v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
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
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$3,353 $— $31 $(86)$3,298 
Obligations of states, municipalities and political subdivisions2,757 — 71 (53)2,775 
Non-U.S. governments6,799 (1)86 (368)6,516 
Corporate debt37,746 (31)576 (1,056)37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS10,137 (4)294 (259)10,168 
CMBS4,585 — 67 (36)4,616 
(in millions)
Amortized
Cost
Allowance
for Credit
Losses(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
CLO/ABS6,395 (1)53 (23)6,424 
Total mortgage-backed, asset-backed and collateralized21,117 (5)414 (318)21,208 
Total bonds available for sale(b)
$71,772 $(37)$1,178 $(1,881)$71,032 
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$3,346 $— $20 $(99)$3,267 
Obligations of states, municipalities and political subdivisions3,223 — 32 (112)3,143 
Non-U.S. governments8,644 (1)54 (590)8,107 
Corporate debt33,031 (28)581 (1,758)31,826 
Mortgage-backed, asset-backed and collateralized:
RMBS8,820 (6)209 (419)8,604 
CMBS3,988 (3)32 (91)3,926 
CLO/ABS5,143 — 34 (44)5,133 
Total mortgage-backed, asset-backed and collateralized17,951 (9)275 (554)17,663 
Total bonds available for sale(b)
$66,195 $(38)$962 $(3,113)$64,006 
(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 OCI.
(b)At December 31, 2025 and 2024, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.9 billion or 8 percent and $3.6 billion or 6 percent, respectively.
Schedule of Fair Value and Gross Unrealized Loss on Available for Sale Securities
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 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$167 $8 $322 $78 $489 $86 
Obligations of states, municipalities and political subdivisions232 8 515 45 747 53 
Non-U.S. governments1,524 33 1,347 336 2,871 369 
Corporate debt6,031 125 8,165 927 14,196 1,052 
RMBS769 8 1,764 241 2,533 249 
CMBS580 6 523 30 1,103 36 
CLO/ABS883 5 232 18 1,115 23 
Total bonds available for sale$10,186 $193 $12,868 $1,675 $23,054 $1,868 
December 31, 2024
Bonds available for sale:
U.S. government and government sponsored entities$1,718 $21 $358 $78 $2,076 $99 
Obligations of states, municipalities and political subdivisions1,502 33 586 79 2,088 112 
Non-U.S. governments1,964 55 3,446 534 5,410 589 
Corporate debt10,347 234 10,907 1,515 21,254 1,749 
RMBS3,711 58 2,147 343 5,858 401 
CMBS1,052 18 992 71 2,044 89 
CLO/ABS1,368 9 315 35 1,683 44 
Total bonds available for sale$21,662 $428 $18,751 $2,655 $40,413 $3,083 
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:
December 31, 2025Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$4,863 $4,840 
Due after one year through five years23,137 23,211 
Due after five years through ten years16,521 16,435 
Due after ten years6,102 5,338 
Mortgage-backed, asset-backed and collateralized21,112 21,208 
Total$71,735 $71,032 
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:
Years Ended December 31,
202520242023
(in millions)Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses		Gross
Realized
Gains		Gross
Realized
Losses
Fixed maturity securities$72$665$81$700$130$865
The following table presents the components of Net realized gains (losses):
Years Ended December 31,202520242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales of fixed maturity securities$(523)$(70)$(593)$(583)$(36)$(619)$(668)$(67)$(735)
Change in allowance for credit losses on fixed maturity securities1 — 1 (25)— (25)(44)— (44)
Change in allowance for credit losses on loans(10)11 1 (23)— (23)(28)3 (25)
Foreign exchange transactions146 17 163 256 (9)247 124 5 129 
All other derivatives and hedge accounting(180)(20)(200)(62)7 (55)(165)(8)(173)
Sales of alternative investments3 — 3 (16)— (16)29 — 29 
Other*(403)(8)(411)19 (1)18 18 (4)14 
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(966)(70)(1,036)(434)(39)(473)(734)(71)(805)
Net realized losses on Fortitude Re funds withheld embedded derivative— (166)(166)— (75)(75)— (273)(273)
Net realized losses$(966)$(236)$(1,202)$(434)$(114)$(548)$(734)$(344)$(1,078)
*In the year ended December 31, 2025, Other increased primarily as a result of impairments on investments in real estate funds, which were sold on December 23, 2025.
Fair Value of Fixed Maturity Securities Measured at Fair Value Based on Election of the Fair Value Option
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)December 31, 2025December 31, 2024
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$51 4 %$50 3 %
Non-U.S. governments23 2 24 2 
Corporate debt274 22 282 19 
Mortgage-backed, asset-backed and collateralized:
RMBS97 8 100 7 
CMBS42 3 43 3 
CLO/ABS and other collateralized securities254 20 246 17 
Total mortgage-backed, asset-backed and collateralized
393 31 389 27 
Total fixed maturity securities741 59 745 51 
Equity securities502 41 704 49 
Total$1,243 100 %$1,449 100 %
Schedule of Other Invested Assets
The following table summarizes the carrying amounts of other invested assets:
(in millions)December 31, 2025December 31, 2024
Alternative investments(a)
$3,456 $4,032 
Retained investment in Corebridge using fair value option1,512 3,810 
All other investments(b)
1,728 1,986 
Total$6,696 $9,828 
(a)At December 31, 2025, includes hedge funds of $175 million and private equity funds of $3.0 billion. At December 31, 2024, included hedge funds of $187 million and private equity funds of $3.6 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At December 31, 2025 and 2024, the accumulated depreciation was $142 million and $161 million, respectively.
(b)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at both December 31, 2025 and 2024.
Schedule of Summarized Financial Information of Equity Method Investees
The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected:
Years Ended December 31,
(in millions)2025*2024*2023
Operating results:
Total revenues$20,079 $21,860 $2,320 
Total expenses(20,386)(18,557)(1,668)
Income before income taxes$(307)$3,303 $652 
At December 31,
(in millions)20252024
Balance sheet:
Total assets$435,050 $418,639 
Total liabilities$(402,711)$(383,643)
*2025 and 2024 include investment in Corebridge.
Schedule of Net Investment Income
The following table presents the components of Net investment income:
Years Ended December 31,202520242023
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$3,446 $72 $3,518 $2,989 $89 $3,078 $2,862 $95 $2,957 
Other fixed maturity securities
— 51 51 — 19 19 3 43 46 
Equity securities82 — 82 149 — 149 53 — 53 
Interest on mortgage and other loans167 25 192 229 32 261 283 38 321 
Alternative investments(a)
273 — 273 196 — 196 199 — 199 
Other investments(b)
268 1 269 727 4 731 101 4 105 
Total investment income4,236 149 4,385 4,290 144 4,434 3,501 180 3,681 
Investment expenses170 — 170 179 — 179 235 — 235 
Net investment income$4,066 $149 $4,215 $4,111 $144 $4,255 $3,266 $180 $3,446 
(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.
(b)Includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $90 million and $187 million, respectively, for the year ended December 31, 2025 and $162 million and $439 million, respectively, for the year ended December 31, 2024.
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:
Years Ended
December 31,
(in millions)20252024
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$1,448 $692 
Total increase (decrease) in unrealized appreciation (depreciation) of investments*$1,448 $692 
*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at December 31, 2024.
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:
Years Ended December 31,20252024
(in millions)EquitiesOther
Invested
Assets*		TotalEquitiesOther
Invested
Assets*		Total
Net gains recognized during the period on equity securities and other investments$68 $412 $480 $149 $696 $845 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period26 (200)(174)45 461 506 
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date$42 $612 $654 $104 $235 $339 
*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $187 million and $439 million in the years ended December 31, 2025 and 2024, respectively.
Rollforward of the Changes in Allowance for Credit Losses on Available for Sale Fixed Maturity Securities
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:
Years Ended December 31,202520242023
(in millions)StructuredNon-
Structured		TotalStructuredNon-
Structured		TotalStructuredNon-
Structured		Total
Balance, beginning of year$10 $28 $38 $13 $21 $34 $20 $17 $37 
Additions:
Securities for which allowance for credit losses was not previously recorded1 27 28 5 10 15 6 46 52 
Reductions:
Securities sold during the period— (12)(12)(4)(2)(6)(3)(9)(12)
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(1)5 4 (3)13 10 (1)(7)(8)
Write-offs charged against the allowance(5)(15)(20)— (24)(24)(11)(26)(37)
Other— (1)(1)(1)10 9 2 — 2 
Balance, end of year$5 $32 $37 $10 $28 $38 $13 $21 $34