilities, net		-		(3)		(6)		(9)
Six Months Ended June 30, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(744)	$	-	$	(744)
Derivative liabilities, net		-		(2)		(43)		(45)

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and six-month periods ended June 30, 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 June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	87	$	(1)	$	(24)	$	62
Non-U.S. governments		-		-		-		-
Corporate debt		8		(1)		(106)		(99)
RMBS		300		-		(704)		(404)
CMBS		179		-		(29)		150
CDO/ABS		972		(154)		(714)		104
Total bonds available for sale		1,546		(156)		(1,577)		(187)
Other bond securities:
RMBS		-		(437)		(42)		(479)
CMBS		14		-		-		14
CDO/ABS		-		-		(214)		(214)
Total other bond securities		14		(437)		(256)		(679)
Equity securities		9		-		-		9
Mortgage and other loans receivable		-		-		-		-
Other invested assets		39		-		(44)		(5)
Other assets		-		-		2		2
Total assets	$	1,608	$	(593)	$	(1,875)	$	(860)
Liabilities:
Policyholder contract deposits	$	-	$	203	$	14	$	217
Derivative liabilities, net		(9)		-		(11)		(20)
Total liabilities	$	(9)	$	203	$	3	$	197
Three Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	9	$	-	$	(38)	$	(29)
Non-U.S. governments		-		-		(5)		(5)
Corporate debt		1		(213)		(182)		(394)
RMBS		274		(5)		(885)		(616)
CMBS		-		-		(7)		(7)
CDO/ABS		475		(62)		(357)		56
Total bonds available for sale		759		(280)		(1,474)		(995)
Other bond securities:
RMBS		-		(29)		(76)		(105)
CMBS		-		-		-		-
CDO/ABS		-		-		(253)		(253)
Total other bond securities		-		(29)		(329)		(358)
Equity securities		-		-		-		-
Mortgage and other loans receivable		-		-		-		-
Other invested assets		131		(29)		(24)		78
Total assets	$	890	$	(338)	$	(1,827)	$	(1,275)
Liabilities:
Policyholder contract deposits	$	-	$	131	$	(55)	$	76
Derivative liabilities, net		(12)		-		17		5
Total liabilities	$	(12)	$	131	$	(38)	$	81

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
Six Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	134	$	(16)	$	(32)	$	86
Non-U.S. governments		-		-		(4)		(4)
Corporate debt		57		(1)		(121)		(65)
RMBS		607		(26)		(1,397)		(816)
CMBS		363		-		(67)		296
CDO/ABS		1,170		(310)		(801)		59
Total bonds available for sale		2,331		(353)		(2,422)		(444)
Other bond securities:
RMBS		-		(437)		(83)		(520)
CMBS		18		-		(1)		17
CDO/ABS		-		-		(415)		(415)
Total other bond securities		18		(437)		(499)		(918)
Equity securities		9		-		-		9
Mortgage and other loans receivable		-		-		-		-
Other invested assets		43		-		(44)		(1)
Other assets		-		-		3		3
Total assets	$	2,401	$	(790)	$	(2,962)	$	(1,351)
Liabilities:
Policyholder contract deposits	$	-	$	376	$	34	$	410
Derivative liabilities, net		(22)		-		21		(1)
Total liabilities	$	(22)	$	376	$	55	$	409
Six Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	24	$	-	$	(122)	$	(98)
Non-U.S. governments		2		-		(6)		(4)
Corporate debt		255		(216)		(185)		(146)
RMBS		507		(10)		(1,649)		(1,152)
CMBS		12		-		(42)		(30)
CDO/ABS		970		(913)		(711)		(654)
Total bonds available for sale		1,770		(1,139)		(2,715)		(2,084)
Other bond securities:
RMBS		1		(34)		(148)		(181)
CMBS		-		-		(1)		(1)
CDO/ABS		-		(4)		(509)		(513)
Total other bond securities		1		(38)		(658)		(695)
Equity securities		3		-		-		3
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		153		(29)		(28)		96
Total assets	$	1,927	$	(1,211)	$	(3,401)	$	(2,685)
Liabilities:
Policyholder contract deposits	$	-	$	243	$	(101)	$	142
Derivative liabilities, net		(19)		-		51		32
Total liabilities	$	(19)	$	243	$	(50)	$	174

(a)There were no issuances during the three- and six-month periods ended June 30, 2019 and 2018.

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 June 30, 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 $15 million of net gains and $40 million of net losses related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2019, respectively, and includes $5 million and $4 million of net gains related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2019, respectively.

The Net realized and unrealized gains (losses) included in income or Other comprehensive income (loss) as shown in the table above excludes $24 million of net gains related to assets and liabilities transferred into Level 3 during the six-month period ended June 30, 2018 and includes $22 million of net losses related to assets and liabilities transferred out of Level 3 in both the three- and six-month periods ended June 30, 2018.

Transfers of Level 3 Assets

During the three- and six-month periods ended June 30, 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 diminished market transparency and liquidity for individual security types.

During the three- and six-month periods ended June 30, 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- and six-month periods ended June 30, 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
	June 30,		Valuation		Range
(in millions)	2019		Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,631	Discounted cash flow	Yield	3.27% - 4.22% (3.74%)

Corporate debt		1,166	Discounted cash flow	Yield	3.34% - 8.21% (5.78%)

RMBS^(a)		12,792	Discounted cash flow	Constant prepayment rate	3.62% - 12.16% (7.89%)
				Loss severity	37.29% - 75.60% (56.44%)
				Constant default rate	1.84% - 6.75% (4.29%)
				Yield	2.50% - 4.53% (3.52%)

CDO/ABS^(a)		5,969	Discounted cash flow	Yield	2.85% - 4.49% (3.67%)

CMBS		510	Discounted cash flow	Yield	2.91% - 5.09% (4.00%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

Guaranteed minimum withdrawal benefits (GMWB)		2,563	Discounted cash flow	Equity volatility	6.15% - 48.75%
				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		2,973	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 4.00%

Indexed Life		504	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				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.

(c)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

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.

		June 30, 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	$	1,063	$	1,435	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		235		276		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		100		129		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		373		77		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		349		239		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		570		269		514		307
Total private equity funds			2,690		2,425		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		778		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		736		-		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		847		-		887		-

Distressed	Securities of companies that are in default, under bankruptcy protection or troubled		1		-		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		158		1		158		1
Total hedge funds			2,520		1		2,716		9
Total		$	5,210	$	2,426	$	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 June 30, 2019, assuming average original expected lives of 10 years for the funds, 18 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, 40 percent between four and six years and 42 percent between seven and 10 years.

The hedge fund investments included above, which are carried at fair value, are generally redeemable monthly (38 percent), quarterly (26 percent), semi-annually (11 percent) and annually (25 percent), with redemption notices ranging from one day to 180 days. At June 30, 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:

	Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
	Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
(in millions)		2019		2018		2019		2018
Assets:
Bond and equity securities	$	283	$	129	$	638	$	152
Alternative investments^(a)		151		96		381		224
Liabilities:
Long-term debt^(b)		(93)		16		(153)		68
Total gain	$	341	$	241	$	866	$	444

(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:

	June 30, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,303	$	1,703	$	600	$	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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3			Total		2019		2018		2019		2018
June 30, 2019
Other investments	$	-	$	-	$	259	$	259	$	17	$	61	$	58	$	89
Other assets		-		-		1		1		9		1		17		1
Total	$	-	$	-	$	260	$	260	$	26	$	62	$	75	$	90
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
June 30, 2019
Assets:
Mortgage and other loans receivable	$	-	$	104	$	45,314	$	45,418	$	43,556
Other invested assets		-		670		6		676		677
Short-term investments		-		9,566		-		9,566		9,566
Cash		2,935		-		-		2,935		2,935
Other assets		213		19		-		232		232
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		342		129,787		130,129		124,133
Other liabilities		-		2,394		-		2,394		2,394
Long-term debt		-		26,782		8,940		35,722		33,988
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

6 Months Ended

Jun. 30, 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)
June 30, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	3,978	$	253	$	(3)	$	4,228	$	-
Obligations of states, municipalities and political subdivisions		14,600		1,365		(19)		15,946		-
Non-U.S. governments		14,690		800		(90)		15,400		-
Corporate debt		135,357		10,030		(827)		144,560		4
Mortgage-backed, asset-backed and collateralized:
RMBS		30,064		3,199		(87)		33,176		1,238
CMBS		13,074		579		(29)		13,624		31
CDO/ABS		18,299		413		(85)		18,627		18
Total mortgage-backed, asset-backed and collateralized		61,437		4,191		(201)		65,427		1,287
Total bonds available for sale^(b)	$	230,062	$	16,639	$	(1,140)	$	245,561	$	1,291
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 both June 30, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $28.8 billion.

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
June 30, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	219	$	1	$	267	$	2	$	486	$	3
Obligations of states, municipalities and political
subdivisions		63		1		492		18		555		19
Non-U.S. governments		1,112		34		805		56		1,917		90
Corporate debt		9,361		477		8,162		350		17,523		827
RMBS		3,483		35		2,578		52		6,061		87
CMBS		724		7		960		22		1,684		29
CDO/ABS		5,438		54		2,123		31		7,561		85
Total bonds available for sale	$	20,400	$	609	$	15,387	$	531	$	35,787	$	1,140
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 June 30, 2019, we held 6,332 individual fixed maturity securities that were in an unrealized loss position, of which 2,452 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 June 30, 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
June 30, 2019
Due in one year or less	$	11,150	$	11,362	$	1,918	$	1,890
Due after one year through five years		45,645		46,989		6,616		6,393
Due after five years through ten years		42,945		45,229		5,914		5,728
Due after ten years		68,885		76,554		6,972		6,470
Mortgage-backed, asset-backed and collateralized		61,437		65,427		15,507		15,306
Total	$	230,062	$	245,561	$	36,927	$	35,787
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 June 30,								Six Months Ended June 30,
		2019				2018			2019					2018
		Gross		Gross		Gross		Gross		Gross		Gross		Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses		Gains		Losses		Gains		Losses
Fixed maturity securities	$	173	$	86	$	100	$	113	$	266	$	210	$	170	$	173
Equity securities		-		-		-		-		-		-		16		-
Total	$	173	$	86	$	100	$	113	$	266	$	210	$	186	$	173

For the three- and six-month periods ended June 30, 2019, the aggregate fair value of available for sale securities sold was $6.4 billion and $12.8 billion, respectively, which resulted in net realized capital gains of $87 million and $56 million, respectively.

For the three- and six-month periods ended June 30, 2018, the aggregate fair value of available for sale securities sold was $6.6 billion and $12.1 billion, respectively, which resulted in net realized capital gains (losses) of $(13) million and $13 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:

		June 30, 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	$	2,199	19	%	$	2,665	21	%
Non-U.S. governments		56	-			45	-
Corporate debt		1,798	16			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		1,324	12			1,714	14
CMBS		418	4			388	3
CDO/ABS and other collateralized^*		4,666	41			4,932	39
Total mortgage-backed, asset-backed and collateralized		6,408	57			7,034	56
Total fixed maturity securities		10,461	92			11,415	90
Equity securities		880	8			1,253	10
Total	$	11,341	100	%	$	12,668	100	%

*Includes $159 million and $178 million of U.S. government agency-backed ABS at June 30, 2019 and December 31, 2018, respectively.

Other Invested Assets

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

		June 30,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,760	$	8,966
Investment real estate^(c)		9,287		8,935
All other investments		1,407		1,440
Total	$	19,454	$	19,341

(a)At June 30, 2019, included hedge funds of $3.9 billion, private equity funds of $4.6 billion and affordable housing partnerships of $344 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 June 30, 2019, approximately 67 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 33 percent will be available for redemption between 2020 and 2027.

(c)Net of accumulated depreciation of $684 million and $598 million at June 30, 2019 and December 31, 2018, respectively.

Net Investment Income

The following table presents the components of Net investment income:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Available for sale fixed maturity securities, including short-term investments	$	2,701	$	2,536	$	5,354	$	5,146
Other fixed maturity securities		281		(10)		608		(31)
Equity securities		(22)		3		57		(29)
Interest on mortgage and other loans		518		447		1,016		897
Alternative investments^(a)		345		171		764		508
Real estate		62		30		131		61
Other investments		(8)		14		(60)		24
Total investment income		3,877		3,191		7,870		6,576
Investment expenses		132		126		246		250
Net investment income	$	3,745	$	3,065	$	7,624	$	6,326

(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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Sales of fixed maturity securities	$	87	$	(13)	$	56	$	(3)
Sales of equity securities		-		-		-		16
Other-than-temporary impairments:
Change in intent		-		-		(3)		(49)
Foreign currency declines		(3)		(6)		(9)		(12)
Issuer-specific credit events		(25)		(30)		(96)		(62)
Adverse projected cash flows		(2)		-		(5)		-
Provision for loan losses		14		(26)		(10)		(50)
Foreign exchange transactions		(2)		(187)		(39)		(134)
Variable annuity embedded derivatives, net of related hedges		(40)		36		(301)		183
All other derivatives and hedge accounting		207		375		135		150
Other		168		16		230		107
Net realized capital gains (losses)	$	404	$	165	$	(42)	$	146

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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	5,906	$	(2,969)	$	11,888	$	(7,938)
Other investments		1		(3)		(68)		(28)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	5,907	$	(2,972)	$	11,820	$	(7,966)

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:

Three Months Ended June 30,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the period on equity securities	$	(22)	$	271	$	249	$	3	$	122	$	125
Less: Net gains and losses recognized during the period on equity
securities sold during the period		(7)		146		139		14		28		42
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	(15)	$	125	$	110	$	(11)	$	94	$	83

Six Months Ended June 30,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the period on equity securities	$	57	$	510	$	567	$	(28)	$	314	$	286
Less: Net gains and losses recognized during the period on equity
securities sold during the period		12		156		168		6		27		33
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	45	$	354	$	399	$	(34)	$	287	$	253

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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Balance, beginning of period	$	53	$	358	$	-	$	526
Increases due to:
Credit impairments on new securities subject to impairment losses		27		3		95		17
Additional credit impairments on previously impaired securities		-		28		6		45
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(38)		(80)		(59)		(131)
Accretion on securities previously impaired due to credit^*		(8)		(121)		(8)		(269)
Balance, end of period	$	34	$	188	$	34	$	188

*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)	$	36,306
Cash flows expected to be collected^*		29,786
Recorded investment in acquired securities		20,097

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

(in millions)	June 30, 2019		December 31, 2018
Outstanding principal balance	$	11,576	$	12,495
Amortized cost		7,879		8,646
Fair value		9,639		10,280

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Balance, beginning of period	$	6,801	$	7,601	$	7,210	$	7,501
Newly purchased PCI securities		1		4		13		27
Accretion		(151)		(190)		(323)		(377)
Effect of changes in interest rate indices		(266)		(32)		(400)		174
Net reclassification from (to) non-accretable difference,
including effects of prepayments		17		78		(98)		136
Balance, end of period	$	6,402	$	7,461	$	6,402	$	7,461

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)		June 30, 2019		December 31, 2018
Fixed maturity securities available for sale	$	2,216	$	1,050
Other bond securities, at fair value	$	122	$	122

At June 30, 2019 and December 31, 2018, amounts borrowed under repurchase and securities lending agreements totaled $2.4 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 to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
June 30, 2019
Bonds available for sale:
Non-U.S. governments	$	57	$	11	$	-	$	-	$	-	$	68
Corporate debt		56		189		5		-		-		250
Other bond securities:
U.S. government and government sponsored entities		22		-		-		-		-		22
Non-U.S. governments		-		-		3		-		-		3
Corporate debt		-		33		64		-		-		97
Total	$	135	$	233	$	72	$	-	$	-	$	440

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 to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
June 30, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	-	$	-	$	-	$	-
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		444		707		747		-		1,898
Total	$	-	$	444	$	707	$	747	$	-	$	1,898

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)		June 30, 2019		December 31, 2018
Securities collateral pledged to us	$	2,587	$	426
Amount sold or repledged by us		121		106

At June 30, 2019 and December 31, 2018, amounts loaned under reverse repurchase agreements totaled $2.7 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 June 30, 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 $191 million and $202 million of stock in FHLBs at June 30, 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 June 30, 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 $1.5 billion and $1.6 billion at June 30, 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 $285 million and $273 million, comprised of bonds available for sale and short term investments at June 30, 2019 and December 31, 2018, respectively.

LENDING ACTIVITIES

6 Months Ended

Jun. 30, 2019

LENDING ACTIVITIES

LENDING ACTIVITIES

7. Lending Activities

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

	June 30,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	33,437	$	32,882
Residential mortgages		6,324		6,532
Life insurance policy loans		2,108		2,147
Commercial loans, other loans and notes receivable		2,094		1,971
Total mortgage and other loans receivable		43,963		43,532
Allowance for credit losses		(407)		(397)
Mortgage and other loans receivable, net	$	43,556	$	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 June 30, 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
June 30, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	19,243	$	2,054	$	245	$	21,542
65% to 75%		9,720		564		214		10,498
76% to 80%		975		19		3		997
Greater than 80%		201		88		111		400
Total commercial mortgages	$	30,139	$	2,725	$	573	$	33,437

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 June 30, 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 June 30, 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 $
June 30, 2019
Credit Quality Performance
Indicator:
In good standing	743	$	12,012	$	9,790	$	5,505	$	2,973	$	2,462	$	568	$	33,310	100	%
Restructured^(a)	2		-		92		-		-		15		-		107	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	1		-		20		-		-		-		-		20	-
Total^(b)	746	$	12,012	$	9,902	$	5,505	$	2,973	$	2,477	$	568	$	33,437	100	%
Allowance for credit losses:
Specific		$	-	$	6	$	1	$	-	$	1	$	-	$	8	-	%
General			109		103		52		12		20		6		302	1
Total allowance for credit losses		$	109	$	109	$	53	$	12	$	21	$	6	$	310	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:

Six Months Ended June 30,	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		-			-		-		(16)			-		(16)
Recoveries of loans previously charged off		-			-		-		-			-		-
Net charge-offs		-			-		-		(16)			-		(16)
Provision for loan losses		(8)			18		10		51			(1)		50
Allowance, end of period	$	310	*	$	97	$	407	$	282	*	$	74	$	356

*Of the total allowance, $8 million and $5 million relate to individually assessed credit losses on $173 million and $60 million of commercial mortgages at June 30, 2019 and 2018, respectively.

There were no loans modified in troubled debt restructurings during the six-month periods ended June 30, 2019, and June 30, 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

6 Months Ended

Jun. 30, 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:

		Real Estate and				Affordable
		Investment		Securitization		Housing
(in millions)		Entities^(d)		Vehicles^(e)		Partnerships		Other		Total
June 30, 2019
Assets:
Bonds available for sale	$	-	$	7,786	$	-	$	-	$	7,786
Other bond securities		-		3,709		-		2		3,711
Mortgage and other loans receivable		-		3,767		-		-		3,767
Other invested assets		5,607		-		3,625		26		9,258
Other^(a)		510		1,870		490		72		2,942
Total assets^(b)	$	6,117	$	17,132	$	4,115	$	100	$	27,464
Liabilities:
Long-term debt	$	2,884	$	3,916	$	2,153	$	4	$	8,957
Other^(c)		237		216		204		24		681
Total liabilities	$	3,121	$	4,132	$	2,357	$	28	$	9,638
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 June 30, 2019 and December 31, 2018.

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

(d) At June 30, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.8 billion and $1.4 billion, respectively.

(e) At June 30, 2019 and December 31, 2018, $16.3 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
June 30, 2019
Real estate and investment entities^(a)	$	259,675	$	6,454	$	3,502		$	9,956
Affordable housing partnerships		3,360		472		-			472
Other		5,330		333		-	^(c)		333
Total	$	268,365	$	7,259	$	3,502		$	10,761
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 June 30, 2019 and December 31, 2018, $6.9 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

6 Months Ended

Jun. 30, 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 and economically hedge certain investments. 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:

	June 30, 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	$	322	$	2	$	540	$	10	$	10	$	-	$	866	$	19
Foreign exchange contracts		5,631		370		2,835		144		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		59,082		3,273		34,013		2,285		42,821		2,890		27,329		2,004
Foreign exchange contracts		10,460		896		7,630		816		11,134		801		5,434		711
Equity contracts		15,496		743		5,447		47		17,807		398		2,399		15
Credit contracts^(b)		3		1		1,441		195		8		1		1,406		236
Other contracts^(c)		40,579		13		58		6		39,070		15		58		6
Total derivatives, gross	$	131,573	$	5,298	$	51,964	$	3,503	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(2,080)				(2,080)				(1,713)				(1,713)
Cash collateral^(e)				(2,315)				(303)				(1,840)				(187)
Total derivatives on condensed
consolidated balance sheets^(f)			$	903			$	1,120			$	915			$	1,238

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

(b)As of June 30, 2019 and December 31, 2018, included CDSs on super senior multi-sector CDOs with a net notional amount of $448 million and $592 million (fair value liability of $163 million and $224 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio.

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

(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 June 30, 2019 and December 31, 2018. Fair value of liabilities related to bifurcated embedded derivatives was $6.1 billion and $4.1 billion, respectively, at June 30, 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 $1.9 billion at June 30, 2019 and $1.7 billion at 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 $2.5 billion and $2.1 billion at June 30, 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- and six-month periods ended June 30, 2019, we recognized gains (losses) of $(7) million and $57 million, respectively, and for the three- and six-month periods ended June 30, 2018, we recognized gains (losses) of $119 million and $(1) 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 June 30, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		9		-		(9)		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		58		57		(58)		57
Three Months Ended June 30, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		199		37		(199)		37
Six Months Ended June 30, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		14		-		(14)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		50		43		(50)		43
Six Months Ended June 30, 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)		191		4		(191)		4

(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) Recognized in Earnings
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
By Derivative Type:
Interest rate contracts	$	615	$	(224)	$	974	$	(622)
Foreign exchange contracts		231		391		203		252
Equity contracts		89		(114)		(119)		(187)
Credit contracts		17		1		9		12
Other contracts		18		17		34		34
Embedded derivatives		(832)		344		(1,281)		935
Total	$	138	$	415	$	(180)	$	424
By Classification:
Policy fees	$	18	$	17	$	35	$	34
Net investment income		(50)		1		(55)		(3)
Net realized capital gains (losses)		165		369		(169)		356
Other income		-		29		-		41
Policyholder benefits and claims incurred		5		(1)		9		(4)
Total	$	138	$	415	$	(180)	$	424

CREDIT RISK-RELATED CONTINGENT FEATURES

We estimate that at June 30, 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 $60 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 $422 million and $423 million at June 30, 2019 and December 31, 2018, respectively. The aggregate fair value of assets posted as collateral under these contracts at June 30, 2019 and December 31, 2018, was approximately $471 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 $3.7 billion and $3.9 billion at June 30, 2019 and December 31, 2018, respectively. These securities have par amounts of $8.2 billion and $8.5 billion at June 30, 2019 and December 31, 2018, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

6 Months Ended

Jun. 30, 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 $12.0 billion and $12.3 billion at June 30, 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 June 30, 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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	82,496	$	78,098	$	83,639	$	78,393
Reinsurance recoverable		(31,784)		(27,211)		(31,690)		(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		50,712		50,887		51,949		51,685
Losses and loss adjustment expenses incurred:
Current year		4,795		4,452		9,600		9,130
Prior years, excluding discount and amortization of deferred gain		(132)		(26)		(147)		(65)
Prior years, discount charge (benefit)		244		9		741		(177)
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(56)		(69)		(142)		(108)
Total losses and loss adjustment expenses incurred		4,851		4,366		10,052		8,780
Losses and loss adjustment expenses paid:
Current year		(1,148)		(910)		(1,492)		(1,520)
Prior years		(4,562)		(4,635)		(10,682)		(9,414)
Total losses and loss adjustment expenses paid		(5,710)		(5,545)		(12,174)		(10,934)
Other changes:
Foreign exchange effect		(209)		(431)		7		(157)
Retroactive reinsurance adjustment (net of discount)^(b)		80		30		(110)		(67)
Total other changes		(129)		(401)		(103)		(224)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		49,724		49,307		49,724		49,307
Reinsurance recoverable		31,333		27,406		31,333		27,406
Total	$	81,057	$	76,713	$	81,057	$	76,713

(a) Includes $6 million and $8 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the three-month periods ended June 30, 2019 and 2018, respectively, and $15 million and $13 million for the six-month periods ended June 30, 2019 and 2018, respectively.

(b) Includes change in discount on retroactive reinsurance of $(125) million and $(20) million for the three-month periods ended June 30, 2019 and 2018, respectively, and $(432) million and $108 million for the six-month periods ended June 30, 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 June 30, 2019 were below the attachment point.

Discounting of Loss Reserves

At June 30, 2019, the loss reserves reflect a net loss reserve discount of $1.8 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 $1.2 billion of non-tabular discount for workers’ compensation as of June 30, 2019. During the six-month periods ended June 30, 2019 and 2018, the benefit (charge) from changes in discount of $(685) million and $219 million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Condensed Consolidated Statement of Income.

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

	June 30, 2019						December 31, 2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,258	$	812	$	3,070	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,288)		-		(1,288)		(1,720)		-		(1,720)
Total reserve discount^*	$	970	$	812	$	1,782	$	1,062	$	973	$	2,035

*Excludes $188 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at June 30, 2019 and December 31, 2018, respectively.

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

Three Months Ended June 30,	2019						2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	32	$	-	$	32	$	23	$	-	$	23
Accretion and other adjustments
to prior year discount		8		(11)		(3)		(133)		(12)		(145)
Effect of interest rate changes		(170)		(71)		(241)		96		40		136
Net reserve discount
benefit (charge)		(130)		(82)		(212)		(14)		28		14
Change in discount on loss reserves
ceded under retroactive reinsurance		125		-		125		20		-		20
Net change in total reserve
discount^(a)	$	(5)	$	(82)	$	(87)	$	6	$	28	$	34

Six Months Ended June 30,	2019						2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	56	$	-	$	56	$	42	$	-	$	42
Accretion and other adjustments
to prior year discount		(243)		(24)		(267)		(88)		(30)		(118)
Effect of interest rate changes		(337)		(137)		(474)		219		76		295
Net reserve discount
benefit (charge)		(524)		(161)		(685)		173		46		219
Change in discount on loss reserves
ceded under retroactive reinsurance		432		-		432		(108)		-		(108)
Net change in total reserve
discount^(b)	$	(92)	$	(161)	$	(253)	$	65	$	46	$	111

(a) Excludes $(9) million and $7 million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended June 30, 2019 and 2018, respectively.

(b) Excludes $26 million and $3 million discount related to certain long tail liabilities in the United Kingdom for the six-month periods ended June 30, 2019 and 2018, respectively.

During the six-month period ended June 30, 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.

During the six-month period ended June 30, 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.

CONTINGENCIES, COMMITMENTS AND GUARANTEES

6 Months Ended

Jun. 30, 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 $7.6 billion at June 30, 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 June 30, 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

6 Months Ended

Jun. 30, 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.

On May 21, 2019, our Board of Directors declared a cash dividend of $369.6875 per share on AIG’s Series A Preferred Stock. Holders of depositary shares each representing a 1/1,000th interest in a share of Series A Preferred Stock received $0.3696875 per depositary share. The dividend was paid on June 17, 2019 to holders of record at the close of business on May 31, 2019.

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:

Six Months Ended June 30, 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	-	3,292,082	3,292,082
Shares repurchased	-	-	-
Shares, end of period	1,906,671,492	(1,036,769,981)	869,901,511

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 Common Share
May 6, 2019	June 14, 2019	June 28, 2019	$	0.32
February 13, 2019	March 15, 2019	March 29, 2019		0.32
May 2, 2018	June 14, 2018	June 28, 2018	$	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:

Six Months Ended June 30,
(in millions)		2019		2018
Aggregate repurchases of common stock	$	-	$	646
Total number of common shares repurchased		-		12
Aggregate repurchases of warrants	$	-	$	4
Total number of warrants repurchased^*		-		-

*For the six-month period ended June 30, 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. For the six-month period ended June 30, 2018, we repurchased 266,453 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 June 30, 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 six- month period ended June 30, 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 (LOSS)

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, March 31, 2019, net of tax	$	638	$	5,129	$	(2,562)	$	(1,087)	$	10	$	2,128
Change in unrealized appreciation of investments		95		5,812		-		-		-		5,907
Change in deferred policy acquisition costs
adjustment and other		(6)		(868)		-		-		-		(874)
Change in future policy benefits		-		(1,181)		-		-		-		(1,181)
Change in foreign currency translation adjustments		-		-		(133)		-		-		(133)
Change in net actuarial loss		-		-		-		15		-		15
Change in prior service credit		-		-		-		-		-		-
Change in deferred tax asset (liability)		(7)		(849)		4		(7)		-		(859)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(2)		(2)
Total other comprehensive income (loss)		82		2,914		(129)		8		(2)		2,873
Noncontrolling interests		-		9		1		-		-		10
Balance, June 30, 2019, net of tax	$	720	$	8,034	$	(2,692)	$	(1,079)	$	8	$	4,991

Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation of investments		944		10,876		-		-		-		11,820
Change in deferred policy acquisition costs
adjustment and other		(14)		(1,724)		-		-		-		(1,738)
Change in future policy benefits		-		(2,249)		-		-		-		(2,249)
Change in foreign currency translation adjustments		-		-		55		-		-		55
Change in net actuarial loss		-		-		-		16		-		16
Change in prior service credit		-		-		-		(1)		-		(1)
Change in deferred tax liability		(172)		(1,281)		(20)		(8)		-		(1,481)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(2)		(2)
Total other comprehensive income (loss)		758		5,622		35		7		(2)		6,420
Noncontrolling interests		-		14		2		-		-		16
Balance, June 30, 2019, net of tax	$	720	$	8,034	$	(2,692)	$	(1,079)	$	8	$	4,991

		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, March 31, 2018, net of tax	$	812	$	4,700	$	(2,216)	$	(1,085)	$	9	$	2,220
Cumulative effect of change in accounting
principles		-		-		-		-		-		-
Change in unrealized depreciation of investments		(1,368)		(1,604)		-		-		-		(2,972)
Change in deferred policy acquisition costs
adjustment and other		84		271		-		-		-		355
Change in future policy benefits		-		383		-		-		-		383
Change in foreign currency translation adjustments		-		-		(195)		-		-		(195)
Change in net actuarial loss		-		-		-		22		-		22
Change in prior service cost		-		-		-		2		-		2
Change in deferred tax asset (liability)		238		194		(15)		(1)		-		416
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(1)		(1)
Total other comprehensive income (loss)		(1,046)		(756)		(210)		23		(1)		(1,990)
Noncontrolling interests		-		-		-		-		-		-
Balance, June 30, 2018, net of tax	$	(234)	$	3,944	$	(2,426)	$	(1,062)	$	8	$	230

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		(1,608)		(6,358)		-		-		-		(7,966)
Change in deferred policy acquisition costs
adjustment and other		114		905		-		-		-		1,019
Change in future policy benefits		-		1,124		-		-		-		1,124
Change in foreign currency translation adjustments		-		-		(23)		-		-		(23)
Change in net actuarial loss		-		-		-		38		-		38
Change in prior service credit		-		-		-		(2)		-		(2)
Change in deferred tax asset (liability)		298		865		(29)		16		-		1,150
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		1		1
Total other comprehensive income (loss)		(1,196)		(3,464)		(52)		52		1		(4,659)
Noncontrolling interests		-		-		-		-		-		-
Balance, June 30, 2018, net of tax	$	(234)	$	3,944	$	(2,426)	$	(1,062)	$	8	$	230

The following table presents the other comprehensive income reclassification adjustments for the three- and six-month periods ended June 30, 2019 and 2018, respectively:

		Unrealized Appreciation
		(Depreciation) of Fixed								Fair Value of
		Maturity Investments		Unrealized						Liabilities Under
		on Which Other-Than-		Appreciation		Foreign		Retirement		Fair Value Option
		Temporary Credit		(Depreciation)		Currency		Plan		Attributable to
		Impairments Were		of All Other		Translation		Liabilities		Changes in
(in millions)		Recognized		Investments		Adjustments		Adjustment		Own Credit Risk		Total
Three Months Ended June 30, 2019
Unrealized change arising during period	$	85	$	3,854	$	(133)	$	5	$	(2)	$	3,809
Less: Reclassification adjustments
included in net income		(4)		91		-		(10)		-		77
Total other comprehensive income (loss),
before income tax expense (benefit)		89		3,763		(133)		15		(2)		3,732
Less: Income tax expense (benefit)		7		849		(4)		7		-		859
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	82	$	2,914	$	(129)	$	8	$	(2)	$	2,873
Three Months Ended June 30, 2018
Unrealized change arising during period	$	(1,282)	$	(964)	$	(195)	$	16	$	(1)	$	(2,426)
Less: Reclassification adjustments
included in net income		2		(14)		-		(8)		-		(20)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,284)		(950)		(195)		24		(1)		(2,406)
Less: Income tax expense (benefit)		(238)		(194)		15		1		-		(416)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,046)	$	(756)	$	(210)	$	23	$	(1)	$	(1,990)
Six Months Ended June 30, 2019
Unrealized change arising during period	$	926	$	6,963	$	55	$	-	$	(2)	$	7,942
Less: Reclassification adjustments
included in net income		(4)		60		-		(15)		-		41
Total other comprehensive income (loss),
before income tax expense		930		6,903		55		15		(2)		7,901
Less: Income tax expense		172		1,281		20		8		-		1,481
Total other comprehensive income (loss),
net of income tax expense	$	758	$	5,622	$	35	$	7	$	(2)	$	6,420
Six Months Ended June 30, 2018
Unrealized change arising during period	$	(1,490)	$	(4,350)	$	(23)	$	19	$	1	$	(5,843)
Less: Reclassification adjustments
included in net income		4		(21)		-		(17)		-		(34)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,494)		(4,329)		(23)		36		1		(5,809)
Less: Income tax expense (benefit)		(298)		(865)		29		(16)		-		(1,150)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,196)	$	(3,464)	$	(52)	$	52	$	1	$	(4,659)

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					Affected Line Item in the Condensed Consolidated Statements of Income

	Three Months Ended June 30,
(in millions)		2019		2018
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	(4)	$	2		Other realized capital gains
Total			(4)		2
Unrealized appreciation (depreciation) of all other investments
Investments			91		(15)		Other realized capital gains
Deferred acquisition costs adjustment			-		1		Amortization of deferred policy acquisition costs
Future policy benefits			-		-		Policyholder benefits and losses incurred
Total			91		(14)
Change in retirement plan liabilities adjustment
Prior-service credit			-		1		*
Actuarial losses			(10)		(9)		*
Total			(10)		(8)
Total reclassifications for the period		$	77	$	(20)
	Amount Reclassified from Accumulated Other Comprehensive Income					Affected Line Item in the Condensed Consolidated Statements of Income

	Six Months Ended June 30,
(in millions)		2019		2018
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	(4)	$	4		Other realized capital gains
Total			(4)		4
Unrealized appreciation (depreciation) of all other investments
Investments			60		9		Other realized capital gains
Deferred acquisition costs adjustment			-		(30)		Amortization of deferred policy acquisition costs
Future policy benefits			-		-		Policyholder benefits and losses incurred
Total			60		(21)
Change in retirement plan liabilities adjustment
Prior-service credit			-		1		*
Actuarial losses			(15)		(18)		*
Total			(15)		(17)
Total reclassifications for the period		$	41	$	(34)

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

EARNINGS PER COMMON SHARE (EPS)

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

13. Earnings Per Common 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 common 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				Six Months Ended
	June 30,				June 30,
(dollars in millions, except per common share data)		2019		2018		2019		2018
Numerator for EPS:
Income from continuing operations	$	1,391	$	931	$	2,328	$	1,881
Less: Net income (loss) from continuing operations attributable to noncontrolling interests		281		(6)		564		5
Less: Preferred stock dividends		7		-		7		-
Income attributable to AIG common shareholders
from continuing operations		1,103		937		1,757		1,876
Loss from discontinued operations, net of income tax expense		(1)		-		(1)		(1)
Net income attributable to AIG common shareholders	$	1,102	$	937	$	1,756	$	1,875
Denominator for EPS:
Weighted average common shares outstanding — basic		876,382,884		903,215,488		875,885,588		905,566,733
Dilutive common shares		11,942,158		13,356,993		7,035,659		15,335,987
Weighted average common shares outstanding — diluted^(a)		888,325,042		916,572,481		882,921,247		920,902,720
Income per common share attributable to AIG common
shareholders:
Basic:
Income from continuing operations	$	1.26	$	1.04	$	2.00	$	2.07
Income from discontinued operations	$	-	$	-	$	-	$	-
Net income attributable to AIG common shareholders	$	1.26	$	1.04	$	2.00	$	2.07
Diluted:
Income from continuing operations	$	1.24	$	1.02	$	1.99	$	2.04
Income from discontinued operations	$	-	$	-	$	-	$	-
Net income attributable to AIG common shareholders	$	1.24	$	1.02	$	1.99	$	2.04

(a)Dilutive common shares include 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 common shares excluded from diluted shares outstanding was 5.4 million and 34.8 million for the three- and six-month periods ended June 30, 2019, respectively, and 5.2 million and 4.2 million for the three- and six-month periods ended June 30, 2018, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS

6 Months Ended

Jun. 30, 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 June 30, 2019
Components of net periodic benefit cost:
Service cost	$	3	$	4	$	7	$	1	$	-	$	1
Interest cost		43		4		47		1		-		1
Expected return on assets		(57)		(6)		(63)		-		-		-
Amortization of prior service cost		-		1		1		-		-		-
Amortization of net (gain) loss		8		2		10		(1)		-		(1)
Net periodic benefit cost (credit)		(3)		5		2		1		-		1
Settlement charges		-		1		1		-		-		-
Net benefit cost (credit)	$	(3)	$	6	$	3	$	1	$	-	$	1
Three Months Ended June 30, 2018
Components of net periodic benefit cost:
Service cost	$	2	$	5	$	7	$	1	$	1	$	2
Interest cost		40		4		44		1		1		2
Expected return on assets		(70)		(6)		(76)		-		-		-
Amortization of prior service credit		-		-		-		(1)		(1)		(2)
Amortization of net loss		7		2		9		-		-		-
Net periodic benefit cost (credit)		(21)		5		(16)		1		1		2
Settlement charges		-		-		-		-		-		-
Net benefit cost (credit)	$	(21)	$	5	$	(16)	$	1	$	1	$	2
Six Months Ended June 30, 2019
Components of net periodic benefit cost:
Service cost	$	5	$	10	$	15	$	1	$	-	$	1
Interest cost		87		8		95		3		1		4
Expected return on assets		(114)		(11)		(125)		-		-		-
Amortization of prior service cost (credit)		-		1		1		-		(1)		(1)
Amortization of net (gain) loss		16		3		19		(1)		-		(1)
Net periodic benefit cost (credit)		(6)		11		5		3		-		3
Settlement credit		-		(3)		(3)		-		-		-
Net benefit cost (credit)	$	(6)	$	8	$	2	$	3	$	-	$	3
Six Months Ended June 30, 2018
Components of net periodic benefit cost:
Service cost	$	4	$	11	$	15	$	1	$	1	$	2
Interest cost		81		8		89		3		1		4
Expected return on assets		(141)		(13)		(154)		-		-		-
Amortization of prior service cost (credit)		-		1		1		(1)		(1)		(2)
Amortization of net loss		14		4		18		-		-		-
Net periodic benefit cost (credit)		(42)		11		(31)		3		1		4
Settlement charges		-		-		-		-		-		-
Net benefit cost (credit)	$	(42)	$	11	$	(31)	$	3	$	1	$	4

For the six-month period ended June 30, 2019, we did not make any contributions to the U.S. AIG Retirement Plan.

INCOME TAXES

6 Months Ended

Jun. 30, 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 June 30, 2019, the effective tax rate on income from continuing operations was 24.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, a net tax charge related to the accrual of IRS interest, state and local income taxes, non-deductible transfer pricing charges, U.S. tax imposed on GILTI earned by certain foreign subsidiaries, and valuation allowance activity related to certain foreign subsidiaries, partially offset by tax benefits associated with tax exempt income and reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities. 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 six-month period ended June 30, 2019, the effective tax rate on income from continuing operations was 22.2 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the accrual of IRS interest, the effect of foreign operations, state and local income taxes, 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, 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 valuation allowance activity related to 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 June 30, 2018, the effective tax rate on income from continuing operations was 25.6 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, additional U.S. taxes imposed on income of our foreign subsidiaries under international provisions of the Tax Act, valuation allowance activity related to certain foreign subsidiaries and state jurisdictions and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, and reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities.

For the six-month period ended June 30, 2018, the effective tax rate on income from continuing operations was 24.1 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, additional U.S. taxes imposed on income of our foreign subsidiaries under international provisions of the Tax Act, valuation allowance activity related to certain foreign subsidiaries and state jurisdictions 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 six-month period ended June 30, 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 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 June 30, 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 six-month period ended June 30, 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 deferred tax liability related to net unrealized tax capital gains. As of June 30, 2019, based on all available evidence, we concluded that no valuation allowance is required. For the six-month period ended June 30, 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. We released the full amount of valuation allowance previously recorded during the three-month period ended March 31, 2019 and no additional activity was recorded for the three-month period ended June 30, 2019.

For the three- and six-month periods ended June 30, 2019, we recognized net increases (decreases) of $7 million and $(31) million, respectively, 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 June 30, 2019 and December 31, 2018, our unrecognized tax benefits, excluding interest and penalties, were $4.7 billion. At June 30, 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 $40 million and $38 million, respectively. Accordingly, at both June 30, 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 June 30, 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 six-month periods ended June 30, 2019 and 2018, we accrued expense (benefit) of $136 million and $100 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

6 Months Ended

Jun. 30, 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
June 30, 2019
Assets:
Short-term investments^(a)	$	3,440	$	2	$	-	$	13,729	$	(2,155)	$	15,016
Other investments^(b)		4,416		-		-		315,496		-		319,912
Total investments		7,856		2		-		329,225		(2,155)		334,928
Cash		20		-		1		2,914		-		2,935
Loans to subsidiaries^(c)		34,906		-		-		639		(35,545)		-
Investment in consolidated subsidiaries^(c)		39,943		3,914		32,505		-		(76,362)		-
Other assets, including deferred income taxes^(d)		15,550		2,071		19		168,623		(1,857)		184,406
Total assets	$	98,275	$	5,987	$	32,525	$	501,401	$	(115,919)	$	522,269
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	301,226	$	-	$	301,226
Long-term debt		23,009		356		643		12,283		-		36,291
Other liabilities, including intercompany balances^(b)		10,088		7		37		112,526		(4,011)		118,647
Loans from subsidiaries^(c)		639		-		-		34,906		(35,545)		-
Total liabilities		33,736		363		680		460,941		(39,556)		456,164
Total AIG shareholders’ equity		64,539		5,624		31,845		38,894		(76,363)		64,539
Non-redeemable noncontrolling interests		-		-		-		1,566		-		1,566
Total equity		64,539		5,624		31,845		40,460		(76,363)		66,105
Total liabilities and equity	$	98,275	$	5,987	$	32,525	$	501,401	$	(115,919)	$	522,269

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 June 30, 2019, includes restricted cash of $18 million for Other Subsidiaries. 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.

(c)Eliminated in consolidation.

(d)At June 30, 2019, includes restricted cash of $1 million and $231 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 June 30, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,167	$	109	$	1,278	$	-	$	(2,554)	$	-
Other income		277		4		-		12,316		(36)		12,561
Total revenues		1,444		113		1,278		12,316		(2,590)		12,561
Expenses:
Interest expense		250		-		12		102		(4)		360
Loss on extinguishment of debt		-		5		-		10		-		15
Other expenses		180		4		1		10,194		(30)		10,349
Total expenses		430		9		13		10,306		(34)		10,724
Income (loss) from continuing operations before income
tax expense (benefit)		1,014		104		1,265		2,010		(2,556)		1,837
Income tax expense (benefit)		(95)		-		(1)		542		-		446
Income (loss) from continuing operations		1,109		104		1,266		1,468		(2,556)		1,391
Loss from discontinued operations,
net of income taxes		-		-		-		(1)		-		(1)
Net income (loss)		1,109		104		1,266		1,467		(2,556)		1,390
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		281		-		281
Net income (loss) attributable to AIG	$	1,109	$	104	$	1,266	$	1,186	$	(2,556)	$	1,109
Three Months Ended June 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	845	$	-	$	459	$	-	$	(1,304)	$	-
Other income		309		-		-		11,179		143		11,631
Total revenues		1,154		-		459		11,179		(1,161)		11,631
Expenses:
Interest expense		246		-		13		43		(3)		299
Loss on extinguishment of debt		-		-		-		5		-		5
Other expenses		359		-		-		9,738		(22)		10,075
Total expenses		605		-		13		9,786		(25)		10,379
Income (loss) from continuing operations before income
tax expense (benefit)		549		-		446		1,393		(1,136)		1,252
Income tax expense (benefit)		(389)		-		(1)		711		-		321
Income (loss) from continuing operations		938		-		447		682		(1,136)		931
Income (loss) from discontinued operations,
net of income taxes		(1)		-		-		1		-		-
Net income (loss)		937		-		447		683		(1,136)		931
Less:
Net loss from continuing operations
attributable to noncontrolling interests		-		-		-		(6)		-		(6)
Net income (loss) attributable to AIG	$	937	$	-	$	447	$	689	$	(1,136)	$	937

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Six Months Ended June 30, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,875	$	316	$	1,978	$	-	$	(4,169)	$	-
Other income		564		5		-		24,524		(76)		25,017
Total revenues		2,439		321		1,978		24,524		(4,245)		25,017
Expenses:
Interest expense		496		-		25		196		(8)		709
Loss on extinguishment of debt		-		9		-		4		-		13
Other expenses		368		5		1		20,998		(68)		21,304
Total expenses		864		14		26		21,198		(76)		22,026
Income (loss) from continuing operations before income
tax expense (benefit)		1,575		307		1,952		3,326		(4,169)		2,991
Income tax expense (benefit)		(189)		-		(2)		854		-		663
Income (loss) from continuing operations		1,764		307		1,954		2,472		(4,169)		2,328
Loss from discontinued operations,
net of income taxes		(1)		-		-		-		-		(1)
Net income (loss)		1,763		307		1,954		2,472		(4,169)		2,327
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		564		-		564
Net income (loss) attributable to AIG	$	1,763	$	307	$	1,954	$	1,908	$	(4,169)	$	1,763
Six Months Ended June 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,878	$	-	$	1,181	$	-	$	(3,059)	$	-
Other income		567		-		-		22,691		85		23,343
Total revenues		2,445		-		1,181		22,691		(2,974)		23,343
Expenses:
Interest expense		466		-		25		91		(6)		576
Loss on extinguishment of debt		-		-		-		9		-		9
Other expenses		511		-		1		19,844		(77)		20,279
Total expenses		977		-		26		19,944		(83)		20,864
Income (loss) from continuing operations before income
tax expense (benefit)		1,468		-		1,155		2,747		(2,891)		2,479
Income tax expense (benefit)		(408)		-		2		1,004		-		598
Income (loss) from continuing operations		1,876		-		1,153		1,743		(2,891)		1,881
Loss from discontinued operations,
net of income taxes		(1)		-		-		-		-		(1)
Net income (loss)		1,875		-		1,153		1,743		(2,891)		1,880
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		5		-		5
Net income (loss) attributable to AIG	$	1,875	$	-	$	1,153	$	1,738	$	(2,891)	$	1,875

*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 June 30, 2019
Net income (loss)	$	1,109	$	104	$	1,266		$	1,467		$	(2,556)	$	1,390
Other comprehensive income (loss)		2,863		-		2,418			7,299			(9,707)		2,873
Comprehensive income (loss)		3,972		104		3,684			8,766			(12,263)		4,263
Total comprehensive income attributable to
noncontrolling interests		-		-		-			291			-		291
Comprehensive income (loss) attributable to AIG	$	3,972	$	104	$	3,684		$	8,475		$	(12,263)	$	3,972
Three Months Ended June 30, 2018
Net income (loss)	$	937	$	-	$	447		$	683		$	(1,136)	$	931
Other comprehensive income (loss)		(1,990)		-		(1,510)			(651)			2,161		(1,990)
Comprehensive income (loss)		(1,053)		-		(1,063)			32			1,025		(1,059)
Total comprehensive loss attributable to
noncontrolling interests		-		-		-			(6)			-		(6)
Comprehensive income (loss) attributable to AIG	$	(1,053)	$	-	$	(1,063)		$	38		$	1,025	$	(1,053)
Six Months Ended June 30, 2019
Net income (loss)	$	1,763	$	307	$	1,954		$	2,472		$	(4,169)	$	2,327
Other comprehensive income (loss)		6,404		1		5,218			18,982			(24,185)		6,420
Comprehensive income (loss)		8,167		308		7,172			21,454			(28,354)		8,747
Total comprehensive income attributable to
noncontrolling interests		-		-		-			580			-		580
Comprehensive income (loss) attributable to AIG	$	8,167	$	308	$	7,172		$	20,874		$	(28,354)	$	8,167
Six Months Ended June 30, 2018
Net income (loss)	$	1,875	$	-	$	1,153		$	1,743		$	(2,891)	$	1,880
Other comprehensive income (loss)		(4,659)		-		(3,465)	^(a)		20,909	^(a)		(17,444)		(4,659)
Comprehensive income (loss)		(2,784)		-		(2,312)			22,652			(20,335)		(2,779)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			5			-		5
Comprehensive income (loss) attributable to AIG	$	(2,784)	$	-	$	(2,312)		$	22,647		$	(20,335)	$	(2,784)

(a)The Other comprehensive income (loss) amounts for AIGLH and Other Subsidiaries in the six months ended June 30, 2018, have been revised from $3.4 billion to $(3.5) billion and from $14.0 billion to $20.9 billion, respectively, to correct Comprehensive income (loss) in the six months ended June 30, 2018. This correction has no impact on AIG’s consolidated financial statements and is not considered material to previously issued financial statements.

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
Six Months Ended June 30, 2019
Net cash (used in) provided by operating activities	$	1,278	$	(9)	$	982	$	(1,232)	$	(2,291)	$	(1,272)
Cash flows from investing activities:
Sales of investments		1,064		-		-		31,107		(504)		31,667
Sales of divested businesses, net		-		-		-		-		-		-
Purchase of investments		(1,408)		-		-		(31,062)		504		(31,966)
Loans to subsidiaries - net		551		-		-		(20)		(531)		-
Contributions from (to) subsidiaries - net		(319)		-		-		-		319		-
Acquisition of businesses, net of cash and
restricted cash acquired		-		-		-		-		-		-
Net change in short-term investments		(1,769)		-		-		(3,068)		-		(4,837)
Other, net		41		-		-		948		-		989
Net cash (used in) investing activities		(1,840)		-		-		(2,095)		(212)		(4,147)
Cash flows from financing activities:
Issuance of long-term debt		595		-		-		1,604		-		2,199
Repayments of long-term debt		(6)		-		-		(904)		-		(910)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		20		-		-		(551)		531		-
Cash dividends paid on preferred stock		(7)		-		-		-		-		(7)
Cash dividends paid on common stock		(557)		-		(990)		(1,301)		2,291		(557)
Other, net		(74)		-		-		4,401		(319)		4,008
Net cash (used in) provided by financing activities		456		-		(990)		3,249		2,503		5,218
Effect of exchange rate changes on cash and
restricted cash		-		-		-		28		-		28
Change in cash and restricted cash		(106)		(9)		(8)		(50)		-		(173)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Cash and restricted cash at end of period	$	21	$	-	$	1	$	3,163	$	-	$	3,185

Six Months Ended June 30, 2018
Net cash (used in) provided by operating activities	$	1,312	$	-	$	1,211	$	(849)	$	(2,014)	$	(340)
Cash flows from investing activities:
Sales of investments		3,800		-		-		29,992		(2,628)		31,164
Sales of divested businesses, net		-		-		-		10		-		10
Purchase of investments		(1,327)		-		-		(29,805)		2,628		(28,504)
Loans to subsidiaries - net		422		-		-		(25)		(397)		-
Contributions from (to) subsidiaries - net		57		-		-		-		(57)		-
Net change in short-term investments		(4,017)		-		-		177		-		(3,840)
Other, net		(51)		-		-		(249)		-		(300)
Net cash (used in) provided by investing activities		(1,116)		-		-		100		(454)		(1,470)
Cash flows from financing activities:
Issuance of long-term debt		2,472		-		-		1,032		-		3,504
Repayments of long-term debt		(1,313)		-		-		(646)		-		(1,959)
Purchase of common stock		(646)		-		-		-		-		(646)
Intercompany loans - net		25		-		-		(422)		397		-
Cash dividends paid on common stock		(575)		-		(1,228)		(786)		2,014		(575)
Other, net		(162)		-		-		1,204		57		1,099
Net cash (used in) provided by financing activities		(199)		-		(1,228)		382		2,468		1,423
Effect of exchange rate changes on cash and
restricted cash		-		-		-		30		-		30
Change in cash and restricted cash		(3)		-		(17)		(337)		-		(357)
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of period	$	5	$	-	$	3	$	2,372	$	-	$	2,380

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
June 30, 2019
Cash	$	20	$	-	$	1	$	2,914	$	-	$	2,935
Restricted cash included in Short-term investments		-		-		-		18		-		18
Restricted cash included in Other assets		1		-		-		231		-		232
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	21	$	-	$	1	$	3,163	$	-	$	3,185

Cash (paid) received during the 2019 period for:
Interest:
Third party	$	(497)	$	(11)	$	(25)	$	(151)	$	-	$	(684)
Intercompany		(1)		-		-		1		-		-
Taxes:
Income tax authorities	$	(10)	$	-	$	-	$	(130)	$	-	$	(140)
Intercompany		695		-		-		(695)		-		-

June 30, 2018
Cash	$	3	$	-	$	3	$	2,129	$	-	$	2,135
Restricted cash included in Short-term investments		1		-		-		17		-		18
Restricted cash included in Other assets		1		-		-		226		-		227
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	5	$	-	$	3	$	2,372	$	-	$	2,380

Cash (paid) received during the 2018 period for:
Interest:
Third party	$	(478)	$	-	$	(23)	$	(163)	$	-	$	(664)
Intercompany		(1)		-		(1)		2		-		-
Taxes:
Income tax authorities	$	(17)	$	-	$	-	$	(23)	$	-	$	(40)
Intercompany		846		-		-		(846)		-		-

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

Six Months Ended June 30,
(in millions)		2019		2018
Intercompany non-cash financing and investing activities:
Capital contributions	$	15	$	2,339
Dividends received in the form of securities		624		60
Return of capital		15		2,706

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2019

BASIS OF PRESENTATION

Use of Estimates

•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;

•allowances for loan losses;

•liability for legal contingencies;

•fair value measurements of certain financial assets and liabilities; and

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 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)

6 Months Ended

Jun. 30, 2019

SEGMENT INFORMATION

Schedule of continuing operations by operating segment

Three Months Ended June 30,	2019				2018
				Adjusted				Adjusted
		Total		Pre-tax		Total		Pre-tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	4,025	$	718	$	3,426	$	407
International		3,502		262		3,801		161
Total General Insurance		7,527		980		7,227		568
Life and Retirement
Individual Retirement		1,466		588		1,366		462
Group Retirement		790		293		730		250
Life Insurance		1,154		86		1,092		175
Institutional Markets		418		82		277		75
Total Life and Retirement		3,828		1,049		3,465		962
Other Operations		211		(415)		169		(374)
Legacy Portfolio		740		119		781		134
AIG Consolidation and elimination		(146)		(56)		(110)		(12)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		12,160		1,677		11,532		1,278
Reconciling items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		84		75		(27)		(36)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		(73)		-		1
Changes in the fair value of equity securities		(22)		(22)		-		-
Professional fees related to regulatory or accounting changes		-		(2)		-		-
Other income (expense) - net		4		-		(14)		-
Loss on extinguishment of debt		-		(15)		-		(5)
Net realized capital gains^*		335		351		139		155
Income (loss) from divested businesses		-		(1)		-		25
Non-operating litigation reserves and settlements		-		-		1		(12)
Favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		125		-		32
Net loss reserve discount benefit (charge)		-		(212)		-		14
Integration and transaction costs associated with acquired businesses		-		(6)		-		-
Restructuring and other costs		-		(60)		-		(200)
Revenues and Pre-tax income	$	12,561	$	1,837	$	11,631	$	1,252

Six Months Ended June 30,	2019				2018
				Adjusted				Adjusted
		Total		Pre-Tax		Total		Pre-Tax
(in millions)		Revenues		Income (Loss)		Revenues		Income (Loss)
General Insurance
North America	$	8,123	$	1,652	$	6,766	$	727
International		7,206		596		7,905		351
Total General Insurance		15,329		2,248		14,671		1,078
Life and Retirement
Individual Retirement		2,817		1,096		2,727		961
Group Retirement		1,499		525		1,491		532
Life Insurance		2,227		202		2,153		227
Institutional Markets		1,489		150		554		134
Total Life and Retirement		8,032		1,973		6,925		1,854
Other Operations		414		(802)		319		(716)
Legacy Portfolio		1,446		231		1,617		279
AIG Consolidation and elimination		(307)		(126)		(172)		(1)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income		24,914		3,524		23,360		2,494
Reconciling items from adjusted pre-tax income to pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		189		171		(104)		(113)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		26		-		(30)
Changes in the fair value of equity securities		57		57		-		-
Professional fees related to regulatory or accounting changes		-		(2)		-		-
Other income (expense) - net		11		-		(25)		-
Loss on extinguishment of debt		-		(13)		-		(9)
Net realized capital gains (losses)^*		(154)		(123)		110		136
Income from divested businesses		-		5		-		33
Non-operating litigation reserves and settlements		-		(1)		2		(25)
(Unfavorable) favorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		152		-		(2)
Net loss reserve discount benefit (charge)		-		(685)		-		219
Integration and transaction costs associated with acquired businesses		-		(13)		-		-
Restructuring and other costs		-		(107)		-		(224)
Revenues and Pre-tax income	$	25,017	$	2,991	$	23,343	$	2,479

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2019

BUSINESS COMBINATION

Pro Forma Income Statement Information

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018*		2019		2018*
Total revenues	$	12,561	$	12,300	$	25,017	$	24,542
Net income		1,390		884		2,327		1,835
Net income attributable to AIG common shareholders		1,102		890		1,756		1,830

Income per common share attributable to AIG common shareholders:
Basic:
Net income attributable to AIG common shareholders		1.26		0.99		2.00		2.02
Diluted:
Net income attributable to AIG common shareholders		1.24		0.97		1.99		1.99

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2019

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

June 30, 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	$	105	$	4,123	$	-	$	-	$	-	$	4,228
Obligations of states, municipalities and political subdivisions		-		13,784		2,162		-		-		15,946
Non-U.S. governments		75		15,323		2		-		-		15,400
Corporate debt		-		142,739		1,821		-		-		144,560
RMBS		-		19,313		13,863		-		-		33,176
CMBS		-		12,521		1,103		-		-		13,624
CDO/ABS		-		9,565		9,062		-		-		18,627
Total bonds available for sale		180		217,368		28,013		-		-		245,561
Other bond securities:
U.S. government and government sponsored entities		22		2,177		-		-		-		2,199
Non-U.S. governments		-		56		-		-		-		56
Corporate debt		-		1,798		-		-		-		1,798
RMBS		-		494		830		-		-		1,324
CMBS		-		330		88		-		-		418
CDO/ABS		-		516		4,150		-		-		4,666
Total other bond securities		22		5,371		5,068		-		-		10,461
Equity securities		829		16		35		-		-		880
Other invested assets^(b)		-		71		605		-		-		676
Derivative assets:
Interest rate contracts		-		3,275		-		-		-		3,275
Foreign exchange contracts		-		1,262		4		-		-		1,266
Equity contracts		77		548		118		-		-		743
Credit contracts		-		-		1		-		-		1
Other contracts		-		-		13		-		-		13
Counterparty netting and cash collateral		-		-		-		(2,080)		(2,315)		(4,395)
Total derivative assets		77		5,085		136		(2,080)		(2,315)		903
Short-term investments		2,368		3,082		-		-		-		5,450
Separate account assets		85,803		4,508		-		-		-		90,311
Other assets		-		-		61		-		-		61
Total	$	89,279	$	235,501	$	33,918	$	(2,080)	$	(2,315)	$	354,303
Liabilities:
Policyholder contract deposits	$	-	$	-	$	6,065	$	-	$	-	$	6,065
Derivative liabilities:
Interest rate contracts		2		2,277		16		-		-		2,295
Foreign exchange contracts		-		960		-		-		-		960
Equity contracts		19		23		5		-		-		47
Credit contracts		-		21		174		-		-		195
Other contracts		-		-		6		-		-		6
Counterparty netting and cash collateral		-		-		-		(2,080)		(303)		(2,383)
Total derivative liabilities		21		3,281		201		(2,080)		(303)		1,120
Long-term debt		-		2,303		-		-		-		2,303
Other liabilities		90		22		-		-		-		112
Total	$	111	$	5,606	$	6,266	$	(2,080)	$	(303)	$	9,600

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												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,136	$	-	$	105	$	62	$	6	$	(147)	$	2,162	$	-
Non-U.S. governments		3		(1)		-		-		-		-		2		-
Corporate debt		1,532		29		43		(99)		389		(73)		1,821		-
RMBS		14,045		182		137		(404)		44		(141)		13,863		-
CMBS		892		5		13		150		58		(15)		1,103		-
CDO/ABS		8,840		8		113		104		4		(7)		9,062		-
Total bonds available for sale		27,448		223		411		(187)		501		(383)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,266		43		-		(479)		-		-		830		(19)
CMBS		84		-		-		14		-		(10)		88		1
CDO/ABS		4,249		116		-		(214)		-		(1)		4,150		76
Total other bond securities		5,599		159		-		(679)		-		(11)		5,068		58
Equity securities		26		-		-		9		-		-		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		591		18		1		(5)		-		-		605		18
Other assets		59		-		-		2		-		-		61		-
Total	$	33,723	$	400	$	412	$	(860)	$	501	$	(394)	$	33,782	$	79
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,878	$	970	$	-	$	217	$	-	$	-	$	6,065	$	(832)
Derivative liabilities, net:
Interest rate contracts		15		2		-		(1)		-		-		16		(2)
Foreign exchange contracts		(1)		(5)		-		2		-		-		(4)		4
Equity contracts		(96)		(4)		-		(13)		-		-		(113)		4
Credit contracts		222		(24)		-		(25)		-		-		173		23
Other contracts		(8)		(16)		-		17		-		-		(7)		18
Total derivative liabilities, net^(a)		132		(47)		-		(20)		-		-		65		47
Total	$	5,010	$	923	$	-	$	197	$	-	$	-	$	6,130	$	(785)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	202	$	86	$	35	$	(160)	$	2,162	$	-
Non-U.S. governments		11		(1)		-		(4)		-		(4)		2		-
Corporate debt		864		26		81		(65)		1,043		(128)		1,821		-
RMBS		14,199		409		161		(816)		67		(157)		13,863		-
CMBS		917		6		30		296		58		(204)		1,103		-
CDO/ABS		9,102		12		167		59		96		(374)		9,062		-
Total bonds available for sale		27,093		451		641		(444)		1,299		(1,027)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		60		-		(520)		-		-		830		(19)
CMBS		77		4		-		17		-		(10)		88		4
CDO/ABS		4,478		184		-		(415)		-		(97)		4,150		100
Total other bond securities		5,845		248		-		(918)		-		(107)		5,068		85
Equity securities		27		-		-		9		-		(1)		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		18		1		(1)		-		-		605		19
Other assets		58		-		-		3		-		-		61		-
Total	$	33,610	$	717	$	642	$	(1,351)	$	1,299	$	(1,135)	$	33,782	$	107
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	1,539	$	-	$	410	$	-	$	-	$	6,065	$	(1,352)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(2)		-		-		16		(3)
Foreign exchange contracts		(5)		(10)		-		11		-		-		(4)		4
Equity contracts		(75)		(20)		-		(18)		-		-		(113)		32
Credit contracts		227		(27)		-		(27)		-		-		173		27
Other contracts		(9)		(33)		-		35		-		-		(7)		35
Total derivative liabilities, net^(a)		153		(87)		-		(1)		-		-		65		95
Total	$	4,269	$	1,452	$	-	$	409	$	-	$	-	$	6,130	$	(1,257)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,261	$	-	$	(40)	$	(29)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		9		(1)		2		(5)		-		(5)		-		-
Corporate debt		1,871		(8)		(7)		(394)		3		(581)		884		-
RMBS		15,839		153		(5)		(616)		8		(2)		15,377		-
CMBS		584		(2)		(4)		(7)		47		(13)		605		-
CDO/ABS		7,846		8		3		56		-		(1,057)		6,856		-
Total bonds available for sale		28,410		150		(51)		(995)		58		(1,794)		25,778		-
Other bond securities:
Corporate debt		19		(1)		-		-		-		-		18		-
RMBS		1,427		16		-		(105)		-		-		1,338		151
CMBS		73		(2)		-		-		-		-		71		4
CDO/ABS		4,776		118		-		(253)		-		-		4,641		204
Total other bond securities		6,295		131		-		(358)		-		-		6,068		359
Equity securities		3		(3)		-		-		-		-		-		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		292		29		-		78		-		-		399		-
Total	$	35,000	$	307	$	(51)	$	(1,275)	$	58	$	(1,794)	$	32,245	$	359
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	3,696	$	(238)	$	-	$	76	$	-	$	-	$	3,534	$	298
Derivative liabilities, net:
Interest rate contracts		17		(1)		-		(2)		-		-		14		1
Foreign exchange contracts		1		6		-		(2)		-		-		5		(4)
Equity contracts		(78)		5		-		(8)		-		2		(79)		(5)
Credit contracts		250		(4)		-		-		-		-		246		3
Other contracts		(12)		(15)		-		17		-		-		(10)		18
Total derivative liabilities, net^(a)		178		(9)		-		5		-		2		176		13
Total	$	3,874	$	(247)	$	-	$	81	$	-	$	2	$	3,710	$	311

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,404	$	1	$	(115)	$	(98)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		8		(5)		6		(4)		-		(5)		-		-
Corporate debt		1,173		(65)		3		(146)		568		(649)		884		-
RMBS		16,136		419		-		(1,152)		8		(34)		15,377		-
CMBS		624		4		(21)		(30)		47		(19)		605		-
CDO/ABS		8,651		16		(85)		(654)		-		(1,072)		6,856		-
Total bonds available for sale		28,996		370		(212)		(2,084)		623		(1,915)		25,778		-
Other bond securities:
Corporate debt		18		-		-		-		-		-		18		1
RMBS		1,464		55		-		(181)		-		-		1,338		153
CMBS		74		(3)		-		(1)		1		-		71		4
CDO/ABS		4,956		207		-		(513)		-		(9)		4,641		208
Total other bond securities		6,512		259		-		(695)		1		(9)		6,068		366
Equity securities		-		(3)		-		3		-		-		-		-
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		52		1		96		-		-		399		25
Total	$	35,763	$	678	$	(211)	$	(2,685)	$	624	$	(1,924)	$	32,245	$	391
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(744)	$	-	$	142	$	-	$	-	$	3,534	$	902
Derivative liabilities, net:
Interest rate contracts		22		(4)		-		(4)		-		-		14		4
Foreign exchange contracts		-		(4)		-		9		-		-		5		(3)
Equity contracts		(82)		9		-		(8)		-		2		(79)		(9)
Credit contracts		262		(14)		-		(2)		-		-		246		13
Other contracts		(15)		(32)		-		37		-		-		(10)		35
Total derivative liabilities, net^(a)		187		(45)		-		32		-		2		176		40
Total	$	4,323	$	(789)	$	-	$	174	$	-	$	2	$	3,710	$	942

(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												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,136	$	-	$	105	$	62	$	6	$	(147)	$	2,162	$	-
Non-U.S. governments		3		(1)		-		-		-		-		2		-
Corporate debt		1,532		29		43		(99)		389		(73)		1,821		-
RMBS		14,045		182		137		(404)		44		(141)		13,863		-
CMBS		892		5		13		150		58		(15)		1,103		-
CDO/ABS		8,840		8		113		104		4		(7)		9,062		-
Total bonds available for sale		27,448		223		411		(187)		501		(383)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,266		43		-		(479)		-		-		830		(19)
CMBS		84		-		-		14		-		(10)		88		1
CDO/ABS		4,249		116		-		(214)		-		(1)		4,150		76
Total other bond securities		5,599		159		-		(679)		-		(11)		5,068		58
Equity securities		26		-		-		9		-		-		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		591		18		1		(5)		-		-		605		18
Other assets		59		-		-		2		-		-		61		-
Total	$	33,723	$	400	$	412	$	(860)	$	501	$	(394)	$	33,782	$	79
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,878	$	970	$	-	$	217	$	-	$	-	$	6,065	$	(832)
Derivative liabilities, net:
Interest rate contracts		15		2		-		(1)		-		-		16		(2)
Foreign exchange contracts		(1)		(5)		-		2		-		-		(4)		4
Equity contracts		(96)		(4)		-		(13)		-		-		(113)		4
Credit contracts		222		(24)		-		(25)		-		-		173		23
Other contracts		(8)		(16)		-		17		-		-		(7)		18
Total derivative liabilities, net^(a)		132		(47)		-		(20)		-		-		65		47
Total	$	5,010	$	923	$	-	$	197	$	-	$	-	$	6,130	$	(785)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	Gains (Losses)			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,000	$	(1)	$	202	$	86	$	35	$	(160)	$	2,162	$	-
Non-U.S. governments		11		(1)		-		(4)		-		(4)		2		-
Corporate debt		864		26		81		(65)		1,043		(128)		1,821		-
RMBS		14,199		409		161		(816)		67		(157)		13,863		-
CMBS		917		6		30		296		58		(204)		1,103		-
CDO/ABS		9,102		12		167		59		96		(374)		9,062		-
Total bonds available for sale		27,093		451		641		(444)		1,299		(1,027)		28,013		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-
RMBS		1,290		60		-		(520)		-		-		830		(19)
CMBS		77		4		-		17		-		(10)		88		4
CDO/ABS		4,478		184		-		(415)		-		(97)		4,150		100
Total other bond securities		5,845		248		-		(918)		-		(107)		5,068		85
Equity securities		27		-		-		9		-		(1)		35		3
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		587		18		1		(1)		-		-		605		19
Other assets		58		-		-		3		-		-		61		-
Total	$	33,610	$	717	$	642	$	(1,351)	$	1,299	$	(1,135)	$	33,782	$	107
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value	(Gains) Losses			Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,116	$	1,539	$	-	$	410	$	-	$	-	$	6,065	$	(1,352)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(2)		-		-		16		(3)
Foreign exchange contracts		(5)		(10)		-		11		-		-		(4)		4
Equity contracts		(75)		(20)		-		(18)		-		-		(113)		32
Credit contracts		227		(27)		-		(27)		-		-		173		27
Other contracts		(9)		(33)		-		35		-		-		(7)		35
Total derivative liabilities, net^(a)		153		(87)		-		(1)		-		-		65		95
Total	$	4,269	$	1,452	$	-	$	409	$	-	$	-	$	6,130	$	(1,257)

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Three Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,261	$	-	$	(40)	$	(29)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		9		(1)		2		(5)		-		(5)		-		-
Corporate debt		1,871		(8)		(7)		(394)		3		(581)		884		-
RMBS		15,839		153		(5)		(616)		8		(2)		15,377		-
CMBS		584		(2)		(4)		(7)		47		(13)		605		-
CDO/ABS		7,846		8		3		56		-		(1,057)		6,856		-
Total bonds available for sale		28,410		150		(51)		(995)		58		(1,794)		25,778		-
Other bond securities:
Corporate debt		19		(1)		-		-		-		-		18		-
RMBS		1,427		16		-		(105)		-		-		1,338		151
CMBS		73		(2)		-		-		-		-		71		4
CDO/ABS		4,776		118		-		(253)		-		-		4,641		204
Total other bond securities		6,295		131		-		(358)		-		-		6,068		359
Equity securities		3		(3)		-		-		-		-		-		-
Mortgage and other loans receivable		-		-		-		-		-		-		-		-
Other invested assets		292		29		-		78		-		-		399		-
Total	$	35,000	$	307	$	(51)	$	(1,275)	$	58	$	(1,794)	$	32,245	$	359
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	3,696	$	(238)	$	-	$	76	$	-	$	-	$	3,534	$	298
Derivative liabilities, net:
Interest rate contracts		17		(1)		-		(2)		-		-		14		1
Foreign exchange contracts		1		6		-		(2)		-		-		5		(4)
Equity contracts		(78)		5		-		(8)		-		2		(79)		(5)
Credit contracts		250		(4)		-		-		-		-		246		3
Other contracts		(12)		(15)		-		17		-		-		(10)		18
Total derivative liabilities, net^(a)		178		(9)		-		5		-		2		176		13
Total	$	3,874	$	(247)	$	-	$	81	$	-	$	2	$	3,710	$	311

				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Six Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities
and political subdivisions	$	2,404	$	1	$	(115)	$	(98)	$	-	$	(136)	$	2,056	$	-
Non-U.S. governments		8		(5)		6		(4)		-		(5)		-		-
Corporate debt		1,173		(65)		3		(146)		568		(649)		884		-
RMBS		16,136		419		-		(1,152)		8		(34)		15,377		-
CMBS		624		4		(21)		(30)		47		(19)		605		-
CDO/ABS		8,651		16		(85)		(654)		-		(1,072)		6,856		-
Total bonds available for sale		28,996		370		(212)		(2,084)		623		(1,915)		25,778		-
Other bond securities:
Corporate debt		18		-		-		-		-		-		18		1
RMBS		1,464		55		-		(181)		-		-		1,338		153
CMBS		74		(3)		-		(1)		1		-		71		4
CDO/ABS		4,956		207		-		(513)		-		(9)		4,641		208
Total other bond securities		6,512		259		-		(695)		1		(9)		6,068		366
Equity securities		-		(3)		-		3		-		-		-		-
Mortgage and other loans receivable		5		-		-		(5)		-		-		-		-
Other invested assets		250		52		1		96		-		-		399		25
Total	$	35,763	$	678	$	(211)	$	(2,685)	$	624	$	(1,924)	$	32,245	$	391
				Net												Changes in
				Realized and												Unrealized Gains
				Unrealized				Purchases,								(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross		Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		End		Instruments Held
(in millions)		of Period		in Income		Income (Loss)	Settlements, Net			In		Out		of Period		at End of Period
Liabilities:
Policyholder contract deposits	$	4,136	$	(744)	$	-	$	142	$	-	$	-	$	3,534	$	902
Derivative liabilities, net:
Interest rate contracts		22		(4)		-		(4)		-		-		14		4
Foreign exchange contracts		-		(4)		-		9		-		-		5		(3)
Equity contracts		(82)		9		-		(8)		-		2		(79)		(9)
Credit contracts		262		(14)		-		(2)		-		-		246		13
Other contracts		(15)		(32)		-		37		-		-		(10)		35
Total derivative liabilities, net^(a)		187		(45)		-		32		-		2		176		40
Total	$	4,323	$	(789)	$	-	$	174	$	-	$	2	$	3,710	$	942

(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 June 30, 2019
Assets:
Bonds available for sale	$	245	$	(22)	$	-	$	223
Other bond securities		109		50		-		159
Equity securities		-		-		-		-
Other invested assets		18		-		-		18
Six Months Ended June 30, 2019
Assets:
Bonds available for sale	$	487	$	(36)	$	-	$	451
Other bond securities		196		52		-		248
Equity securities		-		-		-		-
Other invested assets		18		-		-		18
Three Months Ended June 30, 2018
Assets:
Bonds available for sale	$	200	$	(50)	$	-	$	150
Other bond securities		34		-		97		131
Equity securities		(3)		-		-		(3)
Other invested assets		32		-		(3)		29
Six Months Ended June 30, 2018
Assets:
Bonds available for sale	$	482	$	(112)	$	-	$	370
Other bond securities		57		(4)		206		259
Equity securities		(3)		-		-		(3)
Other invested assets		57		-		(5)		52

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
Three Months Ended June 30, 2019
Liabilities:
Policyholder contract deposits	$	-	$	970	$	-	$	970
Derivative liabilities, net		-		(29)		(18)		(47)
Six Months Ended June 30, 2019
Liabilities:
Policyholder contract deposits	$	-	$	1,539	$	-	$	1,539
Derivative liabilities, net		-		(53)		(34)		(87)
Three Months Ended June 30, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(238)	$	-	$	(238)
Derivative liabilities, net		-		(3)		(6)		(9)
Six Months Ended June 30, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(744)	$	-	$	(744)
Derivative liabilities, net		-		(2)		(43)		(45)

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 June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	87	$	(1)	$	(24)	$	62
Non-U.S. governments		-		-		-		-
Corporate debt		8		(1)		(106)		(99)
RMBS		300		-		(704)		(404)
CMBS		179		-		(29)		150
CDO/ABS		972		(154)		(714)		104
Total bonds available for sale		1,546		(156)		(1,577)		(187)
Other bond securities:
RMBS		-		(437)		(42)		(479)
CMBS		14		-		-		14
CDO/ABS		-		-		(214)		(214)
Total other bond securities		14		(437)		(256)		(679)
Equity securities		9		-		-		9
Mortgage and other loans receivable		-		-		-		-
Other invested assets		39		-		(44)		(5)
Other assets		-		-		2		2
Total assets	$	1,608	$	(593)	$	(1,875)	$	(860)
Liabilities:
Policyholder contract deposits	$	-	$	203	$	14	$	217
Derivative liabilities, net		(9)		-		(11)		(20)
Total liabilities	$	(9)	$	203	$	3	$	197
Three Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	9	$	-	$	(38)	$	(29)
Non-U.S. governments		-		-		(5)		(5)
Corporate debt		1		(213)		(182)		(394)
RMBS		274		(5)		(885)		(616)
CMBS		-		-		(7)		(7)
CDO/ABS		475		(62)		(357)		56
Total bonds available for sale		759		(280)		(1,474)		(995)
Other bond securities:
RMBS		-		(29)		(76)		(105)
CMBS		-		-		-		-
CDO/ABS		-		-		(253)		(253)
Total other bond securities		-		(29)		(329)		(358)
Equity securities		-		-		-		-
Mortgage and other loans receivable		-		-		-		-
Other invested assets		131		(29)		(24)		78
Total assets	$	890	$	(338)	$	(1,827)	$	(1,275)
Liabilities:
Policyholder contract deposits	$	-	$	131	$	(55)	$	76
Derivative liabilities, net		(12)		-		17		5
Total liabilities	$	(12)	$	131	$	(38)	$	81

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
Six Months Ended June 30, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	134	$	(16)	$	(32)	$	86
Non-U.S. governments		-		-		(4)		(4)
Corporate debt		57		(1)		(121)		(65)
RMBS		607		(26)		(1,397)		(816)
CMBS		363		-		(67)		296
CDO/ABS		1,170		(310)		(801)		59
Total bonds available for sale		2,331		(353)		(2,422)		(444)
Other bond securities:
RMBS		-		(437)		(83)		(520)
CMBS		18		-		(1)		17
CDO/ABS		-		-		(415)		(415)
Total other bond securities		18		(437)		(499)		(918)
Equity securities		9		-		-		9
Mortgage and other loans receivable		-		-		-		-
Other invested assets		43		-		(44)		(1)
Other assets		-		-		3		3
Total assets	$	2,401	$	(790)	$	(2,962)	$	(1,351)
Liabilities:
Policyholder contract deposits	$	-	$	376	$	34	$	410
Derivative liabilities, net		(22)		-		21		(1)
Total liabilities	$	(22)	$	376	$	55	$	409
Six Months Ended June 30, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	24	$	-	$	(122)	$	(98)
Non-U.S. governments		2		-		(6)		(4)
Corporate debt		255		(216)		(185)		(146)
RMBS		507		(10)		(1,649)		(1,152)
CMBS		12		-		(42)		(30)
CDO/ABS		970		(913)		(711)		(654)
Total bonds available for sale		1,770		(1,139)		(2,715)		(2,084)
Other bond securities:
RMBS		1		(34)		(148)		(181)
CMBS		-		-		(1)		(1)
CDO/ABS		-		(4)		(509)		(513)
Total other bond securities		1		(38)		(658)		(695)
Equity securities		3		-		-		3
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		153		(29)		(28)		96
Total assets	$	1,927	$	(1,211)	$	(3,401)	$	(2,685)
Liabilities:
Policyholder contract deposits	$	-	$	243	$	(101)	$	142
Derivative liabilities, net		(19)		-		51		32
Total liabilities	$	(19)	$	243	$	(50)	$	174

(a)There were no issuances during the three- and six-month periods ended June 30, 2019 and 2018.

Significant unobservable inputs used for recurring fair value measurements

	Fair Value at
	June 30,		Valuation		Range
(in millions)	2019		Technique	Unobservable Input^(b)	(Weighted Average)
Assets:

Obligations of states, municipalities
and political subdivisions	$	1,631	Discounted cash flow	Yield	3.27% - 4.22% (3.74%)

Corporate debt		1,166	Discounted cash flow	Yield	3.34% - 8.21% (5.78%)

RMBS^(a)		12,792	Discounted cash flow	Constant prepayment rate	3.62% - 12.16% (7.89%)
				Loss severity	37.29% - 75.60% (56.44%)
				Constant default rate	1.84% - 6.75% (4.29%)
				Yield	2.50% - 4.53% (3.52%)

CDO/ABS^(a)		5,969	Discounted cash flow	Yield	2.85% - 4.49% (3.67%)

CMBS		510	Discounted cash flow	Yield	2.91% - 5.09% (4.00%)
Liabilities:

Embedded derivatives within
Policyholder contract deposits:

Guaranteed minimum withdrawal benefits (GMWB)		2,563	Discounted cash flow	Equity volatility	6.15% - 48.75%
				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		2,973	Discounted cash flow	Lapse rate	0.50% - 40.00%
				Mortality multiplier^(c)	42.00% - 162.00%
				Option Budget	1.00% - 4.00%

Indexed Life		504	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				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.

(c)Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.

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

		June 30, 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	$	1,063	$	1,435	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		235		276		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		100		129		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		373		77		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		349		239		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		570		269		514		307
Total private equity funds			2,690		2,425		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		778		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		736		-		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		847		-		887		-

Distressed	Securities of companies that are in default, under bankruptcy protection or troubled		1		-		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		158		1		158		1
Total hedge funds			2,520		1		2,716		9
Total		$	5,210	$	2,426	$	4,966	$	1,956

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

	Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
	Gain (Loss) Three Months Ended June 30,				Gain (Loss) Six Months Ended June 30,
(in millions)		2019		2018		2019		2018
Assets:
Bond and equity securities	$	283	$	129	$	638	$	152
Alternative investments^(a)		151		96		381		224
Liabilities:
Long-term debt^(b)		(93)		16		(153)		68
Total gain	$	341	$	241	$	866	$	444

(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

	June 30, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,303	$	1,703	$	600	$	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 June 30,				Six Months Ended June 30,
(in millions)	Level 1		Level 2		Level 3			Total		2019		2018		2019		2018
June 30, 2019
Other investments	$	-	$	-	$	259	$	259	$	17	$	61	$	58	$	89
Other assets		-		-		1		1		9		1		17		1
Total	$	-	$	-	$	260	$	260	$	26	$	62	$	75	$	90
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
June 30, 2019
Assets:
Mortgage and other loans receivable	$	-	$	104	$	45,314	$	45,418	$	43,556
Other invested assets		-		670		6		676		677
Short-term investments		-		9,566		-		9,566		9,566
Cash		2,935		-		-		2,935		2,935
Other assets		213		19		-		232		232
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		342		129,787		130,129		124,133
Other liabilities		-		2,394		-		2,394		2,394
Long-term debt		-		26,782		8,940		35,722		33,988
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)

6 Months Ended

Jun. 30, 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)
June 30, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	3,978	$	253	$	(3)	$	4,228	$	-
Obligations of states, municipalities and political subdivisions		14,600		1,365		(19)		15,946		-
Non-U.S. governments		14,690		800		(90)		15,400		-
Corporate debt		135,357		10,030		(827)		144,560		4
Mortgage-backed, asset-backed and collateralized:
RMBS		30,064		3,199		(87)		33,176		1,238
CMBS		13,074		579		(29)		13,624		31
CDO/ABS		18,299		413		(85)		18,627		18
Total mortgage-backed, asset-backed and collateralized		61,437		4,191		(201)		65,427		1,287
Total bonds available for sale^(b)	$	230,062	$	16,639	$	(1,140)	$	245,561	$	1,291
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 both June 30, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $28.8 billion.

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
June 30, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	219	$	1	$	267	$	2	$	486	$	3
Obligations of states, municipalities and political
subdivisions		63		1		492		18		555		19
Non-U.S. governments		1,112		34		805		56		1,917		90
Corporate debt		9,361		477		8,162		350		17,523		827
RMBS		3,483		35		2,578		52		6,061		87
CMBS		724		7		960		22		1,684		29
CDO/ABS		5,438		54		2,123		31		7,561		85
Total bonds available for sale	$	20,400	$	609	$	15,387	$	531	$	35,787	$	1,140
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
June 30, 2019
Due in one year or less	$	11,150	$	11,362	$	1,918	$	1,890
Due after one year through five years		45,645		46,989		6,616		6,393
Due after five years through ten years		42,945		45,229		5,914		5,728
Due after ten years		68,885		76,554		6,972		6,470
Mortgage-backed, asset-backed and collateralized		61,437		65,427		15,507		15,306
Total	$	230,062	$	245,561	$	36,927	$	35,787
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 June 30,								Six Months Ended June 30,
		2019				2018			2019					2018
		Gross		Gross		Gross		Gross		Gross		Gross		Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses		Gains		Losses		Gains		Losses
Fixed maturity securities	$	173	$	86	$	100	$	113	$	266	$	210	$	170	$	173
Equity securities		-		-		-		-		-		-		16		-
Total	$	173	$	86	$	100	$	113	$	266	$	210	$	186	$	173

The fair value of AIG's other securities

		June 30, 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	$	2,199	19	%	$	2,665	21	%
Non-U.S. governments		56	-			45	-
Corporate debt		1,798	16			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		1,324	12			1,714	14
CMBS		418	4			388	3
CDO/ABS and other collateralized^*		4,666	41			4,932	39
Total mortgage-backed, asset-backed and collateralized		6,408	57			7,034	56
Total fixed maturity securities		10,461	92			11,415	90
Equity securities		880	8			1,253	10
Total	$	11,341	100	%	$	12,668	100	%

*Includes $159 million and $178 million of U.S. government agency-backed ABS at June 30, 2019 and December 31, 2018, respectively.

Components of other invested assets

		June 30,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,760	$	8,966
Investment real estate^(c)		9,287		8,935
All other investments		1,407		1,440
Total	$	19,454	$	19,341

(b)At June 30, 2019, approximately 67 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 33 percent will be available for redemption between 2020 and 2027.

(c)Net of accumulated depreciation of $684 million and $598 million at June 30, 2019 and December 31, 2018, respectively.

Components of net investment income

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Available for sale fixed maturity securities, including short-term investments	$	2,701	$	2,536	$	5,354	$	5,146
Other fixed maturity securities		281		(10)		608		(31)
Equity securities		(22)		3		57		(29)
Interest on mortgage and other loans		518		447		1,016		897
Alternative investments^(a)		345		171		764		508
Real estate		62		30		131		61
Other investments		(8)		14		(60)		24
Total investment income		3,877		3,191		7,870		6,576
Investment expenses		132		126		246		250
Net investment income	$	3,745	$	3,065	$	7,624	$	6,326

Net Realized Capital Gains and Losses

Components of net realized capital gains (losses)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Sales of fixed maturity securities	$	87	$	(13)	$	56	$	(3)
Sales of equity securities		-		-		-		16
Other-than-temporary impairments:
Change in intent		-		-		(3)		(49)
Foreign currency declines		(3)		(6)		(9)		(12)
Issuer-specific credit events		(25)		(30)		(96)		(62)
Adverse projected cash flows		(2)		-		(5)		-
Provision for loan losses		14		(26)		(10)		(50)
Foreign exchange transactions		(2)		(187)		(39)		(134)
Variable annuity embedded derivatives, net of related hedges		(40)		36		(301)		183
All other derivatives and hedge accounting		207		375		135		150
Other		168		16		230		107
Net realized capital gains (losses)	$	404	$	165	$	(42)	$	146

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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	5,906	$	(2,969)	$	11,888	$	(7,938)
Other investments		1		(3)		(68)		(28)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	5,907	$	(2,972)	$	11,820	$	(7,966)

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:

Three Months Ended June 30,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the period on equity securities	$	(22)	$	271	$	249	$	3	$	122	$	125
Less: Net gains and losses recognized during the period on equity
securities sold during the period		(7)		146		139		14		28		42
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	(15)	$	125	$	110	$	(11)	$	94	$	83

Six Months Ended June 30,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the period on equity securities	$	57	$	510	$	567	$	(28)	$	314	$	286
Less: Net gains and losses recognized during the period on equity
securities sold during the period		12		156		168		6		27		33
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	45	$	354	$	399	$	(34)	$	287	$	253

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Balance, beginning of period	$	53	$	358	$	-	$	526
Increases due to:
Credit impairments on new securities subject to impairment losses		27		3		95		17
Additional credit impairments on previously impaired securities		-		28		6		45
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(38)		(80)		(59)		(131)
Accretion on securities previously impaired due to credit^*		(8)		(121)		(8)		(269)
Balance, end of period	$	34	$	188	$	34	$	188

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

(in millions)	At Date of Acquisition
Contractually required payments (principal and interest)	$	36,306
Cash flows expected to be collected^*		29,786
Recorded investment in acquired securities		20,097

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

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

(in millions)	June 30, 2019		December 31, 2018
Outstanding principal balance	$	11,576	$	12,495
Amortized cost		7,879		8,646
Fair value		9,639		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				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Balance, beginning of period	$	6,801	$	7,601	$	7,210	$	7,501
Newly purchased PCI securities		1		4		13		27
Accretion		(151)		(190)		(323)		(377)
Effect of changes in interest rate indices		(266)		(32)		(400)		174
Net reclassification from (to) non-accretable difference,
including effects of prepayments		17		78		(98)		136
Balance, end of period	$	6,402	$	7,461	$	6,402	$	7,461

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

(in millions)		June 30, 2019		December 31, 2018
Fixed maturity securities available for sale	$	2,216	$	1,050
Other bond securities, at fair value	$	122	$	122

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

	Remaining Contractual Maturity of the Agreements
(in millions)	Overnight and Continuous			up to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
June 30, 2019
Bonds available for sale:
Non-U.S. governments	$	57	$	11	$	-	$	-	$	-	$	68
Corporate debt		56		189		5		-		-		250
Other bond securities:
U.S. government and government sponsored entities		22		-		-		-		-		22
Non-U.S. governments		-		-		3		-		-		3
Corporate debt		-		33		64		-		-		97
Total	$	135	$	233	$	72	$	-	$	-	$	440

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 to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
June 30, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	-	$	-	$	-	$	-
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		444		707		747		-		1,898
Total	$	-	$	444	$	707	$	747	$	-	$	1,898

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)		June 30, 2019		December 31, 2018
Securities collateral pledged to us	$	2,587	$	426
Amount sold or repledged by us		121		106

LENDING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2019

LENDING ACTIVITIES

Composition of Mortgages and other loans receivable

	June 30,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	33,437	$	32,882
Residential mortgages		6,324		6,532
Life insurance policy loans		2,108		2,147
Commercial loans, other loans and notes receivable		2,094		1,971
Total mortgage and other loans receivable		43,963		43,532
Allowance for credit losses		(407)		(397)
Mortgage and other loans receivable, net	$	43,556	$	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
June 30, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	19,243	$	2,054	$	245	$	21,542
65% to 75%		9,720		564		214		10,498
76% to 80%		975		19		3		997
Greater than 80%		201		88		111		400
Total commercial mortgages	$	30,139	$	2,725	$	573	$	33,437

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 $
June 30, 2019
Credit Quality Performance
Indicator:
In good standing	743	$	12,012	$	9,790	$	5,505	$	2,973	$	2,462	$	568	$	33,310	100	%
Restructured^(a)	2		-		92		-		-		15		-		107	-
90 days or less delinquent	-		-		-		-		-		-		-		-	-
>90 days delinquent or in
process of foreclosure	1		-		20		-		-		-		-		20	-
Total^(b)	746	$	12,012	$	9,902	$	5,505	$	2,973	$	2,477	$	568	$	33,437	100	%
Allowance for credit losses:
Specific		$	-	$	6	$	1	$	-	$	1	$	-	$	8	-	%
General			109		103		52		12		20		6		302	1
Total allowance for credit losses		$	109	$	109	$	53	$	12	$	21	$	6	$	310	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

Six Months Ended June 30,	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		-			-		-		(16)			-		(16)
Recoveries of loans previously charged off		-			-		-		-			-		-
Net charge-offs		-			-		-		(16)			-		(16)
Provision for loan losses		(8)			18		10		51			(1)		50
Allowance, end of period	$	310	*	$	97	$	407	$	282	*	$	74	$	356

*Of the total allowance, $8 million and $5 million relate to individually assessed credit losses on $173 million and $60 million of commercial mortgages at June 30, 2019 and 2018, respectively.

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2019

Variable Interest Entity Primary Beneficiary

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

		Real Estate and				Affordable
		Investment		Securitization		Housing
(in millions)		Entities^(d)		Vehicles^(e)		Partnerships		Other		Total
June 30, 2019
Assets:
Bonds available for sale	$	-	$	7,786	$	-	$	-	$	7,786
Other bond securities		-		3,709		-		2		3,711
Mortgage and other loans receivable		-		3,767		-		-		3,767
Other invested assets		5,607		-		3,625		26		9,258
Other^(a)		510		1,870		490		72		2,942
Total assets^(b)	$	6,117	$	17,132	$	4,115	$	100	$	27,464
Liabilities:
Long-term debt	$	2,884	$	3,916	$	2,153	$	4	$	8,957
Other^(c)		237		216		204		24		681
Total liabilities	$	3,121	$	4,132	$	2,357	$	28	$	9,638
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 June 30, 2019 and December 31, 2018.

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

(d) At June 30, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.8 billion and $1.4 billion, respectively.

(e) At June 30, 2019 and December 31, 2018, $16.3 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
June 30, 2019
Real estate and investment entities^(a)	$	259,675	$	6,454	$	3,502		$	9,956
Affordable housing partnerships		3,360		472		-			472
Other		5,330		333		-	^(c)		333
Total	$	268,365	$	7,259	$	3,502		$	10,761
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 June 30, 2019 and December 31, 2018, $6.9 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)

6 Months Ended

Jun. 30, 2019

DERIVATIVES AND HEDGE ACCOUNTING

	June 30, 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	$	322	$	2	$	540	$	10	$	10	$	-	$	866	$	19
Foreign exchange contracts		5,631		370		2,835		144		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		59,082		3,273		34,013		2,285		42,821		2,890		27,329		2,004
Foreign exchange contracts		10,460		896		7,630		816		11,134		801		5,434		711
Equity contracts		15,496		743		5,447		47		17,807		398		2,399		15
Credit contracts^(b)		3		1		1,441		195		8		1		1,406		236
Other contracts^(c)		40,579		13		58		6		39,070		15		58		6
Total derivatives, gross	$	131,573	$	5,298	$	51,964	$	3,503	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(2,080)				(2,080)				(1,713)				(1,713)
Cash collateral^(e)				(2,315)				(303)				(1,840)				(187)
Total derivatives on condensed
consolidated balance sheets^(f)			$	903			$	1,120			$	915			$	1,238

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

(c)Consists primarily of stable value wraps and contracts with multiple underlying exposures.

(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 June 30, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		9		-		(9)		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		58		57		(58)		57
Three Months Ended June 30, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		199		37		(199)		37
Six Months Ended June 30, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		14		-		(14)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		50		43		(50)		43
Six Months Ended June 30, 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)		191		4		(191)		4

(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) Recognized in Earnings
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
By Derivative Type:
Interest rate contracts	$	615	$	(224)	$	974	$	(622)
Foreign exchange contracts		231		391		203		252
Equity contracts		89		(114)		(119)		(187)
Credit contracts		17		1		9		12
Other contracts		18		17		34		34
Embedded derivatives		(832)		344		(1,281)		935
Total	$	138	$	415	$	(180)	$	424
By Classification:
Policy fees	$	18	$	17	$	35	$	34
Net investment income		(50)		1		(55)		(3)
Net realized capital gains (losses)		165		369		(169)		356
Other income		-		29		-		41
Policyholder benefits and claims incurred		5		(1)		9		(4)
Total	$	138	$	415	$	(180)	$	424

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
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-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
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-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
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

INSURANCE LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2019

Claims Development [Line Items]

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)		2019		2018		2019		2018
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	82,496	$	78,098	$	83,639	$	78,393
Reinsurance recoverable		(31,784)		(27,211)		(31,690)		(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period		50,712		50,887		51,949		51,685
Losses and loss adjustment expenses incurred:
Current year		4,795		4,452		9,600		9,130
Prior years, excluding discount and amortization of deferred gain		(132)		(26)		(147)		(65)
Prior years, discount charge (benefit)		244		9		741		(177)
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(56)		(69)		(142)		(108)
Total losses and loss adjustment expenses incurred		4,851		4,366		10,052		8,780
Losses and loss adjustment expenses paid:
Current year		(1,148)		(910)		(1,492)		(1,520)
Prior years		(4,562)		(4,635)		(10,682)		(9,414)
Total losses and loss adjustment expenses paid		(5,710)		(5,545)		(12,174)		(10,934)
Other changes:
Foreign exchange effect		(209)		(431)		7		(157)
Retroactive reinsurance adjustment (net of discount)^(b)		80		30		(110)		(67)
Total other changes		(129)		(401)		(103)		(224)
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		49,724		49,307		49,724		49,307
Reinsurance recoverable		31,333		27,406		31,333		27,406
Total	$	81,057	$	76,713	$	81,057	$	76,713

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

	June 30, 2019						December 31, 2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,258	$	812	$	3,070	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,288)		-		(1,288)		(1,720)		-		(1,720)
Total reserve discount^*	$	970	$	812	$	1,782	$	1,062	$	973	$	2,035

*Excludes $188 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at June 30, 2019 and December 31, 2018, respectively.

Three Months Ended June 30,	2019						2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	32	$	-	$	32	$	23	$	-	$	23
Accretion and other adjustments
to prior year discount		8		(11)		(3)		(133)		(12)		(145)
Effect of interest rate changes		(170)		(71)		(241)		96		40		136
Net reserve discount
benefit (charge)		(130)		(82)		(212)		(14)		28		14
Change in discount on loss reserves
ceded under retroactive reinsurance		125		-		125		20		-		20
Net change in total reserve
discount^(a)	$	(5)	$	(82)	$	(87)	$	6	$	28	$	34

Six Months Ended June 30,	2019						2018
	North						North
	America						America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	56	$	-	$	56	$	42	$	-	$	42
Accretion and other adjustments
to prior year discount		(243)		(24)		(267)		(88)		(30)		(118)
Effect of interest rate changes		(337)		(137)		(474)		219		76		295
Net reserve discount
benefit (charge)		(524)		(161)		(685)		173		46		219
Change in discount on loss reserves
ceded under retroactive reinsurance		432		-		432		(108)		-		(108)
Net change in total reserve
discount^(b)	$	(92)	$	(161)	$	(253)	$	65	$	46	$	111

(a) Excludes $(9) million and $7 million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended June 30, 2019 and 2018, respectively.

(b) Excludes $26 million and $3 million discount related to certain long tail liabilities in the United Kingdom for the six-month periods ended June 30, 2019 and 2018, respectively.

EQUITY (Tables)

6 Months Ended

Jun. 30, 2019

EQUITY

Rollforward of common stock outstanding

Six Months Ended June 30, 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	-	3,292,082	3,292,082
Shares repurchased	-	-	-
Shares, end of period	1,906,671,492	(1,036,769,981)	869,901,511

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 Common Share
May 6, 2019	June 14, 2019	June 28, 2019	$	0.32
February 13, 2019	March 15, 2019	March 29, 2019		0.32
May 2, 2018	June 14, 2018	June 28, 2018	$	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:

Six Months Ended June 30,
(in millions)		2019		2018
Aggregate repurchases of common stock	$	-	$	646
Total number of common shares repurchased		-		12
Aggregate repurchases of warrants	$	-	$	4
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, March 31, 2019, net of tax	$	638	$	5,129	$	(2,562)	$	(1,087)	$	10	$	2,128
Change in unrealized appreciation of investments		95		5,812		-		-		-		5,907
Change in deferred policy acquisition costs
adjustment and other		(6)		(868)		-		-		-		(874)
Change in future policy benefits		-		(1,181)		-		-		-		(1,181)
Change in foreign currency translation adjustments		-		-		(133)		-		-		(133)
Change in net actuarial loss		-		-		-		15		-		15
Change in prior service credit		-		-		-		-		-		-
Change in deferred tax asset (liability)		(7)		(849)		4		(7)		-		(859)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(2)		(2)
Total other comprehensive income (loss)		82		2,914		(129)		8		(2)		2,873
Noncontrolling interests		-		9		1		-		-		10
Balance, June 30, 2019, net of tax	$	720	$	8,034	$	(2,692)	$	(1,079)	$	8	$	4,991

Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation of investments		944		10,876		-		-		-		11,820
Change in deferred policy acquisition costs
adjustment and other		(14)		(1,724)		-		-		-		(1,738)
Change in future policy benefits		-		(2,249)		-		-		-		(2,249)
Change in foreign currency translation adjustments		-		-		55		-		-		55
Change in net actuarial loss		-		-		-		16		-		16
Change in prior service credit		-		-		-		(1)		-		(1)
Change in deferred tax liability		(172)		(1,281)		(20)		(8)		-		(1,481)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(2)		(2)
Total other comprehensive income (loss)		758		5,622		35		7		(2)		6,420
Noncontrolling interests		-		14		2		-		-		16
Balance, June 30, 2019, net of tax	$	720	$	8,034	$	(2,692)	$	(1,079)	$	8	$	4,991

		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, March 31, 2018, net of tax	$	812	$	4,700	$	(2,216)	$	(1,085)	$	9	$	2,220
Cumulative effect of change in accounting
principles		-		-		-		-		-		-
Change in unrealized depreciation of investments		(1,368)		(1,604)		-		-		-		(2,972)
Change in deferred policy acquisition costs
adjustment and other		84		271		-		-		-		355
Change in future policy benefits		-		383		-		-		-		383
Change in foreign currency translation adjustments		-		-		(195)		-		-		(195)
Change in net actuarial loss		-		-		-		22		-		22
Change in prior service cost		-		-		-		2		-		2
Change in deferred tax asset (liability)		238		194		(15)		(1)		-		416
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(1)		(1)
Total other comprehensive income (loss)		(1,046)		(756)		(210)		23		(1)		(1,990)
Noncontrolling interests		-		-		-		-		-		-
Balance, June 30, 2018, net of tax	$	(234)	$	3,944	$	(2,426)	$	(1,062)	$	8	$	230

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		(1,608)		(6,358)		-		-		-		(7,966)
Change in deferred policy acquisition costs
adjustment and other		114		905		-		-		-		1,019
Change in future policy benefits		-		1,124		-		-		-		1,124
Change in foreign currency translation adjustments		-		-		(23)		-		-		(23)
Change in net actuarial loss		-		-		-		38		-		38
Change in prior service credit		-		-		-		(2)		-		(2)
Change in deferred tax asset (liability)		298		865		(29)		16		-		1,150
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		1		1
Total other comprehensive income (loss)		(1,196)		(3,464)		(52)		52		1		(4,659)
Noncontrolling interests		-		-		-		-		-		-
Balance, June 30, 2018, net of tax	$	(234)	$	3,944	$	(2,426)	$	(1,062)	$	8	$	230

Other comprehensive income (loss) reclassification adjustments

		Unrealized Appreciation
		(Depreciation) of Fixed								Fair Value of
		Maturity Investments		Unrealized						Liabilities Under
		on Which Other-Than-		Appreciation		Foreign		Retirement		Fair Value Option
		Temporary Credit		(Depreciation)		Currency		Plan		Attributable to
		Impairments Were		of All Other		Translation		Liabilities		Changes in
(in millions)		Recognized		Investments		Adjustments		Adjustment		Own Credit Risk		Total
Three Months Ended June 30, 2019
Unrealized change arising during period	$	85	$	3,854	$	(133)	$	5	$	(2)	$	3,809
Less: Reclassification adjustments
included in net income		(4)		91		-		(10)		-		77
Total other comprehensive income (loss),
before income tax expense (benefit)		89		3,763		(133)		15		(2)		3,732
Less: Income tax expense (benefit)		7		849		(4)		7		-		859
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	82	$	2,914	$	(129)	$	8	$	(2)	$	2,873
Three Months Ended June 30, 2018
Unrealized change arising during period	$	(1,282)	$	(964)	$	(195)	$	16	$	(1)	$	(2,426)
Less: Reclassification adjustments
included in net income		2		(14)		-		(8)		-		(20)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,284)		(950)		(195)		24		(1)		(2,406)
Less: Income tax expense (benefit)		(238)		(194)		15		1		-		(416)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,046)	$	(756)	$	(210)	$	23	$	(1)	$	(1,990)
Six Months Ended June 30, 2019
Unrealized change arising during period	$	926	$	6,963	$	55	$	-	$	(2)	$	7,942
Less: Reclassification adjustments
included in net income		(4)		60		-		(15)		-		41
Total other comprehensive income (loss),
before income tax expense		930		6,903		55		15		(2)		7,901
Less: Income tax expense		172		1,281		20		8		-		1,481
Total other comprehensive income (loss),
net of income tax expense	$	758	$	5,622	$	35	$	7	$	(2)	$	6,420
Six Months Ended June 30, 2018
Unrealized change arising during period	$	(1,490)	$	(4,350)	$	(23)	$	19	$	1	$	(5,843)
Less: Reclassification adjustments
included in net income		4		(21)		-		(17)		-		(34)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,494)		(4,329)		(23)		36		1		(5,809)
Less: Income tax expense (benefit)		(298)		(865)		29		(16)		-		(1,150)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,196)	$	(3,464)	$	(52)	$	52	$	1	$	(4,659)

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					Affected Line Item in the Condensed Consolidated Statements of Income

	Three Months Ended June 30,
(in millions)		2019		2018
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	(4)	$	2		Other realized capital gains
Total			(4)		2
Unrealized appreciation (depreciation) of all other investments
Investments			91		(15)		Other realized capital gains
Deferred acquisition costs adjustment			-		1		Amortization of deferred policy acquisition costs
Future policy benefits			-		-		Policyholder benefits and losses incurred
Total			91		(14)
Change in retirement plan liabilities adjustment
Prior-service credit			-		1		*
Actuarial losses			(10)		(9)		*
Total			(10)		(8)
Total reclassifications for the period		$	77	$	(20)
	Amount Reclassified from Accumulated Other Comprehensive Income					Affected Line Item in the Condensed Consolidated Statements of Income

	Six Months Ended June 30,
(in millions)		2019		2018
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments		$	(4)	$	4		Other realized capital gains
Total			(4)		4
Unrealized appreciation (depreciation) of all other investments
Investments			60		9		Other realized capital gains
Deferred acquisition costs adjustment			-		(30)		Amortization of deferred policy acquisition costs
Future policy benefits			-		-		Policyholder benefits and losses incurred
Total			60		(21)
Change in retirement plan liabilities adjustment
Prior-service credit			-		1		*
Actuarial losses			(15)		(18)		*
Total			(15)		(17)
Total reclassifications for the period		$	41	$	(34)

*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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: 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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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 12: 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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+ Details

EARNINGS PER COMMON SHARE (EPS) (Tables)

6 Months Ended

Jun. 30, 2019

EARNINGS PER SHARE (EPS)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(dollars in millions, except per common share data)		2019		2018		2019		2018
Numerator for EPS:
Income from continuing operations	$	1,391	$	931	$	2,328	$	1,881
Less: Net income (loss) from continuing operations attributable to noncontrolling interests		281		(6)		564		5
Less: Preferred stock dividends		7		-		7		-
Income attributable to AIG common shareholders
from continuing operations		1,103		937		1,757		1,876
Loss from discontinued operations, net of income tax expense		(1)		-		(1)		(1)
Net income attributable to AIG common shareholders	$	1,102	$	937	$	1,756	$	1,875
Denominator for EPS:
Weighted average common shares outstanding — basic		876,382,884		903,215,488		875,885,588		905,566,733
Dilutive common shares		11,942,158		13,356,993		7,035,659		15,335,987
Weighted average common shares outstanding — diluted^(a)		888,325,042		916,572,481		882,921,247		920,902,720
Income per common share attributable to AIG common
shareholders:
Basic:
Income from continuing operations	$	1.26	$	1.04	$	2.00	$	2.07
Income from discontinued operations	$	-	$	-	$	-	$	-
Net income attributable to AIG common shareholders	$	1.26	$	1.04	$	2.00	$	2.07
Diluted:
Income from continuing operations	$	1.24	$	1.02	$	1.99	$	2.04
Income from discontinued operations	$	-	$	-	$	-	$	-
Net income attributable to AIG common shareholders	$	1.24	$	1.02	$	1.99	$	2.04

EMPLOYEE BENEFITS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019
Components of net periodic benefit cost:
Service cost	$	3	$	4	$	7	$	1	$	-	$	1
Interest cost		43		4		47		1		-		1
Expected return on assets		(57)		(6)		(63)		-		-		-
Amortization of prior service cost		-		1		1		-		-		-
Amortization of net (gain) loss		8		2		10		(1)		-		(1)
Net periodic benefit cost (credit)		(3)		5		2		1		-		1
Settlement charges		-		1		1		-		-		-
Net benefit cost (credit)	$	(3)	$	6	$	3	$	1	$	-	$	1
Three Months Ended June 30, 2018
Components of net periodic benefit cost:
Service cost	$	2	$	5	$	7	$	1	$	1	$	2
Interest cost		40		4		44		1		1		2
Expected return on assets		(70)		(6)		(76)		-		-		-
Amortization of prior service credit		-		-		-		(1)		(1)		(2)
Amortization of net loss		7		2		9		-		-		-
Net periodic benefit cost (credit)		(21)		5		(16)		1		1		2
Settlement charges		-		-		-		-		-		-
Net benefit cost (credit)	$	(21)	$	5	$	(16)	$	1	$	1	$	2
Six Months Ended June 30, 2019
Components of net periodic benefit cost:
Service cost	$	5	$	10	$	15	$	1	$	-	$	1
Interest cost		87		8		95		3		1		4
Expected return on assets		(114)		(11)		(125)		-		-		-
Amortization of prior service cost (credit)		-		1		1		-		(1)		(1)
Amortization of net (gain) loss		16		3		19		(1)		-		(1)
Net periodic benefit cost (credit)		(6)		11		5		3		-		3
Settlement credit		-		(3)		(3)		-		-		-
Net benefit cost (credit)	$	(6)	$	8	$	2	$	3	$	-	$	3
Six Months Ended June 30, 2018
Components of net periodic benefit cost:
Service cost	$	4	$	11	$	15	$	1	$	1	$	2
Interest cost		81		8		89		3		1		4
Expected return on assets		(141)		(13)		(154)		-		-		-
Amortization of prior service cost (credit)		-		1		1		(1)		(1)		(2)
Amortization of net loss		14		4		18		-		-		-
Net periodic benefit cost (credit)		(42)		11		(31)		3		1		4
Settlement charges		-		-		-		-		-		-
Net benefit cost (credit)	$	(42)	$	11	$	(31)	$	3	$	1	$	4

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2019
Assets:
Short-term investments^(a)	$	3,440	$	2	$	-	$	13,729	$	(2,155)	$	15,016
Other investments^(b)		4,416		-		-		315,496		-		319,912
Total investments		7,856		2		-		329,225		(2,155)		334,928
Cash		20		-		1		2,914		-		2,935
Loans to subsidiaries^(c)		34,906		-		-		639		(35,545)		-
Investment in consolidated subsidiaries^(c)		39,943		3,914		32,505		-		(76,362)		-
Other assets, including deferred income taxes^(d)		15,550		2,071		19		168,623		(1,857)		184,406
Total assets	$	98,275	$	5,987	$	32,525	$	501,401	$	(115,919)	$	522,269
Liabilities:
Insurance liabilities	$	-	$	-	$	-	$	301,226	$	-	$	301,226
Long-term debt		23,009		356		643		12,283		-		36,291
Other liabilities, including intercompany balances^(b)		10,088		7		37		112,526		(4,011)		118,647
Loans from subsidiaries^(c)		639		-		-		34,906		(35,545)		-
Total liabilities		33,736		363		680		460,941		(39,556)		456,164
Total AIG shareholders’ equity		64,539		5,624		31,845		38,894		(76,363)		64,539
Non-redeemable noncontrolling interests		-		-		-		1,566		-		1,566
Total equity		64,539		5,624		31,845		40,460		(76,363)		66,105
Total liabilities and equity	$	98,275	$	5,987	$	32,525	$	501,401	$	(115,919)	$	522,269

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.

(c)Eliminated in consolidation.

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 June 30, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,167	$	109	$	1,278	$	-	$	(2,554)	$	-
Other income		277		4		-		12,316		(36)		12,561
Total revenues		1,444		113		1,278		12,316		(2,590)		12,561
Expenses:
Interest expense		250		-		12		102		(4)		360
Loss on extinguishment of debt		-		5		-		10		-		15
Other expenses		180		4		1		10,194		(30)		10,349
Total expenses		430		9		13		10,306		(34)		10,724
Income (loss) from continuing operations before income
tax expense (benefit)		1,014		104		1,265		2,010		(2,556)		1,837
Income tax expense (benefit)		(95)		-		(1)		542		-		446
Income (loss) from continuing operations		1,109		104		1,266		1,468		(2,556)		1,391
Loss from discontinued operations,
net of income taxes		-		-		-		(1)		-		(1)
Net income (loss)		1,109		104		1,266		1,467		(2,556)		1,390
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		281		-		281
Net income (loss) attributable to AIG	$	1,109	$	104	$	1,266	$	1,186	$	(2,556)	$	1,109
Three Months Ended June 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	845	$	-	$	459	$	-	$	(1,304)	$	-
Other income		309		-		-		11,179		143		11,631
Total revenues		1,154		-		459		11,179		(1,161)		11,631
Expenses:
Interest expense		246		-		13		43		(3)		299
Loss on extinguishment of debt		-		-		-		5		-		5
Other expenses		359		-		-		9,738		(22)		10,075
Total expenses		605		-		13		9,786		(25)		10,379
Income (loss) from continuing operations before income
tax expense (benefit)		549		-		446		1,393		(1,136)		1,252
Income tax expense (benefit)		(389)		-		(1)		711		-		321
Income (loss) from continuing operations		938		-		447		682		(1,136)		931
Income (loss) from discontinued operations,
net of income taxes		(1)		-		-		1		-		-
Net income (loss)		937		-		447		683		(1,136)		931
Less:
Net loss from continuing operations
attributable to noncontrolling interests		-		-		-		(6)		-		(6)
Net income (loss) attributable to AIG	$	937	$	-	$	447	$	689	$	(1,136)	$	937

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Six Months Ended June 30, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,875	$	316	$	1,978	$	-	$	(4,169)	$	-
Other income		564		5		-		24,524		(76)		25,017
Total revenues		2,439		321		1,978		24,524		(4,245)		25,017
Expenses:
Interest expense		496		-		25		196		(8)		709
Loss on extinguishment of debt		-		9		-		4		-		13
Other expenses		368		5		1		20,998		(68)		21,304
Total expenses		864		14		26		21,198		(76)		22,026
Income (loss) from continuing operations before income
tax expense (benefit)		1,575		307		1,952		3,326		(4,169)		2,991
Income tax expense (benefit)		(189)		-		(2)		854		-		663
Income (loss) from continuing operations		1,764		307		1,954		2,472		(4,169)		2,328
Loss from discontinued operations,
net of income taxes		(1)		-		-		-		-		(1)
Net income (loss)		1,763		307		1,954		2,472		(4,169)		2,327
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		564		-		564
Net income (loss) attributable to AIG	$	1,763	$	307	$	1,954	$	1,908	$	(4,169)	$	1,763
Six Months Ended June 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^*	$	1,878	$	-	$	1,181	$	-	$	(3,059)	$	-
Other income		567		-		-		22,691		85		23,343
Total revenues		2,445		-		1,181		22,691		(2,974)		23,343
Expenses:
Interest expense		466		-		25		91		(6)		576
Loss on extinguishment of debt		-		-		-		9		-		9
Other expenses		511		-		1		19,844		(77)		20,279
Total expenses		977		-		26		19,944		(83)		20,864
Income (loss) from continuing operations before income
tax expense (benefit)		1,468		-		1,155		2,747		(2,891)		2,479
Income tax expense (benefit)		(408)		-		2		1,004		-		598
Income (loss) from continuing operations		1,876		-		1,153		1,743		(2,891)		1,881
Loss from discontinued operations,
net of income taxes		(1)		-		-		-		-		(1)
Net income (loss)		1,875		-		1,153		1,743		(2,891)		1,880
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-		5		-		5
Net income (loss) attributable to AIG	$	1,875	$	-	$	1,153	$	1,738	$	(2,891)	$	1,875

*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 June 30, 2019
Net income (loss)	$	1,109	$	104	$	1,266		$	1,467		$	(2,556)	$	1,390
Other comprehensive income (loss)		2,863		-		2,418			7,299			(9,707)		2,873
Comprehensive income (loss)		3,972		104		3,684			8,766			(12,263)		4,263
Total comprehensive income attributable to
noncontrolling interests		-		-		-			291			-		291
Comprehensive income (loss) attributable to AIG	$	3,972	$	104	$	3,684		$	8,475		$	(12,263)	$	3,972
Three Months Ended June 30, 2018
Net income (loss)	$	937	$	-	$	447		$	683		$	(1,136)	$	931
Other comprehensive income (loss)		(1,990)		-		(1,510)			(651)			2,161		(1,990)
Comprehensive income (loss)		(1,053)		-		(1,063)			32			1,025		(1,059)
Total comprehensive loss attributable to
noncontrolling interests		-		-		-			(6)			-		(6)
Comprehensive income (loss) attributable to AIG	$	(1,053)	$	-	$	(1,063)		$	38		$	1,025	$	(1,053)
Six Months Ended June 30, 2019
Net income (loss)	$	1,763	$	307	$	1,954		$	2,472		$	(4,169)	$	2,327
Other comprehensive income (loss)		6,404		1		5,218			18,982			(24,185)		6,420
Comprehensive income (loss)		8,167		308		7,172			21,454			(28,354)		8,747
Total comprehensive income attributable to
noncontrolling interests		-		-		-			580			-		580
Comprehensive income (loss) attributable to AIG	$	8,167	$	308	$	7,172		$	20,874		$	(28,354)	$	8,167
Six Months Ended June 30, 2018
Net income (loss)	$	1,875	$	-	$	1,153		$	1,743		$	(2,891)	$	1,880
Other comprehensive income (loss)		(4,659)		-		(3,465)	^(a)		20,909	^(a)		(17,444)		(4,659)
Comprehensive income (loss)		(2,784)		-		(2,312)			22,652			(20,335)		(2,779)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			5			-		5
Comprehensive income (loss) attributable to AIG	$	(2,784)	$	-	$	(2,312)		$	22,647		$	(20,335)	$	(2,784)

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
Six Months Ended June 30, 2019
Net cash (used in) provided by operating activities	$	1,278	$	(9)	$	982	$	(1,232)	$	(2,291)	$	(1,272)
Cash flows from investing activities:
Sales of investments		1,064		-		-		31,107		(504)		31,667
Sales of divested businesses, net		-		-		-		-		-		-
Purchase of investments		(1,408)		-		-		(31,062)		504		(31,966)
Loans to subsidiaries - net		551		-		-		(20)		(531)		-
Contributions from (to) subsidiaries - net		(319)		-		-		-		319		-
Acquisition of businesses, net of cash and
restricted cash acquired		-		-		-		-		-		-
Net change in short-term investments		(1,769)		-		-		(3,068)		-		(4,837)
Other, net		41		-		-		948		-		989
Net cash (used in) investing activities		(1,840)		-		-		(2,095)		(212)		(4,147)
Cash flows from financing activities:
Issuance of long-term debt		595		-		-		1,604		-		2,199
Repayments of long-term debt		(6)		-		-		(904)		-		(910)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		20		-		-		(551)		531		-
Cash dividends paid on preferred stock		(7)		-		-		-		-		(7)
Cash dividends paid on common stock		(557)		-		(990)		(1,301)		2,291		(557)
Other, net		(74)		-		-		4,401		(319)		4,008
Net cash (used in) provided by financing activities		456		-		(990)		3,249		2,503		5,218
Effect of exchange rate changes on cash and
restricted cash		-		-		-		28		-		28
Change in cash and restricted cash		(106)		(9)		(8)		(50)		-		(173)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Cash and restricted cash at end of period	$	21	$	-	$	1	$	3,163	$	-	$	3,185

Six Months Ended June 30, 2018
Net cash (used in) provided by operating activities	$	1,312	$	-	$	1,211	$	(849)	$	(2,014)	$	(340)
Cash flows from investing activities:
Sales of investments		3,800		-		-		29,992		(2,628)		31,164
Sales of divested businesses, net		-		-		-		10		-		10
Purchase of investments		(1,327)		-		-		(29,805)		2,628		(28,504)
Loans to subsidiaries - net		422		-		-		(25)		(397)		-
Contributions from (to) subsidiaries - net		57		-		-		-		(57)		-
Net change in short-term investments		(4,017)		-		-		177		-		(3,840)
Other, net		(51)		-		-		(249)		-		(300)
Net cash (used in) provided by investing activities		(1,116)		-		-		100		(454)		(1,470)
Cash flows from financing activities:
Issuance of long-term debt		2,472		-		-		1,032		-		3,504
Repayments of long-term debt		(1,313)		-		-		(646)		-		(1,959)
Purchase of common stock		(646)		-		-		-		-		(646)
Intercompany loans - net		25		-		-		(422)		397		-
Cash dividends paid on common stock		(575)		-		(1,228)		(786)		2,014		(575)
Other, net		(162)		-		-		1,204		57		1,099
Net cash (used in) provided by financing activities		(199)		-		(1,228)		382		2,468		1,423
Effect of exchange rate changes on cash and
restricted cash		-		-		-		30		-		30
Change in cash and restricted cash		(3)		-		(17)		(337)		-		(357)
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of period	$	5	$	-	$	3	$	2,372	$	-	$	2,380

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
June 30, 2019
Cash	$	20	$	-	$	1	$	2,914	$	-	$	2,935
Restricted cash included in Short-term investments		-		-		-		18		-		18
Restricted cash included in Other assets		1		-		-		231		-		232
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	21	$	-	$	1	$	3,163	$	-	$	3,185

Cash (paid) received during the 2019 period for:
Interest:
Third party	$	(497)	$	(11)	$	(25)	$	(151)	$	-	$	(684)
Intercompany		(1)		-		-		1		-		-
Taxes:
Income tax authorities	$	(10)	$	-	$	-	$	(130)	$	-	$	(140)
Intercompany		695		-		-		(695)		-		-

June 30, 2018
Cash	$	3	$	-	$	3	$	2,129	$	-	$	2,135
Restricted cash included in Short-term investments		1		-		-		17		-		18
Restricted cash included in Other assets		1		-		-		226		-		227
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	5	$	-	$	3	$	2,372	$	-	$	2,380

Cash (paid) received during the 2018 period for:
Interest:
Third party	$	(478)	$	-	$	(23)	$	(163)	$	-	$	(664)
Intercompany		(1)		-		(1)		2		-		-
Taxes:
Income tax authorities	$	(17)	$	-	$	-	$	(23)	$	-	$	(40)
Intercompany		846		-		-		(846)		-		-

Supplementary disclosure of non-cash activities

Six Months Ended June 30,
(in millions)		2019		2018
Intercompany non-cash financing and investing activities:
Capital contributions	$	15	$	2,339
Dividends received in the form of securities		624		60
Return of capital		15		2,706

SEGMENT INFORMATION (Details - Continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total Revenues	$ 12,561	$ 11,631	$ 25,017	$ 23,343
Adjusted pre-tax income (loss)	1,837	1,252	2,991	2,479
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Total Revenues	(146)	(110)	(307)	(172)
Adjusted pre-tax income (loss)	(56)	(12)	(126)	(1)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income (loss)
Segment Reporting Information [Line Items]
Total Revenues	12,160	11,532	24,914	23,360
Adjusted pre-tax income (loss)	1,677	1,278	3,524	2,494
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	7,527	7,227	15,329	14,671
Adjusted pre-tax income (loss)	980	568	2,248	1,078
General Insurance \| Reportable Segments \| North America
Segment Reporting Information [Line Items]
Total Revenues	4,025	3,426	8,123	6,766
Adjusted pre-tax income (loss)	718	407	1,652	727
General Insurance \| Reportable Segments \| International
Segment Reporting Information [Line Items]
Total Revenues	3,502	3,801	7,206	7,905
Adjusted pre-tax income (loss)	262	161	596	351
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	3,828	3,465	8,032	6,925
Adjusted pre-tax income (loss)	1,049	962	1,973	1,854
Life and Retirement \| Reportable Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,466	1,366	2,817	2,727
Adjusted pre-tax income (loss)	588	462	1,096	961
Life and Retirement \| Reportable Segments \| Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	790	730	1,499	1,491
Adjusted pre-tax income (loss)	293	250	525	532
Life and Retirement \| Reportable Segments \| Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,154	1,092	2,227	2,153
Adjusted pre-tax income (loss)	86	175	202	227
Life and Retirement \| Reportable Segments \| Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	418	277	1,489	554
Adjusted pre-tax income (loss)	82	75	150	134
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	211	169	414	319
Adjusted pre-tax income (loss)	(415)	(374)	(802)	(716)
Legacy Portfolio
Segment Reporting Information [Line Items]
Total Revenues	740	781	1,446	1,617
Adjusted pre-tax income (loss)	$ 119	$ 134	$ 231	$ 279

SEGMENT INFORMATION (Details - Continuing operations by operating segment - Pretax operating income to pre-tax income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair value of equity securities	$ 341	$ 241	$ 866	$ 444
Gain (Loss) on extinguishment of debt	(15)	(5)	(13)	(9)
Income (loss) from divested businesses	(1)	25	5	33
Net reserve discount benefit (charge)	(212)	14	(685)	219
Revenues	12,561	11,631	25,017	23,343
Adjusted pre-tax income (loss)	1,837	1,252	2,991	2,479
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	84	(27)	189	(104)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	0	0	0	0
Changes in fair value of equity securities	(22)	0	57	0
Professional fees related to regulatory or accounting changes	0	0	0	0
Other income (expense) - net	4	(14)	11	(25)
Gain (Loss) on extinguishment of debt	0	0	0	0
Net realized capital gains (losses)	335	139	(154)	110
Income (loss) from divested businesses	0	0	0	0
Non-operating litigation reserves and settlements	0	1	0	2
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	0	0	0	0
Net reserve discount benefit (charge)	0	0	0	0
Integration and transaction costs associated with acquired business	0	0	0	0
Restructuring and other costs	0	0	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	75	(36)	171	(113)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	(73)	1	26	(30)
Changes in fair value of equity securities	(22)	0	57	0
Professional fees related to regulatory or accounting changes	(2)	0	(2)	0
Other income (expense) - net	0	0	0	0
Gain (Loss) on extinguishment of debt	(15)	(5)	(13)	(9)
Net realized capital gains (losses)	351	155	(123)	136
Income (loss) from divested businesses	(1)	25	5	33
Non-operating litigation reserves and settlements	0	(12)	(1)	(25)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	125	32	152	(2)
Net reserve discount benefit (charge)	(212)	14	(685)	219
Integration and transaction costs associated with acquired business	(6)	0	(13)	0
Restructuring and other costs	$ (60)	$ (200)	$ (107)	$ (224)

BUSINESS COMBINATION (Details - Pro Forma Income Statement Information) - Validus Holding Ltd [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
BUSINESS COMBINATION
Total revenues	$ 12,561	$ 12,300	$ 25,017	$ 24,542
Net income	1,390	884	2,327	1,835
Net income attributable to AIG common shareholders	$ 1,102	$ 890	$ 1,756	$ 1,830
Basic net income attributable to AIG common shareholders	$ 1.26	$ 0.99	$ 2.00	$ 2.02
Diluted net income attributable to AIG common shareholders	$ 1.24	$ 0.97	$ 1.99	$ 1.99

BUSINESS COMBINATION (Details - Narrative) - USD ($) $ in Millions	Jul. 18, 2018	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Other invested assets		$ 19,454	$ 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		$ 125

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	$ 245,561,000,000		$ 245,561,000,000		$ 229,391,000,000
Other bond securities	10,461,000,000		10,461,000,000		11,415,000,000
Equity securities	880,000,000		880,000,000		1,253,000,000
Other invested assets	5,886,000,000		5,886,000,000		5,894,000,000
Derivative Assets, Fair Value, Gross	5,298,000,000		5,298,000,000		4,468,000,000
Derivative assets, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)		(2,315,000,000)		(1,840,000,000)
Derivative assets	903,000,000		903,000,000		915,000,000
Short-term investments, portion measured at fair value	5,450,000,000		5,450,000,000		3,015,000,000
Separate account assets, at fair value	90,311,000,000		90,311,000,000		81,847,000,000
Other assets	964,000,000		964,000,000		973,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Other policyholder funds	3,488,000,000		3,488,000,000		3,568,000,000
Derivative Liabilities, Fair Value, Gross	3,503,000,000		3,503,000,000		3,138,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)		(303,000,000)		(187,000,000)
Derivative liabilities	1,120,000,000		1,120,000,000		1,238,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	1,232,000,000		1,232,000,000		1,265,000,000
Fair Value Using Net Asset Value Per Share or its equivalent	5,210,000,000		5,210,000,000		4,966,000,000
U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	0	$ 490,000,000	51,000,000	$ 681,000,000
Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	0	$ 0	62,000,000	$ 16,000,000
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	245,561,000,000		245,561,000,000		229,391,000,000
Other bond securities	10,461,000,000		10,461,000,000		11,415,000,000
Equity securities	880,000,000		880,000,000		1,253,000,000
Other invested assets	676,000,000		676,000,000		928,000,000
Derivative assets, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)		(2,315,000,000)		(1,840,000,000)
Derivative assets, Counterparty netting and cash collateral	(4,395,000,000)		(4,395,000,000)		(3,553,000,000)
Derivative assets	903,000,000		903,000,000		915,000,000
Short-term investments, portion measured at fair value	5,450,000,000		5,450,000,000		3,015,000,000
Separate account assets, at fair value	90,311,000,000		90,311,000,000		81,847,000,000
Other assets	61,000,000		61,000,000		58,000,000
Fair value assets measured on recurring basis, total	354,303,000,000		354,303,000,000		328,822,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)		(303,000,000)		(187,000,000)
Derivative liabilities, Counterparty netting and cash collateral	(2,383,000,000)		(2,383,000,000)		(1,900,000,000)
Derivative liabilities	1,120,000,000		1,120,000,000		1,238,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	112,000,000		112,000,000		27,000,000
Fair value liabilities measured on recurring basis, total	9,600,000,000		9,600,000,000		7,594,000,000
Recurring Basis \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,275,000,000		3,275,000,000		2,890,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,295,000,000		2,295,000,000		2,023,000,000
Recurring Basis \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,266,000,000		1,266,000,000		1,164,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	960,000,000		960,000,000		858,000,000
Recurring Basis \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	743,000,000		743,000,000		398,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	47,000,000		47,000,000		15,000,000
Recurring Basis \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,000,000		1,000,000		1,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	195,000,000		195,000,000		236,000,000
Recurring Basis \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13,000,000		13,000,000		15,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	6,000,000		6,000,000		6,000,000
Recurring Basis \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	4,228,000,000		4,228,000,000		3,260,000,000
Other bond securities	2,199,000,000		2,199,000,000		2,665,000,000
Recurring Basis \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,946,000,000		15,946,000,000		16,001,000,000
Recurring Basis \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,400,000,000		15,400,000,000		14,525,000,000
Other bond securities	56,000,000		56,000,000		45,000,000
Recurring Basis \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	144,560,000,000		144,560,000,000		130,700,000,000
Other bond securities	1,798,000,000		1,798,000,000		1,671,000,000
Recurring Basis \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	33,176,000,000		33,176,000,000		34,377,000,000
Other bond securities	1,324,000,000		1,324,000,000		1,714,000,000
Recurring Basis \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,624,000,000		13,624,000,000		12,701,000,000
Other bond securities	418,000,000		418,000,000		388,000,000
Recurring Basis \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	18,627,000,000		18,627,000,000		17,827,000,000
Other bond securities	4,666,000,000		4,666,000,000		4,932,000,000
Recurring Basis \| Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	180,000,000		180,000,000		122,000,000
Other bond securities	22,000,000		22,000,000		11,000,000
Equity securities	829,000,000		829,000,000		1,213,000,000
Other invested assets	0		0		0
Derivative Assets, Fair Value, Gross	77,000,000		77,000,000		135,000,000
Short-term investments, portion measured at fair value	2,368,000,000		2,368,000,000		2,416,000,000
Separate account assets, at fair value	85,803,000,000		85,803,000,000		77,202,000,000
Other assets	0		0		0
Fair value assets measured on recurring basis, total	89,279,000,000		89,279,000,000		81,099,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0		0
Derivative Liabilities, Fair Value, Gross	21,000,000		21,000,000		16,000,000
Long-term debt, portion measured at fair value	0		0		0
Other liabilities	90,000,000		90,000,000		16,000,000
Fair value liabilities measured on recurring basis, total	111,000,000		111,000,000		32,000,000
Recurring Basis \| Level 1 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		2,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,000,000		2,000,000		4,000,000
Recurring Basis \| Level 1 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis \| Level 1 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	77,000,000		77,000,000		133,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	19,000,000		19,000,000		12,000,000
Recurring Basis \| Level 1 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis \| Level 1 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis \| Level 1 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	105,000,000		105,000,000		53,000,000
Other bond securities	22,000,000		22,000,000		11,000,000
Recurring Basis \| Level 1 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Recurring Basis \| Level 1 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	75,000,000		75,000,000		69,000,000
Other bond securities	0		0		0
Recurring Basis \| Level 1 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis \| Level 1 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis \| Level 1 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		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		0
Other bond securities	0		0		0
Recurring Basis \| Level 2
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	217,368,000,000		217,368,000,000		202,176,000,000
Other bond securities	5,371,000,000		5,371,000,000		5,559,000,000
Equity securities	16,000,000		16,000,000		13,000,000
Other invested assets	71,000,000		71,000,000		341,000,000
Derivative Assets, Fair Value, Gross	5,085,000,000		5,085,000,000		4,237,000,000
Short-term investments, portion measured at fair value	3,082,000,000		3,082,000,000		599,000,000
Separate account assets, at fair value	4,508,000,000		4,508,000,000		4,645,000,000
Other assets	0		0		0
Fair value assets measured on recurring basis, total	235,501,000,000		235,501,000,000		217,570,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0		0
Derivative Liabilities, Fair Value, Gross	3,281,000,000		3,281,000,000		2,873,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	22,000,000		22,000,000		11,000,000
Fair value liabilities measured on recurring basis, total	5,606,000,000		5,606,000,000		5,097,000,000
Recurring Basis \| Level 2 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,275,000,000		3,275,000,000		2,888,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,277,000,000		2,277,000,000		2,004,000,000
Recurring Basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,262,000,000		1,262,000,000		1,159,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	960,000,000		960,000,000		858,000,000
Recurring Basis \| Level 2 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	548,000,000		548,000,000		190,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	23,000,000		23,000,000		3,000,000
Recurring Basis \| Level 2 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	21,000,000		21,000,000		8,000,000
Recurring Basis \| Level 2 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis \| Level 2 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	4,123,000,000		4,123,000,000		3,207,000,000
Other bond securities	2,177,000,000		2,177,000,000		2,654,000,000
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,784,000,000		13,784,000,000		14,001,000,000
Recurring Basis \| Level 2 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,323,000,000		15,323,000,000		14,445,000,000
Other bond securities	56,000,000		56,000,000		45,000,000
Recurring Basis \| Level 2 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	142,739,000,000		142,739,000,000		129,836,000,000
Other bond securities	1,798,000,000		1,798,000,000		1,671,000,000
Recurring Basis \| Level 2 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	19,313,000,000		19,313,000,000		20,178,000,000
Other bond securities	494,000,000		494,000,000		424,000,000
Recurring Basis \| Level 2 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	12,521,000,000		12,521,000,000		11,784,000,000
Other bond securities	330,000,000		330,000,000		311,000,000
Recurring Basis \| Level 2 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	9,565,000,000		9,565,000,000		8,725,000,000
Other bond securities	516,000,000		516,000,000		454,000,000
Recurring Basis \| Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	28,013,000,000		28,013,000,000		27,093,000,000
Other bond securities	5,068,000,000		5,068,000,000		5,845,000,000
Equity securities	35,000,000		35,000,000		27,000,000
Other invested assets	605,000,000		605,000,000		587,000,000
Derivative Assets, Fair Value, Gross	136,000,000		136,000,000		96,000,000
Short-term investments, portion measured at fair value	0		0		0
Separate account assets, at fair value	0		0		0
Other assets	61,000,000		61,000,000		58,000,000
Fair value assets measured on recurring basis, total	33,918,000,000		33,918,000,000		33,706,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Derivative Liabilities, Fair Value, Gross	201,000,000		201,000,000		249,000,000
Long-term debt, portion measured at fair value	0		0		0
Other liabilities	0		0		0
Fair value liabilities measured on recurring basis, total	6,266,000,000		6,266,000,000		4,365,000,000
Recurring Basis \| Level 3 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	16,000,000		16,000,000		15,000,000
Recurring Basis \| Level 3 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	4,000,000		4,000,000		5,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis \| Level 3 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	118,000,000		118,000,000		75,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	5,000,000		5,000,000		0
Recurring Basis \| Level 3 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,000,000		1,000,000		1,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	174,000,000		174,000,000		228,000,000
Recurring Basis \| Level 3 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13,000,000		13,000,000		15,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	6,000,000		6,000,000		6,000,000
Recurring Basis \| Level 3 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis \| Level 3 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,162,000,000		2,162,000,000		2,000,000,000
Recurring Basis \| Level 3 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,000,000		2,000,000		11,000,000
Other bond securities	0		0		0
Recurring Basis \| Level 3 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,821,000,000		1,821,000,000		864,000,000
Other bond securities	0		0		0
Recurring Basis \| Level 3 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,863,000,000		13,863,000,000		14,199,000,000
Other bond securities	830,000,000		830,000,000		1,290,000,000
Recurring Basis \| Level 3 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,103,000,000		1,103,000,000		917,000,000
Other bond securities	88,000,000		88,000,000		77,000,000
Recurring Basis \| Level 3 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	9,062,000,000		9,062,000,000		9,102,000,000
Other bond securities	$ 4,150,000,000		$ 4,150,000,000		$ 4,478,000,000

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	$ 33,723	$ 35,000	$ 33,610	$ 35,763
Net Realized and Unrealized Gains (Losses) Included in Income	400	307	717	678
Other Comprehensive Income (Loss)	412	(51)	642	(211)
Purchases, Sales, Issuances and Settlements, Net	(860)	(1,275)	(1,351)	(2,685)
Gross Transfers In, assets	501	58	1,299	624
Gross Transfers Out, assets	(394)	(1,794)	(1,135)	(1,924)
Balance End of Period	33,782	32,245	33,782	32,245
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	79	359	107	391
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	5,010	3,874	4,269	4,323
Net realized and unrealized gains and losses related to Level 3 items, liabilities	923	(247)	1,452	(789)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	197	81	409	174
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	6,130	3,710	6,130	3,710
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(785)	311	(1,257)	942
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	132	178	153	187
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(47)	(9)	(87)	(45)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(20)	5	(1)	32
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	65	176	65	176
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	47	13	95	40
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	15	17	15	22
Net realized and unrealized gains and losses related to Level 3 items, liabilities	2	(1)	3	(4)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(1)	(2)	(2)	(4)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	16	14	16	14
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(2)	1	(3)	4
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(1)	1	(5)	0
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(5)	6	(10)	(4)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	2	(2)	11	9
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	(4)	5	(4)	5
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	4	(4)	4	(3)
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(96)	(78)	(75)	(82)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(4)	5	(20)	9
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(13)	(8)	(18)	(8)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	(113)	(79)	(113)	(79)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	4	(5)	32	(9)
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	222	250	227	262
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(24)	(4)	(27)	(14)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(25)	0	(27)	(2)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	173	246	173	246
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	23	3	27	13
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(8)	(12)	(9)	(15)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(16)	(15)	(33)	(32)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	17	17	35	37
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	(7)	(10)	(7)	(10)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	18	18	35	35
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	4,878	3,696	4,116	4,136
Net realized and unrealized gains and losses related to Level 3 items, liabilities	970	(238)	1,539	(744)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	217	76	410	142
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	6,065	3,534	6,065	3,534
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(832)	298	(1,352)	902
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	27,448	28,410	27,093	28,996
Net Realized and Unrealized Gains (Losses) Included in Income	223	150	451	370
Other Comprehensive Income (Loss)	411	(51)	641	(212)
Purchases, Sales, Issuances and Settlements, Net	(187)	(995)	(444)	(2,084)
Gross Transfers In, assets	501	58	1,299	623
Gross Transfers Out, assets	(383)	(1,794)	(1,027)	(1,915)
Balance End of Period	28,013	25,778	28,013	25,778
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	2,136	2,261	2,000	2,404
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	(1)	1
Other Comprehensive Income (Loss)	105	(40)	202	(115)
Purchases, Sales, Issuances and Settlements, Net	62	(29)	86	(98)
Gross Transfers In, assets	6	0	35	0
Gross Transfers Out, assets	(147)	(136)	(160)	(136)
Balance End of Period	2,162	2,056	2,162	2,056
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	3	9	11	8
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	(1)	(1)	(5)
Other Comprehensive Income (Loss)	0	2	0	6
Purchases, Sales, Issuances and Settlements, Net	0	(5)	(4)	(4)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	(5)	(4)	(5)
Balance End of Period	2	0	2	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	1,532	1,871	864	1,173
Net Realized and Unrealized Gains (Losses) Included in Income	29	(8)	26	(65)
Other Comprehensive Income (Loss)	43	(7)	81	3
Purchases, Sales, Issuances and Settlements, Net	(99)	(394)	(65)	(146)
Gross Transfers In, assets	389	3	1,043	568
Gross Transfers Out, assets	(73)	(581)	(128)	(649)
Balance End of Period	1,821	884	1,821	884
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	14,045	15,839	14,199	16,136
Net Realized and Unrealized Gains (Losses) Included in Income	182	153	409	419
Other Comprehensive Income (Loss)	137	(5)	161	0
Purchases, Sales, Issuances and Settlements, Net	(404)	(616)	(816)	(1,152)
Gross Transfers In, assets	44	8	67	8
Gross Transfers Out, assets	(141)	(2)	(157)	(34)
Balance End of Period	13,863	15,377	13,863	15,377
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	892	584	917	624
Net Realized and Unrealized Gains (Losses) Included in Income	5	(2)	6	4
Other Comprehensive Income (Loss)	13	(4)	30	(21)
Purchases, Sales, Issuances and Settlements, Net	150	(7)	296	(30)
Gross Transfers In, assets	58	47	58	47
Gross Transfers Out, assets	(15)	(13)	(204)	(19)
Balance End of Period	1,103	605	1,103	605
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	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	8,840	7,846	9,102	8,651
Net Realized and Unrealized Gains (Losses) Included in Income	8	8	12	16
Other Comprehensive Income (Loss)	113	3	167	(85)
Purchases, Sales, Issuances and Settlements, Net	104	56	59	(654)
Gross Transfers In, assets	4	0	96	0
Gross Transfers Out, assets	(7)	(1,057)	(374)	(1,072)
Balance End of Period	9,062	6,856	9,062	6,856
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	5,599	6,295	5,845	6,512
Net Realized and Unrealized Gains (Losses) Included in Income	159	131	248	259
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(679)	(358)	(918)	(695)
Gross Transfers In, assets	0	0	0	1
Gross Transfers Out, assets	(11)	0	(107)	(9)
Balance End of Period	5,068	6,068	5,068	6,068
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	58	359	85	366
Other bond securities \| Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	19	0	18
Net Realized and Unrealized Gains (Losses) Included in Income	0	(1)	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	0	18	0	18
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	1
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	1,266	1,427	1,290	1,464
Net Realized and Unrealized Gains (Losses) Included in Income	43	16	60	55
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(479)	(105)	(520)	(181)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	830	1,338	830	1,338
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	(19)	151	(19)	153
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	84	73	77	74
Net Realized and Unrealized Gains (Losses) Included in Income	0	(2)	4	(3)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	14	0	17	(1)
Gross Transfers In, assets	0	0	0	1
Gross Transfers Out, assets	(10)	0	(10)	0
Balance End of Period	88	71	88	71
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	1	4	4	4
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	4,249	4,776	4,478	4,956
Net Realized and Unrealized Gains (Losses) Included in Income	116	118	184	207
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(214)	(253)	(415)	(513)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	(1)	0	(97)	(9)
Balance End of Period	4,150	4,641	4,150	4,641
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	76	204	100	208
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	26	3	27	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	(3)	0	(3)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	9	0	9	3
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	(1)	0
Balance End of Period	35	0	35	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	3	0	3	0
Mortgage and other loans receivable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	0	0	5
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	(5)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	591	292	587	250
Net Realized and Unrealized Gains (Losses) Included in Income	18	29	18	52
Other Comprehensive Income (Loss)	1	0	1	1
Purchases, Sales, Issuances and Settlements, Net	(5)	78	(1)	96
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	605	399	605	399
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	18	$ 0	19	$ 25
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	59		58
Net Realized and Unrealized Gains (Losses) Included in Income	0		0
Other Comprehensive Income (Loss)	0		0
Purchases, Sales, Issuances and Settlements, Net	2		3
Gross Transfers In, assets	0		0
Gross Transfers Out, assets	0		0
Balance End of Period	61		61
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	$ 0		$ 0

FAIR VALUE MEASUREMENTS (Details - Gross components of purchases, sales, issuances and settlements) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (860,000,000)	$ (1,275,000,000)	$ (1,351,000,000)	$ (2,685,000,000)
Issuances	0	0	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	15,000,000		(40,000,000)	24,000,000
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.	5,000,000	(22,000,000)	4,000,000	(22,000,000)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(9,000,000)	(12,000,000)	(22,000,000)	(19,000,000)
Sales, liabilities	203,000,000	131,000,000	376,000,000	243,000,000
Settlements, liabilities	3,000,000	(38,000,000)	55,000,000	(50,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	197,000,000	81,000,000	409,000,000	174,000,000
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0	0	0
Sales, liabilities	203,000,000	131,000,000	376,000,000	243,000,000
Settlements, liabilities	14,000,000	(55,000,000)	34,000,000	(101,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	217,000,000	76,000,000	410,000,000	142,000,000
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(9,000,000)	(12,000,000)	(22,000,000)	(19,000,000)
Sales, liabilities	0	0	0	0
Settlements, liabilities	(11,000,000)	17,000,000	21,000,000	51,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	(20,000,000)	5,000,000	(1,000,000)	32,000,000
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,608,000,000	890,000,000	2,401,000,000	1,927,000,000
Sales, assets	(593,000,000)	(338,000,000)	(790,000,000)	(1,211,000,000)
Settlements, assets	(1,875,000,000)	(1,827,000,000)	(2,962,000,000)	(3,401,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(860,000,000)	(1,275,000,000)	(1,351,000,000)	(2,685,000,000)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,546,000,000	759,000,000	2,331,000,000	1,770,000,000
Sales, assets	(156,000,000)	(280,000,000)	(353,000,000)	(1,139,000,000)
Settlements, assets	(1,577,000,000)	(1,474,000,000)	(2,422,000,000)	(2,715,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(187,000,000)	(995,000,000)	(444,000,000)	(2,084,000,000)
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	87,000,000	9,000,000	134,000,000	24,000,000
Sales, assets	(1,000,000)	0	(16,000,000)	0
Settlements, assets	(24,000,000)	(38,000,000)	(32,000,000)	(122,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	62,000,000	(29,000,000)	86,000,000	(98,000,000)
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	0	0	2,000,000
Sales, assets	0	0	0	0
Settlements, assets	0	(5,000,000)	(4,000,000)	(6,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	0	(5,000,000)	(4,000,000)	(4,000,000)
Bonds available for sale \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	8,000,000	1,000,000	57,000,000	255,000,000
Sales, assets	(1,000,000)	(213,000,000)	(1,000,000)	(216,000,000)
Settlements, assets	(106,000,000)	(182,000,000)	(121,000,000)	(185,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(99,000,000)	(394,000,000)	(65,000,000)	(146,000,000)
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	300,000,000	274,000,000	607,000,000	507,000,000
Sales, assets	0	(5,000,000)	(26,000,000)	(10,000,000)
Settlements, assets	(704,000,000)	(885,000,000)	(1,397,000,000)	(1,649,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(404,000,000)	(616,000,000)	(816,000,000)	(1,152,000,000)
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	179,000,000	0	363,000,000	12,000,000
Sales, assets	0	0	0	0
Settlements, assets	(29,000,000)	(7,000,000)	(67,000,000)	(42,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	150,000,000	(7,000,000)	296,000,000	(30,000,000)
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	972,000,000	475,000,000	1,170,000,000	970,000,000
Sales, assets	(154,000,000)	(62,000,000)	(310,000,000)	(913,000,000)
Settlements, assets	(714,000,000)	(357,000,000)	(801,000,000)	(711,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	104,000,000	56,000,000	59,000,000	(654,000,000)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	14,000,000	0	18,000,000	1,000,000
Sales, assets	(437,000,000)	(29,000,000)	(437,000,000)	(38,000,000)
Settlements, assets	(256,000,000)	(329,000,000)	(499,000,000)	(658,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(679,000,000)	(358,000,000)	(918,000,000)	(695,000,000)
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	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	0	0	1,000,000
Sales, assets	(437,000,000)	(29,000,000)	(437,000,000)	(34,000,000)
Settlements, assets	(42,000,000)	(76,000,000)	(83,000,000)	(148,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(479,000,000)	(105,000,000)	(520,000,000)	(181,000,000)
Other bond securities \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	14,000,000	0	18,000,000	0
Sales, assets	0	0	0	0
Settlements, assets	0	0	(1,000,000)	(1,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	14,000,000	0	17,000,000	(1,000,000)
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	0	0
Sales, assets	0	0	0	(4,000,000)
Settlements, assets	(214,000,000)	(253,000,000)	(415,000,000)	(509,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(214,000,000)	(253,000,000)	(415,000,000)	(513,000,000)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	9,000,000	0	9,000,000	3,000,000
Sales, assets	0	0	0	0
Settlements, assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	9,000,000	0	9,000,000	3,000,000
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	0	0
Sales, assets	0	0	0	(5,000,000)
Settlements, assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0	0	(5,000,000)
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	39,000,000	131,000,000	43,000,000	153,000,000
Sales, assets	0	(29,000,000)	0	(29,000,000)
Settlements, assets	(44,000,000)	(24,000,000)	(44,000,000)	(28,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(5,000,000)	$ 78,000,000	(1,000,000)	$ 96,000,000
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0		0
Sales, assets	0		0
Settlements, assets	2,000,000		3,000,000
Purchases, Sales, Issuances and Settlements, Net, assets	$ 2,000,000		$ 3,000,000

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Liabilities) $ in Millions	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)
GMWB \| Minimum \| Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0615	0.0605
GMWB \| Minimum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0016	0.0016
GMWB \| Minimum \| Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
GMWB \| Minimum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
GMWB \| Minimum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.9000	0.9000
GMWB \| Minimum \| Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
GMWB \| Maximum \| Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4875	0.4765
GMWB \| Maximum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.1260	0.1260
GMWB \| Maximum \| Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.8000	1.8000
GMWB \| Maximum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.5300	1.5300
GMWB \| Maximum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.0000	1.0000
GMWB \| Maximum \| Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
GMWB \| Discounted cash flow \| Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 2,563	$ 1,943
Index Annuities \| Minimum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4200	0.4200
Index Annuities \| Minimum \| Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0050	0.0050
Index Annuities \| Minimum \| Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0100	0.0100
Index Annuities \| Maximum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.6200	1.6200
Index Annuities \| Maximum \| Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
Index Annuities \| Maximum \| Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0400	0.0300
Index Annuities \| Discounted cash flow \| Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 2,973	$ 1,778
Indexed Life \| Minimum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0000	0.0000
Indexed Life \| Minimum \| Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0000	0.0000
Indexed Life \| Maximum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3797	0.1300
Indexed Life \| Maximum \| Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.0000	1.0000
Indexed Life \| Discounted cash flow \| Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 504	$ 374

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 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	$ 5,210	$ 4,966
Unfunded Commitments	2,426	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	2,690	2,250
Unfunded Commitments	$ 2,425	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	18.00%
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	40.00%
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	42.00%
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	$ 1,063	847
Unfunded Commitments	1,435	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	235	190
Unfunded Commitments	276	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	100	126
Unfunded Commitments	129	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	373	362
Unfunded Commitments	77	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	349	211
Unfunded Commitments	239	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	570	514
Unfunded Commitments	269	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	2,520	2,716
Unfunded Commitments	$ 1	9
Hedge fund investments redeemable monthly (as a percent)	38.00%
Hedge fund investments redeemable quarterly (as a percent)	26.00%
Hedge fund investments redeemable semi-annually (as a percent)	11.00%
Hedge fund investments redeemable annually (as a percent)	25.00%
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	$ 778	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	736	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	847	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	1	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	158	158
Unfunded Commitments	$ 1	$ 1

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	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage and other loans receivable, Outstanding Principal Amount	$ 43,963	$ 43,532
Mortgage and other loans receivable, Difference	43,963	43,532
Long-term debt, Fair Value	2,303	2,213
Long-term debt, Outstanding Principal Amount	36,291	34,540
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	2,303	2,213
Long-term debt, Outstanding Principal Amount	1,703	1,653
Long-term debt, Difference	$ 600	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	$ 26	$ 62	$ 75	$ 90
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	17	61	58	89
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	9	$ 1	17	$ 1
Level 1 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		$ 0
Level 1 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 1 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 3 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	260		260		326
Level 3 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	259		259		315
Level 3 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	1		1		11
Total Fair Value \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	260		260		326
Total Fair Value \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	259		259		315
Total Fair Value \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 1		$ 1		$ 11

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Assets:
Mortgage and other loans receivable	$ 43,556	$ 43,135
Short-term investments	15,016	9,674
Cash	2,935	2,873	$ 2,135
Other assets	13,879	13,568
Liabilities:
Other liabilities	28,336	24,636
Long-term Debt	36,291	34,540
Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	45,418	43,627
Other invested assets	676	737
Short-term investments	9,566	6,659
Cash	2,935	2,873
Other assets	232	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	130,129	121,374
Other liabilities	2,394	1,154
Long-term Debt	35,722	31,597
Carrying Value
Assets:
Mortgage and other loans receivable	43,556	43,135
Other invested assets	677	737
Short-term investments	9,566	6,659
Cash	2,935	2,873
Other assets	232	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	124,133	120,602
Other liabilities	2,394	1,154
Long-term Debt	33,988	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	2,935	2,873
Other assets	213	308
Liabilities:
Policyholder contract deposits associated with investment-type contracts	0	0
Other liabilities	0	0
Long-term Debt	0	0
Level 2 \| Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	104	105
Other invested assets	670	731
Short-term investments	9,566	6,659
Cash	0	0
Other assets	19	35
Liabilities:
Policyholder contract deposits associated with investment-type contracts	342	339
Other liabilities	2,394	1,154
Long-term Debt	26,782	22,822
Level 3 \| Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	45,314	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	129,787	121,035
Other liabilities	0	0
Long-term Debt	$ 8,940	$ 8,775

INVESTMENTS (Details - Amortized cost or cost and fair value of Available for sale securities) - Bonds available for sale - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 230,062	$ 225,780
Available for sale securities, Gross Unrealized Gains	16,639	8,419
Available for sale securities, Gross Unrealized Losses	(1,140)	(4,808)
Available-for-sale Securities	245,561	229,391
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade	28,800	28,800
AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,291	1,211
U.S. government and government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	3,978	3,170
Available for sale securities, Gross Unrealized Gains	253	132
Available for sale securities, Gross Unrealized Losses	(3)	(42)
Available-for-sale Securities	4,228	3,260
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
Obligations of states, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,600	15,421
Available for sale securities, Gross Unrealized Gains	1,365	701
Available for sale securities, Gross Unrealized Losses	(19)	(121)
Available-for-sale Securities	15,946	16,001
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
Non-U.S. governments
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,690	14,376
Available for sale securities, Gross Unrealized Gains	800	451
Available for sale securities, Gross Unrealized Losses	(90)	(302)
Available-for-sale Securities	15,400	14,525
Non-U.S. governments \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	135,357	130,436
Available for sale securities, Gross Unrealized Gains	10,030	3,911
Available for sale securities, Gross Unrealized Losses	(827)	(3,647)
Available-for-sale Securities	144,560	130,700
Corporate debt \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	4	4
Mortgage-backed, asset-backed and collateralized
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	61,437	62,377
Available for sale securities, Gross Unrealized Gains	4,191	3,224
Available for sale securities, Gross Unrealized Losses	(201)	(696)
Available-for-sale Securities	65,427	64,905
Mortgage-backed, asset-backed and collateralized \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,287	1,203
Residential mortgage-backed securities (RMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	30,064	31,940
Available for sale securities, Gross Unrealized Gains	3,199	2,754
Available for sale securities, Gross Unrealized Losses	(87)	(317)
Available-for-sale Securities	33,176	34,377
Residential mortgage-backed securities (RMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,238	1,155
Commercial mortgage-backed securities (CMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	13,074	12,673
Available for sale securities, Gross Unrealized Gains	579	242
Available for sale securities, Gross Unrealized Losses	(29)	(214)
Available-for-sale Securities	13,624	12,701
Commercial mortgage-backed securities (CMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	31	31
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	18,299	17,764
Available for sale securities, Gross Unrealized Gains	413	228
Available for sale securities, Gross Unrealized Losses	(85)	(165)
Available-for-sale Securities	18,627	17,827
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	$ 18	$ 17

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) - Bonds available for sale $ in Millions	Jun. 30, 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	$ 20,400	$ 70,800
Gross Unrealized Losses, Less than 12 Months	609	2,679
Fair Value, 12 Months or More	15,387	36,110
Gross Unrealized Losses, 12 Months or More	531	2,129
Fair Value, Total	35,787	106,910
Gross Unrealized Losses, Total	$ 1,140	4,808
Number of securities in an unrealized loss position \| item	6,332
Number of individual securities in continuous unrealized loss position for longer than twelve months \| item	2,452
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	$ 219	574
Gross Unrealized Losses, Less than 12 Months	1	13
Fair Value, 12 Months or More	267	873
Gross Unrealized Losses, 12 Months or More	2	29
Fair Value, Total	486	1,447
Gross Unrealized Losses, Total	3	42
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	63	1,965
Gross Unrealized Losses, Less than 12 Months	1	51
Fair Value, 12 Months or More	492	1,530
Gross Unrealized Losses, 12 Months or More	18	70
Fair Value, Total	555	3,495
Gross Unrealized Losses, Total	19	121
Non-U.S. governments
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	1,112	3,851
Gross Unrealized Losses, Less than 12 Months	34	149
Fair Value, 12 Months or More	805	2,422
Gross Unrealized Losses, 12 Months or More	56	153
Fair Value, Total	1,917	6,273
Gross Unrealized Losses, Total	90	302
Corporate debt
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	9,361	47,364
Gross Unrealized Losses, Less than 12 Months	477	2,181
Fair Value, 12 Months or More	8,162	20,056
Gross Unrealized Losses, 12 Months or More	350	1,466
Fair Value, Total	17,523	67,420
Gross Unrealized Losses, Total	827	3,647
Residential mortgage-backed securities (RMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	3,483	5,231
Gross Unrealized Losses, Less than 12 Months	35	94
Fair Value, 12 Months or More	2,578	5,641
Gross Unrealized Losses, 12 Months or More	52	223
Fair Value, Total	6,061	10,872
Gross Unrealized Losses, Total	87	317
Commercial mortgage-backed securities (CMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	724	2,646
Gross Unrealized Losses, Less than 12 Months	7	47
Fair Value, 12 Months or More	960	4,264
Gross Unrealized Losses, 12 Months or More	22	167
Fair Value, Total	1,684	6,910
Gross Unrealized Losses, Total	29	214
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	5,438	9,169
Gross Unrealized Losses, Less than 12 Months	54	144
Fair Value, 12 Months or More	2,123	1,324
Gross Unrealized Losses, 12 Months or More	31	21
Fair Value, Total	7,561	10,493
Gross Unrealized Losses, Total	$ 85	$ 165

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 245,561	$ 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	1,918	2,322
Due after one year through five years, Amortized Cost	6,616	17,382
Due after five years through ten years, Amortized Cost	5,914	27,724
Due after ten years, Amortized Cost	6,972	35,319
Mortgage-backed, asset-backed and collateralized, Amortized Cost	15,507	28,971
Available for sale securities, Amortized Cost, Total	36,927	111,718
Due in one year or less, Fair Value	1,890	2,294
Due after one year through five years, Fair Value	6,393	16,844
Due after five years through ten years, Fair Value	5,728	26,517
Due after ten years, Fair Value	6,470	32,980
Mortgage-backed, asset-backed and collateralized, Fair Value	15,306	28,275
Fixed Maturity Securities Available for Sale, Fair Value, Total	35,787	106,910
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	11,150	9,539
Due after one year through five years, Amortized Cost	45,645	47,400
Due after five years through ten years, Amortized Cost	42,945	42,363
Due after ten years, Amortized Cost	68,885	64,101
Mortgage-backed, asset-backed and collateralized, Amortized Cost	61,437	62,377
Available for sale securities, Amortized Cost, Total	230,062	225,780
Due in one year or less, Fair Value	11,362	9,674
Due after one year through five years, Fair Value	46,989	47,905
Due after five years through ten years, Fair Value	45,229	42,045
Due after ten years, Fair Value	76,554	64,862
Mortgage-backed, asset-backed and collateralized, Fair Value	65,427	64,905
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 245,561	$ 229,391

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 11,341	$ 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	$ 159	$ 178
Fixed maturity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 10,461	$ 11,415
Other Securities, Percent of Total	92.00%	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	$ 2,199	$ 2,665
Other Securities, Percent of Total	19.00%	21.00%
Fixed maturity securities \| Non-U.S. governments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 56	$ 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	$ 1,798	$ 1,671
Other Securities, Percent of Total	16.00%	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	$ 6,408	$ 7,034
Other Securities, Percent of Total	57.00%	56.00%
Fixed maturity securities \| Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,324	$ 1,714
Other Securities, Percent of Total	12.00%	14.00%
Fixed maturity securities \| Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 418	$ 388
Other Securities, Percent of Total	4.00%	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	$ 4,666	$ 4,932
Other Securities, Percent of Total	41.00%	39.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 880	$ 1,253
Other Securities, Percent of Total	8.00%	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	Jun. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Other invested assets			$ 19,454	$ 19,341
Alternative investments
Investment [Line Items]
Other invested assets			8,760	8,966
Investment real estate
Investment [Line Items]
Other invested assets			9,287	8,935
Net of accumulated depreciation on investment in real estate			684	598
All other investments
Investment [Line Items]
Other invested assets			1,407	1,440
Hedge Funds
Investment [Line Items]
Other invested assets			3,900	4,200
Hedge Fund Fair Value Redemption, Additional Percentage	67.00%	33.00%
Direct private equity
Investment [Line Items]
Other invested assets			4,600	4,300
Affordable Housing Partnerships
Investment [Line Items]
Other invested assets			$ 344	$ 438

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment [Line Items]
Total investment income	$ 3,877	$ 3,191	$ 7,870	$ 6,576
Investment expenses	132	126	246	250
Net investment income	3,745	3,065	7,624	6,326
Fixed maturity securities, including short-term investments
Investment [Line Items]
Total investment income	2,701	2,536	5,354	5,146
Other fixed maturity securities
Investment [Line Items]
Total investment income	281	(10)	608	(31)
Equity securities
Investment [Line Items]
Total investment income	(22)	3	57	(29)
Interest on mortgage and other loans
Investment [Line Items]
Total investment income	518	447	1,016	897
Alternative investments
Investment [Line Items]
Total investment income	345	171	764	508
Real estate
Investment [Line Items]
Total investment income	62	30	131	61
Other investments
Investment [Line Items]
Total investment income	$ (8)	$ 14	$ (60)	$ 24

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other-than-temporary impairments:
Change in intent	$ 0	$ 0	$ (3)	$ (49)
Foreign currency declines	(3)	(6)	(9)	(12)
Issuer-specific credit events	(25)	(30)	(96)	(62)
Adverse projected cash flows	(2)	0	(5)	0
Provision for loan losses	14	(26)	(10)	(50)
Foreign exchange transactions	(2)	(187)	(39)	(134)
Variable annuity embedded derivatives, net of related hedges	(40)	36	(301)	183
All other derivatives and hedge accounting	207	375	135	150
Other	168	16	230	107
Total net realized capital gain (losses)	404	165	(42)	146
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	87	(13)	56	(3)
Equity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	$ 0	$ 0	$ 0	$ 16

INVESTMENTS (Details - Increase (decrease) in unrealized appreciation (depreciation)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	$ 249	$ 125	$ 567	$ 286
Less: Net gains and losses recognized during the period on equity securities sold during the period	139	42	168	33
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	110	83	399	253
Change in unrealized appreciation (depreciation) of investments	5,907	(2,972)	11,820	(7,966)
Fixed maturity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	5,906	(2,969)	11,888	(7,938)
Equity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	(22)	3	57	(28)
Less: Net gains and losses recognized during the period on equity securities sold during the period	(7)	14	12	6
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	(15)	(11)	45	(34)
Other investments
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	1	(3)	(68)	(28)
Other invested assets
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	271	122	510	314
Less: Net gains and losses recognized during the period on equity securities sold during the period	146	28	156	27
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 125	$ 94	$ 354	$ 287

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Than Temporary Impairment Credit Losses Recognized in Earnings
Balance, beginning of year	$ 53	$ 358	$ 0	$ 526
Increases due to:
Credit impairments on new securities subject to impairment losses	27	3	95	17
Additional credit impairments on previously impaired securities	0	28	6	45
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	(38)	(80)	(59)	(131)
Accretion on securities previously impaired due to credit	(8)	(121)	(8)	(269)
Balance, end of year	$ 34	$ 188	$ 34	$ 188

INVESTMENTS (Details - Purchased Credit Impaired (PCI) Securities) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 230,062		$ 230,062		$ 225,780
Purchased Credit Impaired (PCI) Securities
Schedule of Available-for-sale Securities [Line Items]
Contractually required payments (principal and interest)	36,306		36,306
Cash flows expected to be collected	29,786		29,786
Recorded investment in acquired securities	20,097		20,097
Outstanding principal balance	11,576		11,576		12,495
Amortized cost	7,879		7,879		8,646
Fair value	9,639		9,639		$ 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	6,801	$ 7,601	7,210	$ 7,501
Newly purchased PCI securities	1	4	13	27
Accretion	(151)	(190)	(323)	(377)
Effect of changes in interest rate indices	(266)	(32)	(400)	174
Net reclassification from (to) non-accretable difference, including effects of prepayments	17	78	(98)	136
Balance, end of period	$ 6,402	$ 7,461	$ 6,402	$ 7,461

INVESTMENTS (Details - Pledged Investments) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Fair value of securities collateral pledged	$ 2,587	$ 426
Fair value of amount sold or repledged	121	106
Securities Lending Agreements, Fair Value of Collateral	1,898	884
Short-term investments held in escrow	285	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	444	401
31 to 90 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	707	483
91 to 364 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	747	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	191	202
Residential loans pledged as collateral	2,100	2,100
Secured financing
Investment [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	2,400	1,200
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	440	288
Amounts Loaned under Reverse Repurchase Agreements	2,700	426
Secured financing \| Fixed Maturities [Member]
Investment [Line Items]
Fair value of fixed maturities securities available for sale	2,216	1,050
Fair value of other bond securities	122	122
Secured financing \| Overnight and continuous
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	135	104
Secured financing \| Up to 30 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	233	131
Secured financing \| 31 to 90 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	72	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	0	180
Secured financing \| Bonds available for sale \| Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	68	60
Securities Lending Agreements, Fair Value of Collateral	0	29
Secured financing \| Bonds available for sale \| Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	250	106
Securities Lending Agreements, Fair Value of Collateral	1,898	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	57	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	56	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	0	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	11	35
Securities Lending Agreements, Fair Value of Collateral	0	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	189	55
Securities Lending Agreements, Fair Value of Collateral	444	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	0	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	0	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	5	0
Securities Lending Agreements, Fair Value of Collateral	707	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	747	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	97	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	22	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	22	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	0	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	33	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	3	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	64	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	$ 1,500	$ 1,600

LENDING ACTIVITIES (Details - Composition of Mortgages and other loans receivable) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 43,963	$ 43,532
Allowance for losses	(407)	(397)	$ (356)	$ (322)
Mortgage and other loans receivable, net	43,556	43,135
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	33,437	32,882
Allowance for losses	$ (310)	$ (318)	$ (282)	$ (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	$ 6,324	$ 6,532
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	2,108	2,147
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 2,094	$ 1,971

LENDING ACTIVITIES (Details - Credit quality indicators for commercial mortgage loans) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)
Commercial Mortgage Recorded Investment [Line Items]
Mortgage and other loans receivable, net	$ 43,556	$ 43,135
Allowance for credit losses	407	397	$ 356	$ 322
Total mortgage and other loans receivable	$ 43,963	$ 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	$ 12,012	$ 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	12,012	11,190
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	109	122
Allowance for credit losses	109	122
Offices
Commercial Mortgage Recorded Investment [Line Items]
In good standing	9,790	9,774
Restructured	92	96
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	20	0
Mortgage and other loans receivable, net	9,902	9,870
Allowance for credit losses, Specific	6	2
Allowance for credit losses, General	103	104
Allowance for credit losses	109	106
Retail
Commercial Mortgage Recorded Investment [Line Items]
In good standing	5,505	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	5,505	5,645
Allowance for credit losses, Specific	1	0
Allowance for credit losses, General	52	51
Allowance for credit losses	53	51
Industrial
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,973	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	2,973	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	2,462	2,507
Restructured	15	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	2,477	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	568	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	568	580
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	6	6
Allowance for credit losses	$ 6	$ 6
Commercial mortgages
Commercial Mortgage Recorded Investment [Line Items]
Number of loans in good standing \| loan	743	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	1	0
Number of Loans \| loan	746	764
In good standing	$ 33,310	$ 32,770
Restructured	107	112
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	20	0
Mortgage and other loans receivable, net	33,437	32,882
Allowance for credit losses, Specific	8	3
Allowance for credit losses, General	302	315
Allowance for credit losses	$ 310	$ 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	$ 19,243	$ 19,204
Commercial mortgages \| Less than 65% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,054	2,543
Commercial mortgages \| Less than 65% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	245	250
Commercial mortgages \| Less than 65% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	21,542	21,997
Commercial mortgages \| 65% to 75% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,720	9,060
Commercial mortgages \| 65% to 75% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	564	300
Commercial mortgages \| 65% to 75% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	214	203
Commercial mortgages \| 65% to 75% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	10,498	9,563
Commercial mortgages \| 76% to 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	975	476
Commercial mortgages \| 76% to 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	19	20
Commercial mortgages \| 76% to 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	3	15
Commercial mortgages \| 76% to 80% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	997	511
Commercial mortgages \| Greater than 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	201	596
Commercial mortgages \| Greater than 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	88	103
Commercial mortgages \| Greater than 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	111	112
Commercial mortgages \| Greater than 80% \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	400	811
Commercial mortgages \| Total \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	30,139	29,336
Commercial mortgages \| Total \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,725	2,966
Commercial mortgages \| Total \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	573	580
Commercial mortgages \| Total \| Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 33,437	$ 32,882

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for losses on Mortgage and other loans receivable) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	$ 397,000,000	$ 322,000,000
Loans charged off	0	(16,000,000)
Recoveries of loans previously charged off	0	0
Net charge-offs	0	(16,000,000)
Provision for loan losses	10,000,000	50,000,000
Allowance, end of period	407,000,000	356,000,000
Loans modified in a troubled debt restructuring	0	0
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	318,000,000	247,000,000
Loans charged off	0	(16,000,000)
Recoveries of loans previously charged off	0	0
Net charge-offs	0	(16,000,000)
Provision for loan losses	(8,000,000)	51,000,000
Allowance, end of period	310,000,000	282,000,000
Allowance related to individually assessed credit losses	8,000,000	5,000,000
Commercial mortgage loans	173,000,000	60,000,000
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	79,000,000	75,000,000
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	18,000,000	(1,000,000)
Allowance, end of period	$ 97,000,000	$ 74,000,000

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets:
Bonds available for sale	$ 245,561	$ 229,391
Other bond securities	10,461	11,415
Mortgage and other loans receivable	43,556	43,135
Other invested assets	19,454	19,341
Liabilities:
Long-term Debt	36,291	34,540
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure	2,800	1,400
Consolidated VIE
Assets:
Bonds available for sale	7,786	7,662
Other bond securities	3,711	3,925
Mortgage and other loans receivable	3,767	3,693
Other invested assets	9,258	8,378
Other assets	2,942	2,625
Total assets	27,464	26,283
Liabilities:
Long-term Debt	8,957	7,569
Other liabilities	681	575
Total liabilities	9,638	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	5,607	5,212
Other assets	510	580
Total assets	6,117	5,792
Liabilities:
Long-term Debt	2,884	2,577
Other liabilities	237	227
Total liabilities	3,121	2,804
Consolidated VIE \| Securitization Vehicles
Assets:
Bonds available for sale	7,786	7,662
Other bond securities	3,709	3,923
Mortgage and other loans receivable	3,767	3,693
Other invested assets	0	0
Other assets	1,870	1,581
Total assets	17,132	16,859
Liabilities:
Long-term Debt	3,916	3,154
Other liabilities	216	165
Total liabilities	4,132	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	16,300	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	3,625	3,142
Other assets	490	394
Total assets	4,115	3,536
Liabilities:
Long-term Debt	2,153	1,834
Other liabilities	204	159
Total liabilities	2,357	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	26	24
Other assets	72	70
Total assets	100	96
Liabilities:
Long-term Debt	4	4
Other liabilities	24	24
Total liabilities	28	28
Unconsolidated VIE
Assets:
Other invested assets	6,900	7,400
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	268,365	316,527
Maximum Exposure to Loss, On-Balance Sheet	7,259	7,711
Maximum Exposure to Loss, Off-Balance Sheet	3,502	3,723
Total maximum exposure to loss	10,761	11,434
Unconsolidated VIE \| Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	259,675	309,598
Maximum Exposure to Loss, On-Balance Sheet	6,454	6,820
Maximum Exposure to Loss, Off-Balance Sheet	3,502	2,501
Total maximum exposure to loss	9,956	9,321
Unconsolidated VIE \| Affordable Housing Partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	3,360	4,116
Maximum Exposure to Loss, On-Balance Sheet	472	607
Maximum Exposure to Loss, Off-Balance Sheet	0	0
Total maximum exposure to loss	472	607
Unconsolidated VIE \| Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	5,330	2,813
Maximum Exposure to Loss, On-Balance Sheet	333	284
Maximum Exposure to Loss, Off-Balance Sheet	0	1,222
Total maximum exposure to loss	$ 333	$ 1,506

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of our derivative instruments) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 131,573,000,000	$ 117,207,000,000
Gross Derivative Assets, Fair Value	5,298,000,000	4,468,000,000
Gross Derivative Liabilities, Notional Amount	51,964,000,000	40,028,000,000
Gross Derivative Liabilities, Fair Value	3,503,000,000	3,138,000,000
Derivative assets, Counterparty netting	(2,080,000,000)	(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)	(1,840,000,000)
Total derivative assets on consolidated balance sheet	903,000,000	915,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)	(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)	(187,000,000)
Total derivative liabilities on consolidated balance sheet	1,120,000,000	1,238,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	6,100,000,000	4,100,000,000
Derivatives designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	322,000,000	10,000,000
Gross Derivative Assets, Fair Value	2,000,000	0
Gross Derivative Liabilities, Notional Amount	540,000,000	866,000,000
Gross Derivative Liabilities, Fair Value	10,000,000	19,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	5,631,000,000	6,357,000,000
Gross Derivative Assets, Fair Value	370,000,000	363,000,000
Gross Derivative Liabilities, Notional Amount	2,835,000,000	2,536,000,000
Gross Derivative Liabilities, Fair Value	144,000,000	147,000,000
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	59,082,000,000	42,821,000,000
Gross Derivative Assets, Fair Value	3,273,000,000	2,890,000,000
Gross Derivative Liabilities, Notional Amount	34,013,000,000	27,329,000,000
Gross Derivative Liabilities, Fair Value	2,285,000,000	2,004,000,000
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	10,460,000,000	11,134,000,000
Gross Derivative Assets, Fair Value	896,000,000	801,000,000
Gross Derivative Liabilities, Notional Amount	7,630,000,000	5,434,000,000
Gross Derivative Liabilities, Fair Value	816,000,000	711,000,000
Derivatives not designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	15,496,000,000	17,807,000,000
Gross Derivative Assets, Fair Value	743,000,000	398,000,000
Gross Derivative Liabilities, Notional Amount	5,447,000,000	2,399,000,000
Gross Derivative Liabilities, Fair Value	47,000,000	15,000,000
Derivatives not designated as hedging instruments \| Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	3,000,000	8,000,000
Gross Derivative Assets, Fair Value	1,000,000	1,000,000
Gross Derivative Liabilities, Notional Amount	1,441,000,000	1,406,000,000
Gross Derivative Liabilities, Fair Value	195,000,000	236,000,000
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	448,000,000	592,000,000
Gross Derivative Liabilities, Fair Value	163,000,000	224,000,000
Derivatives not designated as hedging instruments \| Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	40,579,000,000	39,070,000,000
Gross Derivative Assets, Fair Value	13,000,000	15,000,000
Gross Derivative Liabilities, Notional Amount	58,000,000	58,000,000
Gross Derivative Liabilities, Fair Value	$ 6,000,000	$ 6,000,000

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ (7)	$ 119	$ 57	$ (1)
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	0	0	(8)
Gain (loss) recognized in earnings on hedged items	0	0	0	9
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Gains/(Losses) Recognized in Earnings Including Gains/(Losses) Attributable to Other	0	0	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	9	0	14	0
Gain (loss) recognized in earnings on hedged items	(9)	0	(14)	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Net Impact	0	0	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	0	0	(1)	0
Gain (loss) recognized in earnings on hedged items	0	0	1	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Net Impact	0	0	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	58	199	50	191
Gain (loss) recognized in earnings on hedged items	(58)	(199)	(50)	(191)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	57	37	43	4
Gains/(Losses) Recognized in Earnings Including Gains/(Losses) Attributable to Other	57	37	43	4
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	138	415	(180)	424
Derivatives not designated as hedging instruments \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	165	369	(169)	356
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(50)	1	(55)	(3)
Derivatives not designated as hedging instruments \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	29	0	41
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	18	17	35	34
Derivatives not designated as hedging instruments \| Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	5	(1)	9	(4)
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	615	(224)	974	(622)
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	231	391	203	252
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	89	(114)	(119)	(187)
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	17	1	9	12
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	18	17	34	34
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	$ (832)	$ 344	$ (1,281)	$ 935

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Collateral posted	$ 1,900	$ 1,700
Fair value of hybrid securities	3,700	3,900
Par value of hybrid securities	8,200	8,500
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	471	453
Aggregate fair value of net liability position	422	$ 423
Additional collateral postings and termination payments	$ 60

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 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	82,496	$ 78,098	83,639	$ 78,393
Reinsurance recoverable, balance at the beginning of the year	(31,784)	(27,211)	(31,690)	(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year	50,712	50,887	51,949	51,685
Losses and loss adjustment expenses incurred
Current year	4,795	4,452	9,600	9,130
Prior years, excluding discount and amortization of deferred gain	(132)	(26)	(147)	(65)
Prior years, discount charge (benefit)	244	9	741	(177)
Prior years, amortization of deferred gain on retroactive reinsurance	(56)	(69)	(142)	(108)
Total losses and loss adjustment expenses incurred	4,851	4,366	10,052	8,780
Losses and loss adjustment expenses paid
Current year	(1,148)	(910)	(1,492)	(1,520)
Prior years	(4,562)	(4,635)	(10,682)	(9,414)
Total losses and loss adjustment expenses paid	(5,710)	(5,545)	(12,174)	(10,934)
Other changes
Foreign exchange effect	(209)	(431)	7	(157)
Retroactive reinsurance adjustment (net of discount)	80	30	(110)	(67)
Total other changes	(129)	(401)	(103)	(224)
Net liability for unpaid losses and loss adjustment expenses, balance at end of year	49,724	49,307	49,724	49,307
Reinsurance recoverable, balance at the end of the year	31,333	27,406	31,333	27,406
Total, balance at the end of the year	81,057	76,713	81,057	76,713
U.S. Commercial long-tail exposures \| NICO \| Accident Years 2015 and Prior
Other changes
Discount on retroactive reinsurance	$ 6	$ 8	$ 15	$ 13
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 - Narratives) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Insurance Liabilities Disclosure [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 9,000			$ 9,200
Liability for Claims and Claims Adjustment Expense	81,057	$ 76,713	81,057	$ 76,713	$ 82,496	83,639	$ 78,098	$ 78,393
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	49,724	49,307	49,724	49,307	$ 50,712	51,949	$ 50,887	$ 51,685
Contractual deductible recoverable amount	12,000		12,000			12,300
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	1,782		$ 1,782			2,035
Tabular Discount Rate			3.50%
Workers Compensation Tabular Discount Amount	603		$ 603
Workers Compensation Non Tabular Discount Amount	1,200		1,200
(Increase) Decrease in Loss Reserve Discount	(212)	14	$ (685)	219
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	812		$ 812			$ 973
(Increase) Decrease in Loss Reserve Discount	$ (82)	$ 28	$ (161)	$ 46

INSURANCE LIABILITIES (Details - Discounting of Reserves) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Discounting of Reserves [Line Items]
Tabular Discount Rate			3.50%
Workers Compensation Tabular Discount Amount	$ 603		$ 603
Workers Compensation Non Tabular Discount Amount	1,200		1,200
U.S. Workers' compensation	3,070		3,070		$ 3,755
Retroactive Reinsurance	(1,288)		(1,288)		(1,720)
Total reserve discount	1,782		1,782		2,035
Current accident year	32	$ 23	56	$ 42
Accretion and other adjustments to prior year discount	(3)	(145)	(267)	(118)
Effect of interest rate changes	(241)	136	(474)	295
Net reserve discount benefit (charge)	(212)	14	(685)	219
Change in discount on loss reserves ceded under retroactive reinsurance	125	20	432	(108)
Net change in total reserve discount	(87)	34	(253)	111
North America Commerical Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	2,258		2,258		2,782
Retroactive Reinsurance	(1,288)		(1,288)		(1,720)
Total reserve discount	970		970		1,062
Current accident year	32	23	56	42
Accretion and other adjustments to prior year discount	8	(133)	(243)	(88)
Effect of interest rate changes	(170)	96	(337)	219
Net reserve discount benefit (charge)	(130)	(14)	(524)	173
Change in discount on loss reserves ceded under retroactive reinsurance	125	20	432	(108)
Net change in total reserve discount	(5)	6	(92)	65
Legacy General Insrance Run-Off Lines
Discounting of Reserves [Line Items]
U.S. Workers' compensation	812		812		973
Retroactive Reinsurance	0		0		0
Total reserve discount	812		812		973
Current accident year	0	0	0	0
Accretion and other adjustments to prior year discount	(11)	(12)	(24)	(30)
Effect of interest rate changes	(71)	40	(137)	76
Net reserve discount benefit (charge)	(82)	28	(161)	46
Change in discount on loss reserves ceded under retroactive reinsurance	0	0	0	0
Net change in total reserve discount	(82)	28	(161)	46
United Kingdom
Discounting of Reserves [Line Items]
Net reserve discount benefit (charge)			188		$ 163
Net change in total reserve discount	$ (9)	$ 7	$ 26	$ 3

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions							6 Months Ended
	Jun. 28, 2019	Jun. 17, 2019	Mar. 29, 2019	Mar. 14, 2019	Jun. 28, 2018	Mar. 29, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Issuances (in shares)							3,292,082
Preferred stock, par value (in dollars per share)							$ 5.00		$ 0
Preferred stock liquidation preference							$ 500		$ 0
Issuance of preferred stock							$ 485	$ 0
Date dividends declared	May 06, 2019		Feb. 13, 2019		May 02, 2018	Feb. 08, 2018
Date dividends paid	Jun. 28, 2019		Mar. 29, 2019		Jun. 28, 2018	Mar. 29, 2018
Date of record	Jun. 14, 2019		Mar. 15, 2019		Jun. 14, 2018	Mar. 15, 2018
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)				20,000
Preferred stock, dividend rate (as a percent)				5.85%			5.85%
Preferred stock, par value (in dollars per share)				$ 5.00
Preferred stock liquidation preference				$ 25,000
Issuance of preferred stock				$ 485
Date dividends declared		May 21, 2019
Preferred Stock Dividends Per Share Cash Paid		$ 369.6875
Date dividends paid		Jun. 17, 2019
Date of record		May 31, 2019
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				$ 25.00
Preferred Stock Dividends Per Share Cash Paid		$ 0.3696875
Depositary Shares \| Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				25.50
Depositary Shares \| Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				$ 25.00

EQUITY (Details - Shares Outstanding) - USD ($) $ / shares in Units, $ in Millions					6 Months Ended
	Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 2018	Jun. 30, 2019	Jun. 30, 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)					3,292,082
Shares repurchased					0	(12,000,000)
Shares, end of period					(1,036,769,981)
Shares, end of period					1,906,671,492
Shares, end of period					869,901,511
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	$ 0.32	$ 0.32
Date of Shareholders of Record	Jun. 14, 2019	Mar. 15, 2019	Jun. 14, 2018	Mar. 15, 2018
Date Dividends Declared	May 06, 2019	Feb. 13, 2019	May 02, 2018	Feb. 08, 2018
Date Dividends To Be Paid	Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 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	$ 646
Amount paid to purchase warrants					$ 0	$ 4
Warrants repurchased					0	266,453
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)					3,292,082
Shares repurchased					0
Shares, end of period					(1,036,769,981)

EQUITY (Details - Rollforward of Accumulated other comprehensive income) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	$ 2,128,000,000	$ 2,220,000,000	$ (1,413,000,000)	$ 5,465,000,000
Cumulative effect of change in accounting principle		0		0	$ (8,000,000)
Change in unrealized appreciation (depreciation) of investments	5,907,000,000	(2,972,000,000)	11,820,000,000	(7,966,000,000)
Change in deferred acquisition costs adjustment and other	(874,000,000)	355,000,000	(1,738,000,000)	1,019,000,000
Change in future policy benefits	(1,181,000,000)	383,000,000	(2,249,000,000)	1,124,000,000
Changes in foreign currency translation adjustments	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Change in net actuarial gain (loss)	15,000,000	22,000,000	16,000,000	38,000,000
Change in prior service cost (credit)	0	2,000,000	(1,000,000)	(2,000,000)
Deferred tax asset (liability)	(859,000,000)	416,000,000	(1,481,000,000)	1,150,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Other comprehensive income (loss)	2,873,000,000	(1,990,000,000)	6,420,000,000	(4,659,000,000)
Noncontrolling interests	10,000,000	0	16,000,000	0
Balance, end of period, net of tax	4,991,000,000	230,000,000	4,991,000,000	230,000,000
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative effect of change in accounting principle		0		0	$ (576,000,000)	$ (576,000,000)
Other comprehensive income (loss)	2,863,000,000	(1,990,000,000)	6,404,000,000	(4,659,000,000)
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	638,000,000	812,000,000	(38,000,000)	793,000,000
Cumulative effect of change in accounting principle						169,000,000
Change in unrealized appreciation (depreciation) of investments	95,000,000	(1,368,000,000)	944,000,000	(1,608,000,000)
Change in deferred acquisition costs adjustment and other	(6,000,000)	84,000,000	(14,000,000)	114,000,000
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	(7,000,000)	238,000,000	(172,000,000)	298,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	82,000,000	(1,046,000,000)	758,000,000	(1,196,000,000)
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	720,000,000	(234,000,000)	720,000,000	(234,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	5,129,000,000	4,700,000,000	2,426,000,000	7,693,000,000
Cumulative effect of change in accounting principle						(285,000,000)
Change in unrealized appreciation (depreciation) of investments	5,812,000,000	(1,604,000,000)	10,876,000,000	(6,358,000,000)
Change in deferred acquisition costs adjustment and other	(868,000,000)	271,000,000	(1,724,000,000)	905,000,000
Change in future policy benefits	(1,181,000,000)	383,000,000	(2,249,000,000)	1,124,000,000
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	(849,000,000)	194,000,000	(1,281,000,000)	865,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	2,914,000,000	(756,000,000)	5,622,000,000	(3,464,000,000)
Noncontrolling interests	9,000,000	0	14,000,000	0
Balance, end of period, net of tax	8,034,000,000	3,944,000,000	8,034,000,000	3,944,000,000
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(2,562,000,000)	(2,216,000,000)	(2,725,000,000)	(2,090,000,000)
Cumulative effect of change in accounting principle						(284,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	4,000,000	(15,000,000)	(20,000,000)	(29,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	(129,000,000)	(210,000,000)	35,000,000	(52,000,000)
Noncontrolling interests	1,000,000	0	2,000,000	0
Balance, end of period, net of tax	(2,692,000,000)	(2,426,000,000)	(2,692,000,000)	(2,426,000,000)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(1,087,000,000)	(1,085,000,000)	(1,086,000,000)	(931,000,000)
Cumulative effect of change in accounting principle						(183,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	15,000,000	22,000,000	16,000,000	38,000,000
Change in prior service cost (credit)	0	2,000,000	(1,000,000)	(2,000,000)
Deferred tax asset (liability)	(7,000,000)	(1,000,000)	(8,000,000)	16,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	8,000,000	23,000,000	7,000,000	52,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(1,079,000,000)	(1,062,000,000)	(1,079,000,000)	(1,062,000,000)
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	10,000,000	9,000,000	10,000,000	0
Cumulative effect of change in accounting principle						$ 7,000,000
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	0	0	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Other comprehensive income (loss)	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	$ 8,000,000	$ 8,000,000	$ 8,000,000	$ 8,000,000

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ 3,809,000,000	$ (2,426,000,000)	$ 7,942,000,000	$ (5,843,000,000)
Less: Reclassification adjustments included in net income	77,000,000	(20,000,000)	41,000,000	(34,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	3,732,000,000	(2,406,000,000)	7,901,000,000	(5,809,000,000)
Less: Income tax expense (benefit)	859,000,000	(416,000,000)	1,481,000,000	(1,150,000,000)
Other comprehensive income (loss)	2,873,000,000	(1,990,000,000)	6,420,000,000	(4,659,000,000)
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	85,000,000	(1,282,000,000)	926,000,000	(1,490,000,000)
Less: Reclassification adjustments included in net income	(4,000,000)	2,000,000	(4,000,000)	4,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	89,000,000	(1,284,000,000)	930,000,000	(1,494,000,000)
Less: Income tax expense (benefit)	7,000,000	(238,000,000)	172,000,000	(298,000,000)
Other comprehensive income (loss)	82,000,000	(1,046,000,000)	758,000,000	(1,196,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3,854,000,000	(964,000,000)	6,963,000,000	(4,350,000,000)
Less: Reclassification adjustments included in net income	91,000,000	(14,000,000)	60,000,000	(21,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	3,763,000,000	(950,000,000)	6,903,000,000	(4,329,000,000)
Less: Income tax expense (benefit)	849,000,000	(194,000,000)	1,281,000,000	(865,000,000)
Other comprehensive income (loss)	2,914,000,000	(756,000,000)	5,622,000,000	(3,464,000,000)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Less: Income tax expense (benefit)	(4,000,000)	15,000,000	20,000,000	29,000,000
Other comprehensive income (loss)	(129,000,000)	(210,000,000)	35,000,000	(52,000,000)
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	5,000,000	16,000,000	0	19,000,000
Less: Reclassification adjustments included in net income	(10,000,000)	(8,000,000)	(15,000,000)	(17,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	15,000,000	24,000,000	15,000,000	36,000,000
Less: Income tax expense (benefit)	7,000,000	1,000,000	8,000,000	(16,000,000)
Other comprehensive income (loss)	8,000,000	23,000,000	7,000,000	52,000,000
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	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Less: Income tax expense (benefit)	0	0	0	0
Other comprehensive income (loss)	$ (2,000,000)	$ (1,000,000)	$ (2,000,000)	$ 1,000,000

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	$ 434	$ 201	$ 71	$ 269
Deferred acquisition costs adjustment	1,439	1,337	2,728	2,695
Future policy benefits	5,802	5,505	12,481	11,172
Total	77	(20)	41	(34)
Income from continuing operations before income tax expense (benefit)	1,837	1,252	2,991	2,479
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)	77	(20)	41	(34)
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	(4)	2	(4)	4
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	(4)	2	(4)	4
Total	(4)	2	(4)	4
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	91	(14)	60	(21)
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	91	(15)	60	9
Deferred acquisition costs adjustment	0	1	0	(30)
Future policy benefits	0	0	0	0
Total	91	(14)	60	(21)
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(10)	(8)	(15)	(17)
Change in retirement plan liabilities adjustment \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior-service credit	0	1	0	1
Actuarial gains (losses)	(10)	(9)	(15)	(18)
Total	$ (10)	$ (8)	$ (15)	$ (17)

EARNINGS PER COMMON SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for EPS:
Income (Loss) from Continuing Operations	$ 1,391	$ 931	$ 2,328	$ 1,881
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Preferred stock dividends	7	0	7	0
Net income (loss) attributable to AIG common shareholders from continuing operations	1,103	937	1,757	1,876
Loss from discontinued operations, net of income tax expense	(1)	0	(1)	(1)
Net income attributable to AIG common shareholders	$ 1,102	$ 937	$ 1,756	$ 1,875
Denominator for EPS:
Weighted average shares outstanding - basic	876,382,884	903,215,488	875,885,588	905,566,733
Dilutive shares	11,942,158	13,356,993	7,035,659	15,335,987
Weighted average shares outstanding - diluted	888,325,042	916,572,481	882,921,247	920,902,720
Basic:
Income from continuing operations	$ 1.26	$ 1.04	$ 2.00	$ 2.07
Income from discontinued operations	0	0	0	0
Net income (loss) attributable to AIG	1.26	1.04	2.00	2.07
Diluted:
Income from continuing operations	1.24	1.02	1.99	2.04
Income from discontinued operations	0	0	0	0
Net Income (loss) attributable to AIG	$ 1.24	$ 1.02	$ 1.99	$ 2.04
Number of shares, warrants, and options excluded from diluted shares outstanding because the effect would have been anti-dilutive	5,400,000	5,200,000	34,800,000	4,200,000

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost with respect to pensions and other postretirement benefits) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pensions
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7	$ 7	$ 15	$ 15
Interest cost	47	44	95	89
Expected return on assets	(63)	(76)	(125)	(154)
Amortization of prior service cost (credit)	1	0	1	1
Amortization of net (gain) loss	10	9	19	18
Net periodic benefit cost (credit)	2	(16)	5	(31)
Settlement charges	(1)	0	3	0
Net benefit cost (credit)	3	(16)	2	(31)
Pensions \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	2	5	4
Interest cost	43	40	87	81
Expected return on assets	(57)	(70)	(114)	(141)
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net (gain) loss	8	7	16	14
Net periodic benefit cost (credit)	(3)	(21)	(6)	(42)
Settlement charges	0	0	0	0
Net benefit cost (credit)	(3)	(21)	(6)	(42)
Pensions \| Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	5	10	11
Interest cost	4	4	8	8
Expected return on assets	(6)	(6)	(11)	(13)
Amortization of prior service cost (credit)	1	0	1	1
Amortization of net (gain) loss	2	2	3	4
Net periodic benefit cost (credit)	5	5	11	11
Settlement charges	(1)	0	3	0
Net benefit cost (credit)	6	5	8	11
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	1	2
Interest cost	1	2	4	4
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(2)	(1)	(2)
Amortization of net (gain) loss	(1)	0	(1)	0
Net periodic benefit cost (credit)	1	2	3	4
Settlement charges	0	0	0	0
Net benefit cost (credit)	1	2	3	4
Postretirement Plans \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1	1
Interest cost	1	1	3	3
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(1)	0	(1)
Amortization of net (gain) loss	(1)	0	(1)	0
Net periodic benefit cost (credit)	1	1	3	3
Settlement charges	0	0	0	0
Net benefit cost (credit)	1	1	3	3
Postretirement Plans \| Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	0	1
Interest cost	0	1	1	1
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(1)	(1)	(1)
Amortization of net (gain) loss	0	0	0	0
Net periodic benefit cost (credit)	0	1	0	1
Settlement charges	0	0	0	0
Net benefit cost (credit)	$ 0	$ 1	$ 0	$ 1

INCOME TAXES (Details - EFFECTIVE TAX RATE) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income (loss) from continuing operations before income tax expense (benefit)
Income from continuing operations before income tax expense	$ 1,837	$ 1,252	$ 2,991	$ 2,479
U.S.:
Income tax expense	446	321	663	598
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	1,837	1,252	2,991	2,479
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	446	$ 321	663	$ 598
Valuation allowance
Increase (Decrease) in certain other valuation allowances associated with foreign jurisdictions	$ 7		$ (31)
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%	21.00%	21.00%
Adjustments:
Amounts attributable to continuing operations (as a percent)	24.30%	25.60%	22.20%	24.10%
Accounting for Uncertainty in Income Taxes
Unrecognized tax benefits, excluding interest and penalties	$ 4,700		$ 4,700		$ 4,700
Unrecognized tax benefits, if recognized would not affect the effective tax rate	40		40		38
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	4,700		4,700		4,700
Unrecognized tax benefits, interest and penalties accrued	2,300		2,300		$ 2,200
Unrecognized tax benefits, interest net of the federal benefit (expense) and penalties			(136)	$ (100)
Decrease in Unrecognized Tax Benefits is Reasonably Possible in the next twelve months	$ 3,900		$ 3,900
U.S. taxable income from life companies offset by those net operating loss carryforwards			35.00%

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

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Assets:

$ 15,016

$ 9,674

319,912

304,535

334,928

314,209

2,935

2,873

$ 2,135

184,406

174,902

522,269

491,984

301,226

293,652

36,291

34,540

118,647

106,483

456,164

434,675

64,539

56,361

1,566

948

66,105

$ 62,093

57,309

61,797

$ 63,357

$ 65,708

522,269

491,984

AIG (As Guarantor)

Assets:

3,440

1,141

4,416

3,377

7,856

4,518

34,906

34,963

39,943

33,300

15,550

15,389

98,275

88,172

23,009

22,422

10,088

8,774

639

615

33,736

31,811

64,539

56,361

64,539

56,361

98,275

88,172

Validus Holdings, Ltd

Assets:

3,914

4,029

2,071

1,798

5,987

5,838

356

359

228

363

587

5,624

5,251

5,624

5,251

5,987

5,838

AIGLH

Assets:

32,505

26,321

124

32,525

26,454

643

144

680

787

31,845

25,667

31,845

25,667

32,525

26,454

Other Subsidiaries

Assets:

13,729

10,329

315,496

301,158

329,225

311,487

2,914

2,853

2,129

639

615

168,623

159,430

501,401

474,385

301,226

293,652

12,283

11,116

112,526

100,974

34,906

34,963

460,941

440,705

38,894

32,732

1,566

948

40,460

33,680

501,401

474,385

Assets:

Other assets | AIG (As Guarantor)

232

^[1]

343

227

^[1]

Assets:

Other assets | Validus Holdings, Ltd

Assets:

Other assets | AIGLH

Assets:

Other assets | Other Subsidiaries

Assets:

231

342

226

Assets:

Short-term investments | AIG (As Guarantor)

^[1]

142

^[1]

Assets:

Short-term investments | Validus Holdings, Ltd

124

Assets:

Short-term investments | AIGLH

Assets:

Short-term investments | Other Subsidiaries

Assets:

Reclassification and Eliminations

Assets:

(2,155)

(1,798)

(2,155)

(1,798)

(35,545)

(35,578)

(76,362)

(63,650)

(1,857)

(1,839)

(115,919)

(102,865)

(4,011)

(3,637)

(35,545)

(35,578)

(39,556)

(39,215)

(76,363)

(63,650)

(76,363)

(63,650)

Reclassification and Eliminations | Other assets

(115,919)

$ (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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries	$ 0	$ 0	$ 0	$ 0
Other income	12,561	11,631	25,017	23,343
Total revenues	12,561	11,631	25,017	23,343
Expenses:
Interest expense	360	299	709	576
(Gains) losses on extinguishment of debt	15	5	13	9
Other expenses	10,349	10,075	21,304	20,279
Total benefits, losses and expenses	10,724	10,379	22,026	20,864
Income (loss) from continuing operations before income tax expense (benefit)	1,837	1,252	2,991	2,479
Income tax expense (benefit)	446	321	663	598
Income from continuing operations	1,391	931	2,328	1,881
Income (loss) from discontinued operations	(1)	0	(1)	(1)
Net income (loss)	1,390	931	2,327	1,880
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income (loss) attributable to AIG	1,109	937	1,763	1,875
AIG (As Guarantor)
Revenues:
Equity in earnings of consolidated subsidiaries	1,167	845	1,875	1,878
Other income	277	309	564	567
Total revenues	1,444	1,154	2,439	2,445
Expenses:
Interest expense	250	246	496	466
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	180	359	368	511
Total benefits, losses and expenses	430	605	864	977
Income (loss) from continuing operations before income tax expense (benefit)	1,014	549	1,575	1,468
Income tax expense (benefit)	(95)	(389)	(189)	(408)
Income from continuing operations	1,109	938	1,764	1,876
Income (loss) from discontinued operations	0	(1)	(1)	(1)
Net income (loss)	1,109	937	1,763	1,875
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	1,109	937	1,763	1,875
Validus Holdings, Ltd
Revenues:
Equity in earnings of consolidated subsidiaries	109	0	316	0
Other income	4	0	5	0
Total revenues	113	0	321	0
Expenses:
Interest expense	0	0	0	0
(Gains) losses on extinguishment of debt	5	0	9	0
Other expenses	4	0	5	0
Total benefits, losses and expenses	9	0	14	0
Income (loss) from continuing operations before income tax expense (benefit)	104	0	307	0
Income tax expense (benefit)	0	0	0	0
Income from continuing operations	104	0	307	0
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	104	0	307	0
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	104	0	307	0
AIGLH
Revenues:
Equity in earnings of consolidated subsidiaries	1,278	459	1,978	1,181
Other income	0	0	0	0
Total revenues	1,278	459	1,978	1,181
Expenses:
Interest expense	12	13	25	25
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	1	0	1	1
Total benefits, losses and expenses	13	13	26	26
Income (loss) from continuing operations before income tax expense (benefit)	1,265	446	1,952	1,155
Income tax expense (benefit)	(1)	(1)	(2)	2
Income from continuing operations	1,266	447	1,954	1,153
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	1,266	447	1,954	1,153
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	1,266	447	1,954	1,153
Other Subsidiaries
Revenues:
Equity in earnings of consolidated subsidiaries	0	0	0	0
Other income	12,316	11,179	24,524	22,691
Total revenues	12,316	11,179	24,524	22,691
Expenses:
Interest expense	102	43	196	91
(Gains) losses on extinguishment of debt	10	5	4	(9)
Other expenses	10,194	9,738	20,998	19,844
Total benefits, losses and expenses	10,306	9,786	21,198	19,944
Income (loss) from continuing operations before income tax expense (benefit)	2,010	1,393	3,326	2,747
Income tax expense (benefit)	542	711	854	1,004
Income from continuing operations	1,468	682	2,472	1,743
Income (loss) from discontinued operations	(1)	1	0	0
Net income (loss)	1,467	683	2,472	1,743
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income (loss) attributable to AIG	1,186	689	1,908	1,738
Reclassification and Eliminations
Revenues:
Equity in earnings of consolidated subsidiaries	(2,554)	(1,304)	(4,169)	(3,059)
Other income	(36)	143	(76)	85
Total revenues	(2,590)	(1,161)	(4,245)	(2,974)
Expenses:
Interest expense	(4)	(3)	(8)	(6)
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	(30)	(22)	(68)	(77)
Total benefits, losses and expenses	(34)	(25)	(76)	(83)
Income (loss) from continuing operations before income tax expense (benefit)	(2,556)	(1,136)	(4,169)	(2,891)
Income tax expense (benefit)	0	0	0	0
Income from continuing operations	(2,556)	(1,136)	(4,169)	(2,891)
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	(2,556)	(1,136)	(4,169)	(2,891)
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	$ (2,556)	$ (1,136)	$ (4,169)	$ (2,891)

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Comprehensive Income (Loss)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ 1,390	$ 931	$ 2,327	$ 1,880
Other comprehensive income (loss)	2,873	(1,990)	6,420	(4,659)
Comprehensive income (loss)	4,263	(1,059)	8,747	(2,779)
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	3,972	(1,053)	8,167	(2,784)
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,109	937	1,763	1,875
Other comprehensive income (loss)	2,863	(1,990)	6,404	(4,659)
Comprehensive income (loss)	3,972	(1,053)	8,167	(2,784)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	3,972	(1,053)	8,167	(2,784)
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	104	0	307	0
Other comprehensive income (loss)	0	0	1	0
Comprehensive income (loss)	104	0	308	0
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	104	0	308	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,266	447	1,954	1,153
Other comprehensive income (loss)	2,418	(1,510)	5,218	(3,465)
Comprehensive income (loss)	3,684	(1,063)	7,172	(2,312)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	3,684	(1,063)	7,172	(2,312)
AIGLH \| Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Other comprehensive income (loss)				3,400
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,467	683	2,472	1,743
Other comprehensive income (loss)	7,299	(651)	18,982	20,909
Comprehensive income (loss)	8,766	32	21,454	22,652
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	8,475	38	20,874	22,647
Other Subsidiaries \| Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Other comprehensive income (loss)				14,000
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(2,556)	(1,136)	(4,169)	(2,891)
Other comprehensive income (loss)	(9,707)	2,161	(24,185)	(17,444)
Comprehensive income (loss)	(12,263)	1,025	(28,354)	(20,335)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	$ (12,263)	$ 1,025	$ (28,354)	$ (20,335)

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

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Dec. 31, 2018

Jun. 30, 2018

Net cash provided by (used in) operating activities

$ (1,272)

$ (340)

31,667

31,164

(31,966)

(28,504)

Acquisition of businesses, net of cash and restricted cash acquired

(4,837)

(3,840)

Net cash provided by (used in) investing activities

989

(300)

(4,147)

(1,470)

2,199

3,504

(910)

(1,959)

485

(646)

(7)

(557)

(575)

4,008

1,099

Effect of exchange rate changes on cash and restricted cash

5,218

1,423

(173)

(357)

3,358

2,737

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

3,185

2,380

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

$ 2,935

$ 2,873

$ 2,135

3,358

2,737

3,185

3,358

2,380

Interest:

(684)

(664)

Taxes:

(140)

(40)

Condensed Financial Statements, Captions [Line Items]

AIG (As Guarantor)

Net cash provided by (used in) operating activities

1,278

1,312

1,064

3,800

(1,408)

(1,327)

551

422

Acquisition of businesses, net of cash and restricted cash acquired

(319)

(1,769)

(4,017)

Net cash provided by (used in) investing activities

(51)

(1,840)

(1,116)

595

2,472

(6)

(1,313)

485

(646)

(7)

(557)

(575)

(74)

(162)

Effect of exchange rate changes on cash and restricted cash

456

(199)

(106)

(3)

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:

(497)

(478)

(1)

Taxes:

(10)

(17)

Non-cash financing and investing activities:

695

846

Return of capital

2,706

Dividends received in the form of securities

624

Capital contributions

2,339

Validus Holdings, Ltd

Condensed Financial Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(9)

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

(9)

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

982

1,211

Acquisition of businesses, net of cash and restricted cash acquired

Net cash provided by (used in) investing activities

(990)

(1,228)

Effect of exchange rate changes on cash and restricted cash

(990)

(1,228)

(8)

(17)

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:

(25)

(23)

Taxes:

Condensed Financial Statements, Captions [Line Items]

Other Subsidiaries

Net cash provided by (used in) operating activities

(1,232)

(849)

31,107

29,992

(31,062)

(29,805)

(20)

(25)

Acquisition of businesses, net of cash and restricted cash acquired

(3,068)

177

Net cash provided by (used in) investing activities

948

(249)

(2,095)

100

1,604

1,032

(904)

(646)

(551)

(422)

(1,301)

(786)

4,401

1,204

Effect of exchange rate changes on cash and restricted cash

3,249

382

(50)

(337)

3,213

2,709

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

3,163

2,372

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

2,914

2,853

2,129

3,213

2,709

3,163

3,213

2,372

Interest:

(151)

(163)

Taxes:

(130)

(23)

(695)

(846)

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

Other assets | AIG (As Guarantor)

232

^[1]

343

227

^[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]

231

342

226

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

Short-term investments | AIG (As Guarantor)

^[1]

142

^[1]

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

Condensed Financial Statements, Captions [Line Items]

Net cash provided by (used in) operating activities

(2,291)

(2,014)

(504)

(2,628)

504

2,628

(531)

(397)

Acquisition of businesses, net of cash and restricted cash acquired

319

(57)

Net cash provided by (used in) investing activities

(212)

(454)

531

397

2,291

2,014

(319)

Effect of exchange rate changes on cash and restricted cash

2,503

2,468

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]