Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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

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


December 31, 2023		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	$	35	$	5,581	$	—	$	—	$	—	$	5,616
Obligations of states, municipalities and political subdivisions		—		9,816		847		—		—		10,663
Non-U.S. governments		233		12,213		7		—		—		12,453
Corporate debt		—		136,753		1,679		—		—		138,432
RMBS		—		12,804		7,640		—		—		20,444
CMBS		—		13,495		633		—		—		14,128
CLO/ABS		—		13,959		16,038		—		—		29,997
Total bonds available for sale		268		204,621		26,844		—		—		231,733
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		90		1		—		—		91
Non-U.S. governments		—		37		—		—		—		37
Corporate debt		—		2,697		211		—		—		2,908
RMBS		—		105		158		—		—		263
CMBS		—		244		17		—		—		261
CLO/ABS		—		512		1,169		—		—		1,681
Total other bond securities		—		3,685		1,556		—		—		5,241
Equity securities		632		40		56		—		—		728
Other invested assets(b)		—		155		2,070		—		—		2,225
Derivative assets(c):
Interest rate contracts		—		2,826		460		—		—		3,286
Foreign exchange contracts		—		1,235		1		—		—		1,236
Equity contracts		7		1,187		825		—		—		2,019

Credit contracts		—		8		33		—		—		41
Other contracts		—		—		13		—		—		13
Counterparty netting and cash collateral		—		—		—		(3,864)		(2,220)		(6,084)
Total derivative assets		7		5,256		1,332		(3,864)		(2,220)		511
Short-term investments		2,635		8,137		—		—		—		10,772
Market risk benefit assets		—		—		912		—		—		912
Other assets(c)		—		—		243		—		—		243
Separate account assets		87,814		3,191		—		—		—		91,005
Total(d)	$	91,356	$	225,085	$	33,013	$	(3,864)	$	(2,220)	$	343,370
Liabilities:
Policyholder contract deposits	$	—	$	55	$	7,942	$	—	$	—	$	7,997
Market risk benefit liabilities		—		—		5,705		—		—		5,705
Derivative liabilities(c):
Interest rate contracts		—		3,631		—		—		—		3,631
Foreign exchange contracts		—		891		3		—		—		894
Equity contracts		2		680		63		—		—		745
Credit contracts		—		4		33		—		—		37
Other contracts		—		—		2		—		—		2
Counterparty netting and cash collateral		—		—		—		(3,864)		(1,050)		(4,914)
Total derivative liabilities		2		5,206		101		(3,864)		(1,050)		395
Fortitude Re funds withheld payable		—		—		(1,226)		—		—		(1,226)
Other liabilities		—		107		122		—		—		229
Long-term debt		—		53		—		—		—		53
Total	$	2	$	5,421	$	12,644	$	(3,864)	$	(1,050)	$	13,153


December 31, 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	$	25	$	6,594	$	—	$	—	$	—	$	6,619
Obligations of states, municipalities and political subdivisions		—		11,275		824		—		—		12,099
Non-U.S. governments		158		13,326		1		—		—		13,485
Corporate debt		—		134,992		2,847		—		—		137,839
RMBS		—		11,264		7,553		—		—		18,817
CMBS		—		13,267		926		—		—		14,193
CLO/ABS		—		10,356		12,748		—		—		23,104
Total bonds available for sale		183		201,074		24,899		—		—		226,156
Other bond securities:

Obligations of states, municipalities and political subdivisions		—		111		—		—		—		111
Non-U.S. governments		—		66		—		—		—		66
Corporate debt		—		1,976		416		—		—		2,392
RMBS		—		113		173		—		—		286
CMBS		—		303		28		—		—		331
CLO/ABS		—		389		910		—		—		1,299
Total other bond securities		—		2,958		1,527		—		—		4,485
Equity securities		518		18		39		—		—		575
Other invested assets (b)		—		145		2,075		—		—		2,220
Derivative assets(c):
Interest rate contracts		1		3,410		311		—		—		3,722
Foreign exchange contracts		—		1,844		—		—		—		1,844
Equity contracts		11		132		285		—		—		428
Commodity contracts		—		9		—		—		—		9
Credit contracts		—		—		32		—		—		32
Other contracts		—		—		14		—		—		14
Counterparty netting and cash collateral		—		—		—		(3,895)		(1,640)		(5,535)
Total derivative assets		12		5,395		642		(3,895)		(1,640)		514
Short-term investments		2,821		2,887		—		—		—		5,708
Market risk benefit assets		—		—		796		—		—		796
Other assets(c)		—		—		107		—		—		107
Separate account assets		81,655		3,198		—		—		—		84,853
Total	$	85,189	$	215,675	$	30,085	$	(3,895)	$	(1,640)	$	325,414
Liabilities:
Policyholder contract deposits	$	—	$	41	$	5,367	$	—	$	—	$	5,408
Market risk benefit liabilities		—		—		4,736		—		—		4,736
Derivative liabilities(c):
Interest rate contracts		—		4,838		—		—		—		4,838
Foreign exchange contracts		—		1,138		—		—		—		1,138
Equity contracts		2		10		14		—		—		26
Credit contracts		—		9		32		—		—		41

Counterparty netting and cash collateral		—		—		—		(3,895)		(1,917)		(5,812)
Total derivative liabilities		2		5,995		46		(3,895)		(1,917)		231
Fortitude Re funds withheld payable		—		—		(2,235)		—		—		(2,235)
Other liabilities		—		—		112		—		—		112
Long-term debt		—		56		—		—		—		56
Total	$	2	$	6,092	$	8,026	$	(3,895)	$	(1,917)	$	8,308

(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 $9.5 billion and $9.8 billion as of December 31, 2023 and 2022, respectively.

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

(d)Excludes $182 million of assets reclassified to Assets held for sale on the Consolidated Balance Sheets.

Schedule of Assets Measured on a Recurring Basis


(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	824	$	(2)	$	67	$	(31)	$	—	$	(11)	$	—	$	847	$	—	$	35
Non-U.S. governments		1		1		1		(5)		11		(2)		—		7		—		1
Corporate debt		2,847		(104)		24		(595)		818		(1,295)		(16)		1,679		—		(24)
RMBS		7,553		430		12		(249)		33		(139)		—		7,640		—		(63)
CMBS		926		(23)		(49)		(58)		223		(386)		—		633		—		(94)
CLO/ABS		12,748		228		408		2,070		675		(251)		160		16,038		—		243
Total bonds available for sale		24,899		530		463		1,132		1,760		(2,084)		144		26,844		—		98
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		—		—		1		—		—		—		1		—		—
Corporate debt		416		(14)		—		—		—		(191)		—		211		(15)		—
RMBS		173		9		—		(24)		—		—		—		158		(5)		—
CMBS		28		(4)		—		(7)		—		—		—		17		—		—
CLO/ABS		910		68		—		153		5		(47)		80		1,169		(36)		—
Total other bond securities		1,527		59		—		123		5		(238)		80		1,556		(56)		—
Equity securities		39		1		—		27		10		(20)		(1)		56		1		—
Other invested assets		2,075		(150)		11		90		44		—		—		2,070		(151)		—
Other assets		107		—		—		136		—		—		—		243		—		—
Total(a)	$	28,647	$	440	$	474	$	1,508	$	1,819	$	(2,342)	$	223	$	30,769	$	(206)	$	98
(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	5,367	$	1,464	$	—	$	1,111	$	—	$	—	$	—	$	7,942	$	(733)	$	—
Derivative liabilities, net:
Interest rate contracts		(311)		11		—		(160)		—		—		—		(460)		82		—
Foreign exchange contracts		—		2		—		—		—		—		—		2		(2)		—
Equity contracts		(271)		99		—		(590)		—		—		—		(762)		438		—

Other contracts		(14)		(64)		—		67		—		—		—		(11)		64		—
Total derivative liabilities, net(b)		(596)		48		—		(683)		—		—		—		(1,231)		582		—
Fortitude Re funds withheld payable		(2,235)		2,007		—		(998)		—		—		—		(1,226)		(872)		—
Other Liabilities		112		10		—		—		—		—		—		122		—		—
Total(c)	$	2,648	$	3,529	$	—	$	(570)	$	—	$	—	$	—	$	5,607	$	(1,023)	$	—


(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(533)	$	(104)	$	40	$	(11)	$	—	$	824	$	—	$	(223)
Non-U.S. governments		7		1		3		(10)		3		(3)		—		1		—		(1)
Corporate debt		2,641		37		(238)		(87)		1,155		(661)		—		2,847		—		(217)
RMBS		10,378		452		(1,319)		(1,511)		8		(455)		—		7,553		—		(504)
CMBS		1,190		7		(162)		137		102		(348)		—		926		—		(133)
CLO/ABS		11,215		114		(1,658)		3,279		2,003		(2,205)		—		12,748		—		(1,605)
Total bonds available for sale		26,862		612		(3,907)		1,704		3,311		(3,683)		—		24,899		—		(2,683)
Other bond securities:
Corporate debt		134		(5)		—		158		334		(205)		—		416		(2)		—
RMBS		196		(39)		—		16		—		—		—		173		(38)		—
CMBS		35		(6)		—		(1)		—		—		—		28		(4)		—
CLO/ABS		2,332		(233)		—		(1,182)		77		(84)		—		910		(156)		—
Total other bond securities		2,697		(283)		—		(1,009)		411		(289)		—		1,527		(200)		—
Equity securities		6		(1)		—		27		16		(9)		—		39		(1)		—
Other invested assets		1,948		338		(22)		(26)		47		(210)		—		2,075		355		—

Other assets		114		—		—		(7)		—		—		—		107		—		—
Total(a)	$	31,627	$	666	$	(3,929)	$	689	$	3,785	$	(4,191)	$	—	$	28,647	$	154	$	(2,683)
(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	5,572	$	(1,107)	$	—	$	902	$	—	$	—	$	—	$	5,367	$	1,363	$	—

Derivative liabilities, net:
Interest rate contracts		—		9		—		(245)		(81)		6		—		(311)		71		—
Foreign exchange contracts		(1)		—		—		1		—		—		—		—		(1)		—
Equity contracts		(444)		487		—		(313)		—		(1)		—		(271)		(246)		—
Credit contracts		30		3		—		(1)		—		—		(32)		—		(31)		—
Other contracts		(13)		(65)		—		64		—		—		—		(14)		65		—
Total derivative liabilities, net(b)		(428)		434		—		(494)		(81)		5		(32)		(596)		(142)		—
Fortitude Re funds withheld payable		5,922		(7,481)		—		(676)		—		—		—		(2,235)		7,729		—
Other liabilities		—		—		—		112		—		—		—		112		—		—
Total(c)	$	11,066	$	(8,154)	$	—	$	(156)	$	(81)	$	5	$	(32)	$	2,648	$	8,950	$	—

(a)Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. For additional information, see Note 14.

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

(c)Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. For additional information, see Note 14.

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2023 and 2022 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
December 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	(27)	$	(5)	$	(31)
Non-U.S. governments		—		—		(5)		(5)
Corporate debt		229		(34)		(790)		(595)
RMBS		935		(67)		(1,117)		(249)
CMBS		10		(50)		(18)		(58)
CLO/ABS		3,040		(450)		(520)		2,070
Total bonds available for sale		4,215		(628)		(2,455)		1,132
Other bond securities:
Obligations of states, municipalities and political subdivisions		3		(2)		—		1
Corporate debt		204		—		(204)		—
RMBS		6		—		(30)		(24)
CMBS		—		(7)		—		(7)
CLO/ABS		269		(20)		(96)		153
Total other bond securities		482		(29)		(330)		123


(in millions)		Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Equity securities		32		(2)		(3)		27
Other invested assets		263		—		(173)		90
Other assets		130		—		6		136
Total	$	5,122	$	(659)	$	(2,955)	$	1,508
Liabilities:
Policyholder contract deposits	$	—	$	1,428	$	(317)	$	1,111
Derivative liabilities, net		(1,156)		28		445		(683)
Fortitude Re funds withheld payable		—		—		(998)		(998)

Total	$	(1,156)	$	1,456	$	(870)	$	(570)
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	6	$	(72)	$	(38)	$	(104)
Non-U.S. governments		—		—		(10)		(10)
Corporate Debt		143		(79)		(151)		(87)
RMBS		391		(76)		(1,826)		(1,511)
CMBS		195		(17)		(41)		137
CLO/ABS		3,655		(25)		(351)		3,279
Total bonds available for sale		4,390		(269)		(2,417)		1,704
Other bond securities:

Corporate debt		26		—		132		158
RMBS		62		(5)		(41)		16
CMBS		—		(1)		—		(1)
CLO/ABS		750		(1,530)		(402)		(1,182)
Total other bond securities		838		(1,536)		(311)		(1,009)
Equity securities		27		(1)		1		27
Other invested assets		682		—		(708)		(26)
Other assets		—		—		(7)		(7)
Total	$	5,937	$	(1,806)	$	(3,442)	$	689
Liabilities:
Policyholder contract deposits	$	—	$	923	$	(21)	$	902
Derivative liabilities, net		(687)		12		181		(494)
Fortitude Re funds withheld payable		—		—		(676)		(676)
Other liabilities		—		—		112		112
Total	$	(687)	$	935	$	(404)	$	(156)

(a)There were no issuances during the years ended December 31, 2023 and 2022.

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

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


(in millions)		Net Investment Income		Net Realized Gains (Losses)		Change in the fair value of market risk benefits, net(c)		Other Income		Total












December 31, 2023
Assets:
Bonds available for sale	$	592	$	(62)	$	—	$	—	$	530
Other bond securities		59		—		—		—		59
Equity securities		1		—		—		—		1
Other invested assets		(146)		(4)		—		—		(150)
December 31, 2022
Assets:
Bonds available for sale	$	694	$	(82)	$	—	$	—	$	612
Other bond securities		(283)		—		—		—		(283)
Equity securities		(1)		—		—		—		(1)
Other invested assets		346		(8)		—		—		338

(in millions)		Net Investment Income		Net Realized (Gains) Losses		Change in the fair value of market risk benefits, net(c)		Other Income		Total













December 31, 2023
Liabilities:
Policyholder contract deposits(a)	$	—	$	1,464	$	—	$	—	$	1,464
Market risk benefit liabilities, net(b)		—		(3)		(1,125)		—		(1,128)
Derivative liabilities, net		—		70		40		(62)		48
Fortitude Re funds withheld payable		—		2,007		—		—		2,007
Other Liabilities		—		10		—		—		10
December 31, 2022
Liabilities:
Policyholder contract deposits(a)	$	—	$	(1,107)	$	—	$	—	$	(1,107)
Market risk benefit liabilities, net(b)		—		—		(2,344)		—		(2,344)
Derivative liabilities, net		—		520		(25)		(61)		434
Fortitude Re funds withheld payable		—		(7,481)		—		—		(7,481)

(a)Primarily embedded derivatives.

(b)Market risk benefit assets and liabilities have been netted in the above table for presentation purposes only.

(c)The portion of the fair value change attributable to own credit risk is recognized in OCI.

Fair Value, Liabilities Measured on Recurring Basis, Liabilities


(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2023
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	824	$	(2)	$	67	$	(31)	$	—	$	(11)	$	—	$	847	$	—	$	35
Non-U.S. governments		1		1		1		(5)		11		(2)		—		7		—		1
Corporate debt		2,847		(104)		24		(595)		818		(1,295)		(16)		1,679		—		(24)
RMBS		7,553		430		12		(249)		33		(139)		—		7,640		—		(63)
CMBS		926		(23)		(49)		(58)		223		(386)		—		633		—		(94)
CLO/ABS		12,748		228		408		2,070		675		(251)		160		16,038		—		243
Total bonds available for sale		24,899		530		463		1,132		1,760		(2,084)		144		26,844		—		98
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		—		—		1		—		—		—		1		—		—
Corporate debt		416		(14)		—		—		—		(191)		—		211		(15)		—
RMBS		173		9		—		(24)		—		—		—		158		(5)		—
CMBS		28		(4)		—		(7)		—		—		—		17		—		—
CLO/ABS		910		68		—		153		5		(47)		80		1,169		(36)		—
Total other bond securities		1,527		59		—		123		5		(238)		80		1,556		(56)		—
Equity securities		39		1		—		27		10		(20)		(1)		56		1		—
Other invested assets		2,075		(150)		11		90		44		—		—		2,070		(151)		—
Other assets		107		—		—		136		—		—		—		243		—		—
Total(a)	$	28,647	$	440	$	474	$	1,508	$	1,819	$	(2,342)	$	223	$	30,769	$	(206)	$	98
(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	5,367	$	1,464	$	—	$	1,111	$	—	$	—	$	—	$	7,942	$	(733)	$	—
Derivative liabilities, net:
Interest rate contracts		(311)		11		—		(160)		—		—		—		(460)		82		—
Foreign exchange contracts		—		2		—		—		—		—		—		2		(2)		—
Equity contracts		(271)		99		—		(590)		—		—		—		(762)		438		—

Other contracts		(14)		(64)		—		67		—		—		—		(11)		64		—
Total derivative liabilities, net(b)		(596)		48		—		(683)		—		—		—		(1,231)		582		—
Fortitude Re funds withheld payable		(2,235)		2,007		—		(998)		—		—		—		(1,226)		(872)		—
Other Liabilities		112		10		—		—		—		—		—		122		—		—
Total(c)	$	2,648	$	3,529	$	—	$	(570)	$	—	$	—	$	—	$	5,607	$	(1,023)	$	—


(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
December 31, 2022
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1,431	$	1	$	(533)	$	(104)	$	40	$	(11)	$	—	$	824	$	—	$	(223)
Non-U.S. governments		7		1		3		(10)		3		(3)		—		1		—		(1)
Corporate debt		2,641		37		(238)		(87)		1,155		(661)		—		2,847		—		(217)
RMBS		10,378		452		(1,319)		(1,511)		8		(455)		—		7,553		—		(504)
CMBS		1,190		7		(162)		137		102		(348)		—		926		—		(133)
CLO/ABS		11,215		114		(1,658)		3,279		2,003		(2,205)		—		12,748		—		(1,605)
Total bonds available for sale		26,862		612		(3,907)		1,704		3,311		(3,683)		—		24,899		—		(2,683)
Other bond securities:
Corporate debt		134		(5)		—		158		334		(205)		—		416		(2)		—
RMBS		196		(39)		—		16		—		—		—		173		(38)		—
CMBS		35		(6)		—		(1)		—		—		—		28		(4)		—
CLO/ABS		2,332		(233)		—		(1,182)		77		(84)		—		910		(156)		—
Total other bond securities		2,697		(283)		—		(1,009)		411		(289)		—		1,527		(200)		—
Equity securities		6		(1)		—		27		16		(9)		—		39		(1)		—
Other invested assets		1,948		338		(22)		(26)		47		(210)		—		2,075		355		—

Other assets		114		—		—		(7)		—		—		—		107		—		—
Total(a)	$	31,627	$	666	$	(3,929)	$	689	$	3,785	$	(4,191)	$	—	$	28,647	$	154	$	(2,683)
(in millions)		Fair Value Beginning of Year		MRBs and 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 Year		Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year		Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Year
Liabilities:
Policyholder contract deposits	$	5,572	$	(1,107)	$	—	$	902	$	—	$	—	$	—	$	5,367	$	1,363	$	—

Derivative liabilities, net:
Interest rate contracts		—		9		—		(245)		(81)		6		—		(311)		71		—
Foreign exchange contracts		(1)		—		—		1		—		—		—		—		(1)		—
Equity contracts		(444)		487		—		(313)		—		(1)		—		(271)		(246)		—
Credit contracts		30		3		—		(1)		—		—		(32)		—		(31)		—
Other contracts		(13)		(65)		—		64		—		—		—		(14)		65		—
Total derivative liabilities, net(b)		(428)		434		—		(494)		(81)		5		(32)		(596)		(142)		—
Fortitude Re funds withheld payable		5,922		(7,481)		—		(676)		—		—		—		(2,235)		7,729		—
Other liabilities		—		—		—		112		—		—		—		112		—		—
Total(c)	$	11,066	$	(8,154)	$	—	$	(156)	$	(81)	$	5	$	(32)	$	2,648	$	8,950	$	—

(a)Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. For additional information, see Note 14.

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

(c)Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. For additional information, see Note 14.

Fair Value Measurement Inputs and Valuation Techniques

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 CLO/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 December 31, 2023		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	824	Discounted cash flow	Yield	4.97% - 5.31% (5.14%)
Corporate debt		1,803	Discounted cash flow	Yield	5.19% - 8.48% (6.83%)
RMBS(a)		4,656	Discounted cash flow	Constant prepayment rate	4.34% - 9.99% (7.17%)
				Loss severity	33.56% - 87.59% (60.57%)
				Constant default rate	0.76% - 2.56% (1.66%)
				Yield	6.13% - 7.41% (6.77%)
CLO/ABS(a)		14,242	Discounted cash flow	Yield	5.62% - 7.89% (6.76%)
CMBS		587	Discounted cash flow	Yield	5.62% - 17.85% (11.73%)
Market risk benefit assets		912	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits		2,174	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Fixed annuities guaranteed benefits		1,111	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.00% - 2.29%
Fixed index annuities guaranteed benefits		2,420	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%


(in millions)	Fair Value at December 31, 2023		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
				Utilization(h)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)		6,953	Discounted cash flow	Equity volatility	6.25% - 49.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 146.00%
				Utilization(h)	60.00% - 97.50%
				Option budget	0.00% - 6.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.29%
Index life		989	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	5.85% - 20.36%
				NPA(g)	0.00% - 2.29%


(in millions)	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions	$	799	Discounted cash flow	Yield	5.28% - 5.94% (5.61%)
Corporate debt		2,527	Discounted cash flow	Yield	4.98% - 9.36% (7.17%)
RMBS(a)		5,235	Discounted cash flow	Constant prepayment rate	4.89% - 10.49% (7.69%)
				Loss severity	45.06% - 76.87% (60.97%)
				Constant default rate	0.82% - 2.72% (1.77%)
				Yield	5.98% - 7.75% (6.87%)
CLO/ABS(a)		7,503	Discounted cash flow	Yield	6.00% - 7.97% (6.99%)
CMBS		587	Discounted cash flow	Yield	4.06% - 13.14% (8.60%)
Market risk benefit assets		796	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Liabilities(d):
Market risk benefit liabilities:
Variable annuities guaranteed benefits		2,358	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.16% - 28.80%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	38.25% - 160.01%
				Utilization(h)	80.00% - 100.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Fixed annuities guaranteed benefits		680	Discounted cash flow	Base lapse rate	0.20% - 15.75%
				Dynamic lapse multiplier(e)	20.00% - 186.16%
				Mortality multiplier(e)(f)	40.26% - 168.43%
				Utilization(h)	90.00% - 97.50%
				NPA(g)	0.00% - 2.03%
Fixed index annuities guaranteed benefits		1,698	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%


(in millions)	Fair Value at December 31, 2022		Valuation Technique	Unobservable Input(b)	Range (Weighted Average)(c)
				Option budget	0.00% - 5.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Embedded derivatives within Policyholder contract deposits:
Index credits on fixed index annuities(i)		4,657	Discounted cash flow	Equity volatility	6.45% - 50.75%
				Base lapse rate	0.20% - 50.00%
				Dynamic lapse multiplier(e)	20.00% - 186.18%
				Mortality multiplier(e)(f)	24.00% - 180.00%
				Utilization(h)	60.00% - 97.50%
				Option budget	0.00% - 5.00%
				Equity / interest rate correlation	0.00% - 30.00%
				NPA(g)	0.00% - 2.03%
Index life		710	Discounted cash flow	Base lapse rate	0.00% - 37.97%
				Mortality rate	0.00% - 100.00%
				Equity volatility	5.75% - 23.63%
				NPA(g)	0.00% - 2.03%

(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 CLO 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 with policyholder contract deposits and market risk benefits 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 8, 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)The ranges for these inputs vary due to the different guaranteed minimum withdrawal benefits (GMWB) product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender.

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

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

(h)The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at December 31, 2023 and 2022 was approximately $1.5 billion and $1.1 billion, respectively.

(i)The fixed index annuities embedded derivative associated with index credits related to the contracts with guaranteed product features included in policyholder contract deposits was $1.5 billion and $1.1 billion at December 31, 2023 and 2022, respectively.

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

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


			December 31, 2023				December 31, 2022
(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	$	3,617	$	2,313	$	3,146	$	2,448
Real assets	Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets		1,814		782		1,851		840
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		270		141		272		183
Growth equity	Funds that make investments in established companies for the purpose of growing their businesses		680		117		732		60
Mezzanine	Funds that make investments in the junior debt and equity securities of leveraged companies		292		98		598		142
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		2,125		297		1,829		391
Total private equity funds			8,798		3,748		8,428		4,064
Hedge funds:
Event-driven	Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations		18		—		92		—
Long-short	Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk		549		—		696		—
Macro	Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions		69		—		414		—
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		74		—		192		—
Total hedge funds			710		—		1,394		—
Total		$	9,508	$	3,748	$	9,822	$	4,064

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:


Years Ended December 31,	Gain (Loss)
(in millions)			2023		2022		2021
Assets:
Other bond securities(a)		$	382	$	(822)	$	(12)
Alternative investments(b)			334		224		1,650
Liabilities:
Long-term debt(c)			3		225		66
Total gain (loss)		$	719	$	(373)	$	1,704

(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 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.

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

(c)Includes 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:


		December 31, 2023						December 31, 2022
(in millions)		Fair Value		Outstanding Principal Amount		Difference		Fair Value		Outstanding Principal Amount		Difference
Liabilities:
Long-term debt*	$	53	$	44	$	9	$	56	$	45	$	11

*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								December 31,
(in millions)		Level 1		Level 2		Level 3		Total			2023		2022		2021
December 31, 2023
Other investments	$	—	$	—	$	80	$	80		$	13	$	25	$	6
Other assets		—		—		—		—			121		1		67
Total	$	—	$	—	$	80	$	80		$	134	$	26	$	73
December 31, 2022
Other investments	$	—	$	—	$	12	$	12

Total	$	—	$	—	$	12	$	12

Fair Value, by Balance Sheet Grouping

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
December 31, 2023
Assets:
Mortgage and other loans receivable	$	—	$	272	$	48,264	$	48,536	$	51,553
Other invested assets		—		913		6		919		919
Short-term investments(a)		—		6,428		—		6,428		6,428
Cash(b)		2,155		—		—		2,155		2,155
Other assets		45		—		—		45		45
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		90		130,094		130,184		140,652
Fortitude Re funds withheld payable		—		—		30,710		30,710		30,710
Other liabilities(c)		—		2,467		—		2,467		2,467
Short-term and long-term debt		—		18,595		267		18,862		19,743
Debt of consolidated investment entities		—		43		2,526		2,569		2,591
Separate account liabilities - investment contracts		—		87,215		—		87,215		87,215
December 31, 2022
Assets:
Mortgage and other loans receivable	$	—	$	89	$	45,755	$	45,844	$	49,442
Other invested assets		—		848		6		854		854
Short-term investments		—		6,668		—		6,668		6,668
Cash		2,043		—		—		2,043		2,043
Other assets		24		9		—		33		33
Liabilities:
Policyholder contract deposits associated with investment-type contracts		—		119		129,174		129,293		137,086
Fortitude Re funds withheld payable		—		—		32,618		32,618		32,618
Other liabilities		—		3,101		—		3,101		3,101
Short-term and long-term debt		—		19,328		275		19,603		21,243
Debt of consolidated investment entities		—		3,055		2,478		5,533		5,880
Separate account liabilities - investment contracts		—		80,649		—		80,649		80,649

(a)Excludes $11 million reclassified to Assets held for sale on the Consolidated Balance Sheets.

(b)Excludes $3 million reclassified to Assets held for sale on the Consolidated Balance Sheets.

(c)Excludes $45 million reclassified to Liabilities held for sale on the Consolidated Balance Sheets.