v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
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, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$209 $3,089 $— $— $— $3,298 
Obligations of states, municipalities and political subdivisions
— 2,771 4 — — 2,775 
Non-U.S. governments66 6,427 23 — — 6,516 
Corporate debt— 37,122 113 — — 37,235 
RMBS— 8,622 1,546 — — 10,168 
CMBS— 4,592 24 — — 4,616 
CLO/ABS— 4,683 1,741 — — 6,424 
Total bonds available for sale
275 67,306 3,451 — — 71,032 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 51 — — — 51 
Non-U.S. governments— 23 — — — 23 
Corporate debt— 274 — — — 274 
RMBS— 46 51 — — 97 
CMBS— 42 — — — 42 
CLO/ABS— 135 119 — — 254 
Total other bond securities
— 571 170 — — 741 
Equity securities
446 1 55 — — 502 
Other invested assets(b)
1,512 143 92 — — 1,747 
Derivative assets(c)
— 312 26 (164)(169)5 
Short-term investments
4,106 1,803 — — — 5,909 
Other assets(c)
— — 130 — — 130 
Total$6,339 $70,136 $3,924 $(164)$(169)$80,066 
Liabilities:
Derivative liabilities(c)
$— $439 $26 $(164)$(212)$89 
Fortitude Re funds withheld payable
— — (92)— — (92)
Other liabilities
— — 73 — — 73 
Total$— $439 $7 $(164)$(212)$70 
December 31, 2024Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$36 $3,231 $— $— $— $3,267 
Obligations of states, municipalities and political subdivisions
— 3,140 3 — — 3,143 
Non-U.S. governments161 7,939 7 — — 8,107 
Corporate debt— 31,586 240 — — 31,826 
RMBS— 6,710 1,894 — — 8,604 
CMBS— 3,900 26 — — 3,926 
CLO/ABS— 4,293 840 — — 5,133 
Total bonds available for sale
197 60,799 3,010 — — 64,006 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 50 — — — 50 
Non-U.S. governments— 24 — — — 24 
Corporate debt— 281 1 — — 282 
RMBS— 50 50 — — 100 
CMBS— 43 — — — 43 
CLO/ABS— 133 113 — — 246 
Total other bond securities
— 581 164 — — 745 
Equity securities
689 — 15 — — 704 
Other invested assets (b)
3,810 119 163 — — 4,092 
Derivative assets(c)
— 573 51 (270)(304)50 
Short-term investments
7,942 1,847 — — — 9,789 
Other assets(c)
— — 129 — — 129 
Total$12,638 $63,919 $3,532 $(270)$(304)$79,515 
Liabilities:
Derivative liabilities(c)
$— $571 $51 $(270)$(201)$151 
Fortitude Re funds withheld payable
— — (128)— — (128)
Other liabilities— — 100 — — 100 
Total$— $571 $23 $(270)$(201)$123 
(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 $3.3 billion and $3.3 billion as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, includes AIG's ownership interest in Corebridge of $1.5 billion and $3.8 billion, respectively, on which AIG elected the fair value option.
(c)Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets.
Schedule of Assets Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 and 2024:
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $1 $— $— $— $4 $— $1 
Non-U.S. governments7 — — — 16 — — 23 — 3 
Corporate debt240 (19)(1)(169)109 (85)38 113 — 27 
RMBS1,894 27 6 (141)2 (242)— 1,546 — (7)
CMBS26 (4)5 (9)6 — — 24 — 1 
CLO/ABS840 8 17 1,090 — (154)(60)1,741 — 19 
Total bonds available for sale3,010 12 27 772 133 (481)(22)3,451 — 44 
Other bond securities:
Corporate debt1 (1)— — — — — — (1)— 
RMBS50 2 — — 1 (2)— 51 2 — 
CLO/ABS113 4 — (7)31 (22)— 119 8 — 
Total other bond securities164 5 — (7)32 (24)— 170 9 — 
Equity securities15 4 — 18 18 — — 55 1 — 
Other invested assets163 (3)— (25)1 (63)19 92 1 — 
Other assets129 — — 1 — — — 130 — — 
Total
$3,481 $18 $27 $759 $184 $(568)$(3)$3,898 $11 $44 
(in millions)Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Year		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Year		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Year
Liabilities:
Fortitude Re funds withheld payable$(128)$166 $— $(130)$— $— $— $(92)$(93)$— 
Other Liabilities100 (27)— — — — — 73 — — 
Total$(28)$139 $— $(130)$— $— $— $(19)$(93)$— 
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $— $3 $— $(5)
Non-U.S. governments7 — — — — — — 7 — — 
Corporate debt323 (1)(3)(71)232 (245)5 240 — (6)
RMBS1,792 53 32 (238)308 (89)36 1,894 — (43)
CMBS25 (11)13 (32)108 (78)1 26 — 1 
CLO/ABS1,289 (22)54 (441)43 (83)— 840 — 37 
Total bonds available for sale3,439 19 96 (782)691 (495)42 3,010 — (16)
Other bond securities:
Corporate debt45 — — — 1 (45)— 1 — — 
RMBS51 1 — (3)— (3)4 50 2 — 
CLO/ABS138 1 — 4 2 (32)— 113 (1)— 
Total other bond securities234 2 — 1 3 (80)4 164 1 — 
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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
Equity securities14 1 — 4 11 (13)(2)15 1 — 
Other invested assets221 (16)— (35)— (13)6 163 (11)— 
Other assets243 — — (114)— — — 129 — — 
Total
$4,151 $6 $96 $(926)$705 $(601)$50 $3,481 $(9)$(16)
(in millions)
Fair Value
Beginning
of Year		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		OtherFair
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:
Derivative liabilities, net(a)
$(453)$41 $— $377 $— $— $35 $— $(1)$— 
Fortitude Re funds withheld payable(148)75 — (55)— — — (128)(26)— 
Other liabilities122 (2)— (20)— — — 100 — — 
Total
$(479)$114 $— $302 $— $— $35 $(28)$(27)$— 
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2025 and 2024 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
December 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1 $— $— $1 
Non-U.S. governments1 — (1)— 
Corporate debt6 (22)(153)(169)
RMBS55 (3)(193)(141)
CMBS— (4)(5)(9)
CLO/ABS1,444 (98)(256)1,090 
Total bonds available for sale1,507 (127)(608)772 
Other bond securities:
RMBS3 — (3)— 
CLO/ABS1 — (8)(7)
Total other bond securities4 — (11)(7)
Equity securities75 (57)— 18 
Other invested assets11 — (36)(25)
Other assets— — 1 1 
Total$1,597 $(184)$(654)$759 
Liabilities:
Fortitude Re funds withheld payable$— $— $(130)$(130)
Total$— $— $(130)$(130)
December 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1 $— $(1)$— 
Non-U.S. governments4 — (4)— 
Corporate Debt43 (29)(85)(71)
RMBS89 (53)(274)(238)
CMBS— (15)(17)(32)
CLO/ABS447 (681)(207)(441)
Total bonds available for sale584 (778)(588)(782)
Other bond securities:
RMBS3 (1)(5)(3)
CLO/ABS13 — (9)4 
Total other bond securities16 (1)(14)1 
Equity securities6 (2)— 4 
Other invested assets3 — (38)(35)
Other assets— — (114)(114)
Total$609 $(781)$(754)$(926)
Liabilities:
Derivative liabilities, net$— $— $377 $377 
Fortitude Re funds withheld payable— — (55)(55)
Other liabilities— — (20)(20)
Total$— $— $302 $302 
(a)There were no issuances during the years ended December 31, 2025 and 2024.
Schedule of Liabilities Measured on a Recurring Basis
The following tables present changes during the years ended December 31, 2025 and 2024 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Consolidated Balance Sheets at December 31, 2025 and 2024:
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $1 $— $— $— $4 $— $1 
Non-U.S. governments7 — — — 16 — — 23 — 3 
Corporate debt240 (19)(1)(169)109 (85)38 113 — 27 
RMBS1,894 27 6 (141)2 (242)— 1,546 — (7)
CMBS26 (4)5 (9)6 — — 24 — 1 
CLO/ABS840 8 17 1,090 — (154)(60)1,741 — 19 
Total bonds available for sale3,010 12 27 772 133 (481)(22)3,451 — 44 
Other bond securities:
Corporate debt1 (1)— — — — — — (1)— 
RMBS50 2 — — 1 (2)— 51 2 — 
CLO/ABS113 4 — (7)31 (22)— 119 8 — 
Total other bond securities164 5 — (7)32 (24)— 170 9 — 
Equity securities15 4 — 18 18 — — 55 1 — 
Other invested assets163 (3)— (25)1 (63)19 92 1 — 
Other assets129 — — 1 — — — 130 — — 
Total
$3,481 $18 $27 $759 $184 $(568)$(3)$3,898 $11 $44 
(in millions)Fair Value
Beginning
of Year		Net
Realized
and
Unrealized
(Gains)
Losses
Included
in Income		Other
Comprehensive
(Income) Loss		Purchases,
Sales,
Issuances
and
Settlements,
Net		Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Year		Changes in
Unrealized
Gains
(Losses)
Included in
Income on
Instruments
Held at End
of Year		Changes in
Unrealized Gains
(Losses)
Included in Other
Comprehensive
Income (Loss) for
Recurring Level 3
Instruments Held
at End of Year
Liabilities:
Fortitude Re funds withheld payable$(128)$166 $— $(130)$— $— $— $(92)$(93)$— 
Other Liabilities100 (27)— — — — — 73 — — 
Total$(28)$139 $— $(130)$— $— $— $(19)$(93)$— 
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $— $3 $— $(5)
Non-U.S. governments7 — — — — — — 7 — — 
Corporate debt323 (1)(3)(71)232 (245)5 240 — (6)
RMBS1,792 53 32 (238)308 (89)36 1,894 — (43)
CMBS25 (11)13 (32)108 (78)1 26 — 1 
CLO/ABS1,289 (22)54 (441)43 (83)— 840 — 37 
Total bonds available for sale3,439 19 96 (782)691 (495)42 3,010 — (16)
Other bond securities:
Corporate debt45 — — — 1 (45)— 1 — — 
RMBS51 1 — (3)— (3)4 50 2 — 
CLO/ABS138 1 — 4 2 (32)— 113 (1)— 
Total other bond securities234 2 — 1 3 (80)4 164 1 — 
(in millions)Fair Value
Beginning
of Year		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		OtherFair
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
Equity securities14 1 — 4 11 (13)(2)15 1 — 
Other invested assets221 (16)— (35)— (13)6 163 (11)— 
Other assets243 — — (114)— — — 129 — — 
Total
$4,151 $6 $96 $(926)$705 $(601)$50 $3,481 $(9)$(16)
(in millions)
Fair Value
Beginning
of Year		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		OtherFair
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:
Derivative liabilities, net(a)
$(453)$41 $— $377 $— $— $35 $— $(1)$— 
Fortitude Re funds withheld payable(148)75 — (55)— — — (128)(26)— 
Other liabilities122 (2)— (20)— — — 100 — — 
Total
$(479)$114 $— $302 $— $— $35 $(28)$(27)$— 
(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2025 and 2024 related to Level 3 assets and liabilities in the Consolidated Balance Sheets:
(in millions)PurchasesSales
Issuances
and
Settlements(a)
Purchases, Sales,
 Issuances and
Settlements, Net(a)
December 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1 $— $— $1 
Non-U.S. governments1 — (1)— 
Corporate debt6 (22)(153)(169)
RMBS55 (3)(193)(141)
CMBS— (4)(5)(9)
CLO/ABS1,444 (98)(256)1,090 
Total bonds available for sale1,507 (127)(608)772 
Other bond securities:
RMBS3 — (3)— 
CLO/ABS1 — (8)(7)
Total other bond securities4 — (11)(7)
Equity securities75 (57)— 18 
Other invested assets11 — (36)(25)
Other assets— — 1 1 
Total$1,597 $(184)$(654)$759 
Liabilities:
Fortitude Re funds withheld payable$— $— $(130)$(130)
Total$— $— $(130)$(130)
December 31, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$1 $— $(1)$— 
Non-U.S. governments4 — (4)— 
Corporate Debt43 (29)(85)(71)
RMBS89 (53)(274)(238)
CMBS— (15)(17)(32)
CLO/ABS447 (681)(207)(441)
Total bonds available for sale584 (778)(588)(782)
Other bond securities:
RMBS3 (1)(5)(3)
CLO/ABS13 — (9)4 
Total other bond securities16 (1)(14)1 
Equity securities6 (2)— 4 
Other invested assets3 — (38)(35)
Other assets— — (114)(114)
Total$609 $(781)$(754)$(926)
Liabilities:
Derivative liabilities, net$— $— $377 $377 
Fortitude Re funds withheld payable— — (55)(55)
Other liabilities— — (20)(20)
Total$— $— $302 $302 
(a)There were no issuances during the years ended December 31, 2025 and 2024.
Schedule of Net Realized and Unrealized Gains and Losses Included in Income, Level 3 Assets
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)		Total
December 31, 2025
Assets:
Bonds available for sale$27 $(15)$12 
Other bond securities5 — 5 
Equity securities4 — 4 
Other invested assets(2)(1)(3)
December 31, 2024
Assets:
Bonds available for sale$75 $(56)$19 
Other bond securities2 — 2 
Equity securities1 — 1 
Other invested assets(16)— (16)
(in millions)Net
Investment
Income		Net Realized
(Gains) Losses		Total
December 31, 2025
Liabilities:
Fortitude Re funds withheld payable$— $166 $166 
Other Liabilities— (27)(27)
December 31, 2024
Liabilities:
Derivative liabilities, net$— $41 $41 
Fortitude Re funds withheld payable— 75 75 
Other Liabilities— (2)(2)
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, 2025		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$2 Discounted cash flowYield
5.27% - 5.27% (5.27%)
RMBS(a)
1,165 Discounted cash flowConstant prepayment rate
4.09% - 7.47% (5.78%)
Loss severity
39.29% - 79.56% (59.42%)
Constant default rate
0.51% - 1.94% (1.22%)
Yield
5.25% - 6.30% (5.77%)
CLO/ABS(a)
1,321 Discounted cash flowYield
0.07% - 13.26% (6.48%)
CMBS24 Discounted cash flowYield
4.95% - 4.95% (4.95%)
(in millions)Fair Value at
December 31, 2024		Valuation
 Technique
Unobservable Input(b)
Range
(Weighted Average)(c)
Assets:
Obligations of states, municipalities and political subdivisions$3 Discounted cash flowYield
5.09% - 5.57% (5.33%)
Corporate debt177 Discounted cash flowYield
6.83% - 11.61% (9.22%)
RMBS(a)
1,321 Discounted cash flowConstant prepayment rate
4.10% - 9.26% (6.68%)
Loss severity
40.81% - 76.72% (58.76%)
Constant default rate
0.57% - 2.48% (1.52%)
Yield
5.89% - 6.98% (6.44%)
CLO/ABS(a)
760 Discounted cash flowYield
4.24% - 8.42% (6.33%)
CMBS25 Discounted cash flowYield
7.04% - 10.12% (8.70%)
(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.
Schedule of 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, 2025December 31, 2024
(in millions)
Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
Investment Category
Private equity funds:
Leveraged buyoutDebt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage$1,142 $450 $1,126 $375 
Real assetsInvestments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets496 67 782 261 
Venture capitalEarly-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 company87 31 83 40 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses172 11 175 1 
December 31, 2025December 31, 2024
(in millions)
Investment Category Includes		Fair Value Using NAV Per Share (or its equivalent)Unfunded CommitmentsFair Value Using NAV Per Share (or its equivalent)Unfunded Commitments
MezzanineFunds that make investments in the junior debt and equity securities of leveraged companies92 54 120 58 
OtherIncludes 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 strategies1,101 653 819 57 
Total private equity funds3,090 1,266 3,105 792 
Hedge funds:
Event-drivenSecurities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations10 — 11 — 
Long-shortSecurities that the manager believes are undervalued, with corresponding short positions to hedge market risk155 — 168 — 
OtherIncludes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments9 — 8 — 
Total hedge funds174 — 187 — 
Total$3,264 $1,266 $3,292 $792 
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)202520242023
Other bond securities(a)
$52 $19 $46 
Alternative investments(b)
190 257 220 
Retained investment in Corebridge(c)
187 439 — 
Total gain (loss)$429 $715 $266 
(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8.
(b)Includes certain hedge funds, private equity funds and real estate investments.
(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares.
Schedule of Fair Values of Financial Instruments not Measured at Fair Value
The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
December 31, 2025
Assets:
Mortgage and other loans receivable$— $334 $2,500 $2,834 $2,887 
Other invested assets— 480 13 493 493 
Short-term investments
— 5,232 — 5,232 5,232 
Cash1,274 — — 1,274 1,274 
Other assets16 — — 16 16 
Liabilities:
Fortitude Re funds withheld payable— — 3,130 3,130 3,130 
Long-term debt— 8,702 — 8,702 9,035 
Debt of consolidated investment entities— — 156 156 156 
Estimated Fair ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets:
Mortgage and other loans receivable$— $339 $3,413 $3,752 $3,868 
Other invested assets— 578 5 583 583 
Short-term investments
— 4,673 — 4,673 4,673 
Cash1,302 — — 1,302 1,302 
Other assets15 — — 15 15 
Liabilities:
Fortitude Re funds withheld payable— — 3,335 3,335 3,335 
Long-term debt— 7,981 240 8,221 8,764 
Debt of consolidated investment entities— — 158 158 158