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Entity Listing Par Value Per Share

Common Stock, Par Value $2.50 Per Share

$ 2.50

AIG

NYSE

Warrants

Warrants (expiring January 19, 2021)

AIG WS

5.75% Series A-2 Junior Sebordinated Debentures

NYSE

5.75% Series A-2 Junior Subordinated Debentures

AIG 67BP

4.875% Series A-3 Junior Subordinated Debentures

NYSE

4.875% Series A-3 Junior Subordinated Debentures

AIG 67EU

NYSE

Stock Purchase Rights

Stock Purchase Rights

No Trading Symbol Flag

true

Depository Shares Each Representing 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock

NYSE

Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock

AIG PRA

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NYSE

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fixed maturity securities:
Bonds available for sale, at fair value (amortized cost: 2019 - $233,230; 2018 - $225,780)	$ 251,086,000,000	$ 229,391,000,000
Other bond securities, at fair value (See Note 7)	6,682,000,000	11,415,000,000
Equity Securities, at fair value (See Note 7)	841,000,000	1,253,000,000
Mortgage and other loans receivable, net of allowance	46,984,000,000	43,135,000,000
Other invested assets (portion measured at fair value: 2019 - $6,827; 2018 - $5,894)	18,792,000,000	19,341,000,000
Short-term investments, including restricted cash of $188 in 2019 and $142 in 2018 (portion measured at fair value: 2019 - $5,343; 2018 - $3,015)	13,230,000,000	9,674,000,000
Total investments	337,615,000,000	314,209,000,000
Cash	2,856,000,000	2,873,000,000
Accrued investment income	2,334,000,000	2,389,000,000
Premiums and other receivables, net of allowance	10,274,000,000	11,011,000,000
Reinsurance assets, net of allowance	37,977,000,000	38,172,000,000
Deferred income taxes	13,146,000,000	15,221,000,000
Deferred policy acquisition costs	11,207,000,000	12,694,000,000
Other assets, including restricted cash of $243 in 2019 and $343 in 2018 (portion measured at fair value: 2019 - $3,151; 2018 - $973)	16,383,000,000	13,568,000,000
Separate account assets, at fair value	93,272,000,000	81,847,000,000
Total assets	525,064,000,000	491,984,000,000
Liabilities:
Liability for unpaid losses and loss adjustment expenses	78,328,000,000	83,639,000,000
Unearned premiums	18,269,000,000	19,248,000,000
Future policy benefits for life and accident and health insurance contracts	50,512,000,000	44,935,000,000
Policyholder contract deposits (portion measured at fair value: 2019 - $6,910; 2018 - $4,116)	151,869,000,000	142,262,000,000
Other policyholder funds	3,428,000,000	3,568,000,000
Other liabilities (portion measured at fair value: 2019 - $1,100; 2018 - $1,265)	26,609,000,000	24,636,000,000
Long-term debt (portion measured at fair value: 2019 - $2,062; 2018 - $2,213)	35,350,000,000	34,540,000,000
Separate account liabilities	93,272,000,000	81,847,000,000
Total liabilities	457,637,000,000	434,675,000,000
Contingencies, commitments and guarantees (see Note 17)
AIG shareholders' equity:
Series A Non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: 2019 - 20,000 and 2018 - 0; liquidation preference $500	485,000,000	0
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2019 - 1,906,671,492 and 2018 - 1,906,671,492	4,766,000,000	4,766,000,000
Treasury stock, at cost; 2019 - 1,036,672,461 shares; 2018 - 1,040,062,063 shares of common stock	(48,987,000,000)	(49,144,000,000)
Additional paid-in capital	81,345,000,000	81,268,000,000
Retained earnings	23,084,000,000	20,884,000,000
Accumulated other comprehensive income (loss)	4,982,000,000	(1,413,000,000)
Total AIG shareholders' equity	65,675,000,000	56,361,000,000
Non-redeemable noncontrolling interests	1,752,000,000	948,000,000
Total equity	67,427,000,000	57,309,000,000
Total liabilities and equity	525,064,000,000	491,984,000,000
American International Group, Inc.
Liabilities:
Long-term debt (portion measured at fair value: 2019 - $2,062; 2018 - $2,213)	25,479,000,000	26,136,000,000
Debt of consolidated investments
Liabilities:
Long-term debt (portion measured at fair value: 2019 - $2,062; 2018 - $2,213)	$ 9,871,000,000	$ 8,404,000,000

Consolidated Balance Sheets (Parenthetical - assets and liabilities) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets:
Bonds available for sale, amortized cost	$ 233,230	$ 225,780
Other invested assets, portion measured at fair value	6,827	5,894
Short-term investments, portion measured at fair value	5,343	3,015
Other assets, portion measured at fair value	3,151	973
Liabilities:
Policyholder contract deposits, portion measured at fair value	6,910	4,116
Other liabilities, portion measured at fair value	1,100	1,265
Long-term debt, portion measured at fair value	2,062	2,213
Other assets
Assets:
Short-term investments, restricted cash	243	343
Short-term investments
Assets:
Short-term investments, restricted cash	$ 188	$ 142

Consolidated Balance Sheets (Parenthetical - equity) - $ / shares	Dec. 31, 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	1,036,672,461	1,040,062,063

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Premiums	$ 30,561	$ 30,614	$ 31,374
Policy fees	3,015	2,791	2,935
Net Investment Income	14,619	12,476	14,179
Net realized capital gains (losses):
Total other-than-temporary impairments on available for sale securities	(172)	(190)	(196)
Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Other comprehensive income (loss)	(2)	(61)	(31)
Net other-than-temporary impairments on available for sale securities recognized in net income (loss)	(174)	(251)	(227)
Other realized capital gains (losses)	806	121	(1,153)
Total net realized capital gains (losses)	632	(130)	(1,380)
Other income	919	1,638	2,412
Total revenues	49,746	47,389	49,520
Benefits, losses and expenses:
Policyholder benefits and losses incurred	25,402	27,412	29,972
Interest credited to policyholder account balances	3,832	3,754	3,592
Amortization of DAC	5,164	5,386	4,288
General operating and other expenses	8,537	9,302	9,107
Interest expense	1,417	1,309	1,168
(Gain) loss on extinguishment of debt	32	7	(5)
Net (gain) loss on sale of divested businesses	75	(38)	(68)
Total benefits, losses and expenses	44,459	47,132	48,054
Income from continuing operations before income tax expense	5,287	257	1,466
Income tax expense (benefit):
Current	545	336	636
Deferred	621	(182)	6,890
Income tax expense	1,166	154	7,526
Income (loss) from continuing operations	4,121	103	(6,060)
Income (loss) from discontinued operations, net of income taxes	48	(42)	4
Net income (loss)	4,169	61	(6,056)
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests	821	67	28
Net income (loss) attributable to AIG	3,348	(6)	(6,084)
Less: Dividends on peferred stock	22	0	0
Net income (loss) attributable to AIG common shareholders	$ 3,326	$ (6)	$ (6,084)
Basic:
Income (loss) from continuing operations	$ 3.74	$ 0.04	$ (6.54)
Income (loss) from discontinued operations	0.05	(0.05)	0
Net income (loss) attributable to AIG common shareholders	3.79	(0.01)	(6.54)
Diluted:
Income (loss) from continuing operations	3.69	0.04	(6.54)
Income (loss) from discontinued operations	0.05	(0.05)	0
Net income (loss) attributable to AIG common shareholders	$ 3.74	$ (0.01)	$ (6.54)
Weighted average shares outstanding:
Basic	876,750,264	898,405,537	930,561,286
Diluted	889,511,946	910,141,242	930,561,286

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 4,169	$ 61	$ (6,056)
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	661	(1,000)	367
Change in unrealized appreciation (depreciation) of all other investments	5,689	(4,975)	1,288
Change in foreign currency translation adjustments	104	(349)	539
Change in retirement plan liabilities adjustment	(36)	28	41
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(3)	3	0
Other comprehensive income (loss)	6,415	(6,293)	2,235
Comprehensive income (loss)	10,584	(6,232)	(3,821)
Comprehensive income (loss) attributable to noncontrolling interests	841	76	28
Comprehensive income (loss) attributable to AIG	$ 9,743	$ (6,308)	$ (3,849)

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
Balance at Dec. 31, 2016	$ 76,858	$ 76,300	$ 0	$ 4,766	$ (41,471)	$ 81,064	$ 28,711	$ 3,230	$ 558
Common stock issued under stock plans	(178)	(178)	0	0	147	(325)	0	0	0
Purchase of common stock	(6,275)	(6,275)	0	0	(6,275)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	(6,056)	(6,084)	0	0	0	0	(6,084)	0	28
Dividends on common stock	(1,172)	(1,172)	0	0	0	0	(1,172)	0	0
Other comprehensive income (loss)	2,235	2,235	0	0	0	0	0	2,235	0
Current and deferred income taxes	(4)	(4)	0	0	0	(4)	0	0	0
Net increase (decrease) due to acquisitions and consolidations	101	0	0	0	0	0	0	0	101
Contributions from noncontrolling interests	42	0	0	0	0	0	0	0	42
Distributions to noncontrolling interests	(193)	0	0	0	0	0	0	0	(193)
Other	350	349	0	0	4	343	2	0	1
Balance at Dec. 31, 2017	65,708	65,171	0	4,766	(47,595)	81,078	21,457	5,465	537
Cumulative effect of change in accounting principle, net of tax	(8)	(8)	0	0	0	0	568	(576)	0
Common stock issued under stock plans	(155)	(155)	0	0	189	(344)	0	0	0
Purchase of common stock	(1,739)	(1,739)	0	0	(1,739)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	61	(6)	0	0	0	0	(6)	0	67
Dividends on common stock	(1,138)	(1,138)	0	0	0	0	(1,138)	0	0
Other comprehensive income (loss)	(6,293)	(6,302)	0	0	0	0	0	(6,302)	9
Current and deferred income taxes	0	0	0	0	0	0	0	0	0
Net increase (decrease) due to acquisitions and consolidations	63	0	0	0	0	0	0	0	63
Contributions from noncontrolling interests	373	0	0	0	0	0	0	0	373
Distributions to noncontrolling interests	(96)	0	0	0	0	0	0	0	(96)
Other	533	538	0	0	1	534	3	0	(5)
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	(80)	(80)	0	0	156	(236)	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	4,169	3,348	0	0	0	0	3,348	0	821
Dividends on preferred stock	(22)	(22)	0	0	0	0	(22)	0	0
Dividends on common stock	(1,114)	(1,114)	0	0	0	0	(1,114)	0	0
Other comprehensive income (loss)	6,415	6,395	0	0	0	0	0	6,395	20
Current and deferred income taxes	0	0	0	0	0	0	0	0	0
Net increase (decrease) due to acquisitions and consolidations	65	0	0	0	0	0	0	0	65
Contributions from noncontrolling interests	19	0	0	0	0	0	0	0	19
Distributions to noncontrolling interests	(131)	0	0	0	0	0	0	0	(131)
Other	312	302	0	0	1	313	(12)	0	10
Balance at Dec. 31, 2019	$ 67,427	$ 65,675	$ 485	$ 4,766	$ (48,987)	$ 81,345	$ 23,084	$ 4,982	$ 1,752

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 4,169	$ 61	$ (6,056)
Loss from discontinued operations	(48)	42	(4)
Noncash revenues, expenses, gains and losses included in income (loss):
Net gains on sales of securities available for sale and other assets	(862)	98	(431)
Net (gain) loss on sale of divested businesses	75	(38)	(68)
(Gain) loss on extinguishment of debt	32	7	(5)
Unrealized losses in earnings - net	207	443	79
Equity in loss from equity method investments, net of dividends or distributions	260	363	350
Depreciation and other amortization	5,006	5,362	3,874
Impairments of assets	299	425	685
Changes in operating assets and liabilities:
Insurance reserves	(5,224)	1,065	2,637
Premiums and other receivables and payables - net	437	887	410
Reinsurance assets and funds held under reinsurance treaties	217	(3,289)	(10,870)
Capitalization of deferred policy acquisition costs	(5,403)	(5,832)	(4,819)
Current and deferred income taxes - net	912	0	6,981
Other, net	(1,005)	467	(581)
Total adjustments	(5,049)	(42)	(1,758)
Net cash provided by (used in) operating activities	(928)	61	(7,818)
Sales or distribution of:
Available for sale securities	22,145	25,143	31,082
Other securities	7,918	3,755	3,792
Other invested assets	4,185	4,365	6,913
Divested businesses, net	2	10	792
Maturities of fixed maturity securities available for sale	25,488	24,777	29,011
Principal payments received on and sales of mortgage and other loans receivable	5,826	4,272	5,742
Purchases of:
Available for sale securities	(54,410)	(44,109)	(49,856)
Other securities	(1,638)	(1,318)	(1,147)
Other invested assets	(3,346)	(2,839)	(2,874)
Mortgage and other loans receivable	(9,515)	(10,286)	(9,369)
Acquisition of businesses, net of cash and restricted cash acquired	0	(5,717)	0
Net change in short-term investments	(3,633)	1,524	2,098
Other, net	1,503	200	(2,143)
Net cash provided by (used in) investing activities	(5,475)	(223)	14,041
Proceeds from (payments for)
Policyholder contract deposits	22,307	24,178	17,908
Policyholder contract withdrawals	(17,556)	(17,999)	(15,785)
Issuance of long-term debt and debt of consolidated investment entities	3,881	4,734	3,356
Repayments of long-term debt and debt of consolidated investment entities	(3,202)	(3,672)	(3,698)
Issuance of preferred stock, net of issuance costs	485	0	0
Purchase of common stock	0	(1,739)	(6,275)
Dividends paid on preferred stock	(22)	0	0
Dividends paid on common stock	(1,114)	(1,138)	(1,172)
Other, net	1,600	(3,570)	(31)
Net cash provided by (used in) financing activities	6,379	794	(5,697)
Effect of exchange rate changes on cash and restricted cash	16	(11)	(29)
Net increase (decrease) in cash and restricted cash	(8)	621	497
Cash and restricted cash at beginning of year	3,358	2,737	2,107
Change in cash of businesses held for sale	(63)	0	133
Cash and restricted cash at end of year	$ 3,287	$ 3,358	$ 2,737

Supplementary Disclosure of Consolidated Cash Flow Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash	$ 2,856	$ 2,873	$ 2,362
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	3,287	3,358	2,737
Cash paid during the period for:
Interest	1,326	1,312	1,282
Taxes	252	154	544
Cash Flow, Noncash Investing Activities Disclosure
Fixed maturity securities available for sale received in connection with pension risk transfer transactions	1,072	0	0
Cash Flow, Noncash Financing Activities Disclosure
Interest credited to policyholder contract deposits included in financing activities	3,305	3,392	3,309
Other assets
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	243	343	317
Short-term investments
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	$ 188	$ 142	$ 58

BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1. Basis of Presentation

American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 80 countries and jurisdictions. AIG companies serve commercial and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG). Unless the context indicates otherwise, the terms “AIG,” “we,” “us” or “our” mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.

The consolidated financial statements include the accounts of AIG Parent, our controlled subsidiaries (generally through a greater than 50 percent ownership of voting rights and voting interests), and variable interest entities (VIEs) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option.

Certain of our foreign subsidiaries included in the 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 Consolidated Financial Statements has been considered for adjustment and/or disclosure.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). All material intercompany accounts and transactions have been eliminated.

Acquisition of Businesses

Validus

On July 18, 2018, we completed the purchase of Validus Holdings, Ltd. (Validus), a leading provider of reinsurance, primary insurance, and asset management services, for $5.5 billion in cash. The results of Validus following the date of the acquisition are included in our General Insurance segment starting in the third quarter of 2018. Our North America results include the results of Validus Reinsurance, Ltd. and Western World Insurance Group, Inc., while our International results include the results of Talbot Holdings Ltd.

For additional information relating to the acquisition of Validus, see Note 5.

Glatfelter

On November 6, 2018 AIG completed the purchase of Glatfelter Insurance Group, a full-service broker and insurance company providing services for specialty programs and retail operations.

Ellipse

On December 31, 2018, AIG Life Ltd., a UK AIG Life and Retirement company, completed the acquisition of Ellipse, a specialist provider of group life risk protection in the UK.

Sales of Businesses

Sale of Certain Insurance Subsidiary Operations to Fairfax

On October 18, 2016, we entered into an agreement to sell certain insurance operations to Fairfax Financial Holdings Limited (Fairfax). The agreement included the sale of our subsidiary operations in Argentina, Chile, Colombia, Uruguay and Turkey. Fairfax acquired renewal rights for the portfolios of local business written by our operations in Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia, and assume certain of our operating assets and employees. Substantially all of the operations and renewal rights that we agreed to sell to Fairfax were sold by December 31, 2017.

AIG Fuji Life Insurance

On November 14, 2016, we entered into an agreement to sell Fuji Life to FWD Group, the insurance arm of Pacific Century Group. Total cash consideration to us was approximately $333 million. The transaction closed on April 30, 2017.

Fortitude Holdings

On November 13, 2018, AIG completed the sale of a 19.9 percent ownership interest in Fortitude Group Holdings, LLC (Fortitude Holdings) to TC Group Cayman Investments Holdings, L.P. (TCG), an affiliate of The Carlyle Group L.P. (Carlyle) (2018 Fortitude Sale). Upon completion of the 2018 Fortitude Sale, Fortitude Holdings owned 100 percent of the outstanding common shares of Fortitude Reinsurance Company Ltd (Fortitude Re) and AIG had an 80.1 percent ownership interest in Fortitude Holdings. We received $381 million in cash and will receive up to $95 million of deferred compensation which is subject to certain purchase price adjustments. To the extent we do not receive all or a portion of the planned distributions within 18 months of the closing of the 2018 Fortitude Sale, TCG will pay us up to an additional $100 million. In connection with the 2018 Fortitude Sale, we agreed to certain investment commitment targets into various Carlyle strategies and to certain minimum investment management fee payments within 36 months following the closing. We also will be required to pay a proportionate amount of an agreed make-whole fee to the extent we fail to satisfy such investment commitment targets.

On November 25, 2019, AIG entered into a membership interest purchase agreement with Fortitude Holdings, Carlyle, Carlyle FRL, an investment fund advised by an affiliate of Carlyle (Carlyle FRL), T&D United Capital Co., Ltd. (T&D) and T&D Holdings, Inc., pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Carlyle FRL will purchase from AIG a 51.6 percent ownership interest in Fortitude Holdings and T&D will purchase from AIG a 25 percent ownership interest in Fortitude Holdings (2019 Fortitude Sale). Upon closing of the 2019 Fortitude Sale, AIG will have a 3.5 percent ownership interest in Fortitude Holdings. In connection with the 2019 Fortitude Sale agreement, AIG, Fortitude Holdings and an affiliate of Carlyle FRL have agreed that, effective as of the closing of the 2019 Fortitude Sale, (i) AIG’s aforementioned investment commitment targets will be assumed by Fortitude Holdings and AIG will be released therefrom, and (ii) Carlyle will remain obligated to pay AIG $95 million of deferred compensation and up to an additional $100 million to the extent AIG does not receive all or a portion of the planned distributions within 18 months of the closing of the 2018 Fortitude Sale. We expect to contribute approximately $1.45 billion of the proceeds of the 2019 Fortitude Sale to certain of our insurance company subsidiaries for a period of time following the closing of the transaction. There can be no guarantee that we will receive the required regulatory approvals or that closing conditions will be satisfied in order to consummate the 2019 Fortitude Sale.

For further details on this transaction see Note 4 to the Consolidated Financial Statements.

Use of Estimates

The preparation of financial statements in accordance with U.S. 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);

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;

reinsurance assets;

impairment charges, including other-than-temporary impairments on available for sale securities, impairments on other invested assets, including investments in life settlements, allowances for loan losses, and goodwill impairment;

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.

Out of Period Adjustments

For the year ended December 31, 2018, our results include out of period adjustments relating to prior periods that decreased net income attributable to AIG by $77 million, and decreased Income from continuing operations before income taxes by $98 million. The out of period adjustments are primarily related to decreases in deferred policy acquisition costs and increases in policyholder contract deposits. We determined that these adjustments were not material to the current year or to any previously reported annual financial statements. Had these adjustments been recorded in their appropriate periods, Net income attributable to AIG for the year ended December 31, 2017 would have increased by $95 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. Summary of Significant Accounting Policies

The following table identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found:

Note 7. Investments

Fixed maturity and equity securities

Other invested assets

Short-term investments

Net investment income

Net realized capital gains (losses)

Other-than-temporary impairments

Note 8. Lending Activities

Mortgage and other loans receivable – net of allowance

Note 9. Reinsurance

Reinsurance assets – net of allowance

Retroactive reinsurance

Note 10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs

Amortization of deferred policy acquisition costs

Note 11. Variable Interest Entities

Note 12. Derivatives and Hedge Accounting

Derivative assets and liabilities, at fair value

Note 13. Goodwill and Other Intangible Assets

Note 14. Insurance Liabilities

Liability for unpaid losses and loss adjustment expenses

Discounting of reserves

Future policy benefits

Policyholder contract deposits

Other policyholder funds

Note 15. Variable Life and Annuity Contracts

Note 16. Debt

Long-term debt

Note 17. Contingencies, Commitments and Guarantees

Legal contingencies

Note 19. Earnings Per Common Share

Note 23. Income Taxes

Other significant accounting policies

Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, certain miscellaneous income is included as premiums written and earned. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. Reinsurance premiums are typically earned over the same period as the underlying policies or risks covered by the contract. As a result, the earnings pattern of a reinsurance contract may extend up to 24 months, reflecting the inception dates of the underlying policies throughout the year.

Reinsurance premiums ceded under prospective reinsurance agreements are recognized as a reduction in revenues over the period the reinsurance coverage is provided in proportion to the risks to which the premiums relate.

Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined.

Premiums for long-duration insurance products and life contingent annuities are recognized as revenues when due. Estimates for premiums due but not yet collected are accrued.

Policy fees represent fees recognized from universal life and investment-type products consisting of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves. Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate AIG for services to be provided in the future. Fees deferred as unearned revenue are amortized in relation to the incidence of expected gross profits to be realized over the estimated lives of the contracts, similar to DAC.

Other income includes advisory fee income from the Life and Retirement broker dealer business.

Cash represents cash on hand and demand deposits.

Short-term investments Short-term investments include highly liquid securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value.

Premiums and other receivables – net of allowance include premium balances receivable, amounts due from agents and brokers and policyholders, trade receivables for the Direct Investment book (DIB) and Global Capital Markets (GCM) and other receivables. Trade receivables for GCM include cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities. The allowance for doubtful accounts on premiums and other receivables was $178 million and $216 million at December 31, 2019 and 2018, respectively.

Deposit assets and liabilities: We have entered into certain insurance and reinsurance contracts, primarily in our General Insurance companies, that do not contain sufficient insurance risk to be accounted for as insurance or reinsurance. When we receive premiums on such contracts, the premiums received, after deduction for certain related expenses, are recorded as deposits within Other liabilities in the Consolidated Balance Sheets. Net proceeds of these deposits are invested and generate Net investment income. When we pay premiums on such contracts, the premiums paid are recorded as deposits within Other assets in the Consolidated Balance Sheets. The deposit asset or liability is adjusted as amounts are paid, consistent with the underlying contracts.

Other assets consist of sales inducement assets, prepaid expenses, deposits, other deferred charges, real estate, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash, derivative assets and assets of businesses classified as held-for-sale.

We offer sales inducements which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. Such amounts are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC (see Note 10 herein). To qualify for such accounting treatment, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest, and are higher than the contract’s expected ongoing crediting rates for periods after the bonus period. The deferred bonus interest and other deferred sales inducement assets totaled $430 million and $752 million at December 31, 2019 and 2018, respectively. The amortization expense associated with these assets is reported within Interest credited to policyholder account balances in the Consolidated Statements of Income. Such amortization expense totaled $79 million, $156 million and $94 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The cost of buildings and furniture and equipment is depreciated principally on the straight-line basis over their estimated useful lives (maximum of 40 years for buildings and 10 years for furniture and equipment). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years.

Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For a more detailed discussion of separate accounts see Note 15 herein.

Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased, derivative liabilities, deferred gains on retroactive reinsurance agreements and liabilities of businesses classified as held-for-sale. Also included in Other liabilities are trade payables for the DIB and GCM, which include option premiums received and payables to counterparties that relate to unrealized gains and losses on futures, forwards, and options and balances due to clearing brokers and exchanges. Trade payables for GCM also include cash collateral received from derivative counterparties that contractually cannot be netted against derivative assets.

Securities sold but not yet purchased represent sales of securities not owned at the time of sale. The obligations arising from such transactions are recorded on a trade-date basis and carried at fair value. Fair values of securities sold but not yet purchased are based on current market prices.

Foreign currency: Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Total AIG shareholders’ equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income. The adjustments resulting from translation of financial statements of foreign entities operating in highly inflationary economies are recorded in income.

Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG.

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 as of January 1, 2019 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. For additional information on our leases see Note 17 to the Consolidated Financial Statements.

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 current expected credit losses (CECL) for most financial assets, premiums receivable, off-balance sheet exposures and reinsurance receivables. The standard requires an allowance for credit losses based on the expectation of lifetime credit losses related to such 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, is 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 allow for reversals of credit impairments in the event that the credit of an issuer improves. The standard also requires additional disclosures.

We adopted the standard on its effective date of January 1, 2020 using a modified retrospective method, which requires a cumulative effect adjustment to retained earnings. As of December 31, 2019, the impact of the adoption of the standard will be a reduction in opening retained earnings of approximately $650 million (pre-tax) primarily driven by commercial mortgage loans, and, to a lesser extent, reinsurance receivables and recoverables.

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.

We adopted the standard on its effective date of January 1, 2020.

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 policy 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.

In October 2019, the FASB affirmed its decision to defer the effective date of the standard to January 1, 2022. We plan to adopt the standard on its updated effective date. We have started our implementation efforts and 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.

Income Tax

On December 18, 2019, the FASB issued guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendments also simplified other areas including the accounting for franchise taxes and enacted tax laws or rates, and clarified the accounting for transactions that result in the step-up in the tax basis of goodwill. The standard Is effective on January 1, 2021, with early adoption permitted. We are assessing the impact on our consolidated financial condition, results of operations and cash flows.

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 statements of operations.

GOODWILL

Effective July 1, 2019, we changed the date of our annual goodwill impairment testing from December 31 to July 1. This change does not represent a material change to our method of applying current accounting guidance and is preferable as it better aligns with our strategic planning and forecasting process. This change did not delay, accelerate or avoid any impairment charge and was applied prospectively. We performed our annual goodwill impairment tests of all reporting units using a combination of both qualitative and quantitative assessments and concluded that our goodwill was not impaired. Our goodwill balance was $4.0 billion at December 31, 2019. For further information on goodwill see Note 13 to the Consolidated Financial Statements.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

SEGMENT INFORMATION

3. Segment Information

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

General Insurance

General Insurance business is presented as two operating segments:

North America — consists of insurance businesses in the United States, Canada and Bermuda. This also includes the results of Validus Reinsurance, Ltd., Western World Insurance Group, Inc. and Glatfelter Insurance Group as of their respective acquisition dates.

International — consists of regional insurance businesses in Japan, the United Kingdom, Europe, Asia Pacific, Latin America and Caribbean, Middle East and Africa, and China. 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 consists primarily of:

Income from assets held by AIG Parent and other corporate subsidiaries.

General operating expenses not attributable to AIG reporting segments.

Certain compensation expenses attributable to Other Operations and reporting segments.

Amortization of value of distribution network acquired (VODA) related to the Validus and Glatfelter acquisitions.

Interest expense attributable to AIG long-term debt as well as debt associated with consolidated investment entities.

Results also include:

Blackboard — a subsidiary focused on delivering commercial insurance solutions using digital technology, data analytics and automation.

Fuji Life — consists of term insurance, life insurance, endowment policies and annuities. The sale of this business was completed on April 30, 2017.

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. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. 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:

				Net						Adjusted
		Total		Investment		Interest	Amortization			Pre-tax
(in millions)		Revenues		Income		Expense		of DAC		Income (Loss)
2019
General Insurance
North America	$	15,782	$	2,929	$	-	$	2,008	$	2,709
International		14,100		515		-		2,474		824
Total General Insurance		29,882		3,444		-		4,482		3,533
Life and Retirement
Individual Retirement		5,654		4,133		77		449		1,984
Group Retirement		2,947		2,240		44		81		937
Life Insurance		4,352		1,203		26		115		246
Institutional Markets		2,912		885		11		5		291
Total Life and Retirement		15,865		8,461		158		650		3,458
Other Operations		845		370		1,246		16		(1,709)
Legacy Portfolio		3,016		2,480		19		68		501
AIG Consolidation and elimination		(691)		(365)		(53)		-		(305)
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	48,917	$	14,390	$	1,370	$	5,216	$	5,478
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		228		228		-		-		194
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(52)		56
Changes in the fair value of equity securities		158		158		-		-		158
Professional fees related to regulatory or accounting changes		-		-		-		-		(12)
Other income (expense) - net		46		85		85		-		-
Loss on extinguishment of debt		-		-		-		-		(32)
Net realized capital gains (losses)^*		388		(242)		(38)		-		448
Loss from divested businesses		-		-		-		-		(75)
Non-operating litigation reserves and settlements		9		-		-		-		2
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		267
Net loss reserve discount charge		-		-		-		-		(955)
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		-
Integration and transaction costs associated with acquired businesses		-		-		-		-		(24)
Restructuring and other costs		-		-		-		-		(218)
Revenues and Pre-tax income	$	49,746	$	14,619	$	1,417	$	5,164	$	5,287
2018
General Insurance
North America	$	14,619	$	2,305	$	-	$	1,859	$	(8)
International		15,554		363		-		2,737		(461)
Total General Insurance		30,173		2,668		-		4,596		(469)
Life and Retirement
Individual Retirement		5,338		3,827		82		630		1,681
Group Retirement		2,891		2,172		42		95		933
Life Insurance		4,007		1,137		25		(50)		330
Institutional Markets		1,900		786		13		5		246
Total Life and Retirement		14,136		7,922		162		680		3,190
Other Operations		636		45		1,066		10		(1,584)
Legacy Portfolio		3,039		2,325		30		105		213
AIG Consolidation and elimination		(171)		(232)		85		-		59
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	47,813	$	12,728	$	1,343	$	5,391	$	1,409
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		(128)		(128)		-		-		(154)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(5)		6
Changes in the fair value of equity securities		-		-		-		-		-
Professional fees related to regulatory or accounting changes		-		-		-		-		-
Other income (expense) - net		(53)		-		-		-		-
Loss on extinguishment of debt		-		-		-		-		(7)
Net realized capital losses^*		(254)		(124)		(34)		-		(193)

Income from divested businesses		-		-		-		-		38
Non-operating litigation reserves and settlements		11		-		-		-		(19)
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		(675)
Net loss reserve discount benefit		-		-		-		-		371
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		-
Integration and transaction costs associated with acquired businesses		-		-		-		-		(124)
Restructuring and other costs		-		-		-		-		(395)
Revenues and Pre-tax income	$	47,389	$	12,476	$	1,309	$	5,386	$	257
2017
General Insurance
North America	$	14,600	$	3,145	$	31	$	1,305	$	(232)
International		15,094		523		(9)		2,460		(581)
Total General Insurance		29,694		3,668		22		3,765		(813)
Life and Retirement
Individual Retirement		5,514		4,013		58		415		2,289
Group Retirement		2,848		2,164		32		84		1,004
Life Insurance		4,056		1,044		13		239		274
Institutional Markets		3,168		595		6		5		264
Total Life and Retirement		15,586		7,816		109		743		3,831
Other Operations		1,413		53		968		(9)		(1,405)
Legacy Portfolio		4,391		2,776		122		76		1,470
AIG Consolidation and elimination		(308)		(280)		(53)		4		75
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	50,776	$	14,033	$	1,168	$	4,579	$	3,158
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		146		146		-		-		146
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(291)		303
Changes in the fair value of equity securities		-		-		-		-		-
Professional fees related to regulatory or accounting changes		-		-		-		-		-
Other income (expense) - net		(49)		-		-		-		-
Gain on extinguishment of debt		-		-		-		-		5
Net realized capital losses^*		(1,380)		-		-		-		(1,380)
Income from divested businesses		-		-		-		-		68
Non-operating litigation reserves and settlements		27		-		-		-		129
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		(303)
Net loss reserve discount charge		-		-		-		-		(187)
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		(60)
Integration and transaction costs associated with acquired businesses		-		-		-		-		-
Restructuring and other costs		-		-		-		-		(413)
Revenues and Pre-tax income	$	49,520	$	14,179	$	1,168	$	4,288	$	1,466

*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.

The following table presents AIG’s year-end identifiable assets and capital expenditures by legal entity category:

	Year-End Identifiable Assets				Capital Expenditures
(in millions)		2019		2018		2019		2018
General Insurance companies	$	109,871	$	110,007	$	105	$	171
Life and Retirement companies		280,721		247,219		104		94
Other		142,745		140,428		95		103
AIG Consolidation and Elimination		(8,273)		(5,670)		-		-
Total Assets	$	525,064	$	491,984	$	304	$	368

The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area:

							Real Estate and Other Fixed Assets,
	Total Revenues^*						Net of Accumulated Depreciation
(in millions)		2019		2018		2017		2019		2018		2017
North America	$	36,862	$	31,003	$	34,149	$	1,333	$	1,479	$	1,630
International		12,884		16,386		15,371		620		693		892
Consolidated	$	49,746	$	47,389	$	49,520	$	1,953	$	2,172	$	2,522

*Revenues are generally reported according to the geographic location of the reporting unit. International revenues consists of revenues from our General Insurance International operating segment.

HELD-FOR-SALE CLASSIFICATION

12 Months Ended

Dec. 31, 2019

HELD-FOR-SALE CLASSIFICATION

HELD-FOR-SALE CLASSIFICATION

4. Held-For-Sale Classification

Held-For-Sale Classification

We report and classify a business as held-for-sale (Held-For-Sale Business) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.

Assets and liabilities related to Held-For-Sale Business are reported in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale.

At December 31, 2019, the following business was reported and classified as held-for-sale:

Fortitude Holdings

Fortitude Re was established during the first quarter of 2018 in connection with a series of affiliated reinsurance transactions related to our Legacy Portfolio. Those reinsurance transactions were designed to consolidate most of our Legacy Insurance Run-Off Lines into a single legal entity. As of December 31, 2019, the affiliated transactions included the cession of approximately $30.2 billion of reserves from our Legacy Life and Retirement Run-Off Lines and approximately $3.9 billion of reserves from our Legacy General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries. Fortitude Re has approximately $2.5 billion of total assets after elimination of intercompany balances, primarily managed by AIG, and is AIG’s main run-off reinsurer with its own dedicated management team. In the second quarter of 2018, the Company formed Fortitude Holdings as the holding company for Fortitude Re.

On November 13, 2018, AIG completed the sale of a 19.9 percent ownership interest in Fortitude Holdings to TCG, an affiliate of Carlyle. Upon completion of the 2018 Fortitude Sale, Fortitude Holdings owned 100 percent of the outstanding common shares of Fortitude Re and AIG had an 80.1 percent ownership interest in Fortitude Holdings. We received $381 million in cash and will receive up to $95 million of deferred compensation which is subject to certain purchase price adjustments. To the extent we do not receive all or a portion of the planned distributions within 18 months of the 2018 Fortitude Sale, TCG will pay us up to an additional $100 million. In connection with the 2018 Fortitude Sale, we agreed to certain investment commitment targets into various Carlyle strategies and to certain minimum investment management fee payments within thirty-six months following the closing. We also will be required to pay a proportionate amount of an agreed make-whole fee to the extent we fail to satisfy such investment commitment targets.

On November 25, 2019, AIG entered into a membership interest purchase agreement with Fortitude Holdings, Carlyle, Carlyle FRL, T&D and T&D Holdings, Inc., pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Carlyle FRL will purchase from AIG a 51.6 percent ownership interest in Fortitude Holdings and T&D will purchase from AIG a 25 percent ownership interest in Fortitude Holdings. Upon closing of the 2019 Fortitude Sale, AIG will have a 3.5 percent ownership interest in Fortitude Holdings. In connection with the 2019 Fortitude Sale agreement, AIG, Fortitude Holdings and an affiliate of Carlyle FRL have agreed that, effective as of the closing of the 2019 Fortitude Sale, (i) AIG’s aforementioned investment commitment targets will be assumed by Fortitude Holdings and AIG will be released therefrom, and (ii) Carlyle will remain obligated to pay AIG $95 million of deferred compensation and up to an additional $100 million to the extent AIG does not receive all or a portion of the planned distributions within 18 months of the closing of the 2018 Fortitude Sale. We expect to contribute approximately $1.45 billion of the proceeds of the 2019 Fortitude Sale to certain of our insurance company subsidiaries for a period of time following the closing of the transaction. There can be no guarantee that we will receive the required regulatory approvals or that closing conditions will be satisfied in order to consummate the 2019 Fortitude Sale.

We recorded a loss of $98 million which has been recorded as a contra-asset within assets held for sale line below.

The transaction is expected to close in mid-2020, subject to required regulatory approvals and other customary closing conditions.

The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets at December 31, 2019 after elimination of intercompany balances:

		December 31,
(in millions)		2019
Assets:
Bonds available for sale	$	2,187
Other bond securities		13
Other invested assets		45
Short-term investments		107
Cash		63
Accrued investment income		19
Deferred income taxes		(22)
Other assets		106
Assets of business held for sale		2,518
Less: Loss Accrual		(98)
Total assets held for sale	$	2,420
Liabilities:
Other liabilities	$	15
Total liabilities held for sale	$	15

The affiliated reinsurance transactions executed in the first quarter of 2018 with Fortitude Re resulted in prepaid insurance assets on the ceding subsidiaries’ balance sheets of approximately $2.5 billion (after-tax) and related deferred acquisition costs of $0.5 billion (after-tax) at inception of the contract. The prepaid insurance assets have been eliminated in AIG’s consolidated financial statements since the counterparties were wholly owned.

Upon closing of the 2019 Fortitude Sale, AIG will recognize a loss for the portion of the unamortized balance of these assets that are not recoverable, if any, when we are no longer a controlling shareholder in Fortitude Holdings. As of December 31, 2019, the unamortized balances of the aforementioned prepaid insurance assets and related deferred acquisition costs were $2.3 billion (after-tax) and $0.4 billion (after-tax), respectively. This combined loss of $2.7 billion would be incremental to any gain or loss recognized on the 2019 Fortitude Sale. The incremental gain or loss we will recognize on the 2019 Fortitude Sale would be impacted, perhaps significantly, by market conditions existing at the time the 2019 Fortitude Sale closes.

BUSINESS COMBINATION

12 Months Ended

Dec. 31, 2019

BUSINESS COMBINATION

BUSINESS COMBINATION

5. Business Combination

On July 18, 2018, we completed the purchase of a 100 percent voting interest in 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 VIEs. ILS are financial instruments for which the values are determined based on insurance losses caused primarily by natural catastrophes such as major earthquakes and hurricanes. We report the investment in AlphaCat funds, which is approximately $124 million and $116 million at December 31, 2019 and December 31, 2018, respectively, in Other Invested Assets in the Consolidated Balance Sheets.

The following unaudited summarized pro forma consolidated income statement information assumes that the acquisition of Validus occurred as of January 1, 2017. 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.

Years Ended December 31,
(dollars in millions, except per common share data)		2018*		2017*
Total revenues	$	48,588	$	52,009
Net income (loss)		16		(6,104)
Net loss attributable to AIG common shareholders		(51)		(6,132)

Loss per common share attributable to AIG common shareholders:
Basic:
Net loss attributable to AIG common shareholders		(0.06)		(6.59)
Diluted:
Net loss attributable to AIG common shareholders		(0.06)		(6.59)

*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

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

6. Fair Value Measurements

Fair Value Measurements on a Recurring Basis

We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions.

Fair Value Hierarchy

Assets and liabilities recorded at fair value in the 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.

The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and it is the observability of the inputs used that determines the appropriate level in the fair value hierarchy for the respective asset or liability.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Incorporation of Credit Risk in Fair Value Measurements

Our Own Credit Risk. Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (CDS) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. For a description of how we incorporate our own credit risk in the valuation of embedded derivatives related to certain annuity and life insurance products see Embedded Derivatives within Policyholder Contract Deposits below.

Counterparty Credit Risk. Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date.

Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the benchmark London Interbank Offered Rate (LIBOR) curve to derive our discount rates.

While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk.

Fixed Maturity Securities

Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets.

We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes are applied to the fair values received from independent third-party valuation service providers to ensure the accuracy of these values.

Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased.

We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques, and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions.

When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. 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 comparable securities, adjusted for illiquidity and structure. Fair values determined internally are also subject to management review to ensure that valuation models and related inputs are reasonable.

The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (RMBS), commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO), other asset-backed securities (ABS) and fixed maturity securities issued by government sponsored entities and corporate entities.

Equity Securities Traded in Active Markets

Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets.

Mortgage and Other Loans Receivable

We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors.

Other Invested Assets

We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate.

Short-term Investments

For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value.

Separate Account Assets

Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded over-the-counter (OTC). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

We value our super senior credit default swap portfolio using prices obtained from vendors and/or counterparties. The valuation of the super senior credit derivatives is complex because of the limited availability of market observable information due to the lack of trading and price transparency in certain structured finance markets. Our valuation methodologies for the super senior CDS portfolio have evolved over time in response to market conditions and the availability of market observable information. We have sought to calibrate the methodologies to available market information and to review the assumptions of the methodologies on a regular basis.

Embedded Derivatives within Policyholder Contract Deposits

Certain variable annuity and equity-indexed annuity and life contracts contain embedded derivatives that we bifurcate from the host contracts and account for separately at fair value, with changes in fair value recognized in earnings. These embedded derivatives are classified within Policyholder contract deposits. We have concluded these contracts contain either (i) a written option that guarantees a minimum accumulation value at maturity, (ii) a written option that guarantees annual withdrawals regardless of underlying market performance for a specific period or for life, or (iii) equity-indexed written options that meet the criteria of derivatives and must be bifurcated.

The fair value of embedded derivatives contained in certain variable annuity and equity-indexed annuity and life contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the embedded derivative may be in a net asset position. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and based primarily on our historical experience.

Because of the dynamic and complex nature of the projected cash flows with respect to embedded derivatives in our variable annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments are included within the fair value measurement of these embedded derivatives, and related fees are classified in net realized gain/loss as earned, consistent with other changes in the fair value of these embedded policy derivatives. Any portion of the fees not attributed to the embedded derivatives are excluded from the fair value measurement and classified in policy fees as earned.

With respect to embedded derivatives in our equity-indexed annuity and life contracts, option pricing models are used to estimate fair value, taking into account the capital market assumptions for future equity index growth rates, volatility of the equity index, future interest rates, and our ability to adjust the participation rate and the cap on equity-indexed credited rates in light of market conditions and policyholder behavior assumptions.

Projected cash flows are discounted using the interest rate swap curve (swap curve), which is commonly viewed as being consistent with the credit spreads for highly-rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, LIBOR) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of the embedded derivatives associated with variable annuity and equity-indexed annuity and life contracts. The non-performance risk adjustment (NPA) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows in the valuation of these embedded derivatives. The non-performance risk adjustment is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our Life and Retirement companies.

Long-Term Debt

The fair value of non-structured liabilities is generally determined by using market prices from exchange or dealer markets, when available, or discounting expected cash flows using the appropriate discount rate for the applicable maturity. We determine the fair value of structured liabilities and hybrid financial instruments (where performance is linked to structured interest rates, inflation or currency risks) using the appropriate derivative valuation methodology (described above) given the nature of the embedded risk profile. In addition, adjustments are made to the valuations of both non-structured and structured liabilities to reflect our own creditworthiness based on the methodology described under the caption “Incorporation of Credit Risk in Fair Value Measurements – Our Own Credit Risk” above.

Borrowings under obligations of guaranteed investment agreements (GIAs), which are guaranteed by us, are recorded at fair value using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Interest rates on these borrowings are primarily fixed, vary by maturity and range up to 7.62 percent.

Other Liabilities

Other liabilities measured at fair value include certain securities sold under agreements to repurchase and certain securities sold but not yet purchased. Liabilities arising from securities sold under agreements to repurchase are generally treated as collateralized borrowings. We estimate the fair value of liabilities arising under these agreements by using market-observable interest rates. This methodology considers such factors as the coupon rate, yield curves and other relevant factors. Fair values for securities sold but not yet purchased are based on current market prices.

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:

December 31, 2019							Counterparty		Cash
(in millions)		Level 1		Level 2		Level 3		Netting^(a)	Collateral			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	135	$	5,245	$	-	$	-	$	-	$	5,380
Obligations of states, municipalities and political subdivisions		-		13,197		2,121		-		-		15,318
Non-U.S. governments		60		14,809		-		-		-		14,869
Corporate debt		-		147,973		1,663		-		-		149,636
RMBS		-		19,397		13,408		-		-		32,805
CMBS		-		13,377		1,053		-		-		14,430
CDO/ABS		-		10,962		7,686		-		-		18,648
Total bonds available for sale		195		224,960		25,931		-		-		251,086
Other bond securities:
U.S. government and government sponsored entities		-		2,121		-		-		-		2,121
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		18		-		-		-		18
RMBS		-		346		143		-		-		489
CMBS		-		272		50		-		-		322
CDO/ABS		-		187		3,545		-		-		3,732
Total other bond securities		-		2,944		3,738		-		-		6,682
Equity securities		756		77		8		-		-		841
Other invested assets^(b)		-		86		1,192		-		-		1,278
Derivative assets:
Interest rate contracts		1		3,199		-		-		-		3,200
Foreign exchange contracts		-		1,034		6		-		-		1,040
Equity contracts		5		593		171		-		-		769
Credit contracts		-		-		3		-		-		3
Other contracts		-		-		14		-		-		14
Counterparty netting and cash collateral		-		-		-		(2,427)		(1,806)		(4,233)
Total derivative assets		6		4,826		194		(2,427)		(1,806)		793
Short-term investments		2,299		3,044		-		-		-		5,343
Other assets		57		2,212		89		-		-		2,358
Separate account assets		89,069		4,203		-		-		-		93,272
Total	$	92,382	$	242,352	$	31,152	$	(2,427)	$	(1,806)	$	361,653
Liabilities:
Policyholder contract deposits	$	-	$	-	$	6,910	$	-	$	-	$	6,910
Derivative liabilities:
Interest rate contracts		4		2,745		-		-		-		2,749
Foreign exchange contracts		-		1,025		-		-		-		1,025
Equity contracts		8		111		20		-		-		139
Credit contracts		-		24		65		-		-		89
Other contracts		-		-		7		-		-		7
Counterparty netting and cash collateral		-		-		-		(2,427)		(527)		(2,954)
Total derivative liabilities		12		3,905		92		(2,427)		(527)		1,055
Other liabilities		-		45		-		-		-		45
Long-term debt		-		2,062		-		-		-		2,062
Total	$	12	$	6,012	$	7,002	$	(2,427)	$	(527)	$	10,072

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
Other assets		-		-		58		-		-		58
Separate account assets		77,202		4,645		-		-		-		81,847
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
Other liabilities		16		11		-		-		-		27
Long-term debt		-		2,213		-		-		-		2,213
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 $5.5 billion and $5.0 billion as of December 31, 2019 and December 31, 2018, respectively.

Changes in Level 3 Recurring Fair Value Measurements

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

				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2019
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,000	$	(2)	$	247	$	282	$	51	$	(457)	$	-	$	-	$	2,121	$	-
Non-U.S. governments		11		5		1		(6)		5		(16)		-		-		-		-
Corporate debt		864		(7)		88		(540)		1,513		(255)		-		-		1,663		-
RMBS		14,199		782		55		(1,403)		83		(287)		(21)		-		13,408		-
CMBS		917		24		47		448		58		(441)		-		-		1,053		-
CDO/ABS		9,102		33		116		112		120		(1,780)		(17)		-		7,686		-
Total bonds available for sale		27,093		835		554		(1,107)		1,830		(3,236)		(38)		-		25,931		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-		-		-
RMBS		1,290		80		-		(1,227)		-		-		-		-		143		2
CMBS		77		5		-		(18)		-		(14)		-		-		50		6
CDO/ABS		4,478		361		-		(1,198)		-		(96)		-		-		3,545		149
Total other bond securities		5,845		446		-		(2,443)		-		(110)		-		-		3,738		157
Equity securities		27		-		-		(20)		2		(1)		-		-		8		1
Mortgage and other loans
receivable		-		-		-		-		-		-		-		-		-		-
Other invested assets		587		20		2		(33)		616		-		-		-		1,192		22
Other assets		58		-		-		(7)		-		-		38		-		89		-
Total	$	33,610	$	1,301	$	556	$	(3,610)	$	2,448	$	(3,347)	$	-	$	-	$	30,958	$	180
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,116	$	1,947	$	-	$	847	$	-	$	-	$	-	$	-	$	6,910	$	(1,307)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(18)		-		-		-		-		-		1
Foreign exchange contracts		(5)		(7)		-		6		-		-		-		-		(6)		3
Equity contracts		(75)		(43)		-		(33)		-		-		-		-		(151)		51
Credit contracts		227		(84)		-		(81)		-		-		-		-		62		46
Other contracts		(9)		(67)		-		69		-		-		-		-		(7)		66
Total derivative liabilities, net^(b)		153		(198)		-		(57)		-		-		-		-		(102)		167
Total	$	4,269	$	1,749	$	-	$	790	$	-	$	-	$	-	$	-	$	6,808	$	(1,140)

				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	-	$	(152)	$	(66)	$	54	$	(240)	$	-	$	-	$	2,000	$	-
Non-U.S. governments		8		(9)		5		(1)		13		(5)		-		-		11		-
Corporate debt		1,173		(74)		(2)		(207)		780		(806)		-		-		864		-
RMBS		16,136		838		(300)		(2,424)		8		(66)		-		7		14,199		-
CMBS		624		23		(29)		207		111		(20)		-		1		917		-
CDO/ABS		8,651		40		(42)		(371)		1,783		(1,123)		-		164		9,102		-
Total bonds available for sale		28,996		818		(520)		(2,862)		2,749		(2,260)		-		172		27,093		-
Other bond securities:
Corporate debt		18		-		-		(18)		-		-		-		-		-		-
RMBS		1,464		56		-		(280)		50		-		-		-		1,290		(10)
CMBS		74		(2)		-		(5)		10		-		-		-		77		(5)
CDO/ABS		4,956		428		-		(905)		-		(9)		-		8		4,478		208
Total other bond securities		6,512		482		-		(1,208)		60		(9)		-		8		5,845		193
Equity securities		-		(2)		-		24		5		-		-		-		27		-
Mortgage and other loans
receivable		5		-		-		(5)		-		-		-		-		-		-
Other invested assets		250		47		2		288		-		-		-		-		587		71
Other assets		-		-		-		58		-		-		-		-		58		-
Total	$	35,763	$	1,345	$	(518)	$	(3,705)	$	2,814	$	(2,269)	$	-	$	180	$	33,610	$	264
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,136	$	(334)	$	-	$	314	$	-	$	-	$	-	$	-	$	4,116	$	495
Derivative liabilities, net:
Interest rate contracts		22		(1)		-		(6)		-		-		-		-		15		1
Foreign exchange contracts		-		(10)		-		5		-		-		-		-		(5)		3
Equity contracts		(82)		(22)		-		27		-		2		-		-		(75)		(35)
Credit contracts		262		(31)		-		(4)		-		-		-		-		227		31
Other contracts		(15)		(64)		-		70		-		-		-		-		(9)		62
Total derivative liabilities, net^(b)		187		(128)		-		92		-		2		-		-		153		62
Total	$	4,323	$	(462)	$	-	$	406	$	-	$	2	$	-	$	-	$	4,269	$	557

(a)Reported in Other assets in the Consolidated Balance Sheet.

(b)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 Consolidated Statements of Income as follows:

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	Gains (Losses)			Income		Total
December 31, 2019
Assets:
Bonds available for sale	$	862	$	(27)	$	-	$	835
Other bond securities		226		220		-		446
Equity securities		-		-		-		-
Other invested assets		20		-		-		20
December 31, 2018
Assets:
Bonds available for sale	$	987	$	(165)	$	(4)	$	818
Other bond securities		92		(3)		393		482
Equity securities		(2)		-		-		(2)
Other invested assets		57		-		(10)		47

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
December 31, 2019
Liabilities:
Policyholder contract deposits	$	-	$	1,947	$	-	$	1,947
Derivative liabilities, net		-		(134)		(64)		(198)
December 31, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(334)	$	-	$	(334)
Derivative liabilities, net		-		5		(133)		(128)

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

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
December 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	362	$	(19)	$	(61)	$	282
Non-U.S. governments		-		-		(6)		(6)
Corporate debt		172		(129)		(583)		(540)
RMBS		1,418		(27)		(2,794)		(1,403)
CMBS		539		-		(91)		448
CDO/ABS		2,145		(561)		(1,472)		112
Total bonds available for sale		4,636		(736)		(5,007)		(1,107)
Other bond securities:
Corporate debt		-		-		-		-
RMBS		-		(1,101)		(126)		(1,227)
CMBS		18		(33)		(3)		(18)
CDO/ABS		-		(386)		(812)		(1,198)
Total other bond securities		18		(1,520)		(941)		(2,443)
Equity securities		8		-		(28)		(20)
Mortgage and other loans receivable		-		-		-		-
Other invested assets		97		-		(130)		(33)
Other assets		-		-		(7)		(7)
Total assets	$	4,759	$	(2,256)	$	(6,113)	$	(3,610)
Liabilities:
Policyholder contract deposits	$	-	$	852	$	(5)	$	847
Derivative liabilities, net		(44)		-		(13)		(57)
Total liabilities	$	(44)	$	852	$	(18)	$	790
December 31, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	105	$	(8)	$	(163)	$	(66)
Non-U.S. governments		5		-		(6)		(1)
Corporate debt		280		(216)		(271)		(207)
RMBS		715		(20)		(3,119)		(2,424)
CMBS		277		(2)		(68)		207
CDO/ABS		1,865		(1,073)		(1,163)		(371)
Total bonds available for sale		3,247		(1,319)		(4,790)		(2,862)
Other bond securities:
Corporate debt		-		-		(18)		(18)
RMBS		1		(34)		(247)		(280)
CMBS		-		-		(5)		(5)
CDO/ABS		90		(4)		(991)		(905)
Total other bond securities		91		(38)		(1,261)		(1,208)
Equity securities		49		-		(25)		24
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		350		(29)		(33)		288
Other assets		-		-		58		58
Total assets	$	3,737	$	(1,391)	$	(6,051)	$	(3,705)
Liabilities:
Policyholder contract deposits	$	-	$	533	$	(219)	$	314
Derivative liabilities, net		(52)		80		64		92
Total liabilities	$	(52)	$	613	$	(155)	$	406

(a)There were no issuances during the years ended December 31, 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 December 31, 2019 and 2018 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $(46) million and $33 million of net gains (losses) related to assets and liabilities transferred into Level 3 during 2019 and 2018, respectively, and includes $30 million and $(18) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during 2019 and 2018, respectively.

Transfers of Level 3 Assets

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

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

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the years ended December 31, 2019 and 2018.

Quantitative Information about Level 3 Fair Value Measurements

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

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

Obligations of states,
municipalities and
political subdivisions	$	1,633	Discounted cash flow	Yield	3.35% - 3.95% (3.65%)

Corporate debt		1,087	Discounted cash flow	Yield	3.48% - 6.22% (4.85%)

RMBS^(a)		11,746	Discounted cash flow	Constant prepayment rate	4.00% - 12.89% (8.44%)
				Loss severity	33.68% - 76.91% (55.29%)
				Constant default rate	1.68% - 6.17% (3.93%)
				Yield	2.52% - 4.53% (3.52%)

CDO/ABS^(a)		6,025	Discounted cash flow	Yield	2.92% - 4.91% (3.91%)

CMBS		476	Discounted cash flow	Yield	2.77% - 5.18% (3.97%)

Liabilities:

Embedded derivatives
within Policyholder
contract deposits:

Guaranteed minimum
withdrawal benefits
(GMWB)		2,474	Discounted cash flow	Equity volatility	6.15% - 48.85%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	50.00% - 143.00%
				Mortality multiplier^(c)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA^(d)	0.12% - 1.53%

Index Annuities		3,895	Discounted cash flow	Lapse rate	0.31% - 50.00%
				Mortality multiplier^(c)	24.00% - 180.00%
				Option Budget	1.00% - 4.00%
				NPA^(d)	0.12% - 1.53%

Indexed Life		510	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				NPA^(d)	0.12% - 1.53%


		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%
				NPA^(d)	0.25% - 1.77%

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%
				NPA^(d)	0.25% - 1.77%

Indexed Life		374	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%
				NPA^(d)	0.25% - 1.77%

(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.

(d)NPA applied as a spread over risk-free curve for discounting.

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.

Interrelationships Between 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 significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. 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.

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The discount rate may be affected by other factors including constant prepayment rates (CPR), loss severity, and constant default rates (CDR). In general, increases in the yield would decrease the fair value of investments, conversely the inverse is also true.

Embedded derivatives within Policyholder contract deposits

Embedded derivatives reported within Policyholder contract deposits include interest crediting rates based on market indices within index annuities, indexed life, and GICs as well as GMWB within variable annuity and certain index annuity products. 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.

		December 31, 2019				December 31, 2018
			Fair Value				Fair Value
			Using NAV				Using NAV
			Per Share (or		Unfunded		Per Share (or		Unfunded
(in millions)	Investment Category Includes		its equivalent)		Commitments		its equivalent)		Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	1,189	$	1,543	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		400		290		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		111		155		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		422		57		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		325		414		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		773		206		514		307
Total private equity funds			3,220		2,665		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		727		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		539		-		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		894		-		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		168		1		158		1
Total hedge funds			2,329		1		2,716		9
Total		$	5,549	$	2,666	$	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.

The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of our hedge fund investments are redeemable monthly or quarterly.

Fair Value Option

Under the fair value option, we may elect to measure at fair value financial assets and financial liabilities that are not otherwise required to be carried at fair value. Subsequent changes in fair value for designated items are reported in earnings. We elect the fair value option for certain hybrid securities given the complexity of bifurcating the economic components associated with the embedded derivatives.

For additional information related to embedded derivatives refer to Note 12 herein.

Additionally, we elect the fair value option for certain alternative investments when such investments are eligible for this election. We believe this measurement basis is consistent with the applicable accounting guidance used by the respective investment company funds themselves.

For additional information on securities and other invested assets for which we have elected the fair value option refer to Note 7 herein.

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

Years Ended December 31,	Gain (Loss)
(in millions)		2019		2018		2017
Assets:
Bond and equity securities	$	1,046	$	343	$	1,646
Alternative investments^(a)		591		213		509
Other, including Short-term investments		-		-		1
Liabilities:
Other liabilities		-		-		(2)
Long-term debt^(b)		(181)		(1)		(49)
Total gain	$	1,456	$	555	$	2,105

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

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

Interest income and dividend income on assets measured under the fair value option are recognized and included in Net investment income in the Consolidated Statements of Income. Prior to 2019, for the investments of AIG’s Other Operations, such activities were reported in Other income. Interest expense on liabilities measured under the fair value option is reported in Other Income in the Consolidated Statements of Income.

For additional information about our policies for recognition, measurement, and disclosure of interest and dividend income see Note 7 herein.

During 2017, we recognized a $4 million gain attributable to the observable effect of changes in credit spreads on our own liabilities for which the fair value option was elected. 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.

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 long-term debt for which the fair value option was elected:

	December 31, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,062	$	1,502	$	560	$	2,213	$	1,653	$	560

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

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

We measure the fair value of certain assets on a non-recurring basis, generally quarterly, annually or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. These assets include cost and equity-method investments, commercial mortgage loans and commercial loans, investments in life settlements, investments in real estate and other fixed assets, goodwill and other intangible assets.

For additional information about how we test various asset classes for impairment see Notes 7 and 8 herein.

Information regarding the estimation of fair value for financial instruments measured at fair value on a non-recurring basis is discussed below:

•Impairments for Other investments for the period ended December 31, 2017 primarily relate to commercial mortgage loans, the fair values of which are determined based on independent broker quotations or valuation models using unobservable inputs, as well as the estimated fair value of the underlying collateral or the present value of the expected future cash flows. The rest of the impairments relate to real estate investments, the fair values of which are determined based on third-party independent appraisals or discounted cash-flow models, as well as certain investments in aircraft, the fair values of which are determined based on third-party independent appraisals that use industry-specific appraisal standards and methodologies. Impairments for Other investments for the periods ended December 31, 2018 and 2019 primarily relate to real estate investments as well as commercial loans and commercial mortgage loans, the fair value determination for which is discussed above under the heading Valuation Methodologies of Financial Instruments Measured at Fair Value.

•Impairments of Investments in Life Settlements were measured using their fair values as determined using a discounted cash flow methodology that incorporates the best available market assumptions for mortality as well as market yields based on reported transactions or the anticipated sale price, as appropriate. We sold the remaining portion of our life settlements portfolio in 2017.

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^(a)
		Non-Recurring Basis							December 31,
(in millions)		Level 1		Level 2		Level 3		Total		2019		2018		2017
December 31, 2019
Other investments	$	-	$	-	$	329	$	329	$	76	$	97	$	77
Investments in life settlements		-		-		-		-		-		-		360
Other assets		-		-		1		1		74		64		157
Total	$	-	$	-	$	330	$	330	$	150	$	161	$	594
December 31, 2018
Other investments	$	-	$	-	$	315	$	315
Investments in life settlements		-		-		-		-
Other assets		-		-		11		11
Total	$	-	$	-	$	326	$	326

(a)Impairments in 2017 included $35 million related to Other assets of $179 million that were sold during the three-month period ended June 30, 2017.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

Information regarding the estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts and lease contracts) is discussed below:

Mortgage and other loans receivable: Fair values of loans on commercial real estate and other loans receivable are estimated for disclosure purposes using discounted cash flow calculations based on discount rates that we believe market participants would use in determining the price that they would pay for such assets. For certain loans, our current incremental lending rates for similar types of loans are used as the discount rates, because we believe this rate approximates the rates market participants would use. Fair values of residential mortgage loans are generally determined based on market prices, using market based adjustments for credit and servicing as appropriate. The fair values of policy loans are generally estimated based on unpaid principal amount as of each reporting date. No consideration is given to credit risk because policy loans are effectively collateralized by the cash surrender value of the policies.

Other invested assets: The majority of the Other invested assets that are not measured at fair value represent time deposits with the original maturity at purchase greater than one year. The fair value of long-term time deposits is determined using the expected discounted future cash flow.

Cash and short-term investments: The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk.

Policyholder contract deposits associated with investment-type contracts: Fair values for policyholder contract deposits associated with investment-type contracts not accounted for at fair value are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those of the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rate (if available) or current risk-free interest rate consistent with the currency in which the cash flows are denominated. To determine fair value, other factors include current policyholder account values and related surrender charges and other assumptions include expectations about policyholder behavior and an appropriate risk margin.

Other liabilities: The majority of Other liabilities that are financial instruments not measured at fair value represent secured financing arrangements, including repurchase agreements. The carrying amounts of these liabilities approximate fair value, because the financing arrangements are short-term and are secured by cash or other liquid collateral.

Long-term debt and debt of consolidated investment entities: Fair values of these obligations were determined by reference to quoted market prices, when available and appropriate, or discounted cash flow calculations based upon our current market-observable implicit-credit-spread rates for similar types of borrowings with maturities consistent with those remaining for the debt being valued.

Separate Account Liabilities—Investment Contracts: Only the portion of separate account liabilities related to products that are investment contracts are reflected in the table below. Separate account liabilities are recorded at the amount credited to the contractholder, which reflects the change in fair value of the corresponding separate account assets including contractholder deposits less withdrawals and fees; therefore, carrying value approximates 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
December 31, 2019
Assets:
Mortgage and other loans receivable	$	-	$	101	$	48,904	$	49,005	$	46,984
Other invested assets		-		735		6		741		742
Short-term investments		-		7,887		-		7,887		7,887
Cash		2,856		-		-		2,856		2,856
Other assets		291		20		-		311		311
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		255		132,991		133,246		126,137
Other liabilities		15		3,048		-		3,063		3,063
Long-term debt and debt of consolidated investment entities		-		27,024		8,883		35,907		33,288
Separate account liabilities - investment contracts		-		88,770		-		88,770		88,770
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 and debt of consolidated investment entities		-		22,822		8,775		31,597		32,327
Separate account liabilities - investment contracts		-		77,651		-		77,651		77,651

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.

DEFERRED POLICY ACQUISITION COSTS

INVESTMENTS

12 Months Ended

Dec. 31, 2019

INVESTMENTS

INVESTMENTS

7. Investments

Fixed Maturity and Equity Securities

Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or are measured at fair value at our election. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2019 or 2018.

On January 1, 2018, AIG adopted ASU 2016-01, the Financial Instruments Recognition and Measurement standard for equity securities which eliminates the available for sale classification and treatment for equity securities. As a result, equity securities that do not follow the equity method of accounting, are measured at fair value with changes in fair value recognized in net investment income.

Prior to the adoption of this standard, unrealized gains and losses from available for sale investments in fixed maturity and equity securities carried at fair value were reported as a separate component of Accumulated other comprehensive income, net of deferred policy acquisition costs and deferred income taxes, in shareholders’ equity. Realized and unrealized gains and losses from fixed maturity and equity securities measured at fair value at our election are reflected in Net investment income (for insurance subsidiaries) or Other income (for Other Operations). Investments in fixed maturity and equity securities are recorded on a trade-date basis.

Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain RMBS, CMBS and CDO/ABS, (collectively, structured securities), recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, effective yields are recalculated and adjusted prospectively based on changes in expected undiscounted future cash flows. For purchased credit impaired (PCI) securities, at acquisition, the difference between the undiscounted expected future cash flows and the recorded investment in the securities represents the initial accretable yield, which is to be accreted into net investment income over the securities’ remaining lives on an effective level-yield basis. Subsequently, effective yields recognized on PCI securities are recalculated and adjusted prospectively to reflect changes in the contractual benchmark interest rates on variable rate securities and any significant increases in undiscounted expected future cash flows arising due to reasons other than interest rate changes.

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)
December 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	5,108	$	316	$	(44)	$	5,380	$	-
Obligations of states, municipalities and political subdivisions		13,960		1,390		(32)		15,318		-
Non-U.S. governments		14,042		884		(57)		14,869		(18)
Corporate debt		138,046		12,090		(500)		149,636		7
Mortgage-backed, asset-backed and collateralized:
RMBS		29,802		3,067		(64)		32,805		1,149
CMBS		13,879		576		(25)		14,430		34
CDO/ABS		18,393		348		(93)		18,648		14
Total mortgage-backed, asset-backed and collateralized		62,074		3,991		(182)		65,883		1,197
Total bonds available for sale^(b)	$	233,230	$	18,671	$	(815)	$	251,086	$	1,186
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 December 31, 2019 and 2018, bonds available for sale held by us that were below investment grade or not rated totaled $27.8 billion and $28.8 billion, respectively.

Securities Available for Sale in a Loss Position

The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
December 31, 2,019.0
Bonds available for sale:
U.S. government and government sponsored entities	$	1,461	$	44	$	63	$	-	$	1,524	$	44
Obligations of states, municipalities and political
subdivisions		672		21		246		11		918		32
Non-U.S. governments		1,105		12		343		45		1,448		57
Corporate debt		11,868		319		2,405		181		14,273		500
RMBS		3,428		28		1,367		36		4,795		64
CMBS		1,877		16		367		9		2,244		25
CDO/ABS		3,920		53		2,571		40		6,491		93
Total bonds available for sale	$	24,331	$	493	$	7,362	$	322	$	31,693	$	815
December 31, 2,018.0
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 December 31, 2019, we held 5,695 individual fixed maturity securities that were in an unrealized loss position, of which 1,254 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 December 31, 2019 because we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

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

	Total Fixed Maturity Securities
	Available for Sale
(in millions)		Amortized Cost		Fair Value
December 31, 2019
Due in one year or less	$	10,268	$	10,441
Due after one year through five years		44,017		45,226
Due after five years through ten years		42,074		44,858
Due after ten years		74,797		84,678
Mortgage-backed, asset-backed and collateralized		62,074		65,883
Total	$	233,230	$	251,086

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:

	Years Ended December 31,
		2019				2018				2017
		Gross		Gross		Gross		Gross	Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses	Gains		Losses
Fixed maturity securities	$	650	$	330	$	331	$	476	$	725	$	300
Equity securities		-		-		16		-		107		19
Total	$	650	$	330	$	347	$	476	$	832	$	319

For the years ended December 31, 2019, 2018 and 2017, the aggregate fair value of available for sale securities sold was $22.0 billion, $25.1 billion and $31.3 billion, respectively, which resulted in net realized capital gains (losses) of $320 million, $(129) million and $0.5 billion, respectively.

Other Securities Measured at Fair Value

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option and equity securities measured at fair value:

		December 31, 2019				December 31, 2018
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	2,121	28	%	$	2,665	21	%
Non-U.S. governments		-	-			45	-
Corporate debt		18	-			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		489	7			1,714	14
CMBS		322	4			388	3
CDO/ABS and other collateralized		3,732	50			4,932	39
Total mortgage-backed, asset-backed and collateralized		4,543	61			7,034	56
Total fixed maturity securities		6,682	89			11,415	90
Equity securities		841	11			1,253	10
Total	$	7,523	100	%	$	12,668	100	%

Other Invested Assets

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

		December 31,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,845	$	8,966
Investment real estate^(c)		8,491		8,935
All other investments		1,456		1,440
Total	$	18,792	$	19,341

(a)At December 31, 2019, included hedge funds of $3.3 billion, private equity funds of $5.2 billion, and affordable housing partnerships of $331 million. 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 December 31, 2019, approximately 88 percent of our hedge fund portfolio is available for redemption in 2020. The remaining 12 percent will be available for redemption between 2021 and 2027.

(c)Net of accumulated depreciation of $703 million and $598 million in 2019 and 2018, respectively.

Other Invested Assets Carried at Fair Value

Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Prior to 2019, for the investments of AIG’s Other Operations, such changes were reported in Other income.

Prior to January 1, 2018, other investments in hedge funds, private equity funds and other investment partnerships in which our insurance operations do not hold aggregate interests sufficient to exercise more than minor influence over the respective partnerships were reported at fair value with changes in fair value recognized as a component of Accumulated other comprehensive income. These investments were subject to other-than-temporary impairment evaluations. The gross unrealized loss recorded in Accumulated other comprehensive income on such investments was $45 million at December 31, 2017, the majority of which pertained to investments in private equity funds and hedge funds that have been in continuous unrealized loss positions for less than 12 months. Effective January 1, 2018, upon the adoption of the Financial Instruments Recognition and Measurement standard, these investments are no longer accounted for as available for sale securities. The new standard requires these investments to be measured at fair value with the change in fair value recognized in earnings. As a result, beginning in 2018, these investments are no longer subject to the other-than-temporary impairment evaluation.

Other Invested Assets – Equity Method Investments

We account for hedge funds, private equity funds, affordable housing partnerships and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. Prior to 2019, for the investments of AIG’s Other Operations, such changes were reported in Other income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually.

Summarized Financial Information of Equity Method Investees

The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:

Years Ended December 31,
(in millions)		2019		2018		2017
Operating results:
Total revenues	$	8,045	$	15,310	$	13,066
Total expenses		(3,115)		(3,200)		(6,835)
Net income	$	4,930	$	12,110	$	6,231
At December 31,
(in millions)				2019		2018
Balance sheet:
Total assets			$	93,773	$	96,915
Total liabilities			$	(14,218)	$	(21,063)

The following table presents the carrying amount and ownership percentage of equity method investments at December 31, 2019 and 2018:

		2019			2018
		Carrying	Ownership		Carrying	Ownership
(in millions)		Value	Percentage		Value	Percentage
Equity method investments	$	5,911	Various	$	6,520	Various

Summarized financial information for these equity method investees may be presented on a lag, due to the unavailability of information for the investees at our respective balance sheet dates, and is included for the periods in which we held an equity method ownership interest.

Other Investments

Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below.

Investments in Life Settlements

Investments in life settlements were accounted for under the investment method. Under the investment method, we recognized our initial investment in life settlements at the transaction price plus all initial direct external costs. Continuing costs to keep the policy in force, primarily life insurance premiums, increased the carrying amount of the investment. We recognized income on individual investments in life settlements upon the death of the insured, at an amount equal to the excess of the investment proceeds over the carrying amount of the investment at that time. These investments were subject to impairment review, as discussed below.

During 2017, income recognized on investments in life settlements was $266 million and is included in Net investment income in the Consolidated Statements of Income. We sold the remaining portion of our life settlements portfolio in 2017.

Net Investment Income

Net investment income represents income primarily from the following sources:

Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable.

Dividend income from common and preferred stocks.

Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option.

Earnings from alternative investments.

The difference between the carrying amount of an investment in life settlements and the life insurance proceeds of the underlying life insurance policy recorded in income upon the death of the insured.

The following table presents the components of Net investment income:

Years Ended December 31,
(in millions)		2019		2018		2017
Available for sale fixed maturity securities, including short-term investments	$	10,768	$	10,323	$	10,435
Other fixed maturity securities		1,015		7		660
Equity securities^(a)		159		(162)		34
Interest on mortgage and other loans		2,030		1,874		1,661
Alternative investments^(b)		1,088		655		1,475
Real estate		304		257		144
Other investments		(220)		15		290
Total investment income		15,144		12,969		14,699
Investment expenses		525		493		520
Net investment income	$	14,619	$	12,476	$	14,179

(a)Upon the adoption of the Financial Instruments Recognition and Measurement Standard on January 1, 2018, the change in fair value of all equity securities is included in Net investment income.

(b)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

Net realized capital gains and losses are determined by specific identification. The net realized capital gains and losses are generated primarily from the following sources:

Sales or full redemptions of available for sale fixed maturity securities, available for sale equity securities, real estate and other alternative investments.

Reductions to the amortized cost basis of available for sale fixed maturity securities, available for sale equity securities and certain other invested assets for other-than-temporary impairments.

Impairments on investments in life settlements.

Changes in fair value of derivatives except for those instruments that are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized capital gains (losses).

Exchange gains and losses resulting from foreign currency transactions.

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

Years Ended December 31,
(in millions)		2019		2018		2017
Sales of fixed maturity securities	$	320	$	(145)	$	425
Sales of equity securities^(a)		-		16		88
Other-than-temporary impairments:
Severity		-		-		(2)
Change in intent		(3)		(87)		(9)
Foreign currency declines		(18)		(15)		(11)
Issuer-specific credit events		(147)		(147)		(234)
Adverse projected cash flows		(6)		(2)		(4)
Provision for loan losses		(46)		(92)		(50)
Foreign exchange transactions		227		(182)		489
Variable annuity embedded derivatives, net of related hedges		(294)		304		(1,374)
All other derivatives and hedge accounting		(22)		338		(368)
Impairments on investments in life settlements		-		-		(360)
Loss on sale of private equity funds		-		(321)		-
Other^(b)		621		203		30
Net realized capital gains (losses)	$	632	$	(130)	$	(1,380)

(a)Upon the adoption of the Financial Instruments Recognition and Measurement Standard on January 1, 2018, the change in fair value of all equity securities is included in Net investment income.(b)In 2019, includes $200 million from the sale and concurrent leaseback of our corporate headquarters and $300 million as a result of sales in investment real estate properties. In 2018, primarily includes $96 million and $49 million of realized gains on the sale of shares of OneMain Holdings, Inc. and an investment in Castle Holdings LLC’s aircraft assets, respectively.

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:

	Years Ended
	December 31,
(in millions)		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	14,245	$	(9,920)
Other investments		(70)		(88)
Total increase (decrease) in unrealized appreciation (depreciation) of investments^*	$	14,175	$	(10,008)

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

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:

Years Ended December 31,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the year on equity securities	$	159	$	744	$	903	$	(184)	$	342	$	158
Less: Net gains and losses recognized during the year on equity
securities sold during the year		39		159		198		56		23		79
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	120	$	585	$	705	$	(240)	$	319	$	79

Evaluating Investments for Other-Than-Temporary Impairments

Fixed Maturity Securities

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, an other-than-temporary impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized capital losses. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing.

For fixed maturity securities for which a credit impairment has occurred, the amortized cost is written down to the estimated recoverable value with a corresponding charge to realized capital losses. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not related to a credit impairment is presented in unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were recognized (a separate component of accumulated other comprehensive income).

When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CDO, ABS) management considers historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class:

Current delinquency rates;

Expected default rates and the timing of such defaults;

Loss severity and the timing of any recovery; and

Expected prepayment speeds.

For corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers the fair value as the recoverable value when available information does not indicate that another value is more relevant or reliable. When management identifies information that supports a recoverable value other than the fair value, the determination of a recoverable value considers scenarios specific to the issuer and the security, and may be based upon estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets.

We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models.

In periods subsequent to the recognition of an other-than-temporary impairment charge for available for sale fixed maturity securities that is not foreign exchange related, we prospectively accrete into earnings the difference between the new amortized cost and the expected undiscounted recoverable value over the remaining expected holding period of the security.

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:

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	-	$	526	$	1,098
Increases due to:
Credit impairments on new securities subject to impairment losses		136		59		122
Additional credit impairments on previously impaired securities		17		90		74
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(64)		(145)		(99)
Accretion on securities previously impaired due to credit^*		(20)		(530)		(669)
Balance, end of year	$	69	$	-	$	526

*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.

Equity Securities

On January 1, 2018, AIG adopted the Financial Instruments Recognition and Measurement standard for equity securities. The standard required equity securities to be measured at fair value with changes in fair value recognized in earnings each reporting period. As a result of the standard, equity securities with readily determinable fair values were no longer required to be evaluated for other-than-temporary-impairment.

Prior to the adoption of the Recognition and Measurement standard on January 1, 2018, we evaluated our available for sale equity securities for impairment by considering such securities as candidates for other-than-temporary impairment if they had met any of the following criteria:

The security had traded at a significant (25 percent or more) discount to cost for an extended period of time (nine consecutive months or longer);

A discrete credit event had occurred resulting in (i) the issuer defaulting on a material outstanding obligation; (ii) the issuer seeking protection from creditors under the bankruptcy laws or any similar laws intended for court-supervised reorganization of insolvent enterprises; or (iii) the issuer proposing a voluntary reorganization pursuant to which creditors are asked to exchange their claims for cash or securities having a fair value substantially lower than the par value of their claims; or

We had concluded that we may not realize a full recovery on our investment, regardless of the occurrence of one of the foregoing events.

The determination that an equity security was other-than-temporarily impaired required the judgment of management and consideration of the fundamental condition of the issuer, its near-term prospects and all the relevant facts and circumstances. In addition to the above criteria, all equity securities that have been in a continuous decline in value below cost over 12 months are impaired. We also considered circumstances of a rapid and severe market valuation decline (50 percent or more) discount to cost, in which we could not reasonably assert that the impairment period would be temporary (severity losses).

Other Invested Assets

Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments.

Our investments in life settlements were monitored for impairment on a contract-by-contract basis quarterly. An investment in life settlements was considered impaired if the undiscounted cash flows resulting from the expected proceeds would not be sufficient to recover our estimated future carrying amount, which was the current carrying amount for the investment in life settlements plus anticipated undiscounted future premiums and other capitalizable future costs, if any. Impaired investments in life settlements were written down to their estimated fair value which was determined on a discounted cash flow basis, incorporating current market mortality assumptions and market yields or by repricing to the anticipated sale price as appropriate.

In general, fair value estimates for the investments in life settlements were calculated using cash flows based on medical underwriting ratings of the policies from a third-party underwriter, applied to an industry mortality table. Our mortality assumptions were based on an industry table as supplemented with proprietary data on the older age mortality of U.S. insured lives. Mortality improvement factors were applied to these assumptions based on our view of future mortality improvements likely to apply to the U.S. insured lives population. Our mortality assumptions coupled with the mortality improvement rates were used in our estimate of future net cash flows from the investments in life settlements. We sold the remaining portion of our life settlements portfolio in 2017.

Our investments in aircraft assets and real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings. We sold the remaining portion of our aircraft assets in 2018.

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)	$	35,139
Cash flows expected to be collected^*		28,720
Recorded investment in acquired securities		19,382

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

		December 31,		December 31,
(in millions)		2019		2018
Outstanding principal balance	$	10,476	$	12,495
Amortized cost		6,970		8,646
Fair value		8,664		10,280

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

Years Ended December 31,
(in millions)		2019		2018
Balance, beginning of year	$	7,210	$	7,501
Newly purchased PCI securities		17		33
Disposals		-		(21)
Accretion		(624)		(722)
Effect of changes in interest rate indices		(541)		207
Net reclassification from (to) non-accretable difference, including effects of prepayments		(350)		212
Activities related to businesses reclassified to held for sale		(7)		-
Balance, end of year	$	5,705	$	7,210

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)		December 31, 2019		December 31, 2018
Fixed maturity securities available for sale	$	3,030	$	1,050
Other bond securities, at fair value	$	-	$	122

At December 31, 2019 and 2018, amounts borrowed under repurchase and securities lending agreements totaled $3.1 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
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2019
Bonds available for sale:
Non-U.S. governments	$	2	$	71	$	-	$	-	$	-	$	73
Corporate debt		22		55		82		-		-		159
Other bond securities:
U.S. government and government sponsored entities		-		-		-		-		-		-
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		-		-		-		-		-
Total	$	24	$	126	$	82	$	-	$	-	$	232


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
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	386	$	-	$	-	$	386
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		1,071		947		-		-		2,018
RMBS		-		-		-		394		-		394
Total	$	-	$	1,071	$	1,333	$	394	$	-	$	2,798

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

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

(in millions)		December 31, 2019		December 31, 2018
Securities collateral pledged to us	$	2,567	$	426
Amount sold or repledged by us		121		106

At December 31, 2019 and December 31, 2018, amounts loaned under reverse repurchase agreements totaled $2.6 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 $8.7 billion and $7.9 billion at December 31, 2019 and 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 $194 million and $202 million of stock in FHLBs at December 31, 2019 and 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 $4.3 billion and $1.8 billion, respectively, at December 31, 2019 and $4.2 billion and $2.1 billion, respectively, at December 31, 2018.

Certain GIAs have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our long-term debt ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades, and the aggregate amount of payments that we could be required to make, depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $1.5 billion and $1.6 billion at December 31, 2019 and 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 $330 million and $273 million, comprised of bonds available for sale and short term investments at December 31, 2019 and 2018, respectively.

LENDING ACTIVITIES

12 Months Ended

Dec. 31, 2019

LENDING ACTIVITIES

LENDING ACTIVITIES

8. Lending Activities

Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.

Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method.

Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy.

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

	December 31,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	36,170	$	32,882
Residential mortgages		6,683		6,532
Life insurance policy loans		2,065		2,147
Commercial loans, other loans and notes receivable		2,504		1,971
Total mortgage and other loans receivable		47,422		43,532
Allowance for credit losses		(438)		(397)
Mortgage and other loans receivable, net	$	46,984	$	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 December 31, 2019, and 22 percent and 11 percent, respectively, at December 31, 2018).

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming mortgages were not significant for all periods presented.

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
December 31, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	23,013	$	2,440	$	245	$	25,698
65% to 75%		9,007		899		40		9,946
76% to 80%		200		6		-		206
Greater than 80%		184		2		134		320
Total commercial mortgages	$	32,404	$	3,347	$	419	$	36,170

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 2.0X and 1.9X at December 31, 2019 and 2018, respectively.

(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 56 percent and 58 percent at December 31, 2019, and 2018, respectively.

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 $
December 31, 2019
Credit Quality Performance
Indicator:
In good standing	736	$	13,698	$	10,553	$	5,332	$	3,663	$	2,211	$	522	$	35,979	99	%
Restructured^(a)	3		-		89		-		-		101		-		190	1
90 days or less delinquent	1		1		-		-		-		-		-		1	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	740	$	13,699	$	10,642	$	5,332	$	3,663	$	2,312	$	522	$	36,170	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	1	$	-	$	6	$	-	$	9	-	%
General			81		153		44		30		14		5		327	1
Total allowance for credit losses		$	81	$	155	$	45	$	30	$	20	$	5	$	336	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 below.

(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.

Methodology Used to Estimate the Allowance for Credit Losses

Mortgage and other loans receivable are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. Impairment of commercial mortgages is typically determined using the fair value of collateral while impairment of other loans is typically determined using the present value of cash flows or the loan’s observable market price. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property type and location, loan term, profile of the borrower and of the major property tenants, and loan seasoning. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

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

Years Ended December 31,	2019							2018							2017
		Commercial			Other				Commercial			Other				Commercial			Other
(in millions)		Mortgages			Loans		Total		Mortgages			Loans		Total		Mortgages			Loans		Total
Allowance, beginning of year	$	318		$	79	$	397	$	247		$	75	$	322	$	194		$	103	$	297
Loans charged off		(2)			(3)		(5)		(17)			(2)		(19)		(22)			(3)		(25)
Recoveries of loans previously
charged off		-			-		-		-			1		1		-			1		1
Net charge-offs		(2)			(3)		(5)		(17)			(1)		(18)		(22)			(2)		(24)
Provision for loan losses		20			26		46		88			5		93		75			(26)		49
Allowance, end of year	$	336	*	$	102	$	438	$	318	*	$	79	$	397	$	247	*	$	75	$	322

*Of the total allowance at the end of the year, $10 million, $3 million and $5 million relate to individually assessed credit losses on $148 million, $54 million and $82 million of commercial mortgages as of December 31, 2019, 2018 and 2017, respectively.

Troubled Debt Restructurings

We modify loans to optimize their returns and improve their collectability, among other things. When we undertake such a modification with a borrower that is experiencing financial difficulty and the modification involves us granting a concession to the troubled debtor, the modification is a troubled debt restructuring (TDR). We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. Concessions granted may include extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants.

During the year ended December 31, 2019, loans with a carrying value of $86 million were modified in TDRs. Loans that had been modified in TDRs during the year ended December 31, 2018 have been fully paid off.

REINSURANCE

12 Months Ended

Dec. 31, 2019

REINSURANCE

REINSURANCE

9. Reinsurance

In the ordinary course of business, our insurance companies may use both treaty and facultative reinsurance to minimize their net loss exposure to any single catastrophic loss event or to an accumulation of losses from a number of smaller events or to provide greater diversification of our businesses. In addition, our general insurance subsidiaries assume reinsurance from other insurance companies. We determine the portion of the incurred but not reported (IBNR) loss that will be recoverable under our reinsurance contracts by reference to the terms of the reinsurance protection purchased. This determination is necessarily based on the estimate of IBNR and accordingly, is subject to the same uncertainties as the estimate of IBNR. Reinsurance assets include the balances due from reinsurance and insurance companies under the terms of our reinsurance agreements for paid and unpaid losses and loss adjustment expenses incurred, ceded unearned premiums and ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. Amounts related to paid and unpaid losses and benefits and loss expenses with respect to these reinsurance agreements are substantially collateralized. We remain liable to the extent that our reinsurers do not meet their obligation under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for doubtful accounts requires judgment for which key inputs typically include historical trends regarding uncollectible balances, disputes and credit events as well as specific reviews of balances in dispute or subject to credit impairment. The allowance for doubtful accounts on reinsurance assets was $111 million and $140 million at December 31, 2019 and 2018, respectively. Changes in the allowance for doubtful accounts on reinsurance assets are reflected in Policyholder benefits and losses incurred within the Consolidated Statements of Income.

The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance:

At December 31,		2019				2018
		As		Net of		As		Net of
(in millions)		Reported	Reinsurance			Reported	Reinsurance
Liability for unpaid losses and loss adjustment expenses	$	(78,328)	$	(47,259)	$	(83,639)	$	(51,949)
Future policy benefits for life and accident and health insurance contracts		(50,512)		(49,670)		(44,935)		(43,936)
Policyholder contract deposits		(151,869)		(150,944)		(142,262)		(141,407)
Reserve for unearned premiums		(18,269)		(15,067)		(19,248)		(16,300)
Reinsurance assets^(a)		36,038				36,492

(a)Reinsurance assets excludes (i) allowance for doubtful accounts of $111 million and $140 million for the years ended December 31, 2019 and 2018, respectively, and (ii) paid loss recoveries of $2,050 million and $1,820 million for the years ended December 31, 2019 and 2018, respectively.

Short-Duration Reinsurance

Short-duration reinsurance is effected under reinsurance treaties and by negotiation on individual risks. Certain of these reinsurance arrangements consist of excess of loss contracts that protect us against losses above stipulated amounts. Ceded premiums are considered prepaid reinsurance premiums and are recognized as a reduction of premiums earned over the contract period in proportion to the protection received. Amounts recoverable from reinsurers on short-duration contracts are estimated in a manner consistent with the claims liabilities associated with the reinsurance and presented as a component of Reinsurance assets. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsurers. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. Assumed reinsurance premiums are earned primarily on a pro-rata basis over the terms of the reinsurance contracts and the portion of premiums relating to the unexpired terms of coverage is included in the reserve for unearned premiums. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit.

The following table presents short-duration insurance premiums written and earned:

	Years Ended December 31,
(in millions)		2019		2018		2017
Premiums written:
Direct	$	29,338	$	30,368	$	30,229
Assumed		5,808		4,186		3,065
Ceded		(9,692)		(7,757)		(7,535)
Net	$	25,454	$	26,797	$	25,759
Premiums earned:
Direct	$	30,017	$	31,450	$	30,928
Assumed		6,395		4,638		3,374
Ceded		(9,526)		(8,164)		(7,904)
Net	$	26,886	$	27,924	$	26,398

For the years ended December 31, 2019, 2018 and 2017, reinsurance recoveries, which reduced losses and loss adjustment expenses incurred, amounted to $4.7 billion, $9.8 billion and $1.5 billion, respectively.

Retroactive reinsurance agreements are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves. The amount of the deferral is recalculated each period based on loss payments and updated estimates. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately. Ceded loss reserves under retroactive agreements were $13.9 billion and $13.8 billion, and the deferred gain liability was $1.8 billion and $1.8 billion, as of December 31, 2019 and 2018, respectively. The effect on income from amortization of the deferred gain was $219 million, $394 million and $316 million for the years ended December 31, 2019, 2018 and 2017, respectively.

In the first quarter of 2017, we entered into an adverse development reinsurance agreement with NICO, 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 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. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under U.S. GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.

Long-Duration Reinsurance

Long-duration reinsurance is effected principally under yearly renewable term treaties. The premiums with respect to these treaties are earned over the contract period in proportion to the protection provided. Amounts recoverable from reinsurers on long-duration contracts are estimated in a manner consistent with the assumptions used for the underlying policy benefits and are presented as a component of Reinsurance assets.

The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations:

Years Ended December 31,
(in millions)		2019		2018		2017
Premiums
Direct	$	4,363	$	3,489	$	5,771
Assumed		228		56		15
Ceded		(916)		(855)		(810)
Net	$	3,675	$	2,690	$	4,976
Policy Fees
Direct	$	3,016	$	2,792	$	2,936
Assumed		-		-		-
Ceded		(1)		(1)		(1)
Net	$	3,015	$	2,791	$	2,935

Long-duration reinsurance recoveries, which reduced Policyholder benefits and losses incurred, was approximately $1.0 billion, $778 million and $1.0 billion for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table presents long-duration insurance in-force ceded to other insurance companies:

At December 31,
(in millions)		2019		2018		2017
Long-duration insurance in force ceded	$	264,732	$	228,846	$	202,402

Long-duration insurance in-force assumed as a percentage of gross long-duration insurance in-force was 0.02 percent at December 31, 2019, and 0.03 percent at 2018 and 2017; and premiums assumed represented 5 percent, 1.6 percent and 0.2 percent of gross premiums for the years ended December 31, 2019, 2018 and 2017, respectively.

The U.S. Life and Retirement companies manage the capital impact of their statutory reserve requirements, including those resulting from the NAIC Model Regulation “Valuation of Life Insurance Policies” (Regulation XXX) and NAIC Actuarial Guideline 38 (Guideline AXXX), through unaffiliated and affiliated reinsurance transactions. Effective July 1, 2016, one of the U.S. Life and Retirement companies entered into an agreement to cede approximately $5 billion of statutory reserves for certain whole life and universal life policies to an unaffiliated reinsurer. Effective December 31, 2016, the same life insurance subsidiary recaptured term and universal life reserves subject to Regulation XXX and Guideline AXXX, previously ceded to an affiliate, and ceded approximately $14 billion of such statutory reserves to an unaffiliated reinsurer under an amendment to the July 1, 2016 agreement. Under U.S. GAAP, these unaffiliated reinsurance transactions use deposit accounting with a reinsurance risk charge recorded in income, whereas such affiliated transactions are eliminated in consolidation. Under one affiliated reinsurance arrangement, one of the U.S. Life and Retirement companies obtains letters of credit to support statutory recognition of the ceded reinsurance. As of December 31, 2019, this subsidiary had two bilateral letters of credit totaling $400 million, which were issued on February 7, 2014 and expire on February 7, 2023. The letters of credit are subject to reimbursement by AIG Parent in the event of a drawdown.

For additional information on the use of affiliated reinsurance for Regulation XXX and Guideline AXXX reserves see Note 20.

Reinsurance Security

Our third-party reinsurance arrangements do not relieve us from our direct obligations to our beneficiaries. Thus, a credit exposure exists with respect to both short-duration and long-duration reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. We hold substantial collateral as security under related reinsurance agreements in the form of funds, securities, and/or letters of credit. A provision has been recorded for estimated unrecoverable reinsurance. We believe that no exposure to a single reinsurer represents an inappropriate concentration of credit risk to AIG. Gross reinsurance assets due from reinsurers exceeding 5 percent of our total reinsurance assets were approximately $19.0 billion and $18.9 billion at December 31, 2019 and 2018, respectively, of which approximately $2.8 billion and $3.7 billion at December 31, 2019 and 2018, respectively, was not secured by collateral.

DEFERRED POLICY ACQUISITION COSTS

12 Months Ended

Dec. 31, 2019

DEFERRED POLICY ACQUISITION COSTS

10. Deferred Policy Acquisition Costs

Deferred policy acquisition costs (DAC) represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such deferred policy acquisition costs generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts.

We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates.

Short-duration insurance contracts: Policy acquisition costs are deferred and amortized over the period in which the related premiums written are earned, generally 12 months. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC. We assess the recoverability of DAC on an annual basis or more frequently if circumstances indicate an impairment may have occurred. This assessment is performed by comparing recorded net unearned premiums and anticipated investment income on in-force business to the sum of expected losses and loss adjustment expenses incurred, unamortized DAC and maintenance costs. If the sum of these costs exceeds the amount of recorded net unearned premiums and anticipated investment income, the excess is recognized as an offset against the asset established for DAC. This offset is referred to as a premium deficiency charge. Increases in expected losses and loss adjustment expenses incurred can have a significant impact on the likelihood and amount of a premium deficiency charge.

Long-duration insurance contracts: Policy acquisition costs for participating life, traditional life and accident and health insurance products are generally deferred and amortized, with interest, over the premium paying period. The assumptions used to calculate the benefit liabilities and DAC for these traditional products are set when a policy is issued and do not change with changes in actual experience, unless a loss recognition event occurs. These “locked-in” assumptions include mortality, morbidity, persistency, maintenance expenses and investment returns, and include margins for adverse deviation to reflect uncertainty given that actual experience might deviate from these assumptions. A loss recognition event occurs when there is a shortfall between the carrying amount of future policy benefit liabilities, net of DAC, and what the future policy benefit liabilities, net of DAC, would be when applying updated current assumptions. When we determine a loss recognition event has occurred, we first reduce any DAC related to that block of business through amortization of acquisition expense, and after DAC is depleted, we record additional liabilities through a charge to Policyholder benefits and losses incurred. Groupings for loss recognition testing are consistent with our manner of acquiring, servicing and measuring the profitability of the business and applied by product groupings. We perform separate loss recognition tests for traditional life products, payout annuities and long-term care products. Once loss recognition has been recorded for a block of business, the old assumption set is replaced and the assumption set used for the loss recognition would then be subject to the lock-in principle.

Investment-oriented contracts: Certain policy acquisition costs and policy issuance costs related to universal life and investment-type products (collectively, investment-oriented products) are deferred and amortized, with interest, in relation to the incidence of estimated gross profits to be realized over the estimated lives of the contracts. DAC on investment-oriented contracts were approximately $6.1 billion and $7.5 billion at December 31, 2019 and 2018, respectively. Estimated gross profits are affected by a number of factors, including levels of current and expected interest rates, net investment income and spreads, net realized capital gains and losses, fees, surrender rates, mortality experience, policyholder behavior experience and equity market returns and volatility. In each reporting period, current period amortization expense is adjusted to reflect actual gross profits. If estimated gross profits change significantly, DAC is recalculated using the new assumptions, and any resulting adjustment is included in income. If the new assumptions indicate that future estimated gross profits are higher than previously estimated, DAC will be increased resulting in a decrease in amortization expense and increase in income in the current period; if future estimated gross profits are lower than previously estimated, DAC will be decreased resulting in an increase in amortization expense and decrease in income in the current period. Updating such assumptions may result in acceleration of amortization in some products and deceleration of amortization in other products. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the current and projected future profitability of the underlying insurance contracts.

To estimate future estimated gross profits for variable annuity products, a long-term annual asset growth assumption is applied to determine the future growth in assets and related asset-based fees. In determining the asset growth rate, the effect of short-term fluctuations in the equity markets is partially mitigated through the use of a “reversion to the mean” methodology whereby short-term asset growth above or below long-term annual rate assumptions impacts the growth assumption applied to the five-year period subsequent to the current balance sheet date. The reversion to the mean methodology allows us to maintain our long-term growth assumptions, while also giving consideration to the effect of actual investment performance. When actual performance significantly deviates from the annual long-term growth assumption, as evidenced by growth assumptions in the five-year reversion to the mean period falling below a certain rate (floor) or rising above a certain rate (cap) for a sustained period, judgment may be applied to revise or “unlock” the growth rate assumptions to be used for both the five-year reversion to the mean period as well as the long-term annual growth assumption applied to subsequent periods.

Shadow DAC and Shadow Loss Recognition: DAC related to investment-oriented products is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale and prior to 2018, equity securities at fair value on estimated gross profits, with related changes recognized through Other comprehensive income (shadow DAC). The adjustment is made at each balance sheet date, as if the securities had been sold at their stated aggregate fair value and the proceeds reinvested at current yields. Similarly, for long-duration traditional insurance contracts, if the assets supporting the liabilities are in a net unrealized gain position at the balance sheet date, loss recognition testing assumptions are updated to exclude such gains from future cash flows by reflecting the impact of reinvestment rates on future yields. If a future loss is anticipated under this basis, any additional shortfall indicated by loss recognition tests is recognized as a reduction in accumulated other comprehensive income (shadow loss recognition). Similar to other loss recognition on long-duration insurance contracts, such shortfall is first reflected as a reduction in DAC and secondly as an increase in liabilities for future policy benefits. The change in these adjustments, net of tax, is included with the change in net unrealized appreciation of investments that is credited or charged directly to Other comprehensive income.

Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred.

Value of Business Acquired (VOBA) is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. For participating life, traditional life and accident and health insurance products, VOBA is amortized over the life of the business in a manner similar to that for DAC based on the assumptions at purchase. For investment-oriented products, VOBA is amortized in relation to estimated gross profits and adjusted for the effect of unrealized gains or losses on fixed maturity securities available for sale and prior to 2018, equity securities at fair value in a manner similar to DAC.

The following table presents a rollforward of DAC and VOBA:

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	12,694	$	10,994	$	11,042
Acquisitions		-		298		-
Dispositions		-		-		(35)
Acquisition costs deferred		5,403		5,832		4,820
Amortization expense		(5,164)		(5,386)		(4,288)
Change related to unrealized appreciation (depreciation) of investments		(1,768)		1,063		(505)
Other, including foreign exchange		42		(107)		(40)
Reclassified to Assets held for sale		-		-		-
Balance, end of year^(a)	$	11,207	$	12,694	$	10,994
Supplemental Information:
VOBA amortization expense included in DAC amortization	$	171	$	243	$	20
VOBA, end of year included in DAC balance^(b)		317		438		381

(b)Includes $101 million of VOBA from the acquisition of Validus in 2018, the majority of which was amortized in 2019.

The percentage of the unamortized balance of VOBA at December 31, 2019 expected to be amortized in 2020 through 2024 by year is: 8.5 percent, 7.6 percent, 7.0 percent, 7.0 percent and 6.6 percent, respectively, with 63.3 percent being amortized after five years. These projections are based on current estimates for investment income and spreads, persistency, mortality and morbidity assumptions.

DAC, VOBA and SIA for insurance-oriented and investment-oriented products are reviewed for recoverability, which involves estimating the future profitability of current business. This review involves significant management judgment. If actual profitability is substantially lower than estimated, AIG’s DAC, VOBA and SIA may be subject to an impairment charge and AIG’s results of operations could be significantly affected in future periods.

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2019

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

11. Variable Interest Entities

A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below.

We enter into various arrangements with 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 Consolidated Balance Sheets:

(in millions)		Real Estate and Investment Entities^(d)		Securitization Vehicles^(e)		Affordable Housing Partnerships		Other		Total
December 31, 2019
Assets:
Bonds available for sale	$	177	$	7,239	$	-	$	-	$	7,416
Other bond securities		-		3,324		-		1		3,325
Mortgage and other loans receivable		-		3,860		-		-		3,860
Other invested assets		5,231		-		3,464		42		8,737
Other^(a)		615		1,996		469		42		3,122
Total assets^(b)	$	6,023	$	16,419	$	3,933	$	85	$	26,460
Liabilities:
Long-term debt	$	2,810	$	4,356	$	2,074	$	4	$	9,244
Other^(c)		236		359		195		24		814
Total liabilities	$	3,046	$	4,715	$	2,269	$	28	$	10,058
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 December 31, 2019 and 2018.

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

(c)Comprised primarily of Other liabilities at December 31, 2019 and 2018.

(d)At December 31, 2019 and 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.6 billion and $1.4 billion, respectively.

(e)At December 31, 2019 and 2018, the company had contributed total assets of $15.6 billion and $16.0 billion, respectively, into consolidated securitization vehicles.

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
December 31, 2019
Real estate and investment entities^(a)	$	283,349	$	6,519	$	3,286		$	9,805
Affordable housing partnerships		3,351		453		-			453
Other		5,320		310		-	^(c)		310
Total	$	292,020	$	7,282	$	3,286		$	10,568
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 December 31, 2019 and 2018, $7.0 billion and $7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

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

Real Estate and Investment Entities

Through our insurance operations and AIG Global Real Estate Investment Corp., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs.

Our insurance operations participate as passive investors in the equity issued by certain third-party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs.

Securitization Vehicles

We created certain VIEs that hold investments, primarily in investment-grade debt securities and loans, and issued beneficial interests in these investments. The majority of these beneficial interests are owned by our insurance operations and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance and bear the obligation to absorb losses or receive benefits from the entities that could potentially be significant to the entities. Accordingly, we consolidate these entities and those beneficial interests issued to third-parties are reported as Long-term debt.

Affordable Housing Partnerships

SunAmerica Affordable Housing Partners, Inc. (SAAHP) organized and invested in limited partnerships that develop and operate affordable housing qualifying for federal, state, and historic tax credits, in addition to a few market rate properties across the United States. The operating partnerships are VIEs, whose debt is generally non-recourse in nature, and the general partners of which are mostly unaffiliated third-party developers. We account for our investments in operating partnerships using the equity method of accounting, unless they are required to be consolidated. We consolidate an operating partnership if the general partner is an affiliated entity or we otherwise have the power to direct activities that most significantly impact the entities’ economic performance. The pre-tax income of SAAHP is reported as a component of the Life and Retirement segment.

RMBS, CMBS, Other ABS and CDOs

Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CDOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures, and were not involved in the design of these entities.

Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 6 and 7 herein.

DERIVATIVES AND HEDGE ACCOUNTING

12 Months Ended

Dec. 31, 2019

DERIVATIVES AND HEDGE ACCOUNTING

DERIVATIVES AND HEDGE ACCOUNTING

12. 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. 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 swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. 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.

Interest rate, currency, equity and commodity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are reflected in income, when appropriate. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset.

Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a free standing derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument.

For additional information on embedded derivatives see Notes 6 and 15 herein.

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

	December 31, 2019								December 31, 2018
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
		Notional		Fair		Notional		Fair		Notional		Fair		Notional		Fair
(in millions)		Amount		Value		Amount		Value		Amount		Value		Amount		Value
Derivatives designated as
hedging instruments:^(a)
Interest rate contracts	$	495	$	3	$	410	$	7	$	10	$	-	$	866	$	19
Foreign exchange contracts		4,328		342		5,230		162		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		52,437		3,197		35,231		2,742		42,821		2,890		27,329		2,004
Foreign exchange contracts		8,133		698		12,093		863		11,134		801		5,434		711
Equity contracts		18,533		769		7,539		139		17,807		398		2,399		15
Credit contracts^(b)		8,457		3		923		89		8		1		1,406		236
Other contracts^(c)		40,582		14		56		7		39,070		15		58		6
Total derivatives, gross	$	132,965	$	5,026	$	61,482	$	4,009	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(2,427)				(2,427)				(1,713)				(1,713)
Cash collateral^(e)				(1,806)				(527)				(1,840)				(187)
Total derivatives on
consolidated balance sheets^(f)			$	793			$	1,055			$	915			$	1,238

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

(b)As of December 31, 2019 and 2018, included CDSs on super senior multi-sector CDOs with a net notional amount of $152 million and $592 million (fair value liability of $48 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 December 31, 2019 and December 31, 2018. Fair value of liabilities related to bifurcated embedded derivatives was $6.9 billion and $4.1 billion, respectively, at December 31, 2019 and December 31, 2018. A bifurcated embedded derivative is generally presented with the host contract in the 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 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 $2.2 billion and $1.7 billion at December 31, 2019 and 2018, respectively. 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 $2.2 billion and $2.1 billion at December 31, 2019 and 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 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 years ended December 31, 2019, 2018 and 2017, we recognized gains (losses) of $116 million, $34 million and $(106) 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 Consolidated Statements of Income:

	Gains/(Losses) Recognized in Earnings for:
	Hedging		Excluded		Hedged
(in millions)	Derivatives^(a)		Components^(b)		Items		Net Impact
Year ended December 31, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		16		-		(16)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		(31)		91		31		91
Other income		-		-		-		-
Equity contracts:
Realized capital gains/(losses)		-		-		-		-
Year ended December 31, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	(2)	$	-	$	2	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		365		106		(365)		106
Other income		-		-		-		-
Equity contracts:
Realized capital gains/(losses)		-		-		-		-
Year ended December 31, 2017
Interest rate contracts:
Realized capital gains/(losses)	$	(4)	$	-	$	4	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		(393)		(26)		393		(26)
Other income		-		-		4		4
Equity contracts:
Realized capital gains/(losses)		(42)		(5)		42		(5)

(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 Consolidated Statements of Income:

Years Ended December 31,	Gains (Losses) Recognized in Earnings
(in millions)		2019		2018		2017
By Derivative Type:
Interest rate contracts	$	1,319	$	(509)	$	56
Foreign exchange contracts		(25)		543		(277)
Equity contracts		(316)		(56)		(964)
Credit contracts		61		32		58
Other contracts		64		65		75
Embedded derivatives		(1,464)		629		(449)
Total	$	(361)	$	704	$	(1,501)
By Classification:
Policy fees	$	68	$	67	$	77
Net investment income		(125)		(3)		(11)
Net realized capital gains (losses)		(316)		561		(1,709)
Other income		-		81		139
Policyholder benefits and claims incurred		12		(2)		3
Total	$	(361)	$	704	$	(1,501)

Credit Risk-Related Contingent Features

We estimate that at December 31, 2019, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $62 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 $336 million and $423 million at December 31, 2019 and 2018, respectively. The aggregate fair value of assets posted as collateral under these contracts at December 31, 2019 and 2018, was approximately $381 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 Consolidated Balance Sheets. The fair values of these hybrid securities were $3.3 billion and $3.9 billion at December 31, 2019 and 2018, respectively. These securities have par amounts of $7.4 billion and $8.5 billion at December 31, 2019 and 2018, respectively, and have remaining stated maturity dates that extend to 2052.

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

13. Goodwill and Other Intangible Assets

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment annually or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2019, the operating segments with goodwill are our General Insurance business – North America and International operating segments, our Life and Retirement business – Life Insurance operating segment and our Other Operations and Legacy Portfolio operating segments. When a business is transferred from one reporting unit to another, as occurred as part of the 2017 segment changes, goodwill from the original operating segment is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit.

The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of an operating segment is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of an operating segment is less than its carrying amount, the impairment assessment involves a two-step process in which a quantitative assessment for potential impairment is performed.

If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each operating segment and compare the estimated fair value with the carrying amount of the operating segment, including allocated goodwill. The estimate of an operating segment’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of an operating segment to be used in the impairment test.

If the estimated fair value of an operating segment exceeds its carrying amount, goodwill is not impaired. If the carrying value of an operating segment exceeds its estimated fair value, goodwill associated with that operating segment potentially is impaired. The amount of impairment, if any, is measured as the excess of the carrying value of the goodwill over the implied fair value of the goodwill. The implied fair value of the goodwill is measured as the excess of the fair value of the operating segment over the amounts that would be assigned to the operating segment’s assets and liabilities in a hypothetical business combination. An impairment charge is recognized in earnings to the extent of the excess of carrying value over fair value.

The following table presents the changes in goodwill by operating segment:

	General Insurance
	North				Life			Other		Legacy
(in millions)	America		International		Insurance		Operations		Portfolio			Total
Balance at January 1, 2017:
Goodwill - gross	$	1,878	$	2,807	$	77	$	27	$	216	$	5,005
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		614		671		77		27		139		1,528
Increase (decrease) due to:
Acquisitions		-		-		-		4		-		4
Dispositions		(10)		(7)		(6)		-		(2)		(25)
Other		-		74		13		-		-		87
Balance at December 31, 2017:
Goodwill - gross		1,868		2,874		84		31		214		5,071
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		604		738		84		31		137		1,594
Increase (decrease) due to:
Acquisitions^(a)		2,332		157		46		9		-		2,544
Other		(12)		(48)		(5)		9		-		(56)
Balance at December 31, 2018:
Goodwill - gross		4,188		2,983		125		49		214		7,559
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		2,924		847		125		49		137		4,082
Increase (decrease) due to:
Acquisitions		-		20		-		-		-		20
Other^(b)		-		26		8		-		(98)		(64)
Balance at December 31, 2019:
Goodwill - gross		4,188		3,029		133		49		116		7,515
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill	$	2,924	$	893	$	133	$	49	$	39	$	4,038

(a)Includes goodwill of $2.0 billion, $492 million and $46 million relating to the acquisitions of Validus, Glatfelter and Ellipse, respectively.

(b)Reflects $98 million of goodwill that has been reclassified to assets held for sale.

Indefinite lived intangible assets are not subject to amortization. Indefinite lived intangible assets primarily include Lloyd’s syndicate capacity and brand names. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income.

The Other intangible assets and VODA resulted primarily from the acquisition of Validus.

The following table presents the changes in other intangible assets and the VODA by operating segment:

	General Insurance
	North				Life			Other		Legacy
(in millions)	America		International		Insurance		Operations		Portfolio			Total
Other intangible assets
Balance at January 1, 2018	$	27	$	8	$	34	$	37	$	-	$	106
Increase (decrease) due to:
Acquisitions		61		207		16		-		-		284
Amortization		(2)		(3)		(4)		(2)		-		(11)
Other		-		-		-		(19)		-		(19)
Balance at December 31, 2018	$	86	$	212	$	46	$	16	$	-	$	360
Increase (decrease) due to:
Acquisitions		-		-		-		-		-		-
Amortization		(1)		(1)		(4)		(2)		-		(8)
Other		(3)		-		(18)		2		-		(19)
Balance at December 31, 2019:	$	82	$	211	$	24	$	16	$	-	$	333

Value of distribution network acquired
Balance at January 1, 2018	$	-	$	-	$	-	$	-	$	-	$	-
Increase (decrease) due to:
Acquisitions		-		-		-		582		-		582
Amortization		-		-		-		(15)		-		(15)
Other		-		-		-		2		-		2
Balance at December 31, 2018	$	-	$	-	$	-	$	569	$	-	$	569
Increase (decrease) due to:
Acquisitions		-		-		-		-		-		-
Amortization		-		-		-		(39)		-		(39)
Other		-		-		-		6		-		6
Balance at December 31, 2019:	$	-	$	-	$	-	$	536	$	-	$	536

The percentage of the unamortized balance of Other intangible assets and VODA at December 31, 2019 expected to be amortized in 2020 through 2024 by year is 7.9 percent, 7.9 percent, 7.9 percent, 7.9 percent and 7.9 percent, respectively, with 60.5 percent being amortized after five years.

INSURANCE LIABILITIES

12 Months Ended

Dec. 31, 2019

Insurance Liabilites

INSURANCE LIABILITIES

14. 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 IBNR claims, 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. 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 $12.2 billion and $12.3 billion at December 31, 2019 and 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 December 31, 2019 and 2018, we held collateral of approximately $8.9 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:

Years Ended December 31,
(in millions)		2019		2018		2017
Liability for unpaid loss and loss adjustment expenses, beginning of year	$	83,639	$	78,393	$	77,077
Reinsurance recoverable		(31,690)		(26,708)		(15,532)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year		51,949		51,685		61,545
Losses and loss adjustment expenses incurred:
Current year		17,596		20,534		21,079
Prior years, excluding discount and amortization of deferred gain		(340)		1,429		1,565
Prior years, discount charge (benefit)		1,063		(252)		187
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(219)		(395)		(284)
Total losses and loss adjustment expenses incurred		18,100		21,316		22,547
Losses and loss adjustment expenses paid:
Current year		(4,894)		(5,754)		(5,323)
Prior years		(18,020)		(17,768)		(16,241)
Total losses and loss adjustment expenses paid		(22,914)		(23,522)		(21,564)
Other changes:
Foreign exchange effect		(6)		(677)		788
Acquisitions^(b)		-		3,284		23
Dispositions^(c)		-		-		(360)
Retroactive reinsurance adjustment (net of discount)^(d)		130		(137)		(11,294)
Total other changes		124		2,470		(10,843)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses		47,259		51,949		51,685
Reinsurance recoverable		31,069		31,690		26,708
Total	$	78,328	$	83,639	$	78,393

(a) Includes $27 million, $51 million and $25 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the year ended December 31, 2019, 2018 and 2017, respectively.

(b) Includes amounts related to the acquisition of Glatfelter in October 2018, Validus in July 2018 and Blackboard U.S. Holdings Inc. in 2017.

(c) Includes amounts related to dispositions through the date of disposition. Includes sale of insurance operations to Fairfax.

(d) Includes benefit (charge) from change in discount on retroactive insurance in the amount of $469 million, $(180) million and $(1.5) billion for the periods ended December 31, 2019, 2018 and 2017, respectively.

Prior Year Development

During 2019, we recognized favorable prior year loss reserve development of $340 million excluding discount and amortization of deferred gain. The development was primarily driven by:

Favorable development on U.S. Workers’ Compensation business, both guaranteed cost business and large deductible and Defense Base Act business (covering government contractors serving at military bases overseas) where we reacted to favorable loss trends in recent accident years;

Favorable development on 2017 Hurricanes (Harvey, Irma and Maria) and favorable development due to 2017 California Wildfire subrogation recoverables in Commercial Property and Personal Lines.

Unfavorable development in Primary General Liability where we reacted to adverse frequency and severity trends especially in Construction Wrap business in recent accident years.

Unfavorable development in U.S. Financial Lines, notably Directors and Officers (D&O), Employment Practices Liability (EPLI) and Non-Medical Professional Errors & Omissions business where we reacted to increasing frequency and severity in recent accident years.

Unfavorable development on European Casualty & Financial Lines, notably Commercial Auto, Employers Liability, Directors & Officers, and Financial Institutions business; and

Favorable development on Europe Property and Special Risks, Europe and Japan Personal Insurance and Other product lines.

Our analyses and conclusions about prior year reserves also help inform our judgments about the current accident year loss and loss adjustment expense ratios we selected.

During 2018, we recognized adverse prior year loss reserve development of $1.4 billion before impact of the Adverse Development Cover and the asbestos cession to NICO. The key components of this development were as follows:

Unfavorable development in U.S. Excess Casualty, driven by the combination of construction defect and construction wrap claims from accident year 2015 and prior where we reacted to significant increases in severity and longer claim reporting patterns, as well as higher than expected loss severity in accident years 2016 and 2017, which led to an increase in estimates for these accident years;

Unfavorable development in U.S. Financial Lines, primarily from Directors & Officers (D&O) and Employment Practices Liability (EPLI) policies covering Corporate and National Insureds as well as Private and Not-for-Profit insureds. This development was predominantly in accident years 2014-2017 and resulted largely from increases in severity associated with an increase in frequency of class action lawsuits from those years.

Favorable development in U.S. Commercial Property and Specialty Lines due to reductions in our estimates for 2017 Catastrophes, favorable attritional losses in Commercial Property and favorable Specialty emergence.

Unfavorable development in U.S. Personal Lines reflecting the adverse development on the 2017 California wildfires and Hurricane Irma in 2017.

Unfavorable development in International Financial Lines driven by increased large loss activity in recent accident years, particularly related to directors and officers class action suits against insureds with global exposure.

Our analyses and conclusions about prior year reserves also help inform our judgments about the current accident year loss and loss adjustment expense ratios we selected.

During 2017, we recognized unfavorable prior year loss reserve development of $1.6 billion. This unfavorable development was primarily a result of the following:

Unfavorable development in U.S. Casualty lines, driven primarily by increases in underlying severity and greater than expected emerging loss experience in accident year 2016 as well as increased development from claims related to construction defects and construction wrap business (largely from accident years 2006 and prior).

Unfavorable development in U.S. Financial Lines, primarily from D&O policies covering privately owned and not-for-profit insureds. This development was predominantly in accident year 2016 and resulted largely from increases in bankruptcy-related claims and fiduciary liability claims for large educational institutions.

Higher than expected losses for UK/Europe Casualty and Financial Lines. We observed a significant increase in large claims activity in our UK/Europe long-tail business, with a large proportion emanating from accident year 2016. In addition, we increased our loss reserves as a result of the decision made by the U.K. Ministry of Justice to reduce the discount rate applied to lump-sum bodily injury payouts, known as the Ogden rate.

In addition we also observed higher than expected losses in UK/Europe property and special risks business driven by unexpected development on various large claims across the property, aviation, marine, and trade credit segments.

The table below presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2019:

	Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below		Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below		Gross liability for unpaid losses and loss adjustment expenses
(in millions)
U.S. Workers' Compensation (before discount)	$	5,213	$	6,745	$	11,958
U.S. Excess Casualty		4,285		5,073		9,358
U.S. Other Casualty		4,064		4,695		8,759
U.S. Financial Lines		5,154		2,221		7,375
U.S. Property and Special risks		4,950		2,807		7,757
U.S. Personal Insurance		1,287		988		2,275
UK/Europe Casualty and Financial lines		6,234		1,268		7,502
UK/Europe Property and Special risks		2,573		1,191		3,764
UK/Europe and Japan Personal Insurance		1,962		519		2,481
U.S. Run-Off Long Tail Insurance Lines (before
discount)		4,435		3,587		8,022
Total	$	40,157	$	29,094	$	69,251

Reconciling Items
Discount on workers' compensation lines						(2,800)
Other product lines						8,679
Unallocated loss adjustment expenses						3,198
Total Loss Reserves					$	78,328

Loss Development Information

The following is information about incurred and paid loss developments as of December 31, 2019, net of reinsurance. The cumulative number of reported claims, the total of IBNR liabilities and expected development on reported loss included within the net incurred loss amounts are presented in the following section.

Reserving Methodology

We use a combination of methods to project ultimate losses for both long-tail and short-tail exposures, which include:

Paid Development method: The Paid Development method estimates ultimate losses by reviewing paid loss patterns and selecting paid ultimate loss development factors. These factors are then applied to paid losses by applying them to accident years, with further expected changes in paid loss. Since the method does not rely on case reserves, it is not directly influenced by changes in the adequacy of case reserves.

Incurred Development method: The Incurred Development method is similar to the Paid Development method, but it uses case incurred losses instead of paid losses. Since this method uses more data (case reserves in addition to paid losses) than the Paid Development method, the incurred development patterns may be less variable than paid development patterns.

Expected Loss Ratio method: The Expected Loss Ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year. This method may be useful if loss development patterns are inconsistent, losses emerge very slowly, or there is relatively little loss history from which to estimate future losses.

Bornhuetter-Ferguson method: The Bornhuetter-Ferguson method using premiums and paid losses is a combination of the Paid Development method and the Expected Loss Ratio method where the weight given to each method is the reciprocal of the loss development factor. This method normally determines expected loss ratios similar to the method used for the Expected Loss Ratio method. The Bornhuetter-Ferguson method using premiums and incurred losses is similar to the Bornhuetter-Ferguson method using premiums and paid losses except that it uses case-incurred losses.

Cape Cod method: The Cape Cod method is mechanically similar to the Bornhuetter-Ferguson method with the difference being that the Expected Loss Ratio estimates are determined based on a weighting of the loss estimates that come from the Paid/Incurred Development Methods. This method may be more responsive to recent loss trends than the Bornhuetter-Ferguson method.

Average Loss method: The Average Loss method multiplies a projected number of ultimate claims by an estimated ultimate severity average loss for each accident year to produce ultimate loss estimates. Since projections of the ultimate number of claims are often less variable than projections of ultimate loss, this method can provide more reliable results for reserve categories where loss development patterns are inconsistent or too variable to be relied on exclusively.

In updating our loss reserve estimates, we consider and evaluate inputs from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, our internal peer review processes, including challenges and recommendations from our Enterprise Risk Management group, as well as the views of third-party actuarial firms. We use these inputs to improve our evaluation techniques, and to analyze and assess the change in estimated ultimate loss for each accident year by product line. Our analyses produce a range of indications from various methods, from which we select our best estimate.

In determining the actual carried loss reserves, we consider both the internal actuarial best estimate and numerous other internal and external factors, including:

an assessment of economic conditions, including real GDP growth, inflation, employment rates or unemployment duration, stock market volatility and changes in corporate bond spreads;

changes in the legal, regulatory, judicial and social environment, including changes in road safety, public health and cleanup standards;

changes in medical cost trends (inflation, intensity and utilization of medical services) and wage inflation trends;

underlying policy pricing, terms and conditions including attachment points and policy limits;

change in claims handling philosophy, operating model, processes, and related ongoing enhancements;

third-party claims reviews that are periodically performed for key classes of claims such as toxic tort, environmental and other complex casualty claims;

third-party actuarial reviews that are periodically performed for key classes of business;

input from underwriters on pricing, terms, and conditions and market trends; and

changes in our reinsurance program, pricing and commutations.

The following factors are relevant to the loss development information included in the tables below:

Table organization: The tables are organized by accident year and include policies written on an occurrence and claims- made basis. We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us. These reclassifications are shown as development in the respective years in the tables below. Financial Lines business is primarily written on a claims-made basis, while the majority of the workers’ compensation, excess casualty, other casualty, and run-off property and casualty lines of business are written on an occurrence basis. Primarily, all short-tail lines in Property and Special Risks and Personal Insurance are written on an occurrence basis.

Groupings: We believe our groupings have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends and reflect our reportable segments. The incurred losses and loss adjustment expenses and paid losses in the following tables for the current reporting year are allocated to the line of business and accident years based on how the business is coded by profit center and line of business.

Reinsurance: Our reinsurance program varies by exposure type. Historically we have leveraged facultative and treaty reinsurance, both on a pro-rata and excess of loss basis. Our reinsurance program may change from year to year, which may affect the comparability of the data presented in our tables.

Adverse Development Reinsurance Agreement: We have provided the impact of the adverse development reinsurance agreement (ADC) in an additional table below our Incurred Losses and Allocated Loss Adjustment Expenses (ALAE) tables. The impact of the ADC is shown beginning in 2016 given the retroactive date of the contract and coincides with the effective date of the contract. For the lines of business covered by the agreement (U.S. Workers' Compensation, U.S. Excess Casualty, U.S. Other Casualty, U.S. Financial Lines, U.S. Property and Special Risks and U.S. Personal Insurance or collectively, the "Covered Lines"), an attribution of the loss recoveries to the line of business by calendar year and accident year is performed based on the underlying distribution of the losses subject to the agreement. Specifically, the future claim payments for all subject incurred losses were projected into future years based on the same actuarial assumptions underlying the related reserves. The additional table presented after discussion of prior year development by line of business reconciles the changes in net ultimates to our overall prior year development and provides the reattribution of loss recoveries for the Covered Lines. The reinsurance terms of the ADC were then used to identify the future claims payments for which 80% will be reimbursed by NICO. At each reporting period, the attribution of the ADC recoveries is performed. The factors that could cause the attribution to lines of business and accident year to change include changes in underlying actuarial assumptions as to timing and amount of future claim payments.

Incurred but not reported liabilities (IBNR): We include development from past reported losses in IBNR.

Data excluded from tables: Information with respect to accident years older than ten years is excluded from the development tables. Unallocated loss adjustment expenses are also excluded.

Foreign exchange: The loss development for operations outside of the U.S. is presented for all accident years using the current exchange rate at December 31, 2019. Although this approach requires restating all prior accident year information, the changes in exchange rates do not impact incurred and paid loss development trends.

Acquisitions: We include acquisitions from all accident years presented in the tables. For purposes of this disclosure, we have applied the retrospective method for the acquired reserves, including incurred and paid claim development histories throughout the relevant tables. It should be noted that historical reserves for the acquired businesses were established by the acquired companies using methods, assumptions and procedures then in effect which may differ from our current reserving bases. Accordingly, it may not be appropriate to extrapolate future redundancies or deficiencies based on the aggregated historical results shown in the triangles.

Dispositions: We exclude dispositions from all accident years presented in the tables.

Claim counts: We consider a reported claim to be one claim for each claimant or feature for each loss occurrence. Claims relating to losses that are 100 percent reinsured are excluded from the reported claims in the tables below. Reported claims for losses from assumed reinsurance contracts are not available and hence not included in the reported claims.

There are limitations that should be considered on the reported claim count data in the tables below, including:

-Claim counts are presented only on a reported (not an ultimate) basis;

-The tables below include lines of business and geographies at a certain aggregated level which may indicate different frequency and severity trends and characteristics, and may not be as meaningful as the claim count information related to the individual products within those lines of business and geographies;

-Certain lines of business are more likely to be subject to occurrences involving multiple claimants and features, which can distort measures based on the reported claim counts in the table below; and

-Reported claim counts are not adjusted for ceded reinsurance, which may distort the measure of frequency or severity.

Supplemental Information: The information about incurred and paid loss development for all periods preceding year ended December 31, 2019 and the related historical claims payout percentage disclosure is unaudited and is presented as supplementary information.

The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the Adverse Development Reinsurance Agreement excluding the related amortization of the deferred gain:

U.S. Workers' Compensation

During 2019, we recognized $699 million of favorable prior year development, net of external reinsurance but before ADC cessions.

During 2018, we recognized $51 million of unfavorable prior year development, net of external reinsurance but before ADC cessions.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	2,706	$	3,049	$	3,125	$	3,148	$	3,211	$	3,214	$	3,286	$	3,267	$	3,278	$	3,238	$	(40)	$	334	133,623	$	(437)	$	(276)	$	2,801	$	58
2011				2,901		2,953		3,091		3,158		3,113		3,152		3,156		3,177		3,141		(36)		414	125,122		(458)		(311)		2,683		103
2012						2,382		2,194		2,286		2,260		2,334		2,308		2,259		2,247		(12)		380	71,128		(443)		(307)		1,804		73
2013								1,932		1,880		1,950		2,060		2,032		1,974		1,916		(58)		353	47,066		(458)		(311)		1,458		42
2014										1,729		1,764		1,866		1,862		1,794		1,709		(85)		397	40,075		(380)		(238)		1,329		159
2015												1,708		1,864		1,866		1,814		1,722		(92)		558	35,838		(588)		(442)		1,134		116
2016														1,299		1,346		1,318		1,140		(178)		403	30,588		-		-		1,140		403
2017																789		850		776		(74)		352	26,538		-		-		776		352
2018																		998		1,021		23		641	21,034		-		-		1,021		641
2019																				887				639	13,919		-		-		887		639
Total																			$	17,797	$	(552)				$	(2,764)	$		$	15,033
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(11,354)		-					-				(11,354)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				4,505		(210)					(2,971)				1,534
Unallocated loss adjustment expense prior year development																						63
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	10,948	$	(699)				$	(5,735)	$		$	5,213

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	2,822	$	2,818	$	2,811	$	2,801	$	(10)
2011		2,676		2,677		2,682		2,683		1
2012		1,819		1,814		1,793		1,804		11
2013		1,500		1,494		1,481		1,458		(23)
2014		1,311		1,310		1,309		1,329		20
2015		1,279		1,279		1,318		1,134		(184)
2016		1,299		1,346		1,318		1,140		(178)
2017		-		789		850		776		(74)
2018		-		-		998		1,021		23
2019		-		-		-		887		-
Total	$	12,706	$	13,527	$	14,560	$	15,033	$	(414)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below				-		-		(11,354)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		1,588		1,534		(54)
Unallocated loss adjustment expense prior year development				-		-		-		276
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance					$		$	5,213	$	(192)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(464)	$	(449)	$	(467)	$	(437)	$	30
2011		(476)		(479)		(495)		(458)		37
2012		(515)		(494)		(466)		(443)		23
2013		(560)		(538)		(493)		(458)		35
2014		(555)		(552)		(485)		(380)		105
2015		(585)		(587)		(496)		(588)		(92)
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(3,155)	$	(3,099)	$	(2,902)	$	(2,764)	$	138
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below						-		-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(3,127)		(2,971)		156
Unallocated loss adjustment expense prior year development										213
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(6,029)	$	(5,735)	$	507

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	550	$	1,093	$	1,537	$	1,855	$	2,126	$	2,288	$	2,426	$	2,532	$	2,597	$	2,647	$	-
2011				519		1,129		1,561		1,884		2,129		2,285		2,388		2,451		2,496		-
2012						415		804		1,089		1,272		1,440		1,563		1,632		1,669		-
2013								282		619		879		1,067		1,214		1,287		1,335		-
2014										231		558		786		930		1,030		1,096		-
2015												234		524		725		854		925		-
2016														147		378		521		584		-
2017																93		224		294		-
2018																		85		215		-
2019																				93		-
Total																			$	11,354	$	-

Reserving Process and Methodology

U.S. Workers’ Compensation is an extremely long-tail line of business, with loss emergence extending for decades. We generally use a combination of loss development, frequency/severity and expected loss ratio methods for workers’ compensation.

Many of our primary casualty policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time. We group guaranteed cost and excess of deductible business separately and then further by state and industry subset to the extent that meaningful differences are determined to exist. We also separately analyze certain subsets of the portfolio that have unique characteristics (e.g., U.S. government sub-contractor accounts and construction wrap-up business). For excess of deductible business, we also segment by size of deductible and whether the claim is handled by AIG or an outside third-party administrator (TPA). The proportion of large deductible business has increased over time, which has slowed the reporting pattern of claims.

For guaranteed cost business, expected loss ratio methods generally are given significant weight only in the most recent accident year. Workers’ compensation claims are generally characterized by high frequency, low severity, and relatively consistent loss development from one accident year to the next. We historically have been a leading writer of workers’ compensation, and thus have sufficient volume of claims experience to use development methods. We generally segregate California (CA) and New York (NY) businesses from the other states to reflect their different development patterns and changing percentage of the mix by state. The claims development tables above are impacted by two other significant initiatives, which offset each other. In recent years, we instituted claims strategy changes and loss mitigation efforts to accelerate settlements, which we believe results in an overall reduction in claim costs. This strategy resulted in an increase in paid losses along the latest diagonals relative to prior years. In addition, we have been reducing premium volume in recent years and shifting a greater proportion of business to insured risk retention structures such as high deductible policies. These mix and volume changes slowed paid and incurred development since excess of deductible claims will typically take longer to emerge and settle.

Expected loss ratio methods for business written in excess of a deductible may be given significant weight in the most recent five accident years. In the 2016 analysis, we increased our tail factor estimates for states other than NY and CA for guaranteed cost business in recognition of longer medical development patterns that we have been seeing in recent years. We reflected increases in legal costs we have seen across the portfolio, particularly in California.

Additionally, over the years we have written a number of very large accounts which include workers’ compensation coverage. These accounts are generally individually priced by our actuaries, and to the extent appropriate, the indicated losses based on the pricing analysis may be used to record the initial estimated loss reserves for these accounts.

Prior Year Development

During 2019, we recognized $699 million of favorable prior year development in U.S. Workers Compensation business due to favorable frequency and severity trends seen across the diagonals across many subsets of U.S. Workers Compensation especially in the recent accident years.

During 2018, we recognized $51 million of adverse prior year development in U.S. Workers Compensation business with higher claim development factors at older ages (tail factors) for non-California, non-New York and loss sensitive business in older accident years being offset by favorable emergence in recent years. Accident year 2017 was adversely impacted by a change in ceded reinsurance estimates. For our Defense Base Act (DBA) business, adverse development in recent years was offset by an expansion of the definition of reimbursable War Hazard claims by the U.S. Government.

During 2017, we recognized $31 million of favorable prior year development in U.S. workers’ compensation business, particularly guaranteed cost business in the states of California and New York. Actual loss emergence during the year, particularly for guaranteed cost business in these two states, was significantly less than expected on a reported loss basis. We did recognize some offsetting unfavorable development in our DBA business that covers government contractors in U.S. and non-U.S. military installations, as well as from a Pennsylvania Supreme Court decision that overturned a ruling that provided limitations on payments for certain permanent injuries (the Protz decision).

U.S. Excess Casualty

During 2019, we recognized $76 million of unfavorable prior year development in Excess Casualty, net of external reinsurance but before ADC cessions, driven by higher than expected loss emergence for construction wrap claims and increasing loss severity in more recent accident years.

During 2018, we recognized $1,274 million of unfavorable prior year development in Excess Casualty, net of external reinsurance but before ADC cessions, driven by higher than expected loss emergence for construction defect and construction wrap claims and increasing loss severity in more recent accident years.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,888	$	2,097	$	2,093	$	1,784	$	1,650	$	1,739	$	1,723	$	1,708	$	1,681	$	1,638	$	(43)	$	308	3,727	$	(252)	$	(201)	$	1,386	$	107
2011				1,787		1,827		1,597		1,429		1,529		1,611		1,627		1,726		1,758		32		381	3,726		(342)		(272)		1,416		109
2012						1,607		1,403		1,242		1,488		1,537		1,486		1,558		1,502		(56)		312	3,688		(288)		(229)		1,214		83
2013								1,123		1,035		1,169		1,308		1,241		1,282		1,292		10		271	3,102		(260)		(197)		1,032		74
2014										938		1,069		1,275		1,260		1,339		1,283		(56)		466	2,632		(439)		(360)		844		106
2015												989		1,463		1,440		1,603		1,656		53		444	2,544		(493)		(392)		1,163		52
2016														898		1,146		1,162		1,171		9		514	1,980		-		-		1,171		514
2017																856		1,002		1,097		95		542	1,241		-		-		1,097		542
2018																		648		646		(2)		404	618		-		-		646		404
2019																				577				547	370		-		-		577		547
Total																			$	12,620	$	42				$	(2,074)	$		$	10,546
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(6,799)		-					-				(6,799)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				2,243		54					(1,705)				538
Unallocated loss adjustment expense prior year development																						(20)
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	8,064	$	76				$	(3,779)	$		$	4,285

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,452	$	1,448	$	1,426	$	1,386	$	(40)
2011		1,369		1,371		1,436		1,416		(20)
2012		1,175		1,163		1,254		1,214		(40)
2013		935		932		981		1,032		51
2014		902		905		915		844		(71)
2015		1,027		1,015		1,139		1,163		24
2016		898		1,146		1,162		1,171		9
2017		-		856		1,002		1,097		95
2018		-		-		648		646		(2)
2019		-		-		-		577		-
Total	$	7,758	$	8,836	$	9,963	$	10,546	$	6
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(6,799)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance						612		538		(74)
Unallocated loss adjustment expense prior year development								-		94
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	4,285	$	26

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(271)	$	(260)	$	(255)	$	(252)	$	3
2011		(242)		(256)		(290)		(342)		(52)
2012		(362)		(323)		(304)		(288)		16
2013		(373)		(309)		(301)		(260)		41
2014		(373)		(355)		(424)		(439)		(15)
2015		(436)		(425)		(464)		(493)		(29)
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(2,057)	$	(1,928)	$	(2,038)	$	(2,074)	$	(36)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(1,577)		(1,705)		(128)
Unallocated loss adjustment expense prior year development										114
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(3,615)	$	(3,779)	$	(50)

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	10	$	197	$	475	$	654	$	795	$	946	$	1,052	$	1,217	$	1,265	$	1,288	$	-
2011				5		63		225		387		716		921		1,069		1,214		1,257		-
2012						3		106		288		495		649		887		1,022		1,121		-
2013								15		105		207		387		578		705		819		-
2014										3		77		240		444		590		703		-
2015												9		210		391		718		935		-
2016														28		80		204		388		-
2017																1		45		156		-
2018																		1		125		-
2019																				7		-
Total																			$	6,799	$	-

Reserving Process and Methodology

U.S. Excess Casualty policies tend to attach at a high layer above underlying policies, which causes the loss development pattern to be lagged significantly. Many of the claims notified to the excess layers are closed without payment because the claims never reach our layer as a result of high deductibles and other underlying coverages, while the claims that reach our layer and close with payment can be large and highly variable in terms of reported timing and amount. For a portion of this business, the underlying primary policies are issued by other insurance companies, which can limit our access to relevant information to help inform our judgments as the loss events evolve and mature.

We generally use a combination of loss development methods and expected loss ratio methods for excess casualty product lines. We segment our analysis between automobile-related claims and non-automobile claims, due to the shorter-tail nature of the automobile claims. We then further segment the non-automobile claims for certain latent exposures such as construction defects and mass torts where losses have unique emergence patterns. Mass tort claims in particular may develop over an extended period of time and impact multiple accident years when they emerge. The more standard types of claims are then separately analyzed based on attachment point bands, to recognize that the impact of the level of the attachment point can significantly impact the delay in loss reporting and development. In our analyses, losses capped at $10 million were first analyzed using traditional loss development and expected loss ratio methods and then this estimate was used to derive the expected loss estimate for losses above $10 million reflecting the expected relationships between the layers, reflecting the attachment point and limit.

Expected loss ratio methods are generally used for at least the three latest accident years, due to the relatively low credibility of the reported losses. The loss experience is generally reviewed separately by attachment point. The expected loss ratios used for recent accident years are based on the projected ultimate loss ratios for older years adjusted for rate changes and loss trend.

Prior Year Development

During 2019, we recognized $76 million of unfavorable development driven by higher severity claim emergence in non-admitted construction defect claims in older accident years and auto liability and general liability claims in recent accident years.

During 2018, we recognized $1.3 billion of adverse development driven largely by construction defect and construction wrap claims where actual emergence was significantly worse than expected and our updated analysis significantly increased the severity assumptions and lengthened the claim reporting pattern to recognize the significant deterioration seen in recent calendar periods. We also increased the expected loss ratio assumptions in recent accident years to reflect the high initial reported loss ratios for those years and the incidence of several unusually large claims.

During 2017, we recognized $254 million of unfavorable prior year development driven in large part by emerging loss experience in accident year 2016 where frequency and severity to date has exceeded initial expectations and is coinciding with increased loss severity in the underlying primary auto and general liability segments. In addition, we experienced increased development from claims related to construction defects and construction wrap business. The majority of this experience came from accident years 2006 and prior.

U.S. Other Casualty

U.S Other Casualty includes general liability, commercial auto, medical malpractice, and various other casualty lines of business.

In 2019, we recognized $168 million of unfavorable prior year development in Other Casualty, net of external reinsurance but before ADC cessions, primarily as a result of unfavorable loss emergence in recent accident years.

In 2018, we recognized $127 million of favorable prior year development in Other Casualty, net of external reinsurance but before ADC cessions, primarily as a result of favorable loss emergence in accident years 2011-2016.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	2,124	$	2,102	$	2,235	$	2,185	$	2,335	$	2,381	$	2,501	$	2,492	$	2,504	$	2,505	$	1	$	225	96,534	$	(130)	$	(103)	$	2,375	$	122
2011				2,033		2,202		2,302		2,439		2,585		2,620		2,582		2,517		2,515		(2)		126	75,391		(139)		(110)		2,376		16
2012						1,986		2,139		2,193		2,203		2,352		2,407		2,343		2,328		(15)		190	42,048		(169)		(135)		2,159		55
2013								1,653		1,729		1,912		2,148		2,185		2,164		2,211		47		286	37,117		(263)		(219)		1,948		67
2014										1,751		1,721		1,963		2,009		1,910		1,916		6		230	35,730		(222)		(177)		1,694		53
2015												1,329		1,762		1,829		1,736		1,794		58		259	33,313		(301)		(229)		1,493		30
2016														1,339		1,343		1,321		1,391		70		513	26,834		-		-		1,391		513
2017																602		629		738		109		411	20,255		-		-		738		411
2018																		802		845		43		621	15,010		-		-		845		621
2019																				1,059				935	15,546		-		-		1,059		935
Total																			$	17,302	$	317				$	(1,224)	$		$	16,078
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(12,454)		-					-				(12,454)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				1,392		(170)					(952)				440
Unallocated loss adjustment expense prior year development																						21
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,240	$	168				$	(2,176)	$		$	4,064

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	2,361	$	2,359	$	2,349	$	2,375	$	26
2011		2,398		2,395		2,414		2,376		(38)
2012		2,189		2,197		2,175		2,159		(16)
2013		1,948		1,960		1,929		1,948		19
2014		1,667		1,678		1,634		1,694		60
2015		1,361		1,373		1,423		1,493		70
2016		1,339		1,343		1,321		1,391		70
2017		-		602		629		738		109
2018		-		-		802		845		43
2019		-		-		-		1,059		-
Total	$	13,263	$	13,907	$	14,676	$	16,078	$	343
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(12,454)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		685		440		(245)
Unallocated loss adjustment expense prior year development								-		90
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	4,064	$	188

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(140)	$	(133)	$	(155)	$	(130)	$	25
2011		(222)		(187)		(103)		(139)		(36)
2012		(163)		(210)		(168)		(169)		(1)
2013		(200)		(225)		(235)		(263)		(28)
2014		(296)		(331)		(276)		(222)		54
2015		(401)		(456)		(313)		(301)		12
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(1,422)	$	(1,542)	$	(1,250)	$	(1,224)	$	26
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(878)		(952)		(74)
Unallocated loss adjustment expense prior year development										69
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(2,128)	$	(2,176)	$	21

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	295	$	661	$	985	$	1,358	$	1,640	$	1,824	$	1,972	$	2,087	$	2,196	$	2,236	$	-
2011				235		722		1,102		1,481		1,814		2,039		2,210		2,289		2,339		-
2012						411		739		1,042		1,385		1,677		1,869		2,009		2,053		-
2013								169		594		962		1,248		1,485		1,688		1,809		-
2014										210		620		868		1,150		1,392		1,572		-
2015												105		309		769		1,087		1,351		-
2016														77		298		489		703		-
2017																51		111		216		-
2018																		43		122		-
2019																				53		-
Total																			$	12,454	$	-

Reserving Process and Methodology

U.S. Other Casualty includes general liability, automobile liability, environmental, medical malpractice, and other casualty lines of business. These lines of business are all long-tail in nature and while somewhat diverse in terms of exposures, these lines are often subject to similar trends. These lines are often significantly impacted by the underwriting cycle and external judicial trends. Many of our policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time.

We generally use a combination of loss development methods, frequency/severity and expected loss ratio methods for primary general liability or products liability product lines. We also supplement the standard actuarial techniques by using evaluations of the ultimate losses on unusual claims or claim accumulations by external specialists on those subsets of claims. The segmentation of the data reflects state differences, industry groups, deductible/non-deductible programs and type of claim.

We segment our analysis by line of business and key coverage structures (claims-made vs. occurrence, large deductible policies, retrospective-rated policies, captives, etc.). Additionally, certain subsets, such as construction defect for general liability, auto liability policies for trucking business, hospital policies for medical malpractice and underground storage tanks for environmental are generally reviewed separately from business in other subsets. We continually refine our loss reserving techniques for the domestic primary casualty product lines and adopt further segmentations based on our analysis of the differing emerging loss patterns for certain subsets of insureds. Due to the long-tail nature of general liability business, and the many subsets that are reviewed individually, there is less credibility given to the reported losses and increased reliance on expected loss ratio methods for recent accident years.

For certain product lines with sufficient loss volume, loss development methods may be given significant weight for all but the most recent one or two accident years. For smaller or more volatile subsets of business and excess of a large deductible business, loss development methods may be given limited weight for the five or more recent accident years. Expected loss ratio methods are used for the more recent accident years for these subsets. The loss experience for primary general liability business is generally reviewed at a level that is believed to provide the most appropriate data for reserve analysis. For other subsets, such as environmental, we utilize a combination of claim analysts’ loss projections and actuarial methods to estimate ultimate losses.

Expected loss ratio methods are generally given significant weight only in the most recent accident year, except for excess of large deductible business, in which expected loss ratio methods may receive weight for several of the most recent accident years. In recent years, the impact of the increase in the frequency of severe claims was projected in the accident years where it was most prevalent. The resulting increase in ultimate loss projections and loss ratios for those years impacted subsequent years through loss development factors and prior expected loss ratio assumptions.

Prior Year Development

Primary General Liability

In 2019, we recognized unfavorable development of $220 million largely driven by construction defect and construction wrap policies where we observed significant increases in severity in recent accident years.

In 2018, we increased our ultimate loss estimates for prior accident years by $214 million mainly due to Construction Casualty business, particularly construction defect (CD) claims. Our updated analyses for the construction casualty business reacted to increased severity of claims for both CD and non-CD claims and lengthened the claim reporting pattern for CD claims.

In 2017, we increased our ultimate loss estimates for prior accident years by $330 million. This was driven by reported loss development being greater than expected as a result of increased loss severity. We revised our loss trend assumptions which also contributed to increased estimates for the more recent accident years. For older accident years, we experienced increased loss development from construction defect claims and construction wrap business.

Primary Commercial Auto Liability

In 2019, we experienced unfavorable development of approximately $23 million mainly due to deterioration in severity in the recent accident years in the large deductible business.

In 2018, we reduced our ultimate loss estimates for prior accident years by $142 million mainly due to favorable emergence in recent accident years. Our updated analyses for the auto business reacted to this experience in older years as loss trends have stabilized in the more recent years.

In 2017, we increased our ultimate loss estimates for prior accident years by $42 million. A majority of this development related to accident year 2016 where reported loss experience has been emerging greater than expected, driven by an increase in the frequency of large claims. We have experienced severity trends in recent accident years that have been at much higher levels than what has been reflected in the historic data, although we did see some signs of abatement during the second half of the year.

Medical Malpractice

During 2019, we recognized $30 million of unfavorable development largely driven by a few large cases.

During 2018, we recognized favorable loss development of approximately $158 million as loss emergence was less than expected in older years due to several large cases settling for less than we expected. Severity in recent years continues to be higher than historical norms.

During 2017, we recognized favorable loss development of $23 million. Reported loss development was less than expected in aggregate; although we did continue to see higher loss severity in the more recent accident years. Premium volume has declined significantly over the last several years and certain segments such as physicians and surgeons, medical products, and nursing homes business (in certain jurisdictions) have been exited entirely.

Other Lines

During 2019, we recognized favorable development of $105 million largely driven by extra contractual obligations, favorable development on loss sensitive casualty business and business internally reinsured from other business units.

During 2018, we recognized favorable loss development of approximately $41 million largely due to our environmental impairment liability business where loss activity was better than expected.

During 2017, we recognized favorable loss development of $133 million. The key drivers of this activity were favorable development on loss-sensitive casualty business, environmental impairment liability business, extra-contractual obligations, and business internally reinsured from other business units.

U.S. Financial Lines

During 2019, we recognized $463 million of unfavorable prior year development in U.S. Financial Lines, net of external reinsurance but before ADC cessions, due to adverse experience in the D&O subset of business.

During 2018, we recognized $298 million of unfavorable prior year development in U.S. Financial Lines, net of external reinsurance but before ADC cessions, due to adverse experience in the D&O subset of business.

The mix of business has been changing in recent years as we write more cyber and mergers and acquisitions business, which generally report claims faster.


Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,584	$	1,525	$	1,423	$	1,383	$	1,374	$	1,470	$	1,509	$	1,535	$	1,542	$	1,544	$	2	$	64	20,165	$	(55)	$	(44)	$	1,489	$	20
2011				1,844		1,765		1,934		1,925		1,960		1,991		2,023		2,015		2,012		(3)		63	20,063		(54)		(43)		1,958		20
2012						1,592		1,763		1,800		1,907		1,988		1,990		2,015		2,077		62		115	20,076		(115)		(92)		1,962		23
2013								1,790		1,719		1,670		1,613		1,555		1,497		1,509		12		122	19,126		(100)		(80)		1,409		42
2014										1,812		1,777		1,892		1,927		1,960		1,981		21		241	17,581		(240)		(199)		1,741		42
2015												1,737		1,762		1,743		1,788		1,830		42		248	16,156		(278)		(213)		1,552		35
2016														1,605		1,855		1,993		2,064		71		380	16,000		-		-		2,064		380
2017																1,564		1,675		1,756		81		617	14,939		-		-		1,756		617
2018																		1,640		1,766		126		1,017	14,349		-		-		1,766		1,017
2019																				1,503				1,315	11,784		-		-		1,503		1,315
Total																			$	18,042	$	414				$	(842)	$		$	17,200
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(12,065)		-					-				(12,065)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				154		11					(135)				19
Unallocated loss adjustment expense prior year development																						38
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,131	$	463				$	(977)	$		$	5,154

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,499	$	1,504	$	1,505	$	1,489	$	(16)
2011		1,966		1,973		1,989		1,958		(31)
2012		1,906		1,907		1,925		1,962		37
2013		1,442		1,429		1,408		1,409		1
2014		1,733		1,729		1,753		1,741		(12)
2015		1,429		1,430		1,462		1,552		90
2016		1,605		1,855		1,993		2,064		71
2017		-		1,564		1,675		1,756		81
2018		-		-		1,640		1,766		126
2019		-		-		-		1,503		-
Total	$	11,580	$	13,391	$	15,350	$	17,200	$	347
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(12,065)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		99		19		(80)
Unallocated loss adjustment expense prior year development								-		59
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	5,154	$	326

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(10)	$	(31)	$	(37)	$	(55)	$	(18)
2011		(25)		(50)		(26)		(54)		(28)
2012		(82)		(83)		(90)		(115)		(25)
2013		(171)		(126)		(89)		(100)		(11)
2014		(159)		(198)		(207)		(240)		(33)
2015		(333)		(313)		(326)		(278)		48
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(780)	$	(801)	$	(775)	$	(842)	$	(67)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(45)		(135)		(90)
Unallocated loss adjustment expense prior year development										21
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(820)	$	(977)	$	(136)

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	31	$	278	$	558	$	793	$	1,009	$	1,172	$	1,273	$	1,354	$	1,394	$	1,420	$	-
2011				165		494		886		1,210		1,529		1,752		1,885		1,912		1,918		-
2012						73		403		812		1,250		1,494		1,622		1,687		1,859		-
2013								41		327		682		945		1,139		1,235		1,314		-
2014										66		366		849		1,158		1,387		1,573		-
2015												63		390		791		1,055		1,282		-
2016														73		499		1,002		1,358		-
2017																64		391		761		-
2018																		86		486		-
2019																				94		-
Total																			$	12,065	$	-

Reserving Process and Methodology

U.S. Financial Lines business includes D&O, Errors and Omissions (E&O), EPLI policies and various professional liability subsets of business, as well as the fidelity book of business. This includes cyber coverage and mergers and acquisitions coverage, which have been a growing and evolving portion of this portfolio. These product lines are predominantly claims-made in nature, losses are characterized by low frequency and high severity, and results are often significantly impacted by external economic conditions.

Our analysis is segmented by major coverages, such as D&O, E&O, etc. and then further segmented by major industry groups (e.g. corporate accounts, national accounts, financial institutions, private/not-for-profit, etc.). We also separately review primary business from excess business for certain product lines.

We generally use a combination of loss development methods and expected loss ratio methods for D&O, E&O, EPLI, and professional liability. These product lines generally are offered on a claims-made basis, and losses are characterized by low frequency and high severity. In general, expected loss ratio methods are given more weight in the more recent accident years, and loss development methods are given more weight in more mature accident years. The loss development factors for the different segments differ significantly in some cases, based on specific coverage characteristics and other factors such as industry group, attachment points, and limits offered. Individual claims projections for certain claims from accident years ended over eighteen months prior are also used in the analysis.

Frequency/severity methods are generally not used in isolation for these product lines as the overall losses are driven by large losses more than by claim frequency. Severity trends have varied significantly from accident year to accident year and care is required in analyzing these trends by claim type. In view of the changing severity profile of the book, we are using a capped and excess layer approach on many segments to better reflect the potential impact of large claims on the results by accident year.

We generally use loss development methods for fidelity exposures for all but the latest accident year. We also use claim department projections of the ultimate value of each reported claim to supplement and inform the standard actuarial approaches and some weight is given to this method in the more recent accident years. For surety exposures, we generally use the same method as for short-tail classes whereby frequency/severity methods, loss development methods, and IBNR factor methods are used alone or in combination to set reserves.

Expected loss ratio methods are also given weight for the more recent accident years. IBNR factor methods are used, when the nature of losses is low frequency/high severity. The IBNR factors, when applied to earned premium, generate the ultimate expected losses (or other exposure measure) yet to be reported. The factors are determined based on prior accident quarters’ loss costs adjusted to reflect current cost levels and the historical emergence of those loss costs. The factors are continually reevaluated to reflect emerging claim experience, rate changes or other factors that could affect the adequacy of the IBNR factor being employed.

Prior Year Development

During 2019, we recognized $463 million of unfavorable development particularly across accident years 2015-2018 driven by increasing severity across most Directors and Officers (D&O) and Employment Practices Liability (EPLI) classes and Mergers and Acquisitions (M&A) policies. We also experienced unfavorable development in Errors and Omissions (E&O) due to adverse frequency and severity trends.

During 2018, we recognized $298 million of unfavorable prior year development particularly across accident years 2014-2017. The largest share of the unfavorable development came from D&O and EPLI for Corporate and National accounts and resulted largely from increases in severity as the costs of security class actions increased. Excess D&O also contributed adverse development due to similar causes.

During 2017, we recognized $345 million of unfavorable prior year development particularly in accident year 2016. The largest share of the unfavorable development came from D&O for privately owned and not-for -profit insureds and resulted largely from increases in bankruptcy-related claims and fiduciary liability claims for large educational institutions. Other segments of the portfolio contributed largely offsetting favorable and unfavorable development; notably, development was unfavorable for excess D&O and employment practices liability while development was favorable for fidelity and D&O for corporate and national accounts.

U.S. Property and Special Risks

During 2019, we recognized $204 million of favorable prior year development in U.S. Property and Special Risks, net of external reinsurance but before ADC cessions, mainly due to favorable development from the 2017 Catastrophes.

During 2018, we recognized $497 million of favorable prior year development in U.S. Property and Special Risks, net of external reinsurance but before ADC cessions, mainly due to favorable development from the 2017 Catastrophes.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	2,751	$	2,504	$	2,461	$	2,535	$	2,551	$	2,531	$	2,541	$	2,552	$	2,550	$	2,556	$	6	$	42	47,225	$	(24)	$	(19)	$	2,532	$	23
2011				3,833		3,700		3,630		3,622		3,607		3,646		3,653		3,646		3,644		(2)		39	49,133		(23)		(18)		3,621		21
2012						4,166		4,284		4,256		4,215		4,327		4,318		4,300		4,282		(18)		56	48,391		(26)		(21)		4,256		35
2013								2,528		2,530		2,387		2,432		2,445		2,447		2,439		(8)		49	49,722		(38)		(30)		2,401		19
2014										2,943		2,710		2,784		2,770		2,789		2,769		(20)		101	60,126		(76)		(60)		2,693		41
2015												3,102		2,978		2,911		2,900		2,864		(36)		122	58,524		(94)		(75)		2,770		47
2016														3,147		3,184		3,099		3,086		(13)		197	53,525		-		-		3,086		197
2017																5,370		4,903		4,744		(159)		398	77,455		-		-		4,744		398
2018																		3,715		3,776		61		506	65,375		-		-		3,776		506
2019																				2,824				785	69,105		-		-		2,824		785
Total																			$	32,984	$	(189)				$	(281)	$			32,703
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(27,948)		-					-				(27,948)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				309		(3)					(114)				195
Unallocated loss adjustment expense prior year development																						(12)
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	5,345	$	(204)				$	(395)	$			4,950

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	2,532	$	2,534	$	2,532	$	2,532	$	-
2011		3,626		3,634		3,631		3,621		(10)
2012		4,300		4,293		4,281		4,256		(25)
2013		2,405		2,407		2,420		2,401		(19)
2014		2,717		2,709		2,725		2,693		(32)
2015		2,837		2,813		2,813		2,770		(43)
2016		3,147		3,184		3,099		3,086		(13)
2017		-		5,370		4,903		4,744		(159)
2018		-		-		3,715		3,776		61
2019		-		-		-		2,824		-
Total	$	21,564	$	26,944	$	30,119	$	32,703	$	(240)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(27,948)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		238		195		(43)
Unallocated loss adjustment expense prior year development								-		(5)
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	4,950	$	(288)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(9)	$	(18)	$	(18)	$	(24)	$	(6)
2011		(20)		(19)		(15)		(23)		(8)
2012		(27)		(25)		(19)		(26)		(7)
2013		(27)		(38)		(27)		(38)		(11)
2014		(67)		(61)		(64)		(76)		(12)
2015		(141)		(98)		(87)		(94)		(7)
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(291)	$	(259)	$	(230)	$	(281)	$	(51)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(84)		(114)		(30)
Unallocated loss adjustment expense prior year development										7
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(314)	$	(395)	$	(74)

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	750	$	1,558	$	1,890	$	2,090	$	2,219	$	2,344	$	2,414	$	2,450	$	2,475	$	2,488	$	-
2011				1,018		2,331		2,915		3,177		3,378		3,476		3,532		3,562		3,577		-
2012						840		2,709		3,404		3,768		3,985		4,113		4,145		4,178		-
2013								734		1,570		1,847		2,040		2,188		2,300		2,325		-
2014										913		1,761		2,113		2,326		2,466		2,558		-
2015												1,037		1,871		2,237		2,491		2,617		-
2016														1,000		2,027		2,361		2,612		-
2017																1,360		3,070		3,792		-
2018																		1,060		2,663		-
2019																				1,138		-
Total																			$	27,948	$	-

Reserving Process and Methodology

U.S. Property products include commercial, industrial and energy-related property insurance products and services that cover exposures to manmade and natural disasters, including business interruption. U.S. Special Risk products include aerospace, environmental, political risk, trade credit, surety and marine insurance, and program business for various small and medium sized enterprises insurance lines. The program segments include both property and casualty exposures.

We primarily segment our analysis by line of business. Additionally, we separately review various subsets, including hull, cargo, and liability for marine business, aviation and satellite for aerospace business, and various other specific programs and product lines.

Frequency/severity methods, loss development methods, and IBNR factor methods are used alone or in combination to set reserves for short-tail classes such as U.S. Property.

IBNR factor methods are used when the nature of losses is low frequency/high severity. The IBNR factors, when applied to earned premium, generate the ultimate expected losses (or other exposure measure) yet to be reported. The factors are determined based on prior accident quarters’ loss costs adjusted to reflect current cost levels and the historical emergence of those loss costs. The factors are continually reevaluated to reflect emerging claim experience, rate changes or other factors that could affect the adequacy of the IBNR factor being employed.

We generally use a combination of loss development methods and expected loss ratio methods for aviation exposures. Aviation claims are not very long-tail in nature; however, they are driven by claim severity. Thus a combination of both development and expected loss ratio methods is used for all but the latest accident year to determine the loss reserves. Frequency/severity methods are not employed due to the high severity nature of the claims and different mix of claims from year to year.

We generally use loss development methods for fidelity exposures for all but the latest accident year. We also use claim department projections of the ultimate value of each reported claim to supplement and inform the standard actuarial approaches and some weight is given to this method in the more recent accident years. The claims staff also provides specific estimates to assist in the setting of reserves for natural catastrophe losses.

For program business, we use methods which vary by line of business. For property classes, we use methods similar to those noted above. For liability classes, we use methods similar to those described in the casualty sections detailed above.

Expected loss ratio methods are used to determine the loss reserves for the latest accident year. We also use ground-up claim projections provided by our claims staff to assist in developing the appropriate reserve.

Prior Year Development

During 2019, we recognized $204 million of favorable prior year development in U.S. Property and Special Risks driven largely by favorable development on the 2017 Hurricanes (Harvey, Irma, Maria) as well as subrogation recoverable on the 2017 California Wildfires and by favorable emergence on non-Catastrophe Commercial Property, Program and Specialty classes.

During 2018, we recognized $497 million of favorable prior year development in U.S. Property and Special Risks driven largely by favorable development on the 2017 Catastrophes as well as favorable emergence on non-Catastrophe Commercial Property, and Program and Specialty classes.

During 2017, we recognized $115 million of unfavorable prior year development primarily driven by commercial auto business in the program business unit. A significant portion of this development came from accident year 2016 with much of it related to programs that have been terminated over the past year. We also experienced some individual severe loss experience, also mostly related to accident year 2016 in other lines of business including aviation, surety, and marine; however, this was largely offset by favorable development in commercial property.

U.S. Personal Insurance

During 2019, we recognized $96 million of favorable prior year development in U.S. Personal Insurance, net of external reinsurance but before ADC cessions, mainly due favorable development from the 2017 Catastrophes.

During 2018, we recognized $255 million of unfavorable prior year development in U.S. Personal Insurance, net of external reinsurance but before ADC cessions, mainly due to catastrophe development from accident year 2017.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,843	$	1,809	$	1,819	$	1,819	$	1,820	$	1,819	$	1,817	$	1,817	$	1,815	$	1,815	$	-	$	1	422,774	$	(1)	$	(1)	$	1,814	$	-
2011				1,886		1,908		1,896		1,891		1,890		1,886		1,881		1,879		1,878		(1)		1	413,127		(1)		(1)		1,877		-
2012						2,208		2,128		2,109		2,083		2,077		2,094		2,095		2,099		4		1	403,920		(1)		(1)		2,098		-
2013								1,887		1,816		1,803		1,782		1,780		1,776		1,777		1		1	335,158		(1)		(1)		1,776		-
2014										1,552		1,562		1,572		1,572		1,583		1,584		1		4	274,703		(4)		(3)		1,580		1
2015												1,511		1,498		1,494		1,483		1,482		(1)		9	260,468		(6)		(5)		1,476		4
2016														1,536		1,533		1,533		1,540		7		23	246,354		-		-		1,540		23
2017																2,028		2,287		2,161		(126)		114	217,752		-		-		2,161		114
2018																		2,188		2,193		5		229	97,349		-		-		2,193		229
2019																				1,593				470	68,057		-		-		1,593		470
Total																			$	18,122	$	(110)				$	(14)	$			18,108
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(16,744)		-					-				(16,744)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				(71)		1					(6)				(77)
Unallocated loss adjustment expense prior year development																						13
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	1,307	$	(96)				$	(20)	$			1,287

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,816	$	1,816	$	1,814	$	1,814	$	-
2011		1,881		1,880		1,878		1,877		(1)
2012		2,088		2,091		2,093		2,098		5
2013		1,774		1,774		1,774		1,776		2
2014		1,564		1,564		1,571		1,580		9
2015		1,476		1,475		1,472		1,476		4
2016		1,536		1,533		1,533		1,540		7
2017		-		2,028		2,287		2,161		(126)
2018		-		-		2,188		2,193		5
2019		-		-		-		1,593		-
Total	$	12,135	$	14,161	$	16,610	$	18,108	$	(95)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(16,744)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(72)		(77)		(5)
Unallocated loss adjustment expense prior year development								-		15
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	1,287	$	(85)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(1)	$	(1)	$	(1)	$	(1)	$	-
2011		(5)		(1)		(1)		(1)		-
2012		11		(3)		(2)		(1)		1
2013		(8)		(6)		(2)		(1)		1
2014		(8)		(8)		(12)		(4)		8
2015		(22)		(19)		(11)		(6)		5
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(33)	$	(38)	$	(29)	$	(14)	$	15
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(3)		(6)		(3)
Unallocated loss adjustment expense prior year development										2
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(32)	$	(20)	$	14

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,205	$	1,669	$	1,736	$	1,772	$	1,794	$	1,803	$	1,808	$	1,810	$	1,812	$	1,813	$	-
2011				1,204		1,752		1,814		1,840		1,860		1,869		1,873		1,874		1,875		-
2012						1,238		1,936		1,996		2,035		2,065		2,079		2,085		2,095		-
2013								1,109		1,634		1,705		1,744		1,759		1,766		1,772		-
2014										959		1,380		1,463		1,507		1,536		1,555		-
2015												931		1,320		1,411		1,439		1,455		-
2016														857		1,344		1,422		1,460		-
2017																941		1,672		1,896		-
2018																		1,227		1,939		-
2019																				884		-
Total																			$	16,744	$	-

Reserving Process and Methodology

U.S. Personal Insurance consists of accident and health and personal lines. Accident and health products include voluntary and sponsor-paid personal accident and supplemental health products for individuals, employees, associations and other organizations as well as a broad range of travel insurance products and services for leisure and business travelers. Personal lines include automobile and homeowners’ insurance, extended warranty, and consumer specialty products, such as identity theft and credit card protection. Personal lines also provides insurance for high net worth individuals offered through AIG Private Client Group, including auto, homeowners, umbrella, yacht, fine art and collections insurance. Personal lines are generally short-tail in nature.

We primarily segment our analysis by line of business and may separately review various sub-segments, such as specific accident and health products and property damage versus liability for personal lines products.

Frequency/severity methods, loss development methods, and IBNR factor methods are used alone or in combination to set reserves for short-tail product lines such as personal property.

Frequency/severity and loss development methods are utilized for domestic personal auto product lines.

For these classes of business, reliance is placed on frequency/severity methods as claim counts emerge quickly for personal auto. Frequency/severity methods allow for more immediate analysis of resulting loss trends and comparisons to industry and other diagnostic metrics.

In general, development for U.S. Personal Insurance classes has been very stable, with only modest changes in the initial selected loss ratios for this business.

Prior Year Development

During 2019, we recognized $96 million of favorable prior year development in U.S. Personal Insurance driven largely by subrogation recoverable on the 2017 California Wildfires and favorable development from Hurricanes Harvey, Irma and Maria.

During 2018, we recognized $255 million of adverse prior year development in U.S. Personal Insurance driven largely by development on the California wildfires and Hurricane Irma in 2017.

During 2017, we recognized $16 million of unfavorable prior year development in U.S. Personal Insurance mainly due to homeowners business in accident year 2016, particularly from catastrophe activity. This was partially offset by favorable development in accident and health business.

UK/Europe Casualty and Financial Lines

During 2019, we recognized $161 million of unfavorable prior year development in Europe Casualty and Financial Lines driven by greater frequency of large losses than expected.

During 2018, we recognized $58 million of unfavorable prior year development in Europe Casualty and Financial Lines driven by greater frequency of large losses than expected.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	1,303	$	1,282	$	1,303	$	1,325	$	1,273	$	1,308	$	1,288	$	1,358	$	1,339	$	1,336	$	(3)	$	30	278,205
2011				1,257		1,212		1,288		1,336		1,424		1,432		1,479		1,456		1,453		(3)		53	267,537
2012						1,088		1,065		1,029		1,111		1,171		1,148		1,205		1,199		(6)		50	220,502
2013								1,041		1,082		1,063		1,044		1,079		1,114		1,171		57		87	187,469
2014										1,040		1,011		1,035		1,042		1,037		1,062		25		128	178,140
2015												1,097		1,236		1,279		1,176		1,237		61		251	192,412
2016														1,317		1,458		1,498		1,505		7		296	229,131
2017																1,349		1,326		1,286		(40)		500	245,792
2018																		1,376		1,423		47		611	250,301
2019																				1,301				936	210,025
Total																			$	12,973	$	145
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(7,417)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				678		9
Unallocated loss adjustment expense prior year development																						7
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,234	$	161

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	130	$	377	$	584	$	750	$	882	$	975	$	1,039	$	1,093	$	1,111	$	1,162
2011				125		345		522		757		899		1,021		1,129		1,193		1,245
2012						106		303		444		626		756		845		946		998
2013								90		338		487		627		741		856		930
2014										72		259		410		530		631		696
2015												71		240		433		569		685
2016														120		380		588		778
2017																97		282		449
2018																		114		374
2019																				100
Total																			$	7,417

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Reserving Process and Methodology

UK/Europe is our largest non-U.S. region for Liability and Financial Lines. UK/Europe Casualty and Financial Lines is composed of third-party coverages including general liability, auto liability, D&O, professional liability and various other lines of business throughout both the UK and Continental Europe. These lines of business are all long-tail in nature and while somewhat diverse in terms of exposures, these lines are often subject to similar trends. These lines are impacted by the underwriting cycle and external judicial trends. The largest share of business is in the UK, but significant business is also written in other European countries such as Germany, France, and Italy.

We primarily segment our analysis by country and line of business. Additionally, we separately review various product lines, including excess versus primary casualty, commercial versus financial institutions management liability, and other specific programs and subsets of business. We maintain a database of detailed historical premium and loss transactions in original currency for business written outside of the U.S. which allows our actuaries to determine loss reserves without foreign exchange distorting development.

We generally use a combination of loss development methods and expected loss ratio methods. For countries and lines of business with sufficient loss volume, loss development methods may be given significant weight for all but the most recent accident years. For smaller countries and more volatile product lines, loss development methods are typically given limited weight for recent accident years. Further, we may rely on larger data subsets in determining the loss development factors and a priori loss ratio assumptions.

In general, the loss development for long-tail lines in UK/Europe has been more stable than the development in U.S. long-tail lines, although some underlying drivers have affected the results in a similar manner (e.g. the impact of the financial crisis in accident years 2008 and 2009).

Prior Year Development

During 2019, we recognized $161 million of unfavorable prior year development in UK and Europe Casualty and Financial Lines driven by increased large loss activity in recent accident years, particularly related to UK directors and officers class action suits against insureds with global exposure, and increased frequency and severity in European casualty for auto liability and employers liability. This was slightly offset by a benefit from an increase in the Ogden rates in the UK used to value long duration claims.

During 2018, we recognized $58 million of unfavorable prior year development in UK/Europe Casualty and Financial Lines driven by increased large loss activity in recent accident years, particularly related to directors and officers class action suits against insureds with global exposure; and increased severity in excess casualty.

During 2017 we recognized $507 million of unfavorable prior year development in UK/Europe casualty and Financial Lines. We observed a significant increase in large claims activity across multiple segments, notably excess casualty business and D&O and professional liability coverages for financial institutions. This experience was spread across multiple accident years but had the largest impact on accident year 2016 and accident years 2008 and prior. We increased loss development assumptions for Financial Lines business in consideration of the increased loss activity experienced in older accident years and increased expected loss ratios for more recent accident years. For Casualty lines, we increased loadings for large losses, particularly in the more recent accident years. In addition, we increased our loss reserves as a result of the decision made by the U.K. Ministry of Justice to reduce the discount rate applied to lump-sum bodily injury payouts, known as the Ogden rate.

UK/Europe Property and Special Risks

During 2019, we recognized $108 million of favorable prior year development in the UK/Europe Property and Special Risks segment, net of external reinsurance.

During 2018, we recognized $22 million of favorable prior year development in the UK/Europe Property and Special Risks segment, net of external reinsurance.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	1,475	$	1,471	$	1,396	$	1,336	$	1,313	$	1,291	$	1,289	$	1,286	$	1,272	$	1,278	$	6	$	9	47,625
2011				1,383		1,336		1,222		1,188		1,158		1,146		1,143		1,134		1,131		(3)		10	48,985
2012						1,320		1,219		1,148		1,132		1,114		1,119		1,102		1,096		(6)		(2)	44,096
2013								1,421		1,415		1,306		1,286		1,271		1,260		1,240		(20)		3	43,932
2014										1,474		1,499		1,479		1,469		1,478		1,452		(26)		16	52,060
2015												1,601		1,538		1,518		1,476		1,451		(25)		23	57,667
2016														1,558		1,704		1,697		1,702		5		31	59,637
2017																1,678		1,642		1,634		(8)		76	55,694
2018																		1,650		1,654		4		148	45,564
2019																				1,248				462	25,179
Total																			$	13,886	$	(73)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(11,335)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				22		(28)
Unallocated loss adjustment expense prior year development																						(7)
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	2,573	$	(108)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	424	$	908	$	1,086	$	1,177	$	1,215	$	1,244	$	1,253	$	1,260	$	1,266	$	1,255
2011				336		772		966		1,040		1,065		1,082		1,090		1,098		1,101
2012						277		721		912		980		1,026		1,052		1,062		1,068
2013								331		815		1,042		1,118		1,168		1,189		1,197
2014										318		927		1,211		1,280		1,319		1,346
2015												347		931		1,215		1,328		1,351
2016														460		1,120		1,373		1,512
2017																355		966		1,237
2018																		319		988
2019																				280
Total																			$	11,335

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Reserving Process and Methodology

UK/Europe Property products include commercial, industrial and energy-related property insurance products and services that cover exposures to manmade and natural disasters, including business interruption. UK/Europe Special Risk products include aerospace, environmental, political risk, trade credit, surety and marine insurance, and various small and medium sized enterprises insurance lines.

Frequency/severity methods, loss development methods, and IBNR factor methods are used alone or in combination to set reserves for short-tail classes such as UK/Europe Property.

We generally use loss development methods for fidelity exposures for all but the latest accident year. We also use claim department projections of the ultimate value of each reported claim to supplement and inform the standard actuarial approaches and some weight is given to this method in the more recent accident years. The claims staff also provides specific estimates to assist in the setting of reserves for natural catastrophe losses.

Prior Year Development

During 2019, we recognized $108 million of favorable prior year development in the Europe Property and Special Risks segment driven by favorable development in Commercial Property and Specialty classes including aviation and marine.

During 2018, we recognized $22 million of favorable prior year development in the Europe Property and Special Risks segment driven by favorable development across most accident years with some adverse development in accident years 2014 and 2016.

During 2017, we recognized $157 million of unfavorable prior year development, primarily from accident years 2015 and 2016. This was largely driven by large individual claim development in the property, aviation, marine, and trade credit lines of business.

UK/Europe and Japan Personal Insurance

During 2019, we recognized $119 million of favorable prior year development in UK/Europe and Japan Personal Insurance, net of external reinsurance.

During 2018, we recognized $116 million of favorable prior year development in UK/Europe and Japan Personal Insurance, net of external reinsurance.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	3,024	$	3,072	$	3,073	$	3,061	$	3,062	$	3,057	$	3,083	$	3,063	$	3,061	$	3,061	$	-	$	3	1,820,113
2011				3,332		3,394		3,360		3,361		3,350		3,353		3,345		3,344		3,343		(1)		4	1,778,510
2012						2,933		2,916		2,897		2,882		2,891		2,881		2,877		2,876		(1)		5	1,730,216
2013								2,780		2,779		2,745		2,745		2,740		2,736		2,733		(3)		7	1,735,489
2014										2,738		2,748		2,730		2,727		2,718		2,718		-		10	1,793,862
2015												2,806		2,780		2,783		2,772		2,769		(3)		17	1,773,628
2016														2,755		2,748		2,734		2,726		(8)		31	1,798,299
2017																2,693		2,609		2,590		(19)		64	1,715,573
2018																		3,396		3,312		(84)		196	1,848,711
2019																				2,466				404	1,708,106
Total																			$	28,594	$	(119)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(26,676)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				44		-
Unallocated loss adjustment expense prior year development																						-
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	1,962	$	(119)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	1,737	$	2,547	$	2,796	$	2,908	$	2,967	$	3,001	$	3,021	$	3,032	$	3,040	$	3,047
2011				2,031		2,846		3,085		3,200		3,264		3,293		3,310		3,320		3,325
2012						1,642		2,402		2,634		2,743		2,800		2,830		2,848		2,856
2013								1,527		2,279		2,500		2,608		2,665		2,695		2,709
2014										1,498		2,253		2,478		2,590		2,648		2,672
2015												1,516		2,291		2,516		2,637		2,681
2016														1,517		2,254		2,475		2,582
2017																1,482		2,208		2,401
2018																		1,895		2,920
2019																				1,483
Total																			$	26,676

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Reserving Process and Methodology

UK/Europe and Japan Personal Insurance lines consist of accident and health and personal lines. Accident and health products include voluntary and sponsor-paid personal accident and supplemental health products for individuals, employees, associations and other organizations as well as a broad range of travel insurance products and services for leisure and business travelers. Personal lines include automobile and homeowners’ insurance, extended warranty, and consumer specialty products, such as identity theft and credit card protection. Personal lines are generally short-tail in nature.

We primarily segment our analysis by line of business (and by country for UK/Europe and Japan business) and may separately review various sub-segments, such as specific accident and health products and property damage versus liability for other personal lines products.

Frequency/severity methods, loss development methods, and IBNR factor methods are used alone or in combination to set reserves for short-tail product lines such as personal property.

Frequency/severity and loss development methods are utilized for domestic personal auto product lines.

In general, development for UK/Europe and Japan Personal Insurance classes has been very stable, with only modest changes in the initial selected loss ratios for this business.

Prior Year Development

During 2019, we recognized $119 million of favorable prior year development in UK/Europe and Japan Personal Insurance due to favorable loss trends in personal auto and accident and health business.

During 2018, we recognized $116 million of favorable prior year development in UK/Europe and Japan Personal Insurance due to favorable emergence on catastrophes, accident and health business, and personal auto business.

During 2017, we recognized $58 million of favorable development, mainly driven by the accident and health business.

U.S. Run-Off Long Tail Insurance Lines

During 2019, the U.S. Run-Off Long Tail Insurance Lines experienced favorable prior year development of $4 million, net of external reinsurance.

During 2018, the U.S. Run-Off Long Tail Insurance Lines experienced favorable prior year development of $4 million, net of external reinsurance.

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	640	$	528	$	534	$	557	$	585	$	582	$	611	$	565	$	559	$	563	$	4	$	55	8,556
2011				534		542		576		641		676		685		700		687		694		7		87	7,826
2012						629		678		741		786		751		752		702		692		(10)		37	4,082
2013								482		533		589		570		528		511		507		(4)		11	2,568
2014										379		475		453		459		383		375		(8)		64	2,370
2015												439		523		550		503		504		1		101	2,397
2016														294		285		274		269		(5)		55	1,684
2017																197		238		232		(6)		130	648
2018																		76		119		43		59	307
2019																				69				42	127
Total																			$	4,024	$	22
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(2,951)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				3,362		(46)
Unallocated loss adjustment expense prior year development																						20
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	4,435	$	(4)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	57	$	149	$	243	$	321	$	404	$	435	$	455	$	464	$	473	$	487
2011				21		140		259		385		449		532		549		559		578
2012						86		194		286		414		481		498		525		534
2013								87		154		261		321		368		390		414
2014										21		96		185		233		262		268
2015												35		132		238		320		337
2016														53		140		163		178
2017																13		59		84
2018																		33		47
2019																				24
Total																			$	2,951

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Reserving Process and Methodology

U.S. Run-Off Long Tail Insurance Lines include run-off lines for asbestos and environmental (1986 and prior), excess workers’ compensation, and other casualty coverages consisting of environmental impairment liability and related coverages, medical malpractice, workers’ compensation, and general liability. In some cases, the exposures in the more recent years have declined since the portfolio is in run-off.

Asbestos and Environmental (1986 and prior)

Asbestos coverage has been excluded from AIG policies commencing in 1985. Most of AIG’s asbestos claims exposures are ceded to NICO under a retroactive reinsurance arrangement entered into in 2011. Many of other asbestos-related exposures are very long-tailed in nature and with exposures dating back 30 years or more. We consider a number of factors and recent experience in addition to the results of both external and internal analyses, to estimate asbestos and pre-1986 environmental loss reserves. We primarily base our determination of these loss reserves on a combination of ground-up and top-down analyses of historical claims and available insurance coverages. Nonetheless, we believe that significant uncertainty remains as to our ultimate liability for asbestos and environmental claims, which is due to several factors, including:

the long latency period between asbestos exposure and disease manifestation, and pollution events occurring undetected over many years, leading to the potential for involvement of multiple policy periods for individual claims;

claims filed under the non-aggregate premises or operations section of general liability policies;

the number of insureds seeking bankruptcy protection and the effect of prepackaged bankruptcies;

diverging legal interpretations; and

the difficulty in estimating the allocation of remediation cost among various parties with respect to environmental claims.

Loss reserves for asbestos and environmental claims cannot be estimated using conventional reserving techniques such as those that rely on historical accident year loss development factors. The methods used to determine asbestos and environmental loss estimates and to establish the resulting reserves are continually reviewed and updated by management.

Excess Workers’ Compensation

Excess workers’ compensation has an extremely long tail and is one of the most challenging lines of business from a reserving perspective, particularly when the excess coverage is provided above a self-insured retention layer. The class is highly sensitive to small changes in assumptions (for example — in the rate of medical inflation or the longevity of injured workers) which can have a significant effect on the ultimate reserve cost estimate.

Excess workers’ compensation business was written over qualified self-insurance by various divisions beginning in the 1980’s. In 1992, this business was consolidated into one division where it continued writing business up until 2011, when it was effectively put into runoff. In this book of business, the claims are not handled (or administered) by AIG General Insurance claims personnel, but are administered by the client’s designated TPA. However, AIG General Insurance claims personnel maintain an oversight role over these TPAs and claims.

Loss and loss adjustment expense liability estimates for excess workers’ compensation exposures are subject to additional uncertainties, due to the following:

claim settlement time is longer than most other casualty lines, due to the lifetime benefits that can be expected to payout on certain claims;

coverage statutes that vary by state; and

future medical inflation costs are difficult to estimate

For this business, a combination of traditional methods (paid and incurred loss development) and non-traditional methods (individual claim annuity model, report yea incurred loss development, and pure IBNR count/severity methods) are used to estimate loss and loss expense liability estimates. Loss data is segmented so as to reflect the anomalies in the historical data due to the various loss mitigation initiatives employed over the last several years.

Other Casualty Run-Off

As noted above, other legacy exposures include environmental impairment liability and related coverages, medical malpractice, workers’ compensation, and general liability. Depending on the individual class or lines of business reviewed, either traditional methods (i.e. paid loss development, incurred loss development), non-traditional methods (such as paid survival ratio or IBNR-to-case ratio methods) or a combination of the two are used. In addition, for some of the environmental impairment liability related coverage, approaches based on individual claim department estimates for large remediation sites are extensively included as part of the overall actuarial estimates for environmental impairment liability related exposures.

Prior Year Development

During 2019, the U.S. Run-Off Long Tail Insurance Lines recognized $4 million of favorable prior year development with unfavorable development on pre-1986 pollution business offset by favorable development in Excess Workers Compensation.

During 2018, the U.S. Run-Off Long Tail Insurance Lines recognized $4 million of favorable prior year development with adverse development on pre-1986 pollution business offset by favorable development in Excess Auto Liability, Environmental, and Healthcare Lines.

During 2017, the U.S. Run-Off Long Tail Insurance Lines recognized $30 million of favorable prior year development.

Asbestos and Environmental (1986 and prior)

In 2019, we recognized no change on the retained portion of asbestos claims. The development on the portion of the asbestos business ceded to NICO was unfavorable by $1 million on a gross basis, but had no net impact. For environmental, we recognized approximately $95 million in unfavorable prior year development as a result of adverse claim emergence and top-down actuarial analyses performed during the year.

In 2018, we recognized no change on the retained portion of asbestos claims. The development on the portion of the asbestos business ceded to NICO was unfavorable by $96 million on a gross basis, but had no net impact. For environmental, we recognized $150 million in unfavorable prior year development as a result of adverse claim emergence and top-down actuarial analyses performed during the year.

In 2017, we recognized favorable net prior year development of $37 million on the retained portion of asbestos claims. This was primarily due to additional reinsurance recoveries identified for this portfolio. The development on the portion of the asbestos business ceded to NICO was unfavorable by $50 million on a gross basis, but had no net impact. For environmental, we recognized $22 million in unfavorable prior year development in consideration of activity related to several large clean-up sites and related accounts as well as a result of top-down actuarial analyses performed during the year. As part of this analysis, we increased our estimates of unallocated loss adjustment expense reserves for such claims, which were partially offset by a decrease in indemnity reserves.

Excess Workers’ Compensation

During 2019, we recognized favorable development in this segment during 2019 of approximately $100 million in recognition of favorable trends seen over the last three years. There were no changes during 2018 or 2017. The proactive management of settlement negotiations and other claims mitigation strategies minimized the volatility observed during this period.

Other Casualty Run-Off

During 2019, prior year development was flat across these segments.

During 2018, prior year development was favorable by $154 million driven by favorable emergence on runoff excess trucking, Environmental and Healthcare segments and other runoff lines.

In 2017, the net prior year development for the remaining legacy was favorable by $15 million. We experienced favorable development on runoff medical malpractice and environmental impairment liability business, which was partially offset by net unfavorable development on other casualty segments.

The table below presents the reconciliation of change in net ultimates from tables above to prior year development for the year ended December 31, 2019:


	Change in Loss and Loss Adjustment Expenses Net Ultimate^(a)		Re-Attribution of ADC Recovery^(b)		Amortization of Deferred Gain at Inception		Prior Year Development

(in millions)
U.S. Workers' Compensation	$	(192)	$	(178)	$	(72)	$	(442)
U.S. Excess Casualty		26		55		(55)		26
U.S. Other Casualty		188		25		(53)		160
U.S. Financial Lines		326		1		(37)		290
U.S. Property and Special risks		(288)		114		(13)		(187)
U.S. Personal Insurance		(85)		(17)		(2)		(104)
UK/Europe Casualty and Financial lines		161		-		-		161
UK/Europe Property and Special risks		(108)		-		-		(108)
UK/Europe and Japan Personal Insurance		(119)		-		-		(119)
U.S. Run-Off Long Tail Insurance Lines		(4)		-		-		(4)
Other product lines		33		-		-		33
Subtotal, adjusted pre-tax basis	$	(62)	$	-	$	(232)	$	(294)

Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception								232
Prior year development ceded under the Asbestos LPT								(1)
Prior year development ceded under the ADC								(277)
Total, prior years, excluding discount and amortization of deferred gain							$	(340)

(a)Change in net ultimate loss and LAE excludes the portion of prior year development for which we have ceded to the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. Amounts shown exclude $30 million of pre-acquisition prior year development from Validus. Validus' pre-acquisition development is included in the 10-year triangles shown above but is not included in AIG's financial results. (b)Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded.

Development on earlier Accident Years

The following table summarizes (favorable) unfavorable development, of incurred losses and loss adjustment expenses on accident years beyond the 10 years shown in the previous section’s development triangles by operating segment and major class of business:

Years Ended December 31,
(in millions)		2019		2018		2017
U.S. Workers' compensation (before discount)	$	(210)	$	153	$	(7)
U.S. Excess casualty		54		537		164
U.S. Other casualty		(170)		129		(8)
U.S. Financial Lines		11		(1)		(34)
U.S. Property and Special risks		(3)		39		11
U.S. Personal Insurance		1		2		9
UK/Europe Casualty and Financial Lines		9		1		169
UK/Europe Property and Special risks		(28)		3		(6)
UK/Europe and Japan Personal Insurance		-		9		3
U.S. Run-Off Long Tail Insurance Lines (before discount)		(46)		154		(44)
All Other including unallocated loss adjustment expenses		116		137		178
Total prior year (favorable) unfavorable development	$	(266)	$	1,163	$	435

Claims Payout Patterns

The following table presents the historical average annual percentage claims payout on an accident year basis at the same level of disaggregation as presented in the claims development table.

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Workers' compensation	13.8	%	17.4	%	12.5	%	8.5	%	6.9	%	4.6	%	3.3	%	2.3	%	1.7	%	1.5	%
U.S. Excess casualty	0.7		8.2		11.3		14.2		12.8		11.1		8.2		8.3		2.7		1.4
U.S. Other casualty	8.6		14.8		15.5		15.1		12.5		8.6		6.1		3.2		3.2		1.6
U.S. Financial Lines	4.2		18.0		21.6		16.7		13.1		8.7		5.4		5.0		1.4		1.7
U.S. Property and Special risks	30.6		35.2		13.5		8.0		5.2		3.7		1.5		1.0		0.7		0.5
U.S. Personal Insurance	58.6		29.8		5.1		2.1		1.2		0.6		0.3		0.2		0.1		0.1
UK/Europe Casualty and Financial Lines	7.9		16.9		13.6		13.0		9.9		7.7		6.7		4.3		2.5		3.8
UK/Europe Property and Special risks	25.1		39.4		17.2		6.7		2.9		1.9		0.7		0.6		0.4		(0.9)
UK/Europe and Japan Personal Insurance	57.1		27.4		7.9		3.9		1.9		1.0		0.6		0.3		0.2		0.2
U.S. Run-Off Long Tail Insurance Lines	14.2		18.4		16.6		13.8		9.0		5.1		3.7		1.5		2.2		2.5

Discounting of Loss Reserves

At December 31, 2019, the loss reserves reflect a net loss reserve discount of $1.5 billion, including tabular and non-tabular calculations based upon the following assumptions:

Certain asbestos claims are discounted when allowed by the regulator and when payments are fixed and determinable, based on the investment yields of the companies and the payout pattern for the claims.

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 our 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. In 2012, for Pennsylvania companies, the statute has specified 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 and in 2014, our Pennsylvania and Delaware regulators, respectively, 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 and Delaware-domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios.

The discount consists of $582 million and $603 million of tabular discount, and $967 million and $1.4 billion of non-tabular discount for workers’ compensation at December 31, 2019 and 2018, respectively. During the years ended December 31, 2019, 2018, and 2017 the benefit/(charge) from changes in discount of $(955) million, $371 million and ($187) million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Consolidated Statement of Income.

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

	December 31, 2019						December 31, 2018
	North America						North America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,134	$	666	$	2,800	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,251)		-		(1,251)		(1,720)		-		(1,720)
Total reserve discount^*	$	883	$	666	$	1,549	$	1,062	$	973	$	2,035

* Excludes $172 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at December 31, 2019 and 2018, respectively.

The following table presents the net loss reserve discount benefit (charge):

Years Ended December 31,	2019						2018						2017
	North						North						North
	America						America						America
	Commercial			Legacy			Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	108	$	-	$	108	$	119	$	-	$	119	$	114	$	-	$	114
Accretion and other adjustments
to prior year discount		(229)		(87)		(316)		(108)		(58)		(166)		(186)		(44)		(230)
Effect of interest rate changes		(527)		(220)		(747)		305		113		418		(46)		(25)		(71)
Net reserve discount
benefit (charge)		(648)		(307)		(955)		316		55		371		(118)		(69)		(187)
Change in discount on loss
reserves ceded under
retroactive reinsurance		469		-		469		(180)		-		(180)		(1,539)		-		(1,539)
Net change in total
reserve discount^*	$	(179)	$	(307)	$	(486)	$	136	$	55	$	191	$	(1,657)	$	(69)	$	(1,726)

*Excludes $9 million and $(9) million of discount related to certain long tail liabilities in the United Kingdom at December 31, 2019 and 2018, respectively.

During 2019, effective interest rates declined due to a decrease in the forward yield curve component of the discount rates reflecting a decline in U.S. Treasury rates along with changes in payout pattern assumptions. This resulted in a decrease in the loss reserve discount by $747 million in 2019.

During 2018, effective interest rates increased due to an increase in the forward yield curve component of the discount rates reflecting an incline in U.S. Treasury rates along with the changes in payout pattern assumptions. This resulted in an increase in the loss reserve discount by $418 million in 2018.

During 2017, effective interest rates declined due to a decrease in the forward yield curve component of the discount rates reflecting a decline in U.S. Treasury rates along with the changes in payout pattern assumptions. This resulted in a decrease in the loss reserve discount by $71 million in 2017.

Future Policy Benefits

Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant has agreed to settle a general insurance claim in exchange for fixed payments over a fixed determinable period of time with a life contingency feature. In addition, reserves for contracts in loss recognition are adjusted to reflect the effect of unrealized gains on fixed maturity securities available for sale and prior to 2018, equity securities at fair value, with related changes recognized through Other comprehensive income.

Future policy benefits also include certain guaranteed benefits of variable annuity products that are not considered embedded derivatives, primarily guaranteed minimum death benefits.

For additional information on guaranteed minimum death benefits see Note 15 herein.

The liability for long-duration future policy benefits has been established including assumptions for interest rates which vary by year of issuance and product, and range from approximately 0.2 percent to 14.6 percent. Mortality and surrender rate assumptions are generally based on actual experience when the liability is established.

Policyholder Contract Deposits

The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited at rates ranging from 0.3 percent to 10.0 percent at December 31, 2019, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues, because they are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included in revenues.

In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (a) certain guaranteed benefits and indexed features accounted for as embedded derivatives at fair value, (b) annuities issued in a structured settlement arrangement with no life contingency and (c) certain contracts we have elected to account for at fair value.

For additional information on guaranteed benefits accounted for as embedded derivatives see Note 15 herein.

For universal life policies with secondary guarantees, we recognize certain liabilities in addition to policyholder account balances. For universal life policies with secondary guarantees, as well as other universal life policies for which profits followed by losses are expected at contract inception, a liability is recognized based on a benefit ratio of (a) the present value of total expected payments, in excess of the account value, over the life of the contract, divided by (b) the present value of total expected assessments over the life of the contract. For universal life policies without secondary guarantees, for which profits followed by losses are first expected after contract inception, we establish a liability, in addition to policyholder account balances, so that expected future losses are recognized in proportion to the emergence of profits in the earlier (profitable) years. Universal life account balances as well as these additional liabilities related to universal life products are reported within Policyholder contract deposits in the Consolidated Balance Sheet. These additional liabilities are also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale and prior to 2018, equity securities at fair value on accumulated assessments, with related changes recognized through Other comprehensive income. The policyholder behavior assumptions for these liabilities include mortality, lapses and premium persistency. The capital market assumptions used for the liability for universal life secondary guarantees include discount rates and net earned rates.

Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by GICs issued to the trust by one of our Life and Retirement companies through our Institutional Markets business.

The following table presents universal life policies with secondary guarantees and similar features (excluding base policy liabilities and embedded derivatives):

	Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	2,640	$	2,351	$	2,095
Incurred guaranteed benefits^*		514		758		705
Paid guaranteed benefits		(469)		(469)		(449)
Balance, end of year	$	2,685	$	2,640	$	2,351

*Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves.

The following table presents details concerning our Universal life policies with secondary guarantees and similar features, by benefit type:

At December 31,
(dollars in millions)		2019		2018
Account value	$	2,850	$	2,665
Net amount at risk		59,924		54,161
Average attained age of contract holders		54		55

The following table presents Policyholder contract deposits by product line:

At December 31,
(in millions)		2019		2018
Policyholder contract deposits:
Fixed Annuities	$	50,452	$	49,695
Group Retirement		42,207		41,212
Life Insurance		13,930		12,829
Variable and Index Annuities		30,878		24,378
Institutional Markets		9,929		9,497
Legacy Portfolio		4,473		4,651
Total Policyholder contract deposits	$	151,869	$	142,262

Other Policyholder Funds

Other policyholder funds include unearned revenue reserves (URR). URR consist of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. URR for investment-oriented contracts are generally deferred and amortized, with interest, in relation to the incidence of estimated gross profits (EGPs) to be realized over the estimated lives of the contracts and are subject to the same adjustments due to changes in the assumptions underlying EGPs as DAC. Amortization of URR is recorded in Policy fees. Similar to shadow DAC, URR related to investment-oriented products is also adjusted to reflect the effect of unrealized gains or losses on fixed maturity securities available for sale and also, prior to 2018, equity securities at fair value on estimated gross profits, with related changes recognized through Other comprehensive income (shadow URR).

Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 1.3 percent of gross insurance in force at December 31, 2019 and 1.8 percent of gross domestic premiums and other considerations in 2019. The amount of annual dividends to be paid is approved locally by the boards of directors of the Life and Retirement companies. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the local insurance regulations of the jurisdictions in which the policies are in force.

Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance.

VARIABLE LIFE AND ANNUITY CONTRACTS

12 Months Ended

Dec. 31, 2019

VARIABLE LIFE AND ANNUITY CONTRACTS

VARIABLE LIFE AND ANNUITY CONTRACTS

15. Variable Life and Annuity Contracts

We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and reported as Separate account assets, with an equivalent summary total reported as Separate account liabilities.

Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for guaranteed minimum death benefits (GMDB) or guaranteed minimum withdrawal benefits (GMWB) included in Future policy benefits or Policyholder contract deposits, respectively.

Amounts assessed against the contract holders for mortality, administrative and other services are included in revenue. Net investment income, net investment gains and losses, changes in fair value of assets, and policyholder account deposits and withdrawals related to separate accounts are excluded from the Consolidated Statements of Income, Comprehensive Income (Loss) and Cash Flows.

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWB. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive (except a surviving spouse who has a rider to potentially collect both a GMDB upon their spouse’s death and a GMWB during their lifetime). A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features.

Account balances of variable annuity contracts with guarantees were invested in separate account investment options as follows:

At December 31,
(in millions)		2019		2018
Equity funds	$	51,383	$	43,059
Bond funds		7,881		7,231
Balanced funds		26,659		24,100
Money market funds		765		787
Total	$	86,688	$	75,177

GMDB

Depending on the contract, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return (and in rare instances, no minimum return) or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary. GMDB is our most widely offered benefit.

The liability for GMDB, which is recorded in Future policy benefits, represents the expected value of benefits in excess of the projected account value, with the excess recognized ratably over the accumulation period based on total expected assessments, through Policyholder benefits and losses incurred. The net amount at risk for GMDB represents the amount of benefits in excess of account value if death claims were filed on all contracts on the balance sheet date.

The following table presents details concerning our GMDB exposures, by benefit type:

At December 31,	2019				2018
		Net Deposits				Net Deposits
		Plus a Minimum		Highest Contract		Plus a Minimum		Highest Contract
(dollars in billions)		Return		Value Attained		Return		Value Attained
Account value	$	98	$	16	$	89	$	15
Net amount at risk		1		-		1		1
Average attained age of contract holders by product		65		71		63		68
Range of guaranteed minimum return rates		0.00%-4.50%				0.00%-4.50%

The following summarizes GMDB liability related to variable annuity contracts, excluding assumed reinsurance:

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	397	$	352	$	402
Reserve increase (decrease)		35		93		(14)
Benefits paid		(40)		(43)		(42)
Changes in reserves related to unrealized appreciation of investments		15		(5)		6
Balance, end of year	$	407	$	397	$	352

Assumptions used to determine the GMDB liability include interest rates, which vary by year of issuance and products; mortality rates, which are based upon actual experience modified to allow for variations in policy form; lapse rates, which are based upon actual experience modified to allow for variations in policy form; investment returns, based on stochastically generated scenarios; and asset growth assumptions, which include a reversion to the mean methodology, similar to that applied for DAC. We regularly evaluate estimates used to determine the GMDB liability and adjust the additional liability balance, with a related charge or credit to Policyholder benefits and losses incurred, if actual experience or other evidence suggests that earlier assumptions should be revised.

GMWB

Certain of our variable annuity contracts contain optional GMWB benefits and, to a lesser extent, guaranteed minimum accumulation benefits, which are not currently offered. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is living.

The liabilities for GMWB, which are recorded in Policyholder contract deposits, are accounted for as embedded derivatives measured at fair value, with changes in the fair value of the liabilities recorded in Other net realized capital gains (losses). The fair value of these embedded derivatives was a net liability of $2.5 billion and $1.9 billion at December 31, 2019 and 2018, respectively.

For a discussion of the fair value measurement of guaranteed benefits that are accounted for as embedded derivatives see Note 6 herein.

We had account values subject to GMWB that totaled $45 billion and $41 billion at December 31, 2019 and 2018, respectively. The net amount at risk for GMWB represents the present value of minimum guaranteed withdrawal payments, in accordance with contract terms, in excess of account value, assuming no lapses. The net amount at risk related to the GMWB guarantees was $328 million and $215 million at December 31, 2019 and 2018, respectively. We use derivative instruments and other financial instruments to mitigate a portion of our exposure that arises from GMWB benefits.

DEBT

12 Months Ended

Dec. 31, 2019

DEBT

DEBT

16. Debt

Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable.

The following table lists our total debt outstanding at December 31, 2019 and 2018. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2019, including fixed and variable-rates:

				Balance at		Balance at
At December 31, 2019	Range of	Maturity		December 31,		December 31,
(in millions)	Interest Rate(s)	Date(s)			2019		2018
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	0% - 8.13%		2020 - 2097	$	20,467	$	20,853
Junior subordinated debt	4.88% - 8.63%		2037 - 2058		1,542		1,548
AIG Japan Holdings Kabushiki Kaisha	0.28% - 0.44%		2020 - 2021		344		331
AIGLH notes and bonds payable	6.63% - 7.50%		2025 - 2029		282		282
AIGLH junior subordinated debt	7.57% - 8.50%		2030 - 2046		361		361
Validus notes and bonds payable	8.88%		2040		353		359
Total AIG general borrowings					23,349		23,734
AIG borrowings supported by assets:^(a)
Series AIGFP matched notes and bonds payable	1.89% - 1.92%		2046 - 2047		21		21
GIAs, at fair value	1.79% - 7.62%		2020 - 2047		2,003		2,164
Notes and bonds payable, at fair value	0.50% - 10.37%		2030 - 2040		59		49
Total AIG borrowings supported by assets					2,083		2,234
Total debt issued or guaranteed by AIG					25,432		25,968
Other subsidiaries' notes, bonds, loans and mortgages
payable - not guaranteed by AIG	2.76% - 3.86%		2020 - 2028		47		168
Total long-term debt					25,479		26,136
Debt of consolidated investment entities - not guaranteed by AIG^(b)	0% - 9.31%		2020 - 2062		9,871		8,404
Total debt				$	35,350	$	34,540

(b)At December 31, 2019, includes debt of consolidated investment entities related to real estate investments of $3.2 billion, affordable housing partnership investments of $2.1 billion and other securitization vehicles of $4.6 billion. At December 31, 2018, includes debt of consolidated investment entities related to real estate investments of $3.7 billion, affordable housing partnership investments of $1.8 billion and other securitization vehicles of $2.9 billion.

The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):

December 31, 2019			Year Ending
(in millions)		Total		2020		2021		2022		2023		2024		Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	$	20,467	$	1,346	$	1,498	$	1,511	$	1,610	$	998	$	13,504
Junior subordinated debt		1,542		-		-		-		-		-		1,542
AIG Japan Holdings Kabushiki Kaisha		344		119		225		-		-		-		-
AIGLH notes and bonds payable		282		-		-		-		-		-		282
AIGLH junior subordinated debt		361		-		-		-		-		-		361
Validus notes and bonds payable		353		-		-		-		-		-		353
Total AIG general borrowings		23,349		1,465		1,723		1,511		1,610		998		16,042
AIG borrowings supported by assets:
Series AIGFP matched notes and
bonds payable		21		-		-		-		-		-		21
GIAs, at fair value		2,003		34		151		50		121		139		1,508
Notes and bonds payable, at fair value		59		-		-		-		-		-		59
Total AIG borrowings supported by assets		2,083		34		151		50		121		139		1,588
Total debt issued or guaranteed by AIG		25,432		1,499		1,874		1,561		1,731		1,137		17,630
Debt not guaranteed by AIG:
Other subsidiaries' notes, bonds, loans
and mortgages payable		47		37		2		1		1		1		5
Total debt not guaranteed by AIG		47		37		2		1		1		1		5
Total	$	25,479	$	1,536	$	1,876	$	1,562	$	1,732	$	1,138	$	17,635

Uncollateralized and collateralized notes, bonds, loans and mortgages payable consisted of the following:

		Uncollateralized		Collateralized
At December 31, 2019		Notes/Bonds/Loans		Loans and
(in millions)		Payable		Mortgages Payable		Total
AIG general borrowings	$	344	$	-	$	344
Other subsidiaries' notes, bonds, loans and mortgages payable^*		1		46		47
Total	$	345	$	46	$	391

*AIG does not guarantee any of these borrowings.

AIGLH Junior Subordinated Debentures

In connection with our acquisition of AIG Life Holdings, Inc. (AIGLH) in 2001, we entered into arrangements with AIGLH with respect to outstanding AIGLH capital securities. In 1996, AIGLH issued capital securities through a trust to institutional investors and funded the trust with AIGLH junior subordinated debentures issued to the trust with the same terms as the capital securities.

On July 11, 2013, the AIGLH junior subordinated debentures were distributed to holders of the capital securities, the capital securities were cancelled and the trusts were dissolved. At December 31, 2019, the junior subordinated debentures outstanding consisted of $113 million of 8.5 percent junior subordinated debentures due July 2030, $211 million of 8.125 percent junior subordinated debentures due March 2046 and $37 million of 7.57 percent junior subordinated debentures due December 2045, each guaranteed by AIG Parent.

Credit Facilities

We maintain a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in June 2022.

At December 31, 2019				Available		Effective
(in millions)		Size		Amount	Expiration	Date
Syndicated Credit Facility	$	4,500	$	4,500	June 2022	6/27/2017

CONTINGENCIES, COMMITMENTS AND GUARANTEES

12 Months Ended

Dec. 31, 2019

CONTINGENCIES, COMMITMENTS AND GUARANTEES

CONTINGENCIES, COMMITMENTS AND GUARANTEES

17. 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 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 may 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, indemnification 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. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage. For example, among other matters, we are currently responding to governmental investigations and examinations pertaining to certain sales and compensation practices and payments and related disclosures in connection with financial planning services and the sale and distribution of related products, including 403(b) and similar retirement plans, by the Individual and Group Retirement business segments. We have cooperated, and will continue to cooperate, in producing documents and other information with respect to these matters.

Tax Litigation

We are party to pending tax litigation before the Southern District of New York. For additional information see Note 23 to the Consolidated Financial Statements.

lease Commitments

We lease office space and equipment in various locations across jurisdictions in which the Company operates. The majority of the resulting obligation arising from these contracts is generated by our real estate portfolio, which only includes contracts classified as operating leases. As of December 31, 2019, the lease liability and corresponding right of use asset reflected in Other Liabilities and Other Assets were $733 million and $648 million, respectively, and we made cash payments of $248 million in 2019 in connection with these leases. The liability includes non-lease components, such as property taxes and insurance for our gross leases. Some of these leases contain options to renew after a specified period of time at the prevailing market rate; however, renewal options that have not been exercised as of December 31, 2019 are excluded until management attains a reasonable level of certainty. Some leases also include termination options at specified times and term; however, termination options are not reflected in the lease asset and liability balances until they have been exercised.

The weighted average discount rate and lease term assumptions used in determining the liability are 3.21 percent and 4.9 years, respectively. The primary assumption used to determine the discount rate is the cost of funding for the Company, which is based on the secured borrowing rate for terms similar to the lease term, and for the major financial markets in which AIG operates.

Rent expense was $232 million, $283 million and $269 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The following table presents the future undiscounted cash flows under operating leases at December 31, 2019; the primary difference between our undiscounted cash flows and the recognized lease liability is interest expense:

(in millions)
2020	$	250
2021		186
2022		108
2023		84
2024		64
Remaining years after 2024		165
Total	$	857

During 2019, we recognized a pretax net gain of $200 million from the sale and concurrent leaseback of our corporate headquarters. The company also procured additional office space via operating lease contracts for which lease commencement will occur in 2020. Future undiscounted obligations stemming from those contracts total $507 million, which excludes the effect of renewal options.

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 $7.4 billion at December 31, 2019.

Guarantees

Subsidiaries

We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and of AIG Markets, Inc. (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 December 31, 2019 was $81 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 Consolidated Balance Sheets.

Other

For additional discussion on commitments and guarantees associated with VIEs see Note 11 herein.

For additional disclosures about derivatives see Note 12 herein.

For additional disclosures about guarantees of outstanding debt of Validus and AIGLH see Note 25 herein.

EQUITY

12 Months Ended

Dec. 31, 2019

EQUITY

EQUITY

18. Equity

Shares Outstanding

Preferred Stock

On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual 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.

On August 7, 2019, our Board of Directors declared a cash dividend of $365.625 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 $0.365625 per Depositary Share. The dividend was paid on September 16, 2019 to holders of record at the close of business on August 30, 2019.

On October 31, 2019, our Board of Directors declared a cash dividend of $365.625 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 $0.365625 per Depositary Share. The dividend was paid on December 16, 2019 to holders of record at the close of business on November 29, 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:

	Common	Treasury	Common Stock
	Stock Issued	Stock	Outstanding
Year Ended December 31, 2017
Shares, beginning of year	1,906,671,492	(911,335,651)	995,335,841
Shares issued	-	3,386,462	3,386,462
Shares repurchased	-	(99,677,646)	(99,677,646)
Shares, end of year	1,906,671,492	(1,007,626,835)	899,044,657
Year Ended December 31, 2018
Shares, beginning of year	1,906,671,492	(1,007,626,835)	899,044,657
Shares issued	-	4,091,922	4,091,922
Shares repurchased	-	(36,527,150)	(36,527,150)
Shares, end of year	1,906,671,492	(1,040,062,063)	866,609,429
Year Ended December 31, 2019
Shares, beginning of year	1,906,671,492	(1,040,062,063)	866,609,429
Shares issued	-	3,389,602	3,389,602
Shares repurchased	-	-	-
Shares, end of year	1,906,671,492	(1,036,672,461)	869,999,031

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 common share on AIG Common Stock:

				Dividends Paid
Declaration Date	Record Date	Payment Date		Per Common Share
October 31, 2019	December 12, 2019	December 26, 2019	$	0.32
August 7, 2019	September 17, 2019	September 30, 2019		0.32
May 6, 2019	June 14, 2019	June 28, 2019		0.32
February 13, 2019	March 15, 2019	March 29, 2019		0.32

October 31, 2018	December 12, 2018	December 26, 2018		0.32
August 2, 2018	September 17, 2018	September 28, 2018		0.32
May 2, 2018	June 14, 2018	June 28, 2018		0.32
February 8, 2018	March 15, 2018	March 29, 2018		0.32

November 2, 2017	December 8, 2017	December 22, 2017		0.32
August 2, 2017	September 15, 2017	September 29, 2017		0.32
May 3, 2017	June 14, 2017	June 28, 2017		0.32
February 14, 2017	March 15, 2017	March 29, 2017		0.32

Repurchase of AIG Common Stock

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

Years Ended December 31,
(in millions)		2019		2018		2017
Aggregate repurchases of common stock	$	-	$	1,739	$	6,275
Total number of common shares repurchased		-		37		100
Aggregate repurchases of warrants	$	-	$	11	$	3
Total number of warrants repurchased^*		-		1		-

*In 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. In 2017, we repurchased 185,000 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 December 31, 2019, approximately $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 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, January 1, 2017, net of tax	$	426	$	6,405	$	(2,629)	$	(972)	$	-	$	3,230
Change in unrealized appreciation
of investments		394		3,668		-		-		-		4,062
Change in deferred policy acquisition costs
adjustment and other^*		23		(1,282)		-		-		-		(1,259)
Change in future policy benefits		-		(1,102)		-		-		-		(1,102)
Change in foreign currency translation adjustments		-		-		547		-		-		547
Change in net actuarial loss		-		-		-		110		-		110
Change in prior service cost		-		-		-		9		-		9
Change in deferred tax asset (liability)		(50)		4		(8)		(78)		-		(132)
Total other comprehensive income		367		1,288		539		41		-		2,235
Noncontrolling interests		-		-		-		-		-		-
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		(1,320)		(8,688)		-		-		-		(10,008)
Change in deferred policy acquisition costs
adjustment and other		(57)		1,300		-		-		-		1,243
Change in future policy benefits		-		1,711		-		-		-		1,711
Change in foreign currency translation adjustments		-		-		(314)		-		-		(314)
Change in net actuarial loss		-		-		-		(23)		-		(23)
Change in prior service credit		-		-		-		(4)		-		(4)
Change in deferred tax asset (liability)		377		702		(35)		55		-		1,099
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		3		3
Total other comprehensive income (loss)		(1,000)		(4,975)		(349)		28		3		(6,293)
Noncontrolling interests		-		7		2		-		-		9
Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation
of investments		842		13,333		-		-		-		14,175
Change in deferred policy acquisition costs
adjustment and other^*		15		(1,871)		-		-		-		(1,856)
Change in future policy benefits		-		(4,462)		-		-		-		(4,462)
Change in foreign currency translation adjustments		-		-		135		-		-		135
Change in net actuarial loss		-		-		-		(58)		-		(58)
Change in prior service credit		-		-		-		(2)		-		(2)
Change in deferred tax asset (liability)		(196)		(1,311)		(31)		24		-		(1,514)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(3)		(3)
Total other comprehensive income (loss)		661		5,689		104		(36)		(3)		6,415
Noncontrolling interests		-		16		4		-		-		20
Balance, December 31, 2019, net of tax	$	623	$	8,099	$	(2,625)	$	(1,122)	$	7	$	4,982

*Includes net unrealized gains and losses attributable to businesses held for sale at December 31, 2019 and December 31, 2017.

The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2019, 2018 and 2017:

		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
December 31, 2017
Unrealized change arising during period	$	467	$	2,052	$	547	$	24	$	-	$	3,090
Less: Reclassification adjustments
included in net income		50		768		-		(95)		-		723
Total other comprehensive income,
before income tax expense (benefit)		417		1,284		547		119		-		2,367
Less: Income tax expense (benefit)		50		(4)		8		78		-		132
Total other comprehensive income,
net of income tax expense (benefit)	$	367	$	1,288	$	539	$	41	$	-	$	2,235

December 31, 2018
Unrealized change arising during period	$	(1,372)		(5,811)		(314)		(61)		3	$	(7,555)
Less: Reclassification adjustments
included in net income		5		(134)		-		(34)		-		(163)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,377)		(5,677)		(314)		(27)		3		(7,392)
Less: Income tax expense (benefit)		(377)		(702)		35		(55)		-		(1,099)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,000)	$	(4,975)	$	(349)	$	28	$	3	$	(6,293)

December 31, 2019
Unrealized change arising during period	$	853	$	7,324	$	135	$	(97)	$	(3)	$	8,212
Less: Reclassification adjustments
included in net income		(4)		324		-		(37)		-		283
Total other comprehensive income (loss),
before income tax expense (benefit)		857		7,000		135		(60)		(3)		7,929
Less: Income tax expense (benefit)		196		1,311		31		(24)		-		1,514
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	661	$	5,689	$	104	$	(36)	$	(3)	$	6,415

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 Consolidated Statements of Income:

	Amount Reclassified
	from Accumulated Other
Years Ended December 31,	Comprehensive Income						Affected Line Item in the
(in millions)	2019			2018		2017	Consolidated Statements of Income
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments	$	(4)	$	5	$	50	Other realized capital gains
Total		(4)		5		50
Unrealized appreciation (depreciation) of all other investments
Investments		324		(134)		463	Other realized capital gains
Deferred acquisition costs adjustment		-		-		305	Amortization of deferred policy acquisition costs
Future policy benefits		-		-		-	Policyholder benefits and losses incurred
Total		324		(134)		768
Change in retirement plan liabilities adjustment
Prior-service credit		-		1		5	*
Actuarial losses		(37)		(35)		(100)	*
Total		(37)		(34)		(95)
Total reclassifications for the year	$	283	$	(163)	$	723

*These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. For additional information see Note 22 herein.

EARNINGS PER COMMON SHARE (EPS)

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

19. 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 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:

Years Ended December 31,
(dollars in millions, except per common share data)		2019		2018		2017
Numerator for EPS:
Income (loss) from continuing operations	$	4,121	$	103	$	(6,060)
Less: Net income from continuing operations attributable to noncontrolling interests		821		67		28
Less: Preferred stock dividends		22		-		-
Income (loss) attributable to AIG common shareholders from continuing operations		3,278		36		(6,088)
Income (loss) from discontinued operations, net of income tax expense		48		(42)		4
Net income (loss) attributable to AIG common shareholders	$	3,326	$	(6)	$	(6,084)
Denominator for EPS:
Weighted average common shares outstanding — basic		876,750,264		898,405,537		930,561,286
Dilutive common shares		12,761,682		11,735,705		-
Weighted average common shares outstanding — diluted^(a)(b)		889,511,946		910,141,242		930,561,286
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income (loss) from continuing operations	$	3.74	$	0.04	$	(6.54)
Income (loss) from discontinued operations	$	0.05	$	(0.05)	$	-
Income (loss) attributable to AIG common shareholders	$	3.79	$	(0.01)	$	(6.54)
Diluted:
Income (loss) from continuing operations	$	3.69	$	0.04	$	(6.54)
Income (loss) from discontinued operations	$	0.05	$	(0.05)	$	-
Income (loss) attributable to AIG common shareholders	$	3.74	$	(0.01)	$	(6.54)

(a)Shares in the diluted EPS calculation represent basic shares for 2017 due to the net loss in that period. The number of common shares excluded from the calculation was 22,412,682 shares.(b)Dilutive shares included our share-based employee compensation plans and a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of shares excluded from diluted shares outstanding were 20.0 million, 19.6 million and 1.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, because the effect of including those shares in the calculation would have been anti-dilutive.

STATUTORY FINANCIAL DATA AND RESTRICTIONS

12 Months Ended

Dec. 31, 2019

STATUTORY FINANCIAL DATA AND RESTRICTIONS

STATUTORY FINANCIAL DATA AND RESTRICTIONS

20. Statutory Financial Data and Restrictions

The following table presents statutory net income (loss) and capital and surplus for our General Insurance companies and our Life and Retirement companies in accordance with statutory accounting practices:

(in millions)		2019		2018		2017
Years Ended December 31,
Statutory net income (loss)^(a)(b):
General Insurance companies:
Domestic	$	1,482	$	(1,030)	$	(978)
Foreign		1,382		558		(318)
Total General Insurance companies	$	2,864	$	(472)	$	(1,296)
Life and Retirement companies:
Domestic	$	310	$	671	$	1,066
Foreign		3,356		(553)		21
Total Life and Retirement companies	$	3,666	$	118	$	1,087
At December 31,
Statutory capital and surplus^(a)(b):
General Insurance companies:
Domestic	$	17,433	$	17,435
Foreign		16,230		15,709
Total General Insurance companies	$	33,663	$	33,144
Life and Retirement companies:
Domestic	$	9,227	$	9,454
Foreign		5,264		1,809
Total Life and Retirement companies	$	14,491	$	11,263
Aggregate minimum required statutory capital and surplus:
General Insurance companies:
Domestic	$	4,178	$	4,393
Foreign		8,645		8,456
Total General Insurance companies	$	12,823	$	12,849
Life and Retirement companies:
Domestic	$	3,383	$	3,301
Foreign		1,229		1,159
Total Life and Retirement companies	$	4,612	$	4,460

(a)Excludes discontinued operations and other divested businesses. Statutory capital and surplus and net income (loss) with respect to foreign operations are as of November 30.

(b)The 2019 amounts reflect our best estimate of the statutory net income, capital and surplus as of the date of AIG’s Form 10-K filing. In aggregate, the 2018 General Insurance companies and Life and Retirement companies statutory net income increased by $1.1 billion and the 2018 General Insurance companies and Life and Retirement companies statutory capital and surplus decreased by $1.4 billion, compared to the amounts previously reported in our Annual Report on Form 10-K for the year ended December 31, 2018, due to finalization of statutory filings and revision of prior period number presented herein.

Our insurance subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by domestic and foreign insurance regulatory authorities. The principal differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP for domestic companies are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, investment impairments are determined in accordance with statutory accounting practices, assets and liabilities are presented net of reinsurance, policyholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the RBC level that would trigger regulatory action or minimum requirements per state insurance regulation. Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the U.S., and can vary significantly by jurisdiction. At both December 31, 2019 and 2018, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels.

At December 31, 2019 and 2018, our domestic insurance subsidiaries used the following permitted practices that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects:

In 2015, a domestic life insurance subsidiary domiciled in Texas adopted a permitted statutory accounting practice to report derivatives used to hedge interest rate risk on product-related embedded derivatives at amortized cost instead of fair value. In 2018, the permitted practice was expanded to include additional derivative instruments utilized for the same purpose and to also include an additional domestic life insurance subsidiary domiciled in Texas. This permitted practice resulted in an increase in the statutory surplus of our subsidiaries of $438 million at December 31, 2018. This permitted practice expired for periods after September 30, 2019 and was not renewed.

Effective December 31, 2019 and subsequent reporting periods through September 30, 2020, a domestic life insurance subsidiary domiciled in Texas adopted a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss (XoL) reinsurance agreement, net of specified amounts. This reinsurance agreement has a 20 year term and provides coverage to the subsidiary for aggregate claims incurred during the agreement term associated with guaranteed minimum withdrawal benefits on certain fixed index annuities exceeding an attachment point defined in the treaty. The permitted practice allows the subsidiary to manage its reserves in a manner more in line with anticipated principle-based reserving requirements once they have been developed. This permitted practice resulted in an increase in the statutory surplus of this subsidiary of approximately $285 million at December 31, 2019. The subsidiary may seek continuation of the permitted practice beyond September 30, 2020, subject to the approval of its domiciliary regulator.

As described in Note 14, our domestic property and casualty insurance subsidiaries domiciled in New York, Pennsylvania and Delaware discount non-tabular workers’ compensation reserves based on applicable prescribed or approved regulations, or in the case of our Delaware subsidiary, based on a permitted practice. This practice did not have a material impact on our statutory surplus, statutory net income (loss) or risk-based capital.

Regulation XXX requires U.S. life insurers to establish additional statutory reserves for term life insurance policies with long-term premium guarantees and universal life policies with secondary guarantees (ULSGs). In addition, Guideline AXXX clarifies the application of Regulation XXX as to these guarantees, including certain ULSGs.

Domestic life insurance subsidiaries manage the capital impact of statutory reserve requirements under Regulation XXX and Guideline AXXX through unaffiliated and affiliated reinsurance transactions. The affiliated life insurers providing reinsurance capacity for such transactions are fully licensed insurance companies and are not formed under captive insurance laws.

Under the other intercompany reinsurance arrangement, certain Regulation XXX and Guideline AXXX reserves related to a closed block of in-force business are ceded to an affiliated off-shore life insurer, which is licensed as a class E insurer under Bermuda law. This reinsurance arrangement does not meet the criteria for reinsurance accounting under U.S. GAAP; therefore, deposit accounting is applied by the assuming off-shore life insurer. Letters of credit are used to support the credit for reinsurance provided by the affiliated off-shore life insurer.

For additional information regarding these letters of credit see Note 9 herein.

Subsidiary Dividend Restrictions

Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. With respect to our domestic insurance subsidiaries, the payment of any dividend requires formal notice to the insurance department in which the particular insurance subsidiary is domiciled. For example, unless permitted by the Superintendent of Financial Services, property casualty companies domiciled in New York generally may not pay dividends to shareholders that, in any 12-month period, exceed the lesser of 10 percent of such company’s statutory policyholders’ surplus or 100 percent of its “adjusted net investment income,” for the previous year, as defined. Generally, less severe restrictions applicable to both property casualty and life insurance companies exist in most of the other states in which our insurance subsidiaries are domiciled. Under the laws of many states, an insurer may pay a dividend without prior approval of the insurance regulator when the amount of the dividend is below certain regulatory thresholds. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends. Various other regulatory restrictions also limit cash loans and advances to us by our subsidiaries.

Largely as a result of these restrictions, approximately $44.1 billion of the statutory capital and surplus of our consolidated insurance subsidiaries were restricted from transfer to AIG Parent without prior approval of state insurance regulators at December 31, 2019.

To our knowledge, no AIG insurance company is currently on any regulatory or similar “watch list” with regard to solvency.

Parent Company Dividend Restrictions

At December 31, 2019, our ability to pay dividends is not subject to any significant contractual restrictions, but remains subject to regulatory restrictions.

For additional information about our ability to pay dividends to our shareholders see Note 18 herein.

SHARE-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2019

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS

21. Share-Based Compensation Plans

The following table presents our total share-based compensation expense:

Years Ended December 31,
(in millions)		2019		2018		2017
Share-based compensation expense - pre-tax^(a)	$	314	$	337	$	353
Share-based compensation expense - after tax^(b)		248		266		229

(a)As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $82 million, $104 million and $196 million in 2019, 2018 and 2017, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur.

(b)We also recognized $27 million of additional tax expense due to share settlements occurring in 2019.

Employee Plans

The Company sponsors several stock compensation programs under the AIG Long Term Incentive Plan and its predecessor plan, the AIG 2013 Long Term Incentive Plan (each as applicable, the LTIP), which are governed by the AIG 2013 Omnibus Incentive Plan (Omnibus Plan). Our share-settled awards are settled with previously acquired shares held in AIG’s treasury.

AIG 2013 Omnibus Incentive Plan

The Omnibus Plan, which replaced the AIG 2010 Stock Incentive Plan (2010 Plan), was adopted at the 2013 Annual Meeting of Shareholders and provides for the grants of share-based awards to our employees and non-employee directors. The total number of shares that may be granted under the Omnibus Plan (the reserve) is the sum of 1) 45 million shares of AIG Common Stock, plus 2) the number of authorized shares that remained available for issuance under the 2010 Plan when the Omnibus Plan became effective, plus 3) the number of shares of AIG Common Stock relating to outstanding awards under the 2010 Plan at the time the Omnibus Plan became effective that subsequently are forfeited, expired, terminated or otherwise lapse or are settled in cash. Each share-based unit granted under the Omnibus Plan reduces the number of shares available for future grants by one share. However, shares with respect to awards that are forfeited, expired or settled for cash, and shares withheld for taxes on awards (other than options and stock appreciation rights awards) are returned to the reserve.

During 2019, performance share units (PSUs), restricted stock units (RSUs), stock options and deferred stock units (DSUs) (collectively, units) were granted under the Omnibus Plan and 31,537,171 shares are available for future grants as of December 31, 2019. Units are issued to employees as part of our long-term incentive program, generally in March of any given year, and are also issued for off-cycle grants, which are made from time to time during the year generally as sign-on awards to new hires or as a result of a change in employee status.

AIG Long Term Incentive Plan

Long-Term Incentive Awards

The LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees that may be comprised of PSUs, RSUs and/or stock options.

The number of PSUs issued on the grant date (the target) provides the opportunity for the LTIP participant to receive shares of AIG Common Stock based on AIG achieving specified performance goals at the end of a three-year performance period. These performance goals are pre-established by AIG’s Compensation and Management Resources Committee (CMRC) for each annual grant and may differ from year to year. The actual number of PSUs earned can vary from zero to 200 percent of the target for the 2019, 2018 and 2017 awards, depending on AIG’s performance relative to a specified peer group or against pre-established financial goals, as applicable.

RSUs and stock options are earned based solely on continued service by the participant.

Vesting occurs on January 1 of the year immediately following the end of the three-year performance period. For awards granted prior to 2017, vesting occurs in three equal installments beginning on January 1 of the year immediately following the end of a performance period and January 1 of each of the next two years. Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period.

LTI awards accrue dividend equivalent units (DEUs) in the form of additional PSUs and/or RSUs whenever a cash dividend is declared on shares of AIG Common Stock; the DEUs are subject to the same vesting terms and conditions as the underlying unit.

Unit Valuation

The fair value of time-vesting RSUs as well as PSUs that are earned based on certain company-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of PSUs that are earned based on AIG’s relative total shareholder return (TSR) was determined on the grant date using a Monte Carlo simulation.

The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR:

	2017
Expected dividend yield^(a)	2.37	%
Expected volatility^(b)	17.58	%
Risk-free interest rate^(c)	2.00	%

(a)The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date.

(b)The expected volatility is based on the historical volatility of the stock price for the 360 most recent trading days prior to the valuation date estimated by Bloomberg Professional service.

(c)The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the end of the performance period that is assumed to be constant and equal to the interpolated value between the closest data points on the U.S. dollar LIBOR-swap curve as of the valuation date.

Modification of LTI awards

During the fourth quarter of 2017, the Company modified the LTI awards by issuing time-vesting RSUs and canceling some performance based units. The modification applied to most recipients who participate in the 2015, 2016 and 2017 LTI awards, excluding the Company’s senior executives. The newly granted RSUs vest in installments over a period of up to three years. We incurred incremental compensation expense of $142 million as a result of these actions. We recognized $71 million in 2017, $48 million in 2018, $12 million in 2019 and the remainder will be recognized through December 2020.

During the third quarter of 2019, we added a modifier to the 2019 performance share units awarded to certain senior executives to cap payout at 100 percent of target if our total shareholder return for the three-year performance period is below peer median. We did not recognize any incremental compensation expense as a result of this modification.

The following table summarizes outstanding share-settled LTI awards^(a):

						Weighted Average
As of or for the Year	Number of Units					Grant-Date Fair Value
Ended December 31, 2019^(b)	2019 LTI	2018 LTI	2017 LTI	2016 LTI	2015 LTI	2019 LTI		2018 LTI		2017 LTI		2016 LTI		2015 LTI
Unvested, beginning of year	-	3,322,028	1,579,995	640,660	272,332	$	-	$	55.32	$	62.32	$	61.55	$	60.51
Granted	6,185,729	5,499	-	-	-		44.81		47.57		-		-		-
Vested^(c)	(1,445,746)	(529,576)	(540,580)	456,396	(250,708)		44.39		55.72		64.22		53.85		60.51
Forfeited^(d)	(216,085)	(140,957)	(1,039,415)	(873,692)	(21,624)		44.28		55.47		64.97		50.88		60.40
Unvested, end of year^(e)	4,523,898	2,656,994	-	223,364	-	$	44.98	$	55.21	$	-	$	62.14	$	-

(a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively.

(b)Except for the 2015 LTI, 2016 LTI and 2017 LTI awards, PSUs represent target amount granted, and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends.

(c)Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date.

(d) Includes PSUs for which the performance metric was not met at the end of the performance period.

(e)At December 31, 2019, the total unrecognized compensation cost for outstanding RSUs and PSUs was $203 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.96 year and 2 years.

Stock Options

Stock options were issued in 2019 and 2018 as part of the 2019 and 2018 LTI awards, and in 2017 and 2018 to certain newly hired senior executives. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date. The fair value of the options was estimated on the grant date using the Black-Scholes model for the time-vesting options, and a Monte Carlo simulation for the hurdle-vesting options using the assumptions noted in the following table.

The following weighted-average assumptions were used for stock options granted:

	2019		2018		2017
Expected annual dividend yield^(a)	2.86	%	2.32	%	2.03	%
Expected volatility^(b)	23.17	%	23.29	%	20.96	%
Risk-free interest rate^(c)	2.47	%	2.83	%	1.94	%
Expected term^(d)	6.38	years	4.50 - 6.47	years	4.5	years

(a)The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date.

(b)The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date.

(c)The risk-free interest rate is the continuously compounded interest rate for the term between the valuation date and the expiration date that is assumed to be constant and equal to the interpolated value between the closet data points on the U.S. dollar LIBOR-swap curve as of the valuation date.

(d)The contractual terms are 7 and 10 years from the date of grant.

The following table provides a rollforward of stock option activity:

				Weighted Average			Aggregate
As of or for the Year			Weighted Average		Remaining		Intrinsic Values
Ended December 31, 2019	Units		Exercise Price	Contractual Life		(in millions)
Outstanding, beginning of year	5,205,799	$	58.99		7.38
Granted	3,235,290		44.89
Exercised	(36,194)		47.61
Forfeited or expired	(39,004)		44.28
Outstanding, end of year	8,365,891	$	53.66		7.65	$	22
Exercisable, end of year	1,330,226	$	57.28		3.53	$	1

The weighted average grant-date fair value of stock options granted during 2019, 2018 and 2017 was $10.01, $11.08 and $10.54, respectively. As of December 31, 2019, we recognized $28.1 million of expense, while $22 million was unrecognized and is expected to be amortized up to 2.00 years.

Other RSU Grants

The Company may issue time-vesting RSUs for various reasons including, as a sign-on bonus, retention grant or replacement award in an acquisition. Vesting for these awards generally ranges from 1 to 3 years and is contingent on continuous service.

The following table summarizes outstanding share-settled RSU grants.

				Weighted Average
As of or for the Year	Number of Units			Grant-Date Fair Value
Ended December 31,	2019	2018	2017		2019		2018		2017
Unvested, beginning of year	1,634,610	595,250	-	$	56.11	$	62.93	$	-
Granted	399,779	1,385,929	869,241		52.40		54.07		63.02
Vested	(774,350)	(342,481)	(273,991)		57.32		59.68		63.21
Forfeited	(28,854)	(4,088)	-		55.23		60.31		-
Unvested, end of year	1,231,185	1,634,610	595,250	$	54.17	$	56.11	$	62.93

We recognized $41.6 million of expense related to these RSU grants in 2019. Total unrecognized compensation cost related to these grants was $35 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.88 years and 3.25 years at December 31, 2019.

Non-Employee Plan

Our non-employee directors, who serve on our Board of Directors, receive share-based compensation in the form of fully vested DSUs with delivery deferred until retirement from the Board. DSUs granted in 2019, 2018 and 2017 accrue DEUs equal to the amount of any regular quarterly dividend that would have been paid by AIG if the shares of AIG Common Stock underlying the DSUs had been outstanding. In 2019, 2018 and 2017, we granted to non-employee directors 49,706, 39,092 and 32,067 DSUs, respectively, under the 2013 Plan, and recognized expense of $2.6 million, $2.1 million and $2.0 million, respectively.

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2019

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

22. Employee Benefits

Pension Plans

We offer various defined benefit plans to eligible employees. Effective January 1, 2016, the U.S. defined benefit pension plans were frozen. Consequently, these plans are closed to new participants and current participants no longer earn benefits.

The U.S. AIG Retirement Plan (the qualified plan) is a noncontributory defined benefit plan subject to the provisions of ERISA. In 2012, the qualified plan was converted to a cash balance formula comprised of pay credits based on six percent of a plan participant’s annual compensation (subject to IRS limitations) and annual interest credits. Although benefits are frozen, these interest credits continue to accrue on the cash balance accounts of active participants, who also accrue years of service for purposes of early retirement eligibility and subsidies. Employees can take their vested benefits when they leave AIG as a lump sum or an annuity option.

Employees satisfying certain age and service requirements (i.e., grandfathered employees) remain covered under the average pay formula that was in effect prior to the conversion. The final average pay formula is based upon a percentage of final average compensation multiplied by years of credited service, up to 44 years. Grandfathered employees will receive the higher of the benefit under the cash balance formula or the final average pay formula at retirement.

In the U.S. we also sponsor non-qualified unfunded defined benefit plans, such as the AIG Non-Qualified Retirement Income Plan (AIG NQRIP) for certain employees, including key executives, designed to supplement pension benefits provided by the qualified plan. The AIG NQRIP provides a benefit equal to the reduction in benefits under the qualified plan as a result of federal tax limitations on compensation and benefits payable.

Non-U.S. defined benefit plans generally are either based on the employee’s years of credited service and compensation in the years preceding retirement or on points accumulated based on the employee’s job grade and other factors during each year of service.

Postretirement Plans

U.S. postretirement medical and life insurance benefits are based upon the employee attaining the age of 55 and having a minimum of ten years of service, which was reduced to 5 years in 2019 for medical coverage only. Eligible employees who have medical coverage can enroll in retiree medical upon termination of employment. Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. Retiree medical contributions vary from none for pre-1989 retirees to actual premium payments reduced by certain subsidies for post-1992 retirees. These retiree contributions are subject to annual adjustments. Other cost sharing features of the medical plan include deductibles, coinsurance, Medicare coordination, and an employer subsidy for grandfathered employees only.

Postretirement benefits are offered in certain non-U.S. countries and vary by geographic location.

The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets. The measurement date for most of the non-U.S. defined benefit pension and postretirement plans is November 30, consistent with the fiscal year end of the sponsoring companies. For all other plans, measurement occurs as of December 31.

As of or for the Years Ended		Pension								Postretirement
December 31,		U.S. Plans^(a)(b)			Non-U.S. Plans^(a)					U.S. Plans			Non-U.S. Plans
(in millions)		2019		2018		2019		2018		2019		2018		2019		2018
Change in projected benefit obligation:
Benefit obligation, beginning of year	$	4,553	$	5,091	$	1,138	$	1,202	$	172	$	190	$	50	$	63
Service cost		5		5		21		22		1		1		1		1
Interest cost		176		162		15		16		6		6		2		2
Actuarial (gain) loss		536		(383)		91		(28)		15		(10)		8		(14)
Benefits paid:
AIG assets		(18)		(16)		(8)		(9)		(13)		(15)		(1)		(1)
Plan assets		(279)		(306)		(33)		(32)		-		-		-		-
Plan amendment		-		-		-		3		-		-		-		-
Curtailments		-		-		(2)		-		-		-		-		-
Settlements		-		-		(67)		(5)		-		-		-		-
Foreign exchange effect		-		-		18		(31)		-		-		1		(1)
Other		(1)		-		1		-		-		-		-		-
Projected benefit obligation, end of year	$	4,972	$	4,553	$	1,174	$	1,138	$	181	$	172	$	61	$	50
Change in plan assets:
Fair value of plan assets, beginning
of year	$	3,840	$	4,350	$	861	$	875	$	-	$	-	$	-	$	-
Actual return on plan assets, net of expenses		744		(204)		64		6		-		-		-		-
AIG contributions		178		16		63		51		13		15		1		1
Benefits paid:
AIG assets		(18)		(16)		(8)		(9)		(13)		(15)		(1)		(1)
Plan assets		(279)		(306)		(33)		(32)		-		-		-		-
Settlements		-		-		(67)		(5)		-		-		-		-
Foreign exchange effect		-		-		19		(25)		-		-		-		-
Other		-		-		-		-		-		-		-		-
Fair value of plan assets, end of year	$	4,465	$	3,840	$	899	$	861	$	-	$	-	$	-	$	-
Funded status, end of year	$	(507)	$	(713)	$	(275)	$	(277)	$	(181)	$	(172)	$	(61)	$	(50)
Amounts recognized in the balance
sheet:
Assets	$	-	$	-	$	65	$	72	$	-	$	-	$	-	$	-
Liabilities		(507)		(713)		(340)		(349)		(181)		(172)		(61)		(50)
Total amounts recognized	$	(507)	$	(713)	$	(275)	$	(277)	$	(181)	$	(172)	$	(61)	$	(50)
Pre-tax amounts recognized in Accumulated
other comprehensive income (loss):
Net gain (loss)	$	(1,436)	$	(1,450)	$	(195)	$	(149)	$	10	$	26	$	(6)	$	3
Prior service (cost) credit		-		-		(22)		(23)		-		-		1		3
Total amounts recognized	$	(1,436)	$	(1,450)	$	(217)	$	(172)	$	10	$	26	$	(5)	$	6

(a)Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $261 million and $250 million for the U.S. at December 31, 2019 and 2018, respectively, and $225 million and $201 million for the non-U.S. at December 31, 2019 and 2018, respectively.(b)The significant decrease in actuarial gains and losses from the prior year is primarily due to a 106 bps decrease in the discount rate in 2019 for the qualified plan. The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans:

At December 31,
(in millions)		2019		2018
U.S. pension benefit plans	$	4,972	$	4,553
Non-U.S. pension benefit plans	$	1,159	$	1,125

Defined benefit plan obligations in which the projected benefit obligation was in excess of the related plan assets and the accumulated benefit obligation was in excess of the related plan assets were as follows:

At December 31,	PBO Exceeds Fair Value of Plan Assets								ABO Exceeds Fair Value of Plan Assets
		U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)		2019		2018		2019		2018		2019		2018		2019		2018
Projected benefit obligation	$	4,972	$	4,553	$	1,005	$	994		-		-		-		-
Accumulated benefit obligation		-		-		-		-	$	4,972	$	4,553	$	931	$	932
Fair value of plan assets		4,465		3,840		605		594		4,465		3,840		605		594

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

Years Ended December 31,	Pension												Postretirement
	U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions)		2019		2018		2017		2019		2018		2017		2019		2018		2017		2019		2018		2017
Components of net periodic benefit
cost:
Service cost^*	$	5	$	5	$	11	$	21	$	22	$	29	$	1	$	1	$	2	$	1	$	1	$	3
Interest cost		176		162		166		15		16		16		6		6		6		2		2		3
Expected return on assets		(229)		(283)		(266)		(21)		(25)		(24)		-		-		-		-		-		-
Amortization of prior service cost (credit)		-		-		-		2		2		-		-		(1)		(1)		(2)		(2)		(1)
Amortization of net (gain) loss		35		28		26		5		7		12		(1)		-		(1)		-		1		1
Net periodic benefit cost (credit)		(13)		(88)		(63)		22		22		33		6		6		6		1		2		6
Curtailment gain		-		-		-		-		-		(6)		-		-		-		-		-		(2)
Settlement (credit) charges		-		-		60		(2)		-		1		-		-		-		-		-		-
Net benefit cost (credit)	$	(13)	$	(88)	$	(3)	$	20	$	22	$	28	$	6	$	6	$	6	$	1	$	2	$	4
Total recognized in Accumulated other
comprehensive income (loss)	$	14	$	(77)	$	32	$	(45)	$	20	$	87	$	(17)	$	9	$	(2)	$	(10)	$	12	$	9
Total recognized in net periodic benefit
cost and other comprehensive
income (loss)	$	27	$	11	$	35	$	(65)	$	(2)	$	59	$	(23)	$	3	$	(8)	$	(11)	$	10	$	5

*Reflects administrative fees for the U.S. pension plans.

Interest cost for pension and postretirement benefits for our U.S. plans and largest non-U.S. plans is measured by applying the specific spot rates along the yield curve to the plans’ corresponding discounted cash flows that comprise the obligation (the Spot Rate Approach). This method provides a more precise measurement of interest cost by aligning the timing of the plans’ discounted cash flows to the corresponding spot rates on the yield curve. For certain non-U.S. plans, interest cost is measured utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations.

A 100 basis point increase in the expected long-term rate of return would decrease the 2020 pension expense by approximately $51 million with all other items remaining the same. A 100 basis point increase in the discount rate would increase the 2020 pension expense by approximately $8 million. This is because the increase in the interest cost due to the higher discount rate is larger than the decrease in the amortization of the net loss. Conversely, a 100 basis point decrease in the discount rate or expected long-term rate of return would increase the 2020 pension expense by approximately $19 million and $51 million, respectively, with all other items remaining the same.

Assumptions

The following table summarizes the weighted average assumptions used to determine the benefit obligations:

	Pension					Postretirement
	U.S. Plans		Non-U.S. Plans		^(a)	U.S. Plans		Non-U.S. Plans^(a)
December 31, 2019
Discount rate	3.16	%		1.09	%	3.14	%		3.18	%
Interest crediting rate	2.19	%		0.44	%^(b)	N/A			N/A
Rate of compensation increase	N/A	^(c)		2.22	%	N/A			3.00	%
December 31, 2018
Discount rate	4.22	%		1.71	%	4.17	%		4.12	%
Interest crediting rate	3.34	%		0.74	%^(b)	N/A			N/A
Rate of compensation increase	N/A	^(c)		2.27	%	N/A			3.00	%

(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.

(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.

(c)Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016.

The following table summarizes assumed health care cost trend rates for the U.S. plans:

At December 31,	2019	2018
Following year:
Medical (before age 65)	5.74%	5.93%
Medical (age 65 and older)	5.00%	5.00%
Ultimate rate to which cost increase is assumed to decline	4.50%	4.50%
Year in which the ultimate trend rate is reached:
Medical (before age 65)	2038	2038
Medical (age 65 and older)	2038	2038

The following table presents the weighted average assumptions used to determine the net periodic benefit costs:

	Pension					Postretirement
	U.S. Plans		Non-U.S. Plans^(a)			U.S. Plans		Non-U.S. Plans^(a)
For the Year Ended December 31, 2019
Discount rate	4.22	%		1.71	%	4.17	%		4.12	%
Interest crediting rate	3.34	%		0.74	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.27	%	N/A			3.00	%
Expected return on assets	6.20	%		2.51	%	N/A			N/A
For the Year Ended December 31, 2018
Discount rate	3.61	%		1.60	%	3.53	%		3.59	%
Interest crediting rate	2.88	%		0.70	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.27	%	N/A			3.00	%
Expected return on assets	6.75	%		2.78	%	N/A			N/A
For the Year Ended December 31, 2017
Discount rate	4.15	%		1.50	%	4.01	%		3.95	%
Interest crediting rate	2.50	%		0.69	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.50	%	N/A			3.38	%
Expected return on assets	7.00	%		2.92	%	N/A			N/A

(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.

(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.

Discount Rate Methodology

The projected benefit cash flows under the U.S. AIG Retirement Plan were discounted using the spot rates derived from the Mercer U.S. Pension Discount Yield Curve at December 31, 2019 and 2018, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The discount rates were 3.16 percent at December 31, 2019 and 4.22 percent at December 31, 2018. The methodology was consistently applied for the respective years in determining the discount rates for the other U.S. pension plans.

In general, the discount rates for the non-U.S. plans were developed using a similar methodology to the U.S. AIG Retirement plan, by using country-specific Mercer Yield Curves.

The projected benefit obligation for AIG’s Japan pension plans represents approximately 53 percent and 52 percent of the total projected benefit obligations for our non-U.S. pension plans at December 31, 2019 and 2018, respectively. The weighted average discount rate of 0.42 percent and 0.72 percent at December 31, 2019 and 2018, respectively, was selected by reference to the Mercer Yield Curve for Japan.

Plan Assets

The investment strategy with respect to assets relating to our U.S. and non-U.S. pension plans is designed to achieve investment returns that will provide for the benefit obligations of the plans over the long term, limit the risk of short-term funding shortfalls and maintain liquidity sufficient to address cash needs. Accordingly, the asset allocation strategy is designed to maximize the investment rate of return while managing various risk factors, including, but not limited to, volatility relative to the benefit obligations, liquidity, diversification and concentration, and incorporates the risk/return profile applicable to each asset class.

There were no shares of AIG Common Stock included in the U.S. and non-U.S. pension plans assets at December 31, 2019 or 2018.

U.S. Pension Plan

The assets of the qualified plan are monitored by the AIG U.S. Investment Committee and actively managed by the investment managers, which involves allocating the plan’s assets among approved asset classes within ranges as permitted by the strategic allocation. The long-term strategic asset allocation historically has been reviewed and revised approximately every three years. The investment strategy is focused on de-risking the Plan via regular monitoring through liability driven investing and the glide path approach, where the glide path defines the target allocation for the “Return-Seeking” portion of the portfolio (i.e., growth assets) based on the funded ratio and level of interest rates. Under this approach, the allocation to growth assets is reduced and the allocation to liability-hedging assets is increased as the Plan’s funded ratio increases in accordance with the defined glide path.

The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2020 based on the plan’s funded status at December 31, 2019:

	Target		Actual		Actual
At December 31,	2020		2019		2018
Asset class:
Equity securities	26	%	25	%	25	%
Fixed maturity securities	60	%	59	%	47	%
Other investments	14	%	16	%	28	%
Total	100	%	100	%	100	%

The expected weighted average long-term rate of return for the plan was 6.20 percent and 6.75 percent for 2019 and 2018, respectively. The expected weighted average rate of return is an aggregation of expected returns within each asset class category, weighted for the investment mix of the assets. The combination of the expected asset return and any contributions made by us are expected to maintain the plan’s ability to meet all required benefit obligations. The expected asset return for each asset class was developed based on an approach that considers key fundamental drivers of the asset class returns in addition to historical returns, current market conditions, asset volatility and the expectations for future market returns.

Non-U.S. Pension Plans

The assets of the non-U.S. pension plans are held in various trusts in multiple countries and are invested primarily in equities and fixed maturity securities to maximize the long-term return on assets for a given level of risk.

The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation:

	Target		Actual		Actual
At December 31,	2020		2019		2018
Asset class:
Equity securities	29	%	23	%	35	%
Fixed maturity securities	51	%	43	%	37	%
Other investments	19	%	24	%	17	%
Cash and cash equivalents	1	%	10	%	11	%
Total	100	%	100	%	100	%

The assets of AIG’s Japan pension plans represent approximately 61 percent and 59 percent of total non-U.S. assets at December 31, 2019 and 2018, respectively. The expected long term rate of return was 1.82 percent and 2.22 percent, for 2019 and 2018, respectively, and is evaluated by the Japanese Pension Investment Committee on a quarterly and annual basis along with various investment managers, and is revised to achieve the optimal allocation to meet targeted funding levels if necessary. In addition, the funding policy is revised in accordance with local regulation every five years.

The expected weighted average long-term rate of return for all our non-U.S. pension plans was 2.51 percent and 2.78 percent for the years ended December 31, 2019 and 2018, respectively. It is an aggregation of expected returns within each asset class that was generally developed based on the building block approach that considers historical returns, current market conditions, asset volatility and the expectations for future market returns.

Assets Measured at Fair Value

The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 6 herein.

	U.S. Plans								Non-U.S. Plans
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
At December 31, 2019
Assets:
Cash and cash equivalents	$	133	$	-	$	-	$	133	$	90	$	-	$	-	$	90
Equity securities:
U.S.^(a)		278		-		-		278		-		-		-		-
International^(b)		161		25		-		186		156		49		-		205
Fixed maturity securities:
U.S. investment grade^(c)		-		2,200		9		2,209		-		-		-		-
International investment grade^(c)		-		203		-		203		-		158		-		158
U.S. and international high yield^(d)		-		106		-		106		-		229		-		229
Mortgage and other asset-backed
securities^(e)		-		48		-		48		-		-		-		-
Other fixed maturity securities		-		-		-		-		-		-		-		-
Other investment types^(f):
Futures		(17)		-		-		(17)		-		-		-		-
Direct private equity^(g)		-		-		11		11		-		-		-		-
Insurance contracts		-		14		-		14		-		-		160		160
Mutual Funds^(h)		-		-		-		-		-		57		-		57
Total	$	555	$	2,596	$	20	$	3,171	$	246	$	493	$	160	$	899
At December 31, 2018
Assets:
Cash and cash equivalents	$	501	$	-	$	-	$	501	$	97	$	-	$	-	$	97
Equity securities:
U.S.^(a)		240		-		-		240		-		-		-		-
International^(b)		137		-		-		137		218		84		-		302
Fixed maturity securities:
U.S. investment grade^(c)		-		1,463		13		1,476		-		-		-		-
International investment grade^(c)		-		157		-		157		-		130		-		130

U.S. and international high yield^(d)		-		96		-		96		-		185		-		185
Mortgage and other asset-backed
securities^(e)		-		36		-		36		-		-		-		-
Other fixed maturity securities		-		-		-		-		-		2		-		2
Other investment types^(f):
Futures		27		-		-		27		-		-		-		-
Direct private equity^(g)		-		-		14		14		-		-		-		-
Insurance contracts		-		18		-		18		-		-		145		145
Total	$	905	$	1,770	$	27	$	2,702	$	315	$	401	$	145	$	861

(a)Includes passive and active U.S. equity strategies.

(b)Includes passive and active international equity strategies.

(c)Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds.

(d)Consists primarily of investments in securities or debt obligations that have a rating below investment grade.

(e)Represents investments in collateralized loan obligations. As of December 31, 2019, the plan held additional asset-backed securities.

(f)Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $1,294 million and $1,138 million at December 31, 2019 and 2018, respectively.

(g)Comprised of private capital financing including private debt and private equity securities.

(h)Comprised of mutual fund investing in variety of equity, derivatives, and bonds.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. Based on our investment strategy, we had no significant concentrations of risks at December 31, 2019.

Changes in Level 3 Fair Value Measurements

The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value:

																				Changes in
				Net																Unrealized Gains
		Balance		Realized and														Balance		(Losses) on
At December 31, 2019		Beginning		Unrealized										Transfers		Transfers		at End		Instruments Held
(in millions)		of year		Gains (Losses)		Purchases		Sales		Issuances		Settlements		In		Out		of year		at End of year
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade	$	13	$	3	$	-	$	(3)	$	-	$	-	$	-	$	(4)	$	9	$	3
Direct private equity		14		(3)		2		(2)		-		-		-		-		11		2
Total	$	27	$	-	$	2	$	(5)	$	-	$	-	$	-	$	(4)	$	20	$	5
Non-U.S. Plan Assets:
Insurance contracts	$	145	$	16	$	(1)	$	-	$	-	$	-	$	-	$	-	$	160	$	-
Total	$	145	$	16	$	(1)	$	-	$	-	$	-	$	-	$	-	$	160	$	-

																				Changes in
				Net																Unrealized Gains
		Balance		Realized and														Balance		(Losses) on
At December 31, 2018		Beginning		Unrealized										Transfers		Transfers		at End		Instruments Held
(in millions)		of year		Gains (Losses)		Purchases		Sales		Issuances		Settlements		In		Out		of year		at End of year
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade	$	12	$	(2)	$	5	$	(3)	$	-	$	-	$	1	$	-	$	13	$	1
Direct private equity		15		(2)		3		(2)		-		-		-		-		14		(1)
Total	$	27	$	(4)	$	8	$	(5)	$	-	$	-	$	1	$	-	$	27	$	-
Non-U.S. Plan Assets:
Insurance contracts	$	113	$	31	$	1	$	-	$	-	$	-	$	-	$	-	$	145	$	-
Total	$	113	$	31	$	1	$	-	$	-	$	-	$	-	$	-	$	145	$	-

Expected Cash Flows

Funding for the qualified plan ranges from the minimum amount required by ERISA to the maximum amount that would be deductible for U.S. tax purposes. Contributed amounts in excess of the minimum amounts are deemed voluntary. Amounts in excess of the maximum amount would be subject to an excise tax and may not be deductible under the Internal Revenue Code. There are no minimum required cash contributions in 2019 for the U.S. AIG Retirement Plan. The non-qualified and postretirement plans’ benefit payments are deductible when paid to participants.

Our annual pension contribution in 2020 is expected to be approximately $65 million for our U.S. and non-U.S. pension plans. This estimate is subject to change, since contribution decisions are affected by various factors including our liquidity, market performance and management’s discretion.

The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows:

		Pension			Postretirement
		U.S.		Non-U.S.		U.S.		Non-U.S.
(in millions)		Plans		Plans		Plans		Plans
2020	$	330	$	47	$	13	$	1
2021		326		41		13		1
2022		334		42		13		2
2023		320		43		13		2
2024		320		49		12		2
2025-2029		1,473		252		50		10

Defined Contribution Plans

We sponsor several defined contribution plans for U.S. employees that provide for pre-tax salary reduction contributions by employees. The most significant plan is the AIG Incentive Savings Plan, for which the matching contribution is 100 percent of the first six percent of a participant’s contributions, subject to the IRS-imposed limitations. Effective January 1, 2016, participants in the AIG Incentive Savings Plan receive an additional fully vested, non-elective, non-discretionary contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. Our pre-tax expenses associated with these plans were $195 million, $210 million and $209 million in 2019, 2018 and 2017, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

INCOME TAXES

INCOME TAXES

23. 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 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. While the U.S. tax authorities issued formal guidance, including recently issued proposed and final regulations for BEAT and other provisions of the Tax Act, there are still certain aspects of the Tax Act that remain unclear and subject to substantial uncertainties. Additional guidance is expected in future periods. 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.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

In February 2018, the FASB issued an accounting standard that allows the optional reclassification of stranded tax effects within Accumulated Other Comprehensive Income (AOCI) that arise due to the enactment of the Tax Act to retained earnings. We elected to early adopt the standard for the three-month period ended March 31, 2018. As a result of adopting this standard, we reclassified $248 million from AOCI to retained earnings. The amount reclassified includes stranded effects related to the change in the U.S. federal corporate income tax rate on the gross temporary differences and related valuation allowances.

We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income from continuing operations.

EFFECTIVE TAX RATE

The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred:

Years Ended December 31,
(in millions)		2019		2018		2017
U.S.	$	3,825	$	(12)	$	1,940
Foreign		1,462		269		(474)
Total	$	5,287	$	257	$	1,466

The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations:

Years Ended December 31,
(in millions)		2019		2018		2017
Foreign and U.S. components of actual income tax expense:
U.S.:
Current	$	278	$	134	$	427
Deferred		633		(175)		6,865
Foreign:
Current		267		202		209
Deferred		(12)		(7)		25
Total	$	1,166	$	154	$	7,526

Our actual income tax (benefit) expense differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following:

Years Ended December 31,	2019						2018							2017
		Pre-Tax		Tax	Percent of			Pre-Tax		Tax		Percent of					Tax	Percent of
		Income		Expense/	Pre-Tax			Income		Expense/		Pre-Tax			Pre-Tax		Expense/	Pre-Tax
(dollars in millions)		(Loss)		(Benefit)	Income (Loss)			(Loss)		(Benefit)	Income (Loss)				Income		(Benefit)	Income
U.S. federal income tax at statutory
rate	$	5,336	$	1,120	21.0	%	$	255	$	54		21.0	%	$	1,476	$	517	35.0	%
Adjustments:
Tax exempt interest				(25)	(0.5)					(37)		(14.5)					(111)	(7.5)
Uncertain tax positions*				258	4.8					176		69.0					660	44.7
Reclassifications from accumulated
other comprehensive income				(113)	(2.1)					(72)		(28.2)					(184)	(12.5)
Dispositions of Subsidiaries				21	0.4					-		-					17	1.2
Tax Attribute Restoration				-	-					-		-					-	-
Non-controlling Interest				(5)	(0.1)					(1)		(0.4)					(7)	(0.5)
Non-deductible transfer pricing
charges				15	0.3					29		11.4					35	2.4
Dividends received deduction				(40)	(0.7)					(38)		(14.8)					(90)	(6.1)
Effect of foreign operations				69	1.3					44		17.3					69	4.7
Share-based compensation
payments excess tax effect				27	0.5					(13)		(5.1)					(40)	(2.7)
State income taxes				13	0.2					10		3.9					(9)	(0.6)
Impact of Tax Act				-	-					62		24.3					6,687	453.0
Global intangible low-taxed income				13	0.2					21		8.2					-	-
Other*				(134)	(2.5)					(102)		(40.0)					(58)	(3.9)
Effect of discontinued operations				(8)	(0.1)					40		15.7					3	0.2
Valuation allowance:
Continuing operations				(44)	(0.8)					21		8.2					43	2.9
Consolidated total amounts		5,336		1,167	21.9			255		194		76.0			1,476		7,532	510.3
Amounts attributable to discontinued
operations		49		1	2.0			(2)		40		NM			10		6	60.0
Amounts attributable to continuing
operations	$	5,287	$	1,166	22.1	%	$	257	$	154		59.9	%	$	1,466	$	7,526	513.4	%

*2019 includes a net charge of $96 million related to the accrual of IRS interest, of which $207 million tax expense is reported in Uncertain Tax Positions and $(111) million tax benefit is reported in Other. 2018 includes a net charge of $83 million related to the accrual of IRS interest, of which $189 million tax expense is reported in Uncertain Tax Positions and $(106) million tax benefit is reported in Other. 2017 includes a net charge of $301 million related to the accrual of IRS interest, of which $245 million tax expense is reported in Uncertain Tax Positions and $56 million tax expense is reported in Other.

For the year ended December 31, 2019, the effective tax rate on income from continuing operations was 22.1 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to a $96 million net charge principally related to the accrual of IRS interest (including interest related to uncertain tax positions), $82 million associated with the effect of foreign operations, $37 million of tax charges and related interest associated with increases in uncertain tax positions primarily related to open tax issues and audits in state and local jurisdictions, $27 million of excess tax charges related to share-based compensation payments recorded through the income statement, and $15 million of non-deductible transfer pricing charges, partially offset by tax benefits of $113 million of reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities, $65 million associated with tax exempt income, and $44 million of valuation allowance activity related to certain foreign subsidiaries and state jurisdictions. Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation.

For the year ended December 31, 2018, the effective tax rate on income from continuing operations was 59.9 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to a $83 million net charge primarily related to the accrual of IRS interest (including interest related to uncertain tax positions), $62 million measurement period adjustment related to the deemed repatriation tax, $44 million associated with the effect of foreign operations, $29 million of non-deductible transfer pricing charges, $21 million of additional U.S. taxes imposed on income of our foreign subsidiaries under international provisions of the Tax Act, and $21 million of valuation allowance activity related to certain foreign subsidiaries and state jurisdictions, partially offset by tax benefits of $75 million associated with tax exempt income, and $72 million of reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities. Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent and foreign income subject to U.S. taxation.

For the year ended December 31, 2017, the effective tax rate on income from continuing operations was not meaningful. The effective tax rate differs from the 2017 statutory tax rate of 35 percent primarily due to tax charges of $6.7 billion associated with the enactment of the Tax Act discussed above, $660 million of tax charges and related interest associated with increases in uncertain tax positions primarily related to cross border financing transactions and other open tax issues, $69 million associated with the effect of foreign operations, and $35 million of non-deductible transfer pricing charges, partially offset by tax benefits of $201 million of tax exempt income, $184 million of reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities, and $40 million of excess tax deductions related to share based compensation payments recorded through the income statement in accordance with relevant accounting literature. Effect of foreign operations is primarily related to losses incurred in our European operations taxed at a statutory tax rate lower than 35 percent and other foreign taxes.

As a result of the Tax Act, the majority of accumulated foreign earnings that were previously untaxed were 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 year ended December 31, 2019, we consider our foreign earnings with respect to certain operations in Canada, South Africa, the Far East, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. While, following the enactment of the Tax Act, distributions from foreign affiliates are, generally, not subject to U.S. income tax, such distributions may be subject to non-U.S. withholding taxes. A deferred tax liability of approximately $110 million related to such withholding taxes has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. Additionally, as of December 31, 2019, we do not project any significant potential U.S. tax with respect to foreign currency gains or losses accumulated on previously taxed unremitted foreign earnings and therefore no deferred tax has been recorded. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

The following table presents the components of the net deferred tax assets (liabilities):

December 31,
(in millions)		2019		2018
Deferred tax assets:
Losses and tax credit carryforwards	$	10,541	$	11,792
Basis differences on investments		2,673		2,038
Life policy reserves		1,766		2,200
Accruals not currently deductible, and other		743		608
Investments in foreign subsidiaries		148		173
Loss reserve discount		471		272
Loan loss and other reserves		58		-
Unearned premium reserve reduction		382		504
Fixed assets and intangible assets		963		531
Other		319		962
Employee benefits		617		604
Total deferred tax assets		18,681		19,684
Deferred tax liabilities:
Deferred policy acquisition costs		(2,200)		(2,342)
Unrealized gains related to available for sale debt securities		(2,123)		(490)
Loan loss and other reserves		-		(20)
Total deferred tax liabilities		(4,323)		(2,852)
Net deferred tax assets before valuation allowance		14,358		16,832
Valuation allowance		(1,427)		(1,780)
Net deferred tax assets (liabilities)	$	12,931	$	15,052

The following table presents our U.S. consolidated income tax group tax losses and credits carryforwards as of December 31, 2019.

																		Unlimited
																	Carryforward
																		Period and
December 31, 2019																	Carryforward
				Tax		Carryforward Period Ending Tax Year^(b)												Periods^(b)
(in millions)		Gross		Effected		2020		2021		2022		2023		2024		2025		2026 - After
Net operating loss carryforwards	$	32,143	$	6,750	$	-	$	-	$	-	$	-	$	-	$	-	$	6,750
Capital loss carryforwards	$	-		-		-		-		-		-		-		-		-
Foreign tax credit carryforwards				2,249		738		116		683		711		-		-		-
Other carryforwards				-		-		-		-		-		-		-		-
Total AIG U.S. consolidated income
tax group tax losses and credits
carryforwards on a U.S. GAAP basis^(a)			$	8,999	$	738	$	116	$	683	$	711	$	-	$	-	$	6,750

(a)Financial reporting basis is net of unrecognized tax benefits of $2.1 billion for those tax years in which tax attributes are available for use when settlement occurs. (b)Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated.

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, including forecasts of future income for each of our businesses and actual and planned business and operational changes;

the carryforward period for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and

prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset.

In performing our assessment of the recoverability of the deferred tax asset under this framework, we consider tax laws governing the utilization of the net operating loss, capital loss and foreign tax credit carryforwards in each applicable jurisdiction. Under U.S. tax law, a company generally must use its net operating loss carryforwards before it can use its foreign tax credit carryforwards, even though the carryforward period for the foreign tax credit is shorter than for the net operating loss. Our U.S. federal consolidated income tax group includes both life companies and non-life companies. While the U.S. taxable income of our non-life companies can be offset by our net operating loss carryforwards, only a portion (no more than 35 percent) of the U.S. taxable income of our life companies can be offset by those net operating loss carryforwards. The remaining tax liability of our life companies can be offset by the foreign tax credit carryforwards. Accordingly, we utilize both the net operating loss and foreign tax credit carryforwards concurrently which enables us to realize our tax attributes prior to expiration. As of December 31, 2019, based on all available evidence, it is more likely than not that the U.S. net operating loss and foreign tax credit carryforwards will be utilized prior to expiration and, thus, no valuation allowance has been established.

Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies and any changes to 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 year ended December 31, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, resulting in a deferred tax liability related to net unrealized tax capital gains. As of December 31, 2019, based on all available evidence, we concluded that no valuation allowance is required. For the year ended December 31, 2019, we released $290 million of valuation allowance associated with the unrealized tax losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, all of which was allocated to other comprehensive income. 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 remainder of 2019.

For the year ended December 31, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Non-Life Companies’ available for sale securities portfolio, resulting in an increase to the deferred tax liability related to net unrealized tax capital gains. As of December 31, 2019, we continue to be in an overall unrealized tax gain position with respect to the U.S. Non-Life Companies’ available for sale securities portfolio and thus concluded no valuation allowance is necessary in the U.S. Non-Life Companies’ available for sale securities portfolio.

For the year ended December 31, 2019, we recognized a net decrease of $44 million in our deferred tax asset valuation allowance associated with certain foreign subsidiaries and state jurisdictions, primarily attributable to current year activity.

The following table presents the net deferred tax assets (liabilities) at December 31, 2019 and 2018 on a U.S. GAAP basis:

December 31,
(in millions)		2019		2018
Net U.S. consolidated return group deferred tax assets	$	14,622	$	15,479
Net deferred tax assets (liabilities) in accumulated other comprehensive income		(2,055)		(510)
Valuation allowance		(90)		(405)
Subtotal		12,477		14,564
Net foreign, state and local deferred tax assets		2,006		2,031
Valuation allowance		(1,337)		(1,374)
Subtotal		669		657
Subtotal - Net U.S., foreign, state and local deferred tax assets		13,146		15,221
Net foreign, state and local deferred tax liabilities		(215)		(169)
Total AIG net deferred tax assets (liabilities)	$	12,931	$	15,052

Deferred Tax Asset Valuation Allowance of U.S. Consolidated FEDERAL Income Tax Group

At December 31, 2019 and 2018, our U.S. consolidated income tax group had net deferred tax assets after valuation allowance of $12.5 billion and $14.6 billion, respectively. At December 31, 2019 and 2018, our U.S. consolidated income tax group had valuation allowances of $90 million and $405 million, respectively.

Deferred Tax ASSET — Foreign, State and Local

At December 31, 2019 and 2018, we had net deferred tax assets (liabilities) of $454 million and $488 million, respectively, related to foreign subsidiaries, state and local tax jurisdictions, and certain domestic subsidiaries that file separate tax returns.

At December 31, 2019 and 2018, we had deferred tax asset valuation allowances of $1.3 billion and $1.4 billion, respectively, related to foreign subsidiaries, state and local tax jurisdictions, and certain domestic subsidiaries that file separate tax returns. We maintained these valuation allowances following our conclusion that we could not demonstrate that it was more likely than not that the related deferred tax assets will be realized. This was primarily due to factors such as cumulative losses in recent years and the inability to demonstrate profits within the specific jurisdictions over the relevant carryforward periods.

Tax Examinations and Litigation

We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign law.

The statute of limitations for all tax years prior to 2000 has expired for our consolidated federal income tax return. We are currently under examination for the tax years 2000 through 2013.

On March 20, 2008, we received a Statutory Notice of Deficiency (Notice) from the IRS for years 1997 to 1999. The Notice asserted that we owe additional taxes and penalties for these years primarily due to the disallowance of foreign tax credits associated with cross-border financing transactions. The transactions that are the subject of the Notice extend beyond the period covered by the

Notice, and the IRS has administratively challenged the later periods. The IRS has also administratively challenged other cross-border transactions in later years. We have paid the assessed tax plus interest and penalties for 1997 to 1999. On February 26, 2009, we filed a complaint in the United States District Court for the Southern District of New York (Southern District) seeking a refund of approximately $306 million in taxes, interest and penalties paid with respect to the 1997 taxable year. We allege that the IRS improperly disallowed foreign tax credits and that our taxable income should be reduced as a result of the 2005 restatement of our consolidated financial statements.

We also filed an administrative refund claim on September 9, 2010 for our 1998 and 1999 tax years.

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. In 2019, we agreed with the IRS to execute an agreement for the tax years at issue in which AIG waives restrictions on the assessment of additional tax related to the settlement of the underlying issues in those tax years. 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

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits:

Years Ended December 31,
(in millions)		2019		2018		2017
Gross unrecognized tax benefits, beginning of year	$	4,709	$	4,707	$	4,530
Increases in tax positions for prior years		51		14		210
Decreases in tax positions for prior years		(1)		(6)		(33)
Increases in tax positions for current year		4		-		-
Settlements		(1)		(6)		-
Gross unrecognized tax benefits, end of year	$	4,762	$	4,709	$	4,707

At December 31, 2019, 2018 and 2017, our unrecognized tax benefits, excluding interest and penalties, were $4.8 billion, $4.7 billion and $4.7 billion, respectively. The activity for the year ended December 31, 2019 includes increases primarily related to open tax issues and audits in state and local jurisdictions. The activity for the year ended 2018 is not material. The activity for the year ended December 31, 2017 includes increases for amounts associated with cross border financing transactions and the impact of settlement discussions with the IRS related to certain other open tax issues unrelated to the cross border financing transactions.

At December 31, 2019, 2018 and 2017, 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 $43 million, $38 million and $28 million, respectively. Accordingly, at December 31, 2019, 2018 and 2017, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $4.7 billion, $4.7 billion and $4.7 billion, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2019, 2018, and 2017, we had accrued liabilities of $2.4 billion, $2.2 billion, and $2.0 billion, respectively, for the payment of interest (net of the federal benefit) and penalties. For the years ended December 31, 2019, 2018, and 2017, we accrued expense of $236 million, $190 million and $776 million, respectively, for the payment of interest and penalties. The activity for the period ended December 31, 2018, is primarily related to a decrease in the expected federal benefit of interest due to the U.S. corporate tax rate reduction and to an increase in interest and penalties associated with cross border financing transactions.

We believe it is reasonably possible that our unrecognized tax benefits could decrease within the next 12 months by as much as $3.6 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.

Listed below are the tax years that remain subject to examination by major tax jurisdictions:

At December 31, 2019	Open Tax Years
Major Tax Jurisdiction
United States	2000-2018
Australia	2015-2018
France	2017-2019
Japan	2013-2018
Korea	2014-2018
Singapore	2015-2018
United Kingdom	2018-2019

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

24. Quarterly Financial Information (Unaudited)

Consolidated Statements of Income (Loss)

	Three Months Ended
		March 31,				June 30,				September 30,				December 31,
(dollars in millions, except per common share data)		2019		2018		2019		2018		2019		2018		2019		2018
Total revenues	$	12,456	$	11,712	$	12,561	$	11,631	$	12,914	$	11,486	$	11,815	$	12,560
Income (loss) from continuing
operations before income taxes^*		1,154		1,227		1,837		1,252		1,260		(1,527)		1,036		(695)
Income (loss) from discontinued
operations, net of income taxes		-		(1)		(1)		-		-		(39)		49		(2)
Net income (loss)		937		949		1,390		931		973		(1,259)		869		(560)
Net income (loss) from
continuing operations attributable
to noncontrolling interests		283		11		281		(6)		317		-		(60)		62
Net income (loss) attributable to AIG		654		938		1,109		937		656		(1,259)		929		(622)
Net income (loss) attributable to
AIG common shareholders^*	$	654	$	938	$	1,102	$	937	$	648	$	(1,259)	$	922	$	(622)
Income (loss) per common share
attributable to AIG common
shareholders:
Basic:
Income (loss) from continuing
operations	$	0.75	$	1.03	$	1.26	$	1.04	$	0.74	$	(1.37)	$	0.99	$	(0.70)
Income (loss) from discontinued
operations	$	-	$	-	$	-	$	-	$	-	$	(0.04)	$	0.06	$	-
Diluted:
Income (loss) from continuing
operations	$	0.75	$	1.01	$	1.24	$	1.02	$	0.72	$	(1.37)	$	0.97	$	(0.70)
Income (loss) from discontinued
operations	$	-	$	-	$	-	$	-	$	-	$	(0.04)	$	0.06	$	-
Weighted average shares
outstanding:
Basic	875,383,084		907,951,597		876,382,884		903,215,488		877,009,495		895,237,359		878,210,228		887,508,718
Diluted	877,512,244		925,266,577		888,325,042		916,572,481		895,814,410		895,237,359		896,380,725		887,508,718
Noteworthy quarterly items -
(income) expense:
Prior year unfavorable (favorable)
development		(15)		(40)		(132)		(26)		(74)		949		(119)		546
Restructuring and other costs		47		24		60		200		67		35		44		136

*For the three-month period ended December 31, 2018, our results include out of period adjustments relating to prior periods that decreased Net income attributable to AIG common shareholders by $87 million, and decreased Income from continuing operations before income taxes by $132 million. The out of period adjustments for the three-month period are primarily related to decreases in Premiums and decreases in Net realized capital gains and losses. We determined that these adjustments were not material to the current quarter or to any previously reported quarterly financial statements. Had these adjustments been recorded in their appropriate periods, Net income attributable to AIG common shareholders for the three-month period ended September 30, 2018 would have decreased by $40 million with no impact to the three-month periods ended June 30, 2018 and March 31, 2018, respectively.

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

12 Months Ended

Dec. 31, 2019

INFORMATION PROVIDED IN CONNECTION WITH OUTSTADING DEBT

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT

25. Information Provided in Connection with Outstanding Debt

The following Condensed Consolidating Financial Statements reflect the results of Validus and AIGLH, each a holding company and a 100 percent 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
December 31, 2019
Assets:
Short-term investments^(a)	$	3,329	$	-	$	-		$	12,496	$	(2,595)		$	13,230
Other investments^(b)		4,804		-		-			319,622		(41)			324,385
Total investments		8,133		-		-			332,118		(2,636)			337,615
Cash		2		8		9			2,837		-			2,856
Loans to subsidiaries^(c)		35,352		-		-			715		(36,067)			-
Investment in consolidated subsidiaries^(c)		39,921		3,646		30,216			-		(73,783)			-
Other assets, including deferred income taxes^(d)		14,391		1,793		17			170,642		(2,250)			184,593
Total assets	$	97,799	$	5,447	$	30,242		$	506,312	$	(114,736)		$	525,064
Liabilities:
Insurance liabilities	$	-	$	-	$	-		$	302,406	$	-		$	302,406
Long-term debt and debt of consolidated investment entities		22,030		353		643			12,324		-			35,350
Other liabilities, including intercompany balances^(b)		9,379		10		42			115,313		(4,863)			119,881
Loans from subsidiaries^(c)		715		-		-			35,353		(36,068)			-
Total liabilities		32,124		363		685			465,396		(40,931)			457,637
Total AIG shareholders’ equity		65,675		5,084		29,557			39,164		(73,805)			65,675
Non-redeemable noncontrolling interests		-		-		-			1,752		-			1,752
Total equity		65,675		5,084		29,557			40,916		(73,805)			67,427
Total liabilities and equity	$	97,799	$	5,447	$	30,242		$	506,312	$	(114,736)		$	525,064

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		25,058	^(e)		-		(62,387)	^(e)		-
Other assets, including deferred income taxes^(d)		15,389		1,798		124			159,430		(1,839)			174,902
Total assets	$	88,172	$	5,838	$	25,191		$	474,385	$	(101,602)		$	491,984
Liabilities:
Insurance liabilities	$	-	$	-	$	-		$	293,652	$	-		$	293,652
Long-term debt and debt of consolidated investment entities		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		24,404	^(e)		32,732		(62,387)	^(e)		56,361
Non-redeemable noncontrolling interests		-		-		-			948		-			948
Total equity		56,361		5,251		24,404			33,680		(62,387)			57,309
Total liabilities and equity	$	88,172	$	5,838	$	25,191		$	474,385	$	(101,602)		$	491,984

(a)At December 31, 2019, includes restricted cash of $102 million and $86 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $124 million and $18 million for American International Group, Inc. (as Guarantor) and Other Subsidiaries, respectively.

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

(c)Eliminated in consolidation.

(d)At December 31, 2019, includes restricted cash of $1 million and $242 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.

(e)The Investment in consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $26.3 billion to $25.1 billion and from $(63.7) billion to $(62.4) billion, respectively, to correct Total assets in 2018. The AIG shareholders’ equity amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $25.7 billion to $24.4 billion and from $(63.7) billion to $(62.4) billion, respectively, to correct Total equity in 2018. These corrections in 2018 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.

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
Year Ended December 31, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	3,863	$	303	$	325		$	-	$	(4,491)		$	-
Other income		1,156		9		-			48,751		(170)			49,746
Total revenues		5,019		312		325			48,751		(4,661)			49,746
Expenses:
Interest expense		985		17		50			380		(15)			1,417
Loss on extinguishment of debt		-		-		-			32		-			32
Other expenses		729		18		3			42,415		(155)			43,010
Total expenses		1,714		35		53			42,827		(170)			44,459
Income (loss) from continuing operations before income tax
expense (benefit)		3,305		277		272			5,924		(4,491)			5,287
Income tax expense (benefit)		(45)		-		(6)			1,217		-			1,166
Income (loss) from continuing operations		3,350		277		278			4,707		(4,491)			4,121
Income (loss) from discontinued operations, net
of income taxes		(2)		-		-			50		-			48
Net income (loss)		3,348		277		278			4,757		(4,491)			4,169
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			821		-			821
Net income (loss) attributable to AIG	$	3,348	$	277	$	278		$	3,936	$	(4,491)		$	3,348
Year Ended December 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	(580)	$	(240)	$	3,359	^(b)	$	-	$	(2,539)	^(b)	$	-
Other income		938		23		1			46,506		(79)			47,389
Total revenues		358		(217)		3,360			46,506		(2,618)			47,389
Expenses:
Interest expense		954		18		50			302		(15)			1,309
Loss on extinguishment of debt		-		-		-			7		-			7
Other expenses		803		27		3			45,048		(65)			45,816
Total expenses		1,757		45		53			45,357		(80)			47,132
Income (loss) from continuing operations before income tax
expense (benefit)		(1,399)		(262)		3,307			1,149		(2,538)			257
Income tax expense (benefit)		(1,433)		-		39			1,548		-			154
Income (loss) from continuing operations		34		(262)		3,268			(399)		(2,538)			103
Loss from discontinued operations, net
of income taxes		(40)		-		-			(2)		-			(42)
Net income (loss)		(6)		(262)		3,268			(401)		(2,538)			61
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			67		-			67
Net income (loss) attributable to AIG	$	(6)	$	(262)	$	3,268		$	(468)	$	(2,538)		$	(6)

		American
		International		Validus							Reclassifications
		Group, Inc.		Holdings,					Other		and			Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH			Subsidiaries		Eliminations			AIG
Year Ended December 31, 2017
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	(149)	$	-	$	1,328	^(b)	$	-	$	(1,179)	^(b)	$	-
Other income		891		-		-			48,802		(173)			49,520
Total revenues		742		-		1,328			48,802		(1,352)			49,520
Expenses:
Interest expense		949		-		50			176		(7)			1,168
(Gain) loss on extinguishment of debt		2		-		-			(7)		-			(5)
Other expenses		952		-		2			46,116		(179)			46,891
Total expenses		1,903		-		52			46,285		(186)			48,054
Income (loss) from continuing operations before income tax
expense (benefit)		(1,161)		-		1,276			2,517		(1,166)			1,466
Income tax expense (benefit)		4,922		-		(3)			2,607		-			7,526
Income (loss) from continuing operations		(6,083)		-		1,279			(90)		(1,166)			(6,060)
Income (loss) from discontinued operations, net
of income taxes		(1)		-		-			5		-			4
Net income (loss)		(6,084)		-		1,279			(85)		(1,166)			(6,056)
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			28		-			28
Net income (loss) attributable to AIG	$	(6,084)	$	-	$	1,279		$	(113)	$	(1,166)		$	(6,084)

(a)Eliminated in consolidation.

(b)Equity in earnings of consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $2.8 billion to $3.4 billion and from $(2.0) billion to $(2.5) billion, respectively, to correct Total revenues in 2018. Equity in earnings of consolidated subsidiaries amounts for AIGLH and Reclassifications and Eliminations in 2017 have been revised from $1.9 billion to $1.3 billion and from $(1.8) billion to $(1.2) billion, respectively, to correct Total revenues in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements.

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
Year Ended December 31, 2019
Net income (loss)	$	3,348	$	277	$	278		$	4,757		$	(4,491)		$	4,169
Other comprehensive income (loss)		6,395		1		6,209			6,370			(12,560)			6,415
Comprehensive income (loss)		9,743		278		6,487			11,127			(17,051)			10,584
Total comprehensive income attributable to
noncontrolling interests		-		-		-			841			-			841
Comprehensive income (loss) attributable to AIG	$	9,743	$	278	$	6,487		$	10,286		$	(17,051)		$	9,743
Year Ended December 31, 2018
Net income (loss)	$	(6)	$	(262)	$	3,268	^(a)	$	(401)		$	(2,538)	^(a)	$	61
Other comprehensive income (loss)		(6,302)		-		(4,555)	^(b)		(6,810)	^(b)		11,374	^(b)		(6,293)
Comprehensive income (loss)		(6,308)		(262)		(1,287)			(7,211)			8,836			(6,232)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			76			-			76
Comprehensive income (loss) attributable to AIG	$	(6,308)	$	(262)	$	(1,287)		$	(7,287)		$	8,836		$	(6,308)
Year Ended December 31, 2017
Net income (loss)	$	(6,084)	$	-	$	1,279	^(a)	$	(85)		$	(1,166)	^(a)	$	(6,056)
Other comprehensive income (loss)		2,235		-		1,844	^(b)		2,021	^(b)		(3,865)	^(b)		2,235
Comprehensive income (loss)		(3,849)		-		3,123			1,936			(5,031)			(3,821)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			28			-			28
Comprehensive income (loss) attributable to AIG	$	(3,849)	$	-	$	3,123		$	1,908		$	(5,031)		$	(3,849)

(a)Net income (loss) amounts for AIGLH and Reclassifications and Eliminations in 2018 have been revised from $2.8 billion to $3.3 billion and from $(2.0) billion to $(2.5) billion, respectively, to correct Comprehensive income (loss) in 2018. Net income (loss) amounts for AIGLH and Reclassifications and Eliminations in 2017 have been revised from $1.9 billion to $1.3 billion and from $(1.8) billion to $(1.2) billion, respectively, to correct Comprehensive income (loss) in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are not considered material to previously issued financial statements. (b)The Other comprehensive income (loss) amounts for AIGLH, Other Subsidiaries, and Reclassifications and Eliminations in 2018 have been revised from $2.5 billion to $(4.6) billion, from $12.3 billion to $(6.8) billion, and from $(14.8) billion to $11.4 billion, respectively, to correct Comprehensive income (loss) in 2018. The Other comprehensive income (loss) amounts for AIGLH, Other Subsidiaries, and Reclassifications and Eliminations in 2017 have been revised from $7.8 billion to $1.8 billion, from $17.8 billion to $2.0 billion, and from $(25.7) billion to $(3.9) billion, respectively, to correct Comprehensive income (loss) in 2017. These corrections in 2018 and 2017 have no impact on AIG’s consolidated financial statements and are 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
Year Ended December 31, 2019
Net cash (used in) provided by operating activities	$	3,484	$	187	$	1,470	$	(1,439)	$	(4,630)	$	(928)
Cash flows from investing activities:
Sales of investments		2,313		2		-		63,830		(583)		65,562
Sales of divested businesses, net		-		-		-		2		-		2
Purchase of investments		(2,957)		-		-		(66,535)		583		(68,909)
Loans to subsidiaries - net		513		-		-		(93)		(420)		-
Contributions from (to) subsidiaries - net		(237)		-		-		-		237		-
Net change in short-term investments		(2,170)		-		-		(1,463)		-		(3,633)
Other, net		67		-		-		1,436		-		1,503
Net cash (used in) provided by investing activities		(2,471)		2		-		(2,823)		(183)		(5,475)
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		595		-		-		3,286		-		3,881
Repayments of long-term debt and debt of
consolidated investment entities		(1,006)		-		-		(2,196)		-		(3,202)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		93		-		-		(513)		420		-
Cash dividends paid on preferred stock		(22)		-		-		-		-		(22)
Cash dividends paid on common stock		(1,114)		(190)		(1,470)		(2,970)		4,630		(1,114)
Other, net		(66)		-		-		6,654		(237)		6,351
Net cash (used in) provided by financing activities		(1,035)		(190)		(1,470)		4,261		4,813		6,379
Effect of exchange rate changes on cash and
restricted cash		-		-		-		16		-		16
Change in cash and restricted cash		(22)		(1)		-		15		-		(8)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Change in cash of businesses held for sale		-		-		-		(63)		-		(63)
Cash and restricted cash at end of year	$	105	$	8	$	9	$	3,165	$	-	$	3,287

Year Ended December 31, 2018
Net cash (used in) provided by operating activities	$	1,256	$	656	$	2,445	$	1,651	$	(5,947)	$	61
Cash flows from investing activities:
Sales of investments		5,587		13		-		59,918		(3,206)		62,312
Sales of divested businesses, net		-		-		-		10		-		10
Purchase of investments		(1,980)		-		-		(59,778)		3,206		(58,552)
Loans to subsidiaries - net		868		-		-		(90)		(778)		-
Contributions from (to) subsidiaries - net		1		-		-		-		(1)		-
Acquisition of businesses, net of cash and
restricted cash acquired		(5,475)		112		-		(354)		-		(5,717)
Net change in short-term investments		1,533		-		-		(9)		-		1,524
Other, net		(73)		-		-		273		-		200
Net cash (used in) provided by investing activities		461		125		-		(30)		(779)		(223)
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		2,470		-		-		2,264		-		4,734
Repayments of long-term debt and debt of
consolidated investment entities		(1,493)		(350)		-		(1,829)		-		(3,672)
Purchase of common stock		(1,739)		-		-		-		-		(1,739)
Intercompany loans - net		90		-		-		(868)		778		-
Cash dividends paid on common stock		(1,138)		(6)		(2,456)		(3,485)		5,947		(1,138)
Other, net		212		(416)		-		2,812		1		2,609

Net cash (used in) provided by financing activities		(1,598)		(772)		(2,456)		(1,106)		6,726		794
Effect of exchange rate changes on cash and
restricted cash		-		-		-		(11)		-		(11)
Change in cash and restricted cash		119		9		(11)		504		-		621
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of year	$	127	$	9	$	9	$	3,213	$	-	$	3,358

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Year Ended December 31, 2017
Net cash (used in) provided by operating activities	$	36	$	-	$	1,413	$	(6,659)	$	(2,608)	$	(7,818)
Cash flows from investing activities:
Sales of investments		5,821		-		-		74,477		(3,758)		76,540
Sales of divested businesses, net		40		-		-		752		-		792
Purchase of investments		(2,465)		-		-		(64,539)		3,758		(63,246)
Loans to subsidiaries - net		199		-		-		63		(262)		-
Contributions from (to) subsidiaries - net		2,446		-		-		-		(2,446)		-
Net change in short-term investments		1,994		-		-		104		-		2,098
Other, net		(183)		-		(5)		(1,955)		-		(2,143)
Net cash (used in) provided by investing activities		7,852		-		(5)		8,902		(2,708)		14,041
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		1,505		-		-		1,851		-		3,356
Repayments of long-term debt and debt of
consolidated investment entities		(1,724)		-		-		(1,974)		-		(3,698)
Purchase of common stock		(6,275)		-		-		-		-		(6,275)
Intercompany loans - net		(63)		-		-		(199)		262		-
Cash dividends paid on common stock		(1,172)		-		(1,422)		(1,186)		2,608		(1,172)
Other, net		(154)		-		-		(200)		2,446		2,092
Net cash (used in) provided by financing activities		(7,883)		-		(1,422)		(1,708)		5,316		(5,697)
Effect of exchange rate changes on cash and
restricted cash		-		-		-		(29)		-		(29)
Change in cash and restricted cash		5		-		(14)		506		-		497
Cash and restricted cash at beginning of year		3		-		34		2,070		-		2,107
Change in cash of businesses held for sale		-		-		-		133		-		133
Cash and restricted cash at end of year	$	8	$	-	$	20	$	2,709	$	-	$	2,737

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
Year Ended December 31, 2019
Cash	$	2	$	8	$	9	$	2,837	$	-	$	2,856
Restricted cash included in Short-term investments		102		-		-		86		-		188
Restricted cash included in Other assets		1		-		-		242		-		243
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	105	$	8	$	9	$	3,165	$	-	$	3,287
Cash (paid) received during the year ended
December 31, 2019 for:
Interest:
Third party	$	(941)	$	(22)	$	(50)	$	(313)	$	-	$	(1,326)
Intercompany		(3)		45		-		(42)		-		-
Taxes:
Income tax authorities	$	(11)	$	-	$	-	$	(241)	$	-	$	(252)
Intercompany		1,179		2		-		(1,181)		-		-

Year Ended December 31, 2018
Cash	$	2	$	9	$	9	$	2,853	$	-	$	2,873
Restricted cash included in Short-term investments		124		-		-		18		-		142
Restricted cash included in Other assets		1		-		-		342		-		343
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	127	$	9	$	9	$	3,213	$	-	$	3,358
Cash (paid) received during the year ended
December 31, 2018 for:
Interest:
Third party	$	(914)	$	(17)	$	(48)	$	(333)	$	-	$	(1,312)
Intercompany		1		-		(1)		-		-		-
Taxes:
Income tax authorities	$	(32)	$	-	$	-	$	(122)	$	-	$	(154)
Intercompany		895		-		-		(895)		-		-

Year Ended December 31, 2017
Cash	$	3	$	-	$	20	$	2,339	$	-	$	2,362
Restricted cash included in Short-term investments		4		-		-		54		-		58
Restricted cash included in Other assets		1		-		-		316		-		317
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	8	$	-	$	20	$	2,709	$	-	$	2,737
Cash (paid) received during the year ended
December 31, 2017 for:
Interest:
Third party	$	(948)	$	-	$	(48)	$	(286)	$	-	$	(1,282)
Intercompany		-		-		(1)		1		-		-
Taxes:
Income tax authorities	$	(329)	$	-	$	-	$	(215)	$	-	$	(544)
Intercompany		614		-		-		(614)		-		-

AMERICAN INTERNATIONAL GROUP, INC. (AS GUARANTOR) SUPPLEMENTARY DISCLOSURE OF NON-CASH ACTIVITIES:

Years Ended December 31,
(in millions)		2019		2018		2017
Intercompany non-cash financing and investing activities:
Capital contributions	$	15	$	2,369	$	259
Dividends received in the form of securities		702		745		735
Return of capital		15		2,706		26

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

26. Subsequent Events

DIVIDENDS DECLARED

On February 12, 2020, our Board of Directors declared a cash dividend on AIG Common Stock of $0.32 per share, payable on March 30, 2020 to shareholders of record on March 16, 2020. On February 12, 2020, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on March 16, 2020 to holders of record on February 28, 2020.

Schedule I Summary of Investments - Other than Investments in Related Parties

12 Months Ended

Dec. 31, 2019

Schedule I Summary of Investments - Other than Investments in Related Parties

Schedule I Summary of Investments - Other than Investments in Related Parties

Summary of Investments — Other than Investments in Related Parties

						Schedule I

						Amount at
At December 31, 2019						which shown in
(in millions)		Cost^(a)		Fair Value		the Balance Sheet
Fixed maturities:
U.S. government and government sponsored entities	$	7,229	$	7,501	$	7,501
Obligations of states, municipalities and political subdivisions		13,960		15,318		15,318
Non-U.S. governments		14,042		14,869		14,869
Public utilities		17,861		19,378		19,378
All other corporate debt securities		120,203		130,276		130,276
Mortgage-backed, asset-backed and collateralized		66,617		70,426		70,426
Total fixed maturity securities		239,912		257,768		257,768
Equity securities and mutual funds:
Common stock:
Public utilities		1		1		1
Banks, trust and insurance companies		151		151		151
Industrial, miscellaneous and all other		380		380		380
Total common stock		532		532		532
Preferred stock		13		13		13
Mutual funds		296		296		296
Total equity securities and mutual funds		841		841		841
Mortgage and other loans receivable, net of allowance		46,984		49,005		46,984
Other invested assets		19,495		18,792		18,792
Short-term investments, at cost (approximates fair value)		13,230		13,230		13,230
Derivative assets^(b)		793		793		793
Total investments	$	321,255	$	340,429	$	338,408

(a)Original cost of fixed maturities is reduced by other-than-temporary impairment charges and by repayments and adjusted for amortization of premiums or accretion of discounts.

(b)The balance is reported in Other assets.

Schedule II Condensed Financial Information of Registrant - Parent Company Only

12 Months Ended

Dec. 31, 2019

INFORMATION PROVIDED IN CONNECTION WITH OUTSTADING DEBT

Schedule II Condensed Financial Information of Registrant - Parent Company Only

Condensed Financial Information of Registrant

Balance Sheets — Parent Company Only

		Schedule II

December 31,
(in millions)		2019		2018
Assets:
Short-term investments^(a)	$	3,329	$	1,141
Other investments		4,804		3,377
Total investments		8,133		4,518
Cash		2		2
Loans to subsidiaries^(b)		35,352		34,963
Due from affiliates - net^(b)		1,504		1,206
Intercompany tax receivable^(b)		3,121		3,053
Deferred income taxes		9,426		10,747
Investment in consolidated subsidiaries^(b)		39,921		33,300
Other assets^(c)		340		383
Total assets	$	97,799	$	88,172
Liabilities:
Due to affiliate^(b)	$	3,231	$	2,329
Intercompany tax payable^(b)		2,700		2,954
Notes and bonds payable		20,467		20,853
Junior subordinated debt		1,542		1,548
Series AIGFP matched notes and bonds payable		21		21
Loans from subsidiaries^(b)		715		615
Other liabilities (includes intercompany derivative liabilities of $33 in 2019 and $105 in 2018)		3,448		3,491
Total liabilities		32,124		31,811
AIG Shareholders’ equity:
Preferred stock		485		-
Common stock		4,766		4,766
Treasury stock		(48,987)		(49,144)
Additional paid-in capital		81,345		81,268
Retained earnings		23,084		20,884
Accumulated other comprehensive income (loss)		4,982		(1,413)
Total AIG shareholders’ equity		65,675		56,361
Total liabilities and equity	$	97,799	$	88,172

(a)At December 31, 2019 and 2018, included restricted cash of $102 million and $124 million, respectively.

(b)Eliminated in consolidation.

(c)At December 31, 2019 and 2018, included restricted cash of $1 million and $1 million, respectively.

See accompanying Notes to Condensed Financial Information of Registrant.

Condensed Financial Information of Registrant (Continued)
Statements of Income — Parent Company Only

				Schedule II

Years Ended December 31,
(in millions)		2019		2018		2017
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries^(a)	$	44	$	(5,160)	$	(2,375)
Dividend income from consolidated subsidiaries^(a)		3,819		4,580		2,226
Interest income^(b)		1,034		961		656
Net realized capital gains (losses)		(3)		(49)		46
Other income		125		26		189
Expenses:
Interest expense		985		954		949
Net loss on extinguishment of debt		-		-		2
Net loss on sale of divested businesses		1		3		30
Other expenses		728		800		922
Income (loss) from continuing operations before income tax expense (benefit)		3,305		(1,399)		(1,161)
Income tax expense (benefit)		(45)		(1,433)		4,922
Net income (loss)		3,350		34		(6,083)
Loss from discontinued operations		(2)		(40)		(1)
Net income (loss) attributable to AIG Parent Company	$	3,348	$	(6)	$	(6,084)

(a)Eliminated in consolidation.

(b)Includes interest income on intercompany borrowings of $904 million, $840 million and $512 million on December 31, 2019, 2018 and 2017, respectively, eliminated in consolidation.

See accompanying Notes to Condensed Financial Information of Registrant.

Condensed Financial Information of Registrant (Continued)
Statements of Comprehensive Income — Parent Company Only

				Schedule II

Years Ended December 31,
(in millions)		2019		2018		2017
Net income (loss)	$	3,348	$	(6)	$	(6,084)
Other comprehensive income (loss)		6,395		(6,302)		2,235
Total comprehensive income (loss) attributable to AIG	$	9,743	$	(6,308)	$	(3,849)

See accompanying Notes to Condensed Financial Information of Registrant.

Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows — Parent Company Only

				Schedule II

Years Ended December 31,
(in millions)		2019		2018		2017
Net cash provided by operating activities	$	3,484	$	1,256	$	36
Cash flows from investing activities:
Sales and maturities of investments		2,313		5,587		5,714
Sales of divested businesses		-		-		40
Purchase of investments		(2,957)		(1,980)		(2,465)
Net change in short-term investments		(2,170)		1,533		1,994
Contributions from (to) subsidiaries - net		(237)		1		2,446
Acquisition of businesses		-		(5,475)		-
Payments received on mortgage and other loans receivable		-		-		107
Loans to subsidiaries - net		513		868		199
Other, net		67		(73)		(183)
Net cash provided by (used in) investing activities		(2,471)		461		7,852
Cash flows from financing activities:
Issuance of long-term debt		595		2,470		1,505
Repayments of long-term debt		(1,006)		(1,493)		(1,724)
Issuance of preferred stock		485		-		-
Cash dividends paid on preferred stock		(22)		-		-
Cash dividends paid on common stock		(1,114)		(1,138)		(1,172)
Loans from subsidiaries - net		93		90		(63)
Purchase of common stock		-		(1,739)		(6,275)
Other, net		(66)		212		(154)
Net cash used in financing activities		(1,035)		(1,598)		(7,883)
Change in cash and restricted cash		(22)		119		5
Cash and restricted cash at beginning of year		127		8		3
Cash and restricted cash at end of year	$	105	$	127	$	8

Supplementary disclosure of cash flow information:
	Years Ended December 31,
(in millions)		2019		2018		2017
Cash	$	2	$	2	$	3
Restricted cash included in Short-term investments		102		124		4
Restricted cash included in Other assets		1		1		1
Total cash and restricted cash shown in Statements of Cash Flows — Parent Company Only	$	105	$	127	$	8

Cash (paid) received during the period for:
Interest:
Third party	$	(941)	$	(914)	$	(948)
Intercompany		(3)		1		-
Taxes:
Income tax authorities		(11)		(32)		(329)
Intercompany		1,179		895		614
Intercompany non-cash financing and investing activities:
Capital contributions		15		2,369		259
Return of capital		15		2,706		26
Dividends received in the form of securities		702		745		735

See accompanying Notes to Condensed Financial Information of Registrant.

Notes to Condensed Financial Information of Registrant

American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2019 Annual Report on Form 10-K for the year ended December 31, 2019 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 21, 2020.

The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.

Certain prior period amounts have been reclassified to conform to the current period presentation.

The five-year debt maturity schedule is incorporated by reference from Note 16 to Consolidated Financial Statements.

The Registrant 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. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets.

Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated income tax group.

For additional information see Note 23 to the Consolidated Financial Statements.

The consolidated U.S. deferred tax asset for net operating loss, capital loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries.

Schedule III Supplementary Insurance Information

12 Months Ended

Dec. 31, 2019

Schedule III Supplementary Insurance Information

Schedule III Supplementary Insurance Information

Supplementary Insurance Information

											Schedule III

At December 31, 2019 and 2018

								Liability
								for Unpaid
								Losses and
								Loss
						Deferred		Adjustment				Policy
						Policy		Expenses,				and
						Acquisition		Future Policy		Unearned		Contract
Segment (in millions)						Costs		Benefits		Premiums		Claims
2019
General Insurance					$	2,639	$	71,272	$	18,022	$	-
Life and Retirement						7,901		17,963		-		864
Other Operations^(a)						9		177		10		-
Legacy Operations						658		39,428		237		17
					$	11,207	$	128,840	$	18,269	$	881
2018
General Insurance					$	2,889	$	76,185	$	18,727	$	-
Life and Retirement						9,046		14,739		-		851
Other Operations^(a)						-		47		6		-
Legacy Operations						759		37,603		515		14
					$	12,694	$	128,574	$	19,248	$	865


For the years ended December 31, 2019, 2018 and 2017

						Losses		Amortization
		Premiums				and Loss		of Deferred
		and		Net		Expenses		Policy		Other		Net
		Policy		Investment		Incurred,		Acquisition		Operating		Premiums
Segment (in millions)		Fees		Income		Benefits		Costs		Expenses		Written^(b)
2019
General Insurance	$	26,438	$	3,444	$	17,246	$	4,482	$	4,621	$	25,092
Life and Retirement		6,493		8,461		9,127		650		2,472		-
Other Operations^(a)		42		234		739		(36)		1,138		420
Legacy Operations		603		2,480		2,122		68		306		(58)
	$	33,576	$	14,619	$	29,234	$	5,164	$	8,537	$	25,454
2018
General Insurance	$	27,505	$	2,668	$	20,824	$	4,596	$	5,222	$	26,407
Life and Retirement		5,261		7,922		7,692		680		2,412		-
Other Operations^(a)		39		(439)		357		5		1,270		387
Legacy Operations		600		2,325		2,293		105		398		3
	$	33,405	$	12,476	$	31,166	$	5,386	$	9,302	$	26,797
2017
General Insurance	$	26,026	$	3,668	$	21,642	$	3,765	$	5,100	$	25,438
Life and Retirement		6,844		7,816		8,607		743		2,296		-
Other Operations^(a)		712		(81)		1,076		(296)		1,227		317
Legacy Operations		727		2,776		2,239		76		484		4
	$	34,309	$	14,179	$	33,564	$	4,288	$	9,107	$	25,759

(a)Includes consolidation and elimination entries and reconciling items from adjusted pre-tax income to pre-tax income. See Note 3 to the Consolidated Financial Statements.

(b)Balances reflect the segment changes discussed in Note 3 to the Consolidated Financial Statements.

Schedule IV Reinsurance

12 Months Ended

Dec. 31, 2019

Schedule IV Reinsurance

Schedule IV Reinsurance

Reinsurance

									Schedule IV

At December 31, 2019, 2018 and 2017 and for the years then ended

									Percent of
				Ceded to		Assumed			Amount
		Gross		Other		from Other			Assumed
(in millions)		Amount		Companies		Companies		Net Amount	to Net
2019
Long-duration insurance in force	$	1,185,771	$	264,732	$	279	$	921,318	-	%
Premiums Earned:
General Insurance companies	$	30,017	$	9,526	$	6,395	$	26,886	23.8	%
Life and Retirement companies		4,363		916		228		3,675	6.2
Other		-		-		-		-	-
Total	$	34,380	$	10,442	$	6,623	$	30,561	21.7	%
2018
Long-duration insurance in force	$	1,094,774	$	228,846	$	300	$	866,228	-	%
Premiums Earned:
General Insurance companies	$	31,450	$	8,164	$	4,638	$	27,924	16.6	%
Life and Retirement companies		3,489		855		56		2,690	2.1
Other		-		-		-		-	-
Total	$	34,939	$	9,019	$	4,694	$	30,614	15.3	%
2017
Long-duration insurance in force	$	1,061,095	$	202,402	$	321	$	859,014	-	%
Premiums Earned:
General Insurance companies	$	30,928	$	7,904	$	3,374	$	26,398	12.8	%
Life and Retirement companies		5,771		810		15		4,976	0.3
Other		-		-		-		-	-
Total	$	36,699	$	8,714	$	3,389	$	31,374	10.8	%

Schedule V Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Valuation and Qualifying Accounts [Abstract]

Schedule V Valuation and Qualifying Accounts

Valuation and Qualifying Accounts

												Schedule V

For the years ended December 31, 2019, 2018 and 2017

		Balance,		Charged to
		Beginning		Costs and						Divested		Other		Balance,
(in millions)		of year		Expenses		Charge Offs	Acquisitions		Businesses			Changes^*		End of year
2019
Allowance for mortgage and
other loans receivable	$	397	$	46	$	(5)	$	-	$	-	$	-	$	438
Allowance for premiums and
insurances balances receivable		216		(25)		(23)		-		-		10		178
Allowance for reinsurance assets		140		(20)		(11)		-		-		2		111
Federal and foreign valuation
allowance for deferred tax assets		1,779		(44)		-		-		-		(310)		1,425
2018
Allowance for mortgage and
other loans receivable	$	322	$	93	$	(19)	$	-	$	-	$	1	$	397
Allowance for premiums and
insurances balances receivable		236		2		(20)		-		-		(2)		216
Allowance for reinsurance assets		187		(8)		(45)		8		-		(2)		140
Federal and foreign valuation
allowance for deferred tax assets		1,374		21		-		82		-		302		1,779
2017
Allowance for mortgage and
other loans receivable	$	297	$	49	$	(25)	$	-	$	-	$	1	$	322
Allowance for premiums and
insurances balances receivable		262		36		(58)		-		(8)		4		236
Allowance for reinsurance assets		207		33		(50)		-		-		(3)		187
Federal and foreign valuation
allowance for deferred tax assets		2,831		43		-		-		-		(1,500)		1,374

*Includes recoveries of amounts previously charged off and reclassifications to/from other accounts.

BASIS OF PRESENTATION (Policies)

12 Months Ended

Dec. 31, 2019

BASIS OF PRESENTATION

Use of Estimates

liability for unpaid losses and loss adjustment expenses (loss reserves);

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;

reinsurance assets;

liability for legal contingencies;

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

Out of Period Adjustments

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Held-for-Sale Classification

Investments

Fixed Maturity and Equity Securities

Other Invested Assets Carried at Fair Value

Other Invested Assets – Equity Method Investments

Other Investments

Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below.

Investments in Life Settlements

Net Investment Income

Net investment income represents income primarily from the following sources:

Dividend income from common and preferred stocks.

Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option.

Earnings from alternative investments.

Net Realized Capital Gains and Losses

Net realized capital gains and losses are determined by specific identification. The net realized capital gains and losses are generated primarily from the following sources:

Sales or full redemptions of available for sale fixed maturity securities, available for sale equity securities, real estate and other alternative investments.

Reductions to the amortized cost basis of available for sale fixed maturity securities, available for sale equity securities and certain other invested assets for other-than-temporary impairments.

Impairments on investments in life settlements.

Exchange gains and losses resulting from foreign currency transactions.

Evaluating Investments for Other-Than-Temporary Impairments

Fixed Maturity Securities

Current delinquency rates;

Expected default rates and the timing of such defaults;

Loss severity and the timing of any recovery; and

Expected prepayment speeds.

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:

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	-	$	526	$	1,098
Increases due to:
Credit impairments on new securities subject to impairment losses		136		59		122
Additional credit impairments on previously impaired securities		17		90		74
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(64)		(145)		(99)
Accretion on securities previously impaired due to credit^*		(20)		(530)		(669)
Balance, end of year	$	69	$	-	$	526

Equity Securities

The security had traded at a significant (25 percent or more) discount to cost for an extended period of time (nine consecutive months or longer);

We had concluded that we may not realize a full recovery on our investment, regardless of the occurrence of one of the foregoing events.

Other Invested Assets

Purchased Credit Impaired (PCI) Securities

Secured Financing and Similar Arrangements

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.Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned.

Methodology Used to Estimate the Allowance for Credit Losses

Reinsurance

Short-Duration Reinsurance

The following table presents short-duration insurance premiums written and earned:

Long-Duration Reinsurance

Variable Interest Entity

Balance Sheet Classification and Exposure to Loss

Deferred Policy Acquisition Costs

The following table presents a rollforward of DAC and VOBA:

Derivatives and Hedge Accounting

For additional information on embedded derivatives see Notes 6 and 15 herein.

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

Liability for unpaid claims and claims adjustment expense

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

Future policy benefits for life and accident and health insurance contracts and policyholder contract deposits

Future Policy Benefits

Future policy benefits also include certain guaranteed benefits of variable annuity products that are not considered embedded derivatives, primarily guaranteed minimum death benefits.

For additional information on guaranteed minimum death benefits see Note 15 herein.

Policyholder Contract Deposits

For additional information on guaranteed benefits accounted for as embedded derivatives see Note 15 herein.

Other Policyholder Funds

Debt

Noncontrolling Interests

Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG.

Earnings Per Share

Income Taxes

Assessment of Deferred Tax Asset Valuation Allowance

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 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.

Revenues and expenses

Premiums for long-duration insurance products and life contingent annuities are recognized as revenues when due. Estimates for premiums due but not yet collected are accrued.

Other income includes advisory fee income from the Life and Retirement broker dealer business.

Cash

Cash represents cash on hand and demand deposits.

Premiums and other receivables - net

Deposit assets and liabilities

Other assets

Goodwill

GOODWILL

The following table presents the changes in goodwill by operating segment:

	General Insurance
	North				Life			Other		Legacy
(in millions)	America		International		Insurance		Operations		Portfolio			Total
Balance at January 1, 2017:
Goodwill - gross	$	1,878	$	2,807	$	77	$	27	$	216	$	5,005
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		614		671		77		27		139		1,528
Increase (decrease) due to:
Acquisitions		-		-		-		4		-		4
Dispositions		(10)		(7)		(6)		-		(2)		(25)
Other		-		74		13		-		-		87
Balance at December 31, 2017:
Goodwill - gross		1,868		2,874		84		31		214		5,071
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		604		738		84		31		137		1,594
Increase (decrease) due to:
Acquisitions^(a)		2,332		157		46		9		-		2,544
Other		(12)		(48)		(5)		9		-		(56)
Balance at December 31, 2018:
Goodwill - gross		4,188		2,983		125		49		214		7,559
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		2,924		847		125		49		137		4,082
Increase (decrease) due to:
Acquisitions		-		20		-		-		-		20
Other^(b)		-		26		8		-		(98)		(64)
Balance at December 31, 2019:
Goodwill - gross		4,188		3,029		133		49		116		7,515
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill	$	2,924	$	893	$	133	$	49	$	39	$	4,038

Separate accounts

Long-Duration Contracts

Other liabilities

Foreign currency

Accounting Standards Adopted

Accounting Standards Adopted During 2019

Leases

Premium Amortization on Purchased Callable Debt Securities

Derivatives and Hedging

Future Application of Accounting Standards

Financial Instruments - Credit Losses

Simplifying the Test for Goodwill Impairment

We adopted the standard on its effective date of January 1, 2020.

Targeted Improvements to the Accounting for Long-Duration Contracts

Income Tax

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

SEGMENT INFORMATION

Schedule of continuing operations by operating segment

				Net						Adjusted
		Total		Investment		Interest	Amortization			Pre-tax
(in millions)		Revenues		Income		Expense		of DAC		Income (Loss)
2019
General Insurance
North America	$	15,782	$	2,929	$	-	$	2,008	$	2,709
International		14,100		515		-		2,474		824
Total General Insurance		29,882		3,444		-		4,482		3,533
Life and Retirement
Individual Retirement		5,654		4,133		77		449		1,984
Group Retirement		2,947		2,240		44		81		937
Life Insurance		4,352		1,203		26		115		246
Institutional Markets		2,912		885		11		5		291
Total Life and Retirement		15,865		8,461		158		650		3,458
Other Operations		845		370		1,246		16		(1,709)
Legacy Portfolio		3,016		2,480		19		68		501
AIG Consolidation and elimination		(691)		(365)		(53)		-		(305)
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	48,917	$	14,390	$	1,370	$	5,216	$	5,478
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		228		228		-		-		194
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(52)		56
Changes in the fair value of equity securities		158		158		-		-		158
Professional fees related to regulatory or accounting changes		-		-		-		-		(12)
Other income (expense) - net		46		85		85		-		-
Loss on extinguishment of debt		-		-		-		-		(32)
Net realized capital gains (losses)^*		388		(242)		(38)		-		448
Loss from divested businesses		-		-		-		-		(75)
Non-operating litigation reserves and settlements		9		-		-		-		2
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		267
Net loss reserve discount charge		-		-		-		-		(955)
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		-
Integration and transaction costs associated with acquired businesses		-		-		-		-		(24)
Restructuring and other costs		-		-		-		-		(218)
Revenues and Pre-tax income	$	49,746	$	14,619	$	1,417	$	5,164	$	5,287
2018
General Insurance
North America	$	14,619	$	2,305	$	-	$	1,859	$	(8)
International		15,554		363		-		2,737		(461)
Total General Insurance		30,173		2,668		-		4,596		(469)
Life and Retirement
Individual Retirement		5,338		3,827		82		630		1,681
Group Retirement		2,891		2,172		42		95		933
Life Insurance		4,007		1,137		25		(50)		330
Institutional Markets		1,900		786		13		5		246
Total Life and Retirement		14,136		7,922		162		680		3,190
Other Operations		636		45		1,066		10		(1,584)
Legacy Portfolio		3,039		2,325		30		105		213
AIG Consolidation and elimination		(171)		(232)		85		-		59
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	47,813	$	12,728	$	1,343	$	5,391	$	1,409
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		(128)		(128)		-		-		(154)
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(5)		6
Changes in the fair value of equity securities		-		-		-		-		-
Professional fees related to regulatory or accounting changes		-		-		-		-		-
Other income (expense) - net		(53)		-		-		-		-
Loss on extinguishment of debt		-		-		-		-		(7)
Net realized capital losses^*		(254)		(124)		(34)		-		(193)

Income from divested businesses		-		-		-		-		38
Non-operating litigation reserves and settlements		11		-		-		-		(19)
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		(675)
Net loss reserve discount benefit		-		-		-		-		371
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		-
Integration and transaction costs associated with acquired businesses		-		-		-		-		(124)
Restructuring and other costs		-		-		-		-		(395)
Revenues and Pre-tax income	$	47,389	$	12,476	$	1,309	$	5,386	$	257
2017
General Insurance
North America	$	14,600	$	3,145	$	31	$	1,305	$	(232)
International		15,094		523		(9)		2,460		(581)
Total General Insurance		29,694		3,668		22		3,765		(813)
Life and Retirement
Individual Retirement		5,514		4,013		58		415		2,289
Group Retirement		2,848		2,164		32		84		1,004
Life Insurance		4,056		1,044		13		239		274
Institutional Markets		3,168		595		6		5		264
Total Life and Retirement		15,586		7,816		109		743		3,831
Other Operations		1,413		53		968		(9)		(1,405)
Legacy Portfolio		4,391		2,776		122		76		1,470
AIG Consolidation and elimination		(308)		(280)		(53)		4		75
Total AIG Consolidated adjusted revenues and adjusted
pre-tax income	$	50,776	$	14,033	$	1,168	$	4,579	$	3,158
Reconciling items from adjusted pre-tax income to
pre-tax income:
Changes in fair value of securities used to hedge guaranteed
living benefits		146		146		-		-		146
Changes in benefit reserves and DAC, VOBA and SIA related to
net realized capital gains (losses)		-		-		-		(291)		303
Changes in the fair value of equity securities		-		-		-		-		-
Professional fees related to regulatory or accounting changes		-		-		-		-		-
Other income (expense) - net		(49)		-		-		-		-
Gain on extinguishment of debt		-		-		-		-		5
Net realized capital losses^*		(1,380)		-		-		-		(1,380)
Income from divested businesses		-		-		-		-		68
Non-operating litigation reserves and settlements		27		-		-		-		129
Unfavorable prior year development and related amortization
changes ceded under retroactive reinsurance agreements		-		-		-		-		(303)
Net loss reserve discount charge		-		-		-		-		(187)
Pension expense related to a one-time lump sum payment to
former employees		-		-		-		-		(60)
Integration and transaction costs associated with acquired businesses		-		-		-		-		-
Restructuring and other costs		-		-		-		-		(413)
Revenues and Pre-tax income	$	49,520	$	14,179	$	1,168	$	4,288	$	1,466

Schedule of year-end identifiable assets and capital expenditures by legal entity

	Year-End Identifiable Assets				Capital Expenditures
(in millions)		2019		2018		2019		2018
General Insurance companies	$	109,871	$	110,007	$	105	$	171
Life and Retirement companies		280,721		247,219		104		94
Other		142,745		140,428		95		103
AIG Consolidation and Elimination		(8,273)		(5,670)		-		-
Total Assets	$	525,064	$	491,984	$	304	$	368

Schedule of entity's consolidated total revenues and real estate and other fixed assets by major geographic area

							Real Estate and Other Fixed Assets,
	Total Revenues^*						Net of Accumulated Depreciation
(in millions)		2019		2018		2017		2019		2018		2017
North America	$	36,862	$	31,003	$	34,149	$	1,333	$	1,479	$	1,630
International		12,884		16,386		15,371		620		693		892
Consolidated	$	49,746	$	47,389	$	49,520	$	1,953	$	2,172	$	2,522

*Revenues are generally reported according to the geographic location of the reporting unit. International revenues consists of revenues from our General Insurance International operating segment.

HELD-FOR-SALE CLASSIFICATION (Tables)

12 Months Ended

Dec. 31, 2019

HELD-FOR-SALE CLASSIFICATION

Summary of assets and liabilities held for sale

		December 31,
(in millions)		2019
Assets:
Bonds available for sale	$	2,187
Other bond securities		13
Other invested assets		45
Short-term investments		107
Cash		63
Accrued investment income		19
Deferred income taxes		(22)
Other assets		106
Assets of business held for sale		2,518
Less: Loss Accrual		(98)
Total assets held for sale	$	2,420
Liabilities:
Other liabilities	$	15
Total liabilities held for sale	$	15

Pro Forma Income Statement Information

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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-Paragraph 3A
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2019

BUSINESS COMBINATION

Years Ended December 31,
(dollars in millions, except per common share data)		2018*		2017*
Total revenues	$	48,588	$	52,009
Net income (loss)		16		(6,104)
Net loss attributable to AIG common shareholders		(51)		(6,132)

Loss per common share attributable to AIG common shareholders:
Basic:
Net loss attributable to AIG common shareholders		(0.06)		(6.59)
Diluted:
Net loss attributable to AIG common shareholders		(0.06)		(6.59)

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Assets and liabilities measured at fair value on a recurring basis

December 31, 2019							Counterparty		Cash
(in millions)		Level 1		Level 2		Level 3		Netting^(a)	Collateral			Total
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	135	$	5,245	$	-	$	-	$	-	$	5,380
Obligations of states, municipalities and political subdivisions		-		13,197		2,121		-		-		15,318
Non-U.S. governments		60		14,809		-		-		-		14,869
Corporate debt		-		147,973		1,663		-		-		149,636
RMBS		-		19,397		13,408		-		-		32,805
CMBS		-		13,377		1,053		-		-		14,430
CDO/ABS		-		10,962		7,686		-		-		18,648
Total bonds available for sale		195		224,960		25,931		-		-		251,086
Other bond securities:
U.S. government and government sponsored entities		-		2,121		-		-		-		2,121
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		18		-		-		-		18
RMBS		-		346		143		-		-		489
CMBS		-		272		50		-		-		322
CDO/ABS		-		187		3,545		-		-		3,732
Total other bond securities		-		2,944		3,738		-		-		6,682
Equity securities		756		77		8		-		-		841
Other invested assets^(b)		-		86		1,192		-		-		1,278
Derivative assets:
Interest rate contracts		1		3,199		-		-		-		3,200
Foreign exchange contracts		-		1,034		6		-		-		1,040
Equity contracts		5		593		171		-		-		769
Credit contracts		-		-		3		-		-		3
Other contracts		-		-		14		-		-		14
Counterparty netting and cash collateral		-		-		-		(2,427)		(1,806)		(4,233)
Total derivative assets		6		4,826		194		(2,427)		(1,806)		793
Short-term investments		2,299		3,044		-		-		-		5,343
Other assets		57		2,212		89		-		-		2,358
Separate account assets		89,069		4,203		-		-		-		93,272
Total	$	92,382	$	242,352	$	31,152	$	(2,427)	$	(1,806)	$	361,653
Liabilities:
Policyholder contract deposits	$	-	$	-	$	6,910	$	-	$	-	$	6,910
Derivative liabilities:
Interest rate contracts		4		2,745		-		-		-		2,749
Foreign exchange contracts		-		1,025		-		-		-		1,025
Equity contracts		8		111		20		-		-		139
Credit contracts		-		24		65		-		-		89
Other contracts		-		-		7		-		-		7
Counterparty netting and cash collateral		-		-		-		(2,427)		(527)		(2,954)
Total derivative liabilities		12		3,905		92		(2,427)		(527)		1,055
Other liabilities		-		45		-		-		-		45
Long-term debt		-		2,062		-		-		-		2,062
Total	$	12	$	6,012	$	7,002	$	(2,427)	$	(527)	$	10,072

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
Other assets		-		-		58		-		-		58
Separate account assets		77,202		4,645		-		-		-		81,847
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
Other liabilities		16		11		-		-		-		27
Long-term debt		-		2,213		-		-		-		2,213
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	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2019
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,000	$	(2)	$	247	$	282	$	51	$	(457)	$	-	$	-	$	2,121	$	-
Non-U.S. governments		11		5		1		(6)		5		(16)		-		-		-		-
Corporate debt		864		(7)		88		(540)		1,513		(255)		-		-		1,663		-
RMBS		14,199		782		55		(1,403)		83		(287)		(21)		-		13,408		-
CMBS		917		24		47		448		58		(441)		-		-		1,053		-
CDO/ABS		9,102		33		116		112		120		(1,780)		(17)		-		7,686		-
Total bonds available for sale		27,093		835		554		(1,107)		1,830		(3,236)		(38)		-		25,931		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-		-		-
RMBS		1,290		80		-		(1,227)		-		-		-		-		143		2
CMBS		77		5		-		(18)		-		(14)		-		-		50		6
CDO/ABS		4,478		361		-		(1,198)		-		(96)		-		-		3,545		149
Total other bond securities		5,845		446		-		(2,443)		-		(110)		-		-		3,738		157
Equity securities		27		-		-		(20)		2		(1)		-		-		8		1
Mortgage and other loans
receivable		-		-		-		-		-		-		-		-		-		-
Other invested assets		587		20		2		(33)		616		-		-		-		1,192		22
Other assets		58		-		-		(7)		-		-		38		-		89		-
Total	$	33,610	$	1,301	$	556	$	(3,610)	$	2,448	$	(3,347)	$	-	$	-	$	30,958	$	180
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,116	$	1,947	$	-	$	847	$	-	$	-	$	-	$	-	$	6,910	$	(1,307)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(18)		-		-		-		-		-		1
Foreign exchange contracts		(5)		(7)		-		6		-		-		-		-		(6)		3
Equity contracts		(75)		(43)		-		(33)		-		-		-		-		(151)		51
Credit contracts		227		(84)		-		(81)		-		-		-		-		62		46
Other contracts		(9)		(67)		-		69		-		-		-		-		(7)		66
Total derivative liabilities, net^(b)		153		(198)		-		(57)		-		-		-		-		(102)		167
Total	$	4,269	$	1,749	$	-	$	790	$	-	$	-	$	-	$	-	$	6,808	$	(1,140)

				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	-	$	(152)	$	(66)	$	54	$	(240)	$	-	$	-	$	2,000	$	-
Non-U.S. governments		8		(9)		5		(1)		13		(5)		-		-		11		-
Corporate debt		1,173		(74)		(2)		(207)		780		(806)		-		-		864		-
RMBS		16,136		838		(300)		(2,424)		8		(66)		-		7		14,199		-
CMBS		624		23		(29)		207		111		(20)		-		1		917		-
CDO/ABS		8,651		40		(42)		(371)		1,783		(1,123)		-		164		9,102		-
Total bonds available for sale		28,996		818		(520)		(2,862)		2,749		(2,260)		-		172		27,093		-
Other bond securities:
Corporate debt		18		-		-		(18)		-		-		-		-		-		-
RMBS		1,464		56		-		(280)		50		-		-		-		1,290		(10)
CMBS		74		(2)		-		(5)		10		-		-		-		77		(5)
CDO/ABS		4,956		428		-		(905)		-		(9)		-		8		4,478		208
Total other bond securities		6,512		482		-		(1,208)		60		(9)		-		8		5,845		193
Equity securities		-		(2)		-		24		5		-		-		-		27		-
Mortgage and other loans
receivable		5		-		-		(5)		-		-		-		-		-		-
Other invested assets		250		47		2		288		-		-		-		-		587		71
Other assets		-		-		-		58		-		-		-		-		58		-
Total	$	35,763	$	1,345	$	(518)	$	(3,705)	$	2,814	$	(2,269)	$	-	$	180	$	33,610	$	264
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,136	$	(334)	$	-	$	314	$	-	$	-	$	-	$	-	$	4,116	$	495
Derivative liabilities, net:
Interest rate contracts		22		(1)		-		(6)		-		-		-		-		15		1
Foreign exchange contracts		-		(10)		-		5		-		-		-		-		(5)		3
Equity contracts		(82)		(22)		-		27		-		2		-		-		(75)		(35)
Credit contracts		262		(31)		-		(4)		-		-		-		-		227		31
Other contracts		(15)		(64)		-		70		-		-		-		-		(9)		62
Total derivative liabilities, net^(b)		187		(128)		-		92		-		2		-		-		153		62
Total	$	4,323	$	(462)	$	-	$	406	$	-	$	2	$	-	$	-	$	4,269	$	557

(a)Reported in Other assets in the Consolidated Balance Sheet.

(b)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	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2019
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,000	$	(2)	$	247	$	282	$	51	$	(457)	$	-	$	-	$	2,121	$	-
Non-U.S. governments		11		5		1		(6)		5		(16)		-		-		-		-
Corporate debt		864		(7)		88		(540)		1,513		(255)		-		-		1,663		-
RMBS		14,199		782		55		(1,403)		83		(287)		(21)		-		13,408		-
CMBS		917		24		47		448		58		(441)		-		-		1,053		-
CDO/ABS		9,102		33		116		112		120		(1,780)		(17)		-		7,686		-
Total bonds available for sale		27,093		835		554		(1,107)		1,830		(3,236)		(38)		-		25,931		-
Other bond securities:
Corporate debt		-		-		-		-		-		-		-		-		-		-
RMBS		1,290		80		-		(1,227)		-		-		-		-		143		2
CMBS		77		5		-		(18)		-		(14)		-		-		50		6
CDO/ABS		4,478		361		-		(1,198)		-		(96)		-		-		3,545		149
Total other bond securities		5,845		446		-		(2,443)		-		(110)		-		-		3,738		157
Equity securities		27		-		-		(20)		2		(1)		-		-		8		1
Mortgage and other loans
receivable		-		-		-		-		-		-		-		-		-		-
Other invested assets		587		20		2		(33)		616		-		-		-		1,192		22
Other assets		58		-		-		(7)		-		-		38		-		89		-
Total	$	33,610	$	1,301	$	556	$	(3,610)	$	2,448	$	(3,347)	$	-	$	-	$	30,958	$	180
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,116	$	1,947	$	-	$	847	$	-	$	-	$	-	$	-	$	6,910	$	(1,307)
Derivative liabilities, net:
Interest rate contracts		15		3		-		(18)		-		-		-		-		-		1
Foreign exchange contracts		(5)		(7)		-		6		-		-		-		-		(6)		3
Equity contracts		(75)		(43)		-		(33)		-		-		-		-		(151)		51
Credit contracts		227		(84)		-		(81)		-		-		-		-		62		46
Other contracts		(9)		(67)		-		69		-		-		-		-		(7)		66
Total derivative liabilities, net^(b)		153		(198)		-		(57)		-		-		-		-		(102)		167
Total	$	4,269	$	1,749	$	-	$	790	$	-	$	-	$	-	$	-	$	6,808	$	(1,140)

				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		Gains (Losses)		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
December 31, 2018
Assets:
Bonds available for sale:
Obligations of states,
municipalities and
political subdivisions	$	2,404	$	-	$	(152)	$	(66)	$	54	$	(240)	$	-	$	-	$	2,000	$	-
Non-U.S. governments		8		(9)		5		(1)		13		(5)		-		-		11		-
Corporate debt		1,173		(74)		(2)		(207)		780		(806)		-		-		864		-
RMBS		16,136		838		(300)		(2,424)		8		(66)		-		7		14,199		-
CMBS		624		23		(29)		207		111		(20)		-		1		917		-
CDO/ABS		8,651		40		(42)		(371)		1,783		(1,123)		-		164		9,102		-
Total bonds available for sale		28,996		818		(520)		(2,862)		2,749		(2,260)		-		172		27,093		-
Other bond securities:
Corporate debt		18		-		-		(18)		-		-		-		-		-		-
RMBS		1,464		56		-		(280)		50		-		-		-		1,290		(10)
CMBS		74		(2)		-		(5)		10		-		-		-		77		(5)
CDO/ABS		4,956		428		-		(905)		-		(9)		-		8		4,478		208
Total other bond securities		6,512		482		-		(1,208)		60		(9)		-		8		5,845		193
Equity securities		-		(2)		-		24		5		-		-		-		27		-
Mortgage and other loans
receivable		5		-		-		(5)		-		-		-		-		-		-
Other invested assets		250		47		2		288		-		-		-		-		587		71
Other assets		-		-		-		58		-		-		-		-		58		-
Total	$	35,763	$	1,345	$	(518)	$	(3,705)	$	2,814	$	(2,269)	$	-	$	180	$	33,610	$	264
				Net																Changes in
				Realized and																Unrealized Gains
				Unrealized				Purchases,												(Losses) Included
		Fair Value		(Gains) Losses		Other		Sales,		Gross		Gross	Reclassification					Fair Value		in Income on
		Beginning		Included		Comprehensive		Issuances and		Transfers		Transfers		of Held				End		Instruments Held
(in millions)		of Year		in Income		Income (Loss)		Settlements, Net		In		Out		for Sale^(a)		Acquisition		of Year		at End of Year
Liabilities:
Policyholder contract deposits	$	4,136	$	(334)	$	-	$	314	$	-	$	-	$	-	$	-	$	4,116	$	495
Derivative liabilities, net:
Interest rate contracts		22		(1)		-		(6)		-		-		-		-		15		1
Foreign exchange contracts		-		(10)		-		5		-		-		-		-		(5)		3
Equity contracts		(82)		(22)		-		27		-		2		-		-		(75)		(35)
Credit contracts		262		(31)		-		(4)		-		-		-		-		227		31
Other contracts		(15)		(64)		-		70		-		-		-		-		(9)		62
Total derivative liabilities, net^(b)		187		(128)		-		92		-		2		-		-		153		62
Total	$	4,323	$	(462)	$	-	$	406	$	-	$	2	$	-	$	-	$	4,269	$	557

(a)Reported in Other assets in the Consolidated Balance Sheet.

(b)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
December 31, 2019
Assets:
Bonds available for sale	$	862	$	(27)	$	-	$	835
Other bond securities		226		220		-		446
Equity securities		-		-		-		-
Other invested assets		20		-		-		20
December 31, 2018
Assets:
Bonds available for sale	$	987	$	(165)	$	(4)	$	818
Other bond securities		92		(3)		393		482
Equity securities		(2)		-		-		(2)
Other invested assets		57		-		(10)		47

		Net		Net Realized
		Investment		Capital		Other
(in millions)		Income	(Gains) Losses			Income		Total
December 31, 2019
Liabilities:
Policyholder contract deposits	$	-	$	1,947	$	-	$	1,947
Derivative liabilities, net		-		(134)		(64)		(198)
December 31, 2018
Liabilities:
Policyholder contract deposits	$	-	$	(334)	$	-	$	(334)
Derivative liabilities, net		-		5		(133)		(128)

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

						Issuances		Purchases, Sales,
						and		Issuances and
(in millions)		Purchases		Sales		Settlements^(a)		Settlements, Net^(a)
December 31, 2019
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	362	$	(19)	$	(61)	$	282
Non-U.S. governments		-		-		(6)		(6)
Corporate debt		172		(129)		(583)		(540)
RMBS		1,418		(27)		(2,794)		(1,403)
CMBS		539		-		(91)		448
CDO/ABS		2,145		(561)		(1,472)		112
Total bonds available for sale		4,636		(736)		(5,007)		(1,107)
Other bond securities:
Corporate debt		-		-		-		-
RMBS		-		(1,101)		(126)		(1,227)
CMBS		18		(33)		(3)		(18)
CDO/ABS		-		(386)		(812)		(1,198)
Total other bond securities		18		(1,520)		(941)		(2,443)
Equity securities		8		-		(28)		(20)
Mortgage and other loans receivable		-		-		-		-
Other invested assets		97		-		(130)		(33)
Other assets		-		-		(7)		(7)
Total assets	$	4,759	$	(2,256)	$	(6,113)	$	(3,610)
Liabilities:
Policyholder contract deposits	$	-	$	852	$	(5)	$	847
Derivative liabilities, net		(44)		-		(13)		(57)
Total liabilities	$	(44)	$	852	$	(18)	$	790
December 31, 2018
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	105	$	(8)	$	(163)	$	(66)
Non-U.S. governments		5		-		(6)		(1)
Corporate debt		280		(216)		(271)		(207)
RMBS		715		(20)		(3,119)		(2,424)
CMBS		277		(2)		(68)		207
CDO/ABS		1,865		(1,073)		(1,163)		(371)
Total bonds available for sale		3,247		(1,319)		(4,790)		(2,862)
Other bond securities:
Corporate debt		-		-		(18)		(18)
RMBS		1		(34)		(247)		(280)
CMBS		-		-		(5)		(5)
CDO/ABS		90		(4)		(991)		(905)
Total other bond securities		91		(38)		(1,261)		(1,208)
Equity securities		49		-		(25)		24
Mortgage and other loans receivable		-		(5)		-		(5)
Other invested assets		350		(29)		(33)		288
Other assets		-		-		58		58
Total assets	$	3,737	$	(1,391)	$	(6,051)	$	(3,705)
Liabilities:
Policyholder contract deposits	$	-	$	533	$	(219)	$	314
Derivative liabilities, net		(52)		80		64		92
Total liabilities	$	(52)	$	613	$	(155)	$	406

(a)There were no issuances during the years ended December 31, 2019 and 2018.

Significant unobservable inputs used for recurring fair value measurements

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

Obligations of states,
municipalities and
political subdivisions	$	1,633	Discounted cash flow	Yield	3.35% - 3.95% (3.65%)

Corporate debt		1,087	Discounted cash flow	Yield	3.48% - 6.22% (4.85%)

RMBS^(a)		11,746	Discounted cash flow	Constant prepayment rate	4.00% - 12.89% (8.44%)
				Loss severity	33.68% - 76.91% (55.29%)
				Constant default rate	1.68% - 6.17% (3.93%)
				Yield	2.52% - 4.53% (3.52%)

CDO/ABS^(a)		6,025	Discounted cash flow	Yield	2.92% - 4.91% (3.91%)

CMBS		476	Discounted cash flow	Yield	2.77% - 5.18% (3.97%)

Liabilities:

Embedded derivatives
within Policyholder
contract deposits:

Guaranteed minimum
withdrawal benefits
(GMWB)		2,474	Discounted cash flow	Equity volatility	6.15% - 48.85%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	50.00% - 143.00%
				Mortality multiplier^(c)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA^(d)	0.12% - 1.53%

Index Annuities		3,895	Discounted cash flow	Lapse rate	0.31% - 50.00%
				Mortality multiplier^(c)	24.00% - 180.00%
				Option Budget	1.00% - 4.00%
				NPA^(d)	0.12% - 1.53%

Indexed Life		510	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				NPA^(d)	0.12% - 1.53%


		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%
				NPA^(d)	0.25% - 1.77%

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%
				NPA^(d)	0.25% - 1.77%

Indexed Life		374	Discounted cash flow	Base lapse rate	0.00% - 13.00%
				Mortality rate	0.00% - 100.00%
				NPA^(d)	0.25% - 1.77%

(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.

(d)NPA applied as a spread over risk-free curve for discounting.

Investments in certain entities carried at fair value using net asset value per share

		December 31, 2019				December 31, 2018
			Fair Value				Fair Value
			Using NAV				Using NAV
			Per Share (or		Unfunded		Per Share (or		Unfunded
(in millions)	Investment Category Includes		its equivalent)		Commitments		its equivalent)		Commitments
Investment Category
Private equity funds:
Leveraged buyout	Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage	$	1,189	$	1,543	$	847	$	1,327

Real Estate / Infrastructure	Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities		400		290		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		111		155		126		127

Growth Equity	Funds that make investments in established companies for the purpose of growing their businesses		422		57		362		28

Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		325		414		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		773		206		514		307
Total private equity funds			3,220		2,665		2,250		1,947
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		727		-		787		-

Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		539		-		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		894		-		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		168		1		158		1
Total hedge funds			2,329		1		2,716		9
Total		$	5,549	$	2,666	$	4,966	$	1,956

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

Years Ended December 31,	Gain (Loss)
(in millions)		2019		2018		2017
Assets:
Bond and equity securities	$	1,046	$	343	$	1,646
Alternative investments^(a)		591		213		509
Other, including Short-term investments		-		-		1
Liabilities:
Other liabilities		-		-		(2)
Long-term debt^(b)		(181)		(1)		(49)
Total gain	$	1,456	$	555	$	2,105

(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

	December 31, 2019						December 31, 2018
			Outstanding						Outstanding
(in millions)	Fair Value		Principal Amount		Difference		Fair Value		Principal Amount		Difference
Liabilities:
Long-term debt^*	$	2,062	$	1,502	$	560	$	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^(a)
		Non-Recurring Basis							December 31,
(in millions)		Level 1		Level 2		Level 3		Total		2019		2018		2017
December 31, 2019
Other investments	$	-	$	-	$	329	$	329	$	76	$	97	$	77
Investments in life settlements		-		-		-		-		-		-		360
Other assets		-		-		1		1		74		64		157
Total	$	-	$	-	$	330	$	330	$	150	$	161	$	594
December 31, 2018
Other investments	$	-	$	-	$	315	$	315
Investments in life settlements		-		-		-		-
Other assets		-		-		11		11
Total	$	-	$	-	$	326	$	326

(a)Impairments in 2017 included $35 million related to Other assets of $179 million that were sold during the three-month period ended June 30, 2017.

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

	Estimated Fair Value									Carrying
(in millions)		Level 1		Level 2		Level 3		Total		Value
December 31, 2019
Assets:
Mortgage and other loans receivable	$	-	$	101	$	48,904	$	49,005	$	46,984
Other invested assets		-		735		6		741		742
Short-term investments		-		7,887		-		7,887		7,887
Cash		2,856		-		-		2,856		2,856
Other assets		291		20		-		311		311
Liabilities:
Policyholder contract deposits associated
with investment-type contracts		-		255		132,991		133,246		126,137
Other liabilities		15		3,048		-		3,063		3,063
Long-term debt and debt of consolidated investment entities		-		27,024		8,883		35,907		33,288
Separate account liabilities - investment contracts		-		88,770		-		88,770		88,770
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 and debt of consolidated investment entities		-		22,822		8,775		31,597		32,327
Separate account liabilities - investment contracts		-		77,651		-		77,651		77,651

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Investments [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)
December 31, 2019
Bonds available for sale:
U.S. government and government sponsored entities	$	5,108	$	316	$	(44)	$	5,380	$	-
Obligations of states, municipalities and political subdivisions		13,960		1,390		(32)		15,318		-
Non-U.S. governments		14,042		884		(57)		14,869		(18)
Corporate debt		138,046		12,090		(500)		149,636		7
Mortgage-backed, asset-backed and collateralized:
RMBS		29,802		3,067		(64)		32,805		1,149
CMBS		13,879		576		(25)		14,430		34
CDO/ABS		18,393		348		(93)		18,648		14
Total mortgage-backed, asset-backed and collateralized		62,074		3,991		(182)		65,883		1,197
Total bonds available for sale^(b)	$	233,230	$	18,671	$	(815)	$	251,086	$	1,186
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 December 31, 2019 and 2018, bonds available for sale held by us that were below investment grade or not rated totaled $27.8 billion and $28.8 billion, respectively.

The fair value and gross unrealized losses on AIG's available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position

	Less than 12 Months				12 Months or More				Total
				Gross				Gross				Gross
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
(in millions)		Value		Losses		Value		Losses		Value		Losses
December 31, 2,019.0
Bonds available for sale:
U.S. government and government sponsored entities	$	1,461	$	44	$	63	$	-	$	1,524	$	44
Obligations of states, municipalities and political
subdivisions		672		21		246		11		918		32
Non-U.S. governments		1,105		12		343		45		1,448		57
Corporate debt		11,868		319		2,405		181		14,273		500
RMBS		3,428		28		1,367		36		4,795		64
CMBS		1,877		16		367		9		2,244		25
CDO/ABS		3,920		53		2,571		40		6,491		93
Total bonds available for sale	$	24,331	$	493	$	7,362	$	322	$	31,693	$	815
December 31, 2,018.0
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
	Available for Sale
(in millions)		Amortized Cost		Fair Value
December 31, 2019
Due in one year or less	$	10,268	$	10,441
Due after one year through five years		44,017		45,226
Due after five years through ten years		42,074		44,858
Due after ten years		74,797		84,678
Mortgage-backed, asset-backed and collateralized		62,074		65,883
Total	$	233,230	$	251,086

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

	Years Ended December 31,
		2019				2018				2017
		Gross		Gross		Gross		Gross	Gross		Gross
	Realized		Realized		Realized		Realized		Realized		Realized
(in millions)		Gains		Losses		Gains		Losses	Gains		Losses
Fixed maturity securities	$	650	$	330	$	331	$	476	$	725	$	300
Equity securities		-		-		16		-		107		19
Total	$	650	$	330	$	347	$	476	$	832	$	319

The fair value of AIG's other securities

		December 31, 2019				December 31, 2018
		Fair	Percent			Fair	Percent
(in millions)		Value	of Total			Value	of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	2,121	28	%	$	2,665	21	%
Non-U.S. governments		-	-			45	-
Corporate debt		18	-			1,671	13
Mortgage-backed, asset-backed and collateralized:
RMBS		489	7			1,714	14
CMBS		322	4			388	3
CDO/ABS and other collateralized		3,732	50			4,932	39
Total mortgage-backed, asset-backed and collateralized		4,543	61			7,034	56
Total fixed maturity securities		6,682	89			11,415	90
Equity securities		841	11			1,253	10
Total	$	7,523	100	%	$	12,668	100	%

Components of other invested assets

		December 31,		December 31,
(in millions)		2019		2018
Alternative investments^{(a) (b)}	$	8,845	$	8,966
Investment real estate^(c)		8,491		8,935
All other investments		1,456		1,440
Total	$	18,792	$	19,341

(b)At December 31, 2019, approximately 88 percent of our hedge fund portfolio is available for redemption in 2020. The remaining 12 percent will be available for redemption between 2021 and 2027.

(c)Net of accumulated depreciation of $703 million and $598 million in 2019 and 2018, respectively.

Summarized financial information of AIG's equity method investees

Years Ended December 31,
(in millions)		2019		2018		2017
Operating results:
Total revenues	$	8,045	$	15,310	$	13,066
Total expenses		(3,115)		(3,200)		(6,835)
Net income	$	4,930	$	12,110	$	6,231
At December 31,
(in millions)				2019		2018
Balance sheet:
Total assets			$	93,773	$	96,915
Total liabilities			$	(14,218)	$	(21,063)

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

		2019			2018
		Carrying	Ownership		Carrying	Ownership
(in millions)		Value	Percentage		Value	Percentage
Equity method investments	$	5,911	Various	$	6,520	Various

Components of net investment income

Years Ended December 31,
(in millions)		2019		2018		2017
Available for sale fixed maturity securities, including short-term investments	$	10,768	$	10,323	$	10,435
Other fixed maturity securities		1,015		7		660
Equity securities^(a)		159		(162)		34
Interest on mortgage and other loans		2,030		1,874		1,661
Alternative investments^(b)		1,088		655		1,475
Real estate		304		257		144
Other investments		(220)		15		290
Total investment income		15,144		12,969		14,699
Investment expenses		525		493		520
Net investment income	$	14,619	$	12,476	$	14,179

(a)Upon the adoption of the Financial Instruments Recognition and Measurement Standard on January 1, 2018, the change in fair value of all equity securities is included in Net investment income.(b)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.

Components of net realized capital gains (losses)

Years Ended December 31,
(in millions)		2019		2018		2017
Sales of fixed maturity securities	$	320	$	(145)	$	425
Sales of equity securities^(a)		-		16		88
Other-than-temporary impairments:
Severity		-		-		(2)
Change in intent		(3)		(87)		(9)
Foreign currency declines		(18)		(15)		(11)
Issuer-specific credit events		(147)		(147)		(234)
Adverse projected cash flows		(6)		(2)		(4)
Provision for loan losses		(46)		(92)		(50)
Foreign exchange transactions		227		(182)		489
Variable annuity embedded derivatives, net of related hedges		(294)		304		(1,374)
All other derivatives and hedge accounting		(22)		338		(368)
Impairments on investments in life settlements		-		-		(360)
Loss on sale of private equity funds		-		(321)		-
Other^(b)		621		203		30
Net realized capital gains (losses)	$	632	$	(130)	$	(1,380)

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

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	-	$	526	$	1,098
Increases due to:
Credit impairments on new securities subject to impairment losses		136		59		122
Additional credit impairments on previously impaired securities		17		90		74
Reductions due to:
Credit impaired securities fully disposed for which there was no
prior intent or requirement to sell		(64)		(145)		(99)
Accretion on securities previously impaired due to credit^*		(20)		(530)		(669)
Balance, end of year	$	69	$	-	$	526

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

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

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

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

		December 31,		December 31,
(in millions)		2019		2018
Outstanding principal balance	$	10,476	$	12,495
Amortized cost		6,970		8,646
Fair value		8,664		10,280

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

Years Ended December 31,
(in millions)		2019		2018
Balance, beginning of year	$	7,210	$	7,501
Newly purchased PCI securities		17		33
Disposals		-		(21)
Accretion		(624)		(722)
Effect of changes in interest rate indices		(541)		207
Net reclassification from (to) non-accretable difference, including effects of prepayments		(350)		212
Activities related to businesses reclassified to held for sale		(7)		-
Balance, end of year	$	5,705	$	7,210

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

(in millions)		December 31, 2019		December 31, 2018
Fixed maturity securities available for sale	$	3,030	$	1,050
Other bond securities, at fair value	$	-	$	122

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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


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
		Overnight		up to
		and		30		31 - 90		91 - 364		365 days
(in millions)		Continuous		days		days		days		or greater		Total
December 31, 2019
Bonds available for sale:
Obligations of states, municipalities and political
subdivisions	$	-	$	-	$	386	$	-	$	-	$	386
Non-U.S. governments		-		-		-		-		-		-
Corporate debt		-		1,071		947		-		-		2,018
RMBS		-		-		-		394		-		394
Total	$	-	$	1,071	$	1,333	$	394	$	-	$	2,798

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)		December 31, 2019		December 31, 2018
Securities collateral pledged to us	$	2,567	$	426
Amount sold or repledged by us		121		106

Available-for-sale Securities [Member]

Investments [Line Items]

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

	Years Ended
	December 31,
(in millions)		2019		2018
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	14,245	$	(9,920)
Other investments		(70)		(88)
Total increase (decrease) in unrealized appreciation (depreciation) of investments^*	$	14,175	$	(10,008)

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

Equity Securities [Member]

Investments [Line Items]

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

Years Ended December 31,	2019						2018
				Other						Other
			Invested						Invested
(in millions)		Equities		Assets		Total		Equities		Assets		Total
Net gains and losses recognized during the year on equity securities	$	159	$	744	$	903	$	(184)	$	342	$	158
Less: Net gains and losses recognized during the year on equity
securities sold during the year		39		159		198		56		23		79
Unrealized gains and losses recognized during the reporting
period on equity securities still held at the reporting date	$	120	$	585	$	705	$	(240)	$	319	$	79

LENDING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

LENDING ACTIVITIES

Composition of Mortgages and other loans receivable

	December 31,			December 31,
(in millions)		2019		2018
Commercial mortgages^*	$	36,170	$	32,882
Residential mortgages		6,683		6,532
Life insurance policy loans		2,065		2,147
Commercial loans, other loans and notes receivable		2,504		1,971
Total mortgage and other loans receivable		47,422		43,532
Allowance for credit losses		(438)		(397)
Mortgage and other loans receivable, net	$	46,984	$	43,135

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

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
December 31, 2019
Loan-to-Value Ratios^(b)
Less than 65%	$	23,013	$	2,440	$	245	$	25,698
65% to 75%		9,007		899		40		9,946
76% to 80%		200		6		-		206
Greater than 80%		184		2		134		320
Total commercial mortgages	$	32,404	$	3,347	$	419	$	36,170

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 $
December 31, 2019
Credit Quality Performance
Indicator:
In good standing	736	$	13,698	$	10,553	$	5,332	$	3,663	$	2,211	$	522	$	35,979	99	%
Restructured^(a)	3		-		89		-		-		101		-		190	1
90 days or less delinquent	1		1		-		-		-		-		-		1	-
>90 days delinquent or in
process of foreclosure	-		-		-		-		-		-		-		-	-
Total^(b)	740	$	13,699	$	10,642	$	5,332	$	3,663	$	2,312	$	522	$	36,170	100	%
Allowance for credit losses:
Specific		$	-	$	2	$	1	$	-	$	6	$	-	$	9	-	%
General			81		153		44		30		14		5		327	1
Total allowance for credit losses		$	81	$	155	$	45	$	30	$	20	$	5	$	336	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 below.

(b)Does not reflect allowance for credit losses.

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

Years Ended December 31,	2019							2018							2017
		Commercial			Other				Commercial			Other				Commercial			Other
(in millions)		Mortgages			Loans		Total		Mortgages			Loans		Total		Mortgages			Loans		Total
Allowance, beginning of year	$	318		$	79	$	397	$	247		$	75	$	322	$	194		$	103	$	297
Loans charged off		(2)			(3)		(5)		(17)			(2)		(19)		(22)			(3)		(25)
Recoveries of loans previously
charged off		-			-		-		-			1		1		-			1		1
Net charge-offs		(2)			(3)		(5)		(17)			(1)		(18)		(22)			(2)		(24)
Provision for loan losses		20			26		46		88			5		93		75			(26)		49
Allowance, end of year	$	336	*	$	102	$	438	$	318	*	$	79	$	397	$	247	*	$	75	$	322

REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2019

Effects of Reinsurance [Line Items]

Supplemental information for gross loss and benefit reserves net of ceded reinsurance

At December 31,		2019				2018
		As		Net of		As		Net of
(in millions)		Reported	Reinsurance			Reported	Reinsurance
Liability for unpaid losses and loss adjustment expenses	$	(78,328)	$	(47,259)	$	(83,639)	$	(51,949)
Future policy benefits for life and accident and health insurance contracts		(50,512)		(49,670)		(44,935)		(43,936)
Policyholder contract deposits		(151,869)		(150,944)		(142,262)		(141,407)
Reserve for unearned premiums		(18,269)		(15,067)		(19,248)		(16,300)
Reinsurance assets^(a)		36,038				36,492

Schedule of long-duration insurance in force ceded to other insurance companies

At December 31,
(in millions)		2019		2018		2017
Long-duration insurance in force ceded	$	264,732	$	228,846	$	202,402

Short-Duration Reinsurance

Effects of Reinsurance [Line Items]

Schedule of insurance premiums written and earned

	Years Ended December 31,
(in millions)		2019		2018		2017
Premiums written:
Direct	$	29,338	$	30,368	$	30,229
Assumed		5,808		4,186		3,065
Ceded		(9,692)		(7,757)		(7,535)
Net	$	25,454	$	26,797	$	25,759
Premiums earned:
Direct	$	30,017	$	31,450	$	30,928
Assumed		6,395		4,638		3,374
Ceded		(9,526)		(8,164)		(7,904)
Net	$	26,886	$	27,924	$	26,398

Long-Duration Reinsurance

Effects of Reinsurance [Line Items]

Schedule of insurance premiums written and earned

Years Ended December 31,
(in millions)		2019		2018		2017
Premiums
Direct	$	4,363	$	3,489	$	5,771
Assumed		228		56		15
Ceded		(916)		(855)		(810)
Net	$	3,675	$	2,690	$	4,976
Policy Fees
Direct	$	3,016	$	2,792	$	2,936
Assumed		-		-		-
Ceded		(1)		(1)		(1)
Net	$	3,015	$	2,791	$	2,935

DEFERRED POLICY ACQUISITION COSTS (Tables)

12 Months Ended

Dec. 31, 2019

DEFERRED POLICY ACQUISITION COSTS

Rollforward of DAC

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	12,694	$	10,994	$	11,042
Acquisitions		-		298		-
Dispositions		-		-		(35)
Acquisition costs deferred		5,403		5,832		4,820
Amortization expense		(5,164)		(5,386)		(4,288)
Change related to unrealized appreciation (depreciation) of investments		(1,768)		1,063		(505)
Other, including foreign exchange		42		(107)		(40)
Reclassified to Assets held for sale		-		-		-
Balance, end of year^(a)	$	11,207	$	12,694	$	10,994
Supplemental Information:
VOBA amortization expense included in DAC amortization	$	171	$	243	$	20
VOBA, end of year included in DAC balance^(b)		317		438		381

(a)Net of reductions in DAC of $1.8 billion, $1.0 billion and $1.3 billion at December 31, 2019, 2018 and 2017, respectively, related to the effect of net unrealized gains and losses on available for sale securities (shadow DAC).(b)Includes $101 million of VOBA from the acquisition of Validus in 2018, the majority of which was amortized in 2019.

VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Dec. 31, 2019

Variable Interest Entity Primary Beneficiary

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

(in millions)		Real Estate and Investment Entities^(d)		Securitization Vehicles^(e)		Affordable Housing Partnerships		Other		Total
December 31, 2019
Assets:
Bonds available for sale	$	177	$	7,239	$	-	$	-	$	7,416
Other bond securities		-		3,324		-		1		3,325
Mortgage and other loans receivable		-		3,860		-		-		3,860
Other invested assets		5,231		-		3,464		42		8,737
Other^(a)		615		1,996		469		42		3,122
Total assets^(b)	$	6,023	$	16,419	$	3,933	$	85	$	26,460
Liabilities:
Long-term debt	$	2,810	$	4,356	$	2,074	$	4	$	9,244
Other^(c)		236		359		195		24		814
Total liabilities	$	3,046	$	4,715	$	2,269	$	28	$	10,058
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 December 31, 2019 and 2018.

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

(c)Comprised primarily of Other liabilities at December 31, 2019 and 2018.

(d)At December 31, 2019 and 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $2.6 billion and $1.4 billion, respectively.

(e)At December 31, 2019 and 2018, the company had contributed total assets of $15.6 billion and $16.0 billion, respectively, into consolidated securitization vehicles.

Variable Interest Entity Not Primary Beneficiary

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities

			Maximum Exposure to Loss
		Total VIE		On-Balance		Off-Balance
(in millions)		Assets		Sheet^(b)		Sheet			Total
December 31, 2019
Real estate and investment entities^(a)	$	283,349	$	6,519	$	3,286		$	9,805
Affordable housing partnerships		3,351		453		-			453
Other		5,320		310		-	^(c)		310
Total	$	292,020	$	7,282	$	3,286		$	10,568
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 December 31, 2019 and 2018, $7.0 billion and $7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

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.

Notional amounts and fair values of derivative instruments

DERIVATIVES AND HEDGE ACCOUNTING (Tables)

12 Months Ended

Dec. 31, 2019

DERIVATIVES AND HEDGE ACCOUNTING

	December 31, 2019								December 31, 2018
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
		Notional		Fair		Notional		Fair		Notional		Fair		Notional		Fair
(in millions)		Amount		Value		Amount		Value		Amount		Value		Amount		Value
Derivatives designated as
hedging instruments:^(a)
Interest rate contracts	$	495	$	3	$	410	$	7	$	10	$	-	$	866	$	19
Foreign exchange contracts		4,328		342		5,230		162		6,357		363		2,536		147
Derivatives not designated
as hedging instruments:^(a)
Interest rate contracts		52,437		3,197		35,231		2,742		42,821		2,890		27,329		2,004
Foreign exchange contracts		8,133		698		12,093		863		11,134		801		5,434		711
Equity contracts		18,533		769		7,539		139		17,807		398		2,399		15
Credit contracts^(b)		8,457		3		923		89		8		1		1,406		236
Other contracts^(c)		40,582		14		56		7		39,070		15		58		6
Total derivatives, gross	$	132,965	$	5,026	$	61,482	$	4,009	$	117,207	$	4,468	$	40,028	$	3,138
Counterparty netting^(d)				(2,427)				(2,427)				(1,713)				(1,713)
Cash collateral^(e)				(1,806)				(527)				(1,840)				(187)
Total derivatives on
consolidated balance sheets^(f)			$	793			$	1,055			$	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
Year ended December 31, 2019
Interest rate contracts:
Realized capital gains/(losses)	$	-	$	-	$	-	$	-
Interest credited to policyholder account balances		16		-		(16)		-
Net investment income		(1)		-		1		-
Foreign exchange contracts:
Realized capital gains/(losses)		(31)		91		31		91
Other income		-		-		-		-
Equity contracts:
Realized capital gains/(losses)		-		-		-		-
Year ended December 31, 2018
Interest rate contracts:
Realized capital gains/(losses)	$	(2)	$	-	$	2	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		365		106		(365)		106
Other income		-		-		-		-
Equity contracts:
Realized capital gains/(losses)		-		-		-		-
Year ended December 31, 2017
Interest rate contracts:
Realized capital gains/(losses)	$	(4)	$	-	$	4	$	-
Interest credited to policyholder account balances		-		-		-		-
Net investment income		-		-		-		-
Foreign exchange contracts:
Realized capital gains/(losses)		(393)		(26)		393		(26)
Other income		-		-		4		4
Equity contracts:
Realized capital gains/(losses)		(42)		(5)		42		(5)

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

Years Ended December 31,	Gains (Losses) Recognized in Earnings
(in millions)		2019		2018		2017
By Derivative Type:
Interest rate contracts	$	1,319	$	(509)	$	56
Foreign exchange contracts		(25)		543		(277)
Equity contracts		(316)		(56)		(964)
Credit contracts		61		32		58
Other contracts		64		65		75
Embedded derivatives		(1,464)		629		(449)
Total	$	(361)	$	704	$	(1,501)
By Classification:
Policy fees	$	68	$	67	$	77
Net investment income		(125)		(3)		(11)
Net realized capital gains (losses)		(316)		561		(1,709)
Other income		-		81		139
Policyholder benefits and claims incurred		12		(2)		3
Total	$	(361)	$	704	$	(1,501)

GOODWILL AND OTHER INTANGIBLE ASSETS

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
-Paragraph 4
-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
-SubTopic 10
-Section 50
-Paragraph 8
-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

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of changes in goodwill by reportable segment

	General Insurance
	North				Life			Other		Legacy
(in millions)	America		International		Insurance		Operations		Portfolio			Total
Balance at January 1, 2017:
Goodwill - gross	$	1,878	$	2,807	$	77	$	27	$	216	$	5,005
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		614		671		77		27		139		1,528
Increase (decrease) due to:
Acquisitions		-		-		-		4		-		4
Dispositions		(10)		(7)		(6)		-		(2)		(25)
Other		-		74		13		-		-		87
Balance at December 31, 2017:
Goodwill - gross		1,868		2,874		84		31		214		5,071
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		604		738		84		31		137		1,594
Increase (decrease) due to:
Acquisitions^(a)		2,332		157		46		9		-		2,544
Other		(12)		(48)		(5)		9		-		(56)
Balance at December 31, 2018:
Goodwill - gross		4,188		2,983		125		49		214		7,559
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill		2,924		847		125		49		137		4,082
Increase (decrease) due to:
Acquisitions		-		20		-		-		-		20
Other^(b)		-		26		8		-		(98)		(64)
Balance at December 31, 2019:
Goodwill - gross		4,188		3,029		133		49		116		7,515
Accumulated impairments		(1,264)		(2,136)		-		-		(77)		(3,477)
Net goodwill	$	2,924	$	893	$	133	$	49	$	39	$	4,038

(a)Includes goodwill of $2.0 billion, $492 million and $46 million relating to the acquisitions of Validus, Glatfelter and Ellipse, respectively.

(b)Reflects $98 million of goodwill that has been reclassified to assets held for sale.

Changes in other intangible assets

	General Insurance
	North				Life			Other		Legacy
(in millions)	America		International		Insurance		Operations		Portfolio			Total
Other intangible assets
Balance at January 1, 2018	$	27	$	8	$	34	$	37	$	-	$	106
Increase (decrease) due to:
Acquisitions		61		207		16		-		-		284
Amortization		(2)		(3)		(4)		(2)		-		(11)
Other		-		-		-		(19)		-		(19)
Balance at December 31, 2018	$	86	$	212	$	46	$	16	$	-	$	360
Increase (decrease) due to:
Acquisitions		-		-		-		-		-		-
Amortization		(1)		(1)		(4)		(2)		-		(8)
Other		(3)		-		(18)		2		-		(19)
Balance at December 31, 2019:	$	82	$	211	$	24	$	16	$	-	$	333

Value of distribution network acquired
Balance at January 1, 2018	$	-	$	-	$	-	$	-	$	-	$	-
Increase (decrease) due to:
Acquisitions		-		-		-		582		-		582
Amortization		-		-		-		(15)		-		(15)
Other		-		-		-		2		-		2
Balance at December 31, 2018	$	-	$	-	$	-	$	569	$	-	$	569
Increase (decrease) due to:
Acquisitions		-		-		-		-		-		-
Amortization		-		-		-		(39)		-		(39)
Other		-		-		-		6		-		6
Balance at December 31, 2019:	$	-	$	-	$	-	$	536	$	-	$	536

INSURANCE LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

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

Years Ended December 31,
(in millions)		2019		2018		2017
Liability for unpaid loss and loss adjustment expenses, beginning of year	$	83,639	$	78,393	$	77,077
Reinsurance recoverable		(31,690)		(26,708)		(15,532)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year		51,949		51,685		61,545
Losses and loss adjustment expenses incurred:
Current year		17,596		20,534		21,079
Prior years, excluding discount and amortization of deferred gain		(340)		1,429		1,565
Prior years, discount charge (benefit)		1,063		(252)		187
Prior years, amortization of deferred gain on retroactive reinsurance^(a)		(219)		(395)		(284)
Total losses and loss adjustment expenses incurred		18,100		21,316		22,547
Losses and loss adjustment expenses paid:
Current year		(4,894)		(5,754)		(5,323)
Prior years		(18,020)		(17,768)		(16,241)
Total losses and loss adjustment expenses paid		(22,914)		(23,522)		(21,564)
Other changes:
Foreign exchange effect		(6)		(677)		788
Acquisitions^(b)		-		3,284		23
Dispositions^(c)		-		-		(360)
Retroactive reinsurance adjustment (net of discount)^(d)		130		(137)		(11,294)
Total other changes		124		2,470		(10,843)
Liability for unpaid loss and loss adjustment expenses, end of year:
Net liability for unpaid losses and loss adjustment expenses		47,259		51,949		51,685
Reinsurance recoverable		31,069		31,690		26,708
Total	$	78,328	$	83,639	$	78,393

(b) Includes amounts related to the acquisition of Glatfelter in October 2018, Validus in July 2018 and Blackboard U.S. Holdings Inc. in 2017.

(c) Includes amounts related to dispositions through the date of disposition. Includes sale of insurance operations to Fairfax.

Reconciliation of claims development to liability

	Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below		Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below		Gross liability for unpaid losses and loss adjustment expenses
(in millions)
U.S. Workers' Compensation (before discount)	$	5,213	$	6,745	$	11,958
U.S. Excess Casualty		4,285		5,073		9,358
U.S. Other Casualty		4,064		4,695		8,759
U.S. Financial Lines		5,154		2,221		7,375
U.S. Property and Special risks		4,950		2,807		7,757
U.S. Personal Insurance		1,287		988		2,275
UK/Europe Casualty and Financial lines		6,234		1,268		7,502
UK/Europe Property and Special risks		2,573		1,191		3,764
UK/Europe and Japan Personal Insurance		1,962		519		2,481
U.S. Run-Off Long Tail Insurance Lines (before
discount)		4,435		3,587		8,022
Total	$	40,157	$	29,094	$	69,251

Reconciling Items
Discount on workers' compensation lines						(2,800)
Other product lines						8,679
Unallocated loss adjustment expenses						3,198
Total Loss Reserves					$	78,328

Reconciliation of change in net ultimate loss and loss adjustment expense to prior year development

The table below presents the reconciliation of change in net ultimates from tables above to prior year development for the year ended December 31, 2019:


	Change in Loss and Loss Adjustment Expenses Net Ultimate^(a)		Re-Attribution of ADC Recovery^(b)		Amortization of Deferred Gain at Inception		Prior Year Development

(in millions)
U.S. Workers' Compensation	$	(192)	$	(178)	$	(72)	$	(442)
U.S. Excess Casualty		26		55		(55)		26
U.S. Other Casualty		188		25		(53)		160
U.S. Financial Lines		326		1		(37)		290
U.S. Property and Special risks		(288)		114		(13)		(187)
U.S. Personal Insurance		(85)		(17)		(2)		(104)
UK/Europe Casualty and Financial lines		161		-		-		161
UK/Europe Property and Special risks		(108)		-		-		(108)
UK/Europe and Japan Personal Insurance		(119)		-		-		(119)
U.S. Run-Off Long Tail Insurance Lines		(4)		-		-		(4)
Other product lines		33		-		-		33
Subtotal, adjusted pre-tax basis	$	(62)	$	-	$	(232)	$	(294)

Remove impact of Retroactive Reinsurance
Amortization of deferred gain at inception								232
Prior year development ceded under the Asbestos LPT								(1)
Prior year development ceded under the ADC								(277)
Total, prior years, excluding discount and amortization of deferred gain							$	(340)

(a)Change in net ultimate loss and LAE excludes the portion of prior year development for which we have ceded to the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. Amounts shown exclude $30 million of pre-acquisition prior year development from Validus. Validus' pre-acquisition development is included in the 10-year triangles shown above but is not included in AIG's financial results.(b)Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded.

Schedule of development, (favorable) unfavorable, of incurred losses and loss adjustment expenses for accident year 2009 and prior by operating segment and major class of business

Years Ended December 31,
(in millions)		2019		2018		2017
U.S. Workers' compensation (before discount)	$	(210)	$	153	$	(7)
U.S. Excess casualty		54		537		164
U.S. Other casualty		(170)		129		(8)
U.S. Financial Lines		11		(1)		(34)
U.S. Property and Special risks		(3)		39		11
U.S. Personal Insurance		1		2		9
UK/Europe Casualty and Financial Lines		9		1		169
UK/Europe Property and Special risks		(28)		3		(6)
UK/Europe and Japan Personal Insurance		-		9		3
U.S. Run-Off Long Tail Insurance Lines (before discount)		(46)		154		(44)
All Other including unallocated loss adjustment expenses		116		137		178
Total prior year (favorable) unfavorable development	$	(266)	$	1,163	$	435

Schedule of historical average annual percentage claims payout on an accident year basis

Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited)
Year	1		2		3		4		5		6		7		8		9		10
U.S. Workers' compensation	13.8	%	17.4	%	12.5	%	8.5	%	6.9	%	4.6	%	3.3	%	2.3	%	1.7	%	1.5	%
U.S. Excess casualty	0.7		8.2		11.3		14.2		12.8		11.1		8.2		8.3		2.7		1.4
U.S. Other casualty	8.6		14.8		15.5		15.1		12.5		8.6		6.1		3.2		3.2		1.6
U.S. Financial Lines	4.2		18.0		21.6		16.7		13.1		8.7		5.4		5.0		1.4		1.7
U.S. Property and Special risks	30.6		35.2		13.5		8.0		5.2		3.7		1.5		1.0		0.7		0.5
U.S. Personal Insurance	58.6		29.8		5.1		2.1		1.2		0.6		0.3		0.2		0.1		0.1
UK/Europe Casualty and Financial Lines	7.9		16.9		13.6		13.0		9.9		7.7		6.7		4.3		2.5		3.8
UK/Europe Property and Special risks	25.1		39.4		17.2		6.7		2.9		1.9		0.7		0.6		0.4		(0.9)
UK/Europe and Japan Personal Insurance	57.1		27.4		7.9		3.9		1.9		1.0		0.6		0.3		0.2		0.2
U.S. Run-Off Long Tail Insurance Lines	14.2		18.4		16.6		13.8		9.0		5.1		3.7		1.5		2.2		2.5

Schedule of components of the loss reserve discount

	December 31, 2019						December 31, 2018
	North America						North America
	Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total
U.S. workers' compensation	$	2,134	$	666	$	2,800	$	2,782	$	973	$	3,755
Retroactive reinsurance		(1,251)		-		(1,251)		(1,720)		-		(1,720)
Total reserve discount^*	$	883	$	666	$	1,549	$	1,062	$	973	$	2,035

* Excludes $172 million and $163 million of discount related to certain long tail liabilities in the United Kingdom at December 31, 2019 and 2018, respectively.

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

Years Ended December 31,	2019						2018						2017
	North						North						North
	America						America						America
	Commercial			Legacy			Commercial			Legacy			Commercial			Legacy
(in millions)	Insurance			Portfolio		Total	Insurance			Portfolio		Total	Insurance			Portfolio		Total
Current accident year	$	108	$	-	$	108	$	119	$	-	$	119	$	114	$	-	$	114
Accretion and other adjustments
to prior year discount		(229)		(87)		(316)		(108)		(58)		(166)		(186)		(44)		(230)
Effect of interest rate changes		(527)		(220)		(747)		305		113		418		(46)		(25)		(71)
Net reserve discount
benefit (charge)		(648)		(307)		(955)		316		55		371		(118)		(69)		(187)
Change in discount on loss
reserves ceded under
retroactive reinsurance		469		-		469		(180)		-		(180)		(1,539)		-		(1,539)
Net change in total
reserve discount^*	$	(179)	$	(307)	$	(486)	$	136	$	55	$	191	$	(1,657)	$	(69)	$	(1,726)

*Excludes $9 million and $(9) million of discount related to certain long tail liabilities in the United Kingdom at December 31, 2019 and 2018, respectively.

Schedule of policyholder contract deposits by product type

At December 31,
(in millions)		2019		2018
Policyholder contract deposits:
Fixed Annuities	$	50,452	$	49,695
Group Retirement		42,207		41,212
Life Insurance		13,930		12,829
Variable and Index Annuities		30,878		24,378
Institutional Markets		9,929		9,497
Legacy Portfolio		4,473		4,651
Total Policyholder contract deposits	$	151,869	$	142,262

Schedule of universal life policies with secondary guarantees

	Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	2,640	$	2,351	$	2,095
Incurred guaranteed benefits^*		514		758		705
Paid guaranteed benefits		(469)		(469)		(449)
Balance, end of year	$	2,685	$	2,640	$	2,351

*Incurred guaranteed benefits include the portion of assessments established as additions to reserves as well as changes in estimates (assumption unlockings) affecting these reserves.

Schedule of details concerning universal life policies with secondary guarantees

At December 31,
(dollars in millions)		2019		2018
Account value	$	2,850	$	2,665
Net amount at risk		59,924		54,161
Average attained age of contract holders		54		55

U.S. Workers Compensation

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	2,706	$	3,049	$	3,125	$	3,148	$	3,211	$	3,214	$	3,286	$	3,267	$	3,278	$	3,238	$	(40)	$	334	133,623	$	(437)	$	(276)	$	2,801	$	58
2011				2,901		2,953		3,091		3,158		3,113		3,152		3,156		3,177		3,141		(36)		414	125,122		(458)		(311)		2,683		103
2012						2,382		2,194		2,286		2,260		2,334		2,308		2,259		2,247		(12)		380	71,128		(443)		(307)		1,804		73
2013								1,932		1,880		1,950		2,060		2,032		1,974		1,916		(58)		353	47,066		(458)		(311)		1,458		42
2014										1,729		1,764		1,866		1,862		1,794		1,709		(85)		397	40,075		(380)		(238)		1,329		159
2015												1,708		1,864		1,866		1,814		1,722		(92)		558	35,838		(588)		(442)		1,134		116
2016														1,299		1,346		1,318		1,140		(178)		403	30,588		-		-		1,140		403
2017																789		850		776		(74)		352	26,538		-		-		776		352
2018																		998		1,021		23		641	21,034		-		-		1,021		641
2019																				887				639	13,919		-		-		887		639
Total																			$	17,797	$	(552)				$	(2,764)	$		$	15,033
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(11,354)		-					-				(11,354)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				4,505		(210)					(2,971)				1,534
Unallocated loss adjustment expense prior year development																						63
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	10,948	$	(699)				$	(5,735)	$		$	5,213

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	2,822	$	2,818	$	2,811	$	2,801	$	(10)
2011		2,676		2,677		2,682		2,683		1
2012		1,819		1,814		1,793		1,804		11
2013		1,500		1,494		1,481		1,458		(23)
2014		1,311		1,310		1,309		1,329		20
2015		1,279		1,279		1,318		1,134		(184)
2016		1,299		1,346		1,318		1,140		(178)
2017		-		789		850		776		(74)
2018		-		-		998		1,021		23
2019		-		-		-		887		-
Total	$	12,706	$	13,527	$	14,560	$	15,033	$	(414)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below				-		-		(11,354)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		1,588		1,534		(54)
Unallocated loss adjustment expense prior year development				-		-		-		276
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance					$		$	5,213	$	(192)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(464)	$	(449)	$	(467)	$	(437)	$	30
2011		(476)		(479)		(495)		(458)		37
2012		(515)		(494)		(466)		(443)		23
2013		(560)		(538)		(493)		(458)		35
2014		(555)		(552)		(485)		(380)		105
2015		(585)		(587)		(496)		(588)		(92)
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(3,155)	$	(3,099)	$	(2,902)	$	(2,764)	$	138
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below						-		-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(3,127)		(2,971)		156
Unallocated loss adjustment expense prior year development										213
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(6,029)	$	(5,735)	$	507

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	550	$	1,093	$	1,537	$	1,855	$	2,126	$	2,288	$	2,426	$	2,532	$	2,597	$	2,647	$	-
2011				519		1,129		1,561		1,884		2,129		2,285		2,388		2,451		2,496		-
2012						415		804		1,089		1,272		1,440		1,563		1,632		1,669		-
2013								282		619		879		1,067		1,214		1,287		1,335		-
2014										231		558		786		930		1,030		1,096		-
2015												234		524		725		854		925		-
2016														147		378		521		584		-
2017																93		224		294		-
2018																		85		215		-
2019																				93		-
Total																			$	11,354	$	-

U.S. Excess Casualty

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,888	$	2,097	$	2,093	$	1,784	$	1,650	$	1,739	$	1,723	$	1,708	$	1,681	$	1,638	$	(43)	$	308	3,727	$	(252)	$	(201)	$	1,386	$	107
2011				1,787		1,827		1,597		1,429		1,529		1,611		1,627		1,726		1,758		32		381	3,726		(342)		(272)		1,416		109
2012						1,607		1,403		1,242		1,488		1,537		1,486		1,558		1,502		(56)		312	3,688		(288)		(229)		1,214		83
2013								1,123		1,035		1,169		1,308		1,241		1,282		1,292		10		271	3,102		(260)		(197)		1,032		74
2014										938		1,069		1,275		1,260		1,339		1,283		(56)		466	2,632		(439)		(360)		844		106
2015												989		1,463		1,440		1,603		1,656		53		444	2,544		(493)		(392)		1,163		52
2016														898		1,146		1,162		1,171		9		514	1,980		-		-		1,171		514
2017																856		1,002		1,097		95		542	1,241		-		-		1,097		542
2018																		648		646		(2)		404	618		-		-		646		404
2019																				577				547	370		-		-		577		547
Total																			$	12,620	$	42				$	(2,074)	$		$	10,546
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(6,799)		-					-				(6,799)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				2,243		54					(1,705)				538
Unallocated loss adjustment expense prior year development																						(20)
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	8,064	$	76				$	(3,779)	$		$	4,285

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,452	$	1,448	$	1,426	$	1,386	$	(40)
2011		1,369		1,371		1,436		1,416		(20)
2012		1,175		1,163		1,254		1,214		(40)
2013		935		932		981		1,032		51
2014		902		905		915		844		(71)
2015		1,027		1,015		1,139		1,163		24
2016		898		1,146		1,162		1,171		9
2017		-		856		1,002		1,097		95
2018		-		-		648		646		(2)
2019		-		-		-		577		-
Total	$	7,758	$	8,836	$	9,963	$	10,546	$	6
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(6,799)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance						612		538		(74)
Unallocated loss adjustment expense prior year development								-		94
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	4,285	$	26

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(271)	$	(260)	$	(255)	$	(252)	$	3
2011		(242)		(256)		(290)		(342)		(52)
2012		(362)		(323)		(304)		(288)		16
2013		(373)		(309)		(301)		(260)		41
2014		(373)		(355)		(424)		(439)		(15)
2015		(436)		(425)		(464)		(493)		(29)
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(2,057)	$	(1,928)	$	(2,038)	$	(2,074)	$	(36)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(1,577)		(1,705)		(128)
Unallocated loss adjustment expense prior year development										114
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(3,615)	$	(3,779)	$	(50)

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	10	$	197	$	475	$	654	$	795	$	946	$	1,052	$	1,217	$	1,265	$	1,288	$	-
2011				5		63		225		387		716		921		1,069		1,214		1,257		-
2012						3		106		288		495		649		887		1,022		1,121		-
2013								15		105		207		387		578		705		819		-
2014										3		77		240		444		590		703		-
2015												9		210		391		718		935		-
2016														28		80		204		388		-
2017																1		45		156		-
2018																		1		125		-
2019																				7		-
Total																			$	6,799	$	-

U.S. Other Casualty

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	2,124	$	2,102	$	2,235	$	2,185	$	2,335	$	2,381	$	2,501	$	2,492	$	2,504	$	2,505	$	1	$	225	96,534	$	(130)	$	(103)	$	2,375	$	122
2011				2,033		2,202		2,302		2,439		2,585		2,620		2,582		2,517		2,515		(2)		126	75,391		(139)		(110)		2,376		16
2012						1,986		2,139		2,193		2,203		2,352		2,407		2,343		2,328		(15)		190	42,048		(169)		(135)		2,159		55
2013								1,653		1,729		1,912		2,148		2,185		2,164		2,211		47		286	37,117		(263)		(219)		1,948		67
2014										1,751		1,721		1,963		2,009		1,910		1,916		6		230	35,730		(222)		(177)		1,694		53
2015												1,329		1,762		1,829		1,736		1,794		58		259	33,313		(301)		(229)		1,493		30
2016														1,339		1,343		1,321		1,391		70		513	26,834		-		-		1,391		513
2017																602		629		738		109		411	20,255		-		-		738		411
2018																		802		845		43		621	15,010		-		-		845		621
2019																				1,059				935	15,546		-		-		1,059		935
Total																			$	17,302	$	317				$	(1,224)	$		$	16,078
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(12,454)		-					-				(12,454)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				1,392		(170)					(952)				440
Unallocated loss adjustment expense prior year development																						21
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,240	$	168				$	(2,176)	$		$	4,064

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	2,361	$	2,359	$	2,349	$	2,375	$	26
2011		2,398		2,395		2,414		2,376		(38)
2012		2,189		2,197		2,175		2,159		(16)
2013		1,948		1,960		1,929		1,948		19
2014		1,667		1,678		1,634		1,694		60
2015		1,361		1,373		1,423		1,493		70
2016		1,339		1,343		1,321		1,391		70
2017		-		602		629		738		109
2018		-		-		802		845		43
2019		-		-		-		1,059		-
Total	$	13,263	$	13,907	$	14,676	$	16,078	$	343
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(12,454)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		685		440		(245)
Unallocated loss adjustment expense prior year development								-		90
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	4,064	$	188

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(140)	$	(133)	$	(155)	$	(130)	$	25
2011		(222)		(187)		(103)		(139)		(36)
2012		(163)		(210)		(168)		(169)		(1)
2013		(200)		(225)		(235)		(263)		(28)
2014		(296)		(331)		(276)		(222)		54
2015		(401)		(456)		(313)		(301)		12
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(1,422)	$	(1,542)	$	(1,250)	$	(1,224)	$	26
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(878)		(952)		(74)
Unallocated loss adjustment expense prior year development										69
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(2,128)	$	(2,176)	$	21

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	295	$	661	$	985	$	1,358	$	1,640	$	1,824	$	1,972	$	2,087	$	2,196	$	2,236	$	-
2011				235		722		1,102		1,481		1,814		2,039		2,210		2,289		2,339		-
2012						411		739		1,042		1,385		1,677		1,869		2,009		2,053		-
2013								169		594		962		1,248		1,485		1,688		1,809		-
2014										210		620		868		1,150		1,392		1,572		-
2015												105		309		769		1,087		1,351		-
2016														77		298		489		703		-
2017																51		111		216		-
2018																		43		122		-
2019																				53		-
Total																			$	12,454	$	-

U.S. Financial Lines

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance


Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,584	$	1,525	$	1,423	$	1,383	$	1,374	$	1,470	$	1,509	$	1,535	$	1,542	$	1,544	$	2	$	64	20,165	$	(55)	$	(44)	$	1,489	$	20
2011				1,844		1,765		1,934		1,925		1,960		1,991		2,023		2,015		2,012		(3)		63	20,063		(54)		(43)		1,958		20
2012						1,592		1,763		1,800		1,907		1,988		1,990		2,015		2,077		62		115	20,076		(115)		(92)		1,962		23
2013								1,790		1,719		1,670		1,613		1,555		1,497		1,509		12		122	19,126		(100)		(80)		1,409		42
2014										1,812		1,777		1,892		1,927		1,960		1,981		21		241	17,581		(240)		(199)		1,741		42
2015												1,737		1,762		1,743		1,788		1,830		42		248	16,156		(278)		(213)		1,552		35
2016														1,605		1,855		1,993		2,064		71		380	16,000		-		-		2,064		380
2017																1,564		1,675		1,756		81		617	14,939		-		-		1,756		617
2018																		1,640		1,766		126		1,017	14,349		-		-		1,766		1,017
2019																				1,503				1,315	11,784		-		-		1,503		1,315
Total																			$	18,042	$	414				$	(842)	$		$	17,200
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(12,065)		-					-				(12,065)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				154		11					(135)				19
Unallocated loss adjustment expense prior year development																						38
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,131	$	463				$	(977)	$		$	5,154

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,499	$	1,504	$	1,505	$	1,489	$	(16)
2011		1,966		1,973		1,989		1,958		(31)
2012		1,906		1,907		1,925		1,962		37
2013		1,442		1,429		1,408		1,409		1
2014		1,733		1,729		1,753		1,741		(12)
2015		1,429		1,430		1,462		1,552		90
2016		1,605		1,855		1,993		2,064		71
2017		-		1,564		1,675		1,756		81
2018		-		-		1,640		1,766		126
2019		-		-		-		1,503		-
Total	$	11,580	$	13,391	$	15,350	$	17,200	$	347
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(12,065)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		99		19		(80)
Unallocated loss adjustment expense prior year development								-		59
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	5,154	$	326

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(10)	$	(31)	$	(37)	$	(55)	$	(18)
2011		(25)		(50)		(26)		(54)		(28)
2012		(82)		(83)		(90)		(115)		(25)
2013		(171)		(126)		(89)		(100)		(11)
2014		(159)		(198)		(207)		(240)		(33)
2015		(333)		(313)		(326)		(278)		48
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(780)	$	(801)	$	(775)	$	(842)	$	(67)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(45)		(135)		(90)
Unallocated loss adjustment expense prior year development										21
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(820)	$	(977)	$	(136)

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	31	$	278	$	558	$	793	$	1,009	$	1,172	$	1,273	$	1,354	$	1,394	$	1,420	$	-
2011				165		494		886		1,210		1,529		1,752		1,885		1,912		1,918		-
2012						73		403		812		1,250		1,494		1,622		1,687		1,859		-
2013								41		327		682		945		1,139		1,235		1,314		-
2014										66		366		849		1,158		1,387		1,573		-
2015												63		390		791		1,055		1,282		-
2016														73		499		1,002		1,358		-
2017																64		391		761		-
2018																		86		486		-
2019																				94		-
Total																			$	12,065	$	-

U.S. Personal Insurance

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development Excluding the Impact of Adverse Development Reinsurance Agreement		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims		Incurred Impact of Adverse Development Reinsurance Agreement		IBNR Impact of Adverse Development Reinsurance Agreement		2019 (Net of Impact of Adverse Development Reinsurance Agreement)		Total of IBNR Liabilities Net of Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,843	$	1,809	$	1,819	$	1,819	$	1,820	$	1,819	$	1,817	$	1,817	$	1,815	$	1,815	$	-	$	1	422,774	$	(1)	$	(1)	$	1,814	$	-
2011				1,886		1,908		1,896		1,891		1,890		1,886		1,881		1,879		1,878		(1)		1	413,127		(1)		(1)		1,877		-
2012						2,208		2,128		2,109		2,083		2,077		2,094		2,095		2,099		4		1	403,920		(1)		(1)		2,098		-
2013								1,887		1,816		1,803		1,782		1,780		1,776		1,777		1		1	335,158		(1)		(1)		1,776		-
2014										1,552		1,562		1,572		1,572		1,583		1,584		1		4	274,703		(4)		(3)		1,580		1
2015												1,511		1,498		1,494		1,483		1,482		(1)		9	260,468		(6)		(5)		1,476		4
2016														1,536		1,533		1,533		1,540		7		23	246,354		-		-		1,540		23
2017																2,028		2,287		2,161		(126)		114	217,752		-		-		2,161		114
2018																		2,188		2,193		5		229	97,349		-		-		2,193		229
2019																				1,593				470	68,057		-		-		1,593		470
Total																			$	18,122	$	(110)				$	(14)	$			18,108
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(16,744)		-					-				(16,744)
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				(71)		1					(6)				(77)
Unallocated loss adjustment expense prior year development																						13
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	1,307	$	(96)				$	(20)	$			1,287

Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC)
	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	1,816	$	1,816	$	1,814	$	1,814	$	-
2011		1,881		1,880		1,878		1,877		(1)
2012		2,088		2,091		2,093		2,098		5
2013		1,774		1,774		1,774		1,776		2
2014		1,564		1,564		1,571		1,580		9
2015		1,476		1,475		1,472		1,476		4
2016		1,536		1,533		1,533		1,540		7
2017		-		2,028		2,287		2,161		(126)
2018		-		-		2,188		2,193		5
2019		-		-		-		1,593		-
Total	$	12,135	$	14,161	$	16,610	$	18,108	$	(95)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								(16,744)		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(72)		(77)		(5)
Unallocated loss adjustment expense prior year development								-		15
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance							$	1,287	$	(85)

The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above):

	Calendar Years Ended December 31, (in millions)									Change in Incurred Loss and ALAE
Accident Year		2016		2017		2018		2019		Change in Incurred Loss and ALAE
	Unaudited
2010	$	(1)	$	(1)	$	(1)	$	(1)	$	-
2011		(5)		(1)		(1)		(1)		-
2012		11		(3)		(2)		(1)		1
2013		(8)		(6)		(2)		(1)		1
2014		(8)		(8)		(12)		(4)		8
2015		(22)		(19)		(11)		(6)		5
2016		-		-		-		-		-
2017		-		-		-		-		-
2018		-		-		-		-		-
2019		-		-		-		-		-
Total	$	(33)	$	(38)	$	(29)	$	(14)	$	15
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below								-		-
Liabilities for losses and allocated loss adjustment expenses before 2010, net of reinsurance				-		(3)		(6)		(3)
Unallocated loss adjustment expense prior year development										2
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance						(32)	$	(20)	$	14

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance

Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		Paid Impact of Adverse Development Reinsurance Agreement
	Unaudited
2010	$	1,205	$	1,669	$	1,736	$	1,772	$	1,794	$	1,803	$	1,808	$	1,810	$	1,812	$	1,813	$	-
2011				1,204		1,752		1,814		1,840		1,860		1,869		1,873		1,874		1,875		-
2012						1,238		1,936		1,996		2,035		2,065		2,079		2,085		2,095		-
2013								1,109		1,634		1,705		1,744		1,759		1,766		1,772		-
2014										959		1,380		1,463		1,507		1,536		1,555		-
2015												931		1,320		1,411		1,439		1,455		-
2016														857		1,344		1,422		1,460		-
2017																941		1,672		1,896		-
2018																		1,227		1,939		-
2019																				884		-
Total																			$	16,744	$	-

UK/Europe Casualty and Financial Lines

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	1,303	$	1,282	$	1,303	$	1,325	$	1,273	$	1,308	$	1,288	$	1,358	$	1,339	$	1,336	$	(3)	$	30	278,205
2011				1,257		1,212		1,288		1,336		1,424		1,432		1,479		1,456		1,453		(3)		53	267,537
2012						1,088		1,065		1,029		1,111		1,171		1,148		1,205		1,199		(6)		50	220,502
2013								1,041		1,082		1,063		1,044		1,079		1,114		1,171		57		87	187,469
2014										1,040		1,011		1,035		1,042		1,037		1,062		25		128	178,140
2015												1,097		1,236		1,279		1,176		1,237		61		251	192,412
2016														1,317		1,458		1,498		1,505		7		296	229,131
2017																1,349		1,326		1,286		(40)		500	245,792
2018																		1,376		1,423		47		611	250,301
2019																				1,301				936	210,025
Total																			$	12,973	$	145
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(7,417)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				678		9
Unallocated loss adjustment expense prior year development																						7
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	6,234	$	161

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	130	$	377	$	584	$	750	$	882	$	975	$	1,039	$	1,093	$	1,111	$	1,162
2011				125		345		522		757		899		1,021		1,129		1,193		1,245
2012						106		303		444		626		756		845		946		998
2013								90		338		487		627		741		856		930
2014										72		259		410		530		631		696
2015												71		240		433		569		685
2016														120		380		588		778
2017																97		282		449
2018																		114		374
2019																				100
Total																			$	7,417

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

UK/Europe Property and Special Risks

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	1,475	$	1,471	$	1,396	$	1,336	$	1,313	$	1,291	$	1,289	$	1,286	$	1,272	$	1,278	$	6	$	9	47,625
2011				1,383		1,336		1,222		1,188		1,158		1,146		1,143		1,134		1,131		(3)		10	48,985
2012						1,320		1,219		1,148		1,132		1,114		1,119		1,102		1,096		(6)		(2)	44,096
2013								1,421		1,415		1,306		1,286		1,271		1,260		1,240		(20)		3	43,932
2014										1,474		1,499		1,479		1,469		1,478		1,452		(26)		16	52,060
2015												1,601		1,538		1,518		1,476		1,451		(25)		23	57,667
2016														1,558		1,704		1,697		1,702		5		31	59,637
2017																1,678		1,642		1,634		(8)		76	55,694
2018																		1,650		1,654		4		148	45,564
2019																				1,248				462	25,179
Total																			$	13,886	$	(73)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(11,335)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				22		(28)
Unallocated loss adjustment expense prior year development																						(7)
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	2,573	$	(108)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	424	$	908	$	1,086	$	1,177	$	1,215	$	1,244	$	1,253	$	1,260	$	1,266	$	1,255
2011				336		772		966		1,040		1,065		1,082		1,090		1,098		1,101
2012						277		721		912		980		1,026		1,052		1,062		1,068
2013								331		815		1,042		1,118		1,168		1,189		1,197
2014										318		927		1,211		1,280		1,319		1,346
2015												347		931		1,215		1,328		1,351
2016														460		1,120		1,373		1,512
2017																355		966		1,237
2018																		319		988
2019																				280
Total																			$	11,335

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

UK/Europe and Japan Personal Insurance

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	3,024	$	3,072	$	3,073	$	3,061	$	3,062	$	3,057	$	3,083	$	3,063	$	3,061	$	3,061	$	-	$	3	1,820,113
2011				3,332		3,394		3,360		3,361		3,350		3,353		3,345		3,344		3,343		(1)		4	1,778,510
2012						2,933		2,916		2,897		2,882		2,891		2,881		2,877		2,876		(1)		5	1,730,216
2013								2,780		2,779		2,745		2,745		2,740		2,736		2,733		(3)		7	1,735,489
2014										2,738		2,748		2,730		2,727		2,718		2,718		-		10	1,793,862
2015												2,806		2,780		2,783		2,772		2,769		(3)		17	1,773,628
2016														2,755		2,748		2,734		2,726		(8)		31	1,798,299
2017																2,693		2,609		2,590		(19)		64	1,715,573
2018																		3,396		3,312		(84)		196	1,848,711
2019																				2,466				404	1,708,106
Total																			$	28,594	$	(119)
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(26,676)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				44		-
Unallocated loss adjustment expense prior year development																						-
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	1,962	$	(119)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	1,737	$	2,547	$	2,796	$	2,908	$	2,967	$	3,001	$	3,021	$	3,032	$	3,040	$	3,047
2011				2,031		2,846		3,085		3,200		3,264		3,293		3,310		3,320		3,325
2012						1,642		2,402		2,634		2,743		2,800		2,830		2,848		2,856
2013								1,527		2,279		2,500		2,608		2,665		2,695		2,709
2014										1,498		2,253		2,478		2,590		2,648		2,672
2015												1,516		2,291		2,516		2,637		2,681
2016														1,517		2,254		2,475		2,582
2017																1,482		2,208		2,401
2018																		1,895		2,920
2019																				1,483
Total																			$	26,676

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

U.S. Run-Off Long Tail Insurance Lines

Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance

Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance*

	Years Ended December 31, (in millions)																							December 31, 2019
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2019 Prior Year Development		Total of IBNR Liabilities Plus Expected Development on Reported Losses	Cumulative Number of Reported Claims
	Unaudited
2010	$	640	$	528	$	534	$	557	$	585	$	582	$	611	$	565	$	559	$	563	$	4	$	55	8,556
2011				534		542		576		641		676		685		700		687		694		7		87	7,826
2012						629		678		741		786		751		752		702		692		(10)		37	4,082
2013								482		533		589		570		528		511		507		(4)		11	2,568
2014										379		475		453		459		383		375		(8)		64	2,370
2015												439		523		550		503		504		1		101	2,397
2016														294		285		274		269		(5)		55	1,684
2017																197		238		232		(6)		130	648
2018																		76		119		43		59	307
2019																				69				42	127
Total																			$	4,024	$	22
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of
Reinsurance from the table below																				(2,951)		-
Liabilities for losses and loss adjustment expenses and prior year development
before accident year 2010, net of reinsurance																				3,362		(46)
Unallocated loss adjustment expense prior year development																						20
Liabilities for losses and loss adjustment expenses and prior year loss
development, net of reinsurance																			$	4,435	$	(4)

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

Schedule of cumulative paid losses and allocated loss adjustment expenses, Net of reinsurance


Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance*

	Years Ended December 31, (in millions)
Accident Year		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019
	Unaudited
2010	$	57	$	149	$	243	$	321	$	404	$	435	$	455	$	464	$	473	$	487
2011				21		140		259		385		449		532		549		559		578
2012						86		194		286		414		481		498		525		534
2013								87		154		261		321		368		390		414
2014										21		96		185		233		262		268
2015												35		132		238		320		337
2016														53		140		163		178
2017																13		59		84
2018																		33		47
2019																				24
Total																			$	2,951

* The losses reported in the table are not covered by the Adverse Development Reinsurance Agreement.

VARIABLE LIFE AND ANNUITY CONTRACTS (Tables)

12 Months Ended

Dec. 31, 2019

VARIABLE LIFE AND ANNUITY CONTRACTS

Schedule of Account balances of variable annuity contracts with guarantees were invested in separate account investment

At December 31,
(in millions)		2019		2018
Equity funds	$	51,383	$	43,059
Bond funds		7,881		7,231
Balanced funds		26,659		24,100
Money market funds		765		787
Total	$	86,688	$	75,177

Schedule of details concerning entity's GMDB exposures, by benefit type

At December 31,	2019				2018
		Net Deposits				Net Deposits
		Plus a Minimum		Highest Contract		Plus a Minimum		Highest Contract
(dollars in billions)		Return		Value Attained		Return		Value Attained
Account value	$	98	$	16	$	89	$	15
Net amount at risk		1		-		1		1
Average attained age of contract holders by product		65		71		63		68
Range of guaranteed minimum return rates		0.00%-4.50%				0.00%-4.50%

Schedule of changes in GMDB liabilities for guarantees on variable contracts reflected in the general account

Years Ended December 31,
(in millions)		2019		2018		2017
Balance, beginning of year	$	397	$	352	$	402
Reserve increase (decrease)		35		93		(14)
Benefits paid		(40)		(43)		(42)
Changes in reserves related to unrealized appreciation of investments		15		(5)		6
Balance, end of year	$	407	$	397	$	352

DEBT (Tables)

12 Months Ended

Dec. 31, 2019

DEBT

Schedule of total debt outstanding

				Balance at		Balance at
At December 31, 2019	Range of	Maturity		December 31,		December 31,
(in millions)	Interest Rate(s)	Date(s)			2019		2018
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	0% - 8.13%		2020 - 2097	$	20,467	$	20,853
Junior subordinated debt	4.88% - 8.63%		2037 - 2058		1,542		1,548
AIG Japan Holdings Kabushiki Kaisha	0.28% - 0.44%		2020 - 2021		344		331
AIGLH notes and bonds payable	6.63% - 7.50%		2025 - 2029		282		282
AIGLH junior subordinated debt	7.57% - 8.50%		2030 - 2046		361		361
Validus notes and bonds payable	8.88%		2040		353		359
Total AIG general borrowings					23,349		23,734
AIG borrowings supported by assets:^(a)
Series AIGFP matched notes and bonds payable	1.89% - 1.92%		2046 - 2047		21		21
GIAs, at fair value	1.79% - 7.62%		2020 - 2047		2,003		2,164
Notes and bonds payable, at fair value	0.50% - 10.37%		2030 - 2040		59		49
Total AIG borrowings supported by assets					2,083		2,234
Total debt issued or guaranteed by AIG					25,432		25,968
Other subsidiaries' notes, bonds, loans and mortgages
payable - not guaranteed by AIG	2.76% - 3.86%		2020 - 2028		47		168
Total long-term debt					25,479		26,136
Debt of consolidated investment entities - not guaranteed by AIG^(b)	0% - 9.31%		2020 - 2062		9,871		8,404
Total debt				$	35,350	$	34,540

(a) AIG Parent guarantees all such debt, except for Series AIGFP matched notes and bonds payable, which are direct obligations of AIG Parent. Collateral posted to third parties was $1.5 billion at both December 31, 2019 and December 31, 2018. 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.(b)At December 31, 2019, includes debt of consolidated investment entities related to real estate investments of $3.2 billion, affordable housing partnership investments of $2.1 billion and other securitization vehicles of $4.6 billion. At December 31, 2018, includes debt of consolidated investment entities related to real estate investments of $3.7 billion, affordable housing partnership investments of $1.8 billion and other securitization vehicles of $2.9 billion.

Maturities of long-term debt, excluding borrowings of debt of consolidated investments

December 31, 2019			Year Ending
(in millions)		Total		2020		2021		2022		2023		2024		Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable	$	20,467	$	1,346	$	1,498	$	1,511	$	1,610	$	998	$	13,504
Junior subordinated debt		1,542		-		-		-		-		-		1,542
AIG Japan Holdings Kabushiki Kaisha		344		119		225		-		-		-		-
AIGLH notes and bonds payable		282		-		-		-		-		-		282
AIGLH junior subordinated debt		361		-		-		-		-		-		361
Validus notes and bonds payable		353		-		-		-		-		-		353
Total AIG general borrowings		23,349		1,465		1,723		1,511		1,610		998		16,042
AIG borrowings supported by assets:
Series AIGFP matched notes and
bonds payable		21		-		-		-		-		-		21
GIAs, at fair value		2,003		34		151		50		121		139		1,508
Notes and bonds payable, at fair value		59		-		-		-		-		-		59
Total AIG borrowings supported by assets		2,083		34		151		50		121		139		1,588
Total debt issued or guaranteed by AIG		25,432		1,499		1,874		1,561		1,731		1,137		17,630
Debt not guaranteed by AIG:
Other subsidiaries' notes, bonds, loans
and mortgages payable		47		37		2		1		1		1		5
Total debt not guaranteed by AIG		47		37		2		1		1		1		5
Total	$	25,479	$	1,536	$	1,876	$	1,562	$	1,732	$	1,138	$	17,635

Schedule of detail for uncollateralized and collateralized notes, bonds, loans and mortgages payable

		Uncollateralized		Collateralized
At December 31, 2019		Notes/Bonds/Loans		Loans and
(in millions)		Payable		Mortgages Payable		Total
AIG general borrowings	$	344	$	-	$	344
Other subsidiaries' notes, bonds, loans and mortgages payable^*		1		46		47
Total	$	345	$	46	$	391

*AIG does not guarantee any of these borrowings.

Summary of Credit Facility

At December 31, 2019				Available		Effective
(in millions)		Size		Amount	Expiration	Date
Syndicated Credit Facility	$	4,500	$	4,500	June 2022	6/27/2017

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Tables)

12 Months Ended

Dec. 31, 2019

CONTINGENCIES, COMMITMENTS AND GUARANTEES

Future Undiscounted Cash Flows Under Operating Leases

(in millions)
2020	$	250
2021		186
2022		108
2023		84
2024		64
Remaining years after 2024		165
Total	$	857

EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

EQUITY

Rollforward of common stock outstanding

	Common	Treasury	Common Stock
	Stock Issued	Stock	Outstanding
Year Ended December 31, 2017
Shares, beginning of year	1,906,671,492	(911,335,651)	995,335,841
Shares issued	-	3,386,462	3,386,462
Shares repurchased	-	(99,677,646)	(99,677,646)
Shares, end of year	1,906,671,492	(1,007,626,835)	899,044,657
Year Ended December 31, 2018
Shares, beginning of year	1,906,671,492	(1,007,626,835)	899,044,657
Shares issued	-	4,091,922	4,091,922
Shares repurchased	-	(36,527,150)	(36,527,150)
Shares, end of year	1,906,671,492	(1,040,062,063)	866,609,429
Year Ended December 31, 2019
Shares, beginning of year	1,906,671,492	(1,040,062,063)	866,609,429
Shares issued	-	3,389,602	3,389,602
Shares repurchased	-	-	-
Shares, end of year	1,906,671,492	(1,036,672,461)	869,999,031

Dividends Paid

				Dividends Paid
Declaration Date	Record Date	Payment Date		Per Common Share
October 31, 2019	December 12, 2019	December 26, 2019	$	0.32
August 7, 2019	September 17, 2019	September 30, 2019		0.32
May 6, 2019	June 14, 2019	June 28, 2019		0.32
February 13, 2019	March 15, 2019	March 29, 2019		0.32

October 31, 2018	December 12, 2018	December 26, 2018		0.32
August 2, 2018	September 17, 2018	September 28, 2018		0.32
May 2, 2018	June 14, 2018	June 28, 2018		0.32
February 8, 2018	March 15, 2018	March 29, 2018		0.32

November 2, 2017	December 8, 2017	December 22, 2017		0.32
August 2, 2017	September 15, 2017	September 29, 2017		0.32
May 3, 2017	June 14, 2017	June 28, 2017		0.32
February 14, 2017	March 15, 2017	March 29, 2017		0.32

Repurchases Of Common Stock and Warrant

Years Ended December 31,
(in millions)		2019		2018		2017
Aggregate repurchases of common stock	$	-	$	1,739	$	6,275
Total number of common shares repurchased		-		37		100
Aggregate repurchases of warrants	$	-	$	11	$	3
Total number of warrants repurchased^*		-		1		-

*In 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. In 2017, we repurchased 185,000 warrants to purchase shares of AIG Common Stock.

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, January 1, 2017, net of tax	$	426	$	6,405	$	(2,629)	$	(972)	$	-	$	3,230
Change in unrealized appreciation
of investments		394		3,668		-		-		-		4,062
Change in deferred policy acquisition costs
adjustment and other^*		23		(1,282)		-		-		-		(1,259)
Change in future policy benefits		-		(1,102)		-		-		-		(1,102)
Change in foreign currency translation adjustments		-		-		547		-		-		547
Change in net actuarial loss		-		-		-		110		-		110
Change in prior service cost		-		-		-		9		-		9
Change in deferred tax asset (liability)		(50)		4		(8)		(78)		-		(132)
Total other comprehensive income		367		1,288		539		41		-		2,235
Noncontrolling interests		-		-		-		-		-		-
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		(1,320)		(8,688)		-		-		-		(10,008)
Change in deferred policy acquisition costs
adjustment and other		(57)		1,300		-		-		-		1,243
Change in future policy benefits		-		1,711		-		-		-		1,711
Change in foreign currency translation adjustments		-		-		(314)		-		-		(314)
Change in net actuarial loss		-		-		-		(23)		-		(23)
Change in prior service credit		-		-		-		(4)		-		(4)
Change in deferred tax asset (liability)		377		702		(35)		55		-		1,099
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		3		3
Total other comprehensive income (loss)		(1,000)		(4,975)		(349)		28		3		(6,293)
Noncontrolling interests		-		7		2		-		-		9
Balance, December 31, 2018, net of tax	$	(38)	$	2,426	$	(2,725)	$	(1,086)	$	10	$	(1,413)
Change in unrealized appreciation
of investments		842		13,333		-		-		-		14,175
Change in deferred policy acquisition costs
adjustment and other^*		15		(1,871)		-		-		-		(1,856)
Change in future policy benefits		-		(4,462)		-		-		-		(4,462)
Change in foreign currency translation adjustments		-		-		135		-		-		135
Change in net actuarial loss		-		-		-		(58)		-		(58)
Change in prior service credit		-		-		-		(2)		-		(2)
Change in deferred tax asset (liability)		(196)		(1,311)		(31)		24		-		(1,514)
Change in fair value of liabilities under fair value
option attributable to changes in own credit risk		-		-		-		-		(3)		(3)
Total other comprehensive income (loss)		661		5,689		104		(36)		(3)		6,415
Noncontrolling interests		-		16		4		-		-		20
Balance, December 31, 2019, net of tax	$	623	$	8,099	$	(2,625)	$	(1,122)	$	7	$	4,982

*Includes net unrealized gains and losses attributable to businesses held for sale at December 31, 2019 and December 31, 2017.

Other comprehensive income (loss) reclassification adjustments

		Unrealized Appreciation								Fair Value of
		(Depreciation) of Fixed		Unrealized						Liabilities Under
		Maturity Securities on		Appreciation		Foreign		Retirement		Fair Value Option
		Which Other-Than-		(Depreciation)		Currency		Plan		Attributable to
		Temporary Credit		of All Other		Translation		Liabilities		Changes in
(in millions)		Impairments Were Taken		Investments		Adjustments		Adjustment		Own Credit Risk		Total
December 31, 2017
Unrealized change arising during period	$	467	$	2,052	$	547	$	24	$	-	$	3,090
Less: Reclassification adjustments
included in net income		50		768		-		(95)		-		723
Total other comprehensive income,
before income tax expense (benefit)		417		1,284		547		119		-		2,367
Less: Income tax expense (benefit)		50		(4)		8		78		-		132
Total other comprehensive income,
net of income tax expense (benefit)	$	367	$	1,288	$	539	$	41	$	-	$	2,235

December 31, 2018
Unrealized change arising during period	$	(1,372)		(5,811)		(314)		(61)		3	$	(7,555)
Less: Reclassification adjustments
included in net income		5		(134)		-		(34)		-		(163)
Total other comprehensive income (loss),
before income tax expense (benefit)		(1,377)		(5,677)		(314)		(27)		3		(7,392)
Less: Income tax expense (benefit)		(377)		(702)		35		(55)		-		(1,099)
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	(1,000)	$	(4,975)	$	(349)	$	28	$	3	$	(6,293)

December 31, 2019
Unrealized change arising during period	$	853	$	7,324	$	135	$	(97)	$	(3)	$	8,212
Less: Reclassification adjustments
included in net income		(4)		324		-		(37)		-		283
Total other comprehensive income (loss),
before income tax expense (benefit)		857		7,000		135		(60)		(3)		7,929
Less: Income tax expense (benefit)		196		1,311		31		(24)		-		1,514
Total other comprehensive income (loss),
net of income tax expense (benefit)	$	661	$	5,689	$	104	$	(36)	$	(3)	$	6,415

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
Years Ended December 31,	Comprehensive Income						Affected Line Item in the
(in millions)	2019			2018		2017	Consolidated Statements of Income
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken

Investments	$	(4)	$	5	$	50	Other realized capital gains
Total		(4)		5		50
Unrealized appreciation (depreciation) of all other investments
Investments		324		(134)		463	Other realized capital gains
Deferred acquisition costs adjustment		-		-		305	Amortization of deferred policy acquisition costs
Future policy benefits		-		-		-	Policyholder benefits and losses incurred
Total		324		(134)		768
Change in retirement plan liabilities adjustment
Prior-service credit		-		1		5	*
Actuarial losses		(37)		(35)		(100)	*
Total		(37)		(34)		(95)
Total reclassifications for the year	$	283	$	(163)	$	723

*These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. For additional information see Note 22 herein.

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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+ Details

EARNINGS PER COMMON SHARE (EPS) (Tables)

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE (EPS)

Years Ended December 31,
(dollars in millions, except per common share data)		2019		2018		2017
Numerator for EPS:
Income (loss) from continuing operations	$	4,121	$	103	$	(6,060)
Less: Net income from continuing operations attributable to noncontrolling interests		821		67		28
Less: Preferred stock dividends		22		-		-
Income (loss) attributable to AIG common shareholders from continuing operations		3,278		36		(6,088)
Income (loss) from discontinued operations, net of income tax expense		48		(42)		4
Net income (loss) attributable to AIG common shareholders	$	3,326	$	(6)	$	(6,084)
Denominator for EPS:
Weighted average common shares outstanding — basic		876,750,264		898,405,537		930,561,286
Dilutive common shares		12,761,682		11,735,705		-
Weighted average common shares outstanding — diluted^(a)(b)		889,511,946		910,141,242		930,561,286
Income (loss) per common share attributable to AIG common shareholders:
Basic:
Income (loss) from continuing operations	$	3.74	$	0.04	$	(6.54)
Income (loss) from discontinued operations	$	0.05	$	(0.05)	$	-
Income (loss) attributable to AIG common shareholders	$	3.79	$	(0.01)	$	(6.54)
Diluted:
Income (loss) from continuing operations	$	3.69	$	0.04	$	(6.54)
Income (loss) from discontinued operations	$	0.05	$	(0.05)	$	-
Income (loss) attributable to AIG common shareholders	$	3.74	$	(0.01)	$	(6.54)

STATUTORY FINANCIAL DATA AND RESTRICTIONS (Tables)

12 Months Ended

Dec. 31, 2019

STATUTORY FINANCIAL DATA AND RESTRICTIONS

Schedule of statutory capital and surplus and net income (loss) for AIG property casualty and AIG life and retirement operations in accordance with statutory accounting practices

(in millions)		2019		2018		2017
Years Ended December 31,
Statutory net income (loss)^(a)(b):
General Insurance companies:
Domestic	$	1,482	$	(1,030)	$	(978)
Foreign		1,382		558		(318)
Total General Insurance companies	$	2,864	$	(472)	$	(1,296)
Life and Retirement companies:
Domestic	$	310	$	671	$	1,066
Foreign		3,356		(553)		21
Total Life and Retirement companies	$	3,666	$	118	$	1,087
At December 31,
Statutory capital and surplus^(a)(b):
General Insurance companies:
Domestic	$	17,433	$	17,435
Foreign		16,230		15,709
Total General Insurance companies	$	33,663	$	33,144
Life and Retirement companies:
Domestic	$	9,227	$	9,454
Foreign		5,264		1,809
Total Life and Retirement companies	$	14,491	$	11,263
Aggregate minimum required statutory capital and surplus:
General Insurance companies:
Domestic	$	4,178	$	4,393
Foreign		8,645		8,456
Total General Insurance companies	$	12,823	$	12,849
Life and Retirement companies:
Domestic	$	3,383	$	3,301
Foreign		1,229		1,159
Total Life and Retirement companies	$	4,612	$	4,460

(a)Excludes discontinued operations and other divested businesses. Statutory capital and surplus and net income (loss) with respect to foreign operations are as of November 30.

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Schedule of share-based compensation expense recognized in Consolidated Statements of Income

SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

SHARE-BASED COMPENSATION PLANS

Years Ended December 31,
(in millions)		2019		2018		2017
Share-based compensation expense - pre-tax^(a)	$	314	$	337	$	353
Share-based compensation expense - after tax^(b)		248		266		229

Schedule of assumptions used to estimate the fair value of PSUs based on AIG's TSR

	2017
Expected dividend yield^(a)	2.37	%
Expected volatility^(b)	17.58	%
Risk-free interest rate^(c)	2.00	%

(a)The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date.

(b)The expected volatility is based on the historical volatility of the stock price for the 360 most recent trading days prior to the valuation date estimated by Bloomberg Professional service.

Summary of outstanding share-settled LTI awards

						Weighted Average
As of or for the Year	Number of Units					Grant-Date Fair Value
Ended December 31, 2019^(b)	2019 LTI	2018 LTI	2017 LTI	2016 LTI	2015 LTI	2019 LTI		2018 LTI		2017 LTI		2016 LTI		2015 LTI
Unvested, beginning of year	-	3,322,028	1,579,995	640,660	272,332	$	-	$	55.32	$	62.32	$	61.55	$	60.51
Granted	6,185,729	5,499	-	-	-		44.81		47.57		-		-		-
Vested^(c)	(1,445,746)	(529,576)	(540,580)	456,396	(250,708)		44.39		55.72		64.22		53.85		60.51
Forfeited^(d)	(216,085)	(140,957)	(1,039,415)	(873,692)	(21,624)		44.28		55.47		64.97		50.88		60.40
Unvested, end of year^(e)	4,523,898	2,656,994	-	223,364	-	$	44.98	$	55.21	$	-	$	62.14	$	-

(a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively.

(c)Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date.

(d) Includes PSUs for which the performance metric was not met at the end of the performance period.

Stock Options

Schedule of weighted-average assumptions

The following weighted-average assumptions were used for stock options granted:

	2019		2018		2017
Expected annual dividend yield^(a)	2.86	%	2.32	%	2.03	%
Expected volatility^(b)	23.17	%	23.29	%	20.96	%
Risk-free interest rate^(c)	2.47	%	2.83	%	1.94	%
Expected term^(d)	6.38	years	4.50 - 6.47	years	4.5	years

(a)The dividend yield is the projected annualized AIG dividend yield estimated by Bloomberg Professional service as of the valuation date.

(b)The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date.

(d)The contractual terms are 7 and 10 years from the date of grant.

Schedule of stock option activity

The following table provides a rollforward of stock option activity:

				Weighted Average			Aggregate
As of or for the Year			Weighted Average		Remaining		Intrinsic Values
Ended December 31, 2019	Units		Exercise Price	Contractual Life		(in millions)
Outstanding, beginning of year	5,205,799	$	58.99		7.38
Granted	3,235,290		44.89
Exercised	(36,194)		47.61
Forfeited or expired	(39,004)		44.28
Outstanding, end of year	8,365,891	$	53.66		7.65	$	22
Exercisable, end of year	1,330,226	$	57.28		3.53	$	1

Summary of outstanding share-settled RSU grants

				Weighted Average
As of or for the Year	Number of Units			Grant-Date Fair Value
Ended December 31,	2019	2018	2017		2019		2018		2017
Unvested, beginning of year	1,634,610	595,250	-	$	56.11	$	62.93	$	-
Granted	399,779	1,385,929	869,241		52.40		54.07		63.02
Vested	(774,350)	(342,481)	(273,991)		57.32		59.68		63.21
Forfeited	(28,854)	(4,088)	-		55.23		60.31		-
Unvested, end of year	1,231,185	1,634,610	595,250	$	54.17	$	56.11	$	62.93

EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of funded status of the plans reconciled to the amount reported in the balance sheets

As of or for the Years Ended		Pension								Postretirement
December 31,		U.S. Plans^(a)(b)			Non-U.S. Plans^(a)					U.S. Plans			Non-U.S. Plans
(in millions)		2019		2018		2019		2018		2019		2018		2019		2018
Change in projected benefit obligation:
Benefit obligation, beginning of year	$	4,553	$	5,091	$	1,138	$	1,202	$	172	$	190	$	50	$	63
Service cost		5		5		21		22		1		1		1		1
Interest cost		176		162		15		16		6		6		2		2
Actuarial (gain) loss		536		(383)		91		(28)		15		(10)		8		(14)
Benefits paid:
AIG assets		(18)		(16)		(8)		(9)		(13)		(15)		(1)		(1)
Plan assets		(279)		(306)		(33)		(32)		-		-		-		-
Plan amendment		-		-		-		3		-		-		-		-
Curtailments		-		-		(2)		-		-		-		-		-
Settlements		-		-		(67)		(5)		-		-		-		-
Foreign exchange effect		-		-		18		(31)		-		-		1		(1)
Other		(1)		-		1		-		-		-		-		-
Projected benefit obligation, end of year	$	4,972	$	4,553	$	1,174	$	1,138	$	181	$	172	$	61	$	50
Change in plan assets:
Fair value of plan assets, beginning
of year	$	3,840	$	4,350	$	861	$	875	$	-	$	-	$	-	$	-
Actual return on plan assets, net of expenses		744		(204)		64		6		-		-		-		-
AIG contributions		178		16		63		51		13		15		1		1
Benefits paid:
AIG assets		(18)		(16)		(8)		(9)		(13)		(15)		(1)		(1)
Plan assets		(279)		(306)		(33)		(32)		-		-		-		-
Settlements		-		-		(67)		(5)		-		-		-		-
Foreign exchange effect		-		-		19		(25)		-		-		-		-
Other		-		-		-		-		-		-		-		-
Fair value of plan assets, end of year	$	4,465	$	3,840	$	899	$	861	$	-	$	-	$	-	$	-
Funded status, end of year	$	(507)	$	(713)	$	(275)	$	(277)	$	(181)	$	(172)	$	(61)	$	(50)
Amounts recognized in the balance
sheet:
Assets	$	-	$	-	$	65	$	72	$	-	$	-	$	-	$	-
Liabilities		(507)		(713)		(340)		(349)		(181)		(172)		(61)		(50)
Total amounts recognized	$	(507)	$	(713)	$	(275)	$	(277)	$	(181)	$	(172)	$	(61)	$	(50)
Pre-tax amounts recognized in Accumulated
other comprehensive income (loss):
Net gain (loss)	$	(1,436)	$	(1,450)	$	(195)	$	(149)	$	10	$	26	$	(6)	$	3
Prior service (cost) credit		-		-		(22)		(23)		-		-		1		3
Total amounts recognized	$	(1,436)	$	(1,450)	$	(217)	$	(172)	$	10	$	26	$	(5)	$	6

(a)Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $261 million and $250 million for the U.S. at December 31, 2019 and 2018, respectively, and $225 million and $201 million for the non-U.S. at December 31, 2019 and 2018, respectively. (b)The significant decrease in actuarial gains and losses from the prior year is primarily due to a 106 bps decrease in the discount rate in 2019 for the qualified plan.

Schedule of accumulated benefit obligations

At December 31,
(in millions)		2019		2018
U.S. pension benefit plans	$	4,972	$	4,553
Non-U.S. pension benefit plans	$	1,159	$	1,125

Schedule of projected benefit obligation in excess of the plan assets and the accumulated benefit obligation in excess of the plan assets

At December 31,	PBO Exceeds Fair Value of Plan Assets								ABO Exceeds Fair Value of Plan Assets
		U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)		2019		2018		2019		2018		2019		2018		2019		2018
Projected benefit obligation	$	4,972	$	4,553	$	1,005	$	994		-		-		-		-
Accumulated benefit obligation		-		-		-		-	$	4,972	$	4,553	$	931	$	932
Fair value of plan assets		4,465		3,840		605		594		4,465		3,840		605		594

Schedule of components of net periodic benefit cost

Years Ended December 31,	Pension												Postretirement
	U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions)		2019		2018		2017		2019		2018		2017		2019		2018		2017		2019		2018		2017
Components of net periodic benefit
cost:
Service cost^*	$	5	$	5	$	11	$	21	$	22	$	29	$	1	$	1	$	2	$	1	$	1	$	3
Interest cost		176		162		166		15		16		16		6		6		6		2		2		3
Expected return on assets		(229)		(283)		(266)		(21)		(25)		(24)		-		-		-		-		-		-
Amortization of prior service cost (credit)		-		-		-		2		2		-		-		(1)		(1)		(2)		(2)		(1)
Amortization of net (gain) loss		35		28		26		5		7		12		(1)		-		(1)		-		1		1
Net periodic benefit cost (credit)		(13)		(88)		(63)		22		22		33		6		6		6		1		2		6
Curtailment gain		-		-		-		-		-		(6)		-		-		-		-		-		(2)
Settlement (credit) charges		-		-		60		(2)		-		1		-		-		-		-		-		-
Net benefit cost (credit)	$	(13)	$	(88)	$	(3)	$	20	$	22	$	28	$	6	$	6	$	6	$	1	$	2	$	4
Total recognized in Accumulated other
comprehensive income (loss)	$	14	$	(77)	$	32	$	(45)	$	20	$	87	$	(17)	$	9	$	(2)	$	(10)	$	12	$	9
Total recognized in net periodic benefit
cost and other comprehensive
income (loss)	$	27	$	11	$	35	$	(65)	$	(2)	$	59	$	(23)	$	3	$	(8)	$	(11)	$	10	$	5

*Reflects administrative fees for the U.S. pension plans.

Schedule of weighted average assumptions used to determine the benefit obligations

	Pension					Postretirement
	U.S. Plans		Non-U.S. Plans		^(a)	U.S. Plans		Non-U.S. Plans^(a)
December 31, 2019
Discount rate	3.16	%		1.09	%	3.14	%		3.18	%
Interest crediting rate	2.19	%		0.44	%^(b)	N/A			N/A
Rate of compensation increase	N/A	^(c)		2.22	%	N/A			3.00	%
December 31, 2018
Discount rate	4.22	%		1.71	%	4.17	%		4.12	%
Interest crediting rate	3.34	%		0.74	%^(b)	N/A			N/A
Rate of compensation increase	N/A	^(c)		2.27	%	N/A			3.00	%

(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.

(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.

(c)Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016.

Schedule of assumed health care cost trend rates

At December 31,	2019	2018
Following year:
Medical (before age 65)	5.74%	5.93%
Medical (age 65 and older)	5.00%	5.00%
Ultimate rate to which cost increase is assumed to decline	4.50%	4.50%
Year in which the ultimate trend rate is reached:
Medical (before age 65)	2038	2038
Medical (age 65 and older)	2038	2038

Schedule of weighted average assumptions used to determine the net periodic benefit costs

	Pension					Postretirement
	U.S. Plans		Non-U.S. Plans^(a)			U.S. Plans		Non-U.S. Plans^(a)
For the Year Ended December 31, 2019
Discount rate	4.22	%		1.71	%	4.17	%		4.12	%
Interest crediting rate	3.34	%		0.74	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.27	%	N/A			3.00	%
Expected return on assets	6.20	%		2.51	%	N/A			N/A
For the Year Ended December 31, 2018
Discount rate	3.61	%		1.60	%	3.53	%		3.59	%
Interest crediting rate	2.88	%		0.70	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.27	%	N/A			3.00	%
Expected return on assets	6.75	%		2.78	%	N/A			N/A
For the Year Ended December 31, 2017
Discount rate	4.15	%		1.50	%	4.01	%		3.95	%
Interest crediting rate	2.50	%		0.69	%^(b)	N/A			N/A
Rate of compensation increase	N/A			2.50	%	N/A			3.38	%
Expected return on assets	7.00	%		2.92	%	N/A			N/A

(a)The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.

(b)Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland.

Discount Rate Methodology

Schedule of plan assets based on the level within the fair value hierarchy in which the fair value measurement falls

	U.S. Plans								Non-U.S. Plans
(in millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
At December 31, 2019
Assets:
Cash and cash equivalents	$	133	$	-	$	-	$	133	$	90	$	-	$	-	$	90
Equity securities:
U.S.^(a)		278		-		-		278		-		-		-		-
International^(b)		161		25		-		186		156		49		-		205
Fixed maturity securities:
U.S. investment grade^(c)		-		2,200		9		2,209		-		-		-		-
International investment grade^(c)		-		203		-		203		-		158		-		158
U.S. and international high yield^(d)		-		106		-		106		-		229		-		229
Mortgage and other asset-backed
securities^(e)		-		48		-		48		-		-		-		-
Other fixed maturity securities		-		-		-		-		-		-		-		-
Other investment types^(f):
Futures		(17)		-		-		(17)		-		-		-		-
Direct private equity^(g)		-		-		11		11		-		-		-		-
Insurance contracts		-		14		-		14		-		-		160		160
Mutual Funds^(h)		-		-		-		-		-		57		-		57
Total	$	555	$	2,596	$	20	$	3,171	$	246	$	493	$	160	$	899
At December 31, 2018
Assets:
Cash and cash equivalents	$	501	$	-	$	-	$	501	$	97	$	-	$	-	$	97
Equity securities:
U.S.^(a)		240		-		-		240		-		-		-		-
International^(b)		137		-		-		137		218		84		-		302
Fixed maturity securities:
U.S. investment grade^(c)		-		1,463		13		1,476		-		-		-		-
International investment grade^(c)		-		157		-		157		-		130		-		130

U.S. and international high yield^(d)		-		96		-		96		-		185		-		185
Mortgage and other asset-backed
securities^(e)		-		36		-		36		-		-		-		-
Other fixed maturity securities		-		-		-		-		-		2		-		2
Other investment types^(f):
Futures		27		-		-		27		-		-		-		-
Direct private equity^(g)		-		-		14		14		-		-		-		-
Insurance contracts		-		18		-		18		-		-		145		145
Total	$	905	$	1,770	$	27	$	2,702	$	315	$	401	$	145	$	861

(a)Includes passive and active U.S. equity strategies.

(b)Includes passive and active international equity strategies.

(c)Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds.

(d)Consists primarily of investments in securities or debt obligations that have a rating below investment grade.

(e)Represents investments in collateralized loan obligations. As of December 31, 2019, the plan held additional asset-backed securities.

(f)Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $1,294 million and $1,138 million at December 31, 2019 and 2018, respectively.

(g)Comprised of private capital financing including private debt and private equity securities.

(h)Comprised of mutual fund investing in variety of equity, derivatives, and bonds.

Schedule of changes in Level 3 plan assets measured at fair value

																				Changes in
				Net																Unrealized Gains
		Balance		Realized and														Balance		(Losses) on
At December 31, 2019		Beginning		Unrealized										Transfers		Transfers		at End		Instruments Held
(in millions)		of year		Gains (Losses)		Purchases		Sales		Issuances		Settlements		In		Out		of year		at End of year
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade	$	13	$	3	$	-	$	(3)	$	-	$	-	$	-	$	(4)	$	9	$	3
Direct private equity		14		(3)		2		(2)		-		-		-		-		11		2
Total	$	27	$	-	$	2	$	(5)	$	-	$	-	$	-	$	(4)	$	20	$	5
Non-U.S. Plan Assets:
Insurance contracts	$	145	$	16	$	(1)	$	-	$	-	$	-	$	-	$	-	$	160	$	-
Total	$	145	$	16	$	(1)	$	-	$	-	$	-	$	-	$	-	$	160	$	-

																				Changes in
				Net																Unrealized Gains
		Balance		Realized and														Balance		(Losses) on
At December 31, 2018		Beginning		Unrealized										Transfers		Transfers		at End		Instruments Held
(in millions)		of year		Gains (Losses)		Purchases		Sales		Issuances		Settlements		In		Out		of year		at End of year
U.S. Plan Assets:
Fixed maturity securities
U.S. investment grade	$	12	$	(2)	$	5	$	(3)	$	-	$	-	$	1	$	-	$	13	$	1
Direct private equity		15		(2)		3		(2)		-		-		-		-		14		(1)
Total	$	27	$	(4)	$	8	$	(5)	$	-	$	-	$	1	$	-	$	27	$	-
Non-U.S. Plan Assets:
Insurance contracts	$	113	$	31	$	1	$	-	$	-	$	-	$	-	$	-	$	145	$	-
Total	$	113	$	31	$	1	$	-	$	-	$	-	$	-	$	-	$	145	$	-

Schedule of expected future benefit payments, net of participants' contributions

		Pension			Postretirement
		U.S.		Non-U.S.		U.S.		Non-U.S.
(in millions)		Plans		Plans		Plans		Plans
2020	$	330	$	47	$	13	$	1
2021		326		41		13		1
2022		334		42		13		2
2023		320		43		13		2
2024		320		49		12		2
2025-2029		1,473		252		50		10

U.S.

Defined Benefit Plan Disclosure [Line Items]

Schedule of asset allocation percentage by major asset class and target allocation

	Target		Actual		Actual
At December 31,	2020		2019		2018
Asset class:
Equity securities	26	%	25	%	25	%
Fixed maturity securities	60	%	59	%	47	%
Other investments	14	%	16	%	28	%
Total	100	%	100	%	100	%

Non U.S. Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of asset allocation percentage by major asset class and target allocation

	Target		Actual		Actual
At December 31,	2020		2019		2018
Asset class:
Equity securities	29	%	23	%	35	%
Fixed maturity securities	51	%	43	%	37	%
Other investments	19	%	24	%	17	%
Cash and cash equivalents	1	%	10	%	11	%
Total	100	%	100	%	100	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location

Years Ended December 31,
(in millions)		2019		2018		2017
U.S.	$	3,825	$	(12)	$	1,940
Foreign		1,462		269		(474)
Total	$	5,287	$	257	$	1,466

Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations

Years Ended December 31,
(in millions)		2019		2018		2017
Foreign and U.S. components of actual income tax expense:
U.S.:
Current	$	278	$	134	$	427
Deferred		633		(175)		6,865
Foreign:
Current		267		202		209
Deferred		(12)		(7)		25
Total	$	1,166	$	154	$	7,526

Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate

Years Ended December 31,	2019						2018							2017
		Pre-Tax		Tax	Percent of			Pre-Tax		Tax		Percent of					Tax	Percent of
		Income		Expense/	Pre-Tax			Income		Expense/		Pre-Tax			Pre-Tax		Expense/	Pre-Tax
(dollars in millions)		(Loss)		(Benefit)	Income (Loss)			(Loss)		(Benefit)	Income (Loss)				Income		(Benefit)	Income
U.S. federal income tax at statutory
rate	$	5,336	$	1,120	21.0	%	$	255	$	54		21.0	%	$	1,476	$	517	35.0	%
Adjustments:
Tax exempt interest				(25)	(0.5)					(37)		(14.5)					(111)	(7.5)
Uncertain tax positions*				258	4.8					176		69.0					660	44.7
Reclassifications from accumulated
other comprehensive income				(113)	(2.1)					(72)		(28.2)					(184)	(12.5)
Dispositions of Subsidiaries				21	0.4					-		-					17	1.2
Tax Attribute Restoration				-	-					-		-					-	-
Non-controlling Interest				(5)	(0.1)					(1)		(0.4)					(7)	(0.5)
Non-deductible transfer pricing
charges				15	0.3					29		11.4					35	2.4
Dividends received deduction				(40)	(0.7)					(38)		(14.8)					(90)	(6.1)
Effect of foreign operations				69	1.3					44		17.3					69	4.7
Share-based compensation
payments excess tax effect				27	0.5					(13)		(5.1)					(40)	(2.7)
State income taxes				13	0.2					10		3.9					(9)	(0.6)
Impact of Tax Act				-	-					62		24.3					6,687	453.0
Global intangible low-taxed income				13	0.2					21		8.2					-	-
Other*				(134)	(2.5)					(102)		(40.0)					(58)	(3.9)
Effect of discontinued operations				(8)	(0.1)					40		15.7					3	0.2
Valuation allowance:
Continuing operations				(44)	(0.8)					21		8.2					43	2.9
Consolidated total amounts		5,336		1,167	21.9			255		194		76.0			1,476		7,532	510.3
Amounts attributable to discontinued
operations		49		1	2.0			(2)		40		NM			10		6	60.0
Amounts attributable to continuing
operations	$	5,287	$	1,166	22.1	%	$	257	$	154		59.9	%	$	1,466	$	7,526	513.4	%

Schedule of components of the net deferred tax asset

December 31,
(in millions)		2019		2018
Deferred tax assets:
Losses and tax credit carryforwards	$	10,541	$	11,792
Basis differences on investments		2,673		2,038
Life policy reserves		1,766		2,200
Accruals not currently deductible, and other		743		608
Investments in foreign subsidiaries		148		173
Loss reserve discount		471		272
Loan loss and other reserves		58		-
Unearned premium reserve reduction		382		504
Fixed assets and intangible assets		963		531
Other		319		962
Employee benefits		617		604
Total deferred tax assets		18,681		19,684
Deferred tax liabilities:
Deferred policy acquisition costs		(2,200)		(2,342)
Unrealized gains related to available for sale debt securities		(2,123)		(490)
Loan loss and other reserves		-		(20)
Total deferred tax liabilities		(4,323)		(2,852)
Net deferred tax assets before valuation allowance		14,358		16,832
Valuation allowance		(1,427)		(1,780)
Net deferred tax assets (liabilities)	$	12,931	$	15,052

Schedule of consolidated income tax group tax losses carryforwards

																		Unlimited
																	Carryforward
																		Period and
December 31, 2019																	Carryforward
				Tax		Carryforward Period Ending Tax Year^(b)												Periods^(b)
(in millions)		Gross		Effected		2020		2021		2022		2023		2024		2025		2026 - After
Net operating loss carryforwards	$	32,143	$	6,750	$	-	$	-	$	-	$	-	$	-	$	-	$	6,750
Capital loss carryforwards	$	-		-		-		-		-		-		-		-		-
Foreign tax credit carryforwards				2,249		738		116		683		711		-		-		-
Other carryforwards				-		-		-		-		-		-		-		-
Total AIG U.S. consolidated income
tax group tax losses and credits
carryforwards on a U.S. GAAP basis^(a)			$	8,999	$	738	$	116	$	683	$	711	$	-	$	-	$	6,750

(a)Financial reporting basis is net of unrecognized tax benefits of $2.1 billion for those tax years in which tax attributes are available for use when settlement occurs.(b)Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated.

Schedule of net deferred tax assets (liabilities)

December 31,
(in millions)		2019		2018
Net U.S. consolidated return group deferred tax assets	$	14,622	$	15,479
Net deferred tax assets (liabilities) in accumulated other comprehensive income		(2,055)		(510)
Valuation allowance		(90)		(405)
Subtotal		12,477		14,564
Net foreign, state and local deferred tax assets		2,006		2,031
Valuation allowance		(1,337)		(1,374)
Subtotal		669		657
Subtotal - Net U.S., foreign, state and local deferred tax assets		13,146		15,221
Net foreign, state and local deferred tax liabilities		(215)		(169)
Total AIG net deferred tax assets (liabilities)	$	12,931	$	15,052

Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits

Years Ended December 31,
(in millions)		2019		2018		2017
Gross unrecognized tax benefits, beginning of year	$	4,709	$	4,707	$	4,530
Increases in tax positions for prior years		51		14		210
Decreases in tax positions for prior years		(1)		(6)		(33)
Increases in tax positions for current year		4		-		-
Settlements		(1)		(6)		-
Gross unrecognized tax benefits, end of year	$	4,762	$	4,709	$	4,707

Schedule of tax years that remain subject to examination by major tax jurisdictions

At December 31, 2019	Open Tax Years
Major Tax Jurisdiction
United States	2000-2018
Australia	2015-2018
France	2017-2019
Japan	2013-2018
Korea	2014-2018
Singapore	2015-2018
United Kingdom	2018-2019

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Consolidated Statements of Income (Loss)

	Three Months Ended
		March 31,				June 30,				September 30,				December 31,
(dollars in millions, except per common share data)		2019		2018		2019		2018		2019		2018		2019		2018
Total revenues	$	12,456	$	11,712	$	12,561	$	11,631	$	12,914	$	11,486	$	11,815	$	12,560
Income (loss) from continuing
operations before income taxes^*		1,154		1,227		1,837		1,252		1,260		(1,527)		1,036		(695)
Income (loss) from discontinued
operations, net of income taxes		-		(1)		(1)		-		-		(39)		49		(2)
Net income (loss)		937		949		1,390		931		973		(1,259)		869		(560)
Net income (loss) from
continuing operations attributable
to noncontrolling interests		283		11		281		(6)		317		-		(60)		62
Net income (loss) attributable to AIG		654		938		1,109		937		656		(1,259)		929		(622)
Net income (loss) attributable to
AIG common shareholders^*	$	654	$	938	$	1,102	$	937	$	648	$	(1,259)	$	922	$	(622)
Income (loss) per common share
attributable to AIG common
shareholders:
Basic:
Income (loss) from continuing
operations	$	0.75	$	1.03	$	1.26	$	1.04	$	0.74	$	(1.37)	$	0.99	$	(0.70)
Income (loss) from discontinued
operations	$	-	$	-	$	-	$	-	$	-	$	(0.04)	$	0.06	$	-
Diluted:
Income (loss) from continuing
operations	$	0.75	$	1.01	$	1.24	$	1.02	$	0.72	$	(1.37)	$	0.97	$	(0.70)
Income (loss) from discontinued
operations	$	-	$	-	$	-	$	-	$	-	$	(0.04)	$	0.06	$	-
Weighted average shares
outstanding:
Basic	875,383,084		907,951,597		876,382,884		903,215,488		877,009,495		895,237,359		878,210,228		887,508,718
Diluted	877,512,244		925,266,577		888,325,042		916,572,481		895,814,410		895,237,359		896,380,725		887,508,718
Noteworthy quarterly items -
(income) expense:
Prior year unfavorable (favorable)
development		(15)		(40)		(132)		(26)		(74)		949		(119)		546
Restructuring and other costs		47		24		60		200		67		35		44		136

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Tables)

12 Months Ended

Dec. 31, 2019

INFORMATION PROVIDED IN CONNECTION WITH OUTSTADING DEBT

Condensed Consolidating Balance Sheets

		American
		International		Validus						Reclassifications
		Group, Inc.		Holdings,					Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH			Subsidiaries		Eliminations			AIG
December 31, 2019
Assets:
Short-term investments^(a)	$	3,329	$	-	$	-		$	12,496	$	(2,595)		$	13,230
Other investments^(b)		4,804		-		-			319,622		(41)			324,385
Total investments		8,133		-		-			332,118		(2,636)			337,615
Cash		2		8		9			2,837		-			2,856
Loans to subsidiaries^(c)		35,352		-		-			715		(36,067)			-
Investment in consolidated subsidiaries^(c)		39,921		3,646		30,216			-		(73,783)			-
Other assets, including deferred income taxes^(d)		14,391		1,793		17			170,642		(2,250)			184,593
Total assets	$	97,799	$	5,447	$	30,242		$	506,312	$	(114,736)		$	525,064
Liabilities:
Insurance liabilities	$	-	$	-	$	-		$	302,406	$	-		$	302,406
Long-term debt and debt of consolidated investment entities		22,030		353		643			12,324		-			35,350
Other liabilities, including intercompany balances^(b)		9,379		10		42			115,313		(4,863)			119,881
Loans from subsidiaries^(c)		715		-		-			35,353		(36,068)			-
Total liabilities		32,124		363		685			465,396		(40,931)			457,637
Total AIG shareholders’ equity		65,675		5,084		29,557			39,164		(73,805)			65,675
Non-redeemable noncontrolling interests		-		-		-			1,752		-			1,752
Total equity		65,675		5,084		29,557			40,916		(73,805)			67,427
Total liabilities and equity	$	97,799	$	5,447	$	30,242		$	506,312	$	(114,736)		$	525,064

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		25,058	^(e)		-		(62,387)	^(e)		-
Other assets, including deferred income taxes^(d)		15,389		1,798		124			159,430		(1,839)			174,902
Total assets	$	88,172	$	5,838	$	25,191		$	474,385	$	(101,602)		$	491,984
Liabilities:
Insurance liabilities	$	-	$	-	$	-		$	293,652	$	-		$	293,652
Long-term debt and debt of consolidated investment entities		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		24,404	^(e)		32,732		(62,387)	^(e)		56,361
Non-redeemable noncontrolling interests		-		-		-			948		-			948
Total equity		56,361		5,251		24,404			33,680		(62,387)			57,309
Total liabilities and equity	$	88,172	$	5,838	$	25,191		$	474,385	$	(101,602)		$	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
Year Ended December 31, 2019
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	3,863	$	303	$	325		$	-	$	(4,491)		$	-
Other income		1,156		9		-			48,751		(170)			49,746
Total revenues		5,019		312		325			48,751		(4,661)			49,746
Expenses:
Interest expense		985		17		50			380		(15)			1,417
Loss on extinguishment of debt		-		-		-			32		-			32
Other expenses		729		18		3			42,415		(155)			43,010
Total expenses		1,714		35		53			42,827		(170)			44,459
Income (loss) from continuing operations before income tax
expense (benefit)		3,305		277		272			5,924		(4,491)			5,287
Income tax expense (benefit)		(45)		-		(6)			1,217		-			1,166
Income (loss) from continuing operations		3,350		277		278			4,707		(4,491)			4,121
Income (loss) from discontinued operations, net
of income taxes		(2)		-		-			50		-			48
Net income (loss)		3,348		277		278			4,757		(4,491)			4,169
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			821		-			821
Net income (loss) attributable to AIG	$	3,348	$	277	$	278		$	3,936	$	(4,491)		$	3,348
Year Ended December 31, 2018
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	(580)	$	(240)	$	3,359	^(b)	$	-	$	(2,539)	^(b)	$	-
Other income		938		23		1			46,506		(79)			47,389
Total revenues		358		(217)		3,360			46,506		(2,618)			47,389
Expenses:
Interest expense		954		18		50			302		(15)			1,309
Loss on extinguishment of debt		-		-		-			7		-			7
Other expenses		803		27		3			45,048		(65)			45,816
Total expenses		1,757		45		53			45,357		(80)			47,132
Income (loss) from continuing operations before income tax
expense (benefit)		(1,399)		(262)		3,307			1,149		(2,538)			257
Income tax expense (benefit)		(1,433)		-		39			1,548		-			154
Income (loss) from continuing operations		34		(262)		3,268			(399)		(2,538)			103
Loss from discontinued operations, net
of income taxes		(40)		-		-			(2)		-			(42)
Net income (loss)		(6)		(262)		3,268			(401)		(2,538)			61
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			67		-			67
Net income (loss) attributable to AIG	$	(6)	$	(262)	$	3,268		$	(468)	$	(2,538)		$	(6)

		American
		International		Validus							Reclassifications
		Group, Inc.		Holdings,					Other		and			Consolidated
(in millions)		(As Guarantor)		Ltd.		AIGLH			Subsidiaries		Eliminations			AIG
Year Ended December 31, 2017
Revenues:
Equity in earnings of consolidated subsidiaries^(a)	$	(149)	$	-	$	1,328	^(b)	$	-	$	(1,179)	^(b)	$	-
Other income		891		-		-			48,802		(173)			49,520
Total revenues		742		-		1,328			48,802		(1,352)			49,520
Expenses:
Interest expense		949		-		50			176		(7)			1,168
(Gain) loss on extinguishment of debt		2		-		-			(7)		-			(5)
Other expenses		952		-		2			46,116		(179)			46,891
Total expenses		1,903		-		52			46,285		(186)			48,054
Income (loss) from continuing operations before income tax
expense (benefit)		(1,161)		-		1,276			2,517		(1,166)			1,466
Income tax expense (benefit)		4,922		-		(3)			2,607		-			7,526
Income (loss) from continuing operations		(6,083)		-		1,279			(90)		(1,166)			(6,060)
Income (loss) from discontinued operations, net
of income taxes		(1)		-		-			5		-			4
Net income (loss)		(6,084)		-		1,279			(85)		(1,166)			(6,056)
Less:
Net income from continuing operations
attributable to noncontrolling interests		-		-		-			28		-			28
Net income (loss) attributable to AIG	$	(6,084)	$	-	$	1,279		$	(113)	$	(1,166)		$	(6,084)

(a)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
Year Ended December 31, 2019
Net income (loss)	$	3,348	$	277	$	278		$	4,757		$	(4,491)		$	4,169
Other comprehensive income (loss)		6,395		1		6,209			6,370			(12,560)			6,415
Comprehensive income (loss)		9,743		278		6,487			11,127			(17,051)			10,584
Total comprehensive income attributable to
noncontrolling interests		-		-		-			841			-			841
Comprehensive income (loss) attributable to AIG	$	9,743	$	278	$	6,487		$	10,286		$	(17,051)		$	9,743
Year Ended December 31, 2018
Net income (loss)	$	(6)	$	(262)	$	3,268	^(a)	$	(401)		$	(2,538)	^(a)	$	61
Other comprehensive income (loss)		(6,302)		-		(4,555)	^(b)		(6,810)	^(b)		11,374	^(b)		(6,293)
Comprehensive income (loss)		(6,308)		(262)		(1,287)			(7,211)			8,836			(6,232)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			76			-			76
Comprehensive income (loss) attributable to AIG	$	(6,308)	$	(262)	$	(1,287)		$	(7,287)		$	8,836		$	(6,308)
Year Ended December 31, 2017
Net income (loss)	$	(6,084)	$	-	$	1,279	^(a)	$	(85)		$	(1,166)	^(a)	$	(6,056)
Other comprehensive income (loss)		2,235		-		1,844	^(b)		2,021	^(b)		(3,865)	^(b)		2,235
Comprehensive income (loss)		(3,849)		-		3,123			1,936			(5,031)			(3,821)
Total comprehensive income attributable to
noncontrolling interests		-		-		-			28			-			28
Comprehensive income (loss) attributable to AIG	$	(3,849)	$	-	$	3,123		$	1,908		$	(5,031)		$	(3,849)

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
Year Ended December 31, 2019
Net cash (used in) provided by operating activities	$	3,484	$	187	$	1,470	$	(1,439)	$	(4,630)	$	(928)
Cash flows from investing activities:
Sales of investments		2,313		2		-		63,830		(583)		65,562
Sales of divested businesses, net		-		-		-		2		-		2
Purchase of investments		(2,957)		-		-		(66,535)		583		(68,909)
Loans to subsidiaries - net		513		-		-		(93)		(420)		-
Contributions from (to) subsidiaries - net		(237)		-		-		-		237		-
Net change in short-term investments		(2,170)		-		-		(1,463)		-		(3,633)
Other, net		67		-		-		1,436		-		1,503
Net cash (used in) provided by investing activities		(2,471)		2		-		(2,823)		(183)		(5,475)
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		595		-		-		3,286		-		3,881
Repayments of long-term debt and debt of
consolidated investment entities		(1,006)		-		-		(2,196)		-		(3,202)
Issuance of preferred stock		485		-		-		-		-		485
Purchase of common stock		-		-		-		-		-		-
Intercompany loans - net		93		-		-		(513)		420		-
Cash dividends paid on preferred stock		(22)		-		-		-		-		(22)
Cash dividends paid on common stock		(1,114)		(190)		(1,470)		(2,970)		4,630		(1,114)
Other, net		(66)		-		-		6,654		(237)		6,351
Net cash (used in) provided by financing activities		(1,035)		(190)		(1,470)		4,261		4,813		6,379
Effect of exchange rate changes on cash and
restricted cash		-		-		-		16		-		16
Change in cash and restricted cash		(22)		(1)		-		15		-		(8)
Cash and restricted cash at beginning of year		127		9		9		3,213		-		3,358
Change in cash of businesses held for sale		-		-		-		(63)		-		(63)
Cash and restricted cash at end of year	$	105	$	8	$	9	$	3,165	$	-	$	3,287

Year Ended December 31, 2018
Net cash (used in) provided by operating activities	$	1,256	$	656	$	2,445	$	1,651	$	(5,947)	$	61
Cash flows from investing activities:
Sales of investments		5,587		13		-		59,918		(3,206)		62,312
Sales of divested businesses, net		-		-		-		10		-		10
Purchase of investments		(1,980)		-		-		(59,778)		3,206		(58,552)
Loans to subsidiaries - net		868		-		-		(90)		(778)		-
Contributions from (to) subsidiaries - net		1		-		-		-		(1)		-
Acquisition of businesses, net of cash and
restricted cash acquired		(5,475)		112		-		(354)		-		(5,717)
Net change in short-term investments		1,533		-		-		(9)		-		1,524
Other, net		(73)		-		-		273		-		200
Net cash (used in) provided by investing activities		461		125		-		(30)		(779)		(223)
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		2,470		-		-		2,264		-		4,734
Repayments of long-term debt and debt of
consolidated investment entities		(1,493)		(350)		-		(1,829)		-		(3,672)
Purchase of common stock		(1,739)		-		-		-		-		(1,739)
Intercompany loans - net		90		-		-		(868)		778		-
Cash dividends paid on common stock		(1,138)		(6)		(2,456)		(3,485)		5,947		(1,138)
Other, net		212		(416)		-		2,812		1		2,609

Net cash (used in) provided by financing activities		(1,598)		(772)		(2,456)		(1,106)		6,726		794
Effect of exchange rate changes on cash and
restricted cash		-		-		-		(11)		-		(11)
Change in cash and restricted cash		119		9		(11)		504		-		621
Cash and restricted cash at beginning of year		8		-		20		2,709		-		2,737
Cash and restricted cash at end of year	$	127	$	9	$	9	$	3,213	$	-	$	3,358

		American
		International		Validus					Reclassifications
		Group, Inc.		Holdings,				Other		and		Consolidated
(in millions)	(As Guarantor)			Ltd.		AIGLH		Subsidiaries		Eliminations		AIG
Year Ended December 31, 2017
Net cash (used in) provided by operating activities	$	36	$	-	$	1,413	$	(6,659)	$	(2,608)	$	(7,818)
Cash flows from investing activities:
Sales of investments		5,821		-		-		74,477		(3,758)		76,540
Sales of divested businesses, net		40		-		-		752		-		792
Purchase of investments		(2,465)		-		-		(64,539)		3,758		(63,246)
Loans to subsidiaries - net		199		-		-		63		(262)		-
Contributions from (to) subsidiaries - net		2,446		-		-		-		(2,446)		-
Net change in short-term investments		1,994		-		-		104		-		2,098
Other, net		(183)		-		(5)		(1,955)		-		(2,143)
Net cash (used in) provided by investing activities		7,852		-		(5)		8,902		(2,708)		14,041
Cash flows from financing activities:
Issuance of long-term debt and debt of
consolidated investment entities		1,505		-		-		1,851		-		3,356
Repayments of long-term debt and debt of
consolidated investment entities		(1,724)		-		-		(1,974)		-		(3,698)
Purchase of common stock		(6,275)		-		-		-		-		(6,275)
Intercompany loans - net		(63)		-		-		(199)		262		-
Cash dividends paid on common stock		(1,172)		-		(1,422)		(1,186)		2,608		(1,172)
Other, net		(154)		-		-		(200)		2,446		2,092
Net cash (used in) provided by financing activities		(7,883)		-		(1,422)		(1,708)		5,316		(5,697)
Effect of exchange rate changes on cash and
restricted cash		-		-		-		(29)		-		(29)
Change in cash and restricted cash		5		-		(14)		506		-		497
Cash and restricted cash at beginning of year		3		-		34		2,070		-		2,107
Change in cash of businesses held for sale		-		-		-		133		-		133
Cash and restricted cash at end of year	$	8	$	-	$	20	$	2,709	$	-	$	2,737

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
Year Ended December 31, 2019
Cash	$	2	$	8	$	9	$	2,837	$	-	$	2,856
Restricted cash included in Short-term investments		102		-		-		86		-		188
Restricted cash included in Other assets		1		-		-		242		-		243
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	105	$	8	$	9	$	3,165	$	-	$	3,287
Cash (paid) received during the year ended
December 31, 2019 for:
Interest:
Third party	$	(941)	$	(22)	$	(50)	$	(313)	$	-	$	(1,326)
Intercompany		(3)		45		-		(42)		-		-
Taxes:
Income tax authorities	$	(11)	$	-	$	-	$	(241)	$	-	$	(252)
Intercompany		1,179		2		-		(1,181)		-		-

Year Ended December 31, 2018
Cash	$	2	$	9	$	9	$	2,853	$	-	$	2,873
Restricted cash included in Short-term investments		124		-		-		18		-		142
Restricted cash included in Other assets		1		-		-		342		-		343
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	127	$	9	$	9	$	3,213	$	-	$	3,358
Cash (paid) received during the year ended
December 31, 2018 for:
Interest:
Third party	$	(914)	$	(17)	$	(48)	$	(333)	$	-	$	(1,312)
Intercompany		1		-		(1)		-		-		-
Taxes:
Income tax authorities	$	(32)	$	-	$	-	$	(122)	$	-	$	(154)
Intercompany		895		-		-		(895)		-		-

Year Ended December 31, 2017
Cash	$	3	$	-	$	20	$	2,339	$	-	$	2,362
Restricted cash included in Short-term investments		4		-		-		54		-		58
Restricted cash included in Other assets		1		-		-		316		-		317
Total cash and restricted cash shown in the Condensed
Consolidating Statements of Cash Flows	$	8	$	-	$	20	$	2,709	$	-	$	2,737
Cash (paid) received during the year ended
December 31, 2017 for:
Interest:
Third party	$	(948)	$	-	$	(48)	$	(286)	$	-	$	(1,282)
Intercompany		-		-		(1)		1		-		-
Taxes:
Income tax authorities	$	(329)	$	-	$	-	$	(215)	$	-	$	(544)
Intercompany		614		-		-		(614)		-		-

Supplementary disclosure of non-cash activities

Years Ended December 31,
(in millions)		2019		2018		2017
Intercompany non-cash financing and investing activities:
Capital contributions	$	15	$	2,369	$	259
Dividends received in the form of securities		702		745		735
Return of capital		15		2,706		26

BASIS OF PRESENTATION (Details)					3 Months Ended								12 Months Ended
BASIS OF PRESENTATION (Details)	Nov. 25, 2019	Nov. 13, 2018 USD ($)	Jul. 18, 2018 USD ($)	Nov. 14, 2016 USD ($)	Dec. 31, 2019 USD ($) item $ / shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) $ / shares	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) item $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($)
Basis of Presentation [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 2.50				$ 2.5				$ 2.50	$ 2.5
Net income (loss) attributable to AIG					$ 929,000,000	$ 656,000,000	$ 1,109,000,000	$ 654,000,000	$ (622,000,000)	$ (1,259,000,000)	$ 937,000,000	$ 938,000,000	$ 3,348,000,000	$ (6,000,000)	$ (6,084,000,000)
Income from continuing operations before income tax expense					1,036,000,000	$ 1,260,000,000	$ 1,837,000,000	$ 1,154,000,000	$ (695,000,000)	(1,527,000,000)	1,252,000,000	1,227,000,000	5,287,000,000	257,000,000	1,466,000,000
Net income (loss) on sale of divested businesses													(75,000,000)	38,000,000	68,000,000
Repayments of Long-term Debt													3,202,000,000	3,672,000,000	3,698,000,000
Other Income													919,000,000	$ 1,638,000,000	2,412,000,000
American International Group, Inc.
Basis of Presentation [Line Items]
Percentage of common stock held after closing of transaction	3.50%
Fortitude RE \| Fortitude Holdings
Basis of Presentation [Line Items]
Parent owneship interest									100.00%					100.00%
Fortitude Holdings \| American International Group, Inc.
Basis of Presentation [Line Items]
Percentage of common stock held after closing of transaction	3.50%	80.10%
Fortitude Holdings \| T&D
Basis of Presentation [Line Items]
Voting interest in subsidiary, Percent	25.00%
Fortitude Holdings \| Carlyle FRL
Basis of Presentation [Line Items]
Voting interest in subsidiary, Percent	51.60%
Validus Holding Ltd [Member]
Basis of Presentation [Line Items]
Payments to acquire business			$ 5,500,000,000
Interest acquired			100.00%
Adjustment
Basis of Presentation [Line Items]
Net income (loss) attributable to AIG									$ (87,000,000)	$ (40,000,000)	$ 0	$ 0
Income from continuing operations before income tax expense									(132,000,000)
Adjustments 2018
Basis of Presentation [Line Items]
Net income (loss) attributable to AIG														$ (77,000,000)	$ 95,000,000
Income from continuing operations before income tax expense														(98,000,000)
AIG Fuji Life Insurance
Basis of Presentation [Line Items]
Consideration in cash				$ 333,000,000
Fortitude Holdings
Basis of Presentation [Line Items]
Consideration in cash		$ 381,000,000
Contingent consideration receivable, maximum					100,000,000				100,000,000				$ 100,000,000	$ 100,000,000
Contingent consideration period													18 months	18 months
Contingent considiration receivable					$ 95,000,000				$ 95,000,000				$ 95,000,000	$ 95,000,000
Expected payment to affiliates													$ 1,450,000,000
Planned distribution term														36 months
Fortitude Holdings \| TC Group Cayman
Basis of Presentation [Line Items]
Voting interest in subsidiary, Percent		19.90%
Parent owneship interest		100.00%
Fortitude Holdings \| American International Group, Inc.
Basis of Presentation [Line Items]
Percentage of common stock held after closing of transaction		80.10%
Minimum
Basis of Presentation [Line Items]
Number of Countries in which the entity operates \| item					80								80
Common stock, par value (in dollars per share) \| $ / shares					$ 2.50								$ 2.50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Other significant accounting policies) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle			$ (8)
Earning pattern of a quota share reinsurance contract	24 months
Premiums and other receivables
Allowance for doubtful accounts on premiums and other receivables	$ 178	$ 216
Accumulated Other Comprehensive Income (Loss)
Summary of Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle			(576)
Retained Earnings
Summary of Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle			$ 568
Accounting Standards Update - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income \| Accumulated Other Comprehensive Income (Loss)
Summary of Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle		248
Accounting Standards Update - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income \| Retained Earnings
Summary of Significant Accounting Policies [Line Items]
Cumulative effect of change in accounting principle		$ (248)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Other Assets) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Assets
Deferred bonus interest and deferred sales inducement assets	$ 430	$ 752
Amortization expense associated with deferred bonus interest and deferred sales inducement assets	$ 79	$ 156	$ 94
Buildings \| Maximum
Other Assets
Estimated useful life	40 years
Furniture and equipment \| Maximum
Other Assets
Estimated useful life	10 years
Software Development \| Maximum
Other Assets
Estimated useful life	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Accounting Standards Adopted) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease liability	$ 733	$ 823
Right of use asset	648	$ 724
Goodwill	4,038		$ 4,082	$ 1,594	$ 1,528
Cumulative effect of change in accounting principles	$ 650

SEGMENT INFORMATION (Details - Continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Total Revenues	$ 11,815	$ 12,914	$ 12,561	$ 12,456	$ 12,560	$ 11,486	$ 11,631	$ 11,712	$ 49,746	$ 47,389	$ 49,520
Net Investment Income									14,619	12,476	14,179
Interest Expense									1,417	1,309	1,168
Amortization of DAC									5,164	5,386	4,288
Adjusted Pre-tax Income (Loss)	$ 1,036	$ 1,260	$ 1,837	$ 1,154	$ (695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Total Revenues									(691)	(171)	(308)
Net Investment Income									(365)	(232)	(280)
Interest Expense									(53)	85	(53)
Amortization of DAC									0	0	4
Adjusted Pre-tax Income (Loss)									(305)	59	75
Total AIG Consolidated adjusted revenues and adjusted pre-tax income (loss)
Segment Reporting Information [Line Items]
Total Revenues									48,917	47,813	50,776
Net Investment Income									14,390	12,728	14,033
Interest Expense									1,370	1,343	1,168
Amortization of DAC									5,216	5,391	4,579
Adjusted Pre-tax Income (Loss)									5,478	1,409	3,158
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									29,882	30,173	29,694
Net Investment Income									3,444	2,668	3,668
Interest Expense									0	0	22
Amortization of DAC									4,482	4,596	3,765
Adjusted Pre-tax Income (Loss)									3,533	(469)	(813)
General Insurance \| North America \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									15,782	14,619	14,600
Net Investment Income									2,929	2,305	3,145
Interest Expense									0	0	31
Amortization of DAC									2,008	1,859	1,305
Adjusted Pre-tax Income (Loss)									2,709	(8)	(232)
General Insurance \| International \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									14,100	15,554	15,094
Net Investment Income									515	363	523
Interest Expense									0	0	(9)
Amortization of DAC									2,474	2,737	2,460
Adjusted Pre-tax Income (Loss)									824	(461)	(581)
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									15,865	14,136	15,586
Net Investment Income									8,461	7,922	7,816
Interest Expense									158	162	109
Amortization of DAC									650	680	743
Adjusted Pre-tax Income (Loss)									3,458	3,190	3,831
Life and Retirement \| Individual Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									5,654	5,338	5,514
Net Investment Income									4,133	3,827	4,013
Interest Expense									77	82	58
Amortization of DAC									449	630	415
Adjusted Pre-tax Income (Loss)									1,984	1,681	2,289
Life and Retirement \| Group Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									2,947	2,891	2,848
Net Investment Income									2,240	2,172	2,164
Interest Expense									44	42	32
Amortization of DAC									81	95	84
Adjusted Pre-tax Income (Loss)									937	933	1,004
Life and Retirement \| Life Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									4,352	4,007	4,056
Net Investment Income									1,203	1,137	1,044
Interest Expense									26	25	13
Amortization of DAC									115	(50)	239
Adjusted Pre-tax Income (Loss)									246	330	274
Life and Retirement \| Institutional Markets \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues									2,912	1,900	3,168
Net Investment Income									885	786	595
Interest Expense									11	13	6
Amortization of DAC									5	5	5
Adjusted Pre-tax Income (Loss)									291	246	264
Other Operations
Segment Reporting Information [Line Items]
Total Revenues									845	636	1,413
Net Investment Income									370	45	53
Interest Expense									1,246	1,066	968
Amortization of DAC									16	10	(9)
Adjusted Pre-tax Income (Loss)									(1,709)	(1,584)	(1,405)
Legacy Portfolio
Segment Reporting Information [Line Items]
Total Revenues									3,016	3,039	4,391
Net Investment Income									2,480	2,325	2,776
Interest Expense									19	30	122
Amortization of DAC									68	105	76
Adjusted Pre-tax Income (Loss)									$ 501	$ 213	$ 1,470

SEGMENT INFORMATION (Details - Continuing operations by operating segment - Pretax operating income to pre-tax income) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Gain (Loss) on extinguishment of debt									$ (32)	$ (7)	$ 5
Income (loss) from divested businesses									(75)	38	68
Net loss reserve discount benefit (charge)									(955)	371	(187)
Restructuring and other costs	$ 44	$ 67	$ 60	$ 47	$ 136	$ 35	$ 200	$ 24
Revenues	11,815	12,914	12,561	12,456	12,560	11,486	11,631	11,712	49,746	47,389	49,520
Adjusted Pre-tax Income (Loss)	$ 1,036	$ 1,260	$ 1,837	$ 1,154	$ (695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
Reconciling items from adjusted pre-tax income to pre-tax income \| Total Revenues
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits									228	(128)	146
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)									0	0	0
Changes in fair value of equity securities									158	0	0
Professional fees related to regulatory or accounting changes									0	0	0
Other income (expense) - net									46	(53)	(49)
Gain (Loss) on extinguishment of debt									0	0	0
Net realized capital gains (losses)									388	(254)	(1,380)
Income (loss) from divested businesses									0	0	0
Non-operating litigation reserves and settlements									9	11	27
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements									0	0	0
Net loss reserve discount benefit (charge)									0	0	0
Pension expense related to a one-time lump sum payment to former employees									0	0	0
Integration and transaction costs associated with acquired business									0	0	0
Restructuring and other costs									0	0	0
Reconciling items from adjusted pre-tax income to pre-tax income \| Net investment income
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits									228	(128)	146
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)									0	0	0
Changes in fair value of equity securities									158	0	0
Professional fees related to regulatory or accounting changes									0	0	0
Other income (expense) - net									85	0	0
Gain (Loss) on extinguishment of debt									0	0	0
Net realized capital gains (losses)									(242)	(124)	0
Income (loss) from divested businesses									0	0	0
Non-operating litigation reserves and settlements									0	0	0
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements									0	0	0
Net loss reserve discount benefit (charge)									0	0	0
Pension expense related to a one-time lump sum payment to former employees									0	0	0
Integration and transaction costs associated with acquired business									0	0	0
Restructuring and other costs									0	0	0
Reconciling items from adjusted pre-tax income to pre-tax income \| Interest expense
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits									0	0	0
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)									0	0	0
Changes in fair value of equity securities									0	0	0
Professional fees related to regulatory or accounting changes									0	0	0
Other income (expense) - net									85	0	0
Gain (Loss) on extinguishment of debt									0	0	0
Net realized capital gains (losses)									(38)	(34)	0
Income (loss) from divested businesses									0	0	0
Non-operating litigation reserves and settlements									0	0	0
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements									0	0	0
Net loss reserve discount benefit (charge)									0	0	0
Pension expense related to a one-time lump sum payment to former employees									0	0	0
Integration and transaction costs associated with acquired business									0	0	0
Restructuring and other costs									0	0	0
Reconciling items from adjusted pre-tax income to pre-tax income \| Amortization of DAC
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits									0	0	0
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)									(52)	(5)	(291)
Changes in fair value of equity securities									0	0	0
Professional fees related to regulatory or accounting changes									0	0	0
Other income (expense) - net									0	0	0
Gain (Loss) on extinguishment of debt									0	0	0
Net realized capital gains (losses)									0	0	0
Income (loss) from divested businesses									0	0	0
Non-operating litigation reserves and settlements									0	0	0
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements									0	0	0
Net loss reserve discount benefit (charge)									0	0	0
Pension expense related to a one-time lump sum payment to former employees									0	0	0
Integration and transaction costs associated with acquired business									0	0	0
Restructuring and other costs									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 (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits									194	(154)	146
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)									56	6	303
Changes in fair value of equity securities									158	0	0
Professional fees related to regulatory or accounting changes									(12)	0	0
Other income (expense) - net									0	0	0
Gain (Loss) on extinguishment of debt									(32)	(7)	5
Net realized capital gains (losses)									448	(193)	(1,380)
Income (loss) from divested businesses									(75)	38	68
Non-operating litigation reserves and settlements									2	(19)	129
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements									267	(675)	(303)
Net loss reserve discount benefit (charge)									(955)	371	(187)
Pension expense related to a one-time lump sum payment to former employees									0	0	(60)
Integration and transaction costs associated with acquired business									(24)	(124)	0
Restructuring and other costs									$ (218)	$ (395)	$ (413)

SEGMENT INFORMATION (Details - Identifiable assets and capital expenditures by legal entity) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Year-End Identifiable Assets	$ 525,064	$ 491,984
Capital Expenditures	304	368
General Insurance Companies \| Reportable Segments
Segment Reporting Information [Line Items]
Year-End Identifiable Assets	109,871	110,007
Capital Expenditures	105	171
Life and Retirement Companies \| Reportable Segments
Segment Reporting Information [Line Items]
Year-End Identifiable Assets	280,721	247,219
Capital Expenditures	104	94
Other \| Reportable Segments
Segment Reporting Information [Line Items]
Year-End Identifiable Assets	142,745	140,428
Capital Expenditures	95	103
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Year-End Identifiable Assets	(8,273)	(5,670)
Capital Expenditures	$ 0	$ 0

SEGMENT INFORMATION (Details - Consolidated total revenues and real estate and other fixed assets by major geographic area) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues	$ 11,815	$ 12,914	$ 12,561	$ 12,456	$ 12,560	$ 11,486	$ 11,631	$ 11,712	$ 49,746	$ 47,389	$ 49,520
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation	1,953				2,172				1,953	2,172	2,522
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues									36,862	31,003	34,149
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation	1,333				1,479				1,333	1,479	1,630
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Revenues									12,884	16,386	15,371
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation	$ 620				$ 693				$ 620	$ 693	$ 892

SEGMENT INFORMATION (Details - Narrative)	12 Months Ended
SEGMENT INFORMATION (Details - Narrative)	Dec. 31, 2019 segment
General Insurance
Segment Reporting Information [Line Items]
Number of operating segments	2
Life and Retirement
Segment Reporting Information [Line Items]
Number of operating segments	4

HELD-FOR-SALE CLASSIFICATION (Details - Narrative) - USD ($) $ in Millions				3 Months Ended	12 Months Ended
	Nov. 25, 2019	Nov. 13, 2018	Nov. 14, 2016	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets					$ 525,064	$ 491,984
Net income (loss) on sale of divested businesses					(75)	38	$ 68
Dispositions					0	0	(35)
Goodwill					4,038	$ 4,082	$ 1,594	$ 1,528
Increment loss on sale of business					2,700
Fortitude Holdings \| Fortitude RE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Parent owneship interest						100.00%
American International Group, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of common stock held after closing of transaction	3.50%
American International Group, Inc. \| Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of common stock held after closing of transaction	3.50%	80.10%
Carlyle FRL \| Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, Percent	51.60%
T&D \| Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, Percent	25.00%
Held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill					98
Loss accrual					98
AIG Fuji Life Insurance
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration in cash			$ 333
Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration in cash		$ 381
Contingent considiration receivable					95	$ 95
Contingent consideration receivable, maximum					$ 100	$ 100
Contingent consideration period					18 months	18 months
Expected payment to affiliates					$ 1,450
Planned distribution term						36 months
Fortitude \| Legacy Life And Retirement Run-Off Lines
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cession of Reserves					30,200
Fortitude \| Legacy General Insurance Run--Off Lines
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cession of Reserves					3,900
Fortitude \| TC Group Cayman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, Percent		19.90%
Parent owneship interest		100.00%
Fortitude \| American International Group, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of common stock held after closing of transaction		80.10%
Fortitude \| Held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets					2,500
Loss accrual					98
Fortitude \| Held for sale [Member] \| Fortitude RE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid insurance				$ 2,500	2,300
Dispositions				$ (500)	$ (400)

HELD-FOR-SALE CLASSIFICATION (Details - Summary of assets and liabilities held for sale) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Bonds available for sale	$ 251,086	$ 229,391
Other bond securities	6,682	11,415
Mortgage and other loans receivable, net	46,984	43,135
Other invested assets	18,792	19,341
Short-term investments	13,230	9,674
Cash	2,856	2,873	$ 2,362
Accrued investment income	2,334	2,389
Premiums and other receivables, net of allowance	10,274	11,011
Reinsurance assets, net of allowance	37,977	38,172
Other assets	16,383	13,568
Separate account assets	93,272	81,847
Liabilities:
Liability for unpaid losses and loss adjustment expenses	78,328	83,639	$ 78,393	$ 77,077
Unearned premiums	18,269	19,248
Future policy benefits for life and accident and health insurance contracts	50,512	44,935
Other policyholder funds	3,428	3,568
Long-term debt	35,350	34,540
Other Liabilities	26,609	24,636
Separate account liabilities	93,272	$ 81,847
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Assets:
Bonds available for sale	2,187
Other bond securities	13
Other invested assets	45
Short-term investments	107
Cash	63
Accrued investment income	19
Deferred income taxes	(22)
Other assets	106
Assets of businesses held for sale	2,518
Less: Loss Accrual	(98)
Total assets held for sale	2,420
Liabilities:
Other Liabilities	15
Total liabilities held for sale	$ 15

BUSINESS COMBINATION (Details - Pro Forma Income Statement Information) - Validus Holding Ltd [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
BUSINESS COMBINATION
Total revenues	$ 48,588	$ 52,009
Net income (loss)	16	(6,104)
Net income (loss) attributable to AIG common shareholders	$ (51)	$ (6,132)
Basic net loss attributable to AIG common shareholders	$ (0.06)	$ (6.59)
Diluted net loss attributable to AIG common shareholders	$ (0.06)	$ (6.59)

BUSINESS COMBINATION (Details - Narrative) - USD ($) $ in Millions	Jul. 18, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill		$ 4,038	$ 4,082	$ 1,594	$ 1,528
Other invested assets		18,792	19,341
Validus Holding Ltd [Member]
Business Acquisition [Line Items]
Interest acquired	100.00%
Cash consideration paid	$ 5,500
Validus Holding Ltd [Member] \| North America Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	1,800
Validus Holding Ltd [Member] \| International Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	$ 157
AlphaCat [Member]
Business Acquisition [Line Items]
Other invested assets		$ 124	$ 116

FAIR VALUE MEASUREMENTS (Details - Long Term Debt)	Dec. 31, 2019
Borrowings supported by assets \| GIAs \| Maximum
Debt Instrument [Line Items]
Range of guaranteed minimum return rates (as a percent)	7.62%

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	$ 251,086	$ 229,391
Other bond securities	6,682	11,415
Equity securities	841	1,253
Other invested assets	6,827	5,894
Derivative Assets, Fair Value, Gross	5,026	4,468
Derivative assets, Counterparty netting	(2,427)	(1,713)
Derivative assets, Cash collateral	(1,806)	(1,840)
Derivative assets	793	915
Short-term investments, portion measured at fair value	5,343	3,015
Separate account assets, at fair value	93,272	81,847
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,910	4,116
Other policyholder funds	3,428	3,568
Derivative Liabilities, Fair Value, Gross	4,009	3,138
Derivative liabilities, Counterparty netting	(2,427)	(1,713)
Derivative liabilities, Cash collateral	(527)	(187)
Derivative liabilities	1,055	1,238
Other liabilities	1,100	1,265
Long-term debt	2,062	2,213
Fair Value Using Net Asset Value Per Share or its equivalent	5,549	4,966
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	251,086	229,391
Other bond securities	6,682	11,415
Equity securities	841	1,253
Other invested assets	1,278	928
Derivative assets, Counterparty netting	(2,427)	(1,713)
Derivative assets, Cash collateral	(1,806)	(1,840)
Derivative assets, Counterparty netting and cash collateral	(4,233)	(3,553)
Derivative assets	793	915
Short-term investments, portion measured at fair value	5,343	3,015
Other assets	2,358	58
Separate account assets, at fair value	93,272	81,847
Fair value assets measured on recurring basis, total	361,653	328,822
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,910	4,116
Derivative liabilities, Counterparty netting	(2,427)	(1,713)
Derivative liabilities, Cash collateral	(527)	(187)
Derivative liabilities, Counterparty netting and cash collateral	(2,954)	(1,900)
Derivative liabilities	1,055	1,238
Other liabilities	45	27
Long-term debt	2,062	2,213
Fair value liabilities measured on recurring basis, total	10,072	7,594
Recurring Basis \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,200	2,890
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,749	2,023
Recurring Basis \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,040	1,164
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,025	858
Recurring Basis \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	769	398
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	139	15
Recurring Basis \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3	1
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	89	236
Recurring Basis \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	14	15
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	7	6
Recurring Basis \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	5,380	3,260
Other bond securities	2,121	2,665
Recurring Basis \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,318	16,001
Recurring Basis \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,869	14,525
Other bond securities	0	45
Recurring Basis \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	149,636	130,700
Other bond securities	18	1,671
Recurring Basis \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	32,805	34,377
Other bond securities	489	1,714
Recurring Basis \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,430	12,701
Other bond securities	322	388
Recurring Basis \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	18,648	17,827
Other bond securities	3,732	4,932
Recurring Basis \| Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	195	122
Other bond securities	0	11
Equity securities	756	1,213
Other invested assets	0	0
Derivative Assets, Fair Value, Gross	6	135
Short-term investments, portion measured at fair value	2,299	2,416
Other assets	57	0
Separate account assets, at fair value	89,069	77,202
Fair value assets measured on recurring basis, total	92,382	81,099
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0	0
Derivative Liabilities, Fair Value, Gross	12	16
Other liabilities	0	16
Long-term debt	0	0
Fair value liabilities measured on recurring basis, total	12	32
Recurring Basis \| Level 1 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	4	4
Recurring Basis \| Level 1 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis \| Level 1 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	5	133
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	8	12
Recurring Basis \| Level 1 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis \| Level 1 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis \| Level 1 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	135	53
Other bond securities	0	11
Recurring Basis \| Level 1 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Recurring Basis \| Level 1 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	60	69
Other bond securities	0	0
Recurring Basis \| Level 1 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 1 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 2
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	224,960	202,176
Other bond securities	2,944	5,559
Equity securities	77	13
Other invested assets	86	341
Derivative Assets, Fair Value, Gross	4,826	4,237
Short-term investments, portion measured at fair value	3,044	599
Other assets	2,212	0
Separate account assets, at fair value	4,203	4,645
Fair value assets measured on recurring basis, total	242,352	217,570
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0	0
Derivative Liabilities, Fair Value, Gross	3,905	2,873
Other liabilities	45	11
Long-term debt	2,062	2,213
Fair value liabilities measured on recurring basis, total	6,012	5,097
Recurring Basis \| Level 2 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,199	2,888
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,745	2,004
Recurring Basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,034	1,159
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,025	858
Recurring Basis \| Level 2 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	593	190
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	111	3
Recurring Basis \| Level 2 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	24	8
Recurring Basis \| Level 2 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis \| Level 2 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	5,245	3,207
Other bond securities	2,121	2,654
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,197	14,001
Recurring Basis \| Level 2 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,809	14,445
Other bond securities	0	45
Recurring Basis \| Level 2 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	147,973	129,836
Other bond securities	18	1,671
Recurring Basis \| Level 2 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	19,397	20,178
Other bond securities	346	424
Recurring Basis \| Level 2 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,377	11,784
Other bond securities	272	311
Recurring Basis \| Level 2 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	10,962	8,725
Other bond securities	187	454
Recurring Basis \| Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	25,931	27,093
Other bond securities	3,738	5,845
Equity securities	8	27
Other invested assets	1,192	587
Derivative Assets, Fair Value, Gross	194	96
Short-term investments, portion measured at fair value	0	0
Other assets	89	58
Separate account assets, at fair value	0	0
Fair value assets measured on recurring basis, total	31,152	33,706
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,910	4,116
Derivative Liabilities, Fair Value, Gross	92	249
Other liabilities	0	0
Long-term debt	0	0
Fair value liabilities measured on recurring basis, total	7,002	4,365
Recurring Basis \| Level 3 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	15
Recurring Basis \| Level 3 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	6	5
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis \| Level 3 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	171	75
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	20	0
Recurring Basis \| Level 3 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3	1
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	65	228
Recurring Basis \| Level 3 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	14	15
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	7	6
Recurring Basis \| Level 3 \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis \| Level 3 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,121	2,000
Recurring Basis \| Level 3 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	11
Other bond securities	0	0
Recurring Basis \| Level 3 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,663	864
Other bond securities	0	0
Recurring Basis \| Level 3 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,408	14,199
Other bond securities	143	1,290
Recurring Basis \| Level 3 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,053	917
Other bond securities	50	77
Recurring Basis \| Level 3 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	7,686	9,102
Other bond securities	$ 3,545	$ 4,478

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	$ 33,610	$ 35,763
Net Realized and Unrealized Gains (Losses) Included in Income	1,301	1,345
Other Comprehensive Income (Loss)	556	(518)
Purchases, Sales, Issuances and Settlements, Net	(3,610)	(3,705)
Gross Transfers In, assets	2,448	2,814
Gross Transfers Out, assets	(3,347)	(2,269)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	180
Fair Value End of Year, assets	30,958	33,610
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	180	264
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	4,269	4,323
Net realized and unrealized gains and losses related to Level 3 items, liabilities	1,749	(462)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	790	406
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	2
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	6,808	4,269
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(1,140)	557
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	4,116	4,136
Net realized and unrealized gains and losses related to Level 3 items, liabilities	1,947	(334)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	847	314
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	6,910	4,116
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(1,307)	495
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	153	187
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(198)	(128)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(57)	92
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	2
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	(102)	153
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	167	62
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	15	22
Net realized and unrealized gains and losses related to Level 3 items, liabilities	3	(1)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(18)	(6)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	0	15
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	1	1
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	(5)	0
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(7)	(10)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	6	5
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	(6)	(5)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	3	3
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	(75)	(82)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(43)	(22)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(33)	27
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	2
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	(151)	(75)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	51	(35)
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	227	262
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(84)	(31)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(81)	(4)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	62	227
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	46	31
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, liabilities	(9)	(15)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(67)	(64)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	69	70
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Acquisitions, liabilities	0	0
Fair Value End of Year, liabilities	(7)	(9)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	66	62
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	27,093	28,996
Net Realized and Unrealized Gains (Losses) Included in Income	835	818
Other Comprehensive Income (Loss)	554	(520)
Purchases, Sales, Issuances and Settlements, Net	(1,107)	(2,862)
Gross Transfers In, assets	1,830	2,749
Gross Transfers Out, assets	(3,236)	(2,260)
Reclassified to Held for Sale, assets	(38)	0
Acquisitions	0	172
Fair Value End of Year, assets	25,931	27,093
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	2,000	2,404
Net Realized and Unrealized Gains (Losses) Included in Income	(2)	0
Other Comprehensive Income (Loss)	247	(152)
Purchases, Sales, Issuances and Settlements, Net	282	(66)
Gross Transfers In, assets	51	54
Gross Transfers Out, assets	(457)	(240)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	2,121	2,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Non-U.S. governments
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	11	8
Net Realized and Unrealized Gains (Losses) Included in Income	5	(9)
Other Comprehensive Income (Loss)	1	5
Purchases, Sales, Issuances and Settlements, Net	(6)	(1)
Gross Transfers In, assets	5	13
Gross Transfers Out, assets	(16)	(5)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	0	11
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	864	1,173
Net Realized and Unrealized Gains (Losses) Included in Income	(7)	(74)
Other Comprehensive Income (Loss)	88	(2)
Purchases, Sales, Issuances and Settlements, Net	(540)	(207)
Gross Transfers In, assets	1,513	780
Gross Transfers Out, assets	(255)	(806)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	1,663	864
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	14,199	16,136
Net Realized and Unrealized Gains (Losses) Included in Income	782	838
Other Comprehensive Income (Loss)	55	(300)
Purchases, Sales, Issuances and Settlements, Net	(1,403)	(2,424)
Gross Transfers In, assets	83	8
Gross Transfers Out, assets	(287)	(66)
Reclassified to Held for Sale, assets	(21)	0
Acquisitions	0	7
Fair Value End of Year, assets	13,408	14,199
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	917	624
Net Realized and Unrealized Gains (Losses) Included in Income	24	23
Other Comprehensive Income (Loss)	47	(29)
Purchases, Sales, Issuances and Settlements, Net	448	207
Gross Transfers In, assets	58	111
Gross Transfers Out, assets	(441)	(20)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	1
Fair Value End of Year, assets	1,053	917
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Bonds available for sale \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	9,102	8,651
Net Realized and Unrealized Gains (Losses) Included in Income	33	40
Other Comprehensive Income (Loss)	116	(42)
Purchases, Sales, Issuances and Settlements, Net	112	(371)
Gross Transfers In, assets	120	1,783
Gross Transfers Out, assets	(1,780)	(1,123)
Reclassified to Held for Sale, assets	(17)	0
Acquisitions	0	164
Fair Value End of Year, assets	7,686	9,102
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	5,845	6,512
Net Realized and Unrealized Gains (Losses) Included in Income	446	482
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(2,443)	(1,208)
Gross Transfers In, assets	0	60
Gross Transfers Out, assets	(110)	(9)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	8
Fair Value End of Year, assets	3,738	5,845
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	157	193
Other bond securities \| Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	0	18
Net Realized and Unrealized Gains (Losses) Included in Income	0	0
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	0	(18)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	0	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	1,290	1,464
Net Realized and Unrealized Gains (Losses) Included in Income	80	56
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(1,227)	(280)
Gross Transfers In, assets	0	50
Gross Transfers Out, assets	0	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	143	1,290
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	2	(10)
Other bond securities \| Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	77	74
Net Realized and Unrealized Gains (Losses) Included in Income	5	(2)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(18)	(5)
Gross Transfers In, assets	0	10
Gross Transfers Out, assets	(14)	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	50	77
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	6	(5)
Other bond securities \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	4,478	4,956
Net Realized and Unrealized Gains (Losses) Included in Income	361	428
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(1,198)	(905)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	(96)	(9)
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	8
Fair Value End of Year, assets	3,545	4,478
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	149	208
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	27	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	(2)
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(20)	24
Gross Transfers In, assets	2	5
Gross Transfers Out, assets	(1)	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	8	27
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	1	0
Mortgage and other loans receivable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	0	5
Net Realized and Unrealized Gains (Losses) Included in Income	0	0
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	0	(5)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	0	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	587	250
Net Realized and Unrealized Gains (Losses) Included in Income	20	47
Other Comprehensive Income (Loss)	2	2
Purchases, Sales, Issuances and Settlements, Net	(33)	288
Gross Transfers In, assets	616	0
Gross Transfers Out, assets	0	0
Reclassified to Held for Sale, assets	0	0
Acquisitions	0	0
Fair Value End of Year, assets	1,192	587
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	22	71
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Year, assets	58	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	0
Other Comprehensive Income (Loss)	0	0
Purchases, Sales, Issuances and Settlements, Net	(7)	58
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassified to Held for Sale, assets	38	0
Acquisitions	0	0
Fair Value End of Year, assets	89	58
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 ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (3,610)	$ (3,705)
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	(46)	33
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.	30	(18)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(44)	(52)
Sales, liabilities	852	613
Issuances and Settlements, liabilities	(18)	(155)
Purchases, Sales, Issuances and Settlements, Net, liabilities	790	406
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0
Sales, liabilities	852	533
Issuances and Settlements, liabilities	(5)	(219)
Purchases, Sales, Issuances and Settlements, Net, liabilities	847	314
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(44)	(52)
Sales, liabilities	0	80
Issuances and Settlements, liabilities	(13)	64
Purchases, Sales, Issuances and Settlements, Net, liabilities	(57)	92
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	4,759	3,737
Sales, assets	(2,256)	(1,391)
Issuances and Settlements, assets	(6,113)	(6,051)
Purchases, Sales, Issuances and Settlements, Net, assets	(3,610)	(3,705)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	4,636	3,247
Sales, assets	(736)	(1,319)
Issuances and Settlements, assets	(5,007)	(4,790)
Purchases, Sales, Issuances and Settlements, Net, assets	(1,107)	(2,862)
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	362	105
Sales, assets	(19)	(8)
Issuances and Settlements, assets	(61)	(163)
Purchases, Sales, Issuances and Settlements, Net, assets	282	(66)
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	5
Sales, assets	0	0
Issuances and Settlements, assets	(6)	(6)
Purchases, Sales, Issuances and Settlements, Net, assets	(6)	(1)
Bonds available for sale \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	172	280
Sales, assets	(129)	(216)
Issuances and Settlements, assets	(583)	(271)
Purchases, Sales, Issuances and Settlements, Net, assets	(540)	(207)
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	1,418	715
Sales, assets	(27)	(20)
Issuances and Settlements, assets	(2,794)	(3,119)
Purchases, Sales, Issuances and Settlements, Net, assets	(1,403)	(2,424)
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	539	277
Sales, assets	0	(2)
Issuances and Settlements, assets	(91)	(68)
Purchases, Sales, Issuances and Settlements, Net, assets	448	207
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	2,145	1,865
Sales, assets	(561)	(1,073)
Issuances and Settlements, assets	(1,472)	(1,163)
Purchases, Sales, Issuances and Settlements, Net, assets	112	(371)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	18	91
Sales, assets	(1,520)	(38)
Issuances and Settlements, assets	(941)	(1,261)
Purchases, Sales, Issuances and Settlements, Net, assets	(2,443)	(1,208)
Other bond securities \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	0
Issuances and Settlements, assets	0	(18)
Purchases, Sales, Issuances and Settlements, Net, assets	0	(18)
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	1
Sales, assets	(1,101)	(34)
Issuances and Settlements, assets	(126)	(247)
Purchases, Sales, Issuances and Settlements, Net, assets	(1,227)	(280)
Other bond securities \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	18	0
Sales, assets	(33)	0
Issuances and Settlements, assets	(3)	(5)
Purchases, Sales, Issuances and Settlements, Net, assets	(18)	(5)
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	90
Sales, assets	(386)	(4)
Issuances and Settlements, assets	(812)	(991)
Purchases, Sales, Issuances and Settlements, Net, assets	(1,198)	(905)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	8	49
Sales, assets	0	0
Issuances and Settlements, assets	(28)	(25)
Purchases, Sales, Issuances and Settlements, Net, assets	(20)	24
Mortgage and other loans receivable, net of allowance
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	(5)
Issuances and Settlements, assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	(5)
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	97	350
Sales, assets	0	(29)
Issuances and Settlements, assets	(130)	(33)
Purchases, Sales, Issuances and Settlements, Net, assets	(33)	288
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	0
Issuances and Settlements, assets	(7)	58
Purchases, Sales, Issuances and Settlements, Net, assets	$ (7)	$ 58

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 5,549	$ 4,966
Unfunded Commitments	2,666	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	3,220	2,250
Unfunded Commitments	$ 2,665	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
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	$ 1,189	847
Unfunded Commitments	1,543	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	400	190
Unfunded Commitments	290	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	111	126
Unfunded Commitments	155	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	422	362
Unfunded Commitments	57	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	325	211
Unfunded Commitments	414	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	773	514
Unfunded Commitments	206	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	2,329	2,716
Unfunded Commitments	1	9
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	727	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	539	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	894	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	168	158
Unfunded Commitments	$ 1	$ 1

FAIR VALUE MEASUREMENTS (Details - Gains or losses recorded related to the eligible instruments for which we elected the fair value option) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option credit risk gains (losses) on liabilities			$ 4
Fair Value Option
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 1,456	$ 555	2,105
Fair Value Option \| Bond and equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	1,046	343	1,646
Fair Value Option \| Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	591	213	509
Fair Value Option \| Other, Including Short-term investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	0	0	1
Fair Value Option \| Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	(181)	(1)	(49)
Fair Value Option \| Other liabilities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 0	$ 0	$ (2)

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	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	$ 2,062	$ 2,213
Long-term debt, Outstanding Principal Amount	35,350	34,540
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	2,062	2,213
Long-term debt, Outstanding Principal Amount	1,502	1,653
Long-term debt, Difference	$ 560	$ 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) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 330	$ 326
Impairment Charges	150	161	$ 594
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	329	315
Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	1	11
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
Level 1 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 1 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	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
Level 2 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 2 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	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	330	326
Level 3 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	329	315
Level 3 \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	1	11
Fair value on a non-recurring basis \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	76	97	77
Fair value on a non-recurring basis \| Investments in life settlements
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	0	0	360
Fair value on a non-recurring basis \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	$ 74	$ 64	157
Fair value on a non-recurring basis \| Other assets \| Divested Businesses
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value				$ 179
Impairment Charges			$ 35

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets:
Mortgage and other loans receivable	$ 46,984	$ 43,135
Short-term investments	13,230	9,674
Cash	2,856	2,873	$ 2,362
Other assets	16,383	13,568
Liabilities:
Other liabilities	26,609	24,636
Long-term debt and debt of consolidated investment entities	35,350	34,540
Carrying Value
Assets:
Mortgage and other loans receivable	46,984	43,135
Other invested assets	742	737
Short-term investments	7,887	6,659
Cash	2,856	2,873
Other assets	311	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	126,137	120,602
Other liabilities	3,063	1,154
Long-term debt and debt of consolidated investment entities	33,288	32,327
Separate account liabilities - investment contracts	88,770	77,651
Estimated Fair Value
Assets:
Mortgage and other loans receivable	49,005	43,627
Other invested assets	741	737
Short-term investments	7,887	6,659
Cash	2,856	2,873
Other assets	311	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	133,246	121,374
Other liabilities	3,063	1,154
Long-term debt and debt of consolidated investment entities	35,907	31,597
Separate account liabilities - investment contracts	88,770	77,651
Level 1
Assets:
Mortgage and other loans receivable	0	0
Other invested assets	0	0
Short-term investments	0	0
Cash	2,856	2,873
Other assets	291	308
Liabilities:
Policyholder contract deposits associated with investment-type contracts	0	0
Other liabilities	15	0
Long-term debt and debt of consolidated investment entities	0	0
Separate account liabilities - investment contracts	0	0
Level 2
Assets:
Mortgage and other loans receivable	101	105
Other invested assets	735	731
Short-term investments	7,887	6,659
Cash	0	0
Other assets	20	35
Liabilities:
Policyholder contract deposits associated with investment-type contracts	255	339
Other liabilities	3,048	1,154
Long-term debt and debt of consolidated investment entities	27,024	22,822
Separate account liabilities - investment contracts	88,770	77,651
Level 3
Assets:
Mortgage and other loans receivable	48,904	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	132,991	121,035
Other liabilities	0	0
Long-term debt and debt of consolidated investment entities	8,883	8,775
Separate account liabilities - investment contracts	$ 0	$ 0

INVESTMENTS (Details - Amortized cost or cost and fair value of Available for sale securities) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 233,230
Bonds available for sale
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	233,230	$ 225,780
Available for sale securities, Gross Unrealized Gains	18,671	8,419
Available for sale securities, Gross Unrealized Losses	(815)	(4,808)
Available-for-sale Securities	251,086	229,391
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade	27,800	28,800
Bonds available for sale \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,186	1,211
Bonds available for sale \| U.S. government and government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	5,108	3,170
Available for sale securities, Gross Unrealized Gains	316	132
Available for sale securities, Gross Unrealized Losses	(44)	(42)
Available-for-sale Securities	5,380	3,260
Bonds available for sale \| U.S. government and government sponsored entities \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	13,960	15,421
Available for sale securities, Gross Unrealized Gains	1,390	701
Available for sale securities, Gross Unrealized Losses	(32)	(121)
Available-for-sale Securities	15,318	16,001
Bonds available for sale \| Obligations of states, municipalities and political subdivisions \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	4
Bonds available for sale \| Non-U.S. governments
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,042	14,376
Available for sale securities, Gross Unrealized Gains	884	451
Available for sale securities, Gross Unrealized Losses	(57)	(302)
Available-for-sale Securities	14,869	14,525
Bonds available for sale \| Non-U.S. governments \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	(18)	0
Bonds available for sale \| Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	138,046	130,436
Available for sale securities, Gross Unrealized Gains	12,090	3,911
Available for sale securities, Gross Unrealized Losses	(500)	(3,647)
Available-for-sale Securities	149,636	130,700
Bonds available for sale \| Corporate debt \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	7	4
Bonds available for sale \| Mortgage-backed, asset-backed and collateralized
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	62,074	62,377
Available for sale securities, Gross Unrealized Gains	3,991	3,224
Available for sale securities, Gross Unrealized Losses	(182)	(696)
Available-for-sale Securities	65,883	64,905
Bonds available for sale \| Mortgage-backed, asset-backed and collateralized \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,197	1,203
Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	29,802	31,940
Available for sale securities, Gross Unrealized Gains	3,067	2,754
Available for sale securities, Gross Unrealized Losses	(64)	(317)
Available-for-sale Securities	32,805	34,377
Bonds available for sale \| Residential mortgage-backed securities (RMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,149	1,155
Bonds available for sale \| Commercial mortgage-backed securities (CMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	13,879	12,673
Available for sale securities, Gross Unrealized Gains	576	242
Available for sale securities, Gross Unrealized Losses	(25)	(214)
Available-for-sale Securities	14,430	12,701
Bonds available for sale \| Commercial mortgage-backed securities (CMBS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	34	31
Bonds available for sale \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	18,393	17,764
Available for sale securities, Gross Unrealized Gains	348	228
Available for sale securities, Gross Unrealized Losses	(93)	(165)
Available-for-sale Securities	18,648	17,827
Bonds available for sale \| Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS) \| AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	$ 14	$ 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	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	$ 24,331	$ 70,800
Gross Unrealized Losses, Less than 12 Months	493	2,679
Fair Value, 12 Months or More	7,362	36,110
Gross Unrealized Losses, 12 Months or More	322	2,129
Fair Value, Total	31,693	106,910
Gross Unrealized Losses, Total	$ 815	4,808
Number of securities in an unrealized loss position \| item	5,695
Number of individual securities in continuous unrealized loss position for longer than twelve months \| item	1,254
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	$ 1,461	574
Gross Unrealized Losses, Less than 12 Months	44	13
Fair Value, 12 Months or More	63	873
Gross Unrealized Losses, 12 Months or More	0	29
Fair Value, Total	1,524	1,447
Gross Unrealized Losses, Total	44	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	672	1,965
Gross Unrealized Losses, Less than 12 Months	21	51
Fair Value, 12 Months or More	246	1,530
Gross Unrealized Losses, 12 Months or More	11	70
Fair Value, Total	918	3,495
Gross Unrealized Losses, Total	32	121
Non-U.S. governments
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	1,105	3,851
Gross Unrealized Losses, Less than 12 Months	12	149
Fair Value, 12 Months or More	343	2,422
Gross Unrealized Losses, 12 Months or More	45	153
Fair Value, Total	1,448	6,273
Gross Unrealized Losses, Total	57	302
Corporate debt
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	11,868	47,364
Gross Unrealized Losses, Less than 12 Months	319	2,181
Fair Value, 12 Months or More	2,405	20,056
Gross Unrealized Losses, 12 Months or More	181	1,466
Fair Value, Total	14,273	67,420
Gross Unrealized Losses, Total	500	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	3,428	5,231
Gross Unrealized Losses, Less than 12 Months	28	94
Fair Value, 12 Months or More	1,367	5,641
Gross Unrealized Losses, 12 Months or More	36	223
Fair Value, Total	4,795	10,872
Gross Unrealized Losses, Total	64	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	1,877	2,646
Gross Unrealized Losses, Less than 12 Months	16	47
Fair Value, 12 Months or More	367	4,264
Gross Unrealized Losses, 12 Months or More	9	167
Fair Value, Total	2,244	6,910
Gross Unrealized Losses, Total	25	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	3,920	9,169
Gross Unrealized Losses, Less than 12 Months	53	144
Fair Value, 12 Months or More	2,571	1,324
Gross Unrealized Losses, 12 Months or More	40	21
Fair Value, Total	6,491	10,493
Gross Unrealized Losses, Total	$ 93	$ 165

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 233,230
Fixed Maturity Securities Available for Sale, Fair Value, Total	251,086	$ 229,391
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	10,268
Due after one year through five years, Amortized Cost	44,017
Due after five years through ten years, Amortized Cost	42,074
Due after ten years, Amortized Cost	74,797
Mortgage-backed, asset-backed and collateralized, Amortized Cost	62,074
Available for sale securities, Amortized Cost, Total	233,230	$ 225,780
Due in one year or less, Fair Value	10,441
Due after one year through five years, Fair Value	45,226
Due after five years through ten years, Fair Value	44,858
Due after ten years, Fair Value	84,678
Mortgage-backed, asset-backed and collateralized, Fair Value	65,883
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 251,086

INVESTMENTS (Details - Realized gains and gross realized losses from sales or maturities) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	$ 650	$ 347	$ 832
Gross Realized Losses	330	476	319
Aggregate fair value of available for sale securities sold	22,000	25,100	31,300
Net realized capital gains (losses)	320	(129)	500
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	650	331	725
Gross Realized Losses	330	476	300
Equity securities available for sale
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	0	16	107
Gross Realized Losses	$ 0	$ 0	$ 19

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 7,523	$ 12,668
Other Securities, Percent of Total	100.00%	100.00%
Fixed maturity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 6,682	$ 11,415
Other Securities, Percent of Total	89.00%	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	$ 2,121	$ 2,665
Other Securities, Percent of Total	28.00%	21.00%
Fixed maturity securities \| Non-U.S. governments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 0	$ 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	$ 18	$ 1,671
Other Securities, Percent of Total	0.00%	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	$ 4,543	$ 7,034
Other Securities, Percent of Total	61.00%	56.00%
Fixed maturity securities \| Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 489	$ 1,714
Other Securities, Percent of Total	7.00%	14.00%
Fixed maturity securities \| Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 322	$ 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	$ 3,732	$ 4,932
Other Securities, Percent of Total	50.00%	39.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 841	$ 1,253
Other Securities, Percent of Total	11.00%	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	Dec. 31, 2018	Dec. 31, 2017
Investments [Line Items]
Other invested assets	$ 18,792		$ 19,341
Other invested assets, gross unrealized losses				$ 45
Alternative investments
Investments [Line Items]
Other invested assets	8,845		8,966
Investment real estate
Investments [Line Items]
Other invested assets	8,491		8,935
All other investments
Investments [Line Items]
Other invested assets	1,456		1,440
Hedge Funds
Investments [Line Items]
Other invested assets	3,300		4,200
Net of accumulated depreciation on investment in real estate	$ 703		598
Hedge Fund Fair Value Redemption, Additional Percentage	88.00%	12.00%
Direct private equity
Investments [Line Items]
Other invested assets	$ 5,200		4,300
Affordable Housing Partnerships
Investments [Line Items]
Other invested assets	$ 331		$ 438

INVESTMENTS (Details - Summarized financial information of equity method investees) - All other equity method investments - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating results:
Total revenues	$ 8,045	$ 15,310	$ 13,066
Total expenses	(3,115)	(3,200)	(6,835)
Net income	4,930	12,110	$ 6,231
Balance sheet:
Total assets	93,773	96,915
Total liabilities	(14,218)	(21,063)
Equity method investments, Carrying Value	$ 5,911	$ 6,520

INVESTMENTS (Details - Life settlements) $ in Millions	12 Months Ended
INVESTMENTS (Details - Life settlements) $ in Millions	Dec. 31, 2017 USD ($)
INVESTMENTS
Income recognized on life settlement contracts	$ 266

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net Investment Income [Line Items]
Total investment income	$ 15,144	$ 12,969	$ 14,699
Investment expenses	525	493	520
Net investment income	14,619	12,476	14,179
Fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	10,768	10,323	10,435
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	1,015	7	660
Equity securities
Net Investment Income [Line Items]
Total investment income	159	(162)	34
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	2,030	1,874	1,661
Alternative investments
Net Investment Income [Line Items]
Total investment income	1,088	655	1,475
Real estate
Net Investment Income [Line Items]
Total investment income	304	257	144
Other investments
Net Investment Income [Line Items]
Total investment income	$ (220)	$ 15	$ 290

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other-than-temporary impairments:
Severity	$ 0	$ 0	$ (2)
Change in intent	(3)	(87)	(9)
Foreign currency declines	(18)	(15)	(11)
Issuer-specific credit events	(147)	(147)	(234)
Adverse projected cash flows	(6)	(2)	(4)
Provision for loan losses	(46)	(92)	(50)
Foreign exchange transactions	227	(182)	489
Variable annuity embedded derivatives, net of related hedges	(294)	304	(1,374)
All other derivatives and hedge accounting	(22)	338	(368)
Impairments on investments in life settlements	0	0	(360)
Loss on sale of private equity funds	0	(321)	0
Other	621	203	30
Total net realized capital gains (losses)	632	(130)	(1,380)
Corporate Headquarters
Other-than-temporary impairments:
Total net realized capital gains (losses)	200
Real Estate Properties
Other-than-temporary impairments:
Total net realized capital gains (losses)	300
OneMain Holdings
Other-than-temporary impairments:
Total net realized capital gains (losses)		96
Castle Holdings
Other-than-temporary impairments:
Total net realized capital gains (losses)		49
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	320	(145)	425
Equity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	$ 0	$ 16	$ 88

INVESTMENTS (Details - Increase (decrease) in unrealized appreciation (depreciation)) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	$ 903	$ 158
Less: Net gains and losses recognized during the year on equity securities sold during the year	198	79
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	705	79
Change in unrealized appreciation (depreciation) of investments	14,175	(10,008)	$ 4,062
Fixed maturity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	14,245	(9,920)
Equity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	159	(184)
Less: Net gains and losses recognized during the year on equity securities sold during the year	39	56
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	120	(240)
Other investments
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	(70)	(88)
Other invested assets
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	744	342
Less: Net gains and losses recognized during the year on equity securities sold during the year	159	23
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 585	$ 319

INVESTMENTS (Details - Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fixed maturity securities
Other Than Temporary Impairment Credit Losses Recognized in Earnings
Balance, beginning of year	$ 0	$ 526	$ 1,098
Increases due to:
Credit impairments on new securities subject to impairment losses	136	59	122
Additional credit impairments on previously impaired securities	17	90	74
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	(64)	(145)	(99)
Accretion on securities previously impaired due to credit	(20)	(530)	(669)
Balance, end of year	$ 69	$ 0	$ 526
Equity securities
Reductions due to:
Percent discount to cost for purposes of evaluating other-than-temporary impairment		25.00%
Criteria for considering impairment, period over which securities have been in a continuous decline in a value below cost		12 months
Rapid and severe percent discount to cost for purposes of evaluating other-than-temporary impairment		50.00%
Criteria for considering impairment, period of time traded at discount		9 months

INVESTMENTS (Details - Purchased Credit Impaired (PCI) Securities) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 233,230	$ 225,780
Purchased Credit Impaired (PCI) Securities
Schedule of Available-for-sale Securities [Line Items]
Contractually required payments (principal and interest)	35,139
Cash flows expected to be collected	28,720
Recorded investment in acquired securities	19,382
Outstanding principal balance	10,476	12,495
Amortized cost	6,970	8,646
Fair value	8,664	10,280
Available for sale securities \| Purchased Credit Impaired (PCI) Securities
Changes in activity for the accretable yield on PCI securities:
Balance, beginning of year	7,210	7,501
Newly purchased PCI securities	17	33
Disposals	0	(21)
Accretion	(624)	(722)
Effect of changes in interest rate indices	(541)	207
Net reclassification from (to) non-accretable difference, including effects of prepayments	(350)	212
Balance, end of year	5,705	7,210
Available for sale securities \| Purchased Credit Impaired (PCI) Securities \| Held for sale [Member]
Changes in activity for the accretable yield on PCI securities:
Activities related to businesses reclassified to held for sale	$ (7)	$ 0

INVESTMENTS (Details - Pledged Investments) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Investments [Line Items]
Fair value of securities collateral pledged	$ 2,567	$ 426
Fair value of amount sold or repledged	121	106
Short-term investments held in escrow	330	273
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	8,700	7,900
FHLBs
Investments [Line Items]
Fair value of fixed maturities securities available for sale	4,300	4,200
Amount owned by subsidiaries	194	202
Residential loans pledged as collateral	1,800	2,100
Secured financing
Investments [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	3,100	1,200
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	232	288
Securities Lending Agreements, Fair Value of Collateral	2,798	884
Amounts Loaned under Reverse Repurchase Agreements	2,600	426
Secured financing \| Fixed Maturities [Member]
Investments [Line Items]
Fair value of fixed maturities securities available for sale	3,030	1,050
Fair value of other bond securities	0	122
Secured financing \| Overnight and continuous
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	24	104
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Up to 30 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	126	131
Securities Lending Agreements, Fair Value of Collateral	1,071	401
Secured financing \| 31 to 90 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	82	53
Securities Lending Agreements, Fair Value of Collateral	1,333	483
Secured financing \| 91 to 364 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	394	0
Secured financing \| 365 Days or Greater
Investments [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 \| Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	386	180
Secured financing \| Bonds available for sale \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	73	60
Securities Lending Agreements, Fair Value of Collateral	0	29
Secured financing \| Bonds available for sale \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	159	106
Securities Lending Agreements, Fair Value of Collateral	2,018	675
Secured financing \| Bonds available for sale \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	394
Secured financing \| Bonds available for sale \| Overnight and continuous \| Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Overnight and continuous \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	2	25
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Overnight and continuous \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	22	51
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Overnight and continuous \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0
Secured financing \| Bonds available for sale \| Up to 30 Days \| Obligations of states, municipalities and political subdivisions
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	71	35
Securities Lending Agreements, Fair Value of Collateral	0	21
Secured financing \| Bonds available for sale \| Up to 30 Days \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	55	55
Securities Lending Agreements, Fair Value of Collateral	1,071	330
Secured financing \| Bonds available for sale \| Up to 30 Days \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	386	130
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Non-U.S. governments
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	82	0
Securities Lending Agreements, Fair Value of Collateral	947	345
Secured financing \| Bonds available for sale \| 31 to 90 Days \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0
Secured financing \| Bonds available for sale \| 91 to 364 Days \| Obligations of states, municipalities and political subdivisions
Investments [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
Investments [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
Investments [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 \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	394
Secured financing \| Bonds available for sale \| 365 Days or Greater \| Obligations of states, municipalities and political subdivisions
Investments [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
Investments [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
Investments [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 \| Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0
Secured financing \| Other bond securities \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	3
Secured financing \| Other bond securities \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	108
Secured financing \| Other bond securities \| U.S. government and government sponsored entities
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	11
Secured financing \| Other bond securities \| Overnight and continuous \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| Overnight and continuous \| Corporate debt
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	11
Secured financing \| Other bond securities \| Up to 30 Days \| Non-U.S. governments
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	38
Secured financing \| Other bond securities \| Up to 30 Days \| U.S. government and government sponsored entities
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing \| Other bond securities \| 31 to 90 Days \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	53
Secured financing \| Other bond securities \| 31 to 90 Days \| U.S. government and government sponsored entities
Investments [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
Investments [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
Investments [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
Investments [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
Investments [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
Investments [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
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
GIAs
Investments [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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 47,422	$ 43,532
Allowance for credit losses	(438)	(397)	$ (322)	$ (297)
Mortgage and other loans receivable, net	46,984	43,135
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	36,170	32,882
Allowance for credit losses	$ (336)	$ (318)	$ (247)	$ (194)
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	$ 6,683	$ 6,532
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	2,065	2,147
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 2,504	$ 1,971

LENDING ACTIVITIES (Details - Credit quality indicators for commercial mortgage loans) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Commercial Mortgage Recorded Investment [Line Items]
Mortgage and other loans receivable, net	$ 46,984	$ 43,135
Allowance for credit losses	438	397	$ 322	$ 297
Total mortgage and other loans receivable	$ 47,422	$ 43,532
Debt Coverage Ratio	2.0	1.9
Average Loan to Value Ratio	56.00%	58.00%
Apartments
Commercial Mortgage Recorded Investment [Line Items]
In good standing	$ 13,698	$ 11,190
Restructured	0	0
90 days or less delinquent	1	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	13,699	11,190
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	81	122
Allowance for credit losses	81	122
Offices
Commercial Mortgage Recorded Investment [Line Items]
In good standing	10,553	9,774
Restructured	89	96
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	10,642	9,870
Allowance for credit losses, Specific	2	2
Allowance for credit losses, General	153	104
Allowance for credit losses	155	106
Retail
Commercial Mortgage Recorded Investment [Line Items]
In good standing	5,332	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	5,332	5,645
Allowance for credit losses, Specific	1	0
Allowance for credit losses, General	44	51
Allowance for credit losses	45	51
Industrial
Commercial Mortgage Recorded Investment [Line Items]
In good standing	3,663	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	3,663	3,074
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	30	13
Allowance for credit losses	30	13
Hotel
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,211	2,507
Restructured	101	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	2,312	2,523
Allowance for credit losses, Specific	6	1
Allowance for credit losses, General	14	19
Allowance for credit losses	20	20
Others
Commercial Mortgage Recorded Investment [Line Items]
In good standing	522	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	522	580
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	5	6
Allowance for credit losses	$ 5	$ 6
Commercial mortgages
Commercial Mortgage Recorded Investment [Line Items]
Number of loans in good standing \| loan	736	762
Number of loans restructured \| loan	3	2
Number of loans 90 days or less delinquent \| loan	1	0
Number of loans greater than 90 days delinquent or in process of foreclosure \| loan	0	0
Number of Loans \| loan	740	764
In good standing	$ 35,979	$ 32,770
Restructured	190	112
90 days or less delinquent	1	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	36,170	32,882
Allowance for credit losses, Specific	9	3
Allowance for credit losses, General	327	315
Allowance for credit losses	$ 336	$ 318
Percentage of loans that are current as to payments of principal and interest	99.00%	100.00%
Percentage restructured	1.00%	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, Specific	0.00%	0.00%
Percentage of loans with valuation allowance, Genaral	1.00%	1.00%
Percentage of loans with allowance for losses	1.00%	1.00%
Total mortgage and other loans receivable	$ 36,170	$ 32,882
Commercial mortgages \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	32,404	29,336
Commercial mortgages \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	3,347	2,966
Commercial mortgages \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	419	580
Commercial mortgages \| Less than 65%
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	25,698	21,997
Commercial mortgages \| Less than 65% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	23,013	19,204
Commercial mortgages \| Less than 65% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,440	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 \| 65% to 75%
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,946	9,563
Commercial mortgages \| 65% to 75% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,007	9,060
Commercial mortgages \| 65% to 75% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	899	300
Commercial mortgages \| 65% to 75% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	40	203
Commercial mortgages \| 76% to 80%
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	206	511
Commercial mortgages \| 76% to 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	200	476
Commercial mortgages \| 76% to 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	6	20
Commercial mortgages \| 76% to 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	0	15
Commercial mortgages \| Greater than 80%
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	320	811
Commercial mortgages \| Greater than 80% \| Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	184	596
Commercial mortgages \| Greater than 80% \| 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2	103
Commercial mortgages \| Greater than 80% \| Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 134	$ 112

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for losses on Mortgage and other loans receivable) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	$ 397	$ 322	$ 297
Loans charged off	(5)	(19)	(25)
Recoveries of loans previously charged off	0	1	1
Net charge-offs	(5)	(18)	(24)
Provision for loan losses	46	93	49
Allowance, end of period	438	397	322
Loans modified in a troubled debt restructuring	86
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	318	247	194
Loans charged off	(2)	(17)	(22)
Recoveries of loans previously charged off	0	0	0
Net charge-offs	(2)	(17)	(22)
Provision for loan losses	20	88	75
Allowance, end of period	336	318	247
Allowance related to individually assessed credit losses	10	3	5
Commercial mortgage loans	148	54	82
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	79	75	103
Loans charged off	(3)	(2)	(3)
Recoveries of loans previously charged off	0	1	1
Net charge-offs	(3)	(1)	(2)
Provision for loan losses	26	5	(26)
Allowance, end of period	$ 102	$ 79	$ 75

REINSURANCE (Details - Supplemental information for loss and benefit reserves, gross and net of ceded reinsurance) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effects of Reinsurance [Line Items]
Allowance for doubtful accounts on reinsurance assets	$ 111	$ 140
Supplemental information for loss and benefit reserves
Liability for unpaid losses and loss adjustment expenses, As Reported	(78,328)	(83,639)	$ (78,393)	$ (77,077)
Liability for unpaid claims and claims adjustment expense, Net of Reinsurance	(47,259)	(51,949)	$ (51,685)	$ (61,545)
Future policy benefits for life and accident and health insurance contracts, as reported	(50,512)	(44,935)
Future policy benefits for life and accident and health insurance contracts, Net of Reinsurance	(49,670)	(43,936)
Policyholder contract deposits, As Reported	(151,869)	(142,262)
Policyholder contract deposits, Net of Reinsurance	(150,944)	(141,407)
Reserve for unearned premiums, As Reported	(18,269)	(19,248)
Reserve for unearned premiums, Net of Reinsurance	(15,067)	(16,300)
Reinsurance assets	36,038	36,492
Reinsurance assets, paid loss recoveries	$ 2,050	$ 1,820

REINSURANCE (Details - Short-Duration Reinsurance) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Premiums earned:
Net		$ 30,561	$ 30,614	$ 31,374
Short-duration insurance
Premiums Written
Direct		29,338	30,368	30,229
Assumed		5,808	4,186	3,065
Ceded		(9,692)	(7,757)	(7,535)
Net Amount		25,454	26,797	25,759
Premiums earned:
Direct		30,017	31,450	30,928
Assumed		6,395	4,638	3,374
Ceded		(9,526)	(8,164)	(7,904)
Net		26,886	27,924	26,398
Reinsurance recoveries, which reduced policyholder benefits and claims incurred		4,700	9,800	1,500
Ceded loss reserves under retroactive agreements		13,900	13,800
Deferred Gain (Loss) Retroactive Reinsurance		1,800	1,800
Effect on income from amortization of the deferred gain		219	$ 394	$ 316
Short-duration insurance \| NICO
Premiums earned:
Transfer of reserve, percent	80.00%
Ceded losses paid, percent	80.00%
Short-duration insurance \| Maximum \| NICO
Premiums earned:
Ceded losses paid in excess, net		25,000
Ceded losses paid aggregate limit, net		$ 25,000

REINSURANCE (Details - Long-Duration Reinsurance) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 01, 2016 USD ($)	Feb. 07, 2014 USD ($)
Policy Fees
Net	$ 3,015	$ 2,791	$ 2,935
Life insurance ratios
Assumed insurance as a percent of gross premiums	1.80%
New letter of credit
Letters of credit
Letters of credit obtained on a bilateral basis related to long-duration intercompany reinsurance transactions						$ 400
Number of new bilateral letters of credit						2
Long-duration insurance in force
Premiums earned:
Direct	$ 1,185,771	1,094,774	1,061,095
Assumed	279	300	321
Ceded	(264,732)	(228,846)	(202,402)
Reinsurance recoveries, which reduced policyholder benefits and claims incurred	1,000	778	1,000
Life insurance ratios
Long-duration insurance in force ceded	$ 264,732	$ 228,846	$ 202,402
Assumed insurance as a percentage of gross long-duration insurance in force	0.02%	0.03%	0.03%
Assumed insurance as a percent of gross premiums	5.00%	1.60%	0.20%
Life insurance companies
Premiums earned:
Direct	$ 4,363	$ 3,489	$ 5,771
Assumed	228	56	15
Ceded	(916)	(855)	(810)
Net	3,675	2,690	4,976
Policy Fees
Direct	3,016	2,792	2,936
Assumed	0	0	0
Ceded	(1)	(1)	(1)
Net	$ 3,015	$ 2,791	$ 2,935
Letters of credit
Ceded Statutory Reserves				$ 14,000	$ 5,000

REINSURANCE (Details - Reinsurance Security) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Security
Reinsurance assets	$ 36,038	$ 36,492
Reinsurer Concentration Risk [Member]
Reinsurance Security
Gross reinsurance assets due from reinsurers, percent	5.00%
Secured \| Reinsurer Concentration Risk [Member]
Reinsurance Security
Reinsurance assets	$ 19,000	18,900
Unsecured \| Reinsurer Concentration Risk [Member]
Reinsurance Security
Reinsurance assets	$ 2,800	$ 3,700

DEFERRED POLICY ACQUISITION COSTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Rollforward of deferred policy acquisition costs
Balance, beginning of year	$ 12,694	$ 10,994	$ 11,042
Acquisitions	0	298	0
Dispositions	0	0	(35)
Acquisition costs deferred	5,403	5,832	4,820
Amortization expense	(5,164)	(5,386)	(4,288)
Change in unrealized appreciation (depreciation) of investments	(1,768)	1,063	(505)
Other, including foreign exchange	42	(107)	(40)
Reclassified to Assets held for sale	0	0	0
Balance, end of year	11,207	12,694	10,994
Value of business acquired
Amortization of VOBA	171	243	20
Unamortized balance of VOBA	$ 317	438	381
Percentage of unamortized balance of VOBA expected to be amortized in the next five years
Year one (as a percent)	8.50%
Year two (as a percent)	7.60%
Year three (as a percent)	7.00%
Year four (as a percent)	7.00%
Year five (as a percent)	6.60%
Years after five year (as a percentage)	63.30%
Investment-Oriented Contracts [Member]
Rollforward of deferred policy acquisition costs
Balance, beginning of year	$ 7,500
Balance, end of year	6,100	7,500
Validus Holdings, Ltd
Value of business acquired
Unamortized balance of VOBA		101
Reportable Segments \| Life insurance companies
Rollforward of deferred policy acquisition costs
Increase (decrease) in deferred policy acquisition costs due to net unrealized gains and losses on available for sale securities	$ (1,800)	$ (1,000)	$ (1,300)

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets:
Bonds available for sale	$ 251,086	$ 229,391
Other bond securities	6,682	11,415
Mortgage and other loans receivable	46,984	43,135
Other invested assets	18,792	19,341
Total assets	525,064	491,984
Liabilities:
Long-term debt	35,350	34,540
Total liabilities	457,637	434,675
Held for sale [Member]
Assets:
Bonds available for sale	2,187
Other bond securities	13
Other invested assets	45
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure	2,600	1,400
Consolidated VIE
Assets:
Bonds available for sale	7,416	7,662
Other bond securities	3,325	3,925
Mortgage and other loans receivable	3,860	3,693
Other invested assets	8,737	8,378
Other assets	3,122	2,625
Total assets	26,460	26,283
Liabilities:
Long-term debt	9,244	7,569
Other liabilities	814	575
Total liabilities	10,058	8,144
Consolidated VIE \| Real Estate and Investment Entities
Assets:
Bonds available for sale	177	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	5,231	5,212
Other assets	615	580
Total assets	6,023	5,792
Liabilities:
Long-term debt	2,810	2,577
Other liabilities	236	227
Total liabilities	3,046	2,804
Consolidated VIE \| Securitization Vehicles
Assets:
Bonds available for sale	7,239	7,662
Other bond securities	3,324	3,923
Mortgage and other loans receivable	3,860	3,693
Other invested assets	0	0
Other assets	1,996	1,581
Total assets	16,419	16,859
Liabilities:
Long-term debt	4,356	3,154
Other liabilities	359	165
Total liabilities	4,715	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	15,600	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	3,464	3,142
Other assets	469	394
Total assets	3,933	3,536
Liabilities:
Long-term debt	2,074	1,834
Other liabilities	195	159
Total liabilities	2,269	1,993
Consolidated VIE \| Other
Assets:
Bonds available for sale	0	0
Other bond securities	1	2
Mortgage and other loans receivable	0	0
Other invested assets	42	24
Other assets	42	70
Total assets	85	96
Liabilities:
Long-term debt	4	4
Other liabilities	24	24
Total liabilities	28	28
Unconsolidated VIE
Assets:
Other invested assets	7,000	7,400
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	292,020	316,527
Maximum Exposure to Loss, On-Balance Sheet	7,282	7,711
Maximum Exposure to Loss, Off-Balance Sheet	3,286	3,723
Total maximum exposure to loss	10,568	11,434
Unconsolidated VIE \| Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	283,349	309,598
Maximum Exposure to Loss, On-Balance Sheet	6,519	6,820
Maximum Exposure to Loss, Off-Balance Sheet	3,286	2,501
Total maximum exposure to loss	9,805	9,321
Unconsolidated VIE \| Affordable Housing Partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	3,351	4,116
Maximum Exposure to Loss, On-Balance Sheet	453	607
Maximum Exposure to Loss, Off-Balance Sheet	0	0
Total maximum exposure to loss	453	607
Unconsolidated VIE \| Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	5,320	2,813
Maximum Exposure to Loss, On-Balance Sheet	310	284
Maximum Exposure to Loss, Off-Balance Sheet	0	1,222
Total maximum exposure to loss	$ 310	$ 1,506

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of our derivative instruments) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 132,965,000,000	$ 117,207,000,000
Gross Derivative Assets, Fair Value	5,026,000,000	4,468,000,000
Gross Derivative Liabilities, Notional Amount	61,482,000,000	40,028,000,000
Gross Derivative Liabilities, Fair Value	4,009,000,000	3,138,000,000
Derivative assets, Counterparty netting	(2,427,000,000)	(1,713,000,000)
Derivative assets, Cash collateral	(1,806,000,000)	(1,840,000,000)
Total derivative assets on consolidated balance sheet	793,000,000	915,000,000
Derivative liabilities, Counterparty netting	(2,427,000,000)	(1,713,000,000)
Derivative liabilities, Cash collateral	(527,000,000)	(187,000,000)
Total derivative liabilities on consolidated balance sheet	1,055,000,000	1,238,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Gross Derivative Liabilities, Fair Value	6,900,000,000	4,100,000,000
Bifurcated embedded derivatives assets, fair value	0	0
Derivatives designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	495,000,000	10,000,000
Gross Derivative Assets, Fair Value	3,000,000	0
Gross Derivative Liabilities, Notional Amount	410,000,000	866,000,000
Gross Derivative Liabilities, Fair Value	7,000,000	19,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	4,328,000,000	6,357,000,000
Gross Derivative Assets, Fair Value	342,000,000	363,000,000
Gross Derivative Liabilities, Notional Amount	5,230,000,000	2,536,000,000
Gross Derivative Liabilities, Fair Value	162,000,000	147,000,000
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	52,437,000,000	42,821,000,000
Gross Derivative Assets, Fair Value	3,197,000,000	2,890,000,000
Gross Derivative Liabilities, Notional Amount	35,231,000,000	27,329,000,000
Gross Derivative Liabilities, Fair Value	2,742,000,000	2,004,000,000
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	8,133,000,000	11,134,000,000
Gross Derivative Assets, Fair Value	698,000,000	801,000,000
Gross Derivative Liabilities, Notional Amount	12,093,000,000	5,434,000,000
Gross Derivative Liabilities, Fair Value	863,000,000	711,000,000
Derivatives not designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	18,533,000,000	17,807,000,000
Gross Derivative Assets, Fair Value	769,000,000	398,000,000
Gross Derivative Liabilities, Notional Amount	7,539,000,000	2,399,000,000
Gross Derivative Liabilities, Fair Value	139,000,000	15,000,000
Derivatives not designated as hedging instruments \| Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	8,457,000,000	8,000,000
Gross Derivative Assets, Fair Value	3,000,000	1,000,000
Gross Derivative Liabilities, Notional Amount	923,000,000	1,406,000,000
Gross Derivative Liabilities, Fair Value	89,000,000	236,000,000
Derivatives not designated as hedging instruments \| Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	40,582,000,000	39,070,000,000
Gross Derivative Assets, Fair Value	14,000,000	15,000,000
Gross Derivative Liabilities, Notional Amount	56,000,000	58,000,000
Gross Derivative Liabilities, Fair Value	7,000,000	6,000,000
Derivatives not designated as hedging instruments \| Bifurcated embedded derivatives
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	152,000,000	592,000,000
Gross Derivative Liabilities, Fair Value	$ 48,000,000	$ 224,000,000

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Dec. 31, 2019	Dec. 31, 2018
Collateral
Collateral posted to third parties for derivative transactions	$ 2.2	$ 1.7
Collateral obtained from third parties for derivative transactions	$ 2.2	$ 2.1

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ 116	$ 34	$ (106)
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	(2)	(4)
Gain (loss) recognized in earnings on hedged items	0	2	4
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0	0
Net Impact	0	0	0
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	16	0	0
Gain (loss) recognized in earnings on hedged items	(16)	0	0
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0	0
Net Impact	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	(1)	0	0
Gain (loss) recognized in earnings on hedged items	1	0	0
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0	0
Net Impact	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	(31)	365	(393)
Gain (loss) recognized in earnings on hedged items	31	(365)	393
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	91	106	(26)
Net Impact	91	106	(26)
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0	0
Gain (loss) recognized in earnings on hedged items	0	0	4
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0	0
Net Impact	0	0	4
Derivatives designated as hedging instruments \| Equity contracts \| Fair value hedging \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0	(42)
Gain (loss) recognized in earnings on hedged items	0	0	42
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0	(5)
Net Impact	0	0	(5)
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(361)	704	(1,501)
Derivatives not designated as hedging instruments \| Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(316)	561	(1,709)
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(125)	(3)	(11)
Derivatives not designated as hedging instruments \| Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	81	139
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	68	67	77
Derivatives not designated as hedging instruments \| Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	12	(2)	3
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	1,319	(509)	56
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(25)	543	(277)
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(316)	(56)	(964)
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	61	32	58
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	64	65	75
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	$ (1,464)	$ 629	$ (449)

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Collateral posted	$ 2,200,000,000	$ 1,700,000,000
Obligation to make payments on embedded credit derivatives	0
Fair value of hybrid securities	3,300,000,000	3,900,000,000
Par value of hybrid securities	7,400,000,000	8,500,000,000
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	381,000,000	453,000,000
Aggregate fair value of net liability position	336,000,000	$ 423,000,000
Credit Risk Related Contingent Features [Member] \| Standard & Poor's, BBB Rating \| Moody's, Baa2 Rating
Credit Derivatives [Line Items]
Additional Collateral Aggregate Fair Value	$ 62,000,000

GOODWILL AND OTHER INTANGIBLE ASSETS (Details - Goodwill) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Number of steps involved in process of impairment test	2
Goodwill
Goodwill - gross	$ 7,559	$ 5,071	$ 5,005
Accumulated impairments	(3,477)	(3,477)	(3,477)
Net goodwill	4,082	1,594	1,528
Increase (decrease) due to:
Acquisition	20	2,544	4
Dispositions			(25)
Other	(64)	(56)	87
Goodwill - gross	7,515	7,559	5,071
Accumulated impairments	(3,477)	(3,477)	(3,477)
Net goodwill	4,038	4,082	1,594
Held for sale [Member]
Increase (decrease) due to:
Net goodwill	98
Validus Holdings, Ltd
Increase (decrease) due to:
Acquisition		2,000
Glatfelter
Increase (decrease) due to:
Acquisition		492
Ellipse
Increase (decrease) due to:
Acquisition		46
North America
Goodwill
Goodwill - gross	4,188	1,868	1,878
Accumulated impairments	(1,264)	(1,264)	(1,264)
Net goodwill	2,924	604	614
Increase (decrease) due to:
Acquisition	0	2,332	0
Dispositions			(10)
Other	0	(12)	0
Goodwill - gross	4,188	4,188	1,868
Accumulated impairments	(1,264)	(1,264)	(1,264)
Net goodwill	2,924	2,924	604
International
Goodwill
Goodwill - gross	2,983	2,874	2,807
Accumulated impairments	(2,136)	(2,136)	(2,136)
Net goodwill	847	738	671
Increase (decrease) due to:
Acquisition	20	157	0
Dispositions			(7)
Other	26	(48)	74
Goodwill - gross	3,029	2,983	2,874
Accumulated impairments	(2,136)	(2,136)	(2,136)
Net goodwill	893	847	738
Life Insurance
Goodwill
Goodwill - gross	125	84	77
Accumulated impairments	0	0	0
Net goodwill	125	84	77
Increase (decrease) due to:
Acquisition	0	46	0
Dispositions			(6)
Other	8	(5)	13
Goodwill - gross	133	125	84
Accumulated impairments	0	0	0
Net goodwill	133	125	84
Other Operations
Goodwill
Goodwill - gross	49	31	27
Accumulated impairments	0	0	0
Net goodwill	49	31	27
Increase (decrease) due to:
Acquisition	0	9	4
Dispositions			0
Other	0	9	0
Goodwill - gross	49	49	31
Accumulated impairments	0	0	0
Net goodwill	49	49	31
Legacy Portfolio
Goodwill
Goodwill - gross	214	214	216
Accumulated impairments	(77)	(77)	(77)
Net goodwill	137	137	139
Increase (decrease) due to:
Acquisition	0	0	0
Dispositions			(2)
Other	(98)	0	0
Goodwill - gross	116	214	214
Accumulated impairments	(77)	(77)	(77)
Net goodwill	$ 39	$ 137	$ 137

GOODWILL AND OTHER INTANGIBLE ASSETS (Details - Intangible assets) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	$ 360	$ 106
Acquisitions	0	284
Amortization	(8)	(11)
Other	(19)	(19)
Other intangibles assets, end of year	$ 333	360
Intangible Assets, Amortized Percentage, Year One	7.90%
Intangible Assets, Amortized Percentage, Year Two	7.90%
Intangible Assets, Amortized Percentage, Year Three	7.90%
Intangible Assets, Amortized Percentage, Year Four	7.90%
Intangible Assets, Amortized Percentage, Year Five	7.90%
Intangible Assets, Amortized Percentage, After Year Five	60.50%
Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	$ 569	0
Acquisitions	0	582
Amortization	(39)	(15)
Other	6	2
Value of distribution network acquried, end of year	536	569
General Insurance \| North America
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	86	27
Acquisitions	0	61
Amortization	(1)	(2)
Other	(3)	0
Other intangibles assets, end of year	82	86
General Insurance \| North America \| Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	0	0
Acquisitions	0	0
Amortization	0	0
Other	0	0
Value of distribution network acquried, end of year	0	0
General Insurance \| International
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	212	8
Acquisitions	0	207
Amortization	(1)	(3)
Other	0	0
Other intangibles assets, end of year	211	212
General Insurance \| International \| Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	0	0
Acquisitions	0	0
Amortization	0	0
Other	0	0
Value of distribution network acquried, end of year	0	0
Life Insurance
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	46	34
Acquisitions	0	16
Amortization	(4)	(4)
Other	(18)	0
Other intangibles assets, end of year	24	46
Life Insurance \| Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	0	0
Acquisitions	0	0
Amortization	0	0
Other	0	0
Value of distribution network acquried, end of year	0	0
Other Operations
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	16	37
Acquisitions	0	0
Amortization	(2)	(2)
Other	2	(19)
Other intangibles assets, end of year	16	16
Other Operations \| Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	569	0
Acquisitions	0	582
Amortization	(39)	(15)
Other	6	2
Value of distribution network acquried, end of year	536	569
Legacy Portfolio
Intangible Assets [Line Items]
Other intangibles assets, beginning of year	0	0
Acquisitions	0	0
Amortization	0	0
Other	0	0
Other intangibles assets, end of year	0	0
Legacy Portfolio \| Value of Distribution Network Acquired
Intangible Assets [Line Items]
Value of distribution network acquried, beginning of year	0	0
Acquisitions	0	0
Amortization	0	0
Other	0	0
Value of distribution network acquried, end of year	$ 0	$ 0

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplementary Insurance Information, by Segment [Line Items]
Gross loss reserves before reinsurance and discount, net of contractual deductible recoverable amounts due from policyholders	$ 12,200				$ 12,300				$ 12,200	$ 12,300
Collateral Held For Deductible Recoverable Amounts	8,900				9,200				8,900	9,200
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of year				$ 83,639				$ 78,393	83,639	78,393	$ 77,077
Reinsurance recoverable, balance at the beginning of the year				(31,690)				(26,708)	(31,690)	(26,708)	(15,532)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year				51,949				51,685	51,949	51,685	61,545
Losses and loss adjustment expenses incurred
Current year									17,596	20,534	21,079
Prior years, other than accretion of discount	(119)	$ (74)	$ (132)	$ (15)	546	$ 949	$ (26)	$ (40)
Prior years, excluding discount and amortization of deferred gain									(340)	1,429	1,565
Prior years, discount charge (benefit)									1,063	(252)	187
Prior years, amortization of deferred gain on retroactive reinsurance									(219)	(395)	(284)
Total losses and loss adjustment expenses incurred									18,100	21,316	22,547
Losses and loss adjustment expenses paid
Current year									(4,894)	(5,754)	(5,323)
Prior years									(18,020)	(17,768)	(16,241)
Total losses and loss adjustment expenses paid									(22,914)	(23,522)	(21,564)
Other changes
Foreign exchange effect									(6)	(677)	788
Acquisitions									0	3,284	23
Dispositions									0	0	(360)
Retroactive reinsurance adjustment (net of discount)									130	(137)	(11,294)
Total other changes									124	2,470	(10,843)
Net liability for unpaid losses and loss adjustment expenses, balance at end of year	47,259				51,949				47,259	51,949	51,685
Reinsurance recoverable, balance at the end of the year	31,069				31,690				31,069	31,690	26,708
Total, balance at the end of the year	$ 78,328				$ 83,639				78,328	83,639	78,393
Change in discount on loss reserves ceded under retroactive reinsurance									469	(180)	(1,539)
U.S. Asbestos \| NICO
Losses and loss adjustment expenses incurred
Prior years, discount charge (benefit)									27	51	25
U.S. Commercial long-tail exposures
Losses and loss adjustment expenses incurred
Prior years, other than accretion of discount									(4)	$ (4)	$ (30)
Prior years, excluding discount and amortization of deferred gain									$ 22

INSURANCE LIABILITIES (Details - Reconciliation of the Net Incurred and Paid Claims Development) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	$ 47,259	$ 51,949	$ 51,685	$ 61,545
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	31,069	31,690	26,708	15,532
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	78,328	$ 83,639	$ 78,393	$ 77,077
Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	40,157
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	29,094
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	69,251
U.S. Workers Compensation \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	5,213
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	6,745
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	11,958
U.S. Excess Casualty \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	4,285
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	5,073
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	9,358
U.S. Other Casualty \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	4,064
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	4,695
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	8,759
U.S. Financial Lines \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	5,154
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	2,221
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	7,375
U.S. Property and Specialty Risks \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	4,950
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	2,807
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	7,757
U.S. Personal Insurance \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	1,287
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	988
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	2,275
UK/Europe Casualty and Financial Lines \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	6,234
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	1,268
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	7,502
UK/Europe Property and Special Risks \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	2,573
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	1,191
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	3,764
UK/Europe and Japan Personal Insurance \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	1,962
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	519
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	2,481
U.S. Run-Off Long Tail Insurance Lines \| Reportable Segments
Liability For Claims And Claims Adjustment Expense [Line Items]
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	4,435
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below (Last 10 Years)	3,587
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	8,022
Reconciling Items \| Discount On Workers Compensation Lines
Liability For Claims And Claims Adjustment Expense [Line Items]
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	(2,800)
Reconciling Items \| Other Product Lines
Liability For Claims And Claims Adjustment Expense [Line Items]
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	8,679
Reconciling Items \| Unallocated Loss Adjustment Expenses
Liability For Claims And Claims Adjustment Expense [Line Items]
Gross liability for unpaid losses and loss adjustment expenses (Last 10 Years)	$ 3,198

INSURANCE LIABILITIES (Details - Reconciliation of change in net ultimates to prior year development) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	$ (62)
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	(232)
Prior Year Development	(294)
Total, prior years, excluding discount and amortization of deferred gain	(340)	$ 1,429	$ 1,565
Validus Holdings, Ltd
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	30
U.S. Workers Compensation
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(192)
Re-Attribution of ADC Recovery	(178)
Amortization of Deferred Gain at Inception	(72)
Prior Year Development	(442)
Total, prior years, excluding discount and amortization of deferred gain	(552)
U.S. Excess Casualty
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	26
Re-Attribution of ADC Recovery	55
Amortization of Deferred Gain at Inception	(55)
Prior Year Development	26
Total, prior years, excluding discount and amortization of deferred gain	42
U.S. Other Casualty
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	188
Re-Attribution of ADC Recovery	25
Amortization of Deferred Gain at Inception	(53)
Prior Year Development	160
Total, prior years, excluding discount and amortization of deferred gain	317
U.S. Financial Lines
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	326
Re-Attribution of ADC Recovery	1
Amortization of Deferred Gain at Inception	(37)
Prior Year Development	290
Total, prior years, excluding discount and amortization of deferred gain	414
U.S. Property and Special Risks
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(288)
Re-Attribution of ADC Recovery	114
Amortization of Deferred Gain at Inception	(13)
Prior Year Development	(187)
Total, prior years, excluding discount and amortization of deferred gain	(189)
U.S. Personal Insurance
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(85)
Re-Attribution of ADC Recovery	(17)
Amortization of Deferred Gain at Inception	(2)
Prior Year Development	(104)
Total, prior years, excluding discount and amortization of deferred gain	(110)
UK/Europe Casualty and Financial Lines
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	161
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	0
Prior Year Development	161
Total, prior years, excluding discount and amortization of deferred gain	145
UK/Europe Property and Special Risks
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(108)
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	0
Prior Year Development	(108)
Total, prior years, excluding discount and amortization of deferred gain	(73)
UK/Europe and Japan Personal Insurance
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(119)
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	0
Prior Year Development	(119)
Total, prior years, excluding discount and amortization of deferred gain	(119)
U.S. Run-Off Long Tail Insurance Lines
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(4)
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	0
Prior Year Development	(4)
Total, prior years, excluding discount and amortization of deferred gain	22
Other Product Lines
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	33
Re-Attribution of ADC Recovery	0
Amortization of Deferred Gain at Inception	0
Prior Year Development	33
Asbestos LPT
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Development Ceded	(1)
Adverse Development Reinsurance
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Development Ceded	(277)
Adverse Development Reinsurance \| U.S. Workers Compensation
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	507
Adverse Development Reinsurance \| U.S. Excess Casualty
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(50)
Adverse Development Reinsurance \| U.S. Other Casualty
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	21
Adverse Development Reinsurance \| U.S. Financial Lines
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(136)
Adverse Development Reinsurance \| U.S. Property and Special Risks
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	(74)
Adverse Development Reinsurance \| U.S. Personal Insurance
Reconciliation Of Change In Net Ultimates To Prior Year Development [Line Items]
Prior Year Claims and Claims Adjustment Expense	$ 14

INSURANCE LIABILITIES (Details - Annual Percentage Claims Payout)	Dec. 31, 2019
U.S. Workers Compensation
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	13.80%
Year 2	17.40%
Year 3	12.50%
Year 4	8.50%
Year 5	6.90%
Year 6	4.60%
Year 7	3.30%
Year 8	2.30%
Year 9	1.70%
Year 10	1.50%
U.S. Excess Casualty
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	0.70%
Year 2	8.20%
Year 3	11.30%
Year 4	14.20%
Year 5	12.80%
Year 6	11.10%
Year 7	8.20%
Year 8	8.30%
Year 9	2.70%
Year 10	1.40%
U.S. Other Casualty
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	8.60%
Year 2	14.80%
Year 3	15.50%
Year 4	15.10%
Year 5	12.50%
Year 6	8.60%
Year 7	6.10%
Year 8	3.20%
Year 9	3.20%
Year 10	1.60%
U.S. Financial Lines
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	4.20%
Year 2	18.00%
Year 3	21.60%
Year 4	16.70%
Year 5	13.10%
Year 6	8.70%
Year 7	5.40%
Year 8	5.00%
Year 9	1.40%
Year 10	1.70%
U.S. Property and Special Risks
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	30.60%
Year 2	35.20%
Year 3	13.50%
Year 4	8.00%
Year 5	5.20%
Year 6	3.70%
Year 7	1.50%
Year 8	1.00%
Year 9	0.70%
Year 10	0.50%
U.S. Personal Insurance
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	58.60%
Year 2	29.80%
Year 3	5.10%
Year 4	2.10%
Year 5	1.20%
Year 6	0.60%
Year 7	0.30%
Year 8	0.20%
Year 9	0.10%
Year 10	0.10%
UK/Europe Casualty and Financial Lines
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	7.90%
Year 2	16.90%
Year 3	13.60%
Year 4	13.00%
Year 5	9.90%
Year 6	7.70%
Year 7	6.70%
Year 8	4.30%
Year 9	2.50%
Year 10	3.80%
UK/Europe and Japan Personal Insurance
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	25.10%
Year 2	39.40%
Year 3	17.20%
Year 4	6.70%
Year 5	2.90%
Year 6	1.90%
Year 7	0.70%
Year 8	0.60%
Year 9	0.40%
Year 10	(0.90%)
UK/Europe Property and Special Risks
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	57.10%
Year 2	27.40%
Year 3	7.90%
Year 4	3.90%
Year 5	1.90%
Year 6	1.00%
Year 7	0.60%
Year 8	0.30%
Year 9	0.20%
Year 10	0.20%
U.S. Run-Off Long Tail Insurance Lines
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Year 1	14.20%
Year 2	18.40%
Year 3	16.60%
Year 4	13.80%
Year 5	9.00%
Year 6	5.10%
Year 7	3.70%
Year 8	1.50%
Year 9	2.20%
Year 10	2.50%

INSURANCE LIABILITIES (Details - Narratives) - USD ($)	3 Months Ended								12 Months Ended
INSURANCE LIABILITIES (Details - Narratives) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Insurance Liabilities Disclosure [Line Items]
Gross Loss Reserves Before Reinsurance and Discount Net of Subrogation	$ 12,200,000,000				$ 12,300,000,000				$ 12,200,000,000	$ 12,300,000,000
Collateral Held For Deductible Recoverable Amounts	8,900,000,000				9,200,000,000				8,900,000,000	9,200,000,000
Total prior year (favourable) unfavorable development	(119,000,000)	$ (74,000,000)	$ (132,000,000)	$ (15,000,000)	546,000,000	$ 949,000,000	$ (26,000,000)	$ (40,000,000)
Liability for Claims and Claims Adjustment Expense	78,328,000,000				83,639,000,000				78,328,000,000	83,639,000,000	$ 78,393,000,000	$ 77,077,000,000
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	47,259,000,000				51,949,000,000				47,259,000,000	51,949,000,000	51,685,000,000	$ 61,545,000,000
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	1,549,000,000				2,035,000,000				$ 1,549,000,000	2,035,000,000
Tabular Discount Rate									3.50%
Workers Compensation Tabular Discount Amount	582,000,000				603,000,000				$ 582,000,000	603,000,000
Workers Compensation Non Tabular Discount Amount	967,000,000				1,400,000,000				967,000,000	1,400,000,000
(Increase) Decrease in Loss Reserve Discount									(955,000,000)	371,000,000	(187,000,000)
Effective Interest Rates
Discounting Of Loss Reserves [Abstract]
(Increase) Decrease in Loss Reserve Discount									(747,000,000)
U.S. Workers Compensation
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(699,000,000)	51,000,000	(31,000,000)
U.S. Excess Casualty
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									76,000,000	1,300,000,000	254,000,000
Analysis of loss reserves using traditional loss development and expected loss ratio methods									10,000,000
Analysis of Loss reserves for expected losses above threshold									10,000,000
U.S. Other Casualty \| Commercial Auto Liability
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									23,000,000	(142,000,000)	42,000,000
U.S. Other Casualty \| General Liability
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									220,000,000	214,000,000	330,000,000
U.S. Other Casualty \| Medical Malpractice
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									30,000,000	(158,000,000)	(23,000,000)
U.S. Other Casualty \| Other Product Lines
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(105,000,000)	(41,000,000)	(133,000,000)
U.S. Financial Lines
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									463,000,000	298,000,000	345,000,000
U.S. Property and Special Risks
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(204,000,000)	(497,000,000)	115,000,000
U.S. Personal Insurance
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(96,000,000)	255,000,000	16,000,000
UK/Europe Casualty and Financial Lines
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									161,000,000	58,000,000	507,000,000
UK/Europe Property and Special Risks
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(108,000,000)	(22,000,000)	157,000,000
UK/Europe and Japan Personal Insurance
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(119,000,000)	(116,000,000)	(58,000,000)
U.S. Commercial long-tail exposures
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(4,000,000)	(4,000,000)	(30,000,000)
U.S. Commercial long-tail exposures \| Asbestos
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development											(37,000,000)
U.S. Commercial long-tail exposures \| Asbestos \| NICO
Insurance Liabilities Disclosure [Line Items]
Increase (Decrease) in loss reserves, gross									1,000,000	96,000,000	50,000,000
Increase (Decrease) in loss reserves, net									0	0
U.S. Commercial long-tail exposures \| Environmental
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									95,000,000	150,000,000	22,000,000
U.S. Commercial long-tail exposures \| Run-off excess workers compensation lines
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development									(100,000,000)	0	0
U.S. Commercial long-tail exposures \| Other Casualty Run-Off
Insurance Liabilities Disclosure [Line Items]
Total prior year (favourable) unfavorable development										(154,000,000)	(15,000,000)
Legacy General Insrance Run-Off Lines
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	$ 666,000,000				$ 973,000,000				666,000,000	973,000,000
(Increase) Decrease in Loss Reserve Discount									$ (307,000,000)	$ 55,000,000	$ (69,000,000)

INSURANCE LIABILITIES (Details - Discounting of Reserves) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Discounting of Reserves [Line Items]
Tabular Discount Rate	3.50%
Workers Compensation Tabular Discount Amount	$ 582	$ 603
Workers Compensation Non Tabular Discount Amount	967	1,400
U.S. Workers' compensation	2,800	3,755
Retroactive Reinsurance	(1,251)	(1,720)
Total reserve discount	1,549	2,035
Current accident year	108	119	$ 114
Accretion and other adjustments to prior year discount	(316)	(166)	(230)
Effect of interest rate changes	(747)	418	(71)
Net loss reserve discount benefit (charge)	(955)	371	(187)
Change in discount on loss reserves ceded under retroactive reinsurance	469	(180)	(1,539)
Net change in total reserve discount	(486)	191	(1,726)
North America Commerical Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	2,134	2,782
Retroactive Reinsurance	(1,251)	(1,720)
Total reserve discount	883	1,062
Current accident year	108	119	114
Accretion and other adjustments to prior year discount	(229)	(108)	(186)
Effect of interest rate changes	(527)	305	(46)
Net loss reserve discount benefit (charge)	(648)	316	(118)
Change in discount on loss reserves ceded under retroactive reinsurance	469	(180)	(1,539)
Net change in total reserve discount	(179)	136	(1,657)
Legacy General Insrance Run-Off Lines
Discounting of Reserves [Line Items]
U.S. Workers' compensation	666	973
Retroactive Reinsurance	0	0
Total reserve discount	666	973
Current accident year	0	0	0
Accretion and other adjustments to prior year discount	(87)	(58)	(44)
Effect of interest rate changes	(220)	113	(25)
Net loss reserve discount benefit (charge)	(307)	55	(69)
Change in discount on loss reserves ceded under retroactive reinsurance	0	0	0
Net change in total reserve discount	$ (307)	55	$ (69)
New York
Discounting of Reserves [Line Items]
Nontabular discount rate	5.00%
Pennsylvania \| Accident Year 2001 And prior
Discounting of Reserves [Line Items]
Nontabular discount rate	6.00%
United Kingdom
Discounting of Reserves [Line Items]
Total reserve discount	$ 172	163
Net change in total reserve discount	$ 9	$ (9)

INSURANCE LIABILITIES (Details - Future Policy Benefits) - Life Insurance	Dec. 31, 2019
Maximum
Assumptions for liability for future life policy benefits
Liability for Future Policy Benefits, Interest Rate	14.60%
Minimum
Assumptions for liability for future life policy benefits
Liability for Future Policy Benefits, Interest Rate	0.20%

INSURANCE LIABILITIES (Details - Policyholder contract deposits) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	$ 151,869	$ 142,262
Assumptions for liability for policyholder contract deposits
Percentage of gross insurance in force	1.30%
Percentage of gross premiums and other consideration	1.80%
Maximum
Assumptions for liability for policyholder contract deposits
Withdrawal charges, high end of range (as a percent)	10.00%
Minimum
Assumptions for liability for policyholder contract deposits
Withdrawal charges, low end of range (as a percent)	0.30%
Fixed Annuities
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	$ 50,452	49,695
Group Retirement
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	42,207	41,212
Life Insurance
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	13,930	12,829
Variable and Index Annuities
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	30,878	24,378
Institutional Markets
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	9,929	9,497
Legacy Portfolio
Policyholder Contract Deposits [Line Items]
Total policyholder contract deposits	$ 4,473	$ 4,651

INSURANCE LIABILITIES (Details - Schedule of universal life policies with secondary guarantees) - Universal life products - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Balance at the beginning of the period	$ 2,640	$ 2,351	$ 2,095
Incurred guaranteed benefits	514	758	705
Paid guaranteed benefits	(469)	(469)	(449)
Balance at the end of the period	2,685	2,640	$ 2,351
Net Amount at Risk [Abstract]
Account value	2,850	2,665
Net amount at risk	$ 59,924	$ 54,161
Average attained age of contract holders by product	54 years	55 years

VARIABLE LIFE AND ANNUITY CONTRACTS (Details - Annuity contracts with guarantees were invested in separate account investment options) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Account balances of variable annuity contract, Total	$ 86,688	$ 75,177
Equity Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Account balances of variable annuity contract, Total	51,383	43,059
Bonds Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Account balances of variable annuity contract, Total	7,881	7,231
Balanced Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Account balances of variable annuity contract, Total	26,659	24,100
Money Market Funds
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Account balances of variable annuity contract, Total	$ 765	$ 787

VARIABLE LIFE AND ANNUITY CONTRACTS (Details - GMDB, GMIB, GMWB and GMAV) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assumptions and methodology used to determine the GMDB liability
Fair value of embedded derivatives, liability	$ 4,009	$ 3,138
Guaranteed minimum death benefits (GMDB)
Changes in GMDB for guarantees on variable contracts reflected in the general account
Balance at the beginning of the period	397	352	$ 402
Reserve increase (decrease)	35	93	(14)
Benefits paid	(40)	(43)	(42)
Changes in reserves related to unrealized appreciation of investments	15	(5)	6
Balance at the end of the period	407	397	$ 352
Guaranteed minimum account value benefits (GMAB) and Guaranteed minimum withdrawal benefits (GMWB)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Account value	45,000	41,000
Net amount at risk	328	215
Embedded derivatives
Assumptions and methodology used to determine the GMDB liability
Fair value of embedded derivatives, liability	6,900	4,100
Embedded derivatives \| Guaranteed minimum account value benefits (GMAB) and Guaranteed minimum withdrawal benefits (GMWB)
Assumptions and methodology used to determine the GMDB liability
Fair value of embedded derivatives, liability	2,500	1,900
Variable contract, net deposits plus a minimum return \| Guaranteed minimum death benefits (GMDB)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Account value	98	89
Net amount at risk	$ 1	$ 1
Average attained age of contract holders by product	65 years	63 years
Variable contract, net deposits plus a minimum return \| Minimum \| Guaranteed minimum death benefits (GMDB)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Range of guaranteed minimum return rates (as a percent)	0.00%	0.00%
Variable contract, net deposits plus a minimum return \| Maximum \| Guaranteed minimum death benefits (GMDB)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Range of guaranteed minimum return rates (as a percent)	4.50%	4.50%
Variable annuity contract, highest contract value attained \| Guaranteed minimum death benefits (GMDB)
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Account value	$ 16	$ 15
Net amount at risk	$ 0	$ 1
Average attained age of contract holders by product	71 years	68 years

DEBT (Details - Total debt outstanding) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 35,350	$ 34,540
Collateral posted	2,200	1,700
American International Group, Inc.
Debt Instrument [Line Items]
Long-term debt	25,479	26,136
Uncollateralized Notes/Bonds/Loans Payable
Debt Instrument [Line Items]
Long-term debt	345
Collateralized Loans and Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	46
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable
Debt Instrument [Line Items]
Long-term debt	20,467
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable \| AIGLH
Debt Instrument [Line Items]
Long-term debt	$ 282	282
Debt Instrument, Maturity, Start year	2025
Debt Instrument, Maturity, End Year	2029
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable \| Validus Holdings, Ltd
Debt Instrument [Line Items]
Interest rate (as a percent)	8.88%
Long-term debt	$ 353	359
Debt Instrument, Maturity, End Year	2040
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable \| Maximum \| AIGLH
Debt Instrument [Line Items]
Interest rate (as a percent)	7.50%
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable \| Minimum \| AIGLH
Debt Instrument [Line Items]
Interest rate (as a percent)	6.63%
Junior subordinated debt \| Uncollateralized Notes/Bonds/Loans Payable \| AIGLH
Debt Instrument [Line Items]
Long-term debt	$ 361	361
Debt Instrument, Maturity, Start year	2030
Debt Instrument, Maturity, End Year	2046
Junior subordinated debt \| Uncollateralized Notes/Bonds/Loans Payable \| Maximum \| AIGLH
Debt Instrument [Line Items]
Interest rate (as a percent)	8.50%
Junior subordinated debt \| Uncollateralized Notes/Bonds/Loans Payable \| Minimum \| AIGLH
Debt Instrument [Line Items]
Interest rate (as a percent)	7.57%
AIG Japan Holdings Kabushiki Kaisha
Debt Instrument [Line Items]
Long-term debt	$ 344
AIG Japan Holdings Kabushiki Kaisha \| Uncollateralized Notes/Bonds/Loans Payable
Debt Instrument [Line Items]
Long-term debt	344
AIG Japan Holdings Kabushiki Kaisha \| Collateralized Loans and Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	0
Other subsidiaries notes, bonds, loans and mortgages payable
Debt Instrument [Line Items]
Long-term debt	47
Other subsidiaries notes, bonds, loans and mortgages payable \| Uncollateralized Notes/Bonds/Loans Payable
Debt Instrument [Line Items]
Long-term debt	1
Other subsidiaries notes, bonds, loans and mortgages payable \| Collateralized Loans and Mortgages Payable
Debt Instrument [Line Items]
Long-term debt	46
Debt of consolidated investments
Debt Instrument [Line Items]
Long-term debt	9,871	8,404
Debt issued or guaranteed
Debt Instrument [Line Items]
Long-term debt	25,432	25,968
Uncollateralized Notes/Bonds/Loans Payable
Debt Instrument [Line Items]
Long-term debt	23,349	23,734
Uncollateralized Notes/Bonds/Loans Payable \| Notes and bonds payable
Debt Instrument [Line Items]
Long-term debt	$ 20,467	20,853
Debt Instrument, Maturity, Start year	2020
Debt Instrument, Maturity, End Year	2097
Uncollateralized Notes/Bonds/Loans Payable \| Notes and bonds payable \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	8.13%
Uncollateralized Notes/Bonds/Loans Payable \| Notes and bonds payable \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Uncollateralized Notes/Bonds/Loans Payable \| Junior subordinated debt
Debt Instrument [Line Items]
Long-term debt	$ 1,542	1,548
Debt Instrument, Maturity, Start year	2037
Debt Instrument, Maturity, End Year	2058
Uncollateralized Notes/Bonds/Loans Payable \| Junior subordinated debt \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	8.63%
Uncollateralized Notes/Bonds/Loans Payable \| Junior subordinated debt \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	4.88%
Uncollateralized Notes/Bonds/Loans Payable \| AIG Japan Holdings Kabushiki Kaisha
Debt Instrument [Line Items]
Long-term debt	$ 344	331
Debt Instrument, Maturity, Start year	2020
Debt Instrument, Maturity, End Year	2021
Uncollateralized Notes/Bonds/Loans Payable \| AIG Japan Holdings Kabushiki Kaisha \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	0.44%
Uncollateralized Notes/Bonds/Loans Payable \| AIG Japan Holdings Kabushiki Kaisha \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	0.28%
Borrowings supported by assets
Debt Instrument [Line Items]
Long-term debt	$ 2,083	2,234
Collateral posted	1,500	1,500
Borrowings supported by assets \| Notes and bonds payable
Debt Instrument [Line Items]
Long-term debt	$ 59	49
Debt Instrument, Maturity, Start year	2030
Debt Instrument, Maturity, End Year	2040
Borrowings supported by assets \| Notes and bonds payable \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	10.37%
Borrowings supported by assets \| Notes and bonds payable \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	0.50%
Borrowings supported by assets \| Notes and bonds payable \| Series AIGFP
Debt Instrument [Line Items]
Long-term debt	$ 21	21
Debt Instrument, Maturity, Start year	2046
Debt Instrument, Maturity, End Year	2047
Borrowings supported by assets \| Notes and bonds payable \| Series AIGFP \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	1.92%
Borrowings supported by assets \| Notes and bonds payable \| Series AIGFP \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	1.89%
Borrowings supported by assets \| GIAs
Debt Instrument [Line Items]
Long-term debt	$ 2,003	2,164
Debt Instrument, Maturity, Start year	2020
Debt Instrument, Maturity, End Year	2047
Borrowings supported by assets \| GIAs \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	7.62%
Borrowings supported by assets \| GIAs \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	1.79%
Debt not guaranteed
Debt Instrument [Line Items]
Long-term debt	$ 47
Debt not guaranteed \| Other subsidiaries notes, bonds, loans and mortgages payable
Debt Instrument [Line Items]
Long-term debt	$ 47	168
Debt Instrument, Maturity, Start year	2020
Debt Instrument, Maturity, End Year	2028
Debt not guaranteed \| Other subsidiaries notes, bonds, loans and mortgages payable \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	3.86%
Debt not guaranteed \| Other subsidiaries notes, bonds, loans and mortgages payable \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	2.76%
Debt not guaranteed \| Debt of consolidated investments
Debt Instrument [Line Items]
Long-term debt	$ 9,871	8,404
Debt Instrument, Maturity, Start year	2020
Debt Instrument, Maturity, End Year	2062
Debt not guaranteed \| Debt of consolidated investments \| Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	9.31%
Debt not guaranteed \| Debt of consolidated investments \| Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Debt not guaranteed \| Debt of consolidated investments \| Real Estate and Investment Funds [Member]
Debt Instrument [Line Items]
Long-term debt	$ 3,200	3,700
Debt not guaranteed \| Debt of consolidated investments \| Affordable Housing Partnership [Member]
Debt Instrument [Line Items]
Long-term debt	2,100	1,800
Debt not guaranteed \| Debt of consolidated investments \| Other
Debt Instrument [Line Items]
Long-term debt	$ 4,600	$ 2,900

DEBT (Details - Maturities of long-term debt) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Maturities of long-term debt
Total	$ 35,350	$ 34,540
Uncollateralized and collateralized notes, bonds, loans and mortgages payable	391
Long-term debt	35,350	34,540
Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	345
Long-term debt	345
Collateralized Loans and Mortgages Payable
Maturities of long-term debt
Total	46
Long-term debt	46
American International Group, Inc.
Maturities of long-term debt
Total	25,479	26,136
2020	1,536
2021	1,876
2022	1,562
2023	1,732
2024	1,138
Thereafter	17,635
Long-term debt	25,479	26,136
Notes and bonds payable \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	20,467
Long-term debt	20,467
Notes and bonds payable \| Validus Holdings, Ltd \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	353	359
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	353
Long-term debt	353	359
Notes and bonds payable \| AIGLH \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	282	282
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	282
Long-term debt	282	282
Junior subordinated debt \| AIGLH \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	361	361
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	361
Long-term debt	361	361
AIG Japan Holdings Kabushiki Kaisha
Maturities of long-term debt
Total	344
Long-term debt	344
AIG Japan Holdings Kabushiki Kaisha \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	344
Thereafter	0
Long-term debt	344
AIG Japan Holdings Kabushiki Kaisha \| Collateralized Loans and Mortgages Payable
Maturities of long-term debt
Total	0
Long-term debt	0
Other subsidiaries notes, bonds, loans and mortgages payable
Maturities of long-term debt
Total	47
Long-term debt	47
Other subsidiaries notes, bonds, loans and mortgages payable \| Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	1
Long-term debt	1
Other subsidiaries notes, bonds, loans and mortgages payable \| Collateralized Loans and Mortgages Payable
Maturities of long-term debt
Total	46
Long-term debt	46
Debt of consolidated investments
Maturities of long-term debt
Total	9,871	8,404
Long-term debt	9,871	8,404
Debt issued or guaranteed
Maturities of long-term debt
Total	25,432	25,968
2020	1,499
2021	1,874
2022	1,561
2023	1,731
2024	1,137
Thereafter	17,630
Long-term debt	25,432	25,968
Uncollateralized Notes/Bonds/Loans Payable
Maturities of long-term debt
Total	23,349	23,734
2020	1,465
2021	1,723
2022	1,511
2023	1,610
2024	998
Thereafter	16,042
Long-term debt	23,349	23,734
Uncollateralized Notes/Bonds/Loans Payable \| Notes and bonds payable
Maturities of long-term debt
Total	20,467	20,853
2020	1,346
2021	1,498
2022	1,511
2023	1,610
2024	998
Thereafter	13,504
Long-term debt	20,467	20,853
Uncollateralized Notes/Bonds/Loans Payable \| Junior subordinated debt
Maturities of long-term debt
Total	1,542	1,548
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	1,542
Long-term debt	1,542	1,548
Uncollateralized Notes/Bonds/Loans Payable \| AIG Japan Holdings Kabushiki Kaisha
Maturities of long-term debt
Total	344	331
2020	119
2021	225
2022	0
2023	0
2024	0
Long-term debt	344	331
Borrowings supported by assets
Maturities of long-term debt
Total	2,083	2,234
2020	34
2021	151
2022	50
2023	121
2024	139
Thereafter	1,588
Long-term debt	2,083	2,234
Borrowings supported by assets \| Notes and bonds payable
Maturities of long-term debt
Total	59	49
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	59
Long-term debt	59	49
Borrowings supported by assets \| Notes and bonds payable \| Series AIGFP
Maturities of long-term debt
Total	21	21
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	21
Long-term debt	21	21
Borrowings supported by assets \| GIAs
Maturities of long-term debt
Total	2,003	2,164
2020	34
2021	151
2022	50
2023	121
2024	139
Thereafter	1,508
Long-term debt	2,003	2,164
Debt not guaranteed
Maturities of long-term debt
Total	47
2020	37
2021	2
2022	1
2023	1
2024	1
Thereafter	5
Long-term debt	47
Debt not guaranteed \| Other subsidiaries notes, bonds, loans and mortgages payable
Maturities of long-term debt
Total	47	168
2020	37
2021	2
2022	1
2023	1
2024	1
Thereafter	5
Long-term debt	47	168
Debt not guaranteed \| Debt of consolidated investments
Maturities of long-term debt
Total	9,871	8,404
Long-term debt	$ 9,871	$ 8,404

DEBT (Details - AIGLH Junior subordinated debentures) $ in Millions	Dec. 31, 2019 USD ($)
8.5 percent Junior subordinated debentures due July 2030
Debt Instrument [Line Items]
Junior subordinated debentures liquidation value	$ 113
Interest rate (as a percent)	8.50%
8.125 percent Junior subordinated debentures due March 2046
Debt Instrument [Line Items]
Junior subordinated debentures liquidation value	$ 211
Interest rate (as a percent)	8.125%
7.57 percent Junior subordinated debentures due December 2045
Debt Instrument [Line Items]
Junior subordinated debentures liquidation value	$ 37
Interest rate (as a percent)	7.57%

DEBT (Details - Credit facilities) - 5-Year Syndicated Facility $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Schedule of Debt Instruments [Line Items]
Maximum borrowing capacity	$ 4,500
Remaining borrowing capacity	$ 4,500
Debt Instrument, Maturity Date	June 2022
Debt Instrument Effective Date	Jun. 27, 2017

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Contingencies, Commitments and Guarantees) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
CONTINGENCIES, COMMITMENTS AND GUARANTEES
Right of use asset	$ 648			$ 724
Lease liability	733			$ 823
Lease payments	$ 248
Leases, weighted average discount rate	3.21%
Leases, weighted average lease term	4 years 10 months 24 days
Rent expense	$ 232	$ 283	$ 269
Future undiscounted cash flows under operating leases
2020	250
2021	186
2022	108
2023	84
2024	64
Remaining years after 2024	165
Total	857
Gain on sale leaseback	200
Future undiscounted obligations	507
Other commitments	7,400
Amount outstanding under standby letters of credit at end of period	$ 81

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions																	12 Months Ended
	Dec. 26, 2019	Dec. 16, 2019	Sep. 30, 2019	Sep. 16, 2019	Jun. 28, 2019	Jun. 17, 2019	Mar. 29, 2019	Mar. 14, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Issuances (in shares)																	3,389,602	4,091,922	3,386,462
Preferred stock, par value (in dollars per share)																	$ 5.00	$ 0
Preferred stock liquidation preference																	$ 500	$ 0
Issuance of preferred stock																	$ 485	$ 0	$ 0
Date dividends declared	Oct. 31, 2019		Aug. 07, 2019		May 06, 2019		Feb. 13, 2019		Oct. 31, 2018	Aug. 02, 2018	May 02, 2018	Feb. 08, 2018	Nov. 02, 2017	Aug. 02, 2017	May 03, 2017	Feb. 14, 2017
Date dividends paid	Dec. 26, 2019		Sep. 30, 2019		Jun. 28, 2019		Mar. 29, 2019		Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017
Date of record	Dec. 12, 2019		Sep. 17, 2019		Jun. 14, 2019		Mar. 15, 2019		Dec. 12, 2018	Sep. 17, 2018	Jun. 14, 2018	Mar. 15, 2018	Dec. 08, 2017	Sep. 15, 2017	Jun. 14, 2017	Mar. 15, 2017
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		Oct. 31, 2019		Aug. 07, 2019		May 21, 2019
Preferred Stock Dividends Per Share Cash Paid		$ 365.625		$ 365.625		$ 369.6875
Date dividends paid		Dec. 16, 2019		Sep. 16, 2019		Jun. 17, 2019
Date of record		Nov. 29, 2019		Aug. 30, 2019		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 price per share								$ 25,000
Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)								20,000,000
Preferred stock liquidation preference								$ 25
Preferred Stock Dividends Per Share Cash Paid		$ 0.365625		$ 0.365625		$ 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 - Common Stock and Dividends) - USD ($) $ / shares in Units, $ in Millions													12 Months Ended
	Dec. 26, 2019	Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	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	899,044,657	995,335,841
Shares issued													3,389,602	4,091,922	3,386,462
Shares repurchased													0	(36,527,150)	(99,677,646)
Shares, end of period													(1,036,672,461)	(1,040,062,063)
Shares, end of year													1,906,671,492	1,906,671,492
Shares, end of period													869,999,031	866,609,429	899,044,657
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	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32
Date of Shareholders of Record	Dec. 12, 2019	Sep. 17, 2019	Jun. 14, 2019	Mar. 15, 2019	Dec. 12, 2018	Sep. 17, 2018	Jun. 14, 2018	Mar. 15, 2018	Dec. 08, 2017	Sep. 15, 2017	Jun. 14, 2017	Mar. 15, 2017
Date Dividends Declared	Oct. 31, 2019	Aug. 07, 2019	May 06, 2019	Feb. 13, 2019	Oct. 31, 2018	Aug. 02, 2018	May 02, 2018	Feb. 08, 2018	Nov. 02, 2017	Aug. 02, 2017	May 03, 2017	Feb. 14, 2017
Date Dividends To Be Paid	Dec. 26, 2019	Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017
Authorized amount of common stock share repurchase																$ 1,500
Aggregate remaining authorization amount of common Stock share repurchase													$ 2,000
Aggregate repurchases of common stock													$ 0	$ 1,739	$ 6,275
Total number of shares common shares repurchased													0	36,527,150	99,677,646
Aggregate repurchases of warrants													$ 0	$ 11	$ 3
Total number of warrants repurchased													0	1,000,000	185,000
Common Stock Issued
The following table presents a roll forward of outstanding shares:
Shares, beginning of year													1,906,671,492	1,906,671,492	1,906,671,492
Shares issued													0	0	0
Shares repurchased													0	0	0
Shares, end of year													1,906,671,492	1,906,671,492	1,906,671,492
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Total number of shares common shares repurchased													0	0	0
Treasury Stock
The following table presents a roll forward of outstanding shares:
Shares, beginning of year													(1,040,062,063)	(1,007,626,835)	(911,335,651)
Shares issued													3,389,602	4,091,922	3,386,462
Shares repurchased													0	(36,527,150)	(99,677,646)
Shares, end of period													(1,036,672,461)	(1,040,062,063)	(1,007,626,835)
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Total number of shares common shares repurchased													0	36,527,150	99,677,646

EQUITY (Details - Rollforward of Accumulated other comprehensive income (loss)) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	$ (1,413)	$ 5,465	$ 3,230
Cumulative effect of change in accounting principle			(8)
Change in unrealized appreciation (depreciation) of investments	14,175	(10,008)	4,062
Change in deferred policy acquisition costs adjustment and other	(1,856)	1,243	(1,259)
Change in future policy benefits	(4,462)	1,711	(1,102)
Changes in foreign currency translation adjustments	135	(314)	547
Change in net actuarial loss	(58)	(23)	110
Change in prior service cost (credit)	(2)	(4)	9
Change in deferred tax asset (liability)	(1,514)	1,099	(132)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(3)	3
Other comprehensive income (loss)	6,415	(6,293)	2,235
Noncontrolling interests	20	9
Balance, end of period, net of tax	4,982	(1,413)	5,465
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative effect of change in accounting principle			(576)
Other comprehensive income (loss)	6,395	(6,302)	2,235
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(38)	793	426
Cumulative effect of change in accounting principle			169
Change in unrealized appreciation (depreciation) of investments	842	(1,320)	394
Change in deferred policy acquisition costs adjustment and other	15	(57)	23
Change in deferred tax asset (liability)	(196)	377	(50)
Other comprehensive income (loss)	661	(1,000)	367
Balance, end of period, net of tax	623	(38)	793
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	2,426	7,693	6,405
Cumulative effect of change in accounting principle			(285)
Change in unrealized appreciation (depreciation) of investments	13,333	(8,688)	3,668
Change in deferred policy acquisition costs adjustment and other	(1,871)	1,300	(1,282)
Change in future policy benefits	(4,462)	1,711	(1,102)
Change in deferred tax asset (liability)	(1,311)	702	4
Other comprehensive income (loss)	5,689	(4,975)	1,288
Noncontrolling interests	16	7
Balance, end of period, net of tax	8,099	2,426	7,693
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(2,725)	(2,090)	(2,629)
Cumulative effect of change in accounting principle			(284)
Changes in foreign currency translation adjustments	135	(314)	547
Change in deferred tax asset (liability)	(31)	(35)	(8)
Other comprehensive income (loss)	104	(349)	539
Noncontrolling interests	(4)	2
Balance, end of period, net of tax	(2,625)	(2,725)	(2,090)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(1,086)	(931)	(972)
Cumulative effect of change in accounting principle			(183)
Change in net actuarial loss	(58)	(23)	110
Change in prior service cost (credit)	(2)	(4)	9
Change in deferred tax asset (liability)	24	55	(78)
Other comprehensive income (loss)	(36)	28	41
Balance, end of period, net of tax	(1,122)	(1,086)	(931)
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
Cumulative effect of change in accounting principle			7
Change in deferred tax asset (liability)	0	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(3)	3
Other comprehensive income (loss)	(3)	3	$ 0
Balance, end of period, net of tax	$ 7	$ 10

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ 8,212	$ (7,555)	$ 3,090
Less: Reclassification adjustments included in net income	283	(163)	723
Total other comprehensive income (loss), before income tax expense (benefit)	7,929	(7,392)	2,367
Less: Income tax expense (benefit)	1,514	(1,099)	132
Other comprehensive income (loss)	6,415	(6,293)	2,235
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	853	(1,372)	467
Less: Reclassification adjustments included in net income	(4)	5	50
Total other comprehensive income (loss), before income tax expense (benefit)	857	(1,377)	417
Less: Income tax expense (benefit)	196	(377)	50
Other comprehensive income (loss)	661	(1,000)	367
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	7,324	(5,811)	2,052
Less: Reclassification adjustments included in net income	324	(134)	768
Total other comprehensive income (loss), before income tax expense (benefit)	7,000	(5,677)	1,284
Less: Income tax expense (benefit)	1,311	(702)	(4)
Other comprehensive income (loss)	5,689	(4,975)	1,288
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	135	(314)	547
Less: Reclassification adjustments included in net income	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	135	(314)	547
Less: Income tax expense (benefit)	31	35	8
Other comprehensive income (loss)	104	(349)	539
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(97)	(61)	24
Less: Reclassification adjustments included in net income	(37)	(34)	(95)
Total other comprehensive income (loss), before income tax expense (benefit)	(60)	(27)	119
Less: Income tax expense (benefit)	(24)	(55)	78
Other comprehensive income (loss)	(36)	28	41
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	(3)	3	0
Less: Reclassification adjustments included in net income	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(3)	3	0
Less: Income tax expense (benefit)	0	0	0
Other comprehensive income (loss)	$ (3)	$ 3	$ 0

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments									$ 806	$ 121	$ (1,153)
Deferred acquisition costs adjustment									5,164	5,386	4,288
Future policy benefits									25,402	27,412	29,972
Total									283	(163)	723
Income from continuing operations before income tax expense	$ 1,036	$ 1,260	$ 1,837	$ 1,154	$ (695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
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									283	(163)	723
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)	5	50
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)	5	50
Income from continuing operations before income tax expense									(4)	5	50
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total									324	(134)	768
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									324	(134)	463
Deferred acquisition costs adjustment									0	0	305
Future policy benefits									0	0	0
Income from continuing operations before income tax expense									324	(134)	768
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total									(37)	(34)	(95)
Change in retirement plan liabilities adjustment \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total									(37)	(34)	(95)
Prior-Service Credit \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total									0	1	5
Actuarial Gains (Losses) \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total									$ (37)	$ (35)	$ (100)

EARNINGS PER COMMON SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator for EPS:
Income (loss) from continuing operations									$ 4,121	$ 103	$ (6,060)
Less: Net income from continuing operations attributable to noncontrolling interests	$ (60)	$ 317	$ 281	$ 283	$ 62	$ 0	$ (6)	$ 11	821	67	28
Less: Preferred stock dividends									22	0	0
Net income (loss) attributable to AIG common shareholders from continuing operations									3,278	36	(6,088)
Income (loss) from discontinued operations, net of income tax expense	49	0	(1)	0	(2)	(39)	0	(1)	48	(42)	4
Net income (loss) attributable to AIG common shareholders	$ 922	$ 648	$ 1,102	$ 654	$ (622)	$ (1,259)	$ 937	$ 938	$ 3,326	$ (6)	$ (6,084)
Denominator for EPS:
Weighted average common shares outstanding - basic	878,210,228	877,009,495	876,382,884	875,383,084	887,508,718	895,237,359	903,215,488	907,951,597	876,750,264	898,405,537	930,561,286
Dilutive common shares									12,761,682	11,735,705	0
Weighted average common shares outstanding - diluted	896,380,725	895,814,410	888,325,042	877,512,244	887,508,718	895,237,359	916,572,481	925,266,577	889,511,946	910,141,242	930,561,286
Basic:
Income (loss) from continuing operations	$ 0.99	$ 0.74	$ 1.26	$ 0.75	$ (0.70)	$ (1.37)	$ 1.04	$ 1.03	$ 3.74	$ 0.04	$ (6.54)
Income (loss) from discontinued operations	0.06	0	0	0	0	(0.04)	0	0	0.05	(0.05)	0
Income (loss) attributable to AIG common shareholders									3.79	(0.01)	(6.54)
Diluted:
Income (loss) from continuing operations	0.97	0.72	1.24	0.75	(0.70)	(1.37)	1.02	1.01	3.69	0.04	(6.54)
Income (loss) from discontinued operations	$ 0.06	$ 0	$ 0	$ 0	$ 0	$ (0.04)	$ 0	$ 0	0.05	(0.05)	0
Income (loss) attributable to AIG common shareholders									$ 3.74	$ (0.01)	$ (6.54)
Dilutive shares excluded from computation of diluted earnings per share											22,412,682
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive									20,000,000.0	19,600,000	1,700,000

STATUTORY FINANCIAL DATA AND RESTRICTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statutory capital and surplus and net income (loss)
Increase (decrease) in the previously reported amount of statutory net income as a result of the finalization of statutory filings		$ 1,100
Increase (decrease) in the previously reported amount of statutory surplus as a result of the finalization of statutory filings		(1,400)
Subsidiary Dividend Restrictions
Statutory capital and surplus of consolidated insurance subsidiaries companies restricted from transfer to parent	$ 44,100
New York
Subsidiary Dividend Restrictions
Dividend restrictions, as percentage of statutory policyholders' surplus	10.00%
Dividend restrictions, as percentage of adjusted net investment income, as defined	100.00%
General Insurance Companies
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	$ 2,864	(472)	$ (1,296)
Statutory capital and surplus	33,663	33,144
Aggregate minimum required statutory capital and surplus	12,823	12,849
General Insurance Companies \| Domestic
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	1,482	(1,030)	(978)
Statutory capital and surplus	17,433	17,435
Aggregate minimum required statutory capital and surplus	4,178	4,393
General Insurance Companies \| Foreign
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	1,382	558	(318)
Statutory capital and surplus	16,230	15,709
Aggregate minimum required statutory capital and surplus	8,645	8,456
Life and Retirement companies
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	3,666	118	1,087
Statutory capital and surplus	14,491	11,263
Aggregate minimum required statutory capital and surplus	4,612	4,460
Statutory surplus and net income (loss)
Permitted practice	285	438
Life and Retirement companies \| Domestic
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	310	671	1,066
Statutory capital and surplus	9,227	9,454
Aggregate minimum required statutory capital and surplus	3,383	3,301
Life and Retirement companies \| Foreign
Statutory capital and surplus and net income (loss)
Statutory net income (loss)	3,356	(553)	$ 21
Statutory capital and surplus	5,264	1,809
Aggregate minimum required statutory capital and surplus	$ 1,229	$ 1,159

SHARE-BASED COMPENSATION PLANS (Details - Share based compensation expense) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SHARE-BASED COMPENSATION PLANS
Share-based compensation expense - pre-tax	$ 314	$ 337	$ 353
Share-based compensation expense - after tax	248	266	229
Vested stock-settled awards issued to retirement eligible employees	82	$ 104	$ 196
Excess tax benefits due to share settlements	$ 27

SHARE-BASED COMPENSATION PLANS (Details - Employee Plans, Share-settled Awards - assumptions used to estimate the fair value of PSUs) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) item shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $	$ 314.0	$ 337.0	$ 353.0
Performance share units
Assumptions used to estimate the fair value of PSUs based on AIG's TSR
Expected dividend yield (as a percent)			2.37%
Expected volatility (as a percent)			17.58%
Risk-free interest rate (as a percent)			2.00%
Deferred stock units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under the plans	49,706	39,092	32,067
Compensation expense \| $	$ 2.6	$ 2.1	$ 2.0
2013 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future grant	45,000,000
Number of shares reserved for future grants	31,537,171
Reduction in the number of shares available for grants	1
AIG 2013 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Number of installments \| item	3
AIG 2013 Long Term Incentive Plan \| 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, from date of grant	2 years
AIG 2013 Long Term Incentive Plan \| Maximum \| 2017 to 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance period depending on which actual number of awards can be earned	0.00%
AIG 2013 Long Term Incentive Plan \| Minimum \| 2017 to 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of performance period depending on which actual number of awards can be earned	200.00%

SHARE-BASED COMPENSATION PLANS (Details - Share-settled Awards - Outstanding share-settled awards) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Maximum
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Weighted-Average Period	3 years 3 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incurred/recognized incremental compensation expense	$ 12	$ 48	$ 71
Change in number of shares
Unvested, beginning of year (in shares)	1,634,610	595,250	0
Granted (in shares)	399,779	1,385,929	869,241
Vested (in shares)	(774,350)	(342,481)	(273,991)
Forfeited (in shares)	(28,854)	(4,088)	0
Unvested, end of year (in shares)	1,231,185	1,634,610	595,250
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 56.11	$ 62.93	$ 0
Granted (in dollars per share)	52.40	54.07	63.02
Vested (in dollars per share)	57.32	59.68	63.21
Forfeited (in dollars per share)	55.23	60.31	0
Unvested, end of year (in dollars per share)	$ 54.17	$ 56.11	$ 62.93
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Expected Period	3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incurred/recognized incremental compensation expense	$ 142
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Weighted-Average Period	3 years
2015 LTI \| PSUs
Change in number of shares
Unvested, beginning of year (in shares)	272,332
Granted (in shares)	0
Vested (in shares)	(250,708)
Forfeited (in shares)	(21,624)
Unvested, end of year (in shares)	0	272,332
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 60.51
Granted (in dollars per share)	0
Vested (in dollars per share)	60.51
Forfeited (in dollars per share)	60.40
Unvested, end of year (in dollars per share)	$ 0	$ 60.51
2016 LTI \| PSUs
Change in number of shares
Unvested, beginning of year (in shares)	640,660
Granted (in shares)	0
Vested (in shares)	456,396
Forfeited (in shares)	(873,692)
Unvested, end of year (in shares)	223,364	640,660
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 61.55
Granted (in dollars per share)	0
Vested (in dollars per share)	53.85
Forfeited (in dollars per share)	50.88
Unvested, end of year (in dollars per share)	$ 62.14	$ 61.55
2017 LTI \| PSUs
Change in number of shares
Unvested, beginning of year (in shares)	1,579,995
Granted (in shares)	0
Vested (in shares)	(540,580)
Forfeited (in shares)	(1,039,415)
Unvested, end of year (in shares)	0	1,579,995
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 62.32
Granted (in dollars per share)	0
Vested (in dollars per share)	64.22
Forfeited (in dollars per share)	64.97
Unvested, end of year (in dollars per share)	$ 0	$ 62.32
2018 LTI \| PSUs
Change in number of shares
Unvested, beginning of year (in shares)	3,322,028
Granted (in shares)	5,499
Vested (in shares)	(529,576)
Forfeited (in shares)	(140,957)
Unvested, end of year (in shares)	2,656,994	3,322,028
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 55.32
Granted (in dollars per share)	47.57
Vested (in dollars per share)	55.72
Forfeited (in dollars per share)	55.47
Unvested, end of year (in dollars per share)	$ 55.21	$ 55.32
2019 LTI \| PSUs
Change in number of shares
Unvested, beginning of year (in shares)	0
Granted (in shares)	6,185,729
Vested (in shares)	(1,445,746)
Forfeited (in shares)	(216,085)
Unvested, end of year (in shares)	4,523,898	0
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 0
Granted (in dollars per share)	44.81
Vested (in dollars per share)	44.39
Forfeited (in dollars per share)	44.28
Unvested, end of year (in dollars per share)	$ 44.98	$ 0
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Unrecognized Compensation Cost	$ 203
Weighted-Average Period	11 months 15 days
Expected Period	2 years

SHARE-BASED COMPENSATION PLANS (Details - Roll forward of stock option activity) - USD ($) $ / shares in Units, $ in Millions													12 Months Ended
	Dec. 26, 2019	Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted under the plans													3,235,290
Weighted average assumptions used to estimate the fair value
Dividend paid (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32
Stock options activity
Outstanding at beginning of year (in shares)													5,205,799
Granted (in shares)													3,235,290
Exercised (in shares)													(36,194)
Forfeited or expired (in shares)													(39,004)
Outstanding at end of year (in shares)													8,365,891	5,205,799
Units, Exercisable, end of year (in shares)													1,330,226
Stock options, Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)													$ 58.99
Granted (in dollars per share)													44.89
Exercised (in dollars per share)													47.61
Forfeited or expired (in dollars per share)													44.28
Outstanding at end of year (in dollars per share)													53.66	$ 58.99
Excercisable, end of year (in dollars per share)													$ 57.28
Stock options, Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life, Outstanding End of year													7 years 7 months 24 days	7 years 4 months 17 days
Weighted Average Remaining Contractual Life, Exercisable, End of year													3 years 6 months 10 days
Aggregate intrinsic value, Outstanding, end of year													$ 22.0
Aggregate intrinsic value, Excerciable, end of year													1.0
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Compensation expense													$ 314.0	$ 337.0	$ 353.0
Minimum [Member]
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Weighted-Average Period													10 months 17 days
Maximum [Member]
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Weighted-Average Period													3 years 3 months
Deferred stock units (DSUs)
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Compensation expense													$ 2.6	$ 2.1	$ 2.0
Stock Options
Weighted average assumptions used to estimate the fair value
Expected annual dividend yield (as a percent)													2.86%	2.32%	2.03%
Expected volatility (as a percent)													23.17%	23.29%	20.96%
Risk-free interest rate (as a percent)													2.47%	2.83%	1.94%
Expected term													6 years 4 months 17 days		4 years 6 months
Trading Period on Which Historical Valuation is Based by Bloomberg Professional Service													24 months
Stock options, Weighted Average Remaining Contractual Life
Weighted average grant-date fair value of stock options granted													$ 10.01	$ 11.08	$ 10.54
Total unrecognized compensation cost (net of expected forfeitures) and the weighted-average periods over which those costs are expected to be recognized
Compensation expense													$ 28.1
Unrecognized Compensation Cost													$ 22.0
Expected Period													2 years
Stock Options \| Minimum [Member]
Weighted average assumptions used to estimate the fair value
Expected term														4 years 6 months
Contractual term of the option													P7Y
Stock Options \| Maximum [Member]
Weighted average assumptions used to estimate the fair value
Expected term														6 years 5 months 19 days
Contractual term of the option													P10Y

SHARE-BASED COMPENSATION PLANS (Details - Cash-settled Awards - Roll forward of SARs and cash-settled RSUs (excluding stock salary) as well as the related expenses) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in SARs (based on target amounts) as well as the related expenses
Restricted stock expense	$ 41.6
Total unrecognized compensation costs	$ 35.0
Maximum
Change in SARs (based on target amounts) as well as the related expenses
Unrecongized compensation costs, period for recognition	3 years 3 months
Minimum
Change in SARs (based on target amounts) as well as the related expenses
Unrecongized compensation costs, period for recognition	10 months 17 days
RSUs
Change in SARs (based on target amounts) as well as the related expenses
Unvested, beginning of year (in shares)	1,634,610	595,250	0
Granted (in shares)	399,779	1,385,929	869,241
Vested (in shares)	(774,350)	(342,481)	(273,991)
Forfeited (in shares)	(28,854)	(4,088)	0
Unvested, end of year (in shares)	1,231,185	1,634,610	595,250
Unvested, beginning of year (in shares)	1,634,610	595,250	0
Granted (in shares)	399,779	1,385,929	869,241
Vested (in shares)	(774,350)	(342,481)	(273,991)
Forfeited (in shares)	(28,854)	(4,088)	0
Unvested, end of year (in shares)	1,231,185	1,634,610	595,250
RSUs \| Maximum
Change in SARs (based on target amounts) as well as the related expenses
Unrecongized compensation costs, period for recognition	3 years
RSUs \| Minimum
Change in SARs (based on target amounts) as well as the related expenses
Unrecongized compensation costs, period for recognition	1 year

SHARE BASED COMPENSATION PLANS (Details - Summary of outstanding share-settled RSU grants) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in number of shares
Unvested, beginning of year (in shares)	1,634,610	595,250	0
Granted (in shares)	399,779	1,385,929	869,241
Vested (in shares)	(774,350)	(342,481)	(273,991)
Forfeited (in shares)	(28,854)	(4,088)	0
Unvested, end of year (in shares)	1,231,185	1,634,610	595,250
Change in Weighted Average Grant-Date Fair Value
Unvested, beginning of year (in dollars per share)	$ 56.11	$ 62.93	$ 0
Granted (in dollars per share)	52.40	54.07	63.02
Vested (in dollars per share)	57.32	59.68	63.21
Forfeited (in dollars per share)	55.23	60.31	0
Unvested, end of year (in dollars per share)	$ 54.17	$ 56.11	$ 62.93

EMPLOYEE BENEFITS (Details - Pension and Postretirement Plans) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Pensions \| U.S.
Change in projected benefit obligation:
Benefit obligation, beginning of year	$ 4,553	$ 5,091
Service cost	5	5	$ 11
Interest cost	176	162	166
Actuarial (gain) loss	536	(383)
Benefits paid:
AIG assets	(18)	(16)
Plan assets	(279)	(306)
Plan amendment	0	0
Curtailment	0	0
Settlements	0	0
Foreign exchange effect	0	0
Other	(1)	0
Projected benefit obligation, end of year	$ 4,972	4,553	5,091
(Decrease) in discount rate	1.06%
Change in plan assets:
Fair value of plan assets, beginning of year	$ 3,840	4,350
Actual return on plan assets, net of expenses	744	(204)
AIG contributions	178	16
AIG assets	(18)	(16)
Plan assets	(279)	(306)
Settlements	0	0
Foreign exchange effect	0	0
Other	0	0
Fair value of plan assets, end of year	4,465	3,840	4,350
Funded status, end of year				$ (507)	$ (713)
Amounts recognized in the consolidated balance sheet:
Assets				0	0
Liabilities				(507)	(713)
Total amounts recognized				(507)	(713)
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Net gain (loss)	(1,436)	(1,450)
Prior service (cost) credit	0	0
Total amounts recognized	(1,436)	(1,450)
Projected benefit obligation	4,553	4,553	5,091	4,972	4,553
Pensions \| U.S. \| Nonqualified Plan \| Unfunded Plan
Change in projected benefit obligation:
Benefit obligation, beginning of year	250
Benefits paid:
Projected benefit obligation, end of year	261	250
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Projected benefit obligation	261	250		261	250
Pensions \| Non U.S. Plans
Change in projected benefit obligation:
Benefit obligation, beginning of year	1,138	1,202
Service cost	21	22	29
Interest cost	15	16	16
Actuarial (gain) loss	91	(28)
Benefits paid:
AIG assets	(8)	(9)
Plan assets	(33)	(32)
Plan amendment	0	3
Curtailment	(2)	0
Settlements	(67)	(5)
Foreign exchange effect	18	(31)
Other	1	0
Projected benefit obligation, end of year	1,174	1,138	1,202
Change in plan assets:
Fair value of plan assets, beginning of year	861	875
Actual return on plan assets, net of expenses	64	6
AIG contributions	63	51
AIG assets	(8)	(9)
Plan assets	(33)	(32)
Settlements	(67)	(5)
Foreign exchange effect	19	(25)
Other	0	0
Fair value of plan assets, end of year	899	861	875
Funded status, end of year				(275)	(277)
Amounts recognized in the consolidated balance sheet:
Assets				65	72
Liabilities				(340)	(349)
Total amounts recognized				(275)	(277)
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Net gain (loss)	(195)	(149)
Prior service (cost) credit	(22)	(23)
Total amounts recognized	(217)	(172)
Projected benefit obligation	1,138	1,138	1,202	1,174	1,138
Pensions \| Non U.S. Plans \| Nonqualified Plan \| Unfunded Plan
Change in projected benefit obligation:
Benefit obligation, beginning of year	201
Benefits paid:
Projected benefit obligation, end of year	225	201
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Projected benefit obligation	225	201		225	201
Postretirement Plans \| U.S.
Change in projected benefit obligation:
Benefit obligation, beginning of year	172	190
Service cost	1	1	2
Interest cost	6	6	6
Actuarial (gain) loss	15	(10)
Benefits paid:
AIG assets	(13)	(15)
Plan assets	0	0
Plan amendment	0	0
Curtailment	0	0
Settlements	0	0
Foreign exchange effect	0	0
Other	0	0
Projected benefit obligation, end of year	181	172	190
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets, net of expenses	0	0
AIG contributions	13	15
AIG assets	(13)	(15)
Plan assets	0	0
Settlements	0	0
Foreign exchange effect	0	0
Other	0	0
Fair value of plan assets, end of year	0	0	0
Funded status, end of year				(181)	(172)
Amounts recognized in the consolidated balance sheet:
Assets				0	0
Liabilities				(181)	(172)
Total amounts recognized				(181)	(172)
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Net gain (loss)	10	26
Prior service (cost) credit	0	0
Total amounts recognized	10	26
Projected benefit obligation	172	172	190	181	172
Postretirement Plans \| Non U.S. Plans
Change in projected benefit obligation:
Benefit obligation, beginning of year	50	63
Service cost	1	1	3
Interest cost	2	2	3
Actuarial (gain) loss	8	(14)
Benefits paid:
AIG assets	(1)	(1)
Plan assets	0	0
Plan amendment	0	0
Curtailment	0	0
Settlements	0	0
Foreign exchange effect	1	(1)
Other	0	0
Projected benefit obligation, end of year	61	50	63
Change in plan assets:
Fair value of plan assets, beginning of year	0	0
Actual return on plan assets, net of expenses	0	0
AIG contributions	1	1
AIG assets	(1)	(1)
Plan assets	0	0
Settlements	0	0
Foreign exchange effect	0	0
Other	0	0
Fair value of plan assets, end of year	0	0	0
Funded status, end of year				(61)	(50)
Amounts recognized in the consolidated balance sheet:
Assets				0	0
Liabilities				(61)	(50)
Total amounts recognized				(61)	(50)
Pre-tax amounts recognized in Accumulated other comprehensive income (loss):
Net gain (loss)	(6)	3
Prior service (cost) credit	1	3
Total amounts recognized	(5)	6
Projected benefit obligation	$ 50	$ 50	$ 63	$ 61	$ 50

EMPLOYEE BENEFITS (Details - Accumulated benefit obligations for U.S. and non-U.S. pension benefit plans) - Pensions - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 4,972	$ 4,553
Defined benefit pension plan obligations in which the projected benefit obligation was in excess of the related plan assets
Projected benefit obligation	4,972	4,553
Fair value of plan assets	4,465	3,840
Defined benefit pension plan obligations in which the accumulated benefit obligation was in excess of the related plan assets
Accumulated benefit obligation	4,972	4,553
Fair value of plan assets	4,465	3,840
Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,159	1,125
Defined benefit pension plan obligations in which the projected benefit obligation was in excess of the related plan assets
Projected benefit obligation	1,005	994
Fair value of plan assets	605	594
Defined benefit pension plan obligations in which the accumulated benefit obligation was in excess of the related plan assets
Accumulated benefit obligation	931	932
Fair value of plan assets	$ 605	$ 594

EMPLOYEE BENEFITS (Details - Projected benefit obligation and the accumulated benefit obligation was in excess of the related plan assets and components of net periodic benefit cost) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pensions
Pension expense and effect of change in pension expense due to change in discount rate or expected long-term rate of return
Increase in expense due to decrease of 100 basis point in discount rate	$ 19
Increase in expense due to decrease of 100 basis point in expected long-term rate of return	51
Decrease in expense due to increase of 100 basis point in discount rate	8
Decrease in expense due to increase of 100 basis point in expected long-term rate of return	51
Pensions \| U.S.
Components of net periodic benefit cost:
Service cost	5	$ 5	$ 11
Interest cost	176	162	166
Expected return on assets	(229)	(283)	(266)
Amortization of prior service cost (credit)	0	0	0
Amortization of net (gain) loss	35	28	26
Net periodic benefit cost (credit)	(13)	(88)	(63)
Curtailment gain	0	0	0
Settlement (credit) charges	0	0	60
Net benefit cost (credit)	(13)	(88)	(3)
Total recognized in Accumulated other comprehensive income (loss)	14	(77)	32
Total recognized in net periodic benefit cost and other comprehensive income (loss)	27	11	35
Pensions \| Non U.S. Plans
Components of net periodic benefit cost:
Service cost	21	22	29
Interest cost	15	16	16
Expected return on assets	(21)	(25)	(24)
Amortization of prior service cost (credit)	2	2	0
Amortization of net (gain) loss	5	7	12
Net periodic benefit cost (credit)	22	22	33
Curtailment gain	0	0	(6)
Settlement (credit) charges	(2)	0	1
Net benefit cost (credit)	20	22	28
Total recognized in Accumulated other comprehensive income (loss)	(45)	20	87
Total recognized in net periodic benefit cost and other comprehensive income (loss)	(65)	(2)	59
Postretirement Plans \| U.S.
Components of net periodic benefit cost:
Service cost	1	1	2
Interest cost	6	6	6
Expected return on assets	0	0	0
Amortization of prior service cost (credit)	0	(1)	(1)
Amortization of net (gain) loss	(1)	0	(1)
Net periodic benefit cost (credit)	6	6	6
Curtailment gain	0	0	0
Settlement (credit) charges	0	0	0
Net benefit cost (credit)	6	6	6
Total recognized in Accumulated other comprehensive income (loss)	(17)	9	(2)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	(23)	3	(8)
Postretirement Plans \| Non U.S. Plans
Components of net periodic benefit cost:
Service cost	1	1	3
Interest cost	2	2	3
Expected return on assets	0	0	0
Amortization of prior service cost (credit)	(2)	(2)	(1)
Amortization of net (gain) loss	0	1	1
Net periodic benefit cost (credit)	1	2	6
Curtailment gain	0	0	(2)
Settlement (credit) charges	0	0	0
Net benefit cost (credit)	1	2	4
Total recognized in Accumulated other comprehensive income (loss)	(10)	12	9
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$ (11)	$ 10	$ 5

EMPLOYEE BENEFITS (Details - Weighted average assumptions used to determine the benefit obligations)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S.
Weighted average assumptions used to determine the net periodic benefit costs:
Expected return on assets (as a percent)	6.20%	6.75%
Non U.S. Plans
Weighted average assumptions used to determine the net periodic benefit costs:
Expected return on assets (as a percent)	2.51%	2.78%
Pension \| U.S.
Weighted average assumptions used to determine the benefit obligations:
Discount rate (as a percent)	3.16%	4.22%
Interest crediting rate	2.19%	3.34%
Assumed health care cost trend rates
Ultimate rate to which cost increase is assumed to decline (as a percent)	4.50%	4.50%
Weighted average assumptions used to determine the net periodic benefit costs:
Discount rate (as a percent)	4.22%	3.61%	4.15%
Interest crediting rate	3.34%	2.88%	2.50%
Expected return on assets (as a percent)	6.20%	6.75%	7.00%
Pension \| U.S. \| Medical (before age 65)
Assumed health care cost trend rates
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	5.74%	5.93%
Year in which the ultimate trend rate is reached:	2038	2038
Pension \| U.S. \| Medical (age 65 and older)
Assumed health care cost trend rates
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year	5.00%	5.00%
Year in which the ultimate trend rate is reached:	2038	2038
Pension \| Non U.S. Plans
Weighted average assumptions used to determine the benefit obligations:
Discount rate (as a percent)	1.09%	1.71%
Interest crediting rate	0.44%	0.74%
Rate of compensation increase (as a percent)	2.22%	2.27%
Weighted average assumptions used to determine the net periodic benefit costs:
Discount rate (as a percent)	1.71%	1.60%	1.50%
Interest crediting rate	0.74%	0.70%	0.69%
Rate of compensation increase (as a percent)	2.27%	2.27%	2.50%
Expected return on assets (as a percent)	2.51%	2.78%	2.92%
Pension \| AIG Japan pension plans
Discount Rate Methodology
Projected benefit obligation to total projected benefit obligations (as a percent)	53.00%	52.00%
Weighted average discount rate (as a percent)	0.42%	0.72%
Postretirement Plans \| U.S.
Weighted average assumptions used to determine the benefit obligations:
Discount rate (as a percent)	3.14%	4.17%
Weighted average assumptions used to determine the net periodic benefit costs:
Discount rate (as a percent)	4.17%	3.53%	4.01%
Postretirement Plans \| Non U.S. Plans
Weighted average assumptions used to determine the benefit obligations:
Discount rate (as a percent)	3.18%	4.12%
Rate of compensation increase (as a percent)	3.00%	3.00%
Weighted average assumptions used to determine the net periodic benefit costs:
Discount rate (as a percent)	4.12%	3.59%	3.95%
Rate of compensation increase (as a percent)	3.00%	3.00%	3.38%

EMPLOYEE BENEFITS (Details - Assumed health care cost trend rates)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	100.00%
Actual allocation (as a percent)	100.00%	100.00%
Expected weighted average long-term rate of return plan assets (as a percent)	6.20%	6.75%
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	26.00%
Actual allocation (as a percent)	25.00%	25.00%
U.S. \| Fixed maturity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	60.00%
Actual allocation (as a percent)	59.00%	47.00%
U.S. \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	14.00%
Actual allocation (as a percent)	16.00%	28.00%
Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	100.00%
Actual allocation (as a percent)	100.00%	100.00%
Expected weighted average long-term rate of return plan assets (as a percent)	2.51%	2.78%
Non U.S. Plans \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	29.00%
Actual allocation (as a percent)	23.00%	35.00%
Non U.S. Plans \| Fixed maturity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	51.00%
Actual allocation (as a percent)	43.00%	37.00%
Non U.S. Plans \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	19.00%
Actual allocation (as a percent)	24.00%	17.00%
Non U.S. Plans \| Cash & cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	1.00%
Actual allocation (as a percent)	10.00%	11.00%
Pensions \| AIG Japan pension plans
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (as a percent)	61.00%	59.00%
Expected weighted average long-term rate of return plan assets (as a percent)	1.82%	2.22%

EMPLOYEE BENEFITS (Details - Changes in Level 3 fair value measurements) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in Level 3 fair value measurements
Issuances	$ 0	$ 0
Pensions \| U.S.
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	3,840,000,000	4,350,000,000
Fair value of plan assets, end of year	4,465,000,000	3,840,000,000
Pensions \| U.S. \| Level 3
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	27,000,000	27,000,000
Net Realized and Unrealized Gains (Losses)	0	(4,000,000)
Purchases	2,000,000	8,000,000
Sales	(5,000,000)	(5,000,000)
Settlements	0	0
Issuances	0	0
Transfers In	0	1,000,000
Transfers Out	(4,000,000)	0
Fair value of plan assets, end of year	20,000,000	27,000,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year	5,000,000	0
Pensions \| U.S. \| Level 3 \| Fixed maturity securities: U.S. investment grade
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	13,000,000	12,000,000
Net Realized and Unrealized Gains (Losses)	3,000,000	(2,000,000)
Purchases	0	5,000,000
Sales	(3,000,000)	(3,000,000)
Settlements	0	0
Issuances	0	0
Transfers In	0	1,000,000
Transfers Out	(4,000,000)	0
Fair value of plan assets, end of year	9,000,000	13,000,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year	3,000,000	1,000,000
Pensions \| U.S. \| Level 3 \| Direct private equity
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	14,000,000	15,000,000
Net Realized and Unrealized Gains (Losses)	(3,000,000)	(2,000,000)
Purchases	2,000,000	3,000,000
Sales	(2,000,000)	(2,000,000)
Settlements	0	0
Issuances	0	0
Transfers In	0	0
Transfers Out	0	0
Fair value of plan assets, end of year	11,000,000	14,000,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year	2,000,000	(1,000,000)
Pensions \| U.S. \| Level 3 \| Mortgage-backed, asset-backed and collateralized
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	0
Fair value of plan assets, end of year	0	0
Pensions \| U.S. \| Level 3 \| Insurance contracts
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	0
Fair value of plan assets, end of year	0	0
Pensions \| Non U.S. Plans
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	861,000,000	875,000,000
Fair value of plan assets, end of year	899,000,000	861,000,000
Pensions \| Non U.S. Plans \| Level 3
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	145,000,000	113,000,000
Net Realized and Unrealized Gains (Losses)	16,000,000	31,000,000
Purchases	(1,000,000)	1,000,000
Sales	0	0
Settlements	0	0
Issuances	0	0
Transfers In	0	0
Transfers Out	0	0
Fair value of plan assets, end of year	160,000,000	145,000,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year	0	0
Pensions \| Non U.S. Plans \| Level 3 \| Direct private equity
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	0
Fair value of plan assets, end of year	0	0
Pensions \| Non U.S. Plans \| Level 3 \| Mortgage-backed, asset-backed and collateralized
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	0
Fair value of plan assets, end of year	0	0
Pensions \| Non U.S. Plans \| Level 3 \| Insurance contracts
Changes in Level 3 fair value measurements
Fair value of plan assets, beginning of year	145,000,000	113,000,000
Net Realized and Unrealized Gains (Losses)	16,000,000	31,000,000
Purchases	(1,000,000)	1,000,000
Sales	0	0
Settlements	0	0
Issuances	0	0
Transfers In	0	0
Transfers Out	0	0
Fair value of plan assets, end of year	160,000,000	145,000,000
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year	$ 0	$ 0

EMPLOYEE BENEFITS (Details - Expected Cash Flows) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
DEFINED CONTRIBUTION PLANS
Percentage of employer's contribution on employee's matching contribution	100.00%
Change in percentage of employer's contribution on employee's matching contribution	6.00%
Company's maximum contribution as percentage of employee's annual salary	3.00%
Pre-tax expenses associated with these plans	$ 195,000,000	$ 210,000,000	$ 209,000,000
Pensions
Defined Benefit Plan Disclosure [Line Items]
Estimated employer contribution	65,000,000
Pensions \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Minimum required cash contributions	0
AIG contributions	178,000,000	16,000,000
Expected future benefit payments, net of participants' contributions
2020	330,000,000
2021	326,000,000
2022	334,000,000
2023	320,000,000
2024	320,000,000
2025-2029	1,473,000,000
Pre tax expenses associated with contribution plans	178,000,000	16,000,000
Pensions \| Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
AIG contributions	63,000,000	51,000,000
Expected future benefit payments, net of participants' contributions
2020	47,000,000
2021	41,000,000
2022	42,000,000
2023	43,000,000
2024	49,000,000
2025-2029	252,000,000
Pre tax expenses associated with contribution plans	63,000,000	51,000,000
Postretirement Plans \| U.S.
Defined Benefit Plan Disclosure [Line Items]
AIG contributions	13,000,000	15,000,000
Expected future benefit payments, net of participants' contributions
2020	13,000,000
2021	13,000,000
2022	13,000,000
2023	13,000,000
2024	12,000,000
2025-2029	50,000,000
Pre tax expenses associated with contribution plans	13,000,000	15,000,000
Postretirement Plans \| Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
AIG contributions	1,000,000	1,000,000
Expected future benefit payments, net of participants' contributions
2020	1,000,000
2021	1,000,000
2022	2,000,000
2023	2,000,000
2024	2,000,000
2025-2029	10,000,000
Pre tax expenses associated with contribution plans	$ 1,000,000	$ 1,000,000

INCOME TAXES (Details - EFFECTIVE TAX RATE) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income (loss) from continuing operations before income tax expense (benefit)
U.S.									$ 3,825	$ (12)	$ 1,940
Foreign									1,462	269	(474)
Income from continuing operations before income tax expense	$ 1,036	$ 1,260	$ 1,837	$ 1,154	$ (695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
Foreign:
Current									267	202	209
Deferred									(12)	(7)	25
U.S.:
Current									278	134	427
Deferred									633	(175)	6,865
Income tax expense									1,166	154	7,526
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)
Consolidated total amounts									5,336	255	1,476
Amounts attributable to discontinued operations									49	(2)	10
Income from continuing operations before income tax expense	1,036	$ 1,260	$ 1,837	$ 1,154	(695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, tax expense/benefit
U.S. federal income tax at statutory rate									1,120	54	517
Consolidated total amounts									1,167	194	7,532
Amounts attributable to discontinued operations									1	40	6
Income tax expense									1,166	154	7,526
Adjustments:
Tax exempt interest									(25)	(37)	(111)
Uncertain tax positions									258	176	660
Reclassifications from accumulated other comprehensive income									(113)	(72)	(184)
Tax exempt income									65	75	201
Dispositions of Subsidiaries									21	0	17
Tax Attribute Restoration									0	0	0
Non-controlling Interest									(5)	(1)	(7)
Non-deductible transfer pricing charges									15	29	35
Dividends received deduction									(40)	(38)	(90)
Effect of foreign operations									69	44	69
Share-based compensation payments excess tax effect									27	(13)	(40)
State income taxes									13	10	(9)
Impact of Tax Act									0	62	6,687
Global intangible low-taxed income									13	21	0
Other									(134)	(102)	(58)
Effect of discontinued operations									(8)	40	3
Valuation allowance
Continuing operations									$ (44)	$ 21	$ 43
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%	35.00%
Consolidated total amounts (as a percent)									21.90%	76.00%	510.30%
Amounts attributable to discontinued operations (as a percent)									2.00%		60.00%
Adjustments:
Amounts attributable to continuing operations (as a percent)									22.10%	59.90%	513.40%
Tax exempt interest (as a percent)									(0.50%)	(14.50%)	(7.50%)
Uncertain Tax Positions (as a percent)									4.80%	69.00%	44.70%
Reclassification from accumulated other comprehensive income (as a percent)									(2.10%)	(28.20%)	(12.50%)
Dispositions of Subsidiaries (as a percent)									0.40%	0.00%	1.20%
Tax Attribute Restoration (as a percent)									0.00%	0.00%	0.00%
Non-controlling Interest (as a percent)									(0.10%)	(0.40%)	(0.50%)
Non-deductible transfer pricing charges (as a percent)									0.30%	11.40%	2.40%
Dividends received deduction (as a percent)									(0.70%)	(14.80%)	(6.10%)
Effect of foreign operations (as a percent)									1.30%	17.30%	4.70%
Share-based compensation payments excess tax deduction (as a percent)									0.50%	(5.10%)	(2.70%)
State income taxes (as a percent)									0.20%	3.90%	(0.60%)
Impact of Tax Act (as a percent)									0.00%	24.30%	453.00%
Global intangible low-taxed income (as a percent)									0.20%	8.20%	0.00%
Other (as a percent)									(2.50%)	(40.00%)	(3.90%)
Effect of discontinued operations (as a percent)									(0.10%)	15.70%	0.20%
Income Tax (as a percent):
Continuing operations (as a percent)									(0.80%)	8.20%	2.90%
Accounting for Uncertainty in Income Taxes:
Charges related to accrual of income tax interest	96				83				$ 96	$ 83	$ 301
Net charge related to accrual of IRS interest, tax expense reported in uncertain tax positions	207				189				207	189	245
Net charge related to accrual of IRS interest, tax benefit reported in other	(111)				(106)				(111)	(106)	56
Tax charges and related interest from increase in uncertain tax positions from local and state									37
Cumulative effect of change in accounting principle											(8)
Effect of foreign operations and global intangible low-taxes income									82
Unrecognized deferred tax liabilities	$ 110								$ 110
Maximum statutory rate to offset income by non-operating loss	35.00%								35.00%
Accumulated Other Comprehensive Income (Loss) [Member]
Accounting for Uncertainty in Income Taxes:
Cumulative effect of change in accounting principle											(576)
Accumulated Other Comprehensive Income (Loss) [Member] \| Accounting Standards Update - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
Accounting for Uncertainty in Income Taxes:
Cumulative effect of change in accounting principle					248					248
Retained Earnings [Member]
Accounting for Uncertainty in Income Taxes:
Cumulative effect of change in accounting principle											$ 568
Retained Earnings [Member] \| Accounting Standards Update - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
Accounting for Uncertainty in Income Taxes:
Cumulative effect of change in accounting principle					$ (248)					(248)
Foreign and state
Accounting for Uncertainty in Income Taxes:
Deferred tax asset valuation allowance recognized									$ (44)	$ 21
Life insurance companies
Accounting for Uncertainty in Income Taxes:
Deferred tax asset valuation allowance allocated to other comprehensive income									$ 290

INCOME TAXES (Details - Components of the net deferred tax assets (liabilities) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Losses and tax credit carryforwards	$ 10,541	$ 11,792
Basis differences on investments	2,673	2,038
Life policy reserves	1,766	2,200
Accruals not currently deductible, and other	743	608
Investments in foreign subsidiaries	148	173
Loss reserve discount	471	272
Loan loss and other reserves	58	0
Unearned premium reserve reduction	382	504
Fixed assets and intangible assets	963	531
Other	319	962
Employee benefits	617	604
Total deferred tax assets	18,681	19,684
Deferred tax liabilities:
Deferred policy acquisition costs	(2,200)	(2,342)
Unrealized gains related to available for sale debt securities	(2,123)	(490)
Loan loss and other reserves	0	(20)
Total deferred tax liabilities	(4,323)	(2,852)
Net deferred tax assets before valuation allowance	14,358	16,832
Valuation allowance	(1,427)	(1,780)
Net deferred tax assets (liabilities)	$ 12,931	$ 15,052

INCOME TAXES (Details - U.S. consolidated income tax group tax losses and credits carryforwards) $ in Millions	Dec. 31, 2019 USD ($)
AIG U.S. consolidated income tax group tax losses and credits carryforwards, gross
Net operating loss carryforwards	$ 32,143
Capital Loss Carryforwards	0
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	6,750
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	2,249
Other carryforwards	0
Unrecognized tax benefit	2,100
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	8,999
Tax Year 2020
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	738
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	738
Tax Year 2021
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	116
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	116
Tax Year 2022
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	683
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	683
Tax Year 2023
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	711
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	711
Tax Year 2024
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	0
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	0
Tax Year 2025
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	0
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	0
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	0
Unlimited Carryforwards And Tax Years 2026 And After
AIG U.S. consolidated income tax group tax losses and credits carryforwards, tax effected
Net operating loss carryforwards	6,750
Capital Loss Carryforwards	0
Foreign tax credit carryforwards	0
Other carryforwards	0
Total AIG U.S. consolidated income tax group tax losses and credits carryforwards on a U.S.GAAP basis	$ 6,750

INCOME TAXES (Details - Assessment of Deferred Tax Asset (liabilities) Valuation Allowance) - USD ($) $ in Millions		12 Months Ended
	Feb. 26, 2009	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Tax Assets, Liabilities [Line Items]
Continuing operations		$ (44)	$ 21	$ 43
Net deferred tax assets (liabilities) on a U.S. GAAP basis
Valuation allowance		(1,427)	(1,780)
Net deferred tax assets (liabilities)		12,931	15,052
Net foreign, state & local deferred tax assets		14,358	16,832
Net U.S, foreign, state & local deferred tax assets		13,146	15,221
Net foreign, state & local deferred tax liabilities		(4,323)	(2,852)
Deferred tax asset - U.S. consolidated income tax group
Net deferred tax assets (liabilities) on a U.S. GAAP basis
Net U.S. consolidated return group deferred tax assets		14,622	15,479
Net deferred tax assets (liabilities) in Accumulated other comprehensive income		(2,055)	(510)
Valuation allowance		(90)	(405)
Net deferred tax assets (liabilities)		12,477	14,564
Refund of taxes, interest and penalties sought	$ 306
Deferred tax liability - foreign, state and local
Net deferred tax assets (liabilities) on a U.S. GAAP basis
Valuation allowance		(1,337)	(1,374)
Net deferred tax assets (liabilities)		454	488
Net foreign, state & local deferred tax assets		2,006	2,031
Net foreign, state & local deferred tax liabilities		(215)	(169)
Net deferred tax assets (liabilities)		$ 669	$ 657

INCOME TAXES (Details - Accounting For Uncertainty in Income Taxes) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Rollforward of the beginning and ending balances of the total amounts of gross unrecognized tax benefits
Gross unrecognized tax benefits, beginning of year	$ 4,709	$ 4,707	$ 4,530
Increases in tax positions for prior years	51	14	210
Decreases in tax positions for prior years	(1)	(6)	(33)
Increases in tax positions for current year	4	0	0
Settlements	(1)	(6)	0
Gross unrecognized tax benefits, end of year	4,762	4,709	4,707
Unrecognized tax benefits, if recognized would not affect the effective tax rate	43	38	28
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	2,400	2,200	2,000
Unrecognized tax benefits, interest net of the federal benefit (expense) and penalties	(236)	$ (190)	$ (776)
Decrease in Unrecognized Tax Benefits is Reasonably Possible in the next twelve months	$ 3,600

INCOME TAXES (Details - Tax Years that remain open in Income Taxes)	12 Months Ended
	Dec. 31, 2019
UNITED STATES [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2000
UNITED STATES [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
Australia [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2015
Australia [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
FRANCE [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2017
FRANCE [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2019
JAPAN [Member} \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2013
JAPAN [Member} \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
KOREA [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2014
KOREA [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
SINGAPORE [Member] \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2015
SINGAPORE [Member] \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
United Kingdom \| Minimum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2018
United Kingdom \| Maximum [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2019

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details - Consolidated Statements of Income (Loss)) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Total revenues	$ 11,815,000,000	$ 12,914,000,000	$ 12,561,000,000	$ 12,456,000,000	$ 12,560,000,000	$ 11,486,000,000	$ 11,631,000,000	$ 11,712,000,000	$ 49,746,000,000	$ 47,389,000,000	$ 49,520,000,000
Income from continuing operations before income tax expense	1,036,000,000	1,260,000,000	1,837,000,000	1,154,000,000	(695,000,000)	(1,527,000,000)	1,252,000,000	1,227,000,000	5,287,000,000	257,000,000	1,466,000,000
Income (loss) from discontinued operations, net of income tax expense	49,000,000	0	(1,000,000)	0	(2,000,000)	(39,000,000)	0	(1,000,000)	48,000,000	(42,000,000)	4,000,000
Net income	869,000,000	973,000,000	1,390,000,000	937,000,000	(560,000,000)	(1,259,000,000)	931,000,000	949,000,000	4,169,000,000	61,000,000	(6,056,000,000)
Net income (loss) from continuing operations attributable to noncontrolling interests	(60,000,000)	317,000,000	281,000,000	283,000,000	62,000,000	0	(6,000,000)	11,000,000	821,000,000	67,000,000	28,000,000
Net income (loss) attributable to AIG	929,000,000	656,000,000	1,109,000,000	654,000,000	(622,000,000)	(1,259,000,000)	937,000,000	938,000,000	3,348,000,000	(6,000,000)	(6,084,000,000)
Net income (loss) attributable to AIG common shareholders	$ 922,000,000	$ 648,000,000	$ 1,102,000,000	$ 654,000,000	$ (622,000,000)	$ (1,259,000,000)	$ 937,000,000	$ 938,000,000	$ 3,326,000,000	$ (6,000,000)	$ (6,084,000,000)
Basic:
Income (loss) from continuing operations	$ 0.99	$ 0.74	$ 1.26	$ 0.75	$ (0.70)	$ (1.37)	$ 1.04	$ 1.03	$ 3.74	$ 0.04	$ (6.54)
Income from discontinued operations	0.06	0	0	0	0	(0.04)	0	0	0.05	(0.05)	0
Diluted:
Income (loss) from continuing operations	0.97	0.72	1.24	0.75	(0.70)	(1.37)	1.02	1.01	3.69	0.04	(6.54)
Income (loss) from discontinued operations	$ 0.06	$ 0	$ 0	$ 0	$ 0	$ (0.04)	$ 0	$ 0	$ 0.05	$ (0.05)	$ 0
Weighted average shares outstanding:
Basic	878,210,228	877,009,495	876,382,884	875,383,084	887,508,718	895,237,359	903,215,488	907,951,597	876,750,264	898,405,537	930,561,286
Diluted	896,380,725	895,814,410	888,325,042	877,512,244	887,508,718	895,237,359	916,572,481	925,266,577	889,511,946	910,141,242	930,561,286
Noteworthy quarterly items income (expense):
Total prior year (favourable) unfavorable development	$ (119,000,000)	$ (74,000,000)	$ (132,000,000)	$ (15,000,000)	$ 546,000,000	$ 949,000,000	$ (26,000,000)	$ (40,000,000)
Restructuring and other costs	$ 44,000,000	$ 67,000,000	$ 60,000,000	$ 47,000,000	136,000,000	35,000,000	200,000,000	24,000,000
Adjustment
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Income from continuing operations before income tax expense					(132,000,000)
Net income (loss) attributable to AIG					$ (87,000,000)	$ (40,000,000)	$ 0	$ 0

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Balance Sheets) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Short-term investments	$ 13,230	$ 9,674
Other investments	324,385	304,535
Total investments	337,615	314,209
Cash	2,856	2,873	$ 2,362
Loans to subsidiaries	0	0
Investment in consolidated subsidiaries	0	0
Other assets, including deferred income taxes	184,593	174,902
Total assets	525,064	491,984
Liabilities:
Insurance liabilities	302,406	293,652
Long-term debt and debt of consolidated investment entities	35,350	34,540
Other liabilities, including intercompany balances	119,881	106,483
Loans from subsidiaries	0	0
Total liabilities	457,637	434,675
Total AIG shareholders' equity	65,675	56,361
Non-redeemable noncontrolling interests	1,752	948
Total equity	67,427	57,309	65,708	$ 76,858
Total liabilities and equity	525,064	491,984
AIG (As Guarantor)
Assets:
Short-term investments	3,329	1,141
Other investments	4,804	3,377
Total investments	8,133	4,518
Cash	2	2	3
Loans to subsidiaries	35,352	34,963
Investment in consolidated subsidiaries	39,921	33,300
Other assets, including deferred income taxes	14,391	15,389
Total assets	97,799	88,172
Liabilities:
Insurance liabilities	0	0
Long-term debt and debt of consolidated investment entities	22,030	22,422
Other liabilities, including intercompany balances	9,379	8,774
Loans from subsidiaries	715	615
Total liabilities	32,124	31,811
Total AIG shareholders' equity	65,675	56,361
Non-redeemable noncontrolling interests	0	0
Total equity	65,675	56,361
Total liabilities and equity	97,799	88,172
Validus Holdings, Ltd
Assets:
Short-term investments	0	2
Other investments	0	0
Total investments	0	2
Cash	8	9	0
Loans to subsidiaries	0	0
Investment in consolidated subsidiaries	3,646	4,029
Other assets, including deferred income taxes	1,793	1,798
Total assets	5,447	5,838
Restricted cash	0
Liabilities:
Insurance liabilities	0	0
Long-term debt and debt of consolidated investment entities	353	359
Other liabilities, including intercompany balances	10	228
Loans from subsidiaries	0	0
Total liabilities	363	587
Total AIG shareholders' equity	5,084	5,251
Non-redeemable noncontrolling interests	0	0
Total equity	5,084	5,251
Total liabilities and equity	5,447	5,838
AIGLH
Assets:
Short-term investments	0	0
Other investments	0	0
Total investments	0	0
Cash	9	9	20
Loans to subsidiaries	0	0
Investment in consolidated subsidiaries	30,216	25,058
Other assets, including deferred income taxes	17	124
Total assets	30,242	25,191
Liabilities:
Insurance liabilities	0	0
Long-term debt and debt of consolidated investment entities	643	643
Other liabilities, including intercompany balances	42	144
Loans from subsidiaries	0	0
Total liabilities	685	787
Total AIG shareholders' equity	29,557	24,404
Non-redeemable noncontrolling interests	0	0
Total equity	29,557	24,404
Total liabilities and equity	30,242	25,191
AIGLH \| Scenario, Previously Reported [Member]
Assets:
Investment in consolidated subsidiaries		26,300
Liabilities:
Total AIG shareholders' equity		25,700
Total equity		24,400
Other Subsidiaries
Assets:
Short-term investments	12,496	10,329
Other investments	319,622	301,158
Total investments	332,118	311,487
Cash	2,837	2,853	2,339
Loans to subsidiaries	715	615
Investment in consolidated subsidiaries	0	0
Other assets, including deferred income taxes	170,642	159,430
Total assets	506,312	474,385
Liabilities:
Insurance liabilities	302,406	293,652
Long-term debt and debt of consolidated investment entities	12,324	11,116
Other liabilities, including intercompany balances	115,313	100,974
Loans from subsidiaries	35,353	34,963
Total liabilities	465,396	440,705
Total AIG shareholders' equity	39,164	32,732
Non-redeemable noncontrolling interests	1,752	948
Total equity	40,916	33,680
Total liabilities and equity	506,312	474,385
Other assets
Assets:
Restricted cash	243	343	317
Other assets \| AIG (As Guarantor)
Assets:
Restricted cash	1	1	1
Other assets \| Validus Holdings, Ltd
Assets:
Restricted cash	0	0	0
Other assets \| AIGLH
Assets:
Restricted cash	0	0	0
Other assets \| Other Subsidiaries
Assets:
Restricted cash	242	342	316
Short-term investments
Assets:
Restricted cash	188	142	58
Short-term investments \| AIG (As Guarantor)
Assets:
Restricted cash	102	124	4
Short-term investments \| Validus Holdings, Ltd
Assets:
Restricted cash		0	0
Short-term investments \| AIGLH
Assets:
Restricted cash	0	0	0
Short-term investments \| Other Subsidiaries
Assets:
Restricted cash	86	18	54
Reclassification and Eliminations
Assets:
Short-term investments	(2,595)	(1,798)
Other investments	(41)	0
Total investments	(2,636)	(1,798)
Cash	0	0	0
Loans to subsidiaries	(36,067)	(35,578)
Investment in consolidated subsidiaries	(73,783)	(62,387)
Other assets, including deferred income taxes	(2,250)	(1,839)
Total assets	(114,736)	(101,602)
Liabilities:
Insurance liabilities	0	0
Long-term debt and debt of consolidated investment entities	0	0
Other liabilities, including intercompany balances	(4,863)	(3,637)
Loans from subsidiaries	(36,068)	(35,578)
Total liabilities	(40,931)	(39,215)
Total AIG shareholders' equity	(73,805)	(62,387)
Non-redeemable noncontrolling interests	0	0
Total equity	(73,805)	(62,387)
Total liabilities and equity	(114,736)	(101,602)
Reclassification and Eliminations \| Scenario, Previously Reported [Member]
Assets:
Investment in consolidated subsidiaries		(63,700)
Liabilities:
Total AIG shareholders' equity		(63,700)
Reclassification and Eliminations \| Other assets
Assets:
Restricted cash	0	0	0
Reclassification and Eliminations \| Short-term investments
Assets:
Restricted cash	$ 0	$ 0	$ 0

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Income (Loss)) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Equity in earnings of consolidated subsidiaries									$ 0	$ 0	$ 0
Other income									49,746	47,389	49,520
Total revenues	$ 11,815	$ 12,914	$ 12,561	$ 12,456	$ 12,560	$ 11,486	$ 11,631	$ 11,712	49,746	47,389	49,520
Expenses:
Interest expense									1,417	1,309	1,168
Other interest expense									1,417	1,309
Losses on extinguishment of debt									32	7	(5)
Other expenses									43,010	45,816	46,891
Total benefits, losses and expenses									44,459	47,132	48,054
Income (loss) from continuing operations before income tax expense (benefit)									5,287	257	1,466
Income tax expense (benefit)									1,166	154	7,526
Income (loss) from continuing operations									4,121	103	(6,060)
Income (loss) from discontinued operations, net of income taxes	49	0	(1)	0	(2)	(39)	0	(1)	48	(42)	4
Net income (loss)	869	973	1,390	937	(560)	(1,259)	931	949	4,169	61	(6,056)
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests	(60)	317	281	283	62	0	(6)	11	821	67	28
Net income (loss) attributable to AIG	$ 929	$ 656	$ 1,109	$ 654	$ (622)	$ (1,259)	$ 937	$ 938	3,348	(6)	(6,084)
AIG (As Guarantor)
Revenues:
Equity in earnings of consolidated subsidiaries									3,863	(580)	(149)
Other income									1,156	938	891
Total revenues									5,019	358	742
Expenses:
Interest expense									985	954	949
Losses on extinguishment of debt									0	0	2
Other expenses									729	803	952
Total benefits, losses and expenses									1,714	1,757	1,903
Income (loss) from continuing operations before income tax expense (benefit)									3,305	(1,399)	(1,161)
Income tax expense (benefit)									(45)	(1,433)	4,922
Income (loss) from continuing operations									3,350	34	(6,083)
Income (loss) from discontinued operations, net of income taxes									(2)	(40)	(1)
Net income (loss)									3,348	(6)	(6,084)
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to AIG									3,348	(6)	(6,084)
Validus Holdings, Ltd
Revenues:
Equity in earnings of consolidated subsidiaries									303	(240)	0
Other income									9	23	0
Total revenues									312	(217)	0
Expenses:
Interest expense									17		0
Other interest expense										18
Losses on extinguishment of debt									0	0	0
Other expenses									18	27	0
Total benefits, losses and expenses									35	45	0
Income (loss) from continuing operations before income tax expense (benefit)									277	(262)	0
Income tax expense (benefit)									0	0	0
Income (loss) from continuing operations									277	(262)	0
Income (loss) from discontinued operations, net of income taxes									0	0	0
Net income (loss)									277	(262)	0
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to AIG									277	(262)	0
AIGLH
Revenues:
Equity in earnings of consolidated subsidiaries									325	3,359	1,328
Other income									0	1	0
Total revenues									325	3,360	1,328
Expenses:
Interest expense									50	50	50
Losses on extinguishment of debt									0	0	0
Other expenses									3	3	2
Total benefits, losses and expenses									53	53	52
Income (loss) from continuing operations before income tax expense (benefit)									272	3,307	1,276
Income tax expense (benefit)									(6)	39	(3)
Income (loss) from continuing operations									278	3,268	1,279
Income (loss) from discontinued operations, net of income taxes									0	0	0
Net income (loss)									278	3,268	1,279
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to AIG									278	3,268	1,279
AIGLH \| Scenario, Previously Reported [Member]
Revenues:
Equity in earnings of consolidated subsidiaries										2,800	1,900
Expenses:
Net income (loss)										2,800	1,900
Other Subsidiaries
Revenues:
Equity in earnings of consolidated subsidiaries									0	0	0
Other income									48,751	46,506	48,802
Total revenues									48,751	46,506	48,802
Expenses:
Interest expense									380	302	176
Losses on extinguishment of debt									32	7	(7)
Other expenses									42,415	45,048	46,116
Total benefits, losses and expenses									42,827	45,357	46,285
Income (loss) from continuing operations before income tax expense (benefit)									5,924	1,149	2,517
Income tax expense (benefit)									1,217	1,548	2,607
Income (loss) from continuing operations									4,707	(399)	(90)
Income (loss) from discontinued operations, net of income taxes									50	(2)	5
Net income (loss)									4,757	(401)	(85)
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests									821	67	28
Net income (loss) attributable to AIG									3,936	(468)	(113)
Reclassification and Eliminations
Revenues:
Equity in earnings of consolidated subsidiaries									(4,491)	(2,539)	(1,179)
Other income									(170)	(79)	(173)
Total revenues									(4,661)	(2,618)	(1,352)
Expenses:
Interest expense									(15)	(15)	(7)
Losses on extinguishment of debt									0	0	0
Other expenses									(155)	(65)	(179)
Total benefits, losses and expenses									(170)	(80)	(186)
Income (loss) from continuing operations before income tax expense (benefit)									(4,491)	(2,538)	(1,166)
Income tax expense (benefit)									0	0	0
Income (loss) from continuing operations									(4,491)	(2,538)	(1,166)
Income (loss) from discontinued operations, net of income taxes									0	0	0
Net income (loss)									(4,491)	(2,538)	(1,166)
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to AIG									$ (4,491)	(2,538)	(1,166)
Reclassification and Eliminations \| Scenario, Previously Reported [Member]
Revenues:
Equity in earnings of consolidated subsidiaries										(2,000)	(1,800)
Expenses:
Net income (loss)										$ (2,000)	$ (1,800)

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Comprehensive Income (Loss)) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income	$ 869	$ 973	$ 1,390	$ 937	$ (560)	$ (1,259)	$ 931	$ 949	$ 4,169	$ 61	$ (6,056)
Other comprehensive income (loss)									6,415	(6,293)	2,235
Comprehensive income (loss)									10,584	(6,232)	(3,821)
Comprehensive income (loss) attributable to noncontrolling interests									841	76	28
Comprehensive income (loss) attributable to AIG									9,743	(6,308)	(3,849)
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income									3,348	(6)	(6,084)
Other comprehensive income (loss)									6,395	(6,302)	2,235
Comprehensive income (loss)									9,743	(6,308)	(3,849)
Comprehensive income (loss) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to AIG									9,743	(6,308)	(3,849)
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net income									277	(262)	0
Other comprehensive income (loss)									1	0	0
Comprehensive income (loss)									278	(262)	0
Comprehensive income (loss) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to AIG									278	(262)	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net income									278	3,268	1,279
Other comprehensive income (loss)									6,209	(4,555)	1,844
Comprehensive income (loss)									6,487	(1,287)	3,123
Comprehensive income (loss) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to AIG									6,487	(1,287)	3,123
AIGLH \| Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Net income										2,800	1,900
Other comprehensive income (loss)										2,500	7,800
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income									4,757	(401)	(85)
Other comprehensive income (loss)									6,370	(6,810)	2,021
Comprehensive income (loss)									11,127	(7,211)	1,936
Comprehensive income (loss) attributable to noncontrolling interests									841	76	28
Comprehensive income (loss) attributable to AIG									10,286	(7,287)	1,908
Other Subsidiaries \| Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Other comprehensive income (loss)										12,300	17,800
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income									(4,491)	(2,538)	(1,166)
Other comprehensive income (loss)									(12,560)	11,374	(3,865)
Comprehensive income (loss)									(17,051)	8,836	(5,031)
Comprehensive income (loss) attributable to noncontrolling interests									0	0	0
Comprehensive income (loss) attributable to AIG									$ (17,051)	8,836	(5,031)
Reclassification and Eliminations \| Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Net income										(2,000)	(1,800)
Other comprehensive income (loss)										$ (14,800)	$ (25,700)

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Cash Flows) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ (928)	$ 61	$ (7,818)
Cash flows from investing activities:
Sales of investments	65,562	62,312	76,540
Sale of divested businesses, net	2	10	792
Purchase of investments	(68,909)	(58,552)	(63,246)
Loans to subsidiaries - net	0	0	0
Contributions from (to) subsidiaries - net	0	0	0
Acquisition of businesses, net of cash and restricted cash acquired	0	(5,717)	0
Net change in short-term investments	(3,633)	1,524	2,098
Other, net	1,503	200	(2,143)
Net cash provided by (used in) investing activities	(5,475)	(223)	14,041
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	3,881	4,734	3,356
Repayments of long-term debt and debt of consolidated investment entities	(3,202)	(3,672)	(3,698)
Issuance of preferred stock	485	0	0
Purchase of common stock	0	(1,739)	(6,275)
Intercompany loans - net	0	0	0
Dividends paid on preferred stock	(22)	0	0
Dividends paid on common stock	(1,114)	(1,138)	(1,172)
Other, net	6,351	2,609	2,092
Net cash provided by (used in) financing activities	6,379	794	(5,697)
Effect of exchange rate changes on cash and restricted cash	16	(11)	(29)
Change in cash and restricted cash	(8)	621	497
Cash and restricted cash at beginning of year	3,358	2,737	2,107
Change in cash of businesses held for sale	(63)	0	133
Cash and restricted cash at end of year	3,287	3,358	2,737
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				$ 2,856	$ 2,873	$ 2,362
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	3,358	3,358	2,737	3,287	3,358	2,737
Interest:
Third party	(1,326)	(1,312)	(1,282)
Intercompany	0	0	0
Taxes:
Income tax authorities	(252)	(154)	(544)
Intercompany	0	0	0
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	3,484	1,256	36
Cash flows from investing activities:
Sales of investments	2,313	5,587	5,821
Sale of divested businesses, net	0	0	40
Purchase of investments	(2,957)	(1,980)	(2,465)
Loans to subsidiaries - net	513	868	199
Contributions from (to) subsidiaries - net	(237)	1	2,446
Acquisition of businesses, net of cash and restricted cash acquired	0	(5,475)	0
Net change in short-term investments	(2,170)	1,533	1,994
Other, net	67	(73)	(183)
Net cash provided by (used in) investing activities	(2,471)	461	7,852
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	595	2,470	1,505
Repayments of long-term debt and debt of consolidated investment entities	(1,006)	(1,493)	(1,724)
Issuance of preferred stock	485	0	0
Purchase of common stock	0	(1,739)	(6,275)
Intercompany loans - net	93	90	(63)
Dividends paid on preferred stock	(22)	0	0
Dividends paid on common stock	(1,114)	(1,138)	(1,172)
Other, net	(66)	212	(154)
Net cash provided by (used in) financing activities	(1,035)	(1,598)	(7,883)
Effect of exchange rate changes on cash and restricted cash	0	0	0
Change in cash and restricted cash	(22)	119	5
Cash and restricted cash at beginning of year	127	8	3
Change in cash of businesses held for sale	0		0
Cash and restricted cash at end of year	105	127	8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				2	2	3
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	127	127	8	105	127	8
Interest:
Third party	(941)	(914)	(948)
Intercompany	(3)	1	0
Taxes:
Income tax authorities	(11)	(32)	(329)
Intercompany	1,179	895	614
Non-cash financing and investing activities:
Return of capital	15	2,706	26
Dividends received in the form of securities	702	745	735
Capital contributions	15	2,369	259
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	187	656	0
Cash flows from investing activities:
Sales of investments	2	13	0
Sale of divested businesses, net	0	0	0
Purchase of investments	0	0	0
Loans to subsidiaries - net	0	0	0
Contributions from (to) subsidiaries - net	0	0	0
Acquisition of businesses, net of cash and restricted cash acquired		112
Net change in short-term investments	0	0	0
Other, net	0	0	0
Net cash provided by (used in) investing activities	2	125	0
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	0	0	0
Repayments of long-term debt and debt of consolidated investment entities	0	(350)	0
Issuance of preferred stock	0
Purchase of common stock	0	0	0
Intercompany loans - net	0	0	0
Dividends paid on preferred stock	0
Dividends paid on common stock	(190)	(6)	0
Other, net	0	(416)	0
Net cash provided by (used in) financing activities	(190)	(772)	0
Effect of exchange rate changes on cash and restricted cash	0	0	0
Change in cash and restricted cash	(1)	9	0
Cash and restricted cash at beginning of year	9	0	0
Change in cash of businesses held for sale	0		0
Cash and restricted cash at end of year	8	9	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				8	9	0
Restricted cash				0
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	9	9	0	8	9	0
Interest:
Third party	(22)	(17)	0
Intercompany	45	0	0
Taxes:
Income tax authorities	0	0	0
Intercompany	2	0	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	1,470	2,445	1,413
Cash flows from investing activities:
Sales of investments	0	0	0
Sale of divested businesses, net	0	0	0
Purchase of investments	0	0	0
Loans to subsidiaries - net	0	0	0
Contributions from (to) subsidiaries - net	0	0	0
Acquisition of businesses, net of cash and restricted cash acquired		0
Net change in short-term investments	0	0	0
Other, net	0	0	(5)
Net cash provided by (used in) investing activities	0	0	(5)
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	0	0	0
Repayments of long-term debt and debt of consolidated investment entities	0	0	0
Issuance of preferred stock	0
Purchase of common stock	0	0	0
Intercompany loans - net	0	0	0
Dividends paid on preferred stock	0
Dividends paid on common stock	(1,470)	(2,456)	(1,422)
Other, net	0	0	0
Net cash provided by (used in) financing activities	(1,470)	(2,456)	(1,422)
Effect of exchange rate changes on cash and restricted cash	0	0	0
Change in cash and restricted cash	0	(11)	(14)
Cash and restricted cash at beginning of year	9	20	34
Change in cash of businesses held for sale	0		0
Cash and restricted cash at end of year	9	9	20
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				9	9	20
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	9	9	20	9	9	20
Interest:
Third party	(50)	(48)	(48)
Intercompany	0	(1)	(1)
Taxes:
Income tax authorities	0	0	0
Intercompany	0	0	0
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(1,439)	1,651	(6,659)
Cash flows from investing activities:
Sales of investments	63,830	59,918	74,477
Sale of divested businesses, net	2	10	752
Purchase of investments	(66,535)	(59,778)	(64,539)
Loans to subsidiaries - net	(93)	(90)	63
Contributions from (to) subsidiaries - net	0	0	0
Acquisition of businesses, net of cash and restricted cash acquired		(354)
Net change in short-term investments	(1,463)	(9)	104
Other, net	1,436	273	(1,955)
Net cash provided by (used in) investing activities	(2,823)	(30)	8,902
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	3,286	2,264	1,851
Repayments of long-term debt and debt of consolidated investment entities	(2,196)	(1,829)	(1,974)
Issuance of preferred stock	0
Purchase of common stock	0	0	0
Intercompany loans - net	(513)	(868)	(199)
Dividends paid on preferred stock	0
Dividends paid on common stock	(2,970)	(3,485)	(1,186)
Other, net	6,654	2,812	(200)
Net cash provided by (used in) financing activities	4,261	(1,106)	(1,708)
Effect of exchange rate changes on cash and restricted cash	16	(11)	(29)
Change in cash and restricted cash	15	504	506
Cash and restricted cash at beginning of year	3,213	2,709	2,070
Change in cash of businesses held for sale	(63)		133
Cash and restricted cash at end of year	3,165	3,213	2,709
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				2,837	2,853	2,339
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	3,213	3,213	2,709	3,165	3,213	2,709
Interest:
Third party	(313)	(333)	(286)
Intercompany	(42)	0	1
Taxes:
Income tax authorities	(241)	(122)	(215)
Intercompany	(1,181)	(895)	(614)
Other assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				243	343	317
Other assets \| AIG (As Guarantor)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				1	1	1
Other assets \| Validus Holdings, Ltd
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				0	0	0
Other assets \| AIGLH
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				0	0	0
Other assets \| Other Subsidiaries
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				242	342	316
Short-term investments
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				188	142	58
Short-term investments \| AIG (As Guarantor)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				102	124	4
Short-term investments \| Validus Holdings, Ltd
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash					0	0
Short-term investments \| AIGLH
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				0	0	0
Short-term investments \| Other Subsidiaries
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				86	18	54
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(4,630)	(5,947)	(2,608)
Cash flows from investing activities:
Sales of investments	(583)	(3,206)	(3,758)
Sale of divested businesses, net	0	0	0
Purchase of investments	583	3,206	3,758
Loans to subsidiaries - net	(420)	(778)	(262)
Contributions from (to) subsidiaries - net	237	(1)	(2,446)
Acquisition of businesses, net of cash and restricted cash acquired		0
Net change in short-term investments	0	0	0
Other, net	0	0	0
Net cash provided by (used in) investing activities	(183)	(779)	(2,708)
Cash flows from financing activities:
Issuance of long-term debt and debt of consolidated investment entities	0		0
Repayments of long-term debt and debt of consolidated investment entities	0	0	0
Issuance of preferred stock	0
Purchase of common stock	0	0	0
Intercompany loans - net	420	778	262
Dividends paid on preferred stock	0
Dividends paid on common stock	4,630	5,947	2,608
Other, net	(237)	1	2,446
Net cash provided by (used in) financing activities	4,813	6,726	5,316
Effect of exchange rate changes on cash and restricted cash	0	0	0
Change in cash and restricted cash	0	0	0
Cash and restricted cash at beginning of year	0	0	0
Change in cash of businesses held for sale	0		0
Cash and restricted cash at end of year	0	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash				0	0	0
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	0	0	0	0	0	0
Interest:
Third party	0	0	0
Intercompany	0	0	0
Taxes:
Income tax authorities	0	0	0
Intercompany	$ 0	$ 0	$ 0
Reclassification and Eliminations \| Other assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				0	0	0
Reclassification and Eliminations \| Short-term investments
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash				$ 0	$ 0	$ 0

SUBSEQUENT EVENTS (Details) - $ / shares	Feb. 12, 2020	Dec. 26, 2019	Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017
Subsequent Event [Line Items]
Date dividends declared		Oct. 31, 2019	Aug. 07, 2019	May 06, 2019	Feb. 13, 2019	Oct. 31, 2018	Aug. 02, 2018	May 02, 2018	Feb. 08, 2018	Nov. 02, 2017	Aug. 02, 2017	May 03, 2017	Feb. 14, 2017
Date dividends paid		Dec. 26, 2019	Sep. 30, 2019	Jun. 28, 2019	Mar. 29, 2019	Dec. 26, 2018	Sep. 28, 2018	Jun. 28, 2018	Mar. 29, 2018	Dec. 22, 2017	Sep. 29, 2017	Jun. 28, 2017	Mar. 29, 2017
Date of record		Dec. 12, 2019	Sep. 17, 2019	Jun. 14, 2019	Mar. 15, 2019	Dec. 12, 2018	Sep. 17, 2018	Jun. 14, 2018	Mar. 15, 2018	Dec. 08, 2017	Sep. 15, 2017	Jun. 14, 2017	Mar. 15, 2017
Subsequent event \| Common Stock
Subsequent Event [Line Items]
Date dividends declared	Feb. 12, 2020
Dividends declared per common share	$ 0.32
Date dividends paid	Mar. 30, 2020
Date of record	Mar. 16, 2020
Subsequent event \| Preferred Stock
Subsequent Event [Line Items]
Date dividends declared	Feb. 12, 2020
Date dividends paid	Mar. 16, 2020
Date of record	Feb. 28, 2020
Dividends declared per preferred share	$ 365.625

Schedule I Summary of Investments - Other than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2019 USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	$ 321,255
Fair Value	340,429
Amount at which shown in the Balance Sheet	338,408
Fixed maturity securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	239,912
Fair Value	257,768
Amount at which shown in the Balance Sheet	257,768
U.S. government and government sponsored entities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	7,229
Fair Value	7,501
Amount at which shown in the Balance Sheet	7,501
Obligations of states, municipalities and political subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	13,960
Fair Value	15,318
Amount at which shown in the Balance Sheet	15,318
Non-U.S. government
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	14,042
Fair Value	14,869
Amount at which shown in the Balance Sheet	14,869
Public utilities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	17,861
Fair Value	19,378
Amount at which shown in the Balance Sheet	19,378
All other corporate and debt securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	120,203
Fair Value	130,276
Amount at which shown in the Balance Sheet	130,276
Mortgage-backed, asset-backed and collateralized
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	66,617
Fair Value	70,426
Amount at which shown in the Balance Sheet	70,426
Equity securities and mutual funds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	841
Fair Value	841
Amount at which shown in the Balance Sheet	841
Common Stock
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	532
Fair Value	532
Amount at which shown in the Balance Sheet	532
Public utilities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	1
Fair Value	1
Amount at which shown in the Balance Sheet	1
Banks, trust and insurance companies
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	151
Fair Value	151
Amount at which shown in the Balance Sheet	151
Industrial, miscellaneous and all other
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	380
Fair Value	380
Amount at which shown in the Balance Sheet	380
Preferred stock
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	13
Fair Value	13
Amount at which shown in the Balance Sheet	13
Mutual funds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	296
Fair Value	296
Amount at which shown in the Balance Sheet	296
Mortgage and other loans receivable, net of allowance
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	46,984
Fair Value	49,005
Amount at which shown in the Balance Sheet	46,984
Other invested assets
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	19,495
Fair Value	18,792
Amount at which shown in the Balance Sheet	18,792
Short-term investments, at cost
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	13,230
Fair Value	13,230
Amount at which shown in the Balance Sheet	13,230
Derivative assets
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Cost	793
Fair Value	793
Amount at which shown in the Balance Sheet	$ 793

Schedule II Condensed Financial Information of Registrant - Parent Company Only (Details - Balance Sheets) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Short-term investments	$ 13,230,000,000	$ 9,674,000,000
Other Investments	18,792,000,000	19,341,000,000
Total investments	337,615,000,000	314,209,000,000
Cash	2,856,000,000	2,873,000,000	$ 2,362,000,000
Loans to subsidiaries	0	0
Deferred income taxes	13,146,000,000	15,221,000,000
Investment in consolidated subsidiaries	0	0
Other assets	16,383,000,000	13,568,000,000
Total assets	525,064,000,000	491,984,000,000
Liabilities:
Outstanding debt	35,350,000,000	34,540,000,000
Loans from subsidiaries	0	0
Total liabilities	457,637,000,000	434,675,000,000
AIG Shareholders' equity:
Preferred stock	485,000,000	0
Common stock	4,766,000,000	4,766,000,000
Treasury stock	(48,987,000,000)	(49,144,000,000)
Additional paid-in capital	81,345,000,000	81,268,000,000
Retained earnings	23,084,000,000	20,884,000,000
Accumulated other comprehensive income (loss)	4,982,000,000	(1,413,000,000)	5,465,000,000	$ 3,230,000,000
Total AIG shareholders' equity	65,675,000,000	56,361,000,000
Total liabilities and equity	525,064,000,000	491,984,000,000
Short-term investments
Assets:
Restricted cash	188,000,000	142,000,000	58,000,000
Other assets
Assets:
Restricted cash	243,000,000	343,000,000	317,000,000
Parent Company [Member]
Assets:
Short-term investments	3,329,000,000	1,141,000,000
Other Investments	4,804,000,000	3,377,000,000
Total investments	8,133,000,000	4,518,000,000
Cash	2,000,000	2,000,000	3,000,000
Loans to subsidiaries	35,352,000,000	34,963,000,000
Due from affiliates - net	1,504,000,000	1,206,000,000
Intercompany tax receivable	3,121,000,000	3,053,000,000
Deferred income taxes	9,426,000,000	10,747,000,000
Investment in consolidated subsidiaries	39,921,000,000	33,300,000,000
Other assets	340,000,000	383,000,000
Total assets	97,799,000,000	88,172,000,000
Liabilities:
Due to affiliate	3,231,000,000	2,329,000,000
Intercompany tax payable	2,700,000,000	2,954,000,000
Outstanding debt	22,030,000,000	22,422,000,000
Loans from subsidiaries	715,000,000	615,000,000
Other liabilities (includes intercompany derivative liabilities of $33 in 2019 and $105 in 2018)	3,448,000,000	3,491,000,000
Total liabilities	32,124,000,000	31,811,000,000
AIG Shareholders' equity:
Preferred stock	485,000,000	0
Common stock	4,766,000,000	4,766,000,000
Treasury stock	(48,987,000,000)	(49,144,000,000)
Additional paid-in capital	81,345,000,000	81,268,000,000
Retained earnings	23,084,000,000	20,884,000,000
Accumulated other comprehensive income (loss)	4,982,000,000	(1,413,000,000)
Total AIG shareholders' equity	65,675,000,000	56,361,000,000
Total liabilities and equity	97,799,000,000	88,172,000,000
Intercompany derivative liabilities	33,000,000	105,000,000
Parent Company [Member] \| Short-term investments
Assets:
Restricted cash	102,000,000	124,000,000	4,000,000
Parent Company [Member] \| Other assets
Assets:
Restricted cash	1,000,000	1,000,000	$ 1,000,000
Series AIGFP \| Parent Company [Member]
Liabilities:
Outstanding debt	21,000,000	21,000,000
Notes and bonds payable \| Parent Company [Member]
Liabilities:
Outstanding debt	20,467,000,000	20,853,000,000
Junior subordinated debt \| Parent Company [Member]
Liabilities:
Outstanding debt	$ 1,542,000,000	$ 1,548,000,000

Schedule II Condensed Financial Information of Registrant - Parent Company Only (Details - Statements of Income) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Net realized capital gains (losses)									$ 632	$ (130)	$ (1,380)
Other income									919	1,638	2,412
Expenses:
Interest expense									1,417	1,309	1,168
Losses on extinguishment of debt									32	7	(5)
Net (gain) loss on sale of divested businesses									75	(38)	(68)
Income from continuing operations before income tax expense	$ 1,036	$ 1,260	$ 1,837	$ 1,154	$ (695)	$ (1,527)	$ 1,252	$ 1,227	5,287	257	1,466
Income tax expense									1,166	154	7,526
Net income (loss) attributable to AIG common shareholders from continuing operations									3,278	36	(6,088)
Income (loss) from discontinued operations, net of income taxes	49	0	(1)	0	(2)	(39)	0	(1)	48	(42)	4
Net income (loss) attributable to AIG	$ 929	$ 656	$ 1,109	$ 654	$ (622)	$ (1,259)	$ 937	$ 938	3,348	(6)	(6,084)
Parent Company [Member]
Revenues:
Equity in undistributed net income (loss) of consolidated subsidiaries									44	(5,160)	(2,375)
Dividend income from consolidated subsidiaries									3,819	4,580	2,226
Interest income									1,034	961	656
Net realized capital gains (losses)									(3)	(49)	46
Other income									125	26	189
Expenses:
Interest expense									985	954	949
Losses on extinguishment of debt									0	0	2
Net (gain) loss on sale of divested businesses									1	3	30
Other expenses									728	800	922
Income from continuing operations before income tax expense									3,305	(1,399)	(1,161)
Income tax expense									(45)	(1,433)	4,922
Net income (loss) attributable to AIG common shareholders from continuing operations									3,350	34	(6,083)
Income (loss) from discontinued operations, net of income taxes									(2)	(40)	(1)
Net income (loss) attributable to AIG									3,348	(6)	(6,084)
Related party interest income									$ 904	$ 840	$ 512

Schedule II Condensed Financial Information of Registrant - Parent Company Only (Details - Statements of Comprehensive Income (Loss)) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Net income	$ 929	$ 656	$ 1,109	$ 654	$ (622)	$ (1,259)	$ 937	$ 938	$ 3,348	$ (6)	$ (6,084)
Other comprehensive income (loss)									6,415	(6,293)	2,235
Comprehensive income (loss) attributable to AIG									9,743	(6,308)	(3,849)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net income									3,348	(6)	(6,084)
Other comprehensive income (loss)									6,395	(6,302)	2,235
Comprehensive income (loss) attributable to AIG									$ 9,743	$ (6,308)	$ (3,849)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.