0000005272-22-000027 | 10-Q | XBRL Viewer | American International Group INC

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Contingencies, Commitments and Guarantees	9 Months Ended
Contingencies, Commitments and Guarantees	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies, Commitments and Guarantees	11. Contingencies, Commitments and Guarantees In the normal course of business, various contingent liabilities and commitments are entered into by AIG and our subsidiaries. In addition, AIG Parent guarantees various obligations of certain subsidiaries. Although AIG cannot currently quantify its ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on AIG’s consolidated financial condition or its consolidated results of operations or consolidated cash flows for an individual reporting period. LEGAL CONTINGENCIES Overview In the normal course of business, AIG and our subsidiaries are 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 or examinations 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. Moriarty Litigation Effective January 1, 2013, the California legislature enacted AB 1747 (the Act), which amended the Insurance Code to mandate that life insurance policies issued and delivered in California contain a 60-day grace period during which time the policies must remain in force after a premium payment is missed, and that life insurers provide both a 30-day minimum notification of lapse and the right of policy owners to designate a secondary recipient for lapse and termination notices. Following guidance from the California Department of Insurance and certain industry trade groups, American General Life Insurance Company (AGL) interpreted the Act to be prospective in nature, applying only to policies issued and delivered on or after the Act’s January 1, 2013, effective date. On July 18, 2017, AGL was sued in a putative class action captioned Moriarty v. American General Life Insurance Company, No. 17-cv-1709 (S.D. Cal.), challenging AGL’s prospective application of the Act. Plaintiff’s complaint, which is similar to complaints filed against other insurers, argues that policies issued and delivered prior to January 1, 2013, like the $1 million policy issued to Plaintiff’s husband do not lapse—despite nonpayment of premiums—if the insurer has not complied with the Act’s terms. On August 30, 2021, the California Supreme Court issued an opinion in McHugh v. Protective Life Insurance, 12 Cal. 5th 213 (2021), ruling that the Act applies to all policies in force on January 1, 2013, regardless of when the policies were issued. On February 7, 2022, Plaintiff filed motions for summary judgment and class certification; AGL opposed both motions and filed its own motion for partial summary judgment. On July 26, 2022, the District Court granted in part and denied in part AGL’s motion for partial summary judgment, and on September 7, 2022, the District Court denied Plaintiff's motion for summary judgment. In the summary judgment decisions, the District Court declined to adopt Plaintiff's theory that a failure to comply with the Act necessitates payment of policy benefits or to make a pre-trial determination as to AGL’s liability. On September 27, 2022, the District Court denied Plaintiff’s motion for class certification without prejudice and thereafter set a trial date for February 7, 2023. The District Court declined to certify Plaintiff's proposed class consisting of claims for monetary damages and equitable relief, but indicated that Plaintiff could seek the certification of a narrower class consisting only of claims for monetary damages. The District Court indicated, however, that it has "substantial concerns" as to whether individual issues such as actual damages and causation would predominate, precluding class certification. Proceedings are ongoing in other California cases that raise similar industry-wide issues, including in the McHugh case on remand from the California Supreme Court, in which the California Court of Appeal rendered an unpublished opinion on October 10, 2022 that also declined to hold that failure to comply with the Act automatically necessitates payment of policy benefits. We have accrued our current estimate of probable loss with respect to this litigation. 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 $7.1 billion and $7.3 billion at September 30, 2022 and December 31, 2021, respectively. GUARANTEES Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIG Financial Products Corp. and related subsidiaries (collectively AIGFP) and of AIG Markets, Inc. arising from transactions entered into by AIG Markets, Inc. 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 September 30, 2022 was $69 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. Business and Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. 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 the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Other •For additional information on commitments and guarantees associated with VIEs, see Note 8. •For additional information on derivatives, see Note 9.

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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, and our global reinsurance business, AIG Re.

•International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings, Ltd. as well as AIG’s Global Specialty business.

North America and International operating segments consist of the following products:

–Commercial Lines – consists of Property, Liability, Financial Lines, and Specialty.

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

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 record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and non-proprietary annuities and advisory and brokerage products offered outside of plans.

•Life Insurance – primary products in the U.S. include term life and universal life insurance. International operations primarily 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, high net worth products and guaranteed investment contracts (GICs).

OTHER OPERATIONS

Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.

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 pre-tax income (loss), 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. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below.

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


Three Months Ended September 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	3,140	$	(439)	(a)	$	2,907	$	(166)	(a)
International		3,267		607	(a)		3,516		186	(a)
Net investment income		582		582			791		791
Total General Insurance		6,989		750			7,214		811
Life and Retirement
Individual Retirement		1,312		200			1,560		292
Group Retirement		680		183			832		316
Life Insurance		1,234		123			1,211		134
Institutional Markets		1,110		83			841		135
Total Life and Retirement		4,336		589			4,444		877
Other Operations
Other Operations before consolidation and eliminations		126		(467)			301		(370)
Consolidation and eliminations		(152)		(147)			(206)		(192)
Total Other Operations		(26)		(614)			95		(562)
Total		11,299		725			11,753		1,126
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		14		6			14		26
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(28)			—		9
Changes in the fair value of equity securities		16		16			(45)		(45)
Other income (expense) - net		(7)		—			(6)		—
Loss on extinguishment of debt		—		—			—		(51)
Net investment income on Fortitude Re funds withheld assets		155		155			495		495
Net realized gains (losses) on Fortitude Re funds withheld assets		(86)		(86)			190		190
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		1,757		1,757			(209)		(209)
Net realized gains(b)		1,446		1,449			643		652
Net gain on divestitures		—		6			—		102
Non-operating litigation reserves and settlements		8		3			—		(3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		62			—		115
Net loss reserve discount charge		—		(10)			—		(72)
Pension expense related to a one-time lump sum payment to former employees		—		—			—		(27)
Integration and transaction costs associated with acquiring or divesting businesses		—		(52)			—		(11)
Restructuring and other costs		—		(147)			—		(104)
Non-recurring costs related to regulatory or accounting changes		—		(9)			—		(17)
Revenues and pre-tax income	$	14,602	$	3,847		$	12,835	$	2,176


Nine Months Ended September 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	8,901	$	223	(a)	$	7,980	$	(199)	(a)
International		10,148		1,190	(a)		10,524		755	(a)
Net investment income		1,805		1,805			2,294		2,294
Total General Insurance		20,854		3,218			20,798		2,850
Life and Retirement
Individual Retirement		3,985		788			4,556		1,441
Group Retirement		2,106		572			2,458		970
Life Insurance		3,820		231			3,839		114
Institutional Markets		2,445		285			2,617		417
Total Life and Retirement		12,356		1,876			13,470		2,942
Other Operations
Other Operations before consolidation and eliminations		627		(1,086)			884		(1,240)
AIG consolidation and eliminations		(424)		(410)			(511)		(462)
Total Other Operations		203		(1,496)			373		(1,702)
Total		33,413		3,598			34,641		4,090
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		41		29			46		61
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(429)			—		(74)
Changes in the fair value of equity securities		(41)		(41)			(36)		(36)
Other income (expense) - net		(23)		—			(14)		—
Loss on extinguishment of debt		—		(299)			—		(149)
Net investment income on Fortitude Re funds withheld assets		634		634			1,488		1,488
Net realized gains (losses) on Fortitude Re funds withheld assets		(312)		(312)			536		536
Net realized gains on Fortitude Re funds withheld embedded derivative		7,851		7,851			117		117
Net realized gains(b)		3,242		3,257			1,192		1,220
Net gain on divestitures		—		45			—		108
Non-operating litigation reserves and settlements		46		41			—		(3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		206			—		199
Net loss reserve discount charge		—		(4)			—		(62)
Pension expense related to a one-time lump sum payment to former employees		—		—			—		(27)
Integration and transaction costs associated with acquiring or divesting businesses		—		(136)			—		(55)
Restructuring and other costs		—		(415)			—		(304)
Non-recurring costs related to regulatory or accounting changes		—		(22)			—		(58)
Revenues and pre-tax income	$	44,851	$	14,003		$	37,970	$	7,051

(a)General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results.

(b)Includes all net realized 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 and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Earnings Per Common Share (EPS)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share (EPS)

13. Earnings Per Common Share (EPS)

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

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


		Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)		2022		2021		2022		2021
Numerator for EPS:
Income from continuing operations	$	3,041	$	1,737	$	11,090	$	5,817
Less: Net income from continuing operations attributable to noncontrolling interests		332		70		1,084		175
Less: Preferred stock dividends		7		7		22		22
Income attributable to AIG common shareholders from continuing operations		2,702		1,660		9,984		5,620
Income (loss) from discontinued operations, net of income tax expense		—		—		(1)		—
Net income attributable to AIG common shareholders	$	2,702	$	1,660	$	9,983	$	5,620
Denominator for EPS:
Weighted average common shares outstanding - basic		763,051,482		852,765,263		789,888,322		861,211,983
Dilutive common shares		8,080,919		11,254,231		9,204,234		9,790,035
Weighted average common shares outstanding - diluted(a)		771,132,401		864,019,494		799,092,556		871,002,018
Income per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	3.54	$	1.95	$	12.64	$	6.53
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.54	$	1.95	$	12.64	$	6.53
Diluted:
Income from continuing operations	$	3.50	$	1.92	$	12.49	$	6.45
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.50	$	1.92	$	12.49	$	6.45

(a)Potential dilutive common shares include our share-based employee compensation plans, a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011, which expired in January 2021 and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of common shares excluded from diluted shares outstanding was 6.0 million and 30.8 million for the three- and nine-month periods ended September 30, 2022, respectively, and 5.2 million and 6.6 million for the three- and nine-month periods ended September 30, 2021, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

For information regarding the Blackstone option to exchange all or a portion of its ownership interest in Corebridge for AIG common shares, see Note 1. For information regarding our repurchases of AIG Common Stock, see Note 12.

Insurance Liabilities - Discounting of reserves (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Discounting of Reserves [Line Items]
U.S. workers' compensation		$ 1,825,000,000	$ 1,829,000,000
Retroactive reinsurance		(879,000,000)	(953,000,000)
Total reserve discount		946,000,000	876,000,000
Fortitude RE
Discounting of Reserves [Line Items]
Total reserve discount		$ 480,000,000	500,000,000
Discount ceded on sale (as a percent)	100.00%	100.00%
United Kingdom
Discounting of Reserves [Line Items]
Total reserve discount		$ 131,000,000	$ 116,000,000

Investments - Carrying amounts of other invested assets (Details) - USD ($)
$ in Millions

9 Months Ended

72 Months Ended

Sep. 30, 2022

Dec. 31, 2028

Dec. 31, 2021

Investments [Line Items]

Investment real estate

$ 2,205

$ 2,727

All other investments

1,964

1,990

Other invested assets

^[1]

15,794

15,668

Accumulated depreciation on investment in real estate

774

778

Fortitude Re Funds Withheld Assets

Investments [Line Items]

Other invested assets

156

100

Hedge Funds and Private Equity Funds

Investments [Line Items]

Alternative investments

11,625

10,951

Hedge Funds

Investments [Line Items]

Other invested assets

$ 1,500

2,000

Percentage available for redemption

56.00%

Hedge Funds | Forecast

Investments [Line Items]

Percentage available for redemption

44.00%

Private equity funds

Investments [Line Items]

Alternative investments

$ 8,226

6,588

Other invested assets

$ 10,100

$ 8,900

[1]	See Note 8 for details of balances associated with variable interest entities.

Reinsurance (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Summary of Assets Supporting Funds Withheld Arrangements

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	September 30, 2022				December 31, 2021
(in millions)	Carrying Value			Fair Value	Carrying Value			Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)	$	19,247	$	19,247	$	31,815	$	31,815	Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option		3,800		3,800		1,983		1,983	Fair value through net investment income
Commercial mortgage loans		4,076		3,830		3,637		3,859	Amortized cost
Real estate investments		139		364		201		395	Amortized cost
Private equity funds / hedge funds		1,861		1,861		1,606		1,606	Fair value through net investment income
Policy loans		357		357		380		380	Amortized cost
Short-term investments		160		160		50		50	Fair value through net investment income
Funds withheld investment assets		29,640		29,619		39,672		40,088
Derivative assets, net(b)		97		97		81		81	Fair value through net realized gains (losses)
Other(c)		708		708		602		602	Amortized cost
Total	$	30,445	$	30,424	$	40,355	$	40,771

(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $(7.7) billion ($(6.1) billion after-tax) and $(2.1) billion ($(1.6) billion after-tax), respectively for the nine months ended September 30, 2022 and 2021.

(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $366 million and $19 million, respectively, as of September 30, 2022. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $389 million and $10 million, respectively, as of December 31, 2021. These derivative assets and liabilities are fully collateralized either by cash or securities.

(c)Primarily comprised of Cash and Accrued investment income.

Summary of The Impact of Funds Withheld Arrangements

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Net underwriting income	$	—	$	—	$	—	$	—
Net investment income - Fortitude Re funds withheld assets		155		495		634		1,488
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) - Fortitude Re funds withheld assets		(86)		190		(312)		536
Net realized gains (losses) - Fortitude Re embedded derivative		1,757		(209)		7,851		117
Net realized gains (losses) on Fortitude Re funds withheld assets		1,671		(19)		7,539		653
Income from continuing operations before income tax expense		1,826		476		8,173		2,141
Income tax expense(a)		383		99		1,716		449
Net income		1,443		377		6,457		1,692
Change in unrealized depreciation of all other investments(a)		(1,317)		(360)		(6,111)		(1,645)
Comprehensive income	$	126	$	17	$	346	$	47

(a)The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.

Reinsurance Recoverable, Allowance for Credit Loss

The following table presents a rollforward of the reinsurance recoverable allowance:


Three Months Ended September 30,		2022						2021
(in millions)	General Insurance		Life and Retirement			Total	General Insurance		Life and Retirement			Total
Balance, beginning of period	$	284	$	107	$	391	$	287	$	87	$	374
Addition to (release of) allowance for expected credit losses and disputes, net		4		1		5		5		15		20
Write-offs charged against the allowance for credit losses and disputes		(1)		—		(1)		(8)		—		(8)
Recoveries of amounts previously written off		—		—		—		—		—		—
Other changes		(1)		—		(1)		2		—		2
Balance, end of period	$	286	$	108	$	394	$	286	$	102	$	388
Nine Months Ended September 30,		2022						2021
(in millions)	General Insurance		Life and Retirement			Total	General Insurance		Life and Retirement			Total
Balance, beginning of year	$	281	$	101	$	382	$	292	$	83	$	375

Addition to (release of) allowance for expected credit losses and disputes, net		5		7		12		5		19		24
Write-offs charged against the allowance for credit losses and disputes		(3)		—		(3)		(15)		—		(15)
Recoveries of amounts previously written off		2		—		2		—		—		—
Other changes		1		—		1		4		—		4
Balance, end of period	$	286	$	108	$	394	$	286	$	102	$	388

Insurance Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 20, 2017
Liability for Future Policy Benefit, by Product Segment [Line Items]
Contractual deductible recoverable amount	$ 12,400		$ 12,400		$ 12,300
Collateral held for deductible recoverable amounts	8,600		8,600		8,600
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14		14		14
Prior years, excluding discount and amortization of deferred gain	112	$ 153	537	$ 166
Net loss reserve discount	946		$ 946		876
Tabular discount rate (as a percent)			45.00%
Workers compensation tabular discount amount	266		$ 266		260
Workers compensation non tabular discount amount	680		680		$ 616
Net loss reserve discount charge	10	72	4	62
NICO
Liability for Future Policy Benefit, by Product Segment [Line Items]
Amortization of deferred gain on retroactive reinsurance	$ 18	$ 8	$ 22	$ 84
New York
Liability for Future Policy Benefit, by Product Segment [Line Items]
Nontabular discount rate (as a percent)			5.00%
U.S. Run-Off Long Tail Insurance Lines \| Accident Years 2015 and Prior \| NICO
Liability for Future Policy Benefit, by Product Segment [Line Items]
Risk Transferred - U.S. Commercial long-tail exposures for accident years 2015 and prior (as a percent)						80.00%
Ceded to NICO percent of paid losses (as a percent)						80.00%
Ceded to NICO net paid losses in excess						$ 25,000
Ceded to NICO net paid losses in excess, aggregate limit						25,000
NICO's limit of liability under the contract						20,000
Consideration paid, including interest						$ 10,200

Earnings Per Common Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted EPS

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


		Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions, except per common share data)		2022		2021		2022		2021
Numerator for EPS:
Income from continuing operations	$	3,041	$	1,737	$	11,090	$	5,817
Less: Net income from continuing operations attributable to noncontrolling interests		332		70		1,084		175
Less: Preferred stock dividends		7		7		22		22
Income attributable to AIG common shareholders from continuing operations		2,702		1,660		9,984		5,620
Income (loss) from discontinued operations, net of income tax expense		—		—		(1)		—
Net income attributable to AIG common shareholders	$	2,702	$	1,660	$	9,983	$	5,620
Denominator for EPS:
Weighted average common shares outstanding - basic		763,051,482		852,765,263		789,888,322		861,211,983
Dilutive common shares		8,080,919		11,254,231		9,204,234		9,790,035
Weighted average common shares outstanding - diluted(a)		771,132,401		864,019,494		799,092,556		871,002,018
Income per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	3.54	$	1.95	$	12.64	$	6.53
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.54	$	1.95	$	12.64	$	6.53
Diluted:
Income from continuing operations	$	3.50	$	1.92	$	12.49	$	6.45
Income from discontinued operations	$	—	$	—	$	—	$	—
Income attributable to AIG common shareholders	$	3.50	$	1.92	$	12.49	$	6.45

Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effects of Reinsurance [Line Items]
Total net investment income	$ 2,668	$ 3,715	$ 8,509	$ 11,047
Total net realized gains	3,175	660	10,986	1,984
Income from continuing operations before income tax expense	3,847	2,176	14,003	7,051
Income tax expense	806	439	2,913	1,234
Net income	3,041	1,737	11,089	5,817
Change in unrealized depreciation of all other investments			2,738	1,295
Comprehensive income (loss)	(5,932)	135	(24,299)	912
Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Total net investment income	155	495	634	1,488
Fortitude Holdings
Effects of Reinsurance [Line Items]
Net underwriting income	0	0	0	0
Total net investment income	155	495	634	1,488
Total net realized gains	1,671	(19)	7,539	653
Income from continuing operations before income tax expense	1,826	476	8,173	2,141
Income tax expense	383	99	1,716	449
Net income	1,443	377	6,457	1,692
Comprehensive income (loss)	126	17	346	47
Fortitude Holdings \| Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Total net realized gains	(86)	190	(312)	536
Fortitude Holdings \| Fortitude Re funds withheld assets \| Embedded derivatives
Effects of Reinsurance [Line Items]
Total net realized gains	1,757	(209)	7,851	117
Fortitude Holdings \| Other investments
Effects of Reinsurance [Line Items]
Change in unrealized depreciation of all other investments	$ (1,317)	$ (360)	$ (6,111)	$ (1,645)

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 27, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-8787
Entity Registrant Name	American International Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2592361
Entity Address, Address Line One	1271 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	770-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		742,980,010
Document Fiscal Year Focus	2022
Entity Central Index Key	0000005272
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock, Par Value $2.50 Per Share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $2.50 Per Share
Trading Symbol	AIG
Security Exchange Name	NYSE
4.875% Series A-3 Junior Subordinated Debentures
Document Information [Line Items]
Title of 12(b) Security	4.875% Series A-3 Junior Subordinated Debentures
Trading Symbol	AIG 67EU
Security Exchange Name	NYSE
Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock
Trading Symbol	AIG PRA
Security Exchange Name	NYSE

Equity - Non-Controlling Interest (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 19, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Noncontrolling Interest [Line Items]
Net income attributable to AIG common shareholders			$ 2,702	$ 1,660	$ 9,983	$ 5,620
Contributions from noncontrolling interests			$ 17	$ 1	22	$ 8
Total AIG Shareholders' Equity
Noncontrolling Interest [Line Items]
Net income attributable to AIG common shareholders					$ 9,983
Contributions from noncontrolling interests		$ 608
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests	$ 10,591
IPO \| Corebridge Financial Inc
Noncontrolling Interest [Line Items]
Percentage of stock sold (as a percent)		12.40%
Corebridge Financial Inc
Noncontrolling Interest [Line Items]
Ownership (as a percent)	77.70%		77.70%		77.70%

Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Gross Derivative Assets
Notional Amount	$ 126,326,000,000	$ 136,508,000,000
Fair Value	6,744,000,000	5,761,000,000
Counterparty netting	(3,170,000,000)	(2,779,000,000)
Cash Collateral	(3,181,000,000)	(2,139,000,000)
Total derivative assets	393,000,000	843,000,000
Gross Derivative Liabilities
Notional Amount	45,675,000,000	65,130,000,000
Fair Value	5,709,000,000	4,454,000,000
Counterparty netting	(3,170,000,000)	(2,779,000,000)
Cash Collateral	(2,263,000,000)	(1,089,000,000)
Total derivative liabilities on consolidated balance sheet	276,000,000	586,000,000
Bifurcated embedded derivatives assets, fair value	2,500,000,000	0
Bifurcated embedded derivative liabilities, fair value	6,400,000,000	14,500,000,000
Derivatives designated as hedging instruments \| Interest rate contracts
Gross Derivative Assets
Notional Amount	318,000,000	265,000,000
Fair Value	230,000,000	5,000,000
Gross Derivative Liabilities
Notional Amount	1,696,000,000	895,000,000
Fair Value	72,000,000	11,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Gross Derivative Assets
Notional Amount	6,972,000,000	5,431,000,000
Fair Value	1,036,000,000	467,000,000
Gross Derivative Liabilities
Notional Amount	1,742,000,000	5,828,000,000
Fair Value	214,000,000	197,000,000
Derivatives not designated as hedging instruments \| Interest rate contracts
Gross Derivative Assets
Notional Amount	29,749,000,000	47,499,000,000
Fair Value	3,126,000,000	3,868,000,000
Gross Derivative Liabilities
Notional Amount	34,068,000,000	42,113,000,000
Fair Value	4,784,000,000	3,622,000,000
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Gross Derivative Assets
Notional Amount	11,711,000,000	7,905,000,000
Fair Value	1,752,000,000	722,000,000
Gross Derivative Liabilities
Notional Amount	3,740,000,000	9,997,000,000
Fair Value	513,000,000	524,000,000
Derivatives not designated as hedging instruments \| Equity contracts
Gross Derivative Assets
Notional Amount	29,587,000,000	27,423,000,000
Fair Value	565,000,000	681,000,000
Gross Derivative Liabilities
Notional Amount	3,431,000,000	5,091,000,000
Fair Value	84,000,000	53,000,000
Derivatives not designated as hedging instruments \| Commodity contracts
Gross Derivative Assets
Notional Amount	324,000,000	303,000,000
Fair Value	18,000,000	4,000,000
Gross Derivative Liabilities
Notional Amount	66,000,000	219,000,000
Fair Value	0	0
Derivatives not designated as hedging instruments \| Credit contracts
Gross Derivative Assets
Notional Amount	1,776,000,000	3,790,000,000
Fair Value	1,000,000	1,000,000
Gross Derivative Liabilities
Notional Amount	932,000,000	936,000,000
Fair Value	42,000,000	47,000,000
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Gross Derivative Liabilities
Notional Amount	79,000,000	97,000,000
Fair Value	32,000,000	30,000,000
Derivatives not designated as hedging instruments \| Other contracts
Gross Derivative Assets
Notional Amount	45,889,000,000	43,892,000,000
Fair Value	16,000,000	13,000,000
Gross Derivative Liabilities
Notional Amount	0	51,000,000
Fair Value	$ 0	$ 0

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies [Line Items]
Stockholders' equity		$ 41,001	$ 46,824	$ 68,912	$ 65,659	$ 66,908	$ 67,199
ASU 2018-12 \| Cumulative effect of change in accounting principle \| Forecast \| Minimum
Summary of Significant Accounting Policies [Line Items]
Stockholders' equity	$ (1,000)
ASU 2018-12 \| Cumulative effect of change in accounting principle \| Forecast \| Maximum
Summary of Significant Accounting Policies [Line Items]
Stockholders' equity	$ (3,000)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

+ Details

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Cash flows from operating activities:

Net income

$ 11,089,000,000

$ 5,817,000,000

Loss from discontinued operations, net of income taxes

1,000,000

Noncash revenues, expenses, gains and losses included in income (loss):

Net (gains) losses on sales of securities available for sale and other assets

737,000,000

(1,141,000,000)

Net gain on divestitures

(45,000,000)

(108,000,000)

Loss on extinguishment of debt

299,000,000

149,000,000

Unrealized gains in earnings - net

(2,738,000,000)

(1,295,000,000)

Equity in (income) loss from equity method investments, net of dividends or distributions

(159,000,000)

14,000,000

Depreciation and other amortization

3,918,000,000

3,590,000,000

Impairments of assets

12,000,000

19,000,000

Changes in operating assets and liabilities:

Insurance reserves

1,720,000,000

5,829,000,000

Premiums and other receivables and payables - net

(8,914,000,000)

(1,387,000,000)

Reinsurance assets, net

200,000,000

(1,739,000,000)

Capitalization of deferred policy acquisition costs

(3,704,000,000)

(3,858,000,000)

Current and deferred income taxes - net

2,424,000,000

497,000,000

Other, net

(822,000,000)

(623,000,000)

Total adjustments

(7,072,000,000)

(53,000,000)

Net cash provided by operating activities

4,018,000,000

5,764,000,000

Sales or distributions of:

Available for sale securities

17,296,000,000

19,211,000,000

Other securities

1,288,000,000

703,000,000

Other invested assets

2,239,000,000

3,298,000,000

Divestitures, net

137,000,000

Maturities of fixed maturity securities available for sale

14,702,000,000

26,424,000,000

Principal payments received on and sales of mortgage and other loans receivable

6,064,000,000

5,684,000,000

Purchases of:

Available for sale securities

(28,896,000,000)

(53,220,000,000)

Other securities

(3,198,000,000)

(128,000,000)

Other invested assets

(1,701,000,000)

(2,134,000,000)

Mortgage and other loans receivable

(9,824,000,000)

(6,156,000,000)

Net change in short-term investments

(1,599,000,000)

4,569,000,000

Other, net

1,364,000,000

(1,312,000,000)

Net cash used in investing activities

(2,265,000,000)

(2,924,000,000)

Proceeds from (payments for)

Policyholder contract deposits

19,779,000,000

19,522,000,000

Policyholder contract withdrawals

(14,736,000,000)

(16,208,000,000)

Issuance of debt

7,473,000,000

79,000,000

Repayments of debt

(7,649,000,000)

(3,451,000,000)

Borrowings under delayed draw term loan agreement

1,502,000,000

Purchase of common stock

(4,398,000,000)

(1,651,000,000)

Dividends paid on preferred stock

(22,000,000)

Dividends paid on common stock

(746,000,000)

(819,000,000)

Other, net

(2,511,000,000)

(458,000,000)

Net cash used in financing activities

(1,571,000,000)

(2,760,000,000)

Effect of exchange rate changes on cash and restricted cash

(114,000,000)

(40,000,000)

Net increase in cash and restricted cash

69,000,000

40,000,000

Cash and restricted cash at beginning of year

2,427,000,000

3,230,000,000

Change in cash of held for sale assets

(436,000,000)

Cash and restricted cash at end of period

2,496,000,000

2,834,000,000

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

2,294,000,000

^[1]

2,699,000,000

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

2,496,000,000

2,834,000,000

Cash paid during the period for:

Interest

734,000,000

781,000,000

Taxes

489,000,000

737,000,000

Non-cash investing activities:

Fixed maturity securities available for sale received in connection with pension risk transfer transactions

797,000,000

Fixed maturity securities received in connection with reinsurance transactions

2,000,000

58,000,000

Fixed maturity securities transferred in connection with reinsurance transactions

(212,000,000)

(734,000,000)

Non-cash financing activities:

Interest credited to policyholder contract deposits included in financing activities

2,615,000,000

2,691,000,000

Fee income debited to policyholder contract deposits included in financing activities

(1,268,000,000)

(1,267,000,000)

Consolidated VIE

Proceeds from (payments for)

Issuance of debt

849,000,000

3,458,000,000

Repayments of debt

(1,112,000,000)

(3,210,000,000)

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Cash

82,000,000

Short-term investments

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Restricted cash

^[2]

133,000,000

77,000,000

Other assets

Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:

Restricted cash

^[2]

$ 69,000,000

$ 58,000,000

[1]	See Note 8 for details of balances associated with variable interest entities.
[2]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.

Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 48,779	$ 46,677
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	4,946	2,820
2021	3,030	2,708
2020	2,410	5,897
2019	5,532	5,989
2018	5,344	3,734
Prior	14,562	14,517
Total	$ 35,824	$ 35,665
Weighted average debt service coverage ratio	2.0	1.9
Weighted average loan-to-value ratio (as a percent)	57.00%	57.00%
Less than 65% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 4,225	$ 2,286
2021	2,464	2,272
2020	2,171	4,149
2019	4,048	4,815
2018	3,667	2,892
Prior	10,418	9,902
Total	26,993	26,316
65% to 75% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	721	372
2021	329	410
2020	213	1,748
2019	1,484	1,174
2018	1,359	406
Prior	2,854	3,490
Total	6,960	7,600
76% to 80% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	237	0
2020	0	0
2019	0	0
2018	0	188
Prior	99	274
Total	336	462
Greater than 80% \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	162
2021	0	26
2020	26	0
2019	0	0
2018	318	248
Prior	1,191	851
Total	1,535	1,287
Greater than 1.2X \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	4,521	2,245
2021	2,318	1,662
2020	1,885	5,126
2019	5,056	3,926
2018	3,936	3,557
Prior	11,491	10,796
Total	29,207	27,312
1.00 - 1.20X \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	425	574
2021	712	1,019
2020	504	700
2019	424	1,138
2018	382	136
Prior	1,443	1,929
Total	3,890	5,496
Less than 1.00X \| Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	1
2021	0	27
2020	21	71
2019	52	925
2018	1,026	41
Prior	1,628	1,792
Total	$ 2,727	$ 2,857

Insurance Liabilities

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Insurance Liabilities

10. Insurance Liabilities

LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)

Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. 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. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. 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 or reserve releases.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.4 billion and $12.3 billion at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021, we held collateral of approximately $8.6 billion and $8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both September 30, 2022 and December 31, 2021.

The following table presents the rollforward of activity in loss reserves:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	76,739	$	78,981	$	79,026	$	77,720
Reinsurance recoverable		(33,583)		(34,866)		(35,213)		(34,431)

Net Liability for unpaid loss and loss adjustment expenses, beginning of period		43,156		44,115		43,813		43,289
Losses and loss adjustment expenses incurred:
Current year		4,373		4,467		12,020		12,262
Prior years, excluding discount and amortization of deferred gain		(112)		(153)		(537)		(166)
Prior years, discount charge (benefit)		36		83		78		99
Prior years, amortization of deferred gain on retroactive reinsurance(a)		(23)		(13)		(37)		(107)
Total losses and loss adjustment expenses incurred		4,274		4,384		11,524		12,088
Losses and loss adjustment expenses paid:
Current year		(1,132)		(1,147)		(2,289)		(2,370)
Prior years		(2,673)		(2,449)		(8,844)		(8,653)
Total losses and loss adjustment expenses paid		(3,805)		(3,596)		(11,133)		(11,023)
Other changes:
Foreign exchange effect		(1,031)		(414)		(1,827)		(57)

Retroactive reinsurance adjustment (net of discount)(b)		101		159		318		351

Total other changes		(930)		(255)		(1,509)		294
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		42,695		44,648		42,695		44,648
Reinsurance recoverable		32,824		34,626		32,824		34,626
Total	$	75,519	$	79,274	$	75,519	$	79,274

(a)Includes $5 million and $5 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three-month periods ended September 30, 2022 and 2021, respectively, and $15 million and $23 million for the nine-month periods ended September 30, 2022 and 2021.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $17 million and $22 million for the three-month periods ended September 30, 2022 and 2021 respectively, and $74 million and $78 million for the nine-month periods ended September 30, 2022 and 2021 respectively.

On January 20, 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 paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.

Prior Year Development

During the three-month period ended September 30, 2022, we recognized favorable prior year loss reserve development of $112 million excluding discount and amortization of deferred gain. During the nine-month period ended September 30, 2022, we recognized favorable prior year loss reserve development of $537 million excluding discount and amortization of deferred gain. The development in these periods was largely driven by favorable development on U.S. Workers Compensation, U.S. Other Casualty, Global Specialty and International Personal Lines led by Japan, with unfavorable development in Financial Lines (U.S. and International) and International Casualty Lines.

During the three-month period ended September 30, 2021, we recognized favorable prior year loss reserve development of $153 million excluding discount and amortization of deferred gain. During the nine-month period ended September 30, 2021, we recognized favorable prior year loss reserve development of $166 million excluding discount and amortization of deferred gain. The development in these periods was primarily driven by favorable development on U.S. Workers Compensation, global short-tailed Commercial Lines and Personal Insurance, including catastrophes, partially offset by unfavorable development in Financial Lines (U.S. and International).

Discounting of Loss Reserves

At September 30, 2022 and December 31, 2021, the loss reserves reflect a net loss reserve discount of $946 million and $876 million, respectively, including tabular and non-tabular calculations based upon the following assumptions:

•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, 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.

–The Pennsylvania and Delaware regulators approved use of a consistent benchmark discount rate and spread (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. In 2020, the regulators also approved that the discount rate will be updated on an annual basis.

•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium). In the case that applying this tabular discount factor to our nominal reserves produces a tabular discount that is greater than the indemnity portion of our case reserves, the tabular discount is capped at our estimate of the indemnity portion of our cases reserves (45 percent).

The discount for asbestos reserves has been fully accreted.

At September 30, 2022 and December 31, 2021, the discount consists of $266 million and $260 million of tabular discount, respectively, and $680 million and $616 million of non-tabular discount for workers’ compensation, respectively. During the nine-month periods ended September 30, 2022 and 2021, the benefit / (charge) from changes in discount of $(4) million and $(62) million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income (Loss).

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


(in millions)		September 30, 2022		December 31, 2021
U.S. workers' compensation	$	1,825	$	1,829
Retroactive reinsurance		(879)		(953)
Total reserve discount(a)(b)	$	946	$	876

(a)Excludes $131 million and $116 million of discount related to certain long-tail liabilities in the UK at September 30, 2022 and December 31, 2021, respectively.

(b)Includes gross discount of $480 million and $500 million, which was 100 percent ceded to Fortitude Re at September 30, 2022 and December 31, 2021, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Current accident year	$	26	$	11	$	74	$	37
Accretion and other adjustments to prior year discount		(36)		(83)		(78)		(99)

Net reserve discount benefit (charge)		(10)		(72)		(4)		(62)
Change in discount on loss reserves ceded under retroactive reinsurance		17		22		74		78
Net change in total reserve discount*	$	7	$	(50)	$	70	$	16

*Excludes $20 million and $(39) million discount related to certain long-tail liabilities in the UK for the three-month periods ended September 30, 2022 and 2021, respectively, and excludes $15 million and $(30) million discount related to certain long-tail liabilities in the UK for the nine-month periods ended September 30, 2022 and 2021, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

Amortization of the deferred gain on retroactive reinsurance includes $18 million and $8 million related to the adverse development reinsurance cover with NICO for the three-month periods ended September 30, 2022 and 2021, respectively, and $22 million and $84 million related to the adverse development reinsurance cover with NICO for the nine-month periods ended September 30, 2022 and 2021, respectively.

Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.

Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Amortized Cost, Net of Allowance

Due in one year or less

$ 8,048

Due after one year through five years

50,823

Due after five years through ten years

44,127

Due after ten years

91,420

Mortgage-backed, asset-backed and collateralized

57,450

Total

251,868

Fair Value

Due in one year or less

7,972

Due after one year through five years

48,051

Due after five years through ten years

38,775

Due after ten years

71,386

Mortgage-backed, asset-backed and collateralized

53,583

Total

^[1]

$ 219,767

$ 277,202

[1]	See Note 8 for details of balances associated with variable interest entities.

Reinsurance - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2022	Dec. 31, 2021
Effects of Reinsurance [Line Items]
Reinsurance recoverables	$ 75.7	$ 76.3
Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	92.00%	92.00%
Investment Grade \| General Insurance
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	53.00%	52.00%
Investment Grade \| Life and Retirement
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	39.00%	40.00%
Non-Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	7.00%	7.00%
Non-Investment Grade \| Captive Insurers
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	73.00%	71.00%
Non-Investment Grade \| Life and Retirement
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	1.00%	1.00%
Not Rated
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	1.00%	1.00%

Contingencies, Commitments and Guarantees (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Amount of policy issued to plaintiff's	$ 1,000,000
Other commitments	7,100,000,000	$ 7,300,000,000
Financial Standby Letter of Credit
LITIGATION, INVESTIGATIONS AND REGULATORY MATTERS DISCLOSURE
Amount outstanding under standby letters of credit at end of period	$ 69,000,000

Investments - Value of other securities measured at fair value based on election of the fair value option (Details) - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

^[1]

$ 7,131

$ 6,278

Equity securities

^[1]

608

739

Total

$ 7,739

$ 7,017

Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

100.00%

Fixed maturity securities

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 7,131

$ 6,278

Fixed maturity securities | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

91.00%

89.00%

Fixed maturity securities | U.S. government and government sponsored entities

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 1,565

$ 1,750

Fixed maturity securities | U.S. government and government sponsored entities | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

20.00%

25.00%

Fixed maturity securities | Obligations of states, municipalities and political subdivisions

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 111

$ 97

Fixed maturity securities | Obligations of states, municipalities and political subdivisions | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

1.00%

Fixed maturity securities | Non-U.S. governments

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 64

$ 76

Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

1.00%

Fixed maturity securities | Corporate debt

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 2,034

$ 1,050

Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

26.00%

15.00%

Fixed maturity securities | Mortgage-backed, asset-backed and collateralized

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 3,357

$ 3,305

Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

43.00%

47.00%

Fixed maturity securities | RMBS

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 341

$ 411

Fixed maturity securities | RMBS | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

4.00%

6.00%

Fixed maturity securities | CMBS

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 391

$ 315

Fixed maturity securities | CMBS | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

5.00%

4.00%

Fixed maturity securities | CDO/ABS

Debt and Equity Securities, FV-NI [Line Items]

Fair Value

$ 2,625

$ 2,579

Fixed maturity securities | CDO/ABS | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

34.00%

37.00%

Equity securities

Debt and Equity Securities, FV-NI [Line Items]

Equity securities

$ 608

$ 739

Equity securities | Investment Concentration Risk | Investments

Debt and Equity Securities, FV-NI [Line Items]

Concentration risk, percentage

9.00%

11.00%

[1]	See Note 8 for details of balances associated with variable interest entities.

Lending Activities (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Composition of Mortgages and Other Loans Receivable


(in millions)		September 30, 2022		December 31, 2021
Commercial mortgages(a)	$	35,824	$	35,665
Residential mortgages		5,640		5,492
Life insurance policy loans		1,773		1,843
Commercial loans, other loans and notes receivable(b)		5,542		3,677
Total mortgage and other loans receivable		48,779		46,677
Allowance for credit losses(c)		(655)		(629)
Mortgage and other loans receivable, net	$	48,124	$	46,048

(a)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 19 percent and 12 percent, respectively, at September 30, 2022 and 21 percent and 10 percent, respectively, at December 31, 2021).

(b)Includes loans held for sale which are carried at lower of cost or market and are collateralized primarily by apartments. As of September 30, 2022 and December 31, 2021, the net carrying value of these loans were $176 million and $15 million, respectively.

(c)Does not include allowance for credit losses of $87 million and $71 million, respectively, at September 30, 2022 and December 31, 2021, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Credit Quality

The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
>1.2X	$	4,521	$	2,318	$	1,885	$	5,056	$	3,936	$	11,491	$	29,207
1.00 - 1.20X		425		712		504		424		382		1,443		3,890
<1.00X		—		—		21		52		1,026		1,628		2,727
Total commercial mortgages	$	4,946	$	3,030	$	2,410	$	5,532	$	5,344	$	14,562	$	35,824

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
>1.2X	$	2,245	$	1,662	$	5,126	$	3,926	$	3,557	$	10,796	$	27,312
1.00 - 1.20X		574		1,019		700		1,138		136		1,929		5,496
<1.00X		1		27		71		925		41		1,792		2,857
Total commercial mortgages	$	2,820	$	2,708	$	5,897	$	5,989	$	3,734	$	14,517	$	35,665

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
Less than 65%	$	4,225	$	2,464	$	2,171	$	4,048	$	3,667	$	10,418	$	26,993
65% to 75%		721		329		213		1,484		1,359		2,854		6,960
76% to 80%		—		237		—		—		—		99		336
Greater than 80%		—		—		26		—		318		1,191		1,535
Total commercial mortgages	$	4,946	$	3,030	$	2,410	$	5,532	$	5,344	$	14,562	$	35,824

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
Less than 65%	$	2,286	$	2,272	$	4,149	$	4,815	$	2,892	$	9,902	$	26,316
65% to 75%		372		410		1,748		1,174		406		3,490		7,600
76% to 80%		—		—		—		—		188		274		462
Greater than 80%		162		26		—		—		248		851		1,287
Total commercial mortgages	$	2,820	$	2,708	$	5,897	$	5,989	$	3,734	$	14,517	$	35,665

(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 at period ended September 30, 2022 and 1.9X at period ended December 31, 2021. The debt service coverage ratios have been updated within the last three months. The debt service coverage ratios are updated when additional relevant information becomes available.

(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 57 percent at both September 30, 2022 and December 31, 2021. The loan-to-value ratios have been updated within the last three months.

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


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
September 30, 2022
Credit Quality Performance Indicator:
In good standing	620	$	13,472	$	9,785	$	3,631	$	5,597	$	2,008	$	368	$	34,861	98	%
Restructured(a)	11		—		456		140		—		137		—		733	2
90 days or less delinquent	1		—		157		—		—		—		—		157	—
>90 days delinquent or in process of foreclosure	3		—		30		43		—		—		—		73	—
Total(b)	635	$	13,472	$	10,428	$	3,814	$	5,597	$	2,145	$	368	$	35,824	100	%
Allowance for credit losses		$	94	$	275		84		72		30		9	$	564	2	%


December 31, 2021
Credit Quality Performance Indicator:
In good standing	636	$	14,267	$	9,695	$	4,778	$	3,858	$	1,985	$	432	$	35,015	98	%
Restructured(a)	8		—		354		25		—		136		—		515	2
90 days or less delinquent	—		—		—		—		—		—		—		—	—
>90 days delinquent or in process of foreclosure	5		—		81		54		—		—		—		135	—
Total(b)	649	$	14,267	$	10,130	$	4,857	$	3,858	$	2,121	$	432	$	35,665	100	%
Allowance for credit losses		$	109	$	247	$	103	$	47	$	31	$	8	$	545	2	%

(a)Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings, see Note 6 to the Consolidated Financial Statements in the 2021 Annual Report.

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
FICO*:
780 and greater	$	205	$	2,233	$	663	$	237	$	80	$	574	$	3,992
720 - 779		219		737		171		76		32		171		1,406
660 - 719		13		81		29		16		9		62		210
600 - 659		—		4		2		2		2		14		24
Less than 600		—		—		—		1		—		7		8
Total residential mortgages	$	437	$	3,055	$	865	$	332	$	123	$	828	$	5,640

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
FICO*:
780 and greater	$	1,601	$	691	$	297	$	107	$	192	$	501	$	3,389
720 - 779		1,306		230		86		44		58		154		1,878
660 - 719		48		42		22		12		20		49		193
600 - 659		1		1		2		3		2		12		21
Less than 600		—		—		1		1		2		7		11
Total residential mortgages	$	2,956	$	964	$	408	$	167	$	274	$	723	$	5,492

*Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months.

Allowance for Credit Loss

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


Three Months Ended September 30,		2022						2021
(in millions)		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	525	$	78	$	603	$	587	$	114	$	701

Loans charged off		—		—		—		(2)		—		(2)

Net charge-offs		—		—		—		(2)		—		(2)
Addition to (release of) allowance for loan losses		39		13		52		(28)		1		(27)

Reclassified to held for sale(b)		—		—		—		—		(31)		(31)
Allowance, end of period	$	564	$	91	$	655	$	557	$	84	$	641
Nine Months Ended September 30,		2022						2021
(in millions)		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	545	$	84	$	629	$	685	$	129	$	814


Loans charged off		(4)		—		(4)		(2)		—		(2)

Net charge-offs		(4)		—		(4)		(2)		—		(2)
Addition to (release of) allowance for loan losses		23		7		30		(126)		(14)		(140)

Reclassified to held for sale(b)		—		—		—		—		(31)		(31)
Allowance, end of period	$	564	$	91	$	655	$	557	$	84	$	641

(a)Does not include allowance for credit losses of $87 million and $83 million, respectively, at September 30, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

(b)Reported in Other assets in the Condensed Consolidated Balance Sheets.

Investments - Pledged investments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments Owned and Pledged as Collateral [Line Items]
Fixed maturity securities available for sale	$ 321,000,000	$ 3,583,000,000
Amounts borrowed under repurchase and securities lending agreements	408,000,000	3,700,000,000
Securities pledged under repurchase agreements	321,000,000	259,000,000
Securities pledged under securities lending agreements	0	3,324,000,000
Securities collateral pledged to us	265,000,000	1,839,000,000
Carrying value of reverse repurchase agreements	270,000,000	1,900,000,000
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	11,400,000,000	13,500,000,000
Loans	48,779,000,000	46,677,000,000
Bonds available for sale and short-term investments held in escrow	594,000,000	514,000,000
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Fixed maturity securities available for sale	5,500,000,000	5,100,000,000
Other bond securities, at fair value	1,500,000,000	1,400,000,000
Loans	1,800,000,000	1,500,000,000
Overnight and Continuous
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	203,000,000	176,000,000
Securities pledged under securities lending agreements	0	0
up to 30 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	26,000,000	61,000,000
Securities pledged under securities lending agreements	0	534,000,000
31 - 90 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	50,000,000	22,000,000
Securities pledged under securities lending agreements	0	2,790,000,000
91 - 364 days
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	42,000,000	0
Securities pledged under securities lending agreements	0	0
365 days or greater
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	90,000,000
Bonds available for sale \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	56,000,000	48,000,000
Securities pledged under securities lending agreements	0	43,000,000
Bonds available for sale \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	175,000,000	211,000,000
Securities pledged under securities lending agreements		3,175,000,000
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	106,000,000
Bonds available for sale \| Overnight and Continuous \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0
Bonds available for sale \| Overnight and Continuous \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	28,000,000	48,000,000
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| Overnight and Continuous \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	175,000,000	128,000,000
Securities pledged under securities lending agreements		0
Bonds available for sale \| Overnight and Continuous \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| up to 30 days \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	26,000,000
Bonds available for sale \| up to 30 days \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| up to 30 days \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	61,000,000
Securities pledged under securities lending agreements		534,000,000
Bonds available for sale \| up to 30 days \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| 31 - 90 days \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	50,000,000
Bonds available for sale \| 31 - 90 days \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements	0	43,000,000
Bonds available for sale \| 31 - 90 days \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	22,000,000
Securities pledged under securities lending agreements		2,641,000,000
Bonds available for sale \| 31 - 90 days \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	106,000,000
Bonds available for sale \| 91 - 364 days \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	14,000,000
Bonds available for sale \| 91 - 364 days \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	28,000,000	0
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| 91 - 364 days \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements		0
Bonds available for sale \| 91 - 364 days \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| 365 days or greater \| U.S. government and government sponsored entities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0
Bonds available for sale \| 365 days or greater \| Non-U.S. governments
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements	0	0
Bonds available for sale \| 365 days or greater \| Corporate debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under repurchase agreements	0	0
Securities pledged under securities lending agreements		0
Bonds available for sale \| 365 days or greater \| Obligations of states, municipalities and political subdivisions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged under securities lending agreements	0	0
FHLBs
Financial Instruments Owned and Pledged as Collateral [Line Items]
Federal Home Loan Bank stock	$ 239,000,000	$ 211,000,000

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value MeasurementsFAIR VALUE MEASUREMENTS ON A RECURRING BASIS

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

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

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

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

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


September 30, 2022		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	5	$	7,945	$	—	$	—	$	—	$	7,950
Obligations of states, municipalities and political subdivisions		—		11,077		814		—		—		11,891
Non-U.S. governments		111		12,887		9		—		—		13,007
Corporate debt		—		129,419		3,917		—		—		133,336
RMBS		—		10,626		7,881		—		—		18,507
CMBS		—		13,125		806		—		—		13,931
CDO/ABS		—		9,362		11,783		—		—		21,145
Total bonds available for sale		116		194,441		25,210		—		—		219,767
Other bond securities:
U.S. government and government sponsored entities		—		1,565		—		—		—		1,565
Obligations of states, municipalities and political subdivisions		—		111		—		—		—		111
Non-U.S. governments		—		64		—		—		—		64
Corporate debt		—		1,485		549		—		—		2,034
RMBS		—		130		211		—		—		341
CMBS		—		362		29		—		—		391
CDO/ABS		—		369		2,256		—		—		2,625
Total other bond securities		—		4,086		3,045		—		—		7,131
Equity securities		481		93		34		—		—		608
Other invested assets(b)		—		130		1,958		—		—		2,088
Derivative assets(c):
Interest rate contracts		4		3,142		210		—		—		3,356
Foreign exchange contracts		—		2,788		—		—		—		2,788
Equity contracts		14		392		159		—		—		565
Commodity contracts		—		18		—		—		—		18
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		16		—		—		16
Counterparty netting and cash collateral		—		—		—		(3,170)		(3,181)		(6,351)
Total derivative assets		18		6,340		386		(3,170)		(3,181)		393
Short-term investments		3,405		1,939		—		—		—		5,344
Other assets(c)		—		—		107		—		—		107
Separate account assets		77,683		3,619		—		—		—		81,302
Total	$	81,703	$	210,648	$	30,740	$	(3,170)	$	(3,181)	$	316,740
Liabilities:
Policyholder contract deposits	$	—	$	37	$	6,348	$	—	$	—	$	6,385
Derivative liabilities(c):
Interest rate contracts		—		4,856		—		—		—		4,856
Foreign exchange contracts		—		726		1		—		—		727
Equity contracts		4		76		4		—		—		84
Credit contracts		—		10		32		—		—		42

Counterparty netting and cash collateral		—		—		—		(3,170)		(2,263)		(5,433)
Total derivative liabilities		4		5,668		37		(3,170)		(2,263)		276
Fortitude Re funds withheld payable		—		—		(2,505)		—		—		(2,505)

Long-term debt		—		1,613		—		—		—		1,613
Total	$	4	$	7,318	$	3,880	$	(3,170)	$	(2,263)	$	5,769


December 31, 2021		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	2,553	$	5,641	$	—	$	—	$	—	$	8,194
Obligations of states, municipalities and political subdivisions		—		13,096		1,431		—		—		14,527
Non-U.S. governments		9		16,314		7		—		—		16,330
Corporate debt		—		172,967		2,641		—		—		175,608
RMBS		—		16,909		10,378		—		—		27,287
CMBS		—		14,619		1,190		—		—		15,809
CDO/ABS		—		8,232		11,215		—		—		19,447
Total bonds available for sale		2,562		247,778		26,862		—		—		277,202
Other bond securities:
U.S. government and government sponsored entities		—		1,750		—		—		—		1,750
Obligations of states, municipalities and political subdivisions		—		97		—		—		—		97
Non-U.S. governments		—		76		—		—		—		76
Corporate debt		—		916		134		—		—		1,050
RMBS		—		215		196		—		—		411
CMBS		—		280		35		—		—		315
CDO/ABS		—		247		2,332		—		—		2,579
Total other bond securities		—		3,581		2,697		—		—		6,278
Equity securities		669		64		6		—		—		739
Other invested assets (b)		—		138		1,948		—		—		2,086
Derivative assets(c):
Interest rate contracts		—		3,873		—		—		—		3,873
Foreign exchange contracts		—		1,188		1		—		—		1,189
Equity contracts		7		224		450		—		—		681
Commodity contracts		—		4		—		—		—		4
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(2,779)		(2,139)		(4,918)
Total derivative assets		7		5,289		465		(2,779)		(2,139)		843
Short-term investments		2,584		1,842		—		—		—		4,426
Other assets(c)		—		—		114		—		—		114
Separate account assets		105,221		3,890		—		—		—		109,111
Total	$	111,043	$	262,582	$	32,092	$	(2,779)	$	(2,139)	$	400,799
Liabilities:
Policyholder contract deposits	$	—	$	54	$	9,682	$	—	$	—	$	9,736
Derivative liabilities(c):
Interest rate contracts		1		3,632		—		—		—		3,633
Foreign exchange contracts		—		721		—		—		—		721
Equity contracts		1		46		6		—		—		53
Credit contracts		—		16		31		—		—		47

Counterparty netting and cash collateral		—		—		—		(2,779)		(1,089)		(3,868)
Total derivative liabilities		2		4,415		37		(2,779)		(1,089)		586
Fortitude Re funds withheld payable		—		—		5,922		—		—		5,922

Long-term debt		—		1,871		—		—		—		1,871
Total	$	2	$	6,340	$	15,641	$	(2,779)	$	(1,089)	$	18,115

(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 $9.8 billion and $8.4 billion as of September 30, 2022 and December 31, 2021, respectively.

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three- and nine-month periods ended September 30, 2022 and 2021 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at September 30, 2022 and 2021:


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	957	$	(1)	$	(106)	$	(29)	$	—	$	(7)	$	—	$	814	$	—	$	(167)
Non-U.S. governments		9		—		—		(1)		1		—		—		9		—		—
Corporate debt		2,483		(31)		(53)		(100)		1,781		(163)		—		3,917		—		(55)
RMBS		8,352		101		(267)		(299)		2		(8)		—		7,881		—		(39)
CMBS		871		(1)		(31)		(33)		12		(12)		—		806		—		(50)
CDO/ABS		11,696		(25)		(454)		523		366		(323)		—		11,783		—		(557)
Total bonds available for sale		24,368		43		(911)		61		2,162		(513)		—		25,210		—		(868)
Other bond securities:
Corporate Debt		461		(5)		—		66		28		(1)		—		549		(7)		—
RMBS		192		(7)		—		26		—		—		—		211		(8)		—
CMBS		32		(3)		—		—		—		—		—		29		(3)		—
CDO/ABS		2,442		(25)		—		(158)		12		(15)		—		2,256		(92)		—
Total other bond securities		3,127		(40)		—		(66)		40		(16)		—		3,045		(110)		—
Equity securities		12		(1)		—		8		15		—		—		34		—		—
Other invested assets		2,008		62		(25)		(45)		—		(42)		—		1,958		20		—
Other assets		107		—		—		—		—		—		—		107		—		—
Total	$	29,622	$	64	$	(936)	$	(42)	$	2,217	$	(571)	$	—	$	30,354	$	(90)	$	(868)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	6,957	$	(936)	$	—	$	327	$	—	$	—	$	—	$	6,348	$	949	$	—
Derivative liabilities, net:
Interest rate contracts		(143)		37		—		(110)		—		6		—		(210)		30		—
Foreign exchange contracts		1		—		—		—		—		—		—		1		—		—
Equity contracts		(149)		88		—		(94)		—		—		—		(155)		(89)		—
Credit contracts		32		1		—		(2)		—		—		—		31		—		—
Other contracts		(16)		(16)		—		16		—		—		—		(16)		17		—
Total derivative liabilities, net(a)		(275)		110		—		(190)		—		6		—		(349)		(42)		—
Fortitude Re funds withheld payable		(638)		(1,757)		—		(110)		—		—		—		(2,505)		1,791		—
Total	$	6,044	$	(2,583)	$	—	$	27	$	—	$	6	$	—	$	3,494	$	2,698	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,939	$	6	$	(9)	$	(7)	$	—	$	(61)	$	(62)	$	1,806	$	—	$	—
Non-U.S. governments		10		—		—		—		—		(3)		—		7		—		—
Corporate debt		2,773		(1)		2		(173)		57		(12)		—		2,646		—		—
RMBS		11,085		118		(8)		(86)		8		(19)		—		11,098		—		—
CMBS		1,082		4		(6)		(13)		—		(42)		—		1,025		—		—
CDO/ABS		9,318		22		(41)		180		64		(356)		—		9,187		—		—
Total bonds available for sale		26,207		149		(62)		(99)		129		(493)		(62)		25,769		—		—
Other bond securities:
RMBS		113		2		—		(8)		—		—		—		107		—		—
CMBS		46		(1)		—		(9)		—		—		—		36		—		—
CDO/ABS		2,279		40		—		(134)		—		—		—		2,185		—		—
Total other bond securities		2,438		41		—		(151)		—		—		—		2,328		—		—
Equity securities		4		—		1		(1)		1		—		—		5		—		—
Other invested assets		2,099		161		(3)		(351)		—		—		—		1,906		141		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	30,861	$	351	$	(64)	$	(601)	$	130	$	(493)	$	(62)	$	30,122	$	141	$	—
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,020	$	(26)	$	—	$	279	$	—	$	—	$	—	$	9,273	$	362	$	—
Derivative liabilities, net:
Interest rate contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Foreign exchange contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Equity contracts		(357)		99		—		(50)		—		1		—		(307)		(90)		—
Credit contracts		43		—		—		(2)		—		—		—		41		1		—
Other contracts		(10)		(17)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(a)		(326)		79		—		(33)		—		1		—		(279)		(70)		—
Fortitude Re funds withheld payable		5,317		209		—		(93)		—		—		—		5,433		414		—
Total	$	14,011	$	262	$	—	$	153	$	—	$	1	$	—	$	14,427	$	706	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(534)	$	(94)	$	17	$	(7)	$	—	$	814	$	—	$	(319)
Non-U.S. governments		7		—		—		(1)		3		—		—		9		—		—
Corporate debt		2,641		(57)		(204)		(137)		2,163		(489)		—		3,917		—		(183)
RMBS		10,378		323		(1,210)		(1,173)		2		(439)		—		7,881		—		(704)
CMBS		1,190		12		(144)		84		12		(348)		—		806		—		(143)
CDO/ABS		11,215		(6)		(1,457)		2,174		1,830		(1,973)		—		11,783		—		(1,486)
Total bonds available for sale		26,862		273		(3,549)		853		4,027		(3,256)		—		25,210		—		(2,835)
Other bond securities:
Corporate Debt		134		(9)		—		190		250		(16)		—		549		(8)		—
RMBS		196		(25)		—		40		—		—		—		211		(28)		—
CMBS		35		(6)		—		—		—		—		—		29		(6)		—
CDO/ABS		2,332		(274)		—		194		75		(71)		—		2,256		(414)		—
Total other bond securities		2,697		(314)		—		424		325		(87)		—		3,045		(456)		—
Equity securities		6		(1)		—		14		15		—		—		34		—		—
Other invested assets		1,948		307		(52)		(83)		47		(209)		—		1,958		316		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	265	$	(3,601)	$	1,201	$	4,414	$	(3,552)	$	—	$	30,354	$	(140)	$	(2,835)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(4,055)	$	—	$	721	$	—	$	—	$	—	$	6,348	$	4,302	$	—
Derivative liabilities, net:
Interest rate contracts		—		48		—		(183)		(81)		6		—		(210)		27		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		478		—		(188)		—		(1)		—		(155)		(272)		—
Credit contracts		30		3		—		(2)		—		—		—		31		—		—
Other contracts		(13)		(48)		—		45		—		—		—		(16)		49		—
Total derivative liabilities, net(a)		(428)		482		—		(327)		(81)		5		—		(349)		(197)		—
Fortitude Re funds withheld payable		5,922		(7,851)		—		(576)		—		—		—		(2,505)		8,107		—
Total	$	15,176	$	(11,424)	$	—	$	(182)	$	(81)	$	5	$	—	$	3,494	$	12,212	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	14	$	(40)	$	(125)	$	—	$	(86)	$	(62)	$	1,806	$	—	$	225
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		12		9		35		452		(211)		—		2,646		—		(106)
RMBS		11,694		435		17		(977)		8		(79)		—		11,098		—		934
CMBS		922		20		(39)		245		56		(179)		—		1,025		—		(45)
CDO/ABS		9,814		37		(11)		(358)		902		(1,197)		—		9,187		—		425
Total bonds available for sale		26,889		518		(65)		(1,179)		1,423		(1,755)		(62)		25,769		—		1,433
Other bond securities:
RMBS		139		6		—		(38)		—		—		—		107		(86)		—
CMBS		47		(2)		—		(15)		6		—		—		36		2		—
CDO/ABS		2,512		74		—		(401)		—		—		—		2,185		235		—
Total other bond securities		2,698		78		—		(454)		6		—		—		2,328		151		—
Equity securities		51		11		1		(124)		77		(11)		—		5		3		—
Other invested assets		1,827		417		(10)		(328)		—		—		—		1,906		386		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,024	$	(74)	$	(2,084)	$	1,506	$	(1,766)	$	(62)	$	30,122	$	540	$	1,433
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(923)	$	—	$	398	$	—	$	—	$	—	$	9,273	$	1,914	$	—
Derivative liabilities, net:
Interest rate contracts		—		(4)		—		3		—		—		—		(1)		4		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		2		—		(204)		—		46		—		(307)		(58)		—
Credit contracts		42		7		—		(8)		—		—		—		41		2		—
Other contracts		(8)		(50)		—		47		—		—		—		(11)		50		—
Total derivative liabilities, net(a)		(119)		(45)		—		(161)		—		46		—		(279)		(2)		—
Fortitude Re funds withheld payable		6,042		(117)		—		(492)		—		—		—		5,433		1,917		—
Total	$	15,721	$	(1,085)	$	—	$	(255)	$	—	$	46	$	—	$	14,427	$	3,829	$	—

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

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


(in millions)		Net Investment Income		Net Realized Gains (Losses)		Other Income		Total
Three Months Ended September 30, 2022
Assets:
Bonds available for sale	$	106	$	(63)	$	—	$	43
Other bond securities		(40)		—		—		(40)
Equity securities		(1)		—		—		(1)
Other invested assets		62		—		—		62
Three Months Ended September 30, 2021
Assets:
Bonds available for sale	$	155	$	(6)	$	—	$	149
Other bond securities		41		—		—		41

Other invested assets		165		(4)		—		161
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale	$	412	$	(139)	$	—	$	273
Other bond securities		(314)		—		—		(314)
Equity securities		(1)		—		—		(1)
Other invested assets		307		—		—		307
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale	$	503	$	15	$	—	$	518
Other bond securities		78		—		—		78
Equity securities		11		—		—		11
Other invested assets		406		11		—		417
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Other Income		Total
Three Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(936)	$	—	$	(936)
Derivative liabilities, net		—		127		(17)		110
Fortitude Re funds withheld payable		—		(1,757)		—		(1,757)
Three Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(26)	$	—	$	(26)
Derivative liabilities, net		—		93		(14)		79
Fortitude Re funds withheld payable		—		209		—		209
Nine Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(4,055)	$	—	$	(4,055)
Derivative liabilities, net		—		527		(45)		482
Fortitude Re funds withheld payable		—		(7,851)		—		(7,851)
Nine Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(923)	$	—	$	(923)
Derivative liabilities, net		—		(2)		(43)		(45)
Fortitude Re funds withheld payable		—		(117)		—		(117)

*Primarily embedded derivatives.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and nine-month periods ended September 30, 2022 and 2021 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	5	$	—	$	(34)	$	(29)

Corporate debt		31		(49)		(82)		(100)
RMBS		56		—		(355)		(299)
CMBS		27		—		(60)		(33)
CDO/ABS		581		(22)		(36)		523
Total bonds available for sale		700		(71)		(568)		61
Other bond securities:
Corporate debt		2		—		64		66
RMBS		31		—		(5)		26

CDO/ABS		65		(123)		(100)		(158)
Total other bond securities		98		(123)		(41)		(66)
Equity securities		8		—		—		8
Other invested assets		53		—		(98)		(45)
Other assets		—		—		—		—
Total	$	859	$	(194)	$	(707)	$	(42)
Liabilities:
Policyholder contract deposits	$	—	$	294	$	33	$	327
Derivative liabilities, net		(243)		3		50		(190)
Fortitude Re funds withheld payable		—		—		(110)		(110)
Total	$	(243)	$	297	$	(27)	$	27
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	40	$	(16)	$	(31)	$	(7)
Non-U.S. governments		—		—		—		—
Corporate debt		23		(61)		(135)		(173)
RMBS		704		(164)		(626)		(86)
CMBS		7		(3)		(17)		(13)
CDO/ABS		849		—		(669)		180
Total bonds available for sale		1,623		(244)		(1,478)		(99)
Other bond securities:
RMBS		—		(2)		(6)		(8)
CMBS		—		(9)		—		(9)
CDO/ABS		—		—		(134)		(134)
Total other bond securities		—		(11)		(140)		(151)
Equity securities		—		—		(1)		(1)
Other invested assets		32		—		(383)		(351)
Other assets		—		—		1		1
Total	$	1,655	$	(255)	$	(2,001)	$	(601)
Liabilities:
Policyholder contract deposits	$	—	$	214	$	65	$	279
Derivative liabilities, net		(75)		2		40		(33)
Fortitude Re funds withheld payable		—		—		(93)		(93)
Total	$	(75)	$	216	$	12	$	153


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(64)	$	(36)	$	(94)

Corporate debt		54		(49)		(142)		(137)
RMBS		341		—		(1,514)		(1,173)
CMBS		173		—		(89)		84
CDO/ABS		2,712		(22)		(516)		2,174
Total bonds available for sale		3,286		(135)		(2,298)		853
Other bond securities:
Corporate debt		26		—		164		190
RMBS		62		—		(22)		40

CDO/ABS		681		(123)		(364)		194
Total other bond securities		769		(123)		(222)		424
Equity securities		13		—		1		14
Other invested assets		570		—		(653)		(83)
Other assets		—		—		(7)		(7)
Total	$	4,638	$	(258)	$	(3,179)	$	1,201
Liabilities:
Policyholder contract deposits	$	—	$	761	$	(40)	$	721
Derivative liabilities, net		(492)		6		159		(327)
Fortitude Re funds withheld payable		—		—		(576)		(576)
Total	$	(492)	$	767	$	(457)	$	(182)
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	51	$	(59)	$	(117)	$	(125)
Non-U.S. governments		1		—		—		1
Corporate Debt		976		(94)		(847)		35
RMBS		1,186		(279)		(1,884)		(977)
CMBS		297		(3)		(49)		245
CDO/ABS		2,005		70		(2,433)		(358)
Total bonds available for sale		4,516		(365)		(5,330)		(1,179)
Other bond securities:
RMBS		1		(11)		(28)		(38)
CMBS		—		(15)		—		(15)
CDO/ABS		—		(39)		(362)		(401)
Total other bond securities		1		(65)		(390)		(454)
Equity securities		—		(3)		(121)		(124)
Other invested assets		424		—		(752)		(328)
Other assets		—		—		1		1
Total	$	4,941	$	(433)	$	(6,592)	$	(2,084)
Liabilities:
Policyholder contract deposits	$	—	$	607	$	(209)	$	398
Derivative liabilities, net		(198)		4		33		(161)
Fortitude Re funds withheld payable		—		—		(492)		(492)
Total	$	(198)	$	611	$	(668)	$	(255)

(a)There were no issuances during the three- and nine-month periods ended September 30, 2022 and 2021.

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 September 30, 2022 and 2021 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 $(25) million and $(98) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and nine-month periods ended September 30, 2022, respectively, and includes $(36) million and $(122) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and nine-month periods ended September 30, 2022, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $1 million and $28 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and nine-month periods ended September 30, 2021, respectively, and includes $10 million and $7 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and nine-month periods ended September 30, 2021, respectively.

Transfers of Level 3 Assets

During the three- and nine-month periods ended September 30, 2022 and 2021, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three- and nine-month periods ended September 30, 2022 and 2021, transfers out of Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS, 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.

Transfers of Level 3 Liabilities

During the nine-month period ended September 30, 2022, transfers of derivatives into Level 3 were primarily due to increased long-dated European swaption activity with Secured Overnight Financing Rate tenors. There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three- and nine-month periods ended September 30, 2021.

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. 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:


(in millions)	Fair Value at September 30, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	815	Discounted cash flow	Yield	5.08% - 6.07% (5.57%)
Corporate debt		2,059	Discounted cash flow	Yield	3.42% - 14.51% (7.92%)
RMBS(a)		5,530	Discounted cash flow	Constant prepayment rate	4.78% - 10.05% (7.42%)
				Loss severity	44.65% - 76.04% (60.35%)
				Constant default rate	0.87% - 2.79% (1.83%)
				Yield	5.58% - 7.22% (6.40%)
CDO/ABS(a)		8,802	Discounted cash flow	Yield	5.72% - 7.99% (6.85%)
CMBS		553	Discounted cash flow	Yield	5.16% - 9.47% (7.31%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)		698	Discounted cash flow	Equity volatility	6.05% - 48.05%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	10.00% - 30.00%
				NPA(f)	0.13% - 2.29%
Fixed Index annuities including certain GMWB		5,095	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 5.00%
				Equity volatility	6.05% - 48.05%
				NPA(f)	0.13% - 2.29%
Indexed life		555	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	6.20% - 26.11%
				NPA(f)	0.13% - 2.29%


(in millions)	Fair Value at December 31, 2021		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	1,400	Discounted cash flow	Yield	2.74% - 3.33% (3.06%)
Corporate debt		1,561	Discounted cash flow	Yield	2.23% - 7.69% (4.96%)
RMBS(a)		9,916	Discounted cash flow	Constant prepayment rate	5.25% - 17.70% (11.47%)
				Loss severity	26.13% - 71.93% (49.03%)
				Constant default rate	1.15% - 5.85% (3.50%)
				Yield	1.69% - 3.97% (2.83%)
CDO/ABS(a)		8,229	Discounted cash flow	Yield	1.84% - 4.77% (3.31%)
CMBS		580	Discounted cash flow	Yield	1.50% - 5.01% (3.25%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
GMWB		2,472	Discounted cash flow	Equity volatility	5.95% - 46.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA(f)	0.01% - 1.40%
Fixed Index annuities including certain GMWB		6,445	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 4.00%
				Equity volatility	5.95% - 46.65%
				NPA(f)	0.01% - 1.40%
Indexed life		765	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	7.65% - 20.70%
				NPA(f)	0.01% - 1.40%

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

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

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within Policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(d)The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet.

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

(f)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.

(g)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivative. The total embedded derivative liability at September 30, 2022 and December 31, 2021 was approximately $920 million and $1.2 billion, respectively. The remaining guaranteed minimum riders on the fixed index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CDO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

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 yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

Embedded derivatives within Policyholder contract deposits

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

•Non-performance or “own credit” risk adjustment used in the valuation of embedded derivatives, which reflects a market participant’s view of our claims-paying ability by incorporating a different spread (the NPA spread) to the curve used to discount projected benefit cash flows. When corporate credit spreads widen, the change in the NPA spread generally reduces the fair value of the embedded derivative liabilities, resulting in a gain, and when corporate credit spreads narrow or tighten, the change in the NPA spread generally increases the fair value of the embedded derivative liabilities, resulting in a loss. In addition to changes driven by credit market- related movements in the NPA spread, the NPA balance also reflects changes in business activity and in the net amount at risk from the underlying guaranteed living benefits offered by variable and certain fixed index annuities.

Embedded derivatives within reinsurance contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

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.


			September 30, 2022				December 31, 2021
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded 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	$	3,114	$	2,534	$	2,768	$	1,798
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,870		778		904		487
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		265		189		252		201
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		774		63		914		82
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		577		230		534		354
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,626		384		1,216		408
Total private equity funds			8,226		4,178		6,588		3,330
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		282		—		466		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		383		—		432		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		443		—		516		—
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		417		5		416		—
Total hedge funds			1,525		5		1,830		—
Total		$	9,751	$	4,183	$	8,418	$	3,330

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

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


	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Assets:
Other bond securities(a)	$	(241)	$	35	$	(915)	$	32
Alternative investments(b)		(57)		403		174		1,248
Liabilities:
Long-term debt(c)		69		6		240		39
Total gain (loss)	$	(229)	$	444	$	(501)	$	1,319

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

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

(c)Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.

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 value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:


		September 30, 2022						December 31, 2021
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	1,613	$	1,451	$	162	$	1,871	$	1,405	$	466

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

FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS

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


	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		Level 1		Level 2		Level 3		Total		2022		2021		2022		2021
September 30, 2022
Other investments	$	—	$	—	$	17	$	17	$	11	$	—	$	11	$	6
Other assets		—		—		—		—		—		13		—		13
Total	$	—	$	—	$	17	$	17	$	11	$	13	$	11	$	19
December 31, 2021
Other investments	$	—	$	—	$	104	$	104

Total	$	—	$	—	$	104	$	104

In addition to the assets presented in the table above, AIG had $170 million of loans held for sale which are carried at fair value at September 30, 2022. There is no associated impairment charge.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

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


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2022
Assets:
Mortgage and other loans receivable	$	—	$	56	$	44,341	$	44,397	$	47,954
Other invested assets		—		869		6		875		871
Short-term investments		—		9,319		—		9,319		9,319
Cash		2,294		—		—		2,294		2,294
Other assets		57		12		—		69		69
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		132		138,398		138,530		138,255
Fortitude Re funds withheld payable		—		—		32,929		32,929		32,929
Other liabilities		—		207		—		207		207
Short-term and long-term debt		—		19,054		273		19,327		22,895
Debt of consolidated investment entities		—		3,039		2,713		5,752		5,924
Separate account liabilities - investment contracts		—		77,070		—		77,070		77,070
December 31, 2021
Assets:
Mortgage and other loans receivable	$	—	$	82	$	47,947	$	48,029	$	46,033
Other invested assets		—		871		6		877		878
Short-term investments		—		8,931		—		8,931		8,931
Cash		2,198		—		—		2,198		2,198
Other assets		21		11		—		32		32
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		169		142,974		143,143		133,043
Fortitude Re funds withheld payable		—		—		34,849		34,849		34,849
Other liabilities		—		3,704		—		3,704		3,704
Short-term and long-term debt		—		24,758		336		25,094		21,870
Debt of consolidated investment entities		—		3,077		3,313		6,390		6,422
Separate account liabilities - investment contracts		—		104,126		—		104,126		104,126

- Definition

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

+ References + Details

Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	$ 29,622	$ 30,861	$ 31,627	$ 31,578
Net Realized and Unrealized Gains (Losses) Included in Income	64	351	265	1,024
Other Comprehensive Income (Loss)	(936)	(64)	(3,601)	(74)
Purchases, Sales, Issuances and Settlements, Net	(42)	(601)	1,201	(2,084)
Gross Transfers In	2,217	130	4,414	1,506
Gross Transfers Out	(571)	(493)	(3,552)	(1,766)
Other	0	(62)	0	(62)
Fair Value End of Period	30,354	30,122	30,354	30,122
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(90)	141	(140)	540
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(868)	0	(2,835)	1,433
Bonds available for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	24,368	26,207	26,862	26,889
Net Realized and Unrealized Gains (Losses) Included in Income	43	149	273	518
Other Comprehensive Income (Loss)	(911)	(62)	(3,549)	(65)
Purchases, Sales, Issuances and Settlements, Net	61	(99)	853	(1,179)
Gross Transfers In	2,162	129	4,027	1,423
Gross Transfers Out	(513)	(493)	(3,256)	(1,755)
Other	0	(62)	0	(62)
Fair Value End of Period	25,210	25,769	25,210	25,769
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(868)	0	(2,835)	1,433
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	957	1,939	1,431	2,105
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	6	1	14
Other Comprehensive Income (Loss)	(106)	(9)	(534)	(40)
Purchases, Sales, Issuances and Settlements, Net	(29)	(7)	(94)	(125)
Gross Transfers In	0	0	17	0
Gross Transfers Out	(7)	(61)	(7)	(86)
Other	0	(62)	0	(62)
Fair Value End of Period	814	1,806	814	1,806
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(167)	0	(319)	225
Bonds available for sale \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	9	10	7	5
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	(1)
Purchases, Sales, Issuances and Settlements, Net	(1)	0	(1)	1
Gross Transfers In	1	0	3	5
Gross Transfers Out	0	(3)	0	(3)
Other	0	0	0	0
Fair Value End of Period	9	7	9	7
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Bonds available for sale \| Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	2,483	2,773	2,641	2,349
Net Realized and Unrealized Gains (Losses) Included in Income	(31)	(1)	(57)	12
Other Comprehensive Income (Loss)	(53)	2	(204)	9
Purchases, Sales, Issuances and Settlements, Net	(100)	(173)	(137)	35
Gross Transfers In	1,781	57	2,163	452
Gross Transfers Out	(163)	(12)	(489)	(211)
Other	0	0	0	0
Fair Value End of Period	3,917	2,646	3,917	2,646
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(55)	0	(183)	(106)
Bonds available for sale \| RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	8,352	11,085	10,378	11,694
Net Realized and Unrealized Gains (Losses) Included in Income	101	118	323	435
Other Comprehensive Income (Loss)	(267)	(8)	(1,210)	17
Purchases, Sales, Issuances and Settlements, Net	(299)	(86)	(1,173)	(977)
Gross Transfers In	2	8	2	8
Gross Transfers Out	(8)	(19)	(439)	(79)
Other	0	0	0	0
Fair Value End of Period	7,881	11,098	7,881	11,098
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(39)	0	(704)	934
Bonds available for sale \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	871	1,082	1,190	922
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	4	12	20
Other Comprehensive Income (Loss)	(31)	(6)	(144)	(39)
Purchases, Sales, Issuances and Settlements, Net	(33)	(13)	84	245
Gross Transfers In	12	0	12	56
Gross Transfers Out	(12)	(42)	(348)	(179)
Other	0	0	0	0
Fair Value End of Period	806	1,025	806	1,025
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(50)	0	(143)	(45)
Bonds available for sale \| CDO/ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	11,696	9,318	11,215	9,814
Net Realized and Unrealized Gains (Losses) Included in Income	(25)	22	(6)	37
Other Comprehensive Income (Loss)	(454)	(41)	(1,457)	(11)
Purchases, Sales, Issuances and Settlements, Net	523	180	2,174	(358)
Gross Transfers In	366	64	1,830	902
Gross Transfers Out	(323)	(356)	(1,973)	(1,197)
Other	0	0	0	0
Fair Value End of Period	11,783	9,187	11,783	9,187
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	(557)	0	(1,486)	425
Other bond securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	3,127	2,438	2,697	2,698
Net Realized and Unrealized Gains (Losses) Included in Income	(40)	41	(314)	78
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(66)	(151)	424	(454)
Gross Transfers In	40	0	325	6
Gross Transfers Out	(16)	0	(87)	0
Other	0	0	0	0
Fair Value End of Period	3,045	2,328	3,045	2,328
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(110)	0	(456)	151
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| Corporate debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	461		134
Net Realized and Unrealized Gains (Losses) Included in Income	(5)		(9)
Other Comprehensive Income (Loss)	0		0
Purchases, Sales, Issuances and Settlements, Net	66		190
Gross Transfers In	28		250
Gross Transfers Out	(1)		(16)
Other	0		0
Fair Value End of Period	549		549
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(7)		(8)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0		0
Other bond securities \| RMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	192	113	196	139
Net Realized and Unrealized Gains (Losses) Included in Income	(7)	2	(25)	6
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	26	(8)	40	(38)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	211	107	211	107
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(8)	0	(28)	(86)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	32	46	35	47
Net Realized and Unrealized Gains (Losses) Included in Income	(3)	(1)	(6)	(2)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	(9)	0	(15)
Gross Transfers In	0	0	0	6
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	29	36	29	36
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(3)	0	(6)	2
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other bond securities \| CDO/ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	2,442	2,279	2,332	2,512
Net Realized and Unrealized Gains (Losses) Included in Income	(25)	40	(274)	74
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(158)	(134)	194	(401)
Gross Transfers In	12	0	75	0
Gross Transfers Out	(15)	0	(71)	0
Other	0	0	0	0
Fair Value End of Period	2,256	2,185	2,256	2,185
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(92)	0	(414)	235
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	12	4	6	51
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	0	(1)	11
Other Comprehensive Income (Loss)	0	1	0	1
Purchases, Sales, Issuances and Settlements, Net	8	(1)	14	(124)
Gross Transfers In	15	1	15	77
Gross Transfers Out	0	0	0	(11)
Other	0	0	0	0
Fair Value End of Period	34	5	34	5
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	3
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other invested assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	2,008	2,099	1,948	1,827
Net Realized and Unrealized Gains (Losses) Included in Income	62	161	307	417
Other Comprehensive Income (Loss)	(25)	(3)	(52)	(10)
Purchases, Sales, Issuances and Settlements, Net	(45)	(351)	(83)	(328)
Gross Transfers In	0	0	47	0
Gross Transfers Out	(42)	0	(209)	0
Other	0	0	0	0
Fair Value End of Period	1,958	1,906	1,958	1,906
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	20	141	316	386
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value Beginning of Period	107	113	114	113
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	1	(7)	1
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	107	114	107	114
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0

Investments - Securities available for sale in a loss position (Details) $ in Millions	Sep. 30, 2022 USD ($) security	Dec. 31, 2021 USD ($) security
Fair Value
Fair Value, Less than 12 Months	$ 179,142	$ 58,573
Fair Value, 12 Months or More	16,614	12,293
Fair Value, Total	195,756	70,866
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	29,813	1,137
Gross Unrealized Losses, 12 Months or More	4,291	689
Gross Unrealized Losses, Total	$ 34,104	$ 1,826
Number of securities in an unrealized loss position \| security	36,267	15,029
Number of individual securities in continuous unrealized loss position for longer than twelve months \| security	5,241	2,644
U.S. government and government sponsored entities
Fair Value
Fair Value, Less than 12 Months	$ 6,560	$ 3,696
Fair Value, 12 Months or More	947	447
Fair Value, Total	7,507	4,143
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	588	14
Gross Unrealized Losses, 12 Months or More	91	13
Gross Unrealized Losses, Total	679	27
Obligations of states, municipalities and political subdivisions
Fair Value
Fair Value, Less than 12 Months	9,854	714
Fair Value, 12 Months or More	144	57
Fair Value, Total	9,998	771
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	1,225	11
Gross Unrealized Losses, 12 Months or More	31	4
Gross Unrealized Losses, Total	1,256	15
Non-U.S. governments
Fair Value
Fair Value, Less than 12 Months	8,824	4,644
Fair Value, 12 Months or More	2,382	1,324
Fair Value, Total	11,206	5,968
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	1,387	115
Gross Unrealized Losses, 12 Months or More	529	132
Gross Unrealized Losses, Total	1,916	247
Corporate debt
Fair Value
Fair Value, Less than 12 Months	110,817	31,914
Fair Value, 12 Months or More	11,263	8,819
Fair Value, Total	122,080	40,733
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	22,151	720
Gross Unrealized Losses, 12 Months or More	3,345	467
Gross Unrealized Losses, Total	25,496	1,187
RMBS
Fair Value
Fair Value, Less than 12 Months	10,909	5,362
Fair Value, 12 Months or More	513	1,154
Fair Value, Total	11,422	6,516
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	1,362	102
Gross Unrealized Losses, 12 Months or More	96	46
Gross Unrealized Losses, Total	1,458	148
CMBS
Fair Value
Fair Value, Less than 12 Months	13,068	3,980
Fair Value, 12 Months or More	335	153
Fair Value, Total	13,403	4,133
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	1,312	63
Gross Unrealized Losses, 12 Months or More	41	16
Gross Unrealized Losses, Total	1,353	79
CDO/ABS
Fair Value
Fair Value, Less than 12 Months	19,110	8,263
Fair Value, 12 Months or More	1,030	339
Fair Value, Total	20,140	8,602
Gross Unrealized Losses
Gross Unrealized Losses, Less than 12 Months	1,788	112
Gross Unrealized Losses, 12 Months or More	158	11
Gross Unrealized Losses, Total	$ 1,946	$ 123

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization serving customers in approximately 70 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”, “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Annual Report). The condensed consolidated financial information as of December 31, 2021 included herein has been derived from the audited Consolidated Financial Statements in the 2021 Annual Report. Certain of our foreign subsidiaries included in the Condensed Consolidated Financial Statements report on the basis of a fiscal year ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries through the date of each of the periods presented in these Condensed Consolidated Financial Statements has been considered for adjustment and/or disclosure. In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Operating results for the nine months ended September 30, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. We evaluated the need to recognize or disclose events that occurred subsequent to September 30, 2022 and prior to the issuance of these Condensed Consolidated Financial Statements. SALES/DISPOSALS OF ASSETS AND BUSINESSES Separation of Life and Retirement Business and Relationship with Blackstone Inc. On September 19, 2022, AIG closed on the initial public offering (IPO) of 80 million shares of Corebridge Financial, Inc. (Corebridge) common stock at a public offering price of $21.00 per share, representing 12.4 percent of Corebridge's common stock. Corebridge is the holding company for AIG’s Life and Retirement business. The aggregate gross proceeds of the offering to AIG, before deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $1.7 billion. After consideration of underwriting discounts, commissions and other related expenses payable by AIG, AIG recorded $608 million as an increase in AIG’s shareholder’s equity. In November 2021, AIG and Blackstone Inc. (Blackstone) completed the acquisition by Blackstone of a 9.9 percent equity stake in Corebridge. Blackstone is required to hold its ownership interest in Corebridge following the completion of the separation of the Life and Retirement business, subject to exceptions permitting Blackstone to sell 25 percent, 67 percent and 75 percent of its shares after the first, second and third anniversaries, respectively, of Corebridge IPO (which will be September 19, 2023, 2024 and 2025, respectively), with the transfer restrictions terminating in full on the fifth anniversary of the IPO (September 19, 2027). In the event that the IPO of Corebridge was not completed prior to November 2, 2023, Blackstone had the right to require AIG to undertake the IPO, and in the event that the IPO had not been completed prior to November 2, 2024, Blackstone had the right to exchange all or a portion of its ownership interest in Corebridge for shares of AIG's common stock. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. Also in November 2021, Corebridge declared a dividend payable to AIG Parent in the amount of $8.3 billion. In connection with such dividend, Corebridge issued a promissory note to AIG Parent in the amount of $8.3 billion (the Intercompany Note). The Intercompany Note was repaid to AIG Parent prior to the IPO of Corebridge with the proceeds of (i) the issuance by Corebridge, on April 5, 2022, of senior unsecured notes in the aggregate principal amount of $6.5 billion, (ii) the issuance by Corebridge, on August 23, 2022, of $1.0 billion aggregate principal amount of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052, and (iii) a portion of the $1.5 billion borrowing under Corebridge's $1.5 billion 3-Year Delayed Draw Term Loan Agreement. Following the IPO, AIG owns 77.7 percent of the outstanding common stock of Corebridge and continues to consolidate the assets, liabilities, and results of operations of Corebridge in AIG’s Condensed Consolidated Financial Statements. The portion of equity interest of Corebridge that AIG does not own is reflected as noncontrolling interest in AIG’s Condensed Consolidated Financial Statements. On December 15, 2021, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of AIG’s interests in a U.S. affordable housing portfolio. The historical results of the U.S. affordable housing portfolio were reported in our Life and Retirement operating segments. Our Investment Management Agreements with BlackRock On March 28, 2022, we announced entry into a binding letter of intent with BlackRock pursuant to which certain of our insurance company subsidiaries would enter into separate investment management agreements with BlackRock. Since that date, certain of our insurance company subsidiaries have entered into such investment management agreements, with the expectation that certain additional insurance company subsidiaries will enter into such investment management agreements over the coming months. We are in the process of transferring the management of up to $150 billion of our investments in liquid fixed income and certain private placement assets, including up to $90 billion of the Corebridge investment portfolio, to BlackRock under such investment management agreements, and anticipate completing the transfer of a majority of such assets by the end of 2022. Sale of Certain AIG Life and Retirement Retail Mutual Funds Business On February 8, 2021, AIG announced the execution of a definitive agreement with Touchstone Investments (Touchstone), an indirect wholly-owned subsidiary of Western & Southern Financial Group, to sell certain assets of Life and Retirement’s Retail Mutual Funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by SunAmerica Asset Management, LLC (SAAMCo), a Life and Retirement entity, into certain Touchstone funds. The transaction closed on July 16, 2021, at which time we received initial proceeds and the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. We will retain our fund management platform and capabilities dedicated to our variable annuity insurance products. DEBT CASH TENDER OFFERS AND REDEMPTIONS In the nine months ended September 30, 2022, we repurchased, through cash tender offers, and redeemed $7.6 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $7.8 billion, resulting in a total loss on extinguishment of debt of $299 million. 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: •loss reserves; •future policy benefit reserves for life and accident and health insurance contracts; •liabilities for guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; •embedded derivative liabilities for fixed index annuity and life products; •estimated gross profits to value deferred acquisition costs and unearned revenue for investment-oriented products; •reinsurance assets, including the allowance for credit losses and disputes; •goodwill impairment; •allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; •legal contingencies; •fair value measurements of certain financial assets and financial liabilities; and •income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. 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.

Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of net realized capital gains (losses)
Sales of fixed maturity securities	$ (131)	$ 225	$ (874)	$ 749
Change in allowance for credit losses on loans	(52)	27	(30)	140
Net realized gains (losses)	3,175	660	10,986	1,984
Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	1,504	679	3,447	1,331
Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	1,671	(19)	7,539	653
Excluding modified coinsurance and funds withheld embedded derivative
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(131)	225	(874)	749
Change in allowance for credit losses on fixed maturity securities	6	4	(135)	71
Foreign exchange transactions	(266)	(136)	(535)	(43)
Variable annuity embedded derivatives, net of related hedges	441	(39)	1,401	(3)
All other derivatives and hedge accounting	1,227	302	3,128	260
Sales of alternative investments and real estate investments	169	388	195	446
Other	22	100	2	251
Net realized gains (losses)	1,418	869	3,135	1,867
Excluding modified coinsurance and funds withheld embedded derivative \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(50)	25	(47)	136
Excluding modified coinsurance and funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(67)	66	(656)	200
Change in allowance for credit losses on fixed maturity securities	(1)	3	(101)	64
Foreign exchange transactions	(244)	(127)	(489)	(37)
Variable annuity embedded derivatives, net of related hedges	441	(39)	1,401	(3)
All other derivatives and hedge accounting	1,240	317	3,149	332
Sales of alternative investments and real estate investments	137	336	160	393
Other	24	101	4	252
Net realized gains (losses)	1,504	679	3,447	1,331
Excluding modified coinsurance and funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(26)	22	(21)	130
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Sales of fixed maturity securities	(64)	159	(218)	549
Change in allowance for credit losses on fixed maturity securities	7	1	(34)	7
Foreign exchange transactions	(22)	(9)	(46)	(6)
Variable annuity embedded derivatives, net of related hedges	0	0	0	0
All other derivatives and hedge accounting	(13)	(15)	(21)	(72)
Sales of alternative investments and real estate investments	32	52	35	53
Other	(2)	(1)	(2)	(1)
Net realized gains (losses)	(86)	190	(312)	536
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets \| Loans Receivable
Components of net realized capital gains (losses)
Change in allowance for credit losses on loans	(24)	3	(26)	6
Fortitude Re funds withheld embedded derivative
Components of net realized capital gains (losses)
Net realized gains (losses)	1,757	(209)	7,851	117
Fortitude Re funds withheld embedded derivative \| Excluding Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	0	0	0	0
Fortitude Re funds withheld embedded derivative \| Fortitude Re Funds Withheld Assets
Components of net realized capital gains (losses)
Net realized gains (losses)	$ 1,757	$ (209)	$ 7,851	$ 117

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 3,041	$ 1,737	$ 11,089	$ 5,817
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	(73)	12	(78)	49
Change in unrealized depreciation of all other investments	(8,324)	(1,510)	(34,469)	(4,999)
Change in foreign currency translation adjustments	(591)	(135)	(877)	4
Change in retirement plan liabilities adjustment	15	31	40	42
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	(4)	(1)
Other comprehensive loss	(8,973)	(1,602)	(35,388)	(4,905)
Comprehensive income (loss)	(5,932)	135	(24,299)	912
Comprehensive income (loss) attributable to noncontrolling interests	(464)	71	(1,784)	175
Comprehensive income (loss) attributable to AIG	$ (5,468)	$ 64	$ (22,515)	$ 737

Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Jun. 30, 2022

Sep. 30, 2021

Jun. 30, 2021

Dec. 31, 2020

Composition of Mortgages and other loans receivable

Total mortgage and other loans receivable

$ 48,779

$ 46,677

Allowance for credit losses

(655)

(629)

$ (603)

$ (641)

$ (701)

$ (814)

Mortgage and other loans receivable, net

^[1]

48,124

46,048

Commercial mortgage loans

Composition of Mortgages and other loans receivable

Total mortgage and other loans receivable

35,824

35,665

Allowance for credit losses

(564)

(545)

$ (525)

(557)

$ (587)

$ (685)

Off-balance-sheet commitments

$ 83

Loans on nonacrrual status

772

226

Accrued interest receivable

$ 132

$ 126

Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | New York

Composition of Mortgages and other loans receivable

Percentage of mortgage loans in geographic area

19.00%

21.00%

Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | California

Composition of Mortgages and other loans receivable

Percentage of mortgage loans in geographic area

12.00%

10.00%

Residential mortgages

Composition of Mortgages and other loans receivable

Total mortgage and other loans receivable

$ 5,640

$ 5,492

Loans on nonacrrual status

Accrued interest receivable

Life insurance policy loans

Composition of Mortgages and other loans receivable

Total mortgage and other loans receivable

1,773

1,843

Commercial loans, other loans and notes receivable

Composition of Mortgages and other loans receivable

Total mortgage and other loans receivable

5,542

3,677

Loans held for sale

$ 176

$ 15

[1]	See Note 8 for details of balances associated with variable interest entities.

Basis of Presentation (Details)						3 Months Ended		9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2022 USD ($) country $ / shares	Sep. 19, 2022 USD ($) $ / shares shares	Mar. 28, 2022 USD ($)	Nov. 02, 2021	Jul. 16, 2021 USD ($) mutualFund	Sep. 30, 2022 USD ($) country $ / shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) country $ / shares	Sep. 30, 2021 USD ($)	Aug. 23, 2022 USD ($)	Apr. 05, 2022 USD ($)	Dec. 31, 2021 $ / shares	Nov. 01, 2021 USD ($)
Basis of Presentation Information
Number of countries in which the entity operates \| country	70					70		70
Common stock, par value (in dollars per share) \| $ / shares	$ 2.50					$ 2.50		$ 2.50				$ 2.50
Contributions from noncontrolling interests						$ 17,000,000	$ 1,000,000	$ 22,000,000	$ 8,000,000
Notes receivable, related party													$ 8,300,000,000
Short term debt	$ 1,502,000,000					1,502,000,000		1,502,000,000
Number of funds reorganized \| mutualFund					12
Number of funds liquidated \| mutualFund					6
Extinguishment of debt								7,600,000,000
Repayments of debt								7,800,000,000
Loss on extinguishment of debt						$ 0	$ 51,000,000	$ 299,000,000	$ 149,000,000
Debt instrument term (in years)	3 years
Corebridge Financial Inc
Basis of Presentation Information
Ownership (as a percent)	77.70%					77.70%		77.70%
Junior Notes
Basis of Presentation Information
Interest rate										6.875%
Total AIG Shareholders' Equity
Basis of Presentation Information
Contributions from noncontrolling interests		$ 608,000,000
Blackstone \| Corebridge Financial Inc
Basis of Presentation Information
Ownership percentage by noncontrolling owners				9.90%
Percent of ownership interest permitted to be sold after first anniversary				25.00%
Percent of ownership interest permitted to be sold after second anniversary				67.00%
Percent of ownership interest permitted to be sold after third anniversary				75.00%
Corebridge Financial Inc
Basis of Presentation Information
Dividends payable													$ 8,300,000,000
Short term debt	$ 1,500,000,000					$ 1,500,000,000		$ 1,500,000,000
Corebridge Financial Inc \| Senior Notes
Basis of Presentation Information
Amount of debt issued											$ 6,500,000,000
Corebridge Financial Inc \| Junior Notes
Basis of Presentation Information
Amount of debt issued										$ 1,000,000,000
BlackRock
Basis of Presentation Information
Transfer to investments			$ 150,000,000,000
BlackRock \| Corebridge Investment Portfolio
Basis of Presentation Information
Transfer to investments			$ 90,000,000,000
SAAMCo
Basis of Presentation Information
Assets under management					$ 6,800,000,000
Annual increase period (in years)					3 years
IPO \| Corebridge Financial Inc
Basis of Presentation Information
Shares issued in IPO (in shares) \| shares		80,000,000
Price per share (in USD per share) \| $ / shares		$ 21.00
Percentage of stock sold (as a percent)		12.40%
Gross proceeds from sale of stock		$ 1,700,000,000

Insurance Liabilities - Liability for unpaid losses and loss adjustment expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of period	$ 76,739	$ 78,981	$ 79,026	$ 77,720
Reinsurance recoverable	(33,583)	(34,866)	(35,213)	(34,431)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	43,156	44,115	43,813	43,289
Losses and loss adjustment expenses incurred:
Current year	4,373	4,467	12,020	12,262
Prior years, excluding discount and amortization of deferred gain	(112)	(153)	(537)	(166)
Prior years, discount charge (benefit)	36	83	78	99
Prior years, amortization of deferred gain on retroactive reinsurance	(23)	(13)	(37)	(107)
Total losses and loss adjustment expenses incurred	4,274	4,384	11,524	12,088
Losses and loss adjustment expenses paid:
Current year	(1,132)	(1,147)	(2,289)	(2,370)
Prior years	(2,673)	(2,449)	(8,844)	(8,653)
Total losses and loss adjustment expenses paid	(3,805)	(3,596)	(11,133)	(11,023)
Other changes:
Foreign exchange effect	(1,031)	(414)	(1,827)	(57)
Retroactive reinsurance adjustment (net of discount)	101	159	318	351
Total other changes	(930)	(255)	(1,509)	294
Net liability for unpaid losses and loss adjustment expenses	42,695	44,648	42,695	44,648
Reinsurance recoverable	32,824	34,626	32,824	34,626
Total	75,519	79,274	75,519	79,274
Change in discount on loss reserves ceded under retroactive reinsurance	17	22	74	78
National Indemnity Company
Losses and loss adjustment expenses incurred:
Prior years, amortization of deferred gain on retroactive reinsurance	$ 5	$ 5	$ 15	$ 23

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


September 30, 2022		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	5	$	7,945	$	—	$	—	$	—	$	7,950
Obligations of states, municipalities and political subdivisions		—		11,077		814		—		—		11,891
Non-U.S. governments		111		12,887		9		—		—		13,007
Corporate debt		—		129,419		3,917		—		—		133,336
RMBS		—		10,626		7,881		—		—		18,507
CMBS		—		13,125		806		—		—		13,931
CDO/ABS		—		9,362		11,783		—		—		21,145
Total bonds available for sale		116		194,441		25,210		—		—		219,767
Other bond securities:
U.S. government and government sponsored entities		—		1,565		—		—		—		1,565
Obligations of states, municipalities and political subdivisions		—		111		—		—		—		111
Non-U.S. governments		—		64		—		—		—		64
Corporate debt		—		1,485		549		—		—		2,034
RMBS		—		130		211		—		—		341
CMBS		—		362		29		—		—		391
CDO/ABS		—		369		2,256		—		—		2,625
Total other bond securities		—		4,086		3,045		—		—		7,131
Equity securities		481		93		34		—		—		608
Other invested assets(b)		—		130		1,958		—		—		2,088
Derivative assets(c):
Interest rate contracts		4		3,142		210		—		—		3,356
Foreign exchange contracts		—		2,788		—		—		—		2,788
Equity contracts		14		392		159		—		—		565
Commodity contracts		—		18		—		—		—		18
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		16		—		—		16
Counterparty netting and cash collateral		—		—		—		(3,170)		(3,181)		(6,351)
Total derivative assets		18		6,340		386		(3,170)		(3,181)		393
Short-term investments		3,405		1,939		—		—		—		5,344
Other assets(c)		—		—		107		—		—		107
Separate account assets		77,683		3,619		—		—		—		81,302
Total	$	81,703	$	210,648	$	30,740	$	(3,170)	$	(3,181)	$	316,740
Liabilities:
Policyholder contract deposits	$	—	$	37	$	6,348	$	—	$	—	$	6,385
Derivative liabilities(c):
Interest rate contracts		—		4,856		—		—		—		4,856
Foreign exchange contracts		—		726		1		—		—		727
Equity contracts		4		76		4		—		—		84
Credit contracts		—		10		32		—		—		42

Counterparty netting and cash collateral		—		—		—		(3,170)		(2,263)		(5,433)
Total derivative liabilities		4		5,668		37		(3,170)		(2,263)		276
Fortitude Re funds withheld payable		—		—		(2,505)		—		—		(2,505)

Long-term debt		—		1,613		—		—		—		1,613
Total	$	4	$	7,318	$	3,880	$	(3,170)	$	(2,263)	$	5,769


December 31, 2021		Level 1		Level 2		Level 3	Counterparty Netting(a)		Cash Collateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	2,553	$	5,641	$	—	$	—	$	—	$	8,194
Obligations of states, municipalities and political subdivisions		—		13,096		1,431		—		—		14,527
Non-U.S. governments		9		16,314		7		—		—		16,330
Corporate debt		—		172,967		2,641		—		—		175,608
RMBS		—		16,909		10,378		—		—		27,287
CMBS		—		14,619		1,190		—		—		15,809
CDO/ABS		—		8,232		11,215		—		—		19,447
Total bonds available for sale		2,562		247,778		26,862		—		—		277,202
Other bond securities:
U.S. government and government sponsored entities		—		1,750		—		—		—		1,750
Obligations of states, municipalities and political subdivisions		—		97		—		—		—		97
Non-U.S. governments		—		76		—		—		—		76
Corporate debt		—		916		134		—		—		1,050
RMBS		—		215		196		—		—		411
CMBS		—		280		35		—		—		315
CDO/ABS		—		247		2,332		—		—		2,579
Total other bond securities		—		3,581		2,697		—		—		6,278
Equity securities		669		64		6		—		—		739
Other invested assets (b)		—		138		1,948		—		—		2,086
Derivative assets(c):
Interest rate contracts		—		3,873		—		—		—		3,873
Foreign exchange contracts		—		1,188		1		—		—		1,189
Equity contracts		7		224		450		—		—		681
Commodity contracts		—		4		—		—		—		4
Credit contracts		—		—		1		—		—		1
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(2,779)		(2,139)		(4,918)
Total derivative assets		7		5,289		465		(2,779)		(2,139)		843
Short-term investments		2,584		1,842		—		—		—		4,426
Other assets(c)		—		—		114		—		—		114
Separate account assets		105,221		3,890		—		—		—		109,111
Total	$	111,043	$	262,582	$	32,092	$	(2,779)	$	(2,139)	$	400,799
Liabilities:
Policyholder contract deposits	$	—	$	54	$	9,682	$	—	$	—	$	9,736
Derivative liabilities(c):
Interest rate contracts		1		3,632		—		—		—		3,633
Foreign exchange contracts		—		721		—		—		—		721
Equity contracts		1		46		6		—		—		53
Credit contracts		—		16		31		—		—		47

Counterparty netting and cash collateral		—		—		—		(2,779)		(1,089)		(3,868)
Total derivative liabilities		2		4,415		37		(2,779)		(1,089)		586
Fortitude Re funds withheld payable		—		—		5,922		—		—		5,922

Long-term debt		—		1,871		—		—		—		1,871
Total	$	2	$	6,340	$	15,641	$	(2,779)	$	(1,089)	$	18,115

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

(c)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	957	$	(1)	$	(106)	$	(29)	$	—	$	(7)	$	—	$	814	$	—	$	(167)
Non-U.S. governments		9		—		—		(1)		1		—		—		9		—		—
Corporate debt		2,483		(31)		(53)		(100)		1,781		(163)		—		3,917		—		(55)
RMBS		8,352		101		(267)		(299)		2		(8)		—		7,881		—		(39)
CMBS		871		(1)		(31)		(33)		12		(12)		—		806		—		(50)
CDO/ABS		11,696		(25)		(454)		523		366		(323)		—		11,783		—		(557)
Total bonds available for sale		24,368		43		(911)		61		2,162		(513)		—		25,210		—		(868)
Other bond securities:
Corporate Debt		461		(5)		—		66		28		(1)		—		549		(7)		—
RMBS		192		(7)		—		26		—		—		—		211		(8)		—
CMBS		32		(3)		—		—		—		—		—		29		(3)		—
CDO/ABS		2,442		(25)		—		(158)		12		(15)		—		2,256		(92)		—
Total other bond securities		3,127		(40)		—		(66)		40		(16)		—		3,045		(110)		—
Equity securities		12		(1)		—		8		15		—		—		34		—		—
Other invested assets		2,008		62		(25)		(45)		—		(42)		—		1,958		20		—
Other assets		107		—		—		—		—		—		—		107		—		—
Total	$	29,622	$	64	$	(936)	$	(42)	$	2,217	$	(571)	$	—	$	30,354	$	(90)	$	(868)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	6,957	$	(936)	$	—	$	327	$	—	$	—	$	—	$	6,348	$	949	$	—
Derivative liabilities, net:
Interest rate contracts		(143)		37		—		(110)		—		6		—		(210)		30		—
Foreign exchange contracts		1		—		—		—		—		—		—		1		—		—
Equity contracts		(149)		88		—		(94)		—		—		—		(155)		(89)		—
Credit contracts		32		1		—		(2)		—		—		—		31		—		—
Other contracts		(16)		(16)		—		16		—		—		—		(16)		17		—
Total derivative liabilities, net(a)		(275)		110		—		(190)		—		6		—		(349)		(42)		—
Fortitude Re funds withheld payable		(638)		(1,757)		—		(110)		—		—		—		(2,505)		1,791		—
Total	$	6,044	$	(2,583)	$	—	$	27	$	—	$	6	$	—	$	3,494	$	2,698	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,939	$	6	$	(9)	$	(7)	$	—	$	(61)	$	(62)	$	1,806	$	—	$	—
Non-U.S. governments		10		—		—		—		—		(3)		—		7		—		—
Corporate debt		2,773		(1)		2		(173)		57		(12)		—		2,646		—		—
RMBS		11,085		118		(8)		(86)		8		(19)		—		11,098		—		—
CMBS		1,082		4		(6)		(13)		—		(42)		—		1,025		—		—
CDO/ABS		9,318		22		(41)		180		64		(356)		—		9,187		—		—
Total bonds available for sale		26,207		149		(62)		(99)		129		(493)		(62)		25,769		—		—
Other bond securities:
RMBS		113		2		—		(8)		—		—		—		107		—		—
CMBS		46		(1)		—		(9)		—		—		—		36		—		—
CDO/ABS		2,279		40		—		(134)		—		—		—		2,185		—		—
Total other bond securities		2,438		41		—		(151)		—		—		—		2,328		—		—
Equity securities		4		—		1		(1)		1		—		—		5		—		—
Other invested assets		2,099		161		(3)		(351)		—		—		—		1,906		141		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	30,861	$	351	$	(64)	$	(601)	$	130	$	(493)	$	(62)	$	30,122	$	141	$	—
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,020	$	(26)	$	—	$	279	$	—	$	—	$	—	$	9,273	$	362	$	—
Derivative liabilities, net:
Interest rate contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Foreign exchange contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Equity contracts		(357)		99		—		(50)		—		1		—		(307)		(90)		—
Credit contracts		43		—		—		(2)		—		—		—		41		1		—
Other contracts		(10)		(17)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(a)		(326)		79		—		(33)		—		1		—		(279)		(70)		—
Fortitude Re funds withheld payable		5,317		209		—		(93)		—		—		—		5,433		414		—
Total	$	14,011	$	262	$	—	$	153	$	—	$	1	$	—	$	14,427	$	706	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(534)	$	(94)	$	17	$	(7)	$	—	$	814	$	—	$	(319)
Non-U.S. governments		7		—		—		(1)		3		—		—		9		—		—
Corporate debt		2,641		(57)		(204)		(137)		2,163		(489)		—		3,917		—		(183)
RMBS		10,378		323		(1,210)		(1,173)		2		(439)		—		7,881		—		(704)
CMBS		1,190		12		(144)		84		12		(348)		—		806		—		(143)
CDO/ABS		11,215		(6)		(1,457)		2,174		1,830		(1,973)		—		11,783		—		(1,486)
Total bonds available for sale		26,862		273		(3,549)		853		4,027		(3,256)		—		25,210		—		(2,835)
Other bond securities:
Corporate Debt		134		(9)		—		190		250		(16)		—		549		(8)		—
RMBS		196		(25)		—		40		—		—		—		211		(28)		—
CMBS		35		(6)		—		—		—		—		—		29		(6)		—
CDO/ABS		2,332		(274)		—		194		75		(71)		—		2,256		(414)		—
Total other bond securities		2,697		(314)		—		424		325		(87)		—		3,045		(456)		—
Equity securities		6		(1)		—		14		15		—		—		34		—		—
Other invested assets		1,948		307		(52)		(83)		47		(209)		—		1,958		316		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	265	$	(3,601)	$	1,201	$	4,414	$	(3,552)	$	—	$	30,354	$	(140)	$	(2,835)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(4,055)	$	—	$	721	$	—	$	—	$	—	$	6,348	$	4,302	$	—
Derivative liabilities, net:
Interest rate contracts		—		48		—		(183)		(81)		6		—		(210)		27		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		478		—		(188)		—		(1)		—		(155)		(272)		—
Credit contracts		30		3		—		(2)		—		—		—		31		—		—
Other contracts		(13)		(48)		—		45		—		—		—		(16)		49		—
Total derivative liabilities, net(a)		(428)		482		—		(327)		(81)		5		—		(349)		(197)		—
Fortitude Re funds withheld payable		5,922		(7,851)		—		(576)		—		—		—		(2,505)		8,107		—
Total	$	15,176	$	(11,424)	$	—	$	(182)	$	(81)	$	5	$	—	$	3,494	$	12,212	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	14	$	(40)	$	(125)	$	—	$	(86)	$	(62)	$	1,806	$	—	$	225
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		12		9		35		452		(211)		—		2,646		—		(106)
RMBS		11,694		435		17		(977)		8		(79)		—		11,098		—		934
CMBS		922		20		(39)		245		56		(179)		—		1,025		—		(45)
CDO/ABS		9,814		37		(11)		(358)		902		(1,197)		—		9,187		—		425
Total bonds available for sale		26,889		518		(65)		(1,179)		1,423		(1,755)		(62)		25,769		—		1,433
Other bond securities:
RMBS		139		6		—		(38)		—		—		—		107		(86)		—
CMBS		47		(2)		—		(15)		6		—		—		36		2		—
CDO/ABS		2,512		74		—		(401)		—		—		—		2,185		235		—
Total other bond securities		2,698		78		—		(454)		6		—		—		2,328		151		—
Equity securities		51		11		1		(124)		77		(11)		—		5		3		—
Other invested assets		1,827		417		(10)		(328)		—		—		—		1,906		386		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,024	$	(74)	$	(2,084)	$	1,506	$	(1,766)	$	(62)	$	30,122	$	540	$	1,433
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(923)	$	—	$	398	$	—	$	—	$	—	$	9,273	$	1,914	$	—
Derivative liabilities, net:
Interest rate contracts		—		(4)		—		3		—		—		—		(1)		4		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		2		—		(204)		—		46		—		(307)		(58)		—
Credit contracts		42		7		—		(8)		—		—		—		41		2		—
Other contracts		(8)		(50)		—		47		—		—		—		(11)		50		—
Total derivative liabilities, net(a)		(119)		(45)		—		(161)		—		46		—		(279)		(2)		—
Fortitude Re funds withheld payable		6,042		(117)		—		(492)		—		—		—		5,433		1,917		—
Total	$	15,721	$	(1,085)	$	—	$	(255)	$	—	$	46	$	—	$	14,427	$	3,829	$	—

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


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	5	$	—	$	(34)	$	(29)

Corporate debt		31		(49)		(82)		(100)
RMBS		56		—		(355)		(299)
CMBS		27		—		(60)		(33)
CDO/ABS		581		(22)		(36)		523
Total bonds available for sale		700		(71)		(568)		61
Other bond securities:
Corporate debt		2		—		64		66
RMBS		31		—		(5)		26

CDO/ABS		65		(123)		(100)		(158)
Total other bond securities		98		(123)		(41)		(66)
Equity securities		8		—		—		8
Other invested assets		53		—		(98)		(45)
Other assets		—		—		—		—
Total	$	859	$	(194)	$	(707)	$	(42)
Liabilities:
Policyholder contract deposits	$	—	$	294	$	33	$	327
Derivative liabilities, net		(243)		3		50		(190)
Fortitude Re funds withheld payable		—		—		(110)		(110)
Total	$	(243)	$	297	$	(27)	$	27
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	40	$	(16)	$	(31)	$	(7)
Non-U.S. governments		—		—		—		—
Corporate debt		23		(61)		(135)		(173)
RMBS		704		(164)		(626)		(86)
CMBS		7		(3)		(17)		(13)
CDO/ABS		849		—		(669)		180
Total bonds available for sale		1,623		(244)		(1,478)		(99)
Other bond securities:
RMBS		—		(2)		(6)		(8)
CMBS		—		(9)		—		(9)
CDO/ABS		—		—		(134)		(134)
Total other bond securities		—		(11)		(140)		(151)
Equity securities		—		—		(1)		(1)
Other invested assets		32		—		(383)		(351)
Other assets		—		—		1		1
Total	$	1,655	$	(255)	$	(2,001)	$	(601)
Liabilities:
Policyholder contract deposits	$	—	$	214	$	65	$	279
Derivative liabilities, net		(75)		2		40		(33)
Fortitude Re funds withheld payable		—		—		(93)		(93)
Total	$	(75)	$	216	$	12	$	153


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(64)	$	(36)	$	(94)

Corporate debt		54		(49)		(142)		(137)
RMBS		341		—		(1,514)		(1,173)
CMBS		173		—		(89)		84
CDO/ABS		2,712		(22)		(516)		2,174
Total bonds available for sale		3,286		(135)		(2,298)		853
Other bond securities:
Corporate debt		26		—		164		190
RMBS		62		—		(22)		40

CDO/ABS		681		(123)		(364)		194
Total other bond securities		769		(123)		(222)		424
Equity securities		13		—		1		14
Other invested assets		570		—		(653)		(83)
Other assets		—		—		(7)		(7)
Total	$	4,638	$	(258)	$	(3,179)	$	1,201
Liabilities:
Policyholder contract deposits	$	—	$	761	$	(40)	$	721
Derivative liabilities, net		(492)		6		159		(327)
Fortitude Re funds withheld payable		—		—		(576)		(576)
Total	$	(492)	$	767	$	(457)	$	(182)
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	51	$	(59)	$	(117)	$	(125)
Non-U.S. governments		1		—		—		1
Corporate Debt		976		(94)		(847)		35
RMBS		1,186		(279)		(1,884)		(977)
CMBS		297		(3)		(49)		245
CDO/ABS		2,005		70		(2,433)		(358)
Total bonds available for sale		4,516		(365)		(5,330)		(1,179)
Other bond securities:
RMBS		1		(11)		(28)		(38)
CMBS		—		(15)		—		(15)
CDO/ABS		—		(39)		(362)		(401)
Total other bond securities		1		(65)		(390)		(454)
Equity securities		—		(3)		(121)		(124)
Other invested assets		424		—		(752)		(328)
Other assets		—		—		1		1
Total	$	4,941	$	(433)	$	(6,592)	$	(2,084)
Liabilities:
Policyholder contract deposits	$	—	$	607	$	(209)	$	398
Derivative liabilities, net		(198)		4		33		(161)
Fortitude Re funds withheld payable		—		—		(492)		(492)
Total	$	(198)	$	611	$	(668)	$	(255)

(a)There were no issuances during the three- and nine-month periods ended September 30, 2022 and 2021.

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings


(in millions)		Net Investment Income		Net Realized Gains (Losses)		Other Income		Total
Three Months Ended September 30, 2022
Assets:
Bonds available for sale	$	106	$	(63)	$	—	$	43
Other bond securities		(40)		—		—		(40)
Equity securities		(1)		—		—		(1)
Other invested assets		62		—		—		62
Three Months Ended September 30, 2021
Assets:
Bonds available for sale	$	155	$	(6)	$	—	$	149
Other bond securities		41		—		—		41

Other invested assets		165		(4)		—		161
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale	$	412	$	(139)	$	—	$	273
Other bond securities		(314)		—		—		(314)
Equity securities		(1)		—		—		(1)
Other invested assets		307		—		—		307
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale	$	503	$	15	$	—	$	518
Other bond securities		78		—		—		78
Equity securities		11		—		—		11
Other invested assets		406		11		—		417
(in millions)		Net Investment Income		Net Realized (Gains) Losses		Other Income		Total
Three Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(936)	$	—	$	(936)
Derivative liabilities, net		—		127		(17)		110
Fortitude Re funds withheld payable		—		(1,757)		—		(1,757)
Three Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(26)	$	—	$	(26)
Derivative liabilities, net		—		93		(14)		79
Fortitude Re funds withheld payable		—		209		—		209
Nine Months Ended September 30, 2022
Liabilities:
Policyholder contract deposits*	$	—	$	(4,055)	$	—	$	(4,055)
Derivative liabilities, net		—		527		(45)		482
Fortitude Re funds withheld payable		—		(7,851)		—		(7,851)
Nine Months Ended September 30, 2021
Liabilities:
Policyholder contract deposits*	$	—	$	(923)	$	—	$	(923)
Derivative liabilities, net		—		(2)		(43)		(45)
Fortitude Re funds withheld payable		—		(117)		—		(117)

*Primarily embedded derivatives.

Fair Value, Liabilities Measured on Recurring Basis, Liabilities


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	957	$	(1)	$	(106)	$	(29)	$	—	$	(7)	$	—	$	814	$	—	$	(167)
Non-U.S. governments		9		—		—		(1)		1		—		—		9		—		—
Corporate debt		2,483		(31)		(53)		(100)		1,781		(163)		—		3,917		—		(55)
RMBS		8,352		101		(267)		(299)		2		(8)		—		7,881		—		(39)
CMBS		871		(1)		(31)		(33)		12		(12)		—		806		—		(50)
CDO/ABS		11,696		(25)		(454)		523		366		(323)		—		11,783		—		(557)
Total bonds available for sale		24,368		43		(911)		61		2,162		(513)		—		25,210		—		(868)
Other bond securities:
Corporate Debt		461		(5)		—		66		28		(1)		—		549		(7)		—
RMBS		192		(7)		—		26		—		—		—		211		(8)		—
CMBS		32		(3)		—		—		—		—		—		29		(3)		—
CDO/ABS		2,442		(25)		—		(158)		12		(15)		—		2,256		(92)		—
Total other bond securities		3,127		(40)		—		(66)		40		(16)		—		3,045		(110)		—
Equity securities		12		(1)		—		8		15		—		—		34		—		—
Other invested assets		2,008		62		(25)		(45)		—		(42)		—		1,958		20		—
Other assets		107		—		—		—		—		—		—		107		—		—
Total	$	29,622	$	64	$	(936)	$	(42)	$	2,217	$	(571)	$	—	$	30,354	$	(90)	$	(868)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	6,957	$	(936)	$	—	$	327	$	—	$	—	$	—	$	6,348	$	949	$	—
Derivative liabilities, net:
Interest rate contracts		(143)		37		—		(110)		—		6		—		(210)		30		—
Foreign exchange contracts		1		—		—		—		—		—		—		1		—		—
Equity contracts		(149)		88		—		(94)		—		—		—		(155)		(89)		—
Credit contracts		32		1		—		(2)		—		—		—		31		—		—
Other contracts		(16)		(16)		—		16		—		—		—		(16)		17		—
Total derivative liabilities, net(a)		(275)		110		—		(190)		—		6		—		(349)		(42)		—
Fortitude Re funds withheld payable		(638)		(1,757)		—		(110)		—		—		—		(2,505)		1,791		—
Total	$	6,044	$	(2,583)	$	—	$	27	$	—	$	6	$	—	$	3,494	$	2,698	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,939	$	6	$	(9)	$	(7)	$	—	$	(61)	$	(62)	$	1,806	$	—	$	—
Non-U.S. governments		10		—		—		—		—		(3)		—		7		—		—
Corporate debt		2,773		(1)		2		(173)		57		(12)		—		2,646		—		—
RMBS		11,085		118		(8)		(86)		8		(19)		—		11,098		—		—
CMBS		1,082		4		(6)		(13)		—		(42)		—		1,025		—		—
CDO/ABS		9,318		22		(41)		180		64		(356)		—		9,187		—		—
Total bonds available for sale		26,207		149		(62)		(99)		129		(493)		(62)		25,769		—		—
Other bond securities:
RMBS		113		2		—		(8)		—		—		—		107		—		—
CMBS		46		(1)		—		(9)		—		—		—		36		—		—
CDO/ABS		2,279		40		—		(134)		—		—		—		2,185		—		—
Total other bond securities		2,438		41		—		(151)		—		—		—		2,328		—		—
Equity securities		4		—		1		(1)		1		—		—		5		—		—
Other invested assets		2,099		161		(3)		(351)		—		—		—		1,906		141		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	30,861	$	351	$	(64)	$	(601)	$	130	$	(493)	$	(62)	$	30,122	$	141	$	—
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,020	$	(26)	$	—	$	279	$	—	$	—	$	—	$	9,273	$	362	$	—
Derivative liabilities, net:
Interest rate contracts		(1)		(2)		—		2		—		—		—		(1)		2		—
Foreign exchange contracts		(1)		(1)		—		1		—		—		—		(1)		1		—
Equity contracts		(357)		99		—		(50)		—		1		—		(307)		(90)		—
Credit contracts		43		—		—		(2)		—		—		—		41		1		—
Other contracts		(10)		(17)		—		16		—		—		—		(11)		16		—
Total derivative liabilities, net(a)		(326)		79		—		(33)		—		1		—		(279)		(70)		—
Fortitude Re funds withheld payable		5,317		209		—		(93)		—		—		—		5,433		414		—
Total	$	14,011	$	262	$	—	$	153	$	—	$	1	$	—	$	14,427	$	706	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(534)	$	(94)	$	17	$	(7)	$	—	$	814	$	—	$	(319)
Non-U.S. governments		7		—		—		(1)		3		—		—		9		—		—
Corporate debt		2,641		(57)		(204)		(137)		2,163		(489)		—		3,917		—		(183)
RMBS		10,378		323		(1,210)		(1,173)		2		(439)		—		7,881		—		(704)
CMBS		1,190		12		(144)		84		12		(348)		—		806		—		(143)
CDO/ABS		11,215		(6)		(1,457)		2,174		1,830		(1,973)		—		11,783		—		(1,486)
Total bonds available for sale		26,862		273		(3,549)		853		4,027		(3,256)		—		25,210		—		(2,835)
Other bond securities:
Corporate Debt		134		(9)		—		190		250		(16)		—		549		(8)		—
RMBS		196		(25)		—		40		—		—		—		211		(28)		—
CMBS		35		(6)		—		—		—		—		—		29		(6)		—
CDO/ABS		2,332		(274)		—		194		75		(71)		—		2,256		(414)		—
Total other bond securities		2,697		(314)		—		424		325		(87)		—		3,045		(456)		—
Equity securities		6		(1)		—		14		15		—		—		34		—		—
Other invested assets		1,948		307		(52)		(83)		47		(209)		—		1,958		316		—
Other assets		114		—		—		(7)		—		—		—		107		—		—
Total	$	31,627	$	265	$	(3,601)	$	1,201	$	4,414	$	(3,552)	$	—	$	30,354	$	(140)	$	(2,835)
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,682	$	(4,055)	$	—	$	721	$	—	$	—	$	—	$	6,348	$	4,302	$	—
Derivative liabilities, net:
Interest rate contracts		—		48		—		(183)		(81)		6		—		(210)		27		—
Foreign exchange contracts		(1)		1		—		1		—		—		—		1		(1)		—
Equity contracts		(444)		478		—		(188)		—		(1)		—		(155)		(272)		—
Credit contracts		30		3		—		(2)		—		—		—		31		—		—
Other contracts		(13)		(48)		—		45		—		—		—		(16)		49		—
Total derivative liabilities, net(a)		(428)		482		—		(327)		(81)		5		—		(349)		(197)		—
Fortitude Re funds withheld payable		5,922		(7,851)		—		(576)		—		—		—		(2,505)		8,107		—
Total	$	15,176	$	(11,424)	$	—	$	(182)	$	(81)	$	5	$	—	$	3,494	$	12,212	$	—


(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized Gains (Losses) Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	2,105	$	14	$	(40)	$	(125)	$	—	$	(86)	$	(62)	$	1,806	$	—	$	225
Non-U.S. governments		5		—		(1)		1		5		(3)		—		7		—		—
Corporate debt		2,349		12		9		35		452		(211)		—		2,646		—		(106)
RMBS		11,694		435		17		(977)		8		(79)		—		11,098		—		934
CMBS		922		20		(39)		245		56		(179)		—		1,025		—		(45)
CDO/ABS		9,814		37		(11)		(358)		902		(1,197)		—		9,187		—		425
Total bonds available for sale		26,889		518		(65)		(1,179)		1,423		(1,755)		(62)		25,769		—		1,433
Other bond securities:
RMBS		139		6		—		(38)		—		—		—		107		(86)		—
CMBS		47		(2)		—		(15)		6		—		—		36		2		—
CDO/ABS		2,512		74		—		(401)		—		—		—		2,185		235		—
Total other bond securities		2,698		78		—		(454)		6		—		—		2,328		151		—
Equity securities		51		11		1		(124)		77		(11)		—		5		3		—
Other invested assets		1,827		417		(10)		(328)		—		—		—		1,906		386		—
Other assets		113		—		—		1		—		—		—		114		—		—
Total	$	31,578	$	1,024	$	(74)	$	(2,084)	$	1,506	$	(1,766)	$	(62)	$	30,122	$	540	$	1,433
(in millions)		Fair Value Beginning of Period		Net Realized and Unrealized (Gains) Losses Included in Income		Other Comprehensive Income (Loss)		Purchases, Sales, Issuances and Settlements, Net		Gross Transfers In		Gross Transfers Out		Other		Fair Value End of Period		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period
Liabilities:
Policyholder contract deposits	$	9,798	$	(923)	$	—	$	398	$	—	$	—	$	—	$	9,273	$	1,914	$	—
Derivative liabilities, net:
Interest rate contracts		—		(4)		—		3		—		—		—		(1)		4		—
Foreign exchange contracts		(2)		—		—		1		—		—		—		(1)		—		—
Equity contracts		(151)		2		—		(204)		—		46		—		(307)		(58)		—
Credit contracts		42		7		—		(8)		—		—		—		41		2		—
Other contracts		(8)		(50)		—		47		—		—		—		(11)		50		—
Total derivative liabilities, net(a)		(119)		(45)		—		(161)		—		46		—		(279)		(2)		—
Fortitude Re funds withheld payable		6,042		(117)		—		(492)		—		—		—		5,433		1,917		—
Total	$	15,721	$	(1,085)	$	—	$	(255)	$	—	$	46	$	—	$	14,427	$	3,829	$	—

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


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	5	$	—	$	(34)	$	(29)

Corporate debt		31		(49)		(82)		(100)
RMBS		56		—		(355)		(299)
CMBS		27		—		(60)		(33)
CDO/ABS		581		(22)		(36)		523
Total bonds available for sale		700		(71)		(568)		61
Other bond securities:
Corporate debt		2		—		64		66
RMBS		31		—		(5)		26

CDO/ABS		65		(123)		(100)		(158)
Total other bond securities		98		(123)		(41)		(66)
Equity securities		8		—		—		8
Other invested assets		53		—		(98)		(45)
Other assets		—		—		—		—
Total	$	859	$	(194)	$	(707)	$	(42)
Liabilities:
Policyholder contract deposits	$	—	$	294	$	33	$	327
Derivative liabilities, net		(243)		3		50		(190)
Fortitude Re funds withheld payable		—		—		(110)		(110)
Total	$	(243)	$	297	$	(27)	$	27
Three Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	40	$	(16)	$	(31)	$	(7)
Non-U.S. governments		—		—		—		—
Corporate debt		23		(61)		(135)		(173)
RMBS		704		(164)		(626)		(86)
CMBS		7		(3)		(17)		(13)
CDO/ABS		849		—		(669)		180
Total bonds available for sale		1,623		(244)		(1,478)		(99)
Other bond securities:
RMBS		—		(2)		(6)		(8)
CMBS		—		(9)		—		(9)
CDO/ABS		—		—		(134)		(134)
Total other bond securities		—		(11)		(140)		(151)
Equity securities		—		—		(1)		(1)
Other invested assets		32		—		(383)		(351)
Other assets		—		—		1		1
Total	$	1,655	$	(255)	$	(2,001)	$	(601)
Liabilities:
Policyholder contract deposits	$	—	$	214	$	65	$	279
Derivative liabilities, net		(75)		2		40		(33)
Fortitude Re funds withheld payable		—		—		(93)		(93)
Total	$	(75)	$	216	$	12	$	153


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Nine Months Ended September 30, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(64)	$	(36)	$	(94)

Corporate debt		54		(49)		(142)		(137)
RMBS		341		—		(1,514)		(1,173)
CMBS		173		—		(89)		84
CDO/ABS		2,712		(22)		(516)		2,174
Total bonds available for sale		3,286		(135)		(2,298)		853
Other bond securities:
Corporate debt		26		—		164		190
RMBS		62		—		(22)		40

CDO/ABS		681		(123)		(364)		194
Total other bond securities		769		(123)		(222)		424
Equity securities		13		—		1		14
Other invested assets		570		—		(653)		(83)
Other assets		—		—		(7)		(7)
Total	$	4,638	$	(258)	$	(3,179)	$	1,201
Liabilities:
Policyholder contract deposits	$	—	$	761	$	(40)	$	721
Derivative liabilities, net		(492)		6		159		(327)
Fortitude Re funds withheld payable		—		—		(576)		(576)
Total	$	(492)	$	767	$	(457)	$	(182)
Nine Months Ended September 30, 2021
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	51	$	(59)	$	(117)	$	(125)
Non-U.S. governments		1		—		—		1
Corporate Debt		976		(94)		(847)		35
RMBS		1,186		(279)		(1,884)		(977)
CMBS		297		(3)		(49)		245
CDO/ABS		2,005		70		(2,433)		(358)
Total bonds available for sale		4,516		(365)		(5,330)		(1,179)
Other bond securities:
RMBS		1		(11)		(28)		(38)
CMBS		—		(15)		—		(15)
CDO/ABS		—		(39)		(362)		(401)
Total other bond securities		1		(65)		(390)		(454)
Equity securities		—		(3)		(121)		(124)
Other invested assets		424		—		(752)		(328)
Other assets		—		—		1		1
Total	$	4,941	$	(433)	$	(6,592)	$	(2,084)
Liabilities:
Policyholder contract deposits	$	—	$	607	$	(209)	$	398
Derivative liabilities, net		(198)		4		33		(161)
Fortitude Re funds withheld payable		—		—		(492)		(492)
Total	$	(198)	$	611	$	(668)	$	(255)

(a)There were no issuances during the three- and nine-month periods ended September 30, 2022 and 2021.

Fair Value Measurement Inputs and Valuation Techniques


(in millions)	Fair Value at September 30, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	815	Discounted cash flow	Yield	5.08% - 6.07% (5.57%)
Corporate debt		2,059	Discounted cash flow	Yield	3.42% - 14.51% (7.92%)
RMBS(a)		5,530	Discounted cash flow	Constant prepayment rate	4.78% - 10.05% (7.42%)
				Loss severity	44.65% - 76.04% (60.35%)
				Constant default rate	0.87% - 2.79% (1.83%)
				Yield	5.58% - 7.22% (6.40%)
CDO/ABS(a)		8,802	Discounted cash flow	Yield	5.72% - 7.99% (6.85%)
CMBS		553	Discounted cash flow	Yield	5.16% - 9.47% (7.31%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
Variable annuity guaranteed minimum withdrawal benefits (GMWB)		698	Discounted cash flow	Equity volatility	6.05% - 48.05%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	10.00% - 30.00%
				NPA(f)	0.13% - 2.29%
Fixed Index annuities including certain GMWB		5,095	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 5.00%
				Equity volatility	6.05% - 48.05%
				NPA(f)	0.13% - 2.29%
Indexed life		555	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	6.20% - 26.11%
				NPA(f)	0.13% - 2.29%


(in millions)	Fair Value at December 31, 2021		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	1,400	Discounted cash flow	Yield	2.74% - 3.33% (3.06%)
Corporate debt		1,561	Discounted cash flow	Yield	2.23% - 7.69% (4.96%)
RMBS(a)		9,916	Discounted cash flow	Constant prepayment rate	5.25% - 17.70% (11.47%)
				Loss severity	26.13% - 71.93% (49.03%)
				Constant default rate	1.15% - 5.85% (3.50%)
				Yield	1.69% - 3.97% (2.83%)
CDO/ABS(a)		8,229	Discounted cash flow	Yield	1.84% - 4.77% (3.31%)
CMBS		580	Discounted cash flow	Yield	1.50% - 5.01% (3.25%)
Liabilities(d):
Embedded derivatives within Policyholder contract deposits:
GMWB		2,472	Discounted cash flow	Equity volatility	5.95% - 46.65%
				Base lapse rate	0.16% - 12.60%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	38.00% - 147.00%
				Utilization	90.00% - 100.00%
				Equity / interest rate correlation	20.00% - 40.00%
				NPA(f)	0.01% - 1.40%
Fixed Index annuities including certain GMWB		6,445	Discounted cash flow	Base lapse rate	0.50% - 50.00%
				Dynamic lapse multiplier	20.00% - 186.00%
				Mortality multiplier(e)	24.00% - 180.00%
				Utilization(g)	60.00% - 95.00%
				Option budget	0.00% - 4.00%
				Equity volatility	5.95% - 46.65%
				NPA(f)	0.01% - 1.40%
Indexed life		765	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	7.65% - 20.70%
				NPA(f)	0.01% - 1.40%

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

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

(f)The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share


			September 30, 2022				December 31, 2021
(in millions)	Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)		Unfunded Commitments		Fair Value Using NAV Per Share (or its equivalent)		Unfunded 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	$	3,114	$	2,534	$	2,768	$	1,798
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,870		778		904		487
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		265		189		252		201
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		774		63		914		82
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		577		230		534		354
Other	Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies		1,626		384		1,216		408
Total private equity funds			8,226		4,178		6,588		3,330
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		282		—		466		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		383		—		432		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		443		—		516		—
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		417		5		416		—
Total hedge funds			1,525		5		1,830		—
Total		$	9,751	$	4,183	$	8,418	$	3,330

Fair Value Option

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


	Gain (Loss) Three Months Ended September 30,				Gain (Loss) Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Assets:
Other bond securities(a)	$	(241)	$	35	$	(915)	$	32
Alternative investments(b)		(57)		403		174		1,248
Liabilities:
Long-term debt(c)		69		6		240		39
Total gain (loss)	$	(229)	$	444	$	(501)	$	1,319

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

(c)Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.

The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected:


		September 30, 2022						December 31, 2021
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	1,613	$	1,451	$	162	$	1,871	$	1,405	$	466

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

Fair Value Measurements, Nonrecurring

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


	Assets at Fair Value								Impairment Charges
	Non-Recurring Basis								Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		Level 1		Level 2		Level 3		Total		2022		2021		2022		2021
September 30, 2022
Other investments	$	—	$	—	$	17	$	17	$	11	$	—	$	11	$	6
Other assets		—		—		—		—		—		13		—		13
Total	$	—	$	—	$	17	$	17	$	11	$	13	$	11	$	19
December 31, 2021
Other investments	$	—	$	—	$	104	$	104

Total	$	—	$	—	$	104	$	104

Fair Value, by Balance Sheet Grouping


		Estimated Fair Value								Carrying Value
(in millions)		Level 1		Level 2		Level 3		Total
September 30, 2022
Assets:
Mortgage and other loans receivable	$	—	$	56	$	44,341	$	44,397	$	47,954
Other invested assets		—		869		6		875		871
Short-term investments		—		9,319		—		9,319		9,319
Cash		2,294		—		—		2,294		2,294
Other assets		57		12		—		69		69
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		132		138,398		138,530		138,255
Fortitude Re funds withheld payable		—		—		32,929		32,929		32,929
Other liabilities		—		207		—		207		207
Short-term and long-term debt		—		19,054		273		19,327		22,895
Debt of consolidated investment entities		—		3,039		2,713		5,752		5,924
Separate account liabilities - investment contracts		—		77,070		—		77,070		77,070
December 31, 2021
Assets:
Mortgage and other loans receivable	$	—	$	82	$	47,947	$	48,029	$	46,033
Other invested assets		—		871		6		877		878
Short-term investments		—		8,931		—		8,931		8,931
Cash		2,198		—		—		2,198		2,198
Other assets		21		11		—		32		32
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		169		142,974		143,143		133,043
Fortitude Re funds withheld payable		—		—		34,849		34,849		34,849
Other liabilities		—		3,704		—		3,704		3,704
Short-term and long-term debt		—		24,758		336		25,094		21,870
Debt of consolidated investment entities		—		3,077		3,313		6,390		6,422
Separate account liabilities - investment contracts		—		104,126		—		104,126		104,126

Derivatives and Hedge Accounting - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Credit derivatives:
Collateral posted	$ 3,300		$ 3,300		$ 2,700
Collateral obtained from third parties for derivative transactions	3,800		3,800		2,400
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	137	$ 57	444	$ 163
Fair value of hybrid securities	1,300		1,300		2,000
Par value of hybrid securities	3,500		3,500		4,600
Credit Risk Related Contingent Features
Credit derivatives:
Collateral posted	33		33		239
Additional collateral postings and termination payments	6		6
Aggregate fair value of net liability position	$ 32		$ 32		$ 206

Equity - Common stock, dividends and repurchases of common stock (Details) - USD ($) $ / shares in Units, $ in Millions							1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 29, 2021	Mar. 30, 2021	Oct. 27, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, beginning of year (in shares)							1,906,671,492			1,906,671,492
Shares, beginning of year (in shares)							(1,159,455,582)			(1,087,984,129)
Shares, beginning of year							747,215,910			818,687,363
Shares issued (in shares)										5,209,573
Shares repurchased (in shares)										(76,681,026)	(32,000,000)
Shares, end of period (in shares)	1,906,671,492							1,906,671,492		1,906,671,492
Shares, end of period (in shares)	(1,159,455,582)							(1,159,455,582)		(1,159,455,582)
Shares, end of period	747,215,910							747,215,910		747,215,910
Dividend paid (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.32
Aggregate repurchases of common stock								$ 1,268	$ 1,059	$ 4,370	$ 1,651
Total number of common shares repurchased (in shares)										76,681,026	32,000,000
Subsequent event
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)							(4,000,000)
Aggregate repurchases of common stock							$ 221
Total number of common shares repurchased (in shares)							4,000,000
Exchange Act 10b5-1 Plan
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from warrant exercises											$ 92
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, beginning of year (in shares)							1,906,671,492			1,906,671,492
Shares, end of period (in shares)	1,906,671,492							1,906,671,492		1,906,671,492
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, beginning of year (in shares)							(1,159,455,582)			(1,087,984,129)
Shares issued (in shares)										5,209,573
Shares repurchased (in shares)										(76,681,026)
Shares, end of period (in shares)	(1,159,455,582)							(1,159,455,582)		(1,159,455,582)
Total number of common shares repurchased (in shares)										76,681,026

Condensed Consolidated Statements of Equity (unaudited) - 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, beginning of period at Dec. 31, 2020	$ 67,199	$ 66,362	$ 485	$ 4,766	$ (49,322)	$ 81,418	$ 15,504	$ 13,511	$ 837
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	(77)	(77)			202	(279)
Purchase of common stock	(1,651)	(1,651)			(1,622)	(29)
Net income attributable to AIG or noncontrolling interests	5,817	5,642					5,642		175
Dividends on preferred stock	(22)	(22)					(22)
Dividends on common stock	(819)	(819)					(819)
Other comprehensive loss	(4,905)	(4,905)						(4,905)	0
Net decrease due to divestitures and acquisitions	50								50
Contributions from noncontrolling interests	8								8
Distributions to noncontrolling interests	(279)								(279)
Other	338	333			101	217	15		5
Balance, end of period at Sep. 30, 2021	65,659	64,863	485	4,766	(50,641)	81,327	20,320	8,606	796
Balance, beginning of period at Jun. 30, 2021	66,908	66,083	485	4,766	(49,634)	81,322	18,935	10,209	825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	5	5			24	(19)
Purchase of common stock	(1,059)	(1,059)			(1,030)	(29)
Net income attributable to AIG or noncontrolling interests	1,737	1,667					1,667		70
Dividends on preferred stock	(7)	(7)					(7)
Dividends on common stock	(269)	(269)					(269)
Other comprehensive loss	(1,602)	(1,603)						(1,603)	1
Net decrease due to divestitures and acquisitions	(8)								(8)
Contributions from noncontrolling interests	1								1
Distributions to noncontrolling interests	(98)								(98)
Other	51	46			(1)	53	(6)		5
Balance, end of period at Sep. 30, 2021	65,659	64,863	485	4,766	(50,641)	81,327	20,320	8,606	796
Balance, beginning of period at Dec. 31, 2021	68,912	65,956	485	4,766	(51,618)	81,851	23,785	6,687	2,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	(83)	(83)			243	(326)
Purchase of common stock	(4,370)	(4,370)			(4,370)
Net income attributable to AIG or noncontrolling interests	11,089	10,005					10,005		1,084
Dividends on preferred stock	(22)	(22)					(22)
Dividends on common stock	(746)	(746)					(746)
Other comprehensive loss	(35,388)	(32,520)						(32,520)	(2,868)
Net decrease due to divestitures and acquisitions	1,626	608				(1,432)		2,040	1,018
Contributions from noncontrolling interests	22								22
Distributions to noncontrolling interests	(230)								(230)
Other	191	195				208	(13)		(4)
Balance, end of period at Sep. 30, 2022	41,001	39,023	485	4,766	(55,745)	80,301	33,009	(23,793)	1,978
Balance, beginning of period at Jun. 30, 2022	46,824	45,344	485	4,766	(54,480)	81,679	30,550	(17,656)	1,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued under stock plans	2	2			3	(1)
Purchase of common stock	(1,268)	(1,268)			(1,268)
Net income attributable to AIG or noncontrolling interests	3,041	2,709					2,709		332
Dividends on preferred stock	(7)	(7)					(7)
Dividends on common stock	(240)	(240)					(240)
Other comprehensive loss	(8,973)	(8,177)						(8,177)	(796)
Net decrease due to divestitures and acquisitions	1,626	608				(1,432)		2,040	1,018
Contributions from noncontrolling interests	17								17
Distributions to noncontrolling interests	(63)								(63)
Other	42	52				55	(3)		(10)
Balance, end of period at Sep. 30, 2022	$ 41,001	$ 39,023	$ 485	$ 4,766	$ (55,745)	$ 80,301	$ 33,009	$ (23,793)	$ 1,978

Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Fair Value Beginning of Period	$ 3,494	$ 14,427	$ 3,494	$ 14,427	$ 6,044	$ 15,176	$ 14,011	$ 15,721
Net Realized and Unrealized (Gains) Losses Included in Income	(2,583)	262	(11,424)	(1,085)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	27	153	(182)	(255)
Gross Transfers In	0	0		0
Gross Transfers Out	6	1	5	46
Other	0	0	0	0
Fair Value End of Period	3,494	14,427	3,494	14,427
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	2,698	706	12,212	3,829
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Policyholder contract deposits
Liabilities:
Fair Value Beginning of Period	6,348	9,273	6,348	9,273	6,957	9,682	9,020	9,798
Net Realized and Unrealized (Gains) Losses Included in Income	(936)	(26)	(4,055)	(923)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	327	279	721	398
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	6,348	9,273	6,348	9,273
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	949	362	4,302	1,914
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Derivative liabilities, net
Liabilities:
Net Realized and Unrealized (Gains) Losses Included in Income	110	79	482	(45)
Purchases, Sales, Issuances and Settlements, Net	(190)	(33)	(327)	(161)
Derivative liabilities, net:
Fair Value Beginning of Period	(275)	(326)	(428)	(119)
Net Realized and Unrealized (Gains) Losses Included in Income	110	79	482	(45)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(190)	(33)	(327)	(161)
Gross Transfers In	0	0	(81)	0
Gross Transfers Out	6	1	5	46
Other	0	0	0	0
Fair Value End of Period	(349)	(279)	(349)	(279)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(42)	(70)	(197)	(2)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Interest rate contracts
Derivative liabilities, net:
Fair Value Beginning of Period	(143)	(1)	0	0
Net Realized and Unrealized (Gains) Losses Included in Income	37	(2)	48	(4)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(110)	2	(183)	3
Gross Transfers In	0	0	(81)	0
Gross Transfers Out	6	0	6	0
Other	0	0	0	0
Fair Value End of Period	(210)	(1)	(210)	(1)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	30	2	27	4
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Foreign exchange contracts
Derivative liabilities, net:
Fair Value Beginning of Period	1	(1)	(1)	(2)
Net Realized and Unrealized (Gains) Losses Included in Income	0	(1)	1	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	1	1	1
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	1	(1)	1	(1)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	1	(1)	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Equity contracts
Derivative liabilities, net:
Fair Value Beginning of Period	(149)	(357)	(444)	(151)
Net Realized and Unrealized (Gains) Losses Included in Income	88	99	478	2
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(94)	(50)	(188)	(204)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	1	(1)	46
Other	0	0	0	0
Fair Value End of Period	(155)	(307)	(155)	(307)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	(89)	(90)	(272)	(58)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Credit contracts
Derivative liabilities, net:
Fair Value Beginning of Period	32	43	30	42
Net Realized and Unrealized (Gains) Losses Included in Income	1	0	3	7
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(2)	(2)	(2)	(8)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	31	41	31	41
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	0	1	0	2
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Other contracts
Derivative liabilities, net:
Fair Value Beginning of Period	(16)	(10)	(13)	(8)
Net Realized and Unrealized (Gains) Losses Included in Income	(16)	(17)	(48)	(50)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	16	16	45	47
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	(16)	(11)	(16)	(11)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	17	16	49	50
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	0	0	0	0
Fortitude Re funds withheld payable
Liabilities:
Fair Value Beginning of Period	(2,505)	5,433	(2,505)	5,433	$ (638)	$ 5,922	$ 5,317	$ 6,042
Net Realized and Unrealized (Gains) Losses Included in Income	(1,757)	209	(7,851)	(117)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(110)	(93)	(576)	(492)
Gross Transfers In	0	0	0	0
Gross Transfers Out	0	0	0	0
Other	0	0	0	0
Fair Value End of Period	(2,505)	5,433	(2,505)	5,433
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period	1,791	414	8,107	1,917
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period	$ 0	$ 0	$ 0	$ 0

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

VARIABLE INTEREST ENTITY

Total VIE Assets

$ 522,932

$ 596,112

Other invested assets

^[1]

15,794

15,668

Unconsolidated VIE

VARIABLE INTEREST ENTITY

Total VIE Assets

495,482

459,073

Maximum Exposure to Loss, On-Balance Sheet

8,733

7,887

Maximum Exposure to Loss, Off-Balance Sheet

4,854

3,976

Total

13,587

11,863

Other invested assets

8,700

7,800

Unconsolidated VIE | Real Estate and Investment Entities

VARIABLE INTEREST ENTITY

Total VIE Assets

493,750

457,335

Maximum Exposure to Loss, On-Balance Sheet

8,468

7,650

Maximum Exposure to Loss, Off-Balance Sheet

4,107

3,448

Total

12,575

11,098

Unconsolidated VIE | Other Investment Companies

VARIABLE INTEREST ENTITY

Total VIE Assets

1,732

1,738

Maximum Exposure to Loss, On-Balance Sheet

265

237

Maximum Exposure to Loss, Off-Balance Sheet

747

528

Total

$ 1,012

$ 765

[1]	See Note 8 for details of balances associated with variable interest entities.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 210
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Lending Activities - Credit quality of residential mortgages (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 48,779	$ 46,677
Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	437	2,956
2021	3,055	964
2020	865	408
2019	332	167
2018	123	274
Prior	828	723
Total	5,640	5,492
780 and greater \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	205	1,601
2021	2,233	691
2020	663	297
2019	237	107
2018	80	192
Prior	574	501
Total	3,992	3,389
720 - 779 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	219	1,306
2021	737	230
2020	171	86
2019	76	44
2018	32	58
Prior	171	154
Total	1,406	1,878
660 - 719 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	13	48
2021	81	42
2020	29	22
2019	16	12
2018	9	20
Prior	62	49
Total	210	193
600 - 659 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	1
2021	4	1
2020	2	2
2019	2	3
2018	2	2
Prior	14	12
Total	24	21
Less than 600 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0	0
2021	0	0
2020	0	1
2019	1	1
2018	0	2
Prior	7	7
Total	$ 8	$ 11

Fair Value Measurements - Assets measured at fair value on a non-recurring basis and related impairment charges (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other invested assets

^[1]

$ 15,794

$ 15,668

Impairment Charges

$ 19

Fair value on a non-recurring basis

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other invested assets

104

Other assets

Total

104

Impairment Charges

$ 13

Fair value on a non-recurring basis | Other investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment Charges

Fair value on a non-recurring basis | Asset Class to Loans Held For Sale

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Total

170

Fair value on a non-recurring basis | Other assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment Charges

$ 13

Fair value on a non-recurring basis | Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other invested assets

Other assets

Total

Fair value on a non-recurring basis | Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other invested assets

Other assets

Total

Fair value on a non-recurring basis | Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Other invested assets

104

Other assets

Total

$ 17

$ 104

[1]	See Note 8 for details of balances associated with variable interest entities.

Subsequent Events (Details) - Subsequent event - Senior Notes	Oct. 24, 2022 USD ($)
3.900% Notes Due 2026
Subsequent Event [Line Items]
Debt redeemed	$ 750,000,000
Interest rate (as a percent)	3.90%
Principal amount redeemed (as a percent)	100.00%
3.750% Notes Due 2025
Subsequent Event [Line Items]
Debt redeemed	$ 522,000,000
Interest rate (as a percent)	3.75%
Principal amount redeemed (as a percent)	100.00%
2.500% Notes Due 2025
Subsequent Event [Line Items]
Debt redeemed	$ 500,000,000
Interest rate (as a percent)	2.50%
Principal amount redeemed (as a percent)	100.00%

Investments - Gross realized gains and gross realized losses from sales or maturities of available for sale securities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Gross Realized Gains	$ 123	$ 348	$ 406	$ 1,098
Gross Realized Losses	254	123	1,280	349
Aggregate fair value of available for sale securities sold	2,000	6,700	16,000	19,100
Net Investment Income [Line Items]
Net realized gains (losses)	(131)	225	(874)	749
Fortitude RE Funds Withheld Assets
Net Investment Income [Line Items]
Net realized gains (losses)	$ (64)	$ 159	$ (218)	$ 549

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Continuing Operations by Operating Segment

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


Three Months Ended September 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	3,140	$	(439)	(a)	$	2,907	$	(166)	(a)
International		3,267		607	(a)		3,516		186	(a)
Net investment income		582		582			791		791
Total General Insurance		6,989		750			7,214		811
Life and Retirement
Individual Retirement		1,312		200			1,560		292
Group Retirement		680		183			832		316
Life Insurance		1,234		123			1,211		134
Institutional Markets		1,110		83			841		135
Total Life and Retirement		4,336		589			4,444		877
Other Operations
Other Operations before consolidation and eliminations		126		(467)			301		(370)
Consolidation and eliminations		(152)		(147)			(206)		(192)
Total Other Operations		(26)		(614)			95		(562)
Total		11,299		725			11,753		1,126
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		14		6			14		26
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(28)			—		9
Changes in the fair value of equity securities		16		16			(45)		(45)
Other income (expense) - net		(7)		—			(6)		—
Loss on extinguishment of debt		—		—			—		(51)
Net investment income on Fortitude Re funds withheld assets		155		155			495		495
Net realized gains (losses) on Fortitude Re funds withheld assets		(86)		(86)			190		190
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		1,757		1,757			(209)		(209)
Net realized gains(b)		1,446		1,449			643		652
Net gain on divestitures		—		6			—		102
Non-operating litigation reserves and settlements		8		3			—		(3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		62			—		115
Net loss reserve discount charge		—		(10)			—		(72)
Pension expense related to a one-time lump sum payment to former employees		—		—			—		(27)
Integration and transaction costs associated with acquiring or divesting businesses		—		(52)			—		(11)
Restructuring and other costs		—		(147)			—		(104)
Non-recurring costs related to regulatory or accounting changes		—		(9)			—		(17)
Revenues and pre-tax income	$	14,602	$	3,847		$	12,835	$	2,176


Nine Months Ended September 30,	2022					2021
(in millions)		Adjusted Revenues		Adjusted Pre-tax Income (Loss)			Adjusted Revenues		Adjusted Pre-tax Income (Loss)
General Insurance
North America	$	8,901	$	223	(a)	$	7,980	$	(199)	(a)
International		10,148		1,190	(a)		10,524		755	(a)
Net investment income		1,805		1,805			2,294		2,294
Total General Insurance		20,854		3,218			20,798		2,850
Life and Retirement
Individual Retirement		3,985		788			4,556		1,441
Group Retirement		2,106		572			2,458		970
Life Insurance		3,820		231			3,839		114
Institutional Markets		2,445		285			2,617		417
Total Life and Retirement		12,356		1,876			13,470		2,942
Other Operations
Other Operations before consolidation and eliminations		627		(1,086)			884		(1,240)
AIG consolidation and eliminations		(424)		(410)			(511)		(462)
Total Other Operations		203		(1,496)			373		(1,702)
Total		33,413		3,598			34,641		4,090
Reconciling items:
Changes in fair value of securities used to hedge guaranteed living benefits		41		29			46		61
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)		—		(429)			—		(74)
Changes in the fair value of equity securities		(41)		(41)			(36)		(36)
Other income (expense) - net		(23)		—			(14)		—
Loss on extinguishment of debt		—		(299)			—		(149)
Net investment income on Fortitude Re funds withheld assets		634		634			1,488		1,488
Net realized gains (losses) on Fortitude Re funds withheld assets		(312)		(312)			536		536
Net realized gains on Fortitude Re funds withheld embedded derivative		7,851		7,851			117		117
Net realized gains(b)		3,242		3,257			1,192		1,220
Net gain on divestitures		—		45			—		108
Non-operating litigation reserves and settlements		46		41			—		(3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements		—		206			—		199
Net loss reserve discount charge		—		(4)			—		(62)
Pension expense related to a one-time lump sum payment to former employees		—		—			—		(27)
Integration and transaction costs associated with acquiring or divesting businesses		—		(136)			—		(55)
Restructuring and other costs		—		(415)			—		(304)
Non-recurring costs related to regulatory or accounting changes		—		(22)			—		(58)
Revenues and pre-tax income	$	44,851	$	14,003		$	37,970	$	7,051

Derivatives and Hedge Accounting - Fair value hedging relationships (Details) - Derivatives designated as hedging instruments - Fair value hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest rate contracts \| Interest credited to policyholder account balances
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	$ (62)	$ (3)	$ (90)	$ (10)
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Gain (losses) recognized in earnings on hedged items	62	6	93	13
Net Impact	0	3	3	3
Interest rate contracts \| Net investment income (loss)
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	25	1	26	8
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Gain (losses) recognized in earnings on hedged items	(24)	(2)	(25)	(9)
Net Impact	1	(1)	1	(1)
Foreign exchange contracts
Derivative instruments gain (loss):
Gains/(losses) recognized in earnings on hedging derivatives	455	205	889	201
Gains/(losses) recognized in earnings for excluded components	122	30	262	108
Gain (losses) recognized in earnings on hedged items	(455)	(205)	(889)	(201)
Net Impact	$ 122	$ 30	$ 262	$ 108

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2022 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

Reinsurance

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Reinsurance

7. Reinsurance

FORTITUDE RE

Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within Other comprehensive income (loss)). As a result of the deconsolidation resulting from the sale of our majority interest in Fortitude Group Holdings, LLC, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

For additional information on Fortitude Re see Note 7 to the Consolidated Financial Statements in the 2021 Annual Report.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	September 30, 2022				December 31, 2021
(in millions)	Carrying Value			Fair Value	Carrying Value			Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)	$	19,247	$	19,247	$	31,815	$	31,815	Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option		3,800		3,800		1,983		1,983	Fair value through net investment income
Commercial mortgage loans		4,076		3,830		3,637		3,859	Amortized cost
Real estate investments		139		364		201		395	Amortized cost
Private equity funds / hedge funds		1,861		1,861		1,606		1,606	Fair value through net investment income
Policy loans		357		357		380		380	Amortized cost
Short-term investments		160		160		50		50	Fair value through net investment income
Funds withheld investment assets		29,640		29,619		39,672		40,088
Derivative assets, net(b)		97		97		81		81	Fair value through net realized gains (losses)
Other(c)		708		708		602		602	Amortized cost
Total	$	30,445	$	30,424	$	40,355	$	40,771

(c)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Net underwriting income	$	—	$	—	$	—	$	—
Net investment income - Fortitude Re funds withheld assets		155		495		634		1,488
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized gains (losses) - Fortitude Re funds withheld assets		(86)		190		(312)		536
Net realized gains (losses) - Fortitude Re embedded derivative		1,757		(209)		7,851		117
Net realized gains (losses) on Fortitude Re funds withheld assets		1,671		(19)		7,539		653
Income from continuing operations before income tax expense		1,826		476		8,173		2,141
Income tax expense(a)		383		99		1,716		449
Net income		1,443		377		6,457		1,692
Change in unrealized depreciation of all other investments(a)		(1,317)		(360)		(6,111)		(1,645)
Comprehensive income	$	126	$	17	$	346	$	47

(a)The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.

Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangements and the appreciation of these assets is the primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverables on unpaid losses and loss adjustment expenses that are estimated as part of our loss reserving process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross loss reserves. Similarly, Other assets include reinsurance recoverables for contracts which are accounted for as deposits.

We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include:

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•the relative financial health of the reinsurer as determined by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and

•whether collateral and collateral arrangements exist.

An estimate of the reinsurance recoverables lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies.

The total reinsurance recoverables as of September 30, 2022 were $75.7 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 53 percent related to General Insurance and 39 percent related to Life and Retirement; (ii) approximately 7 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one percent of the non-investment grade reinsurance recoverables related to Life and Retirement and (iv) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG.

The total reinsurance recoverables as of December 31, 2021 were $76.3 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 52 percent related to General Insurance and 40 percent related to Life and Retirement; (ii) approximately 7 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one percent of the non-investment grade reinsurance recoverables related to Life and Retirement and (iv) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG.

As of September 30, 2022 and December 31, 2021, approximately 73 percent and 71 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:


Three Months Ended September 30,		2022						2021
(in millions)	General Insurance		Life and Retirement			Total	General Insurance		Life and Retirement			Total
Balance, beginning of period	$	284	$	107	$	391	$	287	$	87	$	374
Addition to (release of) allowance for expected credit losses and disputes, net		4		1		5		5		15		20
Write-offs charged against the allowance for credit losses and disputes		(1)		—		(1)		(8)		—		(8)
Recoveries of amounts previously written off		—		—		—		—		—		—
Other changes		(1)		—		(1)		2		—		2
Balance, end of period	$	286	$	108	$	394	$	286	$	102	$	388
Nine Months Ended September 30,		2022						2021
(in millions)	General Insurance		Life and Retirement			Total	General Insurance		Life and Retirement			Total
Balance, beginning of year	$	281	$	101	$	382	$	292	$	83	$	375

Addition to (release of) allowance for expected credit losses and disputes, net		5		7		12		5		19		24
Write-offs charged against the allowance for credit losses and disputes		(3)		—		(3)		(15)		—		(15)
Recoveries of amounts previously written off		2		—		2		—		—		—
Other changes		1		—		1		4		—		4
Balance, end of period	$	286	$	108	$	394	$	286	$	102	$	388

There were no material recoveries of credit losses previously written off for the three- and nine-month periods ended September 30, 2021.

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 391	$ 374	$ 382	$ 375
Addition to (release of) allowance for expected credit losses and disputes, net	5	20	12	24
Write-offs charged against the allowance for credit losses and disputes	(1)	(8)	(3)	(15)
Recoveries of amounts previously written off	0	0	2	0
Other changes	(1)	2	1	4
Balance, end of period	394	388	394	388
General Insurance
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	284	287	281	292
Addition to (release of) allowance for expected credit losses and disputes, net	4	5	5	5
Write-offs charged against the allowance for credit losses and disputes	(1)	(8)	(3)	(15)
Recoveries of amounts previously written off	0	0	2	0
Other changes	(1)	2	1	4
Balance, end of period	286	286	286	286
Life and Retirement
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	107	87	101	83
Addition to (release of) allowance for expected credit losses and disputes, net	1	15	7	19
Write-offs charged against the allowance for credit losses and disputes	0	0	0	0
Recoveries of amounts previously written off	0	0	0	0
Other changes	0	0	0	0
Balance, end of period	$ 108	$ 102	$ 108	$ 102

Lending Activities

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Lending Activities

6. Lending Activities

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


(in millions)		September 30, 2022		December 31, 2021
Commercial mortgages(a)	$	35,824	$	35,665
Residential mortgages		5,640		5,492
Life insurance policy loans		1,773		1,843
Commercial loans, other loans and notes receivable(b)		5,542		3,677
Total mortgage and other loans receivable		48,779		46,677
Allowance for credit losses(c)		(655)		(629)
Mortgage and other loans receivable, net	$	48,124	$	46,048

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. As of September 30, 2022, $6 million and $772 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2021, $7 million and $226 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2022, accrued interest receivable was $13 million and $132 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2021, accrued interest receivable was $12 million and $126 million associated with residential mortgage loans and commercial mortgage loans, respectively.

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.

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

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
>1.2X	$	4,521	$	2,318	$	1,885	$	5,056	$	3,936	$	11,491	$	29,207
1.00 - 1.20X		425		712		504		424		382		1,443		3,890
<1.00X		—		—		21		52		1,026		1,628		2,727
Total commercial mortgages	$	4,946	$	3,030	$	2,410	$	5,532	$	5,344	$	14,562	$	35,824

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
>1.2X	$	2,245	$	1,662	$	5,126	$	3,926	$	3,557	$	10,796	$	27,312
1.00 - 1.20X		574		1,019		700		1,138		136		1,929		5,496
<1.00X		1		27		71		925		41		1,792		2,857
Total commercial mortgages	$	2,820	$	2,708	$	5,897	$	5,989	$	3,734	$	14,517	$	35,665

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
Less than 65%	$	4,225	$	2,464	$	2,171	$	4,048	$	3,667	$	10,418	$	26,993
65% to 75%		721		329		213		1,484		1,359		2,854		6,960
76% to 80%		—		237		—		—		—		99		336
Greater than 80%		—		—		26		—		318		1,191		1,535
Total commercial mortgages	$	4,946	$	3,030	$	2,410	$	5,532	$	5,344	$	14,562	$	35,824

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
Less than 65%	$	2,286	$	2,272	$	4,149	$	4,815	$	2,892	$	9,902	$	26,316
65% to 75%		372		410		1,748		1,174		406		3,490		7,600
76% to 80%		—		—		—		—		188		274		462
Greater than 80%		162		26		—		—		248		851		1,287
Total commercial mortgages	$	2,820	$	2,708	$	5,897	$	5,989	$	3,734	$	14,517	$	35,665

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


	Number of Loans		Class													Percent of Total
(dollars in millions)			Apartments		Offices		Retail		Industrial		Hotel		Others		Total
September 30, 2022
Credit Quality Performance Indicator:
In good standing	620	$	13,472	$	9,785	$	3,631	$	5,597	$	2,008	$	368	$	34,861	98	%
Restructured(a)	11		—		456		140		—		137		—		733	2
90 days or less delinquent	1		—		157		—		—		—		—		157	—
>90 days delinquent or in process of foreclosure	3		—		30		43		—		—		—		73	—
Total(b)	635	$	13,472	$	10,428	$	3,814	$	5,597	$	2,145	$	368	$	35,824	100	%
Allowance for credit losses		$	94	$	275		84		72		30		9	$	564	2	%


December 31, 2021
Credit Quality Performance Indicator:
In good standing	636	$	14,267	$	9,695	$	4,778	$	3,858	$	1,985	$	432	$	35,015	98	%
Restructured(a)	8		—		354		25		—		136		—		515	2
90 days or less delinquent	—		—		—		—		—		—		—		—	—
>90 days delinquent or in process of foreclosure	5		—		81		54		—		—		—		135	—
Total(b)	649	$	14,267	$	10,130	$	4,857	$	3,858	$	2,121	$	432	$	35,665	100	%
Allowance for credit losses		$	109	$	247	$	103	$	47	$	31	$	8	$	545	2	%

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


September 30, 2022		2022		2021		2020		2019		2018		Prior		Total
(in millions)
FICO*:
780 and greater	$	205	$	2,233	$	663	$	237	$	80	$	574	$	3,992
720 - 779		219		737		171		76		32		171		1,406
660 - 719		13		81		29		16		9		62		210
600 - 659		—		4		2		2		2		14		24
Less than 600		—		—		—		1		—		7		8
Total residential mortgages	$	437	$	3,055	$	865	$	332	$	123	$	828	$	5,640

December 31, 2021		2021		2020		2019		2018		2017		Prior		Total
(in millions)
FICO*:
780 and greater	$	1,601	$	691	$	297	$	107	$	192	$	501	$	3,389
720 - 779		1,306		230		86		44		58		154		1,878
660 - 719		48		42		22		12		20		49		193
600 - 659		1		1		2		3		2		12		21
Less than 600		—		—		1		1		2		7		11
Total residential mortgages	$	2,956	$	964	$	408	$	167	$	274	$	723	$	5,492

*Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months.

METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment see Note 6 to the Consolidated Financial Statements in the 2021 Annual Report.

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


Three Months Ended September 30,		2022						2021
(in millions)		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of period	$	525	$	78	$	603	$	587	$	114	$	701

Loans charged off		—		—		—		(2)		—		(2)

Net charge-offs		—		—		—		(2)		—		(2)
Addition to (release of) allowance for loan losses		39		13		52		(28)		1		(27)

Reclassified to held for sale(b)		—		—		—		—		(31)		(31)
Allowance, end of period	$	564	$	91	$	655	$	557	$	84	$	641
Nine Months Ended September 30,		2022						2021
(in millions)		Commercial Mortgages		Other Loans		Total		Commercial Mortgages		Other Loans		Total
Allowance, beginning of year	$	545	$	84	$	629	$	685	$	129	$	814


Loans charged off		(4)		—		(4)		(2)		—		(2)

Net charge-offs		(4)		—		(4)		(2)		—		(2)
Addition to (release of) allowance for loan losses		23		7		30		(126)		(14)		(140)

Reclassified to held for sale(b)		—		—		—		—		(31)		(31)
Allowance, end of period	$	564	$	91	$	655	$	557	$	84	$	641

(b)Reported in Other assets in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment. The full impact of COVID-19 on real estate valuations remains uncertain and we will continue to review our valuations as further information becomes available.

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 nine-month periods ended September 30, 2022 and 2021, loans with a carrying value of $220 million and $45 million, respectively, were modified in TDRs.

Insurance Liabilities - Net loss reserve discount benefit (charge) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Loss Reserve Discount Benefit (Charge) [Line Items]
Current accident year	$ 26	$ 11	$ 74	$ 37
Accretion and other adjustments to prior year discount	(36)	(83)	(78)	(99)
Net reserve discount benefit (charge)	(10)	(72)	(4)	(62)
Change in discount on loss reserves ceded under retroactive reinsurance	17	22	74	78
Net change in total reserve discount	7	(50)	70	16
United Kingdom
Net Loss Reserve Discount Benefit (Charge) [Line Items]
Net change in total reserve discount	$ 20	$ (39)	$ 15	$ (30)

Variable Interest Entities - Consolidated VIEs (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Assets:

Bonds available for sale

^[1]

$ 219,767

$ 277,202

Other bond securities

^[1]

7,131

6,278

Equity securities

^[1]

608

739

Mortgage and other loans receivable

^[1]

48,124

46,048

Investment real estate

2,205

2,727

Short-term investments

^[1]

14,663

13,357

Cash

2,294

^[1]

2,198

^[1]

$ 2,699

Accrued investment income

^[1]

2,286

2,239

Other assets

^[1]

12,868

14,351

Total assets

522,932

596,112

Liabilities:

Other

^[1]

25,077

28,704

Total liabilities

481,931

527,200

Real Estate and Investment Entities

Liabilities:

Off-balance sheet exposure associated with VIEs

2,300

2,200

Real Estate and Investment Entities | External parties

Liabilities:

Off-balance sheet exposure associated with VIEs

500

600

Consolidated VIE

Assets:

Bonds available for sale

3,613

5,543

Other bond securities

1,345

1,852

Equity securities

223

Mortgage and other loans receivable

2,341

2,523

Alternative investments

2,572

3,017

Investment real estate

1,785

2,257

Short-term investments

342

638

Cash

Accrued investment income

Other assets

170

748

Total assets

12,318

16,914

Liabilities:

Debt of consolidated investment entities

5,737

6,247

Other

122

844

Total liabilities

5,859

7,091

Consolidated VIE | Real Estate and Investment Entities

Assets:

Bonds available for sale

Other bond securities

Equity securities

223

Mortgage and other loans receivable

Alternative investments

2,572

3,017

Investment real estate

1,785

2,257

Short-term investments

172

487

Cash

Accrued investment income

Other assets

190

Total assets

4,766

6,270

Liabilities:

Debt of consolidated investment entities

1,359

1,743

Other

122

Total liabilities

1,444

1,865

Consolidated VIE | Securitization Vehicles

Assets:

Bonds available for sale

3,613

5,543

Other bond securities

1,345

1,852

Equity securities

Mortgage and other loans receivable

2,341

2,523

Alternative investments

Investment real estate

Short-term investments

170

151

Cash

Accrued investment income

Other assets

558

Total assets

7,552

10,644

Liabilities:

Debt of consolidated investment entities

4,378

4,504

Other

722

Total liabilities

$ 4,415

$ 5,226

[1]	See Note 8 for details of balances associated with variable interest entities.

Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - Fair Value Option - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	$ (229)	$ 444	$ (501)	$ 1,319
Other bond securities
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	(241)	35	(915)	32
Alternative investments
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	(57)	403	174	1,248
Long-term debt
Fair Value, Option, Quantitative Disclosures
Fair value option gain (loss)	$ 69	$ 6	$ 240	$ 39

Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($)
$ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Jun. 30, 2022

Sep. 30, 2021

Jun. 30, 2021

Dec. 31, 2020

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

$ 251,983

$ 259,210

Allowance for credit losses

(115)

(98)

$ (175)

$ (66)

$ (97)

$ (186)

Gross Unrealized Gains

2,188

19,993

Gross Unrealized Losses

(34,289)

(1,903)

Bonds available for sale

^[1]

219,767

277,202

Non-Investment Grade

Debt Securities, Available-for-sale [Line Items]

Bonds available for sale

$ 22,400

$ 27,000

Non-Investment Grade | Credit Concentration Risk | Bonds available for sale

Debt Securities, Available-for-sale [Line Items]

Concentration risk, percentage

10.00%

U.S. government and government sponsored entities

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

$ 8,609

$ 7,874

Allowance for credit losses

Gross Unrealized Gains

347

Gross Unrealized Losses

(679)

(27)

Bonds available for sale

7,950

8,194

Obligations of states, municipalities and political subdivisions

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

13,072

12,760

Allowance for credit losses

Gross Unrealized Gains

1,782

Gross Unrealized Losses

(1,256)

(15)

Bonds available for sale

11,891

14,527

Non-U.S. governments

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

14,866

15,858

Allowance for credit losses

(9)

Gross Unrealized Gains

719

Gross Unrealized Losses

(1,942)

(247)

Bonds available for sale

13,007

16,330

Corporate debt

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

157,955

163,064

Allowance for credit losses

(75)

(89)

Gross Unrealized Gains

1,024

13,892

Gross Unrealized Losses

(25,568)

(1,259)

Bonds available for sale

133,336

175,608

Mortgage-backed, asset-backed and collateralized

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

57,481

59,654

Allowance for credit losses

(31)

(9)

Gross Unrealized Gains

977

3,253

Gross Unrealized Losses

(4,844)

(355)

Bonds available for sale

53,583

62,543

RMBS

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

19,174

25,027

Allowance for credit losses

(30)

(9)

Gross Unrealized Gains

908

2,422

Gross Unrealized Losses

(1,545)

(153)

Bonds available for sale

18,507

27,287

CMBS

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

15,272

15,333

Allowance for credit losses

Gross Unrealized Gains

555

Gross Unrealized Losses

(1,353)

(79)

Bonds available for sale

13,931

15,809

CDO/ABS

Debt Securities, Available-for-sale [Line Items]

Amortized Cost

23,035

19,294

Allowance for credit losses

(1)

Gross Unrealized Gains

276

Gross Unrealized Losses

(1,946)

(123)

Bonds available for sale

$ 21,145

$ 19,447

[1]	See Note 8 for details of balances associated with variable interest entities.

Segment Information - Schedule of continuing operations by operating segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted Revenues	$ 14,602	$ 12,835	$ 44,851	$ 37,970
Adjusted Pre-tax Income (Loss)	3,847	2,176	14,003	7,051
Changes in fair value of securities used to hedge guaranteed living benefits, Adjusted Revenues	14	14	41	46
Changes in fair value of securities used to hedge guaranteed living benefits	6	26	29	61
Changes in benefit reserves and DAC, VOBA and DSI related to net realized gains (losses)	(28)	9	(429)	(74)
Changes in the fair value of equity securities	16	(45)	(41)	(36)
Other income (expense) - net	(7)	(6)	(23)	(14)
Loss on extinguishment of debt	0	(51)	(299)	(149)
Net investment income on Fortitude Re funds withheld assets	2,668	3,715	8,509	11,047
Net realized gains (losses)	3,175	660	10,986	1,984
Net realized gains, adjusted revenues	1,446	643	3,242	1,192
Net realized gains, adjusted pre-tax income (loss)	1,449	652	3,257	1,220
Net gain on divestitures	6	102	45	108
Non-operating litigation reserves and settlements, adjustment to revenue	8	0	46	0
Non-operating litigation reserves and settlements, pre-tax income (loss)	3	(3)	41	(3)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	62	115	206	199
Net loss reserve discount charge	(10)	(72)	(4)	(62)
Pension expense related to a one-time lump sum payment to former employees		(27)		(27)
Integration and transaction costs associated with acquiring or divesting businesses	(52)	(11)	(136)	(55)
Restructuring and other costs	(147)	(104)	(415)	(304)
Non-recurring costs related to regulatory or accounting changes	(9)	(17)	(22)	(58)
Fortitude Re funds withheld assets
Segment Reporting Information [Line Items]
Net investment income on Fortitude Re funds withheld assets	155	495	634	1,488
Net realized gains (losses)	(86)	190	(312)	536
Fortitude Re funds withheld embedded derivative
Segment Reporting Information [Line Items]
Net realized gains (losses)	1,757	(209)	7,851	117
Total
Segment Reporting Information [Line Items]
Adjusted Revenues	11,299	11,753	33,413	34,641
Adjusted Pre-tax Income (Loss)	725	1,126	3,598	4,090
Corporate Reconciling Items And Eliminations
Segment Reporting Information [Line Items]
Adjusted Revenues	(26)	95	203	373
Adjusted Pre-tax Income (Loss)	(614)	(562)	(1,496)	(1,702)
Other Operations before consolidation and eliminations
Segment Reporting Information [Line Items]
Adjusted Revenues	126	301	627	884
Adjusted Pre-tax Income (Loss)	(467)	(370)	(1,086)	(1,240)
Consolidation and eliminations
Segment Reporting Information [Line Items]
Adjusted Revenues	(152)	(206)	(424)	(511)
Adjusted Pre-tax Income (Loss)	(147)	(192)	(410)	(462)
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Adjusted Revenues	6,989	7,214	20,854	20,798
Adjusted Pre-tax Income (Loss)	750	811	3,218	2,850
General Insurance \| Reportable Segments \| North America
Segment Reporting Information [Line Items]
Adjusted Revenues	3,140	2,907	8,901	7,980
Adjusted Pre-tax Income (Loss)	(439)	(166)	223	(199)
General Insurance \| Reportable Segments \| International
Segment Reporting Information [Line Items]
Adjusted Revenues	3,267	3,516	10,148	10,524
Adjusted Pre-tax Income (Loss)	607	186	1,190	755
General Insurance \| Reportable Segments \| Net investment income
Segment Reporting Information [Line Items]
Adjusted Revenues	582	791	1,805	2,294
Adjusted Pre-tax Income (Loss)	582	791	1,805	2,294
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Adjusted Revenues	4,336	4,444	12,356	13,470
Adjusted Pre-tax Income (Loss)	589	877	1,876	2,942
Life and Retirement \| Reportable Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Adjusted Revenues	1,312	1,560	3,985	4,556
Adjusted Pre-tax Income (Loss)	200	292	788	1,441
Life and Retirement \| Reportable Segments \| Group Retirement
Segment Reporting Information [Line Items]
Adjusted Revenues	680	832	2,106	2,458
Adjusted Pre-tax Income (Loss)	183	316	572	970
Life and Retirement \| Reportable Segments \| Life Insurance
Segment Reporting Information [Line Items]
Adjusted Revenues	1,234	1,211	3,820	3,839
Adjusted Pre-tax Income (Loss)	123	134	231	114
Life and Retirement \| Reportable Segments \| Institutional Markets
Segment Reporting Information [Line Items]
Adjusted Revenues	1,110	841	2,445	2,617
Adjusted Pre-tax Income (Loss)	$ 83	$ 135	$ 285	$ 417

Equity - Reclassification of significant items out of accumulated other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	$ 3,175	$ 660	$ 10,986	$ 1,984
Net income attributable to AIG	2,709	1,667	10,005	5,642
Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Net income attributable to AIG	(139)	214	(897)	715
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	17	6	9	0
Unrealized appreciation (depreciation) of all other investments \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	(148)	219	(883)	749
Change in retirement plan liabilities adjustment \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	(8)	(11)	(23)	(34)
Prior-service credit \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	(1)	(1)	(2)	(3)
Actuarial losses \| Amount Reclassified from AOCI
Reclassification of significant items out of Accumulated Other Comprehensive Income
Total net realized gains	$ (7)	$ (10)	$ (21)	$ (31)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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+ Details

Equity - Rollforward of Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 19, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 46,824	$ 66,908	$ 68,912	$ 67,199
Change in unrealized appreciation (depreciation) of investments	(12,134)	(2,065)	(50,205)	(7,868)
Change in deferred policy acquisition costs adjustment and other	1,393	132	6,729	830
Change in future policy benefits	582	72	2,707	839
Change in foreign currency translation adjustments	(589)	(132)	(794)	63
Change in net actuarial loss	15	40	31	51
Change in prior service cost	3	1	8	5
Change in deferred tax asset (liability)	1,757	350	6,140	1,176
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	(4)	(1)
Other comprehensive loss	(8,973)	(1,602)	(35,388)	(4,905)
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease)	2,040		2,040
Balance, end of period	41,001	65,659	41,001	65,659
IPO \| Corebridge Financial Inc
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Percentage of stock sold (as a percent)					12.40%
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(17,656)	10,209	6,687	13,511
Other comprehensive loss	(8,177)	(1,603)	(32,520)	(4,905)
Balance, end of period	(23,793)	8,606	(23,793)	8,606
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(61)	(58)	(57)	(95)
Balance, end of period	(128)	(46)	(128)	(46)
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(13,972)	13,605	10,094	17,093
Balance, end of period	(19,467)	12,094	(19,467)	12,094
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(2,747)	(2,128)	(2,453)	(2,267)
Balance, end of period	(3,336)	(2,263)	(3,336)	(2,263)
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(878)	(1,217)	(903)	(1,228)
Balance, end of period	(864)	(1,186)	(864)	(1,186)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	2	7	6	8
Balance, end of period	2	7	2	7
Noncontrolling interests
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	(796)	1	(2,868)	0
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	(6)	0	(7)	0
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	(785)	1	(2,864)	0
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	(5)	0	3	0
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	0	0	0	0
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Noncontrolling interests	0	0	0	0
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized appreciation (depreciation) of investments	(94)	21	(106)	72
Change in deferred policy acquisition costs adjustment and other	2	(6)	6	(10)
Change in deferred tax asset (liability)	19	(3)	22	(13)
Other comprehensive loss	(73)	12	(78)	49
Unrealized Appreciation (Depreciation) of All Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in unrealized appreciation (depreciation) of investments	(12,040)	(2,086)	(50,099)	(7,940)
Change in deferred policy acquisition costs adjustment and other	1,391	138	6,723	840
Change in future policy benefits	582	72	2,707	839
Change in deferred tax asset (liability)	1,743	366	6,200	1,262
Other comprehensive loss	(8,324)	(1,510)	(34,469)	(4,999)
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease)	2,044		2,044
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in foreign currency translation adjustments	(589)	(132)	(794)	63
Change in deferred tax asset (liability)	(2)	(3)	(83)	(59)
Other comprehensive loss	(591)	(135)	(877)	4
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease)	(3)		(3)
Retirement Plan Liabilities Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in net actuarial loss	15	40	31	51
Change in prior service cost	3	1	8	5
Change in deferred tax asset (liability)	(3)	(10)	1	(14)
Other comprehensive loss	15	31	40	42
Other Comprehensive Income Sale Of Noncontrolling Interest Before Tax Period Increase (Decrease)	(1)		(1)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	(4)	(1)
Other comprehensive loss	$ 0	$ 0	$ (4)	$ (1)

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Assets:

Bonds available for sale, allowance for credit losses

$ 115

$ 98

Bonds available for sale, amortized cost

251,983

259,210

Mortgage and other loans receivable, allowance for credit losses

655

629

Other invested assets

^[1]

15,794

15,668

Short-term investments

^[1]

14,663

13,357

Premiums and other receivables, allowance for credit losses and disputes

176

185

Other assets, allowance for credit losses

Other assets

^[1]

12,868

14,351

Liabilities:

Liability for unpaid losses and loss adjustment expenses, allowance for credit losses

Policyholder contract deposits

157,612

156,686

Fortitude Re funds withheld payable

30,424

$ 40,771

Short term debt

$ 1,502

AIG shareholders’ equity:

Preferred stock, par value (in dollars per share)

$ 5.00

Preferred stock, shares authorized (in shares)

100,000,000

Preferred stock, shares issued (in shares)

20,000

Preferred stock liquidation preference

$ 500

Common stock, par value (in dollars per share)

$ 2.50

Common stock, shares authorized (in shares)

5,000,000,000

Common stock, shares issued (in shares)

1,906,671,492

Treasury stock, shares of common stock (in shares)

1,159,455,582

1,087,984,129

Fortitude RE

Assets:

Reinsurance asset, allowance for credit loss

$ 0

Excluding Fortitude

Assets:

Reinsurance asset, allowance for credit loss

345

333

Short-term Investments

Assets:

Restricted cash

133

197

Other assets

Assets:

Restricted cash

Recurring Basis

Assets:

Other invested assets

11,839

10,504

Short-term investments

5,344

4,426

Other assets

500

957

Liabilities:

Policyholder contract deposits

6,385

9,736

Fortitude Re funds withheld payable

(2,505)

Fortitude Re funds withheld payable

5,922

Other liabilities, portion measured at fair value

276

586

Long-term debt, portion measured at fair value

$ 1,613

$ 1,871

[1]	See Note 8 for details of balances associated with variable interest entities.

Equity - Other comprehensive income reclassification adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss) Reclassification Adjustments
Other comprehensive loss	$ (8,973)	$ (1,602)	$ (35,388)	$ (4,905)
Noncontrolling interests
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(10,869)	(1,738)	(42,425)	(5,366)
Less: Reclassification adjustments included in net income	(139)	214	(897)	715
Total other comprehensive income (loss), before income tax expense (benefit)	(10,730)	(1,952)	(41,528)	(6,081)
Less: Income tax expense (benefit)	(1,757)	(350)	(6,140)	(1,176)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(75)	21	(91)	62
Less: Reclassification adjustments included in net income	17	6	9	0
Total other comprehensive income (loss), before income tax expense (benefit)	(92)	15	(100)	62
Less: Income tax expense (benefit)	(19)	3	(22)	13
Other comprehensive loss	(73)	12	(78)	49
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(10,215)	(1,657)	(41,552)	(5,512)
Less: Reclassification adjustments included in net income	(148)	219	(883)	749
Total other comprehensive income (loss), before income tax expense (benefit)	(10,067)	(1,876)	(40,669)	(6,261)
Less: Income tax expense (benefit)	(1,743)	(366)	(6,200)	(1,262)
Other comprehensive loss	(8,324)	(1,510)	(34,469)	(4,999)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(589)	(132)	(794)	63
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(589)	(132)	(794)	63
Less: Income tax expense (benefit)	2	3	83	59
Other comprehensive loss	(591)	(135)	(877)	4
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	10	30	16	22
Less: Reclassification adjustments included in net income	(8)	(11)	(23)	(34)
Total other comprehensive income (loss), before income tax expense (benefit)	18	41	39	56
Less: Income tax expense (benefit)	3	10	(1)	14
Other comprehensive loss	15	31	40	42
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	0	(4)	(1)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	0	0	(4)	(1)
Less: Income tax expense (benefit)	0	0	0	0
Other comprehensive loss	$ 0	$ 0	$ (4)	$ (1)

Investments - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 175	$ 97	$ 98	$ 186
Securities for which allowance for credit losses were not previously recorded	31	20	238	56
Securities sold during the period	(46)	(21)	(88)	(31)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	(37)	(24)	(103)	(127)
Write-offs charged against the allowance	(7)	(6)	(29)	(18)
Other	(1)	0	(1)	0
Balance, end of period	115	66	115	66
Structured
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	26	10	8	17
Securities for which allowance for credit losses were not previously recorded	6	0	57	8
Securities sold during the period	(1)	0	(2)	(3)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	0	(3)	(32)	(15)
Write-offs charged against the allowance	0	0	0	0
Other	(1)	0	(1)	0
Balance, end of period	30	7	30	7
Non- Structured
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	149	87	90	169
Securities for which allowance for credit losses were not previously recorded	25	20	181	48
Securities sold during the period	(45)	(21)	(86)	(28)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis	(37)	(21)	(71)	(112)
Write-offs charged against the allowance	(7)	(6)	(29)	(18)
Other	0	0	0	0
Balance, end of period	$ 85	$ 59	$ 85	$ 59

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Use of Estimates

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:

•loss reserves;

•future policy benefit reserves for life and accident and health insurance contracts;

•liabilities for guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;

•embedded derivative liabilities for fixed index annuity and life products;

•estimated gross profits to value deferred acquisition costs and unearned revenue for investment-oriented products;

•reinsurance assets, including the allowance for credit losses and disputes;

•goodwill impairment;

•allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;

•legal contingencies;

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

•income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

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.

Accounting Standards Adopted and Future Application of Accounting Standards

ACCOUNTING STANDARDS ADOPTED

Reference Rate Reform

On March 12, 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur.

Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

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 Company will adopt the standard on January 1, 2023. We continue to evaluate and expect the adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls.

The Company will adopt the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith. The Company will adopt the standard in relation to market risk benefits (MRBs) on a retrospective basis. Based upon this transition method, the Company currently estimates that the January 1, 2021 transition date (Transition Date) impact from adoption is likely to result in a decrease in AIG’s equity between approximately $1.0 billion and $3.0 billion in AIG’s Life and Retirement business. The most significant drivers of the transition adjustment are expected to be (1) changes related to market risk benefits in our Individual Retirement and Group Retirement segments, including the impact of non-performance adjustments (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments and (3) the removal of balances recorded in accumulated other comprehensive income (loss) (AOCI) related to changes in unrealized appreciation (depreciation) on investments.

Market risk benefits: The standard requires the measurement of all MRBs associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, with the exception of instrument-specific credit risk changes (non-performance adjustments), which will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition.

As MRBs are required to be accounted for at fair value, the quarterly valuation of these items will result in variability and volatility in the Company’s results following adoption.

Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits 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. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits, and are anticipated to more significantly impact our Life Insurance and Institutional Markets segments.

Following adoption, the impact of changes to discount rates will be recognized through other comprehensive income. Changes resulting from unlocking the discount rate each reporting period will primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer and structured settlement products.

Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated.

In addition to the above, the standard also:

•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 above) in the income statement.

•Simplifies the amortization of 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.

•Increased disclosures of disaggregated roll-forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes.

We expect that the accounting for Fortitude Reinsurance Company Ltd. (Fortitude Re) will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modified coinsurance (modco) remains unchanged.

The Company has created a governance framework and a plan to support implementation of the updated standard. As part of its implementation plan, the Company has also advanced the modernization of its actuarial technology platform to enhance its modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize its control framework. The Company has designed and begun implementation and testing of internal controls related to the new processes created as part of implementing the updated standard and will continue to refine these internal controls until the formal implementation in the first quarter of 2023.

Troubled Debt Restructuring and Vintage Disclosures

In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures.

Fair Value Measurement

On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard.

Investments

We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the 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:

•Current delinquency rates;

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Expected prepayment speeds.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

Reinsurance

For additional information on Fortitude Re see Note 7 to the Consolidated Financial Statements in the 2021 Annual Report.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:


	September 30, 2022				December 31, 2021
(in millions)	Carrying Value			Fair Value	Carrying Value			Fair Value	Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)	$	19,247	$	19,247	$	31,815	$	31,815	Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option		3,800		3,800		1,983		1,983	Fair value through net investment income
Commercial mortgage loans		4,076		3,830		3,637		3,859	Amortized cost
Real estate investments		139		364		201		395	Amortized cost
Private equity funds / hedge funds		1,861		1,861		1,606		1,606	Fair value through net investment income
Policy loans		357		357		380		380	Amortized cost
Short-term investments		160		160		50		50	Fair value through net investment income
Funds withheld investment assets		29,640		29,619		39,672		40,088
Derivative assets, net(b)		97		97		81		81	Fair value through net realized gains (losses)
Other(c)		708		708		602		602	Amortized cost
Total	$	30,445	$	30,424	$	40,355	$	40,771

(c)Primarily comprised of Cash and Accrued investment income.

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•whether collateral and collateral arrangements exist.

Credit Losses

•paid and unpaid amounts recoverable;

•whether the balance is in dispute or subject to legal collection;

•whether collateral and collateral arrangements exist.

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

Tax Accounting Policies

TAX ACCOUNTING POLICIES

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 (loss) from continuing operations.

We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, 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. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Fair Value Measurements - Difference between fair values fair value option (Details) - Fair Value Option - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Fair Value	$ 1,613	$ 1,871
Outstanding Principal Amount	1,451	1,405
Difference	$ 162	$ 466

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Reinsurance - Summary of the composition of pool of assets (Details) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Effects of Reinsurance [Line Items]

Bonds available for sale

^[1]

$ 219,767

$ 277,202

Fixed maturity securities - fair value option

^[1]

7,131

6,278

Loans

48,779

46,677

Investment real estate

2,205

2,727

Short-term investments

^[1]

14,663

13,357

Derivative assets net, carrying value

393

843

Derivative assets, net, fair value

6,744

5,761

Other assets

^[1]

12,868

14,351

Total assets

522,932

596,112

Carrying Value

Effects of Reinsurance [Line Items]

Short-term investments

9,319

8,931

Other assets

Hedge Funds and Private Equity Funds

Effects of Reinsurance [Line Items]

Fair Value Using NAV Per Share (or its equivalent)

11,625

10,951

Commercial mortgage loans

Effects of Reinsurance [Line Items]

Loans

35,824

35,665

Policy loans

Effects of Reinsurance [Line Items]

Loans

1,773

1,843

Fortitude Holdings

Effects of Reinsurance [Line Items]

Change in net unrealized gains (losses), gross

(7,700)

$ (2,100)

Change in net unrealized gains (losses), net of tax

(6,100)

$ (1,600)

Derivative asset, Fair value of collateral

366

389

Derivative liability, Fair value of collateral

Fortitude Holdings | Carrying Value

Effects of Reinsurance [Line Items]

Bonds available for sale

19,247

31,815

Fixed maturity securities - fair value option

3,800

1,983

Investment real estate

139

201

Short-term investments

160

Funds withheld investment assets

29,640

39,672

Derivative assets net, carrying value

Other assets

708

602

Total assets

30,445

40,355

Fortitude Holdings | Estimated Fair Value

Effects of Reinsurance [Line Items]

Bonds available for sale

19,247

31,815

Fixed maturity securities - fair value option

3,800

1,983

Investment real estate

364

395

Short-term investments

160

Funds withheld investment assets

29,619

40,088

Derivative assets, net, fair value

Other assets

708

602

Total

30,424

40,771

Fortitude Holdings | Hedge Funds and Private Equity Funds | Carrying Value

Effects of Reinsurance [Line Items]

Fair Value Using NAV Per Share (or its equivalent)

1,861

1,606

Fortitude Holdings | Hedge Funds and Private Equity Funds | Estimated Fair Value

Effects of Reinsurance [Line Items]

Fair Value Using NAV Per Share (or its equivalent)

1,861

1,606

Fortitude Holdings | Commercial mortgage loans | Carrying Value

Effects of Reinsurance [Line Items]

Loans

4,076

3,637

Fortitude Holdings | Commercial mortgage loans | Estimated Fair Value

Effects of Reinsurance [Line Items]

Loans, fair value

3,830

3,859

Fortitude Holdings | Policy loans | Carrying Value

Effects of Reinsurance [Line Items]

Loans

357

380

Fortitude Holdings | Policy loans | Estimated Fair Value

Effects of Reinsurance [Line Items]

Loans, fair value

$ 357

$ 380

[1]	See Note 8 for details of balances associated with variable interest entities.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ACCOUNTING STANDARDS ADOPTED Reference Rate Reform On March 12, 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. Where permitted by the guidance, we have accounted for contract modifications stemming from the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we have and will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. The adoption of the standard has not had, and is not expected to have, a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures. FUTURE APPLICATION OF ACCOUNTING STANDARDS 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 Company will adopt the standard on January 1, 2023. We continue to evaluate and expect the adoption of this standard will impact our financial condition, results of operations, statement of cash flows and disclosures, as well as systems, processes and controls. The Company will adopt the standard using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs associated therewith. The Company will adopt the standard in relation to market risk benefits (MRBs) on a retrospective basis. Based upon this transition method, the Company currently estimates that the January 1, 2021 transition date (Transition Date) impact from adoption is likely to result in a decrease in AIG’s equity between approximately $1.0 billion and $3.0 billion in AIG’s Life and Retirement business. The most significant drivers of the transition adjustment are expected to be (1) changes related to market risk benefits in our Individual Retirement and Group Retirement segments, including the impact of non-performance adjustments (2) changes to the discount rate which will most significantly impact our Life Insurance and Institutional Markets segments and (3) the removal of balances recorded in accumulated other comprehensive income (loss) (AOCI) related to changes in unrealized appreciation (depreciation) on investments. Market risk benefits: The standard requires the measurement of all MRBs associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods will be recorded and presented separately within the income statement, with the exception of instrument-specific credit risk changes (non-performance adjustments), which will be recognized in other comprehensive income. MRBs will impact both retained earnings and AOCI upon transition. As MRBs are required to be accounted for at fair value, the quarterly valuation of these items will result in variability and volatility in the Company’s results following adoption. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits 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. Upon transition, the Company currently estimates an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differ from reserve interest accretion rates. Lower interest rates result in a higher liability for future policy benefits, and are anticipated to more significantly impact our Life Insurance and Institutional Markets segments. Following adoption, the impact of changes to discount rates will be recognized through other comprehensive income. Changes resulting from unlocking the discount rate each reporting period will primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer and structured settlement products. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments will be eliminated. In addition to the above, the standard also: •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 above) in the income statement. •Simplifies the amortization of 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. •Increased disclosures of disaggregated roll-forwards of several balances, including: liabilities for future policy benefits, deferred acquisition costs, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We expect that the accounting for Fortitude Reinsurance Company Ltd. (Fortitude Re) will continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, will continue to be calculated using the same methodology and assumptions as the direct policies. Accounting for modified coinsurance (modco) remains unchanged. The Company has created a governance framework and a plan to support implementation of the updated standard. As part of its implementation plan, the Company has also advanced the modernization of its actuarial technology platform to enhance its modeling, data management, experience study and analytical capabilities, increase the end-to-end automation of key reporting and analytical processes and optimize its control framework. The Company has designed and begun implementation and testing of internal controls related to the new processes created as part of implementing the updated standard and will continue to refine these internal controls until the formal implementation in the first quarter of 2023. Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. Because the Company has already adopted the current expected credit loss model, the amendments in this standard are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. We do not expect the standard to have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim period within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard.

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 01, 2022	Oct. 27, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 03, 2022
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount							$ 6,500
Remaining authorized repurchase amount							$ 1,500
Shares purchased (in shares)					76,681,026	32,000,000
Aggregate repurchases of common stock			$ 1,268	$ 1,059	$ 4,370	$ 1,651
Subsequent event
Equity, Class of Treasury Stock [Line Items]
Shares purchased (in shares)		4,000,000
Aggregate repurchases of common stock		$ 221
Dividends declared, common stock (in dollars per share)	$ 0.32
Dividends declared, preferred stock (in dollars per share)	$ 365.625

Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Assets:
Purchases	$ 859,000,000	$ 1,655,000,000	$ 4,638,000,000	$ 4,941,000,000
Sales	(194,000,000)	(255,000,000)	(258,000,000)	(433,000,000)
Issuances and Settlements	(707,000,000)	(2,001,000,000)	(3,179,000,000)	(6,592,000,000)
Purchases, Sales, Issuances and Settlements, Net	(42,000,000)	(601,000,000)	1,201,000,000	(2,084,000,000)
Liabilities:
Purchases	(243,000,000)	(75,000,000)	(492,000,000)	(198,000,000)
Sales	297,000,000	216,000,000	767,000,000	611,000,000
Issuances and Settlements	(27,000,000)	12,000,000	(457,000,000)	(668,000,000)
Purchases, Sales, Issuances and Settlements, Net	27,000,000	153,000,000	(182,000,000)	(255,000,000)
Issuances, assets	0	0	0	0
Issuances, liabilities	0	0	0	0
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period	(25,000,000)	1,000,000	(98,000,000)	28,000,000
Transfers out Level 3 at end of reporting period, net gains (losses) included in realized and unrealized gains and losses related to Level 3 for the period.	(36,000,000)	10,000,000	(122,000,000)	7,000,000
Policyholder contract deposits
Liabilities:
Purchases	0	0	0	0
Sales	294,000,000	214,000,000	761,000,000	607,000,000
Issuances and Settlements	33,000,000	65,000,000	(40,000,000)	(209,000,000)
Purchases, Sales, Issuances and Settlements, Net	327,000,000	279,000,000	721,000,000	398,000,000
Derivative liabilities, net
Liabilities:
Purchases	(243,000,000)	(75,000,000)	(492,000,000)	(198,000,000)
Sales	3,000,000	2,000,000	6,000,000	4,000,000
Issuances and Settlements	50,000,000	40,000,000	159,000,000	33,000,000
Purchases, Sales, Issuances and Settlements, Net	(190,000,000)	(33,000,000)	(327,000,000)	(161,000,000)
Fortitude Re funds withheld payable
Liabilities:
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	(110,000,000)	(93,000,000)	(576,000,000)	(492,000,000)
Purchases, Sales, Issuances and Settlements, Net	(110,000,000)	(93,000,000)	(576,000,000)	(492,000,000)
Bonds available for sale
Assets:
Purchases	700,000,000	1,623,000,000	3,286,000,000	4,516,000,000
Sales	(71,000,000)	(244,000,000)	(135,000,000)	(365,000,000)
Issuances and Settlements	(568,000,000)	(1,478,000,000)	(2,298,000,000)	(5,330,000,000)
Purchases, Sales, Issuances and Settlements, Net	61,000,000	(99,000,000)	853,000,000	(1,179,000,000)
Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Assets:
Purchases	5,000,000	40,000,000	6,000,000	51,000,000
Sales	0	(16,000,000)	(64,000,000)	(59,000,000)
Issuances and Settlements	(34,000,000)	(31,000,000)	(36,000,000)	(117,000,000)
Purchases, Sales, Issuances and Settlements, Net	(29,000,000)	(7,000,000)	(94,000,000)	(125,000,000)
Bonds available for sale \| Non-U.S. governments
Assets:
Purchases		0		1,000,000
Sales		0		0
Issuances and Settlements		0		0
Purchases, Sales, Issuances and Settlements, Net		0		1,000,000
Bonds available for sale \| Corporate debt
Assets:
Purchases	31,000,000	23,000,000	54,000,000	976,000,000
Sales	(49,000,000)	(61,000,000)	(49,000,000)	(94,000,000)
Issuances and Settlements	(82,000,000)	(135,000,000)	(142,000,000)	(847,000,000)
Purchases, Sales, Issuances and Settlements, Net	(100,000,000)	(173,000,000)	(137,000,000)	35,000,000
Bonds available for sale \| RMBS
Assets:
Purchases	56,000,000	704,000,000	341,000,000	1,186,000,000
Sales	0	(164,000,000)	0	(279,000,000)
Issuances and Settlements	(355,000,000)	(626,000,000)	(1,514,000,000)	(1,884,000,000)
Purchases, Sales, Issuances and Settlements, Net	(299,000,000)	(86,000,000)	(1,173,000,000)	(977,000,000)
Bonds available for sale \| CMBS
Assets:
Purchases	27,000,000	7,000,000	173,000,000	297,000,000
Sales	0	(3,000,000)	0	(3,000,000)
Issuances and Settlements	(60,000,000)	(17,000,000)	(89,000,000)	(49,000,000)
Purchases, Sales, Issuances and Settlements, Net	(33,000,000)	(13,000,000)	84,000,000	245,000,000
Bonds available for sale \| CDO/ABS
Assets:
Purchases	581,000,000	849,000,000	2,712,000,000	2,005,000,000
Sales	(22,000,000)	0	(22,000,000)	70,000,000
Issuances and Settlements	(36,000,000)	(669,000,000)	(516,000,000)	(2,433,000,000)
Purchases, Sales, Issuances and Settlements, Net	523,000,000	180,000,000	2,174,000,000	(358,000,000)
Other bond securities
Assets:
Purchases	98,000,000	0	769,000,000	1,000,000
Sales	(123,000,000)	(11,000,000)	(123,000,000)	(65,000,000)
Issuances and Settlements	(41,000,000)	(140,000,000)	(222,000,000)	(390,000,000)
Purchases, Sales, Issuances and Settlements, Net	(66,000,000)	(151,000,000)	424,000,000	(454,000,000)
Other bond securities \| Corporate debt
Assets:
Purchases	2,000,000		26,000,000
Sales	0		0
Issuances and Settlements	64,000,000		164,000,000
Purchases, Sales, Issuances and Settlements, Net	66,000,000		190,000,000
Other bond securities \| RMBS
Assets:
Purchases	31,000,000	0	62,000,000	1,000,000
Sales	0	(2,000,000)	0	(11,000,000)
Issuances and Settlements	(5,000,000)	(6,000,000)	(22,000,000)	(28,000,000)
Purchases, Sales, Issuances and Settlements, Net	26,000,000	(8,000,000)	40,000,000	(38,000,000)
Other bond securities \| CMBS
Assets:
Purchases		0		0
Sales		(9,000,000)		(15,000,000)
Issuances and Settlements		0		0
Purchases, Sales, Issuances and Settlements, Net	0	(9,000,000)	0	(15,000,000)
Other bond securities \| CDO/ABS
Assets:
Purchases	65,000,000	0	681,000,000	0
Sales	(123,000,000)	0	(123,000,000)	(39,000,000)
Issuances and Settlements	(100,000,000)	(134,000,000)	(364,000,000)	(362,000,000)
Purchases, Sales, Issuances and Settlements, Net	(158,000,000)	(134,000,000)	194,000,000	(401,000,000)
Equity securities
Assets:
Purchases	8,000,000	0	13,000,000	0
Sales	0	0	0	(3,000,000)
Issuances and Settlements	0	(1,000,000)	1,000,000	(121,000,000)
Purchases, Sales, Issuances and Settlements, Net	8,000,000	(1,000,000)	14,000,000	(124,000,000)
Other invested assets
Assets:
Purchases	53,000,000	32,000,000	570,000,000	424,000,000
Sales	0	0	0	0
Issuances and Settlements	(98,000,000)	(383,000,000)	(653,000,000)	(752,000,000)
Purchases, Sales, Issuances and Settlements, Net	(45,000,000)	(351,000,000)	(83,000,000)	(328,000,000)
Other assets
Assets:
Purchases	0	0	0	0
Sales	0	0	0	0
Issuances and Settlements	0	1,000,000	(7,000,000)	1,000,000
Purchases, Sales, Issuances and Settlements, Net	$ 0	$ 1,000,000	$ (7,000,000)	$ 1,000,000

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Available For Sale Securities

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


(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	8,609	$	—	$	20	$	(679)	$	7,950
Obligations of states, municipalities and political subdivisions		13,072		—		75		(1,256)		11,891
Non-U.S. governments		14,866		(9)		92		(1,942)		13,007
Corporate debt		157,955		(75)		1,024		(25,568)		133,336
Mortgage-backed, asset-backed and collateralized:
RMBS		19,174		(30)		908		(1,545)		18,507
CMBS		15,272		—		12		(1,353)		13,931
CDO/ABS		23,035		(1)		57		(1,946)		21,145
Total mortgage-backed, asset-backed and collateralized		57,481		(31)		977		(4,844)		53,583
Total bonds available for sale(b)	$	251,983	$	(115)	$	2,188	$	(34,289)	$	219,767
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities	$	7,874	$	—	$	347	$	(27)	$	8,194
Obligations of states, municipalities and political subdivisions		12,760		—		1,782		(15)		14,527
Non-U.S. governments		15,858		—		719		(247)		16,330
Corporate debt		163,064		(89)		13,892		(1,259)		175,608
Mortgage-backed, asset-backed and collateralized:
RMBS		25,027		(9)		2,422		(153)		27,287
CMBS		15,333		—		555		(79)		15,809
CDO/ABS		19,294		—		276		(123)		19,447
Total mortgage-backed, asset-backed and collateralized		59,654		(9)		3,253		(355)		62,543
Total bonds available for sale(b)	$	259,210	$	(98)	$	19,993	$	(1,903)	$	277,202

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in Other comprehensive income (loss).

(b)At September 30, 2022 and December 31, 2021, bonds available for sale held by us that were below investment grade or not rated totaled $22.4 billion or 10 percent and $27.0 billion or 10 percent, respectively.

Schedule of Unrealized Loss on Investments

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 for which no allowance for credit loss has been recorded:


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	6,560	$	588	$	947	$	91	$	7,507	$	679
Obligations of states, municipalities and political subdivisions		9,854		1,225		144		31		9,998		1,256
Non-U.S. governments		8,824		1,387		2,382		529		11,206		1,916
Corporate debt		110,817		22,151		11,263		3,345		122,080		25,496
RMBS		10,909		1,362		513		96		11,422		1,458
CMBS		13,068		1,312		335		41		13,403		1,353
CDO/ABS		19,110		1,788		1,030		158		20,140		1,946
Total bonds available for sale	$	179,142	$	29,813	$	16,614	$	4,291	$	195,756	$	34,104
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities	$	3,696	$	14	$	447	$	13	$	4,143	$	27
Obligations of states, municipalities and political subdivisions		714		11		57		4		771		15
Non-U.S. governments		4,644		115		1,324		132		5,968		247
Corporate debt		31,914		720		8,819		467		40,733		1,187
RMBS		5,362		102		1,154		46		6,516		148
CMBS		3,980		63		153		16		4,133		79
CDO/ABS		8,263		112		339		11		8,602		123
Total bonds available for sale	$	58,573	$	1,137	$	12,293	$	689	$	70,866	$	1,826

Investments Classified by Contractual Maturity Date

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, Net of Allowance		Fair Value
September 30, 2022
Due in one year or less	$	8,048	$	7,972
Due after one year through five years		50,823		48,051
Due after five years through ten years		44,127		38,775
Due after ten years		91,420		71,386
Mortgage-backed, asset-backed and collateralized		57,450		53,583
Total	$	251,868	$	219,767

Realized Gain (Loss) on Investments

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
(in millions)		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	123	$	254	$	348	$	123	$	406	$	1,280	$	1,098	$	349

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


Three Months Ended September 30,		2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(67)	$	(64)	$	(131)	$	66	$	159	$	225


Change in allowance for credit losses on fixed maturity securities		(1)		7		6		3		1		4
Change in allowance for credit losses on loans		(26)		(24)		(50)		22		3		25
Foreign exchange transactions		(244)		(22)		(266)		(127)		(9)		(136)
Variable annuity embedded derivatives, net of related hedges		441		—		441		(39)		—		(39)
All other derivatives and hedge accounting		1,240		(13)		1,227		317		(15)		302
Sales of alternative investments and real estate investments		137		32		169		336		52		388
Other		24		(2)		22		101		(1)		100
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		1,504		(86)		1,418		679		190		869
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		—		1,757		1,757		—		(209)		(209)
Net realized gains (losses)	$	1,504	$	1,671	$	3,175	$	679	$	(19)	$	660


Nine Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(656)	$	(218)	$	(874)	$	200	$	549	$	749

Change in allowance for credit losses on fixed maturity securities		(101)		(34)		(135)		64		7		71
Change in allowance for credit losses on loans		(21)		(26)		(47)		130		6		136
Foreign exchange transactions		(489)		(46)		(535)		(37)		(6)		(43)
Variable annuity embedded derivatives, net of related hedges		1,401		—		1,401		(3)		—		(3)
All other derivatives and hedge accounting		3,149		(21)		3,128		332		(72)		260
Sales of alternative investments and real estate investments		160		35		195		393		53		446
Other		4		(2)		2		252		(1)		251
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		3,447		(312)		3,135		1,331		536		1,867
Net realized gains on Fortitude Re funds withheld embedded derivative		—		7,851		7,851		—		117		117
Net realized gains	$	3,447	$	7,539	$	10,986	$	1,331	$	653	$	1,984

Debt Securities, Trading, and Equity Securities, FV-NI

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:


(in millions)		September 30, 2022				December 31, 2021
		Fair Value	Percent of Total			Fair Value	Percent of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	1,565	20	%	$	1,750	25	%
Obligations of states, municipalities and political subdivisions		111	1			97	1
Non-U.S. governments		64	1			76	1
Corporate debt		2,034	26			1,050	15
Mortgage-backed, asset-backed and collateralized:
RMBS		341	4			411	6
CMBS		391	5			315	4
CDO/ABS and other collateralized		2,625	34			2,579	37
Total mortgage-backed, asset-backed and collateralized		3,357	43			3,305	47
Total fixed maturity securities		7,131	91			6,278	89
Equity securities		608	9			739	11
Total	$	7,739	100	%	$	7,017	100	%

Schedule Of Other Invested Assets

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


(in millions)		September 30, 2022		December 31, 2021
Alternative investments(a)(b)	$	11,625	$	10,951
Investment real estate(c)		2,205		2,727
All other investments(d)		1,964		1,990
Total	$	15,794	$	15,668

(a)At September 30, 2022, included hedge funds of $1.5 billion and private equity funds of $10.1 billion. At December 31, 2021, included hedge funds of $2.0 billion, private equity funds of $8.9 billion.

(b)At September 30, 2022, approximately 56 percent of our hedge fund portfolio is available for redemption in 2022. The remaining 44 percent will be available for redemption between 2023 and 2028.

(c)Represents values net of accumulated depreciation. At September 30, 2022 and December 31, 2021, the accumulated depreciation was $774 million and $778 million, respectively.

(d)Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), which is recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $100 million at September 30, 2022 and December 31, 2021, respectively.

Investment Income

The following table presents the components of Net investment income:


Three Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	2,150	$	256	$	2,406	$	2,173	$	374	$	2,547
Other fixed maturity securities(a)		(73)		(168)		(241)		32		3		35
Equity securities		16		—		16		(45)		—		(45)
Interest on mortgage and other loans		515		53		568		435		50		485
Alternative investments(b)		(49)		11		(38)		616		77		693
Real estate		14		—		14		99		—		99
Other investments(c)		83		11		94		41		1		42
Total investment income		2,656		163		2,819		3,351		505		3,856
Investment expenses		143		8		151		131		10		141
Net investment income	$	2,513	$	155	$	2,668	$	3,220	$	495	$	3,715


Nine Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	6,338	$	824	$	7,162	$	6,481	$	1,112	$	7,593
Other fixed maturity securities(a)		(449)		(466)		(915)		23		9		32
Equity securities		(41)		—		(41)		(36)		—		(36)
Interest on mortgage and other loans		1,428		150		1,578		1,295		154		1,449
Alternative investments(b)		729		138		867		1,767		238		2,005
Real estate		46		—		46		215		—		215
Other investments(c)		277		14		291		162		3		165
Total investment income		8,328		660		8,988		9,907		1,516		11,423
Investment expenses		453		26		479		348		28		376
Net investment income	$	7,875	$	634	$	8,509	$	9,559	$	1,488	$	11,047

(a)Included in the three- and nine-month periods ended September 30, 2022 were income (loss) of $(57) million and $(208) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and nine-month periods ended September 30, 2021 were income (loss) of $(3) million and $(49) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below.

(b)Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag.

(c)Included in the three- and nine-month periods ended September 30, 2022 were income (loss) of $62 million and $194 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Included in the three- and nine-month periods ended September 30, 2021 were income (loss) of $9 million and $52 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.

Unrealized Gain (Loss) on Investments

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:


		Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(12,134)	$	(2,065)	$	(50,191)	$	(7,863)
Other investments		—		—		(14)		(5)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	(12,134)	$	(2,065)	$	(50,205)	$	(7,868)

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:


Three Months Ended September 30,		2022						2021
(in millions)		Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	16	$	(98)	$	(82)	$	(45)	$	471	$	426
Less: Net gains recognized during the period on equity securities and other investments sold during the period		26		13		39		8		23		31
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(10)	$	(111)	$	(121)	$	(53)	$	448	$	395


Nine Months Ended September 30,		2022						2021
(in millions)		Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	(41)	$	306	$	265	$	(36)	$	1,484	$	1,448
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period		119		(23)		96		(192)		38		(154)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(160)	$	329	$	169	$	156	$	1,446	$	1,602

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:


Three Months Ended September 30,		2022						2021
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	26	$	149	$	175	$	10	$	87	$	97
Additions:
Securities for which allowance for credit losses were not previously recorded		6		25		31		—		20		20


Reductions:
Securities sold during the period		(1)		(45)		(46)		—		(21)		(21)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		—		(37)		(37)		(3)		(21)		(24)
Write-offs charged against the allowance		—		(7)		(7)		—		(6)		(6)
Other		(1)		—		(1)		—		—		—
Balance, end of period	$	30	$	85	$	115	$	7	$	59	$	66



Nine Months Ended September 30,		2022						2021
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	8	$	90	$	98	$	17	$	169	$	186
Additions:
Securities for which allowance for credit losses were not previously recorded		57		181		238		8		48		56


Reductions:
Securities sold during the period		(2)		(86)		(88)		(3)		(28)		(31)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(32)		(71)		(103)		(15)		(112)		(127)
Write-offs charged against the allowance		—		(29)		(29)		—		(18)		(18)
Other		(1)		—		(1)		—		—		—
Balance, end of period	$	30	$	85	$	115	$	7	$	59	$	66

Schedule of Financial Instruments Owned and Pledged as Collateral

The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements:


(in millions)		September 30, 2022		December 31, 2021
Fixed maturity securities available for sale	$	321	$	3,583

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


		Remaining Contractual Maturity of the Agreements
(in millions)		Overnight and Continuous		up to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	—	$	26	$	50	$	14	$	—	$	90
Non-U.S. governments		28		—		—		28		—		56
Corporate debt		175		—		—		—		—		175
Total	$	203	$	26	$	50	$	42	$	—	$	321


December 31, 2021
Bonds available for sale:
Non-U.S. governments	$	48	$	—	$	—	$	—	$	—	$	48
Corporate debt		128		61		22		—		—		211
Total	$	176	$	61	$	22	$	—	$	—	$	259

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

Remaining Contractual Maturity of the Agreements

(in millions)

Overnight
and
Continuous

up to
30 days

31 - 90
days

91 - 364
days

365 days
or greater

Total

September 30, 2022

Bonds available for sale:

Obligations of states, municipalities and political subdivisions

—

Non-U.S. governments

—

Total

—


December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	106	$	—	$	—	$	106
Non-U.S. governments		—		—		43		—		—		43
Corporate debt		—		534		2,641		—		—		3,175
Total	$	—	$	534	$	2,790	$	—	$	—	$	3,324

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


(in millions)		September 30, 2022		December 31, 2021
Securities collateral pledged to us	$	265	$	1,839

Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	$ (12,134)	$ (2,065)	$ (50,205)	$ (7,868)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities and other investments	(82)	426	265	1,448
Less: Net gains recognized during the period on equity securities and other investments sold during the period	39	31	96	(154)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	(121)	395	169	1,602
Fixed maturity securities
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	(12,134)	(2,065)	(50,191)	(7,863)
Other investments
Debt Securities, Available-for-sale [Line Items]
Increase (decrease) in unrealized appreciation (depreciation) of investments	0	0	(14)	(5)
Equity securities
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities and other investments	16	(45)	(41)	(36)
Less: Net gains recognized during the period on equity securities and other investments sold during the period	26	8	119	(192)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	(10)	(53)	(160)	156
Other invested assets
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities and other investments	(98)	471	306	1,484
Less: Net gains recognized during the period on equity securities and other investments sold during the period	13	23	(23)	38
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$ (111)	$ 448	$ 329	$ 1,446

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes U.S. TAX LAW CHANGES On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) of 2022 (H.R. 5376), which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act. Key provisions include a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period, a 1 percent stock buyback tax, increased IRS enforcement funding, and Medicare's new ability to negotiate prescription drug prices. CAMT and the stock buyback tax are effective for tax years beginning after December 31, 2022. The tax provisions of IRA are not expected to have a material impact on AIG’s financial results. However, the CAMT may impact our U.S. cash tax liabilities. BASIS OF PRESENTATION 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 laws. Following the IPO of Corebridge on September 19, 2022, AIG’s remaining ownership in Corebridge decreased below 80 percent, resulting in tax deconsolidation of Corebridge parent and its subsidiaries from the AIG consolidated U.S. federal income tax group as well as certain state and local jurisdictions where unitary returns are filed. Subsequent to the tax deconsolidation from AIG, due to the application of relevant U.S. tax laws, American General Corporation and its directly owned life insurance subsidiaries (the AGC Group) will not be permitted to join in the filing of a consolidated U.S. federal income tax return with Corebridge parent and its non-life-insurance subsidiaries for a period of five years. Corebridge’s net operating losses and tax credit carryforwards that have not been utilized prior to tax deconsolidation from AIG will remain with the relevant Corebridge entities and will be available for utilization by the respective Corebridge U.S. federal income tax groups. The realizability of the deferred tax assets related to such carryforwards is based on the positive and negative evidence applicable to each U.S. federal income tax group. TAX ACCOUNTING POLICIES 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 (loss) from continuing operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, 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. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred. INTERIM TAX CALCULATION METHOD We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets, and are recorded in the period in which the change occurs. INTERIM TAX EXPENSE (BENEFIT) For the three-month period ended September 30, 2022, the effective tax rate on income from continuing operations was 21.0 percent. While the effective tax rate on income from continuing operations does not differ from the statutory tax rate of 21 percent, we recognized tax benefits associated with tax exempt income and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities, offset by tax charges associated with the effect of foreign operations, state and local income taxes, and non-deductible transfer pricing charges. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the nine-month period ended September 30, 2022, the effective tax rate on income from continuing operations was 20.8 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with tax exempt income, reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities, excess tax benefits related to share based compensation payments recorded through the income statement and tax adjustments related to prior year returns. These tax benefits were partially offset by tax charges associated with the effect of foreign operations, state and local income taxes, and non-deductible transfer pricing charges. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three-month period ended September 30, 2021, the effective tax rate on income from continuing operations was 20.2 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with tax adjustments related to prior year returns, tax exempt income, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. These tax benefits were partially offset by tax charges associated with the effect of foreign operations, valuation allowance activity related to certain foreign subsidiaries, state and local income taxes, and non-deductible transfer pricing charges. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the nine-month period ended September 30, 2021, the effective tax rate on income from continuing operations was 17.5 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with the release of reserves for uncertain tax positions, penalties and interest related to the recent completion of audit activity by the IRS, release of reserves for uncertain tax positions and interest related to a New York State tax settlement based on the completion of recent audit activity, tax adjustments related to prior year returns, tax exempt income, remeasurement of deferred taxes as a result of an increase in the UK corporate income tax rate enacted during the second quarter, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. These tax benefits were partially offset by tax charges associated with the establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards, the effect of foreign operations, excess tax charges related to share based compensation payments recorded through the income statement, state and local income taxes, and non-deductible transfer pricing charges. We also recognized a tax charge associated with reduction of net operating loss deferred tax assets in certain foreign jurisdictions, with a corresponding decrease in the related deferred tax asset valuation allowance. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. 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. Recent events, including changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macro-economic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization. The carryforward period of our foreign tax credit carryforwards runs through 2023. Carryforward periods for our net operating losses extend from 2028 forward. However, utilization of a portion of our net operating losses is limited under separate return limitation year rules. To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. A valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year is recorded discretely. Although tax deconsolidation of Corebridge from the AIG consolidated U.S. federal income tax group resulted in the formation of new federal tax filing groups requiring separate deferred tax asset realizability assessments, there was no overall change to the total deferred tax asset valuation allowance recorded as of September 30, 2022. After factoring in multiple data points and assessing relative weight of all positive and negative evidence, we concluded that a valuation allowance of $850 million is still necessary. Accordingly, as of September 30, 2022, the balance sheet reflects a valuation allowance of $850 million, of which $705 million and $145 million was recorded by AIG Parent and Corebridge, respectively. The valuation allowance at AIG Parent relates to a portion of our U.S. consolidated federal income tax group tax attribute carryforwards that are no longer more-likely-than-not to be realized. The valuation allowance at Corebridge relates to a portion of both tax attribute carryforwards and certain other deferred tax assets of the Corebridge non-life insurance group that are not more-likely-than-not to be realized. For the nine-month period ended September 30, 2022, recent changes in market conditions, including rising interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of both our U.S. Life Insurance and non-life insurance companies, resulting in deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun, and as such, when assessing recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of September 30, 2022, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the nine-month period ended September 30, 2022, we established $1.6 billion of valuation allowance associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale securities portfolio and $991 million of valuation allowance associated with the unrealized tax capital losses in the non-life insurance companies’ available for sale securities portfolio. For the three-month period ended September 30, 2022, we recorded an increase in valuation allowance of $75 million associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale securities portfolio and $361 million associated with the unrealized tax capital losses in the non-life insurance companies’ available for sale securities portfolio. The valuation allowance establishment was allocated to other comprehensive income. For the nine-month period ended September 30, 2022, we recognized a net $15 million decrease in deferred tax asset valuation allowance associated with certain foreign and state jurisdictions, primarily attributable to current year activity. TAX EXAMINATIONS AND LITIGATION We are currently under examination by the IRS for the tax years 2011 through 2019. In September 2020, we received the IRS Revenue Agent Report containing agreed and disagreed issues for the audit of tax years 2007-2010. In October 2020, we filed a protest of the disagreed issues with the IRS Independent Office of Appeals (IRS Appeals). In March 2021, the IRS audit team issued their rebuttal to the protest of disagreed issues to IRS Appeals. We had an IRS Appeals conference in October 2021 and are continuing to engage in the Appeals process. In 2009, after paying amounts due on a statutory notice of deficiency related to the disallowance of foreign tax credits associated with cross border financing transactions, we filed a refund lawsuit in the Southern District of New York (Southern District) with respect to tax year 1997. In 2020, the parties executed a binding settlement agreement with respect to the underlying issues in the lawsuit. On October 22, 2020, the Southern District dismissed the case based upon the settlement reached between AIG and the government. In March 2022, interest amounts due on the settlement of items challenged by the IRS during the audit of AIG's 2006 and prior years were agreed to between AIG and the IRS, thus concluding this matter. ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES At both September 30, 2022 and December 31, 2021, our unrecognized tax benefits, excluding interest and penalties, were $1.2 billion. At September 30, 2022 and December 31, 2021, 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 $2 million and $22 million, respectively. Accordingly, at September 30, 2022 and December 31, 2021, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.2 billion and $1.1 billion, respectively. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At September 30, 2022 and December 31, 2021, we had accrued liabilities of $61 million and $69 million, respectively for the payment of interest (net of the federal benefit) and penalties. For the nine-month period ended September 30, 2022, we accrued benefit of $8 million for the payment of interest and penalties. The interest activity related to unrecognized tax benefits for the nine-month period ended September 30, 2022 was due to the completion of audit activity and expiration of a certain statute related to foreign operations. For the nine-month period ended September 30, 2021, we accrued benefit of $203 million for the payment of interest and penalties. The activity for the nine-month period ended September 30, 2021 primarily related to the completion of audit activity by the IRS and New York State. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Fixed maturity securities:

Bonds available for sale, at fair value, net of allowance for credit losses

^[1]

$ 219,767

$ 277,202

Other bond securities

^[1]

7,131

6,278

Equity securities, at fair value (See Note 5)

^[1]

608

739

Mortgage and other loans receivable

^[1]

48,124

46,048

Other invested assets

^[1]

15,794

15,668

Short-term investments

^[1]

14,663

13,357

Total investments

306,087

359,292

Cash

^[1]

2,294

2,198

Accrued investment income

^[1]

2,286

2,239

Premiums and other receivables, net of allowance for credit losses and disputes of $176 in 2022 and $185 in 2021

13,476

12,409

Deferred income taxes

15,250

11,714

Deferred policy acquisition costs

15,822

10,514

Other assets

^[1]

12,868

14,351

Separate account assets, at fair value

81,302

109,111

Total assets

522,932

596,112

Liabilities:

Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2022 and $14 in 2021

75,519

79,026

Unearned premiums

20,371

19,313

Future policy benefits for life and accident and health insurance contracts

57,266

59,950

Policyholder contract deposits (portion measured at fair value: 2022 - $6,385; 2021 - $9,736)

157,612

156,686

Other policyholder funds

3,928

3,476

Fortitude Re funds withheld payable (portion measured at fair value: 2022 - $(2,505); 2021 - $5,922)

30,424

40,771

Other liabilities (portion measured at fair value: 2022 - $276; 2021 - $586)

^[1]

25,077

28,704

Separate account liabilities

81,302

109,111

Total liabilities

481,931

527,200

Contingencies, commitments and guarantees (See Note 11)

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: 2022 - 20,000 and 2021 - 20,000; liquidation preference $500

485

Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2022 - 1,906,671,492 and 2021 - 1,906,671,492

4,766

Treasury stock, at cost; 2022 - 1,159,455,582 shares; 2021 - 1,087,984,129 shares of common stock

(55,745)

(51,618)

Additional paid-in capital

80,301

81,851

Retained earnings

33,009

23,785

Accumulated other comprehensive income (loss)

(23,793)

6,687

Total AIG shareholders’ equity

39,023

65,956

Non-redeemable noncontrolling interests

1,978

2,956

Total equity

41,001

68,912

Total liabilities and equity

522,932

596,112

Consolidated Entities, Excluding Consolidated Investments

Liabilities:

Short-term and long-term debt

24,508

23,741

Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary

Liabilities:

Short-term and long-term debt

^[1]

5,924

6,422

Fortitude RE

Fixed maturity securities:

Reinsurance assets, net of allowance for credit losses and disputes

32,598

33,365

Excluding Fortitude

Fixed maturity securities:

Reinsurance assets, net of allowance for credit losses and disputes

$ 40,949

$ 40,919

[1]	See Note 8 for details of balances associated with variable interest entities.

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of Dividends

The following table presents declaration date, record date, payment date and dividends paid per preferred share and per depository share on the Series A Preferred Stock in the nine months ended September 30, 2022 and 2021:


			Dividends Paid
Declaration Date	Record Date	Payment Date	Per Preferred Share		Per Depositary Share
August 8, 2022	August 31, 2022	September 15, 2022	$	365.625	$	0.365625
May 3, 2022	May 31, 2022	June 15, 2022	365.625		0.365625
February 16, 2022	February 28, 2022	March 15, 2022	365.625		0.365625
August 5, 2021	August 31, 2021	September 15, 2021	$	365.625	$	0.365625
May 6, 2021	May 31, 2021	June 15, 2021	365.625		0.365625
February 16, 2021	February 26, 2021	March 15, 2021	365.625		0.365625

The following table presents declaration date, record date, payment date and dividends paid per common share on AIG Common Stock in the nine months ended September 30, 2022 and 2021:

Declaration Date

Record Date

Payment Date

Dividends Paid
Per Common Share

August 8, 2022

September 16, 2022

September 30, 2022

0.32

May 3, 2022

June 16, 2022

June 30, 2022

0.32

February 16, 2022

March 17, 2022

March 31, 2022

0.32

August 5, 2021

September 16, 2021

September 30, 2021

0.32

May 6, 2021

June 15, 2021

June 29, 2021

0.32

February 16, 2021

March 16, 2021

March 30, 2021

0.32

Schedule of Outstanding Common Stock

The following table presents a rollforward of outstanding shares:


Nine Months Ended September 30, 2022	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	1,906,671,492	(1,087,984,129)	818,687,363
Shares issued	—	5,209,573	5,209,573
Shares repurchased	—	(76,681,026)	(76,681,026)
Shares, end of period	1,906,671,492	(1,159,455,582)	747,215,910

Repurchases of AIG Common Stock

The following table presents repurchases of AIG Common Stock:


Nine Months Ended September 30,
(in millions)		2022		2021
Aggregate repurchases of common stock*	$	4,370	$	1,651
Total number of common shares repurchased		77		32

*For the nine months ended September 30, 2021, approximately $92 million of these share repurchases were funded with proceeds received from warrant exercises that occurred prior to the expiration of warrants to purchase shares of AIG Common Stock on January 19, 2021.

Schedule of Accumulated Other Comprehensive Income (Loss)

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


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, June 30, 2022, net of tax	$	(61)	$	(13,972)	$	(2,747)	$	(878)	$	2	$	(17,656)
Change in unrealized appreciation (depreciation) of investments		(94)		(12,040)		—		—		—		(12,134)
Change in deferred policy acquisition costs adjustment and other		2		1,391		—		—		—		1,393
Change in future policy benefits		—		582		—		—		—		582
Change in foreign currency translation adjustments		—		—		(589)		—		—		(589)
Change in net actuarial loss		—		—		—		15		—		15
Change in prior service cost		—		—		—		3		—		3
Change in deferred tax asset (liability)		19		1,743		(2)		(3)		—		1,757
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		—		—
Total other comprehensive income (loss)		(73)		(8,324)		(591)		15		—		(8,973)
Other changes in AOCI:
Corebridge 12.4% noncontrolling interests sale		—		2,044		(3)		(1)		—		2,040
Noncontrolling interests		(6)		(785)		(5)		—		—		(796)
Balance, September 30, 2022, net of tax	$	(128)	$	(19,467)	$	(3,336)	$	(864)	$	2	$	(23,793)

Balance, June 30, 2021, net of tax	$	(58)	$	13,605	$	(2,128)	$	(1,217)	$	7	$	10,209
Change in unrealized appreciation (depreciation) of investments		21		(2,086)		—		—		—		(2,065)
Change in deferred policy acquisition costs adjustment and other		(6)		138		—		—		—		132
Change in future policy benefits		—		72		—		—		—		72
Change in foreign currency translation adjustments		—		—		(132)		—		—		(132)
Change in net actuarial loss		—		—		—		40		—		40
Change in prior service cost		—		—		—		1		—		1
Change in deferred tax asset (liability)		(3)		366		(3)		(10)		—		350
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		—		—
Total other comprehensive income (loss)		12		(1,510)		(135)		31		—		(1,602)
Noncontrolling interests		—		1		—		—		—		1
Balance, September 30, 2021, net of tax	$	(46)	$	12,094	$	(2,263)	$	(1,186)	$	7	$	8,606


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, December 31, 2021, net of tax	$	(57)	$	10,094	$	(2,453)	$	(903)	$	6	$	6,687
Change in unrealized appreciation (depreciation) of investments		(106)		(50,099)		—		—		—		(50,205)
Change in deferred policy acquisition costs adjustment and other		6		6,723		—		—		—		6,729
Change in future policy benefits		—		2,707		—		—		—		2,707
Change in foreign currency translation adjustments		—		—		(794)		—		—		(794)
Change in net actuarial loss		—		—		—		31		—		31
Change in prior service cost		—		—		—		8		—		8
Change in deferred tax asset (liability)		22		6,200		(83)		1		—		6,140
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		(4)		(4)
Total other comprehensive income (loss)		(78)		(34,469)		(877)		40		(4)		(35,388)
Other changes in AOCI:
Corebridge 12.4% noncontrolling interests sale		—		2,044		(3)		(1)		—		2,040
Noncontrolling interests		(7)		(2,864)		3		—		—		(2,868)
Balance, September 30, 2022, net of tax	$	(128)	$	(19,467)	$	(3,336)	$	(864)	$	2	$	(23,793)


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, December 31, 2020, net of tax	$	(95)	$	17,093	$	(2,267)	$	(1,228)	$	8	$	13,511
Change in unrealized appreciation (depreciation) of investments		72		(7,940)		—		—		—		(7,868)
Change in deferred policy acquisition costs adjustment and other		(10)		840		—		—		—		830
Change in future policy benefits		—		839		—		—		—		839
Change in foreign currency translation adjustments		—		—		63		—		—		63
Change in net actuarial loss		—		—		—		51		—		51
Change in prior service cost		—		—		—		5		—		5
Change in deferred tax asset (liability)		(13)		1,262		(59)		(14)		—		1,176
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		(1)		(1)
Total other comprehensive income (loss)		49		(4,999)		4		42		(1)		(4,905)


Noncontrolling interests		—		—		—		—		—		—
Balance, September 30, 2021, net of tax	$	(46)	$	12,094	$	(2,263)	$	(1,186)	$	7	$	8,606

Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments

The following table presents the other comprehensive income (loss) reclassification adjustments for the three- and nine-month periods ended September 30, 2022 and 2021, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken			Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Three Months Ended September 30, 2022
Unrealized change arising during period	$	(75)	$	(10,215)	$	(589)	$	10	$	—	$	(10,869)
Less: Reclassification adjustments included in net income		17		(148)		—		(8)		—		(139)
Total other comprehensive income (loss), before income tax expense (benefit)		(92)		(10,067)		(589)		18		—		(10,730)
Less: Income tax expense (benefit)		(19)		(1,743)		2		3		—		(1,757)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(73)	$	(8,324)	$	(591)	$	15	$	—	$	(8,973)

Three Months Ended September 30, 2021
Unrealized change arising during period	$	21	$	(1,657)	$	(132)	$	30	$	—	$	(1,738)
Less: Reclassification adjustments included in net income		6		219		—		(11)		—		214
Total other comprehensive income (loss), before income tax expense (benefit)		15		(1,876)		(132)		41		—		(1,952)
Less: Income tax expense (benefit)		3		(366)		3		10		—		(350)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	12	$	(1,510)	$	(135)	$	31	$	—	$	(1,602)

Nine Months Ended September 30, 2022
Unrealized change arising during period	$	(91)	$	(41,552)	$	(794)	$	16	$	(4)	$	(42,425)
Less: Reclassification adjustments included in net income		9		(883)		—		(23)		—		(897)
Total other comprehensive income (loss), before of income tax expense (benefit)		(100)		(40,669)		(794)		39		(4)		(41,528)
Less: Income tax expense (benefit)		(22)		(6,200)		83		(1)		—		(6,140)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(78)	$	(34,469)	$	(877)	$	40	$	(4)	$	(35,388)


Nine Months Ended September 30, 2021
Unrealized change arising during period	$	62	$	(5,512)	$	63	$	22	$	(1)	$	(5,366)
Less: Reclassification adjustments included in net income		—		749		—		(34)		—		715
Total other comprehensive income (loss), before income tax expense (benefit)		62		(6,261)		63		56		(1)		(6,081)
Less: Income tax expense (benefit)		13		(1,262)		59		14		—		(1,176)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	49	$	(4,999)	$	4	$	42	$	(1)	$	(4,905)

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss):


		Amount Reclassified from AOCI			Affected Line Item in the
		Three Months Ended September 30,			Condensed Consolidated
(in millions)		2022		2021	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	17	$	6	Net realized gains (losses)
Total		17		6
Unrealized appreciation (depreciation) of all other investments
Investments		(148)		219	Net realized gains (losses)
Total		(148)		219
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		(1)	*
Actuarial losses		(7)		(10)	*
Total		(8)		(11)
Total reclassifications for the period	$	(139)	$	214
		Amount Reclassified from AOCI			Affected Line Item in the
		Nine Months Ended September 30,			Condensed Consolidated
(in millions)		2022		2021	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	9	$	—	Net realized gains (losses)
Total		9		—
Unrealized appreciation (depreciation) of all other investments
Investments		(883)		749	Net realized gains (losses)
Total		(883)		749
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(3)
Actuarial losses		(21)		(31)
Total		(23)		(34)
Total reclassifications for the period	$	(897)	$	715

*These AOCI components are included in the computation of net periodic pension cost.

Schedule of Noncontrolling Interest

The following table presents the effect of changes in our ownership interest in Corebridge on our equity as of September 19, 2022:


Nine Months Ended September 30,
(in millions)		2022
Net income attributable to AIG common shareholders	$	9,983
Changes in AIG equity for sale of 12.4% interest in Corebridge		608
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests	$	10,591

- Definition

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

Variable Interest Entities

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

8. Variable Interest Entities

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

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) 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

Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets:


(in millions)		Real Estate and Investment Entities(d)		Securitization Vehicles		Total
September 30, 2022
Assets:
Bonds available for sale	$	—	$	3,613	$	3,613
Other bond securities		—		1,345		1,345
Equity securities		60		—		60
Mortgage and other loans receivable		—		2,341		2,341
Other invested assets
Alternative investments(a)		2,572		—		2,572
Investment real estate		1,785		—		1,785
Short-term investments		172		170		342
Cash		82		—		82
Accrued investment income		—		8		8
Other assets		95		75		170

Total(b)	$	4,766	$	7,552	$	12,318
Liabilities:
Debt of consolidated investment entities	$	1,359	$	4,378	$	5,737
Other(c)		85		37		122
Total	$	1,444	$	4,415	$	5,859

December 31, 2021
Assets:
Bonds available for sale	$	—	$	5,543	$	5,543
Other bond securities		—		1,852		1,852
Equity securities		223		—		223
Mortgage and other loans receivable		—		2,523		2,523
Other invested assets
Alternative investments(a)		3,017		—		3,017
Investment real estate		2,257		—		2,257
Short-term investments		487		151		638
Cash		96		—		96
Accrued investment income		—		17		17
Other assets		190		558		748
Total(b)	$	6,270	$	10,644	$	16,914
Liabilities:
Debt of consolidated investment entities	$	1,743	$	4,504	$	6,247
Other(c)		122		722		844
Total	$	1,865	$	5,226	$	7,091

(a)Comprised primarily of investments in real estate joint ventures at September 30, 2022 and December 31, 2021.

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

(c)Comprised primarily of Other liabilities at September 30, 2022 and December 31, 2021.

(d)At September 30, 2022 and December 31, 2021, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $2.3 billion and $2.2 billion, respectively, of which commitments to external parties were $0.5 billion and $0.6 billion, respectively.

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.

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
(in millions)		Total VIE Assets		On-Balance Sheet(b)		Off-Balance Sheet			Total
September 30, 2022
Real estate and investment entities(a)	$	493,750	$	8,468	$	4,107	(c)	$	12,575
Other		1,732		265		747	(d)		1,012
Total	$	495,482	$	8,733	$	4,854		$	13,587
December 31, 2021
Real estate and investment entities(a)	$	457,335	$	7,650	$	3,448	(c)	$	11,098
Other		1,738		237		528	(d)		765
Total	$	459,073	$	7,887	$	3,976		$	11,863

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

(b)At September 30, 2022 and December 31, 2021, $8.7 billion and $7.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

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

For additional information on VIEs see Note 9 to the Consolidated Financial Statements in the 2021 Annual Report.

Derivatives and Hedge Accounting (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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


	September 30, 2022								December 31, 2021
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as
hedging instruments:(a)
Interest rate contracts	$	318	$	230	$	1,696	$	72	$	265	$	5	$	895	$	11
Foreign exchange contracts		6,972		1,036		1,742		214		5,431		467		5,828		197
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts		29,749		3,126		34,068		4,784		47,499		3,868		42,113		3,622
Foreign exchange contracts		11,711		1,752		3,740		513		7,905		722		9,997		524
Equity contracts		29,587		565		3,431		84		27,423		681		5,091		53
Commodity contracts		324		18		66		—		303		4		219		—
Credit contracts(b)		1,776		1		932		42		3,790		1		936		47
Other contracts(c)		45,889		16		—		—		43,892		13		51		—
Total derivatives, gross	$	126,326	$	6,744	$	45,675	$	5,709	$	136,508	$	5,761	$	65,130	$	4,454
Counterparty netting(d)				(3,170)				(3,170)				(2,779)				(2,779)
Cash collateral(e)				(3,181)				(2,263)				(2,139)				(1,089)
Total derivatives on Condensed
Consolidated Balance Sheets(f)			$	393			$	276			$	843			$	586

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

(b)As of September 30, 2022 and December 31, 2021, included CDSs on super senior multi-sector CDOs with a net notional amount of $79 million and $97 million (fair value liability of $32 million and $30 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 Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $2.5 billion at September 30, 2022 and zero at December 31, 2021. Fair value of liabilities related to bifurcated embedded derivatives was $6.4 billion and $14.5 billion, respectively, at September 30, 2022 and December 31, 2021. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information see Note 7.

Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships

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


		Gains/(Losses) Recognized in Income for:
(in millions)		Hedging Derivatives(a)		Excluded Components(b)		Hedged Items		Net Impact
Three Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances	$	(62)	$	—	$	62	$	—
Net investment income (loss)		25		—		(24)		1
Foreign exchange contracts:
Net realized gains/(losses)		455		122		(455)		122
Three Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances	$	(3)	$	—	$	6	$	3
Net investment income (loss)		1		—		(2)		(1)
Foreign exchange contracts:
Net realized gains/(losses)		205		30		(205)		30
Nine Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances	$	(90)	$	—	$	93	$	3
Net investment income (loss)		26		—		(25)		1
Foreign exchange contracts:
Net realized gains/(losses)		889		262		(889)		262
Nine Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances	$	(10)	$	—	$	13	$	3
Net investment income (loss)		8		—		(9)		(1)


Foreign exchange contracts:
Net realized gains/(losses)	201	108	(201)	108

(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 income on a mark-to-market basis.

Derivatives Not Designated as Hedging Instruments

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


	Gains (Losses) Recognized in Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
By Derivative Type:
Interest rate contracts	$	(528)	$	(172)	$	(2,010)	$	(861)
Foreign exchange contracts		1,010		310		1,976		271
Equity contracts		19		(55)		(107)		(606)
Commodity contracts		4		(5)		(3)		(4)
Credit contracts		(3)		—		(4)		(9)
Other contracts		42		17		73		49
Embedded derivatives		2,899		(28)		12,490		1,569
Total	$	3,443	$	67	$	12,415	$	409
By Classification:
Policy fees	$	17	$	16	$	47	$	46
Net investment income		8		(1)		10		(6)
Net realized gains - excluding Fortitude Re funds withheld assets		1,679		277		4,547		329
Net realized gains (losses) on Fortitude Re funds withheld assets(a)		1,744		(224)		7,830		45
Policyholder benefits and claims incurred		(5)		(1)		(19)		(5)
Total	$	3,443	$	67	$	12,415	$	409

(a)Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

- Definition

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

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-Publisher FASB
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+ Details

Derivatives and Hedge Accounting

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedge Accounting

9. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. 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. Commodity derivatives are used to hedge exposures within reinsurance contracts. 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 contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

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


	September 30, 2022								December 31, 2021
	Gross Derivative Assets				Gross Derivative Liabilities				Gross Derivative Assets				Gross Derivative Liabilities
(in millions)		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Derivatives designated as
hedging instruments:(a)
Interest rate contracts	$	318	$	230	$	1,696	$	72	$	265	$	5	$	895	$	11
Foreign exchange contracts		6,972		1,036		1,742		214		5,431		467		5,828		197
Derivatives not designated
as hedging instruments:(a)
Interest rate contracts		29,749		3,126		34,068		4,784		47,499		3,868		42,113		3,622
Foreign exchange contracts		11,711		1,752		3,740		513		7,905		722		9,997		524
Equity contracts		29,587		565		3,431		84		27,423		681		5,091		53
Commodity contracts		324		18		66		—		303		4		219		—
Credit contracts(b)		1,776		1		932		42		3,790		1		936		47
Other contracts(c)		45,889		16		—		—		43,892		13		51		—
Total derivatives, gross	$	126,326	$	6,744	$	45,675	$	5,709	$	136,508	$	5,761	$	65,130	$	4,454
Counterparty netting(d)				(3,170)				(3,170)				(2,779)				(2,779)
Cash collateral(e)				(3,181)				(2,263)				(2,139)				(1,089)
Total derivatives on Condensed
Consolidated Balance Sheets(f)			$	393			$	276			$	843			$	586

(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.

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 by us 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 $3.3 billion at September 30, 2022 and $2.7 billion at December 31, 2021. 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 $3.8 billion and $2.4 billion at September 30, 2022 and December 31, 2021, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

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

HEDGE ACCOUNTING

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

We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three- and nine-month periods ended September 30, 2022, we recognized gains (losses) of $137 million and $444 million, respectively, and for the three- and nine-month periods ended September 30, 2021, we recognized gains (losses) of $57 million and $163 million, respectively, included in Change in foreign currency translation adjustments in Other comprehensive income (loss) 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 income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):


		Gains/(Losses) Recognized in Income for:
(in millions)		Hedging Derivatives(a)		Excluded Components(b)		Hedged Items		Net Impact
Three Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances	$	(62)	$	—	$	62	$	—
Net investment income (loss)		25		—		(24)		1
Foreign exchange contracts:
Net realized gains/(losses)		455		122		(455)		122
Three Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances	$	(3)	$	—	$	6	$	3
Net investment income (loss)		1		—		(2)		(1)
Foreign exchange contracts:
Net realized gains/(losses)		205		30		(205)		30
Nine Months Ended September 30, 2022
Interest rate contracts:
Interest credited to policyholder account balances	$	(90)	$	—	$	93	$	3
Net investment income (loss)		26		—		(25)		1
Foreign exchange contracts:
Net realized gains/(losses)		889		262		(889)		262
Nine Months Ended September 30, 2021
Interest rate contracts:
Interest credited to policyholder account balances	$	(10)	$	—	$	13	$	3
Net investment income (loss)		8		—		(9)		(1)


Foreign exchange contracts:
Net realized gains/(losses)	201	108	(201)	108

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

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

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


	Gains (Losses) Recognized in Income
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
By Derivative Type:
Interest rate contracts	$	(528)	$	(172)	$	(2,010)	$	(861)
Foreign exchange contracts		1,010		310		1,976		271
Equity contracts		19		(55)		(107)		(606)
Commodity contracts		4		(5)		(3)		(4)
Credit contracts		(3)		—		(4)		(9)
Other contracts		42		17		73		49
Embedded derivatives		2,899		(28)		12,490		1,569
Total	$	3,443	$	67	$	12,415	$	409
By Classification:
Policy fees	$	17	$	16	$	47	$	46
Net investment income		8		(1)		10		(6)
Net realized gains - excluding Fortitude Re funds withheld assets		1,679		277		4,547		329
Net realized gains (losses) on Fortitude Re funds withheld assets(a)		1,744		(224)		7,830		45
Policyholder benefits and claims incurred		(5)		(1)		(19)		(5)
Total	$	3,443	$	67	$	12,415	$	409

(a)Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

CREDIT RISK-RELATED CONTINGENT FEATURES

We estimate that at September 30, 2022, 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 $6 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 $32 million and $206 million at September 30, 2022 and December 31, 2021, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2022 and December 31, 2021, was approximately $33 million and $239 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. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were $1.3 billion and $2.0 billion at September 30, 2022 and December 31, 2021, respectively. These securities have par amounts of $3.5 billion and $4.6 billion at September 30, 2022 and December 31, 2021, respectively, and have remaining stated maturity dates that extend to 2052.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rates on income from continuing operations (as a percent)	21.00%	20.20%	20.80%	17.50%
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance	$ 850		$ 850
Decrease in deferred tax asset valuation allowance associated with foreign and state jurisdiction			15
Unrecognized tax benefits, excluding interest and penalties	1,200		1,200		$ 1,200
Unrecognized tax benefits, if recognized would not affect the effective tax rate	2		2		22
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	1,200		1,200		1,100
Unrecognized tax benefits, interest and penalties accrued	$ 61		61		$ 69
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties			$ 8	$ 203
Corebridge Financial Inc
Valuation Allowance [Line Items]
Ownership (as a percent)	77.70%		77.70%
Corebridge Financial Inc \| Maximum
Valuation Allowance [Line Items]
Ownership (as a percent)	80.00%		80.00%
U.S.. Life Insurance Companies
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance recognized	$ 75		$ 1,600
Non U.S.. Life Insurance Companies
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance recognized	361		991
Federal Tax Credit Carryforwards and Tax Credit Carryforwards
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance	705		705
Other Deferred Tax Assets
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance	$ 145		$ 145

Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Equity

12. 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.


			Dividends Paid
Declaration Date	Record Date	Payment Date	Per Preferred Share		Per Depositary Share
August 8, 2022	August 31, 2022	September 15, 2022	$	365.625	$	0.365625
May 3, 2022	May 31, 2022	June 15, 2022	365.625		0.365625
February 16, 2022	February 28, 2022	March 15, 2022	365.625		0.365625
August 5, 2021	August 31, 2021	September 15, 2021	$	365.625	$	0.365625
May 6, 2021	May 31, 2021	June 15, 2021	365.625		0.365625
February 16, 2021	February 26, 2021	March 15, 2021	365.625		0.365625

Common Stock

The following table presents a rollforward of outstanding shares:


Nine Months Ended September 30, 2022	Common Stock Issued	Treasury Stock	Common Stock Outstanding
Shares, beginning of year	1,906,671,492	(1,087,984,129)	818,687,363
Shares issued	—	5,209,573	5,209,573
Shares repurchased	—	(76,681,026)	(76,681,026)
Shares, end of period	1,906,671,492	(1,159,455,582)	747,215,910

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 in the nine months ended September 30, 2022 and 2021:

Declaration Date

Record Date

Payment Date

Dividends Paid
Per Common Share

August 8, 2022

September 16, 2022

September 30, 2022

0.32

May 3, 2022

June 16, 2022

June 30, 2022

0.32

February 16, 2022

March 17, 2022

March 31, 2022

0.32

August 5, 2021

September 16, 2021

September 30, 2021

0.32

May 6, 2021

June 15, 2021

June 29, 2021

0.32

February 16, 2021

March 16, 2021

March 30, 2021

0.32

For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries see Note 18 to the Consolidated Financial Statements in the 2021 Annual Report.

Repurchase of AIG Common Stock

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. Certain of our share repurchases have been and may from time to time be effected through Securities Exchange Act of 1934 (Exchange Act) Rule 10b5-1 repurchase plans. On May 3, 2022, the Board of Directors authorized the repurchase of $6.5 billion of AIG Common Stock (inclusive of the approximately $1.5 billion of expected remaining authorization upon expiration of the then-current 10b5-1 Plan as of May 20, 2022).

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.

The following table presents repurchases of AIG Common Stock:


Nine Months Ended September 30,
(in millions)		2022		2021
Aggregate repurchases of common stock*	$	4,370	$	1,651
Total number of common shares repurchased		77		32

Pursuant to an Exchange Act Rule 10b5-1 repurchase plan from October 1, 2022 to October 27, 2022, we repurchased approximately 4 million shares of AIG Common Stock for an aggregate purchase price of approximately $221 million.

DIVIDENDS DECLARED

On November 1, 2022, our Board of Directors declared a cash dividend on AIG Common Stock of $0.32 per share, payable on December 29, 2022 to shareholders of record on December 15, 2022. On November 1, 2022, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on December 15, 2022 to holders of record on November 30, 2022.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

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


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, June 30, 2022, net of tax	$	(61)	$	(13,972)	$	(2,747)	$	(878)	$	2	$	(17,656)
Change in unrealized appreciation (depreciation) of investments		(94)		(12,040)		—		—		—		(12,134)
Change in deferred policy acquisition costs adjustment and other		2		1,391		—		—		—		1,393
Change in future policy benefits		—		582		—		—		—		582
Change in foreign currency translation adjustments		—		—		(589)		—		—		(589)
Change in net actuarial loss		—		—		—		15		—		15
Change in prior service cost		—		—		—		3		—		3
Change in deferred tax asset (liability)		19		1,743		(2)		(3)		—		1,757
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		—		—
Total other comprehensive income (loss)		(73)		(8,324)		(591)		15		—		(8,973)
Other changes in AOCI:
Corebridge 12.4% noncontrolling interests sale		—		2,044		(3)		(1)		—		2,040
Noncontrolling interests		(6)		(785)		(5)		—		—		(796)
Balance, September 30, 2022, net of tax	$	(128)	$	(19,467)	$	(3,336)	$	(864)	$	2	$	(23,793)

Balance, June 30, 2021, net of tax	$	(58)	$	13,605	$	(2,128)	$	(1,217)	$	7	$	10,209
Change in unrealized appreciation (depreciation) of investments		21		(2,086)		—		—		—		(2,065)
Change in deferred policy acquisition costs adjustment and other		(6)		138		—		—		—		132
Change in future policy benefits		—		72		—		—		—		72
Change in foreign currency translation adjustments		—		—		(132)		—		—		(132)
Change in net actuarial loss		—		—		—		40		—		40
Change in prior service cost		—		—		—		1		—		1
Change in deferred tax asset (liability)		(3)		366		(3)		(10)		—		350
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		—		—
Total other comprehensive income (loss)		12		(1,510)		(135)		31		—		(1,602)
Noncontrolling interests		—		1		—		—		—		1
Balance, September 30, 2021, net of tax	$	(46)	$	12,094	$	(2,263)	$	(1,186)	$	7	$	8,606


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, December 31, 2021, net of tax	$	(57)	$	10,094	$	(2,453)	$	(903)	$	6	$	6,687
Change in unrealized appreciation (depreciation) of investments		(106)		(50,099)		—		—		—		(50,205)
Change in deferred policy acquisition costs adjustment and other		6		6,723		—		—		—		6,729
Change in future policy benefits		—		2,707		—		—		—		2,707
Change in foreign currency translation adjustments		—		—		(794)		—		—		(794)
Change in net actuarial loss		—		—		—		31		—		31
Change in prior service cost		—		—		—		8		—		8
Change in deferred tax asset (liability)		22		6,200		(83)		1		—		6,140
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		(4)		(4)
Total other comprehensive income (loss)		(78)		(34,469)		(877)		40		(4)		(35,388)
Other changes in AOCI:
Corebridge 12.4% noncontrolling interests sale		—		2,044		(3)		(1)		—		2,040
Noncontrolling interests		(7)		(2,864)		3		—		—		(2,868)
Balance, September 30, 2022, net of tax	$	(128)	$	(19,467)	$	(3,336)	$	(864)	$	2	$	(23,793)


(in millions)		Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken		Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Balance, December 31, 2020, net of tax	$	(95)	$	17,093	$	(2,267)	$	(1,228)	$	8	$	13,511
Change in unrealized appreciation (depreciation) of investments		72		(7,940)		—		—		—		(7,868)
Change in deferred policy acquisition costs adjustment and other		(10)		840		—		—		—		830
Change in future policy benefits		—		839		—		—		—		839
Change in foreign currency translation adjustments		—		—		63		—		—		63
Change in net actuarial loss		—		—		—		51		—		51
Change in prior service cost		—		—		—		5		—		5
Change in deferred tax asset (liability)		(13)		1,262		(59)		(14)		—		1,176
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		—		—		—		—		(1)		(1)
Total other comprehensive income (loss)		49		(4,999)		4		42		(1)		(4,905)


Noncontrolling interests		—		—		—		—		—		—
Balance, September 30, 2021, net of tax	$	(46)	$	12,094	$	(2,263)	$	(1,186)	$	7	$	8,606

The following table presents the other comprehensive income (loss) reclassification adjustments for the three- and nine-month periods ended September 30, 2022 and 2021, respectively:


(in millions)	Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken			Unrealized Appreciation (Depreciation) of All Other Investments		Foreign Currency Translation Adjustments		Retirement Plan Liabilities Adjustment		Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk		Total
Three Months Ended September 30, 2022
Unrealized change arising during period	$	(75)	$	(10,215)	$	(589)	$	10	$	—	$	(10,869)
Less: Reclassification adjustments included in net income		17		(148)		—		(8)		—		(139)
Total other comprehensive income (loss), before income tax expense (benefit)		(92)		(10,067)		(589)		18		—		(10,730)
Less: Income tax expense (benefit)		(19)		(1,743)		2		3		—		(1,757)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(73)	$	(8,324)	$	(591)	$	15	$	—	$	(8,973)

Three Months Ended September 30, 2021
Unrealized change arising during period	$	21	$	(1,657)	$	(132)	$	30	$	—	$	(1,738)
Less: Reclassification adjustments included in net income		6		219		—		(11)		—		214
Total other comprehensive income (loss), before income tax expense (benefit)		15		(1,876)		(132)		41		—		(1,952)
Less: Income tax expense (benefit)		3		(366)		3		10		—		(350)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	12	$	(1,510)	$	(135)	$	31	$	—	$	(1,602)

Nine Months Ended September 30, 2022
Unrealized change arising during period	$	(91)	$	(41,552)	$	(794)	$	16	$	(4)	$	(42,425)
Less: Reclassification adjustments included in net income		9		(883)		—		(23)		—		(897)
Total other comprehensive income (loss), before of income tax expense (benefit)		(100)		(40,669)		(794)		39		(4)		(41,528)
Less: Income tax expense (benefit)		(22)		(6,200)		83		(1)		—		(6,140)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	(78)	$	(34,469)	$	(877)	$	40	$	(4)	$	(35,388)


Nine Months Ended September 30, 2021
Unrealized change arising during period	$	62	$	(5,512)	$	63	$	22	$	(1)	$	(5,366)
Less: Reclassification adjustments included in net income		—		749		—		(34)		—		715
Total other comprehensive income (loss), before income tax expense (benefit)		62		(6,261)		63		56		(1)		(6,081)
Less: Income tax expense (benefit)		13		(1,262)		59		14		—		(1,176)
Total other comprehensive income (loss), net of income tax expense (benefit)	$	49	$	(4,999)	$	4	$	42	$	(1)	$	(4,905)

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss):


		Amount Reclassified from AOCI			Affected Line Item in the
		Three Months Ended September 30,			Condensed Consolidated
(in millions)		2022		2021	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	17	$	6	Net realized gains (losses)
Total		17		6
Unrealized appreciation (depreciation) of all other investments
Investments		(148)		219	Net realized gains (losses)
Total		(148)		219
Change in retirement plan liabilities adjustment
Prior-service credit		(1)		(1)	*
Actuarial losses		(7)		(10)	*
Total		(8)		(11)
Total reclassifications for the period	$	(139)	$	214
		Amount Reclassified from AOCI			Affected Line Item in the
		Nine Months Ended September 30,			Condensed Consolidated
(in millions)		2022		2021	Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments	$	9	$	—	Net realized gains (losses)
Total		9		—
Unrealized appreciation (depreciation) of all other investments
Investments		(883)		749	Net realized gains (losses)
Total		(883)		749
Change in retirement plan liabilities adjustment
Prior-service credit		(2)		(3)
Actuarial losses		(21)		(31)
Total		(23)		(34)
Total reclassifications for the period	$	(897)	$	715

*These AOCI components are included in the computation of net periodic pension cost.

NON-CONTROLLING INTEREST

On September 19, 2022, AIG sold a 12.4 percent equity interest in Corebridge in the IPO, reducing its equity ownership to 77.7 percent.

For additional information on the Corebridge IPO see Note 1.

The following table presents the effect of changes in our ownership interest in Corebridge on our equity as of September 19, 2022:


Nine Months Ended September 30,
(in millions)		2022
Net income attributable to AIG common shareholders	$	9,983
Changes in AIG equity for sale of 12.4% interest in Corebridge		608
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests	$	10,591

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fortitude Re funds withheld assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 1,744	$ (224)	$ 7,830	$ 45
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	3,443	67	12,415	409
Derivatives not designated as hedging instruments \| Excluding Fortitude Re Funds Withheld Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 1,679	$ 277	$ 4,547	$ 329
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total net realized gains	Total net realized gains	Total net realized gains	Total net realized gains
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 17	$ 16	$ 47	$ 46
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	8	(1)	10	(6)
Derivatives not designated as hedging instruments \| Policyholder benefits and claims incurred
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(5)	(1)	(19)	(5)
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(528)	(172)	(2,010)	(861)
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	1,010	310	1,976	271
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	19	(55)	(107)	(606)
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	4	(5)	(3)	(4)
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(3)	0	(4)	(9)
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	42	17	73	49
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 2,899	$ (28)	$ 12,490	$ 1,569

Lending Activities - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	$ 603	$ 701	$ 629	$ 814
Loans charged off	0	(2)	(4)	(2)
Net charge-offs	0	(2)	(4)	(2)
Addition to (release of) allowance for loan losses	52	(27)	30	(140)
Reclassified to held for sale	0	(31)	0	(31)
Allowance, end of period	655	641	655	641
Loans modified in a troubled debt restructuring	220	45	220	45
Commercial mortgage loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	525	587	545	685
Loans charged off	0	(2)	(4)	(2)
Net charge-offs	0	(2)	(4)	(2)
Addition to (release of) allowance for loan losses	39	(28)	23	(126)
Reclassified to held for sale	0	0	0	0
Allowance, end of period	564	557	564	557
Off-balance-sheet commitments	87	83	87	83	$ 71
Other loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of period	78	114	84	129
Loans charged off	0	0	0	0
Net charge-offs	0	0	0	0
Addition to (release of) allowance for loan losses	13	1	7	(14)
Reclassified to held for sale	0	(31)	0	(31)
Allowance, end of period	$ 91	$ 84	$ 91	$ 84

Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Private Equity Funds and Hedge Funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	$ 9,751	$ 8,418
Unfunded Commitments	4,183	3,330
Private equity funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	8,226	6,588
Unfunded Commitments	$ 4,178	3,330
Average original expected lives (in years)	10 years
Private equity funds \| Minimum
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Extension period (in years)	1 year
Private equity funds \| Maximum
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Extension period (in years)	2 years
Leveraged buyout
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	$ 3,114	2,768
Unfunded Commitments	2,534	1,798
Real assets
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	1,870	904
Unfunded Commitments	778	487
Venture capital
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	265	252
Unfunded Commitments	189	201
Growth equity
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	774	914
Unfunded Commitments	63	82
Mezzanine
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	577	534
Unfunded Commitments	230	354
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	1,626	1,216
Unfunded Commitments	384	408
Hedge funds
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	1,525	1,830
Unfunded Commitments	5	0
Event-driven
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	282	466
Unfunded Commitments	0	0
Long-short
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	383	432
Unfunded Commitments	0	0
Macro
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	443	516
Unfunded Commitments	0	0
Other
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE
Fair Value Using NAV Per Share (or its equivalent)	417	416
Unfunded Commitments	$ 5	$ 0

Condensed Consolidated Statements of Income (Loss) (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Premiums	$ 7,832,000,000	$ 7,504,000,000	$ 22,458,000,000	$ 21,925,000,000
Policy fees	732,000,000	714,000,000	2,238,000,000	2,269,000,000
Total net investment income	2,668,000,000	3,715,000,000	8,509,000,000	11,047,000,000
Total net realized gains	3,175,000,000	660,000,000	10,986,000,000	1,984,000,000
Other income	195,000,000	242,000,000	660,000,000	745,000,000
Total revenues	14,602,000,000	12,835,000,000	44,851,000,000	37,970,000,000
Benefits, losses and expenses:
Policyholder benefits and losses incurred	6,187,000,000	5,959,000,000	16,565,000,000	17,182,000,000
Interest credited to policyholder account balances	951,000,000	923,000,000	2,738,000,000	2,663,000,000
Amortization of deferred policy acquisition costs	1,248,000,000	1,260,000,000	3,983,000,000	3,479,000,000
General operating and other expenses	2,093,000,000	2,240,000,000	6,497,000,000	6,546,000,000
Interest expense	282,000,000	328,000,000	811,000,000	1,008,000,000
Loss on extinguishment of debt	0	51,000,000	299,000,000	149,000,000
Net gain on divestitures	(6,000,000)	(102,000,000)	(45,000,000)	(108,000,000)
Total benefits, losses and expenses	10,755,000,000	10,659,000,000	30,848,000,000	30,919,000,000
Income from continuing operations before income tax expense	3,847,000,000	2,176,000,000	14,003,000,000	7,051,000,000
Income tax expense	806,000,000	439,000,000	2,913,000,000	1,234,000,000
Income from continuing operations	3,041,000,000	1,737,000,000	11,090,000,000	5,817,000,000
Income (loss) from discontinued operations, net of income tax expense	0	0	(1,000,000)	0
Net income	3,041,000,000	1,737,000,000	11,089,000,000	5,817,000,000
Less:
Net income from continuing operations attributable to noncontrolling interests	332,000,000	70,000,000	1,084,000,000	175,000,000
Net income attributable to AIG	2,709,000,000	1,667,000,000	10,005,000,000	5,642,000,000
Less: Dividends on preferred stock	7,000,000	7,000,000	22,000,000	22,000,000
Net income attributable to AIG common shareholders	$ 2,702,000,000	$ 1,660,000,000	$ 9,983,000,000	$ 5,620,000,000
Basic:
Income from continuing operations (in dollars per share)	$ 3.54	$ 1.95	$ 12.64	$ 6.53
Income from discontinued operations (in dollars per share)	0	0	0	0
Net income attributable to AIG common shareholders (in dollars per share)	3.54	1.95	12.64	6.53
Diluted:
Income from continuing operations (in dollars per share)	3.50	1.92	12.49	6.45
Income from discontinued operations (in dollars per share)	0	0	0	0
Net income attributable to AIG common shareholders (in dollars per share)	$ 3.50	$ 1.92	$ 12.49	$ 6.45
Weighted average shares outstanding:
Basic (in shares)	763,051,482	852,765,263	789,888,322	861,211,983
Diluted (in shares)	771,132,401	864,019,494	799,092,556	871,002,018
Excluding Fortitude Re Funds Withheld Assets
Revenues:
Total net investment income	$ 2,513,000,000	$ 3,220,000,000	$ 7,875,000,000	$ 9,559,000,000
Total net realized gains	1,504,000,000	679,000,000	3,447,000,000	1,331,000,000
Fortitude Re funds withheld assets
Revenues:
Total net investment income	155,000,000	495,000,000	634,000,000	1,488,000,000
Total net realized gains	(86,000,000)	190,000,000	(312,000,000)	536,000,000
Fortitude Re funds withheld embedded derivative
Revenues:
Total net realized gains	$ 1,757,000,000	$ (209,000,000)	$ 7,851,000,000	$ 117,000,000

Fair Value Measurements - Carrying values and estimated fair values of our financial instruments not measured at fair value (Details) - USD ($)
$ in Millions

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Assets:

Mortgage and other loans receivable

^[1]

$ 48,124

$ 46,048

Other invested assets

^[1]

15,794

15,668

Short-term investments

^[1]

14,663

13,357

Cash

2,294

^[1]

2,198

^[1]

$ 2,699

Other assets

^[1]

12,868

14,351

Liabilities:

Fortitude Re funds withheld payable

30,424

40,771

Other liabilities

^[1]

25,077

28,704

Estimated Fair Value

Assets:

Mortgage and other loans receivable

44,397

48,029

Other invested assets

875

877

Short-term investments

9,319

8,931

Cash

2,294

2,198

Other assets

Liabilities:

Policyholder contract deposits associated with investment-type contracts

138,530

143,143

Fortitude Re funds withheld payable

32,929

34,849

Other liabilities

207

3,704

Short-term and long-term debt

19,327

25,094

Debt of consolidated investment entities

5,752

6,390

Separate account liabilities - investment contracts

77,070

104,126

Carrying Value

Assets:

Mortgage and other loans receivable

47,954

46,033

Other invested assets

871

878

Short-term investments

9,319

8,931

Cash

2,294

2,198

Other assets

Liabilities:

Policyholder contract deposits associated with investment-type contracts

138,255

133,043

Fortitude Re funds withheld payable

32,929

34,849

Other liabilities

207

3,704

Short-term and long-term debt

22,895

21,870

Debt of consolidated investment entities

5,924

6,422

Separate account liabilities - investment contracts

77,070

104,126

Level 1 | Estimated Fair Value

Assets:

Mortgage and other loans receivable

Other invested assets

Short-term investments

Cash

2,294

2,198

Other assets

Liabilities:

Policyholder contract deposits associated with investment-type contracts

Fortitude Re funds withheld payable

Other liabilities

Short-term and long-term debt

Debt of consolidated investment entities

Separate account liabilities - investment contracts

Level 2 | Estimated Fair Value

Assets:

Mortgage and other loans receivable

Other invested assets

869

871

Short-term investments

9,319

8,931

Cash

Other assets

Liabilities:

Policyholder contract deposits associated with investment-type contracts

132

169

Fortitude Re funds withheld payable

Other liabilities

207

3,704

Short-term and long-term debt

19,054

24,758

Debt of consolidated investment entities

3,039

3,077

Separate account liabilities - investment contracts

77,070

104,126

Level 3 | Estimated Fair Value

Assets:

Mortgage and other loans receivable

44,341

47,947

Other invested assets

Short-term investments

Cash

Other assets

Liabilities:

Policyholder contract deposits associated with investment-type contracts

138,398

142,974

Fortitude Re funds withheld payable

32,929

34,849

Other liabilities

Short-term and long-term debt

273

336

Debt of consolidated investment entities

2,713

3,313

Separate account liabilities - investment contracts

$ 0

[1]	See Note 8 for details of balances associated with variable interest entities.

Investments - Components of net investment income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Line Items]
Total investment income	$ 2,819	$ 3,856	$ 8,988	$ 11,423
Investment expenses	151	141	479	376
Net investment income	2,668	3,715	8,509	11,047
Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	2,656	3,351	8,328	9,907
Investment expenses	143	131	453	348
Net investment income	2,513	3,220	7,875	9,559
Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	163	505	660	1,516
Investment expenses	8	10	26	28
Net investment income	155	495	634	1,488
Available for sale fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	2,406	2,547	7,162	7,593
Available for sale fixed maturity securities, including short-term investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	2,150	2,173	6,338	6,481
Available for sale fixed maturity securities, including short-term investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	256	374	824	1,112
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	(241)	35	(915)	32
Gains/(losses) recognized in earnings on hedging derivatives	(57)	(3)	(208)	(49)
Other fixed maturity securities \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(73)	32	(449)	23
Other fixed maturity securities \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(168)	3	(466)	9
Equity securities
Net Investment Income [Line Items]
Total investment income	16	(45)	(41)	(36)
Equity securities \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	16	(45)	(41)	(36)
Equity securities \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	568	485	1,578	1,449
Interest on mortgage and other loans \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	515	435	1,428	1,295
Interest on mortgage and other loans \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	53	50	150	154
Alternative investments
Net Investment Income [Line Items]
Total investment income	(38)	693	867	2,005
Alternative investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	(49)	616	729	1,767
Alternative investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	11	77	138	238
Real estate
Net Investment Income [Line Items]
Total investment income	14	99	46	215
Real estate \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	14	99	46	215
Real estate \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Other investments
Net Investment Income [Line Items]
Total investment income	94	42	291	165
Gains/(losses) recognized in earnings on hedging derivatives	62	9	194	52
Other investments \| Excluding Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	83	41	277	162
Other investments \| Fortitude Re Funds Withheld Assets
Net Investment Income [Line Items]
Total investment income	$ 11	$ 1	$ 14	$ 3

Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($)

Sep. 30, 2022

Dec. 31, 2021

Assets:

Bonds available for sale

^[1]

$ 219,767,000,000

$ 277,202,000,000

Other bond securities

^[1]

7,131,000,000

6,278,000,000

Equity securities

^[1]

608,000,000

739,000,000

Derivative assets

6,744,000,000

5,761,000,000

Counterparty netting

(3,170,000,000)

(2,779,000,000)

Cash Collateral

(3,181,000,000)

(2,139,000,000)

Total derivative assets

393,000,000

843,000,000

Short-term investments

^[1]

14,663,000,000

13,357,000,000

Separate account assets

81,302,000,000

109,111,000,000

Liabilities:

Policyholder contract deposits

157,612,000,000

156,686,000,000

Derivative liabilities

5,709,000,000

4,454,000,000

Counterparty netting

(3,170,000,000)

(2,779,000,000)

Cash Collateral

(2,263,000,000)

(1,089,000,000)

Total derivative liabilities

276,000,000

586,000,000

Fortitude Re funds withheld payable

30,424,000,000

40,771,000,000

U.S. government and government sponsored entities

Assets:

Bonds available for sale

7,950,000,000

8,194,000,000

Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

11,891,000,000

14,527,000,000

Non-U.S. governments

Assets:

Bonds available for sale

13,007,000,000

16,330,000,000

Corporate debt

Assets:

Bonds available for sale

133,336,000,000

175,608,000,000

RMBS

Assets:

Bonds available for sale

18,507,000,000

27,287,000,000

CMBS

Assets:

Bonds available for sale

13,931,000,000

15,809,000,000

CDO/ABS

Assets:

Bonds available for sale

21,145,000,000

19,447,000,000

Level 3 | Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

815,000,000

1,400,000,000

Level 3 | Corporate debt

Assets:

Bonds available for sale

2,059,000,000

1,561,000,000

Level 3 | RMBS

Assets:

Bonds available for sale

5,530,000,000

9,916,000,000

Level 3 | CMBS

Assets:

Bonds available for sale

553,000,000

580,000,000

Fair Value Measured at Net Asset Value Per Share

Liabilities:

Fair Value Using NAV Per Share (or its equivalent)

9,800,000,000

8,400,000,000

Recurring Basis

Assets:

Counterparty netting

(3,170,000,000)

(2,779,000,000)

Cash Collateral

(3,181,000,000)

(2,139,000,000)

Counterparty netting and cash collateral

(6,351,000,000)

(4,918,000,000)

Total derivative assets

393,000,000

843,000,000

Short-term investments

5,344,000,000

4,426,000,000

Liabilities:

Policyholder contract deposits

6,385,000,000

9,736,000,000

Counterparty netting

(3,170,000,000)

(2,779,000,000)

Cash Collateral

(2,263,000,000)

(1,089,000,000)

Counterparty netting and cash collateral

(5,433,000,000)

(3,868,000,000)

Total derivative liabilities

276,000,000

586,000,000

Fortitude Re funds withheld payable

(2,505,000,000)

Fortitude Re funds withheld payable

5,922,000,000

Long-term debt

1,613,000,000

1,871,000,000

Recurring Basis | Levels 1, 2 and 3

Assets:

Bonds available for sale

219,767,000,000

277,202,000,000

Other bond securities

7,131,000,000

6,278,000,000

Equity securities

608,000,000

739,000,000

Other invested assets

2,088,000,000

2,086,000,000

Short-term investments

5,344,000,000

4,426,000,000

Other assets

107,000,000

114,000,000

Separate account assets

81,302,000,000

109,111,000,000

Total

316,740,000,000

400,799,000,000

Liabilities:

Policyholder contract deposits

6,385,000,000

9,736,000,000

Fortitude Re funds withheld payable

(2,505,000,000)

Fortitude Re funds withheld payable

5,922,000,000

Long-term debt

1,613,000,000

1,871,000,000

Total

5,769,000,000

18,115,000,000

Recurring Basis | Levels 1, 2 and 3 | Interest rate contracts

Assets:

Derivative assets

3,356,000,000

3,873,000,000

Liabilities:

Derivative liabilities

4,856,000,000

3,633,000,000

Recurring Basis | Levels 1, 2 and 3 | Foreign exchange contracts

Assets:

Derivative assets

2,788,000,000

1,189,000,000

Liabilities:

Derivative liabilities

727,000,000

721,000,000

Recurring Basis | Levels 1, 2 and 3 | Equity contracts

Assets:

Derivative assets

565,000,000

681,000,000

Liabilities:

Derivative liabilities

84,000,000

53,000,000

Recurring Basis | Levels 1, 2 and 3 | Commodity contracts

Assets:

Derivative assets

18,000,000

4,000,000

Recurring Basis | Levels 1, 2 and 3 | Credit contracts

Assets:

Derivative assets

1,000,000

Liabilities:

Derivative liabilities

42,000,000

47,000,000

Recurring Basis | Levels 1, 2 and 3 | Other contracts

Assets:

Derivative assets

16,000,000

13,000,000

Recurring Basis | Levels 1, 2 and 3 | U.S. government and government sponsored entities

Assets:

Bonds available for sale

7,950,000,000

8,194,000,000

Other bond securities

1,565,000,000

1,750,000,000

Recurring Basis | Levels 1, 2 and 3 | Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

11,891,000,000

14,527,000,000

Other bond securities

111,000,000

97,000,000

Recurring Basis | Levels 1, 2 and 3 | Non-U.S. governments

Assets:

Bonds available for sale

13,007,000,000

16,330,000,000

Other bond securities

64,000,000

76,000,000

Recurring Basis | Levels 1, 2 and 3 | Corporate debt

Assets:

Bonds available for sale

133,336,000,000

175,608,000,000

Other bond securities

2,034,000,000

1,050,000,000

Recurring Basis | Levels 1, 2 and 3 | RMBS

Assets:

Bonds available for sale

18,507,000,000

27,287,000,000

Other bond securities

341,000,000

411,000,000

Recurring Basis | Levels 1, 2 and 3 | CMBS

Assets:

Bonds available for sale

13,931,000,000

15,809,000,000

Other bond securities

391,000,000

315,000,000

Recurring Basis | Levels 1, 2 and 3 | CDO/ABS

Assets:

Bonds available for sale

21,145,000,000

19,447,000,000

Other bond securities

2,625,000,000

2,579,000,000

Recurring Basis | Level 1

Assets:

Bonds available for sale

116,000,000

2,562,000,000

Other bond securities

Equity securities

481,000,000

669,000,000

Other invested assets

Derivative assets

18,000,000

7,000,000

Short-term investments

3,405,000,000

2,584,000,000

Other assets

Separate account assets

77,683,000,000

105,221,000,000

Total

81,703,000,000

111,043,000,000

Liabilities:

Policyholder contract deposits

Derivative liabilities

4,000,000

2,000,000

Fortitude Re funds withheld payable

Long-term debt

Total

4,000,000

2,000,000

Recurring Basis | Level 1 | Interest rate contracts

Assets:

Derivative assets

4,000,000

Liabilities:

Derivative liabilities

1,000,000

Recurring Basis | Level 1 | Foreign exchange contracts

Assets:

Derivative assets

Liabilities:

Derivative liabilities

Recurring Basis | Level 1 | Equity contracts

Assets:

Derivative assets

14,000,000

7,000,000

Liabilities:

Derivative liabilities

4,000,000

1,000,000

Recurring Basis | Level 1 | Commodity contracts

Assets:

Derivative assets

Recurring Basis | Level 1 | Credit contracts

Assets:

Derivative assets

Liabilities:

Derivative liabilities

Recurring Basis | Level 1 | Other contracts

Assets:

Derivative assets

Recurring Basis | Level 1 | U.S. government and government sponsored entities

Assets:

Bonds available for sale

5,000,000

2,553,000,000

Other bond securities

Recurring Basis | Level 1 | Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 1 | Non-U.S. governments

Assets:

Bonds available for sale

111,000,000

9,000,000

Other bond securities

Recurring Basis | Level 1 | Corporate debt

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 1 | RMBS

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 1 | CMBS

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 1 | CDO/ABS

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 2

Assets:

Bonds available for sale

194,441,000,000

247,778,000,000

Other bond securities

4,086,000,000

3,581,000,000

Equity securities

93,000,000

64,000,000

Other invested assets

130,000,000

138,000,000

Derivative assets

6,340,000,000

5,289,000,000

Short-term investments

1,939,000,000

1,842,000,000

Other assets

Separate account assets

3,619,000,000

3,890,000,000

Total

210,648,000,000

262,582,000,000

Liabilities:

Policyholder contract deposits

37,000,000

54,000,000

Derivative liabilities

5,668,000,000

4,415,000,000

Fortitude Re funds withheld payable

Long-term debt

1,613,000,000

1,871,000,000

Total

7,318,000,000

6,340,000,000

Recurring Basis | Level 2 | Interest rate contracts

Assets:

Derivative assets

3,142,000,000

3,873,000,000

Liabilities:

Derivative liabilities

4,856,000,000

3,632,000,000

Recurring Basis | Level 2 | Foreign exchange contracts

Assets:

Derivative assets

2,788,000,000

1,188,000,000

Liabilities:

Derivative liabilities

726,000,000

721,000,000

Recurring Basis | Level 2 | Equity contracts

Assets:

Derivative assets

392,000,000

224,000,000

Liabilities:

Derivative liabilities

76,000,000

46,000,000

Recurring Basis | Level 2 | Commodity contracts

Assets:

Derivative assets

18,000,000

4,000,000

Recurring Basis | Level 2 | Credit contracts

Assets:

Derivative assets

Liabilities:

Derivative liabilities

10,000,000

16,000,000

Recurring Basis | Level 2 | Other contracts

Assets:

Derivative assets

Recurring Basis | Level 2 | U.S. government and government sponsored entities

Assets:

Bonds available for sale

7,945,000,000

5,641,000,000

Other bond securities

1,565,000,000

1,750,000,000

Recurring Basis | Level 2 | Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

11,077,000,000

13,096,000,000

Other bond securities

111,000,000

97,000,000

Recurring Basis | Level 2 | Non-U.S. governments

Assets:

Bonds available for sale

12,887,000,000

16,314,000,000

Other bond securities

64,000,000

76,000,000

Recurring Basis | Level 2 | Corporate debt

Assets:

Bonds available for sale

129,419,000,000

172,967,000,000

Other bond securities

1,485,000,000

916,000,000

Recurring Basis | Level 2 | RMBS

Assets:

Bonds available for sale

10,626,000,000

16,909,000,000

Other bond securities

130,000,000

215,000,000

Recurring Basis | Level 2 | CMBS

Assets:

Bonds available for sale

13,125,000,000

14,619,000,000

Other bond securities

362,000,000

280,000,000

Recurring Basis | Level 2 | CDO/ABS

Assets:

Bonds available for sale

9,362,000,000

8,232,000,000

Other bond securities

369,000,000

247,000,000

Recurring Basis | Level 3

Assets:

Bonds available for sale

25,210,000,000

26,862,000,000

Other bond securities

3,045,000,000

2,697,000,000

Equity securities

34,000,000

6,000,000

Other invested assets

1,958,000,000

1,948,000,000

Derivative assets

386,000,000

465,000,000

Short-term investments

Other assets

107,000,000

114,000,000

Separate account assets

Total

30,740,000,000

32,092,000,000

Liabilities:

Policyholder contract deposits

6,348,000,000

9,682,000,000

Derivative liabilities

37,000,000

Fortitude Re funds withheld payable

(2,505,000,000)

Fortitude Re funds withheld payable

5,922,000,000

Long-term debt

Total

3,880,000,000

15,641,000,000

Recurring Basis | Level 3 | Interest rate contracts

Assets:

Derivative assets

210,000,000

Liabilities:

Derivative liabilities

Recurring Basis | Level 3 | Foreign exchange contracts

Assets:

Derivative assets

1,000,000

Liabilities:

Derivative liabilities

1,000,000

Recurring Basis | Level 3 | Equity contracts

Assets:

Derivative assets

159,000,000

450,000,000

Liabilities:

Derivative liabilities

4,000,000

6,000,000

Recurring Basis | Level 3 | Commodity contracts

Assets:

Derivative assets

Recurring Basis | Level 3 | Credit contracts

Assets:

Derivative assets

1,000,000

Liabilities:

Derivative liabilities

32,000,000

31,000,000

Recurring Basis | Level 3 | Other contracts

Assets:

Derivative assets

16,000,000

13,000,000

Recurring Basis | Level 3 | U.S. government and government sponsored entities

Assets:

Bonds available for sale

Other bond securities

Recurring Basis | Level 3 | Obligations of states, municipalities and political subdivisions

Assets:

Bonds available for sale

814,000,000

1,431,000,000

Other bond securities

Recurring Basis | Level 3 | Non-U.S. governments

Assets:

Bonds available for sale

9,000,000

7,000,000

Other bond securities

Recurring Basis | Level 3 | Corporate debt

Assets:

Bonds available for sale

3,917,000,000

2,641,000,000

Other bond securities

549,000,000

134,000,000

Recurring Basis | Level 3 | RMBS

Assets:

Bonds available for sale

7,881,000,000

10,378,000,000

Other bond securities

211,000,000

196,000,000

Recurring Basis | Level 3 | CMBS

Assets:

Bonds available for sale

806,000,000

1,190,000,000

Other bond securities

29,000,000

35,000,000

Recurring Basis | Level 3 | CDO/ABS

Assets:

Bonds available for sale

11,783,000,000

11,215,000,000

Other bond securities

$ 2,256,000,000

$ 2,332,000,000

[1]	See Note 8 for details of balances associated with variable interest entities.

Insurance Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Insurance [Abstract]

Rollforward of Activity in Loss Reserves

The following table presents the rollforward of activity in loss reserves:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Liability for unpaid loss and loss adjustment expenses, beginning of period	$	76,739	$	78,981	$	79,026	$	77,720
Reinsurance recoverable		(33,583)		(34,866)		(35,213)		(34,431)

Net Liability for unpaid loss and loss adjustment expenses, beginning of period		43,156		44,115		43,813		43,289
Losses and loss adjustment expenses incurred:
Current year		4,373		4,467		12,020		12,262
Prior years, excluding discount and amortization of deferred gain		(112)		(153)		(537)		(166)
Prior years, discount charge (benefit)		36		83		78		99
Prior years, amortization of deferred gain on retroactive reinsurance(a)		(23)		(13)		(37)		(107)
Total losses and loss adjustment expenses incurred		4,274		4,384		11,524		12,088
Losses and loss adjustment expenses paid:
Current year		(1,132)		(1,147)		(2,289)		(2,370)
Prior years		(2,673)		(2,449)		(8,844)		(8,653)
Total losses and loss adjustment expenses paid		(3,805)		(3,596)		(11,133)		(11,023)
Other changes:
Foreign exchange effect		(1,031)		(414)		(1,827)		(57)

Retroactive reinsurance adjustment (net of discount)(b)		101		159		318		351

Total other changes		(930)		(255)		(1,509)		294
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses		42,695		44,648		42,695		44,648
Reinsurance recoverable		32,824		34,626		32,824		34,626
Total	$	75,519	$	79,274	$	75,519	$	79,274

Schedule of Components of Loss Reserve Discount

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


(in millions)		September 30, 2022		December 31, 2021
U.S. workers' compensation	$	1,825	$	1,829
Retroactive reinsurance		(879)		(953)
Total reserve discount(a)(b)	$	946	$	876

(a)Excludes $131 million and $116 million of discount related to certain long-tail liabilities in the UK at September 30, 2022 and December 31, 2021, respectively.

(b)Includes gross discount of $480 million and $500 million, which was 100 percent ceded to Fortitude Re at September 30, 2022 and December 31, 2021, respectively.

Schedule of Loss Reserve Discount

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Current accident year	$	26	$	11	$	74	$	37
Accretion and other adjustments to prior year discount		(36)		(83)		(78)		(99)

Net reserve discount benefit (charge)		(10)		(72)		(4)		(62)
Change in discount on loss reserves ceded under retroactive reinsurance		17		22		74		78
Net change in total reserve discount*	$	7	$	(50)	$	70	$	16

Earnings Per Common Share (EPS) (Details) - USD ($)	3 Months Ended		9 Months Ended
Earnings Per Common Share (EPS) (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 31, 2011
Numerator for EPS:
Income from continuing operations	$ 3,041,000,000	$ 1,737,000,000	$ 11,090,000,000	$ 5,817,000,000
Less: Net income from continuing operations attributable to noncontrolling interests	332,000,000	70,000,000	1,084,000,000	175,000,000
Less: Preferred stock dividends	7,000,000	7,000,000	22,000,000	22,000,000
Income attributable to AIG common shareholders from continuing operations	2,702,000,000	1,660,000,000	9,984,000,000	5,620,000,000
Income (loss) from discontinued operations, net of income tax expense	0	0	(1,000,000)	0
Net income attributable to AIG common shareholders	$ 2,702,000,000	$ 1,660,000,000	$ 9,983,000,000	$ 5,620,000,000
Denominator for EPS:
Weighted average common shares outstanding - basic (in shares)	763,051,482	852,765,263	789,888,322	861,211,983
Dilutive common shares (in shares)	8,080,919	11,254,231	9,204,234	9,790,035
Weighted average common shares outstanding - diluted (in shares)	771,132,401	864,019,494	799,092,556	871,002,018
Basic:
Income from continuing operations (in dollars per share)	$ 3.54	$ 1.95	$ 12.64	$ 6.53
Income from discontinued operations (in dollars per share)	0	0	0	0
Net income attributable to AIG common shareholders (in dollars per share)	3.54	1.95	12.64	6.53
Diluted:
Income from continuing operations (in dollars per share)	3.50	1.92	12.49	6.45
Income from discontinued operations (in dollars per share)	0	0	0	0
Net income attributable to AIG common shareholders (in dollars per share)	$ 3.50	$ 1.92	$ 12.49	$ 6.45
Warrants outstanding, term (in years)					10 years
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares)	6,000,000	5,200,000	30,800,000	6,600,000

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events DEBT REDEMPTIONS On October 24, 2022, AIG redeemed (i) $750 million aggregate principal amount of our 3.900% Notes Due 2026 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest, (ii) approximately $522 million aggregate principal amount of our 3.750% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest and (iii) $500 million aggregate principal amount of our 2.500% Notes Due 2025 for a redemption price of 100 percent of the principal amount, plus accrued and unpaid interest.

Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

5. Investments

SECURITIES AVAILABLE FOR SALE

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


(in millions)		Amortized Cost		Allowance for Credit Losses(a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	8,609	$	—	$	20	$	(679)	$	7,950
Obligations of states, municipalities and political subdivisions		13,072		—		75		(1,256)		11,891
Non-U.S. governments		14,866		(9)		92		(1,942)		13,007
Corporate debt		157,955		(75)		1,024		(25,568)		133,336
Mortgage-backed, asset-backed and collateralized:
RMBS		19,174		(30)		908		(1,545)		18,507
CMBS		15,272		—		12		(1,353)		13,931
CDO/ABS		23,035		(1)		57		(1,946)		21,145
Total mortgage-backed, asset-backed and collateralized		57,481		(31)		977		(4,844)		53,583
Total bonds available for sale(b)	$	251,983	$	(115)	$	2,188	$	(34,289)	$	219,767
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities	$	7,874	$	—	$	347	$	(27)	$	8,194
Obligations of states, municipalities and political subdivisions		12,760		—		1,782		(15)		14,527
Non-U.S. governments		15,858		—		719		(247)		16,330
Corporate debt		163,064		(89)		13,892		(1,259)		175,608
Mortgage-backed, asset-backed and collateralized:
RMBS		25,027		(9)		2,422		(153)		27,287
CMBS		15,333		—		555		(79)		15,809
CDO/ABS		19,294		—		276		(123)		19,447
Total mortgage-backed, asset-backed and collateralized		59,654		(9)		3,253		(355)		62,543
Total bonds available for sale(b)	$	259,210	$	(98)	$	19,993	$	(1,903)	$	277,202

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded


		Less than 12 Months				12 Months or More				Total
(in millions)		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	6,560	$	588	$	947	$	91	$	7,507	$	679
Obligations of states, municipalities and political subdivisions		9,854		1,225		144		31		9,998		1,256
Non-U.S. governments		8,824		1,387		2,382		529		11,206		1,916
Corporate debt		110,817		22,151		11,263		3,345		122,080		25,496
RMBS		10,909		1,362		513		96		11,422		1,458
CMBS		13,068		1,312		335		41		13,403		1,353
CDO/ABS		19,110		1,788		1,030		158		20,140		1,946
Total bonds available for sale	$	179,142	$	29,813	$	16,614	$	4,291	$	195,756	$	34,104
December 31, 2021
Bonds available for sale:
U.S. government and government sponsored entities	$	3,696	$	14	$	447	$	13	$	4,143	$	27
Obligations of states, municipalities and political subdivisions		714		11		57		4		771		15
Non-U.S. governments		4,644		115		1,324		132		5,968		247
Corporate debt		31,914		720		8,819		467		40,733		1,187
RMBS		5,362		102		1,154		46		6,516		148
CMBS		3,980		63		153		16		4,133		79
CDO/ABS		8,263		112		339		11		8,602		123
Total bonds available for sale	$	58,573	$	1,137	$	12,293	$	689	$	70,866	$	1,826

At September 30, 2022, we held 36,267 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 5,241 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2021, we held 15,029 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 2,644 individual fixed maturity securities that 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 September 30, 2022 because it was determined that such losses were due to non-credit factors. Additionally, 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, liquidity position, expected defaults, industry and sector analysis, forecasts and 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, Net of Allowance		Fair Value
September 30, 2022
Due in one year or less	$	8,048	$	7,972
Due after one year through five years		50,823		48,051
Due after five years through ten years		44,127		38,775
Due after ten years		91,420		71,386
Mortgage-backed, asset-backed and collateralized		57,450		53,583
Total	$	251,868	$	219,767

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

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
(in millions)		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses		Gross Realized Gains		Gross Realized Losses
Fixed maturity securities	$	123	$	254	$	348	$	123	$	406	$	1,280	$	1,098	$	349

For the three- and nine-month periods ended September 30, 2022, the aggregate fair value of available for sale securities sold was $2.0 billion and $16.0 billion, respectively, which resulted in net realized gains (losses) of $(131) million and $(874) million, respectively. Included within the net realized gains (losses) are $(64) million and $(218) million of net realized gains (losses) for the three- and nine-month periods ended September 30, 2022, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

For the three- and nine-month periods ended September 30, 2021, the aggregate fair value of available for sale securities sold was $6.7 billion and $19.1 billion, respectively, which resulted in net realized gains (losses) of $225 million and $749 million, respectively. Included within the net realized gains (losses) are $159 million and $549 million of net realized gains (losses) for the three- and nine-month periods ended September 30, 2021, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE


(in millions)		September 30, 2022				December 31, 2021
		Fair Value	Percent of Total			Fair Value	Percent of Total
Fixed maturity securities:
U.S. government and government sponsored entities	$	1,565	20	%	$	1,750	25	%
Obligations of states, municipalities and political subdivisions		111	1			97	1
Non-U.S. governments		64	1			76	1
Corporate debt		2,034	26			1,050	15
Mortgage-backed, asset-backed and collateralized:
RMBS		341	4			411	6
CMBS		391	5			315	4
CDO/ABS and other collateralized		2,625	34			2,579	37
Total mortgage-backed, asset-backed and collateralized		3,357	43			3,305	47
Total fixed maturity securities		7,131	91			6,278	89
Equity securities		608	9			739	11
Total	$	7,739	100	%	$	7,017	100	%

OTHER INVESTED ASSETS

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


(in millions)		September 30, 2022		December 31, 2021
Alternative investments(a)(b)	$	11,625	$	10,951
Investment real estate(c)		2,205		2,727
All other investments(d)		1,964		1,990
Total	$	15,794	$	15,668

(b)At September 30, 2022, approximately 56 percent of our hedge fund portfolio is available for redemption in 2022. The remaining 44 percent will be available for redemption between 2023 and 2028.

(c)Represents values net of accumulated depreciation. At September 30, 2022 and December 31, 2021, the accumulated depreciation was $774 million and $778 million, respectively.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:


Three Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Available for sale fixed maturity securities, including short-term investments	$	2,150	$	256	$	2,406	$	2,173	$	374	$	2,547
Other fixed maturity securities(a)		(73)		(168)		(241)		32		3		35
Equity securities		16		—		16		(45)		—		(45)
Interest on mortgage and other loans		515		53		568		435		50		485
Alternative investments(b)		(49)		11		(38)		616		77		693
Real estate		14		—		14		99		—		99
Other investments(c)		83		11		94		41		1		42
Total investment income		2,656		163		2,819		3,351		505		3,856
Investment expenses		143		8		151		131		10		141
Net investment income	$	2,513	$	155	$	2,668	$	3,220	$	495	$	3,715


Nine Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total		Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets		Total
Available for sale fixed maturity securities, including short-term investments	$	6,338	$	824	$	7,162	$	6,481	$	1,112	$	7,593
Other fixed maturity securities(a)		(449)		(466)		(915)		23		9		32
Equity securities		(41)		—		(41)		(36)		—		(36)
Interest on mortgage and other loans		1,428		150		1,578		1,295		154		1,449
Alternative investments(b)		729		138		867		1,767		238		2,005
Real estate		46		—		46		215		—		215
Other investments(c)		277		14		291		162		3		165
Total investment income		8,328		660		8,988		9,907		1,516		11,423
Investment expenses		453		26		479		348		28		376
Net investment income	$	7,875	$	634	$	8,509	$	9,559	$	1,488	$	11,047

NET REALIZED GAINS AND LOSSES

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


Three Months Ended September 30,		2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(67)	$	(64)	$	(131)	$	66	$	159	$	225


Change in allowance for credit losses on fixed maturity securities		(1)		7		6		3		1		4
Change in allowance for credit losses on loans		(26)		(24)		(50)		22		3		25
Foreign exchange transactions		(244)		(22)		(266)		(127)		(9)		(136)
Variable annuity embedded derivatives, net of related hedges		441		—		441		(39)		—		(39)
All other derivatives and hedge accounting		1,240		(13)		1,227		317		(15)		302
Sales of alternative investments and real estate investments		137		32		169		336		52		388
Other		24		(2)		22		101		(1)		100
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		1,504		(86)		1,418		679		190		869
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		—		1,757		1,757		—		(209)		(209)
Net realized gains (losses)	$	1,504	$	1,671	$	3,175	$	679	$	(19)	$	660


Nine Months Ended September 30,	2022						2021
(in millions)	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total	Excluding Fortitude Re Funds Withheld Assets		Fortitude Re Funds Withheld Assets			Total
Sales of fixed maturity securities	$	(656)	$	(218)	$	(874)	$	200	$	549	$	749

Change in allowance for credit losses on fixed maturity securities		(101)		(34)		(135)		64		7		71
Change in allowance for credit losses on loans		(21)		(26)		(47)		130		6		136
Foreign exchange transactions		(489)		(46)		(535)		(37)		(6)		(43)
Variable annuity embedded derivatives, net of related hedges		1,401		—		1,401		(3)		—		(3)
All other derivatives and hedge accounting		3,149		(21)		3,128		332		(72)		260
Sales of alternative investments and real estate investments		160		35		195		393		53		446
Other		4		(2)		2		252		(1)		251
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		3,447		(312)		3,135		1,331		536		1,867
Net realized gains on Fortitude Re funds withheld embedded derivative		—		7,851		7,851		—		117		117
Net realized gains	$	3,447	$	7,539	$	10,986	$	1,331	$	653	$	1,984

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:


		Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)		2022		2021		2022		2021
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities	$	(12,134)	$	(2,065)	$	(50,191)	$	(7,863)
Other investments		—		—		(14)		(5)
Total increase (decrease) in unrealized appreciation (depreciation) of investments	$	(12,134)	$	(2,065)	$	(50,205)	$	(7,868)


Three Months Ended September 30,		2022						2021
(in millions)		Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	16	$	(98)	$	(82)	$	(45)	$	471	$	426
Less: Net gains recognized during the period on equity securities and other investments sold during the period		26		13		39		8		23		31
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(10)	$	(111)	$	(121)	$	(53)	$	448	$	395


Nine Months Ended September 30,		2022						2021
(in millions)		Equities		Other Invested Assets		Total		Equities		Other Invested Assets		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	(41)	$	306	$	265	$	(36)	$	1,484	$	1,448
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period		119		(23)		96		(192)		38		(154)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	(160)	$	329	$	169	$	156	$	1,446	$	1,602

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 5 to the Consolidated Financial Statements in the 2021 Annual Report.

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:


Three Months Ended September 30,		2022						2021
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	26	$	149	$	175	$	10	$	87	$	97
Additions:
Securities for which allowance for credit losses were not previously recorded		6		25		31		—		20		20


Reductions:
Securities sold during the period		(1)		(45)		(46)		—		(21)		(21)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		—		(37)		(37)		(3)		(21)		(24)
Write-offs charged against the allowance		—		(7)		(7)		—		(6)		(6)
Other		(1)		—		(1)		—		—		—
Balance, end of period	$	30	$	85	$	115	$	7	$	59	$	66



Nine Months Ended September 30,		2022						2021
(in millions)	Structured		Non- Structured			Total	Structured		Non- Structured			Total
Balance, beginning of period	$	8	$	90	$	98	$	17	$	169	$	186
Additions:
Securities for which allowance for credit losses were not previously recorded		57		181		238		8		48		56


Reductions:
Securities sold during the period		(2)		(86)		(88)		(3)		(28)		(31)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(32)		(71)		(103)		(15)		(112)		(127)
Write-offs charged against the allowance		—		(29)		(29)		—		(18)		(18)
Other		(1)		—		(1)		—		—		—
Balance, end of period	$	30	$	85	$	115	$	7	$	59	$	66

Purchased Credit Deteriorated (PCD) 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.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

We did not purchase securities with more than insignificant credit deterioration since their origination during the nine-month periods ended September 30, 2022 and 2021.

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)		September 30, 2022		December 31, 2021
Fixed maturity securities available for sale	$	321	$	3,583

At September 30, 2022 and December 31, 2021, amounts borrowed under repurchase and securities lending agreements totaled $408 million and $3.7 billion, respectively.

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


		Remaining Contractual Maturity of the Agreements
(in millions)		Overnight and Continuous		up to 30 days		31 - 90 days		91 - 364 days		365 days or greater		Total
September 30, 2022
Bonds available for sale:
U.S. government and government sponsored entities	$	—	$	26	$	50	$	14	$	—	$	90
Non-U.S. governments		28		—		—		28		—		56
Corporate debt		175		—		—		—		—		175
Total	$	203	$	26	$	50	$	42	$	—	$	321


December 31, 2021
Bonds available for sale:
Non-U.S. governments	$	48	$	—	$	—	$	—	$	—	$	48
Corporate debt		128		61		22		—		—		211
Total	$	176	$	61	$	22	$	—	$	—	$	259

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

Remaining Contractual Maturity of the Agreements

(in millions)

Overnight
and
Continuous

up to
30 days

31 - 90
days

91 - 364
days

365 days
or greater

Total

September 30, 2022

Bonds available for sale:

Obligations of states, municipalities and political subdivisions

—

Non-U.S. governments

—

Total

—


December 31, 2021
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	—	$	—	$	106	$	—	$	—	$	106
Non-U.S. governments		—		—		43		—		—		43
Corporate debt		—		534		2,641		—		—		3,175
Total	$	—	$	534	$	2,790	$	—	$	—	$	3,324

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

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


(in millions)		September 30, 2022		December 31, 2021
Securities collateral pledged to us	$	265	$	1,839

At September 30, 2022 and December 31, 2021, the carrying value of reverse repurchase agreements totaled $270 million and $1.9 billion, respectively.

We do not currently offset any secured financing transactions. All such transactions are collateralized and margined on a daily basis 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 contracts, was $11.4 billion and $13.5 billion at September 30, 2022 and December 31, 2021, 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 $239 million and $211 million of stock in FHLBs at September 30, 2022 and December 31, 2021, 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 $5.5 billion and $1.8 billion, respectively, at September 30, 2022 and $5.1 billion and $1.5 billion, respectively, at December 31, 2021.

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 $1.4 billion, at September 30, 2022 and December 31, 2021, 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 $594 million and $514 million, comprised of bonds available for sale and short-term investments at September 30, 2022 and December 31, 2021, respectively.

Reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld.

Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 15, 2022	Jun. 15, 2022	Mar. 15, 2022	Sep. 15, 2021	Jun. 15, 2021	Mar. 15, 2021	Mar. 14, 2019	Sep. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)								$ 5.00	$ 5.00
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)							20,000
Preferred stock, dividend rate (as a percent)							5.85%
Preferred stock, par value (in dollars per share)							$ 5.00
Preferred stock liquidation preference (in dollars per share)							$ 25,000
Issuance of preferred stock							$ 485
Dividends paid (in dollars per share)	$ 365.625	$ 365.625	$ 365.625	$ 365.625	$ 365.625	$ 365.625
Series A Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)							20,000,000
Preferred stock liquidation preference (in dollars per share)							$ 25
Dividends paid (in dollars per share)	$ 0.365625	$ 0.365625	$ 0.365625	$ 0.365625	$ 0.365625	$ 0.365625

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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


(in millions)		Real Estate and Investment Entities(d)		Securitization Vehicles		Total
September 30, 2022
Assets:
Bonds available for sale	$	—	$	3,613	$	3,613
Other bond securities		—		1,345		1,345
Equity securities		60		—		60
Mortgage and other loans receivable		—		2,341		2,341
Other invested assets
Alternative investments(a)		2,572		—		2,572
Investment real estate		1,785		—		1,785
Short-term investments		172		170		342
Cash		82		—		82
Accrued investment income		—		8		8
Other assets		95		75		170

Total(b)	$	4,766	$	7,552	$	12,318
Liabilities:
Debt of consolidated investment entities	$	1,359	$	4,378	$	5,737
Other(c)		85		37		122
Total	$	1,444	$	4,415	$	5,859

December 31, 2021
Assets:
Bonds available for sale	$	—	$	5,543	$	5,543
Other bond securities		—		1,852		1,852
Equity securities		223		—		223
Mortgage and other loans receivable		—		2,523		2,523
Other invested assets
Alternative investments(a)		3,017		—		3,017
Investment real estate		2,257		—		2,257
Short-term investments		487		151		638
Cash		96		—		96
Accrued investment income		—		17		17
Other assets		190		558		748
Total(b)	$	6,270	$	10,644	$	16,914
Liabilities:
Debt of consolidated investment entities	$	1,743	$	4,504	$	6,247
Other(c)		122		722		844
Total	$	1,865	$	5,226	$	7,091

(a)Comprised primarily of investments in real estate joint ventures at September 30, 2022 and December 31, 2021.

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

(c)Comprised primarily of Other liabilities at September 30, 2022 and December 31, 2021.

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
(in millions)		Total VIE Assets		On-Balance Sheet(b)		Off-Balance Sheet			Total
September 30, 2022
Real estate and investment entities(a)	$	493,750	$	8,468	$	4,107	(c)	$	12,575
Other		1,732		265		747	(d)		1,012
Total	$	495,482	$	8,733	$	4,854		$	13,587
December 31, 2021
Real estate and investment entities(a)	$	457,335	$	7,650	$	3,448	(c)	$	11,098
Other		1,738		237		528	(d)		765
Total	$	459,073	$	7,887	$	3,976		$	11,863

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

(b)At September 30, 2022 and December 31, 2021, $8.7 billion and $7.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds and hedge funds.

- Definition

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

+ References + Details

Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions	Sep. 30, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) loan	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 48,779		$ 46,677
Allowance for credit losses	$ 655	$ 603	$ 629	$ 641	$ 701	$ 814
Commercial mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	635		649
Total	$ 35,824		$ 35,665
Allowance for credit losses	$ 564	$ 525	$ 545	$ 557	$ 587	$ 685
Percent of Total	100.00%		100.00%
Percentage of total, allowance for credit losses	2.00%		2.00%
Commercial mortgage loans \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	620		636
Total	$ 34,861		$ 35,015
Percent of Total	98.00%		98.00%
Commercial mortgage loans \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	11		8
Total	$ 733		$ 515
Percent of Total	2.00%		2.00%
Commercial mortgage loans \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	1		0
Total	$ 157		$ 0
Percent of Total	0.00%		0.00%
Commercial mortgage loans \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans \| loan	3		5
Total	$ 73		$ 135
Percent of Total	0.00%		0.00%
Commercial mortgage loans \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 13,472		$ 14,267
Allowance for credit losses	94		109
Commercial mortgage loans \| Apartments \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	13,472		14,267
Commercial mortgage loans \| Apartments \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Apartments \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Apartments \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Offices
Financing Receivable, Credit Quality Indicator [Line Items]
Total	10,428		10,130
Allowance for credit losses	275		247
Commercial mortgage loans \| Offices \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,785		9,695
Commercial mortgage loans \| Offices \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	456		354
Commercial mortgage loans \| Offices \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	157		0
Commercial mortgage loans \| Offices \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	30		81
Commercial mortgage loans \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,814		4,857
Allowance for credit losses	84		103
Commercial mortgage loans \| Retail \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	3,631		4,778
Commercial mortgage loans \| Retail \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	140		25
Commercial mortgage loans \| Retail \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Retail \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	43		54
Commercial mortgage loans \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,597		3,858
Allowance for credit losses	72		47
Commercial mortgage loans \| Industrial \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	5,597		3,858
Commercial mortgage loans \| Industrial \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Industrial \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Industrial \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,145		2,121
Allowance for credit losses	30		31
Commercial mortgage loans \| Hotel \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	2,008		1,985
Commercial mortgage loans \| Hotel \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	137		136
Commercial mortgage loans \| Hotel \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Hotel \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Others
Financing Receivable, Credit Quality Indicator [Line Items]
Total	368		432
Allowance for credit losses	9		8
Commercial mortgage loans \| Others \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Total	368		432
Commercial mortgage loans \| Others \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Others \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Total	0		0
Commercial mortgage loans \| Others \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 0		$ 0