American International (AIG) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	American International Group, Inc.
Entity Central Index Key	0000005272
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		869,908,302
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity File Number	1-8787
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-2592361
Entity Address Address Line 1	175 Water Street
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10038
City Area Code	212
Local Phone Number	770-7000
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Entity Listings [Line Items]
Security 12b Title	Common Stock, Par Value $2.50 Per Share
Trading Symbol	AIG
Security Exchange Name	NYSE
Warrants
Entity Listings [Line Items]
Security 12b Title	Warrants (expiring January 19, 2021)
Trading Symbol	AIG WS
Security Exchange Name	NYSE
5.75% Series A-2 Junior Sebordinated Debentures
Entity Listings [Line Items]
Security 12b Title	5.75% Series A-2 Junior Subordinated Debentures
Trading Symbol	AIG 67BP
Security Exchange Name	NYSE
4.875% Series A-3 Junior Subordinated Debentures
Entity Listings [Line Items]
Security 12b Title	4.875% Series A-3 Junior Subordinated Debentures
Trading Symbol	AIG 67EU
Security Exchange Name	NYSE
Stock Purchase Rights
Entity Listings [Line Items]
Security 12b Title	Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Depository Shares Each Representing 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock
Entity Listings [Line Items]
Security 12b Title	Depositary Shares
Trading Symbol	AIG PRA
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fixed maturity securities:
Bonds available for sale, at fair value (amortized cost: 2019 - $230,062; 2018 - $225,780)	$ 245,561	$ 229,391
Other bond securities, at fair value (See Note 6)	10,461	11,415
Equity Securities, at fair value (See Note 6)	880	1,253
Mortgage and other loans receivable, net of allowance	43,556	43,135
Other invested assets (portion measured at fair value: 2019 - $5,886; 2018 - $5,894)	19,454	19,341
Short-term investments, including restricted cash of $18 in 2019 and $142 in 2018 (portion measured at fair value: 2019 - $5,450; 2018 - $3,015)	15,016	9,674
Total investments	334,928	314,209
Cash	2,935	2,873
Accrued investment income	2,359	2,389
Premiums and other receivables, net of allowance	12,614	11,011
Reinsurance assets, net of allowance	40,520	38,172
Deferred income taxes	13,337	15,221
Deferred policy acquisition costs	11,386	12,694
Other assets, including restricted cash of $232 in 2019 and $343 in 2018 (portion measured at fair value: 2019 - $964; 2018 - $973)	13,879	13,568
Separate account assets, at fair value	90,311	81,847
Total assets	522,269	491,984
Liabilities:
Liability for unpaid losses and loss adjustment expenses	81,057	83,639
Unearned premiums	20,621	19,248
Future policy benefits for life and accident and health insurance contracts	47,539	44,935
Policyholder contract deposits (portion measured at fair value: 2019 - $6,065; 2018 - $4,116)	148,521	142,262
Other policyholder funds	3,488	3,568
Other liabilities (portion measured at fair value: 2019 - $1,232; 2018 - $1,265)	28,336	24,636
Long-term debt (portion measured at fair value: 2019 - $2,303; 2018 - $2,213)	36,291	34,540
Separate account liabilities	90,311	81,847
Total liabilities	456,164	434,675
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: 2019 - 20,000 and 2018 - 0; liquidation preference $500	485	0
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2019 - 1,906,671,492 and 2018 - 1,906,671,492	4,766	4,766
Treasury stock, at cost; 2019 - 1,036,769,981 shares; 2018 - 1,040,062,063 shares of common stock	(48,991)	(49,144)
Additional paid-in capital	81,211	81,268
Retained earnings	22,077	20,884
Accumulated other comprehensive income (loss)	4,991	(1,413)
Total AIG shareholders' equity	64,539	56,361
Non-redeemable noncontrolling interests	1,566	948
Total equity	66,105	57,309
Total liabilities and equity	$ 522,269	$ 491,984

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical - assets and liabilities) - USD ($) $ in Millions	Jun. 30, 2019		Dec. 31, 2018
Assets:
Bonds available for sale, amortized cost	$ 230,062		$ 225,780
Other invested assets, portion measured at fair value	5,886		5,894
Short-term investments, portion measured at fair value	5,450		3,015
Other assets, portion measured at fair value	964		973
Liabilities:
Policyholder contract deposits, portion measured at fair value	6,065		4,116
Other liabilities, portion measured at fair value	1,232		1,265
Long-term debt, portion measured at fair value	2,303		2,213
Other assets
Assets:
Restricted cash	232	[1]	343
Short-term investments
Assets:
Restricted cash	$ 18	[1]	$ 142
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Parenthetical - equity) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
AIG shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 5	$ 0
Preferred stock, shares authorized	100,000,000	0
Preferred stock, shares issued	20,000	0
Preferred stock liquidation preference	$ 500	$ 0
Common stock, par value (in dollars per share)	$ 2.50	$ 2.5
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	1,906,671,492	1,906,671,492
Treasury stock, shares of common stock	1,036,769,981	1,040,062,063

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Premiums	$ 7,430	$ 7,207	$ 15,500	$ 14,482
Policy fees	769	763	1,504	1,527
Net investment income	3,745	3,065	7,624	6,326
Net realized capital losses:
Total other-than-temporary impairments on available for sale securities	(24)	(28)	(104)	(103)
Portion of other-than-temporary impairments on available for sale fixed maturity securities recognized in Other comprehensive loss	(6)	(8)	(9)	(20)
Net other-than-temporary impairments on available for sale securities recognized in net income	(30)	(36)	(113)	(123)
Other realized capital gains (losses)	434	201	71	269
Total net realized capital gain (losses)	404	165	(42)	146
Other income	213	431	431	862
Total revenues	12,561	11,631	25,017	23,343
Benefits, losses and expenses:
Policyholder benefits and losses incurred	5,802	5,505	12,481	11,172
Interest credited to policyholder account balances	967	935	1,907	1,851
Amortization of deferred policy acquisition costs	1,439	1,337	2,728	2,695
General operating and other expenses	2,140	2,323	4,193	4,594
Interest expense	360	299	709	576
(Gain) loss on extinguishment of debt	15	5	13	9
Net gain on sale of divested businesses	1	(25)	(5)	(33)
Total benefits, losses and expenses	10,724	10,379	22,026	20,864
Income from continuing operations before income tax expense	1,837	1,252	2,991	2,479
Income tax expense	446	321	663	598
Income from continuing operations	1,391	931	2,328	1,881
Loss from discontinued operations, net of income tax expense	(1)	0	(1)	(1)
Net income	1,390	931	2,327	1,880
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income attributable to AIG	1,109	937	1,763	1,875
Less: Dividends on preferred stock	7	0	7	0
Net income attributable to AIG common shareholders	$ 1,102	$ 937	$ 1,756	$ 1,875
Basic:
Income from continuing operations	$ 1.26	$ 1.04	$ 2	$ 2.07
Income from discontinued operations	0	0	0	0
Net income attributable to AIG	1.26	1.04	2	2.07
Diluted:
Income from continuing operations	1.24	1.02	1.99	2.04
Income from discontinued operations	0	0	0	0
Net income attributable to AIG	$ 1.24	$ 1.02	$ 1.99	$ 2.04
Weighted average shares outstanding:
Basic	876,382,884	903,215,488	875,885,588	905,566,733
Diluted	888,325,042	916,572,481	882,921,247	920,902,720

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 1,390	$ 931	$ 2,327	$ 1,880
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken	82	(1,046)	758	(1,196)
Change in unrealized appreciation (depreciation) of all other investments	2,914	(756)	5,622	(3,464)
Change in foreign currency translation adjustments	(129)	(210)	35	(52)
Change in retirement plan liabilities adjustment	8	23	7	52
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2)	(1)	(2)	1
Other comprehensive income (loss)	2,873	(1,990)	6,420	(4,659)
Comprehensive income (loss)	4,263	(1,059)	8,747	(2,779)
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	$ 3,972	$ (1,053)	$ 8,167	$ (2,784)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total AIG Shareholders' Equity	Preferred Stock and Additional Paid-In Capital	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non redeemable Non-controlling Interests
Cumulative effect of change in accounting principle, net of tax								$ (576)
Balance at Dec. 31, 2017	$ 65,708	$ 65,171	$ 0	$ 4,766	$ (47,595)	$ 81,078	$ 21,457	5,465	$ 537
Common stock issued under stock plans	(150)	(150)	0	0	187	(337)	0	0	0
Purchase of common stock	(646)	(646)	0	0	(646)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	1,880	1,875	0	0	0	0	1,875	0	5
Dividends on common stock	(575)	(575)	0	0	0	0	(575)	0	0
Other comprehensive income (loss)	(4,659)	(4,659)	0	0	0	0	0	(4,659)	0
Net increase due to acquisitions and consolidations	98	0	0	0	0	0	0	0	98
Contributions from noncontrolling interests	3	0	0	0	0	0	0	0	3
Distributions to noncontrolling interests	(27)	0	0	0	0	0	0	0	(27)
Other	173	178	0	0	2	183	(7)	0	(5)
Balance at Jun. 30, 2018	61,797	61,186	0	4,766	(48,052)	80,924	23,318	230	611
Cumulative effect of change in accounting principle, net of tax	(8)	(8)	0	0	0	0	568	(576)	0
Balance at Mar. 31, 2018	63,357	62,792	0	4,766	(47,706)	80,841	22,671	2,220	565
Common stock issued under stock plans	0	0	0	0	1	(1)	0	0	0
Purchase of common stock	(348)	(348)	0	0	(348)	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	931	937	0	0	0	0	937	0	(6)
Dividends on common stock	(286)	(286)	0	0	0	0	(286)	0	0
Other comprehensive income (loss)	(1,990)	(1,990)	0	0	0	0	0	(1,990)	0
Net increase due to acquisitions and consolidations	62	0	0	0	0	0	0	0	62
Contributions from noncontrolling interests	(7)	0	0	0	0	0	0	0	(7)
Distributions to noncontrolling interests	(2)	0	0	0	0	0	0	0	(2)
Other	80	81	0	0	1	84	(4)	0	(1)
Balance at Jun. 30, 2018	61,797	61,186	0	4,766	(48,052)	80,924	23,318	230	611
Cumulative effect of change in accounting principle, net of tax	0	0	0	0	0	0	0	0	0
Balance at Dec. 31, 2018	57,309	56,361	0	4,766	(49,144)	81,268	20,884	(1,413)	948
Dividends on preferred stock	(7)	(7)	0	0	0	0	(7)	0	0
Balance at Mar. 31, 2019	62,093	60,787	485	4,766	(48,999)	81,148	21,259	2,128	1,306
Balance at Dec. 31, 2018	57,309	56,361	0	4,766	(49,144)	81,268	20,884	(1,413)	948
Preferred stock issued	485	485	485	0	0	0	0	0	0
Common stock issued under stock plans	(78)	(78)	0	0	153	(231)	0	0	0
Purchase of common stock	0	0	0	0	0	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	2,327	1,763	0	0	0	0	1,763	0	564
Dividends on preferred stock	(7)	(7)	0	0	0	0	(7)	0	0
Dividends on common stock	(557)	(557)	0	0	0	0	(557)	0	0
Other comprehensive income (loss)	6,420	6,404	0	0	0	0	0	6,404	16
Current and deferred income taxes	0	0	0	0	0	0	0	0	0
Net increase due to acquisitions and consolidations	96	0	0	0	0	0	0	0	96
Contributions from noncontrolling interests	2	0	0	0	0	0	0	0	2
Distributions to noncontrolling interests	(69)	0	0	0	0	0	0	0	(69)
Other	177	168	0	0	0	174	(6)	0	9
Balance at Jun. 30, 2019	66,105	64,539	485	4,766	(48,991)	81,211	22,077	4,991	1,566
Balance at Mar. 31, 2019	62,093	60,787	485	4,766	(48,999)	81,148	21,259	2,128	1,306
Preferred stock issued	0	0	0	0	0	0	0	0	0
Common stock issued under stock plans	(1)	(1)	0	0	8	(9)	0	0	0
Purchase of common stock	0	0	0	0	0	0	0	0	0
Net income (loss) attributable to AIG or other noncontrolling interests	1,390	1,109	0	0	0	0	1,109	0	281
Dividends on common stock	(279)	(279)	0	0	0	0	(279)	0	0
Other comprehensive income (loss)	2,873	2,863	0	0	0	0	0	2,863	10
Current and deferred income taxes	1	1	0	0	0	1	0	0	0
Net increase due to acquisitions and consolidations	(12)	0	0	0	0	0	0	0	(12)
Contributions from noncontrolling interests	(10)	0	0	0	0	0	0	0	(10)
Distributions to noncontrolling interests	(10)	0	0	0	0	0	0	0	(10)
Other	67	66	0	0	0	71	(5)	0	1
Balance at Jun. 30, 2019	$ 66,105	$ 64,539	$ 485	$ 4,766	$ (48,991)	$ 81,211	$ 22,077	$ 4,991	$ 1,566

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 2,327	$ 1,880
Loss from discontinued operations	1	1
Noncash revenues, expenses, gains and losses included in income:
Net gains on sales of securities available for sale and other assets	(141)	(103)
Net gain on sale of divested businesses	(5)	(33)
(Gains) losses on extinguishment of debt	13	9
Unrealized losses in earnings - net	369	43
Equity in income from equity method investments, net of dividends or distributions	(62)	95
Depreciation and other amortization	2,657	2,784
Impairments of assets	167	209
Changes in operating assets and liabilities:
Insurance reserves	(1,057)	(745)
Premiums and other receivables and payables - net	22	13
Reinsurance assets and funds held under reinsurance treaties	(2,334)	(1,413)
Capitalization of deferred policy acquisition costs	(2,843)	(2,875)
Current and deferred income taxes - net	523	563
Other, net	(909)	(768)
Total adjustments	(3,600)	(2,221)
Net cash used in operating activities	(1,272)	(340)
Sales or distribution of:
Available for sale securities	12,765	12,233
Other securities	2,609	2,484
Other invested assets	1,931	2,306
Divested businesses, net	0	10
Maturities of fixed maturity securities available for sale	11,888	12,305
Principal payments received on and sales of mortgage and other loans receivable	2,474	1,836
Purchases of:
Available for sale securities	(27,219)	(21,000)
Other securities	(405)	(797)
Other invested assets	(1,423)	(1,542)
Mortgage and other loans receivable	(2,919)	(5,165)
Net change in short-term investments	(4,837)	(3,840)
Other, net	989	(300)
Net cash used in investing activities	(4,147)	(1,470)
Proceeds from (payments for)
Policyholder contract deposits	11,474	12,625
Policyholder contract withdrawals	(8,362)	(8,770)
Issuance of long-term debt	2,199	3,504
Repayments of long-term debt	(910)	(1,959)
Issuance of preferred stock	485	0
Purchase of common stock	0	(646)
Dividends paid on preferred stock	(7)	0
Dividends paid on common stock	(557)	(575)
Other, net	896	(2,756)
Net cash provided by financing activities	5,218	1,423
Effect of exchange rate changes on cash and restricted cash	28	30
Net decrease in cash and restricted cash	(173)	(357)
Cash and restricted cash at beginning of year	3,358	2,737
Cash and restricted cash at end of period	$ 3,185	$ 2,380

Supplementary Disclosure of Con

Supplementary Disclosure of Consolidated Cash Flow Information - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash		$ 2,935	$ 2,135
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows		3,185	2,380
Cash paid during the period for:
Interest		684	664
Taxes		140	40
Non-cash investing/financing activities:
Interest credited to policyholder contract deposits included in financing activities		1,791	1,662
Other assets
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	[1]	232	227
Short-term investments
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	[1]	$ 18	$ 18
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2019
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 80 countries and jurisdictions. AIG companies serve commercial and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $ 2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG). Unless the context indicates otherwise, the terms “AIG,” “we,” “us” or “our” mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. 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, 2018 (the 2018 Annual Report). The condensed consolidated financial information as of December 31, 2018 included herein has been derived from the audited Consolidated Financial Statements in the 2018 Annual Report. Certain of our foreign subsidiaries included in the Condensed Consolidated Financial Statements report on the basis of fiscal period ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries through the date of each of the periods presented in these 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. Interim-period operating results may not be indicative of the operating results for a full year. We evaluated the need to recognize or disclose events that occurred subsequent to June 30, 2019 and prior to the issuance of these Condensed Consolidated Financial Statements. Use of Estimates The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • liability for unpaid losses and loss adjustment expenses (loss reserves); • reinsurance assets; • valuation of future policy benefit liabilities and timing and extent of loss recognition; • valuation of liabilities for guaranteed benefit features of variable annuity products; • valuation of embedded derivatives for fixed index annuity and life products; • estimated gross profits to value deferred policy acquisition costs for investment-oriented products; • impairment charges, including other-than-temporary impairments on available for sale securities, impairments on other invested assets, including investments in life settlements, and goodwill impairment; • allowances for loan losses; • liability for legal contingencies; • fair value measurements of certain financial assets and liabilities; and • income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Act. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Summary of Significant Accounting Policies Accounting Standards Adopted During 2019 Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an accounting standard that requires lessees with lease terms of more than 12 months to recognize a right of use asset and a corresponding lease liability on their balance sheets. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating leases or finance leases. Lessor accounting remained largely the same, with the exception of certain specified changes. We adopted the standard on its effective date of January 1, 2019, using a modified retrospective approach and did not adjust prior comparative periods in accordance with the standard’s transition guidance. The majority of the Company’s lease obligations pertain to real estate utilized in the operation of our businesses. Consequently, the primary impact of adoption resulted in the recognition of discounted lease liabilities of $ 823 million and corresponding right-of-use assets of $ 724 million for operating leases pertaining to our real estate portfolio, which are reflected in Other Liabilities and Other Assets, respectively. The standard did not have a material effect on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued an accounting standard that shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The standard does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. We adopted the standard using a modified retrospective approach on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Derivatives and Hedging In August 2017, the FASB issued an accounting standard that improves and expands hedge accounting for both financial and commodity risks. The provisions of the standard are intended to better align the accounting with an entity’s risk management activities, enhance the transparency on how the economic results are presented in the financial statements and disclosures, and simplify the application of hedge accounting treatment. We adopted the standard on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Future Application of Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that will change how entities account for credit losses for most financial assets, trade receivables and reinsurance receivables. The standard will replace the existing incurred loss impairment model with a new “current expected credit loss model” that generally will result in earlier recognition of credit losses. The standard will apply to financial assets subject to credit losses, including loans measured at amortized cost, reinsurance receivables and certain off-balance sheet credit exposures. Additionally, the impairment of available-for-sale debt securities, including purchased credit deteriorated securities, are subject to the new guidance and will be measured in a similar manner, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard will also require additional information to be disclosed in the footnotes. We plan to adopt the standard on its effective date of January 1, 2020. We are continuing to develop our implementation plan to adopt the standard and are assessing the impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. While we expect an increase in our allowances for credit losses for the financial instruments within scope of the standard, given the objective of the new standard, the amount of any change will be dependent on our portfolios’ composition and quality at the adoption date as well as economic conditions and forecasts at that time. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The standard is effective on January 1, 2020, with early adoption permitted. We are evaluating the timing of our adoption. Any impact of the standard will be dependent on the market conditions of the reporting units at the time of adoption. Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below:  Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement.  Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income.  Simplifies the amortization of deferred acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test.  Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income.  Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We plan to adopt the standard on its effective date of January 1, 2021. We are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. RECLASSIFICATIONS In the first quarter of 2019, we began reporting investment income from our non-insurance subsidiaries in Net investment income instead of Other income on a prospective basis to be consistent with how we report investment income from our General Insurance and Life and Retirement reporting segments. This reclassification has no impact to our consolidated statement of operations.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	3. Segment Information We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows: General Insurance General Insurance business is presented as two  North America — consists of insurance businesses in the United States, Canada and Bermuda. This also includes the results of Validus Reinsurance, Ltd., Western World Insurance Group, Inc. and Glatfelter Insurance Group as of their respective acquisition dates.  International — consists of insurance businesses in Japan, the United Kingdom, Europe, Asia Pacific, Latin America, Puerto Rico, Australia, the Middle East and Africa. This also includes the results of Talbot Holdings, Ltd. as of its acquisition date. Results are presented before internal reinsurance transactions. North America and International operating segments consist of the following products: – Commercial Lines — consists of Liability, Financial Lines, Property and Special Risks. – Personal Insurance — consists of Personal Lines and Accident and Health. Life and Retirement Life and Retirement business is presented as four  Individual Retirement — consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.  Group Retirement — consists of group mutual funds, group annuities, individual annuity and investment products, and financial planning and advisory services.  Life Insurance — primary products in the U.S. include term life and universal life insurance. International operations include distribution of life and health products in the UK and Ireland.  Institutional Markets — consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance and guaranteed investment contracts (GICs). Other Operations Other Operations category consists of:  Income from assets held by AIG Parent and other corporate subsidiaries.  General operating expenses not attributable to specific reporting segments.  Interest expense.  Blackboard — a subsidiary focused on delivering commercial insurance solutions using digital technology, data analytics and automation. Legacy Portfolio Legacy Portfolio represents exited or discontinued product lines, policy forms or distribution channels. Effective February 2018, our Bermuda domiciled composite reinsurer, Fortitude Reinsurance Company Ltd. (Fortitude Re), is included in our Legacy Portfolio.  Legacy Life and Retirement Run-Off Lines — Reserves consist of certain structured settlements, pension risk transfer annuities and single premium immediate annuities written prior to April 2012. Also includes exposures to whole life, long-term care and exited accident & health product lines.  Legacy General Insurance Run-Off Lines — Reserves consist of excess workers’ compensation, environmental exposures and exposures to other products within General Insurance that are no longer actively marketed. Also includes the remaining reserves in Eaglestone Reinsurance Company (Eaglestone).  Legacy Investments — Includes investment classes that we have placed into run-off including holdings in direct investments as well as investments in global capital markets and global real estate. We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and net income (loss) attributable to AIG, respectively. Beginning in the first quarter of 2019, on a prospective basis, the changes in the fair value of equity securities are excluded from adjusted pre-tax income (loss). For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below. The following table presents AIG’s continuing operations by operating segment: Three Months Ended June 30, 2019 2018 Adjusted Adjusted Total Pre-tax Total Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 4,025 $ 718 $ 3,426 $ 407 International 3,502 262 3,801 161 Total General Insurance 7,527 980 7,227 568 Life and Retirement Individual Retirement 1,466 588 1,366 462 Group Retirement 790 293 730 250 Life Insurance 1,154 86 1,092 175 Institutional Markets 418 82 277 75 Total Life and Retirement 3,828 1,049 3,465 962 Other Operations 211 ( 415) 169 ( 374) Legacy Portfolio 740 119 781 134 AIG Consolidation and elimination ( 146) ( 56) ( 110) ( 12) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 12,160 1,677 11,532 1,278 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 84 75 ( 27) ( 36) Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - ( 73) - 1 Changes in the fair value of equity securities ( 22) ( 22) - - Professional fees related to regulatory or accounting changes - ( 2) - - Other income (expense) - net 4 - ( 14) - Loss on extinguishment of debt - ( 15) - ( 5) Net realized capital gains * 335 351 139 155 Income (loss) from divested businesses - ( 1) - 25 Non-operating litigation reserves and settlements - - 1 ( 12) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 125 - 32 Net loss reserve discount benefit (charge) - ( 212) - 14 Integration and transaction costs associated with acquired businesses - ( 6) - - Restructuring and other costs - ( 60) - ( 200) Revenues and Pre-tax income $ 12,561 $ 1,837 $ 11,631 $ 1,252 Six Months Ended June 30, 2019 2018 Adjusted Adjusted Total Pre-Tax Total Pre-Tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 8,123 $ 1,652 $ 6,766 $ 727 International 7,206 596 7,905 351 Total General Insurance 15,329 2,248 14,671 1,078 Life and Retirement Individual Retirement 2,817 1,096 2,727 961 Group Retirement 1,499 525 1,491 532 Life Insurance 2,227 202 2,153 227 Institutional Markets 1,489 150 554 134 Total Life and Retirement 8,032 1,973 6,925 1,854 Other Operations 414 ( 802) 319 ( 716) Legacy Portfolio 1,446 231 1,617 279 AIG Consolidation and elimination ( 307) ( 126) ( 172) ( 1) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 24,914 3,524 23,360 2,494 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 189 171 ( 104) ( 113) Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - 26 - ( 30) Changes in the fair value of equity securities 57 57 - - Professional fees related to regulatory or accounting changes - ( 2) - - Other income (expense) - net 11 - ( 25) - Loss on extinguishment of debt - ( 13) - ( 9) Net realized capital gains (losses) * ( 154) ( 123) 110 136 Income from divested businesses - 5 - 33 Non-operating litigation reserves and settlements - ( 1) 2 ( 25) (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 152 - ( 2) Net loss reserve discount benefit (charge) - ( 685) - 219 Integration and transaction costs associated with acquired businesses - ( 13) - - Restructuring and other costs - ( 107) - ( 224) Revenues and Pre-tax income $ 25,017 $ 2,991 $ 23,343 $ 2,479 * Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

BUSINESS COMBINATION

BUSINESS COMBINATION	6 Months Ended
	Jun. 30, 2019
BUSINESS COMBINATION
BUSINESS COMBINATION	4. Business Combination On July 18, 2018, we completed the purchase of a 100 percent voting interest in Validus Holdings, Ltd. (Validus), a leading provider of reinsurance, primary insurance, and asset management services, for $ 5.5 billion in cash. The purchase was accounted for under the acquisition method. Accordingly, the total purchase price was allocated to the estimated fair values of assets acquired and liabilities assumed. This allocation resulted in the purchase price exceeding the fair value of net assets acquired, which results in a difference recorded as goodwill. Goodwill generated from the acquisition is attributable to expected synergies from future growth and potential future monetization opportunities. Goodwill related to the purchase of Validus assigned to our General Insurance operating segments was $ 1.8 billion for North America and $ 157 million for International. In addition, Validus participates in the market for insurance-linked securities (ILS) primarily through AlphaCat Managers, Ltd (AlphaCat Manager). AlphaCat Manager is an asset manager primarily for third party investors and in connection with the issuance of ILS invests in AlphaCat funds which are considered variable interest entities (VIEs). ILS are financial instruments for which the values are determined based on insurance losses caused primarily by natural catastrophes such as major earthquakes and hurricanes. We report the investment in AlphaCat funds, which is approximately $ 125 million at June 30, 2019, in Other Invested Assets in the Condensed Consolidated Balance Sheet. The following unaudited summarized pro forma consolidated income statement information assumes that the acquisition of Validus occurred as of January 1, 2018. The pro forma amounts are for comparative purposes only and may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be attained in the future. Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018* 2019 2018* Total revenues $ 12,561 $ 12,300 $ 25,017 $ 24,542 Net income 1,390 884 2,327 1,835 Net income attributable to AIG common shareholders 1,102 890 1,756 1,830 Income per common share attributable to AIG common shareholders: Basic: Net income attributable to AIG common shareholders 1.26 0.99 2.00 2.02 Diluted: Net income attributable to AIG common shareholders 1.24 0.97 1.99 1.99 * Pro forma adjustments were made to Validus external reporting results prior to the acquisition date for the deconsolidation of certain asset management entities consistent with AIG’s post acquisition accounting, which had no impact on Net income attributable to Validus.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2019
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	5. Fair Value Measurements Fair 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: June 30, 2019 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 105 $ 4,123 $ - $ - $ - $ 4,228 Obligations of states, municipalities and political subdivisions - 13,784 2,162 - - 15,946 Non-U.S. governments 75 15,323 2 - - 15,400 Corporate debt - 142,739 1,821 - - 144,560 RMBS - 19,313 13,863 - - 33,176 CMBS - 12,521 1,103 - - 13,624 CDO/ABS - 9,565 9,062 - - 18,627 Total bonds available for sale 180 217,368 28,013 - - 245,561 Other bond securities: U.S. government and government sponsored entities 22 2,177 - - - 2,199 Non-U.S. governments - 56 - - - 56 Corporate debt - 1,798 - - - 1,798 RMBS - 494 830 - - 1,324 CMBS - 330 88 - - 418 CDO/ABS - 516 4,150 - - 4,666 Total other bond securities 22 5,371 5,068 - - 10,461 Equity securities 829 16 35 - - 880 Other invested assets (b) - 71 605 - - 676 Derivative assets: Interest rate contracts - 3,275 - - - 3,275 Foreign exchange contracts - 1,262 4 - - 1,266 Equity contracts 77 548 118 - - 743 Credit contracts - - 1 - - 1 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 2,080) ( 2,315) ( 4,395) Total derivative assets 77 5,085 136 ( 2,080) ( 2,315) 903 Short-term investments 2,368 3,082 - - - 5,450 Separate account assets 85,803 4,508 - - - 90,311 Other assets - - 61 - - 61 Total $ 89,279 $ 235,501 $ 33,918 $ ( 2,080) $ ( 2,315) $ 354,303 Liabilities: Policyholder contract deposits $ - $ - $ 6,065 $ - $ - $ 6,065 Derivative liabilities: Interest rate contracts 2 2,277 16 - - 2,295 Foreign exchange contracts - 960 - - - 960 Equity contracts 19 23 5 - - 47 Credit contracts - 21 174 - - 195 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 2,080) ( 303) ( 2,383) Total derivative liabilities 21 3,281 201 ( 2,080) ( 303) 1,120 Long-term debt - 2,303 - - - 2,303 Other liabilities 90 22 - - - 112 Total $ 111 $ 5,606 $ 6,266 $ ( 2,080) $ ( 303) $ 9,600 December 31, 2018 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 53 $ 3,207 $ - $ - $ - $ 3,260 Obligations of states, municipalities and political subdivisions - 14,001 2,000 - - 16,001 Non-U.S. governments 69 14,445 11 - - 14,525 Corporate debt - 129,836 864 - - 130,700 RMBS - 20,178 14,199 - - 34,377 CMBS - 11,784 917 - - 12,701 CDO/ABS - 8,725 9,102 - - 17,827 Total bonds available for sale 122 202,176 27,093 - - 229,391 Other bond securities: U.S. government and government sponsored entities 11 2,654 - - - 2,665 Non-U.S. governments - 45 - - - 45 Corporate debt - 1,671 - - - 1,671 RMBS - 424 1,290 - - 1,714 CMBS - 311 77 - - 388 CDO/ABS - 454 4,478 - - 4,932 Total other bond securities 11 5,559 5,845 - - 11,415 Equity securities 1,213 13 27 - - 1,253 Other invested assets (b) - 341 587 - - 928 Derivative assets: Interest rate contracts 2 2,888 - - - 2,890 Foreign exchange contracts - 1,159 5 - - 1,164 Equity contracts 133 190 75 - - 398 Credit contracts - - 1 - - 1 Other contracts - - 15 - - 15 Counterparty netting and cash collateral - - - ( 1,713) ( 1,840) ( 3,553) Total derivative assets 135 4,237 96 ( 1,713) ( 1,840) 915 Short-term investments 2,416 599 - - - 3,015 Separate account assets 77,202 4,645 - - - 81,847 Other assets - - 58 - - 58 Total $ 81,099 $ 217,570 $ 33,706 $ ( 1,713) $ ( 1,840) $ 328,822 Liabilities: Policyholder contract deposits $ - $ - $ 4,116 $ - $ - $ 4,116 Derivative liabilities: Interest rate contracts 4 2,004 15 - - 2,023 Foreign exchange contracts - 858 - - - 858 Equity contracts 12 3 - - - 15 Credit contracts - 8 228 - - 236 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 1,713) ( 187) ( 1,900) Total derivative liabilities 16 2,873 249 ( 1,713) ( 187) 1,238 Long-term debt - 2,213 - - - 2,213 Other liabilities 16 11 - - - 27 Total $ 32 $ 5,097 $ 4,365 $ ( 1,713) $ ( 187) $ 7,594 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 5.2 billion and $ 5.0 billion as of June 30, 2019 and December 31, 2018, respectively. Transfers of Level 1 and Level 2 Assets and Liabilities Our policy is to record transfers of assets and liabilities between Level 1 and Level 2 at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. Assets are transferred out of Level 1 when they are no longer transacted with sufficient frequency and volume in an active market. Conversely, assets are transferred from Level 2 to Level 1 when transaction volume and frequency are indicative of an active market. There were no 62 million of securities issued by non-U.S. government entities from Level 1 to Level 2, because they are no longer considered actively traded. For similar reasons, during the six-month period ended June 30, 2019, we transferred $ 51 million of securities issued by the U.S. government and government sponsored entities from Level 1 to Level 2. We had no material transfers from Level 2 to Level 1 during the three- and six-month periods ended June 30, 2019. There were no 16 million of securities issued by non-U.S. government entities from Level 1 to Level 2, because they were no longer considered actively traded. For similar reasons, during the three- and six-month periods ended June 30, 2018, we transferred $ 490 million and $ 681 million, respectively, of securities issued by the U.S. government and government sponsored entities from Level 1 to Level 2. We had no material transfers from Level 2 to Level 1 during the three- and six-month periods ended June 30, 2018. Changes in Level 3 Recurring Fair Value Measurements The following tables present changes during the three- and six-month periods ended June 30, 2019 and 2018 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2019 and 2018: Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,136 $ - $ 105 $ 62 $ 6 $ ( 147) $ 2,162 $ - Non-U.S. governments 3 ( 1) - - - - 2 - Corporate debt 1,532 29 43 ( 99) 389 ( 73) 1,821 - RMBS 14,045 182 137 ( 404) 44 ( 141) 13,863 - CMBS 892 5 13 150 58 ( 15) 1,103 - CDO/ABS 8,840 8 113 104 4 ( 7) 9,062 - Total bonds available for sale 27,448 223 411 ( 187) 501 ( 383) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,266 43 - ( 479) - - 830 ( 19) CMBS 84 - - 14 - ( 10) 88 1 CDO/ABS 4,249 116 - ( 214) - ( 1) 4,150 76 Total other bond securities 5,599 159 - ( 679) - ( 11) 5,068 58 Equity securities 26 - - 9 - - 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 591 18 1 ( 5) - - 605 18 Other assets 59 - - 2 - - 61 - Total $ 33,723 $ 400 $ 412 $ ( 860) $ 501 $ ( 394) $ 33,782 $ 79 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,878 $ 970 $ - $ 217 $ - $ - $ 6,065 $ ( 832) Derivative liabilities, net: Interest rate contracts 15 2 - ( 1) - - 16 ( 2) Foreign exchange contracts ( 1) ( 5) - 2 - - ( 4) 4 Equity contracts ( 96) ( 4) - ( 13) - - ( 113) 4 Credit contracts 222 ( 24) - ( 25) - - 173 23 Other contracts ( 8) ( 16) - 17 - - ( 7) 18 Total derivative liabilities, net (a) 132 ( 47) - ( 20) - - 65 47 Total $ 5,010 $ 923 $ - $ 197 $ - $ - $ 6,130 $ ( 785) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 202 $ 86 $ 35 $ ( 160) $ 2,162 $ - Non-U.S. governments 11 ( 1) - ( 4) - ( 4) 2 - Corporate debt 864 26 81 ( 65) 1,043 ( 128) 1,821 - RMBS 14,199 409 161 ( 816) 67 ( 157) 13,863 - CMBS 917 6 30 296 58 ( 204) 1,103 - CDO/ABS 9,102 12 167 59 96 ( 374) 9,062 - Total bonds available for sale 27,093 451 641 ( 444) 1,299 ( 1,027) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,290 60 - ( 520) - - 830 ( 19) CMBS 77 4 - 17 - ( 10) 88 4 CDO/ABS 4,478 184 - ( 415) - ( 97) 4,150 100 Total other bond securities 5,845 248 - ( 918) - ( 107) 5,068 85 Equity securities 27 - - 9 - ( 1) 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 587 18 1 ( 1) - - 605 19 Other assets 58 - - 3 - - 61 - Total $ 33,610 $ 717 $ 642 $ ( 1,351) $ 1,299 $ ( 1,135) $ 33,782 $ 107 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 1,539 $ - $ 410 $ - $ - $ 6,065 $ ( 1,352) Derivative liabilities, net: Interest rate contracts 15 3 - ( 2) - - 16 ( 3) Foreign exchange contracts ( 5) ( 10) - 11 - - ( 4) 4 Equity contracts ( 75) ( 20) - ( 18) - - ( 113) 32 Credit contracts 227 ( 27) - ( 27) - - 173 27 Other contracts ( 9) ( 33) - 35 - - ( 7) 35 Total derivative liabilities, net (a) 153 ( 87) - ( 1) - - 65 95 Total $ 4,269 $ 1,452 $ - $ 409 $ - $ - $ 6,130 $ ( 1,257) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,261 $ - $ ( 40) $ ( 29) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 9 ( 1) 2 ( 5) - ( 5) - - Corporate debt 1,871 ( 8) ( 7) ( 394) 3 ( 581) 884 - RMBS 15,839 153 ( 5) ( 616) 8 ( 2) 15,377 - CMBS 584 ( 2) ( 4) ( 7) 47 ( 13) 605 - CDO/ABS 7,846 8 3 56 - ( 1,057) 6,856 - Total bonds available for sale 28,410 150 ( 51) ( 995) 58 ( 1,794) 25,778 - Other bond securities: Corporate debt 19 ( 1) - - - - 18 - RMBS 1,427 16 - ( 105) - - 1,338 151 CMBS 73 ( 2) - - - - 71 4 CDO/ABS 4,776 118 - ( 253) - - 4,641 204 Total other bond securities 6,295 131 - ( 358) - - 6,068 359 Equity securities 3 ( 3) - - - - - - Mortgage and other loans receivable - - - - - - - - Other invested assets 292 29 - 78 - - 399 - Total $ 35,000 $ 307 $ ( 51) $ ( 1,275) $ 58 $ ( 1,794) $ 32,245 $ 359 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 3,696 $ ( 238) $ - $ 76 $ - $ - $ 3,534 $ 298 Derivative liabilities, net: Interest rate contracts 17 ( 1) - ( 2) - - 14 1 Foreign exchange contracts 1 6 - ( 2) - - 5 ( 4) Equity contracts ( 78) 5 - ( 8) - 2 ( 79) ( 5) Credit contracts 250 ( 4) - - - - 246 3 Other contracts ( 12) ( 15) - 17 - - ( 10) 18 Total derivative liabilities, net (a) 178 ( 9) - 5 - 2 176 13 Total $ 3,874 $ ( 247) $ - $ 81 $ - $ 2 $ 3,710 $ 311 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,404 $ 1 $ ( 115) $ ( 98) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 8 ( 5) 6 ( 4) - ( 5) - - Corporate debt 1,173 ( 65) 3 ( 146) 568 ( 649) 884 - RMBS 16,136 419 - ( 1,152) 8 ( 34) 15,377 - CMBS 624 4 ( 21) ( 30) 47 ( 19) 605 - CDO/ABS 8,651 16 ( 85) ( 654) - ( 1,072) 6,856 - Total bonds available for sale 28,996 370 ( 212) ( 2,084) 623 ( 1,915) 25,778 - Other bond securities: Corporate debt 18 - - - - - 18 1 RMBS 1,464 55 - ( 181) - - 1,338 153 CMBS 74 ( 3) - ( 1) 1 - 71 4 CDO/ABS 4,956 207 - ( 513) - ( 9) 4,641 208 Total other bond securities 6,512 259 - ( 695) 1 ( 9) 6,068 366 Equity securities - ( 3) - 3 - - - - Mortgage and other loans receivable 5 - - ( 5) - - - - Other invested assets 250 52 1 96 - - 399 25 Total $ 35,763 $ 678 $ ( 211) $ ( 2,685) $ 624 $ ( 1,924) $ 32,245 $ 391 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,136 $ ( 744) $ - $ 142 $ - $ - $ 3,534 $ 902 Derivative liabilities, net: Interest rate contracts 22 ( 4) - ( 4) - - 14 4 Foreign exchange contracts - ( 4) - 9 - - 5 ( 3) Equity contracts ( 82) 9 - ( 8) - 2 ( 79) ( 9) Credit contracts 262 ( 14) - ( 2) - - 246 13 Other contracts ( 15) ( 32) - 37 - - ( 10) 35 Total derivative liabilities, net (a) 187 ( 45) - 32 - 2 176 40 Total $ 4,323 $ ( 789) $ - $ 174 $ - $ 2 $ 3,710 $ 942 (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 as follows: Net Net Realized Investment Capital Other (in millions) Income Gains (Losses) Income Total Three Months Ended June 30, 2019 Assets: Bonds available for sale $ 245 $ ( 22) $ - $ 223 Other bond securities 109 50 - 159 Equity securities - - - - Other invested assets 18 - - 18 Six Months Ended June 30, 2019 Assets: Bonds available for sale $ 487 $ ( 36) $ - $ 451 Other bond securities 196 52 - 248 Equity securities - - - - Other invested assets 18 - - 18 Three Months Ended June 30, 2018 Assets: Bonds available for sale $ 200 $ ( 50) $ - $ 150 Other bond securities 34 - 97 131 Equity securities ( 3) - - ( 3) Other invested assets 32 - ( 3) 29 Six Months Ended June 30, 2018 Assets: Bonds available for sale $ 482 $ ( 112) $ - $ 370 Other bond securities 57 ( 4) 206 259 Equity securities ( 3) - - ( 3) Other invested assets 57 - ( 5) 52 Net Net Realized Investment Capital Other (in millions) Income (Gains) Losses Income Total Three Months Ended June 30, 2019 Liabilities: Policyholder contract deposits $ - $ 970 $ - $ 970 Derivative liabilities, net - ( 29) ( 18) ( 47) Six Months Ended June 30, 2019 Liabilities: Policyholder contract deposits $ - $ 1,539 $ - $ 1,539 Derivative liabilities, net - ( 53) ( 34) ( 87) Three Months Ended June 30, 2018 Liabilities: Policyholder contract deposits $ - $ ( 238) $ - $ ( 238) Derivative liabilities, net - ( 3) ( 6) ( 9) Six Months Ended June 30, 2018 Liabilities: Policyholder contract deposits $ - $ ( 744) $ - $ ( 744) Derivative liabilities, net - ( 2) ( 43) ( 45) The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and six-month periods ended June 30, 2019 and 2018 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets: Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 87 $ ( 1) $ ( 24) $ 62 Non-U.S. governments - - - - Corporate debt 8 ( 1) ( 106) ( 99) RMBS 300 - ( 704) ( 404) CMBS 179 - ( 29) 150 CDO/ABS 972 ( 154) ( 714) 104 Total bonds available for sale 1,546 ( 156) ( 1,577) ( 187) Other bond securities: RMBS - ( 437) ( 42) ( 479) CMBS 14 - - 14 CDO/ABS - - ( 214) ( 214) Total other bond securities 14 ( 437) ( 256) ( 679) Equity securities 9 - - 9 Mortgage and other loans receivable - - - - Other invested assets 39 - ( 44) ( 5) Other assets - - 2 2 Total assets $ 1,608 $ ( 593) $ ( 1,875) $ ( 860) Liabilities: Policyholder contract deposits $ - $ 203 $ 14 $ 217 Derivative liabilities, net ( 9) - ( 11) ( 20) Total liabilities $ ( 9) $ 203 $ 3 $ 197 Three Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 9 $ - $ ( 38) $ ( 29) Non-U.S. governments - - ( 5) ( 5) Corporate debt 1 ( 213) ( 182) ( 394) RMBS 274 ( 5) ( 885) ( 616) CMBS - - ( 7) ( 7) CDO/ABS 475 ( 62) ( 357) 56 Total bonds available for sale 759 ( 280) ( 1,474) ( 995) Other bond securities: RMBS - ( 29) ( 76) ( 105) CMBS - - - - CDO/ABS - - ( 253) ( 253) Total other bond securities - ( 29) ( 329) ( 358) Equity securities - - - - Mortgage and other loans receivable - - - - Other invested assets 131 ( 29) ( 24) 78 Total assets $ 890 $ ( 338) $ ( 1,827) $ ( 1,275) Liabilities: Policyholder contract deposits $ - $ 131 $ ( 55) $ 76 Derivative liabilities, net ( 12) - 17 5 Total liabilities $ ( 12) $ 131 $ ( 38) $ 81 Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Six Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 134 $ ( 16) $ ( 32) $ 86 Non-U.S. governments - - ( 4) ( 4) Corporate debt 57 ( 1) ( 121) ( 65) RMBS 607 ( 26) ( 1,397) ( 816) CMBS 363 - ( 67) 296 CDO/ABS 1,170 ( 310) ( 801) 59 Total bonds available for sale 2,331 ( 353) ( 2,422) ( 444) Other bond securities: RMBS - ( 437) ( 83) ( 520) CMBS 18 - ( 1) 17 CDO/ABS - - ( 415) ( 415) Total other bond securities 18 ( 437) ( 499) ( 918) Equity securities 9 - - 9 Mortgage and other loans receivable - - - - Other invested assets 43 - ( 44) ( 1) Other assets - - 3 3 Total assets $ 2,401 $ ( 790) $ ( 2,962) $ ( 1,351) Liabilities: Policyholder contract deposits $ - $ 376 $ 34 $ 410 Derivative liabilities, net ( 22) - 21 ( 1) Total liabilities $ ( 22) $ 376 $ 55 $ 409 Six Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 24 $ - $ ( 122) $ ( 98) Non-U.S. governments 2 - ( 6) ( 4) Corporate debt 255 ( 216) ( 185) ( 146) RMBS 507 ( 10) ( 1,649) ( 1,152) CMBS 12 - ( 42) ( 30) CDO/ABS 970 ( 913) ( 711) ( 654) Total bonds available for sale 1,770 ( 1,139) ( 2,715) ( 2,084) Other bond securities: RMBS 1 ( 34) ( 148) ( 181) CMBS - - ( 1) ( 1) CDO/ABS - ( 4) ( 509) ( 513) Total other bond securities 1 ( 38) ( 658) ( 695) Equity securities 3 - - 3 Mortgage and other loans receivable - ( 5) - ( 5) Other invested assets 153 ( 29) ( 28) 96 Total assets $ 1,927 $ ( 1,211) $ ( 3,401) $ ( 2,685) Liabilities: Policyholder contract deposits $ - $ 243 $ ( 101) $ 142 Derivative liabilities, net ( 19) - 51 32 Total liabilities $ ( 19) $ 243 $ ( 50) $ 174 (a) There were no 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 June 30, 2019 and 2018 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities). Transfers of Level 3 Assets and Liabilities We record transfers of assets and liabilities into or out of Level 3 classification at their fair values as of the end of each reporting period, consistent with the date of the determination of fair value. The Net realized and unrealized gains (losses) included in income or Other comprehensive income (loss) as shown in the table above excludes $ 15 million of net gains and $ 40 million of net losses related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2019, respectively, and includes $ 5 million and $ 4 million of net gains related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2019, respectively. The Net realized and unrealized gains (losses) included in income or Other comprehensive income (loss) as shown in the table above excludes $ 24 million of net gains related to assets and liabilities transferred into Level 3 during the six-month period ended June 30, 2018 and includes $ 22 million of net losses related to assets and liabilities transferred out of Level 3 in both the three- and six-month periods ended June 30, 2018. Transfers of Level 3 Assets During the three- and six-month periods ended June 30, 2019 and 2018, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the three- and six-month periods ended June 30, 2019 and 2018, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CDO/ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CDO/ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market. Transfers of Level 3 Liabilities There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three- and six-month periods ended June 30, 2019 and 2018. QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third-parties with respect to certain Level 3 instruments (primarily CDO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: Fair Value at June 30, Valuation Range (in millions) 2019 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,631 Discounted cash flow Yield 3.27% - 4.22% ( 3.74%) Corporate debt 1,166 Discounted cash flow Yield 3.34% - 8.21% ( 5.78%) RMBS (a) 12,792 Discounted cash flow Constant prepayment rate 3.62% - 12.16% ( 7.89%) Loss severity 37.29% - 75.60% ( 56.44%) Constant default rate 1.84% - 6.75% ( 4.29%) Yield 2.50% - 4.53% ( 3.52%) CDO/ABS (a) 5,969 Discounted cash flow Yield 2.85% - 4.49% ( 3.67%) CMBS 510 Discounted cash flow Yield 2.91% - 5.09% ( 4.00%) Liabilities: Embedded derivatives within Policyholder contract deposits: Guaranteed minimum withdrawal benefits (GMWB) 2,563 Discounted cash flow Equity volatility 6.15% - 48.75% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 180.00% Mortality multiplier (c) 40.00% - 153.00% Utilization 90.00% - 100.00% Equity / interest-rate correlation 20.00% - 40.00% Index Annuities 2,973 Discounted cash flow Lapse rate 0.50% - 40.00% Mortality multiplier (c) 42.00% - 162.00% Option Budget 1.00% - 4.00% Indexed Life 504 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Fair Value at December 31, Valuation Range (in millions) 2018 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,473 Discounted cash flow Yield 3.91% - 5.00% ( 4.46%) Corporate debt 445 Discounted cash flow Yield 4.35% - 5.99% ( 5.17%) RMBS (a) 13,608 Discounted cash flow Constant prepayment rate 4.58% - 14.00% ( 9.29%) Loss severity 39.66% - 74.40% ( 57.03%) Constant default rate 2.46% - 7.39% ( 4.92%) Yield 3.31% - 5.50% ( 4.40%) CDO/ABS (a) 5,461 Discounted cash flow Yield 3.65% - 5.10% ( 4.37%) CMBS 447 Discounted cash flow Yield 3.29% - 6.07% ( 4.68%) Liabilities: Embedded derivatives within Policyholder contract deposits: GMWB 1,943 Discounted cash flow Equity volatility 6.05% - 47.65% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 180.00% Mortality multiplier (c) 40.00% - 153.00% Utilization 90.00% - 100.00% Equity / interest-rate correlation 20.00% - 40.00% Index Annuities 1,778 Discounted cash flow Lapse rate 0.50% - 40.00% Mortality multiplier (c) 42.00% - 162.00% Option Budget 1.00% - 3.00% Indexed Life 374 Discounted cash flow Base lapse rate 0.00% - 13.00% Mortality rate 0.00% - 100.00% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. 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. Sensitivity to Changes in 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 sensitivities of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. The effect of a change in a particular assumption in the sensitivity analysis below is considered independently of changes in any other assumptions. 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. Obligations of States, Municipalities and Political Subdivisions The significant unobservable input used in the fair value measurement of certain investments in obligations of states, municipalities and political subdivisions is yield. In general, increases in the yield would decrease the fair value of investments in obligations of states, municipalities and political subdivisions. Corporate Debt Corporate debt securities included in Level 3 are primarily private placement issuances that are not traded in active markets or that are subject to transfer restrictions. Fair value measurements consider illiquidity and non-transferability. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of publicly-traded debt of the issuer or other comparable securities, considering illiquidity and structure. The significant unobservable input use

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2019
INVESTMENTS
INVESTMENTS	6. Investments Securities Available for Sale The following table presents the amortized cost or cost and fair value of our available for sale securities: Other-Than- Amortized Gross Gross Temporary Cost or Unrealized Unrealized Fair Impairments (in millions) Cost Gains Losses Value in AOCI (a) June 30, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 3,978 $ 253 $ ( 3) $ 4,228 $ - Obligations of states, municipalities and political subdivisions 14,600 1,365 ( 19) 15,946 - Non-U.S. governments 14,690 800 ( 90) 15,400 - Corporate debt 135,357 10,030 ( 827) 144,560 4 Mortgage-backed, asset-backed and collateralized: RMBS 30,064 3,199 ( 87) 33,176 1,238 CMBS 13,074 579 ( 29) 13,624 31 CDO/ABS 18,299 413 ( 85) 18,627 18 Total mortgage-backed, asset-backed and collateralized 61,437 4,191 ( 201) 65,427 1,287 Total bonds available for sale (b) $ 230,062 $ 16,639 $ ( 1,140) $ 245,561 $ 1,291 December 31, 2018 Bonds available for sale: U.S. government and government sponsored entities $ 3,170 $ 132 $ ( 42) $ 3,260 $ - Obligations of states, municipalities and political subdivisions 15,421 701 ( 121) 16,001 4 Non-U.S. governments 14,376 451 ( 302) 14,525 - Corporate debt 130,436 3,911 ( 3,647) 130,700 4 Mortgage-backed, asset-backed and collateralized: RMBS 31,940 2,754 ( 317) 34,377 1,155 CMBS 12,673 242 ( 214) 12,701 31 CDO/ABS 17,764 228 ( 165) 17,827 17 Total mortgage-backed, asset-backed and collateralized 62,377 3,224 ( 696) 64,905 1,203 Total bonds available for sale (b) $ 225,780 $ 8,419 $ ( 4,808) $ 229,391 $ 1,211 (a) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income (loss). Amount includes unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date. (b) At both June 30, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $ 28.8 billion. Securities Available for Sale in a Loss Position The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses June 30, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 219 $ 1 $ 267 $ 2 $ 486 $ 3 Obligations of states, municipalities and political subdivisions 63 1 492 18 555 19 Non-U.S. governments 1,112 34 805 56 1,917 90 Corporate debt 9,361 477 8,162 350 17,523 827 RMBS 3,483 35 2,578 52 6,061 87 CMBS 724 7 960 22 1,684 29 CDO/ABS 5,438 54 2,123 31 7,561 85 Total bonds available for sale $ 20,400 $ 609 $ 15,387 $ 531 $ 35,787 $ 1,140 December 31, 2018 Bonds available for sale: U.S. government and government sponsored entities $ 574 $ 13 $ 873 $ 29 $ 1,447 $ 42 Obligations of states, municipalities and political subdivisions 1,965 51 1,530 70 3,495 121 Non-U.S. governments 3,851 149 2,422 153 6,273 302 Corporate debt 47,364 2,181 20,056 1,466 67,420 3,647 RMBS 5,231 94 5,641 223 10,872 317 CMBS 2,646 47 4,264 167 6,910 214 CDO/ABS 9,169 144 1,324 21 10,493 165 Total bonds available for sale $ 70,800 $ 2,679 $ 36,110 $ 2,129 $ 106,910 $ 4,808 At June 30, 2019, we held 6,332 individual fixed maturity securities that were in an unrealized loss position, of which 2,452 individual fixed maturity securities were in a continuous unrealized loss position for 12 months or more. We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 2019 because we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data. Contractual Maturities of Fixed Maturity Securities Available for Sale The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity: Total Fixed Maturity Securities Fixed Maturity Securities in a Loss Available for Sale Position Available for Sale (in millions) Amortized Cost Fair Value Amortized Cost Fair Value June 30, 2019 Due in one year or less $ 11,150 $ 11,362 $ 1,918 $ 1,890 Due after one year through five years 45,645 46,989 6,616 6,393 Due after five years through ten years 42,945 45,229 5,914 5,728 Due after ten years 68,885 76,554 6,972 6,470 Mortgage-backed, asset-backed and collateralized 61,437 65,427 15,507 15,306 Total $ 230,062 $ 245,561 $ 36,927 $ 35,787 December 31, 2018 Due in one year or less $ 9,539 $ 9,674 $ 2,322 $ 2,294 Due after one year through five years 47,400 47,905 17,382 16,844 Due after five years through ten years 42,363 42,045 27,724 26,517 Due after ten years 64,101 64,862 35,319 32,980 Mortgage-backed, asset-backed and collateralized 62,377 64,905 28,971 28,275 Total $ 225,780 $ 229,391 $ 111,718 $ 106,910 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Gross Gross Gross Gross Gross Gross Gross Gross Realized Realized Realized Realized Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Gains Losses Gains Losses Fixed maturity securities $ 173 $ 86 $ 100 $ 113 $ 266 $ 210 $ 170 $ 173 Equity securities - - - - - - 16 - Total $ 173 $ 86 $ 100 $ 113 $ 266 $ 210 $ 186 $ 173 For the three- and six-month periods ended June 30, 2019, the aggregate fair value of available for sale securities sold was $ 6.4 billion and $ 12.8 billion, respectively, which resulted in net realized capital gains of $ 87 million and $ 56 million, respectively. For the three- and six-month periods ended June 30, 2018, the aggregate fair value of available for sale securities sold was $ 6.6 billion and $ 12.1 billion, respectively, which resulted in net realized capital gains (losses) of $( 13) million and $ 13 million, respectively. Other Securities Measured at Fair Value The following table presents the fair value of other securities measured at fair value based on our election of the fair value option: June 30, 2019 December 31, 2018 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 2,199 19 % $ 2,665 21 % Non-U.S. governments 56 - 45 - Corporate debt 1,798 16 1,671 13 Mortgage-backed, asset-backed and collateralized : RMBS 1,324 12 1,714 14 CMBS 418 4 388 3 CDO/ABS and other collateralized * 4,666 41 4,932 39 Total mortgage-backed, asset-backed and collateralized 6,408 57 7,034 56 Total fixed maturity securities 10,461 92 11,415 90 Equity securities 880 8 1,253 10 Total $ 11,341 100 % $ 12,668 100 % * Includes $ 159 million and $ 178 million of U.S. government agency-backed ABS at June 30, 2019 and December 31, 2018, respectively. Other Invested Assets The following table summarizes the carrying amounts of other invested assets: June 30, December 31, (in millions) 2019 2018 Alternative investments (a) (b) $ 8,760 $ 8,966 Investment real estate (c) 9,287 8,935 All other investments 1,407 1,440 Total $ 19,454 $ 19,341 (a) At June 30, 2019, included hedge funds of $ 3.9 billion, private equity funds of $ 4.6 billion and affordable housing partnerships of $ 344 million. At December 31, 2018, included hedge funds of $ 4.2 billion, private equity funds of $ 4.3 billion and affordable housing partnerships of $ 438 million. (b) At June 30, 2019, approximately 67 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 33 percent will be available for redemption between 2020 and 2027. (c) Net of accumulated depreciation of $ 684 million and $ 598 million at June 30, 2019 and December 31, 2018, respectively. Net Investment Income The following table presents the components of Net investment income: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Available for sale fixed maturity securities, including short-term investments $ 2,701 $ 2,536 $ 5,354 $ 5,146 Other fixed maturity securities 281 ( 10) 608 ( 31) Equity securities ( 22) 3 57 ( 29) Interest on mortgage and other loans 518 447 1,016 897 Alternative investments (a) 345 171 764 508 Real estate 62 30 131 61 Other investments ( 8) 14 ( 60) 24 Total investment income 3,877 3,191 7,870 6,576 Investment expenses 132 126 246 250 Net investment income $ 3,745 $ 3,065 $ 7,624 $ 6,326 (a) Includes income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. Net Realized Capital Gains and Losses The following table presents the components of Net realized capital gains (losses): Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Sales of fixed maturity securities $ 87 $ ( 13) $ 56 $ ( 3) Sales of equity securities - - - 16 Other-than-temporary impairments: Change in intent - - ( 3) ( 49) Foreign currency declines ( 3) ( 6) ( 9) ( 12) Issuer-specific credit events ( 25) ( 30) ( 96) ( 62) Adverse projected cash flows ( 2) - ( 5) - Provision for loan losses 14 ( 26) ( 10) ( 50) Foreign exchange transactions ( 2) ( 187) ( 39) ( 134) Variable annuity embedded derivatives, net of related hedges ( 40) 36 ( 301) 183 All other derivatives and hedge accounting 207 375 135 150 Other 168 16 230 107 Net realized capital gains (losses) $ 404 $ 165 $ ( 42) $ 146 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 Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 5,906 $ ( 2,969) $ 11,888 $ ( 7,938) Other investments 1 ( 3) ( 68) ( 28) Total increase (decrease) in unrealized appreciation (depreciation) of investments $ 5,907 $ ( 2,972) $ 11,820 $ ( 7,966) The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date: Three Months Ended June 30, 2019 2018 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains and losses recognized during the period on equity securities $ ( 22) $ 271 $ 249 $ 3 $ 122 $ 125 Less: Net gains and losses recognized during the period on equity securities sold during the period ( 7) 146 139 14 28 42 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ ( 15) $ 125 $ 110 $ ( 11) $ 94 $ 83 Six Months Ended June 30, 2019 2018 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains and losses recognized during the period on equity securities $ 57 $ 510 $ 567 $ ( 28) $ 314 $ 286 Less: Net gains and losses recognized during the period on equity securities sold during the period 12 156 168 6 27 33 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 45 $ 354 $ 399 $ ( 34) $ 287 $ 253 Evaluating Investments for Other-Than-Temporary Impairments For a discussion of our policy for evaluating investments for other-than-temporary impairments see Note 6 to the Consolidated Financial Statements in the 2018 Annual Report. Credit Impairments The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings for available for sale fixed maturity securities: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Balance, beginning of period $ 53 $ 358 $ - $ 526 Increases due to: Credit impairments on new securities subject to impairment losses 27 3 95 17 Additional credit impairments on previously impaired securities - 28 6 45 Reductions due to: Credit impaired securities fully disposed for which there was no prior intent or requirement to sell ( 38) ( 80) ( 59) ( 131) Accretion on securities previously impaired due to credit * ( 8) ( 121) ( 8) ( 269) Balance, end of period $ 34 $ 188 $ 34 $ 188 * Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time. Purchased Credit Impaired (PCI) Securities We purchase certain RMBS securities that have experienced deterioration in credit quality since their issuance. We determine whether it is probable at acquisition that we will not collect all contractually required payments for these PCI securities, including both principal and interest. At acquisition, the timing and amount of the undiscounted future cash flows expected to be received on each PCI security is determined based on our best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. At acquisition, the difference between the undiscounted expected future cash flows of the PCI securities and the recorded investment in the securities represents the initial accretable yield, which is accreted into Net investment income over their remaining lives on an effective yield basis. Additionally, the difference between the contractually required payments on the PCI securities and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. The accretable yield and the non-accretable difference will change over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, which are discussed further below. On a quarterly basis, the undiscounted expected future cash flows associated with PCI securities are re-evaluated based on updates to key assumptions. Declines in undiscounted expected future cash flows due to further credit deterioration as well as changes in the expected timing of the cash flows can result in the recognition of an other-than-temporary impairment charge, as PCI securities are subject to our policy for evaluating investments for other-than-temporary impairment. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI securities will change the accretable yield prospectively. Significant increases in undiscounted expected future cash flows for reasons other than interest rate changes are recognized prospectively as adjustments to the accretable yield. The following tables present information on our PCI securities, which are included in bonds available for sale: (in millions) At Date of Acquisition Contractually required payments (principal and interest) $ 36,306 Cash flows expected to be collected * 29,786 Recorded investment in acquired securities 20,097 * Represents undiscounted expected cash flows, including both principal and interest. (in millions) June 30, 2019 December 31, 2018 Outstanding principal balance $ 11,576 $ 12,495 Amortized cost 7,879 8,646 Fair value 9,639 10,280 The following table presents activity for the accretable yield on PCI securities: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Balance, beginning of period $ 6,801 $ 7,601 $ 7,210 $ 7,501 Newly purchased PCI securities 1 4 13 27 Accretion ( 151) ( 190) ( 323) ( 377) Effect of changes in interest rate indices ( 266) ( 32) ( 400) 174 Net reclassification from (to) non-accretable difference, including effects of prepayments 17 78 ( 98) 136 Balance, end of period $ 6,402 $ 7,461 $ 6,402 $ 7,461 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) June 30, 2019 December 31, 2018 Fixed maturity securities available for sale $ 2,216 $ 1,050 Other bond securities, at fair value $ 122 $ 122 At June 30, 2019 and December 31, 2018, amounts borrowed under repurchase and securities lending agreements totaled $ 2.4 billion and $ 1.2 billion, respectively. The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2019 Bonds available for sale: Non-U.S. governments $ 57 $ 11 $ - $ - $ - $ 68 Corporate debt 56 189 5 - - 250 Other bond securities: U.S. government and government sponsored entities 22 - - - - 22 Non-U.S. governments - - 3 - - 3 Corporate debt - 33 64 - - 97 Total $ 135 $ 233 $ 72 $ - $ - $ 440 December 31, 2018 Bonds available for sale: Non-U.S. governments $ 25 $ 35 $ - $ - $ - $ 60 Corporate debt 51 55 - - - 106 Other bond securities: U.S. government and government sponsored entities 11 - - - - 11 Non-U.S. governments - 3 - - - 3 Corporate debt 17 38 53 - - 108 Total $ 104 $ 131 $ 53 $ - $ - $ 288 The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2019 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ - $ - $ - $ - Non-U.S. governments - - - - - - Corporate debt - 444 707 747 - 1,898 Total $ - $ 444 $ 707 $ 747 $ - $ 1,898 December 31, 2018 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ 50 $ 130 $ - $ - $ 180 Non-U.S. governments - 21 8 - - 29 Corporate debt - 330 345 - - 675 Total $ - $ 401 $ 483 $ - $ - $ 884 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) June 30, 2019 December 31, 2018 Securities collateral pledged to us $ 2,587 $ 426 Amount sold or repledged by us 121 106 At June 30, 2019 and December 31, 2018, amounts loaned under reverse repurchase agreements totaled $ 2.7 billion and $ 426 million, respectively. We do not currently offset any secured financing transactions. All such transactions are collateralized and margined daily consistent with market standards and subject to enforceable master netting arrangements with rights of set off. Insurance – Statutory and Other Deposits The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance treaties, was $ 8.2 billion and $ 7.9 billion at June 30, 2019 and December 31, 2018, respectively. Other Pledges and Restrictions Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $ 191 million and $ 202 million of stock in FHLBs at June 30, 2019 and December 31, 2018, respectively. In addition, our subsidiaries have pledged securities available for sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $ 4.6 billion and $ 2.1 billion, respectively, at June 30, 2019 and $ 4.2 billion and $ 2.1 billion, respectively, at December 31, 2018. Certain GIAs have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our long-term debt ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades, and the aggregate amount of payments that we could be required to make, depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $ 1.5 billion and $ 1.6 billion at June 30, 2019 and December 31, 2018, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties. Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 285 million and $ 273 million, comprised of bonds available for sale and short term investments at June 30, 2019 and December 31, 2018, respectively.

LENDING ACTIVITIES

LENDING ACTIVITIES	6 Months Ended
	Jun. 30, 2019
LENDING ACTIVITIES
LENDING ACTIVITIES	7. Lending Activities The following table presents the composition of Mortgage and other loans receivable, net: June 30, December 31, (in millions) 2019 2018 Commercial mortgages * $ 33,437 $ 32,882 Residential mortgages 6,324 6,532 Life insurance policy loans 2,108 2,147 Commercial loans, other loans and notes receivable 2,094 1,971 Total mortgage and other loans receivable 43,963 43,532 Allowance for credit losses ( 407) ( 397) Mortgage and other loans receivable, net $ 43,556 $ 43,135 * Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 23 percent and 10 percent, respectively, at June 30, 2019, and 22 percent and 11 percent, respectively, at December 31, 2018). Credit Quality of Commercial Mortgages The following table presents debt service coverage ratios and loan-to-value ratios for commercial mortgages: Debt Service Coverage Ratios (a) (in millions) >1.20X 1.00X - 1.20X <1.00X Total June 30, 2019 Loan-to-Value Ratios (b) Less than 65% $ 19,243 $ 2,054 $ 245 $ 21,542 65% to 75% 9,720 564 214 10,498 76% to 80% 975 19 3 997 Greater than 80% 201 88 111 400 Total commercial mortgages $ 30,139 $ 2,725 $ 573 $ 33,437 December 31, 2018 Loan-to-Value Ratios (b) Less than 65% $ 19,204 $ 2,543 $ 250 $ 21,997 65% to 75% 9,060 300 203 9,563 76% to 80% 476 20 15 511 Greater than 80% 596 103 112 811 Total commercial mortgages $ 29,336 $ 2,966 $ 580 $ 32,882 (a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X for both periods ended June 30, 2019 and December 31, 2018. (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 58 percent for both periods ended June 30, 2019, and December 31, 2018. The following table presents the credit quality performance indicators for commercial mortgages: Number Percent of Class of (dollars in millions) Loans Apartments Offices Retail Industrial Hotel Others Total (c) Total $ June 30, 2019 Credit Quality Performance Indicator: In good standing 743 $ 12,012 $ 9,790 $ 5,505 $ 2,973 $ 2,462 $ 568 $ 33,310 100 % Restructured (a) 2 - 92 - - 15 - 107 - 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 1 - 20 - - - - 20 - Total (b) 746 $ 12,012 $ 9,902 $ 5,505 $ 2,973 $ 2,477 $ 568 $ 33,437 100 % Allowance for credit losses: Specific $ - $ 6 $ 1 $ - $ 1 $ - $ 8 - % General 109 103 52 12 20 6 302 1 Total allowance for credit losses $ 109 $ 109 $ 53 $ 12 $ 21 $ 6 $ 310 1 % December 31, 2018 Credit Quality Performance Indicator: In good standing 762 $ 11,190 $ 9,774 $ 5,645 $ 3,074 $ 2,507 $ 580 $ 32,770 100 % Restructured (a) 2 - 96 - - 16 - 112 - 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure - - - - - - - - - Total (b) 764 $ 11,190 $ 9,870 $ 5,645 $ 3,074 $ 2,523 $ 580 $ 32,882 100 % Allowance for credit losses: Specific $ - $ 2 $ - $ - $ 1 $ - $ 3 - % General 122 104 51 13 19 6 315 1 Total allowance for credit losses $ 122 $ 106 $ 51 $ 13 $ 20 $ 6 $ 318 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. Allowance for Credit Losses For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report. The following table presents a rollforward of the changes in the allowance for losses on Mortgage and other loans receivable: Six Months Ended June 30, 2019 2018 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 318 $ 79 $ 397 $ 247 $ 75 $ 322 Loans charged off - - - ( 16) - ( 16) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 16) - ( 16) Provision for loan losses ( 8) 18 10 51 ( 1) 50 Allowance, end of period $ 310 * $ 97 $ 407 $ 282 * $ 74 $ 356 * Of the total allowance, $ 8 million and $ 5 million relate to individually assessed credit losses on $ 173 million and $ 60 million of commercial mortgages at June 30, 2019 and 2018, respectively. There were no

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2019
VARIABLE INTEREST ENTITIES
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 the entity was designed to expose the variable interest holders to. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. Balance Sheet Classification and Exposure to Loss The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets: Real Estate and Affordable Investment Securitization Housing (in millions) Entities (d) Vehicles (e) Partnerships Other Total June 30, 2019 Assets: Bonds available for sale $ - $ 7,786 $ - $ - $ 7,786 Other bond securities - 3,709 - 2 3,711 Mortgage and other loans receivable - 3,767 - - 3,767 Other invested assets 5,607 - 3,625 26 9,258 Other (a) 510 1,870 490 72 2,942 Total assets (b) $ 6,117 $ 17,132 $ 4,115 $ 100 $ 27,464 Liabilities: Long-term debt $ 2,884 $ 3,916 $ 2,153 $ 4 $ 8,957 Other (c) 237 216 204 24 681 Total liabilities $ 3,121 $ 4,132 $ 2,357 $ 28 $ 9,638 December 31, 2018 Assets: Bonds available for sale $ - $ 7,662 $ - $ - $ 7,662 Other bond securities - 3,923 - 2 3,925 Mortgage and other loans receivable - 3,693 - - 3,693 Other invested assets 5,212 - 3,142 24 8,378 Other (a) 580 1,581 394 70 2,625 Total assets (b) $ 5,792 $ 16,859 $ 3,536 $ 96 $ 26,283 Liabilities: Long-term debt $ 2,577 $ 3,154 $ 1,834 $ 4 $ 7,569 Other (c) 227 165 159 24 575 Total liabilities $ 2,804 $ 3,319 $ 1,993 $ 28 $ 8,144 (a) Comprised primarily of Short-term investments and Other assets at June 30, 2019 and December 31, 2018. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at June 30, 2019 and December 31, 2018. (d) At June 30, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $ 2.8 billion and $ 1.4 billion, respectively. (e) At June 30, 2019 and December 31, 2018, $ 16.3 billion and $ 16.0 billion, respectively, of the total assets of consolidated securitization vehicles were owed to AIG Parent or its subsidiaries. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. Interest holders in VIEs sponsored by us generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to us, except in limited circumstances when we have provided a guarantee to the VIE’s interest holders. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss Total VIE On-Balance Off-Balance (in millions) Assets Sheet (b) Sheet Total June 30, 2019 Real estate and investment entities (a) $ 259,675 $ 6,454 $ 3,502 $ 9,956 Affordable housing partnerships 3,360 472 - 472 Other 5,330 333 - (c) 333 Total $ 268,365 $ 7,259 $ 3,502 $ 10,761 December 31, 2018 Real estate and investment entities (a) $ 309,598 $ 6,820 $ 2,501 $ 9,321 Affordable housing partnerships 4,116 607 - 607 Other 2,813 284 1,222 (c) 1,506 Total $ 316,527 $ 7,711 $ 3,723 $ 11,434 (a) Comprised primarily of hedge funds and private equity funds. (b) At June 30, 2019 and December 31, 2018, $ 6.9 billion and $ 7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet. For additional information on VIEs see Note 10 to the Consolidated Financial Statements in the 2018 Annual Report.

DERIVATIVES AND HEDGE ACCOUNTIN

DERIVATIVES AND HEDGE ACCOUNTING	6 Months Ended
	Jun. 30, 2019
DERIVATIVES AND HEDGE ACCOUNTING
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. For a discussion of our accounting policies and procedures regarding derivatives and hedge accounting see Note 11 to the Consolidated Financial Statements in the 2018 Annual Report . 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 options) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, and foreign currency transactions. Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, CDSs and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. 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: June 30, 2019 December 31, 2018 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Notional Fair Notional Fair Notional Fair Notional Fair (in millions) Amount Value Amount Value Amount Value Amount Value Derivatives designated as hedging instruments: (a) Interest rate contracts $ 322 $ 2 $ 540 $ 10 $ 10 $ - $ 866 $ 19 Foreign exchange contracts 5,631 370 2,835 144 6,357 363 2,536 147 Derivatives not designated as hedging instruments: (a) Interest rate contracts 59,082 3,273 34,013 2,285 42,821 2,890 27,329 2,004 Foreign exchange contracts 10,460 896 7,630 816 11,134 801 5,434 711 Equity contracts 15,496 743 5,447 47 17,807 398 2,399 15 Credit contracts (b) 3 1 1,441 195 8 1 1,406 236 Other contracts (c) 40,579 13 58 6 39,070 15 58 6 Total derivatives, gross $ 131,573 $ 5,298 $ 51,964 $ 3,503 $ 117,207 $ 4,468 $ 40,028 $ 3,138 Counterparty netting (d) ( 2,080) ( 2,080) ( 1,713) ( 1,713) Cash collateral (e) ( 2,315) ( 303) ( 1,840) ( 187) Total derivatives on condensed consolidated balance sheets (f) $ 903 $ 1,120 $ 915 $ 1,238 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of June 30, 2019 and December 31, 2018, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 448 million and $ 592 million (fair value liability of $ 163 million and $ 224 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio. (c) Consists primarily of stable value wraps and contracts with multiple underlying exposures. (d) Represents netting of derivative exposures covered by a qualifying master netting agreement. (e) Represents cash collateral posted and received that is eligible for netting. (f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other Assets and Liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero 6.1 billion and $ 4.1 billion, respectively, at June 30, 2019 and December 31, 2018. 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. 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 (CSA) provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. Collateral posted by us to third parties for derivative transactions was $ 1.9 billion at June 30, 2019 and $ 1.7 billion at December 31, 2018. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $ 2.5 billion and $ 2.1 billion at June 30, 2019 and December 31, 2018, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral. Offsetting We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our 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 six-month periods ended June 30, 2019, we recognized gains (losses) of $( 7) million and $ 57 million, respectively, and for the three- and six-month periods ended June 30, 2018, we recognized gains (losses) of $ 119 million and $( 1) million, respectively, included in Change in foreign currency translation adjustment in Other comprehensive income related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income: Gains/(Losses) Recognized in Earnings for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended June 30, 2019 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances 9 - ( 9) - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 58 57 ( 58) 57 Three Months Ended June 30, 2018 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances - - - - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 199 37 ( 199) 37 Six Months Ended June 30, 2019 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances 14 - ( 14) - Net investment income ( 1) - 1 - Foreign exchange contracts : Realized capital gains/(losses) 50 43 ( 50) 43 Six Months Ended June 30, 2018 Interest rate contracts : Realized capital gains/(losses) $ ( 8) $ - $ 9 $ 1 Interest credited to policyholder account balances - - - - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 191 4 ( 191) 4 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis. Derivatives Not Designated as Hedging Instruments The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income: Gains (Losses) Recognized in Earnings Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 By Derivative Type: Interest rate contracts $ 615 $ ( 224) $ 974 $ ( 622) Foreign exchange contracts 231 391 203 252 Equity contracts 89 ( 114) ( 119) ( 187) Credit contracts 17 1 9 12 Other contracts 18 17 34 34 Embedded derivatives ( 832) 344 ( 1,281) 935 Total $ 138 $ 415 $ ( 180) $ 424 By Classification: Policy fees $ 18 $ 17 $ 35 $ 34 Net investment income ( 50) 1 ( 55) ( 3) Net realized capital gains (losses) 165 369 ( 169) 356 Other income - 29 - 41 Policyholder benefits and claims incurred 5 ( 1) 9 ( 4) Total $ 138 $ 415 $ ( 180) $ 424 CREDIT RISK-RELATED CONTINGENT FEATURES We estimate that at June 30, 2019, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $ 60 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 $ 422 million and $ 423 million at June 30, 2019 and December 31, 2018, respectively. The aggregate fair value of assets posted as collateral under these contracts at June 30, 2019 and December 31, 2018, was approximately $ 471 million and $ 453 million, respectively. Hybrid Securities with Embedded Credit Derivatives We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CDOs and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities. We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income and Other income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were $ 3.7 billion and $ 3.9 billion at June 30, 2019 and December 31, 2018, respectively. These securities have par amounts of $ 8.2 billion and $ 8.5 billion at June 30, 2019 and December 31, 2018, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

INSURANCE LIABILITIES	6 Months Ended
	Jun. 30, 2019
Insurance Liabilites
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 (IBNR) and loss adjustment expenses (LAE), less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, 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. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development. Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 12.0 billion and $ 12.3 billion at June 30, 2019 and December 31, 2018, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as “deductibles”), primarily for U.S. commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At June 30, 2019 and December 31, 2018, we held collateral of approximately $ 9.0 billion and $ 9.2 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. The following table presents the roll-forward of activity in Loss Reserves: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 82,496 $ 78,098 $ 83,639 $ 78,393 Reinsurance recoverable ( 31,784) ( 27,211) ( 31,690) ( 26,708) Net Liability for unpaid loss and loss adjustment expenses, beginning of period 50,712 50,887 51,949 51,685 Losses and loss adjustment expenses incurred : Current year 4,795 4,452 9,600 9,130 Prior years, excluding discount and amortization of deferred gain ( 132) ( 26) ( 147) ( 65) Prior years, discount charge (benefit) 244 9 741 ( 177) Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 56) ( 69) ( 142) ( 108) Total losses and loss adjustment expenses incurred 4,851 4,366 10,052 8,780 Losses and loss adjustment expenses paid : Current year ( 1,148) ( 910) ( 1,492) ( 1,520) Prior years ( 4,562) ( 4,635) ( 10,682) ( 9,414) Total losses and loss adjustment expenses paid ( 5,710) ( 5,545) ( 12,174) ( 10,934) Other changes : Foreign exchange effect ( 209) ( 431) 7 ( 157) Retroactive reinsurance adjustment (net of discount) (b) 80 30 ( 110) ( 67) Total other changes ( 129) ( 401) ( 103) ( 224) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 49,724 49,307 49,724 49,307 Reinsurance recoverable 31,333 27,406 31,333 27,406 Total $ 81,057 $ 76,713 $ 81,057 $ 76,713 (a) Includes $ 6 million and $ 8 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the three-month periods ended June 30, 2019 and 2018, respectively, and $ 15 million and $ 13 million for the six-month periods ended June 30, 2019 and 2018, respectively. (b) Includes change in discount on retroactive reinsurance of $( 125) million and $( 20) million for the three-month periods ended June 30, 2019 and 2018, respectively, and $( 432) million and $ 108 million for the six-month periods ended June 30, 2019 and 2018, respectively. On January 20, 2017, we entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), 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. The total paid claims subject to the agreement as of June 30, 2019 were below the attachment point. Discounting of Loss Reserves At June 30, 2019, the loss reserves reflect a net loss reserve discount of $ 1.8 billion, including tabular and non-tabular calculations based upon the following assumptions: The discount for asbestos reserves has been fully amortized. The tabular workers’ compensation discount is calculated based on a 3.5 percent interest rate and the mortality rate used in the 2007 U.S. Life Table. The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York and Pennsylvania, and follows the statutory regulations (prescribed or permitted) for each state. For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns. For the Pennsylvania companies, the statute specifies discount factors for accident years 2001 and prior, which are based on a 6 percent interest rate and an industry payout pattern. For accident years 2002 and subsequent, the discount is based on the payout patterns and investment yields of the companies. In 2013, our Pennsylvania regulator approved use of a consistent discount rate (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania-domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. The discount consists of $ 603 million of tabular discount and $ 1.2 billion of non-tabular discount for workers’ compensation as of June 30, 2019. During the six-month periods ended June 30, 2019 and 2018, the benefit (charge) from changes in discount of $( 685) million and $ 219 million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Condensed Consolidated Statement of Income. The following table presents the components of the loss reserve discount discussed above: June 30, 2019 December 31, 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total U.S. workers' compensation $ 2,258 $ 812 $ 3,070 $ 2,782 $ 973 $ 3,755 Retroactive reinsurance ( 1,288) - ( 1,288) ( 1,720) - ( 1,720) Total reserve discount * $ 970 $ 812 $ 1,782 $ 1,062 $ 973 $ 2,035 * Excludes $ 188 million and $ 163 million of discount related to certain long tail liabilities in the United Kingdom at June 30, 2019 and December 31, 2018, respectively. The following tables present the net loss reserve discount benefit (charge): Three Months Ended June 30, 2019 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 32 $ - $ 32 $ 23 $ - $ 23 Accretion and other adjustments to prior year discount 8 ( 11) ( 3) ( 133) ( 12) ( 145) Effect of interest rate changes ( 170) ( 71) ( 241) 96 40 136 Net reserve discount benefit (charge) ( 130) ( 82) ( 212) ( 14) 28 14 Change in discount on loss reserves ceded under retroactive reinsurance 125 - 125 20 - 20 Net change in total reserve discount (a) $ ( 5) $ ( 82) $ ( 87) $ 6 $ 28 $ 34 Six Months Ended June 30, 2019 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 56 $ - $ 56 $ 42 $ - $ 42 Accretion and other adjustments to prior year discount ( 243) ( 24) ( 267) ( 88) ( 30) ( 118) Effect of interest rate changes ( 337) ( 137) ( 474) 219 76 295 Net reserve discount benefit (charge) ( 524) ( 161) ( 685) 173 46 219 Change in discount on loss reserves ceded under retroactive reinsurance 432 - 432 ( 108) - ( 108) Net change in total reserve discount (b) $ ( 92) $ ( 161) $ ( 253) $ 65 $ 46 $ 111 (a) Excludes $( 9) million and $ 7 million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended June 30, 2019 and 2018, respectively. (b) Excludes $ 26 million and $ 3 million discount related to certain long tail liabilities in the United Kingdom for the six-month periods ended June 30, 2019 and 2018, respectively. During the six-month period ended June 30, 2019, effective interest rates declined due to a decrease in the forward yield curve component of the discount rates. This decrease reflects a decline in U.S. Treasury rates. During the six-month period ended June 30, 2018, effective interest rates increased due to an increase in the forward yield curve component of the discount rates. This increase reflects an incline in U.S. Treasury rates.

CONTINGENCIES, COMMITMENTS AND

CONTINGENCIES, COMMITMENTS AND GUARANTEES	6 Months Ended
	Jun. 30, 2019
CONTINGENCIES, COMMITMENTS AND GUARANTEES
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, like others in the insurance and financial services industries in general, 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 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 and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operation. Additionally, from time to time, various regulatory and governmental agencies review the transactions and practices of AIG and our subsidiaries in connection with industry-wide and other inquiries into, among other matters, the business practices of current and former operating insurance subsidiaries. We have cooperated, and will continue to cooperate, in producing documents and other information in response to such requests. Tax Litigation We are party to pending tax litigation before the Southern District of New York. For additional information see Note 15 to the Condensed Consolidated Financial Statements. 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 $ 7.6 billion at June 30, 2019. Guarantees Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIG Financial Products Corp. and related subsidiaries (collectively AIGFP) and of AIG Markets arising from transactions entered into by AIG Markets. In connection with AIGFP’s business activities, AIGFP has issued, in a limited number of transactions, standby letters of credit or similar facilities to equity investors of structured leasing transactions in an amount equal to the termination value owing to the equity investor by the lessee in the event of a lessee default (the equity termination value). The total amount outstanding at June 30, 2019 was $ 82 million. In those transactions, AIGFP has agreed to pay such amount if the lessee fails to pay. The amount payable by AIGFP is, in certain cases, partially offset by amounts payable under other instruments typically equal to the present value of scheduled payments to be made by AIGFP. In the event that AIGFP is required to make a payment to the equity investor, the lessee is unconditionally obligated to reimburse AIGFP. To the extent that the equity investor is paid the equity termination value from the standby letter of credit and/or other sources, including payments by the lessee, AIGFP takes an assignment of the equity investor’s rights under the lease of the underlying property. Because the obligations of the lessee under the lease transactions are generally economically defeased, lessee bankruptcy is the most likely circumstance in which AIGFP would be required to pay without reimbursement. AIG Parent files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service (IRS). AIG Parent and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated federal income taxes. Under an Amended and Restated Tax Payment Allocation Agreement dated June 6, 2011 between AIG Parent and one of its Bermuda-domiciled insurance subsidiaries, AIG Life of Bermuda, Ltd. (AIGB), AIG Parent has agreed to indemnify AIGB for any tax liability (including interest and penalties) resulting from adjustments made by the IRS or other appropriate authorities to taxable income, special deductions or credits in connection with investments made by AIGB in certain affiliated entities. Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses pursuant to our asset disposition plan. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Other  For additional discussion on commitments and guarantees associated with VIEs see Note 8.  For additional disclosures about derivatives see Note 9.  For additional disclosures about guarantees of outstanding debt of AIG Life Holdings, Inc. (AIGLH), see Note 16.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2019
EQUITY
EQUITY	12. Equity Shares Outstanding Preferred Stock On March 14, 2019, we issued 20,000 shares of 5.85% Series A Non-Cumulative Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock), $ 5.00 par value and $ 25,000 liquidation preference per share (equivalent to $ 25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $ 485 million. We may redeem the Series A Preferred Stock at our option, (a) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Rating Agency Event,” at a redemption price equal to $ 25,500 per share of the Series A Preferred Stock (equivalent to $ 25.50 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date), or (b) (i) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Regulatory Capital Event,” or (ii) in whole or in part, from time to time, on or after March 15, 2024, in each case, at a redemption price equal to $ 25,000 per share of the Series A Preferred Stock (equivalent to $ 25.00 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date). A “Rating Agency Event” is generally defined to mean that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for us amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series A Preferred Stock, which amendment, clarification or change results in the shortening of the length of time the Series A Preferred Stock is assigned a particular level of equity credit by that rating agency as compared to the length of time it would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock, or the lowering of the equity credit (including up to a lesser amount) assigned to the Series A Preferred Stock by that rating agency as compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock. A “Regulatory Capital Event” is generally defined to mean our good faith determination that as a result of a change in law, rule or regulation, or a proposed change or an official judicial or administrative pronouncement, there is more than an insubstantial risk that the full liquidation preference of the Series A Preferred Stock would not qualify as capital (or a substantially similar concept) for purposes of any group capital standard to which we are or will be subject. Holders of the Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors (or a duly authorized committee of the board). Dividends will be payable from the original date of issue at a rate of 5.85% per annum, payable quarterly, in arrears, on the fifteenth day of March, June, September and December of each year, beginning on June 15, 2019. Dividends on the Series A Preferred Stock will be non-cumulative. On May 21, 2019, our Board of Directors declared a cash dividend of $ 369.6875 per share on AIG’s Series A Preferred Stock. Holders of depositary shares each representing a 1/1,000th interest in a share of Series A Preferred Stock received $ 0.3696875 per depositary share. The dividend was paid on June 17, 2019 to holders of record at the close of business on May 31, 2019. In the event of any liquidation, dissolution or winding-up of the affairs of AIG, whether voluntary or involuntary, before any distribution or payment out of our assets may be made to or set aside for the holders of any junior stock, holders of the Series A Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders, an amount equal to $ 25,000 per share of Series A Preferred Stock (equivalent to $ 25.00 per Depositary Share), together with an amount equal to all declared and unpaid dividends (if any), but no amount in respect of any undeclared dividends prior to such payment date. Distributions will be made only to the extent of our assets that are available for distribution to stockholders (i.e., after satisfaction of all our liabilities to creditors, if any). The Series A Preferred Stock does not have voting rights, except in limited circumstances, including in the case of certain dividend non-payments. Common Stock The following table presents a rollforward of outstanding shares: Six Months Ended June 30, 2019 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,040,062,063) 866,609,429 Shares issued - 3,292,082 3,292,082 Shares repurchased - - - Shares, end of period 1,906,671,492 ( 1,036,769,981) 869,901,511 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 share on AIG Common Stock: Dividends Paid Declaration Date Record Date Payment Date Per Common Share May 6, 2019 June 14, 2019 June 28, 2019 $ 0.32 February 13, 2019 March 15, 2019 March 29, 2019 0.32 May 2, 2018 June 14, 2018 June 28, 2018 $ 0.32 February 8, 2018 March 15, 2018 March 29, 2018 0.32 For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries see Note 19 to the Consolidated Financial Statements in the 2018 Annual Report . Repurchase of AIG Common Stock The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock: Six Months Ended June 30, (in millions) 2019 2018 Aggregate repurchases of common stock $ - $ 646 Total number of common shares repurchased - 12 Aggregate repurchases of warrants $ - $ 4 Total number of warrants repurchased * - - * For the six-month period ended June 30, 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. For the six-month period ended June 30, 2018, we repurchased 266,453 warrants to purchase shares of AIG Common Stock. Our Board of Directors has authorized the repurchase of shares of AIG Common Stock and warrants to purchase shares of AIG Common Stock through a series of actions. On February 13, 2019, our Board of Directors authorized an additional increase of approximately $ 1.5 billion to its previous share repurchase authorization. As of June 30, 2019, $ 2.0 billion remained under our share repurchase authorization. Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise (including through the purchase of warrants). Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. We did not repurchase any shares of AIG Common Stock during the six- month period ended June 30, 2019. The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors. The repurchase of AIG Common Stock is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which AIG may not (other than in limited circumstances) purchase, redeem or otherwise acquire AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for. Accumulated Other Comprehensive INCOME (LOSS) The following table presents a rollforward of Accumulated other comprehensive income (loss): Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2019, net of tax $ 638 $ 5,129 $ ( 2,562) $ ( 1,087) $ 10 $ 2,128 Change in unrealized appreciation of investments 95 5,812 - - - 5,907 Change in deferred policy acquisition costs adjustment and other ( 6) ( 868) - - - ( 874) Change in future policy benefits - ( 1,181) - - - ( 1,181) Change in foreign currency translation adjustments - - ( 133) - - ( 133) Change in net actuarial loss - - - 15 - 15 Change in prior service credit - - - - - - Change in deferred tax asset (liability) ( 7) ( 849) 4 ( 7) - ( 859) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 82 2,914 ( 129) 8 ( 2) 2,873 Noncontrolling interests - 9 1 - - 10 Balance, June 30, 2019, net of tax $ 720 $ 8,034 $ ( 2,692) $ ( 1,079) $ 8 $ 4,991 Balance, December 31, 2018, net of tax $ ( 38) $ 2,426 $ ( 2,725) $ ( 1,086) $ 10 $ ( 1,413) Change in unrealized appreciation of investments 944 10,876 - - - 11,820 Change in deferred policy acquisition costs adjustment and other ( 14) ( 1,724) - - - ( 1,738) Change in future policy benefits - ( 2,249) - - - ( 2,249) Change in foreign currency translation adjustments - - 55 - - 55 Change in net actuarial loss - - - 16 - 16 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax liability ( 172) ( 1,281) ( 20) ( 8) - ( 1,481) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 758 5,622 35 7 ( 2) 6,420 Noncontrolling interests - 14 2 - - 16 Balance, June 30, 2019, net of tax $ 720 $ 8,034 $ ( 2,692) $ ( 1,079) $ 8 $ 4,991 Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2018, net of tax $ 812 $ 4,700 $ ( 2,216) $ ( 1,085) $ 9 $ 2,220 Cumulative effect of change in accounting principles - - - - - - Change in unrealized depreciation of investments ( 1,368) ( 1,604) - - - ( 2,972) Change in deferred policy acquisition costs adjustment and other 84 271 - - - 355 Change in future policy benefits - 383 - - - 383 Change in foreign currency translation adjustments - - ( 195) - - ( 195) Change in net actuarial loss - - - 22 - 22 Change in prior service cost - - - 2 - 2 Change in deferred tax asset (liability) 238 194 ( 15) ( 1) - 416 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) ( 1,046) ( 756) ( 210) 23 ( 1) ( 1,990) Noncontrolling interests - - - - - - Balance, June 30, 2018, net of tax $ ( 234) $ 3,944 $ ( 2,426) $ ( 1,062) $ 8 $ 230 Balance, December 31, 2017, net of tax $ 793 $ 7,693 $ ( 2,090) $ ( 931) $ - $ 5,465 Cumulative effect of change in accounting principles 169 ( 285) ( 284) ( 183) 7 ( 576) Change in unrealized depreciation of investments ( 1,608) ( 6,358) - - - ( 7,966) Change in deferred policy acquisition costs adjustment and other 114 905 - - - 1,019 Change in future policy benefits - 1,124 - - - 1,124 Change in foreign currency translation adjustments - - ( 23) - - ( 23) Change in net actuarial loss - - - 38 - 38 Change in prior service credit - - - ( 2) - ( 2) Change in deferred tax asset (liability) 298 865 ( 29) 16 - 1,150 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) ( 1,196) ( 3,464) ( 52) 52 1 ( 4,659) Noncontrolling interests - - - - - - Balance, June 30, 2018, net of tax $ ( 234) $ 3,944 $ ( 2,426) $ ( 1,062) $ 8 $ 230 The following table presents the other comprehensive income reclassification adjustments for the three- and six-month periods ended June 30, 2019 and 2018, respectively: Unrealized Appreciation (Depreciation) of Fixed Fair Value of Maturity Investments Unrealized Liabilities Under on Which Other-Than- Appreciation Foreign Retirement Fair Value Option Temporary Credit (Depreciation) Currency Plan Attributable to Impairments Were of All Other Translation Liabilities Changes in (in millions) Recognized Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2019 Unrealized change arising during period $ 85 $ 3,854 $ ( 133) $ 5 $ ( 2) $ 3,809 Less: Reclassification adjustments included in net income ( 4) 91 - ( 10) - 77 Total other comprehensive income (loss), before income tax expense (benefit) 89 3,763 ( 133) 15 ( 2) 3,732 Less: Income tax expense (benefit) 7 849 ( 4) 7 - 859 Total other comprehensive income (loss), net of income tax expense (benefit) $ 82 $ 2,914 $ ( 129) $ 8 $ ( 2) $ 2,873 Three Months Ended June 30, 2018 Unrealized change arising during period $ ( 1,282) $ ( 964) $ ( 195) $ 16 $ ( 1) $ ( 2,426) Less: Reclassification adjustments included in net income 2 ( 14) - ( 8) - ( 20) Total other comprehensive income (loss), before income tax expense (benefit) ( 1,284) ( 950) ( 195) 24 ( 1) ( 2,406) Less: Income tax expense (benefit) ( 238) ( 194) 15 1 - ( 416) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 1,046) $ ( 756) $ ( 210) $ 23 $ ( 1) $ ( 1,990) Six Months Ended June 30, 2019 Unrealized change arising during period $ 926 $ 6,963 $ 55 $ - $ ( 2) $ 7,942 Less: Reclassification adjustments included in net income ( 4) 60 - ( 15) - 41 Total other comprehensive income (loss), before income tax expense 930 6,903 55 15 ( 2) 7,901 Less: Income tax expense 172 1,281 20 8 - 1,481 Total other comprehensive income (loss), net of income tax expense $ 758 $ 5,622 $ 35 $ 7 $ ( 2) $ 6,420 Six Months Ended June 30, 2018 Unrealized change arising during period $ ( 1,490) $ ( 4,350) $ ( 23) $ 19 $ 1 $ ( 5,843) Less: Reclassification adjustments included in net income 4 ( 21) - ( 17) - ( 34) Total other comprehensive income (loss), before income tax expense (benefit) ( 1,494) ( 4,329) ( 23) 36 1 ( 5,809) Less: Income tax expense (benefit) ( 298) ( 865) 29 ( 16) - ( 1,150) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 1,196) $ ( 3,464) $ ( 52) $ 52 $ 1 $ ( 4,659) The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income: Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Condensed Consolidated Statements of Income Three Months Ended June 30, (in millions) 2019 2018 Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments $ ( 4) $ 2 Other realized capital gains Total ( 4) 2 Unrealized appreciation (depreciation) of all other investments Investments 91 ( 15) Other realized capital gains Deferred acquisition costs adjustment - 1 Amortization of deferred policy acquisition costs Future policy benefits - - Policyholder benefits and losses incurred Total 91 ( 14) Change in retirement plan liabilities adjustment Prior-service credit - 1 * Actuarial losses ( 10) ( 9) * Total ( 10) ( 8) Total reclassifications for the period $ 77 $ ( 20) Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Condensed Consolidated Statements of Income Six Months Ended June 30, (in millions) 2019 2018 Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments $ ( 4) $ 4 Other realized capital gains Total ( 4) 4 Unrealized appreciation (depreciation) of all other investments Investments 60 9 Other realized capital gains Deferred acquisition costs adjustment - ( 30) Amortization of deferred policy acquisition costs Future policy benefits - - Policyholder benefits and losses incurred Total 60 ( 21) Change in retirement plan liabilities adjustment Prior-service credit - 1 * Actuarial losses ( 15) ( 18) * Total ( 15) ( 17) Total reclassifications for the period $ 41 $ ( 34) * These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14 .

EARNINGS PER COMMON SHARE (EPS)

EARNINGS PER COMMON SHARE (EPS)	6 Months Ended
	Jun. 30, 2019
EARNINGS PER SHARE (EPS)
EARNINGS PER 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. The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, (dollars in millions, except per common share data) 2019 2018 2019 2018 Numerator for EPS: Income from continuing operations $ 1,391 $ 931 $ 2,328 $ 1,881 Less: Net income (loss) from continuing operations attributable to noncontrolling interests 281 ( 6) 564 5 Less: Preferred stock dividends 7 - 7 - Income attributable to AIG common shareholders from continuing operations 1,103 937 1,757 1,876 Loss from discontinued operations, net of income tax expense ( 1) - ( 1) ( 1) Net income attributable to AIG common shareholders $ 1,102 $ 937 $ 1,756 $ 1,875 Denominator for EPS: Weighted average common shares outstanding — basic 876,382,884 903,215,488 875,885,588 905,566,733 Dilutive common shares 11,942,158 13,356,993 7,035,659 15,335,987 Weighted average common shares outstanding — diluted (a) 888,325,042 916,572,481 882,921,247 920,902,720 Income per common share attributable to AIG common shareholders: Basic: Income from continuing operations $ 1.26 $ 1.04 $ 2.00 $ 2.07 Income from discontinued operations $ - $ - $ - $ - Net income attributable to AIG common shareholders $ 1.26 $ 1.04 $ 2.00 $ 2.07 Diluted: Income from continuing operations $ 1.24 $ 1.02 $ 1.99 $ 2.04 Income from discontinued operations $ - $ - $ - $ - Net income attributable to AIG common shareholders $ 1.24 $ 1.02 $ 1.99 $ 2.04 (a) Dilutive common shares include our share-based employee compensation plans and a weighted average portion of the warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of common shares excluded from diluted shares outstanding was 5.4 million and 34.8 million for the three- and six-month periods ended June 30, 2019, respectively, and 5.2 million and 4.2 million for the three- and six-month periods ended June 30, 2018, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	6 Months Ended
	Jun. 30, 2019
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS	14. Employee Benefits We sponsor various defined benefit pension plans, post-retirement medical and life insurance plans for eligible employees and retirees in the U.S. and certain non-U.S. countries. The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits: Pension Postretirement U.S. Non-U.S. U.S. Non-U.S. (in millions) Plans Plans Total Plans Plans Total Three Months Ended June 30, 2019 Components of net periodic benefit cost: Service cost $ 3 $ 4 $ 7 $ 1 $ - $ 1 Interest cost 43 4 47 1 - 1 Expected return on assets ( 57) ( 6) ( 63) - - - Amortization of prior service cost - 1 1 - - - Amortization of net (gain) loss 8 2 10 ( 1) - ( 1) Net periodic benefit cost (credit) ( 3) 5 2 1 - 1 Settlement charges - 1 1 - - - Net benefit cost (credit) $ ( 3) $ 6 $ 3 $ 1 $ - $ 1 Three Months Ended June 30, 2018 Components of net periodic benefit cost: Service cost $ 2 $ 5 $ 7 $ 1 $ 1 $ 2 Interest cost 40 4 44 1 1 2 Expected return on assets ( 70) ( 6) ( 76) - - - Amortization of prior service credit - - - ( 1) ( 1) ( 2) Amortization of net loss 7 2 9 - - - Net periodic benefit cost (credit) ( 21) 5 ( 16) 1 1 2 Settlement charges - - - - - - Net benefit cost (credit) $ ( 21) $ 5 $ ( 16) $ 1 $ 1 $ 2 Six Months Ended June 30, 2019 Components of net periodic benefit cost: Service cost $ 5 $ 10 $ 15 $ 1 $ - $ 1 Interest cost 87 8 95 3 1 4 Expected return on assets ( 114) ( 11) ( 125) - - - Amortization of prior service cost (credit) - 1 1 - ( 1) ( 1) Amortization of net (gain) loss 16 3 19 ( 1) - ( 1) Net periodic benefit cost (credit) ( 6) 11 5 3 - 3 Settlement credit - ( 3) ( 3) - - - Net benefit cost (credit) $ ( 6) $ 8 $ 2 $ 3 $ - $ 3 Six Months Ended June 30, 2018 Components of net periodic benefit cost: Service cost $ 4 $ 11 $ 15 $ 1 $ 1 $ 2 Interest cost 81 8 89 3 1 4 Expected return on assets ( 141) ( 13) ( 154) - - - Amortization of prior service cost (credit) - 1 1 ( 1) ( 1) ( 2) Amortization of net loss 14 4 18 - - - Net periodic benefit cost (credit) ( 42) 11 ( 31) 3 1 4 Settlement charges - - - - - - Net benefit cost (credit) $ ( 42) $ 11 $ ( 31) $ 3 $ 1 $ 4 For the six-month period ended June 30, 2019, we did not make any contributions to the U.S. AIG Retirement Plan.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
INCOME TAXES
INCOME TAXES	15. Income Taxes U.S. Tax Reform Overview On December 22, 2017, the U.S. enacted Public Law 115-97, known informally as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act reduced the statutory rate of U.S. federal corporate income tax to 21 percent and enacted numerous other changes impacting AIG and the insurance industry. The Tax Act includes provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. There are substantial uncertainties in the interpretation of BEAT and GILTI and, while certain formal guidance was issued by the U.S. tax authority, there are still aspects of the Tax Act that remain unclear and additional guidance is expected later in 2019. Such guidance may result in changes to the interpretations and assumptions we made and actions we may take, which may impact amounts recorded with respect to international provisions of the Tax Act, possibly materially. Consistent with accounting guidance, we treat BEAT as a period tax charge in the period the tax is incurred and have made an accounting policy election to treat GILTI taxes in a similar manner. 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 the realizability of deferred tax assets and uncertain tax positions, and are recorded in the period in which the change occurs. While certain impacts of the Tax Act are included in our annual effective tax rate, we continue to refine our calculations as additional information becomes available, which may result in changes to the estimated annual effective tax rate. Interim Tax Expense (Benefit) For the three-month period ended June 30, 2019, the effective tax rate on income from continuing operations was 24.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, a net tax charge related to the accrual of IRS interest, state and local income taxes, non-deductible transfer pricing charges, U.S. tax imposed on GILTI earned by certain foreign subsidiaries, and valuation allowance activity related to certain foreign subsidiaries, partially offset by tax benefits associated with tax exempt income and reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities. The effect of foreign operations is primarily related to income in 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 six-month period ended June 30, 2019, the effective tax rate on income from continuing operations was 22.2 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the accrual of IRS interest, the effect of foreign operations, state and local income taxes, excess tax charges related to share based compensation payments recorded through the income statement, non-deductible transfer pricing charges, and U.S. tax imposed on GILTI earned by certain foreign subsidiaries, partially offset by tax benefits associated with tax exempt income, reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities, and valuation allowance activity related to certain foreign subsidiaries. The effect of foreign operations is primarily related to income in 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 June 30, 2018, the effective tax rate on income from continuing operations was 25.6 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, additional U.S. taxes imposed on income of our foreign subsidiaries under international provisions of the Tax Act, valuation allowance activity related to certain foreign subsidiaries and state jurisdictions and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, and reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities. For the six-month period ended June 30, 2018, the effective tax rate on income from continuing operations was 24.1 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, additional U.S. taxes imposed on income of our foreign subsidiaries under international provisions of the Tax Act, valuation allowance activity related to certain foreign subsidiaries and state jurisdictions and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities and excess tax deductions related to share based compensation payments recorded through the income statement. As a result of the Tax Act, the majority of accumulated foreign earnings that were previously untaxed are subject to a one-time deemed repatriation tax. Going forward, certain foreign earnings of our foreign affiliates will be exempt from U.S. tax upon repatriation. Notwithstanding the changes, U.S. tax on foreign exchange gain or loss and certain non-U.S. withholding taxes will continue to be applicable upon future repatriations of foreign earnings. For the six-month period ended June 30, 2019, we consider our foreign earnings with respect to certain operations in Canada, South Africa, the Far East, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Assessment of Deferred Tax Asset Valuation Allowance The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Our framework for assessing the recoverability of the deferred tax asset requires us to consider all available evidence, including: • the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; • the sustainability of recent operating profitability of our subsidiaries; • the predictability of future operating profitability of the character necessary to realize the net deferred tax asset; • the carryforward period for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and • prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset. In performing our assessment of the recoverability of the deferred tax asset under this framework, we consider tax laws governing the utilization of the net operating loss, capital loss and foreign tax credit carryforwards in each applicable jurisdiction. Under U.S. tax law, a company generally must use its net operating loss carryforwards before it can use its foreign tax credit carryforwards, even though the carryforward period for the foreign tax credit is shorter than for the net operating loss. Our U.S. federal consolidated income tax group includes both life companies and non-life companies. While the U.S. taxable income of our non-life companies can be offset by our net operating loss carryforwards, only a portion (no more than 35 percent) of the U.S. taxable income of our life companies can be offset by those net operating loss carryforwards. The remaining tax liability of our life companies can be offset by foreign tax credit carryforwards. Accordingly, we utilize both the net operating loss and foreign tax credit carryforwards concurrently which enables us to realize our tax attributes prior to expiration. As of June 30, 2019, based on all available evidence, it is more likely than not that the U.S. net operating loss and foreign tax credit carryforwards will be utilized prior to expiration and, thus, no valuation allowance has been established. Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies and interpretations and assumptions related to the impact of the Tax Act could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period. For the six-month period ended June 30, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, resulting in a deferred tax liability related to net unrealized tax capital gains. As of June 30, 2019, based on all available evidence, we concluded that no valuation allowance is required. For the six-month period ended June 30, 2019, we released $ 290 million of valuation allowance associated with the unrealized tax losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, all of which was allocated to other comprehensive income. We released the full amount of valuation allowance previously recorded during the three-month period ended March 31, 2019 and no additional activity was recorded for the three-month period ended June 30, 2019. For the six-month period ended June 30, 2019, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Non-Life Companies’ available for sale securities portfolio, resulting in an increase to the deferred tax liability related to net unrealized tax capital gains. As of June 30, 2019, we continue to be in an overall unrealized tax gain position with respect to the U.S. Non-Life Companies’ available for sale securities portfolio and thus concluded no valuation allowance is necessary in the U.S. Non-Life Companies’ available for sale securities portfolio. For the three- and six-month periods ended June 30, 2019, we recognized net increases (decreases) of $ 7 million and $( 31) million, respectively, in our deferred tax asset valuation allowance associated with certain foreign subsidiaries, primarily attributable to changes in projections and current year activity. Tax Examinations and Litigation On August 1, 2012, we filed a motion for partial summary judgment related to the disallowance of foreign tax credits associated with cross border financing transactions in the Southern District of New York. The Southern District of New York denied our summary judgment motion and upon AIG’s appeal, the U.S. Court of Appeals for the Second Circuit (the Second Circuit) affirmed the denial. AIG’s petition for certiorari to the U.S. Supreme Court from the decision of the Second Circuit was denied on March 7, 2016. As a result, the case has been remanded back to the Southern District of New York for a jury trial. In January 2018, the parties reached non-binding agreements in principle on issues presented in the dispute and are currently reviewing the computations reflecting the settlement terms. The resolution is not final and is subject to various reviews. The litigation has been stayed pending the outcome of the review process. We can provide no assurance regarding the outcome of any such litigation or whether binding compromised settlements with the parties will ultimately be reached. We currently believe that we have adequate reserves for the potential liabilities that may result from these matters. Accounting for Uncertainty in Income Taxes At both June 30, 2019 and December 31, 2018, our unrecognized tax benefits, excluding interest and penalties, were $ 4.7 billion. At June 30, 2019 and December 31, 2018, 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 $ 40 million and $ 38 million, respectively. Accordingly, at both June 30, 2019 and December 31, 2018, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $ 4.7 billion. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At June 30, 2019 and December 31, 2018, we had accrued liabilities of $ 2.3 billion and $ 2.2 billion, respectively, for the payment of interest (net of the federal benefit) and penalties. For the six-month periods ended June 30, 2019 and 2018, we accrued expense (benefit) of $ 136 million and $ 100 million, respectively, for the payment of interest and penalties. We believe it is reasonably possible that our unrecognized tax benefits could decrease within the next 12 months by as much as $ 3.9 billion, principally as a result of potential resolutions or settlements of prior years’ tax items. The prior years’ tax items include unrecognized tax benefits related to the deductibility of certain expenses and matters related to cross border financing transactions.

INFORMATION PROVIDED IN CONNECT

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT	6 Months Ended
	Jun. 30, 2019
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT	16. Information Provided in Connection with Outstanding Debt The following Condensed Consolidating Financial Statements reflect the results of Validus Holdings, Ltd. and AIG Life Holdings, Inc. (AIGLH), each a holding company and a wholly owned subsidiary of AIG. AIG provides a full and unconditional guarantee of the senior notes of Validus and all outstanding debt of AIGLH. Condensed Consolidating Balance Sheets American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG June 30, 2019 Assets: Short-term investments (a) $ 3,440 $ 2 $ - $ 13,729 $ ( 2,155) $ 15,016 Other investments (b) 4,416 - - 315,496 - 319,912 Total investments 7,856 2 - 329,225 ( 2,155) 334,928 Cash 20 - 1 2,914 - 2,935 Loans to subsidiaries (c) 34,906 - - 639 ( 35,545) - Investment in consolidated subsidiaries (c) 39,943 3,914 32,505 - ( 76,362) - Other assets, including deferred income taxes (d) 15,550 2,071 19 168,623 ( 1,857) 184,406 Total assets $ 98,275 $ 5,987 $ 32,525 $ 501,401 $ ( 115,919) $ 522,269 Liabilities: Insurance liabilities $ - $ - $ - $ 301,226 $ - $ 301,226 Long-term debt 23,009 356 643 12,283 - 36,291 Other liabilities, including intercompany balances (b) 10,088 7 37 112,526 ( 4,011) 118,647 Loans from subsidiaries (c) 639 - - 34,906 ( 35,545) - Total liabilities 33,736 363 680 460,941 ( 39,556) 456,164 Total AIG shareholders’ equity 64,539 5,624 31,845 38,894 ( 76,363) 64,539 Non-redeemable noncontrolling interests - - - 1,566 - 1,566 Total equity 64,539 5,624 31,845 40,460 ( 76,363) 66,105 Total liabilities and equity $ 98,275 $ 5,987 $ 32,525 $ 501,401 $ ( 115,919) $ 522,269 December 31, 2018 Assets: Short-term investments (a) $ 1,141 $ 2 $ - $ 10,329 $ ( 1,798) $ 9,674 Other investments (b) 3,377 - - 301,158 - 304,535 Total investments 4,518 2 - 311,487 ( 1,798) 314,209 Cash 2 9 9 2,853 - 2,873 Loans to subsidiaries (c) 34,963 - - 615 ( 35,578) - Investment in consolidated subsidiaries (c) 33,300 4,029 26,321 - ( 63,650) - Other assets, including deferred income taxes (d) 15,389 1,798 124 159,430 ( 1,839) 174,902 Total assets $ 88,172 $ 5,838 $ 26,454 $ 474,385 $ ( 102,865) $ 491,984 Liabilities: Insurance liabilities $ - $ - $ - $ 293,652 $ - $ 293,652 Long-term debt 22,422 359 643 11,116 - 34,540 Other liabilities, including intercompany balances (b) 8,774 228 144 100,974 ( 3,637) 106,483 Loans from subsidiaries (c) 615 - - 34,963 ( 35,578) - Total liabilities 31,811 587 787 440,705 ( 39,215) 434,675 Total AIG shareholders’ equity 56,361 5,251 25,667 32,732 ( 63,650) 56,361 Non-redeemable noncontrolling interests - - - 948 - 948 Total equity 56,361 5,251 25,667 33,680 ( 63,650) 57,309 Total liabilities and equity $ 88,172 $ 5,838 $ 26,454 $ 474,385 $ ( 102,865) $ 491,984 (a) At June 30, 2019, includes restricted cash of $ 18 million for Other Subsidiaries. At December 31, 2018, includes restricted cash of $ 124 million and $ 18 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. (b) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment. (c) Eliminated in consolidation. (d) At June 30, 2019, includes restricted cash of $ 1 million and $ 231 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $ 1 million and $ 342 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. Condensed Consolidating Statements of Income American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Three Months Ended June 30, 2019 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,167 $ 109 $ 1,278 $ - $ ( 2,554) $ - Other income 277 4 - 12,316 ( 36) 12,561 Total revenues 1,444 113 1,278 12,316 ( 2,590) 12,561 Expenses: Interest expense 250 - 12 102 ( 4) 360 Loss on extinguishment of debt - 5 - 10 - 15 Other expenses 180 4 1 10,194 ( 30) 10,349 Total expenses 430 9 13 10,306 ( 34) 10,724 Income (loss) from continuing operations before income tax expense (benefit) 1,014 104 1,265 2,010 ( 2,556) 1,837 Income tax expense (benefit) ( 95) - ( 1) 542 - 446 Income (loss) from continuing operations 1,109 104 1,266 1,468 ( 2,556) 1,391 Loss from discontinued operations, net of income taxes - - - ( 1) - ( 1) Net income (loss) 1,109 104 1,266 1,467 ( 2,556) 1,390 Less: Net income from continuing operations attributable to noncontrolling interests - - - 281 - 281 Net income (loss) attributable to AIG $ 1,109 $ 104 $ 1,266 $ 1,186 $ ( 2,556) $ 1,109 Three Months Ended June 30, 2018 Revenues: Equity in earnings of consolidated subsidiaries * $ 845 $ - $ 459 $ - $ ( 1,304) $ - Other income 309 - - 11,179 143 11,631 Total revenues 1,154 - 459 11,179 ( 1,161) 11,631 Expenses: Interest expense 246 - 13 43 ( 3) 299 Loss on extinguishment of debt - - - 5 - 5 Other expenses 359 - - 9,738 ( 22) 10,075 Total expenses 605 - 13 9,786 ( 25) 10,379 Income (loss) from continuing operations before income tax expense (benefit) 549 - 446 1,393 ( 1,136) 1,252 Income tax expense (benefit) ( 389) - ( 1) 711 - 321 Income (loss) from continuing operations 938 - 447 682 ( 1,136) 931 Income (loss) from discontinued operations, net of income taxes ( 1) - - 1 - - Net income (loss) 937 - 447 683 ( 1,136) 931 Less: Net loss from continuing operations attributable to noncontrolling interests - - - ( 6) - ( 6) Net income (loss) attributable to AIG $ 937 $ - $ 447 $ 689 $ ( 1,136) $ 937 American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Six Months Ended June 30, 2019 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,875 $ 316 $ 1,978 $ - $ ( 4,169) $ - Other income 564 5 - 24,524 ( 76) 25,017 Total revenues 2,439 321 1,978 24,524 ( 4,245) 25,017 Expenses: Interest expense 496 - 25 196 ( 8) 709 Loss on extinguishment of debt - 9 - 4 - 13 Other expenses 368 5 1 20,998 ( 68) 21,304 Total expenses 864 14 26 21,198 ( 76) 22,026 Income (loss) from continuing operations before income tax expense (benefit) 1,575 307 1,952 3,326 ( 4,169) 2,991 Income tax expense (benefit) ( 189) - ( 2) 854 - 663 Income (loss) from continuing operations 1,764 307 1,954 2,472 ( 4,169) 2,328 Loss from discontinued operations, net of income taxes ( 1) - - - - ( 1) Net income (loss) 1,763 307 1,954 2,472 ( 4,169) 2,327 Less: Net income from continuing operations attributable to noncontrolling interests - - - 564 - 564 Net income (loss) attributable to AIG $ 1,763 $ 307 $ 1,954 $ 1,908 $ ( 4,169) $ 1,763 Six Months Ended June 30, 2018 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,878 $ - $ 1,181 $ - $ ( 3,059) $ - Other income 567 - - 22,691 85 23,343 Total revenues 2,445 - 1,181 22,691 ( 2,974) 23,343 Expenses: Interest expense 466 - 25 91 ( 6) 576 Loss on extinguishment of debt - - - 9 - 9 Other expenses 511 - 1 19,844 ( 77) 20,279 Total expenses 977 - 26 19,944 ( 83) 20,864 Income (loss) from continuing operations before income tax expense (benefit) 1,468 - 1,155 2,747 ( 2,891) 2,479 Income tax expense (benefit) ( 408) - 2 1,004 - 598 Income (loss) from continuing operations 1,876 - 1,153 1,743 ( 2,891) 1,881 Loss from discontinued operations, net of income taxes ( 1) - - - - ( 1) Net income (loss) 1,875 - 1,153 1,743 ( 2,891) 1,880 Less: Net income from continuing operations attributable to noncontrolling interests - - - 5 - 5 Net income (loss) attributable to AIG $ 1,875 $ - $ 1,153 $ 1,738 $ ( 2,891) $ 1,875 * Eliminated in consolidation. Condensed Consolidating Statements of Comprehensive Income American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Three Months Ended June 30, 2019 Net income (loss) $ 1,109 $ 104 $ 1,266 $ 1,467 $ ( 2,556) $ 1,390 Other comprehensive income (loss) 2,863 - 2,418 7,299 ( 9,707) 2,873 Comprehensive income (loss) 3,972 104 3,684 8,766 ( 12,263) 4,263 Total comprehensive income attributable to noncontrolling interests - - - 291 - 291 Comprehensive income (loss) attributable to AIG $ 3,972 $ 104 $ 3,684 $ 8,475 $ ( 12,263) $ 3,972 Three Months Ended June 30, 2018 Net income (loss) $ 937 $ - $ 447 $ 683 $ ( 1,136) $ 931 Other comprehensive income (loss) ( 1,990) - ( 1,510) ( 651) 2,161 ( 1,990) Comprehensive income (loss) ( 1,053) - ( 1,063) 32 1,025 ( 1,059) Total comprehensive loss attributable to noncontrolling interests - - - ( 6) - ( 6) Comprehensive income (loss) attributable to AIG $ ( 1,053) $ - $ ( 1,063) $ 38 $ 1,025 $ ( 1,053) Six Months Ended June 30, 2019 Net income (loss) $ 1,763 $ 307 $ 1,954 $ 2,472 $ ( 4,169) $ 2,327 Other comprehensive income (loss) 6,404 1 5,218 18,982 ( 24,185) 6,420 Comprehensive income (loss) 8,167 308 7,172 21,454 ( 28,354) 8,747 Total comprehensive income attributable to noncontrolling interests - - - 580 - 580 Comprehensive income (loss) attributable to AIG $ 8,167 $ 308 $ 7,172 $ 20,874 $ ( 28,354) $ 8,167 Six Months Ended June 30, 2018 Net income (loss) $ 1,875 $ - $ 1,153 $ 1,743 $ ( 2,891) $ 1,880 Other comprehensive income (loss) ( 4,659) - ( 3,465) (a) 20,909 (a) ( 17,444) ( 4,659) Comprehensive income (loss) ( 2,784) - ( 2,312) 22,652 ( 20,335) ( 2,779) Total comprehensive income attributable to noncontrolling interests - - - 5 - 5 Comprehensive income (loss) attributable to AIG $ ( 2,784) $ - $ ( 2,312) $ 22,647 $ ( 20,335) $ ( 2,784) (a) The Other comprehensive income (loss) amounts for AIGLH and Other Subsidiaries in the six months ended June 30, 2018, have been revised from $ 3.4 billion to $( 3.5) billion and from $ 14.0 billion to $ 20.9 billion, respectively, to correct Comprehensive income (loss) in the six months ended June 30, 2018. This correction has no impact on AIG’s consolidated financial statements and is not considered material to previously issued financial statements. Condensed Consolidating Statements of Cash Flows American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Six Months Ended June 30, 2019 Net cash (used in) provided by operating activities $ 1,278 $ ( 9) $ 982 $ ( 1,232) $ ( 2,291) $ ( 1,272) Cash flows from investing activities: Sales of investments 1,064 - - 31,107 ( 504) 31,667 Sales of divested businesses, net - - - - - - Purchase of investments ( 1,408) - - ( 31,062) 504 ( 31,966) Loans to subsidiaries - net 551 - - ( 20) ( 531) - Contributions from (to) subsidiaries - net ( 319) - - - 319 - Acquisition of businesses, net of cash and restricted cash acquired - - - - - - Net change in short-term investments ( 1,769) - - ( 3,068) - ( 4,837) Other, net 41 - - 948 - 989 Net cash (used in) investing activities ( 1,840) - - ( 2,095) ( 212) ( 4,147) Cash flows from financing activities: Issuance of long-term debt 595 - - 1,604 - 2,199 Repayments of long-term debt ( 6) - - ( 904) - ( 910) Issuance of preferred stock 485 - - - - 485 Purchase of common stock - - - - - - Intercompany loans - net 20 - - ( 551) 531 - Cash dividends paid on preferred stock ( 7) - - - - ( 7) Cash dividends paid on common stock ( 557) - ( 990) ( 1,301) 2,291 ( 557) Other, net ( 74) - - 4,401 ( 319) 4,008 Net cash (used in) provided by financing activities 456 - ( 990) 3,249 2,503 5,218 Effect of exchange rate changes on cash and restricted cash - - - 28 - 28 Change in cash and restricted cash ( 106) ( 9) ( 8) ( 50) - ( 173) Cash and restricted cash at beginning of year 127 9 9 3,213 - 3,358 Cash and restricted cash at end of period $ 21 $ - $ 1 $ 3,163 $ - $ 3,185 Six Months Ended June 30, 2018 Net cash (used in) provided by operating activities $ 1,312 $ - $ 1,211 $ ( 849) $ ( 2,014) $ ( 340) Cash flows from investing activities: Sales of investments 3,800 - - 29,992 ( 2,628) 31,164 Sales of divested businesses, net - - - 10 - 10 Purchase of investments ( 1,327) - - ( 29,805) 2,628 ( 28,504) Loans to subsidiaries - net 422 - - ( 25) ( 397) - Contributions from (to) subsidiaries - net 57 - - - ( 57) - Net change in short-term investments ( 4,017) - - 177 - ( 3,840) Other, net ( 51) - - ( 249) - ( 300) Net cash (used in) provided by investing activities ( 1,116) - - 100 ( 454) ( 1,470) Cash flows from financing activities: Issuance of long-term debt 2,472 - - 1,032 - 3,504 Repayments of long-term debt ( 1,313) - - ( 646) - ( 1,959) Purchase of common stock ( 646) - - - - ( 646) Intercompany loans - net 25 - - ( 422) 397 - Cash dividends paid on common stock ( 575) - ( 1,228) ( 786) 2,014 ( 575) Other, net ( 162) - - 1,204 57 1,099 Net cash (used in) provided by financing activities ( 199) - ( 1,228) 382 2,468 1,423 Effect of exchange rate changes on cash and restricted cash - - - 30 - 30 Change in cash and restricted cash ( 3) - ( 17) ( 337) - ( 357) Cash and restricted cash at beginning of year 8 - 20 2,709 - 2,737 Cash and restricted cash at end of period $ 5 $ - $ 3 $ 2,372 $ - $ 2,380 Supplementary Disclosure of Condensed Consolidating Cash Flow Information American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG June 30, 2019 Cash $ 20 $ - $ 1 $ 2,914 $ - $ 2,935 Restricted cash included in Short-term investments - - - 18 - 18 Restricted cash included in Other assets 1 - - 231 - 232 Total cash and restricted cash shown in the Condensed Consolidating Statements of Cash Flows $ 21 $ - $ 1 $ 3,163 $ - $ 3,185 Cash (paid) received during the 2019 period for: Interest: Third party $ ( 497) $ ( 11) $ ( 25) $ ( 151) $ - $ ( 684) Intercompany ( 1) - - 1 - - Taxes: Income tax authorities $ ( 10) $ - $ - $ ( 130) $ - $ ( 140) Intercompany 695 - - ( 695) - - June 30, 2018 Cash $ 3 $ - $ 3 $ 2,129 $ - $ 2,135 Restricted cash included in Short-term investments 1 - - 17 - 18 Restricted cash included in Other assets 1 - - 226 - 227 Total cash and restricted cash shown in the Condensed Consolidating Statements of Cash Flows $ 5 $ - $ 3 $ 2,372 $ - $ 2,380 Cash (paid) received during the 2018 period for: Interest: Third party $ ( 478) $ - $ ( 23) $ ( 163) $ - $ ( 664) Intercompany ( 1) - ( 1) 2 - - Taxes: Income tax authorities $ ( 17) $ - $ - $ ( 23) $ - $ ( 40) Intercompany 846 - - ( 846) - - American International Group, Inc. (As Guarantor) Supplementary Disclosure of Non-Cash Activities: Six Months Ended June 30, (in millions) 2019 2018 Intercompany non-cash financing and investing activities: Capital contributions $ 15 $ 2,339 Dividends received in the form of securities 624 60 Return of capital 15 2,706

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. Subsequent Events Dividends Declared On August 7, 2019, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.32 per share, payable on September 30, 2019 to shareholders of record on September 17, 2019. On August 7, 2019, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $ 365.625 per share, payable on September 16, 2019 to holders of record on August 30, 2019.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2019
BASIS OF PRESENTATION
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • liability for unpaid losses and loss adjustment expenses (loss reserves); • reinsurance assets; • valuation of future policy benefit liabilities and timing and extent of loss recognition; • valuation of liabilities for guaranteed benefit features of variable annuity products; • valuation of embedded derivatives for fixed index annuity and life products; • estimated gross profits to value deferred policy acquisition costs for investment-oriented products; • impairment charges, including other-than-temporary impairments on available for sale securities, impairments on other invested assets, including investments in life settlements, and goodwill impairment; • allowances for loan losses; • liability for legal contingencies; • fair value measurements of certain financial assets and liabilities; and • income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Act. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Standards Adopted	Accounting Standards Adopted During 2019 Leases In February 2016, the Financial Accounting Standards Board (FASB) issued an accounting standard that requires lessees with lease terms of more than 12 months to recognize a right of use asset and a corresponding lease liability on their balance sheets. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating leases or finance leases. Lessor accounting remained largely the same, with the exception of certain specified changes. We adopted the standard on its effective date of January 1, 2019, using a modified retrospective approach and did not adjust prior comparative periods in accordance with the standard’s transition guidance. The majority of the Company’s lease obligations pertain to real estate utilized in the operation of our businesses. Consequently, the primary impact of adoption resulted in the recognition of discounted lease liabilities of $ 823 million and corresponding right-of-use assets of $ 724 million for operating leases pertaining to our real estate portfolio, which are reflected in Other Liabilities and Other Assets, respectively. The standard did not have a material effect on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued an accounting standard that shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The standard does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. We adopted the standard using a modified retrospective approach on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures. Derivatives and Hedging In August 2017, the FASB issued an accounting standard that improves and expands hedge accounting for both financial and commodity risks. The provisions of the standard are intended to better align the accounting with an entity’s risk management activities, enhance the transparency on how the economic results are presented in the financial statements and disclosures, and simplify the application of hedge accounting treatment. We adopted the standard on its effective date of January 1, 2019. The standard did not have a material impact on our reported consolidated financial condition, results of operations, cash flows or required disclosures.
Future Application of Accounting Standards	Future Application of Accounting Standards Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that will change how entities account for credit losses for most financial assets, trade receivables and reinsurance receivables. The standard will replace the existing incurred loss impairment model with a new “current expected credit loss model” that generally will result in earlier recognition of credit losses. The standard will apply to financial assets subject to credit losses, including loans measured at amortized cost, reinsurance receivables and certain off-balance sheet credit exposures. Additionally, the impairment of available-for-sale debt securities, including purchased credit deteriorated securities, are subject to the new guidance and will be measured in a similar manner, except that losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard will also require additional information to be disclosed in the footnotes. We plan to adopt the standard on its effective date of January 1, 2020. We are continuing to develop our implementation plan to adopt the standard and are assessing the impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. While we expect an increase in our allowances for credit losses for the financial instruments within scope of the standard, given the objective of the new standard, the amount of any change will be dependent on our portfolios’ composition and quality at the adoption date as well as economic conditions and forecasts at that time. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The standard is effective on January 1, 2020, with early adoption permitted. We are evaluating the timing of our adoption. Any impact of the standard will be dependent on the market conditions of the reporting units at the time of adoption. Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below:  Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement.  Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income.  Simplifies the amortization of deferred acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test.  Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income.  Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. We plan to adopt the standard on its effective date of January 1, 2021. We are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. RECLASSIFICATIONS In the first quarter of 2019, we began reporting investment income from our non-insurance subsidiaries in Net investment income instead of Other income on a prospective basis to be consistent with how we report investment income from our General Insurance and Life and Retirement reporting segments. This reclassification has no impact to our consolidated statement of operations.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
SEGMENT INFORMATION
Schedule of continuing operations by operating segment	Three Months Ended June 30, 2019 2018 Adjusted Adjusted Total Pre-tax Total Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 4,025 $ 718 $ 3,426 $ 407 International 3,502 262 3,801 161 Total General Insurance 7,527 980 7,227 568 Life and Retirement Individual Retirement 1,466 588 1,366 462 Group Retirement 790 293 730 250 Life Insurance 1,154 86 1,092 175 Institutional Markets 418 82 277 75 Total Life and Retirement 3,828 1,049 3,465 962 Other Operations 211 ( 415) 169 ( 374) Legacy Portfolio 740 119 781 134 AIG Consolidation and elimination ( 146) ( 56) ( 110) ( 12) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 12,160 1,677 11,532 1,278 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 84 75 ( 27) ( 36) Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - ( 73) - 1 Changes in the fair value of equity securities ( 22) ( 22) - - Professional fees related to regulatory or accounting changes - ( 2) - - Other income (expense) - net 4 - ( 14) - Loss on extinguishment of debt - ( 15) - ( 5) Net realized capital gains * 335 351 139 155 Income (loss) from divested businesses - ( 1) - 25 Non-operating litigation reserves and settlements - - 1 ( 12) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 125 - 32 Net loss reserve discount benefit (charge) - ( 212) - 14 Integration and transaction costs associated with acquired businesses - ( 6) - - Restructuring and other costs - ( 60) - ( 200) Revenues and Pre-tax income $ 12,561 $ 1,837 $ 11,631 $ 1,252 Six Months Ended June 30, 2019 2018 Adjusted Adjusted Total Pre-Tax Total Pre-Tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 8,123 $ 1,652 $ 6,766 $ 727 International 7,206 596 7,905 351 Total General Insurance 15,329 2,248 14,671 1,078 Life and Retirement Individual Retirement 2,817 1,096 2,727 961 Group Retirement 1,499 525 1,491 532 Life Insurance 2,227 202 2,153 227 Institutional Markets 1,489 150 554 134 Total Life and Retirement 8,032 1,973 6,925 1,854 Other Operations 414 ( 802) 319 ( 716) Legacy Portfolio 1,446 231 1,617 279 AIG Consolidation and elimination ( 307) ( 126) ( 172) ( 1) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 24,914 3,524 23,360 2,494 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 189 171 ( 104) ( 113) Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - 26 - ( 30) Changes in the fair value of equity securities 57 57 - - Professional fees related to regulatory or accounting changes - ( 2) - - Other income (expense) - net 11 - ( 25) - Loss on extinguishment of debt - ( 13) - ( 9) Net realized capital gains (losses) * ( 154) ( 123) 110 136 Income from divested businesses - 5 - 33 Non-operating litigation reserves and settlements - ( 1) 2 ( 25) (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 152 - ( 2) Net loss reserve discount benefit (charge) - ( 685) - 219 Integration and transaction costs associated with acquired businesses - ( 13) - - Restructuring and other costs - ( 107) - ( 224) Revenues and Pre-tax income $ 25,017 $ 2,991 $ 23,343 $ 2,479 * Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	6 Months Ended
	Jun. 30, 2019
BUSINESS COMBINATION
Pro Forma Income Statement Information	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018* 2019 2018* Total revenues $ 12,561 $ 12,300 $ 25,017 $ 24,542 Net income 1,390 884 2,327 1,835 Net income attributable to AIG common shareholders 1,102 890 1,756 1,830 Income per common share attributable to AIG common shareholders: Basic: Net income attributable to AIG common shareholders 1.26 0.99 2.00 2.02 Diluted: Net income attributable to AIG common shareholders 1.24 0.97 1.99 1.99 * Pro forma adjustments were made to Validus external reporting results prior to the acquisition date for the deconsolidation of certain asset management entities consistent with AIG’s post acquisition accounting, which had no impact on Net income attributable to Validus.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value on a recurring basis	June 30, 2019 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 105 $ 4,123 $ - $ - $ - $ 4,228 Obligations of states, municipalities and political subdivisions - 13,784 2,162 - - 15,946 Non-U.S. governments 75 15,323 2 - - 15,400 Corporate debt - 142,739 1,821 - - 144,560 RMBS - 19,313 13,863 - - 33,176 CMBS - 12,521 1,103 - - 13,624 CDO/ABS - 9,565 9,062 - - 18,627 Total bonds available for sale 180 217,368 28,013 - - 245,561 Other bond securities: U.S. government and government sponsored entities 22 2,177 - - - 2,199 Non-U.S. governments - 56 - - - 56 Corporate debt - 1,798 - - - 1,798 RMBS - 494 830 - - 1,324 CMBS - 330 88 - - 418 CDO/ABS - 516 4,150 - - 4,666 Total other bond securities 22 5,371 5,068 - - 10,461 Equity securities 829 16 35 - - 880 Other invested assets (b) - 71 605 - - 676 Derivative assets: Interest rate contracts - 3,275 - - - 3,275 Foreign exchange contracts - 1,262 4 - - 1,266 Equity contracts 77 548 118 - - 743 Credit contracts - - 1 - - 1 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 2,080) ( 2,315) ( 4,395) Total derivative assets 77 5,085 136 ( 2,080) ( 2,315) 903 Short-term investments 2,368 3,082 - - - 5,450 Separate account assets 85,803 4,508 - - - 90,311 Other assets - - 61 - - 61 Total $ 89,279 $ 235,501 $ 33,918 $ ( 2,080) $ ( 2,315) $ 354,303 Liabilities: Policyholder contract deposits $ - $ - $ 6,065 $ - $ - $ 6,065 Derivative liabilities: Interest rate contracts 2 2,277 16 - - 2,295 Foreign exchange contracts - 960 - - - 960 Equity contracts 19 23 5 - - 47 Credit contracts - 21 174 - - 195 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 2,080) ( 303) ( 2,383) Total derivative liabilities 21 3,281 201 ( 2,080) ( 303) 1,120 Long-term debt - 2,303 - - - 2,303 Other liabilities 90 22 - - - 112 Total $ 111 $ 5,606 $ 6,266 $ ( 2,080) $ ( 303) $ 9,600 December 31, 2018 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 53 $ 3,207 $ - $ - $ - $ 3,260 Obligations of states, municipalities and political subdivisions - 14,001 2,000 - - 16,001 Non-U.S. governments 69 14,445 11 - - 14,525 Corporate debt - 129,836 864 - - 130,700 RMBS - 20,178 14,199 - - 34,377 CMBS - 11,784 917 - - 12,701 CDO/ABS - 8,725 9,102 - - 17,827 Total bonds available for sale 122 202,176 27,093 - - 229,391 Other bond securities: U.S. government and government sponsored entities 11 2,654 - - - 2,665 Non-U.S. governments - 45 - - - 45 Corporate debt - 1,671 - - - 1,671 RMBS - 424 1,290 - - 1,714 CMBS - 311 77 - - 388 CDO/ABS - 454 4,478 - - 4,932 Total other bond securities 11 5,559 5,845 - - 11,415 Equity securities 1,213 13 27 - - 1,253 Other invested assets (b) - 341 587 - - 928 Derivative assets: Interest rate contracts 2 2,888 - - - 2,890 Foreign exchange contracts - 1,159 5 - - 1,164 Equity contracts 133 190 75 - - 398 Credit contracts - - 1 - - 1 Other contracts - - 15 - - 15 Counterparty netting and cash collateral - - - ( 1,713) ( 1,840) ( 3,553) Total derivative assets 135 4,237 96 ( 1,713) ( 1,840) 915 Short-term investments 2,416 599 - - - 3,015 Separate account assets 77,202 4,645 - - - 81,847 Other assets - - 58 - - 58 Total $ 81,099 $ 217,570 $ 33,706 $ ( 1,713) $ ( 1,840) $ 328,822 Liabilities: Policyholder contract deposits $ - $ - $ 4,116 $ - $ - $ 4,116 Derivative liabilities: Interest rate contracts 4 2,004 15 - - 2,023 Foreign exchange contracts - 858 - - - 858 Equity contracts 12 3 - - - 15 Credit contracts - 8 228 - - 236 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 1,713) ( 187) ( 1,900) Total derivative liabilities 16 2,873 249 ( 1,713) ( 187) 1,238 Long-term debt - 2,213 - - - 2,213 Other liabilities 16 11 - - - 27 Total $ 32 $ 5,097 $ 4,365 $ ( 1,713) $ ( 187) $ 7,594 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 5.2 billion and $ 5.0 billion as of June 30, 2019 and December 31, 2018, respectively.
Changes in Level 3 recurring fair value measurements (Assets)	Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,136 $ - $ 105 $ 62 $ 6 $ ( 147) $ 2,162 $ - Non-U.S. governments 3 ( 1) - - - - 2 - Corporate debt 1,532 29 43 ( 99) 389 ( 73) 1,821 - RMBS 14,045 182 137 ( 404) 44 ( 141) 13,863 - CMBS 892 5 13 150 58 ( 15) 1,103 - CDO/ABS 8,840 8 113 104 4 ( 7) 9,062 - Total bonds available for sale 27,448 223 411 ( 187) 501 ( 383) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,266 43 - ( 479) - - 830 ( 19) CMBS 84 - - 14 - ( 10) 88 1 CDO/ABS 4,249 116 - ( 214) - ( 1) 4,150 76 Total other bond securities 5,599 159 - ( 679) - ( 11) 5,068 58 Equity securities 26 - - 9 - - 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 591 18 1 ( 5) - - 605 18 Other assets 59 - - 2 - - 61 - Total $ 33,723 $ 400 $ 412 $ ( 860) $ 501 $ ( 394) $ 33,782 $ 79 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,878 $ 970 $ - $ 217 $ - $ - $ 6,065 $ ( 832) Derivative liabilities, net: Interest rate contracts 15 2 - ( 1) - - 16 ( 2) Foreign exchange contracts ( 1) ( 5) - 2 - - ( 4) 4 Equity contracts ( 96) ( 4) - ( 13) - - ( 113) 4 Credit contracts 222 ( 24) - ( 25) - - 173 23 Other contracts ( 8) ( 16) - 17 - - ( 7) 18 Total derivative liabilities, net (a) 132 ( 47) - ( 20) - - 65 47 Total $ 5,010 $ 923 $ - $ 197 $ - $ - $ 6,130 $ ( 785) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 202 $ 86 $ 35 $ ( 160) $ 2,162 $ - Non-U.S. governments 11 ( 1) - ( 4) - ( 4) 2 - Corporate debt 864 26 81 ( 65) 1,043 ( 128) 1,821 - RMBS 14,199 409 161 ( 816) 67 ( 157) 13,863 - CMBS 917 6 30 296 58 ( 204) 1,103 - CDO/ABS 9,102 12 167 59 96 ( 374) 9,062 - Total bonds available for sale 27,093 451 641 ( 444) 1,299 ( 1,027) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,290 60 - ( 520) - - 830 ( 19) CMBS 77 4 - 17 - ( 10) 88 4 CDO/ABS 4,478 184 - ( 415) - ( 97) 4,150 100 Total other bond securities 5,845 248 - ( 918) - ( 107) 5,068 85 Equity securities 27 - - 9 - ( 1) 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 587 18 1 ( 1) - - 605 19 Other assets 58 - - 3 - - 61 - Total $ 33,610 $ 717 $ 642 $ ( 1,351) $ 1,299 $ ( 1,135) $ 33,782 $ 107 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 1,539 $ - $ 410 $ - $ - $ 6,065 $ ( 1,352) Derivative liabilities, net: Interest rate contracts 15 3 - ( 2) - - 16 ( 3) Foreign exchange contracts ( 5) ( 10) - 11 - - ( 4) 4 Equity contracts ( 75) ( 20) - ( 18) - - ( 113) 32 Credit contracts 227 ( 27) - ( 27) - - 173 27 Other contracts ( 9) ( 33) - 35 - - ( 7) 35 Total derivative liabilities, net (a) 153 ( 87) - ( 1) - - 65 95 Total $ 4,269 $ 1,452 $ - $ 409 $ - $ - $ 6,130 $ ( 1,257) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,261 $ - $ ( 40) $ ( 29) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 9 ( 1) 2 ( 5) - ( 5) - - Corporate debt 1,871 ( 8) ( 7) ( 394) 3 ( 581) 884 - RMBS 15,839 153 ( 5) ( 616) 8 ( 2) 15,377 - CMBS 584 ( 2) ( 4) ( 7) 47 ( 13) 605 - CDO/ABS 7,846 8 3 56 - ( 1,057) 6,856 - Total bonds available for sale 28,410 150 ( 51) ( 995) 58 ( 1,794) 25,778 - Other bond securities: Corporate debt 19 ( 1) - - - - 18 - RMBS 1,427 16 - ( 105) - - 1,338 151 CMBS 73 ( 2) - - - - 71 4 CDO/ABS 4,776 118 - ( 253) - - 4,641 204 Total other bond securities 6,295 131 - ( 358) - - 6,068 359 Equity securities 3 ( 3) - - - - - - Mortgage and other loans receivable - - - - - - - - Other invested assets 292 29 - 78 - - 399 - Total $ 35,000 $ 307 $ ( 51) $ ( 1,275) $ 58 $ ( 1,794) $ 32,245 $ 359 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 3,696 $ ( 238) $ - $ 76 $ - $ - $ 3,534 $ 298 Derivative liabilities, net: Interest rate contracts 17 ( 1) - ( 2) - - 14 1 Foreign exchange contracts 1 6 - ( 2) - - 5 ( 4) Equity contracts ( 78) 5 - ( 8) - 2 ( 79) ( 5) Credit contracts 250 ( 4) - - - - 246 3 Other contracts ( 12) ( 15) - 17 - - ( 10) 18 Total derivative liabilities, net (a) 178 ( 9) - 5 - 2 176 13 Total $ 3,874 $ ( 247) $ - $ 81 $ - $ 2 $ 3,710 $ 311 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,404 $ 1 $ ( 115) $ ( 98) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 8 ( 5) 6 ( 4) - ( 5) - - Corporate debt 1,173 ( 65) 3 ( 146) 568 ( 649) 884 - RMBS 16,136 419 - ( 1,152) 8 ( 34) 15,377 - CMBS 624 4 ( 21) ( 30) 47 ( 19) 605 - CDO/ABS 8,651 16 ( 85) ( 654) - ( 1,072) 6,856 - Total bonds available for sale 28,996 370 ( 212) ( 2,084) 623 ( 1,915) 25,778 - Other bond securities: Corporate debt 18 - - - - - 18 1 RMBS 1,464 55 - ( 181) - - 1,338 153 CMBS 74 ( 3) - ( 1) 1 - 71 4 CDO/ABS 4,956 207 - ( 513) - ( 9) 4,641 208 Total other bond securities 6,512 259 - ( 695) 1 ( 9) 6,068 366 Equity securities - ( 3) - 3 - - - - Mortgage and other loans receivable 5 - - ( 5) - - - - Other invested assets 250 52 1 96 - - 399 25 Total $ 35,763 $ 678 $ ( 211) $ ( 2,685) $ 624 $ ( 1,924) $ 32,245 $ 391 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,136 $ ( 744) $ - $ 142 $ - $ - $ 3,534 $ 902 Derivative liabilities, net: Interest rate contracts 22 ( 4) - ( 4) - - 14 4 Foreign exchange contracts - ( 4) - 9 - - 5 ( 3) Equity contracts ( 82) 9 - ( 8) - 2 ( 79) ( 9) Credit contracts 262 ( 14) - ( 2) - - 246 13 Other contracts ( 15) ( 32) - 37 - - ( 10) 35 Total derivative liabilities, net (a) 187 ( 45) - 32 - 2 176 40 Total $ 4,323 $ ( 789) $ - $ 174 $ - $ 2 $ 3,710 $ 942 (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Changes in Level 3 recurring fair value measurements (Liabilities)	Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,136 $ - $ 105 $ 62 $ 6 $ ( 147) $ 2,162 $ - Non-U.S. governments 3 ( 1) - - - - 2 - Corporate debt 1,532 29 43 ( 99) 389 ( 73) 1,821 - RMBS 14,045 182 137 ( 404) 44 ( 141) 13,863 - CMBS 892 5 13 150 58 ( 15) 1,103 - CDO/ABS 8,840 8 113 104 4 ( 7) 9,062 - Total bonds available for sale 27,448 223 411 ( 187) 501 ( 383) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,266 43 - ( 479) - - 830 ( 19) CMBS 84 - - 14 - ( 10) 88 1 CDO/ABS 4,249 116 - ( 214) - ( 1) 4,150 76 Total other bond securities 5,599 159 - ( 679) - ( 11) 5,068 58 Equity securities 26 - - 9 - - 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 591 18 1 ( 5) - - 605 18 Other assets 59 - - 2 - - 61 - Total $ 33,723 $ 400 $ 412 $ ( 860) $ 501 $ ( 394) $ 33,782 $ 79 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,878 $ 970 $ - $ 217 $ - $ - $ 6,065 $ ( 832) Derivative liabilities, net: Interest rate contracts 15 2 - ( 1) - - 16 ( 2) Foreign exchange contracts ( 1) ( 5) - 2 - - ( 4) 4 Equity contracts ( 96) ( 4) - ( 13) - - ( 113) 4 Credit contracts 222 ( 24) - ( 25) - - 173 23 Other contracts ( 8) ( 16) - 17 - - ( 7) 18 Total derivative liabilities, net (a) 132 ( 47) - ( 20) - - 65 47 Total $ 5,010 $ 923 $ - $ 197 $ - $ - $ 6,130 $ ( 785) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 202 $ 86 $ 35 $ ( 160) $ 2,162 $ - Non-U.S. governments 11 ( 1) - ( 4) - ( 4) 2 - Corporate debt 864 26 81 ( 65) 1,043 ( 128) 1,821 - RMBS 14,199 409 161 ( 816) 67 ( 157) 13,863 - CMBS 917 6 30 296 58 ( 204) 1,103 - CDO/ABS 9,102 12 167 59 96 ( 374) 9,062 - Total bonds available for sale 27,093 451 641 ( 444) 1,299 ( 1,027) 28,013 - Other bond securities: Corporate debt - - - - - - - - RMBS 1,290 60 - ( 520) - - 830 ( 19) CMBS 77 4 - 17 - ( 10) 88 4 CDO/ABS 4,478 184 - ( 415) - ( 97) 4,150 100 Total other bond securities 5,845 248 - ( 918) - ( 107) 5,068 85 Equity securities 27 - - 9 - ( 1) 35 3 Mortgage and other loans receivable - - - - - - - - Other invested assets 587 18 1 ( 1) - - 605 19 Other assets 58 - - 3 - - 61 - Total $ 33,610 $ 717 $ 642 $ ( 1,351) $ 1,299 $ ( 1,135) $ 33,782 $ 107 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 1,539 $ - $ 410 $ - $ - $ 6,065 $ ( 1,352) Derivative liabilities, net: Interest rate contracts 15 3 - ( 2) - - 16 ( 3) Foreign exchange contracts ( 5) ( 10) - 11 - - ( 4) 4 Equity contracts ( 75) ( 20) - ( 18) - - ( 113) 32 Credit contracts 227 ( 27) - ( 27) - - 173 27 Other contracts ( 9) ( 33) - 35 - - ( 7) 35 Total derivative liabilities, net (a) 153 ( 87) - ( 1) - - 65 95 Total $ 4,269 $ 1,452 $ - $ 409 $ - $ - $ 6,130 $ ( 1,257) Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Three Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,261 $ - $ ( 40) $ ( 29) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 9 ( 1) 2 ( 5) - ( 5) - - Corporate debt 1,871 ( 8) ( 7) ( 394) 3 ( 581) 884 - RMBS 15,839 153 ( 5) ( 616) 8 ( 2) 15,377 - CMBS 584 ( 2) ( 4) ( 7) 47 ( 13) 605 - CDO/ABS 7,846 8 3 56 - ( 1,057) 6,856 - Total bonds available for sale 28,410 150 ( 51) ( 995) 58 ( 1,794) 25,778 - Other bond securities: Corporate debt 19 ( 1) - - - - 18 - RMBS 1,427 16 - ( 105) - - 1,338 151 CMBS 73 ( 2) - - - - 71 4 CDO/ABS 4,776 118 - ( 253) - - 4,641 204 Total other bond securities 6,295 131 - ( 358) - - 6,068 359 Equity securities 3 ( 3) - - - - - - Mortgage and other loans receivable - - - - - - - - Other invested assets 292 29 - 78 - - 399 - Total $ 35,000 $ 307 $ ( 51) $ ( 1,275) $ 58 $ ( 1,794) $ 32,245 $ 359 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 3,696 $ ( 238) $ - $ 76 $ - $ - $ 3,534 $ 298 Derivative liabilities, net: Interest rate contracts 17 ( 1) - ( 2) - - 14 1 Foreign exchange contracts 1 6 - ( 2) - - 5 ( 4) Equity contracts ( 78) 5 - ( 8) - 2 ( 79) ( 5) Credit contracts 250 ( 4) - - - - 246 3 Other contracts ( 12) ( 15) - 17 - - ( 10) 18 Total derivative liabilities, net (a) 178 ( 9) - 5 - 2 176 13 Total $ 3,874 $ ( 247) $ - $ 81 $ - $ 2 $ 3,710 $ 311 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Six Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,404 $ 1 $ ( 115) $ ( 98) $ - $ ( 136) $ 2,056 $ - Non-U.S. governments 8 ( 5) 6 ( 4) - ( 5) - - Corporate debt 1,173 ( 65) 3 ( 146) 568 ( 649) 884 - RMBS 16,136 419 - ( 1,152) 8 ( 34) 15,377 - CMBS 624 4 ( 21) ( 30) 47 ( 19) 605 - CDO/ABS 8,651 16 ( 85) ( 654) - ( 1,072) 6,856 - Total bonds available for sale 28,996 370 ( 212) ( 2,084) 623 ( 1,915) 25,778 - Other bond securities: Corporate debt 18 - - - - - 18 1 RMBS 1,464 55 - ( 181) - - 1,338 153 CMBS 74 ( 3) - ( 1) 1 - 71 4 CDO/ABS 4,956 207 - ( 513) - ( 9) 4,641 208 Total other bond securities 6,512 259 - ( 695) 1 ( 9) 6,068 366 Equity securities - ( 3) - 3 - - - - Mortgage and other loans receivable 5 - - ( 5) - - - - Other invested assets 250 52 1 96 - - 399 25 Total $ 35,763 $ 678 $ ( 211) $ ( 2,685) $ 624 $ ( 1,924) $ 32,245 $ 391 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out of Period at End of Period Liabilities: Policyholder contract deposits $ 4,136 $ ( 744) $ - $ 142 $ - $ - $ 3,534 $ 902 Derivative liabilities, net: Interest rate contracts 22 ( 4) - ( 4) - - 14 4 Foreign exchange contracts - ( 4) - 9 - - 5 ( 3) Equity contracts ( 82) 9 - ( 8) - 2 ( 79) ( 9) Credit contracts 262 ( 14) - ( 2) - - 246 13 Other contracts ( 15) ( 32) - 37 - - ( 10) 35 Total derivative liabilities, net (a) 187 ( 45) - 32 - 2 176 40 Total $ 4,323 $ ( 789) $ - $ 174 $ - $ 2 $ 3,710 $ 942 (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Schedule of net realized and unrealized gains and losses related to Level 3 items	Net Net Realized Investment Capital Other (in millions) Income Gains (Losses) Income Total Three Months Ended June 30, 2019 Assets: Bonds available for sale $ 245 $ ( 22) $ - $ 223 Other bond securities 109 50 - 159 Equity securities - - - - Other invested assets 18 - - 18 Six Months Ended June 30, 2019 Assets: Bonds available for sale $ 487 $ ( 36) $ - $ 451 Other bond securities 196 52 - 248 Equity securities - - - - Other invested assets 18 - - 18 Three Months Ended June 30, 2018 Assets: Bonds available for sale $ 200 $ ( 50) $ - $ 150 Other bond securities 34 - 97 131 Equity securities ( 3) - - ( 3) Other invested assets 32 - ( 3) 29 Six Months Ended June 30, 2018 Assets: Bonds available for sale $ 482 $ ( 112) $ - $ 370 Other bond securities 57 ( 4) 206 259 Equity securities ( 3) - - ( 3) Other invested assets 57 - ( 5) 52 Net Net Realized Investment Capital Other (in millions) Income (Gains) Losses Income Total Three Months Ended June 30, 2019 Liabilities: Policyholder contract deposits $ - $ 970 $ - $ 970 Derivative liabilities, net - ( 29) ( 18) ( 47) Six Months Ended June 30, 2019 Liabilities: Policyholder contract deposits $ - $ 1,539 $ - $ 1,539 Derivative liabilities, net - ( 53) ( 34) ( 87) Three Months Ended June 30, 2018 Liabilities: Policyholder contract deposits $ - $ ( 238) $ - $ ( 238) Derivative liabilities, net - ( 3) ( 6) ( 9) Six Months Ended June 30, 2018 Liabilities: Policyholder contract deposits $ - $ ( 744) $ - $ ( 744) Derivative liabilities, net - ( 2) ( 43) ( 45)
Gross components of purchases, sales, issuances and settlements, net	Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 87 $ ( 1) $ ( 24) $ 62 Non-U.S. governments - - - - Corporate debt 8 ( 1) ( 106) ( 99) RMBS 300 - ( 704) ( 404) CMBS 179 - ( 29) 150 CDO/ABS 972 ( 154) ( 714) 104 Total bonds available for sale 1,546 ( 156) ( 1,577) ( 187) Other bond securities: RMBS - ( 437) ( 42) ( 479) CMBS 14 - - 14 CDO/ABS - - ( 214) ( 214) Total other bond securities 14 ( 437) ( 256) ( 679) Equity securities 9 - - 9 Mortgage and other loans receivable - - - - Other invested assets 39 - ( 44) ( 5) Other assets - - 2 2 Total assets $ 1,608 $ ( 593) $ ( 1,875) $ ( 860) Liabilities: Policyholder contract deposits $ - $ 203 $ 14 $ 217 Derivative liabilities, net ( 9) - ( 11) ( 20) Total liabilities $ ( 9) $ 203 $ 3 $ 197 Three Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 9 $ - $ ( 38) $ ( 29) Non-U.S. governments - - ( 5) ( 5) Corporate debt 1 ( 213) ( 182) ( 394) RMBS 274 ( 5) ( 885) ( 616) CMBS - - ( 7) ( 7) CDO/ABS 475 ( 62) ( 357) 56 Total bonds available for sale 759 ( 280) ( 1,474) ( 995) Other bond securities: RMBS - ( 29) ( 76) ( 105) CMBS - - - - CDO/ABS - - ( 253) ( 253) Total other bond securities - ( 29) ( 329) ( 358) Equity securities - - - - Mortgage and other loans receivable - - - - Other invested assets 131 ( 29) ( 24) 78 Total assets $ 890 $ ( 338) $ ( 1,827) $ ( 1,275) Liabilities: Policyholder contract deposits $ - $ 131 $ ( 55) $ 76 Derivative liabilities, net ( 12) - 17 5 Total liabilities $ ( 12) $ 131 $ ( 38) $ 81 Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Six Months Ended June 30, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 134 $ ( 16) $ ( 32) $ 86 Non-U.S. governments - - ( 4) ( 4) Corporate debt 57 ( 1) ( 121) ( 65) RMBS 607 ( 26) ( 1,397) ( 816) CMBS 363 - ( 67) 296 CDO/ABS 1,170 ( 310) ( 801) 59 Total bonds available for sale 2,331 ( 353) ( 2,422) ( 444) Other bond securities: RMBS - ( 437) ( 83) ( 520) CMBS 18 - ( 1) 17 CDO/ABS - - ( 415) ( 415) Total other bond securities 18 ( 437) ( 499) ( 918) Equity securities 9 - - 9 Mortgage and other loans receivable - - - - Other invested assets 43 - ( 44) ( 1) Other assets - - 3 3 Total assets $ 2,401 $ ( 790) $ ( 2,962) $ ( 1,351) Liabilities: Policyholder contract deposits $ - $ 376 $ 34 $ 410 Derivative liabilities, net ( 22) - 21 ( 1) Total liabilities $ ( 22) $ 376 $ 55 $ 409 Six Months Ended June 30, 2018 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 24 $ - $ ( 122) $ ( 98) Non-U.S. governments 2 - ( 6) ( 4) Corporate debt 255 ( 216) ( 185) ( 146) RMBS 507 ( 10) ( 1,649) ( 1,152) CMBS 12 - ( 42) ( 30) CDO/ABS 970 ( 913) ( 711) ( 654) Total bonds available for sale 1,770 ( 1,139) ( 2,715) ( 2,084) Other bond securities: RMBS 1 ( 34) ( 148) ( 181) CMBS - - ( 1) ( 1) CDO/ABS - ( 4) ( 509) ( 513) Total other bond securities 1 ( 38) ( 658) ( 695) Equity securities 3 - - 3 Mortgage and other loans receivable - ( 5) - ( 5) Other invested assets 153 ( 29) ( 28) 96 Total assets $ 1,927 $ ( 1,211) $ ( 3,401) $ ( 2,685) Liabilities: Policyholder contract deposits $ - $ 243 $ ( 101) $ 142 Derivative liabilities, net ( 19) - 51 32 Total liabilities $ ( 19) $ 243 $ ( 50) $ 174 (a) There were no
Significant unobservable inputs used for recurring fair value measurements	Fair Value at June 30, Valuation Range (in millions) 2019 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,631 Discounted cash flow Yield 3.27% - 4.22% ( 3.74%) Corporate debt 1,166 Discounted cash flow Yield 3.34% - 8.21% ( 5.78%) RMBS (a) 12,792 Discounted cash flow Constant prepayment rate 3.62% - 12.16% ( 7.89%) Loss severity 37.29% - 75.60% ( 56.44%) Constant default rate 1.84% - 6.75% ( 4.29%) Yield 2.50% - 4.53% ( 3.52%) CDO/ABS (a) 5,969 Discounted cash flow Yield 2.85% - 4.49% ( 3.67%) CMBS 510 Discounted cash flow Yield 2.91% - 5.09% ( 4.00%) Liabilities: Embedded derivatives within Policyholder contract deposits: Guaranteed minimum withdrawal benefits (GMWB) 2,563 Discounted cash flow Equity volatility 6.15% - 48.75% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 180.00% Mortality multiplier (c) 40.00% - 153.00% Utilization 90.00% - 100.00% Equity / interest-rate correlation 20.00% - 40.00% Index Annuities 2,973 Discounted cash flow Lapse rate 0.50% - 40.00% Mortality multiplier (c) 42.00% - 162.00% Option Budget 1.00% - 4.00% Indexed Life 504 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Fair Value at December 31, Valuation Range (in millions) 2018 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,473 Discounted cash flow Yield 3.91% - 5.00% ( 4.46%) Corporate debt 445 Discounted cash flow Yield 4.35% - 5.99% ( 5.17%) RMBS (a) 13,608 Discounted cash flow Constant prepayment rate 4.58% - 14.00% ( 9.29%) Loss severity 39.66% - 74.40% ( 57.03%) Constant default rate 2.46% - 7.39% ( 4.92%) Yield 3.31% - 5.50% ( 4.40%) CDO/ABS (a) 5,461 Discounted cash flow Yield 3.65% - 5.10% ( 4.37%) CMBS 447 Discounted cash flow Yield 3.29% - 6.07% ( 4.68%) Liabilities: Embedded derivatives within Policyholder contract deposits: GMWB 1,943 Discounted cash flow Equity volatility 6.05% - 47.65% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 20.00% - 180.00% Mortality multiplier (c) 40.00% - 153.00% Utilization 90.00% - 100.00% Equity / interest-rate correlation 20.00% - 40.00% Index Annuities 1,778 Discounted cash flow Lapse rate 0.50% - 40.00% Mortality multiplier (c) 42.00% - 162.00% Option Budget 1.00% - 3.00% Indexed Life 374 Discounted cash flow Base lapse rate 0.00% - 13.00% Mortality rate 0.00% - 100.00% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table.
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share	June 30, 2019 December 31, 2018 Fair Value Fair Value Using NAV Using NAV Per Share (or Unfunded Per Share (or Unfunded (in millions) Investment Category Includes its equivalent) Commitments its equivalent) Commitments Investment Category Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 1,063 $ 1,435 $ 847 $ 1,327 Real Estate / Infrastructure Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities 235 276 190 83 Venture capital Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company 100 129 126 127 Growth Equity Funds that make investments in established companies for the purpose of growing their businesses 373 77 362 28 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 349 239 211 75 Other Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi-strategy, and other strategies 570 269 514 307 Total private equity funds 2,690 2,425 2,250 1,947 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 778 - 787 - Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 736 - 863 - Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 847 - 887 - Distressed Securities of companies that are in default, under bankruptcy protection or troubled 1 - 21 8 Other Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments 158 1 158 1 Total hedge funds 2,520 1 2,716 9 Total $ 5,210 $ 2,426 $ 4,966 $ 1,956
Gains or losses related to the eligible instruments for which AIG elected the fair value option	Gain (Loss) Three Months Ended June 30, Gain (Loss) Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Assets: Bond and equity securities $ 283 $ 129 $ 638 $ 152 Alternative investments (a) 151 96 381 224 Liabilities: Long-term debt (b) ( 93) 16 ( 153) 68 Total gain $ 341 $ 241 $ 866 $ 444 (a) Includes certain hedge funds, private equity funds and other investment partnerships. (b) Includes GIAs, notes, bonds and mortgages payable.
Difference between fair values and aggregate contractual principal amounts, fair value option	June 30, 2019 December 31, 2018 Outstanding Outstanding (in millions) Fair Value Principal Amount Difference Fair Value Principal Amount Difference Liabilities: Long-term debt * $ 2,303 $ 1,703 $ 600 $ 2,213 $ 1,653 $ 560 * Includes GIAs, notes, bonds, loans and mortgages payable.
Fair value assets measured on nonrecurring basis and impairment charges	Assets at Fair Value Impairment Charges Non-Recurring Basis Three Months Ended June 30, Six Months Ended June 30, (in millions) Level 1 Level 2 Level 3 Total 2019 2018 2019 2018 June 30, 2019 Other investments $ - $ - $ 259 $ 259 $ 17 $ 61 $ 58 $ 89 Other assets - - 1 1 9 1 17 1 Total $ - $ - $ 260 $ 260 $ 26 $ 62 $ 75 $ 90 December 31, 2018 Other investments $ - $ - $ 315 $ 315 Other assets - - 11 11 Total $ - $ - $ 326 $ 326
Carrying values and estimated fair values of AIG's financial instruments	Estimated Fair Value Carrying (in millions) Level 1 Level 2 Level 3 Total Value June 30, 2019 Assets: Mortgage and other loans receivable $ - $ 104 $ 45,314 $ 45,418 $ 43,556 Other invested assets - 670 6 676 677 Short-term investments - 9,566 - 9,566 9,566 Cash 2,935 - - 2,935 2,935 Other assets 213 19 - 232 232 Liabilities: Policyholder contract deposits associated with investment-type contracts - 342 129,787 130,129 124,133 Other liabilities - 2,394 - 2,394 2,394 Long-term debt - 26,782 8,940 35,722 33,988 December 31, 2018 Assets: Mortgage and other loans receivable $ - $ 105 $ 43,522 $ 43,627 $ 43,135 Other invested assets - 731 6 737 737 Short-term investments - 6,659 - 6,659 6,659 Cash 2,873 - - 2,873 2,873 Other assets 308 35 - 343 343 Liabilities: Policyholder contract deposits associated with investment-type contracts - 339 121,035 121,374 120,602 Other liabilities - 1,154 - 1,154 1,154 Long-term debt - 22,822 8,775 31,597 32,327

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Investment [Line Items]
The amortized cost or cost and fair value of AIG's available for sale securities and other invested assets carried at fair value	Other-Than- Amortized Gross Gross Temporary Cost or Unrealized Unrealized Fair Impairments (in millions) Cost Gains Losses Value in AOCI (a) June 30, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 3,978 $ 253 $ ( 3) $ 4,228 $ - Obligations of states, municipalities and political subdivisions 14,600 1,365 ( 19) 15,946 - Non-U.S. governments 14,690 800 ( 90) 15,400 - Corporate debt 135,357 10,030 ( 827) 144,560 4 Mortgage-backed, asset-backed and collateralized: RMBS 30,064 3,199 ( 87) 33,176 1,238 CMBS 13,074 579 ( 29) 13,624 31 CDO/ABS 18,299 413 ( 85) 18,627 18 Total mortgage-backed, asset-backed and collateralized 61,437 4,191 ( 201) 65,427 1,287 Total bonds available for sale (b) $ 230,062 $ 16,639 $ ( 1,140) $ 245,561 $ 1,291 December 31, 2018 Bonds available for sale: U.S. government and government sponsored entities $ 3,170 $ 132 $ ( 42) $ 3,260 $ - Obligations of states, municipalities and political subdivisions 15,421 701 ( 121) 16,001 4 Non-U.S. governments 14,376 451 ( 302) 14,525 - Corporate debt 130,436 3,911 ( 3,647) 130,700 4 Mortgage-backed, asset-backed and collateralized: RMBS 31,940 2,754 ( 317) 34,377 1,155 CMBS 12,673 242 ( 214) 12,701 31 CDO/ABS 17,764 228 ( 165) 17,827 17 Total mortgage-backed, asset-backed and collateralized 62,377 3,224 ( 696) 64,905 1,203 Total bonds available for sale (b) $ 225,780 $ 8,419 $ ( 4,808) $ 229,391 $ 1,211 (a) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income (loss). Amount includes unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date. (b) At both June 30, 2019 and December 31, 2018, bonds available for sale held by us that were below investment grade or not rated totaled $ 28.8 billion.
The fair value and gross unrealized losses on AIG's available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position	Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses June 30, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 219 $ 1 $ 267 $ 2 $ 486 $ 3 Obligations of states, municipalities and political subdivisions 63 1 492 18 555 19 Non-U.S. governments 1,112 34 805 56 1,917 90 Corporate debt 9,361 477 8,162 350 17,523 827 RMBS 3,483 35 2,578 52 6,061 87 CMBS 724 7 960 22 1,684 29 CDO/ABS 5,438 54 2,123 31 7,561 85 Total bonds available for sale $ 20,400 $ 609 $ 15,387 $ 531 $ 35,787 $ 1,140 December 31, 2018 Bonds available for sale: U.S. government and government sponsored entities $ 574 $ 13 $ 873 $ 29 $ 1,447 $ 42 Obligations of states, municipalities and political subdivisions 1,965 51 1,530 70 3,495 121 Non-U.S. governments 3,851 149 2,422 153 6,273 302 Corporate debt 47,364 2,181 20,056 1,466 67,420 3,647 RMBS 5,231 94 5,641 223 10,872 317 CMBS 2,646 47 4,264 167 6,910 214 CDO/ABS 9,169 144 1,324 21 10,493 165 Total bonds available for sale $ 70,800 $ 2,679 $ 36,110 $ 2,129 $ 106,910 $ 4,808
The amortized cost and fair value of fixed maturity securities available for sale by contractual maturity	Total Fixed Maturity Securities Fixed Maturity Securities in a Loss Available for Sale Position Available for Sale (in millions) Amortized Cost Fair Value Amortized Cost Fair Value June 30, 2019 Due in one year or less $ 11,150 $ 11,362 $ 1,918 $ 1,890 Due after one year through five years 45,645 46,989 6,616 6,393 Due after five years through ten years 42,945 45,229 5,914 5,728 Due after ten years 68,885 76,554 6,972 6,470 Mortgage-backed, asset-backed and collateralized 61,437 65,427 15,507 15,306 Total $ 230,062 $ 245,561 $ 36,927 $ 35,787 December 31, 2018 Due in one year or less $ 9,539 $ 9,674 $ 2,322 $ 2,294 Due after one year through five years 47,400 47,905 17,382 16,844 Due after five years through ten years 42,363 42,045 27,724 26,517 Due after ten years 64,101 64,862 35,319 32,980 Mortgage-backed, asset-backed and collateralized 62,377 64,905 28,971 28,275 Total $ 225,780 $ 229,391 $ 111,718 $ 106,910
The gross realized gains and gross realized losses from sales of AIG's available for sale securities	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Gross Gross Gross Gross Gross Gross Gross Gross Realized Realized Realized Realized Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Gains Losses Gains Losses Fixed maturity securities $ 173 $ 86 $ 100 $ 113 $ 266 $ 210 $ 170 $ 173 Equity securities - - - - - - 16 - Total $ 173 $ 86 $ 100 $ 113 $ 266 $ 210 $ 186 $ 173
The fair value of AIG's other securities	June 30, 2019 December 31, 2018 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 2,199 19 % $ 2,665 21 % Non-U.S. governments 56 - 45 - Corporate debt 1,798 16 1,671 13 Mortgage-backed, asset-backed and collateralized : RMBS 1,324 12 1,714 14 CMBS 418 4 388 3 CDO/ABS and other collateralized * 4,666 41 4,932 39 Total mortgage-backed, asset-backed and collateralized 6,408 57 7,034 56 Total fixed maturity securities 10,461 92 11,415 90 Equity securities 880 8 1,253 10 Total $ 11,341 100 % $ 12,668 100 % * Includes $ 159 million and $ 178 million of U.S. government agency-backed ABS at June 30, 2019 and December 31, 2018, respectively.
Components of other invested assets	June 30, December 31, (in millions) 2019 2018 Alternative investments (a) (b) $ 8,760 $ 8,966 Investment real estate (c) 9,287 8,935 All other investments 1,407 1,440 Total $ 19,454 $ 19,341 (a) At June 30, 2019, included hedge funds of $ 3.9 billion, private equity funds of $ 4.6 billion and affordable housing partnerships of $ 344 million. At December 31, 2018, included hedge funds of $ 4.2 billion, private equity funds of $ 4.3 billion and affordable housing partnerships of $ 438 million. (b) At June 30, 2019, approximately 67 percent of our hedge fund portfolio is available for redemption in 2019. The remaining 33 percent will be available for redemption between 2020 and 2027. (c) Net of accumulated depreciation of $ 684 million and $ 598 million at June 30, 2019 and December 31, 2018, respectively.
Components of net investment income	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Available for sale fixed maturity securities, including short-term investments $ 2,701 $ 2,536 $ 5,354 $ 5,146 Other fixed maturity securities 281 ( 10) 608 ( 31) Equity securities ( 22) 3 57 ( 29) Interest on mortgage and other loans 518 447 1,016 897 Alternative investments (a) 345 171 764 508 Real estate 62 30 131 61 Other investments ( 8) 14 ( 60) 24 Total investment income 3,877 3,191 7,870 6,576 Investment expenses 132 126 246 250 Net investment income $ 3,745 $ 3,065 $ 7,624 $ 6,326 (a) Includes income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. Net Realized Capital Gains and Losses
Components of net realized capital gains (losses)	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Sales of fixed maturity securities $ 87 $ ( 13) $ 56 $ ( 3) Sales of equity securities - - - 16 Other-than-temporary impairments: Change in intent - - ( 3) ( 49) Foreign currency declines ( 3) ( 6) ( 9) ( 12) Issuer-specific credit events ( 25) ( 30) ( 96) ( 62) Adverse projected cash flows ( 2) - ( 5) - Provision for loan losses 14 ( 26) ( 10) ( 50) Foreign exchange transactions ( 2) ( 187) ( 39) ( 134) Variable annuity embedded derivatives, net of related hedges ( 40) 36 ( 301) 183 All other derivatives and hedge accounting 207 375 135 150 Other 168 16 230 107 Net realized capital gains (losses) $ 404 $ 165 $ ( 42) $ 146
Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments	The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 5,906 $ ( 2,969) $ 11,888 $ ( 7,938) Other investments 1 ( 3) ( 68) ( 28) Total increase (decrease) in unrealized appreciation (depreciation) of investments $ 5,907 $ ( 2,972) $ 11,820 $ ( 7,966) The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date: Three Months Ended June 30, 2019 2018 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains and losses recognized during the period on equity securities $ ( 22) $ 271 $ 249 $ 3 $ 122 $ 125 Less: Net gains and losses recognized during the period on equity securities sold during the period ( 7) 146 139 14 28 42 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ ( 15) $ 125 $ 110 $ ( 11) $ 94 $ 83 Six Months Ended June 30, 2019 2018 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains and losses recognized during the period on equity securities $ 57 $ 510 $ 567 $ ( 28) $ 314 $ 286 Less: Net gains and losses recognized during the period on equity securities sold during the period 12 156 168 6 27 33 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 45 $ 354 $ 399 $ ( 34) $ 287 $ 253
Credit impairments recognized in earnings for available for sale fixed maturity securities	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Balance, beginning of period $ 53 $ 358 $ - $ 526 Increases due to: Credit impairments on new securities subject to impairment losses 27 3 95 17 Additional credit impairments on previously impaired securities - 28 6 45 Reductions due to: Credit impaired securities fully disposed for which there was no prior intent or requirement to sell ( 38) ( 80) ( 59) ( 131) Accretion on securities previously impaired due to credit * ( 8) ( 121) ( 8) ( 269) Balance, end of period $ 34 $ 188 $ 34 $ 188 * Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time.
Schedule of Purchased Credit Impaired (PCI) Securities, at acquisition date	(in millions) At Date of Acquisition Contractually required payments (principal and interest) $ 36,306 Cash flows expected to be collected * 29,786 Recorded investment in acquired securities 20,097 * Represents undiscounted expected cash flows, including both principal and interest.
Schedule of Purchased Credit Impaired (PCI) Securities, at reporting date	(in millions) June 30, 2019 December 31, 2018 Outstanding principal balance $ 11,576 $ 12,495 Amortized cost 7,879 8,646 Fair value 9,639 10,280
Activity for accretable yield on Purchased Credit Impaired (PCI) Securities	The following table presents activity for the accretable yield on PCI securities: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Balance, beginning of period $ 6,801 $ 7,601 $ 7,210 $ 7,501 Newly purchased PCI securities 1 4 13 27 Accretion ( 151) ( 190) ( 323) ( 377) Effect of changes in interest rate indices ( 266) ( 32) ( 400) 174 Net reclassification from (to) non-accretable difference, including effects of prepayments 17 78 ( 98) 136 Balance, end of period $ 6,402 $ 7,461 $ 6,402 $ 7,461
Schedule of fair value of securities pledged to counterparties under secured financing transactions	(in millions) June 30, 2019 December 31, 2018 Fixed maturity securities available for sale $ 2,216 $ 1,050 Other bond securities, at fair value $ 122 $ 122
Transfer of Certain Financial Assets Accounted for as Secured Borrowings	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 June 30, 2019 Bonds available for sale: Non-U.S. governments $ 57 $ 11 $ - $ - $ - $ 68 Corporate debt 56 189 5 - - 250 Other bond securities: U.S. government and government sponsored entities 22 - - - - 22 Non-U.S. governments - - 3 - - 3 Corporate debt - 33 64 - - 97 Total $ 135 $ 233 $ 72 $ - $ - $ 440 December 31, 2018 Bonds available for sale: Non-U.S. governments $ 25 $ 35 $ - $ - $ - $ 60 Corporate debt 51 55 - - - 106 Other bond securities: U.S. government and government sponsored entities 11 - - - - 11 Non-U.S. governments - 3 - - - 3 Corporate debt 17 38 53 - - 108 Total $ 104 $ 131 $ 53 $ - $ - $ 288 Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2019 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ - $ - $ - $ - Non-U.S. governments - - - - - - Corporate debt - 444 707 747 - 1,898 Total $ - $ 444 $ 707 $ 747 $ - $ 1,898 December 31, 2018 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ 50 $ 130 $ - $ - $ 180 Non-U.S. governments - 21 8 - - 29 Corporate debt - 330 345 - - 675 Total $ - $ 401 $ 483 $ - $ - $ 884
Schedule of fair value of securities pledged to the entity under reverse repurchase agreements	(in millions) June 30, 2019 December 31, 2018 Securities collateral pledged to us $ 2,587 $ 426 Amount sold or repledged by us 121 106

LENDING ACTIVITIES (Tables)

LENDING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2019
LENDING ACTIVITIES
Composition of Mortgages and other loans receivable	June 30, December 31, (in millions) 2019 2018 Commercial mortgages * $ 33,437 $ 32,882 Residential mortgages 6,324 6,532 Life insurance policy loans 2,108 2,147 Commercial loans, other loans and notes receivable 2,094 1,971 Total mortgage and other loans receivable 43,963 43,532 Allowance for credit losses ( 407) ( 397) Mortgage and other loans receivable, net $ 43,556 $ 43,135 * Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 23 percent and 10 percent, respectively, at June 30, 2019, and 22 percent and 11 percent, respectively, at December 31, 2018).
Schedule of debt service coverage ratio and loan-to-value ratio for the commercial mortgage loans	Debt Service Coverage Ratios (a) (in millions) >1.20X 1.00X - 1.20X <1.00X Total June 30, 2019 Loan-to-Value Ratios (b) Less than 65% $ 19,243 $ 2,054 $ 245 $ 21,542 65% to 75% 9,720 564 214 10,498 76% to 80% 975 19 3 997 Greater than 80% 201 88 111 400 Total commercial mortgages $ 30,139 $ 2,725 $ 573 $ 33,437 December 31, 2018 Loan-to-Value Ratios (b) Less than 65% $ 19,204 $ 2,543 $ 250 $ 21,997 65% to 75% 9,060 300 203 9,563 76% to 80% 476 20 15 511 Greater than 80% 596 103 112 811 Total commercial mortgages $ 29,336 $ 2,966 $ 580 $ 32,882 (a) The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X for both periods ended June 30, 2019 and December 31, 2018. (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 58 percent for both periods ended June 30, 2019, and December 31, 2018.
Schedule of credit quality indicators for the commercial mortgage loans	Number Percent of Class of (dollars in millions) Loans Apartments Offices Retail Industrial Hotel Others Total (c) Total $ June 30, 2019 Credit Quality Performance Indicator: In good standing 743 $ 12,012 $ 9,790 $ 5,505 $ 2,973 $ 2,462 $ 568 $ 33,310 100 % Restructured (a) 2 - 92 - - 15 - 107 - 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 1 - 20 - - - - 20 - Total (b) 746 $ 12,012 $ 9,902 $ 5,505 $ 2,973 $ 2,477 $ 568 $ 33,437 100 % Allowance for credit losses: Specific $ - $ 6 $ 1 $ - $ 1 $ - $ 8 - % General 109 103 52 12 20 6 302 1 Total allowance for credit losses $ 109 $ 109 $ 53 $ 12 $ 21 $ 6 $ 310 1 % December 31, 2018 Credit Quality Performance Indicator: In good standing 762 $ 11,190 $ 9,774 $ 5,645 $ 3,074 $ 2,507 $ 580 $ 32,770 100 % Restructured (a) 2 - 96 - - 16 - 112 - 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure - - - - - - - - - Total (b) 764 $ 11,190 $ 9,870 $ 5,645 $ 3,074 $ 2,523 $ 580 $ 32,882 100 % Allowance for credit losses: Specific $ - $ 2 $ - $ - $ 1 $ - $ 3 - % General 122 104 51 13 19 6 315 1 Total allowance for credit losses $ 122 $ 106 $ 51 $ 13 $ 20 $ 6 $ 318 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2018 Annual Report. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented.
Schedule of changes in the allowance for losses on Mortgage and other loans receivable	Six Months Ended June 30, 2019 2018 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 318 $ 79 $ 397 $ 247 $ 75 $ 322 Loans charged off - - - ( 16) - ( 16) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 16) - ( 16) Provision for loan losses ( 8) 18 10 51 ( 1) 50 Allowance, end of period $ 310 * $ 97 $ 407 $ 282 * $ 74 $ 356 * Of the total allowance, $ 8 million and $ 5 million relate to individually assessed credit losses on $ 173 million and $ 60 million of commercial mortgages at June 30, 2019 and 2018, respectively.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Variable Interest Entity Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	Real Estate and Affordable Investment Securitization Housing (in millions) Entities (d) Vehicles (e) Partnerships Other Total June 30, 2019 Assets: Bonds available for sale $ - $ 7,786 $ - $ - $ 7,786 Other bond securities - 3,709 - 2 3,711 Mortgage and other loans receivable - 3,767 - - 3,767 Other invested assets 5,607 - 3,625 26 9,258 Other (a) 510 1,870 490 72 2,942 Total assets (b) $ 6,117 $ 17,132 $ 4,115 $ 100 $ 27,464 Liabilities: Long-term debt $ 2,884 $ 3,916 $ 2,153 $ 4 $ 8,957 Other (c) 237 216 204 24 681 Total liabilities $ 3,121 $ 4,132 $ 2,357 $ 28 $ 9,638 December 31, 2018 Assets: Bonds available for sale $ - $ 7,662 $ - $ - $ 7,662 Other bond securities - 3,923 - 2 3,925 Mortgage and other loans receivable - 3,693 - - 3,693 Other invested assets 5,212 - 3,142 24 8,378 Other (a) 580 1,581 394 70 2,625 Total assets (b) $ 5,792 $ 16,859 $ 3,536 $ 96 $ 26,283 Liabilities: Long-term debt $ 2,577 $ 3,154 $ 1,834 $ 4 $ 7,569 Other (c) 227 165 159 24 575 Total liabilities $ 2,804 $ 3,319 $ 1,993 $ 28 $ 8,144 (a) Comprised primarily of Short-term investments and Other assets at June 30, 2019 and December 31, 2018. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at June 30, 2019 and December 31, 2018. (d) At June 30, 2019 and December 31, 2018, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $ 2.8 billion and $ 1.4 billion, respectively. (e) At June 30, 2019 and December 31, 2018, $ 16.3 billion and $ 16.0 billion, respectively, of the total assets of consolidated securitization vehicles were owed to AIG Parent or its subsidiaries.
Variable Interest Entity Not Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Assets And Liabilities of Variable Interest Entities by Balance Sheets Location	Maximum Exposure to Loss Total VIE On-Balance Off-Balance (in millions) Assets Sheet (b) Sheet Total June 30, 2019 Real estate and investment entities (a) $ 259,675 $ 6,454 $ 3,502 $ 9,956 Affordable housing partnerships 3,360 472 - 472 Other 5,330 333 - (c) 333 Total $ 268,365 $ 7,259 $ 3,502 $ 10,761 December 31, 2018 Real estate and investment entities (a) $ 309,598 $ 6,820 $ 2,501 $ 9,321 Affordable housing partnerships 4,116 607 - 607 Other 2,813 284 1,222 (c) 1,506 Total $ 316,527 $ 7,711 $ 3,723 $ 11,434 (a) Comprised primarily of hedge funds and private equity funds. (b) At June 30, 2019 and December 31, 2018, $ 6.9 billion and $ 7.4 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

DERIVATIVES AND HEDGE ACCOUNT_2

DERIVATIVES AND HEDGE ACCOUNTING (Tables)	6 Months Ended
	Jun. 30, 2019
DERIVATIVES AND HEDGE ACCOUNTING
Notional amounts and fair values of derivative instruments	June 30, 2019 December 31, 2018 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Notional Fair Notional Fair Notional Fair Notional Fair (in millions) Amount Value Amount Value Amount Value Amount Value Derivatives designated as hedging instruments: (a) Interest rate contracts $ 322 $ 2 $ 540 $ 10 $ 10 $ - $ 866 $ 19 Foreign exchange contracts 5,631 370 2,835 144 6,357 363 2,536 147 Derivatives not designated as hedging instruments: (a) Interest rate contracts 59,082 3,273 34,013 2,285 42,821 2,890 27,329 2,004 Foreign exchange contracts 10,460 896 7,630 816 11,134 801 5,434 711 Equity contracts 15,496 743 5,447 47 17,807 398 2,399 15 Credit contracts (b) 3 1 1,441 195 8 1 1,406 236 Other contracts (c) 40,579 13 58 6 39,070 15 58 6 Total derivatives, gross $ 131,573 $ 5,298 $ 51,964 $ 3,503 $ 117,207 $ 4,468 $ 40,028 $ 3,138 Counterparty netting (d) ( 2,080) ( 2,080) ( 1,713) ( 1,713) Cash collateral (e) ( 2,315) ( 303) ( 1,840) ( 187) Total derivatives on condensed consolidated balance sheets (f) $ 903 $ 1,120 $ 915 $ 1,238 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of June 30, 2019 and December 31, 2018, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 448 million and $ 592 million (fair value liability of $ 163 million and $ 224 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio. (c) Consists primarily of stable value wraps and contracts with multiple underlying exposures. (d) Represents netting of derivative exposures covered by a qualifying master netting agreement. (e) Represents cash collateral posted and received that is eligible for netting. (f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other Assets and Liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero 6.1 billion and $ 4.1 billion, respectively, at June 30, 2019 and December 31, 2018. 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.
Gain (loss) recognized in earnings on AIG's derivative instruments in fair value hedging relationships in the Consolidated Statements of Income	Gains/(Losses) Recognized in Earnings for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended June 30, 2019 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances 9 - ( 9) - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 58 57 ( 58) 57 Three Months Ended June 30, 2018 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances - - - - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 199 37 ( 199) 37 Six Months Ended June 30, 2019 Interest rate contracts : Realized capital gains/(losses) $ - $ - $ - $ - Interest credited to policyholder account balances 14 - ( 14) - Net investment income ( 1) - 1 - Foreign exchange contracts : Realized capital gains/(losses) 50 43 ( 50) 43 Six Months Ended June 30, 2018 Interest rate contracts : Realized capital gains/(losses) $ ( 8) $ - $ 9 $ 1 Interest credited to policyholder account balances - - - - Net investment income - - - - Foreign exchange contracts : Realized capital gains/(losses) 191 4 ( 191) 4 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
Effect of AIG's derivative instruments not designated as hedging instruments in the Consolidated Statements of Income	Gains (Losses) Recognized in Earnings Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 By Derivative Type: Interest rate contracts $ 615 $ ( 224) $ 974 $ ( 622) Foreign exchange contracts 231 391 203 252 Equity contracts 89 ( 114) ( 119) ( 187) Credit contracts 17 1 9 12 Other contracts 18 17 34 34 Embedded derivatives ( 832) 344 ( 1,281) 935 Total $ 138 $ 415 $ ( 180) $ 424 By Classification: Policy fees $ 18 $ 17 $ 35 $ 34 Net investment income ( 50) 1 ( 55) ( 3) Net realized capital gains (losses) 165 369 ( 169) 356 Other income - 29 - 41 Policyholder benefits and claims incurred 5 ( 1) 9 ( 4) Total $ 138 $ 415 $ ( 180) $ 424

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Claims Development [Line Items]
Schedule of reconciliation of activity in the liability for unpaid claims and claims adjustment expense	The following table presents the roll-forward of activity in Loss Reserves: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2019 2018 2019 2018 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 82,496 $ 78,098 $ 83,639 $ 78,393 Reinsurance recoverable ( 31,784) ( 27,211) ( 31,690) ( 26,708) Net Liability for unpaid loss and loss adjustment expenses, beginning of period 50,712 50,887 51,949 51,685 Losses and loss adjustment expenses incurred : Current year 4,795 4,452 9,600 9,130 Prior years, excluding discount and amortization of deferred gain ( 132) ( 26) ( 147) ( 65) Prior years, discount charge (benefit) 244 9 741 ( 177) Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 56) ( 69) ( 142) ( 108) Total losses and loss adjustment expenses incurred 4,851 4,366 10,052 8,780 Losses and loss adjustment expenses paid : Current year ( 1,148) ( 910) ( 1,492) ( 1,520) Prior years ( 4,562) ( 4,635) ( 10,682) ( 9,414) Total losses and loss adjustment expenses paid ( 5,710) ( 5,545) ( 12,174) ( 10,934) Other changes : Foreign exchange effect ( 209) ( 431) 7 ( 157) Retroactive reinsurance adjustment (net of discount) (b) 80 30 ( 110) ( 67) Total other changes ( 129) ( 401) ( 103) ( 224) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 49,724 49,307 49,724 49,307 Reinsurance recoverable 31,333 27,406 31,333 27,406 Total $ 81,057 $ 76,713 $ 81,057 $ 76,713 (a) Includes $ 6 million and $ 8 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the three-month periods ended June 30, 2019 and 2018, respectively, and $ 15 million and $ 13 million for the six-month periods ended June 30, 2019 and 2018, respectively. (b) Includes change in discount on retroactive reinsurance of $( 125) million and $( 20) million for the three-month periods ended June 30, 2019 and 2018, respectively, and $( 432) million and $ 108 million for the six-month periods ended June 30, 2019 and 2018, respectively.
Schedule of loss reserve discount and loss reserve discount benefit (charge)	June 30, 2019 December 31, 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total U.S. workers' compensation $ 2,258 $ 812 $ 3,070 $ 2,782 $ 973 $ 3,755 Retroactive reinsurance ( 1,288) - ( 1,288) ( 1,720) - ( 1,720) Total reserve discount * $ 970 $ 812 $ 1,782 $ 1,062 $ 973 $ 2,035 * Excludes $ 188 million and $ 163 million of discount related to certain long tail liabilities in the United Kingdom at June 30, 2019 and December 31, 2018, respectively. Three Months Ended June 30, 2019 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 32 $ - $ 32 $ 23 $ - $ 23 Accretion and other adjustments to prior year discount 8 ( 11) ( 3) ( 133) ( 12) ( 145) Effect of interest rate changes ( 170) ( 71) ( 241) 96 40 136 Net reserve discount benefit (charge) ( 130) ( 82) ( 212) ( 14) 28 14 Change in discount on loss reserves ceded under retroactive reinsurance 125 - 125 20 - 20 Net change in total reserve discount (a) $ ( 5) $ ( 82) $ ( 87) $ 6 $ 28 $ 34 Six Months Ended June 30, 2019 2018 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 56 $ - $ 56 $ 42 $ - $ 42 Accretion and other adjustments to prior year discount ( 243) ( 24) ( 267) ( 88) ( 30) ( 118) Effect of interest rate changes ( 337) ( 137) ( 474) 219 76 295 Net reserve discount benefit (charge) ( 524) ( 161) ( 685) 173 46 219 Change in discount on loss reserves ceded under retroactive reinsurance 432 - 432 ( 108) - ( 108) Net change in total reserve discount (b) $ ( 92) $ ( 161) $ ( 253) $ 65 $ 46 $ 111 (a) Excludes $( 9) million and $ 7 million discount related to certain long tail liabilities in the United Kingdom for the three-month periods ended June 30, 2019 and 2018, respectively. (b) Excludes $ 26 million and $ 3 million discount related to certain long tail liabilities in the United Kingdom for the six-month periods ended June 30, 2019 and 2018, respectively.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
EQUITY
Rollforward of common stock outstanding	Six Months Ended June 30, 2019 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,040,062,063) 866,609,429 Shares issued - 3,292,082 3,292,082 Shares repurchased - - - Shares, end of period 1,906,671,492 ( 1,036,769,981) 869,901,511
Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per share on AIG Common Stock: Dividends Paid Declaration Date Record Date Payment Date Per Common Share May 6, 2019 June 14, 2019 June 28, 2019 $ 0.32 February 13, 2019 March 15, 2019 March 29, 2019 0.32 May 2, 2018 June 14, 2018 June 28, 2018 $ 0.32 February 8, 2018 March 15, 2018 March 29, 2018 0.32
Repurchases Of Common Stock and Warrant	The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock: Six Months Ended June 30, (in millions) 2019 2018 Aggregate repurchases of common stock $ - $ 646 Total number of common shares repurchased - 12 Aggregate repurchases of warrants $ - $ 4 Total number of warrants repurchased * - - * For the six-month period ended June 30, 2019, we did not repurchase any warrants to purchase shares of AIG Common Stock. For the six-month period ended June 30, 2018, we repurchased 266,453 warrants to purchase shares of AIG Common Stock.
Accumulated Other Comprehensive Income (Loss)	Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2019, net of tax $ 638 $ 5,129 $ ( 2,562) $ ( 1,087) $ 10 $ 2,128 Change in unrealized appreciation of investments 95 5,812 - - - 5,907 Change in deferred policy acquisition costs adjustment and other ( 6) ( 868) - - - ( 874) Change in future policy benefits - ( 1,181) - - - ( 1,181) Change in foreign currency translation adjustments - - ( 133) - - ( 133) Change in net actuarial loss - - - 15 - 15 Change in prior service credit - - - - - - Change in deferred tax asset (liability) ( 7) ( 849) 4 ( 7) - ( 859) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 82 2,914 ( 129) 8 ( 2) 2,873 Noncontrolling interests - 9 1 - - 10 Balance, June 30, 2019, net of tax $ 720 $ 8,034 $ ( 2,692) $ ( 1,079) $ 8 $ 4,991 Balance, December 31, 2018, net of tax $ ( 38) $ 2,426 $ ( 2,725) $ ( 1,086) $ 10 $ ( 1,413) Change in unrealized appreciation of investments 944 10,876 - - - 11,820 Change in deferred policy acquisition costs adjustment and other ( 14) ( 1,724) - - - ( 1,738) Change in future policy benefits - ( 2,249) - - - ( 2,249) Change in foreign currency translation adjustments - - 55 - - 55 Change in net actuarial loss - - - 16 - 16 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax liability ( 172) ( 1,281) ( 20) ( 8) - ( 1,481) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 758 5,622 35 7 ( 2) 6,420 Noncontrolling interests - 14 2 - - 16 Balance, June 30, 2019, net of tax $ 720 $ 8,034 $ ( 2,692) $ ( 1,079) $ 8 $ 4,991 Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2018, net of tax $ 812 $ 4,700 $ ( 2,216) $ ( 1,085) $ 9 $ 2,220 Cumulative effect of change in accounting principles - - - - - - Change in unrealized depreciation of investments ( 1,368) ( 1,604) - - - ( 2,972) Change in deferred policy acquisition costs adjustment and other 84 271 - - - 355 Change in future policy benefits - 383 - - - 383 Change in foreign currency translation adjustments - - ( 195) - - ( 195) Change in net actuarial loss - - - 22 - 22 Change in prior service cost - - - 2 - 2 Change in deferred tax asset (liability) 238 194 ( 15) ( 1) - 416 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) ( 1,046) ( 756) ( 210) 23 ( 1) ( 1,990) Noncontrolling interests - - - - - - Balance, June 30, 2018, net of tax $ ( 234) $ 3,944 $ ( 2,426) $ ( 1,062) $ 8 $ 230 Balance, December 31, 2017, net of tax $ 793 $ 7,693 $ ( 2,090) $ ( 931) $ - $ 5,465 Cumulative effect of change in accounting principles 169 ( 285) ( 284) ( 183) 7 ( 576) Change in unrealized depreciation of investments ( 1,608) ( 6,358) - - - ( 7,966) Change in deferred policy acquisition costs adjustment and other 114 905 - - - 1,019 Change in future policy benefits - 1,124 - - - 1,124 Change in foreign currency translation adjustments - - ( 23) - - ( 23) Change in net actuarial loss - - - 38 - 38 Change in prior service credit - - - ( 2) - ( 2) Change in deferred tax asset (liability) 298 865 ( 29) 16 - 1,150 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) ( 1,196) ( 3,464) ( 52) 52 1 ( 4,659) Noncontrolling interests - - - - - - Balance, June 30, 2018, net of tax $ ( 234) $ 3,944 $ ( 2,426) $ ( 1,062) $ 8 $ 230
Other comprehensive income (loss) reclassification adjustments	Unrealized Appreciation (Depreciation) of Fixed Fair Value of Maturity Investments Unrealized Liabilities Under on Which Other-Than- Appreciation Foreign Retirement Fair Value Option Temporary Credit (Depreciation) Currency Plan Attributable to Impairments Were of All Other Translation Liabilities Changes in (in millions) Recognized Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2019 Unrealized change arising during period $ 85 $ 3,854 $ ( 133) $ 5 $ ( 2) $ 3,809 Less: Reclassification adjustments included in net income ( 4) 91 - ( 10) - 77 Total other comprehensive income (loss), before income tax expense (benefit) 89 3,763 ( 133) 15 ( 2) 3,732 Less: Income tax expense (benefit) 7 849 ( 4) 7 - 859 Total other comprehensive income (loss), net of income tax expense (benefit) $ 82 $ 2,914 $ ( 129) $ 8 $ ( 2) $ 2,873 Three Months Ended June 30, 2018 Unrealized change arising during period $ ( 1,282) $ ( 964) $ ( 195) $ 16 $ ( 1) $ ( 2,426) Less: Reclassification adjustments included in net income 2 ( 14) - ( 8) - ( 20) Total other comprehensive income (loss), before income tax expense (benefit) ( 1,284) ( 950) ( 195) 24 ( 1) ( 2,406) Less: Income tax expense (benefit) ( 238) ( 194) 15 1 - ( 416) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 1,046) $ ( 756) $ ( 210) $ 23 $ ( 1) $ ( 1,990) Six Months Ended June 30, 2019 Unrealized change arising during period $ 926 $ 6,963 $ 55 $ - $ ( 2) $ 7,942 Less: Reclassification adjustments included in net income ( 4) 60 - ( 15) - 41 Total other comprehensive income (loss), before income tax expense 930 6,903 55 15 ( 2) 7,901 Less: Income tax expense 172 1,281 20 8 - 1,481 Total other comprehensive income (loss), net of income tax expense $ 758 $ 5,622 $ 35 $ 7 $ ( 2) $ 6,420 Six Months Ended June 30, 2018 Unrealized change arising during period $ ( 1,490) $ ( 4,350) $ ( 23) $ 19 $ 1 $ ( 5,843) Less: Reclassification adjustments included in net income 4 ( 21) - ( 17) - ( 34) Total other comprehensive income (loss), before income tax expense (benefit) ( 1,494) ( 4,329) ( 23) 36 1 ( 5,809) Less: Income tax expense (benefit) ( 298) ( 865) 29 ( 16) - ( 1,150) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 1,196) $ ( 3,464) $ ( 52) $ 52 $ 1 $ ( 4,659)
Schedule of effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income	Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Condensed Consolidated Statements of Income Three Months Ended June 30, (in millions) 2019 2018 Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments $ ( 4) $ 2 Other realized capital gains Total ( 4) 2 Unrealized appreciation (depreciation) of all other investments Investments 91 ( 15) Other realized capital gains Deferred acquisition costs adjustment - 1 Amortization of deferred policy acquisition costs Future policy benefits - - Policyholder benefits and losses incurred Total 91 ( 14) Change in retirement plan liabilities adjustment Prior-service credit - 1 * Actuarial losses ( 10) ( 9) * Total ( 10) ( 8) Total reclassifications for the period $ 77 $ ( 20) Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Condensed Consolidated Statements of Income Six Months Ended June 30, (in millions) 2019 2018 Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments $ ( 4) $ 4 Other realized capital gains Total ( 4) 4 Unrealized appreciation (depreciation) of all other investments Investments 60 9 Other realized capital gains Deferred acquisition costs adjustment - ( 30) Amortization of deferred policy acquisition costs Future policy benefits - - Policyholder benefits and losses incurred Total 60 ( 21) Change in retirement plan liabilities adjustment Prior-service credit - 1 * Actuarial losses ( 15) ( 18) * Total ( 15) ( 17) Total reclassifications for the period $ 41 $ ( 34) * These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14 .

EARNINGS PER COMMON SHARE (EP_2

EARNINGS PER COMMON SHARE (EPS) (Tables)	6 Months Ended
	Jun. 30, 2019
EARNINGS PER SHARE (EPS)
Computation of basic and diluted EPS	Three Months Ended Six Months Ended June 30, June 30, (dollars in millions, except per common share data) 2019 2018 2019 2018 Numerator for EPS: Income from continuing operations $ 1,391 $ 931 $ 2,328 $ 1,881 Less: Net income (loss) from continuing operations attributable to noncontrolling interests 281 ( 6) 564 5 Less: Preferred stock dividends 7 - 7 - Income attributable to AIG common shareholders from continuing operations 1,103 937 1,757 1,876 Loss from discontinued operations, net of income tax expense ( 1) - ( 1) ( 1) Net income attributable to AIG common shareholders $ 1,102 $ 937 $ 1,756 $ 1,875 Denominator for EPS: Weighted average common shares outstanding — basic 876,382,884 903,215,488 875,885,588 905,566,733 Dilutive common shares 11,942,158 13,356,993 7,035,659 15,335,987 Weighted average common shares outstanding — diluted (a) 888,325,042 916,572,481 882,921,247 920,902,720 Income per common share attributable to AIG common shareholders: Basic: Income from continuing operations $ 1.26 $ 1.04 $ 2.00 $ 2.07 Income from discontinued operations $ - $ - $ - $ - Net income attributable to AIG common shareholders $ 1.26 $ 1.04 $ 2.00 $ 2.07 Diluted: Income from continuing operations $ 1.24 $ 1.02 $ 1.99 $ 2.04 Income from discontinued operations $ - $ - $ - $ - Net income attributable to AIG common shareholders $ 1.24 $ 1.02 $ 1.99 $ 2.04 (a) Dilutive common shares include our share-based employee compensation plans and a weighted average portion of the warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of common shares excluded from diluted shares outstanding was 5.4 million and 34.8 million for the three- and six-month periods ended June 30, 2019, respectively, and 5.2 million and 4.2 million for the three- and six-month periods ended June 30, 2018, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS (Tables)

EMPLOYEE BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Components of net periodic benefit cost	Pension Postretirement U.S. Non-U.S. U.S. Non-U.S. (in millions) Plans Plans Total Plans Plans Total Three Months Ended June 30, 2019 Components of net periodic benefit cost: Service cost $ 3 $ 4 $ 7 $ 1 $ - $ 1 Interest cost 43 4 47 1 - 1 Expected return on assets ( 57) ( 6) ( 63) - - - Amortization of prior service cost - 1 1 - - - Amortization of net (gain) loss 8 2 10 ( 1) - ( 1) Net periodic benefit cost (credit) ( 3) 5 2 1 - 1 Settlement charges - 1 1 - - - Net benefit cost (credit) $ ( 3) $ 6 $ 3 $ 1 $ - $ 1 Three Months Ended June 30, 2018 Components of net periodic benefit cost: Service cost $ 2 $ 5 $ 7 $ 1 $ 1 $ 2 Interest cost 40 4 44 1 1 2 Expected return on assets ( 70) ( 6) ( 76) - - - Amortization of prior service credit - - - ( 1) ( 1) ( 2) Amortization of net loss 7 2 9 - - - Net periodic benefit cost (credit) ( 21) 5 ( 16) 1 1 2 Settlement charges - - - - - - Net benefit cost (credit) $ ( 21) $ 5 $ ( 16) $ 1 $ 1 $ 2 Six Months Ended June 30, 2019 Components of net periodic benefit cost: Service cost $ 5 $ 10 $ 15 $ 1 $ - $ 1 Interest cost 87 8 95 3 1 4 Expected return on assets ( 114) ( 11) ( 125) - - - Amortization of prior service cost (credit) - 1 1 - ( 1) ( 1) Amortization of net (gain) loss 16 3 19 ( 1) - ( 1) Net periodic benefit cost (credit) ( 6) 11 5 3 - 3 Settlement credit - ( 3) ( 3) - - - Net benefit cost (credit) $ ( 6) $ 8 $ 2 $ 3 $ - $ 3 Six Months Ended June 30, 2018 Components of net periodic benefit cost: Service cost $ 4 $ 11 $ 15 $ 1 $ 1 $ 2 Interest cost 81 8 89 3 1 4 Expected return on assets ( 141) ( 13) ( 154) - - - Amortization of prior service cost (credit) - 1 1 ( 1) ( 1) ( 2) Amortization of net loss 14 4 18 - - - Net periodic benefit cost (credit) ( 42) 11 ( 31) 3 1 4 Settlement charges - - - - - - Net benefit cost (credit) $ ( 42) $ 11 $ ( 31) $ 3 $ 1 $ 4

INFORMATION PROVIDED IN CONNE_2

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT
Condensed Consolidating Balance Sheets	American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG June 30, 2019 Assets: Short-term investments (a) $ 3,440 $ 2 $ - $ 13,729 $ ( 2,155) $ 15,016 Other investments (b) 4,416 - - 315,496 - 319,912 Total investments 7,856 2 - 329,225 ( 2,155) 334,928 Cash 20 - 1 2,914 - 2,935 Loans to subsidiaries (c) 34,906 - - 639 ( 35,545) - Investment in consolidated subsidiaries (c) 39,943 3,914 32,505 - ( 76,362) - Other assets, including deferred income taxes (d) 15,550 2,071 19 168,623 ( 1,857) 184,406 Total assets $ 98,275 $ 5,987 $ 32,525 $ 501,401 $ ( 115,919) $ 522,269 Liabilities: Insurance liabilities $ - $ - $ - $ 301,226 $ - $ 301,226 Long-term debt 23,009 356 643 12,283 - 36,291 Other liabilities, including intercompany balances (b) 10,088 7 37 112,526 ( 4,011) 118,647 Loans from subsidiaries (c) 639 - - 34,906 ( 35,545) - Total liabilities 33,736 363 680 460,941 ( 39,556) 456,164 Total AIG shareholders’ equity 64,539 5,624 31,845 38,894 ( 76,363) 64,539 Non-redeemable noncontrolling interests - - - 1,566 - 1,566 Total equity 64,539 5,624 31,845 40,460 ( 76,363) 66,105 Total liabilities and equity $ 98,275 $ 5,987 $ 32,525 $ 501,401 $ ( 115,919) $ 522,269 December 31, 2018 Assets: Short-term investments (a) $ 1,141 $ 2 $ - $ 10,329 $ ( 1,798) $ 9,674 Other investments (b) 3,377 - - 301,158 - 304,535 Total investments 4,518 2 - 311,487 ( 1,798) 314,209 Cash 2 9 9 2,853 - 2,873 Loans to subsidiaries (c) 34,963 - - 615 ( 35,578) - Investment in consolidated subsidiaries (c) 33,300 4,029 26,321 - ( 63,650) - Other assets, including deferred income taxes (d) 15,389 1,798 124 159,430 ( 1,839) 174,902 Total assets $ 88,172 $ 5,838 $ 26,454 $ 474,385 $ ( 102,865) $ 491,984 Liabilities: Insurance liabilities $ - $ - $ - $ 293,652 $ - $ 293,652 Long-term debt 22,422 359 643 11,116 - 34,540 Other liabilities, including intercompany balances (b) 8,774 228 144 100,974 ( 3,637) 106,483 Loans from subsidiaries (c) 615 - - 34,963 ( 35,578) - Total liabilities 31,811 587 787 440,705 ( 39,215) 434,675 Total AIG shareholders’ equity 56,361 5,251 25,667 32,732 ( 63,650) 56,361 Non-redeemable noncontrolling interests - - - 948 - 948 Total equity 56,361 5,251 25,667 33,680 ( 63,650) 57,309 Total liabilities and equity $ 88,172 $ 5,838 $ 26,454 $ 474,385 $ ( 102,865) $ 491,984 (a) At June 30, 2019, includes restricted cash of $ 18 million for Other Subsidiaries. At December 31, 2018, includes restricted cash of $ 124 million and $ 18 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. (b) Includes intercompany derivative positions, which are reported at fair value before credit valuation adjustment. (c) Eliminated in consolidation. (d) At June 30, 2019, includes restricted cash of $ 1 million and $ 231 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively. At December 31, 2018, includes restricted cash of $ 1 million and $ 342 million for American International Group, Inc. (As Guarantor) and Other Subsidiaries, respectively.
Condensed Consolidating Statements of Income (Loss)	American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Three Months Ended June 30, 2019 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,167 $ 109 $ 1,278 $ - $ ( 2,554) $ - Other income 277 4 - 12,316 ( 36) 12,561 Total revenues 1,444 113 1,278 12,316 ( 2,590) 12,561 Expenses: Interest expense 250 - 12 102 ( 4) 360 Loss on extinguishment of debt - 5 - 10 - 15 Other expenses 180 4 1 10,194 ( 30) 10,349 Total expenses 430 9 13 10,306 ( 34) 10,724 Income (loss) from continuing operations before income tax expense (benefit) 1,014 104 1,265 2,010 ( 2,556) 1,837 Income tax expense (benefit) ( 95) - ( 1) 542 - 446 Income (loss) from continuing operations 1,109 104 1,266 1,468 ( 2,556) 1,391 Loss from discontinued operations, net of income taxes - - - ( 1) - ( 1) Net income (loss) 1,109 104 1,266 1,467 ( 2,556) 1,390 Less: Net income from continuing operations attributable to noncontrolling interests - - - 281 - 281 Net income (loss) attributable to AIG $ 1,109 $ 104 $ 1,266 $ 1,186 $ ( 2,556) $ 1,109 Three Months Ended June 30, 2018 Revenues: Equity in earnings of consolidated subsidiaries * $ 845 $ - $ 459 $ - $ ( 1,304) $ - Other income 309 - - 11,179 143 11,631 Total revenues 1,154 - 459 11,179 ( 1,161) 11,631 Expenses: Interest expense 246 - 13 43 ( 3) 299 Loss on extinguishment of debt - - - 5 - 5 Other expenses 359 - - 9,738 ( 22) 10,075 Total expenses 605 - 13 9,786 ( 25) 10,379 Income (loss) from continuing operations before income tax expense (benefit) 549 - 446 1,393 ( 1,136) 1,252 Income tax expense (benefit) ( 389) - ( 1) 711 - 321 Income (loss) from continuing operations 938 - 447 682 ( 1,136) 931 Income (loss) from discontinued operations, net of income taxes ( 1) - - 1 - - Net income (loss) 937 - 447 683 ( 1,136) 931 Less: Net loss from continuing operations attributable to noncontrolling interests - - - ( 6) - ( 6) Net income (loss) attributable to AIG $ 937 $ - $ 447 $ 689 $ ( 1,136) $ 937 American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Six Months Ended June 30, 2019 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,875 $ 316 $ 1,978 $ - $ ( 4,169) $ - Other income 564 5 - 24,524 ( 76) 25,017 Total revenues 2,439 321 1,978 24,524 ( 4,245) 25,017 Expenses: Interest expense 496 - 25 196 ( 8) 709 Loss on extinguishment of debt - 9 - 4 - 13 Other expenses 368 5 1 20,998 ( 68) 21,304 Total expenses 864 14 26 21,198 ( 76) 22,026 Income (loss) from continuing operations before income tax expense (benefit) 1,575 307 1,952 3,326 ( 4,169) 2,991 Income tax expense (benefit) ( 189) - ( 2) 854 - 663 Income (loss) from continuing operations 1,764 307 1,954 2,472 ( 4,169) 2,328 Loss from discontinued operations, net of income taxes ( 1) - - - - ( 1) Net income (loss) 1,763 307 1,954 2,472 ( 4,169) 2,327 Less: Net income from continuing operations attributable to noncontrolling interests - - - 564 - 564 Net income (loss) attributable to AIG $ 1,763 $ 307 $ 1,954 $ 1,908 $ ( 4,169) $ 1,763 Six Months Ended June 30, 2018 Revenues: Equity in earnings of consolidated subsidiaries * $ 1,878 $ - $ 1,181 $ - $ ( 3,059) $ - Other income 567 - - 22,691 85 23,343 Total revenues 2,445 - 1,181 22,691 ( 2,974) 23,343 Expenses: Interest expense 466 - 25 91 ( 6) 576 Loss on extinguishment of debt - - - 9 - 9 Other expenses 511 - 1 19,844 ( 77) 20,279 Total expenses 977 - 26 19,944 ( 83) 20,864 Income (loss) from continuing operations before income tax expense (benefit) 1,468 - 1,155 2,747 ( 2,891) 2,479 Income tax expense (benefit) ( 408) - 2 1,004 - 598 Income (loss) from continuing operations 1,876 - 1,153 1,743 ( 2,891) 1,881 Loss from discontinued operations, net of income taxes ( 1) - - - - ( 1) Net income (loss) 1,875 - 1,153 1,743 ( 2,891) 1,880 Less: Net income from continuing operations attributable to noncontrolling interests - - - 5 - 5 Net income (loss) attributable to AIG $ 1,875 $ - $ 1,153 $ 1,738 $ ( 2,891) $ 1,875 * Eliminated in consolidation.
Condensed Consolidating Statements of Comprehensive Income (Loss)	American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Three Months Ended June 30, 2019 Net income (loss) $ 1,109 $ 104 $ 1,266 $ 1,467 $ ( 2,556) $ 1,390 Other comprehensive income (loss) 2,863 - 2,418 7,299 ( 9,707) 2,873 Comprehensive income (loss) 3,972 104 3,684 8,766 ( 12,263) 4,263 Total comprehensive income attributable to noncontrolling interests - - - 291 - 291 Comprehensive income (loss) attributable to AIG $ 3,972 $ 104 $ 3,684 $ 8,475 $ ( 12,263) $ 3,972 Three Months Ended June 30, 2018 Net income (loss) $ 937 $ - $ 447 $ 683 $ ( 1,136) $ 931 Other comprehensive income (loss) ( 1,990) - ( 1,510) ( 651) 2,161 ( 1,990) Comprehensive income (loss) ( 1,053) - ( 1,063) 32 1,025 ( 1,059) Total comprehensive loss attributable to noncontrolling interests - - - ( 6) - ( 6) Comprehensive income (loss) attributable to AIG $ ( 1,053) $ - $ ( 1,063) $ 38 $ 1,025 $ ( 1,053) Six Months Ended June 30, 2019 Net income (loss) $ 1,763 $ 307 $ 1,954 $ 2,472 $ ( 4,169) $ 2,327 Other comprehensive income (loss) 6,404 1 5,218 18,982 ( 24,185) 6,420 Comprehensive income (loss) 8,167 308 7,172 21,454 ( 28,354) 8,747 Total comprehensive income attributable to noncontrolling interests - - - 580 - 580 Comprehensive income (loss) attributable to AIG $ 8,167 $ 308 $ 7,172 $ 20,874 $ ( 28,354) $ 8,167 Six Months Ended June 30, 2018 Net income (loss) $ 1,875 $ - $ 1,153 $ 1,743 $ ( 2,891) $ 1,880 Other comprehensive income (loss) ( 4,659) - ( 3,465) (a) 20,909 (a) ( 17,444) ( 4,659) Comprehensive income (loss) ( 2,784) - ( 2,312) 22,652 ( 20,335) ( 2,779) Total comprehensive income attributable to noncontrolling interests - - - 5 - 5 Comprehensive income (loss) attributable to AIG $ ( 2,784) $ - $ ( 2,312) $ 22,647 $ ( 20,335) $ ( 2,784) (a) The Other comprehensive income (loss) amounts for AIGLH and Other Subsidiaries in the six months ended June 30, 2018, have been revised from $ 3.4 billion to $( 3.5) billion and from $ 14.0 billion to $ 20.9 billion, respectively, to correct Comprehensive income (loss) in the six months ended June 30, 2018. This correction has no impact on AIG’s consolidated financial statements and is not considered material to previously issued financial statements.
Condensed Consolidating Statements of Cash Flows	American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG Six Months Ended June 30, 2019 Net cash (used in) provided by operating activities $ 1,278 $ ( 9) $ 982 $ ( 1,232) $ ( 2,291) $ ( 1,272) Cash flows from investing activities: Sales of investments 1,064 - - 31,107 ( 504) 31,667 Sales of divested businesses, net - - - - - - Purchase of investments ( 1,408) - - ( 31,062) 504 ( 31,966) Loans to subsidiaries - net 551 - - ( 20) ( 531) - Contributions from (to) subsidiaries - net ( 319) - - - 319 - Acquisition of businesses, net of cash and restricted cash acquired - - - - - - Net change in short-term investments ( 1,769) - - ( 3,068) - ( 4,837) Other, net 41 - - 948 - 989 Net cash (used in) investing activities ( 1,840) - - ( 2,095) ( 212) ( 4,147) Cash flows from financing activities: Issuance of long-term debt 595 - - 1,604 - 2,199 Repayments of long-term debt ( 6) - - ( 904) - ( 910) Issuance of preferred stock 485 - - - - 485 Purchase of common stock - - - - - - Intercompany loans - net 20 - - ( 551) 531 - Cash dividends paid on preferred stock ( 7) - - - - ( 7) Cash dividends paid on common stock ( 557) - ( 990) ( 1,301) 2,291 ( 557) Other, net ( 74) - - 4,401 ( 319) 4,008 Net cash (used in) provided by financing activities 456 - ( 990) 3,249 2,503 5,218 Effect of exchange rate changes on cash and restricted cash - - - 28 - 28 Change in cash and restricted cash ( 106) ( 9) ( 8) ( 50) - ( 173) Cash and restricted cash at beginning of year 127 9 9 3,213 - 3,358 Cash and restricted cash at end of period $ 21 $ - $ 1 $ 3,163 $ - $ 3,185 Six Months Ended June 30, 2018 Net cash (used in) provided by operating activities $ 1,312 $ - $ 1,211 $ ( 849) $ ( 2,014) $ ( 340) Cash flows from investing activities: Sales of investments 3,800 - - 29,992 ( 2,628) 31,164 Sales of divested businesses, net - - - 10 - 10 Purchase of investments ( 1,327) - - ( 29,805) 2,628 ( 28,504) Loans to subsidiaries - net 422 - - ( 25) ( 397) - Contributions from (to) subsidiaries - net 57 - - - ( 57) - Net change in short-term investments ( 4,017) - - 177 - ( 3,840) Other, net ( 51) - - ( 249) - ( 300) Net cash (used in) provided by investing activities ( 1,116) - - 100 ( 454) ( 1,470) Cash flows from financing activities: Issuance of long-term debt 2,472 - - 1,032 - 3,504 Repayments of long-term debt ( 1,313) - - ( 646) - ( 1,959) Purchase of common stock ( 646) - - - - ( 646) Intercompany loans - net 25 - - ( 422) 397 - Cash dividends paid on common stock ( 575) - ( 1,228) ( 786) 2,014 ( 575) Other, net ( 162) - - 1,204 57 1,099 Net cash (used in) provided by financing activities ( 199) - ( 1,228) 382 2,468 1,423 Effect of exchange rate changes on cash and restricted cash - - - 30 - 30 Change in cash and restricted cash ( 3) - ( 17) ( 337) - ( 357) Cash and restricted cash at beginning of year 8 - 20 2,709 - 2,737 Cash and restricted cash at end of period $ 5 $ - $ 3 $ 2,372 $ - $ 2,380
Supplementary Disclosure of Condensed Consolidating Cash Flow Information	American International Validus Reclassifications Group, Inc. Holdings, Other and Consolidated (in millions) (As Guarantor) Ltd. AIGLH Subsidiaries Eliminations AIG June 30, 2019 Cash $ 20 $ - $ 1 $ 2,914 $ - $ 2,935 Restricted cash included in Short-term investments - - - 18 - 18 Restricted cash included in Other assets 1 - - 231 - 232 Total cash and restricted cash shown in the Condensed Consolidating Statements of Cash Flows $ 21 $ - $ 1 $ 3,163 $ - $ 3,185 Cash (paid) received during the 2019 period for: Interest: Third party $ ( 497) $ ( 11) $ ( 25) $ ( 151) $ - $ ( 684) Intercompany ( 1) - - 1 - - Taxes: Income tax authorities $ ( 10) $ - $ - $ ( 130) $ - $ ( 140) Intercompany 695 - - ( 695) - - June 30, 2018 Cash $ 3 $ - $ 3 $ 2,129 $ - $ 2,135 Restricted cash included in Short-term investments 1 - - 17 - 18 Restricted cash included in Other assets 1 - - 226 - 227 Total cash and restricted cash shown in the Condensed Consolidating Statements of Cash Flows $ 5 $ - $ 3 $ 2,372 $ - $ 2,380 Cash (paid) received during the 2018 period for: Interest: Third party $ ( 478) $ - $ ( 23) $ ( 163) $ - $ ( 664) Intercompany ( 1) - ( 1) 2 - - Taxes: Income tax authorities $ ( 17) $ - $ - $ ( 23) $ - $ ( 40) Intercompany 846 - - ( 846) - -
Supplementary disclosure of non-cash activities	Six Months Ended June 30, (in millions) 2019 2018 Intercompany non-cash financing and investing activities: Capital contributions $ 15 $ 2,339 Dividends received in the form of securities 624 60 Return of capital 15 2,706

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Jun. 30, 2019item$ / shares	Dec. 31, 2018$ / shares
Basis of Presentation [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 2.50	$ 2.5
Minimum
Basis of Presentation [Line Items]
Number of Countries in which Entity Operates | item	80

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	Jan. 01, 2019USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease liability	$ 823
Right of use asset	$ 724

SEGMENT INFORMATION (Details -

SEGMENT INFORMATION (Details - Continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total Revenues	$ 12,561	$ 11,631	$ 25,017	$ 23,343
Adjusted pre-tax income (loss)	1,837	1,252	2,991	2,479
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Total Revenues	(146)	(110)	(307)	(172)
Adjusted pre-tax income (loss)	(56)	(12)	(126)	(1)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income (loss)
Segment Reporting Information [Line Items]
Total Revenues	12,160	11,532	24,914	23,360
Adjusted pre-tax income (loss)	1,677	1,278	3,524	2,494
General Insurance | Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	7,527	7,227	15,329	14,671
Adjusted pre-tax income (loss)	980	568	2,248	1,078
General Insurance | Reportable Segments | North America
Segment Reporting Information [Line Items]
Total Revenues	4,025	3,426	8,123	6,766
Adjusted pre-tax income (loss)	718	407	1,652	727
General Insurance | Reportable Segments | International
Segment Reporting Information [Line Items]
Total Revenues	3,502	3,801	7,206	7,905
Adjusted pre-tax income (loss)	262	161	596	351
Life and Retirement | Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	3,828	3,465	8,032	6,925
Adjusted pre-tax income (loss)	1,049	962	1,973	1,854
Life and Retirement | Reportable Segments | Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,466	1,366	2,817	2,727
Adjusted pre-tax income (loss)	588	462	1,096	961
Life and Retirement | Reportable Segments | Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	790	730	1,499	1,491
Adjusted pre-tax income (loss)	293	250	525	532
Life and Retirement | Reportable Segments | Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,154	1,092	2,227	2,153
Adjusted pre-tax income (loss)	86	175	202	227
Life and Retirement | Reportable Segments | Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	418	277	1,489	554
Adjusted pre-tax income (loss)	82	75	150	134
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	211	169	414	319
Adjusted pre-tax income (loss)	(415)	(374)	(802)	(716)
Legacy Portfolio
Segment Reporting Information [Line Items]
Total Revenues	740	781	1,446	1,617
Adjusted pre-tax income (loss)	$ 119	$ 134	$ 231	$ 279

SEGMENT INFORMATION (Details _2

SEGMENT INFORMATION (Details - Continuing operations by operating segment - Pretax operating income to pre-tax income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair value of equity securities	$ 341	$ 241	$ 866	$ 444
Gain (Loss) on extinguishment of debt	(15)	(5)	(13)	(9)
Income (loss) from divested businesses	(1)	25	5	33
Net reserve discount benefit (charge)	(212)	14	(685)	219
Revenues	12,561	11,631	25,017	23,343
Adjusted pre-tax income (loss)	1,837	1,252	2,991	2,479
Reconciling items from adjusted pre-tax income to pre-tax income | Total Revenues
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair values of securities used to hedge guaranteed living benefits	84	(27)	189	(104)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	0	0	0	0
Changes in fair value of equity securities	(22)	0	57	0
Professional fees related to regulatory or accounting changes	0	0	0	0
Other income (expense) - net	4	(14)	11	(25)
Gain (Loss) on extinguishment of debt	0	0	0	0
Net realized capital gains (losses)	335	139	(154)	110
Income (loss) from divested businesses	0	0	0	0
Non-operating litigation reserves and settlements	0	1	0	2
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	0	0	0	0
Net reserve discount benefit (charge)	0	0	0	0
Integration and transaction costs associated with acquired business	0	0	0	0
Restructuring and other costs	0	0	0	0
Reconciling items from adjusted pre-tax income to pre-tax income | Adjusted Pre-Tax Income (loss)
Reconciling items from adjusted pre-tax income to pre-tax income):
Changes in fair values of securities used to hedge guaranteed living benefits	75	(36)	171	(113)
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	(73)	1	26	(30)
Changes in fair value of equity securities	(22)	0	57	0
Professional fees related to regulatory or accounting changes	(2)	0	(2)	0
Other income (expense) - net	0	0	0	0
Gain (Loss) on extinguishment of debt	(15)	(5)	(13)	(9)
Net realized capital gains (losses)	351	155	(123)	136
Income (loss) from divested businesses	(1)	25	5	33
Non-operating litigation reserves and settlements	0	(12)	(1)	(25)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	125	32	152	(2)
Net reserve discount benefit (charge)	(212)	14	(685)	219
Integration and transaction costs associated with acquired business	(6)	0	(13)	0
Restructuring and other costs	$ (60)	$ (200)	$ (107)	$ (224)

SEGMENT INFORMATION (Details _3

SEGMENT INFORMATION (Details - Narrative)	6 Months Ended
	Jun. 30, 2019segment
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

BUSINESS COMBINATION (Details -

BUSINESS COMBINATION (Details - Pro Forma Income Statement Information) - Validus Holding Ltd [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
BUSINESS COMBINATION
Total revenues	$ 12,561	$ 12,300	$ 25,017	$ 24,542
Net income	1,390	884	2,327	1,835
Net income attributable to AIG common shareholders	$ 1,102	$ 890	$ 1,756	$ 1,830
Basic net income attributable to AIG common shareholders	$ 1.26	$ 0.99	$ 2	$ 2.02
Diluted net income attributable to AIG common shareholders	$ 1.24	$ 0.97	$ 1.99	$ 1.99

BUSINESS COMBINATION (Details_2

BUSINESS COMBINATION (Details - Narrative) - USD ($) $ in Millions	Jul. 18, 2018	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Other invested assets		$ 19,454	$ 19,341
Validus Holding Ltd [Member]
Business Acquisition [Line Items]
Interest acquired	100.00%
Cash consideration paid	$ 5,500
Validus Holding Ltd [Member] | North America Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	1,800
Validus Holding Ltd [Member] | International Operating Segment [Member]
Business Acquisition [Line Items]
Goodwill	$ 157
AlphaCat [Member]
Business Acquisition [Line Items]
Other invested assets		$ 125

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	$ 245,561,000,000		$ 245,561,000,000		$ 229,391,000,000
Other bond securities	10,461,000,000		10,461,000,000		11,415,000,000
Equity securities	880,000,000		880,000,000		1,253,000,000
Other invested assets	5,886,000,000		5,886,000,000		5,894,000,000
Derivative Assets, Fair Value, Gross	5,298,000,000		5,298,000,000		4,468,000,000
Derivative assets, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)		(2,315,000,000)		(1,840,000,000)
Derivative assets	903,000,000		903,000,000		915,000,000
Short-term investments, portion measured at fair value	5,450,000,000		5,450,000,000		3,015,000,000
Separate account assets, at fair value	90,311,000,000		90,311,000,000		81,847,000,000
Other assets	964,000,000		964,000,000		973,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Other policyholder funds	3,488,000,000		3,488,000,000		3,568,000,000
Derivative Liabilities, Fair Value, Gross	3,503,000,000		3,503,000,000		3,138,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)		(303,000,000)		(187,000,000)
Derivative liabilities	1,120,000,000		1,120,000,000		1,238,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	1,232,000,000		1,232,000,000		1,265,000,000
Fair Value Using Net Asset Value Per Share or its equivalent	5,210,000,000		5,210,000,000		4,966,000,000
U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	0	$ 490,000,000	51,000,000	$ 681,000,000
Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Assets transferred from Level 1 to Level 2	0	$ 0	62,000,000	$ 16,000,000
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	245,561,000,000		245,561,000,000		229,391,000,000
Other bond securities	10,461,000,000		10,461,000,000		11,415,000,000
Equity securities	880,000,000		880,000,000		1,253,000,000
Other invested assets	676,000,000		676,000,000		928,000,000
Derivative assets, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)		(2,315,000,000)		(1,840,000,000)
Derivative assets, Counterparty netting and cash collateral	(4,395,000,000)		(4,395,000,000)		(3,553,000,000)
Derivative assets	903,000,000		903,000,000		915,000,000
Short-term investments, portion measured at fair value	5,450,000,000		5,450,000,000		3,015,000,000
Separate account assets, at fair value	90,311,000,000		90,311,000,000		81,847,000,000
Other assets	61,000,000		61,000,000		58,000,000
Fair value assets measured on recurring basis, total	354,303,000,000		354,303,000,000		328,822,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)		(2,080,000,000)		(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)		(303,000,000)		(187,000,000)
Derivative liabilities, Counterparty netting and cash collateral	(2,383,000,000)		(2,383,000,000)		(1,900,000,000)
Derivative liabilities	1,120,000,000		1,120,000,000		1,238,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	112,000,000		112,000,000		27,000,000
Fair value liabilities measured on recurring basis, total	9,600,000,000		9,600,000,000		7,594,000,000
Recurring Basis | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,275,000,000		3,275,000,000		2,890,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,295,000,000		2,295,000,000		2,023,000,000
Recurring Basis | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,266,000,000		1,266,000,000		1,164,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	960,000,000		960,000,000		858,000,000
Recurring Basis | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	743,000,000		743,000,000		398,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	47,000,000		47,000,000		15,000,000
Recurring Basis | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,000,000		1,000,000		1,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	195,000,000		195,000,000		236,000,000
Recurring Basis | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13,000,000		13,000,000		15,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	6,000,000		6,000,000		6,000,000
Recurring Basis | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	4,228,000,000		4,228,000,000		3,260,000,000
Other bond securities	2,199,000,000		2,199,000,000		2,665,000,000
Recurring Basis | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,946,000,000		15,946,000,000		16,001,000,000
Recurring Basis | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,400,000,000		15,400,000,000		14,525,000,000
Other bond securities	56,000,000		56,000,000		45,000,000
Recurring Basis | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	144,560,000,000		144,560,000,000		130,700,000,000
Other bond securities	1,798,000,000		1,798,000,000		1,671,000,000
Recurring Basis | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	33,176,000,000		33,176,000,000		34,377,000,000
Other bond securities	1,324,000,000		1,324,000,000		1,714,000,000
Recurring Basis | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,624,000,000		13,624,000,000		12,701,000,000
Other bond securities	418,000,000		418,000,000		388,000,000
Recurring Basis | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	18,627,000,000		18,627,000,000		17,827,000,000
Other bond securities	4,666,000,000		4,666,000,000		4,932,000,000
Recurring Basis | Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	180,000,000		180,000,000		122,000,000
Other bond securities	22,000,000		22,000,000		11,000,000
Equity securities	829,000,000		829,000,000		1,213,000,000
Other invested assets	0		0		0
Derivative Assets, Fair Value, Gross	77,000,000		77,000,000		135,000,000
Short-term investments, portion measured at fair value	2,368,000,000		2,368,000,000		2,416,000,000
Separate account assets, at fair value	85,803,000,000		85,803,000,000		77,202,000,000
Other assets	0		0		0
Fair value assets measured on recurring basis, total	89,279,000,000		89,279,000,000		81,099,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0		0
Derivative Liabilities, Fair Value, Gross	21,000,000		21,000,000		16,000,000
Long-term debt, portion measured at fair value	0		0		0
Other liabilities	90,000,000		90,000,000		16,000,000
Fair value liabilities measured on recurring basis, total	111,000,000		111,000,000		32,000,000
Recurring Basis | Level 1 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		2,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,000,000		2,000,000		4,000,000
Recurring Basis | Level 1 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis | Level 1 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	77,000,000		77,000,000		133,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	19,000,000		19,000,000		12,000,000
Recurring Basis | Level 1 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis | Level 1 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis | Level 1 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	105,000,000		105,000,000		53,000,000
Other bond securities	22,000,000		22,000,000		11,000,000
Recurring Basis | Level 1 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Recurring Basis | Level 1 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	75,000,000		75,000,000		69,000,000
Other bond securities	0		0		0
Recurring Basis | Level 1 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis | Level 1 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis | Level 1 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis | Level 1 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis | Level 2
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	217,368,000,000		217,368,000,000		202,176,000,000
Other bond securities	5,371,000,000		5,371,000,000		5,559,000,000
Equity securities	16,000,000		16,000,000		13,000,000
Other invested assets	71,000,000		71,000,000		341,000,000
Derivative Assets, Fair Value, Gross	5,085,000,000		5,085,000,000		4,237,000,000
Short-term investments, portion measured at fair value	3,082,000,000		3,082,000,000		599,000,000
Separate account assets, at fair value	4,508,000,000		4,508,000,000		4,645,000,000
Other assets	0		0		0
Fair value assets measured on recurring basis, total	235,501,000,000		235,501,000,000		217,570,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0		0		0
Derivative Liabilities, Fair Value, Gross	3,281,000,000		3,281,000,000		2,873,000,000
Long-term debt, portion measured at fair value	2,303,000,000		2,303,000,000		2,213,000,000
Other liabilities	22,000,000		22,000,000		11,000,000
Fair value liabilities measured on recurring basis, total	5,606,000,000		5,606,000,000		5,097,000,000
Recurring Basis | Level 2 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	3,275,000,000		3,275,000,000		2,888,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2,277,000,000		2,277,000,000		2,004,000,000
Recurring Basis | Level 2 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,262,000,000		1,262,000,000		1,159,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	960,000,000		960,000,000		858,000,000
Recurring Basis | Level 2 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	548,000,000		548,000,000		190,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	23,000,000		23,000,000		3,000,000
Recurring Basis | Level 2 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	21,000,000		21,000,000		8,000,000
Recurring Basis | Level 2 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis | Level 2 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	4,123,000,000		4,123,000,000		3,207,000,000
Other bond securities	2,177,000,000		2,177,000,000		2,654,000,000
Recurring Basis | Level 2 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,784,000,000		13,784,000,000		14,001,000,000
Recurring Basis | Level 2 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,323,000,000		15,323,000,000		14,445,000,000
Other bond securities	56,000,000		56,000,000		45,000,000
Recurring Basis | Level 2 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	142,739,000,000		142,739,000,000		129,836,000,000
Other bond securities	1,798,000,000		1,798,000,000		1,671,000,000
Recurring Basis | Level 2 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	19,313,000,000		19,313,000,000		20,178,000,000
Other bond securities	494,000,000		494,000,000		424,000,000
Recurring Basis | Level 2 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	12,521,000,000		12,521,000,000		11,784,000,000
Other bond securities	330,000,000		330,000,000		311,000,000
Recurring Basis | Level 2 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	9,565,000,000		9,565,000,000		8,725,000,000
Other bond securities	516,000,000		516,000,000		454,000,000
Recurring Basis | Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	28,013,000,000		28,013,000,000		27,093,000,000
Other bond securities	5,068,000,000		5,068,000,000		5,845,000,000
Equity securities	35,000,000		35,000,000		27,000,000
Other invested assets	605,000,000		605,000,000		587,000,000
Derivative Assets, Fair Value, Gross	136,000,000		136,000,000		96,000,000
Short-term investments, portion measured at fair value	0		0		0
Separate account assets, at fair value	0		0		0
Other assets	61,000,000		61,000,000		58,000,000
Fair value assets measured on recurring basis, total	33,918,000,000		33,918,000,000		33,706,000,000
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	6,065,000,000		6,065,000,000		4,116,000,000
Derivative Liabilities, Fair Value, Gross	201,000,000		201,000,000		249,000,000
Long-term debt, portion measured at fair value	0		0		0
Other liabilities	0		0		0
Fair value liabilities measured on recurring basis, total	6,266,000,000		6,266,000,000		4,365,000,000
Recurring Basis | Level 3 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0		0		0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	16,000,000		16,000,000		15,000,000
Recurring Basis | Level 3 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	4,000,000		4,000,000		5,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0		0		0
Recurring Basis | Level 3 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	118,000,000		118,000,000		75,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	5,000,000		5,000,000		0
Recurring Basis | Level 3 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,000,000		1,000,000		1,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	174,000,000		174,000,000		228,000,000
Recurring Basis | Level 3 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	13,000,000		13,000,000		15,000,000
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	6,000,000		6,000,000		6,000,000
Recurring Basis | Level 3 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0		0		0
Other bond securities	0		0		0
Recurring Basis | Level 3 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,162,000,000		2,162,000,000		2,000,000,000
Recurring Basis | Level 3 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,000,000		2,000,000		11,000,000
Other bond securities	0		0		0
Recurring Basis | Level 3 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,821,000,000		1,821,000,000		864,000,000
Other bond securities	0		0		0
Recurring Basis | Level 3 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,863,000,000		13,863,000,000		14,199,000,000
Other bond securities	830,000,000		830,000,000		1,290,000,000
Recurring Basis | Level 3 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,103,000,000		1,103,000,000		917,000,000
Other bond securities	88,000,000		88,000,000		77,000,000
Recurring Basis | Level 3 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	9,062,000,000		9,062,000,000		9,102,000,000
Other bond securities	$ 4,150,000,000		$ 4,150,000,000		$ 4,478,000,000

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	$ 33,723	$ 35,000	$ 33,610	$ 35,763
Net Realized and Unrealized Gains (Losses) Included in Income	400	307	717	678
Other Comprehensive Income (Loss)	412	(51)	642	(211)
Purchases, Sales, Issuances and Settlements, Net	(860)	(1,275)	(1,351)	(2,685)
Gross Transfers In, assets	501	58	1,299	624
Gross Transfers Out, assets	(394)	(1,794)	(1,135)	(1,924)
Balance End of Period	33,782	32,245	33,782	32,245
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	79	359	107	391
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	5,010	3,874	4,269	4,323
Net realized and unrealized gains and losses related to Level 3 items, liabilities	923	(247)	1,452	(789)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	197	81	409	174
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	6,130	3,710	6,130	3,710
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(785)	311	(1,257)	942
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	132	178	153	187
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(47)	(9)	(87)	(45)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(20)	5	(1)	32
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	65	176	65	176
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	47	13	95	40
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	15	17	15	22
Net realized and unrealized gains and losses related to Level 3 items, liabilities	2	(1)	3	(4)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(1)	(2)	(2)	(4)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	16	14	16	14
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(2)	1	(3)	4
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(1)	1	(5)	0
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(5)	6	(10)	(4)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	2	(2)	11	9
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	(4)	5	(4)	5
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	4	(4)	4	(3)
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(96)	(78)	(75)	(82)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(4)	5	(20)	9
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(13)	(8)	(18)	(8)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	2	0	2
Balance at the End of the Period	(113)	(79)	(113)	(79)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	4	(5)	32	(9)
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	222	250	227	262
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(24)	(4)	(27)	(14)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(25)	0	(27)	(2)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	173	246	173	246
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	23	3	27	13
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	(8)	(12)	(9)	(15)
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(16)	(15)	(33)	(32)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	17	17	35	37
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	(7)	(10)	(7)	(10)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	18	18	35	35
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance at the Beginning of the Period	4,878	3,696	4,116	4,136
Net realized and unrealized gains and losses related to Level 3 items, liabilities	970	(238)	1,539	(744)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	217	76	410	142
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Balance at the End of the Period	6,065	3,534	6,065	3,534
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Year, liabilities	(832)	298	(1,352)	902
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	27,448	28,410	27,093	28,996
Net Realized and Unrealized Gains (Losses) Included in Income	223	150	451	370
Other Comprehensive Income (Loss)	411	(51)	641	(212)
Purchases, Sales, Issuances and Settlements, Net	(187)	(995)	(444)	(2,084)
Gross Transfers In, assets	501	58	1,299	623
Gross Transfers Out, assets	(383)	(1,794)	(1,027)	(1,915)
Balance End of Period	28,013	25,778	28,013	25,778
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Obligations of states, municipalities and political subdivisions
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	2,136	2,261	2,000	2,404
Net Realized and Unrealized Gains (Losses) Included in Income	0	0	(1)	1
Other Comprehensive Income (Loss)	105	(40)	202	(115)
Purchases, Sales, Issuances and Settlements, Net	62	(29)	86	(98)
Gross Transfers In, assets	6	0	35	0
Gross Transfers Out, assets	(147)	(136)	(160)	(136)
Balance End of Period	2,162	2,056	2,162	2,056
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Non-U.S. governments
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	3	9	11	8
Net Realized and Unrealized Gains (Losses) Included in Income	(1)	(1)	(1)	(5)
Other Comprehensive Income (Loss)	0	2	0	6
Purchases, Sales, Issuances and Settlements, Net	0	(5)	(4)	(4)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	(5)	(4)	(5)
Balance End of Period	2	0	2	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	1,532	1,871	864	1,173
Net Realized and Unrealized Gains (Losses) Included in Income	29	(8)	26	(65)
Other Comprehensive Income (Loss)	43	(7)	81	3
Purchases, Sales, Issuances and Settlements, Net	(99)	(394)	(65)	(146)
Gross Transfers In, assets	389	3	1,043	568
Gross Transfers Out, assets	(73)	(581)	(128)	(649)
Balance End of Period	1,821	884	1,821	884
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	14,045	15,839	14,199	16,136
Net Realized and Unrealized Gains (Losses) Included in Income	182	153	409	419
Other Comprehensive Income (Loss)	137	(5)	161	0
Purchases, Sales, Issuances and Settlements, Net	(404)	(616)	(816)	(1,152)
Gross Transfers In, assets	44	8	67	8
Gross Transfers Out, assets	(141)	(2)	(157)	(34)
Balance End of Period	13,863	15,377	13,863	15,377
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	892	584	917	624
Net Realized and Unrealized Gains (Losses) Included in Income	5	(2)	6	4
Other Comprehensive Income (Loss)	13	(4)	30	(21)
Purchases, Sales, Issuances and Settlements, Net	150	(7)	296	(30)
Gross Transfers In, assets	58	47	58	47
Gross Transfers Out, assets	(15)	(13)	(204)	(19)
Balance End of Period	1,103	605	1,103	605
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Bonds available for sale | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	8,840	7,846	9,102	8,651
Net Realized and Unrealized Gains (Losses) Included in Income	8	8	12	16
Other Comprehensive Income (Loss)	113	3	167	(85)
Purchases, Sales, Issuances and Settlements, Net	104	56	59	(654)
Gross Transfers In, assets	4	0	96	0
Gross Transfers Out, assets	(7)	(1,057)	(374)	(1,072)
Balance End of Period	9,062	6,856	9,062	6,856
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	5,599	6,295	5,845	6,512
Net Realized and Unrealized Gains (Losses) Included in Income	159	131	248	259
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(679)	(358)	(918)	(695)
Gross Transfers In, assets	0	0	0	1
Gross Transfers Out, assets	(11)	0	(107)	(9)
Balance End of Period	5,068	6,068	5,068	6,068
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	58	359	85	366
Other bond securities | Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	19	0	18
Net Realized and Unrealized Gains (Losses) Included in Income	0	(1)	0	0
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	0	0	0	0
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	0	18	0	18
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	1
Other bond securities | Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	1,266	1,427	1,290	1,464
Net Realized and Unrealized Gains (Losses) Included in Income	43	16	60	55
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(479)	(105)	(520)	(181)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	830	1,338	830	1,338
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	(19)	151	(19)	153
Other bond securities | Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	84	73	77	74
Net Realized and Unrealized Gains (Losses) Included in Income	0	(2)	4	(3)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	14	0	17	(1)
Gross Transfers In, assets	0	0	0	1
Gross Transfers Out, assets	(10)	0	(10)	0
Balance End of Period	88	71	88	71
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	1	4	4	4
Other bond securities | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	4,249	4,776	4,478	4,956
Net Realized and Unrealized Gains (Losses) Included in Income	116	118	184	207
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	(214)	(253)	(415)	(513)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	(1)	0	(97)	(9)
Balance End of Period	4,150	4,641	4,150	4,641
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	76	204	100	208
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	26	3	27	0
Net Realized and Unrealized Gains (Losses) Included in Income	0	(3)	0	(3)
Other Comprehensive Income (Loss)	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net	9	0	9	3
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	(1)	0
Balance End of Period	35	0	35	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	3	0	3	0
Mortgage and other loans receivable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	0	0	0	5
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	0	0	(5)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	0	0	0	0
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	0	0	0	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	591	292	587	250
Net Realized and Unrealized Gains (Losses) Included in Income	18	29	18	52
Other Comprehensive Income (Loss)	1	0	1	1
Purchases, Sales, Issuances and Settlements, Net	(5)	78	(1)	96
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Balance End of Period	605	399	605	399
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	18	$ 0	19	$ 25
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Balance Beginning of Period	59		58
Net Realized and Unrealized Gains (Losses) Included in Income	0		0
Other Comprehensive Income (Loss)	0		0
Purchases, Sales, Issuances and Settlements, Net	2		3
Gross Transfers In, assets	0		0
Gross Transfers Out, assets	0		0
Balance End of Period	61		61
Changes in Unrealized Gains (Losses) on Instruments Held at End of Period, assets	$ 0		$ 0

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	$ 400	$ 307	$ 717	$ 678
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	970	(238)	1,539	(744)
Policyholder contract deposits | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	0	0	0	0
Policyholder contract deposits | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	970	(238)	1,539	(744)
Policyholder contract deposits | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	0	0	0	0
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(47)	(9)	(87)	(45)
Derivative liabilities, net | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	0	0	0	0
Derivative liabilities, net | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(29)	(3)	(53)	(2)
Derivative liabilities, net | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, liabilities	(18)	(6)	(34)	(43)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	223	150	451	370
Bonds available for sale | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	245	200	487	482
Bonds available for sale | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(22)	(50)	(36)	(112)
Bonds available for sale | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	159	131	248	259
Other bond securities | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	109	34	196	57
Other bond securities | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	50	0	52	(4)
Other bond securities | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	97	0	206
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	(3)	0	(3)
Equity securities | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	(3)	0	(3)
Equity securities | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Equity securities | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	18	29	18	52
Other invested assets | Investment Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	18	32	18	57
Other invested assets | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Other invested assets | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	$ 0	$ (3)	$ 0	$ (5)

FAIR VALUE MEASUREMENTS (Deta_4

FAIR VALUE MEASUREMENTS (Details - Gross components of purchases, sales, issuances and settlements) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (860,000,000)	$ (1,275,000,000)	$ (1,351,000,000)	$ (2,685,000,000)
Issuances	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	15,000,000		(40,000,000)	24,000,000
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.	5,000,000	(22,000,000)	4,000,000	(22,000,000)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(9,000,000)	(12,000,000)	(22,000,000)	(19,000,000)
Sales, liabilities	203,000,000	131,000,000	376,000,000	243,000,000
Settlements, liabilities	3,000,000	(38,000,000)	55,000,000	(50,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	197,000,000	81,000,000	409,000,000	174,000,000
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0	0	0
Sales, liabilities	203,000,000	131,000,000	376,000,000	243,000,000
Settlements, liabilities	14,000,000	(55,000,000)	34,000,000	(101,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	217,000,000	76,000,000	410,000,000	142,000,000
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(9,000,000)	(12,000,000)	(22,000,000)	(19,000,000)
Sales, liabilities	0	0	0	0
Settlements, liabilities	(11,000,000)	17,000,000	21,000,000	51,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	(20,000,000)	5,000,000	(1,000,000)	32,000,000
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,608,000,000	890,000,000	2,401,000,000	1,927,000,000
Sales, assets	(593,000,000)	(338,000,000)	(790,000,000)	(1,211,000,000)
Settlements, assets	(1,875,000,000)	(1,827,000,000)	(2,962,000,000)	(3,401,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(860,000,000)	(1,275,000,000)	(1,351,000,000)	(2,685,000,000)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,546,000,000	759,000,000	2,331,000,000	1,770,000,000
Sales, assets	(156,000,000)	(280,000,000)	(353,000,000)	(1,139,000,000)
Settlements, assets	(1,577,000,000)	(1,474,000,000)	(2,422,000,000)	(2,715,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(187,000,000)	(995,000,000)	(444,000,000)	(2,084,000,000)
Bonds available for sale | Obligations of states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	87,000,000	9,000,000	134,000,000	24,000,000
Sales, assets	(1,000,000)	0	(16,000,000)	0
Settlements, assets	(24,000,000)	(38,000,000)	(32,000,000)	(122,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	62,000,000	(29,000,000)	86,000,000	(98,000,000)
Bonds available for sale | Non-U.S. governments
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	2,000,000
Sales, assets	0	0	0	0
Settlements, assets	0	(5,000,000)	(4,000,000)	(6,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	0	(5,000,000)	(4,000,000)	(4,000,000)
Bonds available for sale | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	8,000,000	1,000,000	57,000,000	255,000,000
Sales, assets	(1,000,000)	(213,000,000)	(1,000,000)	(216,000,000)
Settlements, assets	(106,000,000)	(182,000,000)	(121,000,000)	(185,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(99,000,000)	(394,000,000)	(65,000,000)	(146,000,000)
Bonds available for sale | Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	300,000,000	274,000,000	607,000,000	507,000,000
Sales, assets	0	(5,000,000)	(26,000,000)	(10,000,000)
Settlements, assets	(704,000,000)	(885,000,000)	(1,397,000,000)	(1,649,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(404,000,000)	(616,000,000)	(816,000,000)	(1,152,000,000)
Bonds available for sale | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	179,000,000	0	363,000,000	12,000,000
Sales, assets	0	0	0	0
Settlements, assets	(29,000,000)	(7,000,000)	(67,000,000)	(42,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	150,000,000	(7,000,000)	296,000,000	(30,000,000)
Bonds available for sale | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	972,000,000	475,000,000	1,170,000,000	970,000,000
Sales, assets	(154,000,000)	(62,000,000)	(310,000,000)	(913,000,000)
Settlements, assets	(714,000,000)	(357,000,000)	(801,000,000)	(711,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	104,000,000	56,000,000	59,000,000	(654,000,000)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	14,000,000	0	18,000,000	1,000,000
Sales, assets	(437,000,000)	(29,000,000)	(437,000,000)	(38,000,000)
Settlements, assets	(256,000,000)	(329,000,000)	(499,000,000)	(658,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(679,000,000)	(358,000,000)	(918,000,000)	(695,000,000)
Other bond securities | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	0	0	0	0
Other bond securities | Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	1,000,000
Sales, assets	(437,000,000)	(29,000,000)	(437,000,000)	(34,000,000)
Settlements, assets	(42,000,000)	(76,000,000)	(83,000,000)	(148,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(479,000,000)	(105,000,000)	(520,000,000)	(181,000,000)
Other bond securities | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	14,000,000	0	18,000,000	0
Sales, assets	0	0	0	0
Settlements, assets	0	0	(1,000,000)	(1,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	14,000,000	0	17,000,000	(1,000,000)
Other bond securities | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	0
Sales, assets	0	0	0	(4,000,000)
Settlements, assets	(214,000,000)	(253,000,000)	(415,000,000)	(509,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(214,000,000)	(253,000,000)	(415,000,000)	(513,000,000)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	9,000,000	0	9,000,000	3,000,000
Sales, assets	0	0	0	0
Settlements, assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	9,000,000	0	9,000,000	3,000,000
Mortgage and other loans receivable, net of allowance
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	0
Sales, assets	0	0	0	(5,000,000)
Settlements, assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0	0	(5,000,000)
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	39,000,000	131,000,000	43,000,000	153,000,000
Sales, assets	0	(29,000,000)	0	(29,000,000)
Settlements, assets	(44,000,000)	(24,000,000)	(44,000,000)	(28,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(5,000,000)	$ 78,000,000	(1,000,000)	$ 96,000,000
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0		0
Sales, assets	0		0
Settlements, assets	2,000,000		3,000,000
Purchases, Sales, Issuances and Settlements, Net, assets	$ 2,000,000		$ 3,000,000

FAIR VALUE MEASUREMENTS (Deta_5

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Assets) $ in Millions	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Obligations of states, municipalities and political subdivisions | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0327	0.0391
Obligations of states, municipalities and political subdivisions | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0422	0.0500
Obligations of states, municipalities and political subdivisions | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0374	0.0446
Obligations of states, municipalities and political subdivisions | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,631	$ 1,473
Corporate debt | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0334	0.0435
Corporate debt | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0821	0.0599
Corporate debt | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0578	0.0517
Corporate debt | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,166	$ 445
Residential mortgage-backed securities | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0250	0.0331
Residential mortgage-backed securities | Minimum | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0362	0.0458
Residential mortgage-backed securities | Minimum | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.3729	0.3966
Residential mortgage-backed securities | Minimum | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0184	0.0246
Residential mortgage-backed securities | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0453	0.0550
Residential mortgage-backed securities | Maximum | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.1216	0.1400
Residential mortgage-backed securities | Maximum | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.7560	0.7440
Residential mortgage-backed securities | Maximum | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0675	0.0739
Residential mortgage-backed securities | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0352	0.0440
Residential mortgage-backed securities | Weighted-average | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0789	0.0929
Residential mortgage-backed securities | Weighted-average | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.5644	0.5703
Residential mortgage-backed securities | Weighted-average | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0429	0.0492
Residential mortgage-backed securities | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 12,792	$ 13,608
Certain CDO/ABS | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0285	0.0365
Certain CDO/ABS | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0449	0.0510
Certain CDO/ABS | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0367	0.0437
Certain CDO/ABS | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 5,969	$ 5,461
Commercial mortgage backed securities | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0291	0.0329
Commercial mortgage backed securities | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0509	0.0607
Commercial mortgage backed securities | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0400	0.0468
Commercial mortgage backed securities | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 510	$ 447

FAIR VALUE MEASUREMENTS (Deta_6

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Liabilities) $ in Millions	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
GMWB | Minimum | Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0615	0.0605
GMWB | Minimum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0016	0.0016
GMWB | Minimum | Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
GMWB | Minimum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
GMWB | Minimum | Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.9000	0.9000
GMWB | Minimum | Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
GMWB | Maximum | Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4875	0.4765
GMWB | Maximum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.1260	0.1260
GMWB | Maximum | Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.8000	1.8000
GMWB | Maximum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.5300	1.5300
GMWB | Maximum | Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
GMWB | Maximum | Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
GMWB | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 2,563	$ 1,943
Index Annuities | Minimum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4200	0.4200
Index Annuities | Minimum | Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0050	0.0050
Index Annuities | Minimum | Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0100	0.0100
Index Annuities | Maximum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.6200	1.6200
Index Annuities | Maximum | Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
Index Annuities | Maximum | Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0400	0.0300
Index Annuities | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 2,973	$ 1,778
Indexed Life | Minimum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life | Minimum | Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life | Maximum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3797	0.1300
Indexed Life | Maximum | Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
Indexed Life | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 504	$ 374

FAIR VALUE MEASUREMENTS (Deta_7

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 5,210	$ 4,966
Unfunded Commitments	2,426	1,956
Direct private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	2,690	2,250
Unfunded Commitments	$ 2,425	1,947
Average original expected lives	10 years
Direct private equity | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	2 years
Direct private equity | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	1 year
Direct private equity | Expected remaining lives of less than 3 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	18.00%
Direct private equity | Expected remaining lives of less than 3 years | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
First threshold level of remaining lives	3 years
Direct private equity | Expected remaining lives of 4 to 6 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	40.00%
Direct private equity | Expected remaining lives of 4 to 6 years | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Second threshold level of remaining lives	6 years
Direct private equity | Expected remaining lives of 4 to 6 years | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Second threshold level of remaining lives	4 years
Direct private equity | Expected remaining lives of 7 to 10 years
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	42.00%
Direct private equity | Expected remaining lives of 7 to 10 years | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Third threshold level of remaining lives	10 years
Direct private equity | Expected remaining lives of 7 to 10 years | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Third threshold level of remaining lives	7 years
Leveraged buyout
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 1,063	847
Unfunded Commitments	1,435	1,327
Real Estate / Infrastructure
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	235	190
Unfunded Commitments	276	83
Venture capital
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	100	126
Unfunded Commitments	129	127
Growth equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	373	362
Unfunded Commitments	77	28
Mezzanine
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	349	211
Unfunded Commitments	239	75
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	570	514
Unfunded Commitments	269	307
Hedge funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	2,520	2,716
Unfunded Commitments	$ 1	9
Hedge fund investments redeemable monthly (as a percent)	38.00%
Hedge fund investments redeemable quarterly (as a percent)	26.00%
Hedge fund investments redeemable semi-annually (as a percent)	11.00%
Hedge fund investments redeemable annually (as a percent)	25.00%
Percentage of hedge fund investments that cannot be redeemed, either in whole or in part	56.00%
Hedge funds | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investment redemption notice period (in days/years)	180 days
Hedge funds | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investment redemption notice period (in days/years)	1 day
Event-driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 778	787
Unfunded Commitments	0	0
Long-short
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	736	863
Unfunded Commitments	0	0
Macro
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	847	887
Unfunded Commitments	0	0
Distressed
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	1	21
Unfunded Commitments	0	8
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	158	158
Unfunded Commitments	$ 1	$ 1

FAIR VALUE MEASUREMENTS (Deta_8

FAIR VALUE MEASUREMENTS (Details - Gains or losses recorded related to the eligible instruments for which we elected the fair value option) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 341	$ 241	$ 866	$ 444
Bond and equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	283	129	638	152
Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	151	96	381	224
Fair Value Option | Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ (93)	$ 16	$ (153)	$ 68

FAIR VALUE MEASUREMENTS (Deta_9

FAIR VALUE MEASUREMENTS (Details - Difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term borrowings for which the fair value option was elected) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage and other loans receivable, Outstanding Principal Amount	$ 43,963	$ 43,532
Mortgage and other loans receivable, Difference	43,963	43,532
Long-term debt, Fair Value	2,303	2,213
Long-term debt, Outstanding Principal Amount	36,291	34,540
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	2,303	2,213
Long-term debt, Outstanding Principal Amount	1,703	1,653
Long-term debt, Difference	$ 600	$ 560

FAIR VALUE MEASUREMENTS (Det_10

FAIR VALUE MEASUREMENTS (Details - Assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented) - Fair value on a non-recurring basis - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	$ 26	$ 62	$ 75	$ 90
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	17	61	58	89
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	9	$ 1	17	$ 1
Level 1 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		$ 0
Level 1 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 1 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 2 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Level 3 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	260		260		326
Level 3 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	259		259		315
Level 3 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	1		1		11
Total Fair Value | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	260		260		326
Total Fair Value | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	259		259		315
Total Fair Value | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 1		$ 1		$ 11

FAIR VALUE MEASUREMENTS (Det_11

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Assets:
Mortgage and other loans receivable	$ 43,556	$ 43,135
Short-term investments	15,016	9,674
Cash	2,935	2,873	$ 2,135
Other assets	13,879	13,568
Liabilities:
Other liabilities	28,336	24,636
Long-term Debt	36,291	34,540
Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	45,418	43,627
Other invested assets	676	737
Short-term investments	9,566	6,659
Cash	2,935	2,873
Other assets	232	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	130,129	121,374
Other liabilities	2,394	1,154
Long-term Debt	35,722	31,597
Carrying Value
Assets:
Mortgage and other loans receivable	43,556	43,135
Other invested assets	677	737
Short-term investments	9,566	6,659
Cash	2,935	2,873
Other assets	232	343
Liabilities:
Policyholder contract deposits associated with investment-type contracts	124,133	120,602
Other liabilities	2,394	1,154
Long-term Debt	33,988	32,327
Level 1 | Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	0	0
Other invested assets	0	0
Short-term investments	0	0
Cash	2,935	2,873
Other assets	213	308
Liabilities:
Policyholder contract deposits associated with investment-type contracts	0	0
Other liabilities	0	0
Long-term Debt	0	0
Level 2 | Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	104	105
Other invested assets	670	731
Short-term investments	9,566	6,659
Cash	0	0
Other assets	19	35
Liabilities:
Policyholder contract deposits associated with investment-type contracts	342	339
Other liabilities	2,394	1,154
Long-term Debt	26,782	22,822
Level 3 | Estimate of Fair Value Measurement [Member]
Assets:
Mortgage and other loans receivable	45,314	43,522
Other invested assets	6	6
Short-term investments	0	0
Cash	0	0
Other assets	0	0
Liabilities:
Policyholder contract deposits associated with investment-type contracts	129,787	121,035
Other liabilities	0	0
Long-term Debt	$ 8,940	$ 8,775

INVESTMENTS (Details - Amortize

INVESTMENTS (Details - Amortized cost or cost and fair value of Available for sale securities) - Bonds available for sale - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	$ 230,062	$ 225,780
Available for sale securities, Gross Unrealized Gains	16,639	8,419
Available for sale securities, Gross Unrealized Losses	(1,140)	(4,808)
Available-for-sale Securities	245,561	229,391
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade	28,800	28,800
AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,291	1,211
U.S. government and government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	3,978	3,170
Available for sale securities, Gross Unrealized Gains	253	132
Available for sale securities, Gross Unrealized Losses	(3)	(42)
Available-for-sale Securities	4,228	3,260
U.S. government and government sponsored entities | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Obligations of states, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,600	15,421
Available for sale securities, Gross Unrealized Gains	1,365	701
Available for sale securities, Gross Unrealized Losses	(19)	(121)
Available-for-sale Securities	15,946	16,001
Obligations of states, municipalities and political subdivisions | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	4
Non-U.S. governments
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	14,690	14,376
Available for sale securities, Gross Unrealized Gains	800	451
Available for sale securities, Gross Unrealized Losses	(90)	(302)
Available-for-sale Securities	15,400	14,525
Non-U.S. governments | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	0	0
Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	135,357	130,436
Available for sale securities, Gross Unrealized Gains	10,030	3,911
Available for sale securities, Gross Unrealized Losses	(827)	(3,647)
Available-for-sale Securities	144,560	130,700
Corporate debt | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	4	4
Mortgage-backed, asset-backed and collateralized
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	61,437	62,377
Available for sale securities, Gross Unrealized Gains	4,191	3,224
Available for sale securities, Gross Unrealized Losses	(201)	(696)
Available-for-sale Securities	65,427	64,905
Mortgage-backed, asset-backed and collateralized | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,287	1,203
Residential mortgage-backed securities (RMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	30,064	31,940
Available for sale securities, Gross Unrealized Gains	3,199	2,754
Available for sale securities, Gross Unrealized Losses	(87)	(317)
Available-for-sale Securities	33,176	34,377
Residential mortgage-backed securities (RMBS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	1,238	1,155
Commercial mortgage-backed securities (CMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	13,074	12,673
Available for sale securities, Gross Unrealized Gains	579	242
Available for sale securities, Gross Unrealized Losses	(29)	(214)
Available-for-sale Securities	13,624	12,701
Commercial mortgage-backed securities (CMBS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	31	31
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost, Total	18,299	17,764
Available for sale securities, Gross Unrealized Gains	413	228
Available for sale securities, Gross Unrealized Losses	(85)	(165)
Available-for-sale Securities	18,627	17,827
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Total, Other-Than-Temporary Impairments in AOCI	$ 18	$ 17

INVESTMENTS (Details - Summary

INVESTMENTS (Details - Summary of fair value and gross unrealized losses on available for sale securities aggregated by major investment category and length of time in a continuous unrealized loss position) - Bonds available for sale $ in Millions	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	$ 20,400	$ 70,800
Gross Unrealized Losses, Less than 12 Months	609	2,679
Fair Value, 12 Months or More	15,387	36,110
Gross Unrealized Losses, 12 Months or More	531	2,129
Fair Value, Total	35,787	106,910
Gross Unrealized Losses, Total	$ 1,140	4,808
Number of securities in an unrealized loss position | item	6,332
Number of individual securities in continuous unrealized loss position for longer than twelve months | item	2,452
U.S. government and government sponsored entities
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	$ 219	574
Gross Unrealized Losses, Less than 12 Months	1	13
Fair Value, 12 Months or More	267	873
Gross Unrealized Losses, 12 Months or More	2	29
Fair Value, Total	486	1,447
Gross Unrealized Losses, Total	3	42
Obligations of states, municipalities and political subdivisions
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	63	1,965
Gross Unrealized Losses, Less than 12 Months	1	51
Fair Value, 12 Months or More	492	1,530
Gross Unrealized Losses, 12 Months or More	18	70
Fair Value, Total	555	3,495
Gross Unrealized Losses, Total	19	121
Non-U.S. governments
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	1,112	3,851
Gross Unrealized Losses, Less than 12 Months	34	149
Fair Value, 12 Months or More	805	2,422
Gross Unrealized Losses, 12 Months or More	56	153
Fair Value, Total	1,917	6,273
Gross Unrealized Losses, Total	90	302
Corporate debt
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	9,361	47,364
Gross Unrealized Losses, Less than 12 Months	477	2,181
Fair Value, 12 Months or More	8,162	20,056
Gross Unrealized Losses, 12 Months or More	350	1,466
Fair Value, Total	17,523	67,420
Gross Unrealized Losses, Total	827	3,647
Residential mortgage-backed securities (RMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	3,483	5,231
Gross Unrealized Losses, Less than 12 Months	35	94
Fair Value, 12 Months or More	2,578	5,641
Gross Unrealized Losses, 12 Months or More	52	223
Fair Value, Total	6,061	10,872
Gross Unrealized Losses, Total	87	317
Commercial mortgage-backed securities (CMBS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	724	2,646
Gross Unrealized Losses, Less than 12 Months	7	47
Fair Value, 12 Months or More	960	4,264
Gross Unrealized Losses, 12 Months or More	22	167
Fair Value, Total	1,684	6,910
Gross Unrealized Losses, Total	29	214
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Fair value and gross unrealized losses on AIG's available for sale securities
Fair Value, Less than 12 Months	5,438	9,169
Gross Unrealized Losses, Less than 12 Months	54	144
Fair Value, 12 Months or More	2,123	1,324
Gross Unrealized Losses, 12 Months or More	31	21
Fair Value, Total	7,561	10,493
Gross Unrealized Losses, Total	$ 85	$ 165

INVESTMENTS (Details - Amorti_2

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 245,561	$ 229,391
Fixed Maturity Securities Available for Sale in a Loss Position
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	1,918	2,322
Due after one year through five years, Amortized Cost	6,616	17,382
Due after five years through ten years, Amortized Cost	5,914	27,724
Due after ten years, Amortized Cost	6,972	35,319
Mortgage-backed, asset-backed and collateralized, Amortized Cost	15,507	28,971
Available for sale securities, Amortized Cost, Total	36,927	111,718
Due in one year or less, Fair Value	1,890	2,294
Due after one year through five years, Fair Value	6,393	16,844
Due after five years through ten years, Fair Value	5,728	26,517
Due after ten years, Fair Value	6,470	32,980
Mortgage-backed, asset-backed and collateralized, Fair Value	15,306	28,275
Fixed Maturity Securities Available for Sale, Fair Value, Total	35,787	106,910
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost	11,150	9,539
Due after one year through five years, Amortized Cost	45,645	47,400
Due after five years through ten years, Amortized Cost	42,945	42,363
Due after ten years, Amortized Cost	68,885	64,101
Mortgage-backed, asset-backed and collateralized, Amortized Cost	61,437	62,377
Available for sale securities, Amortized Cost, Total	230,062	225,780
Due in one year or less, Fair Value	11,362	9,674
Due after one year through five years, Fair Value	46,989	47,905
Due after five years through ten years, Fair Value	45,229	42,045
Due after ten years, Fair Value	76,554	64,862
Mortgage-backed, asset-backed and collateralized, Fair Value	65,427	64,905
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 245,561	$ 229,391

INVESTMENTS (Details - Realized

INVESTMENTS (Details - Realized gains and gross realized losses from sales or maturities) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	$ 173	$ 100	$ 266	$ 186
Gross Realized Losses	86	113	210	173
Aggregate fair value of available for sale securities sold	6,400	6,600	12,800	12,100
Net realized capital gains (losses)	87	(13)	56	13
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	173	100	266	170
Gross Realized Losses	86	113	210	173
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	0	0	0	16
Gross Realized Losses	$ 0	$ 0	$ 0	$ 0

INVESTMENTS (Details - Value of

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 11,341	$ 12,668
Other Securities, Percent of Total	100.00%	100.00%
U.S. Government agency backed ABS
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 159	$ 178
Fixed maturity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 10,461	$ 11,415
Other Securities, Percent of Total	92.00%	90.00%
Fixed maturity securities | U.S. government and government sponsored entities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 2,199	$ 2,665
Other Securities, Percent of Total	19.00%	21.00%
Fixed maturity securities | Non-U.S. governments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 56	$ 45
Other Securities, Percent of Total	0.00%	0.00%
Fixed maturity securities | Corporate debt
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,798	$ 1,671
Other Securities, Percent of Total	16.00%	13.00%
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 6,408	$ 7,034
Other Securities, Percent of Total	57.00%	56.00%
Fixed maturity securities | Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,324	$ 1,714
Other Securities, Percent of Total	12.00%	14.00%
Fixed maturity securities | Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 418	$ 388
Other Securities, Percent of Total	4.00%	3.00%
Fixed maturity securities | Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 4,666	$ 4,932
Other Securities, Percent of Total	41.00%	39.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 880	$ 1,253
Other Securities, Percent of Total	8.00%	10.00%

INVESTMENTS (Details - Carrying

INVESTMENTS (Details - Carrying values of other invested assets) - USD ($) $ in Millions	12 Months Ended	96 Months Ended
	Dec. 31, 2019	Dec. 31, 2027	Jun. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Other invested assets			$ 19,454	$ 19,341
Alternative investments
Investment [Line Items]
Other invested assets			8,760	8,966
Investment real estate
Investment [Line Items]
Other invested assets			9,287	8,935
Net of accumulated depreciation on investment in real estate			684	598
All other investments
Investment [Line Items]
Other invested assets			1,407	1,440
Hedge Funds
Investment [Line Items]
Other invested assets			3,900	4,200
Hedge Fund Fair Value Redemption, Additional Percentage	67.00%	33.00%
Direct private equity
Investment [Line Items]
Other invested assets			4,600	4,300
Affordable Housing Partnerships
Investment [Line Items]
Other invested assets			$ 344	$ 438

INVESTMENTS (Details - Componen

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment [Line Items]
Total investment income	$ 3,877	$ 3,191	$ 7,870	$ 6,576
Investment expenses	132	126	246	250
Net investment income	3,745	3,065	7,624	6,326
Fixed maturity securities, including short-term investments
Investment [Line Items]
Total investment income	2,701	2,536	5,354	5,146
Other fixed maturity securities
Investment [Line Items]
Total investment income	281	(10)	608	(31)
Equity securities
Investment [Line Items]
Total investment income	(22)	3	57	(29)
Interest on mortgage and other loans
Investment [Line Items]
Total investment income	518	447	1,016	897
Alternative investments
Investment [Line Items]
Total investment income	345	171	764	508
Real estate
Investment [Line Items]
Total investment income	62	30	131	61
Other investments
Investment [Line Items]
Total investment income	$ (8)	$ 14	$ (60)	$ 24

INVESTMENTS (Details - Compon_2

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other-than-temporary impairments:
Change in intent	$ 0	$ 0	$ (3)	$ (49)
Foreign currency declines	(3)	(6)	(9)	(12)
Issuer-specific credit events	(25)	(30)	(96)	(62)
Adverse projected cash flows	(2)	0	(5)	0
Provision for loan losses	14	(26)	(10)	(50)
Foreign exchange transactions	(2)	(187)	(39)	(134)
Variable annuity embedded derivatives, net of related hedges	(40)	36	(301)	183
All other derivatives and hedge accounting	207	375	135	150
Other	168	16	230	107
Total net realized capital gain (losses)	404	165	(42)	146
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	87	(13)	56	(3)
Equity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	$ 0	$ 0	$ 0	$ 16

INVESTMENTS (Details - Increase

INVESTMENTS (Details - Increase (decrease) in unrealized appreciation (depreciation)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	$ 249	$ 125	$ 567	$ 286
Less: Net gains and losses recognized during the period on equity securities sold during the period	139	42	168	33
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	110	83	399	253
Change in unrealized appreciation (depreciation) of investments	5,907	(2,972)	11,820	(7,966)
Fixed maturity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	5,906	(2,969)	11,888	(7,938)
Equity securities
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	(22)	3	57	(28)
Less: Net gains and losses recognized during the period on equity securities sold during the period	(7)	14	12	6
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	(15)	(11)	45	(34)
Other investments
Increase (decrase) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	1	(3)	(68)	(28)
Other invested assets
Increase (decrase) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized securities during the period on equity securities	271	122	510	314
Less: Net gains and losses recognized during the period on equity securities sold during the period	146	28	156	27
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ 125	$ 94	$ 354	$ 287

INVESTMENTS (Details - Rollforw

INVESTMENTS (Details - Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings) - Fixed maturity securities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Than Temporary Impairment Credit Losses Recognized in Earnings
Balance, beginning of year	$ 53	$ 358	$ 0	$ 526
Increases due to:
Credit impairments on new securities subject to impairment losses	27	3	95	17
Additional credit impairments on previously impaired securities	0	28	6	45
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	(38)	(80)	(59)	(131)
Accretion on securities previously impaired due to credit	(8)	(121)	(8)	(269)
Balance, end of year	$ 34	$ 188	$ 34	$ 188

INVESTMENTS (Details - Purchase

INVESTMENTS (Details - Purchased Credit Impaired (PCI) Securities) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 230,062		$ 230,062		$ 225,780
Purchased Credit Impaired (PCI) Securities
Schedule of Available-for-sale Securities [Line Items]
Contractually required payments (principal and interest)	36,306		36,306
Cash flows expected to be collected	29,786		29,786
Recorded investment in acquired securities	20,097		20,097
Outstanding principal balance	11,576		11,576		12,495
Amortized cost	7,879		7,879		8,646
Fair value	9,639		9,639		$ 10,280
Available for sale securities | Purchased Credit Impaired (PCI) Securities
Changes in activity for the accretable yield on PCI securities:
Balance, beginning of period	6,801	$ 7,601	7,210	$ 7,501
Newly purchased PCI securities	1	4	13	27
Accretion	(151)	(190)	(323)	(377)
Effect of changes in interest rate indices	(266)	(32)	(400)	174
Net reclassification from (to) non-accretable difference, including effects of prepayments	17	78	(98)	136
Balance, end of period	$ 6,402	$ 7,461	$ 6,402	$ 7,461

INVESTMENTS (Details - Pledged

INVESTMENTS (Details - Pledged Investments) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Investment [Line Items]
Fair value of securities collateral pledged	$ 2,587	$ 426
Fair value of amount sold or repledged	121	106
Securities Lending Agreements, Fair Value of Collateral	1,898	884
Short-term investments held in escrow	285	273
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	8,200	7,900
Overnight and continuous
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Up to 30 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	444	401
31 to 90 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	707	483
91 to 364 Days
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	747	0
365 Days or Greater
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
FHLBs
Investment [Line Items]
Fair value of fixed maturities securities available for sale	4,600	4,200
Amount owned by subsidiaries	191	202
Residential loans pledged as collateral	2,100	2,100
Secured financing
Investment [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	2,400	1,200
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	440	288
Amounts Loaned under Reverse Repurchase Agreements	2,700	426
Secured financing | Fixed Maturities [Member]
Investment [Line Items]
Fair value of fixed maturities securities available for sale	2,216	1,050
Fair value of other bond securities	122	122
Secured financing | Overnight and continuous
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	135	104
Secured financing | Up to 30 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	233	131
Secured financing | 31 to 90 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	72	53
Secured financing | 91 to 364 Days
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | 365 Days or Greater
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	180
Secured financing | Bonds available for sale | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	68	60
Securities Lending Agreements, Fair Value of Collateral	0	29
Secured financing | Bonds available for sale | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	250	106
Securities Lending Agreements, Fair Value of Collateral	1,898	675
Secured financing | Bonds available for sale | Overnight and continuous | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Overnight and continuous | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	57	25
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Overnight and continuous | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	56	51
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Up to 30 Days | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	50
Secured financing | Bonds available for sale | Up to 30 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	11	35
Securities Lending Agreements, Fair Value of Collateral	0	21
Secured financing | Bonds available for sale | Up to 30 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	189	55
Securities Lending Agreements, Fair Value of Collateral	444	330
Secured financing | Bonds available for sale | 31 to 90 Days | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	130
Secured financing | Bonds available for sale | 31 to 90 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	8
Secured financing | Bonds available for sale | 31 to 90 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	5	0
Securities Lending Agreements, Fair Value of Collateral	707	345
Secured financing | Bonds available for sale | 91 to 364 Days | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	747	0
Secured financing | Bonds available for sale | 365 Days or Greater | Obligations of states, municipalities and political subdivisions
Investment [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 365 Days or Greater | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 365 Days or Greater | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Other bond securities | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	3	3
Secured financing | Other bond securities | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	97	108
Secured financing | Other bond securities | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	22	11
Secured financing | Other bond securities | Overnight and continuous | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | Overnight and continuous | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	17
Secured financing | Other bond securities | Overnight and continuous | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	22	11
Secured financing | Other bond securities | Up to 30 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	3
Secured financing | Other bond securities | Up to 30 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	33	38
Secured financing | Other bond securities | Up to 30 Days | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 31 to 90 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	3	0
Secured financing | Other bond securities | 31 to 90 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	64	53
Secured financing | Other bond securities | 31 to 90 Days | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 91 to 364 Days | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 91 to 364 Days | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 91 to 364 Days | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 365 Days or Greater | Non-U.S. governments
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 365 Days or Greater | Corporate debt
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Other bond securities | 365 Days or Greater | U.S. government and government sponsored entities
Investment [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
GIAs
Investment [Line Items]
Fair value of other bond securities	$ 1,500	$ 1,600

LENDING ACTIVITIES (Details - C

LENDING ACTIVITIES (Details - Composition of Mortgages and other loans receivable) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 43,963	$ 43,532
Allowance for losses	(407)	(397)	$ (356)	$ (322)
Mortgage and other loans receivable, net	43,556	43,135
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	33,437	32,882
Allowance for losses	$ (310)	$ (318)	$ (282)	$ (247)
Commercial mortgages | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	10.00%	11.00%
Commercial mortgages | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	23.00%	22.00%
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 6,324	$ 6,532
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	2,108	2,147
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 2,094	$ 1,971

LENDING ACTIVITIES (Details -_2

LENDING ACTIVITIES (Details - Credit quality indicators for commercial mortgage loans) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Commercial Mortgage Recorded Investment [Line Items]
Mortgage and other loans receivable, net	$ 43,556	$ 43,135
Allowance for credit losses	407	397	$ 356	$ 322
Total mortgage and other loans receivable	$ 43,963	$ 43,532
Debt Coverage Ratio	1.9	1.9
Average Loan to Value Ratio	58.00%	58.00%
Apartments
Commercial Mortgage Recorded Investment [Line Items]
In good standing	$ 12,012	$ 11,190
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	12,012	11,190
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	109	122
Allowance for credit losses	109	122
Offices
Commercial Mortgage Recorded Investment [Line Items]
In good standing	9,790	9,774
Restructured	92	96
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	20	0
Mortgage and other loans receivable, net	9,902	9,870
Allowance for credit losses, Specific	6	2
Allowance for credit losses, General	103	104
Allowance for credit losses	109	106
Retail
Commercial Mortgage Recorded Investment [Line Items]
In good standing	5,505	5,645
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	5,505	5,645
Allowance for credit losses, Specific	1	0
Allowance for credit losses, General	52	51
Allowance for credit losses	53	51
Industrial
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,973	3,074
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	2,973	3,074
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	12	13
Allowance for credit losses	12	13
Hotel
Commercial Mortgage Recorded Investment [Line Items]
In good standing	2,462	2,507
Restructured	15	16
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	2,477	2,523
Allowance for credit losses, Specific	1	1
Allowance for credit losses, General	20	19
Allowance for credit losses	21	20
Others
Commercial Mortgage Recorded Investment [Line Items]
In good standing	568	580
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	568	580
Allowance for credit losses, Specific	0	0
Allowance for credit losses, General	6	6
Allowance for credit losses	$ 6	$ 6
Commercial mortgages
Commercial Mortgage Recorded Investment [Line Items]
Number of loans in good standing | loan	743	762
Number of loans restructured | loan	2	2
Number of loans 90 days or less delinquent | loan	0	0
Number of loans greater than 90 days delinquent or in process of foreclosure | loan	1	0
Number of Loans | loan	746	764
In good standing	$ 33,310	$ 32,770
Restructured	107	112
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	20	0
Mortgage and other loans receivable, net	33,437	32,882
Allowance for credit losses, Specific	8	3
Allowance for credit losses, General	302	315
Allowance for credit losses	$ 310	$ 318
Percentage of loans that are current as to payments of principal and interest	100.00%	100.00%
Percentage restructured	0.00%	0.00%
Percentage 90 days or less delinquent	0.00%	0.00%
Percentage greater than 90 days delinquent or in foreclosure	0.00%	0.00%
Percentage Total	100.00%	100.00%
Percentage of loans with valuation allowance, Genaral	1.00%	1.00%
Percentage of loans with valuation allowance, Specific	0.00%	0.00%
Percentage of loans with allowance for losses	1.00%	1.00%
Commercial mortgages | Less than 65% | Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 19,243	$ 19,204
Commercial mortgages | Less than 65% | 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,054	2,543
Commercial mortgages | Less than 65% | Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	245	250
Commercial mortgages | Less than 65% | Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	21,542	21,997
Commercial mortgages | 65% to 75% | Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	9,720	9,060
Commercial mortgages | 65% to 75% | 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	564	300
Commercial mortgages | 65% to 75% | Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	214	203
Commercial mortgages | 65% to 75% | Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	10,498	9,563
Commercial mortgages | 76% to 80% | Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	975	476
Commercial mortgages | 76% to 80% | 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	19	20
Commercial mortgages | 76% to 80% | Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	3	15
Commercial mortgages | 76% to 80% | Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	997	511
Commercial mortgages | Greater than 80% | Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	201	596
Commercial mortgages | Greater than 80% | 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	88	103
Commercial mortgages | Greater than 80% | Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	111	112
Commercial mortgages | Greater than 80% | Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	400	811
Commercial mortgages | Total | Greater than 1.2x
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	30,139	29,336
Commercial mortgages | Total | 1.00X - 1.20X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	2,725	2,966
Commercial mortgages | Total | Less than 1.00X
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	573	580
Commercial mortgages | Total | Total
Commercial Mortgage Recorded Investment [Line Items]
Total mortgage and other loans receivable	$ 33,437	$ 32,882

LENDING ACTIVITIES (Details - R

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for losses on Mortgage and other loans receivable) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	$ 397,000,000	$ 322,000,000
Loans charged off	0	(16,000,000)
Recoveries of loans previously charged off	0	0
Net charge-offs	0	(16,000,000)
Provision for loan losses	10,000,000	50,000,000
Allowance, end of period	407,000,000	356,000,000
Loans modified in a troubled debt restructuring	0	0
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	318,000,000	247,000,000
Loans charged off	0	(16,000,000)
Recoveries of loans previously charged off	0	0
Net charge-offs	0	(16,000,000)
Provision for loan losses	(8,000,000)	51,000,000
Allowance, end of period	310,000,000	282,000,000
Allowance related to individually assessed credit losses	8,000,000	5,000,000
Commercial mortgage loans	173,000,000	60,000,000
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Allowance, beginning of year	79,000,000	75,000,000
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	18,000,000	(1,000,000)
Allowance, end of period	$ 97,000,000	$ 74,000,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets:
Bonds available for sale	$ 245,561	$ 229,391
Other bond securities	10,461	11,415
Mortgage and other loans receivable	43,556	43,135
Other invested assets	19,454	19,341
Liabilities:
Long-term Debt	36,291	34,540
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure	2,800	1,400
Consolidated VIE
Assets:
Bonds available for sale	7,786	7,662
Other bond securities	3,711	3,925
Mortgage and other loans receivable	3,767	3,693
Other invested assets	9,258	8,378
Other assets	2,942	2,625
Total assets	27,464	26,283
Liabilities:
Long-term Debt	8,957	7,569
Other liabilities	681	575
Total liabilities	9,638	8,144
Consolidated VIE | Real Estate and Investment Entities
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	5,607	5,212
Other assets	510	580
Total assets	6,117	5,792
Liabilities:
Long-term Debt	2,884	2,577
Other liabilities	237	227
Total liabilities	3,121	2,804
Consolidated VIE | Securitization Vehicles
Assets:
Bonds available for sale	7,786	7,662
Other bond securities	3,709	3,923
Mortgage and other loans receivable	3,767	3,693
Other invested assets	0	0
Other assets	1,870	1,581
Total assets	17,132	16,859
Liabilities:
Long-term Debt	3,916	3,154
Other liabilities	216	165
Total liabilities	4,132	3,319
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total assets of consolidated securitization vehicles owed to Parent or its subsidiaries	16,300	16,000
Consolidated VIE | Affordable Housing Partnerships
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	3,625	3,142
Other assets	490	394
Total assets	4,115	3,536
Liabilities:
Long-term Debt	2,153	1,834
Other liabilities	204	159
Total liabilities	2,357	1,993
Consolidated VIE | Other
Assets:
Bonds available for sale	0	0
Other bond securities	2	2
Mortgage and other loans receivable	0	0
Other invested assets	26	24
Other assets	72	70
Total assets	100	96
Liabilities:
Long-term Debt	4	4
Other liabilities	24	24
Total liabilities	28	28
Unconsolidated VIE
Assets:
Other invested assets	6,900	7,400
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	268,365	316,527
Maximum Exposure to Loss, On-Balance Sheet	7,259	7,711
Maximum Exposure to Loss, Off-Balance Sheet	3,502	3,723
Total maximum exposure to loss	10,761	11,434
Unconsolidated VIE | Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	259,675	309,598
Maximum Exposure to Loss, On-Balance Sheet	6,454	6,820
Maximum Exposure to Loss, Off-Balance Sheet	3,502	2,501
Total maximum exposure to loss	9,956	9,321
Unconsolidated VIE | Affordable Housing Partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	3,360	4,116
Maximum Exposure to Loss, On-Balance Sheet	472	607
Maximum Exposure to Loss, Off-Balance Sheet	0	0
Total maximum exposure to loss	472	607
Unconsolidated VIE | Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	5,330	2,813
Maximum Exposure to Loss, On-Balance Sheet	333	284
Maximum Exposure to Loss, Off-Balance Sheet	0	1,222
Total maximum exposure to loss	$ 333	$ 1,506

DERIVATIVES AND HEDGE ACCOUNT_3

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of our derivative instruments) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 131,573,000,000	$ 117,207,000,000
Gross Derivative Assets, Fair Value	5,298,000,000	4,468,000,000
Gross Derivative Liabilities, Notional Amount	51,964,000,000	40,028,000,000
Gross Derivative Liabilities, Fair Value	3,503,000,000	3,138,000,000
Derivative assets, Counterparty netting	(2,080,000,000)	(1,713,000,000)
Derivative assets, Cash collateral	(2,315,000,000)	(1,840,000,000)
Total derivative assets on consolidated balance sheet	903,000,000	915,000,000
Derivative liabilities, Counterparty netting	(2,080,000,000)	(1,713,000,000)
Derivative liabilities, Cash collateral	(303,000,000)	(187,000,000)
Total derivative liabilities on consolidated balance sheet	1,120,000,000	1,238,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	6,100,000,000	4,100,000,000
Derivatives designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	322,000,000	10,000,000
Gross Derivative Assets, Fair Value	2,000,000	0
Gross Derivative Liabilities, Notional Amount	540,000,000	866,000,000
Gross Derivative Liabilities, Fair Value	10,000,000	19,000,000
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	5,631,000,000	6,357,000,000
Gross Derivative Assets, Fair Value	370,000,000	363,000,000
Gross Derivative Liabilities, Notional Amount	2,835,000,000	2,536,000,000
Gross Derivative Liabilities, Fair Value	144,000,000	147,000,000
Derivatives not designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	59,082,000,000	42,821,000,000
Gross Derivative Assets, Fair Value	3,273,000,000	2,890,000,000
Gross Derivative Liabilities, Notional Amount	34,013,000,000	27,329,000,000
Gross Derivative Liabilities, Fair Value	2,285,000,000	2,004,000,000
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	10,460,000,000	11,134,000,000
Gross Derivative Assets, Fair Value	896,000,000	801,000,000
Gross Derivative Liabilities, Notional Amount	7,630,000,000	5,434,000,000
Gross Derivative Liabilities, Fair Value	816,000,000	711,000,000
Derivatives not designated as hedging instruments | Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	15,496,000,000	17,807,000,000
Gross Derivative Assets, Fair Value	743,000,000	398,000,000
Gross Derivative Liabilities, Notional Amount	5,447,000,000	2,399,000,000
Gross Derivative Liabilities, Fair Value	47,000,000	15,000,000
Derivatives not designated as hedging instruments | Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	3,000,000	8,000,000
Gross Derivative Assets, Fair Value	1,000,000	1,000,000
Gross Derivative Liabilities, Notional Amount	1,441,000,000	1,406,000,000
Gross Derivative Liabilities, Fair Value	195,000,000	236,000,000
Derivatives not designated as hedging instruments | Credit contracts | CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	448,000,000	592,000,000
Gross Derivative Liabilities, Fair Value	163,000,000	224,000,000
Derivatives not designated as hedging instruments | Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	40,579,000,000	39,070,000,000
Gross Derivative Assets, Fair Value	13,000,000	15,000,000
Gross Derivative Liabilities, Notional Amount	58,000,000	58,000,000
Gross Derivative Liabilities, Fair Value	$ 6,000,000	$ 6,000,000

DERIVATIVES AND HEDGE ACCOUNT_4

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Jun. 30, 2019	Dec. 31, 2018
Collateral
Collateral posted to third parties for derivative transactions	$ 1.9	$ 1.7
Collateral obtained from third parties for derivative transactions	$ 2.5	$ 2.1

DERIVATIVES AND HEDGE ACCOUNT_5

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ (7)	$ 119	$ 57	$ (1)
Derivatives designated as hedging instruments | Interest rate contracts | Fair value hedging | Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0	0	(8)
Gain (loss) recognized in earnings on hedged items	0	0	0	9
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Gains/(Losses) Recognized in Earnings Including Gains/(Losses) Attributable to Other	0	0	0	1
Derivatives designated as hedging instruments | Interest rate contracts | Fair value hedging | Interest credited to policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	9	0	14	0
Gain (loss) recognized in earnings on hedged items	(9)	0	(14)	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Net Impact	0	0	0	0
Derivatives designated as hedging instruments | Interest rate contracts | Fair value hedging | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	0	(1)	0
Gain (loss) recognized in earnings on hedged items	0	0	1	0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0	0	0	0
Net Impact	0	0	0	0
Derivatives designated as hedging instruments | Foreign exchange contracts | Fair value hedging | Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	58	199	50	191
Gain (loss) recognized in earnings on hedged items	(58)	(199)	(50)	(191)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	57	37	43	4
Gains/(Losses) Recognized in Earnings Including Gains/(Losses) Attributable to Other	57	37	43	4
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	138	415	(180)	424
Derivatives not designated as hedging instruments | Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	165	369	(169)	356
Derivatives not designated as hedging instruments | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(50)	1	(55)	(3)
Derivatives not designated as hedging instruments | Other Income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	0	29	0	41
Derivatives not designated as hedging instruments | Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	18	17	35	34
Derivatives not designated as hedging instruments | Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	5	(1)	9	(4)
Derivatives not designated as hedging instruments | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	615	(224)	974	(622)
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	231	391	203	252
Derivatives not designated as hedging instruments | Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	89	(114)	(119)	(187)
Derivatives not designated as hedging instruments | Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	17	1	9	12
Derivatives not designated as hedging instruments | Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	18	17	34	34
Derivatives not designated as hedging instruments | Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	$ (832)	$ 344	$ (1,281)	$ 935

DERIVATIVES AND HEDGE ACCOUNT_6

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Credit Derivatives [Line Items]
Collateral posted	$ 1,900	$ 1,700
Fair value of hybrid securities	3,700	3,900
Par value of hybrid securities	8,200	8,500
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	471	453
Aggregate fair value of net liability position	422	$ 423
Additional collateral postings and termination payments	$ 60

INSURANCE LIABILITIES (Details

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 9,000		$ 9,200
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of year	82,496	$ 78,098	83,639	$ 78,393
Reinsurance recoverable, balance at the beginning of the year	(31,784)	(27,211)	(31,690)	(26,708)
Net Liability for unpaid loss and loss adjustment expenses, beginning of year	50,712	50,887	51,949	51,685
Losses and loss adjustment expenses incurred
Current year	4,795	4,452	9,600	9,130
Prior years, excluding discount and amortization of deferred gain	(132)	(26)	(147)	(65)
Prior years, discount charge (benefit)	244	9	741	(177)
Prior years, amortization of deferred gain on retroactive reinsurance	(56)	(69)	(142)	(108)
Total losses and loss adjustment expenses incurred	4,851	4,366	10,052	8,780
Losses and loss adjustment expenses paid
Current year	(1,148)	(910)	(1,492)	(1,520)
Prior years	(4,562)	(4,635)	(10,682)	(9,414)
Total losses and loss adjustment expenses paid	(5,710)	(5,545)	(12,174)	(10,934)
Other changes
Foreign exchange effect	(209)	(431)	7	(157)
Retroactive reinsurance adjustment (net of discount)	80	30	(110)	(67)
Total other changes	(129)	(401)	(103)	(224)
Net liability for unpaid losses and loss adjustment expenses, balance at end of year	49,724	49,307	49,724	49,307
Reinsurance recoverable, balance at the end of the year	31,333	27,406	31,333	27,406
Total, balance at the end of the year	81,057	76,713	81,057	76,713
U.S. Commercial long-tail exposures | NICO | Accident Years 2015 and Prior
Other changes
Discount on retroactive reinsurance	$ 6	$ 8	$ 15	$ 13
Risk Transferred - U.S. Commercial long-tail exposures for accident years 2015 and prior, percent						80.00%
Reinsurance Percent Ceded on Paid Losses 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

INSURANCE LIABILITIES (Detail_2

INSURANCE LIABILITIES (Details - Narratives) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Insurance Liabilities Disclosure [Line Items]
Collateral Held For Deductible Recoverable Amounts	$ 9,000		$ 9,000			$ 9,200
Liability for Claims and Claims Adjustment Expense	81,057	$ 76,713	81,057	$ 76,713	$ 82,496	83,639	$ 78,098	$ 78,393
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below (Last 10 Years)	49,724	49,307	49,724	49,307	$ 50,712	51,949	$ 50,887	$ 51,685
Contractual deductible recoverable amount	12,000		12,000			12,300
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	1,782		$ 1,782			2,035
Tabular Discount Rate			3.50%
Workers Compensation Tabular Discount Amount	603		$ 603
Workers Compensation Non Tabular Discount Amount	1,200		1,200
(Increase) Decrease in Loss Reserve Discount	(212)	14	$ (685)	219
New York
Discounting Of Loss Reserves [Abstract]
Non Tabular Discount Rate			5.00%
Pennsylvania
Discounting Of Loss Reserves [Abstract]
Non Tabular Discount Rate			6.00%
Legacy General Insrance Run-Off Lines
Discounting Of Loss Reserves [Abstract]
Loss Reserve Discount	812		$ 812			$ 973
(Increase) Decrease in Loss Reserve Discount	$ (82)	$ 28	$ (161)	$ 46

INSURANCE LIABILITIES (Detail_3

INSURANCE LIABILITIES (Details - Discounting of Reserves) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Discounting of Reserves [Line Items]
Tabular Discount Rate			3.50%
Workers Compensation Tabular Discount Amount	$ 603		$ 603
Workers Compensation Non Tabular Discount Amount	1,200		1,200
U.S. Workers' compensation	3,070		3,070		$ 3,755
Retroactive Reinsurance	(1,288)		(1,288)		(1,720)
Total reserve discount	1,782		1,782		2,035
Current accident year	32	$ 23	56	$ 42
Accretion and other adjustments to prior year discount	(3)	(145)	(267)	(118)
Effect of interest rate changes	(241)	136	(474)	295
Net reserve discount benefit (charge)	(212)	14	(685)	219
Change in discount on loss reserves ceded under retroactive reinsurance	125	20	432	(108)
Net change in total reserve discount	(87)	34	(253)	111
North America Commerical Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	2,258		2,258		2,782
Retroactive Reinsurance	(1,288)		(1,288)		(1,720)
Total reserve discount	970		970		1,062
Current accident year	32	23	56	42
Accretion and other adjustments to prior year discount	8	(133)	(243)	(88)
Effect of interest rate changes	(170)	96	(337)	219
Net reserve discount benefit (charge)	(130)	(14)	(524)	173
Change in discount on loss reserves ceded under retroactive reinsurance	125	20	432	(108)
Net change in total reserve discount	(5)	6	(92)	65
Legacy General Insrance Run-Off Lines
Discounting of Reserves [Line Items]
U.S. Workers' compensation	812		812		973
Retroactive Reinsurance	0		0		0
Total reserve discount	812		812		973
Current accident year	0	0	0	0
Accretion and other adjustments to prior year discount	(11)	(12)	(24)	(30)
Effect of interest rate changes	(71)	40	(137)	76
Net reserve discount benefit (charge)	(82)	28	(161)	46
Change in discount on loss reserves ceded under retroactive reinsurance	0	0	0	0
Net change in total reserve discount	(82)	28	(161)	46
United Kingdom
Discounting of Reserves [Line Items]
Net reserve discount benefit (charge)			188		$ 163
Net change in total reserve discount	$ (9)	$ 7	$ 26	$ 3

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Loss Contingencies) $ in Billions	Jun. 30, 2019USD ($)
Other Commitments
Other Commitments	$ 7.6

CONTINGENCIES, COMMITMENTS AN_3

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Guarantor Obligations) $ in Millions	Jun. 30, 2019USD ($)
Guarantor Obligations [Line Items]
Amount outstanding under standby letters of credit at end of period	$ 82

EQUITY (Details - Preferred Sto

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions	Jun. 28, 2019	Jun. 17, 2019	Mar. 29, 2019	Mar. 14, 2019	Jun. 28, 2018	Mar. 29, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Issuances (in shares)							3,292,082
Preferred stock, par value (in dollars per share)							$ 5		$ 0
Preferred stock liquidation preference							$ 500		$ 0
Issuance of preferred stock							$ 485	$ 0
Date dividends declared	May 6, 2019		Feb. 13, 2019		May 2, 2018	Feb. 8, 2018
Date dividends paid	Jun. 28, 2019		Mar. 29, 2019		Jun. 28, 2018	Mar. 29, 2018
Date of record	Jun. 14, 2019		Mar. 15, 2019		Jun. 14, 2018	Mar. 15, 2018
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)				20,000
Preferred stock, dividend rate (as a percent)				5.85%			5.85%
Preferred stock, par value (in dollars per share)				$ 5
Preferred stock liquidation preference				$ 25,000
Issuance of preferred stock				$ 485
Date dividends declared		May 21, 2019
Preferred Stock Dividends Per Share Cash Paid		$ 369.6875
Date dividends paid		Jun. 17, 2019
Date of record		May 31, 2019
Series A Preferred Stock | Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms							90 days
Preferred stock redemption price per share				$ 25,500
Series A Preferred Stock | Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms							90 days
Preferred stock redemption price per share				$ 25,000
Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)				20,000,000
Preferred stock liquidation preference				$ 25
Preferred Stock Dividends Per Share Cash Paid		$ 0.3696875
Depositary Shares | Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				25.50
Depositary Shares | Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				$ 25

EQUITY (Details - Shares Outsta

EQUITY (Details - Shares Outstanding) - USD ($) $ / shares in Units, $ in Millions	Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 2018	Jun. 30, 2019	Jun. 30, 2018	Feb. 13, 2019
The following table presents a roll forward of outstanding shares:
Shares, beginning of year					(1,040,062,063)
Shares, beginning of year					1,906,671,492
Shares, beginning of year					866,609,429
Issuances (in shares)					3,292,082
Shares repurchased					0	(12,000,000)
Shares, end of period					(1,036,769,981)
Shares, end of period					1,906,671,492
Shares, end of period					869,901,511
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Dividend paid (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.32
Date of Shareholders of Record	Jun. 14, 2019	Mar. 15, 2019	Jun. 14, 2018	Mar. 15, 2018
Date Dividends Declared	May 6, 2019	Feb. 13, 2019	May 2, 2018	Feb. 8, 2018
Date Dividends To Be Paid	Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 2018
Authorized amount of common Stock share repurchase							$ 1,500
Aggregate remaining authorization amount of common Stock share repurchase					$ 2,000
Payments for Repurchase of Common Stock					0	$ 646
Amount paid to purchase warrants					$ 0	$ 4
Warrants repurchased					0	266,453
Common Stock Issued
The following table presents a roll forward of outstanding shares:
Shares, beginning of year					1,906,671,492
Issuances (in shares)					0
Shares repurchased					0
Shares, end of period					1,906,671,492
Treasury Stock
The following table presents a roll forward of outstanding shares:
Shares, beginning of year					(1,040,062,063)
Issuances (in shares)					3,292,082
Shares repurchased					0
Shares, end of period					(1,036,769,981)

EQUITY (Details - Rollforward o

EQUITY (Details - Rollforward of Accumulated other comprehensive income) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	$ 2,128,000,000	$ 2,220,000,000	$ (1,413,000,000)	$ 5,465,000,000
Cumulative effect of change in accounting principle		0		0	$ (8,000,000)
Change in unrealized appreciation (depreciation) of investments	5,907,000,000	(2,972,000,000)	11,820,000,000	(7,966,000,000)
Change in deferred acquisition costs adjustment and other	(874,000,000)	355,000,000	(1,738,000,000)	1,019,000,000
Change in future policy benefits	(1,181,000,000)	383,000,000	(2,249,000,000)	1,124,000,000
Changes in foreign currency translation adjustments	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Change in net actuarial gain (loss)	15,000,000	22,000,000	16,000,000	38,000,000
Change in prior service cost (credit)	0	2,000,000	(1,000,000)	(2,000,000)
Deferred tax asset (liability)	(859,000,000)	416,000,000	(1,481,000,000)	1,150,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Other comprehensive income (loss)	2,873,000,000	(1,990,000,000)	6,420,000,000	(4,659,000,000)
Noncontrolling interests	10,000,000	0	16,000,000	0
Balance, end of period, net of tax	4,991,000,000	230,000,000	4,991,000,000	230,000,000
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Cumulative effect of change in accounting principle		0		0	$ (576,000,000)	$ (576,000,000)
Other comprehensive income (loss)	2,863,000,000	(1,990,000,000)	6,404,000,000	(4,659,000,000)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	638,000,000	812,000,000	(38,000,000)	793,000,000
Cumulative effect of change in accounting principle						169,000,000
Change in unrealized appreciation (depreciation) of investments	95,000,000	(1,368,000,000)	944,000,000	(1,608,000,000)
Change in deferred acquisition costs adjustment and other	(6,000,000)	84,000,000	(14,000,000)	114,000,000
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	(7,000,000)	238,000,000	(172,000,000)	298,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	82,000,000	(1,046,000,000)	758,000,000	(1,196,000,000)
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	720,000,000	(234,000,000)	720,000,000	(234,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	5,129,000,000	4,700,000,000	2,426,000,000	7,693,000,000
Cumulative effect of change in accounting principle						(285,000,000)
Change in unrealized appreciation (depreciation) of investments	5,812,000,000	(1,604,000,000)	10,876,000,000	(6,358,000,000)
Change in deferred acquisition costs adjustment and other	(868,000,000)	271,000,000	(1,724,000,000)	905,000,000
Change in future policy benefits	(1,181,000,000)	383,000,000	(2,249,000,000)	1,124,000,000
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	(849,000,000)	194,000,000	(1,281,000,000)	865,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	2,914,000,000	(756,000,000)	5,622,000,000	(3,464,000,000)
Noncontrolling interests	9,000,000	0	14,000,000	0
Balance, end of period, net of tax	8,034,000,000	3,944,000,000	8,034,000,000	3,944,000,000
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(2,562,000,000)	(2,216,000,000)	(2,725,000,000)	(2,090,000,000)
Cumulative effect of change in accounting principle						(284,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	4,000,000	(15,000,000)	(20,000,000)	(29,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	(129,000,000)	(210,000,000)	35,000,000	(52,000,000)
Noncontrolling interests	1,000,000	0	2,000,000	0
Balance, end of period, net of tax	(2,692,000,000)	(2,426,000,000)	(2,692,000,000)	(2,426,000,000)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(1,087,000,000)	(1,085,000,000)	(1,086,000,000)	(931,000,000)
Cumulative effect of change in accounting principle						(183,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	15,000,000	22,000,000	16,000,000	38,000,000
Change in prior service cost (credit)	0	2,000,000	(1,000,000)	(2,000,000)
Deferred tax asset (liability)	(7,000,000)	(1,000,000)	(8,000,000)	16,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	8,000,000	23,000,000	7,000,000	52,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(1,079,000,000)	(1,062,000,000)	(1,079,000,000)	(1,062,000,000)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	10,000,000	9,000,000	10,000,000	0
Cumulative effect of change in accounting principle						$ 7,000,000
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial gain (loss)	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Deferred tax asset (liability)	0	0	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Other comprehensive income (loss)	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	$ 8,000,000	$ 8,000,000	$ 8,000,000	$ 8,000,000

EQUITY (Details - Other compreh

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ 3,809,000,000	$ (2,426,000,000)	$ 7,942,000,000	$ (5,843,000,000)
Less: Reclassification adjustments included in net income	77,000,000	(20,000,000)	41,000,000	(34,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	3,732,000,000	(2,406,000,000)	7,901,000,000	(5,809,000,000)
Less: Income tax expense (benefit)	859,000,000	(416,000,000)	1,481,000,000	(1,150,000,000)
Other comprehensive income (loss)	2,873,000,000	(1,990,000,000)	6,420,000,000	(4,659,000,000)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	85,000,000	(1,282,000,000)	926,000,000	(1,490,000,000)
Less: Reclassification adjustments included in net income	(4,000,000)	2,000,000	(4,000,000)	4,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	89,000,000	(1,284,000,000)	930,000,000	(1,494,000,000)
Less: Income tax expense (benefit)	7,000,000	(238,000,000)	172,000,000	(298,000,000)
Other comprehensive income (loss)	82,000,000	(1,046,000,000)	758,000,000	(1,196,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3,854,000,000	(964,000,000)	6,963,000,000	(4,350,000,000)
Less: Reclassification adjustments included in net income	91,000,000	(14,000,000)	60,000,000	(21,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	3,763,000,000	(950,000,000)	6,903,000,000	(4,329,000,000)
Less: Income tax expense (benefit)	849,000,000	(194,000,000)	1,281,000,000	(865,000,000)
Other comprehensive income (loss)	2,914,000,000	(756,000,000)	5,622,000,000	(3,464,000,000)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(133,000,000)	(195,000,000)	55,000,000	(23,000,000)
Less: Income tax expense (benefit)	(4,000,000)	15,000,000	20,000,000	29,000,000
Other comprehensive income (loss)	(129,000,000)	(210,000,000)	35,000,000	(52,000,000)
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	5,000,000	16,000,000	0	19,000,000
Less: Reclassification adjustments included in net income	(10,000,000)	(8,000,000)	(15,000,000)	(17,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	15,000,000	24,000,000	15,000,000	36,000,000
Less: Income tax expense (benefit)	7,000,000	1,000,000	8,000,000	(16,000,000)
Other comprehensive income (loss)	8,000,000	23,000,000	7,000,000	52,000,000
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	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(2,000,000)	(1,000,000)	(2,000,000)	1,000,000
Less: Income tax expense (benefit)	0	0	0	0
Other comprehensive income (loss)	$ (2,000,000)	$ (1,000,000)	$ (2,000,000)	$ 1,000,000

EQUITY (Details - Reclassificat

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	$ 434	$ 201	$ 71	$ 269
Deferred acquisition costs adjustment	1,439	1,337	2,728	2,695
Future policy benefits	5,802	5,505	12,481	11,172
Total	77	(20)	41	(34)
Income from continuing operations before income tax expense (benefit)	1,837	1,252	2,991	2,479
Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income tax expense (benefit)	77	(20)	41	(34)
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(4)	2	(4)	4
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	(4)	2	(4)	4
Total	(4)	2	(4)	4
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	91	(14)	60	(21)
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	91	(15)	60	9
Deferred acquisition costs adjustment	0	1	0	(30)
Future policy benefits	0	0	0	0
Total	91	(14)	60	(21)
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(10)	(8)	(15)	(17)
Change in retirement plan liabilities adjustment | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior-service credit	0	1	0	1
Actuarial gains (losses)	(10)	(9)	(15)	(18)
Total	$ (10)	$ (8)	$ (15)	$ (17)

EARNINGS PER COMMON SHARE (EP_3

EARNINGS PER COMMON SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for EPS:
Income (Loss) from Continuing Operations	$ 1,391	$ 931	$ 2,328	$ 1,881
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Preferred stock dividends	7	0	7	0
Net income (loss) attributable to AIG common shareholders from continuing operations	1,103	937	1,757	1,876
Loss from discontinued operations, net of income tax expense	(1)	0	(1)	(1)
Net income attributable to AIG common shareholders	$ 1,102	$ 937	$ 1,756	$ 1,875
Denominator for EPS:
Weighted average shares outstanding - basic	876,382,884	903,215,488	875,885,588	905,566,733
Dilutive shares	11,942,158	13,356,993	7,035,659	15,335,987
Weighted average shares outstanding - diluted	888,325,042	916,572,481	882,921,247	920,902,720
Basic:
Income from continuing operations	$ 1.26	$ 1.04	$ 2	$ 2.07
Income from discontinued operations	0	0	0	0
Net income (loss) attributable to AIG	1.26	1.04	2	2.07
Diluted:
Income from continuing operations	1.24	1.02	1.99	2.04
Income from discontinued operations	0	0	0	0
Net Income (loss) attributable to AIG	$ 1.24	$ 1.02	$ 1.99	$ 2.04
Number of shares, warrants, and options excluded from diluted shares outstanding because the effect would have been anti-dilutive	5,400,000	5,200,000	34,800,000	4,200,000

EMPLOYEE BENEFITS (Details - Co

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost with respect to pensions and other postretirement benefits) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pensions
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7	$ 7	$ 15	$ 15
Interest cost	47	44	95	89
Expected return on assets	(63)	(76)	(125)	(154)
Amortization of prior service cost (credit)	1	0	1	1
Amortization of net (gain) loss	10	9	19	18
Net periodic benefit cost (credit)	2	(16)	5	(31)
Settlement charges	(1)	0	3	0
Net benefit cost (credit)	3	(16)	2	(31)
Pensions | U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	2	5	4
Interest cost	43	40	87	81
Expected return on assets	(57)	(70)	(114)	(141)
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net (gain) loss	8	7	16	14
Net periodic benefit cost (credit)	(3)	(21)	(6)	(42)
Settlement charges	0	0	0	0
Net benefit cost (credit)	(3)	(21)	(6)	(42)
Pensions | Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	5	10	11
Interest cost	4	4	8	8
Expected return on assets	(6)	(6)	(11)	(13)
Amortization of prior service cost (credit)	1	0	1	1
Amortization of net (gain) loss	2	2	3	4
Net periodic benefit cost (credit)	5	5	11	11
Settlement charges	(1)	0	3	0
Net benefit cost (credit)	6	5	8	11
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2	1	2
Interest cost	1	2	4	4
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(2)	(1)	(2)
Amortization of net (gain) loss	(1)	0	(1)	0
Net periodic benefit cost (credit)	1	2	3	4
Settlement charges	0	0	0	0
Net benefit cost (credit)	1	2	3	4
Postretirement Plans | U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1	1
Interest cost	1	1	3	3
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(1)	0	(1)
Amortization of net (gain) loss	(1)	0	(1)	0
Net periodic benefit cost (credit)	1	1	3	3
Settlement charges	0	0	0	0
Net benefit cost (credit)	1	1	3	3
Postretirement Plans | Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	0	1
Interest cost	0	1	1	1
Expected return on assets	0	0	0	0
Amortization of prior service cost (credit)	0	(1)	(1)	(1)
Amortization of net (gain) loss	0	0	0	0
Net periodic benefit cost (credit)	0	1	0	1
Settlement charges	0	0	0	0
Net benefit cost (credit)	$ 0	$ 1	$ 0	$ 1

INCOME TAXES (Details - EFFECTI

INCOME TAXES (Details - EFFECTIVE TAX RATE) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income (loss) from continuing operations before income tax expense (benefit)
Income from continuing operations before income tax expense	$ 1,837	$ 1,252	$ 2,991	$ 2,479
U.S.:
Income tax expense	446	321	663	598
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, pre-tax income (loss)
Income from continuing operations before income tax expense	1,837	1,252	2,991	2,479
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, tax expense/benefit
Income tax expense	446	$ 321	663	$ 598
Valuation allowance
Increase (Decrease) in certain other valuation allowances associated with foreign jurisdictions	$ 7		$ (31)
Reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate, percentage of pre-tax income (loss)
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Adjustments:
Amounts attributable to continuing operations (as a percent)	24.30%	25.60%	22.20%	24.10%
Accounting for Uncertainty in Income Taxes
Unrecognized tax benefits, excluding interest and penalties	$ 4,700		$ 4,700		$ 4,700
Unrecognized tax benefits, if recognized would not affect the effective tax rate	40		40		38
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	4,700		4,700		4,700
Unrecognized tax benefits, interest and penalties accrued	2,300		2,300		$ 2,200
Unrecognized tax benefits, interest net of the federal benefit (expense) and penalties			(136)	$ (100)
Decrease in Unrecognized Tax Benefits is Reasonably Possible in the next twelve months	$ 3,900		$ 3,900
U.S. taxable income from life companies offset by those net operating loss carryforwards			35.00%

INCOME TAXES (Details - Assessm

INCOME TAXES (Details - Assessment of Deferred Tax Asset (liabilities) Valuation Allowance) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Life insurance companies
Deferred Tax Assets, Liabilities [Line Items]
Deferred tax asset valuation allowance allocated to other comprehensive income	$ 290

INCOME TAXES (Details - U.S. TA

INCOME TAXES (Details - U.S. TAX REFORM OVERVIEW)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax [Line Items]
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%

INFORMATION PROVIDED IN CONNE_3

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Balance Sheets) - USD ($) $ in Millions	Jun. 30, 2019		Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018		Mar. 31, 2018	Dec. 31, 2017
Assets:
Short-term investments	$ 15,016			$ 9,674
Other investments	319,912			304,535
Total investments	334,928			314,209
Cash	2,935			2,873	$ 2,135
Loans to subsidiaries	0			0
Investment in consolidated subsidiaries	0			0
Other assets, including deferred income taxes	184,406			174,902
Total assets	522,269			491,984
Liabilities:
Insurance liabilities	301,226			293,652
Long-term Debt	36,291			34,540
Other liabilities, including intercompany balances	118,647			106,483
Loans from subsidiaries	0			0
Total liabilities	456,164			434,675
Total AIG shareholders' equity	64,539			56,361
Non-redeemable noncontrolling interests	1,566			948
Total equity	66,105		$ 62,093	57,309	61,797		$ 63,357	$ 65,708
Total liabilities and equity	522,269			491,984
AIG (As Guarantor)
Assets:
Short-term investments	3,440			1,141
Other investments	4,416			3,377
Total investments	7,856			4,518
Cash	20			2	3
Loans to subsidiaries	34,906			34,963
Investment in consolidated subsidiaries	39,943			33,300
Other assets, including deferred income taxes	15,550			15,389
Total assets	98,275			88,172
Liabilities:
Insurance liabilities	0			0
Long-term Debt	23,009			22,422
Other liabilities, including intercompany balances	10,088			8,774
Loans from subsidiaries	639			615
Total liabilities	33,736			31,811
Total AIG shareholders' equity	64,539			56,361
Non-redeemable noncontrolling interests	0			0
Total equity	64,539			56,361
Total liabilities and equity	98,275			88,172
Validus Holdings, Ltd
Assets:
Short-term investments	2			2
Other investments	0			0
Total investments	2			2
Cash	0			9	0
Loans to subsidiaries	0			0
Investment in consolidated subsidiaries	3,914			4,029
Other assets, including deferred income taxes	2,071			1,798
Total assets	5,987			5,838
Liabilities:
Insurance liabilities	0			0
Long-term Debt	356			359
Other liabilities, including intercompany balances	7			228
Loans from subsidiaries	0			0
Total liabilities	363			587
Total AIG shareholders' equity	5,624			5,251
Non-redeemable noncontrolling interests	0			0
Total equity	5,624			5,251
Total liabilities and equity	5,987			5,838
AIGLH
Assets:
Short-term investments	0			0
Other investments	0			0
Total investments	0			0
Cash	1			9	3
Loans to subsidiaries	0			0
Investment in consolidated subsidiaries	32,505			26,321
Other assets, including deferred income taxes	19			124
Total assets	32,525			26,454
Liabilities:
Insurance liabilities	0			0
Long-term Debt	643			643
Other liabilities, including intercompany balances	37			144
Loans from subsidiaries	0			0
Total liabilities	680			787
Total AIG shareholders' equity	31,845			25,667
Non-redeemable noncontrolling interests	0			0
Total equity	31,845			25,667
Total liabilities and equity	32,525			26,454
Other Subsidiaries
Assets:
Short-term investments	13,729			10,329
Other investments	315,496			301,158
Total investments	329,225			311,487
Cash	2,914			2,853	2,129
Loans to subsidiaries	639			615
Investment in consolidated subsidiaries	0			0
Other assets, including deferred income taxes	168,623			159,430
Total assets	501,401			474,385
Liabilities:
Insurance liabilities	301,226			293,652
Long-term Debt	12,283			11,116
Other liabilities, including intercompany balances	112,526			100,974
Loans from subsidiaries	34,906			34,963
Total liabilities	460,941			440,705
Total AIG shareholders' equity	38,894			32,732
Non-redeemable noncontrolling interests	1,566			948
Total equity	40,460			33,680
Total liabilities and equity	501,401			474,385
Other assets
Assets:
Restricted cash	232	[1]		343	227	[1]
Other assets | AIG (As Guarantor)
Assets:
Restricted cash	1			1	1
Other assets | Validus Holdings, Ltd
Assets:
Restricted cash	0				0
Other assets | AIGLH
Assets:
Restricted cash	0				0
Other assets | Other Subsidiaries
Assets:
Restricted cash	231			342	226
Short-term investments
Assets:
Restricted cash	18	[1]		142	18	[1]
Short-term investments | AIG (As Guarantor)
Assets:
Restricted cash	0			124	1
Short-term investments | Validus Holdings, Ltd
Assets:
Restricted cash	0				0
Short-term investments | AIGLH
Assets:
Restricted cash	0				0
Short-term investments | Other Subsidiaries
Assets:
Restricted cash	18			18	17
Reclassification and Eliminations
Assets:
Short-term investments	(2,155)			(1,798)
Other investments	0			0
Total investments	(2,155)			(1,798)
Cash	0			0	0
Loans to subsidiaries	(35,545)			(35,578)
Investment in consolidated subsidiaries	(76,362)			(63,650)
Other assets, including deferred income taxes	(1,857)			(1,839)
Total assets	(115,919)			(102,865)
Liabilities:
Insurance liabilities	0			0
Long-term Debt	0			0
Other liabilities, including intercompany balances	(4,011)			(3,637)
Loans from subsidiaries	(35,545)			(35,578)
Total liabilities	(39,556)			(39,215)
Total AIG shareholders' equity	(76,363)			(63,650)
Non-redeemable noncontrolling interests	0			0
Total equity	(76,363)			(63,650)
Total liabilities and equity	(115,919)			$ (102,865)
Reclassification and Eliminations | Other assets
Assets:
Restricted cash	0				0
Reclassification and Eliminations | Short-term investments
Assets:
Restricted cash	$ 0				$ 0
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

INFORMATION PROVIDED IN CONNE_4

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Income (Loss)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Equity in earnings of consolidated subsidiaries	$ 0	$ 0	$ 0	$ 0
Other income	12,561	11,631	25,017	23,343
Total revenues	12,561	11,631	25,017	23,343
Expenses:
Interest expense	360	299	709	576
(Gains) losses on extinguishment of debt	15	5	13	9
Other expenses	10,349	10,075	21,304	20,279
Total benefits, losses and expenses	10,724	10,379	22,026	20,864
Income (loss) from continuing operations before income tax expense (benefit)	1,837	1,252	2,991	2,479
Income tax expense (benefit)	446	321	663	598
Income from continuing operations	1,391	931	2,328	1,881
Income (loss) from discontinued operations	(1)	0	(1)	(1)
Net income (loss)	1,390	931	2,327	1,880
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income (loss) attributable to AIG	1,109	937	1,763	1,875
AIG (As Guarantor)
Revenues:
Equity in earnings of consolidated subsidiaries	1,167	845	1,875	1,878
Other income	277	309	564	567
Total revenues	1,444	1,154	2,439	2,445
Expenses:
Interest expense	250	246	496	466
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	180	359	368	511
Total benefits, losses and expenses	430	605	864	977
Income (loss) from continuing operations before income tax expense (benefit)	1,014	549	1,575	1,468
Income tax expense (benefit)	(95)	(389)	(189)	(408)
Income from continuing operations	1,109	938	1,764	1,876
Income (loss) from discontinued operations	0	(1)	(1)	(1)
Net income (loss)	1,109	937	1,763	1,875
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	1,109	937	1,763	1,875
Validus Holdings, Ltd
Revenues:
Equity in earnings of consolidated subsidiaries	109	0	316	0
Other income	4	0	5	0
Total revenues	113	0	321	0
Expenses:
Interest expense	0	0	0	0
(Gains) losses on extinguishment of debt	5	0	9	0
Other expenses	4	0	5	0
Total benefits, losses and expenses	9	0	14	0
Income (loss) from continuing operations before income tax expense (benefit)	104	0	307	0
Income tax expense (benefit)	0	0	0	0
Income from continuing operations	104	0	307	0
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	104	0	307	0
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	104	0	307	0
AIGLH
Revenues:
Equity in earnings of consolidated subsidiaries	1,278	459	1,978	1,181
Other income	0	0	0	0
Total revenues	1,278	459	1,978	1,181
Expenses:
Interest expense	12	13	25	25
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	1	0	1	1
Total benefits, losses and expenses	13	13	26	26
Income (loss) from continuing operations before income tax expense (benefit)	1,265	446	1,952	1,155
Income tax expense (benefit)	(1)	(1)	(2)	2
Income from continuing operations	1,266	447	1,954	1,153
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	1,266	447	1,954	1,153
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	1,266	447	1,954	1,153
Other Subsidiaries
Revenues:
Equity in earnings of consolidated subsidiaries	0	0	0	0
Other income	12,316	11,179	24,524	22,691
Total revenues	12,316	11,179	24,524	22,691
Expenses:
Interest expense	102	43	196	91
(Gains) losses on extinguishment of debt	10	5	4	(9)
Other expenses	10,194	9,738	20,998	19,844
Total benefits, losses and expenses	10,306	9,786	21,198	19,944
Income (loss) from continuing operations before income tax expense (benefit)	2,010	1,393	3,326	2,747
Income tax expense (benefit)	542	711	854	1,004
Income from continuing operations	1,468	682	2,472	1,743
Income (loss) from discontinued operations	(1)	1	0	0
Net income (loss)	1,467	683	2,472	1,743
Less:
Net income from continuing operations attributable to noncontrolling interests	281	(6)	564	5
Net income (loss) attributable to AIG	1,186	689	1,908	1,738
Reclassification and Eliminations
Revenues:
Equity in earnings of consolidated subsidiaries	(2,554)	(1,304)	(4,169)	(3,059)
Other income	(36)	143	(76)	85
Total revenues	(2,590)	(1,161)	(4,245)	(2,974)
Expenses:
Interest expense	(4)	(3)	(8)	(6)
(Gains) losses on extinguishment of debt	0	0	0	0
Other expenses	(30)	(22)	(68)	(77)
Total benefits, losses and expenses	(34)	(25)	(76)	(83)
Income (loss) from continuing operations before income tax expense (benefit)	(2,556)	(1,136)	(4,169)	(2,891)
Income tax expense (benefit)	0	0	0	0
Income from continuing operations	(2,556)	(1,136)	(4,169)	(2,891)
Income (loss) from discontinued operations	0	0	0	0
Net income (loss)	(2,556)	(1,136)	(4,169)	(2,891)
Less:
Net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to AIG	$ (2,556)	$ (1,136)	$ (4,169)	$ (2,891)

INFORMATION PROVIDED IN CONNE_5

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Comprehensive Income (Loss)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	$ 1,390	$ 931	$ 2,327	$ 1,880
Other comprehensive income (loss)	2,873	(1,990)	6,420	(4,659)
Comprehensive income (loss)	4,263	(1,059)	8,747	(2,779)
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	3,972	(1,053)	8,167	(2,784)
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,109	937	1,763	1,875
Other comprehensive income (loss)	2,863	(1,990)	6,404	(4,659)
Comprehensive income (loss)	3,972	(1,053)	8,167	(2,784)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	3,972	(1,053)	8,167	(2,784)
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	104	0	307	0
Other comprehensive income (loss)	0	0	1	0
Comprehensive income (loss)	104	0	308	0
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	104	0	308	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,266	447	1,954	1,153
Other comprehensive income (loss)	2,418	(1,510)	5,218	(3,465)
Comprehensive income (loss)	3,684	(1,063)	7,172	(2,312)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	3,684	(1,063)	7,172	(2,312)
AIGLH | Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Other comprehensive income (loss)				3,400
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	1,467	683	2,472	1,743
Other comprehensive income (loss)	7,299	(651)	18,982	20,909
Comprehensive income (loss)	8,766	32	21,454	22,652
Comprehensive income attributable to noncontrolling interests	291	(6)	580	5
Comprehensive income (loss) attributable to AIG	8,475	38	20,874	22,647
Other Subsidiaries | Scenario, Previously Reported [Member]
Condensed Financial Statements, Captions [Line Items]
Other comprehensive income (loss)				14,000
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net income (loss)	(2,556)	(1,136)	(4,169)	(2,891)
Other comprehensive income (loss)	(9,707)	2,161	(24,185)	(17,444)
Comprehensive income (loss)	(12,263)	1,025	(28,354)	(20,335)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to AIG	$ (12,263)	$ 1,025	$ (28,354)	$ (20,335)

INFORMATION PROVIDED IN CONNE_6

INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT (Details - Condensed Consolidating Statements of Cash Flows) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019		Dec. 31, 2018	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	$ (1,272)	$ (340)
Cash flows from investing activities:
Sales of investments	31,667	31,164
Sale of divested businesses, net	0	10
Purchase of investments	(31,966)	(28,504)
Loans to subsidiaries - net	0	0
Contributions from (to) subsidiaries - net	0	0
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	(4,837)	(3,840)
Other, net	989	(300)
Net cash provided by (used in) investing activities	(4,147)	(1,470)
Cash flows from financing activities:
Issuance of long-term debt	2,199	3,504
Repayments of long-term debt	(910)	(1,959)
Issuance of preferred stock	485	0
Purchase of common stock	0	(646)
Intercompany loans - net	0	0
Dividends paid on preferred stock	(7)	0
Dividends paid on common stock	(557)	(575)
Other, net	4,008	1,099
Net cash provided by financing activities	5,218	1,423
Effect of exchange rate changes on cash and restricted cash	28	30
Change in cash and restricted cash	(173)	(357)
Cash and restricted cash at beginning of year	3,358	2,737
Cash and restricted cash at end of period	3,185	2,380
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			$ 2,935		$ 2,873	$ 2,135
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	3,358	2,737	3,185		3,358	2,380
Interest:
Third party	(684)	(664)
Intercompany	0	0
Taxes:
Income tax authorities	(140)	(40)
Intercompany	0	0
AIG (As Guarantor)
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	1,278	1,312
Cash flows from investing activities:
Sales of investments	1,064	3,800
Sale of divested businesses, net	0	0
Purchase of investments	(1,408)	(1,327)
Loans to subsidiaries - net	551	422
Contributions from (to) subsidiaries - net	(319)	57
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	(1,769)	(4,017)
Other, net	41	(51)
Net cash provided by (used in) investing activities	(1,840)	(1,116)
Cash flows from financing activities:
Issuance of long-term debt	595	2,472
Repayments of long-term debt	(6)	(1,313)
Issuance of preferred stock	485
Purchase of common stock	0	(646)
Intercompany loans - net	20	25
Dividends paid on preferred stock	(7)
Dividends paid on common stock	(557)	(575)
Other, net	(74)	(162)
Net cash provided by financing activities	456	(199)
Effect of exchange rate changes on cash and restricted cash	0	0
Change in cash and restricted cash	(106)	(3)
Cash and restricted cash at beginning of year	127	8
Cash and restricted cash at end of period	21	5
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			20		2	3
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	127	8	21		127	5
Interest:
Third party	(497)	(478)
Intercompany	(1)	(1)
Taxes:
Income tax authorities	(10)	(17)
Intercompany	695	846
Non-cash financing and investing activities:
Return of capital	15	2,706
Dividends received in the form of securities	624	60
Capital contributions	15	2,339
Validus Holdings, Ltd
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(9)	0
Cash flows from investing activities:
Sales of investments	0	0
Sale of divested businesses, net	0	0
Purchase of investments	0	0
Loans to subsidiaries - net	0	0
Contributions from (to) subsidiaries - net	0	0
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	0	0
Other, net	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Issuance of long-term debt	0	0
Repayments of long-term debt	0	0
Issuance of preferred stock	0
Purchase of common stock	0	0
Intercompany loans - net	0	0
Dividends paid on preferred stock	0
Dividends paid on common stock	0	0
Other, net	0	0
Net cash provided by financing activities	0	0
Effect of exchange rate changes on cash and restricted cash	0	0
Change in cash and restricted cash	(9)	0
Cash and restricted cash at beginning of year	9	0
Cash and restricted cash at end of period	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			0		9	0
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	9	0	0		9	0
Interest:
Third party	(11)	0
Intercompany	0	0
Taxes:
Income tax authorities	0	0
Intercompany	0	0
AIGLH
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	982	1,211
Cash flows from investing activities:
Sales of investments	0	0
Sale of divested businesses, net	0	0
Purchase of investments	0	0
Loans to subsidiaries - net	0	0
Contributions from (to) subsidiaries - net	0	0
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	0	0
Other, net	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Issuance of long-term debt	0	0
Repayments of long-term debt	0	0
Issuance of preferred stock	0
Purchase of common stock	0	0
Intercompany loans - net	0	0
Dividends paid on preferred stock	0
Dividends paid on common stock	(990)	(1,228)
Other, net	0	0
Net cash provided by financing activities	(990)	(1,228)
Effect of exchange rate changes on cash and restricted cash	0	0
Change in cash and restricted cash	(8)	(17)
Cash and restricted cash at beginning of year	9	20
Cash and restricted cash at end of period	1	3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			1		9	3
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	9	20	1		9	3
Interest:
Third party	(25)	(23)
Intercompany	0	1
Taxes:
Income tax authorities	0	0
Intercompany	0	0
Other Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(1,232)	(849)
Cash flows from investing activities:
Sales of investments	31,107	29,992
Sale of divested businesses, net	0	10
Purchase of investments	(31,062)	(29,805)
Loans to subsidiaries - net	(20)	(25)
Contributions from (to) subsidiaries - net	0	0
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	(3,068)	177
Other, net	948	(249)
Net cash provided by (used in) investing activities	(2,095)	100
Cash flows from financing activities:
Issuance of long-term debt	1,604	1,032
Repayments of long-term debt	(904)	(646)
Issuance of preferred stock	0
Purchase of common stock	0	0
Intercompany loans - net	(551)	(422)
Dividends paid on preferred stock	0
Dividends paid on common stock	(1,301)	(786)
Other, net	4,401	1,204
Net cash provided by financing activities	3,249	382
Effect of exchange rate changes on cash and restricted cash	28	30
Change in cash and restricted cash	(50)	(337)
Cash and restricted cash at beginning of year	3,213	2,709
Cash and restricted cash at end of period	3,163	2,372
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			2,914		2,853	2,129
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	3,213	2,709	3,163		3,213	2,372
Interest:
Third party	(151)	(163)
Intercompany	1	2
Taxes:
Income tax authorities	(130)	(23)
Intercompany	(695)	(846)
Other assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			232	[1]	343	227	[1]
Other assets | AIG (As Guarantor)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			1		1	1
Other assets | Validus Holdings, Ltd
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0			0
Other assets | AIGLH
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0			0
Other assets | Other Subsidiaries
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			231		342	226
Short-term investments
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			18	[1]	142	18	[1]
Short-term investments | AIG (As Guarantor)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0		124	1
Short-term investments | Validus Holdings, Ltd
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0			0
Short-term investments | AIGLH
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0			0
Short-term investments | Other Subsidiaries
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			18		18	17
Reclassification and Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	(2,291)	(2,014)
Cash flows from investing activities:
Sales of investments	(504)	(2,628)
Sale of divested businesses, net	0	0
Purchase of investments	504	2,628
Loans to subsidiaries - net	(531)	(397)
Contributions from (to) subsidiaries - net	319	(57)
Acquisition of businesses, net of cash and restricted cash acquired	0
Net change in short-term investments	0	0
Other, net	0	0
Net cash provided by (used in) investing activities	(212)	(454)
Cash flows from financing activities:
Issuance of long-term debt	0	0
Repayments of long-term debt	0	0
Issuance of preferred stock	0
Purchase of common stock	0	0
Intercompany loans - net	531	397
Dividends paid on preferred stock	0
Dividends paid on common stock	2,291	2,014
Other, net	(319)	57
Net cash provided by financing activities	2,503	2,468
Effect of exchange rate changes on cash and restricted cash	0	0
Change in cash and restricted cash	0	0
Cash and restricted cash at beginning of year	0	0
Cash and restricted cash at end of period	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash			0		0	0
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	0	0	0		$ 0	0
Interest:
Third party	0	0
Intercompany	0	0
Taxes:
Income tax authorities	0	0
Intercompany	$ 0	$ 0
Reclassification and Eliminations | Other assets
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			0			0
Reclassification and Eliminations | Short-term investments
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Restricted cash			$ 0			$ 0
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Aug. 07, 2019	Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 2018
Subsequent Event [Line Items]
Date dividends declared		May 6, 2019	Feb. 13, 2019	May 2, 2018	Feb. 8, 2018
Date dividends paid		Jun. 28, 2019	Mar. 29, 2019	Jun. 28, 2018	Mar. 29, 2018
Date of record		Jun. 14, 2019	Mar. 15, 2019	Jun. 14, 2018	Mar. 15, 2018
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.32
Dividends declared per preferred share	$ 365.625
Subsequent event | Common Stock
Subsequent Event [Line Items]
Date dividends declared	Aug. 7, 2019
Date dividends paid	Sep. 30, 2019
Date of record	Sep. 17, 2019
Subsequent event | Preferred Stock
Subsequent Event [Line Items]
Date dividends declared	Aug. 7, 2019
Date dividends paid	Sep. 16, 2019
Date of record	Aug. 30, 2019