Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 08, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-8787 | ||
Entity Registrant Name | American International Group, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-2592361 | ||
Entity Address, Address Line One | 1271 Avenue of the Americas | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10020 | ||
City Area Code | (212) | ||
Local Phone Number | 770-7000 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 36,903 | ||
Entity Common Stock, Shares Outstanding | 680,953,652 | ||
Documents Incorporated By Reference | Document of the Registrant Form 10-K Reference Locations Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Shareholders Part III, Items 10, 11, 12, 13 and 14 | ||
Document Fiscal Year Focus | 2023 | ||
Entity Central Index Key | 0000005272 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock, Par Value $2.50 Per Share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, Par Value $2.50 Per Share | ||
Trading Symbol | AIG | ||
Security Exchange Name | NYSE | ||
4.875% Series A-3 Junior Subordinated Debentures | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 4.875% Series A-3 Junior Subordinated Debentures | ||
Trading Symbol | AIG 67EU | ||
Security Exchange Name | NYSE | ||
Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares Each Representing a 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock | ||
Trading Symbol | AIG PRA | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | New York, New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed maturity securities: | |||
Bonds available for sale, at fair value, net of allowance for credit losses of $162 in 2023 and $186 in 2022 (amortized cost: 2023 - $253,035; 2022 - $255,993)* | [1] | $ 231,733 | $ 226,156 |
Other bond securities, at fair value (See Note 5) | [1] | 5,241 | 4,485 |
Equity securities, at fair value (See Note 5) | [1] | 728 | 575 |
Mortgage and other loans receivable, net of allowance for credit losses of $38,473 in 2023 and $38,351 in 2022* | [1] | 51,553 | 49,605 |
Other invested assets (portion measured at fair value: 2023 - $11,733; 2022 - $12,042)* | [1] | 16,217 | 15,953 |
Short-term investments, including restricted cash of $4 in 2023 and $140 in 2022 (portion measured at fair value: 2023 - $10,772; 2022 - $5,708)* | [1] | 17,200 | 12,376 |
Total investments | 322,672 | 309,150 | |
Cash | [1] | 2,155 | 2,043 |
Accrued investment income | [1] | 2,588 | 2,376 |
Premiums and other receivables, net of allowance for credit losses and disputes of $139 in 2023 and $169 in 2022 | 10,561 | 13,243 | |
Deferred income taxes | 14,445 | 14,804 | |
Deferred policy acquisition costs | 12,085 | 12,857 | |
Market risk benefit assets, at fair value | 912 | 796 | |
Other assets, net of allowance for credit losses of $49 in 2023 and $49 in 2022, including restricted cash of $45 in 2023 and $33 in 2022 (portion measured at fair value: 2023 - $754; 2022 - $621)* | [1] | 13,089 | 12,384 |
Separate account assets, at fair value | 91,005 | 84,853 | |
Assets held for sale | 2,268 | 0 | |
Total assets | 539,306 | 522,228 | |
Liabilities: | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 70,393 | 75,167 | |
Unearned premiums | 17,387 | 18,338 | |
Future policy benefits for life and accident and health insurance contracts | 58,576 | 51,914 | |
Policyholder contract deposits (portion measured at fair value: 2023 - $7,997; 2022 - $5,408) | 161,979 | 155,984 | |
Market risk benefit liabilities, at fair value | 5,705 | 4,736 | |
Other policyholder funds | 3,356 | 3,463 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $(1,226); 2022 - $(2,235)) | 29,484 | 30,383 | |
Other liabilities (portion measured at fair value: 2023 - $624; 2022 - $343)* | [1] | 25,958 | 26,757 |
Short-term and long-term debt | 22,387 | 27,179 | |
Separate account liabilities | 91,005 | 84,853 | |
Liabilities held for sale | 1,775 | 0 | |
Total liabilities | 488,005 | 478,774 | |
Contingencies, commitments and guarantees (See Note 17) | |||
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: 2023 - 20,000 and 2022 - 20,000; liquidation preference $500 | 485 | 485 | |
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2023 - 1,906,671,492 and 2022 - 1,906,671,492 | 4,766 | 4,766 | |
Treasury stock, at cost; 2023 - 1,217,831,721 shares; 2022 - 1,172,543,436 shares of common stock | (59,189) | (56,473) | |
Additional paid-in capital | 75,810 | 79,915 | |
Retained earnings | 37,516 | 34,893 | |
Accumulated other comprehensive loss | (14,037) | (22,616) | |
Total AIG shareholders’ equity | 45,351 | 40,970 | |
Non-redeemable noncontrolling interests | 5,950 | 2,484 | |
Total equity | 51,301 | 43,454 | |
Total liabilities and equity | 539,306 | 522,228 | |
Recurring Basis | |||
Fixed maturity securities: | |||
Other invested assets (portion measured at fair value: 2023 - $11,733; 2022 - $12,042)* | 11,733 | 12,042 | |
Short-term investments, including restricted cash of $4 in 2023 and $140 in 2022 (portion measured at fair value: 2023 - $10,772; 2022 - $5,708)* | 10,772 | 5,708 | |
Market risk benefit assets, at fair value | 912 | 796 | |
Other assets, net of allowance for credit losses of $49 in 2023 and $49 in 2022, including restricted cash of $45 in 2023 and $33 in 2022 (portion measured at fair value: 2023 - $754; 2022 - $621)* | 754 | 621 | |
Liabilities: | |||
Policyholder contract deposits (portion measured at fair value: 2023 - $7,997; 2022 - $5,408) | 7,997 | 5,408 | |
Market risk benefit liabilities, at fair value | 5,705 | 4,736 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $(1,226); 2022 - $(2,235)) | 1,226 | 2,235 | |
Consolidated Entities, Excluding Consolidated Investments | |||
Liabilities: | |||
Short-term and long-term debt | 19,796 | 21,299 | |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | |||
Liabilities: | |||
Short-term and long-term debt | [1] | 2,591 | 5,880 |
Fortitude RE | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | 30,612 | 30,751 | |
Excluding Fortitude | |||
Fixed maturity securities: | |||
Reinsurance assets, net of allowance for credit losses and disputes | $ 36,914 | $ 38,971 | |
[1] See Note 10 for details of balances associated with variable interest entities. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets: | |||
Bonds available for sale, allowance for credit losses | $ 162 | $ 186 | |
Bonds available for sale, amortized cost | 253,035 | 255,993 | |
Mortgage and other loans receivable, allowance for credit losses | 38,473 | 38,351 | |
Other invested assets | [1] | 16,217 | 15,953 |
Short-term investments | [1] | 17,200 | 12,376 |
Premiums and other receivables, allowance for credit losses and disputes | 139 | 169 | |
Reinsurance asset, allowance for credit loss | 236 | 295 | |
Other assets, allowance for credit losses | 49 | 49 | |
Other assets | [1] | 13,089 | 12,384 |
Liabilities: | |||
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses | 14 | 14 | |
Policyholder contract deposits | 161,979 | 155,984 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $(1,226); 2022 - $(2,235)) | (29,484) | (30,383) | |
Short term debt | $ 250 | $ 1,500 | |
AIG shareholders’ equity: | |||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued (in shares) | 20,000 | 20,000 | |
Preferred stock liquidation preference | $ 500 | $ 500 | |
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | |
Common stock, shares authorized (in shares) | 5,000,000,000 | 5,000,000,000 | |
Common stock, shares issued (in shares) | 1,906,671,492 | 1,906,671,492 | |
Treasury stock, shares of common stock (in shares) | 1,217,831,721 | 1,172,543,436 | |
Fortitude RE | |||
Assets: | |||
Reinsurance asset, allowance for credit loss | $ 0 | $ 0 | |
Excluding Fortitude | |||
Assets: | |||
Reinsurance asset, allowance for credit loss | 236 | 295 | |
Short-term investments, at cost (approximates fair value) | |||
Assets: | |||
Restricted cash | 4 | 140 | |
Other assets | |||
Assets: | |||
Restricted cash | 45 | 33 | |
Recurring Basis | |||
Assets: | |||
Other invested assets | 11,733 | 12,042 | |
Short-term investments | 10,772 | 5,708 | |
Other assets | 754 | 621 | |
Liabilities: | |||
Policyholder contract deposits | 7,997 | 5,408 | |
Fortitude Re funds withheld payable (portion measured at fair value: 2023 - $(1,226); 2022 - $(2,235)) | (1,226) | (2,235) | |
Other liabilities | 624 | 343 | |
Long-term debt, portion measured at fair value | $ 53 | $ 56 | |
[1] See Note 10 for details of balances associated with variable interest entities. |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Premiums | $ 33,254 | $ 31,856 | $ 31,285 |
Policy fees | 2,797 | 2,913 | 3,005 |
Total net investment income | 14,592 | 11,767 | 14,612 |
Total net realized gains (losses) | (4,608) | 7,064 | 2,271 |
Other income | 767 | 850 | 984 |
Total revenues | 46,802 | 54,450 | 52,157 |
Benefits, losses and expenses: | |||
Policyholder benefits and losses incurred (including remeasurement losses of $342, $304 and $247 for the years ended December 31, 2023, 2022 and 2021, respectively) | 24,755 | 22,176 | 23,785 |
Change in the fair value of market risk benefits, net | 2 | (958) | (447) |
Interest credited to policyholder account balances | 4,424 | 3,744 | 3,570 |
Amortization of deferred policy acquisition costs | 4,808 | 4,557 | 4,524 |
General operating and other expenses | 8,499 | 9,122 | 8,728 |
Interest expense | 1,136 | 1,125 | 1,305 |
Gain (loss) on extinguishment of debt | (37) | 303 | 389 |
Net (gain) loss on divestitures and other | (643) | 82 | (3,044) |
Total benefits, losses and expenses | 42,944 | 40,151 | 38,810 |
Income from continuing operations before income tax expense (benefit) | 3,858 | 14,299 | 13,347 |
Income tax expense (benefit) | (20) | 3,025 | 2,441 |
Income from continuing operations | 3,878 | 11,274 | 10,906 |
Income (loss) from discontinued operations, net of income tax expense | 0 | (1) | 0 |
Net income | 3,878 | 11,273 | 10,906 |
Less: | |||
Net income from continuing operations attributable to noncontrolling interests | 235 | 1,046 | 539 |
Net income attributable to AIG | 3,643 | 10,227 | 10,367 |
Less: Dividends on preferred stock | 29 | 29 | 29 |
Net income (loss) attributable to AIG common shareholders | $ 3,614 | $ 10,198 | $ 10,338 |
Basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ 5.02 | $ 13.10 | $ 12.10 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to AIG common shareholders (in dollars per share) | 5.02 | 13.10 | 12.10 |
Diluted: | |||
Income (loss) from continuing operations (in dollars per share) | 4.98 | 12.94 | 11.95 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to AIG common shareholders (in dollars per share) | $ 4.98 | $ 12.94 | $ 11.95 |
Weighted average shares outstanding: | |||
Basic (in shares) | 719,506,291 | 778,621,118 | 854,320,449 |
Diluted (in shares) | 725,233,068 | 787,941,750 | 864,884,879 |
Current | $ 491 | $ 517 | $ (45) |
Deferred | (511) | 2,508 | 2,486 |
Excluding Fortitude Re Funds Withheld Assets | |||
Revenues: | |||
Total net investment income | 13,048 | 10,824 | 12,641 |
Total net realized gains (losses) | (2,306) | 69 | 1,871 |
Fortitude Re funds withheld assets | |||
Revenues: | |||
Total net investment income | 1,544 | 943 | 1,971 |
Total net realized gains (losses) | (295) | (486) | 1,003 |
Fortitude Re funds withheld embedded derivative | |||
Revenues: | |||
Total net realized gains (losses) | $ (2,007) | $ 7,481 | $ (603) |
Consolidated Statements of In_2
Consolidated Statements of Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Remeasurement gain (loss) on policyholder contract deposits | $ 342 | $ 304 | $ 247 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,878 | $ 11,273 | $ 10,906 |
Other comprehensive income (loss), net of tax | |||
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 14 | (94) | 44 |
Change in unrealized appreciation (depreciation) of all other investments | 7,134 | (38,408) | (7,151) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | (544) | 1,294 | 179 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | (871) | 5,544 | 1,361 |
Change in foreign currency translation adjustments | 102 | (613) | (180) |
Change in retirement plan liabilities adjustment | 105 | (20) | 325 |
Change in fair value of liabilities under fair value option attributable to changes in our own credit risk | 0 | (6) | (2) |
Other comprehensive income (loss) | 5,940 | (32,303) | (5,424) |
Comprehensive income (loss) | 9,818 | (21,030) | 5,482 |
Comprehensive income (loss) attributable to noncontrolling interests | 1,534 | (1,454) | 440 |
Comprehensive income (loss) attributable to AIG | $ 8,284 | $ (19,576) | $ 5,042 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative effect of change in accounting principle | Total AIG Shareholders' Equity | Total AIG Shareholders' Equity Cumulative effect of change in accounting principle | Preferred Stock and Additional Paid-in Capital | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative effect of change in accounting principle | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Cumulative effect of change in accounting principle | Non- redeemable Non- controlling Interests |
Balance, beginning of period at Dec. 31, 2020 | $ 67,199 | $ (1,264) | $ 66,362 | $ (1,264) | $ 485 | $ 4,766 | $ (49,322) | $ 81,418 | $ 15,504 | $ 933 | $ 13,511 | $ (2,197) | $ 837 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Common stock issued under stock plans | (64) | (64) | 217 | (281) | |||||||||
Purchase of common stock | (2,643) | (2,643) | (2,614) | (29) | |||||||||
Net income attributable to AIG or noncontrolling interests | 10,906 | 10,367 | 10,367 | 539 | |||||||||
Dividends on preferred stock | (29) | (29) | (29) | ||||||||||
Dividends on common stock | (1,083) | (1,083) | (1,083) | ||||||||||
Other comprehensive loss | (5,424) | (5,325) | (5,325) | (99) | |||||||||
Net increase (decrease) due to divestitures and acquisitions | 1,712 | (630) | 288 | (918) | 2,342 | ||||||||
Contributions from noncontrolling interests | 22 | (630) | 22 | ||||||||||
Distributions to noncontrolling interests | (682) | (682) | |||||||||||
Other | 384 | 377 | 101 | 273 | 3 | 7 | |||||||
Balance, end of period at Dec. 31, 2021 | $ 69,034 | 66,068 | 485 | 4,766 | (51,618) | 81,669 | 25,695 | 5,071 | 2,966 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared, preferred stock (in dollars per share) | $ 1,462.5 | ||||||||||||
Dividend paid (in dollars per share) | $ 1.28 | ||||||||||||
Common stock issued under stock plans | $ (74) | (74) | 294 | (368) | |||||||||
Purchase of common stock | (5,149) | (5,149) | (5,149) | ||||||||||
Net income attributable to AIG or noncontrolling interests | 11,273 | 10,227 | $ 100 | 10,227 | 1,046 | ||||||||
Dividends on preferred stock | (29) | (29) | (29) | ||||||||||
Dividends on common stock | (982) | (982) | (982) | ||||||||||
Other comprehensive loss | (32,303) | (29,803) | (29,803) | (2,500) | |||||||||
Net increase (decrease) due to divestitures and acquisitions | 1,614 | 497 | (1,619) | 2,116 | 1,117 | ||||||||
Contributions from noncontrolling interests | 133 | 497 | 133 | ||||||||||
Distributions to noncontrolling interests | (284) | (284) | |||||||||||
Other | 221 | 215 | 233 | (18) | 6 | ||||||||
Balance, end of period at Dec. 31, 2022 | $ 43,454 | 40,970 | 485 | 4,766 | (56,473) | 79,915 | 34,893 | (22,616) | 2,484 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared, preferred stock (in dollars per share) | $ 1,462.5 | ||||||||||||
Dividend paid (in dollars per share) | $ 1.28 | ||||||||||||
Common stock issued under stock plans | $ (125) | (125) | 298 | (423) | |||||||||
Purchase of common stock | (3,014) | (3,014) | (3,014) | ||||||||||
Net income attributable to AIG or noncontrolling interests | 3,878 | 3,643 | 3,643 | 235 | |||||||||
Dividends on preferred stock | (29) | (29) | (29) | ||||||||||
Dividends on common stock | (997) | (997) | (997) | ||||||||||
Other comprehensive loss | 5,940 | 4,641 | 4,641 | 1,299 | |||||||||
Net increase (decrease) due to divestitures and acquisitions | 2,669 | 145 | (3,793) | 3,938 | 2,524 | ||||||||
Contributions from noncontrolling interests | 49 | 145 | 49 | ||||||||||
Distributions to noncontrolling interests | (710) | (710) | |||||||||||
Other | 186 | 117 | 111 | 6 | 69 | ||||||||
Balance, end of period at Dec. 31, 2023 | $ 51,301 | $ 45,351 | $ 485 | $ 4,766 | $ (59,189) | $ 75,810 | $ 37,516 | $ (14,037) | $ 5,950 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Dividends declared, preferred stock (in dollars per share) | $ 1,462.5 | ||||||||||||
Dividend paid (in dollars per share) | $ 1.40 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, preferred stock (in dollars per share) | $ 1,462.5 | $ 1,462.5 | $ 1,462.5 |
Dividend paid (in dollars per share) | $ 1.40 | $ 1.28 | $ 1.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flows from operating activities: | |||||
Net income | $ 3,878 | $ 11,273 | $ 10,906 | ||
Loss from discontinued operations, net of income taxes | 0 | 1 | 0 | ||
Noncash revenues, expenses, gains and losses included in income (loss): | |||||
Net (gains) losses on sales of securities available for sale and other assets | 970 | 959 | (2,099) | ||
Net (gain) loss on divestitures and other | (643) | 82 | (3,044) | ||
Gain (loss) on extinguishment of debt | (37) | 303 | 389 | ||
Unrealized (gains) losses in earnings - net | 1,674 | 1,094 | (873) | ||
Change in the fair value of market risk benefits in earnings, net | (348) | (1,481) | (1,427) | ||
Equity in (income) loss from equity method investments, net of dividends or distributions | (7) | (164) | 3 | ||
Depreciation and other amortization | 4,214 | 4,409 | 4,542 | ||
Impairments of assets | 90 | 26 | 46 | ||
Changes in operating assets and liabilities: | |||||
Insurance reserves | 1,593 | (3,837) | 4,472 | ||
Premiums and other receivables and payables - net | 391 | (10,222) | (724) | ||
Reinsurance assets, net | 472 | 3,978 | (1,044) | ||
Capitalization of deferred policy acquisition costs | (5,419) | (4,722) | (4,969) | ||
Current and deferred income taxes - net | (1,003) | 2,279 | 1,579 | ||
Other, net | 418 | 156 | (1,534) | ||
Total adjustments | 2,365 | (7,140) | (4,683) | ||
Net cash provided by operating activities | 6,243 | 4,134 | 6,223 | ||
Sales or distributions of: | |||||
Available for sale securities | 22,933 | 21,660 | 26,098 | ||
Other securities | 1,347 | 3,060 | 975 | ||
Other invested assets | 2,328 | 2,891 | 6,258 | ||
Divestitures, net | 3,315 | 0 | 4,683 | ||
Maturities of fixed maturity securities available for sale | 17,957 | 18,485 | 34,765 | ||
Principal payments received on and sales of mortgage and other loans receivable | 7,429 | 9,435 | 8,267 | ||
Purchases of: | |||||
Available for sale securities | (40,466) | (38,885) | (74,204) | ||
Other securities | (1,581) | (3,714) | (2,034) | ||
Other invested assets | (2,189) | (2,346) | (3,168) | ||
Mortgage and other loans receivable | (10,137) | (14,364) | (9,013) | ||
Net change in short-term investments | (6,637) | 595 | 5,088 | ||
Other, net | (1,320) | (443) | (995) | ||
Net cash used in investing activities | (7,021) | (3,626) | (3,280) | ||
Proceeds from (payments for) | |||||
Policyholder contract deposits | 33,015 | 26,582 | 25,480 | ||
Policyholder contract withdrawals | (27,957) | (20,722) | (22,481) | ||
Issuance of debt | 1,982 | 7,477 | 107 | ||
Repayments of debt | (2,304) | (9,455) | (4,147) | ||
Borrowings under delayed draw term loan agreement | 0 | 1,500 | 0 | ||
Purchase of common stock | (2,961) | (5,200) | (2,592) | ||
Dividends paid on preferred stock | (29) | (29) | (29) | ||
Dividends paid on common stock | (997) | (982) | (1,083) | ||
Other, net | 1,664 | 545 | 1,222 | ||
Net cash provided by (used in) financing activities | 782 | (602) | (3,679) | ||
Effect of exchange rate changes on cash and restricted cash | (13) | (117) | (67) | ||
Net decrease in cash and restricted cash | (9) | (211) | (803) | ||
Cash and restricted cash at beginning of year | 2,216 | 2,427 | 3,230 | ||
Cash and restricted cash at end of year | 2,204 | 2,216 | 2,427 | ||
Cash and restricted cash of held for sale assets | (3) | 0 | 0 | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | 2,155 | [1] | 2,043 | [1] | 2,198 |
Restricted cash included in Short-term investments* | 4 | [2] | 140 | [2] | 197 |
Restricted cash included in Other assets* | 45 | [2] | 33 | [2] | 32 |
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 2,204 | 2,216 | 2,427 | ||
Cash paid during the period for: | |||||
Interest | 1,059 | 1,127 | 1,348 | ||
Taxes | 984 | 746 | 862 | ||
Non-cash investing activities: | |||||
Fixed maturity securities available for sale received in connection with pension risk transfer transactions | 4,317 | 1,121 | 2,284 | ||
Fixed maturity securities and other invested assets received in connection with reinsurance transactions | 110 | 110 | 161 | ||
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions | (838) | (224) | (837) | ||
Non-cash consideration received from sale of Validus Re | 290 | 0 | |||
Non-cash financing activities: | |||||
Interest credited to policyholder contract deposits included in financing activities | 4,501 | 3,676 | 3,642 | ||
Fee income debited to policyholder contract deposits included in financing activities | (2,122) | (1,694) | (1,690) | ||
Consolidated VIE | |||||
Proceeds from (payments for) | |||||
Issuance of debt | 225 | 933 | 4,338 | ||
Repayments of debt | (606) | (1,251) | (4,494) | ||
Repayments of delayed draw term loan agreement | (1,250) | 0 | $ 0 | ||
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents: | |||||
Cash | $ 61 | $ 71 | |||
[1] See Note 10 for details of balances associated with variable interest entities. Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. The consolidated financial statements include the accounts of AIG Parent, our controlled subsidiaries (generally through a greater than 50 percent ownership of voting rights and voting interests), and variable interest entities (VIEs) of which we are the primary beneficiary. Equity investments in entities that we do not consolidate, including corporate entities in which we have significant influence and partnership and partnership-like entities in which we have more than minor influence over the operating and financial policies, are accounted for under the equity method unless we have elected the fair value option. Prior to the fourth quarter ending December 31, 2022, certain of our foreign property and casualty subsidiaries reported on the basis of a fiscal year ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries from November 30 through December 31 of the periods previously presented in these Consolidated Financial Statements was considered for adjustment and/or disclosure. Effective with the fourth quarter of the year ended December 31, 2022, the foreign property and casualty subsidiaries now report on a calendar year ending December 31. The elimination of a one-month reporting lag of a subsidiary is considered a change in accounting principle. We believe this change in accounting principle is preferable given that it aligns the reporting dates with other consolidated entities, which allows for a timelier and more consistent basis of reporting within our Consolidated Financial Statements. A change in accounting principle requires retrospective application. However, we determined that the effect of not retroactively applying this change was not material to our Consolidated Financial Statements for the current and prior periods. Therefore, we reported the cumulative effect of the change in accounting principle within the Consolidated Statements of Income (Loss) for the year ended December 31, 2022 and did not retrospectively apply the effects of this change to prior periods. The adoption impact was an increase to net income of $100 million for the year ended December 31, 2022. We adopted the Financial Accounting Standards Board's (FASB) targeted improvements to the accounting for long-duration contracts (the standard or LDTI) on January 1, 2023 with a transition date of January 1, 2021 (Transition Date). In accordance with the transition guidance in the standard, we updated our prior period Consolidated Financial Statements presented herein to reflect LDTI. For additional detail, see Note 2. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). All material intercompany accounts and transactions have been eliminated. SALES/DISPOSALS OF ASSETS AND BUSINESSES AIG Life Limited On September 25, 2023, Corebridge Financial, Inc. (Corebridge) announced that it entered into a definitive agreement to sell AIG Life Limited (AIG Life) to Aviva plc for £460 million in cash, subject to certain adjustments. The sale of AIG Life is expected to close in the first half of 2024, subject to regulatory approvals and other customary closing conditions. For further details on this transaction, see Note 4. Laya Healthcare Limited On October 31, 2023, Corebridge completed the sale of Laya Healthcare Limited (Laya) to AXA and received gross proceeds of €691 million ($731 million), resulting in a pre-tax gain of $652 million. Validus Re On November 1, 2023, AIG completed the sale of Validus Reinsurance, Ltd. (Validus Re), including AlphaCat Managers Ltd. and the Talbot Treaty reinsurance business, to RenaissanceRe Holdings Ltd. (RenaissanceRe) and received cash proceeds of $2.7 billion from RenaissanceRe and 1.3 million shares of RenaissanceRe common stock valued at $290 million as of the closing date, resulting in a pre-tax loss of $78 million. The results of Validus Re are reported in General Insurance. Additionally, AIG agreed to retain 95 percent of the difference between (i) the reserves with respect to the business as of the closing date of the sale for losses occurring prior to the closing date and (ii) the associated reserve development following the closing date with respect to such losses. Any reserve development will be settled annually, commencing with the calendar year ending December 31, 2024. This arrangement stays in effect until the parties determine to terminate such arrangement (which they will re-evaluate on an annual basis beginning 5 years after the closing date) or until all such liabilities of the acquired reinsurance business have run off. The reserve cover is considered contingent consideration and was recognized at fair value of $130 million when the sale closed. On September 4, 2023, AIG entered into an Adverse Development Cover Excess of Loss Agreement (the ADC Agreement) to hedge the risk of adverse development pertaining to Validus Re’s reserves with Clarendon National Insurance Company, a wholly owned subsidiary of Enstar Group Limited. Under the ADC Agreement, AIG will be reimbursed up to $400 million of adverse development for all policies in force as of December 31, 2022 when paid losses exceed the baseline reserve balance of $3.043 billion. The premium expensed in connection with the ADC Agreement was $80 million. Crop Risk Services On May 2, 2023, AIG announced that it reached an agreement to sell Crop Risk Services, Inc. (CRS) to American Financial Group, Inc. (AFG) and in substance, AIG exited the crop business. The gross proceeds, before deducting commissions, are $234 million. On July 3, 2023, the transaction closed, resulting in a pre-tax gain of $72 million for the year ended December 31, 2023 . Separation of Life and Retirement Business and Relationship with Blackstone Inc. AIG owns 52.2 percent of the outstanding common stock of Corebridge as of December 31, 2023. Corebridge is the holding company for AIG’s Life and Retirement business. AIG continues to consolidate Corebridge in AIG’s Consolidated Financial Statements. The portion of equity interest of Corebridge that AIG does not own is reflected as noncontrolling interest in AIG’s Consolidated Financial Statements. In 2023, AIG closed on three secondary offerings and sold 159.75 million shares of Corebridge common stock. The aggregate gross proceeds of the offerings to AIG, before deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $2.9 billion. After consideration of underwriting discounts, commissions and other related expenses payable by AIG, AIG recorded an increase of $332 million in Total AIG shareholders' equity. In 2023, Corebridge repurchased 26.5 million shares of Corebridge common stock for an aggregate purchase price of $498 million, of which 17.2 million shares were from AIG for an aggregate purchase price of $315 million. As a result, AIG recorded a decrease of $40 million in Total AIG shareholders' equity. On September 19, 2022, AIG closed on the initial public offering (IPO) of 80 million shares of Corebridge common stock at a public offering price of $21.00 per share, representing 12.4 percent of Corebridge's common stock. The aggregate gross proceeds of the offering to AIG, before deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $1.7 billion. After consideration of underwriting discounts, commissions and other related expenses payable by AIG, AIG recorded an increase of $497 million in Total AIG shareholders' equity, recalculated on an LDTI basis. Blackstone Inc. (Blackstone) completed the acquisition of a 9.9 percent equity stake in Corebridge in November 2021. Blackstone is required to hold its ownership interest in Corebridge, subject to exceptions permitting Blackstone to sell 25 percent, 67 percent and 75 percent of its ownership interest after the first, second and third anniversaries, respectively, of the closing of the Corebridge IPO (September 19, 2023, 2024 and 2025, respectively), with the transfer restrictions terminating in full on September 19, 2027. On December 15, 2021, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of AIG’s interests in a U.S. affordable housing portfolio for $4.9 billion, in an all cash transaction, resulting in a pre-tax gain of $3.0 billion. The historical results of the U.S. affordable housing portfolio were reported in our Life and Retirement operating segments. Sale of Certain AIG Life and Retirement Retail Mutual Funds Business On July 16, 2021, AIG announced the closing of its sale of certain assets of Life and Retirement's Retail Mutual Funds business to Touchstone Investments (Touchstone), an indirect wholly-owned subsidiary of Western & Southern Financial Group. This sale consisted of the reorganization of twelve of the retail mutual funds managed by SunAmerica Asset Management, LLC (SAAMCo), a Life and Retirement entity, into certain Touchstone funds. We received initial proceeds, and the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Other Events On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million for the twelve months ended December 31, 2022, reported in Net gain (loss) on divestitures and other. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity. USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • loss reserves; • valuation of future policy benefit liabilities and recognition of measurement gains and losses; • valuation of market risk benefits (MRBs) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and index universal life products; • reinsurance assets, including the allowance for credit losses and disputes; • goodwill impairment; • allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; • fair value measurements of certain financial assets and financial liabilities; and • income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The following list identifies our significant accounting policies presented in other Notes to these Consolidated Financial Statements, with a reference to the Note where a detailed description can be found: Note 6. Investments • Fixed maturity and equity securities • Other invested assets • Short-term investments • Net investment income • Net realized gains (losses) • Allowance for credit losses Note 7. Lending Activities • Mortgage and other loans receivable – net of allowance Note 8. Reinsurance • Reinsurance assets – net of allowance • Retroactive reinsurance Note 9. Deferred Policy Acquisition Costs • Deferred policy acquisition costs • Deferred sales inducements • Amortization of deferred policy acquisition costs Note 10. Variable Interest Entities Note 11. Derivatives and Hedge Accounting • Derivative assets and liabilities, at fair value Note 12. Goodwill and Other Intangible Assets Note 13. Insurance Liabilities • Liability for unpaid losses and loss adjustment expenses • Discounting of reserves • Future policy benefits • Policyholder contract deposits • Other policyholder funds Note 14. Market Risk Benefits Note 16. Debt • Long-term debt • Debt of consolidated investment entities Note 17. Contingencies, Commitments and Guarantees • Legal contingencies Note 19. Earnings Per Common Share (EPS) Note 23. Income Taxes OTHER SIGNIFICANT ACCOUNTING POLICIES Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, certain miscellaneous income is included as premiums written and earned. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. Reinsurance premiums are typically earned over the same period as the underlying policies or risks covered by the contract. As a result, the earnings pattern of a reinsurance contract may extend up to 24 months, reflecting the inception dates of the underlying policies throughout the year. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due. For limited payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided. The difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This Deferred Profit Liability (DPL) is recorded in the Consolidated Balance Sheets in Future policy benefits for life and accident and health insurance contracts. All reinsurance premiums ceded are recognized when due, following a ceded net premium ratio (NPR) methodology that also accrues a proportionate amount of estimated benefits. Reinsurance premiums for assumed business are estimated based on information received from ceding companies and reinsurers. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves (URR). Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate AIG for services to be provided in the future. Fees deferred as unearned revenue are amortized on a constant level basis over the estimated lives of the contracts, consistent with the amortization of deferred acquisition costs. This URR is recorded in the Consolidated Balance Sheets in Other policyholder funds. Other income includes advisory fee income from the Life and Retirement broker dealer business. Cash represents cash on hand and demand deposits. Short-term investments include interest bearing investments, time deposits and other investments with remaining contractual life of less than or equal to one year. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. Premiums and other receivables – net of allowance for credit losses and disputes include premium balances receivable, amounts due from agents and brokers and policyholders, receivables resulting from sales of securities that had not yet settled, cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities and other receivables. Deposit assets and liabilities We have entered into certain insurance and reinsurance contracts, primarily in our General Insurance companies, that do not contain sufficient insurance risk to be accounted for as insurance or reinsurance. When we receive premiums on such contracts, the premiums received, after deduction for certain related expenses, are recorded as deposits within Other liabilities in the Consolidated Balance Sheets. Net proceeds of these deposits are invested and generate Net investment income. When we pay premiums on such contracts, the premiums paid are recorded as deposits within Other assets in the Consolidated Balance Sheets. The deposit asset or liability is adjusted as amounts are paid, consistent with the underlying contracts. Other assets consist of deferred sales inducements (DSI), prepaid expenses, deposits, other deferred charges, real estate, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash, derivative assets, and accrued interest income. The cost of buildings and furniture and equipment is depreciated principally on the straight-line basis over their estimated useful lives (maximum of 40 years for buildings and 10 years for furniture and fixtures). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For additional information on separate accounts, see Note 15 . Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased, liabilities resulting from purchases of securities that have not yet settled, derivative liabilities, cash collateral received from derivative counterparties that contractually cannot be netted against derivative assets, allowance for credit losses in relation to off-balance sheet commitments and deferred gains on retroactive reinsurance agreements. Foreign currency Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Total AIG shareholders’ equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income. The adjustments resulting from translation of financial statements of foreign entities operating in highly inflationary economies are recorded in income. Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG. ACCOUNTING STANDARDS ADOPTED DURING 2023 Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the Transition Date, the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) (AOCI) of $2.2 billion and a net increase to beginning Retained earnings of $933 million primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement operating segments, including the impact of non-performance risk adjustments which reclassified the portion of the changes in fair value attributable to non-performance risk from Retained earnings to AOCI, (2) changes to the discount rate used to measure the liability for future policy benefits which most significantly impacted our Life Insurance and Institutional Markets operating segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The accounting for the Fortitude Reinsurance Company Ltd. (Fortitude Re) reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies, and therefore have been recalculated on an LDTI basis. The accounting for reinsurance transactions between AIG and Fortitude Re structured as modified coinsurance (modco) remained unchanged. Market risk benefits: The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees associated with variable annuities) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods are recorded and presented separately within the income statement, with the exception of our own credit risk changes (non-performance adjustments), which are recognized in Other comprehensive income (loss) (OCI). MRBs impacted both Retained earnings and AOCI upon transition. The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement operating segments. For additional disclosures about MRBs, see Note 14. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company had an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differed from reserve interest accretion rates. Following adoption of the standard, the impact of changes to discount rates are recognized through OCI. Changes resulting from updating the discount rate each reporting period primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer (PRT) and structured settlement products. For additional information on the discount rate assumption under accounting for Long-Duration Contracts Standard, see Note 13. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments were eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in Policyholder benefits and losses incurred (except for discount rate changes as noted above) in the Consolidated Statements of Income (Loss). For additional information, see Note 13. • Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts and no longer requires an impairment test. For additional information, see Note 9. • Increases disclosures of disaggregated rollforwards of several balances, including but not limited to liabilities for future policy benefits, deferred acquisition costs, account balances, MRBs, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 as well as cross references to the applicable notes herein for additional information: Pre-Adoption, Cumulative Effect Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (a) $ 34,578 $ 7,666 $ 42,244 Reinsurance assets - other, net of allowance for credit losses and disputes (a) 38,963 469 39,432 Deferred income taxes 12,624 339 12,963 Deferred policy acquisition costs (b) 9,805 3,150 12,955 Market risk benefit assets (c) — 338 338 Other assets, net of allowance for credit losses (d) 13,122 398 13,520 Total assets 586,481 12,360 598,841 Future policy benefits for life and accident and health insurance contracts (e) 56,878 10,486 67,364 Policyholder contract deposits (e) 154,470 (6,247) 148,223 Market risk benefit liabilities (c) — 8,739 8,739 Other policyholder funds (f) 3,548 248 3,796 Other liabilities (g) 27,122 398 27,520 Total liabilities 519,282 13,624 532,906 Retained earnings 15,504 933 16,437 Accumulated other comprehensive income (loss) 13,511 (2,197) 11,314 Total AIG Shareholders' equity 66,362 (1,264) 65,098 Total equity 67,199 (1,264) 65,935 Total liabilities and equity 586,481 12,360 598,841 (a) For additional information on the transition impacts associated with LDTI, see Note 8. (b) For additional information on the transition impacts associated with LDTI, see Note 9. (c) For additional information on the transition impacts associated with LDTI, see Note 14. (d) Other assets include deferred sales inducement assets. For additional information on the transition impacts associated with LDTI, see Note 9. (e) For additional information on the transition impacts associated with LDTI, see Note 13. (f) Other policyholder funds include URR. For additional information on the transition impacts associated with LDTI, see Note 13. (g) Other liabilities include deferred cost of reinsurance liabilities. For additional information on the transition impacts associated with LDTI, see Note 8. The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 on our previously reported Consolidated Balance Sheets as of December 31, 2022: As Previously Effect of Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 32,159 $ (1,408) $ 30,751 Reinsurance assets - other, net of allowance for credit losses and disputes 39,434 (463) 38,971 Deferred income taxes 15,144 (340) 14,804 Deferred policy acquisition costs 15,518 (2,661) 12,857 Market risk benefit assets — 796 796 Other assets, net of allowance for credit losses 12,714 (330) 12,384 Total assets 526,634 (4,406) 522,228 Future policy benefits for life and accident and health insurance contracts 59,223 (7,309) 51,914 Policyholder contract deposits 158,891 (2,907) 155,984 Market risk benefit liabilities — 4,736 4,736 Other policyholder funds 3,909 (446) 3,463 Other liabilities 26,456 301 26,757 Total liabilities 484,399 (5,625) 478,774 Additional paid-in capital 80,284 (369) 79,915 Retained earnings 33,032 1,861 34,893 Accumulated other comprehensive income (loss) (22,092) (524) (22,616) Total AIG Shareholders' equity 40,002 968 40,970 Non-redeemable noncontrolling interests 2,233 251 2,484 Total equity 42,235 1,219 43,454 Total liabilities and equity 526,634 (4,406) 522,228 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions, except per common share data) Revenues: Premiums $ 31,857 $ (1) $ 31,856 $ 31,259 $ 26 $ 31,285 Policy fees 2,972 (59) 2,913 3,051 (46) 3,005 Total net realized gains (losses) 8,991 (1,927) 7,064 2,151 120 2,271 Total revenues 56,437 (1,987) 54,450 52,057 100 52,157 Benefits, losses and expenses: Policyholder benefits and losses incurred 22,771 (595) 22,176 24,388 (603) 23,785 Change in the fair value of market risk benefits, net — (958) (958) — (447) (447) Interest credited to policyholder account balances 3,709 35 3,744 3,557 13 3,570 Amortization of deferred acquisition costs 4,970 (413) 4,557 4,573 (49) 4,524 General operating and other expenses 9,195 (73) 9,122 8,790 (62) 8,728 Total benefits, losses and expenses 42,155 (2,004) 40,151 39,958 (1,148) 38,810 Income from continuing operations before income tax expense (benefit) 14,282 17 14,299 12,099 1,248 13,347 Income tax expense 3,006 19 3,025 2,176 265 2,441 Income (loss) from continuing operations 11,276 (2) 11,274 9,923 983 10,906 Net income (loss) 11,275 (2) 11,273 9,923 983 10,906 Net income from continuing operations attributable to noncontrolling interests 999 47 1,046 535 4 539 Net income (loss) attributable to AIG 10,276 (49) 10,227 9,388 979 10,367 Net income (loss) attributable to AIG common shareholders 10,247 (49) 10,198 9,359 979 10,338 Income (loss) per common share attributable to AIG common shareholders: Common stock - Basic 13.16 (0.06) 13.10 10.95 1.15 12.10 Common stock - Diluted 13.01 (0.07) 12.94 10.82 1.13 11.95 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Comprehensive Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Other comprehensive income (loss), net of tax Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken (87) (7) (94) 35 9 44 Change in unrealized appreciation (depreciation) of all other investments (32,775) (5,633) (38,408) (6,001) (1,150) (7,151) Change in fair value of market risk benefits attributable to changes in our own credit risk — 1,294 1,294 — 179 179 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts — 5,544 5,544 — 1,361 1,361 Change in foreign currency translation adjustments (514) (99) (613) (187) 7 (180) Other comprehensive income (loss) (33,402) 1,099 (32,303) (5,830) 406 (5,424) Comprehensive income (loss) (22,127) 1,097 (21,030) 4,093 1,389 5,482 Comprehensive income (loss) attributable to noncontrolling interests (1,584) 130 (1,454) 430 10 440 Comprehensive income (loss) attributable to AIG (20,543) 967 (19,576) 3,663 1,379 5,042 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Cash Flows: Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Cash flows from operating activities: Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Unrealized gains in earnings - net (1,392) 2,486 1,094 (1,889) 1,016 (873) Change in the fair value of market risk benefits in earnings, net — (1,481) (1,481) — (1,427) (1,427) Depreciation and other amortization 4,848 (439) 4,409 4,633 (91) 4,542 Changes in operating assets and liabilities: Insurance reserves (2,332) (1,505) (3,837) 5,127 (655) 4,472 Premiums and other receivables and payables - net (10,193) (29) (10,222) (655) (69) (724) Reinsurance assets, net 2,843 1,135 3,978 (1,241) 197 (1,044) Capitalization of deferred policy acquisition costs (4,649) (73) (4,722) (4,906) (63) (4,969) Current and deferred income taxes - net 2,260 19 2,279 1,314 265 1,579 Other, net 340 (184) 156 (1,322) (212) (1,534) Total adjustments (7,069) (71) (7,140) (3,644) (1,039) (4,683) Net cash provided by operating activities 4,207 (73) 4,134 6,279 (56) 6,223 Cash flows from financing activities: Policyholder contract deposits 26,508 74 26,582 25,424 56 25,480 Net cash used in financing activities (676) 74 (602) (3,735) 56 (3,679) Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the standard prospectively as of January 1, 2023 and the standard did not have a material impact on our reported consolidated financial condition, results of operations, or cash flows. For the updated required disclosures, see Note 7. FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the FASB issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard. Segment Reporting In November 2023, the FASB issued an accounting standard update to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods in fiscal years within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment is applied retrospectively to all prior periods presented. We are assessing the impact of this standard. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 3. Segment Information We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows: GENERAL INSURANCE General Insurance business is presented as two operating segments: • North America – consists of insurance businesses in the United States, Canada and Bermuda, and our global reinsurance business, AIG Re. • International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings Ltd. as well as AIG’s Global Specialty business. North America and International operating segments consist of the following products: – Commercial Lines – consists of Property, Liability, Financial Lines and Specialty. – Personal Insurance – consists of Accident & Health and Personal Lines. For further discussion on recent activity in the General Insurance business, see Note 1. LIFE AND RETIREMENT Life and Retirement business is presented as four operating segments: • Individual Retirement – consists of fixed annuities, fixed index annuities and variable annuities. • Group Retirement – consists of record-keeping, plan administrative and compliance services, financial planning and advisory solutions offered to employer-defined contribution plan participants, along with proprietary and non-proprietary annuities and advisory and brokerage products offered outside of plans. • Life Insurance – primary products in the U.S. include term life and universal life insurance. International operations primarily include distribution of life and health products in the UK and Ireland. Corebridge previously announced agreements to sell Laya and AIG Life. The sale of Laya closed on October 31, 2023 and the AIG Life sale is expected to close in the first half of 2024. • Institutional Markets – consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance, high net worth products and guaranteed investment contracts (GICs). For further discussion on the ongoing separation of the Life and Retirement business from AIG and other recent activity, see Note 1. OTHER OPERATIONS Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re. SEGMENT RESULTS We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and pre-tax income (loss), respectively. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and measures that we believe to be common to the industry. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. For the items excluded from adjusted revenues and adjusted pre-tax income (loss), see the table below. The following table presents AIG’s continuing operations by operating segment: (in millions) Adjusted Net Interest Amortization Adjusted 2023 General Insurance North America $ 11,921 $ — $ 1,671 $ 1,207 (a) International 13,170 — 1,952 1,142 (a) Net investment income 3,022 $ 3,022 — — 3,022 Total General Insurance 28,113 3,022 — 3,623 5,371 Life and Retirement Individual Retirement 6,264 4,917 2 567 2,310 Group Retirement 2,734 1,999 1 82 758 Life Insurance 5,092 1,283 — 403 358 Institutional Markets 7,391 1,587 1 9 379 Total Life and Retirement 21,481 9,786 4 1,061 3,805 Other Operations Other Operations before consolidation and eliminations 381 287 1,107 — (1,765) AIG consolidation and eliminations (6) (1) (6) — (10) Total Other Operations 375 286 1,101 — (1,775) Total 49,969 13,094 1,105 4,684 7,401 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — (16) Change in the fair value of market risk benefits, net (b) — — — — (2) Changes in benefit reserves related to net realized gains (losses) — — — — 6 Changes in the fair value of equity securities 94 94 — — 94 Other income (expense) - net (27) 31 31 — — Gain (loss) on extinguishment of debt — — — — 37 Net investment income on Fortitude Re funds withheld assets 1,544 1,544 — — 1,544 Net realized gains (losses) on Fortitude Re funds withheld assets (295) — — — (295) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (2,007) — — — (2,007) Net realized gains (losses) (c) (2,536) (227) — — (2,496) Net gain (loss) on divestitures and other — — — — 643 Non-operating litigation reserves and settlements 1 — — — (1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 62 Net loss reserve discount benefit (charge) — — — — (195) (in millions) Adjusted Net Interest Amortization Adjusted Pension expense related to a one-time lump sum payment to former employees — — — — (84) Integration and transaction costs associated with acquiring or divesting businesses — — — — (252) Restructuring and other costs — — — — (553) Non-recurring costs related to regulatory or accounting changes — — — — (40) Net impact from elimination of international reporting lag (d) 4 1 — 124 12 Revenues and pre-tax income $ 46,802 $ 14,592 $ 1,136 $ 4,808 $ 3,858 (in millions) Adjusted Net Interest Amortization Adjusted 2022 General Insurance North America $ 12,071 $ — $ 1,585 $ 648 (a) International 13,269 — 1,948 1,400 (a) Net investment income 2,382 $ 2,382 — — 2,382 Total General Insurance 27,722 2,382 — 3,533 4,430 Life and Retirement Individual Retirement 5,325 3,898 11 519 1,676 Group Retirement 2,744 2,005 6 80 786 Life Insurance 5,364 1,393 4 415 521 Institutional Markets 4,160 1,051 2 7 334 Total Life and Retirement 17,593 8,347 23 1,021 3,317 Other Operations Other Operations before consolidation and eliminations 827 714 1,131 5 (1,542) AIG consolidation and eliminations (435) (446) (56) (2) (405) Total Other Operations 392 268 1,075 3 (1,947) Total 45,707 10,997 1,098 4,557 5,800 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — 30 Change in the fair value of market risk benefits, net (b) — — — — 958 Changes in benefit reserves related to net realized gains (losses) — — — — 14 Changes in the fair value of equity securities (53) (53) — — (53) Other income (expense) - net (29) 28 28 — — Gain (loss) on extinguishment of debt — — — — (303) Net investment income on Fortitude Re funds withheld assets 943 943 — — 943 Net realized gains (losses) on Fortitude Re funds withheld assets (486) — — — (486) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 7,481 — — — 7,481 Net realized gains (losses) (b) (195) (244) (1) — (173) Net gain (loss) on divestitures and other — — — — (82) Non-operating litigation reserves and settlements 49 — — — 41 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 160 Net loss reserve discount benefit (charge) — — — — 703 Pension expense related to a one-time lump sum payment to former employees — — — — (60) Integration and transaction costs associated with acquiring or divesting businesses — — — — (194) Restructuring and other costs — — — — (570) Non-recurring costs related to regulatory or accounting changes — — — — (37) Net impact from elimination of international reporting lag (d) 978 41 — — 127 Revenues and pre-tax income $ 54,450 $ 11,767 $ 1,125 $ 4,557 $ 14,299 (in millions) Adjusted Net Interest Amortization Adjusted 2021 General Insurance North America $ 10,989 $ — $ 1,333 $ (47) (a) International 14,068 — 2,197 1,102 (a) Net investment income 3,304 $ 3,304 — — 3,304 Total General Insurance 28,361 3,304 — 3,530 4,359 Life and Retirement Individual Retirement 5,922 4,338 61 447 2,297 Group Retirement 3,249 2,410 35 78 1,258 Life Insurance 5,286 1,619 25 427 453 Institutional Markets 5,117 1,154 9 6 546 Total Life and Retirement 19,574 9,521 130 958 4,554 Other Operations Other Operations before consolidation and eliminations 1,338 1,112 1,220 37 (1,418) AIG consolidation and eliminations (991) (996) (65) (1) (932) Total Other Operations 347 116 1,155 36 (2,350) Total 48,282 12,941 1,285 4,524 6,563 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 60 60 — — 61 Change in the fair value of market risk benefits, net (b) — — — — 447 Changes in benefit reserves related to net realized gains (losses) — — — — (15) Changes in the fair value of equity securities (237) (237) — — (237) Other income (expense) - net (24) 33 33 — — Gain (loss) on extinguishment of debt — — — — (389) Net investment income on Fortitude Re funds withheld assets 1,971 1,971 — — 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets 1,003 — — — 1,003 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (603) — — — (603) Net realized gains (losses) (b) 1,705 (156) (13) — 1,744 Net gain (loss) on divestitures and other — — — — 3,044 Non-operating litigation reserves and settlements — — — — (3) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 186 Net loss reserve discount benefit (charge) — — — — 193 Pension expense related to a one-time lump sum payment to former employees — — — — (34) Integration and transaction costs associated with acquiring or divesting businesses — — — — (83) Restructuring and other costs — — — — (433) Non-recurring costs related to regulatory or accounting changes — — — — (68) Revenues and pre-tax income $ 52,157 $ 14,612 $ 1,305 $ 4,524 $ 13,347 (a) General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results. (b) Includes realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging. (c) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets). (d) See Note 1. The following table presents AIG’s year-end identifiable assets and capital expenditures by segment: Year-End Identifiable Assets Capital Expenditures (in millions) 2023 2022 2023 2022 General Insurance $ 139,371 $ 147,083 $ 158 $ 68 Life and Retirement 375,197 352,694 43 102 Other Operations 24,738 22,451 39 40 Total Assets $ 539,306 $ 522,228 $ 240 $ 210 The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2023 2022 2021 2023 2022 2021 North America $ 33,565 $ 39,618 $ 37,324 $ 1,006 $ 1,206 $ 1,230 International 13,237 14,832 14,833 372 387 610 Consolidated $ 46,802 $ 54,450 $ 52,157 $ 1,378 $ 1,593 $ 1,840 * Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operating segment. |
Held-For-Sale Classification
Held-For-Sale Classification | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held-For-Sale Classification | 4. Held-For-Sale Classification HELD-FOR-SALE CLASSIFICATION We report and classify a business as held-for-sale (Held-For-Sale Business) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At December 31, 2023, the following businesses and assets were reported and classified as held-for-sale: AIG Life Limited To further simplify Corebridge’s business model, on September 25, 2023, Corebridge announced that it entered into a definitive agreement to sell AIG Life to Aviva plc for £460 million in cash, subject to certain adjustments. The sale of AIG Life is expected to close in the first half of 2024, subject to regulatory approvals and other customary closing conditions. The results of AIG Life are reported in Life and Retirement. Other Other primarily consists of real estate. The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets at December 31, 2023 after elimination of intercompany balances: (in millions) AIG Life Other Total Assets: Bonds available for sale $ 167 $ 14 $ 181 Other invested assets — 67 67 Short-term investments, including restricted cash of $0 11 1 12 Cash 3 — 3 Accrued investment income 3 — 3 Premiums and other receivables, net of allowance for credit losses and disputes 116 9 125 Reinsurance assets - other, net of allowance for credit losses and disputes 899 3 902 Deferred income taxes 47 — 47 Deferred policy acquisition costs 814 — 814 Other assets, net of allowance for credit losses (a) 83 31 114 Total assets held for sale $ 2,143 $ 125 $ 2,268 Liabilities: Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses $ — $ 19 $ 19 Unearned premiums 54 7 61 Future policy benefits for life and accident and health insurance contracts 838 — 838 Other liabilities 854 3 857 Total liabilities held for sale $ 1,746 $ 29 $ 1,775 (a) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements FAIR VALUE MEASUREMENTS ON A RECURRING BASIS We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions. Fair Value Hierarchy Assets and liabilities recorded at fair value in the 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. The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and the observability of the inputs used determines the appropriate level in the fair value hierarchy for the respective asset or liability. VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE Incorporation of Credit Risk in Fair Value Measurements • Our Own Credit Risk. Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (CDS) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. For a description of how we incorporate our own credit risk in the valuation of embedded derivatives related to certain annuity and life insurance products, see – Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits below. • Counterparty Credit Risk. Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information. For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the appropriate benchmark curve to derive our discount rates. While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk. Fixed Maturity Securities Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets. We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes designed to ensure the accuracy of these values are applied to the fair values received from independent third-party valuation service providers. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques, and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions. When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models internally or via our third party asset managers. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. 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 comparable securities, adjusted for illiquidity and structure. Fair values determined internally or via our third party asset managers are also subject to management review to ensure that valuation models and related inputs are reasonable. The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (RMBS), commercial mortgage backed securities (CMBS), collateralized loan obligations (CLO), other asset‑backed securities (ABS) and fixed maturity securities issued by government sponsored entities and corporate entities. Equity Securities Traded in Active Markets Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets. Mortgage and Other Loans Receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors. Other Invested Assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate. Short-term Investments For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value. Separate Account Assets Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets. Freestanding Derivatives Derivative assets and liabilities can be exchange-traded or traded over-the-counter (OTC). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment. For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. We value our super senior credit default swap portfolio using prices obtained from vendors and/or counterparties. The valuation of the super senior credit derivatives is complex because of the limited availability of market observable information due to the lack of trading and price transparency in certain structured finance markets. Our valuation methodologies for the super senior CDS portfolio have evolved over time in response to market conditions and the availability of market observable information. We have sought to calibrate the methodologies to available market information and to review the assumptions of the methodologies on a regular basis. Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits Certain variable annuity, fixed annuity and fixed index annuity contracts contain MRBs related to guaranteed benefit features that we separate from the host contracts and account for at fair value, with certain changes recognized in earnings. MRBs are contracts or contract features that provide protection to policyholders from other-than-nominal capital market risks and expose the insurance entity to other-than-nominal capital market risks. The fair value of MRBs contained in certain variable annuity, fixed annuity and fixed index annuity contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the MRBs may be in a net asset position. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and are based primarily on our historical experience. Because of the dynamic and complex nature of the projected cash flows with respect to MRBs in our variable annuity, fixed annuity, and fixed index annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments is included within the fair value measurement of these MRBs, and related fees are classified in change in the fair value of MRBs, net, as earned, consistent with other changes in the fair value of these MRBs. Any portion of the fees not attributed to the MRBs is excluded from the fair value measurement and classified in policy fees as earned. Option pricing models are used to estimate the fair value of embedded derivatives in our fixed index annuity and life contracts, taking into account the capital market assumptions for future index growth rates, volatility of the index, future interest rates, and our ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions. Projected cash flows are discounted using the interest rate swap curve (swap curve), which is viewed as being consistent with the credit spreads for highly-rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, Secured Overnight Financing Rate (SOFR)) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of MRBs and embedded derivatives associated with variable annuity, fixed annuity, fixed index annuity and life contracts. The non-performance risk adjustment (NPA) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows. The NPA is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance companies. The corporate credit indices are observable for the first 30 years. For years 30 to 50, the yield is derived using market observable yields. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. MRBs are measured using a NPA that is a locked-in estimate of our claims-paying ability at policy issue (locked-in NPA) as well as a NPA that reflects an estimate of our current claims-paying ability (current NPA). When MRBs are remeasured each period, both the interest rates and current NPA are updated. Changes in the swap curve and the time value accretion of the at-issue NPA are recorded to net income while the difference between the MRBs measured using the at-issue NPA and the current NPA is recorded to OCI. For embedded derivatives, changes in the interest rates and the period-over-period change in the NPA are recorded to net income. Fortitude Re funds withheld payable The reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). As a result of the deconsolidation of Fortitude Re, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. Long-Term Debt The fair value of non-structured liabilities is generally determined by using market prices from exchange or dealer markets, when available, or discounting expected cash flows using the appropriate discount rate for the applicable maturity. We determine the fair value of structured liabilities and hybrid financial instruments (where performance is linked to structured interest rates, inflation or currency risks) using the appropriate derivative valuation methodology (described above) given the nature of the embedded risk profile. In addition, adjustments are made to the valuations of both non-structured and structured liabilities to reflect our own creditworthiness based on the methodology described in “Incorporation of Credit Risk in Fair Value Measurements – Our Own Credit Risk” above. Borrowings under obligations of guaranteed investment agreements (GIAs), which are guaranteed by us, are recorded at fair value using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Other Liabilities Other liabilities measured at fair value include certain securities sold under agreements to repurchase and certain securities sold but not yet purchased. Liabilities arising from securities sold under agreements to repurchase are generally treated as collateralized borrowings. We estimate the fair value of liabilities arising under these agreements by using market-observable interest rates. This methodology considers such factors as the coupon rate, yield curves and other relevant factors. Fair values for securities sold but not yet purchased are based on current market prices. 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: December 31, 2023 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 35 $ 5,581 $ — $ — $ — $ 5,616 Obligations of states, municipalities and political subdivisions — 9,816 847 — — 10,663 Non-U.S. governments 233 12,213 7 — — 12,453 Corporate debt — 136,753 1,679 — — 138,432 RMBS — 12,804 7,640 — — 20,444 CMBS — 13,495 633 — — 14,128 CLO/ABS — 13,959 16,038 — — 29,997 Total bonds available for sale 268 204,621 26,844 — — 231,733 Other bond securities: Obligations of states, municipalities and political subdivisions — 90 1 — — 91 Non-U.S. governments — 37 — — — 37 Corporate debt — 2,697 211 — — 2,908 RMBS — 105 158 — — 263 CMBS — 244 17 — — 261 CLO/ABS — 512 1,169 — — 1,681 Total other bond securities — 3,685 1,556 — — 5,241 Equity securities 632 40 56 — — 728 Other invested assets (b) — 155 2,070 — — 2,225 Derivative assets (c) : Interest rate contracts — 2,826 460 — — 3,286 Foreign exchange contracts — 1,235 1 — — 1,236 Equity contracts 7 1,187 825 — — 2,019 Credit contracts — 8 33 — — 41 Other contracts — — 13 — — 13 Counterparty netting and cash collateral — — — (3,864) (2,220) (6,084) Total derivative assets 7 5,256 1,332 (3,864) (2,220) 511 Short-term investments 2,635 8,137 — — — 10,772 Market risk benefit assets — — 912 — — 912 Other assets (c) — — 243 — — 243 Separate account assets 87,814 3,191 — — — 91,005 Total (d) $ 91,356 $ 225,085 $ 33,013 $ (3,864) $ (2,220) $ 343,370 Liabilities: Policyholder contract deposits $ — $ 55 $ 7,942 $ — $ — $ 7,997 Market risk benefit liabilities — — 5,705 — — 5,705 Derivative liabilities (c) : Interest rate contracts — 3,631 — — — 3,631 Foreign exchange contracts — 891 3 — — 894 Equity contracts 2 680 63 — — 745 Credit contracts — 4 33 — — 37 Other contracts — — 2 — — 2 Counterparty netting and cash collateral — — — (3,864) (1,050) (4,914) Total derivative liabilities 2 5,206 101 (3,864) (1,050) 395 Fortitude Re funds withheld payable — — (1,226) — — (1,226) Other liabilities — 107 122 — — 229 Long-term debt — 53 — — — 53 Total $ 2 $ 5,421 $ 12,644 $ (3,864) $ (1,050) $ 13,153 December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 25 $ 6,594 $ — $ — $ — $ 6,619 Obligations of states, municipalities and political subdivisions — 11,275 824 — — 12,099 Non-U.S. governments 158 13,326 1 — — 13,485 Corporate debt — 134,992 2,847 — — 137,839 RMBS — 11,264 7,553 — — 18,817 CMBS — 13,267 926 — — 14,193 CLO/ABS — 10,356 12,748 — — 23,104 Total bonds available for sale 183 201,074 24,899 — — 226,156 Other bond securities: Obligations of states, municipalities and political subdivisions — 111 — — — 111 Non-U.S. governments — 66 — — — 66 Corporate debt — 1,976 416 — — 2,392 RMBS — 113 173 — — 286 CMBS — 303 28 — — 331 CLO/ABS — 389 910 — — 1,299 Total other bond securities — 2,958 1,527 — — 4,485 Equity securities 518 18 39 — — 575 Other invested assets (b) — 145 2,075 — — 2,220 Derivative assets (c) : Interest rate contracts 1 3,410 311 — — 3,722 Foreign exchange contracts — 1,844 — — — 1,844 Equity contracts 11 132 285 — — 428 Commodity contracts — 9 — — — 9 Credit contracts — — 32 — — 32 Other contracts — — 14 — — 14 Counterparty netting and cash collateral — — — (3,895) (1,640) (5,535) Total derivative assets 12 5,395 642 (3,895) (1,640) 514 Short-term investments 2,821 2,887 — — — 5,708 Market risk benefit assets — — 796 — — 796 Other assets (c) — — 107 — — 107 Separate account assets 81,655 3,198 — — — 84,853 Total $ 85,189 $ 215,675 $ 30,085 $ (3,895) $ (1,640) $ 325,414 Liabilities: Policyholder contract deposits $ — $ 41 $ 5,367 $ — $ — $ 5,408 Market risk benefit liabilities — — 4,736 — — 4,736 Derivative liabilities (c) : Interest rate contracts — 4,838 — — — 4,838 Foreign exchange contracts — 1,138 — — — 1,138 Equity contracts 2 10 14 — — 26 Credit contracts — 9 32 — — 41 Counterparty netting and cash collateral — — — (3,895) (1,917) (5,812) Total derivative liabilities 2 5,995 46 (3,895) (1,917) 231 Fortitude Re funds withheld payable — — (2,235) — — (2,235) Other liabilities — — 112 — — 112 Long-term debt — 56 — — — 56 Total $ 2 $ 6,092 $ 8,026 $ (3,895) $ (1,917) $ 8,308 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.5 billion and $9.8 billion as of December 31, 2023 and 2022, respectively. (c) Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets. (d) Excludes $182 million of assets reclassified to Assets held for sale on the Consolidated Balance Sheets. (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 824 $ (2) $ 67 $ (31) $ — $ (11) $ — $ 847 $ — $ 35 Non-U.S. governments 1 1 1 (5) 11 (2) — 7 — 1 Corporate debt 2,847 (104) 24 (595) 818 (1,295) (16) 1,679 — (24) RMBS 7,553 430 12 (249) 33 (139) — 7,640 — (63) CMBS 926 (23) (49) (58) 223 (386) — 633 — (94) CLO/ABS 12,748 228 408 2,070 675 (251) 160 16,038 — 243 Total bonds available for sale 24,899 530 463 1,132 1,760 (2,084) 144 26,844 — 98 Other bond securities: Obligations of states, municipalities and political subdivisions — — — 1 — — — 1 — — Corporate debt 416 (14) — — — (191) — 211 (15) — RMBS 173 9 — (24) — — — 158 (5) — CMBS 28 (4) — (7) — — — 17 — — CLO/ABS 910 68 — 153 5 (47) 80 1,169 (36) — Total other bond securities 1,527 59 — 123 5 (238) 80 1,556 (56) — Equity securities 39 1 — 27 10 (20) (1) 56 1 — Other invested assets 2,075 (150) 11 90 44 — — 2,070 (151) — Other assets 107 — — 136 — — — 243 — — Total (a) $ 28,647 $ 440 $ 474 $ 1,508 $ 1,819 $ (2,342) $ 223 $ 30,769 $ (206) $ 98 (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 5,367 $ 1,464 $ — $ 1,111 $ — $ — $ — $ 7,942 $ (733) $ — Derivative liabilities, net: Interest rate contracts (311) 11 — (160) — — — (460) 82 — Foreign exchange contracts — 2 — — — — — 2 (2) — Equity contracts (271) 99 — (590) — — — (762) 438 — Other contracts (14) (64) — 67 — — — (11) 64 — Total derivative liabilities, net (b) (596) 48 — (683) — — — (1,231) 582 — Fort |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 6. Investments FIXED MATURITY SECURITIES Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or the fair value option has been elected. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2023 or 2022. Unrealized gains and losses from available for sale investments in fixed maturity securities carried at fair value were reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities for which the fair value option has been elected are reflected in Net investment income. Investments in fixed maturity securities are recorded on a trade-date basis. Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments. An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated (PCD) asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield. SECURITIES AVAILABLE FOR SALE The following table presents the amortized cost and fair value of our available for sale securities: (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 5,885 $ — $ 58 $ (327) $ 5,616 Obligations of states, municipalities and political subdivisions 11,387 — 118 (842) 10,663 Non-U.S. governments 13,668 (3) 137 (1,349) 12,453 Corporate debt 154,674 (90) 1,898 (18,050) 138,432 Mortgage-backed, asset-backed and collateralized: RMBS 20,875 (35) 821 (1,217) 20,444 CMBS 15,379 (34) 46 (1,263) 14,128 CLO/ABS 31,167 — 183 (1,353) 29,997 Total mortgage-backed, asset-backed and collateralized 67,421 (69) 1,050 (3,833) 64,569 Total bonds available for sale (b) $ 253,035 $ (162) $ 3,261 $ (24,401) $ 231,733 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 7,094 $ — $ 21 $ (496) $ 6,619 Obligations of states, municipalities and political subdivisions 13,195 — 99 (1,195) 12,099 Non-U.S. governments 15,133 (6) 91 (1,733) 13,485 Corporate debt 160,242 (132) 1,152 (23,423) 137,839 Mortgage-backed, asset-backed and collateralized: RMBS 19,584 (37) 807 (1,537) 18,817 CMBS 15,610 (11) 14 (1,420) 14,193 CLO/ABS 25,135 — 38 (2,069) 23,104 (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value Total mortgage-backed, asset-backed and collateralized 60,329 (48) 859 (5,026) 56,114 Total bonds available for sale (b) $ 255,993 $ (186) $ 2,222 $ (31,873) $ 226,156 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. (b) At December 31, 2023 and 2022, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $17.1 billion or 7 percent and $22.3 billion or 10 percent, respectively. Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 1,046 $ 12 $ 1,550 $ 315 $ 2,596 $ 327 Obligations of states, municipalities and political subdivisions 1,994 133 5,218 709 7,212 842 Non-U.S. governments 1,901 168 7,483 1,175 9,384 1,343 Corporate debt 15,483 1,936 93,649 16,076 109,132 18,012 RMBS 4,154 288 7,246 880 11,400 1,168 CMBS 2,864 219 8,192 1,027 11,056 1,246 CLO/ABS 6,965 202 13,436 1,151 20,401 1,353 Total bonds available for sale $ 34,407 $ 2,958 $ 136,774 $ 21,333 $ 171,181 $ 24,291 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 3,493 $ 368 $ 1,816 $ 128 $ 5,309 $ 496 Obligations of states, municipalities and political subdivisions 8,697 1,180 73 15 8,770 1,195 Non-U.S. governments 10,702 1,526 779 191 11,481 1,717 Corporate debt 110,683 19,756 13,778 3,609 124,461 23,365 RMBS 10,953 1,293 1,005 182 11,958 1,475 CMBS 11,620 1,094 1,728 326 13,348 1,420 CLO/ABS 16,852 1,388 4,307 681 21,159 2,069 Total bonds available for sale $ 173,000 $ 26,605 $ 23,486 $ 5,132 $ 196,486 $ 31,737 At December 31, 2023, we held 27,930 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 22,663 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2022, we held 36,549 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,048 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2023 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data. Contractual Maturities of Fixed Maturity Securities Available for Sale The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity: December 31, 2023 Total Fixed Maturity Securities (in millions) Amortized Cost, Fair Value Due in one year or less $ 7,963 $ 7,860 Due after one year through five years 47,489 46,165 Due after five years through ten years 40,869 38,202 Due after ten years 89,200 74,937 Mortgage-backed, asset-backed and collateralized 67,352 64,569 Total $ 252,873 $ 231,733 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: Years Ended December 31, 2023 2022 2021 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 267 $ 1,329 $ 446 $ 1,628 $ 1,369 $ 441 For the years ended December 31, 2023, 2022 and 2021, the aggregate fair value of available for sale securities sold was $23.6 billion, $20.5 billion and $27.3 billion, respectively, which resulted in net realized gains (losses) of $(1.1) billion, $(1.2) billion and $928 million, respectively. Included within the net realized gains (losses) are $(133) million, $(311) million and $717 million of net realized gains (losses) for the years ended December 31, 2023, 2022 and 2021, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets. OTHER SECURITIES MEASURED AT FAIR VALUE The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value: (in millions) December 31, 2023 December 31, 2022 Fair Percent Fair Percent Fixed maturity securities: Obligations of states, municipalities and political subdivisions $ 91 2 % $ 111 2 % Non-U.S. governments 37 1 66 1 Corporate debt 2,908 49 2,392 47 Mortgage-backed, asset-backed and collateralized: RMBS 263 4 286 6 CMBS 261 4 331 7 CLO/ABS and other collateralized 1,681 28 1,299 26 Total mortgage-backed, asset-backed and collateralized 2,205 36 1,916 39 Total fixed maturity securities 5,241 88 4,485 89 Equity securities 728 12 575 11 Total $ 5,969 100 % $ 5,060 100 % OTHER INVESTED ASSETS The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2023 December 31, 2022 Alternative investments (a)(b) $ 11,320 $ 11,809 Investment real estate (c) 2,237 2,153 All other investments (d) 2,660 1,991 Total $ 16,217 $ 15,953 (a) At December 31, 2023, included hedge funds of $0.7 billion and private equity funds of $10.6 billion. At December 31, 2022, included hedge funds of $1.4 billion and private equity funds of $10.4 billion. (b) The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to six quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice. (c) Represents values net of accumulated depreciation. At December 31, 2023 and 2022, the accumulated depreciation was $853 million and $786 million, respectively. (d) Includes AIG's ownership interest in Fortitude Group Holdings, LLC (FRL), and DaVinciRe Holdings Ltd, Class D (DVRH), which are recorded using the measurement alternative for equity securities. Our investment in FRL totaled $156 million and $156 million at December 31, 2023 and 2022, respectively. Our investment in DVRH totaled $300 million at December 31, 2023. Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Other Invested Assets – Equity Method Investments We account for hedge funds, private equity funds and other investment partnerships using the equity method of accounting unless our interest is so minor that we may have virtually no influence over partnership operating and financial policies, or we have elected the fair value option. Under the equity method of accounting, our carrying amount generally is our share of the net asset value of the funds or the partnerships, and changes in our share of the net asset values are recorded in Net investment income. In applying the equity method of accounting, we consistently use the most recently available financial information provided by the general partner or manager of each of these investments. Hedge funds are reported as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. The financial statements of these investees are generally audited annually. The carrying amount of equity method investments totaled $5.5 billion and $6.0 billion as of December 31, 2023 and 2022, respectively, representing various ownership percentages each period. Summarized Financial Information of Equity Method Investees The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2023 2022 2021 Operating results: Total revenues $ 4,589 $ 28,500 $ 31,560 Total expenses (2,212) (2,789) (2,241) Net income $ 2,377 $ 25,711 $ 29,319 At December 31, (in millions) 2023 2022 Balance sheet: Total assets $ 59,359 $ 134,435 Total liabilities $ (5,893) $ (14,701) Other Investments Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below. The following table presents the components of Net investment income: Years Ended December 31, 2023 2022 2021 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available for sale fixed maturity securities, including short-term investments $ 10,780 $ 917 $ 11,697 $ 8,664 $ 1,067 $ 9,731 $ 8,583 $ 1,468 $ 10,051 Other fixed maturity securities (a) 43 339 382 (363) (459) (822) (19) 7 (12) Equity securities 94 — 94 (53) — (53) (237) — (237) Interest on mortgage and other loans 2,450 237 2,687 1,959 203 2,162 1,745 207 1,952 Alternative investments (b) 233 86 319 819 170 989 2,579 321 2,900 Real estate 42 — 42 57 — 57 225 — 225 Other investments (c) 162 (6) 156 359 (5) 354 250 5 255 Total investment income 13,804 1,573 15,377 11,442 976 12,418 13,126 2,008 15,134 Investment expenses 756 29 785 618 33 651 485 37 522 Net investment income $ 13,048 $ 1,544 $ 14,592 $ 10,824 $ 943 $ 11,767 $ 12,641 $ 1,971 $ 14,612 (a) Included in the years ended December 31, 2022 and 2021 were income (loss) of $(195) million and $(49) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the years ended December 31, 2023, 2022 and 2021 were income (loss) of $(9) million, $186 million and $65 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. NET REALIZED GAINS AND LOSSES Net realized gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Sales of available for sale fixed maturity securities, real estate and other alternative investments. • Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them. • Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments. • Most changes in the fair value of free standing and embedded derivatives, including changes in the non-performance adjustment are included in Net realized gains (losses). However, changes in derivatives designated as hedging instruments when the fair value of the hedged item is not reported in Net realized gains (losses) are excluded from Net realized gains (losses). Changes in the fair value of free standing derivatives that hedge certain MRBs are excluded from Net realized gains (losses). • Foreign exchange gains and losses resulting from foreign currency transactions. • Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets. The following table presents the components of Net realized gains (losses): Years Ended December 31, 2023 2022 2021 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (929) $ (133) $ (1,062) $ (871) $ (311) $ (1,182) $ 211 $ 717 $ 928 Intent to sell — — — (66) — (66) — — — Change in allowance for credit losses on fixed maturity securities (211) (9) (220) (184) (32) (216) 19 7 26 Change in allowance for credit losses on loans (167) (62) (229) (55) (47) (102) 163 9 172 Foreign exchange transactions 101 19 120 (20) (5) (25) 22 (5) 17 Index-linked interest credited embedded derivatives, net of related hedges (784) — (784) (119) — (119) (5) — (5) All other derivatives and hedge accounting* (374) (105) (479) 1,230 (134) 1,096 260 28 288 Sales of alternative investments and real estate investments 98 (2) 96 193 43 236 988 237 1,225 Other (40) (3) (43) (39) — (39) 213 10 223 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (2,306) (295) (2,601) 69 (486) (417) 1,871 1,003 2,874 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — (2,007) (2,007) — 7,481 7,481 — (603) (603) Net realized gains (losses) $ (2,306) $ (2,302) $ (4,608) $ 69 $ 6,995 $ 7,064 $ 1,871 $ 400 $ 2,271 * Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14. 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: Years Ended December 31, (in millions) 2023 2022 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 8,511 $ (47,741) Other investments — (25) Total increase (decrease) in unrealized appreciation (depreciation) of investments* $ 8,511 $ (47,766) * Excludes net unrealized gains and losses attributable to businesses held for sale at December 31, 2023. The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Years Ended December 31, 2023 2022 (in millions) Equities Other Total Equities Other Total Net gains (losses) recognized during the period on equity securities and other investments $ 94 $ 489 $ 583 $ (53) $ 355 $ 302 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 163 (20) 143 96 (23) 73 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (69) $ 509 $ 440 $ (149) $ 378 $ 229 EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers: • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets. We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). Credit Impairments The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category: Years Ended December 31, 2023 2022 2021 (in millions) Structured Non- Total Structured Non- Total Structured Non- Total Balance, beginning of year $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 Additions: Securities for which allowance for credit losses were not previously recorded 65 134 199 69 238 307 9 56 65 Reductions: Securities sold during the period (5) (35) (40) (3) (92) (95) (4) (29) (33) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis (10) 31 21 (27) (64) (91) (14) (77) (91) Write-offs charged against the allowance (30) (168) (198) — (30) (30) — (29) (29) Other 3 (9) (6) (1) (2) (3) — — — Balance, end of year $ 69 $ 93 $ 162 $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 Purchased Credit Deteriorated Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. We did not purchase securities with more than insignificant credit deterioration since their origination during the twelve months ended December 31, 2023, 2022 and 2021. Other Invested Assets Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments. Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings. 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) December 31, 2023 December 31, 2022 Fixed maturity securities available for sale $ 2,723 $ 2,968 At December 31, 2023 and 2022, amounts borrowed under repurchase and securities lending agreements totaled $2.6 billion and $3.1 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 up to 31 - 90 91 - 364 365 days Total December 31, 2023 Bonds available for sale: Non-U.S. governments $ — $ 277 $ — $ — $ — $ 277 Corporate debt 38 2,408 — — — 2,446 Total $ 38 $ 2,685 $ — $ — $ — $ 2,723 Remaining Contractual Maturity of the Agreements (in millions) Overnight up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: Non-U.S. governments $ — $ 20 $ — $ — $ — $ 20 Corporate debt — 2,371 577 — — 2,948 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 We also enter into agreements in which securities are purchased by us under 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) December 31, 2023 December 31, 2022 Securities collateral pledged to us $ 1,200 $ — At December 31, 2023, the carrying value of reverse repurchase agreements totaled $1.1 billion. All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions. Insurance – Statutory and Other Deposits The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance contracts, was $16.5 billion and $13.6 billion at December 31, 2023 and 2022, 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 $283 million and $239 million of stock in FHLBs at December 31, 2023 and 2022, 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 $6.5 billion and $3.0 billion, respectively, at December 31, 2023 and $5.8 billion and $1.8 billion, respectively, at December 31, 2022. 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 $63 million and $63 million, at December 31, 2023 and 2022, 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 $164 million and $301 million, comprised of bonds available for sale and short-term investments at December 31, 2023 and 2022, respectively. Reinsurance transactions between AIG and Fortitude Re were structured as modco and loss po |
Lending Activities
Lending Activities | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Lending Activities | 7. Lending Activities Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned. Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method. Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy. The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2023 December 31, 2022 Commercial mortgages (a) $ 38,009 $ 37,128 Residential mortgages 8,689 6,130 Life insurance policy loans 1,753 1,758 Commercial loans, other loans and notes receivable (b) 3,940 5,305 Total mortgage and other loans receivable (c) 52,391 50,321 Allowance for credit losses (c) (d) (838) (716) Mortgage and other loans receivable, net (c) $ 51,553 $ 49,605 (a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 18 percent and 11 percent, respectively, at December 31, 2023 and 19 percent and 11 percent, respectively, at December 31, 2022). (b) There were no loans that were held for sale carried at lower of cost or market as of December 31, 2023. The net carrying value of loans carried at lower of cost or market was $170 million as of 2022. (c) Excludes $37.6 billion at both December 31, 2023 and 2022 of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. (d) Does not include allowance for credit losses of $67 million and $69 million, respectively, at December 31, 2023 and 2022, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of December 31, 2023, $27 million and $492 million of residential mortgage loans and commercial mortgage loans, respectively, are placed on nonaccrual status. As of December 31, 2022, $5 million and $703 million of residential mortgage loans and commercial mortgage loans, respectively, are placed on nonaccrual status. Accrued interest is presented separately and is included in Accrued investment income on the Consolidated Balance Sheets. As of December 31, 2023, accrued interest receivable was $20 million and $183 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2022, accrued interest receivable was $15 million and $147 million associated with residential mortgage loans and commercial mortgage loans, respectively. A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan. Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented. CREDIT QUALITY OF COMMERCIAL MORTGAGES The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) >1.2X $ 2,555 $ 6,209 $ 2,349 $ 1,387 $ 4,969 $ 13,459 $ 30,928 1.00 - 1.20X 295 1,149 1,574 369 177 2,632 6,196 <1.00X — 50 — — — 835 885 Total commercial mortgages $ 2,850 $ 7,408 $ 3,923 $ 1,756 $ 5,146 $ 16,926 $ 38,009 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) >1.2X $ 5,518 $ 2,457 $ 1,710 $ 4,985 $ 4,120 $ 11,663 $ 30,453 1.00 - 1.20X 910 898 473 416 567 1,353 4,617 <1.00X 45 — 23 52 744 1,194 2,058 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) Less than 65% $ 2,446 $ 4,629 $ 2,741 $ 1,303 $ 2,832 $ 11,571 $ 25,522 65% to 75% 290 1,763 794 288 1,937 3,220 8,292 76% to 80% — 375 99 — 377 340 1,191 Greater than 80% 114 641 289 165 — 1,795 3,004 Total commercial mortgages $ 2,850 $ 7,408 $ 3,923 $ 1,756 $ 5,146 $ 16,926 $ 38,009 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) Less than 65% $ 5,425 $ 2,548 $ 1,775 $ 3,958 $ 3,016 $ 10,739 $ 27,461 65% to 75% 998 517 405 1,445 1,487 1,393 6,245 76% to 80% 50 52 — — 168 229 499 Greater than 80% — 238 26 50 760 1,849 2,923 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 (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 at both periods ended December 31, 2023 and December 31, 2022. The debt service coverage ratios are updated when additional relevant information becomes available. (b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59 percent at both periods ended December 31, 2023 and December 31, 2022. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year. The following table presents supplementary credit quality information related to commercial mortgages: Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2023 Past Due Status: In good standing 610 $ 15,129 $ 9,679 $ 4,263 $ 6,367 $ 2,053 $ 446 $ 37,937 100 % 90 days or less delinquent 1 — 29 — — — — 29 — >90 days delinquent or in process of foreclosure (a) 1 — — 43 — — — 43 — Total (b) 612 $ 15,129 $ 9,708 $ 4,306 $ 6,367 $ 2,053 $ 446 $ 38,009 100 % Allowance for credit losses $ 94 $ 415 $ 109 $ 90 $ 38 $ 6 $ 752 2 % Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2022 Past Due Status: In good standing 625 $ 14,597 $ 10,102 $ 3,774 $ 6,006 $ 2,027 $ 407 $ 36,913 99 % 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure (a) 4 — 173 42 — — — 215 1 Total (b) 629 $ 14,597 $ 10,275 $ 3,816 $ 6,006 $ 2,027 $ 407 $ 37,128 100 % Allowance for credit losses $ 100 $ 351 $ 81 $ 71 $ 29 $ 8 $ 640 2 % (a) Includes $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2022. Office loans supporting the Fortitude Re funds have been foreclosed and are reported in Other invested assets in the Consolidated Balance Sheets at December 31, 2023. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) FICO*: 780 and greater $ 514 $ 589 $ 2,283 $ 622 $ 240 $ 608 $ 4,856 720 - 779 1,121 625 560 169 99 243 2,817 660 - 719 313 257 113 40 37 128 888 600 - 659 2 20 11 8 9 53 103 Less than 600 — 1 2 2 4 16 25 Total residential mortgages $ 1,950 $ 1,492 $ 2,969 $ 841 $ 389 $ 1,048 $ 8,689 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) FICO*: 780 and greater $ 296 $ 2,204 $ 654 $ 232 $ 77 $ 567 $ 4,030 720 - 779 536 728 168 76 32 169 1,709 660 - 719 163 80 28 16 9 62 358 600 - 659 2 4 2 2 2 14 26 Less than 600 — — — 1 — 6 7 Total residential mortgages $ 997 $ 3,016 $ 852 $ 327 $ 120 $ 818 $ 6,130 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions. The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss). The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a) : Years Ended December 31, 2023 (b) 2022 2021 (in millions) Commercial Other Total Commercial Other Total Commercial Other Total Allowance, beginning of year $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 Loans charged off (109) — (109) (17) — (17) (2) — (2) Net charge-offs (109) — (109) (17) — (17) (2) — (2) Addition to (release of) allowance for loan losses 221 10 231 112 (8) 104 (138) (26) (164) Divestitures — — — — — — — (19) (19) Allowance, end of year $ 752 $ 86 $ 838 $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 (a) Does not include allowance for credit losses of $67 million, $69 million and $71 million, respectively, at December 31, 2023, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) Excludes $37.6 billion at both December 31, 2023 and 2022, of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly updated to reflect the current economic environment. LOAN MODIFICATIONS The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. During the year ended December 31, 2023, commercial mortgage loans with an amortized cost of $87 million (including $56 million supporting the funds withheld arrangements with Fortitude Re) and commercial loans, other loans and notes receivable with an amortized cost of $168 million (none of which were supporting the funds withheld arrangements with Fortitude Re) were granted term extensions. The modified loans represent less than 1 percent of each of these two portfolio segments. These modifications added less than one year to the weighted average life of loans in each of these two portfolio segments. There were no loans that had defaulted during the year ended December 31, 2023, that had been previously modified with borrowers experiencing financial difficulties. Prior to January 1, 2023, we were required to assess loan modifications to determine if they were a troubled debt restructuring. A troubled debt restructuring was a modification of a loan with a borrower that was experiencing financial difficulty and the modification involved us granting a concession to the troubled borrower. Concessions previously granted included extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Reinsurance | 8. Reinsurance In the ordinary course of business, our insurance companies purchase both treaty and facultative reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to facilitate greater diversification of our businesses. In addition, certain of our General Insurance subsidiaries sell reinsurance to other insurance companies. We determine the portion of our ultimate net loss that will be recoverable under our reinsurance contracts by reference to the terms of the reinsurance protection purchased. This determination involves an estimate of incurred but not reported (IBNR) loss. Reinsurance recoverables for contracts which are accounted for as deposits are subject to similar judgments and uncertainties and reported in Other assets. Reinsurance assets include the balances due for paid losses and expenses, reserves for losses and expenses reported and outstanding, reserves for IBNR, ceded unearned premiums and ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. Amounts related to paid and reserved losses and expenses and benefits with respect to these reinsurance agreements are sometimes collateralized. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for unrecoverable reinsurance from reinsurers who are unwilling and/or unable to pay amounts due to us requires judgment for which key inputs typically include historical collection rates when amounts due are in dispute or where the reinsurer has suffered a credit event as well as specific reviews of balances in dispute or subject to credit impairment. The allowance for credit losses and disputes on reinsurance assets was $236 million and $295 million at December 31, 2023 and 2022, respectively. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in Policyholder benefits and losses incurred within the Consolidated Statements of Income (Loss). Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The reinsurance recoverables for coinsurance and modco contracts, along with amounts recoverable on YRT treaties are determined based on updated net premium ratios, reflecting updated actuarial assumptions using locked-in upper-medium investment instrument yield discount rates with changes recognized as remeasurement gains and losses reported in income. In addition, reinsurance recoverables are remeasured at the balance sheet date using current upper-medium grade discount rates with changes reported in OCI. For reinsurance agreements that reinsure existing, or non-contemporaneous (in-force) traditional and limited payment long-duration insurance contracts, the reinsurance recoverable is measured using the upper-medium grade fixed-income instrument yield discount rate assumption related to the effective date of the reinsurance contract. Therefore, for non-contemporaneous reinsurance agreements executed after January 1, 2021, the locked-in rate to accrete interest into the income statement related to the reinsurance recoverable would be different from the locked-in rate used for accreting interest on the direct reserve for future policy benefits. Certain reinsured guaranteed benefits previously reported as reinsurance recoverables are classified as Market risk benefit assets in the Consolidated Balance Sheets and are measured at fair value. The following tables present the transition rollforward for Reinsurance assets: (in millions) Individual Life Institutional Total Reinsurance assets - other, net of allowance for credit losses and disputes (a) Pre-adoption, December 31, 2020 $ 309 $ 2,370 $ 28 $ 2,707 Reclassification of Cost of Reinsurance (b) — 416 — 416 Reclassification to Market risk benefits (35) — — (35) Change in cash flow assumptions and effect of net premiums exceeding gross premiums — 9 — 9 Change due to the current upper-medium grade discount rate — 74 5 79 Post-adoption January 1, 2021 $ 274 $ 2,869 $ 33 $ 3,176 (in millions) Total Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (c) Pre-adoption, December 31, 2020 $ 29,135 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 55 Change due to the current upper-medium grade discount rate 7,611 Post-adoption January 1, 2021 $ 36,801 (a) Excludes $36.3 billion of Reinsurance assets - other, net of allowance for credit losses and disputes in General Insurance and Other Operations. (b) Cost of reinsurance is reported in Other liabilities in the Consolidated Balance sheets. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Excludes $5.4 billion of Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes in General Insurance and Other Operations. The remeasurement of the reinsurance assets using the current upper-medium grade discount rate is offset in AOCI. The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance: At December 31, 2023 2022 (in millions) As Net of As Net of Liability for unpaid losses and loss adjustment expenses $ (70,393) $ (39,994) $ (75,167) $ (42,955) Future policy benefits for life and accident and health insurance contracts (58,576) (35,005) (51,914) (27,836) Policyholder contract deposits (161,979) (158,171) (155,984) (152,375) Reserve for unearned premiums (17,387) (13,117) (18,338) (13,992) Other policyholder funds (3,356) (2,817) (3,463) (2,898) Reinsurance assets* 62,587 64,810 * Reinsurance assets excludes (i) allowance for credit losses and disputes of $236 million and $295 million (of which $110 million and $110 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2023 and 2022, respectively, (ii) paid loss recoveries of $4,879 million and $4,662 million for the years ended December 31, 2023 and 2022, respectively, and (iii) policy and contract claims recoverable of $296 million and $545 million for the years ended December 31, 2023 and 2022, respectively. SHORT-DURATION REINSURANCE Short-duration reinsurance is effected under reinsurance treaties and by negotiation on individual risks. Certain of these reinsurance arrangements consist of excess of loss contracts that protect us against losses above stipulated amounts. Ceded premiums are considered prepaid reinsurance premiums and are recognized as a reduction of premiums earned over the contract period in proportion to the protection received. Amounts recoverable from reinsurers on short-duration contracts are estimated in a manner consistent with the claims liabilities associated with the reinsurance and presented as a component of Reinsurance assets. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsurers. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. Assumed reinsurance premiums are earned primarily on a pro-rata basis over the terms of the reinsurance contracts and the portion of premiums relating to the unexpired terms of coverage is included in the reserve for unearned premiums. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit. The following table presents short-duration insurance premiums written and earned: Years Ended December 31, (in millions) 2023 2022 2021 Premiums written: Direct $ 31,445 $ 32,025 $ 30,910 Assumed 7,951 7,385 7,209 Ceded (12,190) (12,650) (11,702) Net $ 27,206 $ 26,760 $ 26,417 Premiums earned: Direct $ 30,781 $ 32,053 $ 30,279 Assumed 7,050 7,137 6,640 Ceded (12,268) (12,425) (11,301) Net $ 25,563 $ 26,765 $ 25,618 For the years ended December 31, 2023, 2022 and 2021, reinsurance recoveries, which reduced losses and loss adjustment expenses incurred, amounted to $8.1 billion, $7.1 billion and $7.2 billion, respectively. Retroactive reinsurance agreements are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves. The amount of the deferral is recalculated each period based on loss payments and updated estimates. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately. Ceded loss reserves under retroactive agreements were $12.4 billion and $14.3 billion, and the deferred gain liability was $585 million and $661 million, as of December 31, 2023 and 2022, respectively. The effect on income from amortization of the deferred gain was $82 million, $252 million and $191 million for the years ended December 31, 2023, 2022 and 2021, respectively. In the first quarter of 2017, we entered into an adverse development reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., 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 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. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under U.S. GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement. LONG-DURATION REINSURANCE Long-duration reinsurance is principally under YRT treaties, along with a large modco treaty reinsuring the majority of our legacy business to a former affiliate, Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2023 2022 2021 Premiums earned: Direct $ 4,706 $ 4,739 $ 4,604 Assumed 4,111 1,318 2,265 Ceded (1,126) (966) (1,202) Net $ 7,691 $ 5,091 $ 5,667 Policy Fees: Direct $ 2,873 $ 2,991 $ 3,090 Assumed — — — Ceded (76) (78) (85) Net $ 2,797 $ 2,913 $ 3,005 Long-duration reinsurance recoveries, which reduced Policyholder benefits and losses incurred, was approximately $1.1 billion, $0.9 billion and $1.3 billion for the years ended December 31, 2023, 2022 and 2021 respectively. The following table presents long-duration insurance in-force ceded to other insurance companies: At December 31, (in millions) 2023 2022 2021 Long-duration insurance in force ceded $ 363,471 $ 346,879 $ 363,008 Long-duration insurance in-force assumed as a percentage of gross long-duration insurance in-force was 0.01 percent, 0.01 percent, and 0.01 percent at December 31, 2023, 2022 and 2021, respectively; and premiums assumed represented 46.6 percent, 21.8 percent and 33.0 percent of gross premiums for the years ended December 31, 2023, 2022 and 2021, respectively. The U.S. Life and Retirement companies manage the capital impact of their statutory reserve requirements for certain whole life and universal life policies through unaffiliated and affiliated reinsurance transactions. An evaluation is performed to determine whether these reinsurance transactions meet the requirements of risk transfer under U.S. GAAP. If risk transfer requirements are not met, deposit accounting is used for these reinsurance transactions with a reinsurance risk charge recorded in income. Under one affiliated reinsurance arrangement, one of the U.S. Life and Retirement subsidiaries had one bilateral letter of credit currently in the amount of $125 million, which was issued on May 9, 2022 and expires on February 7, 2027. As of May 12, 2022, this letter of credit is subject to reimbursement by Corebridge Parent in the event of a drawdown. For additional information on the use of reinsurance, see Note 20. FORTITUDE RE Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. As of December 31, 2023, approximately $27.6 billion of reserves from our Life and Retirement Run-Off Lines and approximately $3.0 billion of reserves from our General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2023 December 31, 2022 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 17,384 $ 17,384 $ 18,821 $ 18,821 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,867 4,867 4,182 4,182 Fair value through net investment income Commercial mortgage loans 3,921 3,685 4,107 3,837 Amortized cost Real estate investments 184 329 133 348 Amortized cost Private equity funds / hedge funds 1,910 1,910 1,893 1,893 Fair value through net investment income Policy loans 330 330 355 355 Amortized cost Short-term investments 176 176 75 75 Fair value through net investment income Funds withheld investment assets 28,772 28,681 29,566 29,511 Derivative assets, net (b) 45 45 90 90 Fair value through net realized gains (losses) Other (c) 758 758 782 782 Amortized cost Total $ 29,575 $ 29,484 $ 30,438 $ 30,383 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $734 million ($580 million after-tax) and $(7.5) billion ($(5.9) billion after-tax), respectively for the years ended December 31, 2023 and 2022. (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $63 million and $34 million, respectively, as of December 31, 2023. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $192 million and $28 million, respectively, as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. The impact of the funds withheld arrangements with Fortitude Re was as follows: Years Ended December 31, (in millions) 2023 2022 2021 Net investment income - Fortitude Re funds withheld assets $ 1,544 $ 943 $ 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) - Fortitude Re funds withheld assets (295) (486) 1,003 Net realized gains (losses) - Fortitude Re funds withheld embedded derivative (2,007) 7,481 (603) Net realized gains (losses) on Fortitude Re funds withheld assets (2,302) 6,995 400 Income (loss) from continuing operations before income tax expense (benefit) (758) 7,938 2,371 Income tax expense (benefit) (a) (159) 1,667 499 Net income (loss) (599) 6,271 1,872 Change in unrealized appreciation (depreciation) of all other investments (a) 580 (5,900) (1,760) Comprehensive income (loss) $ (19) $ 371 $ 112 (a) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above. Reinsurance Security Our third-party reinsurance arrangements do not relieve us from our direct obligations to our beneficiaries. Thus, a credit exposure exists with respect to both short-duration and long-duration reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. We hold substantial collateral as security under related reinsurance agreements in the form of funds, securities, and/or letters of credit. A provision has been recorded for estimated unrecoverable reinsurance. In light of collateral held, we believe that no exposure to a single reinsurer represents an inappropriate concentration of credit risk to AIG. Gross reinsurance assets due from reinsurers exceeding 5 percent of our total reinsurance assets were approximately $46.3 billion and $48.4 billion at December 31, 2023 and 2022, respectively, of which approximately $3.2 billion and $3.6 billion at December 31, 2023 and 2022, respectively, was not secured by collateral. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. The total reinsurance recoverables as of December 31, 2023 were $69.8 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 90 percent of the reinsurance recoverables were investment grade, of which 51 percent related to General Insurance and 39 percent related to Life and Retirement; (ii) approximately 9 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance and (iii) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG. The total reinsurance recoverables as of December 31, 2022 were $71.8 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 53 percent related to General Insurance and 39 percent related to Life and Retirement; (ii) approximately 7 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one percent of the non-investment grade reinsurance recoverables related to Life and Retirement and (iv) approximately one percent of the reinsurance recoverables related to entities that were not rated by AIG. As of December 31, 2023 and December 31, 2022, approximately 83 percent and 77 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Years Ended December 31, 2023 2022 2021 (in millions) General Insurance Life and Retirement Total General Insurance Life and Retirement Total General Insurance Life and Retirement Total Balance, beginning of year $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 $ 292 $ 83 $ 375 Addition to (release of) allowance for expected credit losses and disputes, net (5) (5) (10) (22) (17) (39) 6 18 24 Write-offs charged against the allowance for credit losses and disputes — (49) (49) (5) — (5) (17) — (17) Recoveries of amounts previously written off — — — 2 — 2 — — — Other changes — — — 4 — 4 — — — Balance, end of year $ 255 $ 30 $ 285 $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented. |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | 9. Deferred Policy Acquisition Costs DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Consolidated Statements of Income (Loss). We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates. Short-duration insurance contracts: Policy acquisition costs are deferred and amortized over the period in which the related premiums written are earned, generally 12 months. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC. We assess the recoverability of DAC on an annual basis or more frequently if circumstances indicate an impairment may have occurred. This assessment is performed by comparing recorded net unearned premiums and anticipated investment income on in-force business to the sum of expected losses and loss adjustment expenses incurred, unamortized DAC and maintenance costs. If the sum of these costs exceeds the amount of recorded net unearned premiums and anticipated investment income, the excess is recognized as an offset against the asset established for DAC. This offset is referred to as a premium deficiency charge. Increases in expected losses and loss adjustment expenses incurred can have a significant impact on the likelihood and amount of a premium deficiency charge. Long-duration insurance contracts: DAC for all long-duration contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. Capitalized expenses are only included in DAC amortization as expenses are incurred. For amortization purposes, contracts are grouped into annual cohorts by issue year and product and to segregate reinsured and non-reinsured contracts. For life insurance contracts, amortization is based on insurance in-force, while initial deposits are used for deferred annuity contracts, structured settlements and pension risk transfer products. Changes in future assumptions (e.g., expected duration of contracts or amount of coverage expected to be in force) are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period. DAC is capped at the amount of expenses capitalized as the DAC balance does not accrue interest. DAC is not subject to recoverability testing. Value of Business Acquired (VOBA) is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis. Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred. The following table presents the transition rollforward for DAC*: Individual Group Life Institutional Total (in millions) Pre-adoption December 31, 2020 DAC balance $ 2,359 $ 560 $ 4,371 $ 26 $ 7,316 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 2,062 534 547 7 3,150 Post-adoption January 1, 2021 DAC balance $ 4,421 $ 1,094 $ 4,918 $ 33 $ 10,466 * Excludes $2.5 billion of DAC in General Insurance. Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the Transition Date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the Transition Date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances reduced DAC. The following table presents a rollforward of DAC: Years Ended December 31, 2023 General Individual Group Life Institutional (in millions) Total Balance, beginning of year $ 2,310 $ 4,597 $ 1,060 $ 4,839 $ 51 $ 12,857 Capitalization 4,135 705 78 473 28 5,419 Amortization expense (3,747) (567) (82) (403) (9) (4,808) Other, including foreign exchange (45) — — 54 — 9 Dispositions* (578) — — — — (578) Reclassified to held for sale — — — (814) — (814) Balance, end of year $ 2,075 $ 4,735 $ 1,056 $ 4,149 $ 70 $ 12,085 Years Ended December 31, 2022 Balance, beginning of year $ 2,428 $ 4,553 $ 1,078 $ 4,904 $ 38 $ 13,001 Capitalization 3,648 562 62 429 21 4,722 Amortization expense (3,536) (519) (80) (415) (7) (4,557) Other, including foreign exchange (230) 1 — (79) (1) (309) Balance, end of year $ 2,310 $ 4,597 $ 1,060 $ 4,839 $ 51 $ 12,857 Years Ended December 31, 2021 Balance, beginning of year $ 2,489 $ 4,421 $ 1,094 $ 4,918 $ 33 $ 12,955 Capitalization 3,658 579 62 420 10 4,729 Amortization expense (3,566) (447) (78) (427) (6) (4,524) Other, including foreign exchange (153) — — (7) 1 (159) Balance, end of year $ 2,428 $ 4,553 $ 1,078 $ 4,904 $ 38 $ 13,001 * Includes amounts related to the sale of Validus Re through the date of disposition. DEFERRED SALES INDUCEMENTS We offer DSI which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for such accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC. Changes in future assumptions (e.g., expected duration of contracts) are applied by adjusting the amortization rate prospectively rather than through a retrospective catch up adjustment. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period, consistent with DAC. The following table presents the transition rollforward for DSI*: (in millions) Individual Group Total Pre-adoption December 31, 2020 DSI balance $ 190 $ 91 $ 281 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 284 114 398 Post-adoption January 1, 2021 DSI balance $ 474 $ 205 $ 679 * Other assets, excluding DSI, totaled $12.8 billion. Prior to the adoption of LDTI, deferred sales inducements for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available-for-sale. At the Transition Date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the Transition Date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances reduced DSI. The following table presents a rollforward of DSI: Years Ended December 31, 2023 2022 2021 (in millions) Individual Group Total Individual Group Total Individual Group Total Balance, beginning of year $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 $ 474 $ 205 $ 679 Capitalization 7 1 8 9 — 9 10 — 10 Amortization expense (55) (14) (69) (56) (14) (70) (56) (14) (70) Balance, end of year* $ 333 $ 164 $ 497 $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 * At December 31, 2023, 2022 and 2021, Other assets, excluding DSI, totaled $12.6 billion, $11.8 billion and $14.0 billion, respectively. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 10. Variable Interest Entities A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. BALANCE SHEET CLASSIFICATION AND EXPOSURE TO LOSS Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (d) Securitization Vehicles (e) Total December 31, 2023 Assets: Bonds available for sale $ 36 $ 148 $ 184 Other bond securities 45 — 45 Equity securities 8 — 8 Mortgage and other loans receivable — 2,063 2,063 Other invested assets Alternative investments (a) 2,695 — 2,695 Investment real estate 1,488 — 1,488 Short-term investments 125 10 135 Cash 61 — 61 Accrued investment income 2 7 9 Other assets 94 2 96 Total (b) $ 4,554 $ 2,230 $ 6,784 Liabilities: Debt of consolidated investment entities $ 1,094 $ 1,106 $ 2,200 Other (c) 82 1 83 Total $ 1,176 $ 1,107 $ 2,283 (in millions) Real Estate and Investment Entities (d) Securitization Vehicles (e) Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,672 $ 3,672 Equity securities 51 — 51 Mortgage and other loans receivable — 2,221 2,221 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 281 472 Cash 71 — 71 Accrued investment income — 9 9 Other assets 102 70 172 Total (b) $ 4,988 $ 6,253 $ 11,241 Liabilities: Debt of consolidated investment entities $ 1,358 $ 4,336 $ 5,694 Other (c) 85 47 132 Total $ 1,443 $ 4,383 $ 5,826 (a) Comprised primarily of investments in real estate joint ventures at December 31, 2023 and 2022. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at December 31, 2023 and 2022. (d) At December 31, 2023 and 2022, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $1.9 billion and $2.1 billion, respectively, of which commitments to external parties were $0.4 billion and $0.6 billion, respectively. (e) During the year ended December 31, 2023, as part of the sale of AIG Credit Management, LLC, certain consolidated investment entities were deconsolidated. The impact of the deconsolidation was a decrease of $3.6 billion in assets and $3.1 billion in liabilities, resulting in a pre-tax loss of $14 million. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss (in millions) Total VIE On-Balance (c) Off-Balance Total December 31, 2023 Real estate and investment entities (a) $ 528,053 $ 9,125 $ 3,720 (d) $ 12,845 Other (b) 1,027 58 748 (e) 806 Total $ 529,080 $ 9,183 $ 4,468 $ 13,651 December 31, 2022 Real estate and investment entities (a) $ 504,219 $ 9,145 $ 3,938 (d) $ 13,083 Other (b) 1,302 247 747 (e) 994 Total $ 505,521 $ 9,392 $ 4,685 $ 14,077 (a) Comprised primarily of hedge funds and private equity funds. (b) At December 31, 2023 and 2022, excludes approximately $1,971 million and $2,057 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,941 million and $2,033 million, respectively. For additional information, see Note 1. (c) At December 31, 2023 and 2022, $9.1 billion and $9.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (e) 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. REAL ESTATE AND INVESTMENT ENTITIES Through our insurance operations and AIG Global Real Estate Investment Corp., we are an investor in various real estate investment entities, some of which are VIEs. These investments are typically with unaffiliated third-party developers via a partnership or limited liability company structure. The VIEs’ activities consist of the development or redevelopment of commercial, industrial and residential real estate. Our involvement varies from being a passive equity investor or finance provider to actively managing the activities of the VIEs. Our insurance operations participate as passive investors in the equity issued by certain third-party-managed hedge and private equity funds that are VIEs. Our insurance operations typically are not involved in the design or establishment of these VIEs, nor do they actively participate in the management of the VIEs. SECURITIZATION AND REPACKAGING VEHICLES We created certain VIEs that hold investments, primarily in investment-grade debt securities and loans, and issued beneficial interests in these investments. Some of these VIEs were created to facilitate our purchase of asset-backed securities. In these situations, all of the beneficial interests are owned by our insurance operations and are consolidated by AIG. In other instances, we have created VIEs that are securitizations of residential mortgage loans or other forms of collateralized loan obligations or repackage loan and other assets into pass-through securities. Our insurance subsidiaries own some of the beneficial interests of these VIEs, and we maintain the power to direct the activities of the VIEs that most significantly impact their economic performance. Accordingly, we consolidate these entities and those beneficial interests issued to third parties are reported as debt of consolidated investment entities. This debt is non-recourse to AIG. RMBS, CMBS, OTHER ABS AND CLOS Primarily through our insurance operations, we are a passive investor in RMBS, CMBS, other ABS and CLOs, the majority of which are issued by domestic special purpose entities. We generally do not sponsor or transfer assets to, or act as the servicer to these asset-backed structures, and were not involved in the design of these entities. Our maximum exposure in these types of structures is limited to our investment in securities issued by these entities and, where applicable, any unfunded commitments to these entities. Conditional unfunded commitments for these unconsolidated entities are $435 million at December 31, 2023. Based on the nature of our investments and our passive involvement in these types of structures, we have determined that we are not the primary beneficiary of these entities. We have not included these entities in the above tables; however, the fair values of our investments in these structures are reported in Notes 5 and 6. Additionally from time to time, AIG participates in the design of certain VIEs which we do not consolidate. The notes issued by these VIEs are recognized at fair value and included in available for sale securities in our financial statements. As of December 31, 2023, the total VIE assets from these securitizations are $3 billion, of which AIG’s maximum exposure to loss is $2.4 billion. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting | 11. Derivatives and Hedge Accounting We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. We use credit derivatives to manage our credit exposures. Commodity derivatives are used to hedge exposures within reinsurance contracts. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, CDSs, total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. Interest rate, currency, equity and commodity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are reflected in income, when appropriate. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset. Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a free standing derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. For additional information on embedded derivatives, see Notes 5, 13 and 14. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 1,863 $ 230 $ 752 $ 17 $ 251 $ 355 $ 1,688 $ 66 Foreign exchange contracts 3,847 416 6,402 336 4,543 642 4,899 317 Derivatives not designated as hedging instruments: (a) Interest rate contracts 42,549 3,056 42,466 3,614 39,833 3,367 34,128 4,772 Foreign exchange contracts 8,803 820 9,900 558 8,626 1,202 10,397 821 Equity contracts 81,110 2,019 9,595 745 31,264 428 4,740 26 Commodity contracts — — — — 212 9 20 — Credit contracts (b) 2,109 41 509 37 1,808 32 933 41 Other contracts (c) 44,640 13 48 2 47,184 14 — — Total derivatives, gross $ 184,921 $ 6,595 $ 69,672 $ 5,309 $ 133,721 $ 6,049 $ 56,805 $ 6,043 Counterparty netting (d) (3,864) (3,864) (3,895) (3,895) Cash collateral (e) (2,220) (1,050) (1,640) (1,917) Total derivatives on Consolidated Balance Sheets (f) $ 511 $ 395 $ 514 $ 231 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of December 31, 2023 and 2022, included CDSs on super senior multi-sector CLO with a net notional amount of $50 million and $79 million (fair value liability of $32 million and $32 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 derivative s. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $1.2 billion at December 31, 2023 and $2.2 billion at December 31, 2022. Fair value of liabilities related to bifurcated embedded derivatives was $8.0 billion and $5.4 billion, respectively, at December 31, 2023 and 2022. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information, see Note 8. COLLATERAL We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. Collateral posted by us to third parties for derivative transactions was $1.9 billion and $2.9 billion at December 31, 2023 and 2022, respectively. 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 $2.8 billion and $2.0 billion at December 31, 2023 and 2022, 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 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 years ended December 31, 2023, 2022 and 2021, we recognized gains (losses) of $(44) million, $312 million and $201 million, respectively, included in Change in foreign currency translation adjustments in Other comprehensive income (loss) related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Income for: (in millions) Hedging Derivatives (a) Excluded Components (b) Hedged Net Impact Year Ended December 31, 2023 Interest rate contracts: Interest credited to policyholder account balances $ 79 $ — $ (99) $ (20) Foreign exchange contracts: Net realized gains/(losses) (422) (11) 422 (11) Year Ended December 31, 2022 Interest rate contracts: Interest credited to policyholder account balances $ (81) $ — $ 83 $ 2 Net investment income 11 — (12) (1) Foreign exchange contracts: Net realized gains/(losses) 382 244 (382) 244 Year Ended December 31, 2021 Interest rate contracts: Interest credited to policyholder account balances $ (19) $ — $ 17 $ (2) Net investment income 9 — (11) (2) Foreign exchange contracts: Net realized gains/(losses) 210 139 (210) 139 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis. DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income (Loss): Years Ended December 31, Gains (Losses) Recognized in Income (in millions) 2023 2022 2021 By Derivative Type: Interest rate contracts $ (404) $ (2,190) $ (573) Foreign exchange contracts (384) 1,149 278 Equity contracts (142) (497) (736) Commodity contracts 9 (13) (9) Credit contracts (2) (4) (12) Other contracts 64 100 64 Embedded derivatives (3,485) 8,566 (1,079) Total $ (4,344) $ 7,111 $ (2,067) By Classification: Policy fees $ 64 $ 63 $ 61 Net investment income - excluding Fortitude Re funds withheld assets — 2 5 Net investment income - Fortitude Re funds withheld assets (11) (10) — Net realized gains (losses) - excluding Fortitude Re funds withheld assets (a) (1,158) 1,111 263 Net realized gains (losses) on Fortitude Re funds withheld assets (b) (2,112) 7,347 (575) Policyholder benefits and claims incurred — (19) (4) Change in the fair value of market risk benefits, net (c) (1,127) (1,383) (1,817) Total $ (4,344) $ 7,111 $ (2,067) (a) Includes $13 million gain related to the sale of Laya and AIG Life. For further details on these transactions, see Notes 1 and 4 . (b) Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re. (c) This represents activity related to derivatives that economically hedged changes in the fair value of certain market risk benefits. CREDIT RISK-RELATED CONTINGENT FEATURES We estimate that at December 31, 2023, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors’ Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $6 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $32 million and $32 million at December 31, 2023 and 2022, respectively. The aggregate fair value of assets posted as collateral under these contracts at December 31, 2023 and 2022, was approximately $34 million and $34 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, CLO and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities. We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income. Our investments in these hybrid securities are reported as Other bond securities in the Consolidated Balance Sheets. The fair value of these hybrid securities was under $1 million at both December 31, 2023 and 2022, respectively. These securities have par amounts of $42 million and $42 million at December 31, 2023 and 2022, respectively, and have remaining stated maturity dates that extend to 2052. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 12. Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2023, goodwill is reported within our General Insurance business – North America and International operating segments, our Life and Retirement business – Life Insurance operating segment and our Other Operations segment. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as 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 and recognized in income. The following table presents the changes in goodwill by operating segment: General Insurance (in millions) North International Life Other Total Balance at January 1, 2022: Goodwill - gross $ 3,791 $ 3,443 $ 239 $ 60 $ 7,533 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,188 172 50 4,056 Increase (decrease) due to: Other — (92) (16) (21) (129) Balance at December 31, 2022: Goodwill - gross 3,791 3,351 223 39 7,404 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,096 156 29 3,927 Increase (decrease) due to: Dispositions* (369) — (30) (9) (408) Reclassified to held for sale — — (23) — (23) Other — 42 — 1 43 Balance at December 31, 2023: Goodwill - gross 3,422 3,393 170 31 7,016 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill $ 2,277 $ 1,138 $ 103 $ 21 $ 3,539 * Primarily represents amounts related to the sale of Validus Re through the date of disposition. Indefinite lived intangible assets are not subject to amortization. Indefinite lived intangible assets primarily include Lloyd’s syndicate capacity and brand names. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests indefinite lived intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). |
Insurance Liabilities
Insurance Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Insurance Liabilities | 13. Insurance Liabilities LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES) Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. 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 or reserve releases. Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $12.1 billion at both December 31, 2023 and 2022, 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 December 31, 2023 and 2022 we held collateral of approximately $8.7 billion and $8.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both December 31, 2023 and 2022. The following table presents the rollforward of activity in loss reserves: Years Ended December 31, (in millions) 2023 2022 2021 Liability for unpaid loss and loss adjustment expenses, beginning of year $ 75,167 $ 79,026 $ 77,720 Reinsurance recoverable (32,102) (35,213) (34,431) Net Liability for unpaid loss and loss adjustment expenses, beginning of year 43,065 43,813 43,289 Losses and loss adjustment expenses incurred: Current year 15,100 16,434 16,434 Prior years, excluding discount and amortization of deferred gain (392) (530) (171) Prior years, discount charge (benefit) 307 (605) (131) Prior years, amortization of deferred gain on retroactive reinsurance (a) (81) (252) (190) Total losses and loss adjustment expenses incurred 14,934 15,047 15,942 Losses and loss adjustment expenses paid: Current year (3,836) (4,011) (3,868) Prior years (11,868) (11,066) (11,503) Total losses and loss adjustment expenses paid (15,704) (15,077) (15,371) Other changes: Foreign exchange effect 606 (1,463) (593) Losses and loss adjustment expenses recognized within gain on divestitures 569 — — Retroactive reinsurance adjustment (net of discount) (b) 158 745 546 Dispositions (c) (3,505) — — Reclassified to held for sale, net of reinsurance recoverables (19) — — Total other changes (2,191) (718) (47) Liability for unpaid loss and loss adjustment expenses, end of year: Net liability for unpaid losses and loss adjustment expenses 40,104 43,065 43,813 Reinsurance recoverable 30,289 32,102 35,213 Total $ 70,393 $ 75,167 $ 79,026 (a) Includes $33 million, $63 million and $53 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $150 million, $(301) million and $(42) million for the years ended December 31, 2023, 2022 and 2021, respectively. (c) Includes amounts related to the sale of Validus Re through the date of disposition. The following table presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2023: (in millions) Net liability for unpaid Reinsurance recoverable on Gross liability U.S. Workers' Compensation (before discount) $ 3,888 $ 5,203 $ 9,091 U.S. Excess Casualty 3,321 3,272 6,593 U.S. Other Casualty 4,112 3,676 7,788 U.S. Financial Lines 5,672 1,622 7,294 U.S. Property and Special Risks 4,403 1,494 5,897 U.S. Personal Insurance 767 2,163 2,930 UK/Europe Casualty and Financial lines 7,447 1,951 9,398 UK/Europe Property and Special Risks 2,913 1,665 4,578 UK/Europe and Japan Personal Insurance 1,483 671 2,154 Total $ 34,006 $ 21,717 $ 55,723 Reconciling Items Discount on workers' compensation lines (2,337) Other product lines* 14,739 Unallocated loss adjustment expenses 2,268 Total Loss Reserves $ 70,393 * Reinsurance recoverable for other product lines of $8.7 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $6.0 billion for the year ended December 31, 2023. Prior Year Development In the sections below, we provide details by coverage group regarding incurred losses, reserve balances and prior year development. The first table below shows prior year development by coverage group, the first two columns of which will again be presented in the coverage group sections that follow. After this table we describe historical drivers of prior year development as well as actuarial methods and relevant terminology. The following coverage group sections present the undiscounted incurred losses and allocated loss adjustment expenses by accident year on a net basis after reinsurance, with separate presentation of the adverse development cover where applicable, excluding related amortization of the deferred gain. Each section also contains a description of the business included in that section. Finally, we show a table of claims payout patterns by coverage. In 2017, we entered into adverse development reinsurance agreement (ADC) cessions with NICO under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. Commercial long-tail exposures for accident years 2015 and prior. The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2023: (in millions) Prior Year Prior Year (a) Re-Attribution (b) Amortization Prior Year U.S. Workers' Compensation $ (267) $ (114) $ (24) $ (52) $ (190) U.S. Excess Casualty (32) 18 (27) (39) (48) U.S. Other Casualty (133) (133) 36 (37) (134) U.S. Financial Lines 94 50 13 (26) 37 U.S. Property and Special Risks (10) — 2 (9) (7) U.S. Personal Insurance (64) (65) — (1) (66) UK/Europe Casualty and Financial lines 165 165 — — 165 UK/Europe Property and Special Risks 81 81 — — 81 UK/Europe and Japan Personal Insurance (57) (57) — — (57) Other Operations Run-Off (7) (7) — — (7) Other product lines (162) (172) — — (172) Subtotal, adjusted pre-tax basis $ (392) $ (234) $ — $ (164) $ (398) Remove impact of Retroactive Reinsurance Amortization of deferred gain at inception 164 Prior year development ceded under the Asbestos LPT — Prior year development ceded under the ADC (158) Total, prior years, excluding discount and amortization of deferred gain $ (392) (a) Change in net ultimate loss and loss adjustment expenses excludes the portion of prior year development we have ceded under the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. (b) Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded. During 2023, we recognized favorable prior year loss reserve development of $392 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation of $267 million, net of external reinsurance but before ADC cessions due to a continuation of favorable loss cost trends in guaranteed cost and excess segments across most accident years; • Favorable development on U.S. Excess Casualty of $32 million, net of external reinsurance but before ADC cessions, driven by favorable development on the Excess Construction Runoff Portfolio; • Favorable development on U.S Other Casualty of $133 million, net of external reinsurance but before ADC cessions, largely driven by favorable experience in construction defect and construction wraps as well as guaranteed cost auto and general liability; • Unfavorable development in U.S. Financial Lines of $94 million, net of external reinsurance but before ADC cessions, due to unfavorable development on High Attaching Excess D&O, M&A, Primary National D&O, Cyber data privacy claims, and Architects & Engineers, partially offset by favorable development on Primary Private Not for Profit D&O and Financial Institutions D&O; • Favorable development on U.S Property and Special Risks of $10 million, net of external reinsurance but before ADC cessions, reflecting favorable development on prior year catastrophes in the 2017-2021 accident years, offset by adverse development on prior year catastrophes in the 2022 accident year; • Favorable development in U.S. Personal Insurance of $64 million driven by favorable development on prior year catastrophes across several events primarily in the 2017-2020 accident years; • Unfavorable development in UK/Europe Casualty and Financial Lines of $165 million due to unfavorable development in auto liability in Europe and UK and in UK D&O and Commercial Professional Indemnity business, partially offset by favorable development in Financial Institutions Professional Indemnity and D&O in Europe and UK and Cyber and Commercial Professional Indemnity in Europe; • Unfavorable development on UK/Europe Property and Special Risks of $81 million driven by unfavorable development on prior year catastrophes; • Favorable development on UK/Europe and Japan Personal Insurance of $57 million driven by favorable development in Japan personal auto and A&H business; and • Favorable development of $162 million in total on other product lines, net of external reinsurance but before ADC cessions, driven by favorable development in global specialty and financial lines in Canada and other International regions. During 2022, we recognized favorable prior year loss reserve development of $530 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation of $644 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends across most accident years particularly for excess and guaranteed cost US Workers Compensation segments; • Favorable development on U.S. Excess Casualty of $116 million, net of external reinsurance but before ADC cessions, driven by lead and mid-excess Retail Excess Casualty; • Favorable development on U.S Other Casualty of $149 million, net of external reinsurance but before ADC cessions, largely driven by favorable experience in Commercial Auto, General Liability and Construction Wraps; • Unfavorable development in U.S. Financial Lines of $939 million, net of external reinsurance but before ADC cessions, due to higher severity trends particularly in Excess & Primary D&O and Excess & Financial Institutions E&O. This was partially offset by favorable development in EPLI; • Favorable development in U.S. Property and Special Risks of $81 million driven by more favorable crop experience than anticipated; • Unfavorable development in UK/Europe Casualty and Financial Lines of $82 million due to unfavorable experience in UK Financial Lines in M&A, Commercial PI and Commercial D&O as well as unfavorable Casualty experience due to large loss activity in the UK, European Excess Casualty, and French Auto experience; • Favorable development on UK/Europe Property and Special Risks of $153 million driven by Global Specialty, primarily from accident years 2020 and 2021. This favorable experience was seen in each product line and in every region; • Favorable development on UK/Europe and Japan Personal Insurance of $111 million driven by Japan Auto and A&H business with additional favorable experience in UK and Europe; and • Favorable development of $264 million in total on other product lines, net of external reinsurance but before ADC cessions, driven by runoff construction business and favorable results from our Canadian business across most products. During 2021, we recognized favorable prior year loss reserve development of $171 million excluding discount and amortization of deferred gain. The development was primarily driven by: • Favorable development on U.S. Workers’ Compensation of $617 million, net of external reinsurance but before ADC cessions due to continued favorable frequency and severity trends seen across the diagonals for many subsets of U.S. Workers Compensation especially for recent accident years; • Favorable development in U.S. Personal Lines of $412 million, net of external reinsurance but before ADC cessions, mainly due to favorable development and subrogation recoveries from the 2017 and 2018 catastrophe years; • Favorable development on UK/Europe and Japan Personal Insurance of $173 million due to favorable loss trends in personal auto in Japan and Europe and accident and health in all three regions; • Favorable development on UK/Europe Property and Special Risks of $118 million driven by favorable emergence across several Specialty classes; • Unfavorable development in U.S. Financial Lines of $649 million, net of external reinsurance but before ADC cessions, due to adverse experience in D&O, Cyber and EPLI. This includes adverse experience in Fiduciary from emergence of Excessive Fee claims and Cyber ransomware losses; • Unfavorable development on UK/Europe Casualty and Financial Lines of $210 million driven by recognition of large loss activity in Financial PI in the UK and Commercial D&O in Europe; and • Unfavorable development in U.S. Property and Special Risks of $172 million driven largely by the impact of reductions in reinsurance recoveries driven by changes in catastrophe loss estimates. Our analyses and conclusions about prior year reserves also help inform our judgments about the current accident year loss and loss adjustment expense ratios we selected. Loss Development Information The following is information about incurred and paid loss developments as of December 31, 2023, net of reinsurance. The cumulative number of reported claims, the total of IBNR liabilities and expected development on reported loss included within the net incurred loss amounts are presented in the following section. Reserving Methodology We use a combination of methods to project ultimate losses for both long-tail and short-tail exposures, which include: • Paid Development method: The Paid Development method estimates ultimate losses by reviewing paid loss patterns and selecting paid ultimate loss development factors. These factors are then applied to paid losses by applying them to accident years, with further expected changes in paid loss. Since the method does not rely on case reserves, it is not directly influenced by changes in the adequacy of case reserves. • Incurred Development method: The Incurred Development method is similar to the Paid Development method, but it uses case incurred losses instead of paid losses. Since this method uses more data (case reserves in addition to paid losses) than the Paid Development method, the incurred development patterns may be less variable than paid development patterns. • Expected Loss Ratio method: The Expected Loss Ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year. This method may be useful if loss development patterns are inconsistent, losses emerge very slowly, or there is relatively little loss history from which to estimate future losses. Expected loss ratio methods for business written in excess of a deductible may be given significant weight in the most recent five accident years. The expected loss ratios used for recent accident years are based on the projected ultimate loss ratios for older years adjusted for rate changes, loss trend including inflation, and where appropriate, changing market conditions. • Bornhuetter-Ferguson method: The Bornhuetter-Ferguson method using premiums and paid losses is a combination of the Paid Development method and the Expected Loss Ratio method where the weight given to each method is the reciprocal of the loss development factor. This method normally determines expected loss ratios similar to the method used for the Expected Loss Ratio method. The Bornhuetter-Ferguson method using premiums and incurred losses is similar to the Bornhuetter-Ferguson method using premiums and paid losses except that it uses case-incurred losses. • Cape Cod method: The Cape Cod method is mechanically similar to the Bornhuetter-Ferguson method with the difference being that the Expected Loss Ratio estimates are determined based on a weighting of the loss estimates that come from the Paid/Incurred Development Methods. This method may be more responsive to recent loss trends than the Bornhuetter-Ferguson method. • Average Loss method: The Average Loss method multiplies a projected number of ultimate claims by an estimated ultimate severity average loss for each accident year to produce ultimate loss estimates. Since projections of the ultimate number of claims are often less variable than projections of ultimate loss, this method can provide more reliable results for reserve categories where loss development patterns are inconsistent or too variable to be relied on exclusively. In updating our loss reserve estimates, we consider and evaluate inputs from many sources, including actual claims data, the performance of prior reserve estimates, observed industry trends, our internal peer review processes, including challenges and recommendations from our Enterprise Risk Management group, as well as the views of third-party actuarial firms. We use these inputs to improve our evaluation techniques, and to analyze and assess the change in estimated ultimate loss for each accident year by product line. Our analyses produce a range of indications from various methods, from which we select our best estimate. In determining the actual carried loss reserves, we consider both the internal actuarial best estimate and numerous other internal and external factors, including: • an assessment of economic conditions, including real GDP growth, inflation, employment rates or unemployment duration, stock market volatility and changes in corporate bond spreads; • changes in the legal, regulatory, judicial and social environment, including changes in road safety, public health and cleanup standards; • changes in medical cost trends (inflation, intensity and utilization of medical services) and wage inflation trends; • underlying policy pricing, terms and conditions including attachment points and policy limits; • change in claims handling philosophy, operating model, processes, and related ongoing enhancements; • third-party claims reviews that are periodically performed for key classes of claims such as toxic tort, environmental and other complex casualty claims; • third-party actuarial reviews that are periodically performed for key classes of business; • input from underwriters on pricing, terms, and conditions and market trends; and • changes in our reinsurance program, pricing and commutations. Where appropriate and identifiable, adjustments have been made to standard projection techniques. Changes in Claims organization management, differing referral and review criteria and other factors may also be expected to alter loss emergence. The following factors are relevant to the loss development information included in the tables below: • Table organization: The tables are organized by accident year and include policies written on an occurrence and claims- made basis. We note that for certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us. These reclassifications are shown as development in the respective years in the tables below. Financial Lines business is primarily written on a claims-made basis, while the majority of the workers’ compensation, excess casualty, other casualty, and run-off property and casualty lines of business are written on an occurrence basis. Primarily, all short-tail lines in Property and Special Risks and Personal Insurance are written on an occurrence basis. • Groupings: We believe our groupings have homogenous risk characteristics with similar development patterns and would generally be subject to similar trends and reflect our reportable segments. The incurred losses and loss adjustment expenses and paid losses in the following tables for the current reporting year are allocated to the line of business and accident years based on how the business is coded by profit center and line of business. • Reinsurance: Our reinsurance program varies by exposure type. Historically we have leveraged facultative and treaty reinsurance, both on a pro-rata and excess of loss basis. Our reinsurance program may change from year to year, which may affect the comparability of the data presented in our tables. • Adverse development reinsurance agreement: We have provided the impact of the ADC in an additional table below our Incurred Losses and Allocated Loss Adjustment Expenses tables. The impact of the ADC is shown beginning in 2016 given the retroactive date of the contract and coincides with the effective date of the contract. For the lines of business covered by the agreement (U.S. Workers' Compensation, U.S. Excess Casualty, U.S. Other Casualty, U.S. Financial Lines, U.S. Property and Special Risks and U.S. Personal Insurance or collectively, the Covered Lines), an attribution of the loss recoveries to the line of business by calendar year and accident year is performed based on the underlying distribution of the losses subject to the agreement. Specifically, the future claim payments for all subject incurred losses were projected into future years based on the same actuarial assumptions underlying the related reserves. The additional table presented after discussion of prior year development by line of business reconciles the changes in net ultimates to our overall prior year development and provides the reattribution of loss recoveries for the Covered Lines. The reinsurance terms of the ADC were then used to identify the future claims payments for which 80% will be reimbursed by NICO. At each reporting period, the attribution of the ADC recoveries is performed. The factors that could cause the attribution to lines of business and accident year to change include changes in underlying actuarial assumptions as to timing and amount of future claim payments. • Incurred but not reported liabilities (IBNR): We include development from past reported losses in IBNR. • Data excluded from tables: Information with respect to accident years older than ten years is excluded from the development tables. Unallocated loss adjustment expenses are also excluded. • Foreign exchange: The loss development for operations outside of the U.S. is presented for all accident years using the current exchange rate at December 31, 2023. Although this approach requires restating all prior accident year information, the changes in exchange rates do not impact incurred and paid loss development trends. • Acquisitions: We include acquisitions from all accident years presented in the tables. For purposes of this disclosure, we have applied the retrospective method for the acquired reserves, including incurred and paid claim development histories throughout the relevant tables. It should be noted that historical reserves for the acquired businesses were established by the acquired companies using methods, assumptions and procedures then in effect which may differ from our current reserving bases. Accordingly, it may not be appropriate to extrapolate future redundancies or deficiencies based on the aggregated historical results shown in the triangles. • Dispositions: We exclude dispositions from all accident years presented in the tables. • Claim counts: We consider a reported claim to be one claim for each claimant or feature for each loss occurrence. Claims relating to losses that are 100 percent reinsured are excluded from the reported claims in the tables below. Reported claims for losses from assumed reinsurance contracts are not available and hence not included in the reported claims. There are limitations that should be considered on the reported claim count data in the tables below, including: – Claim counts are presented only on a reported (not an ultimate) basis; – The tables below include lines of business and geographies at a certain aggregated level which may indicate different frequency and severity trends and characteristics, and may not be as meaningful as the claim count information related to the individual products within those lines of business and geographies; – Certain lines of business are more likely to be subject to occurrences involving multiple claimants and features, which can distort measures based on the reported claim counts in the table below; and – Reported claim counts are not adjusted for ceded reinsurance, which may distort the measure of frequency or severity. Supplemental Information: The information about incurred and paid loss development for all periods preceding the year ended December 31, 2023 and the related historical claims payout percentage disclosure is unaudited and is presented as supplementary information. The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the ADC excluding the related amortization of the deferred gain: U.S. Workers' Compensation U.S. Workers’ Compensation is an extremely long-tail line of business, with loss emergence extending for decades. We generally use a combination of loss development, frequency/severity and expected loss ratio methods for workers’ compensation. Many of our workers compensation policies contain risk-sharing features, including high deductibles, self-insured retentions or retrospective rating features, in addition to a traditional insurance component. These risk-sharing programs generally are large and complex, comprising multiple products, years and structures, and are subject to amendment over time. We group guaranteed cost and excess of deductible business separately and then further by state and industry subset to the extent that meaningful differences are determined to exist. We also separately analyze certain subsets of the portfolio that have unique characteristics (e.g., U.S. government sub-contractor accounts and construction wrap-up business). For excess of deductible business, we also segment by size of deductible and whether the claim is handled by AIG or an outside third-party administrator. The proportion of large deductible business has increased over time, which has slowed the reporting pattern of claims. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 1,729 $ 1,764 $ 1,866 $ 1,862 $ 1,794 $ 1,709 $ 1,679 $ 1,637 $ 1,614 $ 1,589 $ (25) $ 172 41,529 $ (349) $ (143) $ 1,240 $ 29 2015 1,708 1,864 1,866 1,814 1,722 1,675 1,634 1,612 1,592 (20) 355 37,109 (438) (228) 1,154 127 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 (11) 224 31,868 — — 1,025 224 2017 789 850 776 763 731 712 705 (7) 218 27,695 — — 705 218 2018 998 1,021 961 911 896 875 (21) 385 22,222 — — 875 385 2019 887 873 812 801 788 (13) 285 17,000 — — 788 285 2020 597 573 521 477 (44) 106 13,839 — — 477 106 2021 597 570 545 (25) 274 10,982 — — 545 274 2022 523 493 (30) 296 9,339 — — 493 296 2023 500 397 7,359 — — 500 397 Total $ 8,589 $ (196) $ (787) $ 7,802 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,727) — 118 (4,609) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 4,327 (65) (3,632) 695 Unallocated loss adjustment expense prior year development (6) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 8,189 $ (267) $ (4,301) $ 3,888 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 1,311 $ 1,310 $ 1,309 $ 1,329 $ 1,223 $ 1,171 $ 1,243 $ 1,240 $ (3) 2015 1,279 1,279 1,318 1,134 1,105 1,041 1,092 1,154 62 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 (11) 2017 789 850 776 763 731 712 705 (7) 2018 998 1,021 961 911 896 875 (21) 2019 887 873 812 801 788 (13) 2020 597 573 521 477 (44) 2021 597 570 545 (25) 2022 523 493 (30) 2023 500 Total $ 3,889 $ 4,724 $ 5,793 $ 6,287 $ 6,612 $ 6,911 $ 7,394 $ 7,802 $ (92) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,609) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 695 (48) Unallocated loss adjustment expense prior year adjustment 26 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,888 $ (114) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (555) $ (552) $ (485) $ (380) $ (456) $ (466) $ (371) $ (349) $ 22 2015 (585) (587) (496) (588) (570) (593) (520) (438) 82 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (1,140) $ (1,139) $ (981) $ (968) $ (1,026) $ (1,059) $ (891) $ (787) $ 104 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 118 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (3,632) 17 Unallocated loss adjustment expense prior year development 32 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (4,301) $ 153 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 231 $ 558 $ 786 $ 930 $ 1,030 $ 1,096 $ 1,137 $ 1,180 $ 1,207 $ 1,226 $ (64) 2015 234 524 725 854 925 979 1,013 1,038 1,058 (54) 2016 147 378 521 584 630 662 686 694 — 2017 93 224 294 333 367 389 395 — 2018 85 215 296 359 388 409 — 2019 93 219 301 347 389 — 2020 64 159 205 245 — 2021 60 128 171 — 2022 45 102 — 2023 38 — Total $ 4,727 $ (118) U.S. Excess Casualty U.S. Excess Casualty policies tend to attach at a high layer above underlying policies, which causes the loss development pattern to lag significantly. Many of the claims notified to the excess layers are closed without payment because t |
Market Risk Benefits
Market Risk Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Market Risk Benefits | 14. Market Risk Benefits MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose AIG to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (GMIBs) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero. MRBs are recorded at fair value, and AIG applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products. Under the non-option valuation method, the attributed fee is determined at contract inception; it cannot exceed the total contract fees and assessments collectible from the contract holder and cannot be less than zero. Investment margin is excluded from the attributed fee determination. Under the option-based valuation method, an offset to the host amount related to the MRB amount is established at inception. Changes in the fair value of MRBs are recorded in net income in Changes in the fair value of market risk benefits, net except for the portion of the fair value change attributable to our own credit risk, which is recognized in OCI. MRBs are derecognized when the underlying contract is surrendered, a GMDB is incurred, a GMIB is annuitized, or when the account value is exhausted on a policy with a GMWB. Generally when a policyholder elects to annuitize a GMIB rider or the account value on a policy with a GMWB rider is reduced to zero, the policy is converted to a payout annuity automatically. When a conversion occurs, the policyholder is issued a new payout annuity contract. At this point, the MRB is derecognized and a LFPB is established for the payout annuity. Assumptions used to determine the MRB asset (including ceded MRBs) or liability generally include mortality rates that are based upon actual experience modified to allow for variations in policy form; lapse rates that are based upon actual experience modified to allow for variations in policy features; and investment returns, based on stochastically generated scenarios. We evaluate at least annually estimates used to determine the MRB asset or liability and adjust the balance, with a related charge or credit to Change in fair value of MRBs, net, if actual experience or other evidence suggests that earlier assumptions should be revised. In addition, MRBs are valued such that the current provision for nonperformance risk is reflected in the claims cash flows of the asset or liability valuation for direct MRBs. The nonperformance risk spread at contract issue is locked-in. The difference between the MRB valued using the at issue nonperformance risk spread and the current nonperformance risk spread is reported through OCI, while changes in the counterparty credit risk related to ceded MRBs are reported in income. Changes in the fair value of MRBs, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders. The following table presents the transition rollforward of MRBs: Individual Group Total (in millions) Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs $ — $ — $ — Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s) (a) 5,671 576 6,247 Adjustment for the reclassification of additional liabilities from Future policy benefits (b) 1,388 221 1,609 Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date (c) 2,140 187 2,327 Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (d) (516) (89) (605) Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (e) (1,084) (93) (1,177) Post-adoption January 1, 2021 carrying amount for features now classified as MRBs $ 7,599 $ 802 $ 8,401 (a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (c) Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date are recognized in AOCI. (d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above. (e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings. The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Consolidated Balance Sheets at transition: Individual Group Total (in millions) Market risk benefit in an asset position $ 176 $ — $ 176 Reinsured market risk benefit 162 — 162 Market risk benefit assets, at fair value 338 — 338 Market risk benefit liabilities, at fair value 7,937 802 8,739 Market risk benefit, net, January 1, 2021 $ 7,599 $ 802 $ 8,401 The following table presents the balances of and changes in MRBs: Years Ended December 31, 2023 2022 2021 Individual Group Total Individual Group Total Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 3,738 $ 296 $ 4,034 $ 6,452 $ 582 $ 7,034 $ 7,761 $ 802 $ 8,563 Effect of changes in our own credit risk (441) (24) (465) (1,934) (167) (2,101) (2,140) (187) (2,327) Balance, beginning of year, before effect of changes in our own credit risk $ 3,297 $ 272 $ 3,569 4,518 415 4,933 5,621 615 6,236 Issuances 681 37 718 263 25 288 247 28 275 Interest accrual 156 15 171 172 21 193 142 21 163 Attributed fees 803 63 866 864 70 934 805 74 879 Expected claims (91) (3) (94) (83) (2) (85) (54) (2) (56) Effect of changes in interest rates (139) (13) (152) (4,087) (371) (4,458) (1,098) (107) (1,205) Effect of changes in interest rate volatility (69) (3) (72) 263 18 281 74 4 78 Effect of changes in equity markets (1,236) (109) (1,345) 1,382 122 1,504 (1,414) (203) (1,617) Effect of changes in equity index volatility (14) (5) (19) (75) 1 (74) 33 20 53 Actual outcome different from model expected outcome 188 7 195 164 (3) 161 106 8 114 Effect of changes in future expected policyholder behavior (1) 1 — (2) (18) (20) 53 (36) 17 Effect of changes in other future expected assumptions (85) (39) (124) (85) — (85) — — — Other, including foreign exchange — (3) (3) 3 (6) (3) 3 (7) (4) Balance, end of year, before effect of changes in our own credit risk 3,490 220 3,710 3,297 272 3,569 4,518 415 4,933 Effect of changes in our own credit risk 1,072 88 1,160 441 24 465 1,934 167 2,101 Balance, end of year 4,562 308 4,870 3,738 296 4,034 6,452 582 7,034 Less: Reinsured MRB, end of year (77) — (77) (94) — (94) (145) — (145) Net Liability Balance after reinsurance recoverable $ 4,485 $ 308 $ 4,793 $ 3,644 $ 296 $ 3,940 $ 6,307 $ 582 $ 6,889 Net amount at risk GMDB only $ 758 $ 160 $ 918 $ 1,615 $ 371 $ 1,986 $ 684 $ 159 $ 843 GMWB only $ 152 $ 13 $ 165 $ 27 $ 1 $ 28 $ 831 $ 118 $ 949 Combined* $ 1,011 $ 18 $ 1,029 $ 2,084 $ 39 $ 2,123 $ 567 $ 14 $ 581 Weighted average attained age of contract holders 70 64 70 64 70 63 * Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB. The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 (in millions) Asset* Liability* Net Asset* Liability* Net Individual Retirement $ 740 $ 5,225 $ 4,485 $ 661 $ 4,305 $ 3,644 Group Retirement 172 480 308 135 431 296 Total $ 912 $ 5,705 $ 4,793 $ 796 $ 4,736 $ 3,940 * Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date. For additional information related to fair value measurements of MRBs, see Note 5. ACTUARIAL ASSUMPTION UPDATES FOR MARKET RISK BENEFITS In 2023, the life insurance companies recognized a favorable impact to net income due to policyholder behavior assumptions. In 2022, the life insurance companies recognized a favorable impact to net income due to an update to the relationship between projected equity growth and interest rates for annuities. For 2021, the impacts were mainly due to updating the lapse rate expectations. ANNUITY GUARANTEES Annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDBs that are payable in the event of death and living benefits that are payable when partial withdrawals exhaust a policy’s account value, in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits primarily include GMWBs. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both GMDB and GMWB. However, a policyholder can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e., the features are mutually exclusive (except a surviving spouse who has a rider to potentially collect both GMDB upon their spouse’s death and GMWB during their lifetime). A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features. Guaranteed Benefits on Variable Annuities The GMDB feature may provide a death benefit of either (a) total deposits made to the contract, less any partial withdrawals plus a minimum return (and in rare instances, no minimum return), (b) return of premium whereby the benefit is the greater of the current account value or premiums paid less any partial withdrawals, (c) rollups whereby the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified rates up to specified ages, or (d) the highest contract value attained, typically on any anniversary date less any subsequent withdrawals following the contract anniversary. Certain of our variable annuity contracts contain GMDB features and may also contain living benefit riders, which include optional GMWBs and, to a lesser extent, GMABs and GMIBs. These living benefits and GMDBs related to variable annuity contracts are accounted for as MRBs measured at fair value, with changes in the fair value (excluding changes in our own credit risk) recorded in Change in the fair value of MRBs, net. The net amount at risk for the GMWB represents benefits in excess of the account value assuming the utilization of all benefits by the contract holders at the balance sheet date. The net amount at risk for the GMDB feature represents the amount of guaranteed benefits in excess of account value if all policyholders died. GMDB is our most widely offered benefit. Guaranteed Benefits on Fixed Index and Fixed Annuities Certain of our fixed annuity and fixed index annuity contracts, which are not offered through separate accounts, contain optional GMWBs. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. Once the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount; for lifetime GMWB products, the annuity payments continue as long as the covered person(s) is living. The liability for GMWBs in fixed annuity and fixed index annuity contracts, which are recorded in MRBs, represents the expected value of benefits in excess of the projected account value, with the excess (excluding changes in our own credit risk) recognized at fair value through Change in the fair value of MRBs, net. The liability for all of our GMWBs in fixed annuity and fixed index annuity contracts are accounted for as MRBs. For a discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs , see Note 5. |
Separate Account Assets and Lia
Separate Account Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Separate Account Assets and Liabilities | 15. Separate Account Assets and Liabilities We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of separate accounts are legally segregated and are not subject to claims that arise from any of our other businesses. Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs. Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Consolidated Statements of Income (Loss). For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 5. The following table presents fair value of separate account investment options: December 31, 2023 December 31, 2022 (in millions) Individual Group Life Institutional Total Individual Group Life Institutional Total Equity Funds $ 25,451 $ 28,675 $ 819 $ 593 $ 55,538 $ 22,990 $ 24,608 $ 687 $ 581 $ 48,866 Bond Funds 4,037 3,292 44 1,303 8,676 3,802 4,081 46 1,321 9,250 Balanced Funds 17,711 5,479 53 1,923 25,166 17,663 5,113 49 1,939 24,764 Money Market Funds 694 742 16 173 1,625 723 559 17 674 1,973 Total $ 47,893 $ 38,188 $ 932 $ 3,992 $ 91,005 $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 The following table presents the balances and changes in Separate account liabilities: Year Ended December 31, 2023 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Premiums and deposits 1,408 1,374 36 41 2,859 Policy charges (1,241) (441) (49) (93) (1,824) Surrenders and withdrawals (3,744) (3,047) (25) (721) (7,537) Benefit payments (844) (557) (7) (68) (1,476) Investment performance 6,933 6,666 181 287 14,067 Net transfers from (to) general account and other 203 (168) (3) 31 63 Balance, end of year $ 47,893 $ 38,188 $ 932 $ 3,992 $ 91,005 Cash surrender value* $ 46,911 $ 37,992 $ 911 $ 3,994 $ 89,808 Year Ended December 31, 2022 Balance, beginning of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Premiums and deposits 2,420 1,611 37 69 4,137 Policy charges (1,325) (461) (51) (100) (1,937) Surrenders and withdrawals (3,320) (2,452) (22) (131) (5,925) Benefit payments (898) (613) (6) (59) (1,576) Investment performance (9,861) (8,479) (201) (319) (18,860) Net transfers from (to) general account and other 235 (383) (2) 53 (97) Balance, end of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Cash surrender value* $ 44,124 $ 34,169 $ 777 $ 4,518 $ 83,588 Year Ended December 31, 2021 Balance, beginning of year $ 53,456 $ 41,310 $ 912 $ 4,612 $ 100,290 Premiums and deposits 4,081 1,979 49 76 6,185 Policy charges (1,368) (523) (52) (98) (2,041) Surrenders and withdrawals (4,261) (3,013) (32) (82) (7,388) Benefit payments (1,039) (615) (10) (23) (1,687) Investment performance 6,743 6,711 180 486 14,120 Net transfers from (to) general account and other 315 (711) (3) 31 (368) Balance, end of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Cash surrender value* $ 56,727 $ 44,909 $ 1,026 $ 4,993 $ 107,655 * The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges. Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 16. Debt Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable. The following table lists our total debt outstanding at December 31, 2023 and 2022. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2023, including fixed and variable-rates: At December 31, 2023 Range of Maturity Balance at Balance at (in millions) Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable 0% - 6.82% 2024 - 2055 $ 9,079 $ 10,242 Junior subordinated debt 4.88% - 8.18% 2037 - 2058 992 991 AIG Japan Holdings Kabushiki Kaisha 0.27% - 0.35% 2025 267 273 Validus notes and bonds payable — 269 Total AIG general borrowings 10,338 11,775 AIG borrowings supported by assets: AIG notes and bonds payable 7.00% - 8.13% 2025 - 2026 19 81 Series AIGFP matched notes and bonds payable 0.00% - 5.48% 2024 - 2046 18 18 Total AIG borrowings supported by assets 37 99 Total debt issued or guaranteed by AIG 10,375 11,874 Corebridge debt: CRBGLH notes and bonds payable (a) 6.63% - 7.50% 2025 - 2029 200 200 CRBGLH junior subordinated debt (a) 7.57% - 8.50% 2030 - 2046 227 227 Corebridge senior unsecured notes - not guaranteed by AIG 3.50% - 6.05% 2025 - 2052 7,702 6,452 Corebridge junior subordinated debt - not guaranteed by AIG 6.88% 2052 989 989 DDTL facility - not guaranteed by AIG 3.00% - 5.50% 2025 250 1,500 Total Corebridge debt 9,368 9,368 GIAs, at fair value - supported by Corebridge assets (b) 4.88% - 5.04% 2037 - 2038 53 56 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG — 1 Total Short-term and long-term debt $ 19,796 $ 21,299 Debt of consolidated investment entities - not guaranteed by AIG (c) 0% - 4.45% 2024 - 2051 $ 2,591 $ 5,880 Total debt $ 22,387 $ 27,179 (a) We have entered into a guarantee reimbursement agreement with Corebridge and Corebridge Life Holdings, Inc. (CRBGLH) (formerly known as AIG Life Holdings, Inc.) which provides that Corebridge and CRBGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the CRBGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and CRBGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the CRBGLH debt when due, Corebridge and CRBGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest, and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the CRBGLH debt. (b) Collateral posted to third parties was $63 million and $63 million at December 31, 2023 and 2022, 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. (c) At December 31, 2023, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $1.1 billion. At December 31, 2022, includes debt of consolidated investment entities related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable): December 31, 2023 Year Ending (in millions) Total 2024 2025 2026 2027 2028 Thereafter Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable $ 9,079 $ 459 $ 146 $ 268 $ 905 $ 340 $ 6,961 Junior subordinated debt 992 — — — — — 992 AIG Japan Holdings Kabushiki Kaisha (a) 267 — 267 — — — — Total AIG general borrowings 10,338 459 413 268 905 340 7,953 AIG borrowings supported by assets: AIG notes and bonds payable 19 — 12 7 — — — Series AIGFP matched notes and bonds payable 18 — — — — — 18 Total AIG borrowings supported by assets 37 — 12 7 — — 18 Total debt issued or guaranteed by AIG 10,375 459 425 275 905 340 7,971 Corebridge debt: CRBGLH notes and bonds payable 200 — 101 — — — 99 CRBGLH junior subordinated debt 227 — — — — — 227 Corebridge senior unsecured notes 7,702 — 997 — 1,243 — 5,462 Corebridge junior subordinated debt 989 — — — — — 989 DDTL facility (b) 250 250 — — — — — Total Corebridge debt 9,368 250 1,098 — 1,243 — 6,777 GIAs, at fair value - supported by Corebridge assets 53 — — — — — 53 Total (c) $ 19,796 $ 709 $ 1,523 $ 275 $ 2,148 $ 340 $ 14,801 (a) In May 2023, the AIG Japan Holdings Kabushiki Kaisha syndicated loan facility in the amount of JPY24.65 billion and with a maturity date of May 25, 2023, was refinanced, and will now mature on March 25, 2025. (b) Corebridge has the ability to further continue this borrowing through February 25, 2025. (c) Does not reflect $2.6 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG. DEBT ISSUANCE In March 2023, AIG issued $750 million aggregate principal amount of 5.125% Notes Due 2033. On September 15, 2023, Corebridge issued $500 million aggregate principal amount of its 6.050% Senior Notes due 2033 . On December 8, 2023, Corebridge issued $750 million aggregate principal amount of its 5.750% Senior Notes due 2034. DEBT CASH TENDER OFFERS AND REDEMPTIONS In 2023, we repurchased, through cash tender offers, and redeemed $2.2 billion aggregate principal amount of certain notes and debentures issued or guaranteed by AIG, for an aggregate purchase price of $2.2 billion, resulting in a total gain on extinguishment of debt of $37 million. This includes the following: • Repaid £311 million aggregate principal amount of our 5.00% Notes due 2023, which was equivalent to approximately $388 million at the time of repayment. • Redeemed $199 million aggregate principal amount of Validus 8.875% Senior Notes due 2040 for a redemption price of 143.968 percent of the principal amount, plus accrued and unpaid interest, which totaled $289 million. • Repurchased, through cash tender offers, approximately $1.6 billion aggregate principal amount of certain notes and debentures issued by AIG for an aggregate purchase price of approximately $1.5 billion. CREDIT FACILITIES On November 19, 2021, we entered into a credit agreement, which provides for a committed, revolving syndicated credit facility (the Facility) as a potential source of liquidity for general corporate purposes. The Facility provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion without any limits on the type of borrowings and is scheduled to expire in November 2026. Under circumstances described in the credit agreement, the aggregate commitments may be increased by up to $500 million, for a total commitment of up to $5 billion. As of December 31, 2023, a total of $4.5 billion remained available under the Facility. Corebridge maintains a committed, revolving syndicated credit facility (the Corebridge Facility) with aggregate commitments by the bank syndicate to provide Corebridge with unsecured revolving loans and/or standby letters of credit of up to $2.5 billion without any limits on the type of borrowings and with no recourse to AIG Parent. The Corebridge Facility is scheduled to expire in May 2027. As of December 31, 2023, a total of $2.5 billion remained available under the Corebridge Facility. Corebridge also maintains a 3-Year Delayed Draw Term Loan Agreement (the DDTL Facility) scheduled to mature in February 2025. On September 15, 2022, Corebridge borrowed $1.5 billion under the DDTL Facility, $1.25 billion of which Corebridge repaid in 2023. At December 31, 2023, Corebridge has $250 million of borrowings outstanding in the DDTL Facility, with no recourse to AIG Parent. We also maintain a revolving credit facility that can be utilized exclusively by certain consolidated investment entities to acquire assets related to securitizations. Draws under this credit facility cannot be utilized for general corporate purposes. Prior to the pricing of the related securitizations, this credit facility has a limit of up to $250 million. Subsequent to pricing of the related securitizations, the limit is expected to increase to up to approximately $450 million. As of December 31, 2023, we have drawn $43 million under the credit facility. This credit facility has a maturity date of seven years. We also maintain revolving credit facilities that can exclusively be utilized by certain consolidated investment entities to acquire real estate assets. Draws under those credit facilities cannot be utilized for general corporate purposes. These credit facilities have consolidated limits of up to $396 million. As of December 31, 2023, we have drawn $231 million, under the credit facilities. Each of these credit facilities have maturity dates ranging from one year to two years. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 17. Contingencies, Commitments and Guarantees In the normal course of business, various contingent liabilities and commitments are entered into by AIG and our subsidiaries. In addition, AIG Parent guarantees various obligations of certain subsidiaries. Although AIG cannot currently quantify its ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on AIG’s consolidated financial condition or its consolidated results of operations or consolidated cash flows for an individual reporting period. LEGAL CONTINGENCIES Overview In the normal course of business, AIG and our subsidiaries are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in a large number of proceedings pending in various domestic and foreign jurisdictions. Certain of these matters involve potentially significant risk of loss due to potential for significant jury awards and settlements, punitive damages or other penalties. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are generally considered in the establishment of our loss reserves. Separate and apart from the foregoing matters involving insurance and reinsurance coverage, AIG, our subsidiaries and their respective officers and directors are subject to a variety of additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to these other categories of matters not arising out of claims for insurance or reinsurance coverage, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe, other than as may be discussed below, that any such charges are likely to have a material adverse effect on our financial position or results of operation. Additionally, from time to time, various regulatory and governmental agencies review the transactions and practices of AIG and our subsidiaries in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage. Moriarty Litigation American General Life Insurance Company (AGL) continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period following nonpayment of premium during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The Moriarty plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held a trial was necessary to determine whether AGL was liable, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach-of-contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2023 order for interlocutory appeal to the Ninth Circuit and stayed trial-court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023, which remains pending. AGL is defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. and AGL (E.D. Cal.), in which the individual plaintiff filed a motion on August 11, 2023 seeking leave to amend the complaint to add class-action allegations against AGL; and Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed on September 6, 2023 as a putative class action. These cases are in the early stages, and we expect their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same statutes. We have accrued our current estimate of probable loss with respect to these litigation matters. LEASE COMMITMENTS We lease office space and equipment in various locations across jurisdictions in which the Company operates. The majority of the resulting obligation arising from these contracts is generated by our real estate portfolio, which only includes contracts classified as operating leases. The lease liability right of use asset Other liabilities Other assets The weighted average discount rate and lease term assumptions used in determining the liability are 2.96 percent and 10.2 years, respectively. The primary assumption used to determine the discount rate is the cost of funding for the Company, which is based on the secured borrowing rate for terms similar to the lease term, and for the major financial markets in which AIG operates. Rent expense was $177 million, $190 million and $237 million for the years ended December 31, 2023, 2022 and 2021, respectively. The following table presents the future undiscounted cash flows under operating leases at December 31, 2023: (in millions) 2024 $ 164 2025 134 2026 93 2027 85 2028 77 Remaining years after 2028 576 Total undiscounted lease payments 1,129 Less: Present value adjustment 210 Net lease liabilities $ 919 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 $6.1 billion and $6.6 billion at December 31, 2023 and 2022, respectively. GUARANTEES Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc. Due to the deconsolidation of AIGFP and its subsidiaries, as of December 31, 2023, a $102 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities. Business and Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses and assets. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Consolidated Balance Sheets. Other • For additional information on commitments and guarantees associated with VIEs, see Note 10. • For additional information on derivatives, see Note 11. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | 18. Equity SHARES OUTSTANDING Preferred Stock On March 14, 2019, we issued 20,000 shares of Series A 5.85% Non-Cumulative Perpetual Preferred Stock (Series A Preferred Stock) (equivalent to 20,000,000 Depositary Shares (the 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,” (as defined in our Amended and Restated Certificate of Incorporation), 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). 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. 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 shareholders, 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 shareholders (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. On January 31, 2024, we announced that we will redeem all of the 20,000 outstanding shares of the Series A Preferred Stock and all 20,000,000 of the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock, on March 15, 2024. The redemption price per share of Series A Preferred Stock will be $25,000 (equivalent to $25.00 per Depositary Share). Common Stock The following table presents a rollforward of outstanding shares: Years Ended December 31, 2023 2022 2021 (in millions) Common Treasury Common Stock Common Treasury Common Stock Common Treasury Common Stock Shares, beginning of year 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 Shares issued — 5.5 5.5 — 5.5 5.5 — 6.8 6.8 Shares repurchased — (50.8) (50.8) — (90.1) (90.1) — (49.7) (49.7) Shares, end of year 1,906.7 (1,217.9) 688.8 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 Dividends Dividends are payable on AIG common stock, par value $2.50 per share (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. Repurchase of AIG Common Stock Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through the Securities Exchange Act of 1934, as amended (the Exchange Act) Rule 10b5-1 repurchase plans. On August 1, 2023, the Board of Directors authorized the repurchase of $7.5 billion of AIG Common Stock (inclusive of the approximately $2.15 billion of expected remaining authorization under the Board's prior share repurchase authorization). 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. Pursuant to an Exchange Act Rule 10b5-1 repurchase plan, from January 1, 2024 to February 8, 2024, we repurchased approximately 10 million shares of AIG Common Stock for an aggregate purchase price of approximately $706 million. DIVIDENDS DECLARED On February 13, 2024, our Board of Directors declared a cash dividend on AIG Common Stock of $0.36 per share, payable on March 28, 2024 to shareholders of record on March 14, 2024. On February 13, 2024, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $365.625 per share, payable on March 15, 2024 to holders of record on February 29, 2024. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents a rollforward of Accumulated other comprehensive income (loss): * Includes net unrealized gains and losses attributable to businesses held for sale at December 31, 2023. The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2023 and 2022 , respectively: (in millions) Unrealized Unrealized Change in Fair Change in the Foreign Retirement Fair Value of Total Year Ended December 31, 2023 Unrealized change arising during period $ (6) $ 7,172 $ (695) $ (1,045) $ 137 $ 118 $ — $ 5,681 Less: Reclassification adjustments included in net income (26) (1,036) — — — (29) — (1,091) Total other comprehensive income (loss), before of income tax expense (benefit) 20 8,208 (695) (1,045) 137 147 — 6,772 Less: Income tax expense (benefit) 6 1,074 (151) (174) 35 42 — 832 Total other comprehensive income (loss), net of income tax expense (benefit) $ 14 $ 7,134 $ (544) $ (871) $ 102 $ 105 $ — $ 5,940 Year Ended December 31, 2022 Unrealized change arising during period $ (112) $ (47,043) $ 1,635 $ 6,993 $ (593) $ (53) $ (6) $ (39,179) Less: Reclassification adjustments included in net income 7 (1,189) — — — (30) — (1,212) Total other comprehensive income (loss), before income tax expense (benefit) (119) (45,854) 1,635 6,993 (593) (23) (6) (37,967) Less: Income tax expense (benefit) (25) (7,446) 341 1,449 20 (3) — (5,664) Total other comprehensive income (loss), net of income tax expense (benefit) $ (94) $ (38,408) $ 1,294 $ 5,544 $ (613) $ (20) $ (6) $ (32,303) Year Ended December 31, 2021 Unrealized change arising during period $ 55 $ (8,030) $ 227 $ 1,717 $ (108) $ 379 $ (2) $ (5,762) Less: Reclassification adjustments included in net income — 928 — — — (46) — 882 Total other comprehensive income (loss), before income tax expense (benefit) 55 (8,958) 227 1,717 (108) 425 (2) (6,644) Less: Income tax expense (benefit) 11 (1,807) 48 356 72 100 — (1,220) Total other comprehensive income (loss), net of income tax expense (benefit) $ 44 $ (7,151) $ 179 $ 1,361 $ (180) $ 325 $ (2) $ (5,424) The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss) (a) : Amount Reclassified from AOCI Affected Line Item in the Years Ended December 31, Consolidated (in millions) 2023 2022 2021 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (26) $ 7 $ — Net realized gains (losses) Total (26) 7 — Unrealized appreciation (depreciation) of all other investments Investments (1,036) (1,189) 928 Net realized gains (losses) Total (1,036) (1,189) 928 Change in retirement plan liabilities adjustment Prior-service credit (2) (2) (3) (b) Actuarial losses (27) (28) (43) (b) Total (29) (30) (46) Total reclassifications for the period $ (1,091) $ (1,212) $ 882 (a) The following items are not reclassified out of AOCI and included in the Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts, and (c) Fair value of liabilities under fair value option attributable to changes in own credit risk. (b) These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 22 . NONCONTROLLING INTEREST Since the IPO of Corebridge, AIG closed on three secondary offerings and sold 159.75 million shares of Corebridge common stock. Corebridge also repurchased approximately 17.2 million shares of Corebridge common stock from AIG during the year ended December 31, 2023. AIG owns 52.2 percent of the outstanding common stock of Corebridge as of December 31, 2023. For additional information on the Corebridge common stock offerings and share repurchases, see Note 1. The following table presents the effect of changes in our ownership interest in Corebridge on our equity: Years Ended December 31, (in millions) 2023 2022 2021 Net income attributable to AIG common shareholders $ 3,614 $ 10,198 $ 10,338 Changes in AIG equity for sale of interest in Corebridge and Corebridge share repurchases 145 497 (630) Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests $ 3,759 $ 10,695 $ 9,708 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share (EPS) | 19. Earnings Per Common Share (EPS) The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable. The following table presents the computation of basic and diluted EPS: Years Ended December 31, (dollars in millions, except per common share data) 2023 2022 2021 Numerator for EPS: Income (loss) from continuing operations $ 3,878 $ 11,274 $ 10,906 Less: Net income from continuing operations attributable to noncontrolling interests 235 1,046 539 Less: Preferred stock dividends 29 29 29 Income (loss) attributable to AIG common shareholders from continuing operations 3,614 10,199 10,338 Income (loss) from discontinued operations, net of income tax expense — (1) — Net income (loss) attributable to AIG common shareholders $ 3,614 $ 10,198 $ 10,338 Denominator for EPS: Weighted average common shares outstanding - basic 719,506,291 778,621,118 854,320,449 Dilutive common shares 5,726,777 9,320,632 10,564,430 Weighted average common shares outstanding - diluted (a) 725,233,068 787,941,750 864,884,879 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 5.02 $ 13.10 $ 12.10 Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 5.02 $ 13.10 $ 12.10 Diluted: Income (loss) from continuing operations $ 4.98 $ 12.94 $ 11.95 Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 4.98 $ 12.94 $ 11.95 (a) Potential dilutive common shares include our share-based employee compensation plans and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of potential common shares excluded from diluted shares outstanding was 4.4 million, 24.1 million and 12.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. For information regarding our repurchases of AIG Common Stock, see Note 18. |
Statutory Financial Data and Re
Statutory Financial Data and Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Statutory Financial Data and Restrictions | 20. Statutory Financial Data and Restrictions The following table presents statutory net income (loss) and capital and surplus for our General Insurance companies and our Life and Retirement companies in accordance with statutory accounting practices: (in millions) 2023 2022 2021 Years Ended December 31, Statutory net income (loss) (a)(b) : General Insurance companies: Domestic $ 1,912 $ 2,272 $ 2,649 Foreign 1,867 1,047 1,573 Total General Insurance companies $ 3,779 $ 3,319 $ 4,222 Life and Retirement companies: Domestic $ 3,354 $ 3,091 $ 2,588 Foreign (51) 5 5 Total Life and Retirement companies $ 3,303 $ 3,096 $ 2,593 At December 31, Statutory capital and surplus (a)(b) : General Insurance companies: Domestic $ 18,703 $ 19,563 Foreign 11,527 13,913 Total General Insurance companies $ 30,230 $ 33,476 Life and Retirement companies: Domestic $ 14,752 $ 12,229 Foreign 467 486 Total Life and Retirement companies $ 15,219 $ 12,715 Aggregate minimum required statutory capital and surplus: General Insurance companies: Domestic $ 3,625 $ 3,680 Foreign 6,041 7,314 Total General Insurance companies $ 9,666 $ 10,994 Life and Retirement companies: Domestic $ 4,025 $ 4,057 Foreign 223 194 Total Life and Retirement companies $ 4,248 $ 4,251 (a) Excludes discontinued operations and other divested businesses. (b) The 2023 amounts reflect our best estimate of the statutory net income, capital and surplus as of the date of AIG’s Form 10-K filing. Our insurance subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by domestic and foreign insurance regulatory authorities. The principal differences between statutory financial statements and financial statements prepared in accordance with U.S. GAAP for domestic companies are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, investment impairments are determined in accordance with statutory accounting practices, assets and liabilities are presented net of reinsurance, policyholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the RBC level that would trigger regulatory action or minimum requirements per state insurance regulation. Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the U.S., and can vary significantly by jurisdiction. At both December 31, 2023 and 2022, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels. For foreign insurance companies, financial statements are prepared in accordance with local regulatory requirements. These accounting practices differ from U.S. GAAP primarily by different rules on deferral of policy acquisition costs, amortization of deferred acquisition costs, and establishing future policy benefit liabilities using different actuarial assumptions, as well as valuing for deferred taxes on a different basis. STATUTORY PERMITTED ACCOUNTING PRACTICE At December 31, 2023 and 2022, AGL used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had National Association of Insurance Commissioners (NAIC) statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects: • Effective December 31, 2020 and periods through September 30, 2023, AGL, a life insurance subsidiary domiciled in Texas, renewed a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss (XOL) reinsurance agreement with a 20-year term that provides coverage to AGL for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (Block 1) exceeding an attachment point as defined in the agreement. This permitted practice was previously expanded on October 1, 2020 to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL reinsurance agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including certain new business issued after the effective date (Block 2). • Effective September 30, 2023, the permitted practice for Block 1 and Block 2 was extended through September 30, 2026 and the maximum notional value of Block 2 was increased for certain new business. Effective October 1, 2022 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL agreement with a 25-year term that provides coverage to the subsidiary for aggregate XOL claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date, including certain new business issued after the effective date (Block 3). Effective September 30, 2023, the permitted practice for Block 3 was extended through September 30, 2026 and the maximum notional value was increased for certain new business. These permitted practice resulted in an increase in the statutory surplus of AGL of approximately $1.7 billion and $1.0 billion at December 31, 2023 and 2022, respectively. SUBSIDIARY DIVIDEND RESTRICTIONS Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. With respect to our domestic insurance subsidiaries, the payment of any dividend requires formal notice to the insurance department in which the particular insurance subsidiary is domiciled. For example, unless permitted by the Superintendent of Financial Services, property casualty companies domiciled in New York generally may not pay dividends to shareholders that, in any 12-month period, exceed the lesser of 10 percent of such company’s statutory policyholders’ surplus or 100 percent of its “adjusted net investment income,” for the previous year, as defined. Generally, less severe restrictions applicable to both property casualty and life insurance companies exist in most of the other states in which our insurance subsidiaries are domiciled. Under state insurance laws, an insurer may pay a dividend without prior approval of the insurance regulator when the amount of the dividend is below certain regulatory thresholds. Other foreign jurisdictions may restrict the ability of our foreign insurance subsidiaries to pay dividends. Various other regulatory restrictions also limit cash loans and advances to us by our subsidiaries. Largely as a result of these restrictions, approximately $29.2 billion of the statutory capital and surplus of our consolidated insurance subsidiaries were restricted from transfer to AIG Parent without prior approval of state insurance regulators at December 31, 2023. To our knowledge, no AIG insurance company is currently on any regulatory or similar “watch list” with regard to solvency. PARENT COMPANY DIVIDEND RESTRICTIONS At December 31, 2023, our ability to pay dividends is not subject to any significant contractual restrictions, but remains subject to regulatory restrictions. For additional information about our ability to pay dividends to our shareholders, see Note 18. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | 21. Share-Based Compensation Plans The following table presents our total share-based compensation expense: Years Ended December 31, (in millions) 2023 2022 2021 Share-based compensation expense - pre-tax (a) $ 199 $ 288 $ 278 Share-based compensation expense - after tax (b) 157 228 220 (a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $58 million, $67 million and $67 million in 2023, 2022 and 2021, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. Excludes share-based compensation expense of $60 million, $75 million and $88 million in 2023, 2022 and 2021, respectively, for units issued to Corebridge employees that will be settled in Corebridge common stock. (b) We also recognized $21 million of tax benefit due to share settlements occurring in 2023. EMPLOYEE PLANS The Company sponsors several stock compensation programs under the AIG Long Term Incentive Plan (LTIP) (as amended) from which performance share units (PSUs), restricted stock units (RSUs), stock options and deferred stock units (DSUs) (collectively units) are issued. In addition, off-cycle grants are made from time to time during the year generally as sign-on awards to new hires or as a result of a change in employee status. The LTIP was governed by the AIG 2013 Omnibus Incentive Plan (2013 Plan), until it was replaced by the AIG 2021 Omnibus Incentive Plan (2021 Omnibus Plan), which was adopted at the annual shareholders’ meeting in May 2021. The adoption occurred after the annual 2021 LTIP awards were granted. Our share-settled awards are settled with previously acquired shares held in AIG’s treasury. AIG Omnibus Incentive Plan The 2021 Omnibus Plan provided for the grants of share-based awards to our employees and non-employee directors. The total number of shares granted under the 2021 Plan (the reserve) was the sum of 1) 8.1 million shares of AIG Common Stock, plus 2) the number of authorized shares that remained available for issuance under the 2013 Plan when the 2021 Omnibus Plan became effective, plus 3) the number of shares of AIG Common Stock relating to outstanding awards under the 2013 Plan at the time the 2021 Omnibus Plan became effective that subsequently were forfeited, expired, terminated or otherwise lapse or are settled in cash. Each share-based unit granted under the Omnibus Plan reduces the number of shares available for future grants by one share. However, shares with respect to awards that are forfeited, expired or settled for cash are returned to the reserve. As of December 31, 2023, 23,836,222 shares are available for future grants. AIG Long Term Incentive Plan Long-Term Incentive (LTI) Awards The LTIP provides for an annual award to certain employees, including our senior executive officers and other highly compensated employees that may be comprised of a combination of one or more of the following units: PSUs, RSUs or stock options. The number of PSUs issued on the grant date (the target) provides the opportunity for LTIP participants (usually senior management) to receive shares of AIG Common Stock based on AIG achieving specified performance goals at the end of a three-year performance period. These performance goals are pre-established by AIG’s Compensation and Management Resources Committee (CMRC) for each annual grant and may differ from year to year. The actual number of PSUs earned can vary from zero to 200 percent of the target for the 2023, 2022 and 2021 LTI awards, depending on AIG’s performance relative to a specified peer group and/or the outcome of pre-established financial goals, as applicable. RSUs and stock options are earned based solely on continued service by the participant. Vesting occurs on January 1 of the year immediately following the end of the three-year performance and service period. Beginning in 2022, vesting for RSUs and stock options awarded occurs in three equal installments on the first, second and third anniversary of the grant date. Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period. However, for involuntarily terminated employees hired after April 1, 2022 unvested RSUs and options are forfeited on the termination date, while PSUs are pro-rated based on the number of completed years in the performance period. Prior to 2021, LTI awards and other share-settled grants accrued dividend equivalent units (DEUs) in the form of additional PSUs and RSUs whenever a cash dividend was declared on shares of AIG Common Stock; the DEUs were subject to the same vesting terms and conditions as the underlying unit. Beginning in 2021, PSUs and RSUs granted accrue dividend equivalent rights (DERs) as AIG’s dividends are declared. These DERs are settled in cash only if the underlying units’ vesting conditions are met; previously accrued DEUs were not impacted by this change. Unit Valuation The fair value of time-vesting RSUs as well as PSUs that are earned based on certain company-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of PSUs that are earned based on AIG’s relative total shareholder return (TSR) was determined on the grant date using a Monte Carlo simulation. The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR (a) : 2023 2022 2021 Expected dividend yield (b) — % — % — % Expected volatility (c) 37.98 % 47.60 % 47.63 % Risk-free interest rate (d) 4.42 % 1.71 % 0.28 % (a) PSUs will be adjusted by +/-25 percent if AIG's TSR is in the top or bottom quartile of the peer group at the culmination of the performance period for the 2021 LTI award. (b) The award agreement provides that TSR for AIG and each member of the Peer Group will be calculated assuming dividends distributed are reinvested on the ex‑dividend date. (c) We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date. (d) We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield. Modification During 2022 in connection with the 2022 Corebridge IPO, approximately 4 million RSUs held by 735 Corebridge LTIP participants who were actively employed on the IPO date were converted to approximately 10 million Corebridge RSUs in accordance with the anti-dilution provision of the 2021 Omnibus Plan. The vesting terms of the Corebridge RSUs remain the same as the pre-converted RSUs but will be settled in Corebridge common stock. This conversion is considered a modification for accounting purposes and did not result in incremental compensation expense. The following table summarizes outstanding share-settled LTI awards (a) : Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2023 (b) 2023 LTI 2022 LTI 2021 LTI 2023 LTI 2022 LTI 2021 LTI Unvested, beginning of year — 2,280,431 2,696,264 $ — $ 61.86 $ 45.40 Granted 2,752,390 — — 59.98 — — Vested (c) (876,285) (969,438) (689,706) 59.92 61.75 45.97 Forfeited (141,136) (202,840) (278,707) 59.88 61.93 45.85 Unvested, end of year (d) 1,734,969 1,108,153 1,727,851 $ 60.02 $ 61.95 $ 45.08 (a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively. (b) PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends. (c) Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date but for which share delivery has not yet occurred. (d) At December 31, 2023, the total unrecognized compensation cost for outstanding RSUs and PSUs was $111 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 1.01 years and 3 years. Stock Options Stock options were issued as part of the 2023, 2022 and 2021 LTI awards, and to certain newly hired senior executives in 2017 and 2018. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date and are exercisable up to 10 years from the date of grant, or 3 years from the date of an involuntary termination or the option's expiration date, if earlier. The fair value of the options was estimated on the grant date using the Black-Scholes model for the time-vesting options, and a Monte Carlo simulation for the hurdle-vesting options using the assumptions noted in the following table. The following weighted-average assumptions were used for stock options granted: 2023 2022 2021 Expected annual dividend yield (a) 2.14 % 2.08 % 2.89 % Expected volatility (b) 25.17 % 32.13 % 36.68 % Risk-free interest rate (c) 4.06 % 1.92 % 0.95 % Expected term (d) 6.00 years 6.00 years 6.43 years (a) The dividend yield is the last dividend from Bloomberg times 4 divided by stock price based on Bloomberg Professional service as of the valuation date. (b) The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date. (c) The risk-free interest rate is calculated as the interpolated zero rate as of the valuation date. (d) The contractual term is 10 years from the date of grant. The following table provides a rollforward of stock option activity: As of or for the Year Ended December 31, 2023 Units Weighted Weighted Average Aggregate Outstanding, beginning of year 12,893,412 $ 48.94 6.95 Granted 1,352,039 59.72 Exercised (1,039,998) 41.29 Forfeited or expired (909,792) 50.13 Outstanding, end of year 12,295,661 $ 50.69 6.81 $ 210 Exercisable, end of year 9,810,882 $ 47.95 6.24 $ 194 The weighted average grant-date fair value of stock options granted during 2023, 2022 and 2021 was $11.43, $10.77 and $10.00, respectively. As of December 31, 2023, we recognized $18 million of expense, while $15 million was unrecognized and is expected to be amortized up to 2.25 years. We received $43 million in cash from the exercise of stock options during 2023. Other RSU Grants The Company may issue time-vesting RSUs for various reasons including, as a sign-on bonus, retention grant or replacement award in an acquisition. Vesting for these awards ranges from 1 to 5 years and is contingent on continuous service. The following table summarizes outstanding share-settled Other RSU grants. Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2023 2022 2021 2023 2022 2021 Unvested, beginning of year 1,488,248 819,640 1,151,380 $ 54.77 $ 43.95 $ 46.18 Granted 208,641 1,070,458 493,140 62.42 60.16 49.36 Vested (252,635) (290,037) (699,067) 49.42 44.59 50.03 Converted (a) — (91,300) — — 52.90 — Forfeited (82,540) (20,513) (125,813) 40.70 55.89 51.80 Unvested, end of year 1,361,714 1,488,248 819,640 $ 57.79 $ 54.77 $ 43.95 (a) Represents RSUs converted to Corebridge RSUs as a result of the IPO. We recognized $20 million of expense related to these RSU grants in 2023. Total unrecognized compensation cost related to these grants was $54 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 1.79 years and 4 years at December 31, 2023. NON-EMPLOYEE PLAN Our non-employee directors, who serve on our Board of Directors, receive share-based compensation in the form of fully vested DSUs with delivery deferred until retirement from the Board. DSUs granted in 2023, 2022 and 2021 accrue dividend equivalents in the form of additional DSUs equal to the amount of any regular quarterly dividend that would have been paid by AIG if the shares of AIG Common Stock underlying the DSUs had been outstanding. In 2023, 2022 and 2021, we granted to non-employee directors 47,344, 46,273 and 55,133 DSUs, respectively, and recognized expense of $2.6 million, $2.7 million and $2.7 million, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 22. Employee Benefits PENSION PLANS We offer various defined benefit plans to eligible employees. Effective January 1, 2016, the U.S. defined benefit pension plans were frozen. Consequently, these plans are closed to new participants and current participants no longer earn benefits. The U.S. AIG Retirement Plan (the qualified plan) is a noncontributory defined benefit plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). In 2012, the qualified plan was converted to a cash balance formula comprised of pay credits based on 6% of a plan participant’s annual compensation (subject to IRS limitations) and annual interest credits. Although benefits are frozen, these interest credits continue to accrue on the cash balance accounts of active participants, who also accrue years of service for purposes of early retirement eligibility and subsidies. Employees can take their vested benefits as a lump sum or an annuity option when they leave AIG or are terminated from the plan. Employees satisfying certain age and service requirements (i.e., grandfathered employees) remain covered under the average pay formula that was in effect prior to the conversion. The final average pay formula is based upon a percentage of final average compensation multiplied by years of credited service, up to 44 years. Grandfathered employees will receive the higher of the benefit under the cash balance formula or the final average pay formula at retirement. In the U.S. we also sponsor non-qualified unfunded defined benefit plans, such as the AIG Non-Qualified Retirement Income Plan (AIG NQRIP) for certain employees, including key executives, designed to supplement pension benefits provided by the qualified plan. The AIG NQRIP provides a benefit equal to the reduction in benefits under the qualified plan as a result of federal tax limitations on compensation and benefits payable. Non-U.S. defined benefit plans generally are either based on the employee’s years of credited service and compensation in the years preceding retirement or on points accumulated based on the employee’s job grade and other factors during each year of service. POSTRETIREMENT PLANS U.S. postretirement medical and life insurance benefits are based upon the employee attaining the age of 55 and having a minimum of ten years of service, which was reduced to 5 years in 2019 for medical coverage only. Eligible employees who have medical coverage can enroll in retiree medical upon termination of employment. Medical benefits are contributory, while the life insurance benefits, which are closed to new employees, are generally non-contributory. Retiree medical contributions vary from none for pre-1989 retirees to actual premium payments reduced by certain subsidies for post-1992 retirees. These retiree contributions are subject to annual adjustments. Other cost sharing features of the medical plan include deductibles, coinsurance, Medicare coordination, and an employer subsidy for grandfathered employees only. Postretirement benefits are offered in certain non-U.S. countries and vary by geographic location. The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets. As of or for the Years Ended Pension Postretirement December 31, U.S. Plans (a) Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation: Benefit obligation, beginning of year $ 3,475 $ 4,795 $ 826 $ 1,157 $ 131 $ 174 $ 32 $ 47 Service cost 5 5 16 18 1 1 — — Interest cost 168 109 20 10 6 4 2 1 Actuarial (gain) loss (b) 75 (1,082) (8) (183) 3 (36) (2) (14) Benefits paid: AIG assets (16) (19) (10) (8) (12) (12) (1) (1) Plan assets (171) (174) (31) (26) — — — — Plan amendment — — (1) 1 — — — — Settlements (234) (157) (17) (3) — — — — Foreign exchange effect — — 9 (139) — — — (1) Other (1) (2) — (1) — — — — Projected benefit obligation, end of year $ 3,301 $ 3,475 $ 804 $ 826 $ 129 $ 131 $ 31 $ 32 Change in plan assets: Fair value of plan assets, beginning of year $ 3,345 $ 4,746 $ 731 $ 996 $ — $ — $ — $ — Actual return on plan assets, net of expenses 288 (1,070) 15 (133) — — — — AIG contributions 16 19 47 42 12 12 1 1 Benefits paid: AIG assets (16) (19) (10) (8) (12) (12) (1) (1) Plan assets (171) (174) (31) (26) — — — — Settlements (234) (157) (23) (3) — — — — Foreign exchange effect — — 5 (137) — — — — Fair value of plan assets, end of year $ 3,228 $ 3,345 $ 734 $ 731 $ — $ — $ — $ — Funded status, end of year $ (73) $ (130) $ (70) $ (95) $ (129) $ (131) $ (31) $ (32) Amounts recognized in the balance sheet: Assets $ 110 $ 55 $ 97 $ 78 $ — $ — $ — $ — Liabilities (183) (185) (167) (173) (129) (131) (31) (32) Total amounts recognized $ (73) $ (130) $ (70) $ (95) $ (129) $ (131) $ (31) $ (32) Pre-tax amounts recognized in AOCI: Net gain (loss) $ (1,142) $ (1,279) $ (79) $ (70) $ 31 $ 39 $ 23 $ 24 Prior service (cost) credit — — (21) (25) — — 1 1 Total amounts recognized $ (1,142) $ (1,279) $ (100) $ (95) $ 31 $ 39 $ 24 $ 25 (a) Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $184 million and $186 million for the U.S. at December 31, 2023 and 2022, respectively, and $140 million and $143 million for the non-U.S. at December 31, 2023 and 2022, respectively. (b) The primary reason for the significant decrease in 2023 is due to a change in the discount rate for the U.S. AIG Retirement Plan. The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans: At December 31, (in millions) 2023 2022 U.S. pension benefit plans $ 3,301 $ 3,475 Non-U.S. pension benefit plans $ 792 $ 815 Defined benefit plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows: At December 31, PBO Exceeds Fair Value of Plan Assets ABO Exceeds Fair Value of Plan Assets U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Projected benefit obligation $ 184 $ 185 $ 287 $ 280 $ — $ — $ — $ — Accumulated benefit obligation — — — — 184 186 245 238 Fair value of plan assets — — 88 76 — — 88 76 The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits: Years Ended December 31, Pension Postretirement U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost: Service cost* $ 5 $ 5 $ 5 $ 16 $ 18 $ 21 $ 1 $ 1 $ 1 $ — $ — $ 1 Interest cost 168 109 92 20 10 9 6 4 3 2 1 2 Expected return on assets (193) (213) (243) (21) (17) (21) — — — — — — Amortization of prior service cost (credit) — — — 3 3 3 — — — (1) — — Amortization of net (gain) loss 33 24 33 2 4 7 (5) — — (3) (1) 1 Net periodic benefit cost (credit) $ 13 $ (75) $ (113) $ 20 $ 18 $ 19 $ 2 $ 5 $ 4 $ (2) $ — $ 4 Settlement loss 84 60 34 — — 1 — — — — — — Net benefit cost (credit) $ 97 $ (15) $ (79) $ 20 $ 18 $ 20 $ 2 $ 5 $ 4 $ (2) $ — $ 4 Total recognized in AOCI $ 136 $ (117) $ 332 $ 5 $ 57 $ 65 $ (8) $ 36 $ 10 $ (2) $ 13 $ 27 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 40 $ (102) $ 411 $ (14) $ 39 $ 45 $ (10) $ 31 $ 6 $ — $ 13 $ 23 * Reflects administrative fees for the U.S. pension plans. Interest cost for pension and postretirement benefits for our U.S. plans and largest non-U.S. plans is measured using the spot rate approach, which applies specific spot rates along the yield curve to a plan’s corresponding discounted cash flows that comprise the obligation. This method provides a more precise measurement of interest cost by aligning the timing of the plans’ discounted cash flows to the corresponding spot rates on the yield curve. For certain non-U.S. plans, interest cost is measured utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations. A 100 basis point increase in the expected long-term rate of return would decrease the 2024 pension expense by approximately $38 million with all other items remaining the same. A 100 basis point increase in the discount rate would increase the 2024 pension expense by approximately $2 million. Conversely, a 100 basis point decrease in the discount rate would decrease the 2024 pension expense by approximately $3 million while a 100 basis point decrease in the expected long-term rate of return would increase the 2024 pension expense by approximately $38 million, with all other items remaining the same. ASSUMPTIONS The following table summarizes the weighted average assumptions used to determine the benefit obligations: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) December 31, 2023 Discount rate 4.98 % 2.85 % 4.97 % 5.37 % Interest crediting rate 4.94 % 1.40 % (b) N/A N/A Rate of compensation increase N/A (c) 2.42 % N/A N/A December 31, 2022 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A (c) 2.38 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. (c) Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016. The following table summarizes assumed health care cost trend rates for the U.S. plans: At December 31, 2023 2022 Following year: Medical (before age 65) 5.78 % 6.01 % Medical (age 65 and older) 4.93 % 4.95 % Ultimate rate to which cost increase is assumed to decline 4.00 % 4.00 % Year in which the ultimate trend rate is reached: Medical (before age 65) 2046 2046 Medical (age 65 and older) 2046 2046 The following table presents the weighted average assumptions used to determine the net periodic benefit costs: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) For the Year Ended December 31, 2023 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A 2.38 % N/A N/A Expected return on assets 6.25 % 2.67 % N/A N/A For the Year Ended December 31, 2022 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) 2.20 % N/A Rate of compensation increase N/A 2.40 % N/A N/A Expected return on assets 4.65 % 1.84 % 2.78 % N/A For the Year Ended December 31, 2021 Discount rate 2.28 % 1.00 % 2.45 % 2.33 % Interest crediting rate 1.57 % 0.72 % (b) N/A N/A Rate of compensation increase N/A 2.28 % N/A N/A Expected return on assets 5.15 % 2.23 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. Discount Rate Methodology The projected benefit cash flows under the U.S. AIG Retirement Plan were discounted using the spot rates derived from the Mercer U.S. Pension Discount Yield Curve (Mercer Yield Curve) at December 31, 2023 and 2022, which resulted in a single discount rate that would produce the same liability at the respective measurement dates . The discount rates were 4.98 percent at December 31, 2023 and 5.22 percent at December 31, 2022. The methodology was consistently applied for the respective years in determining the discount rates for the other U.S. pension plans. In general, the discount rates for the non-U.S. plans were developed using a similar methodology to the U.S. AIG Retirement Plan, by using country-specific Mercer Yield Curves. The projected benefit obligation for AIG’s Japan pension plans represents approximately 54 percent and 54 percent of the total projected benefit obligations for our non-U.S. pension plans at December 31, 2023 and 2022, respectively. The weighted average discount rate of 1.48 percent and 1.12 percent at December 31, 2023 and 2022, respectively, was selected by reference to the Mercer Yield Curve for Japan. Plan Assets The investment strategy with respect to assets relating to our U.S. and non-U.S. pension plans is designed to achieve investment returns that will provide for the benefit obligations of the plans over the long term, limit the risk of short-term funding shortfalls and maintain liquidity sufficient to address cash needs. Accordingly, the asset allocation strategy is designed to maximize the investment rate of return while managing various risk factors, including, but not limited to, volatility relative to the benefit obligations, liquidity, and concentration, and incorporates the risk/return profile applicable to each asset class. There were no shares of AIG Common Stock included in the U.S. and non-U.S. pension plans assets at December 31, 2023 or 2022. U.S. Pension Plan The assets of the qualified plan are monitored by the AIG U.S. Investment Committee and actively managed by the investment managers, which involves allocating the plan’s assets among approved asset classes within ranges as permitted by the strategic allocation. The long-term strategic asset allocation historically has been reviewed and revised approximately every three years. The investment strategy is focused on de-risking the qualified plan via regular monitoring through liability driven investing and the glide path approach, where the glide path defines the target allocation for the “Return-Seeking” portion of the portfolio (i.e., growth assets) based on the funded ratio and level of interest rates. Under this approach, the allocation to growth assets is reduced and the allocation to liability-hedging assets is increased as the plan’s funded ratio increases in accordance with the defined glide path. The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2024 based on the plan’s funded status at December 31, 2023: At December 31, Target 2024 Actual 2023 Actual 2022 Asset class: Equity securities 9 % 8 % 6 % Fixed maturity securities 80 77 77 Other investments 11 15 17 Total 100 % 100 % 100 % The expected weighted average long-term rate of return for the plan was 6.25 percent and 4.65 percent for 2023 and 2022, respectively. The expected weighted average rate of return is an aggregation of expected returns within each asset class category, weighted for the investment mix of the assets. The combination of the expected asset return and any contributions made by us are expected to maintain the plan’s ability to meet all required benefit obligations. The expected asset return for each asset class was developed based on an approach that considers key fundamental drivers of the asset class returns in addition to historical returns, current market conditions, asset volatility and the expectations for future market returns. Non-U.S. Pension Plans The assets of the non-U.S. pension plans are held in various trusts in multiple countries and are invested primarily in equities and fixed maturity securities to maximize the long-term return on assets for a given level of risk. The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation: At December 31, Target 2024 Actual 2023 Actual 2022 Asset class: Equity securities 21 % 19 % 24 % Fixed maturity securities 58 45 44 Other investments 17 21 23 Cash and cash equivalents 4 15 9 Total 100 % 100 % 100 % The assets of AIG’s Japan pension plans represent approximately 67 percent and 65 percent of total non-U.S. pension plan assets at December 31, 2023 and 2022, respectively. The expected long-term rate of return was 1.85 percent and 1.86 percent, for 2023 and 2022, respectively, and is evaluated by the Japanese Pension Investment Committee on a quarterly and annual basis along with various investment managers and is revised to achieve the optimal allocation to meet targeted funding levels if necessary. In addition, the funding policy is revised in accordance with local regulation every five years. The expected weighted average long-term rate of return for all our non-U.S. pension plans was 2.67 percent and 1.84 percent for the years ended December 31, 2023 and 2022, respectively. It is an aggregation of expected returns within each asset class that was generally developed based on the building block approach that considers historical returns, current market conditions, asset volatility and the expectations for future market returns. ASSETS MEASURED AT FAIR VALUE The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 5 to the Consolidated Financial Statements. U.S. Plans Non-U.S. Plans (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total December 31, 2023 Assets: Cash and cash equivalents $ 54 $ — $ — $ 54 $ 108 $ — $ — $ 108 Equity securities: U.S. (a) 140 — — 140 — — — — International (b) 4 — — 4 104 35 — 139 Fixed maturity securities: U.S. investment grade (c) 24 2,230 10 2,264 — — — — International investment grade (c) — 125 — 125 — 138 — 138 U.S. and international high yield (d) — 33 — 33 — 192 — 192 Mortgage and other asset-backed securities — 59 1 60 — — — — Other fixed maturity securities — 12 — 12 — — — — Other investment types (e) : Futures 10 — — 10 — — — — Insurance contracts — 9 — 9 — — 138 138 Mutual funds (g) — — — — — 19 — 19 Total $ 232 $ 2,468 $ 11 $ 2,711 $ 212 $ 384 $ 138 $ 734 December 31, 2022 Assets: Cash and cash equivalents $ 119 $ — $ — $ 119 $ 64 $ — $ — $ 64 Equity securities: U.S. (a) 90 — — 90 — — — — International (b) 5 — — 5 130 44 — 174 Fixed maturity securities: U.S. investment grade (c) 45 2,213 10 2,268 — — — — International investment grade (c) — 177 — 177 — 140 — 140 U.S. and international high yield (d) — 58 — 58 — 184 — 184 Mortgage and other asset-backed securities — 43 5 48 — — — — Other investment types (e) : Futures (15) — — (15) — — — — Direct private equity (f) — — 5 5 — — — — Insurance contracts — 10 — 10 — — 134 134 Mutual funds (g) — — — — — 35 — 35 Total $ 244 $ 2,501 $ 20 $ 2,765 $ 194 $ 403 $ 134 $ 731 (a) Includes passive and active U.S. equity strategies. (b) Includes passive and active international equity strategies. (c) Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds. (d) Consists primarily of investments in securities or debt obligations that have a rating below investment grade. (e) Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $517 million and $580 million at December 31, 2023 and 2022, respectively. (f) Comprised of private capital financing including private debt and private equity securities. (g) Comprised of mutual fund investing in variety of equity, derivatives, and bonds. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. Based on our investment strategy, we had no significant concentrations of risks at December 31, 2023. Changes in Level 3 Fair Value Measurements The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value: December 31, 2023 Balance Net Purchases Sales Issuances Settlements Transfers Transfers Balance Changes in Changes in Unrealized (in millions) U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 10 $ 1 $ — $ (1) $ — $ — $ — $ — $ 10 $ 1 $ — Mortgage and other asset backed securities 5 — — (4) — — — — 1 1 — Direct private equity 5 (5) — — — — — — — (5) — Total $ 20 $ (4) $ — $ (5) $ — $ — $ — $ — $ 11 $ (3) $ — Non-U.S. Plan Assets: Insurance contracts $ 134 $ 6 $ 1 $ — $ — $ (3) $ — $ — $ 138 $ — $ — Total $ 134 $ 6 $ 1 $ — $ — $ (3) $ — $ — $ 138 $ — $ — December 31, 2022 U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 16 $ (4) $ 4 $ — $ — $ — $ — $ (6) $ 10 $ (4) $ — Mortgage and other asset backed securities 1 (1) 3 — — — 2 — 5 (1) — Direct private equity 8 (1) — (2) — — — — 5 (2) — Total $ 25 $ (6) $ 7 $ (2) $ — $ — $ 2 $ (6) $ 20 $ (7) $ — Non-U.S. Plan Assets: Insurance contracts $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — Total $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — EXPECTED CASH FLOWS Funding for the qualified plan ranges from the minimum amount required by ERISA to the maximum amount that would be deductible for U.S. tax purposes. Contributed amounts in excess of the minimum amounts are deemed voluntary. Amounts in excess of the maximum amount would be subject to an excise tax and may not be deductible under the Internal Revenue Code. There are no minimum required cash contributions in 2023 for the U.S. AIG Retirement Plan. The non-qualified and postretireme nt plans’ benefit payments are deductible when paid to participants. Our annual pension contribution in 2024 is expected to be approximately $59 million for our U.S. and non-U.S. pension plans. This estimate is subject to change, since contribution decisions are affected by various factors including our liquidity, market performance and management’s discretion. The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows: Pension Postretirement (in millions) U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2024 $ 270 $ 43 $ 11 $ 1 2025 264 45 11 2 2026 267 47 10 2 2027 265 49 10 2 2028 265 53 9 2 2029-2033 1,216 255 43 10 DEFINED CONTRIBUTION PLANS AIG Parent sponsors several defined contribution plans for U.S. employees that provide for pre-tax salary reduction contributions by employees. The most significant plan is the AIG Incentive Savings Plan (ISP), for which the matching contribution is 100 percent of the first 6% of a participant’s contributions, subject to the IRS-imposed limitations. Participants in the AIG ISP receive an additional fully vested, non-elective, non-discretionary contribution equal to 3% of the participant’s eligible compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. Our pre-tax expenses associated with these plans were $163 million,$176 million and $183 million in 2023, 2022 and 2021, respectively. On August 22, 2022, Corebridge participants’ accounts in the AIG ISP were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan. Corebridge contributions relating to these plans were $68 million, $76 million and $74 million for the years ended December 31, 2023, 2022 and 2021 , respectively . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 23. Income Taxes U.S. TAX LAW CHANGES The Inflation Reduction Act of 2022 (H.R. 5376) includes a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period. Although the U.S. Treasury and Internal Revenue Service (IRS) issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. We are subject to CAMT for 2023. BASIS OF PRESENTATION We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. Following the IPO of Corebridge on September 19, 2022, AIG’s remaining ownership in Corebridge decreased below 80 percent, resulting in tax deconsolidation of Corebridge parent and its subsidiaries from the AIG consolidated U.S. federal income tax group as well as certain state and local jurisdictions where unitary returns are filed. Subsequent to the tax deconsolidation from AIG, due to the application of relevant U.S. tax laws, American General Corporation and its directly owned life insurance subsidiaries will not be permitted to join in the filing of a consolidated U.S. federal income tax return with Corebridge parent and its non-life-insurance subsidiaries for a period of five years. Corebridge’s net operating losses and tax credit carryforwards that have not been utilized prior to tax deconsolidation from AIG will remain with the relevant Corebridge entities and will be available for utilization by the respective Corebridge U.S. federal income tax groups. The realizability of the deferred tax assets related to such carryforwards is based on the positive and negative evidence applicable to each U.S. federal income tax group. TAX ACCOUNTING POLICIES We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from continuing operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred. EFFECTIVE TAX RATE The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2023 2022 2021 U.S. $ 1,885 $ 12,431 $ 11,041 Foreign 1,973 1,868 2,306 Total $ 3,858 $ 14,299 $ 13,347 The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations: Years Ended December 31, (in millions) 2023 2022 2021 Foreign and U.S. components of actual income tax expense (benefit): U.S.: Current $ 68 $ 246 $ (216) Deferred (564) 2,363 2,443 Foreign: Current 423 271 171 Deferred 53 145 43 Total $ (20) $ 3,025 $ 2,441 Our actual income tax expense (benefit) differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2023 2022 2021 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 3,858 $ 810 21.0 % $ 14,298 $ 3,003 21.0 % $ 13,347 $ 2,802 21.0 % Adjustments: Tax exempt interest (14) (0.4) (18) (0.1) (18) (0.1) Uncertain tax positions (a) 162 4.2 (17) (0.1) (9) (0.1) Reclassifications from AOCI (45) (1.2) (81) (0.6) (109) (0.8) Dispositions of subsidiaries (b) (382) (9.9) — — 11 0.1 Non-controlling interest 14 0.4 (31) (0.2) (97) (0.7) Non-deductible transfer pricing charges 16 0.4 12 0.1 16 0.1 Dividends received deduction (60) (1.6) (36) (0.3) (37) (0.3) Effect of foreign operations (c) 176 4.6 150 1.0 136 1.0 Share-based compensation payments excess tax effect (31) (0.8) (19) (0.1) 16 0.1 State and local income taxes 10 0.3 47 0.3 38 0.3 Expiration of tax attribute carryforwards — — — — 16 0.1 Tax audit resolution (a) (494) (12.8) — — (935) (7.0) Affiliated dividend income, net of dividends received deduction 59 1.5 — — — — Other (d) 116 3.1 40 0.4 (107) (0.8) Valuation allowance: Continuing operations (357) (9.3) (25) (0.2) 718 5.4 Consolidated total amounts 3,858 (20) (0.5) 14,298 3,025 21.2 $ 13,347 2,441 18.3 Amounts attributable to discontinued operations — — — (1) — — — — — Amounts attributable to continuing operations $ 3,858 $ (20) (0.5) % $ 14,299 $ 3,025 21.2 % $ 13,347 $ 2,441 18.3 % (a) Refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on 2023 and 2021 tax audit resolution activity. (b) Tax implications of the sales of certain AIG and Corebridge subsidiaries, including Validus Re and Laya, as well as tax implications of Corebridge secondary offerings and the announced sale of AIG Life. (c) Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation. (d) Primarily includes tax charges associated with tax adjustments related to prior year returns. DEFERRED TAX ASSET The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2023 2022 Deferred tax assets: Losses and tax credit carryforwards $ 6,107 $ 6,868 Basis differences on investments 3,441 2,652 Life policy reserves 1,589 1,622 Accruals not currently deductible, and other 89 392 Investments in foreign subsidiaries 66 — Loss reserve discount 424 352 Loan loss and other reserves 51 62 Unearned premium reserve reduction 87 294 Fixed assets and intangible assets 1,487 1,081 Unrealized losses related to available for sale debt securities 4,728 6,519 Employee benefits 344 382 Market risk benefit 1,010 827 Other 356 458 Total deferred tax assets 19,779 21,509 Deferred tax liabilities: Investments in foreign subsidiaries — (41) Deferred policy acquisition costs (1,853) (1,847) Fortitude Re funds withheld embedded derivative (711) (862) Total deferred tax liabilities (2,564) (2,750) Net deferred tax assets before valuation allowance 17,215 18,759 Valuation allowance (3,116) (4,250) Net deferred tax assets (liabilities) $ 14,099 $ 14,509 The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards. December 31, 2023 Tax Carryforward Period Ending Tax Year (b) Unlimited Carryforward Period and Carryforward Periods (b) (in millions) Gross Effected 2024 2025 2026 2027 2028 2029 2030 - After Net operating loss carryforwards $ 21,968 $ 4,613 $ — $ — $ — $ — $ 2,660 $ 178 $ 1,775 Other carryforwards 67 — — — — — — 67 Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis (a) $ 4,680 $ — $ — $ — $ — $ 2,660 $ 178 $ 1,842 (a) Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement. (b) Carryforward periods are based on U.S. tax laws governing utilization of tax attributes. Expiration periods are based on the year the carryforward was generated. 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. Although the 2022 tax deconsolidation of Corebridge from the AIG consolidated U.S. federal income tax group resulted in the formation of new federal tax filing groups requiring separate deferred tax asset realizability assessments, there was no material change to the total deferred tax asset valuation allowance. During the fourth quarter, taxable income projections were updated to reflect 2023 results, updated projections of income for our insurance and non-insurance companies, and taxable income generated from prudent and feasible tax planning strategies. While there was improvement in projected tax attribute utilization, given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, recent events, including changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization. After factoring in multiple data points and assessing the relative weight of all positive and negative evidence, we concluded that valuation allowance of $300 million should remain on a portion of AIG's U.S. federal consolidated income tax group tax attribute carryforwards that are not more likely than not to be realized, and reduced our beginning of the year valuation allowance by $405 million. Additionally, we recorded valuation allowance reduction of $8 million related to the write-off of net operating loss carryforwards from acquired entities that are not usable by AIG under the tax law. Accordingly, during the fourth quarter of 2023, we recorded total reduction in valuation allowance of $413 million. As of December 31, 2023, we reported a valuation allowance of $162 million related to Corebridge. The valuation allowance at Corebridge relates to a portion of both tax attribute carryforwards and certain other deferred tax assets of the Corebridge non-life insurance group that are not more-likely-than-not to be realized. For the twelve months ended December 31, 2023, Corebridge recorded an $11 million increase in valuation allowance. For the twelve months ended December 31, 2023, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of both our U.S. life insurance and non-life insurance companies, resulting in a decrease to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun, and as such, when assessing recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of December 31, 2023, based on all available evidence, we concluded that a valuation allowance of $1.6 billion is necessary on a portion of the deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. Of the total valuation allowance, $1.0 billion relates to the unrealized tax capital losses in the U.S. Life Insurance Companies' available for sale securities portfolio and $550 million relates to the unrealized tax capital losses in the non-life insurance companies' available for sale securities portfolio. For the twelve months ended December 31, 2023, we recorded a decrease in valuation allowance of $397 million associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale securities portfolio and $355 million associated with the unrealized tax capital losses in the non-life insurance companies’ available for sale securities portfolio. For the three months ended December 31, 2023, we recorded a decrease in valuation allowance of $511 million associated with the unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale securities portfolio and $355 million associated with the unrealized tax capital losses in the non-life insurance companies’ available for sale securities portfolio. The valuation allowance decrease was primarily allocated to other comprehensive income. For the twelve months ended December 31, 2023, we recognized a net $44 million increase in deferred tax asset valuation allowance associated with certain foreign and state jurisdictions. The following table presents the net deferred tax assets (liabilities) at December 31, 2023 and 2022 on a U.S. GAAP basis: December 31, (in millions) 2023 2022 Net U.S. deferred tax assets $ 11,317 $ 10,831 Net deferred tax assets (liabilities) in AOCI 4,286 5,881 Valuation allowance (2,006) (3,128) Subtotal 13,597 13,584 Net foreign, state and local deferred tax assets 1,958 2,342 Valuation allowance (1,110) (1,122) Subtotal 848 1,220 Subtotal - Net U.S., foreign, state and local deferred tax assets 14,445 14,804 Net foreign, state and local deferred tax liabilities (346) (295) Total AIG net deferred tax assets (liabilities) $ 14,099 $ 14,509 TAX EXAMINATIONS We are currently under examination by the IRS for the tax years 2011 through 2019, and are engaging in the Appeals process for certain disagreed issues related to tax years 2007 through 2010. Listed below are the tax years that remain subject to examination by major tax jurisdictions: At December 31, 2023 Open Tax Years Major Tax Jurisdiction United States 2007-2022 Australia 2019-2022 Canada 2019-2022 France 2022-2022 Japan 2017-2022 Korea 2015-2022 Singapore 2019-2022 United Kingdom 2022-2022 ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties: Years Ended December 31, (in millions) 2023 2022 2021 Gross unrecognized tax benefits, beginning of year $ 1,191 $ 1,157 $ 2,343 Increases in tax positions for prior years 200 29 22 Decreases in tax positions for prior years (4) (33) (1,233) Increases in tax positions for current year — 59 37 Lapse in statute of limitations — (21) — Settlements — — (12) Gross unrecognized tax benefits, end of year $ 1,387 $ 1,191 $ 1,157 The activity in unrecognized tax benefits for the year ended December 31, 2023 is primarily attributable to the potential resolution of an IRS audit matter. There was no significant activity in unrecognized tax benefits for the year ended December 31, 2022. The activity in unrecognized tax benefits for the year ended December 31, 2021 is primarily attributable to effective settlement of reserves for uncertain tax positions due to the completion of audit activity by the IRS and New York State. At December 31, 2023 and 2022 and 2021, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $1.4 billion, $1.2 billion and $1.1 billion, respectively. Unrecognized tax benefits that would not affect the effective tax rate generally relate to such factors as the timing, rather than the permissibility of the deduction. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2023, 2022 and 2021, we had accrued liabilities of $52 million, $63 million and $69 million, respectively for the payment of interest (net of the federal benefit) and penalties. For the years ended December 31, 2023, 2022, and 2021, we accrued expense (benefit) of $(11) million, $(2) million, and $(207) million, respectively, for the payment of interest and penalties. There was no significant activity in interest and penalties related to unrecognized tax benefit for the years 2023 or 2022. The activity in 2021 was primarily related to the completion of audit activity by the IRS and New York State. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next 12 months, based on the information currently available, we do not expect any change to be material to our consolidated financial condition. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I | Summary of Investments – Other than Investments in Related Parties Schedule I At December 31, 2023 Amount at (in millions) Cost (a) Fair value Fixed maturities: U.S. government and government sponsored entities $ 5,885 $ 5,616 $ 5,616 Obligations of states, municipalities and political subdivisions 11,479 10,754 10,754 Non-U.S. governments 13,705 12,490 12,490 Public utilities 23,336 20,088 20,088 All other corporate debt securities 134,244 121,252 121,252 Mortgage-backed, asset-backed and collateralized 69,624 66,774 66,774 Total fixed maturity securities 258,273 236,974 236,974 Equity securities and mutual funds: Common stock: Public utilities 1 1 1 Banks, trust and insurance companies 441 441 441 Industrial, miscellaneous and all other 77 77 77 Total common stock 519 519 519 Preferred stock 57 57 57 Mutual funds 152 152 152 Total equity securities and mutual funds 728 728 728 Mortgage and other loans receivable, net of allowance 51,553 48,536 51,553 Other invested assets 17,070 16,217 16,217 Short-term investments, at cost (approximates fair value) 17,200 17,200 17,200 Derivative assets (b) 511 511 511 Total investments $ 345,335 $ 320,166 $ 323,183 (a) Original cost of fixed maturities is reduced by repayments and adjusted for amortization of premiums or accretion of discounts. (b) The balance is reported in Other assets. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II | Condensed Financial Information of Registrant Balance Sheets – Parent Company Only Schedule II December 31, (in millions) 2023 2022 Assets: Short-term investments $ 7,782 $ 3,389 Other investments 758 1,930 Total investments 8,540 5,319 Cash 10 5 Loans to subsidiaries (a) — 84 Due from affiliates - net (a) 1,371 1,224 Intercompany tax receivable (a) 751 329 Deferred income taxes 4,566 4,992 Investment in consolidated subsidiaries (a) 42,655 44,823 Other assets 909 250 Total assets $ 58,802 $ 57,026 Liabilities: Due to affiliates (a) $ 703 $ 1,195 Intercompany tax payable (a) 767 1,633 Notes and bonds payable 9,098 10,323 Junior subordinated debt 992 991 Series AIGFP matched notes and bonds payable 18 18 Loans from subsidiaries (a) 443 521 Other liabilities 1,430 1,375 Total liabilities 13,451 16,056 AIG Shareholders’ equity: Preferred stock 485 485 Common stock 4,766 4,766 Treasury stock (59,189) (56,473) Additional paid-in capital 75,810 79,915 Retained earnings 37,516 34,893 Accumulated other comprehensive income (14,037) (22,616) Total AIG shareholders’ equity 45,351 40,970 Total liabilities and equity $ 58,802 $ 57,026 Eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Income – Parent Company Only Schedule II Years Ended December 31, (in millions) 2023 2022 2021 Revenues: Equity in undistributed net income (loss) of consolidated subsidiaries (a) $ (4,508) $ 7,875 $ (2,391) Dividend income from consolidated subsidiaries (a) 8,385 2,974 14,699 Interest income (b) 226 936 169 Net realized losses (74) (433) (1) Other income (loss) 5 22 (3) Expenses: Interest expense 525 631 948 Net loss on extinguishment of debt (58) 301 304 Net (gain) loss on divestitures and other 5 111 (10) Other expenses 778 960 1,214 Income (loss) from continuing operations before income tax benefit 2,784 9,371 10,017 Income tax benefit (859) (838) (350) Net income (loss) 3,643 10,209 10,367 Loss from discontinued operations — 18 — Net income (loss) attributable to AIG Parent Company $ 3,643 $ 10,227 $ 10,367 (a) Eliminated in consolidation. (b) Includes interest income on intercompany borrowings of $1 million, $813 million and $131 million on December 31, 2023, 2022 and 2021, respectively, eliminated in consolidation. See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Comprehensive Income – Parent Company Only Schedule II Years Ended December 31, (in millions) 2023 2022 2021 Net income (loss) $ 3,643 $ 10,227 $ 10,367 Other comprehensive income (loss) 4,641 (29,803) (5,325) Total comprehensive income attributable to AIG $ 8,284 $ (19,576) $ 5,042 See accompanying Notes to Condensed Financial Information of Registrant. Condensed Financial Information of Registrant (Continued) Statements of Cash Flows – Parent Company Only Schedule II Years Ended December 31, (in millions) 2023 2022 2021 Net cash provided by (used in) operating activities $ 5,382 $ 191 $ 3,837 Cash flows from investing activities: Sales and maturities of investments 3,367 5,205 4,228 Purchase of investments (2,070) (90) (5,761) Net change in short-term investments (4,393) 945 2,647 Contributions from (to) subsidiaries - net (47) (330) 403 Loans to subsidiaries - net 84 8,427 (104) Other, net (48) 45 (41) Net cash provided by (used in) investing activities (3,107) 14,202 1,372 Cash flows from financing activities: Issuance of long-term debt 742 — — Repayments of long-term debt (2,037) (9,364) (3,703) Cash dividends paid on preferred stock (29) (29) (29) Cash dividends paid on common stock (997) (982) (1,083) Loans from subsidiaries - net (97) (224) 3 Purchase of common stock (2,961) (5,200) (2,598) Other, net 3,108 1,408 2,201 Net cash provided by (used in) financing activities (2,271) (14,391) (5,209) Change in cash and restricted cash 4 2 — Cash and restricted cash at beginning of year 6 4 4 Cash and restricted cash at end of year $ 10 $ 6 $ 4 Supplementary disclosure of cash flow information: Years Ended December 31, (in millions) 2023 2022 2021 Cash $ 10 $ 5 $ 3 Restricted cash included in Other assets — 1 1 Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only $ 10 $ 6 $ 4 Cash (paid) received during the period for: Interest: Third party $ (455) $ (716) $ (941) Intercompany (3) 63 1 Taxes: Income tax authorities (109) (348) (494) Intercompany (95) 1,120 1,950 Intercompany non-cash financing and investing activities: Capital contributions 861 660 2,284 Return of capital — — 1,365 Dividend received in the form of intercompany note — — 8,300 Dividends received in the form of securities 314 494 1,289 See accompanying Notes to Condensed Financial Information of Registrant. NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT American International Group, Inc.’s (the Registrant) investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The accompanying condensed financial statements of the Registrant should be read in conjunction with the consolidated financial statements and notes thereto of American International Group, Inc. and subsidiaries included in the Registrant’s 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (Annual Report on Form 10-K) filed with the Securities and Exchange Commission on February 14, 2024. The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries. The five-year debt maturity schedule is incorporated by reference from Note 16 to the Consolidated Financial Statements. On December 14, 2022, AIG announced that its wholly-owned subsidiary, AIG Financial Products Corp. (AIGFP), filed a voluntary petition to reorganize under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware and filed a proposed plan of reorganization. The reorganization will not have a material impact on the consolidated balance sheets of AIG or our respective businesses. AIGFP has no material operations or businesses and no employees. In conjunction with the bankruptcy filing, AIGFP and its consolidated subsidiaries were deconsolidated from the results of AIG, resulting in a pre-tax loss of $114 million reported in Net gain (loss) on divestitures and other. The AIGFP loan receivable of $37.6 billion was reclassified to a third party asset, which has a full allowance for credit losses. In addition, AIGFP and its subsidiaries were determined to be an unconsolidated variable interest entity. The Registrant 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. The Registrant and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated Federal income taxes. Amounts allocated to the subsidiaries under the written agreement are included in Due from affiliates in the accompanying Condensed Balance Sheets. Under the U.S. federal tax laws, AIGFP will continue to join in filing of AIG’s consolidated U.S. federal income tax return and AIGFP’s net operating losses continue to be available to offset taxable income of AIG’s consolidated U.S. federal income tax group. Accordingly, deferred tax assets related to AIGFP’s net operating losses remain part of AIG’s deferred tax assets as of December 31, 2023. No additional valuation allowance is required in connection with AIGFP’s reorganization. Income taxes in the accompanying Condensed Balance Sheets are composed of the Registrant’s current and deferred tax assets, the consolidated group’s current income tax receivable and deferred taxes related to tax attribute carryforwards of AIG’s U.S. consolidated federal income tax group. The consolidated U.S. deferred tax asset for net operating loss and tax credit carryforwards are recorded by the Parent Company, which files the consolidated U.S. Federal income tax return, and are not allocated to its subsidiaries. Generally, as, and if, the consolidated net operating losses and other tax attribute carryforwards are utilized, the intercompany tax balance will be settled with the subsidiaries. For additional information, see Note 23 to the Consolidated Financial Statements. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III | Supplementary Insurance Information Schedule III At December 31, 2023, 2022 Segment (in millions) Deferred Policy Liability for Unpaid Unearned Policy and 2023 General Insurance $ 2,075 $ 66,805 $ 17,374 $ — Life and Retirement 10,010 57,108 11 1,194 Other Operations (a) — 5,056 2 (188) $ 12,085 $ 128,969 $ 17,387 $ 1,006 2022 General Insurance $ 2,310 $ 71,495 $ 18,253 $ — Life and Retirement 10,547 50,519 59 1,309 Other Operations (a) — 5,067 26 147 $ 12,857 $ 127,081 $ 18,338 $ 1,456 For the years ended December 31, 2023, 2022, and 2021 Segment (in millions) Premiums Net Losses and Amortization of Other Net Premiums Written 2023 General Insurance $ 25,091 $ 3,022 $ 14,775 $ 3,623 $ 4,344 $ 26,719 Life and Retirement 10,898 9,786 14,202 1,061 2,409 — Other Operations (a) 62 1,784 202 124 1,746 487 $ 36,051 $ 14,592 $ 29,179 $ 4,808 $ 8,499 $ 27,206 2022 General Insurance $ 25,340 $ 2,382 $ 15,407 $ 3,533 $ 4,352 $ 25,512 Life and Retirement 8,419 8,347 10,801 1,021 2,431 — Other Operations (a) 1,010 1,038 (288) 3 2,339 1,248 $ 34,769 $ 11,767 $ 25,920 $ 4,557 $ 9,122 $ 26,760 2021 General Insurance $ 25,057 $ 3,304 $ 16,097 $ 3,530 $ 4,375 $ 25,890 Life and Retirement 9,060 9,521 11,359 958 2,573 — Other Operations (a) 173 1,787 (101) 36 1,780 527 $ 34,290 $ 14,612 $ 27,355 $ 4,524 $ 8,728 $ 26,417 (a) Includes consolidation and elimination entries and reconciling items from adjusted pre-tax income to pre-tax income. See Note 3 to the Consolidated Financial Statements. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV | Reinsurance Schedule IV For the years ended December 31, 2023, 2022, and 2021 (in millions) Gross Ceded to Other Assumed from Net Amount Percent of Amount 2023 Long-duration insurance in-force $ 1,308,474 $ 363,471 $ 173 $ 945,176 — % Premiums earned: General Insurance companies $ 30,781 $ 12,268 $ 7,050 $ 25,563 27.6 % Life and Retirement companies 4,706 1,126 4,111 7,691 53.5 Total $ 35,487 $ 13,394 $ 11,161 $ 33,254 33.6 % 2022 Long-duration insurance in-force $ 1,280,831 $ 346,879 $ 188 $ 934,140 — % Premiums earned: General Insurance companies $ 32,053 $ 12,425 $ 7,137 $ 26,765 26.7 % Life and Retirement companies 4,739 966 1,318 5,091 25.9 Total $ 36,792 $ 13,391 $ 8,455 $ 31,856 26.5 % 2021 Long-duration insurance in-force $ 1,280,090 $ 363,008 $ 192 $ 917,274 — % Premiums earned: General Insurance companies $ 30,279 $ 11,301 $ 6,640 $ 25,618 25.9 % Life and Retirement companies 4,604 1,202 2,265 5,667 40.0 Total $ 34,883 $ 12,503 $ 8,905 $ 31,285 28.5 % |
Schedule V
Schedule V | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V | Valuation and Qualifying Accounts Schedule V For the years ended December 31, 2023, 2022, and 2021 (in millions) Balance, Charged to Write Reclassified Other Changes (a) Balance, 2023 Allowance for premiums and insurances balances receivable $ 169 $ (7) $ (29) $ — $ 6 $ 139 Federal and foreign valuation allowance for deferred tax assets 4,246 (357) — (82) (691) 3,116 2022 Allowance for premiums and insurances balances receivable $ 185 $ — $ (15) $ — $ (1) $ 169 Federal and foreign valuation allowance for deferred tax assets 1,987 (25) — — 2,284 4,246 2021 Allowance for premiums and insurances balances receivable $ 205 $ (15) $ (2) $ — $ (3) $ 185 Federal and foreign valuation allowance for deferred tax assets 1,330 718 — — (61) 1,987 (a) Includes recoveries of amounts previously charged off and reclassifications to/from other accounts . |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income attributable to AIG | $ 3,643 | $ 10,227 | $ 10,367 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Rule 10b5-1 Arrangement Adopted | true | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Zaffino [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Peter Zaffino, our Chairman & CEO, adopted a new trading plan effective December 15, 2023. The plan’s maximum duration is until July 24, 2024, and first trades may not occur until March 15, 2024, at the earliest. The trading plan is intended to permit Mr. Zaffino to exercise up to 333,000 stock options expiring on July 24, 2024 and immediately sell the acquired shares. | |
Name | Peter Zaffino | |
Title | Chairman & CEO | |
Adoption Date | December 15, 2023 | |
Arrangement Duration | 222 days | |
Aggregate Available | 333,000 | 333,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | USE OF ESTIMATES The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of: • loss reserves; • valuation of future policy benefit liabilities and recognition of measurement gains and losses; • valuation of market risk benefits (MRBs) related to guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products; • valuation of embedded derivative liabilities for fixed index annuity and index universal life products; • reinsurance assets, including the allowance for credit losses and disputes; • goodwill impairment; • allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities; • fair value measurements of certain financial assets and financial liabilities; and • income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected. |
Insurance Revenues | Insurance revenues include premiums and policy fees. All premiums and policy fees are presented net of reinsurance, as applicable. Premiums for short-duration contracts are recorded as written on the inception date of the policy. Premiums are earned primarily on a pro rata basis over the term of the related coverage. Sales of extended services contracts are reflected as premiums written and earned on a pro rata basis over the term of the related coverage. In addition, certain miscellaneous income is included as premiums written and earned. The reserve for unearned premiums includes the portion of premiums written relating to the unexpired terms of coverage. Reinsurance premiums are typically earned over the same period as the underlying policies or risks covered by the contract. As a result, the earnings pattern of a reinsurance contract may extend up to 24 months, reflecting the inception dates of the underlying policies throughout the year. Premiums from long-duration life products, other than universal and variable life contracts, are recognized as revenues when due. Premiums from individual and group annuity contracts that are life contingent are recognized as revenues when due. For limited payment contracts, premiums are due over a significantly shorter period than the period over which benefits are provided. The difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in Policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This Deferred Profit Liability (DPL) is recorded in the Consolidated Balance Sheets in Future policy benefits for life and accident and health insurance contracts. All reinsurance premiums ceded are recognized when due, following a ceded net premium ratio (NPR) methodology that also accrues a proportionate amount of estimated benefits. Reinsurance premiums for assumed business are estimated based on information received from ceding companies and reinsurers. Any subsequent differences that arise regarding such estimates are recorded in the periods in which they are determined. Amounts received as payment for investment-oriented contracts such as universal life, variable annuities, fixed annuities, and fixed index annuities, are reported as deposits to Policyholder contract deposits or Separate account liabilities, as applicable. Revenues from these contracts are recorded in policy fees and consist of policy charges for the cost of insurance, policy administration charges, surrender charges and amortization of unearned revenue reserves (URR). Policy fees are recognized as revenues in the period in which they are assessed against policyholders, unless the fees are designed to compensate AIG for services to be provided in the future. Fees deferred as unearned revenue are amortized on a constant level basis over the estimated lives of the contracts, consistent with the amortization of deferred acquisition costs. This URR is recorded in the Consolidated Balance Sheets in Other policyholder funds. Other income includes advisory fee income from the Life and Retirement broker dealer business. |
Cash | Cash represents cash on hand and demand deposits. |
Investments | Short-term investments include interest bearing investments, time deposits and other investments with remaining contractual life of less than or equal to one year. Securities included within short-term investments are stated at estimated fair value, while other investments included within short-term investments are stated at amortized cost, which approximates estimated fair value. FIXED MATURITY SECURITIES Bonds held to maturity are carried at amortized cost when we have the ability and positive intent to hold these securities until maturity. When we do not have the ability or positive intent to hold bonds until maturity, these securities are classified as available for sale or the fair value option has been elected. None of our fixed maturity securities met the criteria for held to maturity classification at December 31, 2023 or 2022. Unrealized gains and losses from available for sale investments in fixed maturity securities carried at fair value were reported as a separate component of AOCI, net of policy related amounts and deferred income taxes, in shareholders’ equity. Realized and unrealized gains and losses from fixed maturity securities for which the fair value option has been elected are reflected in Net investment income. Investments in fixed maturity securities are recorded on a trade-date basis. Interest income is recognized using the effective yield method and reflects amortization of premium and accretion of discount. Premiums and discounts arising from the purchase of bonds classified as available for sale are treated as yield adjustments over their estimated holding periods, until maturity, or call date, if applicable. For investments in certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations, and the amortized cost is adjusted to the amount that would have existed had the new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. For structured securities that are not high credit quality, the structured securities yields are based on expected cash flows which take into account both expected credit losses and prepayments. An allowance for credit losses is not established upon initial recognition of the asset (unless the security is determined to be a purchased credit deteriorated (PCD) asset which is discussed in more detail below). Subsequently, differences between actual and expected cash flows and changes in expected cash flows are recognized as adjustments to the allowance for credit losses. Changes that cannot be reflected as adjustments to the allowance for credit losses are accounted for as prospective adjustments to yield. Other Invested Assets Carried at Fair Value Certain hedge funds, private equity funds, and other investment partnerships for which we have elected the fair value option are reported at fair value with changes in fair value recognized in Net investment income. Other Invested Assets – Equity Method Investments Other Investments Also included in Other invested assets are real estate held for investment. These investments are reported at cost, less depreciation and are subject to impairment review, as discussed below. NET INVESTMENT INCOME Net investment income represents income primarily from the following sources: • Interest income and related expenses, including amortization of premiums and accretion of discounts with changes in the timing and the amount of expected principal and interest cash flows reflected in yield, as applicable. • Dividend income from common and preferred stocks. • Realized and unrealized gains and losses from investments in other securities and investments for which we elected the fair value option. • Earnings from alternative investments. • Prepayment premiums. NET REALIZED GAINS AND LOSSES Net realized gains and losses are determined by specific identification. The net realized gains and losses are generated primarily from the following sources: • Sales of available for sale fixed maturity securities, real estate and other alternative investments. • Reductions to the amortized cost basis of available for sale fixed maturity securities that have been written down due to our intent to sell them or it being more likely than not that we will be required to sell them. • Changes in the allowance for credit losses on bonds available for sale, mortgage and other loans receivable, and loans commitments. • Most changes in the fair value of free standing and embedded derivatives, including changes in the non-performance adjustment are included in Net realized gains (losses). However, changes in derivatives designated as hedging instruments when the fair value of the hedged item is not reported in Net realized gains (losses) are excluded from Net realized gains (losses). Changes in the fair value of free standing derivatives that hedge certain MRBs are excluded from Net realized gains (losses). • Foreign exchange gains and losses resulting from foreign currency transactions. • Changes in fair value of the embedded derivative related to the Fortitude Re funds withheld assets. EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value. When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, CLO, ABS) management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs, which vary by asset class: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. When estimating future cash flows for corporate, municipal and sovereign fixed maturity securities determined to be credit impaired, management considers: • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Scenarios specific to the issuer and the security, which may also include estimates of outcomes of corporate restructurings, political and macroeconomic factors, stability and financial strength of the issuer, the value of any secondary sources of repayment and the disposition of assets. We consider severe price declines in our assessment of potential credit impairments. We may also modify our model inputs when we determine that price movements in certain sectors are indicative of factors not captured by the cash flow models. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. Other Invested Assets Our equity method investments in private equity funds, hedge funds and other entities are evaluated for impairment each reporting period. Such evaluation considers market conditions, events and volatility that may impact the recoverability of the underlying investments within these private equity funds and hedge funds and is based on the nature of the underlying investments and specific inherent risks. Such risks may evolve based on the nature of the underlying investments. Our investments in real estate are periodically evaluated for recoverability whenever changes in circumstances indicate the carrying amount of an asset may be impaired. When impairment indicators are present, we compare expected investment cash flows to carrying amount. When the expected cash flows are less than the carrying amount, the investments are written down to fair value with a corresponding charge to earnings. 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. We also enter into agreements in which securities are purchased by us under 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. Mortgage and other loans receivable include commercial mortgages, residential mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. Commercial mortgages, residential mortgages, commercial loans, and other loans and notes receivable are carried at unpaid principal balances less allowance for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on such loans is accrued as earned. Direct costs of originating commercial mortgages, commercial loans, and other loans and notes receivable, net of nonrefundable points and fees, are deferred and included in the carrying amount of the related receivables. The amount deferred is amortized to income as an adjustment to earnings using the interest method. Premiums and discounts on purchased residential mortgages are also amortized to income as an adjustment to earnings using the interest method. Life insurance policy loans are carried at unpaid principal balances. There is no allowance for policy loans because these loans serve to reduce the death benefit paid when the death claim is made and the balances are effectively collateralized by the cash surrender value of the policy. METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, that is expected over the remaining contractual life of the loan. The allowance for credit losses considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. We revert to historical information when we determine that we can no longer reliably forecast future economic assumptions. The allowances for the commercial mortgage loans and residential mortgage loans are estimated utilizing a probability of default and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the Consolidated Balance Sheets. When a commitment is funded, we record a loan receivable and reclassify the liability for expected credit losses related to the commitment into loan allowance for expected credit losses. Other changes in the liability for expected credit losses on loan commitments are recorded in Net realized gains (losses) in the Consolidated Statements of Income (Loss). LOAN MODIFICATIONS The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. |
Premiums and Other Receivables | Premiums and other receivables – net of allowance for credit losses and disputes include premium balances receivable, amounts due from agents and brokers and policyholders, receivables resulting from sales of securities that had not yet settled, cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities and other receivables. |
Deposit assets and liabilities | Deposit assets and liabilities We have entered into certain insurance and reinsurance contracts, primarily in our General Insurance companies, that do not contain sufficient insurance risk to be accounted for as insurance or reinsurance. When we receive premiums on such contracts, the premiums received, after deduction for certain related expenses, are recorded as deposits within Other liabilities in the Consolidated Balance Sheets. Net proceeds of these deposits are invested and generate Net investment income. When we pay premiums on such contracts, the premiums paid are recorded as deposits within Other assets in the Consolidated Balance Sheets. The deposit asset or liability is adjusted as amounts are paid, consistent with the underlying contracts. |
Other Assets | Other assets consist of deferred sales inducements (DSI), prepaid expenses, deposits, other deferred charges, real estate, other fixed assets, capitalized software costs, goodwill, intangible assets other than goodwill, restricted cash, derivative assets, and accrued interest income. The cost of buildings and furniture and equipment is depreciated principally on the straight-line basis over their estimated useful lives (maximum of 40 years for buildings and 10 years for furniture and fixtures). Expenditures for maintenance and repairs are charged to income as incurred and expenditures for improvements are capitalized and depreciated. We periodically assess the carrying amount of our real estate for purposes of determining any asset impairment. Capitalized software costs, which represent costs directly related to obtaining, developing or upgrading internal use software, are capitalized and amortized using the straight-line method over a period generally not exceeding ten years. DEFERRED SALES INDUCEMENTS We offer DSI which include enhanced crediting rates or bonus payments to contract holders (bonus interest) on certain annuity and investment contract products. To qualify for such accounting treatment as an asset, the bonus interest must be explicitly identified in the contract at inception. We must also demonstrate that such amounts are incremental to amounts we credit on similar contracts without bonus interest and are higher than the contracts’ expected ongoing crediting rates for periods after the bonus period. DSI is reported in Other assets, while amortization related to DSI is recorded in Interest credited to policyholder account balances. DSI amounts are deferred and amortized on a constant level basis over the life of the contract consistent with DAC. Changes in future assumptions (e.g., expected duration of contracts) are applied by adjusting the amortization rate prospectively rather than through a retrospective catch up adjustment. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period, consistent with DAC. The following table presents the transition rollforward for DSI*: (in millions) Individual Group Total Pre-adoption December 31, 2020 DSI balance $ 190 $ 91 $ 281 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 284 114 398 Post-adoption January 1, 2021 DSI balance $ 474 $ 205 $ 679 * Other assets, excluding DSI, totaled $12.8 billion. |
Separate Accounts | Separate accounts represent funds for which investment income and investment gains and losses accrue directly to the policyholders who bear the investment risk. Each account has specific investment objectives and the assets are carried at fair value. The assets of each account are legally segregated and are not subject to claims that arise from any of our other businesses. The liabilities for these accounts are equal to the account assets. Separate accounts may also include deposits for funds held under stable value wrap funding agreements, although the majority of stable value wrap sales are measured based on the notional amount included in assets under management and do not include the receipt of funds. For additional information on separate accounts, see Note 15 . We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of separate accounts are legally segregated and are not subject to claims that arise from any of our other businesses. Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs. |
Other liabilities | Other liabilities consist of other funds on deposit, other payables, securities sold under agreements to repurchase, securities sold but not yet purchased, liabilities resulting from purchases of securities that have not yet settled, derivative liabilities, cash collateral received from derivative counterparties that contractually cannot be netted against derivative assets, allowance for credit losses in relation to off-balance sheet commitments and deferred gains on retroactive reinsurance agreements. |
Foreign currency | Foreign currency Financial statement accounts expressed in foreign currencies are translated into U.S. dollars. Functional currency assets and liabilities are translated into U.S. dollars generally using rates of exchange prevailing at the balance sheet date of each respective subsidiary and the related translation adjustments are recorded as a separate component of Accumulated other comprehensive income, net of any related taxes, in Total AIG shareholders’ equity. Income statement accounts expressed in functional currencies are translated using average exchange rates during the period. Functional currencies are generally the currencies of the local operating environment. Financial statement accounts expressed in currencies other than the functional currency of a consolidated entity are remeasured into that entity’s functional currency resulting in exchange gains or losses recorded in income. The adjustments resulting from translation of financial statements of foreign entities operating in highly inflationary economies are recorded in income. |
Non-redeemable noncontrolling interest | Non-redeemable noncontrolling interest is the portion of equity (net assets) and net income (loss) in a subsidiary not attributable, directly or indirectly, to AIG. |
Accounting Standards Adopted and Future Application of Accounting Standards | ACCOUNTING STANDARDS ADOPTED DURING 2023 Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The Company adopted the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs. The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of the Transition Date, the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) (AOCI) of $2.2 billion and a net increase to beginning Retained earnings of $933 million primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement operating segments, including the impact of non-performance risk adjustments which reclassified the portion of the changes in fair value attributable to non-performance risk from Retained earnings to AOCI, (2) changes to the discount rate used to measure the liability for future policy benefits which most significantly impacted our Life Insurance and Institutional Markets operating segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments. The accounting for the Fortitude Reinsurance Company Ltd. (Fortitude Re) reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies, and therefore have been recalculated on an LDTI basis. The accounting for reinsurance transactions between AIG and Fortitude Re structured as modified coinsurance (modco) remained unchanged. Market risk benefits: The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees associated with variable annuities) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods are recorded and presented separately within the income statement, with the exception of our own credit risk changes (non-performance adjustments), which are recognized in Other comprehensive income (loss) (OCI). MRBs impacted both Retained earnings and AOCI upon transition. The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement operating segments. For additional disclosures about MRBs, see Note 14. Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company had an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differed from reserve interest accretion rates. Following adoption of the standard, the impact of changes to discount rates are recognized through OCI. Changes resulting from updating the discount rate each reporting period primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer (PRT) and structured settlement products. For additional information on the discount rate assumption under accounting for Long-Duration Contracts Standard, see Note 13. Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments were eliminated. In addition to the above, the standard also: • Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and parenthetical presentation of any resulting re-measurement gain or loss in Policyholder benefits and losses incurred (except for discount rate changes as noted above) in the Consolidated Statements of Income (Loss). For additional information, see Note 13. • Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts and no longer requires an impairment test. For additional information, see Note 9. • Increases disclosures of disaggregated rollforwards of several balances, including but not limited to liabilities for future policy benefits, deferred acquisition costs, account balances, MRBs, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 as well as cross references to the applicable notes herein for additional information: Pre-Adoption, Cumulative Effect Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (a) $ 34,578 $ 7,666 $ 42,244 Reinsurance assets - other, net of allowance for credit losses and disputes (a) 38,963 469 39,432 Deferred income taxes 12,624 339 12,963 Deferred policy acquisition costs (b) 9,805 3,150 12,955 Market risk benefit assets (c) — 338 338 Other assets, net of allowance for credit losses (d) 13,122 398 13,520 Total assets 586,481 12,360 598,841 Future policy benefits for life and accident and health insurance contracts (e) 56,878 10,486 67,364 Policyholder contract deposits (e) 154,470 (6,247) 148,223 Market risk benefit liabilities (c) — 8,739 8,739 Other policyholder funds (f) 3,548 248 3,796 Other liabilities (g) 27,122 398 27,520 Total liabilities 519,282 13,624 532,906 Retained earnings 15,504 933 16,437 Accumulated other comprehensive income (loss) 13,511 (2,197) 11,314 Total AIG Shareholders' equity 66,362 (1,264) 65,098 Total equity 67,199 (1,264) 65,935 Total liabilities and equity 586,481 12,360 598,841 (a) For additional information on the transition impacts associated with LDTI, see Note 8. (b) For additional information on the transition impacts associated with LDTI, see Note 9. (c) For additional information on the transition impacts associated with LDTI, see Note 14. (d) Other assets include deferred sales inducement assets. For additional information on the transition impacts associated with LDTI, see Note 9. (e) For additional information on the transition impacts associated with LDTI, see Note 13. (f) Other policyholder funds include URR. For additional information on the transition impacts associated with LDTI, see Note 13. (g) Other liabilities include deferred cost of reinsurance liabilities. For additional information on the transition impacts associated with LDTI, see Note 8. The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 on our previously reported Consolidated Balance Sheets as of December 31, 2022: As Previously Effect of Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 32,159 $ (1,408) $ 30,751 Reinsurance assets - other, net of allowance for credit losses and disputes 39,434 (463) 38,971 Deferred income taxes 15,144 (340) 14,804 Deferred policy acquisition costs 15,518 (2,661) 12,857 Market risk benefit assets — 796 796 Other assets, net of allowance for credit losses 12,714 (330) 12,384 Total assets 526,634 (4,406) 522,228 Future policy benefits for life and accident and health insurance contracts 59,223 (7,309) 51,914 Policyholder contract deposits 158,891 (2,907) 155,984 Market risk benefit liabilities — 4,736 4,736 Other policyholder funds 3,909 (446) 3,463 Other liabilities 26,456 301 26,757 Total liabilities 484,399 (5,625) 478,774 Additional paid-in capital 80,284 (369) 79,915 Retained earnings 33,032 1,861 34,893 Accumulated other comprehensive income (loss) (22,092) (524) (22,616) Total AIG Shareholders' equity 40,002 968 40,970 Non-redeemable noncontrolling interests 2,233 251 2,484 Total equity 42,235 1,219 43,454 Total liabilities and equity 526,634 (4,406) 522,228 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions, except per common share data) Revenues: Premiums $ 31,857 $ (1) $ 31,856 $ 31,259 $ 26 $ 31,285 Policy fees 2,972 (59) 2,913 3,051 (46) 3,005 Total net realized gains (losses) 8,991 (1,927) 7,064 2,151 120 2,271 Total revenues 56,437 (1,987) 54,450 52,057 100 52,157 Benefits, losses and expenses: Policyholder benefits and losses incurred 22,771 (595) 22,176 24,388 (603) 23,785 Change in the fair value of market risk benefits, net — (958) (958) — (447) (447) Interest credited to policyholder account balances 3,709 35 3,744 3,557 13 3,570 Amortization of deferred acquisition costs 4,970 (413) 4,557 4,573 (49) 4,524 General operating and other expenses 9,195 (73) 9,122 8,790 (62) 8,728 Total benefits, losses and expenses 42,155 (2,004) 40,151 39,958 (1,148) 38,810 Income from continuing operations before income tax expense (benefit) 14,282 17 14,299 12,099 1,248 13,347 Income tax expense 3,006 19 3,025 2,176 265 2,441 Income (loss) from continuing operations 11,276 (2) 11,274 9,923 983 10,906 Net income (loss) 11,275 (2) 11,273 9,923 983 10,906 Net income from continuing operations attributable to noncontrolling interests 999 47 1,046 535 4 539 Net income (loss) attributable to AIG 10,276 (49) 10,227 9,388 979 10,367 Net income (loss) attributable to AIG common shareholders 10,247 (49) 10,198 9,359 979 10,338 Income (loss) per common share attributable to AIG common shareholders: Common stock - Basic 13.16 (0.06) 13.10 10.95 1.15 12.10 Common stock - Diluted 13.01 (0.07) 12.94 10.82 1.13 11.95 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Comprehensive Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Other comprehensive income (loss), net of tax Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken (87) (7) (94) 35 9 44 Change in unrealized appreciation (depreciation) of all other investments (32,775) (5,633) (38,408) (6,001) (1,150) (7,151) Change in fair value of market risk benefits attributable to changes in our own credit risk — 1,294 1,294 — 179 179 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts — 5,544 5,544 — 1,361 1,361 Change in foreign currency translation adjustments (514) (99) (613) (187) 7 (180) Other comprehensive income (loss) (33,402) 1,099 (32,303) (5,830) 406 (5,424) Comprehensive income (loss) (22,127) 1,097 (21,030) 4,093 1,389 5,482 Comprehensive income (loss) attributable to noncontrolling interests (1,584) 130 (1,454) 430 10 440 Comprehensive income (loss) attributable to AIG (20,543) 967 (19,576) 3,663 1,379 5,042 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Cash Flows: Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Cash flows from operating activities: Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Unrealized gains in earnings - net (1,392) 2,486 1,094 (1,889) 1,016 (873) Change in the fair value of market risk benefits in earnings, net — (1,481) (1,481) — (1,427) (1,427) Depreciation and other amortization 4,848 (439) 4,409 4,633 (91) 4,542 Changes in operating assets and liabilities: Insurance reserves (2,332) (1,505) (3,837) 5,127 (655) 4,472 Premiums and other receivables and payables - net (10,193) (29) (10,222) (655) (69) (724) Reinsurance assets, net 2,843 1,135 3,978 (1,241) 197 (1,044) Capitalization of deferred policy acquisition costs (4,649) (73) (4,722) (4,906) (63) (4,969) Current and deferred income taxes - net 2,260 19 2,279 1,314 265 1,579 Other, net 340 (184) 156 (1,322) (212) (1,534) Total adjustments (7,069) (71) (7,140) (3,644) (1,039) (4,683) Net cash provided by operating activities 4,207 (73) 4,134 6,279 (56) 6,223 Cash flows from financing activities: Policyholder contract deposits 26,508 74 26,582 25,424 56 25,480 Net cash used in financing activities (676) 74 (602) (3,735) 56 (3,679) Troubled Debt Restructuring and Vintage Disclosures In March 2022, the FASB issued an accounting standard update that eliminates the accounting guidance for troubled debt restructurings for creditors and amends the guidance on “vintage disclosures” to require disclosure of current-period gross write-offs by year of origination. The standard also updates the requirements for accounting for credit losses by adding enhanced disclosures for creditors related to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the standard prospectively as of January 1, 2023 and the standard did not have a material impact on our reported consolidated financial condition, results of operations, or cash flows. For the updated required disclosures, see Note 7. FUTURE APPLICATION OF ACCOUNTING STANDARDS Income Tax In December 2023, the FASB issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard will be applied on a prospective basis with the option to apply the standard retrospectively. We are assessing the impact of this standard. Segment Reporting In November 2023, the FASB issued an accounting standard update to address improvements to reportable segment disclosures. The standard primarily requires the following disclosure on an annual and interim basis: (i) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss; and (ii) other segment items and description of its composition. The standard also requires current annual disclosures about a reportable segment's profits or losses and assets to be disclosed in interim periods and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profits or losses in assessing segment performance. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods in fiscal years within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment is applied retrospectively to all prior periods presented. We are assessing the impact of this standard. Fair Value Measurement On June 30, 2022, the FASB issued an accounting standards update to address diversity in practice by clarifying that a contractual sale restriction should not be considered in the measurement of the fair value of an equity security. It also requires entities with investments in equity securities subject to contractual sale restrictions to disclose certain qualitative and quantitative information about such securities. The guidance is effective for public companies for fiscal years beginning after December 15, 2023 and interim periods within those years, with early adoption permitted. For entities other than investment companies, the accounting standards update applies prospectively, with any adjustments resulting from adoption recognized in earnings on the date of adoption. We are assessing the impact of this standard. |
Fair Value Measurement | We carry certain of our financial instruments at fair value. We define the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We are responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions. The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. We maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions. Fair Value Hierarchy Assets and liabilities recorded at fair value in the 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. The following is a description of the valuation methodologies used for instruments carried at fair value. These methodologies are applied to assets and liabilities across the levels discussed above, and the observability of the inputs used determines the appropriate level in the fair value hierarchy for the respective asset or liability. VALUATION METHODOLOGIES OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE Incorporation of Credit Risk in Fair Value Measurements • Our Own Credit Risk. Fair value measurements for certain liabilities incorporate our own credit risk by determining the explicit cost for each counterparty to protect against its net credit exposure to us at the balance sheet date by reference to observable AIG credit default swaps (CDS) or cash bond spreads. We calculate the effect of credit spread changes using discounted cash flow techniques that incorporate current market interest rates. A derivative counterparty’s net credit exposure to us is determined based on master netting agreements, when applicable, which take into consideration all derivative positions with us, as well as collateral we post with the counterparty at the balance sheet date. For a description of how we incorporate our own credit risk in the valuation of embedded derivatives related to certain annuity and life insurance products, see – Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits below. • Counterparty Credit Risk. Fair value measurements for freestanding derivatives incorporate counterparty credit by determining the explicit cost for us to protect against our net credit exposure to each counterparty at the balance sheet date by reference to observable counterparty CDS spreads, when available. When not available, other directly or indirectly observable credit spreads will be used to derive the best estimates of the counterparty spreads. Our net credit exposure to a counterparty is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. Fair values for fixed maturity securities based on observable market prices for identical or similar instruments implicitly incorporate counterparty credit risk. Fair values for fixed maturity securities based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information. For fair values measured based on internal models, the cost of credit protection is determined under a discounted present value approach considering the market levels for single name CDS spreads for each specific counterparty, the mid-market value of the net exposure (reflecting the amount of protection required) and the weighted average life of the net exposure. CDS spreads are provided to us by an independent third party. We utilize an interest rate based on the appropriate benchmark curve to derive our discount rates. While this approach does not explicitly consider all potential future behavior of the derivative transactions or potential future changes in valuation inputs, we believe this approach provides a reasonable estimate of the fair value of the assets and liabilities, including consideration of the impact of non-performance risk. Fixed Maturity Securities Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure fixed maturity securities at fair value. Market price data is generally obtained from dealer markets. We employ independent third-party valuation service providers to gather, analyze, and interpret market information to derive fair value estimates for individual investments, based upon market-accepted methodologies and assumptions. The methodologies used by these independent third-party valuation service providers are reviewed and understood by management, through periodic discussion with and information provided by the independent third-party valuation service providers. In addition, as discussed further below, control processes designed to ensure the accuracy of these values are applied to the fair values received from independent third-party valuation service providers. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of market-accepted valuation methodologies, which may utilize matrix pricing, financial models, accompanying model inputs and various assumptions, provide a single fair value measurement for individual securities. The inputs used by the valuation service providers include, but are not limited to, market prices from completed transactions for identical securities and transactions for comparable securities, benchmark yields, interest rate yield curves, credit spreads, prepayment rates, default rates, recovery assumptions, currency rates, quoted prices for similar securities and other market-observable information, as applicable. If fair value is determined using financial models, these models generally take into account, among other things, market observable information as of the measurement date as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security or issuer-specific information. When market transactions or other market observable data is limited, the extent to which judgment is applied in determining fair value is greatly increased. We have control processes designed to ensure that the fair values received from independent third-party valuation service providers are accurately recorded, that their data inputs and valuation techniques are appropriate and consistently applied and that the assumptions used appear reasonable and consistent with the objective of determining fair value. We assess the reasonableness of individual security values received from independent third-party valuation service providers through various analytical techniques, and have procedures to escalate related questions internally and to the independent third-party valuation service providers for resolution. To assess the degree of pricing consensus among various valuation service providers for specific asset types, we conduct comparisons of prices received from available sources. We use these comparisons to establish a hierarchy for the fair values received from independent third-party valuation service providers to be used for particular security classes. We also validate prices for selected securities through reviews by members of management who have relevant expertise and who are independent of those charged with executing investing transactions. When our independent third-party valuation service providers are unable to obtain sufficient market observable information upon which to estimate the fair value for a particular security, fair value is determined either by requesting brokers who are knowledgeable about these securities to provide a price quote, which is generally non-binding, or by employing market accepted valuation models internally or via our third party asset managers. Broker prices may be based on an income approach, which converts expected future cash flows to a single present value amount, with specific consideration of inputs relevant to particular security types. For structured securities, such inputs may include ratings, collateral types, geographic concentrations, underlying loan vintages, loan delinquencies and defaults, loss severity assumptions, prepayments, and weighted average coupons and maturities. When the volume or level of market activity for a security is limited, certain inputs used to determine fair value may not be observable in the market. Broker prices may also be based on a market approach that considers recent transactions involving identical or similar securities. Fair values provided by brokers are subject to similar control processes to those noted above for fair values from independent third-party valuation service providers, including management reviews. For those corporate debt instruments (for example, private placements) that are not traded in active markets or that are subject to transfer restrictions, valuations reflect illiquidity and non-transferability, based on available market evidence. 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 comparable securities, adjusted for illiquidity and structure. Fair values determined internally or via our third party asset managers are also subject to management review to ensure that valuation models and related inputs are reasonable. The methodology above is relevant for all fixed maturity securities including residential mortgage backed securities (RMBS), commercial mortgage backed securities (CMBS), collateralized loan obligations (CLO), other asset‑backed securities (ABS) and fixed maturity securities issued by government sponsored entities and corporate entities. Equity Securities Traded in Active Markets Whenever available, we obtain quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchange or dealer markets. Mortgage and Other Loans Receivable We estimate the fair value of mortgage and other loans receivable that are measured at fair value by using dealer quotations, discounted cash flow analyses and/or internal valuation models. The determination of fair value considers inputs such as interest rate, maturity, the borrower’s creditworthiness, collateral, subordination, guarantees, past-due status, yield curves, credit curves, prepayment rates, market pricing for comparable loans and other relevant factors. Other Invested Assets We initially estimate the fair value of investments in certain hedge funds, private equity funds and other investment partnerships by reference to the transaction price. Subsequently, we generally obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are generally audited annually. We consider observable market data and perform certain control procedures to validate the appropriateness of using the net asset value as a fair value measurement. The fair values of other investments carried at fair value, such as direct private equity holdings, are initially determined based on transaction price and are subsequently estimated based on available evidence such as market transactions in similar instruments, other financing transactions of the issuer and other available financial information for the issuer, with adjustments made to reflect illiquidity as appropriate. Short-term Investments For short-term investments that are measured at amortized cost, the carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. Securities purchased under agreements to resell (reverse repurchase agreements) are generally treated as collateralized receivables. We report certain receivables arising from securities purchased under agreements to resell as Short-term investments in the Consolidated Balance Sheets. When these receivables are measured at fair value, we use market-observable interest rates to determine fair value. Separate Account Assets Separate account assets are composed primarily of registered and unregistered open-end mutual funds that generally trade daily and are measured at fair value in the manner discussed above for equity securities traded in active markets. Freestanding Derivatives Derivative assets and liabilities can be exchange-traded or traded over-the-counter (OTC). We generally value exchange-traded derivatives such as futures and options using quoted prices in active markets for identical derivatives at the balance sheet date. OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in the instrument, as well as the availability of pricing information in the market. We generally use similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment. For certain OTC derivatives that trade in less liquid markets, where we generally do not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, the transaction price may provide the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. We will update valuation inputs in these models only when corroborated by evidence such as similar market transactions, independent third-party valuation service providers and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. We value our super senior credit default swap portfolio using prices obtained from vendors and/or counterparties. The valuation of the super senior credit derivatives is complex because of the limited availability of market observable information due to the lack of trading and price transparency in certain structured finance markets. Our valuation methodologies for the super senior CDS portfolio have evolved over time in response to market conditions and the availability of market observable information. We have sought to calibrate the methodologies to available market information and to review the assumptions of the methodologies on a regular basis. Market Risk Benefits and Embedded Derivatives within Policyholder Contract Deposits Certain variable annuity, fixed annuity and fixed index annuity contracts contain MRBs related to guaranteed benefit features that we separate from the host contracts and account for at fair value, with certain changes recognized in earnings. MRBs are contracts or contract features that provide protection to policyholders from other-than-nominal capital market risks and expose the insurance entity to other-than-nominal capital market risks. The fair value of MRBs contained in certain variable annuity, fixed annuity and fixed index annuity contracts is measured based on policyholder behavior and capital market assumptions related to projected cash flows over the expected lives of the contracts. These discounted cash flow projections primarily include benefits and related fees assessed, when applicable. In some instances, the projected cash flows from fees may exceed projected cash flows related to benefit payments and therefore, at a point in time, the carrying value of the MRBs may be in a net asset position. The projected cash flows incorporate best estimate assumptions for policyholder behavior (including mortality, lapses, withdrawals and benefit utilization), along with an explicit risk margin to reflect a market participant’s estimates of the fair value of projected cash flows and policyholder behavior. Estimates of future policyholder behavior assumptions are subjective and are based primarily on our historical experience. Because of the dynamic and complex nature of the projected cash flows with respect to MRBs in our variable annuity, fixed annuity, and fixed index annuity contracts, risk neutral valuations are used, which are calibrated to observable interest rate and equity option prices. Estimating the underlying cash flows for these products involves judgments regarding the capital market assumptions related to expected market rates of return, market volatility, credit spreads, correlations of certain market variables, fund performance and discount rates. Additionally, estimating the underlying cash flows for these products also involves judgments regarding policyholder behavior. The portion of fees attributable to the fair value of expected benefit payments is included within the fair value measurement of these MRBs, and related fees are classified in change in the fair value of MRBs, net, as earned, consistent with other changes in the fair value of these MRBs. Any portion of the fees not attributed to the MRBs is excluded from the fair value measurement and classified in policy fees as earned. Option pricing models are used to estimate the fair value of embedded derivatives in our fixed index annuity and life contracts, taking into account the capital market assumptions for future index growth rates, volatility of the index, future interest rates, and our ability to adjust the participation rate and the cap on fixed index credited rates in light of market conditions and policyholder behavior assumptions. Projected cash flows are discounted using the interest rate swap curve (swap curve), which is viewed as being consistent with the credit spreads for highly-rated financial institutions (S&P AA-rated or above). A swap curve shows the fixed-rate leg of a non-complex swap against the floating rate (for example, Secured Overnight Financing Rate (SOFR)) leg of a related tenor. We also incorporate our own risk of non-performance in the valuation of MRBs and embedded derivatives associated with variable annuity, fixed annuity, fixed index annuity and life contracts. The non-performance risk adjustment (NPA) reflects a market participant’s view of our claims-paying ability by incorporating an additional spread to the swap curve used to discount projected benefit cash flows. The NPA is calculated by constructing forward rates based on a weighted average of observable corporate credit indices to approximate the claims-paying ability rating of our insurance companies. The corporate credit indices are observable for the first 30 years. For years 30 to 50, the yield is derived using market observable yields. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. MRBs are measured using a NPA that is a locked-in estimate of our claims-paying ability at policy issue (locked-in NPA) as well as a NPA that reflects an estimate of our current claims-paying ability (current NPA). When MRBs are remeasured each period, both the interest rates and current NPA are updated. Changes in the swap curve and the time value accretion of the at-issue NPA are recorded to net income while the difference between the MRBs measured using the at-issue NPA and the current NPA is recorded to OCI. For embedded derivatives, changes in the interest rates and the period-over-period change in the NPA are recorded to net income. Fortitude Re funds withheld payable The reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). As a result of the deconsolidation of Fortitude Re, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. Long-Term Debt The fair value of non-structured liabilities is generally determined by using market prices from exchange or dealer markets, when available, or discounting expected cash flows using the appropriate discount rate for the applicable maturity. We determine the fair value of structured liabilities and hybrid financial instruments (where performance is linked to structured interest rates, inflation or currency risks) using the appropriate derivative valuation methodology (described above) given the nature of the embedded risk profile. In addition, adjustments are made to the valuations of both non-structured and structured liabilities to reflect our own creditworthiness based on the methodology described in “Incorporation of Credit Risk in Fair Value Measurements – Our Own Credit Risk” above. Borrowings under obligations of guaranteed investment agreements (GIAs), which are guaranteed by us, are recorded at fair value using discounted cash flow calculations based on interest rates currently being offered for similar contracts and our current market observable implicit credit spread rates with maturities consistent with those remaining for the contracts being valued. Obligations may be called at various times prior to maturity at the option of the counterparty. Other Liabilities Other liabilities measured at fair value include certain securities sold under agreements to repurchase and certain securities sold but not yet purchased. Liabilities arising from securities sold under agreements to repurchase are generally treated as collateralized borrowings. We estimate the fair value of liabilities arising under these agreements by using market-observable interest rates. This methodology considers such factors as the coupon rate, yield curves and other relevant factors. Fair values for securities sold but not yet purchased are based on current market prices. Information regarding the estimation of fair value for financial instruments not carried at fair value (excluding insurance contracts and lease contracts) is discussed below: • Mortgage and other loans receivable: Fair values of loans on commercial real estate and other loans receivable are estimated for disclosure purposes using discounted cash flow calculations based on discount rates that we believe market participants would use in determining the price that they would pay for such assets. For certain loans, our current incremental lending rates for similar types of loans are used as the discount rates, because we believe this rate approximates the rates market participants would use. Fair values of residential mortgage loans are generally determined based on market prices, using market based adjustments for credit and servicing as appropriate. The fair values of policy loans are generally estimated based on unpaid principal amount as of each reporting date. No consideration is given to credit risk because policy loans are effectively collateralized by the cash surrender value of the policies. • Other invested assets: The majority of the Other invested assets that are not measured at fair value represent time deposits with the original maturity at purchase greater than one year. The fair value of long-term time deposits is determined using the expected discounted future cash flow. • Cash and short-term investments: The carrying amounts of these assets approximate fair values because of the relatively short period of time between origination and expected realization, and their limited exposure to credit risk. • Policyholder contract deposits associated with investment-type contracts: Fair values for policyholder contract deposits associated with investment-type contracts not accounted for at fair value are estimated using discounted cash flow calculations based on interest rates currently being offered for similar contracts with maturities consistent with those of the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rate (if available) or current risk-free interest rate consistent with the currency in which the cash flows are denominated. To determine fair value, other factors include current policyholder account values and related surrender charges and other assumptions include expectations about policyholder behavior and an appropriate risk margin. • Other liabilities: The majority of Other liabilities that are financial instruments not measured at fair value represent secured financing arrangements, including repurchase agreements. The carrying amounts of these liabilities approximate fair value, because the financing arrangements are short-term and are secured by cash or other liquid collateral. • Fortitude Re funds withheld payable: The funds withheld payable contains an embedded derivative and the changes in its fair value are recognized in earnings each period. The difference between the total Fortitude Re funds withheld payable and the embedded derivative represents the host contract. • Short-term and Long-term debt and Debt of consolidated investment entities: Fair values of these obligations were determined by reference to quoted market prices, when available and appropriate, or discounted cash flow calculations based upon our current market‑observable implicit‑credit‑spread rates for similar types of borrowings with maturities consistent with those remaining for the debt being valued. • Separate Account Liabilities – Investment Contracts: Only the portion of separate account liabilities related to products that are investment contracts are reflected in the table below. Separate account liabilities are recorded at the amount credited to the contract holder, which reflects the change in fair value of the corresponding separate account assets including contract holder deposits less withdrawals and fees; therefore, carrying value approximates fair value. |
Reinsurance | In the ordinary course of business, our insurance companies purchase both treaty and facultative reinsurance to limit potential losses, provide additional capacity for growth, minimize exposure to significant risks or to facilitate greater diversification of our businesses. In addition, certain of our General Insurance subsidiaries sell reinsurance to other insurance companies. We determine the portion of our ultimate net loss that will be recoverable under our reinsurance contracts by reference to the terms of the reinsurance protection purchased. This determination involves an estimate of incurred but not reported (IBNR) loss. Reinsurance recoverables for contracts which are accounted for as deposits are subject to similar judgments and uncertainties and reported in Other assets. Reinsurance assets include the balances due for paid losses and expenses, reserves for losses and expenses reported and outstanding, reserves for IBNR, ceded unearned premiums and ceded future policy benefits for life and accident and health insurance contracts and benefits paid and unpaid. Amounts related to paid and reserved losses and expenses and benefits with respect to these reinsurance agreements are sometimes collateralized. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk. The estimation of the allowance for unrecoverable reinsurance from reinsurers who are unwilling and/or unable to pay amounts due to us requires judgment for which key inputs typically include historical collection rates when amounts due are in dispute or where the reinsurer has suffered a credit event as well as specific reviews of balances in dispute or subject to credit impairment. The allowance for credit losses and disputes on reinsurance assets was $236 million and $295 million at December 31, 2023 and 2022, respectively. Changes in the allowance for credit losses and disputes on reinsurance assets are reflected in Policyholder benefits and losses incurred within the Consolidated Statements of Income (Loss). Reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsured contracts. The reinsurance recoverables for coinsurance and modco contracts, along with amounts recoverable on YRT treaties are determined based on updated net premium ratios, reflecting updated actuarial assumptions using locked-in upper-medium investment instrument yield discount rates with changes recognized as remeasurement gains and losses reported in income. In addition, reinsurance recoverables are remeasured at the balance sheet date using current upper-medium grade discount rates with changes reported in OCI. For reinsurance agreements that reinsure existing, or non-contemporaneous (in-force) traditional and limited payment long-duration insurance contracts, the reinsurance recoverable is measured using the upper-medium grade fixed-income instrument yield discount rate assumption related to the effective date of the reinsurance contract. Therefore, for non-contemporaneous reinsurance agreements executed after January 1, 2021, the locked-in rate to accrete interest into the income statement related to the reinsurance recoverable would be different from the locked-in rate used for accreting interest on the direct reserve for future policy benefits. Certain reinsured guaranteed benefits previously reported as reinsurance recoverables are classified as Market risk benefit assets in the Consolidated Balance Sheets and are measured at fair value. The following tables present the transition rollforward for Reinsurance assets: (in millions) Individual Life Institutional Total Reinsurance assets - other, net of allowance for credit losses and disputes (a) Pre-adoption, December 31, 2020 $ 309 $ 2,370 $ 28 $ 2,707 Reclassification of Cost of Reinsurance (b) — 416 — 416 Reclassification to Market risk benefits (35) — — (35) Change in cash flow assumptions and effect of net premiums exceeding gross premiums — 9 — 9 Change due to the current upper-medium grade discount rate — 74 5 79 Post-adoption January 1, 2021 $ 274 $ 2,869 $ 33 $ 3,176 (in millions) Total Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (c) Pre-adoption, December 31, 2020 $ 29,135 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 55 Change due to the current upper-medium grade discount rate 7,611 Post-adoption January 1, 2021 $ 36,801 (a) Excludes $36.3 billion of Reinsurance assets - other, net of allowance for credit losses and disputes in General Insurance and Other Operations. (b) Cost of reinsurance is reported in Other liabilities in the Consolidated Balance sheets. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Excludes $5.4 billion of Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes in General Insurance and Other Operations. The remeasurement of the reinsurance assets using the current upper-medium grade discount rate is offset in AOCI. SHORT-DURATION REINSURANCE Short-duration reinsurance is effected under reinsurance treaties and by negotiation on individual risks. Certain of these reinsurance arrangements consist of excess of loss contracts that protect us against losses above stipulated amounts. Ceded premiums are considered prepaid reinsurance premiums and are recognized as a reduction of premiums earned over the contract period in proportion to the protection received. Amounts recoverable from reinsurers on short-duration contracts are estimated in a manner consistent with the claims liabilities associated with the reinsurance and presented as a component of Reinsurance assets. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsurers. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. Assumed reinsurance premiums are earned primarily on a pro-rata basis over the terms of the reinsurance contracts and the portion of premiums relating to the unexpired terms of coverage is included in the reserve for unearned premiums. Reinsurance premiums for assumed business are estimated based on information received from brokers, ceding companies and reinsureds. Any subsequent differences arising on such estimates are recorded in the periods in which they are determined. For both ceded and assumed reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit. Retroactive reinsurance agreements are reinsurance agreements under which our reinsurer agrees to reimburse us as a result of past insurable events. For these agreements, the excess of the amounts ultimately collectible under the agreement over the consideration paid is recognized as a deferred gain liability and amortized into income over the settlement period of the ceded reserves. The amount of the deferral is recalculated each period based on loss payments and updated estimates. If the consideration paid exceeds the ultimate losses collectible under the agreement, the net loss on the agreement is recognized in income immediately. Ceded loss reserves under retroactive agreements were $12.4 billion and $14.3 billion, and the deferred gain liability was $585 million and $661 million, as of December 31, 2023 and 2022, respectively. The effect on income from amortization of the deferred gain was $82 million, $252 million and $191 million for the years ended December 31, 2023, 2022 and 2021, respectively. LONG-DURATION REINSURANCE Long-duration reinsurance is principally under YRT treaties, along with a large modco treaty reinsuring the majority of our legacy business to a former affiliate, Fortitude Re. Reinsurance premiums ceded are recognized when due, along with corresponding benefits. Amounts recoverable from reinsurers are presented as a component of Reinsurance assets. FORTITUDE RE Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. As of December 31, 2023, approximately $27.6 billion of reserves from our Life and Retirement Run-Off Lines and approximately $3.0 billion of reserves from our General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2023 December 31, 2022 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 17,384 $ 17,384 $ 18,821 $ 18,821 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,867 4,867 4,182 4,182 Fair value through net investment income Commercial mortgage loans 3,921 3,685 4,107 3,837 Amortized cost Real estate investments 184 329 133 348 Amortized cost Private equity funds / hedge funds 1,910 1,910 1,893 1,893 Fair value through net investment income Policy loans 330 330 355 355 Amortized cost Short-term investments 176 176 75 75 Fair value through net investment income Funds withheld investment assets 28,772 28,681 29,566 29,511 Derivative assets, net (b) 45 45 90 90 Fair value through net realized gains (losses) Other (c) 758 758 782 782 Amortized cost Total $ 29,575 $ 29,484 $ 30,438 $ 30,383 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $734 million ($580 million after-tax) and $(7.5) billion ($(5.9) billion after-tax), respectively for the years ended December 31, 2023 and 2022. (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $63 million and $34 million, respectively, as of December 31, 2023. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $192 million and $28 million, respectively, as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. |
Credit Losses | REINSURANCE – CREDIT LOSSES The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. We assess the collectability of reinsurance recoverable balances in each reporting period, through either historical trends of disputes and credit events or financial analysis of the credit quality of the reinsurer. We record adjustments to reflect the results of these assessments through an allowance for credit losses and disputes on uncollectible reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as classified by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; reinsurers that are financially troubled (i.e., in run-off, have voluntarily or involuntarily been placed in receivership, are insolvent, are in the process of liquidation or otherwise subject to formal or informal regulatory restriction) are assigned ORRs that will generate a significant allowance; and • whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable's lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR. The allowance for credit losses excludes disputed amounts. An allowance for disputes is established for a reinsurance recoverable using the losses incurred model for contingencies. |
Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves) | Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. 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 or reserve releases. |
Deferred Policy Acquisition Costs | DAC represent those costs that are incremental and directly related to the successful acquisition of new or renewal of existing insurance contracts. We defer incremental costs that result directly from, and are essential to, the acquisition or renewal of an insurance contract. Such DAC generally include agent or broker commissions and bonuses, premium taxes, and medical and inspection fees that would not have been incurred if the insurance contract had not been acquired or renewed. Each cost is analyzed to assess whether it is fully deferrable. We partially defer costs, including certain commissions, when we do not believe that the entire cost is directly related to the acquisition or renewal of insurance contracts. Commissions that are not deferred to DAC are recorded in General operating and other expenses in the Consolidated Statements of Income (Loss). We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling. The amounts deferred are derived based on successful efforts for each distribution channel and/or cost center from which the cost originates. Short-duration insurance contracts: Policy acquisition costs are deferred and amortized over the period in which the related premiums written are earned, generally 12 months. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and is reviewed for recoverability based on the profitability of the underlying insurance contracts. Investment income is anticipated in assessing the recoverability of DAC. We assess the recoverability of DAC on an annual basis or more frequently if circumstances indicate an impairment may have occurred. This assessment is performed by comparing recorded net unearned premiums and anticipated investment income on in-force business to the sum of expected losses and loss adjustment expenses incurred, unamortized DAC and maintenance costs. If the sum of these costs exceeds the amount of recorded net unearned premiums and anticipated investment income, the excess is recognized as an offset against the asset established for DAC. This offset is referred to as a premium deficiency charge. Increases in expected losses and loss adjustment expenses incurred can have a significant impact on the likelihood and amount of a premium deficiency charge. Long-duration insurance contracts: DAC for all long-duration contracts, except for those with limited to no exposure to policyholder behavior risk, (i.e., certain investment contracts), is grouped and amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances, for those corresponding contracts, as applicable. Capitalized expenses are only included in DAC amortization as expenses are incurred. For amortization purposes, contracts are grouped into annual cohorts by issue year and product and to segregate reinsured and non-reinsured contracts. For life insurance contracts, amortization is based on insurance in-force, while initial deposits are used for deferred annuity contracts, structured settlements and pension risk transfer products. Changes in future assumptions (e.g., expected duration of contracts or amount of coverage expected to be in force) are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization expense each period. DAC is capped at the amount of expenses capitalized as the DAC balance does not accrue interest. DAC is not subject to recoverability testing. Value of Business Acquired (VOBA) is determined at the time of acquisition and is reported in the Consolidated Balance Sheets with DAC. This value is based on the present value of future pre-tax profits discounted at yields applicable at the time of purchase. VOBA is amortized, consistent with DAC, i.e., over the life of the business on a constant level basis. Internal Replacements of Long-duration and Investment-oriented Products: For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If the modification does not substantially change the contract, we do not change the accounting and amortization of existing DAC and related actuarial balances. If an internal replacement represents a substantial change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or credited to income, and any new deferrable costs associated with the replacement contract are deferred. The following table presents the transition rollforward for DAC*: Individual Group Life Institutional Total (in millions) Pre-adoption December 31, 2020 DAC balance $ 2,359 $ 560 $ 4,371 $ 26 $ 7,316 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 2,062 534 547 7 3,150 Post-adoption January 1, 2021 DAC balance $ 4,421 $ 1,094 $ 4,918 $ 33 $ 10,466 * Excludes $2.5 billion of DAC in General Insurance. Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the Transition Date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the Transition Date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances reduced DAC. |
Tax Accounting Policies | TAX ACCOUNTING POLICIES We use an item-by-item approach to release the stranded or disproportionate income tax effects in AOCI related to our available-for-sale securities. Under this approach, a portion of the disproportionate tax effects is assigned to each individual security lot at the date the amount becomes lodged. When the individual securities are sold, mature, or are otherwise impaired on an other-than-temporary basis, the assigned portion of the disproportionate tax effect is reclassified from AOCI to income (loss) from continuing operations. We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Global Intangible Low-Taxed Income (GILTI) imposes U.S. taxes on the excess of a deemed return on tangible assets of certain foreign subsidiaries. Consistent with accounting guidance, we have made an accounting policy election to treat GILTI taxes as a period tax charge in the period the tax is incurred. 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. Although the 2022 tax deconsolidation of Corebridge from the AIG consolidated U.S. federal income tax group resulted in the formation of new federal tax filing groups requiring separate deferred tax asset realizability assessments, there was no material change to the total deferred tax asset valuation allowance. During the fourth quarter, taxable income projections were updated to reflect 2023 results, updated projections of income for our insurance and non-insurance companies, and taxable income generated from prudent and feasible tax planning strategies. While there was improvement in projected tax attribute utilization, given there is a shorter carryforward period to utilize remaining net operating losses, we continue to consider multiple data points and stresses. Additionally, recent events, including changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future macroeconomic and AIG-specific conditions and events, and any impact these conditions and events may have on our prudent and feasible tax planning strategies. We also subjected the forecasts to a variety of stresses of key assumptions and evaluated the effect on tax attribute utilization. |
Market Risk Benefit | MRBs are defined as contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose AIG to other-than nominal capital market risk. The MRB represents an amount that a policyholder receives in addition to the account balance upon the occurrence of a specific event or circumstance, such as death, annuitization, or periodic withdrawal that involves protection from other-than-nominal capital market risk. Certain contract features, such as GMWBs, GMDBs and guaranteed minimum income benefits (GMIBs) commonly found in variable, fixed index and fixed annuities, are MRBs. MRBs are assessed at contract inception using a non-option method involving attributed fees that results in an initial fair value of zero or an option method that results in a fair value greater than zero. MRBs are recorded at fair value, and AIG applies a non-option attributed fee valuation method for variable annuity products, and an option-based valuation method (host offset) for both fixed index and fixed products. Under the non-option valuation method, the attributed fee is determined at contract inception; it cannot exceed the total contract fees and assessments collectible from the contract holder and cannot be less than zero. Investment margin is excluded from the attributed fee determination. Under the option-based valuation method, an offset to the host amount related to the MRB amount is established at inception. Changes in the fair value of MRBs are recorded in net income in Changes in the fair value of market risk benefits, net except for the portion of the fair value change attributable to our own credit risk, which is recognized in OCI. MRBs are derecognized when the underlying contract is surrendered, a GMDB is incurred, a GMIB is annuitized, or when the account value is exhausted on a policy with a GMWB. Generally when a policyholder elects to annuitize a GMIB rider or the account value on a policy with a GMWB rider is reduced to zero, the policy is converted to a payout annuity automatically. When a conversion occurs, the policyholder is issued a new payout annuity contract. At this point, the MRB is derecognized and a LFPB is established for the payout annuity. Assumptions used to determine the MRB asset (including ceded MRBs) or liability generally include mortality rates that are based upon actual experience modified to allow for variations in policy form; lapse rates that are based upon actual experience modified to allow for variations in policy features; and investment returns, based on stochastically generated scenarios. We evaluate at least annually estimates used to determine the MRB asset or liability and adjust the balance, with a related charge or credit to Change in fair value of MRBs, net, if actual experience or other evidence suggests that earlier assumptions should be revised. In addition, MRBs are valued such that the current provision for nonperformance risk is reflected in the claims cash flows of the asset or liability valuation for direct MRBs. The nonperformance risk spread at contract issue is locked-in. The difference between the MRB valued using the at issue nonperformance risk spread and the current nonperformance risk spread is reported through OCI, while changes in the counterparty credit risk related to ceded MRBs are reported in income. Changes in the fair value of MRBs, net represents changes in the fair value of market risk benefit liabilities and assets (with the exception of our own credit risk changes), and includes attributed rider fees and benefits, net of changes in the fair value of derivative instruments and fixed maturity securities that are used to economically hedge market risk from the variable annuity GMWB riders. The following table presents the transition rollforward of MRBs: Individual Group Total (in millions) Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs $ — $ — $ — Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s) (a) 5,671 576 6,247 Adjustment for the reclassification of additional liabilities from Future policy benefits (b) 1,388 221 1,609 Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date (c) 2,140 187 2,327 Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (d) (516) (89) (605) Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (e) (1,084) (93) (1,177) Post-adoption January 1, 2021 carrying amount for features now classified as MRBs $ 7,599 $ 802 $ 8,401 (a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (c) Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date are recognized in AOCI. (d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above. (e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings. |
Variable Interest Entity | A variable interest entity (VIE) is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity. Consolidation of a VIE by its primary beneficiary is not based on majority voting interest, but is based on other criteria discussed below. We enter into various arrangements with VIEs in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. |
Derivatives and Hedge Accounting | We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives and MRBs in certain insurance liabilities. We use credit derivatives to manage our credit exposures. Commodity derivatives are used to hedge exposures within reinsurance contracts. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, CDSs, total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. Interest rate, currency, equity and commodity swaps, credit contracts, swaptions, options and forward transactions are accounted for as derivatives, recorded on a trade-date basis and carried at fair value. Unrealized gains and losses are reflected in income, when appropriate. Aggregate asset or liability positions are netted on the Consolidated Balance Sheets only to the extent permitted by qualifying master netting arrangements in place with each respective counterparty. Cash collateral posted with counterparties in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative liability, while cash collateral received in conjunction with transactions supported by qualifying master netting arrangements is reported as a reduction of the corresponding net derivative asset. Derivatives, with the exception of embedded derivatives, are reported at fair value in the Consolidated Balance Sheets in Other assets and Other liabilities. Embedded derivatives are generally presented with the host contract in the Consolidated Balance Sheets. A bifurcated embedded derivative is measured at fair value and accounted for in the same manner as a free standing derivative contract. The corresponding host contract is accounted for according to the accounting guidance applicable for that instrument. For additional information on embedded derivatives, see Notes 5, 13 and 14. |
Goodwill and Intangible Assets | Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred. At December 31, 2023, goodwill is reported within our General Insurance business – North America and International operating segments, our Life and Retirement business – Life Insurance operating segment and our Other Operations segment. When a business is transferred from one reporting unit to another, goodwill from the original reporting unit is allocated among reporting units based on the fair value of business transferred, relative to business retained by a reporting unit. The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed. If the qualitative test is not performed or if the test indicates a potential impairment is present, we estimate the fair value of each reporting unit and compare the estimated fair value with the carrying amount of the reporting unit, including allocated goodwill. The estimate of a reporting unit’s fair value involves management judgment and is based on one or a combination of approaches including discounted expected future cash flows, market-based earnings multiples of the unit’s peer companies, external appraisals or, in the case of reporting units being considered for sale, third-party indications of fair value, if available. We consider one or more of these estimates when determining the fair value of a reporting unit to be used in the impairment test. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired. If the carrying value of a reporting unit exceeds its estimated fair value, goodwill associated with that reporting unit potentially is impaired. The amount of impairment, if any, is measured as 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 and recognized in income. Indefinite lived intangible assets are not subject to amortization. Indefinite lived intangible assets primarily include Lloyd’s syndicate capacity and brand names. Finite lived intangible assets are amortized over their useful lives. Finite lived intangible assets primarily include distribution networks and are recorded net of accumulated amortization. The Company tests indefinite lived intangible assets for impairment on an annual basis or whenever events or circumstances suggest that the carrying value of an intangible asset may exceed the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If this condition exists and the carrying value of an intangible asset exceeds its fair value, the excess is recognized as an impairment and is recorded as a charge against net income (loss). |
Debt | Our long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments and fair value adjustments, when applicable. |
Future Policy Benefits for Life and Accident and Health Insurance Contracts and Policyholder Contract Deposits | FUTURE POLICY BENEFITS Future policy benefits primarily include reserves for traditional life and annuity payout contracts, which represent an estimate of the present value of future benefits less the present value of future net premiums. Included in Future policy benefits are liabilities for annuities issued in structured settlement arrangements whereby a claimant receives life contingent payments over their lifetime. Also included are pension risk transfer arrangements whereby an upfront premium is received in exchange for guaranteed retirement benefits. All payments under these arrangements are fixed and determinable with respect to their amounts and dates. Structured settlement or other annuitization elections (e.g., certain single premium immediate annuities) that do not involve life contingent payments, but rather payments for a stated period are included in Policyholder contract deposits. For traditional and limited pay long-duration products, benefit reserves are accrued and benefit expense is recognized using a NPR methodology for each annual cohort of business. This NPR method incorporates periodic retrospective revisions to the NPR to reflect updated actuarial assumptions and variances in actual versus expected experience. The Future policy benefit liability is accrued by multiplying the gross premium recognized in each period by the net premium ratio. The net premium is equal to the portion of the gross premium required to provide for all benefits and certain expenses and may not exceed 100 percent. Benefits in excess of premiums are expensed immediately through Policyholder benefits. In addition, periodic revisions to the NPR below 100 percent may result in reclassification between the benefit reserves and deferred profit liability for limited pay contracts. Insurance contracts are aggregated into annual cohorts for the purposes of determining the liability for future policy benefits (LFPB), but are not aggregated across segments. These annual cohorts may be further segregated based on product characteristics, or to distinguish business reinsured from non-reinsured business or products issued in different functional currencies. The assumptions used to calculate the future policy benefits include discount rates, persistency and recognized morbidity and mortality tables modified to reflect the Company's experience. The current discount rate assumption for the liability for future policy benefits is derived from market observable yields on upper-medium-grade fixed income instruments. The Company uses an external index as the source of the yields on these instruments for the first 30 years. For years 30 to 50, the yield is derived using market observable yields. Yields for years 50 to 100 are extrapolated using a flat forward approach, maintaining a constant forward spread through the period. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change in the discount rate reflected in OCI. The method for constructing and applying the locked-in discount rate assumptions on newly issued business is determined based on factors such as product characteristics and the expected timing of cash flows. This discount rate assumption is derived from market observable yields on upper-medium-grade fixed income instruments. Similar to the current discount rate assumption, the Company may employ conversion and interpolation methodologies when necessary. The applicable interest accretion is reflected in Policyholder benefits and losses incurred in the Consolidated Statements of Income (Loss). The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts (a) : Individual Group Life Institutional Other (b) Total (in millions) Pre-adoption December 31, 2020 liability for future policy benefits balance $ 1,309 $ 282 $ 11,129 $ 11,029 $ 22,206 $ 45,955 Adjustments for the reclassification to the deferred profit liability (65) (8) — (766) (859) (1,698) Change in cash flow assumptions and effect of net premiums exceeding gross premiums (14) 2 15 4 55 62 Effect of the remeasurement of the liability at a current single A rate 156 63 2,977 1,655 7,611 12,462 Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities (64) (60) 4 (292) — (412) Post-adoption January 1, 2021 liability for future policy benefits balance $ 1,322 $ 279 $ 14,125 $ 11,630 $ 29,013 $ 56,369 (a) Excludes future policy benefits for participating contracts, DPL, additional liabilities, Accident and Health, Group Benefits and Other Operations representing $11.0 billion of liability for future policy benefits. See transition tables below for DPL and additional liabilities. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Adjustments for the reclassification between the liability for future policy benefits and deferred profit liability represent changes in the net premium ratios that are less than 100 percent at transition for certain limited pay cohorts, resulting in a reclassification between the two liabilities, with no impact on Retained earnings. Adjustments for change in cash flow assumptions represents revised net premium ratios in excess of 100 percent for certain cohorts at transition, with an offset to Retained earnings. The effect of the remeasurement at the current single A rate is reported at the Transition Date and each subsequent balance sheet date, with an offset in AOCI. Prior to adoption, loss recognition for traditional products was adjusted for the effect of unrealized gains on fixed maturity securities available for sale. At the Transition Date, these adjustments were removed with a corresponding offset in AOCI. Deferred Profit Liability: The Company issues certain annuity and life insurance contracts where premiums are paid up-front or for a shorter period than benefits will be paid (i.e., limited pay contracts). A DPL is required to be established to avoid recognition of gains when these contracts are issued. DPLs are amortized over the life of the contracts to align the revenue recognized with the related benefit expenses. The DPL is amortized in a constant relationship to the amount of discounted insurance in force for life insurance or expected future benefit payments for annuity contracts over the term of the contract. The difference between the gross premium received and recorded as revenue and the net premium is deferred and recognized in policyholder benefits in a constant relationship to insurance in-force, or for annuities, the amount of expected future policy benefits. This deferred profit liability accretes interest and is recorded in the Consolidated Balance Sheets in Future policy benefits. Cash flow assumptions included in the measurement of the DPL are the same as those utilized in the respective LFPBs and are reviewed at least annually. The cash flow estimates for DPLs are updated on a retrospective catch-up basis at the same time as the cash flow estimates for the related LFPBs. The updated LFPB cash flows are used to recalculate the DPL at the inception of the applicable related LFPB cohort. The difference between the recalculated DPL at the beginning of the current reporting period and the carrying amount of the DPL at the current reporting period is recognized as a gain or loss in Policyholder benefits and losses incurred in the Consolidated Statements of Income (Loss). The following table presents the transition rollforward for deferred profit liability for long-duration contracts*: Individual Group Life Institutional Other* Total (in millions) Pre-adoption December 31, 2020 deferred profit liability balance $ 2 $ — $ 5 $ 64 $ — $ 71 Adjustments for the reclassification from/(to) the liability for the future policy benefits 65 8 — 766 859 1,698 Post-adoption January 1, 2021 deferred profit liability balance $ 67 $ 8 $ 5 $ 830 $ 859 $ 1,769 * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Adjustments for the reclassification between the liability for future policy benefits and deferred profit liability represent changes in the net premium ratios that are less than 100 percent at transition for certain limited pay cohorts, resulting in a reclassification between the two liabilities, with no impact on Retained earnings. Additional Liabilities: For universal-life type products, insurance benefits in excess of the account balance are generally recognized as expenses in the period incurred unless the design of the product is such that future charges are insufficient to cover the benefits, in which case an “additional liability” is accrued over the life of the contract. These additional liabilities are included in Future policy benefits for life and accident and health insurance contracts in the Consolidated Balance Sheets. Prior to the adoption of the standard, our additional liabilities consisted primarily of guaranteed minimum death benefits (GMDBs) on annuities, as well as universal-life contracts with secondary guarantees. Subsequent to the adoption of this standard, the GMDBs have been reclassified and reported as MRBs, while the universal-life contracts with secondary guarantees continue to be reported as additional liabilities. The following table presents the transition rollforward of the additional liabilities: Individual Group Life Institutional Other (c) Total (in millions) Pre-adoption December 31, 2020 additional liabilities $ 1,423 $ 221 $ 5,117 $ — $ 55 $ 6,816 Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits (a) (907) (132) — — — (1,039) Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (b) (516) (89) — — — (605) Post-adoption January 1, 2021 additional liabilities $ — $ — $ 5,117 $ — $ 55 $ 5,172 (a) Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 15. (b) Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. POLICYHOLDER CONTRACT The liability for Policyholder contract deposits is primarily recorded at accumulated value (deposits received and net transfers from separate accounts, plus accrued interest credited, less withdrawals and assessed fees). Deposits collected on investment-oriented products are not reflected as revenues. They are recorded directly to Policyholder contract deposits upon receipt. Amounts assessed against the contract holders for mortality, administrative, and other services are included as Policy fees in revenues. In addition to liabilities for universal life, fixed annuities, fixed options within variable annuities, annuities without life contingencies, funding agreements and GICs, policyholder contract deposits also include our liability for (i) index features accounted for as embedded derivatives at fair value, (ii) annuities issued in a structured settlement arrangement with no life contingency and (iii) certain contracts we have elected to account for at fair value. Changes in the fair value of the embedded derivatives related to policy index features and the fair value of derivatives hedging these liabilities are recognized in realized gains and losses. For additional information on index credits accounted for as embedded derivatives, see Note 5. Under a funding agreement-backed notes issuance program, an unaffiliated, non-consolidated statutory trust issues medium-term notes to investors, which are secured by funding agreements issued to the trust by one of our Life and Retirement companies through our Institutional Markets business. The following table presents the transition rollforward of Policyholder contract deposits account balances (a) : Individual Group Life Institutional Other (b) Total (in millions) Pre-adoption December 31, 2020 Policyholder contract deposits $ 84,874 $ 43,805 $ 10,286 $ 11,559 $ 4,145 $ 154,669 Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) (5,671) (576) — — — (6,247) Post-adoption January 1, 2021 Policyholder contract deposits $ 79,203 $ 43,229 $ 10,286 $ 11,559 $ 4,145 $ 148,422 (a) Excludes Other Operations of $(199) million. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. OTHER POLICYHOLDER FUNDS Other policyholder funds include URR, consisting of front-end loads on investment-oriented contracts, representing those policy loads that are non-level and typically higher in initial policy years than in later policy years. Amortization of URR is recorded in Policy fees. URR for investment-oriented contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Company has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., policy fees) each period. Other policyholder funds also include provisions for future dividends to participating policyholders, accrued in accordance with all applicable regulatory or contractual provisions. Participating life business represented approximately 0.5 percent and 0.7 percent of gross insurance in force at December 31, 2023 and December 31, 2022, respectively and 0.9 percent, 1.3 percent and 1.7 percent of gross premiums and other considerations in 2023, 2022 and 2021 respectively. The amount of annual dividends to be paid is approved locally by the Corebridge Boards of Directors. Provisions for future dividend payments are computed by jurisdiction, reflecting local regulations. The portions of current and prior net income and of current unrealized appreciation of investments that can inure to our benefit are restricted in some cases by the insurance contracts and by the local insurance regulations of the jurisdictions in which the policies are in force. Certain products are subject to experience adjustments. These include group life and group medical products, credit life contracts, accident and health insurance contracts/riders attached to life policies and, to a limited extent, reinsurance agreements with other direct insurers. Ultimate premiums from these contracts are estimated and recognized as revenue with the unearned portions of the premiums recorded as liabilities in Other policyholder funds. Experience adjustments vary according to the type of contract and the territory in which the policy is in force and are subject to local regulatory guidance. The following table presents the transition rollforward of URR: Life Institutional Other* Total (in millions) Pre-adoption December 31, 2020 URR balance $ 1,413 $ 2 $ 132 $ 1,547 Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 248 — — 248 Post-adoption January 1, 2021 URR balance $ 1,661 $ 2 $ 132 $ 1,795 * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other policyholder funds, excluding URR, totaled $2.0 billion. Prior to the adoption of LDTI, URR for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the Transition Date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the Transition Date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances reduced URR. |
Earnings Per Share | The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits, using the treasury stock method or the if-converted method, as applicable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 as well as cross references to the applicable notes herein for additional information: Pre-Adoption, Cumulative Effect Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (a) $ 34,578 $ 7,666 $ 42,244 Reinsurance assets - other, net of allowance for credit losses and disputes (a) 38,963 469 39,432 Deferred income taxes 12,624 339 12,963 Deferred policy acquisition costs (b) 9,805 3,150 12,955 Market risk benefit assets (c) — 338 338 Other assets, net of allowance for credit losses (d) 13,122 398 13,520 Total assets 586,481 12,360 598,841 Future policy benefits for life and accident and health insurance contracts (e) 56,878 10,486 67,364 Policyholder contract deposits (e) 154,470 (6,247) 148,223 Market risk benefit liabilities (c) — 8,739 8,739 Other policyholder funds (f) 3,548 248 3,796 Other liabilities (g) 27,122 398 27,520 Total liabilities 519,282 13,624 532,906 Retained earnings 15,504 933 16,437 Accumulated other comprehensive income (loss) 13,511 (2,197) 11,314 Total AIG Shareholders' equity 66,362 (1,264) 65,098 Total equity 67,199 (1,264) 65,935 Total liabilities and equity 586,481 12,360 598,841 (a) For additional information on the transition impacts associated with LDTI, see Note 8. (b) For additional information on the transition impacts associated with LDTI, see Note 9. (c) For additional information on the transition impacts associated with LDTI, see Note 14. (d) Other assets include deferred sales inducement assets. For additional information on the transition impacts associated with LDTI, see Note 9. (e) For additional information on the transition impacts associated with LDTI, see Note 13. (f) Other policyholder funds include URR. For additional information on the transition impacts associated with LDTI, see Note 13. (g) Other liabilities include deferred cost of reinsurance liabilities. For additional information on the transition impacts associated with LDTI, see Note 8. The following table presents the impacts in connection with the adoption of LDTI effective as of January 1, 2021 on our previously reported Consolidated Balance Sheets as of December 31, 2022: As Previously Effect of Updated Balances (in millions) Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes $ 32,159 $ (1,408) $ 30,751 Reinsurance assets - other, net of allowance for credit losses and disputes 39,434 (463) 38,971 Deferred income taxes 15,144 (340) 14,804 Deferred policy acquisition costs 15,518 (2,661) 12,857 Market risk benefit assets — 796 796 Other assets, net of allowance for credit losses 12,714 (330) 12,384 Total assets 526,634 (4,406) 522,228 Future policy benefits for life and accident and health insurance contracts 59,223 (7,309) 51,914 Policyholder contract deposits 158,891 (2,907) 155,984 Market risk benefit liabilities — 4,736 4,736 Other policyholder funds 3,909 (446) 3,463 Other liabilities 26,456 301 26,757 Total liabilities 484,399 (5,625) 478,774 Additional paid-in capital 80,284 (369) 79,915 Retained earnings 33,032 1,861 34,893 Accumulated other comprehensive income (loss) (22,092) (524) (22,616) Total AIG Shareholders' equity 40,002 968 40,970 Non-redeemable noncontrolling interests 2,233 251 2,484 Total equity 42,235 1,219 43,454 Total liabilities and equity 526,634 (4,406) 522,228 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions, except per common share data) Revenues: Premiums $ 31,857 $ (1) $ 31,856 $ 31,259 $ 26 $ 31,285 Policy fees 2,972 (59) 2,913 3,051 (46) 3,005 Total net realized gains (losses) 8,991 (1,927) 7,064 2,151 120 2,271 Total revenues 56,437 (1,987) 54,450 52,057 100 52,157 Benefits, losses and expenses: Policyholder benefits and losses incurred 22,771 (595) 22,176 24,388 (603) 23,785 Change in the fair value of market risk benefits, net — (958) (958) — (447) (447) Interest credited to policyholder account balances 3,709 35 3,744 3,557 13 3,570 Amortization of deferred acquisition costs 4,970 (413) 4,557 4,573 (49) 4,524 General operating and other expenses 9,195 (73) 9,122 8,790 (62) 8,728 Total benefits, losses and expenses 42,155 (2,004) 40,151 39,958 (1,148) 38,810 Income from continuing operations before income tax expense (benefit) 14,282 17 14,299 12,099 1,248 13,347 Income tax expense 3,006 19 3,025 2,176 265 2,441 Income (loss) from continuing operations 11,276 (2) 11,274 9,923 983 10,906 Net income (loss) 11,275 (2) 11,273 9,923 983 10,906 Net income from continuing operations attributable to noncontrolling interests 999 47 1,046 535 4 539 Net income (loss) attributable to AIG 10,276 (49) 10,227 9,388 979 10,367 Net income (loss) attributable to AIG common shareholders 10,247 (49) 10,198 9,359 979 10,338 Income (loss) per common share attributable to AIG common shareholders: Common stock - Basic 13.16 (0.06) 13.10 10.95 1.15 12.10 Common stock - Diluted 13.01 (0.07) 12.94 10.82 1.13 11.95 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Comprehensive Income (Loss): Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Other comprehensive income (loss), net of tax Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken (87) (7) (94) 35 9 44 Change in unrealized appreciation (depreciation) of all other investments (32,775) (5,633) (38,408) (6,001) (1,150) (7,151) Change in fair value of market risk benefits attributable to changes in our own credit risk — 1,294 1,294 — 179 179 Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts — 5,544 5,544 — 1,361 1,361 Change in foreign currency translation adjustments (514) (99) (613) (187) 7 (180) Other comprehensive income (loss) (33,402) 1,099 (32,303) (5,830) 406 (5,424) Comprehensive income (loss) (22,127) 1,097 (21,030) 4,093 1,389 5,482 Comprehensive income (loss) attributable to noncontrolling interests (1,584) 130 (1,454) 430 10 440 Comprehensive income (loss) attributable to AIG (20,543) 967 (19,576) 3,663 1,379 5,042 The following table presents the impacts in connection with the adoption of LDTI on our previously reported Consolidated Statements of Cash Flows: Year Ended December 31, 2022 Year Ended December 31, 2021 As Effect of Updated As Effect of Updated (in millions) Cash flows from operating activities: Net income $ 11,275 $ (2) $ 11,273 $ 9,923 $ 983 $ 10,906 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Unrealized gains in earnings - net (1,392) 2,486 1,094 (1,889) 1,016 (873) Change in the fair value of market risk benefits in earnings, net — (1,481) (1,481) — (1,427) (1,427) Depreciation and other amortization 4,848 (439) 4,409 4,633 (91) 4,542 Changes in operating assets and liabilities: Insurance reserves (2,332) (1,505) (3,837) 5,127 (655) 4,472 Premiums and other receivables and payables - net (10,193) (29) (10,222) (655) (69) (724) Reinsurance assets, net 2,843 1,135 3,978 (1,241) 197 (1,044) Capitalization of deferred policy acquisition costs (4,649) (73) (4,722) (4,906) (63) (4,969) Current and deferred income taxes - net 2,260 19 2,279 1,314 265 1,579 Other, net 340 (184) 156 (1,322) (212) (1,534) Total adjustments (7,069) (71) (7,140) (3,644) (1,039) (4,683) Net cash provided by operating activities 4,207 (73) 4,134 6,279 (56) 6,223 Cash flows from financing activities: Policyholder contract deposits 26,508 74 26,582 25,424 56 25,480 Net cash used in financing activities (676) 74 (602) (3,735) 56 (3,679) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Continuing Operations by Operating Segment | The following table presents AIG’s continuing operations by operating segment: (in millions) Adjusted Net Interest Amortization Adjusted 2023 General Insurance North America $ 11,921 $ — $ 1,671 $ 1,207 (a) International 13,170 — 1,952 1,142 (a) Net investment income 3,022 $ 3,022 — — 3,022 Total General Insurance 28,113 3,022 — 3,623 5,371 Life and Retirement Individual Retirement 6,264 4,917 2 567 2,310 Group Retirement 2,734 1,999 1 82 758 Life Insurance 5,092 1,283 — 403 358 Institutional Markets 7,391 1,587 1 9 379 Total Life and Retirement 21,481 9,786 4 1,061 3,805 Other Operations Other Operations before consolidation and eliminations 381 287 1,107 — (1,765) AIG consolidation and eliminations (6) (1) (6) — (10) Total Other Operations 375 286 1,101 — (1,775) Total 49,969 13,094 1,105 4,684 7,401 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — (16) Change in the fair value of market risk benefits, net (b) — — — — (2) Changes in benefit reserves related to net realized gains (losses) — — — — 6 Changes in the fair value of equity securities 94 94 — — 94 Other income (expense) - net (27) 31 31 — — Gain (loss) on extinguishment of debt — — — — 37 Net investment income on Fortitude Re funds withheld assets 1,544 1,544 — — 1,544 Net realized gains (losses) on Fortitude Re funds withheld assets (295) — — — (295) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (2,007) — — — (2,007) Net realized gains (losses) (c) (2,536) (227) — — (2,496) Net gain (loss) on divestitures and other — — — — 643 Non-operating litigation reserves and settlements 1 — — — (1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 62 Net loss reserve discount benefit (charge) — — — — (195) (in millions) Adjusted Net Interest Amortization Adjusted Pension expense related to a one-time lump sum payment to former employees — — — — (84) Integration and transaction costs associated with acquiring or divesting businesses — — — — (252) Restructuring and other costs — — — — (553) Non-recurring costs related to regulatory or accounting changes — — — — (40) Net impact from elimination of international reporting lag (d) 4 1 — 124 12 Revenues and pre-tax income $ 46,802 $ 14,592 $ 1,136 $ 4,808 $ 3,858 (in millions) Adjusted Net Interest Amortization Adjusted 2022 General Insurance North America $ 12,071 $ — $ 1,585 $ 648 (a) International 13,269 — 1,948 1,400 (a) Net investment income 2,382 $ 2,382 — — 2,382 Total General Insurance 27,722 2,382 — 3,533 4,430 Life and Retirement Individual Retirement 5,325 3,898 11 519 1,676 Group Retirement 2,744 2,005 6 80 786 Life Insurance 5,364 1,393 4 415 521 Institutional Markets 4,160 1,051 2 7 334 Total Life and Retirement 17,593 8,347 23 1,021 3,317 Other Operations Other Operations before consolidation and eliminations 827 714 1,131 5 (1,542) AIG consolidation and eliminations (435) (446) (56) (2) (405) Total Other Operations 392 268 1,075 3 (1,947) Total 45,707 10,997 1,098 4,557 5,800 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 55 55 — — 30 Change in the fair value of market risk benefits, net (b) — — — — 958 Changes in benefit reserves related to net realized gains (losses) — — — — 14 Changes in the fair value of equity securities (53) (53) — — (53) Other income (expense) - net (29) 28 28 — — Gain (loss) on extinguishment of debt — — — — (303) Net investment income on Fortitude Re funds withheld assets 943 943 — — 943 Net realized gains (losses) on Fortitude Re funds withheld assets (486) — — — (486) Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 7,481 — — — 7,481 Net realized gains (losses) (b) (195) (244) (1) — (173) Net gain (loss) on divestitures and other — — — — (82) Non-operating litigation reserves and settlements 49 — — — 41 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 160 Net loss reserve discount benefit (charge) — — — — 703 Pension expense related to a one-time lump sum payment to former employees — — — — (60) Integration and transaction costs associated with acquiring or divesting businesses — — — — (194) Restructuring and other costs — — — — (570) Non-recurring costs related to regulatory or accounting changes — — — — (37) Net impact from elimination of international reporting lag (d) 978 41 — — 127 Revenues and pre-tax income $ 54,450 $ 11,767 $ 1,125 $ 4,557 $ 14,299 (in millions) Adjusted Net Interest Amortization Adjusted 2021 General Insurance North America $ 10,989 $ — $ 1,333 $ (47) (a) International 14,068 — 2,197 1,102 (a) Net investment income 3,304 $ 3,304 — — 3,304 Total General Insurance 28,361 3,304 — 3,530 4,359 Life and Retirement Individual Retirement 5,922 4,338 61 447 2,297 Group Retirement 3,249 2,410 35 78 1,258 Life Insurance 5,286 1,619 25 427 453 Institutional Markets 5,117 1,154 9 6 546 Total Life and Retirement 19,574 9,521 130 958 4,554 Other Operations Other Operations before consolidation and eliminations 1,338 1,112 1,220 37 (1,418) AIG consolidation and eliminations (991) (996) (65) (1) (932) Total Other Operations 347 116 1,155 36 (2,350) Total 48,282 12,941 1,285 4,524 6,563 Reconciling items: Changes in fair value of securities used to hedge guaranteed living benefits 60 60 — — 61 Change in the fair value of market risk benefits, net (b) — — — — 447 Changes in benefit reserves related to net realized gains (losses) — — — — (15) Changes in the fair value of equity securities (237) (237) — — (237) Other income (expense) - net (24) 33 33 — — Gain (loss) on extinguishment of debt — — — — (389) Net investment income on Fortitude Re funds withheld assets 1,971 1,971 — — 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets 1,003 — — — 1,003 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (603) — — — (603) Net realized gains (losses) (b) 1,705 (156) (13) — 1,744 Net gain (loss) on divestitures and other — — — — 3,044 Non-operating litigation reserves and settlements — — — — (3) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements — — — — 186 Net loss reserve discount benefit (charge) — — — — 193 Pension expense related to a one-time lump sum payment to former employees — — — — (34) Integration and transaction costs associated with acquiring or divesting businesses — — — — (83) Restructuring and other costs — — — — (433) Non-recurring costs related to regulatory or accounting changes — — — — (68) Revenues and pre-tax income $ 52,157 $ 14,612 $ 1,305 $ 4,524 $ 13,347 (a) General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results. (b) Includes realized gains and losses on certain derivative instruments used for non-qualifying (economic) hedging. (c) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets). (d) See Note 1. The following table presents AIG’s year-end identifiable assets and capital expenditures by segment: Year-End Identifiable Assets Capital Expenditures (in millions) 2023 2022 2023 2022 General Insurance $ 139,371 $ 147,083 $ 158 $ 68 Life and Retirement 375,197 352,694 43 102 Other Operations 24,738 22,451 39 40 Total Assets $ 539,306 $ 522,228 $ 240 $ 210 The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area: Total Revenues* Real Estate and Other Fixed Assets, (in millions) 2023 2022 2021 2023 2022 2021 North America $ 33,565 $ 39,618 $ 37,324 $ 1,006 $ 1,206 $ 1,230 International 13,237 14,832 14,833 372 387 610 Consolidated $ 46,802 $ 54,450 $ 52,157 $ 1,378 $ 1,593 $ 1,840 * Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operating segment. |
Held-For-Sale Classification (T
Held-For-Sale Classification (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets at December 31, 2023 after elimination of intercompany balances: (in millions) AIG Life Other Total Assets: Bonds available for sale $ 167 $ 14 $ 181 Other invested assets — 67 67 Short-term investments, including restricted cash of $0 11 1 12 Cash 3 — 3 Accrued investment income 3 — 3 Premiums and other receivables, net of allowance for credit losses and disputes 116 9 125 Reinsurance assets - other, net of allowance for credit losses and disputes 899 3 902 Deferred income taxes 47 — 47 Deferred policy acquisition costs 814 — 814 Other assets, net of allowance for credit losses (a) 83 31 114 Total assets held for sale $ 2,143 $ 125 $ 2,268 Liabilities: Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses $ — $ 19 $ 19 Unearned premiums 54 7 61 Future policy benefits for life and accident and health insurance contracts 838 — 838 Other liabilities 854 3 857 Total liabilities held for sale $ 1,746 $ 29 $ 1,775 (a) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: December 31, 2023 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 35 $ 5,581 $ — $ — $ — $ 5,616 Obligations of states, municipalities and political subdivisions — 9,816 847 — — 10,663 Non-U.S. governments 233 12,213 7 — — 12,453 Corporate debt — 136,753 1,679 — — 138,432 RMBS — 12,804 7,640 — — 20,444 CMBS — 13,495 633 — — 14,128 CLO/ABS — 13,959 16,038 — — 29,997 Total bonds available for sale 268 204,621 26,844 — — 231,733 Other bond securities: Obligations of states, municipalities and political subdivisions — 90 1 — — 91 Non-U.S. governments — 37 — — — 37 Corporate debt — 2,697 211 — — 2,908 RMBS — 105 158 — — 263 CMBS — 244 17 — — 261 CLO/ABS — 512 1,169 — — 1,681 Total other bond securities — 3,685 1,556 — — 5,241 Equity securities 632 40 56 — — 728 Other invested assets (b) — 155 2,070 — — 2,225 Derivative assets (c) : Interest rate contracts — 2,826 460 — — 3,286 Foreign exchange contracts — 1,235 1 — — 1,236 Equity contracts 7 1,187 825 — — 2,019 Credit contracts — 8 33 — — 41 Other contracts — — 13 — — 13 Counterparty netting and cash collateral — — — (3,864) (2,220) (6,084) Total derivative assets 7 5,256 1,332 (3,864) (2,220) 511 Short-term investments 2,635 8,137 — — — 10,772 Market risk benefit assets — — 912 — — 912 Other assets (c) — — 243 — — 243 Separate account assets 87,814 3,191 — — — 91,005 Total (d) $ 91,356 $ 225,085 $ 33,013 $ (3,864) $ (2,220) $ 343,370 Liabilities: Policyholder contract deposits $ — $ 55 $ 7,942 $ — $ — $ 7,997 Market risk benefit liabilities — — 5,705 — — 5,705 Derivative liabilities (c) : Interest rate contracts — 3,631 — — — 3,631 Foreign exchange contracts — 891 3 — — 894 Equity contracts 2 680 63 — — 745 Credit contracts — 4 33 — — 37 Other contracts — — 2 — — 2 Counterparty netting and cash collateral — — — (3,864) (1,050) (4,914) Total derivative liabilities 2 5,206 101 (3,864) (1,050) 395 Fortitude Re funds withheld payable — — (1,226) — — (1,226) Other liabilities — 107 122 — — 229 Long-term debt — 53 — — — 53 Total $ 2 $ 5,421 $ 12,644 $ (3,864) $ (1,050) $ 13,153 December 31, 2022 Level 1 Level 2 Level 3 Counterparty Netting (a) Cash Total (in millions) Assets: Bonds available for sale: U.S. government and government sponsored entities $ 25 $ 6,594 $ — $ — $ — $ 6,619 Obligations of states, municipalities and political subdivisions — 11,275 824 — — 12,099 Non-U.S. governments 158 13,326 1 — — 13,485 Corporate debt — 134,992 2,847 — — 137,839 RMBS — 11,264 7,553 — — 18,817 CMBS — 13,267 926 — — 14,193 CLO/ABS — 10,356 12,748 — — 23,104 Total bonds available for sale 183 201,074 24,899 — — 226,156 Other bond securities: Obligations of states, municipalities and political subdivisions — 111 — — — 111 Non-U.S. governments — 66 — — — 66 Corporate debt — 1,976 416 — — 2,392 RMBS — 113 173 — — 286 CMBS — 303 28 — — 331 CLO/ABS — 389 910 — — 1,299 Total other bond securities — 2,958 1,527 — — 4,485 Equity securities 518 18 39 — — 575 Other invested assets (b) — 145 2,075 — — 2,220 Derivative assets (c) : Interest rate contracts 1 3,410 311 — — 3,722 Foreign exchange contracts — 1,844 — — — 1,844 Equity contracts 11 132 285 — — 428 Commodity contracts — 9 — — — 9 Credit contracts — — 32 — — 32 Other contracts — — 14 — — 14 Counterparty netting and cash collateral — — — (3,895) (1,640) (5,535) Total derivative assets 12 5,395 642 (3,895) (1,640) 514 Short-term investments 2,821 2,887 — — — 5,708 Market risk benefit assets — — 796 — — 796 Other assets (c) — — 107 — — 107 Separate account assets 81,655 3,198 — — — 84,853 Total $ 85,189 $ 215,675 $ 30,085 $ (3,895) $ (1,640) $ 325,414 Liabilities: Policyholder contract deposits $ — $ 41 $ 5,367 $ — $ — $ 5,408 Market risk benefit liabilities — — 4,736 — — 4,736 Derivative liabilities (c) : Interest rate contracts — 4,838 — — — 4,838 Foreign exchange contracts — 1,138 — — — 1,138 Equity contracts 2 10 14 — — 26 Credit contracts — 9 32 — — 41 Counterparty netting and cash collateral — — — (3,895) (1,917) (5,812) Total derivative liabilities 2 5,995 46 (3,895) (1,917) 231 Fortitude Re funds withheld payable — — (2,235) — — (2,235) Other liabilities — — 112 — — 112 Long-term debt — 56 — — — 56 Total $ 2 $ 6,092 $ 8,026 $ (3,895) $ (1,917) $ 8,308 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $9.5 billion and $9.8 billion as of December 31, 2023 and 2022, respectively. (c) Presented as part of Other assets and Other liabilities on the Consolidated Balance Sheets. (d) |
Schedule of Assets Measured on a Recurring Basis | (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 824 $ (2) $ 67 $ (31) $ — $ (11) $ — $ 847 $ — $ 35 Non-U.S. governments 1 1 1 (5) 11 (2) — 7 — 1 Corporate debt 2,847 (104) 24 (595) 818 (1,295) (16) 1,679 — (24) RMBS 7,553 430 12 (249) 33 (139) — 7,640 — (63) CMBS 926 (23) (49) (58) 223 (386) — 633 — (94) CLO/ABS 12,748 228 408 2,070 675 (251) 160 16,038 — 243 Total bonds available for sale 24,899 530 463 1,132 1,760 (2,084) 144 26,844 — 98 Other bond securities: Obligations of states, municipalities and political subdivisions — — — 1 — — — 1 — — Corporate debt 416 (14) — — — (191) — 211 (15) — RMBS 173 9 — (24) — — — 158 (5) — CMBS 28 (4) — (7) — — — 17 — — CLO/ABS 910 68 — 153 5 (47) 80 1,169 (36) — Total other bond securities 1,527 59 — 123 5 (238) 80 1,556 (56) — Equity securities 39 1 — 27 10 (20) (1) 56 1 — Other invested assets 2,075 (150) 11 90 44 — — 2,070 (151) — Other assets 107 — — 136 — — — 243 — — Total (a) $ 28,647 $ 440 $ 474 $ 1,508 $ 1,819 $ (2,342) $ 223 $ 30,769 $ (206) $ 98 (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 5,367 $ 1,464 $ — $ 1,111 $ — $ — $ — $ 7,942 $ (733) $ — Derivative liabilities, net: Interest rate contracts (311) 11 — (160) — — — (460) 82 — Foreign exchange contracts — 2 — — — — — 2 (2) — Equity contracts (271) 99 — (590) — — — (762) 438 — Other contracts (14) (64) — 67 — — — (11) 64 — Total derivative liabilities, net (b) (596) 48 — (683) — — — (1,231) 582 — Fortitude Re funds withheld payable (2,235) 2,007 — (998) — — — (1,226) (872) — Other Liabilities 112 10 — — — — — 122 — — Total (c) $ 2,648 $ 3,529 $ — $ (570) $ — $ — $ — $ 5,607 $ (1,023) $ — (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,431 $ 1 $ (533) $ (104) $ 40 $ (11) $ — $ 824 $ — $ (223) Non-U.S. governments 7 1 3 (10) 3 (3) — 1 — (1) Corporate debt 2,641 37 (238) (87) 1,155 (661) — 2,847 — (217) RMBS 10,378 452 (1,319) (1,511) 8 (455) — 7,553 — (504) CMBS 1,190 7 (162) 137 102 (348) — 926 — (133) CLO/ABS 11,215 114 (1,658) 3,279 2,003 (2,205) — 12,748 — (1,605) Total bonds available for sale 26,862 612 (3,907) 1,704 3,311 (3,683) — 24,899 — (2,683) Other bond securities: Corporate debt 134 (5) — 158 334 (205) — 416 (2) — RMBS 196 (39) — 16 — — — 173 (38) — CMBS 35 (6) — (1) — — — 28 (4) — CLO/ABS 2,332 (233) — (1,182) 77 (84) — 910 (156) — Total other bond securities 2,697 (283) — (1,009) 411 (289) — 1,527 (200) — Equity securities 6 (1) — 27 16 (9) — 39 (1) — Other invested assets 1,948 338 (22) (26) 47 (210) — 2,075 355 — Other assets 114 — — (7) — — — 107 — — Total (a) $ 31,627 $ 666 $ (3,929) $ 689 $ 3,785 $ (4,191) $ — $ 28,647 $ 154 $ (2,683) (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 5,572 $ (1,107) $ — $ 902 $ — $ — $ — $ 5,367 $ 1,363 $ — Derivative liabilities, net: Interest rate contracts — 9 — (245) (81) 6 — (311) 71 — Foreign exchange contracts (1) — — 1 — — — — (1) — Equity contracts (444) 487 — (313) — (1) — (271) (246) — Credit contracts 30 3 — (1) — — (32) — (31) — Other contracts (13) (65) — 64 — — — (14) 65 — Total derivative liabilities, net (b) (428) 434 — (494) (81) 5 (32) (596) (142) — Fortitude Re funds withheld payable 5,922 (7,481) — (676) — — — (2,235) 7,729 — Other liabilities — — — 112 — — — 112 — — Total (c) $ 11,066 $ (8,154) $ — $ (156) $ (81) $ 5 $ (32) $ 2,648 $ 8,950 $ — (a) Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. For additional information, see Note 14. (b) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. (c) Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. For additional information, see Note 14. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2023 and 2022 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: (in millions) Purchases Sales Issuances and Settlements (a) Purchases, Sales, Issuances and Settlements, Net (a) December 31, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1 $ (27) $ (5) $ (31) Non-U.S. governments — — (5) (5) Corporate debt 229 (34) (790) (595) RMBS 935 (67) (1,117) (249) CMBS 10 (50) (18) (58) CLO/ABS 3,040 (450) (520) 2,070 Total bonds available for sale 4,215 (628) (2,455) 1,132 Other bond securities: Obligations of states, municipalities and political subdivisions 3 (2) — 1 Corporate debt 204 — (204) — RMBS 6 — (30) (24) CMBS — (7) — (7) CLO/ABS 269 (20) (96) 153 Total other bond securities 482 (29) (330) 123 (in millions) Purchases Sales Issuances and Settlements (a) Purchases, Sales, Issuances and Settlements, Net (a) Equity securities 32 (2) (3) 27 Other invested assets 263 — (173) 90 Other assets 130 — 6 136 Total $ 5,122 $ (659) $ (2,955) $ 1,508 Liabilities: Policyholder contract deposits $ — $ 1,428 $ (317) $ 1,111 Derivative liabilities, net (1,156) 28 445 (683) Fortitude Re funds withheld payable — — (998) (998) Total $ (1,156) $ 1,456 $ (870) $ (570) December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 6 $ (72) $ (38) $ (104) Non-U.S. governments — — (10) (10) Corporate Debt 143 (79) (151) (87) RMBS 391 (76) (1,826) (1,511) CMBS 195 (17) (41) 137 CLO/ABS 3,655 (25) (351) 3,279 Total bonds available for sale 4,390 (269) (2,417) 1,704 Other bond securities: Corporate debt 26 — 132 158 RMBS 62 (5) (41) 16 CMBS — (1) — (1) CLO/ABS 750 (1,530) (402) (1,182) Total other bond securities 838 (1,536) (311) (1,009) Equity securities 27 (1) 1 27 Other invested assets 682 — (708) (26) Other assets — — (7) (7) Total $ 5,937 $ (1,806) $ (3,442) $ 689 Liabilities: Policyholder contract deposits $ — $ 923 $ (21) $ 902 Derivative liabilities, net (687) 12 181 (494) Fortitude Re funds withheld payable — — (676) (676) Other liabilities — — 112 112 Total $ (687) $ 935 $ (404) $ (156) (a) |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | Market risk benefits and net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Consolidated Statements of Income (Loss) as follows: (in millions) Net Net Realized Change in the fair value of market risk benefits, net (c) Other Total December 31, 2023 Assets: Bonds available for sale $ 592 $ (62) $ — $ — $ 530 Other bond securities 59 — — — 59 Equity securities 1 — — — 1 Other invested assets (146) (4) — — (150) December 31, 2022 Assets: Bonds available for sale $ 694 $ (82) $ — $ — $ 612 Other bond securities (283) — — — (283) Equity securities (1) — — — (1) Other invested assets 346 (8) — — 338 (in millions) Net Net Realized Change in the fair value of market risk benefits, net (c) Other Total December 31, 2023 Liabilities: Policyholder contract deposits (a) $ — $ 1,464 $ — $ — $ 1,464 Market risk benefit liabilities, net (b) — (3) (1,125) — (1,128) Derivative liabilities, net — 70 40 (62) 48 Fortitude Re funds withheld payable — 2,007 — — 2,007 Other Liabilities — 10 — — 10 December 31, 2022 Liabilities: Policyholder contract deposits (a) $ — $ (1,107) $ — $ — $ (1,107) Market risk benefit liabilities, net (b) — — (2,344) — (2,344) Derivative liabilities, net — 520 (25) (61) 434 Fortitude Re funds withheld payable — (7,481) — — (7,481) (a) Primarily embedded derivatives. (b) Market risk benefit assets and liabilities have been netted in the above table for presentation purposes only. (c) |
Fair Value, Liabilities Measured on Recurring Basis, Liabilities | (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2023 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 824 $ (2) $ 67 $ (31) $ — $ (11) $ — $ 847 $ — $ 35 Non-U.S. governments 1 1 1 (5) 11 (2) — 7 — 1 Corporate debt 2,847 (104) 24 (595) 818 (1,295) (16) 1,679 — (24) RMBS 7,553 430 12 (249) 33 (139) — 7,640 — (63) CMBS 926 (23) (49) (58) 223 (386) — 633 — (94) CLO/ABS 12,748 228 408 2,070 675 (251) 160 16,038 — 243 Total bonds available for sale 24,899 530 463 1,132 1,760 (2,084) 144 26,844 — 98 Other bond securities: Obligations of states, municipalities and political subdivisions — — — 1 — — — 1 — — Corporate debt 416 (14) — — — (191) — 211 (15) — RMBS 173 9 — (24) — — — 158 (5) — CMBS 28 (4) — (7) — — — 17 — — CLO/ABS 910 68 — 153 5 (47) 80 1,169 (36) — Total other bond securities 1,527 59 — 123 5 (238) 80 1,556 (56) — Equity securities 39 1 — 27 10 (20) (1) 56 1 — Other invested assets 2,075 (150) 11 90 44 — — 2,070 (151) — Other assets 107 — — 136 — — — 243 — — Total (a) $ 28,647 $ 440 $ 474 $ 1,508 $ 1,819 $ (2,342) $ 223 $ 30,769 $ (206) $ 98 (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 5,367 $ 1,464 $ — $ 1,111 $ — $ — $ — $ 7,942 $ (733) $ — Derivative liabilities, net: Interest rate contracts (311) 11 — (160) — — — (460) 82 — Foreign exchange contracts — 2 — — — — — 2 (2) — Equity contracts (271) 99 — (590) — — — (762) 438 — Other contracts (14) (64) — 67 — — — (11) 64 — Total derivative liabilities, net (b) (596) 48 — (683) — — — (1,231) 582 — Fortitude Re funds withheld payable (2,235) 2,007 — (998) — — — (1,226) (872) — Other Liabilities 112 10 — — — — — 122 — — Total (c) $ 2,648 $ 3,529 $ — $ (570) $ — $ — $ — $ 5,607 $ (1,023) $ — (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in December 31, 2022 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,431 $ 1 $ (533) $ (104) $ 40 $ (11) $ — $ 824 $ — $ (223) Non-U.S. governments 7 1 3 (10) 3 (3) — 1 — (1) Corporate debt 2,641 37 (238) (87) 1,155 (661) — 2,847 — (217) RMBS 10,378 452 (1,319) (1,511) 8 (455) — 7,553 — (504) CMBS 1,190 7 (162) 137 102 (348) — 926 — (133) CLO/ABS 11,215 114 (1,658) 3,279 2,003 (2,205) — 12,748 — (1,605) Total bonds available for sale 26,862 612 (3,907) 1,704 3,311 (3,683) — 24,899 — (2,683) Other bond securities: Corporate debt 134 (5) — 158 334 (205) — 416 (2) — RMBS 196 (39) — 16 — — — 173 (38) — CMBS 35 (6) — (1) — — — 28 (4) — CLO/ABS 2,332 (233) — (1,182) 77 (84) — 910 (156) — Total other bond securities 2,697 (283) — (1,009) 411 (289) — 1,527 (200) — Equity securities 6 (1) — 27 16 (9) — 39 (1) — Other invested assets 1,948 338 (22) (26) 47 (210) — 2,075 355 — Other assets 114 — — (7) — — — 107 — — Total (a) $ 31,627 $ 666 $ (3,929) $ 689 $ 3,785 $ (4,191) $ — $ 28,647 $ 154 $ (2,683) (in millions) Fair Value MRBs and Other Purchases, Gross Gross Other Fair Changes in Changes in Liabilities: Policyholder contract deposits $ 5,572 $ (1,107) $ — $ 902 $ — $ — $ — $ 5,367 $ 1,363 $ — Derivative liabilities, net: Interest rate contracts — 9 — (245) (81) 6 — (311) 71 — Foreign exchange contracts (1) — — 1 — — — — (1) — Equity contracts (444) 487 — (313) — (1) — (271) (246) — Credit contracts 30 3 — (1) — — (32) — (31) — Other contracts (13) (65) — 64 — — — (14) 65 — Total derivative liabilities, net (b) (428) 434 — (494) (81) 5 (32) (596) (142) — Fortitude Re funds withheld payable 5,922 (7,481) — (676) — — — (2,235) 7,729 — Other liabilities — — — 112 — — — 112 — — Total (c) $ 11,066 $ (8,154) $ — $ (156) $ (81) $ 5 $ (32) $ 2,648 $ 8,950 $ — (a) Excludes MRB assets of $912 million at December 31, 2023 and $796 million at December 31, 2022. For additional information, see Note 14. (b) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. (c) Excludes MRB liabilities of $5.7 billion at December 31, 2023 and $4.7 billion at December 31, 2022. For additional information, see Note 14. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the years ended December 31, 2023 and 2022 related to Level 3 assets and liabilities in the Consolidated Balance Sheets: |
Fair Value Measurement Inputs and Valuation Techniques | The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third-parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 824 Discounted cash flow Yield 4.97% - 5.31% (5.14%) Corporate debt 1,803 Discounted cash flow Yield 5.19% - 8.48% (6.83%) RMBS (a) 4,656 Discounted cash flow Constant prepayment rate 4.34% - 9.99% (7.17%) Loss severity 33.56% - 87.59% (60.57%) Constant default rate 0.76% - 2.56% (1.66%) Yield 6.13% - 7.41% (6.77%) CLO/ABS (a) 14,242 Discounted cash flow Yield 5.62% - 7.89% (6.76%) CMBS 587 Discounted cash flow Yield 5.62% - 17.85% (11.73%) Market risk benefit assets 912 Discounted cash flow Equity volatility 6.25% - 49.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.29% Liabilities (d) : Market risk benefit liabilities: Variable annuities guaranteed benefits 2,174 Discounted cash flow Equity volatility 6.25% - 49.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.29% Fixed annuities guaranteed benefits 1,111 Discounted cash flow Base lapse rate 0.20% - 15.75% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 40.26% - 168.43% Utilization (h) 90.00% - 97.50% NPA (g) 0.00% - 2.29% Fixed index annuities guaranteed benefits 2,420 Discounted cash flow Equity volatility 6.25% - 49.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 146.00% (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Utilization (h) 60.00% - 97.50% Option budget 0.00% - 6.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.29% Embedded derivatives within Policyholder contract deposits: Index credits on fixed index annuities (i) 6,953 Discounted cash flow Equity volatility 6.25% - 49.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 146.00% Utilization (h) 60.00% - 97.50% Option budget 0.00% - 6.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.29% Index life 989 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 5.85% - 20.36% NPA (g) 0.00% - 2.29% (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 799 Discounted cash flow Yield 5.28% - 5.94% (5.61%) Corporate debt 2,527 Discounted cash flow Yield 4.98% - 9.36% (7.17%) RMBS (a) 5,235 Discounted cash flow Constant prepayment rate 4.89% - 10.49% (7.69%) Loss severity 45.06% - 76.87% (60.97%) Constant default rate 0.82% - 2.72% (1.77%) Yield 5.98% - 7.75% (6.87%) CLO/ABS (a) 7,503 Discounted cash flow Yield 6.00% - 7.97% (6.99%) CMBS 587 Discounted cash flow Yield 4.06% - 13.14% (8.60%) Market risk benefit assets 796 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Liabilities (d) : Market risk benefit liabilities: Variable annuities guaranteed benefits 2,358 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.16% - 28.80% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 38.25% - 160.01% Utilization (h) 80.00% - 100.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Fixed annuities guaranteed benefits 680 Discounted cash flow Base lapse rate 0.20% - 15.75% Dynamic lapse multiplier (e) 20.00% - 186.16% Mortality multiplier (e)(f) 40.26% - 168.43% Utilization (h) 90.00% - 97.50% NPA (g) 0.00% - 2.03% Fixed index annuities guaranteed benefits 1,698 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% (in millions) Fair Value at Valuation Unobservable Input (b) Range (Weighted Average) (c) Option budget 0.00% - 5.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Embedded derivatives within Policyholder contract deposits: Index credits on fixed index annuities (i) 4,657 Discounted cash flow Equity volatility 6.45% - 50.75% Base lapse rate 0.20% - 50.00% Dynamic lapse multiplier (e) 20.00% - 186.18% Mortality multiplier (e)(f) 24.00% - 180.00% Utilization (h) 60.00% - 97.50% Option budget 0.00% - 5.00% Equity / interest rate correlation 0.00% - 30.00% NPA (g) 0.00% - 2.03% Index life 710 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% Equity volatility 5.75% - 23.63% NPA (g) 0.00% - 2.03% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives with policyholder contract deposits and market risk benefits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (d) The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 8, the Fortitude Re funds withheld payable is created through modco and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet. (e) The ranges for these inputs vary due to the different guaranteed minimum withdrawal benefits (GMWB) product specification and policyholder characteristics across in-force policies. Policyholder characteristics that affect these ranges include age, policy duration, and gender. (f) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (g) The NPA applied as a spread over risk-free curve for discounting. (h) The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders. The total embedded derivative liability at December 31, 2023 and 2022 was approximately $1.5 billion and $1.1 billion, respectively. (i) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value. December 31, 2023 December 31, 2022 (in millions) Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Investment Category Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 3,617 $ 2,313 $ 3,146 $ 2,448 Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 1,814 782 1,851 840 Venture capital Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company 270 141 272 183 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 680 117 732 60 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 292 98 598 142 Other Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies 2,125 297 1,829 391 Total private equity funds 8,798 3,748 8,428 4,064 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 18 — 92 — Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 549 — 696 — Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 69 — 414 — Other Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments 74 — 192 — Total hedge funds 710 — 1,394 — Total $ 9,508 $ 3,748 $ 9,822 $ 4,064 |
Fair Value Option | The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option: Years Ended December 31, Gain (Loss) (in millions) 2023 2022 2021 Assets: Other bond securities (a) $ 382 $ (822) $ (12) Alternative investments (b) 334 224 1,650 Liabilities: Long-term debt (c) 3 225 66 Total gain (loss) $ 719 $ (373) $ 1,704 (a) Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 6. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 8. (b) Includes certain hedge funds, private equity funds and other investment partnerships. (c) Includes GIAs, notes, bonds and mortgages payable. The following table presents the difference between fair value and the aggregate contractual principal amount of long-term debt for which the fair value option was elected: December 31, 2023 December 31, 2022 (in millions) Fair Value Outstanding Principal Amount Difference Fair Value Outstanding Principal Amount Difference Liabilities: Long-term debt* $ 53 $ 44 $ 9 $ 56 $ 45 $ 11 * Includes GIAs, notes, bonds, loans and mortgages payable. |
Fair Value Measurements, Nonrecurring | The following table presents assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented: Assets at Fair Value Impairment Charges Non-Recurring Basis December 31, (in millions) Level 1 Level 2 Level 3 Total 2023 2022 2021 December 31, 2023 Other investments $ — $ — $ 80 $ 80 $ 13 $ 25 $ 6 Other assets — — — — 121 1 67 Total $ — $ — $ 80 $ 80 $ 134 $ 26 $ 73 December 31, 2022 Other investments $ — $ — $ 12 $ 12 Total $ — $ — $ 12 $ 12 |
Fair Value, by Balance Sheet Grouping | The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Estimated Fair Value Carrying (in millions) Level 1 Level 2 Level 3 Total December 31, 2023 Assets: Mortgage and other loans receivable $ — $ 272 $ 48,264 $ 48,536 $ 51,553 Other invested assets — 913 6 919 919 Short-term investments (a) — 6,428 — 6,428 6,428 Cash (b) 2,155 — — 2,155 2,155 Other assets 45 — — 45 45 Liabilities: Policyholder contract deposits associated with investment-type contracts — 90 130,094 130,184 140,652 Fortitude Re funds withheld payable — — 30,710 30,710 30,710 Other liabilities (c) — 2,467 — 2,467 2,467 Short-term and long-term debt — 18,595 267 18,862 19,743 Debt of consolidated investment entities — 43 2,526 2,569 2,591 Separate account liabilities - investment contracts — 87,215 — 87,215 87,215 December 31, 2022 Assets: Mortgage and other loans receivable $ — $ 89 $ 45,755 $ 45,844 $ 49,442 Other invested assets — 848 6 854 854 Short-term investments — 6,668 — 6,668 6,668 Cash 2,043 — — 2,043 2,043 Other assets 24 9 — 33 33 Liabilities: Policyholder contract deposits associated with investment-type contracts — 119 129,174 129,293 137,086 Fortitude Re funds withheld payable — — 32,618 32,618 32,618 Other liabilities — 3,101 — 3,101 3,101 Short-term and long-term debt — 19,328 275 19,603 21,243 Debt of consolidated investment entities — 3,055 2,478 5,533 5,880 Separate account liabilities - investment contracts — 80,649 — 80,649 80,649 (a) Excludes $11 million reclassified to Assets held for sale on the Consolidated Balance Sheets. (b) Excludes $3 million reclassified to Assets held for sale on the Consolidated Balance Sheets. (c) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available For Sale Securities | The following table presents the amortized cost and fair value of our available for sale securities: (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 5,885 $ — $ 58 $ (327) $ 5,616 Obligations of states, municipalities and political subdivisions 11,387 — 118 (842) 10,663 Non-U.S. governments 13,668 (3) 137 (1,349) 12,453 Corporate debt 154,674 (90) 1,898 (18,050) 138,432 Mortgage-backed, asset-backed and collateralized: RMBS 20,875 (35) 821 (1,217) 20,444 CMBS 15,379 (34) 46 (1,263) 14,128 CLO/ABS 31,167 — 183 (1,353) 29,997 Total mortgage-backed, asset-backed and collateralized 67,421 (69) 1,050 (3,833) 64,569 Total bonds available for sale (b) $ 253,035 $ (162) $ 3,261 $ (24,401) $ 231,733 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 7,094 $ — $ 21 $ (496) $ 6,619 Obligations of states, municipalities and political subdivisions 13,195 — 99 (1,195) 12,099 Non-U.S. governments 15,133 (6) 91 (1,733) 13,485 Corporate debt 160,242 (132) 1,152 (23,423) 137,839 Mortgage-backed, asset-backed and collateralized: RMBS 19,584 (37) 807 (1,537) 18,817 CMBS 15,610 (11) 14 (1,420) 14,193 CLO/ABS 25,135 — 38 (2,069) 23,104 (in millions) Amortized Cost Allowance for Credit Losses (a) Gross Unrealized Gains Gross Unrealized Losses Fair Value Total mortgage-backed, asset-backed and collateralized 60,329 (48) 859 (5,026) 56,114 Total bonds available for sale (b) $ 255,993 $ (186) $ 2,222 $ (31,873) $ 226,156 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI. (b) At December 31, 2023 and 2022, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $17.1 billion or 7 percent and $22.3 billion or 10 percent, respectively. |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded: Less than 12 Months 12 Months or More Total (in millions) Fair Gross Fair Gross Fair Gross December 31, 2023 Bonds available for sale: U.S. government and government sponsored entities $ 1,046 $ 12 $ 1,550 $ 315 $ 2,596 $ 327 Obligations of states, municipalities and political subdivisions 1,994 133 5,218 709 7,212 842 Non-U.S. governments 1,901 168 7,483 1,175 9,384 1,343 Corporate debt 15,483 1,936 93,649 16,076 109,132 18,012 RMBS 4,154 288 7,246 880 11,400 1,168 CMBS 2,864 219 8,192 1,027 11,056 1,246 CLO/ABS 6,965 202 13,436 1,151 20,401 1,353 Total bonds available for sale $ 34,407 $ 2,958 $ 136,774 $ 21,333 $ 171,181 $ 24,291 December 31, 2022 Bonds available for sale: U.S. government and government sponsored entities $ 3,493 $ 368 $ 1,816 $ 128 $ 5,309 $ 496 Obligations of states, municipalities and political subdivisions 8,697 1,180 73 15 8,770 1,195 Non-U.S. governments 10,702 1,526 779 191 11,481 1,717 Corporate debt 110,683 19,756 13,778 3,609 124,461 23,365 RMBS 10,953 1,293 1,005 182 11,958 1,475 CMBS 11,620 1,094 1,728 326 13,348 1,420 CLO/ABS 16,852 1,388 4,307 681 21,159 2,069 Total bonds available for sale $ 173,000 $ 26,605 $ 23,486 $ 5,132 $ 196,486 $ 31,737 |
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity: December 31, 2023 Total Fixed Maturity Securities (in millions) Amortized Cost, Fair Value Due in one year or less $ 7,963 $ 7,860 Due after one year through five years 47,489 46,165 Due after five years through ten years 40,869 38,202 Due after ten years 89,200 74,937 Mortgage-backed, asset-backed and collateralized 67,352 64,569 Total $ 252,873 $ 231,733 |
Realized Gain (Loss) on Investments | The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities: Years Ended December 31, 2023 2022 2021 (in millions) Gross Gross Gross Gross Gross Gross Fixed maturity securities $ 267 $ 1,329 $ 446 $ 1,628 $ 1,369 $ 441 The following table presents the components of Net realized gains (losses): Years Ended December 31, 2023 2022 2021 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Sales of fixed maturity securities $ (929) $ (133) $ (1,062) $ (871) $ (311) $ (1,182) $ 211 $ 717 $ 928 Intent to sell — — — (66) — (66) — — — Change in allowance for credit losses on fixed maturity securities (211) (9) (220) (184) (32) (216) 19 7 26 Change in allowance for credit losses on loans (167) (62) (229) (55) (47) (102) 163 9 172 Foreign exchange transactions 101 19 120 (20) (5) (25) 22 (5) 17 Index-linked interest credited embedded derivatives, net of related hedges (784) — (784) (119) — (119) (5) — (5) All other derivatives and hedge accounting* (374) (105) (479) 1,230 (134) 1,096 260 28 288 Sales of alternative investments and real estate investments 98 (2) 96 193 43 236 988 237 1,225 Other (40) (3) (43) (39) — (39) 213 10 223 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative (2,306) (295) (2,601) 69 (486) (417) 1,871 1,003 2,874 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative — (2,007) (2,007) — 7,481 7,481 — (603) (603) Net realized gains (losses) $ (2,306) $ (2,302) $ (4,608) $ 69 $ 6,995 $ 7,064 $ 1,871 $ 400 $ 2,271 * Derivative activity related to hedging MRBs is recorded in Change in the fair value of MRBs, net. For additional disclosures about MRBs, see Note 14. |
Debt Securities, Trading, and Equity Securities, FV-NI | The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value: (in millions) December 31, 2023 December 31, 2022 Fair Percent Fair Percent Fixed maturity securities: Obligations of states, municipalities and political subdivisions $ 91 2 % $ 111 2 % Non-U.S. governments 37 1 66 1 Corporate debt 2,908 49 2,392 47 Mortgage-backed, asset-backed and collateralized: RMBS 263 4 286 6 CMBS 261 4 331 7 CLO/ABS and other collateralized 1,681 28 1,299 26 Total mortgage-backed, asset-backed and collateralized 2,205 36 1,916 39 Total fixed maturity securities 5,241 88 4,485 89 Equity securities 728 12 575 11 Total $ 5,969 100 % $ 5,060 100 % |
Schedule of Other Invested Assets | The following table summarizes the carrying amounts of other invested assets: (in millions) December 31, 2023 December 31, 2022 Alternative investments (a)(b) $ 11,320 $ 11,809 Investment real estate (c) 2,237 2,153 All other investments (d) 2,660 1,991 Total $ 16,217 $ 15,953 (a) At December 31, 2023, included hedge funds of $0.7 billion and private equity funds of $10.6 billion. At December 31, 2022, included hedge funds of $1.4 billion and private equity funds of $10.4 billion. (b) The majority of our hedge fund investments are redeemable upon a single month or quarter’s notice, though redemption terms vary from single, immediate withdrawals, to withdrawals staggered up to six quarters. Some of the portfolio consists of illiquid run-off or “side-pocket” positions whose liquidation horizons are uncertain and likely beyond a year after submission of the redemption notice. (c) Represents values net of accumulated depreciation. At December 31, 2023 and 2022, the accumulated depreciation was $853 million and $786 million, respectively. (d) |
Investment Income | The following table presents the components of Net investment income: Years Ended December 31, 2023 2022 2021 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Available for sale fixed maturity securities, including short-term investments $ 10,780 $ 917 $ 11,697 $ 8,664 $ 1,067 $ 9,731 $ 8,583 $ 1,468 $ 10,051 Other fixed maturity securities (a) 43 339 382 (363) (459) (822) (19) 7 (12) Equity securities 94 — 94 (53) — (53) (237) — (237) Interest on mortgage and other loans 2,450 237 2,687 1,959 203 2,162 1,745 207 1,952 Alternative investments (b) 233 86 319 819 170 989 2,579 321 2,900 Real estate 42 — 42 57 — 57 225 — 225 Other investments (c) 162 (6) 156 359 (5) 354 250 5 255 Total investment income 13,804 1,573 15,377 11,442 976 12,418 13,126 2,008 15,134 Investment expenses 756 29 785 618 33 651 485 37 522 Net investment income $ 13,048 $ 1,544 $ 14,592 $ 10,824 $ 943 $ 11,767 $ 12,641 $ 1,971 $ 14,612 (a) Included in the years ended December 31, 2022 and 2021 were income (loss) of $(195) million and $(49) million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) |
Unrealized Gain (Loss) on Investments | The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Years Ended December 31, (in millions) 2023 2022 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 8,511 $ (47,741) Other investments — (25) Total increase (decrease) in unrealized appreciation (depreciation) of investments* $ 8,511 $ (47,766) * Excludes net unrealized gains and losses attributable to businesses held for sale at December 31, 2023. The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Years Ended December 31, 2023 2022 (in millions) Equities Other Total Equities Other Total Net gains (losses) recognized during the period on equity securities and other investments $ 94 $ 489 $ 583 $ (53) $ 355 $ 302 Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period 163 (20) 143 96 (23) 73 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ (69) $ 509 $ 440 $ (149) $ 378 $ 229 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category: Years Ended December 31, 2023 2022 2021 (in millions) Structured Non- Total Structured Non- Total Structured Non- Total Balance, beginning of year $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 $ 17 $ 169 $ 186 Additions: Securities for which allowance for credit losses were not previously recorded 65 134 199 69 238 307 9 56 65 Reductions: Securities sold during the period (5) (35) (40) (3) (92) (95) (4) (29) (33) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis (10) 31 21 (27) (64) (91) (14) (77) (91) Write-offs charged against the allowance (30) (168) (198) — (30) (30) — (29) (29) Other 3 (9) (6) (1) (2) (3) — — — Balance, end of year $ 69 $ 93 $ 162 $ 46 $ 140 $ 186 $ 8 $ 90 $ 98 |
Schedule of Financial Instruments Owned and Pledged as Collateral | The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements: (in millions) December 31, 2023 December 31, 2022 Fixed maturity securities available for sale $ 2,723 $ 2,968 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 up to 31 - 90 91 - 364 365 days Total December 31, 2023 Bonds available for sale: Non-U.S. governments $ — $ 277 $ — $ — $ — $ 277 Corporate debt 38 2,408 — — — 2,446 Total $ 38 $ 2,685 $ — $ — $ — $ 2,723 Remaining Contractual Maturity of the Agreements (in millions) Overnight up to 31 - 90 91 - 364 365 days Total December 31, 2022 Bonds available for sale: Non-U.S. governments $ — $ 20 $ — $ — $ — $ 20 Corporate debt — 2,371 577 — — 2,948 Total $ — $ 2,391 $ 577 $ — $ — $ 2,968 The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements: (in millions) December 31, 2023 December 31, 2022 Securities collateral pledged to us $ 1,200 $ — |
Equity Method Investments Summarized Financial Information | The following is the aggregated summarized financial information of our equity method investees, including those for which the fair value option has been elected: Years Ended December 31, (in millions) 2023 2022 2021 Operating results: Total revenues $ 4,589 $ 28,500 $ 31,560 Total expenses (2,212) (2,789) (2,241) Net income $ 2,377 $ 25,711 $ 29,319 At December 31, (in millions) 2023 2022 Balance sheet: Total assets $ 59,359 $ 134,435 Total liabilities $ (5,893) $ (14,701) |
Lending Activities (Tables)
Lending Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Composition of Mortgages and Other Loans Receivable | The following table presents the composition of Mortgage and other loans receivable, net: (in millions) December 31, 2023 December 31, 2022 Commercial mortgages (a) $ 38,009 $ 37,128 Residential mortgages 8,689 6,130 Life insurance policy loans 1,753 1,758 Commercial loans, other loans and notes receivable (b) 3,940 5,305 Total mortgage and other loans receivable (c) 52,391 50,321 Allowance for credit losses (c) (d) (838) (716) Mortgage and other loans receivable, net (c) $ 51,553 $ 49,605 (a) Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in New York and California representing the largest geographic concentrations (aggregating approximately 18 percent and 11 percent, respectively, at December 31, 2023 and 19 percent and 11 percent, respectively, at December 31, 2022). (b) There were no loans that were held for sale carried at lower of cost or market as of December 31, 2023. The net carrying value of loans carried at lower of cost or market was $170 million as of 2022. (c) Excludes $37.6 billion at both December 31, 2023 and 2022 of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. (d) Does not include allowance for credit losses of $67 million and $69 million, respectively, at December 31, 2023 and 2022, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. |
Credit Quality | The following table presents debt service coverage ratios (a) for commercial mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) >1.2X $ 2,555 $ 6,209 $ 2,349 $ 1,387 $ 4,969 $ 13,459 $ 30,928 1.00 - 1.20X 295 1,149 1,574 369 177 2,632 6,196 <1.00X — 50 — — — 835 885 Total commercial mortgages $ 2,850 $ 7,408 $ 3,923 $ 1,756 $ 5,146 $ 16,926 $ 38,009 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) >1.2X $ 5,518 $ 2,457 $ 1,710 $ 4,985 $ 4,120 $ 11,663 $ 30,453 1.00 - 1.20X 910 898 473 416 567 1,353 4,617 <1.00X 45 — 23 52 744 1,194 2,058 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 The following table presents loan-to-value ratios (b) for commercial mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) Less than 65% $ 2,446 $ 4,629 $ 2,741 $ 1,303 $ 2,832 $ 11,571 $ 25,522 65% to 75% 290 1,763 794 288 1,937 3,220 8,292 76% to 80% — 375 99 — 377 340 1,191 Greater than 80% 114 641 289 165 — 1,795 3,004 Total commercial mortgages $ 2,850 $ 7,408 $ 3,923 $ 1,756 $ 5,146 $ 16,926 $ 38,009 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) Less than 65% $ 5,425 $ 2,548 $ 1,775 $ 3,958 $ 3,016 $ 10,739 $ 27,461 65% to 75% 998 517 405 1,445 1,487 1,393 6,245 76% to 80% 50 52 — — 168 229 499 Greater than 80% — 238 26 50 760 1,849 2,923 Total commercial mortgages $ 6,473 $ 3,355 $ 2,206 $ 5,453 $ 5,431 $ 14,210 $ 37,128 (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 at both periods ended December 31, 2023 and December 31, 2022. The debt service coverage ratios are updated when additional relevant information becomes available. (b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59 percent at both periods ended December 31, 2023 and December 31, 2022. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year. The following table presents supplementary credit quality information related to commercial mortgages: Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2023 Past Due Status: In good standing 610 $ 15,129 $ 9,679 $ 4,263 $ 6,367 $ 2,053 $ 446 $ 37,937 100 % 90 days or less delinquent 1 — 29 — — — — 29 — >90 days delinquent or in process of foreclosure (a) 1 — — 43 — — — 43 — Total (b) 612 $ 15,129 $ 9,708 $ 4,306 $ 6,367 $ 2,053 $ 446 $ 38,009 100 % Allowance for credit losses $ 94 $ 415 $ 109 $ 90 $ 38 $ 6 $ 752 2 % Number Class Percent (dollars in millions) Apartments Offices Retail Industrial Hotel Others Total December 31, 2022 Past Due Status: In good standing 625 $ 14,597 $ 10,102 $ 3,774 $ 6,006 $ 2,027 $ 407 $ 36,913 99 % 90 days or less delinquent — — — — — — — — — >90 days delinquent or in process of foreclosure (a) 4 — 173 42 — — — 215 1 Total (b) 629 $ 14,597 $ 10,275 $ 3,816 $ 6,006 $ 2,027 $ 407 $ 37,128 100 % Allowance for credit losses $ 100 $ 351 $ 81 $ 71 $ 29 $ 8 $ 640 2 % (a) Includes $156 million of Office loans supporting the Fortitude Re funds withheld arrangements, greater than 90 days delinquent or in process of foreclosure, at December 31, 2022. Office loans supporting the Fortitude Re funds have been foreclosed and are reported in Other invested assets in the Consolidated Balance Sheets at December 31, 2023. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: December 31, 2023 2023 2022 2021 2020 2019 Prior Total (in millions) FICO*: 780 and greater $ 514 $ 589 $ 2,283 $ 622 $ 240 $ 608 $ 4,856 720 - 779 1,121 625 560 169 99 243 2,817 660 - 719 313 257 113 40 37 128 888 600 - 659 2 20 11 8 9 53 103 Less than 600 — 1 2 2 4 16 25 Total residential mortgages $ 1,950 $ 1,492 $ 2,969 $ 841 $ 389 $ 1,048 $ 8,689 December 31, 2022 2022 2021 2020 2019 2018 Prior Total (in millions) FICO*: 780 and greater $ 296 $ 2,204 $ 654 $ 232 $ 77 $ 567 $ 4,030 720 - 779 536 728 168 76 32 169 1,709 660 - 719 163 80 28 16 9 62 358 600 - 659 2 4 2 2 2 14 26 Less than 600 — — — 1 — 6 7 Total residential mortgages $ 997 $ 3,016 $ 852 $ 327 $ 120 $ 818 $ 6,130 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. |
Allowance for Credit Loss | The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a) : Years Ended December 31, 2023 (b) 2022 2021 (in millions) Commercial Other Total Commercial Other Total Commercial Other Total Allowance, beginning of year $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 $ 685 $ 129 $ 814 Loans charged off (109) — (109) (17) — (17) (2) — (2) Net charge-offs (109) — (109) (17) — (17) (2) — (2) Addition to (release of) allowance for loan losses 221 10 231 112 (8) 104 (138) (26) (164) Divestitures — — — — — — — (19) (19) Allowance, end of year $ 752 $ 86 $ 838 $ 640 $ 76 $ 716 $ 545 $ 84 $ 629 (a) Does not include allowance for credit losses of $67 million, $69 million and $71 million, respectively, at December 31, 2023, 2022 and 2021 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) Excludes $37.6 billion at both December 31, 2023 and 2022, of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 1. |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Effects of Reinsurance | The following tables present the transition rollforward for Reinsurance assets: (in millions) Individual Life Institutional Total Reinsurance assets - other, net of allowance for credit losses and disputes (a) Pre-adoption, December 31, 2020 $ 309 $ 2,370 $ 28 $ 2,707 Reclassification of Cost of Reinsurance (b) — 416 — 416 Reclassification to Market risk benefits (35) — — (35) Change in cash flow assumptions and effect of net premiums exceeding gross premiums — 9 — 9 Change due to the current upper-medium grade discount rate — 74 5 79 Post-adoption January 1, 2021 $ 274 $ 2,869 $ 33 $ 3,176 (in millions) Total Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes (c) Pre-adoption, December 31, 2020 $ 29,135 Change in cash flow assumptions and effect of net premiums exceeding gross premiums 55 Change due to the current upper-medium grade discount rate 7,611 Post-adoption January 1, 2021 $ 36,801 (a) Excludes $36.3 billion of Reinsurance assets - other, net of allowance for credit losses and disputes in General Insurance and Other Operations. (b) Cost of reinsurance is reported in Other liabilities in the Consolidated Balance sheets. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Excludes $5.4 billion of Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes in General Insurance and Other Operations. The following table presents short-duration insurance premiums written and earned: Years Ended December 31, (in millions) 2023 2022 2021 Premiums written: Direct $ 31,445 $ 32,025 $ 30,910 Assumed 7,951 7,385 7,209 Ceded (12,190) (12,650) (11,702) Net $ 27,206 $ 26,760 $ 26,417 Premiums earned: Direct $ 30,781 $ 32,053 $ 30,279 Assumed 7,050 7,137 6,640 Ceded (12,268) (12,425) (11,301) Net $ 25,563 $ 26,765 $ 25,618 The following table presents premiums earned and policy fees for our long-duration life insurance and annuity operations: Years Ended December 31, (in millions) 2023 2022 2021 Premiums earned: Direct $ 4,706 $ 4,739 $ 4,604 Assumed 4,111 1,318 2,265 Ceded (1,126) (966) (1,202) Net $ 7,691 $ 5,091 $ 5,667 Policy Fees: Direct $ 2,873 $ 2,991 $ 3,090 Assumed — — — Ceded (76) (78) (85) Net $ 2,797 $ 2,913 $ 3,005 |
Summary of The Composition of Pool of Assets | The following table provides supplemental information for loss and benefit reserves, gross and net of ceded reinsurance: At December 31, 2023 2022 (in millions) As Net of As Net of Liability for unpaid losses and loss adjustment expenses $ (70,393) $ (39,994) $ (75,167) $ (42,955) Future policy benefits for life and accident and health insurance contracts (58,576) (35,005) (51,914) (27,836) Policyholder contract deposits (161,979) (158,171) (155,984) (152,375) Reserve for unearned premiums (17,387) (13,117) (18,338) (13,992) Other policyholder funds (3,356) (2,817) (3,463) (2,898) Reinsurance assets* 62,587 64,810 * Reinsurance assets excludes (i) allowance for credit losses and disputes of $236 million and $295 million (of which $110 million and $110 million pertains to CECL reserve for Liability for unpaid losses and loss adjustment expenses) for the years ended December 31, 2023 and 2022, respectively, (ii) paid loss recoveries of $4,879 million and $4,662 million for the years ended December 31, 2023 and 2022, respectively, and (iii) policy and contract claims recoverable of $296 million and $545 million for the years ended December 31, 2023 and 2022, respectively. |
Summary of Assets Supporting Funds Withheld Arrangements | There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: December 31, 2023 December 31, 2022 (in millions) Carrying Fair Carrying Fair Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 17,384 $ 17,384 $ 18,821 $ 18,821 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 4,867 4,867 4,182 4,182 Fair value through net investment income Commercial mortgage loans 3,921 3,685 4,107 3,837 Amortized cost Real estate investments 184 329 133 348 Amortized cost Private equity funds / hedge funds 1,910 1,910 1,893 1,893 Fair value through net investment income Policy loans 330 330 355 355 Amortized cost Short-term investments 176 176 75 75 Fair value through net investment income Funds withheld investment assets 28,772 28,681 29,566 29,511 Derivative assets, net (b) 45 45 90 90 Fair value through net realized gains (losses) Other (c) 758 758 782 782 Amortized cost Total $ 29,575 $ 29,484 $ 30,438 $ 30,383 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $734 million ($580 million after-tax) and $(7.5) billion ($(5.9) billion after-tax), respectively for the years ended December 31, 2023 and 2022. (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $63 million and $34 million, respectively, as of December 31, 2023. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $192 million and $28 million, respectively, as of December 31, 2022. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. |
Summary of The Impact of Funds Withheld Arrangements | The impact of the funds withheld arrangements with Fortitude Re was as follows: Years Ended December 31, (in millions) 2023 2022 2021 Net investment income - Fortitude Re funds withheld assets $ 1,544 $ 943 $ 1,971 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains (losses) - Fortitude Re funds withheld assets (295) (486) 1,003 Net realized gains (losses) - Fortitude Re funds withheld embedded derivative (2,007) 7,481 (603) Net realized gains (losses) on Fortitude Re funds withheld assets (2,302) 6,995 400 Income (loss) from continuing operations before income tax expense (benefit) (758) 7,938 2,371 Income tax expense (benefit) (a) (159) 1,667 499 Net income (loss) (599) 6,271 1,872 Change in unrealized appreciation (depreciation) of all other investments (a) 580 (5,900) (1,760) Comprehensive income (loss) $ (19) $ 371 $ 112 (a) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. |
Reinsurance Recoverable, Allowance for Credit Loss | The following table presents a rollforward of the reinsurance recoverable allowance: Years Ended December 31, 2023 2022 2021 (in millions) General Insurance Life and Retirement Total General Insurance Life and Retirement Total General Insurance Life and Retirement Total Balance, beginning of year $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 $ 292 $ 83 $ 375 Addition to (release of) allowance for expected credit losses and disputes, net (5) (5) (10) (22) (17) (39) 6 18 24 Write-offs charged against the allowance for credit losses and disputes — (49) (49) (5) — (5) (17) — (17) Recoveries of amounts previously written off — — — 2 — 2 — — — Other changes — — — 4 — 4 — — — Balance, end of year $ 255 $ 30 $ 285 $ 260 $ 84 $ 344 $ 281 $ 101 $ 382 |
Schedule of Life Insurance in Force Ceded to Other Insurance Companies | The following table presents long-duration insurance in-force ceded to other insurance companies: At December 31, (in millions) 2023 2022 2021 Long-duration insurance in force ceded $ 363,471 $ 346,879 $ 363,008 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Policy Acquisition Costs | The following table presents the transition rollforward for DAC*: Individual Group Life Institutional Total (in millions) Pre-adoption December 31, 2020 DAC balance $ 2,359 $ 560 $ 4,371 $ 26 $ 7,316 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 2,062 534 547 7 3,150 Post-adoption January 1, 2021 DAC balance $ 4,421 $ 1,094 $ 4,918 $ 33 $ 10,466 * Excludes $2.5 billion of DAC in General Insurance. The following table presents a rollforward of DAC: Years Ended December 31, 2023 General Individual Group Life Institutional (in millions) Total Balance, beginning of year $ 2,310 $ 4,597 $ 1,060 $ 4,839 $ 51 $ 12,857 Capitalization 4,135 705 78 473 28 5,419 Amortization expense (3,747) (567) (82) (403) (9) (4,808) Other, including foreign exchange (45) — — 54 — 9 Dispositions* (578) — — — — (578) Reclassified to held for sale — — — (814) — (814) Balance, end of year $ 2,075 $ 4,735 $ 1,056 $ 4,149 $ 70 $ 12,085 Years Ended December 31, 2022 Balance, beginning of year $ 2,428 $ 4,553 $ 1,078 $ 4,904 $ 38 $ 13,001 Capitalization 3,648 562 62 429 21 4,722 Amortization expense (3,536) (519) (80) (415) (7) (4,557) Other, including foreign exchange (230) 1 — (79) (1) (309) Balance, end of year $ 2,310 $ 4,597 $ 1,060 $ 4,839 $ 51 $ 12,857 Years Ended December 31, 2021 Balance, beginning of year $ 2,489 $ 4,421 $ 1,094 $ 4,918 $ 33 $ 12,955 Capitalization 3,658 579 62 420 10 4,729 Amortization expense (3,566) (447) (78) (427) (6) (4,524) Other, including foreign exchange (153) — — (7) 1 (159) Balance, end of year $ 2,428 $ 4,553 $ 1,078 $ 4,904 $ 38 $ 13,001 * Includes amounts related to the sale of Validus Re through the date of disposition. The following table presents the transition rollforward for DSI*: (in millions) Individual Group Total Pre-adoption December 31, 2020 DSI balance $ 190 $ 91 $ 281 Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 284 114 398 Post-adoption January 1, 2021 DSI balance $ 474 $ 205 $ 679 * Other assets, excluding DSI, totaled $12.8 billion. The following table presents a rollforward of DSI: Years Ended December 31, 2023 2022 2021 (in millions) Individual Group Total Individual Group Total Individual Group Total Balance, beginning of year $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 $ 474 $ 205 $ 679 Capitalization 7 1 8 9 — 9 10 — 10 Amortization expense (55) (14) (69) (56) (14) (70) (56) (14) (70) Balance, end of year* $ 333 $ 164 $ 497 $ 381 $ 177 $ 558 $ 428 $ 191 $ 619 * At December 31, 2023, 2022 and 2021, Other assets, excluding DSI, totaled $12.6 billion, $11.8 billion and $14.0 billion, respectively. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Consolidated Balance Sheets: (in millions) Real Estate and Investment Entities (d) Securitization Vehicles (e) Total December 31, 2023 Assets: Bonds available for sale $ 36 $ 148 $ 184 Other bond securities 45 — 45 Equity securities 8 — 8 Mortgage and other loans receivable — 2,063 2,063 Other invested assets Alternative investments (a) 2,695 — 2,695 Investment real estate 1,488 — 1,488 Short-term investments 125 10 135 Cash 61 — 61 Accrued investment income 2 7 9 Other assets 94 2 96 Total (b) $ 4,554 $ 2,230 $ 6,784 Liabilities: Debt of consolidated investment entities $ 1,094 $ 1,106 $ 2,200 Other (c) 82 1 83 Total $ 1,176 $ 1,107 $ 2,283 (in millions) Real Estate and Investment Entities (d) Securitization Vehicles (e) Total December 31, 2022 Assets: Bonds available for sale $ — $ 3,672 $ 3,672 Equity securities 51 — 51 Mortgage and other loans receivable — 2,221 2,221 Other invested assets Alternative investments (a) 2,842 — 2,842 Investment real estate 1,731 — 1,731 Short-term investments 191 281 472 Cash 71 — 71 Accrued investment income — 9 9 Other assets 102 70 172 Total (b) $ 4,988 $ 6,253 $ 11,241 Liabilities: Debt of consolidated investment entities $ 1,358 $ 4,336 $ 5,694 Other (c) 85 47 132 Total $ 1,443 $ 4,383 $ 5,826 (a) Comprised primarily of investments in real estate joint ventures at December 31, 2023 and 2022. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at December 31, 2023 and 2022. (d) At December 31, 2023 and 2022, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $1.9 billion and $2.1 billion, respectively, of which commitments to external parties were $0.4 billion and $0.6 billion, respectively. (e) During the year ended December 31, 2023, as part of the sale of AIG Credit Management, LLC, certain consolidated investment entities were deconsolidated. The impact of the deconsolidation was a decrease of $3.6 billion in assets and $3.1 billion in liabilities, resulting in a pre-tax loss of $14 million. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss (in millions) Total VIE On-Balance (c) Off-Balance Total December 31, 2023 Real estate and investment entities (a) $ 528,053 $ 9,125 $ 3,720 (d) $ 12,845 Other (b) 1,027 58 748 (e) 806 Total $ 529,080 $ 9,183 $ 4,468 $ 13,651 December 31, 2022 Real estate and investment entities (a) $ 504,219 $ 9,145 $ 3,938 (d) $ 13,083 Other (b) 1,302 247 747 (e) 994 Total $ 505,521 $ 9,392 $ 4,685 $ 14,077 (a) Comprised primarily of hedge funds and private equity funds. (b) At December 31, 2023 and 2022, excludes approximately $1,971 million and $2,057 million, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $1,941 million and $2,033 million, respectively. For additional information, see Note 1. (c) At December 31, 2023 and 2022, $9.1 billion and $9.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (e) 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) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities (in millions) Notional Fair Notional Fair Notional Fair Notional Fair Derivatives designated as hedging instruments: (a) Interest rate contracts $ 1,863 $ 230 $ 752 $ 17 $ 251 $ 355 $ 1,688 $ 66 Foreign exchange contracts 3,847 416 6,402 336 4,543 642 4,899 317 Derivatives not designated as hedging instruments: (a) Interest rate contracts 42,549 3,056 42,466 3,614 39,833 3,367 34,128 4,772 Foreign exchange contracts 8,803 820 9,900 558 8,626 1,202 10,397 821 Equity contracts 81,110 2,019 9,595 745 31,264 428 4,740 26 Commodity contracts — — — — 212 9 20 — Credit contracts (b) 2,109 41 509 37 1,808 32 933 41 Other contracts (c) 44,640 13 48 2 47,184 14 — — Total derivatives, gross $ 184,921 $ 6,595 $ 69,672 $ 5,309 $ 133,721 $ 6,049 $ 56,805 $ 6,043 Counterparty netting (d) (3,864) (3,864) (3,895) (3,895) Cash collateral (e) (2,220) (1,050) (1,640) (1,917) Total derivatives on Consolidated Balance Sheets (f) $ 511 $ 395 $ 514 $ 231 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of December 31, 2023 and 2022, included CDSs on super senior multi-sector CLO with a net notional amount of $50 million and $79 million (fair value liability of $32 million and $32 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 derivative s. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $1.2 billion at December 31, 2023 and $2.2 billion at December 31, 2022. Fair value of liabilities related to bifurcated embedded derivatives was $8.0 billion and $5.4 billion, respectively, at December 31, 2023 and 2022. A bifurcated embedded derivative is generally presented with the host contract in the Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in fixed index annuities and index universal life products, which include equity and interest rate components, and the funds withheld arrangement with Fortitude Re. For additional information, see Note 8. |
Schedule of Gain (Loss) Recognized in Income on Derivative Instruments in Fair Value Hedging Relationships | The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Income for: (in millions) Hedging Derivatives (a) Excluded Components (b) Hedged Net Impact Year Ended December 31, 2023 Interest rate contracts: Interest credited to policyholder account balances $ 79 $ — $ (99) $ (20) Foreign exchange contracts: Net realized gains/(losses) (422) (11) 422 (11) Year Ended December 31, 2022 Interest rate contracts: Interest credited to policyholder account balances $ (81) $ — $ 83 $ 2 Net investment income 11 — (12) (1) Foreign exchange contracts: Net realized gains/(losses) 382 244 (382) 244 Year Ended December 31, 2021 Interest rate contracts: Interest credited to policyholder account balances $ (19) $ — $ 17 $ (2) Net investment income 9 — (11) (2) Foreign exchange contracts: Net realized gains/(losses) 210 139 (210) 139 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis. |
Derivatives Not Designated as Hedging Instruments | The following table presents the effect of derivative instruments not designated as hedging instruments in the Consolidated Statements of Income (Loss): Years Ended December 31, Gains (Losses) Recognized in Income (in millions) 2023 2022 2021 By Derivative Type: Interest rate contracts $ (404) $ (2,190) $ (573) Foreign exchange contracts (384) 1,149 278 Equity contracts (142) (497) (736) Commodity contracts 9 (13) (9) Credit contracts (2) (4) (12) Other contracts 64 100 64 Embedded derivatives (3,485) 8,566 (1,079) Total $ (4,344) $ 7,111 $ (2,067) By Classification: Policy fees $ 64 $ 63 $ 61 Net investment income - excluding Fortitude Re funds withheld assets — 2 5 Net investment income - Fortitude Re funds withheld assets (11) (10) — Net realized gains (losses) - excluding Fortitude Re funds withheld assets (a) (1,158) 1,111 263 Net realized gains (losses) on Fortitude Re funds withheld assets (b) (2,112) 7,347 (575) Policyholder benefits and claims incurred — (19) (4) Change in the fair value of market risk benefits, net (c) (1,127) (1,383) (1,817) Total $ (4,344) $ 7,111 $ (2,067) (a) Includes $13 million gain related to the sale of Laya and AIG Life. For further details on these transactions, see Notes 1 and 4 . (b) Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re. (c) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents the changes in goodwill by operating segment: General Insurance (in millions) North International Life Other Total Balance at January 1, 2022: Goodwill - gross $ 3,791 $ 3,443 $ 239 $ 60 $ 7,533 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,188 172 50 4,056 Increase (decrease) due to: Other — (92) (16) (21) (129) Balance at December 31, 2022: Goodwill - gross 3,791 3,351 223 39 7,404 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill 2,646 1,096 156 29 3,927 Increase (decrease) due to: Dispositions* (369) — (30) (9) (408) Reclassified to held for sale — — (23) — (23) Other — 42 — 1 43 Balance at December 31, 2023: Goodwill - gross 3,422 3,393 170 31 7,016 Accumulated impairments (1,145) (2,255) (67) (10) (3,477) Net goodwill $ 2,277 $ 1,138 $ 103 $ 21 $ 3,539 * |
Insurance Liabilities (Tables)
Insurance Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Rollforward of Activity in Loss Reserves | The following table presents the rollforward of activity in loss reserves: Years Ended December 31, (in millions) 2023 2022 2021 Liability for unpaid loss and loss adjustment expenses, beginning of year $ 75,167 $ 79,026 $ 77,720 Reinsurance recoverable (32,102) (35,213) (34,431) Net Liability for unpaid loss and loss adjustment expenses, beginning of year 43,065 43,813 43,289 Losses and loss adjustment expenses incurred: Current year 15,100 16,434 16,434 Prior years, excluding discount and amortization of deferred gain (392) (530) (171) Prior years, discount charge (benefit) 307 (605) (131) Prior years, amortization of deferred gain on retroactive reinsurance (a) (81) (252) (190) Total losses and loss adjustment expenses incurred 14,934 15,047 15,942 Losses and loss adjustment expenses paid: Current year (3,836) (4,011) (3,868) Prior years (11,868) (11,066) (11,503) Total losses and loss adjustment expenses paid (15,704) (15,077) (15,371) Other changes: Foreign exchange effect 606 (1,463) (593) Losses and loss adjustment expenses recognized within gain on divestitures 569 — — Retroactive reinsurance adjustment (net of discount) (b) 158 745 546 Dispositions (c) (3,505) — — Reclassified to held for sale, net of reinsurance recoverables (19) — — Total other changes (2,191) (718) (47) Liability for unpaid loss and loss adjustment expenses, end of year: Net liability for unpaid losses and loss adjustment expenses 40,104 43,065 43,813 Reinsurance recoverable 30,289 32,102 35,213 Total $ 70,393 $ 75,167 $ 79,026 (a) Includes $33 million, $63 million and $53 million for the retroactive reinsurance agreement with NICO covering U.S. asbestos exposures for the years ended December 31, 2023, 2022 and 2021, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $150 million, $(301) million and $(42) million for the years ended December 31, 2023, 2022 and 2021, respectively. (c) Includes amounts related to the sale of Validus Re through the date of disposition. |
Schedule of historical average annual percentage claims payout on an accident year basis | The following table presents the historical average annual percentage claims payout on an accident year basis at the same level of disaggregation as presented in the claims development table. Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited) Year 1 2 3 4 5 6 7 8 9 10 U.S. Workers' compensation 11.9 % 17.2 % 11.0 % 7.2 % 4.8 % 3.2 % 2.0 % 1.7 % 1.5 % 1.2 % U.S. Excess casualty 1.2 8.5 9.2 18.1 10.5 7.9 7.4 6.6 2.7 1.9 U.S. Other casualty 5.8 11.3 14.2 14.4 13.7 9.4 6.7 4.0 2.8 0.5 U.S. Financial Lines 3.7 14.6 18.2 15.6 12.5 8.1 6.1 5.8 3.9 1.4 U.S. Property and Special Risks 35.2 32.2 11.8 8.1 4.9 3.1 1.8 1.3 1.5 2.3 U.S. Personal Insurance 61.6 23.8 5.2 0.8 2.4 0.9 0.5 0.3 0.3 0.3 UK/Europe Casualty and Financial Lines 5.6 14.3 12.2 11.3 9.3 10.3 6.1 4.9 3.7 2.1 UK/Europe Property and Special Risks 21.1 38.7 16.7 7.7 2.7 2.1 0.8 0.2 0.3 0.3 UK/Europe and Japan Personal Insurance 57.9 26.2 7.2 3.6 1.8 1.3 0.5 0.4 0.3 0.2 |
Schedule of Components of Loss Reserve Discount | The following table presents the components of the loss reserve discount discussed above: (in millions) December 31, 2023 December 31, 2022 U.S. workers' compensation $ 2,337 $ 2,532 Retroactive reinsurance (1,104) (1,254) Total reserve discount (a)(b) $ 1,233 $ 1,278 (a) Excludes $196 million and $135 million of discount related to certain long-tail liabilities in the UK at December 31, 2023 and 2022, respectively. (b) |
Schedule of Loss Reserve Discount | The following table presents the net loss reserve discount benefit (charge): Years Ended December 31, (in millions) 2023 2022 2021 Current accident year $ 112 $ 98 $ 62 Accretion and other adjustments to prior year discount (264) (239) (88) Effect of interest rate changes (43) 844 219 Net reserve discount benefit (charge) (195) 703 193 Change in discount on loss reserves ceded under retroactive reinsurance 150 (301) (42) Net change in total reserve discount* $ (45) $ 402 $ 151 * Excludes $61 million, $19 million and $(35) million of discount related to certain long-tail liabilities in the UK for the years ended December 31, 2023, 2022 and 2021, respectively. |
Liability for Future Policy Benefit, Activity | The following table presents the transition rollforward of the liability for future policy benefits for nonparticipating contracts (a) : Individual Group Life Institutional Other (b) Total (in millions) Pre-adoption December 31, 2020 liability for future policy benefits balance $ 1,309 $ 282 $ 11,129 $ 11,029 $ 22,206 $ 45,955 Adjustments for the reclassification to the deferred profit liability (65) (8) — (766) (859) (1,698) Change in cash flow assumptions and effect of net premiums exceeding gross premiums (14) 2 15 4 55 62 Effect of the remeasurement of the liability at a current single A rate 156 63 2,977 1,655 7,611 12,462 Adjustment for the removal of loss recognition balances related to unrealized gain or loss on securities (64) (60) 4 (292) — (412) Post-adoption January 1, 2021 liability for future policy benefits balance $ 1,322 $ 279 $ 14,125 $ 11,630 $ 29,013 $ 56,369 (a) Excludes future policy benefits for participating contracts, DPL, additional liabilities, Accident and Health, Group Benefits and Other Operations representing $11.0 billion of liability for future policy benefits. See transition tables below for DPL and additional liabilities. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following tables present the balances and changes in the liability for future policy benefits and a reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets: Year Ended December 31, 2023 General Individual Group Life Institutional Other (f) Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ 1,929 $ — $ — $ 11,654 $ — $ 991 $ 14,574 Effect of changes in discount rate assumptions (AOCI) 262 — — 1,872 — 66 2,200 Beginning balance at original discount rate 2,191 — — 13,526 — 1,057 16,774 Effect of changes in cash flow assumptions (2) — — 34 — 21 53 Effect of actual variances from expected experience (16) — — 62 — 20 66 Adjusted beginning of year balance 2,173 — — 13,622 — 1,098 16,893 Issuances 122 — — 1,277 — — 1,399 Interest accrual 43 — — 437 — 46 526 Net premium collected (283) — — (1,464) — (118) (1,865) Foreign exchange impact (14) — — 265 — — 251 Other — — — 11 — (9) 2 Ending balance at original discount rate 2,041 — — 14,148 — 1,017 17,206 Effect of changes in discount rate assumptions (AOCI) (339) — — (1,482) — (44) (1,865) Reclassified to Liabilities held for sale — — — (4,287) — — (4,287) Balance, end of year $ 1,702 $ — $ — $ 8,379 $ — $ 973 $ 11,054 Present value of expected future policy benefits Balance, beginning of year $ 2,380 $ 1,223 $ 211 $ 21,179 $ 12,464 $ 20,429 $ 57,886 Effect of changes in discount rate assumptions (AOCI) 362 167 2 3,424 2,634 1,083 7,672 Beginning balance at original discount rate 2,742 1,390 213 24,603 15,098 21,512 65,558 Effect of changes in cash flow assumptions (a) (13) — — 62 — 76 125 Effect of actual variances from expected experience (a) (18) (5) (2) 122 15 — 112 Adjusted beginning of year balance 2,711 1,385 211 24,787 15,113 21,588 65,795 Issuances 130 173 18 1,266 5,339 4 6,930 Interest accrual 52 55 11 908 664 1,026 2,716 Benefit payments (276) (128) (26) (1,921) (1,087) (1,503) (4,941) Foreign exchange impact (27) — — 345 359 — 677 Other — — — 10 — (24) (14) Ending balance at original discount rate 2,590 1,485 214 25,395 20,388 21,091 71,163 Effect of changes in discount rate assumptions (AOCI) (441) (132) 3 (2,745) (1,906) (437) (5,658) Reclassified to Liabilities held for sale — — — (5,119) — — (5,119) Balance, end of year $ 2,149 $ 1,353 $ 217 $ 17,531 $ 18,482 $ 20,654 $ 60,386 Net liability for future policy benefits, end of year $ 447 $ 1,353 $ 217 $ 9,152 $ 18,482 $ 19,681 $ 49,332 Liability for future policy benefits for certain participating contracts 1,313 Liability for universal life policies with secondary guarantees and similar features (b) 3,786 Deferred profit liability 2,512 Other reconciling items (c) 1,633 Future policy benefits for life and accident and health insurance contracts 58,576 Less: Reinsurance recoverable (23,571) Net liability for future policy benefits after reinsurance recoverable $ 35,005 Weighted average liability duration of the liability for future policy benefits (d)(e) 9.3 7.8 6.8 12.8 12.1 11.5 Year Ended December 31, 2022 Individual Group Life Institutional Other (f) Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 14,369 $ — $ 1,274 $ 15,643 Effect of changes in discount rate assumptions (AOCI) — — (706) — (150) (856) Beginning balance at original discount rate — — 13,663 — 1,124 14,787 Effect of changes in cash flow assumptions — — 123 — — 123 Effect of actual variances from expected experience — — (79) — 7 (72) Adjusted beginning of year balance — — 13,707 — 1,131 14,838 Issuances — — 1,358 — — 1,358 Interest accrual — — 397 — 48 445 Net premium collected — — (1,418) — (123) (1,541) Foreign exchange impact — — (517) — — (517) Other — — (1) — 1 — Ending balance at original discount rate — — 13,526 — 1,057 14,583 Effect of changes in discount rate assumptions (AOCI) — — (1,872) — (66) (1,938) Balance, end of year $ — $ — $ 11,654 $ — $ 991 $ 12,645 Present value of expected future policy benefits Balance, beginning of year $ 1,373 $ 264 $ 27,442 $ 13,890 $ 27,674 $ 70,643 Effect of changes in discount rate assumptions (AOCI) (95) (46) (2,717) (870) (5,673) (9,401) Beginning balance at original discount rate 1,278 218 24,725 13,020 22,001 61,242 Effect of changes in cash flow assumptions (a) — — 140 (6) — 134 Effect of actual variances from expected experience (a) (30) (2) (94) 3 1 (122) Adjusted beginning of year balance 1,248 216 24,771 13,017 22,002 61,254 Issuances 216 12 1,374 2,782 9 4,393 Interest accrual 42 10 876 459 1,233 2,620 Benefit payments (116) (26) (1,757) (821) (1,483) (4,203) Foreign exchange impact — — (657) (339) — (996) Other — 1 (4) — (249) (252) Ending balance at original discount rate 1,390 213 24,603 15,098 21,512 62,816 Effect of changes in discount rate assumptions (AOCI) (167) (2) (3,424) (2,634) (1,083) (7,310) Balance, end of year $ 1,223 $ 211 $ 21,179 $ 12,464 $ 20,429 $ 55,506 Net liability for future policy benefits, end of year $ 1,223 $ 211 $ 9,525 $ 12,464 $ 19,438 $ 42,861 Liability for future policy benefits for certain participating contracts 1,352 Liability for universal life policies with secondary guarantees and similar features (b) 3,355 Deferred profit liability 2,303 Other reconciling items (c) 2,043 Future policy benefits for life and accident and health insurance contracts 51,914 Less: Reinsurance recoverable (24,078) Net liability for future policy benefits after reinsurance recoverable $ 27,836 Weighted average liability duration of the liability for future policy benefits (d) 7.6 6.9 12.2 10.8 11.4 Year Ended December 31, 2021 Individual Group Life Institutional Other (f) Total (in millions, except for liability durations) Present value of expected net premiums Balance, beginning of year $ — $ — $ 13,793 $ — $ 1,506 $ 15,299 Effect of changes in discount rate assumptions (AOCI) — — (1,374) — (249) (1,623) Beginning balance at original discount rate — — 12,419 — 1,257 13,676 Effect of changes in cash flow assumptions — — 164 — (72) 92 Effect of actual variances from expected experience — — 371 — 14 385 Adjusted beginning of year balance — — 12,954 — 1,199 14,153 Issuances — — 1,727 — — 1,727 Interest accrual — — 392 — 54 446 Net premium collected — — (1,364) — (129) (1,493) Foreign exchange impact — — (46) — — (46) Other — — — — — — Ending balance at original discount rate — — 13,663 — 1,124 14,787 Effect of changes in discount rate assumptions (AOCI) — — 706 — 150 856 Balance, end of year $ — $ — $ 14,369 $ — $ 1,274 $ 15,643 Present value of expected future policy benefits Balance, beginning of year $ 1,322 $ 279 $ 27,918 $ 11,630 $ 30,519 $ 71,668 Effect of changes in discount rate assumptions (AOCI) (156) (63) (4,351) (1,654) (7,862) (14,086) Beginning balance at original discount rate 1,166 216 23,567 9,976 22,657 57,582 Effect of changes in cash flow assumptions (a) — — 193 — (83) 110 Effect of actual variances from expected experience (a) 1 (1) 413 (3) (121) 289 Adjusted beginning of year balance 1,167 215 24,173 9,973 22,453 57,981 Issuances 172 21 1,713 3,366 15 5,287 Interest accrual 41 11 876 380 1,085 2,393 Benefit payments (101) (28) (1,981) (696) (1,530) (4,336) Foreign exchange impact — — (60) (3) — (63) Other (1) (1) 4 — (22) (20) Ending balance at original discount rate 1,278 218 24,725 13,020 22,001 61,242 Effect of changes in discount rate assumptions (AOCI) 95 46 2,717 870 5,673 9,401 Balance, end of year $ 1,373 $ 264 $ 27,442 $ 13,890 $ 27,674 $ 70,643 Net liability for future policy benefits, end of year $ 1,373 $ 264 $ 13,073 $ 13,890 $ 26,400 $ 55,000 Liability for future policy benefits for certain participating contracts 1,397 Liability for universal life policies with secondary guarantees and similar features (b) 5,007 Deferred profit liability 2,236 Other reconciling items (c) 2,759 Future policy benefits for life and accident and health insurance contracts 66,399 Less: Reinsurance recoverable (32,586) Net liability for future policy benefits after reinsurance recoverable $ 33,813 Weighted average liability duration of the liability for future policy benefits (d) 8.6 7.8 14.4 13.0 13.7 (a) Effect of changes in cash flow assumptions and variances from actual experience are partially offset by changes in the deferred profit liability. (b) Additional details can be found in the table that presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features. (c) Other reconciling items primarily include the Accident and Health as well as Group Benefits (short-duration) contracts. (d) The weighted average liability durations are calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates and current discount rate, which can be found in the table below. (e) Includes balances that were reclassified to Liabilities held for sale in the Consolidated Balance sheets. For additional information, see Note 4. (f) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. For the years ended December 31, 2023, 2022 and 2021 in the traditional and term life insurance block, capping of net premium ratios at 100 percent caused a (credit)/charge to net income of $(1) million, $26 million and $15 million, respectively. The discount rate was updated based on market observable information. Relative to the prior period, the increase in upper-medium-grade fixed income yields resulted in a decrease in the liability for future policy benefits. The following table presents the amount of undiscounted expected future benefit payments and undiscounted and discounted expected gross premiums for future policy benefits for nonparticipating contracts: Years Ended December 31, (in millions) 2023 2022 2021 General Insurance (a) Undiscounted expected future benefits and expense $ 3,194 $ 3,325 $ 3,677 Undiscounted expected future gross premiums 4,403 4,558 4,899 Individual Retirement Undiscounted expected future benefits and expense $ 2,131 $ 1,959 $ 1,747 Undiscounted expected future gross premiums — — — Group Retirement Undiscounted expected future benefits and expense $ 313 $ 321 $ 328 Undiscounted expected future gross premiums — — — Life Insurance (b) Undiscounted expected future benefits and expense $ 40,489 $ 38,909 $ 38,869 Undiscounted expected future gross premiums 30,458 29,035 29,272 Institutional Markets Undiscounted expected future benefits and expense $ 38,253 $ 25,066 $ 20,839 Undiscounted expected future gross premiums — — — Other (c) Undiscounted expected future benefits and expense $ 43,071 $ 44,530 $ 46,038 Undiscounted expected future gross premiums 2,146 2,262 2,437 (a) General Insurance discounted expected future gross premiums (at current discount rate) for 2023 were $3.0 billion. (b) Includes balances reclassified to Liabilities held for sale at December 31, 2023. Life Insurance discounted expected future gross premiums (at current discount rate) for 2023 were $20.2 billion. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other discounted expected future gross premiums (at current discount rate) for 2023 were $1.4 billion. The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for future policy benefits for nonparticipating contracts: Years Ended December 31, Gross Premiums Interest Accretion (in millions) 2023 2022 2021 2023 2022 2021 General Insurance $ 477 $ 487 $ 547 $ 9 $ 8 $ 7 Individual Retirement 202 224 186 55 42 41 Group Retirement 19 19 21 11 10 11 Life Insurance 2,393 2,342 2,319 471 479 484 Institutional Markets 5,638 2,940 3,818 664 459 380 Other* 215 224 236 980 1,185 1,031 Total $ 8,944 $ 6,236 $ 7,127 $ 2,190 $ 2,183 $ 1,954 * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the weighted-average interest rate for future policy benefits for nonparticipating contracts: Year Ended December 31, 2023 General Individual Group Life Institutional Other (b) Weighted-average interest rate, original discount rate (a) 1.82 % 3.75 % 5.15 % 4.10 % 4.14 % 4.86 % Weighted-average interest rate, current discount rate (a) 3.78 % 5.04 % 5.02 % 5.04 % 4.96 % 5.08 % Year Ended December 31, 2022 Weighted-average interest rate, original discount rate 1.77 % 3.58 % 5.17 % 4.08 % 3.56 % 4.88 % Weighted-average interest rate, current discount rate 3.21 % 5.32 % 5.30 % 5.33 % 5.30 % 5.36 % Year Ended December 31, 2021 Weighted-average interest rate, original discount rate 1.61 % 3.23 % 4.96 % 4.11 % 3.22 % 4.83 % Weighted-average interest rate, current discount rate 3.27 % 2.75 % 2.68 % 2.85 % 2.71 % 3.08 % (a) Weighted-average interest rates for Life Insurance include balances that have been reclassified to Liabilities held-for-sale at December 31, 2023. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the transition rollforward for deferred profit liability for long-duration contracts*: Individual Group Life Institutional Other* Total (in millions) Pre-adoption December 31, 2020 deferred profit liability balance $ 2 $ — $ 5 $ 64 $ — $ 71 Adjustments for the reclassification from/(to) the liability for the future policy benefits 65 8 — 766 859 1,698 Post-adoption January 1, 2021 deferred profit liability balance $ 67 $ 8 $ 5 $ 830 $ 859 $ 1,769 The following table presents the transition rollforward of the additional liabilities: Individual Group Life Institutional Other (c) Total (in millions) Pre-adoption December 31, 2020 additional liabilities $ 1,423 $ 221 $ 5,117 $ — $ 55 $ 6,816 Adjustment for the reclassification of additional liabilities from Future policy benefits to Market risk benefits (a) (907) (132) — — — (1,039) Adjustment for removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (b) (516) (89) — — — (605) Post-adoption January 1, 2021 additional liabilities $ — $ — $ 5,117 $ — $ 55 $ 5,172 (a) Adjustments for the reclassification of additional liabilities from Future policy benefits to MRBs represent contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. For additional information on the transition impacts associated with LDTI, see Note 15. (b) Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) relate to the additional liabilities reclassified from Future policy benefits in the line above. (c) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the balances and changes in the liability for universal life policies with secondary guarantees and similar features: Years Ended December 31, 2023 2022 2021 (in millions, except duration of liability) Life Other (b) Total Life Other (b) Total Life Other (b) Total Balance, beginning of year $ 3,300 $ 55 $ 3,355 $ 4,952 $ 55 $ 5,007 $ 5,117 $ 55 $ 5,172 Effect of changes in assumptions (41) — (41) (24) — (24) (116) — (116) Effect of changes in experience 319 (4) 315 303 (4) 299 331 (4) 327 Adjusted beginning balance 3,578 51 3,629 5,231 51 5,282 5,332 51 5,383 Assessments 671 2 673 687 2 689 669 2 671 Excess benefits paid (943) — (943) (909) — (909) (859) — (859) Interest accrual 132 2 134 126 2 128 136 2 138 Other (9) — (9) (11) — (11) 24 — 24 Changes related to unrealized appreciation (depreciation) of investments 302 — 302 (1,824) — (1,824) (350) — (350) Balance, end of year 3,731 55 3,786 3,300 55 3,355 4,952 55 5,007 Less: Reinsurance recoverable (164) — (164) (191) — (191) (200) — (200) Balance, end of year, net of Reinsurance recoverable $ 3,567 $ 55 $ 3,622 $ 3,109 $ 55 $ 3,164 $ 4,752 $ 55 $ 4,807 Weighted average duration of liability (a) 25.4 9.2 26.3 9.5 27.1 9.8 (a) The weighted average duration of liabilities is calculated as the modified duration using projected future net liability cash flows that are aggregated at the segment level, utilizing the segment level weighted average interest rates, which can be found in the table below. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the amount of revenue and interest recognized in the Consolidated Statements of Income (Loss) for the liability for universal life policies with secondary guarantees and similar features: Years Ended December 31, Gross Assessments Interest Accretion (in millions) 2023 2022 2021 2023 2022 2021 Life Insurance $ 1,109 $ 1,193 $ 1,187 $ 132 $ 126 $ 136 Other* 37 39 39 2 2 2 Total $ 1,146 $ 1,232 $ 1,226 $ 134 $ 128 $ 138 * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the calculation of weighted average interest rate for the liability for universal life policies with secondary guarantees and similar features: Years Ended December 31, 2023 2022 2021 Life Insurance Other* Life Insurance Other* Life Insurance Other* Weighted-average interest rate 3.92 % 4.20 % 3.76 % 4.24 % 3.74 % 4.21 % * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the transition rollforward of URR: Life Institutional Other* Total (in millions) Pre-adoption December 31, 2020 URR balance $ 1,413 $ 2 $ 132 $ 1,547 Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) 248 — — 248 Post-adoption January 1, 2021 URR balance $ 1,661 $ 2 $ 132 $ 1,795 * Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. Other policyholder funds, excluding URR, totaled $2.0 billion. The following table presents a rollforward of URR: Life Institutional Other* Total (in millions) Year Ended December 31, 2023 Balance, beginning of year $ 1,727 $ 2 $ 105 $ 1,834 Revenue deferred 153 — — 153 Amortization (110) (1) (11) (122) Balance, end of year $ 1,770 $ 1 $ 94 $ 1,865 Year Ended December 31, 2022 Balance, beginning of year $ 1,693 $ 2 $ 116 $ 1,811 Revenue deferred 143 — — 143 Amortization (109) — (11) (120) Balance, end of year $ 1,727 $ 2 $ 105 $ 1,834 Year Ended December 31, 2021 Balance, beginning of year $ 1,661 $ 2 $ 132 $ 1,795 Revenue deferred 140 — — 140 Amortization (108) — (15) (123) Other, including foreign exchange — — (1) (1) Balance, end of year $ 1,693 $ 2 $ 116 $ 1,811 * |
Schedule of Details Concerning Universal life Policies with Secondary Guarantees | The following table presents details concerning our universal life policies with secondary guarantees and similar features: Years Ended December 31, (dollars in millions) 2023 2022 Account value $ 3,721 $ 3,514 Net amount at risk $ 72,422 $ 69,335 Average attained age of contract holders 53 53 |
Policyholder Account Balance | The following table presents the transition rollforward of Policyholder contract deposits account balances (a) : Individual Group Life Institutional Other (b) Total (in millions) Pre-adoption December 31, 2020 Policyholder contract deposits $ 84,874 $ 43,805 $ 10,286 $ 11,559 $ 4,145 $ 154,669 Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) (5,671) (576) — — — (6,247) Post-adoption January 1, 2021 Policyholder contract deposits $ 79,203 $ 43,229 $ 10,286 $ 11,559 $ 4,145 $ 148,422 (a) Excludes Other Operations of $(199) million. (b) Represents Life and Retirement legacy insurance lines ceded to Fortitude Re. The following table presents the balances and changes in Policyholder contract deposits account balances (a) : Year Ended December 31, 2023 Individual Group Life Institutional Other (d) Total (in millions, except for average crediting rate) Policyholder contract deposits account balance, beginning of year $ 89,554 $ 43,395 $ 10,224 $ 11,734 $ 3,587 $ 158,494 Deposits 18,188 5,352 1,632 3,813 44 29,029 Policy charges (840) (477) (1,524) (67) (64) (2,972) Surrenders and withdrawals (14,025) (8,310) (256) (722) (93) (23,406) Benefit payments (3,770) (2,518) (281) (2,405) (300) (9,274) Net transfers from (to) separate account 3,617 2,705 3 792 — 7,117 Interest credited 2,188 1,141 413 507 168 4,417 Other (16) 11 20 (3) (9) 3 Policyholder contract deposits account balance, end of year 94,896 41,299 10,231 13,649 3,333 163,408 Other reconciling items (b) (1,429) (230) 208 93 (71) (1,429) Policyholder contract deposits $ 93,467 $ 41,069 $ 10,439 $ 13,742 $ 3,262 $ 161,979 Weighted average crediting rate 2.68 % 2.91 % 4.41 % 4.08 % 4.99 % Cash surrender value (c) $ 88,685 $ 40,210 $ 9,026 $ 2,583 $ 1,712 $ 142,216 Year Ended December 31, 2022 Individual Group Life Institutional Other (d) Total (in millions, except for average crediting rate) Policyholder contract deposits account balance, beginning of year $ 84,097 $ 43,902 $ 10,183 $ 10,804 $ 3,823 $ 152,809 Deposits 15,186 4,946 1,674 1,494 48 23,348 Policy charges (870) (462) (1,570) (69) (65) (3,036) Surrenders and withdrawals (8,921) (5,712) (211) (134) (64) (15,042) Benefit payments (3,798) (2,528) (216) (775) (349) (7,666) Net transfers from (to) separate account 2,248 2,149 (5) 144 — 4,536 Interest credited 1,608 1,100 377 301 178 3,564 Other 4 — (8) (31) 16 (19) Policyholder contract deposits account balance, end of year 89,554 43,395 10,224 11,734 3,587 158,494 Other reconciling items (b) (2,136) (319) 34 (16) (73) (2,510) Policyholder contract deposits $ 87,418 $ 43,076 $ 10,258 $ 11,718 $ 3,514 $ 155,984 Weighted average crediting rate 2.43 % 2.77 % 4.29 % 2.71 % 4.91 % Cash surrender value (c) $ 83,278 $ 41,831 $ 8,866 $ 2,537 $ 1,808 $ 138,320 Year Ended December 31, 2021 Individual Group Life Institutional Other (d) Total (in millions, except for average crediting rate) Policyholder contract deposits account balance, beginning of year $ 80,012 $ 43,406 $ 10,012 $ 11,351 $ 4,143 $ 148,924 Deposits 13,774 5,146 1,702 1,272 53 21,947 Policy charges (781) (523) (1,567) (65) (69) (3,005) Surrenders and withdrawals (8,863) (5,795) (212) (91) (76) (15,037) Benefit payments (4,031) (2,329) (245) (1,948) (374) (8,927) Net transfers from (to) separate account 1,531 2,750 (2) 61 — 4,340 Interest credited 2,444 1,249 447 263 191 4,594 Other 11 (2) 48 (39) (45) (27) Policyholder contract deposits account balance, end of year 84,097 43,902 10,183 10,804 3,823 152,809 Other reconciling items (b) (1,289) (259) 117 165 (157) (1,423) Policyholder contract deposits $ 82,808 $ 43,643 $ 10,300 $ 10,969 $ 3,666 $ 151,386 Weighted average crediting rate 2.42 2.79 4.28 2.41 4.92 Cash surrender value (c) $ 79,787 $ 43,359 $ 8,826 $ 2,520 $ 1,880 $ 136,372 (a) Transactions between the general account and the separate account are presented in this table on a gross basis (e.g., a policyholder's funds are initially deposited into the general account and then simultaneously transferred to the separate account), thus, did not impact the ending balance of policyholder contract deposits. (b) Includes MRBs that are bifurcated and reported separately, net of embedded derivatives recorded in Policyholder contract deposits. Other also includes amounts related to Other Operations of $(71) million, $(75) million and $(158) million at December 31, 2023, 2022 and 2021, respectively. (c) Cash surrender value is related to the portion of policyholder contract deposits that have a defined cash surrender value (e.g. GICs, do not have a cash surrender value). (d) Primarily represents Life and Retirement legacy insurance lines ceded to Fortitude Re. For information related to net amount at risk, see Note 14. The following table presents Policyholder contract deposits account balance by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: December 31, 2023 At 1 Basis Point - More than 50 Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 6,498 $ 2,078 $ 26,873 $ 35,449 > 1% - 2% 3,749 22 1,771 5,542 > 2% - 3% 8,046 11 972 9,029 > 3% - 4% 6,610 37 5 6,652 > 4% - 5% 426 — 4 430 > 5% 32 — 3 35 Total $ 25,361 $ 2,148 $ 29,628 $ 57,137 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 2,185 $ 2,344 $ 6,830 $ 11,359 > 1% - 2% 3,731 1,242 671 5,644 > 2% - 3% 12,073 211 110 12,394 > 3% - 4% 615 — — 615 > 4% - 5% 6,635 — — 6,635 > 5% 144 — — 144 Total $ 25,383 $ 3,797 $ 7,611 $ 36,791 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% — 132 346 478 > 2% - 3% 9 855 1,082 1,946 > 3% - 4% 1,170 496 26 1,692 > 4% - 5% 2,851 — — 2,851 > 5% 216 — — 216 Total $ 4,246 $ 1,483 $ 1,454 $ 7,183 Total* $ 54,990 $ 7,428 $ 38,693 $ 101,111 Percentage of total 55 % 7 % 38 % 100 % December 31, 2022 At 1 Basis Point - More than 50 Total (in millions, except percentage of total) Individual Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 8,766 $ 2,161 $ 21,702 $ 32,629 > 1% - 2% 4,208 24 2,195 6,427 > 2% - 3% 9,502 — 17 9,519 > 3% - 4% 7,630 40 6 7,676 > 4% - 5% 456 — 5 461 > 5% 33 — 4 37 Total $ 30,595 $ 2,225 $ 23,929 $ 56,749 Group Retirement Range of Guaranteed Minimum Credited Rate <=1% $ 3,611 $ 1,427 $ 5,609 $ 10,647 > 1% - 2% 5,628 727 150 6,505 > 2% - 3% 13,968 3 — 13,971 > 3% - 4% 666 — — 666 > 4% - 5% 6,843 — — 6,843 > 5% 154 — — 154 Total $ 30,870 $ 2,157 $ 5,759 $ 38,786 Life Insurance Range of Guaranteed Minimum Credited Rate <=1% $ — $ — $ — $ — > 1% - 2% 1 129 352 482 > 2% - 3% 32 831 1,116 1,979 > 3% - 4% 1,369 180 195 1,744 > 4% - 5% 2,974 — — 2,974 > 5% 223 — — 223 Total $ 4,599 $ 1,140 $ 1,663 $ 7,402 Total* $ 66,064 $ 5,522 $ 31,351 $ 102,937 Percentage of total 65 % 5 % 30 % 100 % * Excludes policyholder contract deposits account balances that are not subject to guaranteed minimum crediting rates. |
Schedule of incurred losses and allocated loss adjustment expenses, Undiscounted and net of reinsurance | The following tables present undiscounted, incurred and paid losses and allocated loss adjustment expenses by accident year, on a net basis after reinsurance, with a separate presentation of the ADC excluding the related amortization of the deferred gain: Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 1,729 $ 1,764 $ 1,866 $ 1,862 $ 1,794 $ 1,709 $ 1,679 $ 1,637 $ 1,614 $ 1,589 $ (25) $ 172 41,529 $ (349) $ (143) $ 1,240 $ 29 2015 1,708 1,864 1,866 1,814 1,722 1,675 1,634 1,612 1,592 (20) 355 37,109 (438) (228) 1,154 127 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 (11) 224 31,868 — — 1,025 224 2017 789 850 776 763 731 712 705 (7) 218 27,695 — — 705 218 2018 998 1,021 961 911 896 875 (21) 385 22,222 — — 875 385 2019 887 873 812 801 788 (13) 285 17,000 — — 788 285 2020 597 573 521 477 (44) 106 13,839 — — 477 106 2021 597 570 545 (25) 274 10,982 — — 545 274 2022 523 493 (30) 296 9,339 — — 493 296 2023 500 397 7,359 — — 500 397 Total $ 8,589 $ (196) $ (787) $ 7,802 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,727) — 118 (4,609) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 4,327 (65) (3,632) 695 Unallocated loss adjustment expense prior year development (6) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 8,189 $ (267) $ (4,301) $ 3,888 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 1,311 $ 1,310 $ 1,309 $ 1,329 $ 1,223 $ 1,171 $ 1,243 $ 1,240 $ (3) 2015 1,279 1,279 1,318 1,134 1,105 1,041 1,092 1,154 62 2016 1,299 1,346 1,318 1,140 1,090 1,075 1,036 1,025 (11) 2017 789 850 776 763 731 712 705 (7) 2018 998 1,021 961 911 896 875 (21) 2019 887 873 812 801 788 (13) 2020 597 573 521 477 (44) 2021 597 570 545 (25) 2022 523 493 (30) 2023 500 Total $ 3,889 $ 4,724 $ 5,793 $ 6,287 $ 6,612 $ 6,911 $ 7,394 $ 7,802 $ (92) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,609) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 695 (48) Unallocated loss adjustment expense prior year adjustment 26 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,888 $ (114) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (555) $ (552) $ (485) $ (380) $ (456) $ (466) $ (371) $ (349) $ 22 2015 (585) (587) (496) (588) (570) (593) (520) (438) 82 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (1,140) $ (1,139) $ (981) $ (968) $ (1,026) $ (1,059) $ (891) $ (787) $ 104 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 118 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (3,632) 17 Unallocated loss adjustment expense prior year development 32 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (4,301) $ 153 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 231 $ 558 $ 786 $ 930 $ 1,030 $ 1,096 $ 1,137 $ 1,180 $ 1,207 $ 1,226 $ (64) 2015 234 524 725 854 925 979 1,013 1,038 1,058 (54) 2016 147 378 521 584 630 662 686 694 — 2017 93 224 294 333 367 389 395 — 2018 85 215 296 359 388 409 — 2019 93 219 301 347 389 — 2020 64 159 205 245 — 2021 60 128 171 — 2022 45 102 — 2023 38 — Total $ 4,727 $ (118) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 938 $ 1,069 $ 1,275 $ 1,260 $ 1,339 $ 1,283 $ 1,248 $ 1,269 $ 1,259 $ 1,245 $ (14) $ 277 2,985 $ (384) $ (144) $ 861 $ 133 2015 989 1,463 1,440 1,603 1,656 1,694 1,721 1,686 1,658 (28) 258 3,142 (462) (116) 1,196 142 2016 898 1,146 1,162 1,171 1,274 1,250 1,263 1,276 13 314 2,813 — — 1,276 314 2017 856 1,002 1,097 1,153 1,157 1,200 1,182 (18) 264 2,079 — — 1,182 264 2018 648 646 721 769 769 779 10 155 1,461 — — 779 155 2019 577 583 597 612 600 (12) 301 1,347 — — 600 301 2020 406 413 410 420 10 238 1,284 — — 420 238 2021 278 277 274 (3) 100 855 — — 274 100 2022 305 305 — 189 490 — — 305 189 2023 345 326 303 — — 345 326 Total $ 8,084 $ (42) $ (846) $ 7,238 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,724) — 251 (4,473) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 2,044 (75) (1,488) 556 Unallocated loss adjustment expense prior year development 85 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 5,404 $ (32) $ (2,083) $ 3,321 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 902 $ 905 $ 915 $ 844 $ 912 $ 949 $ 869 $ 861 $ (8) 2015 1,027 1,015 1,139 1,163 1,211 1,231 1,174 1,196 22 2016 898 1,146 1,162 1,171 1,274 1,250 1,263 1,276 13 2017 856 1,002 1,097 1,153 1,157 1,200 1,182 (18) 2018 648 646 721 769 769 779 10 2019 577 583 597 612 600 (12) 2020 406 413 410 420 10 2021 278 277 274 (3) 2022 305 305 — 2023 345 Total $ 2,827 $ 3,922 $ 4,866 $ 5,498 $ 6,260 $ 6,644 $ 6,879 $ 7,238 $ 14 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (4,473) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 556 (111) Unallocated loss adjustment expense prior year adjustment 115 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 3,321 $ 18 The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (373) $ (355) $ (424) $ (439) $ (336) $ (320) $ (390) $ (384) $ 6 2015 (436) (425) (464) (493) (483) (490) (512) (462) 50 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (809) $ (780) $ (888) $ (932) $ (819) $ (810) $ (902) $ (846) $ 56 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 251 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (1,488) (36) Unallocated loss adjustment expense prior year development 30 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (2,083) $ 50 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 3 $ 77 $ 240 $ 444 $ 590 $ 703 $ 815 $ 839 $ 878 $ 902 $ (80) 2015 9 210 391 718 935 1,061 1,124 1,253 1,291 (171) 2016 28 80 204 388 502 566 670 798 — 2017 1 45 156 505 585 676 781 — 2018 1 125 227 315 414 494 — 2019 7 43 79 157 216 — 2020 4 15 33 128 — 2021 4 43 62 — 2022 14 51 — 2023 1 — Total $ 4,724 $ (251) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 1,751 $ 1,721 $ 1,963 $ 2,009 $ 1,910 $ 1,916 $ 1,946 $ 1,935 $ 1,944 $ 1,905 $ (39) $ 46 38,546 $ (214) $ (29) $ 1,691 $ 17 2015 1,329 1,762 1,829 1,736 1,794 1,834 1,824 1,815 1,796 (19) 23 35,754 (282) (8) 1,514 15 2016 1,339 1,343 1,321 1,391 1,340 1,323 1,293 1,297 4 162 29,191 — — 1,297 162 2017 602 629 738 674 668 643 654 11 21 21,266 — — 654 21 2018 802 845 837 870 824 810 (14) 148 16,967 — — 810 148 2019 1,059 1,058 1,053 1,062 1,039 (23) 526 21,036 — — 1,039 526 2020 524 576 538 540 2 277 11,318 — — 540 277 2021 795 793 790 (3) 519 10,572 — — 790 519 2022 793 819 26 617 12,457 — — 819 617 2023 933 848 10,401 — — 933 848 Total $ 10,583 $ (55) $ (496) $ 10,087 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (6,668) — 298 (6,370) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 1,448 (67) (1,053) 395 Unallocated loss adjustment expense prior year development (11) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 5,363 $ (133) $ (1,251) $ 4,112 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 1,667 $ 1,678 $ 1,634 $ 1,694 $ 1,701 $ 1,722 $ 1,718 $ 1,691 $ (27) 2015 1,361 1,373 1,423 1,493 1,553 1,562 1,563 1,514 (49) 2016 1,339 1,343 1,321 1,391 1,340 1,323 1,293 1,297 4 2017 602 629 738 674 668 643 654 11 2018 802 845 837 870 824 810 (14) 2019 1,059 1,058 1,053 1,062 1,039 (23) 2020 524 576 538 540 2 2021 795 793 790 (3) 2022 793 819 26 2023 933 Total $ 4,367 $ 4,996 $ 5,809 $ 7,220 $ 7,687 $ 8,569 $ 9,227 $ 10,087 $ (73) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (6,370) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 395 (73) Unallocated loss adjustment expense prior year adjustment 13 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 4,112 $ (133) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (296) $ (331) $ (276) $ (222) $ (245) $ (213) $ (226) $ (214) $ 12 2015 (401) (456) (313) (301) (281) (262) (252) (282) (30) 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (697) $ (787) $ (589) $ (523) $ (526) $ (475) $ (478) $ (496) $ (18) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 298 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (1,053) (6) Unallocated loss adjustment expense prior year development 24 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (1,251) $ — Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 210 $ 620 $ 868 $ 1,150 $ 1,392 $ 1,572 $ 1,653 $ 1,719 $ 1,795 $ 1,805 $ (122) 2015 105 309 769 1,087 1,351 1,485 1,603 1,680 1,707 (176) 2016 77 298 489 703 846 938 1,018 1,074 — 2017 51 111 216 314 455 527 592 — 2018 43 122 227 360 470 565 — 2019 53 138 226 321 410 — 2020 26 73 139 198 — 2021 32 87 169 — 2022 38 112 — 2023 36 — Total $ 6,668 $ (298) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 1,812 $ 1,777 $ 1,892 $ 1,927 $ 1,960 $ 1,981 $ 2,000 $ 2,057 $ 2,014 $ 2,017 $ 3 $ 91 17,650 $ (297) $ (68) $ 1,720 $ 23 2015 1,737 1,762 1,743 1,788 1,830 1,874 1,959 2,044 2,048 4 78 16,253 (495) (63) 1,553 15 2016 1,605 1,855 1,993 2,064 2,139 2,281 2,325 2,308 (17) 133 16,127 — — 2,308 133 2017 1,564 1,675 1,756 1,846 1,898 1,987 1,957 (30) 130 15,269 — — 1,957 130 2018 1,640 1,766 1,882 2,063 2,225 2,322 97 498 14,833 — — 2,322 498 2019 1,503 1,536 1,627 1,926 1,912 (14) 513 13,319 — — 1,912 513 2020 1,213 1,252 1,408 1,457 49 331 10,390 — — 1,457 331 2021 1,430 1,408 1,388 (20) 894 7,117 — — 1,388 894 2022 1,130 1,108 (22) 948 5,809 — — 1,108 948 2023 1,043 950 6,467 — — 1,043 950 Total $ 17,560 $ 50 $ (792) $ 16,768 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (11,645) — 501 (11,144) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 271 27 (223) 48 Unallocated loss adjustment expense prior year development 17 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 6,186 $ 94 $ (514) $ 5,672 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 1,733 $ 1,729 $ 1,753 $ 1,741 $ 1,759 $ 1,761 $ 1,738 $ 1,720 $ (18) 2015 1,429 1,430 1,462 1,552 1,550 1,595 1,605 1,553 (52) 2016 1,605 1,855 1,993 2,064 2,139 2,281 2,325 2,308 (17) 2017 1,564 1,675 1,756 1,846 1,898 1,987 1,957 (30) 2018 1,640 1,766 1,882 2,063 2,225 2,322 97 2019 1,503 1,536 1,627 1,926 1,912 (14) 2020 1,213 1,252 1,408 1,457 49 2021 1,430 1,408 1,388 (20) 2022 1,130 1,108 (22) 2023 1,043 Total $ 4,767 $ 6,578 $ 8,523 $ 10,382 $ 11,925 $ 13,907 $ 15,752 $ 16,768 $ (27) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (11,144) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 48 56 Unallocated loss adjustment expense prior year adjustment 21 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 5,672 $ 50 The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (159) $ (198) $ (207) $ (240) $ (241) $ (296) $ (276) $ (297) $ (21) 2015 (333) (313) (326) (278) (324) (364) (439) (495) (56) 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (492) $ (511) $ (533) $ (518) $ (565) $ (660) $ (715) $ (792) $ (77) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 501 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (223) 29 Unallocated loss adjustment expense prior year development 4 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (514) $ (44) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 66 $ 366 $ 849 $ 1,158 $ 1,387 $ 1,573 $ 1,658 $ 1,758 $ 1,820 $ 1,849 $ (147) 2015 63 390 791 1,055 1,282 1,488 1,686 1,818 1,914 (354) 2016 73 499 1,002 1,358 1,659 1,826 1,903 2,039 — 2017 64 391 761 1,118 1,396 1,515 1,653 — 2018 86 486 835 1,126 1,415 1,601 — 2019 94 367 642 953 1,204 — 2020 84 356 648 915 — 2021 43 151 315 — 2022 30 109 — 2023 46 — Total $ 11,645 $ (501) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 2,600 $ 2,396 $ 2,490 $ 2,480 $ 2,494 $ 2,477 $ 2,460 $ 2,446 $ 2,440 $ 2,437 $ (3) $ 4 60,766 $ (52) $ (2) $ 2,385 $ 2 2015 2,567 2,506 2,489 2,492 2,466 2,471 2,479 2,490 2,493 3 4 59,513 (100) (1) 2,393 3 2016 2,674 2,748 2,690 2,697 2,707 2,694 2,700 2,713 13 8 54,821 — — 2,713 8 2017 4,673 4,239 4,127 4,153 4,173 4,212 4,175 (37) 15 79,764 — — 4,175 15 2018 2,978 2,993 2,992 3,229 3,201 3,210 9 112 69,922 — — 3,210 112 2019 2,177 2,146 2,211 2,222 2,177 (45) 25 78,848 — — 2,177 25 2020 3,391 3,320 3,280 3,238 (42) 761 68,644 — — 3,238 761 2021 2,339 2,213 2,160 (53) 101 81,795 — — 2,160 101 2022 3,171 3,281 110 690 85,477 — — 3,281 690 2023 2,528 777 88,129 — — 2,528 777 Total $ 28,412 $ (45) $ (152) $ 28,260 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (24,207) — 87 (24,120) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 409 39 (146) 263 Unallocated loss adjustment expense prior year development (4) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 4,614 $ (10) $ (211) $ 4,403 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 2,423 $ 2,419 $ 2,430 $ 2,401 $ 2,382 $ 2,376 $ 2,364 $ 2,385 $ 21 2015 2,365 2,391 2,405 2,372 2,372 2,372 2,375 2,393 18 2016 2,674 2,748 2,690 2,697 2,707 2,694 2,700 2,713 13 2017 4,673 4,239 4,127 4,153 4,173 4,212 4,175 (37) 2018 2,978 2,993 2,992 3,229 3,201 3,210 9 2019 2,177 2,146 2,211 2,222 2,177 (45) 2020 3,391 3,320 3,280 3,238 (42) 2021 2,339 2,213 2,160 (53) 2022 3,171 3,281 110 2023 2,528 Total $ 7,462 $ 12,231 $ 14,742 $ 16,767 $ 20,143 $ 22,714 $ 25,738 $ 28,260 $ (6) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (24,120) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance 263 9 Unallocated loss adjustment expense prior year adjustment (3) Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 4,403 $ — The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (67) $ (61) $ (64) $ (76) $ (78) $ (70) $ (76) $ (52) $ 24 2015 (141) (98) (87) (94) (99) (107) (115) (100) 15 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (208) $ (159) $ (151) $ (170) $ (177) $ (177) $ (191) $ (152) $ 39 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 87 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (146) (30) Unallocated loss adjustment expense prior year development 1 Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (211) $ 10 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 795 $ 1,545 $ 1,869 $ 2,073 $ 2,207 $ 2,293 $ 2,329 $ 2,352 $ 2,362 $ 2,418 $ (20) 2015 844 1,572 1,878 2,121 2,240 2,308 2,344 2,391 2,457 (67) 2016 821 1,747 2,076 2,296 2,464 2,539 2,616 2,647 — 2017 1,137 2,625 3,281 3,638 3,897 3,999 4,055 — 2018 977 2,162 2,509 2,715 2,863 2,994 — 2019 1,039 1,673 1,906 2,037 2,083 — 2020 844 1,613 1,874 2,190 — 2021 878 1,743 1,983 — 2022 1,208 2,207 — 2023 1,173 — Total $ 24,207 $ (87) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance Years Ended December 31, (in millions) December 31, 2023 Accident 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Incurred IBNR 2023 Total of Unaudited 2014 $ 1,552 $ 1,562 $ 1,572 $ 1,572 $ 1,583 $ 1,584 $ 1,588 $ 1,587 $ 1,592 $ 1,592 $ — $ 5 275,132 $ (8) $ — $ 1,584 $ 5 2015 1,511 1,498 1,494 1,483 1,482 1,485 1,487 1,488 1,487 (1) 8 261,176 (8) — 1,479 8 2016 1,536 1,533 1,533 1,540 1,542 1,544 1,544 1,541 (3) 12 247,479 — — 1,541 12 2017 1,878 2,137 2,011 2,057 1,924 1,916 1,896 (20) 15 220,038 — — 1,896 15 2018 2,188 2,193 2,154 1,937 1,936 1,920 (16) 33 102,256 — — 1,920 33 2019 1,593 1,664 1,646 1,596 1,578 (18) 43 93,428 — — 1,578 43 2020 954 906 913 894 (19) 51 55,101 — — 894 51 2021 748 765 762 (3) 70 56,234 — — 762 70 2022 517 529 12 93 51,983 — — 529 93 2023 677 248 32,022 — — 677 248 Total $ 12,876 $ (68) $ (16) $ 12,860 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (12,060) — 16 (12,044) Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance (48) 4 (1) (49) Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 768 $ (64) $ (1) $ 767 Incurred Losses and Loss Adjustment Expenses, Undiscounted, Net of Reinsurance (including impact of ADC) Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ 1,564 $ 1,564 $ 1,571 $ 1,580 $ 1,584 $ 1,582 $ 1,584 $ 1,584 $ — 2015 1,476 1,475 1,472 1,476 1,480 1,482 1,481 1,479 (2) 2016 1,536 1,533 1,533 1,540 1,542 1,544 1,544 1,541 (3) 2017 1,878 2,137 2,011 2,057 1,924 1,916 1,896 (20) 2018 2,188 2,193 2,154 1,937 1,936 1,920 (16) 2019 1,593 1,664 1,646 1,596 1,578 (18) 2020 954 906 913 894 (19) 2021 748 765 762 (3) 2022 517 529 12 2023 677 Total $ 4,576 $ 6,450 $ 8,901 $ 10,393 $ 11,435 $ 11,769 $ 12,252 $ 12,860 $ (69) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (12,044) Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (49) 4 Unallocated loss adjustment expense prior year adjustment — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 767 $ (65) The following table provides our attribution of our reinsurance recoverable for the ADC only (included in the table above): Calendar Years Ended December 31, (in millions) Accident 2016 2017 2018 2019 2020 2021 2022 2023 Prior Year Unaudited 2014 $ (8) $ (8) $ (12) $ (4) $ (4) $ (5) $ (8) $ (8) $ — 2015 (22) (19) (11) (6) (5) (5) (7) (8) (1) 2016 — — — — — — — — — 2017 — — — — — — — — — 2018 — — — — — — — — — 2019 — — — — — — — — — 2020 — — — — — — — — — 2021 — — — — — — — — — 2022 — — — — — — — — — 2023 — — — — — — — — — Total $ (30) $ (27) $ (23) $ (10) $ (9) $ (10) $ (15) $ (16) $ (1) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below 16 Liabilities for losses and allocated loss adjustment expenses and prior year development before 2014, net of reinsurance (1) — Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ (1) $ (1) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance Years Ended December 31, (in millions) Paid Impact of ADC Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 959 $ 1,380 $ 1,463 $ 1,507 $ 1,536 $ 1,555 $ 1,568 $ 1,572 $ 1,579 $ 1,584 $ (8) 2015 931 1,320 1,411 1,439 1,455 1,461 1,463 1,468 1,471 (8) 2016 857 1,344 1,422 1,460 1,501 1,512 1,518 1,521 — 2017 941 1,672 1,896 1,789 1,826 1,852 1,861 — 2018 1,227 1,939 1,973 1,789 1,832 1,849 — 2019 884 1,295 1,379 1,416 1,491 — 2020 667 679 725 824 — 2021 488 650 658 — 2022 372 401 — 2023 400 — Total $ 12,060 $ (16) Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2023 Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Unaudited 2014 $ 1,036 $ 1,009 $ 1,032 $ 1,039 $ 1,034 $ 1,122 $ 1,064 $ 1,106 $ 1,111 $ 1,117 $ 6 $ 75 102,063 2015 1,092 1,233 1,262 1,170 1,244 1,234 1,238 1,258 1,266 8 74 113,865 2016 1,314 1,453 1,497 1,498 1,601 1,597 1,610 1,613 3 100 142,721 2017 1,343 1,323 1,252 1,321 1,381 1,366 1,408 42 177 149,665 2018 1,343 1,415 1,482 1,521 1,619 1,664 45 245 151,467 2019 1,005 1,262 1,334 1,351 1,345 (6) 292 142,426 2020 1,219 1,271 1,216 1,202 (14) 474 85,762 2021 1,375 1,335 1,347 12 723 76,503 2022 1,300 1,261 (39) 894 71,630 2023 1,472 1,100 57,306 Total $ 13,695 $ 57 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (7,109) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 861 108 Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 7,447 $ 165 * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 72 $ 258 $ 409 $ 529 $ 629 $ 695 $ 757 $ 818 $ 859 $ 883 2015 71 240 433 568 683 859 949 994 1,041 2016 119 379 586 775 930 1,059 1,168 1,260 2017 96 280 447 602 753 896 964 2018 113 374 572 742 903 1,128 2019 98 310 478 658 760 2020 60 228 367 507 2021 51 233 345 2022 57 185 2023 36 Total $ 7,109 * The losses reported in the table are not covered by the ADC. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2023 Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Unaudited 2014 $ 1,439 $ 1,470 $ 1,431 $ 1,460 $ 1,450 $ 1,426 $ 1,387 $ 1,382 $ 1,360 $ 1,349 $ (11) $ (2) 48,030 2015 1,552 1,469 1,531 1,463 1,444 1,434 1,421 1,455 1,442 (13) 7 54,639 2016 1,536 1,685 1,678 1,682 1,678 1,674 1,609 1,604 (5) 10 57,287 2017 1,649 1,614 1,609 1,616 1,600 1,566 1,565 (1) 12 53,411 2018 1,505 1,555 1,533 1,520 1,468 1,463 (5) 8 44,183 2019 1,138 1,100 1,101 1,090 1,086 (4) 39 33,637 2020 1,301 1,241 1,200 1,218 18 136 25,822 2021 1,019 982 932 (50) 64 22,306 2022 1,123 1,288 165 220 23,295 2023 1,359 539 15,946 Total $ 13,306 $ 94 Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (10,479) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 86 (13) Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 2,913 $ 81 * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 311 $ 912 $ 1,187 $ 1,255 $ 1,293 $ 1,320 $ 1,329 $ 1,342 $ 1,350 $ 1,354 2015 346 920 1,193 1,295 1,331 1,354 1,362 1,363 1,362 2016 456 1,114 1,367 1,500 1,545 1,574 1,591 1,585 2017 353 940 1,222 1,364 1,420 1,459 1,472 2018 316 978 1,161 1,289 1,303 1,339 2019 264 649 820 907 944 2020 249 668 819 912 2021 189 504 691 2022 194 661 2023 159 Total $ 10,479 * The losses reported in the table are not covered by the ADC. Incurred Losses and Allocated Loss Adjustment Expenses, Undiscounted and Net of Reinsurance* Years Ended December 31, (in millions) December 31, 2023 Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2023 Total of IBNR Cumulative Unaudited 2014 $ 2,210 $ 2,220 $ 2,207 $ 2,204 $ 2,197 $ 2,197 $ 2,199 $ 2,197 $ 2,220 $ 2,224 $ 4 $ 2 1,799,271 2015 2,284 2,264 2,265 2,257 2,255 2,255 2,256 2,254 2,257 3 — 1,777,699 2016 2,241 2,240 2,226 2,221 2,219 2,216 2,209 2,212 3 1 1,794,987 2017 2,196 2,118 2,103 2,099 2,115 2,100 2,108 8 — 1,718,502 2018 2,555 2,461 2,458 2,431 2,450 2,448 (2) 4 1,915,683 2019 2,085 2,050 2,015 2,000 2,002 2 3 1,673,976 2020 1,909 1,771 1,713 1,701 (12) 19 1,389,704 2021 1,776 1,719 1,689 (30) 32 1,387,230 2022 1,889 1,854 (35) 89 2,050,657 2023 1,698 256 1,275,686 Total $ 20,193 $ (59) Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below (18,747) — Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance 37 2 Unallocated loss adjustment expense prior year development — Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance $ 1,483 $ (57) * The losses reported in the table are not covered by the ADC. Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance* Years Ended December 31, (in millions) Accident Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Unaudited 2014 $ 1,198 $ 1,817 $ 1,999 $ 2,090 $ 2,137 $ 2,158 $ 2,170 $ 2,179 $ 2,184 $ 2,189 2015 1,228 1,861 2,046 2,146 2,183 2,209 2,226 2,234 2,244 2016 1,225 1,830 2,013 2,102 2,147 2,173 2,187 2,195 2017 1,200 1,791 1,950 2,020 2,056 2,078 2,077 2018 1,520 2,063 2,225 2,309 2,352 2,404 2019 1,219 1,726 1,854 1,916 1,950 2020 1,020 1,470 1,576 1,619 2021 1,003 1,423 1,533 2022 1,100 1,572 2023 964 Total $ 18,747 * The losses reported in the table are not covered by the ADC. |
Reconciliation Of Change In Net Ultimate Loss And Loss Adjustment Expense To Prior Year Development | The following table presents the reconciliation of net prior year development before the ADC cessions from the tables below to the net prior year development after ADC cessions and amortization of deferred gain for the year ended December 31, 2023: (in millions) Prior Year Prior Year (a) Re-Attribution (b) Amortization Prior Year U.S. Workers' Compensation $ (267) $ (114) $ (24) $ (52) $ (190) U.S. Excess Casualty (32) 18 (27) (39) (48) U.S. Other Casualty (133) (133) 36 (37) (134) U.S. Financial Lines 94 50 13 (26) 37 U.S. Property and Special Risks (10) — 2 (9) (7) U.S. Personal Insurance (64) (65) — (1) (66) UK/Europe Casualty and Financial lines 165 165 — — 165 UK/Europe Property and Special Risks 81 81 — — 81 UK/Europe and Japan Personal Insurance (57) (57) — — (57) Other Operations Run-Off (7) (7) — — (7) Other product lines (162) (172) — — (172) Subtotal, adjusted pre-tax basis $ (392) $ (234) $ — $ (164) $ (398) Remove impact of Retroactive Reinsurance Amortization of deferred gain at inception 164 Prior year development ceded under the Asbestos LPT — Prior year development ceded under the ADC (158) Total, prior years, excluding discount and amortization of deferred gain $ (392) (a) Change in net ultimate loss and loss adjustment expenses excludes the portion of prior year development we have ceded under the Asbestos Loss Portfolio Transfer (LPT) and the ADC, both of which are provided by NICO and are considered retroactive reinsurance under U.S. GAAP. (b) Reattribution of the ADC recovery takes place annually as we model the future payments on the subject reserves covered by the ADC to determine when the aggregate payments will exceed the attachment. ADC recoverables are then reallocated by line based on payments expected to be made after attachment point is exceeded. |
Reconciliation of claims development to liability | The following table presents the reconciliation of the net liability for unpaid losses and loss adjustment expenses in the following tables to Loss Reserves in the Consolidated Balance Sheets for the year ended December 31, 2023: (in millions) Net liability for unpaid Reinsurance recoverable on Gross liability U.S. Workers' Compensation (before discount) $ 3,888 $ 5,203 $ 9,091 U.S. Excess Casualty 3,321 3,272 6,593 U.S. Other Casualty 4,112 3,676 7,788 U.S. Financial Lines 5,672 1,622 7,294 U.S. Property and Special Risks 4,403 1,494 5,897 U.S. Personal Insurance 767 2,163 2,930 UK/Europe Casualty and Financial lines 7,447 1,951 9,398 UK/Europe Property and Special Risks 2,913 1,665 4,578 UK/Europe and Japan Personal Insurance 1,483 671 2,154 Total $ 34,006 $ 21,717 $ 55,723 Reconciling Items Discount on workers' compensation lines (2,337) Other product lines* 14,739 Unallocated loss adjustment expenses 2,268 Total Loss Reserves $ 70,393 * Reinsurance recoverable for other product lines of $8.7 billion resulted in a net liability for unpaid losses and loss adjustment expenses of $6.0 billion for the year ended December 31, 2023. |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The following table presents details concerning our funding agreements as of December 31, 2023: December 31, 2023 Payments due by period (in millions) Gross Amounts 2024 2025-2026 2027-2028 Thereafter Stated Interest rates FHLB Facility FHLB of Dallas $ 3,357 $ 52 $ 254 $ 3,051 $ — DNA Auction* + 22 to 30 bps FHLB of Dallas 2,027 — — 1,506 521 3.53% to 4.77% FHLB of New York 241 94 147 — — 1.52% to 2.70% $ 5,625 $ 146 $ 401 $ 4,557 $ 521 * |
Market Risk Benefits (Tables)
Market Risk Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Market Risk Benefit, Activity | The following table presents the transition rollforward of MRBs: Individual Group Total (in millions) Pre-adoption December 31, 2020 carrying amount for features now classified as MRBs $ — $ — $ — Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment(s) (a) 5,671 576 6,247 Adjustment for the reclassification of additional liabilities from Future policy benefits (b) 1,388 221 1,609 Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date (c) 2,140 187 2,327 Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) (d) (516) (89) (605) Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB (e) (1,084) (93) (1,177) Post-adoption January 1, 2021 carrying amount for features now classified as MRBs $ 7,599 $ 802 $ 8,401 (a) Adjustments for the reclassification from Policyholder contract deposits represents certain contract guarantees (e.g., GMWBs) that were previously classified as embedded derivatives, but have been reclassified as MRBs as of January 1, 2021, and the related host impact. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (b) Adjustments for the reclassification from Future policy benefits represents contract guarantees (e.g., GMDBs) that were previously classified as insurance liabilities within Future policy benefits, but have been reclassified as MRBs as of January 1, 2021. The impact on Retained earnings or AOCI resulting from the simultaneous remeasurement of the guarantee as a market risk benefit is reflected in the lines below. (c) Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the Transition Date are recognized in AOCI. (d) Adjustment for the removal of related balances in AOCI originating from unrealized gains (losses) with an offset to AOCI relate to the additional liabilities reclassified from Future policy benefits in the line above. (e) Adjustment for the remaining difference represents the measurement of MRBs at fair value, excluding the impact of our own credit risk with an offset to Retained earnings. The following is a reconciliation of MRBs by amounts in an asset position and in liability position to the MRB amounts in the Consolidated Balance Sheets at transition: Individual Group Total (in millions) Market risk benefit in an asset position $ 176 $ — $ 176 Reinsured market risk benefit 162 — 162 Market risk benefit assets, at fair value 338 — 338 Market risk benefit liabilities, at fair value 7,937 802 8,739 Market risk benefit, net, January 1, 2021 $ 7,599 $ 802 $ 8,401 The following table presents the balances of and changes in MRBs: Years Ended December 31, 2023 2022 2021 Individual Group Total Individual Group Total Individual Group Total (in millions, except for attained age of contract holders) Balance, beginning of year $ 3,738 $ 296 $ 4,034 $ 6,452 $ 582 $ 7,034 $ 7,761 $ 802 $ 8,563 Effect of changes in our own credit risk (441) (24) (465) (1,934) (167) (2,101) (2,140) (187) (2,327) Balance, beginning of year, before effect of changes in our own credit risk $ 3,297 $ 272 $ 3,569 4,518 415 4,933 5,621 615 6,236 Issuances 681 37 718 263 25 288 247 28 275 Interest accrual 156 15 171 172 21 193 142 21 163 Attributed fees 803 63 866 864 70 934 805 74 879 Expected claims (91) (3) (94) (83) (2) (85) (54) (2) (56) Effect of changes in interest rates (139) (13) (152) (4,087) (371) (4,458) (1,098) (107) (1,205) Effect of changes in interest rate volatility (69) (3) (72) 263 18 281 74 4 78 Effect of changes in equity markets (1,236) (109) (1,345) 1,382 122 1,504 (1,414) (203) (1,617) Effect of changes in equity index volatility (14) (5) (19) (75) 1 (74) 33 20 53 Actual outcome different from model expected outcome 188 7 195 164 (3) 161 106 8 114 Effect of changes in future expected policyholder behavior (1) 1 — (2) (18) (20) 53 (36) 17 Effect of changes in other future expected assumptions (85) (39) (124) (85) — (85) — — — Other, including foreign exchange — (3) (3) 3 (6) (3) 3 (7) (4) Balance, end of year, before effect of changes in our own credit risk 3,490 220 3,710 3,297 272 3,569 4,518 415 4,933 Effect of changes in our own credit risk 1,072 88 1,160 441 24 465 1,934 167 2,101 Balance, end of year 4,562 308 4,870 3,738 296 4,034 6,452 582 7,034 Less: Reinsured MRB, end of year (77) — (77) (94) — (94) (145) — (145) Net Liability Balance after reinsurance recoverable $ 4,485 $ 308 $ 4,793 $ 3,644 $ 296 $ 3,940 $ 6,307 $ 582 $ 6,889 Net amount at risk GMDB only $ 758 $ 160 $ 918 $ 1,615 $ 371 $ 1,986 $ 684 $ 159 $ 843 GMWB only $ 152 $ 13 $ 165 $ 27 $ 1 $ 28 $ 831 $ 118 $ 949 Combined* $ 1,011 $ 18 $ 1,029 $ 2,084 $ 39 $ 2,123 $ 567 $ 14 $ 581 Weighted average attained age of contract holders 70 64 70 64 70 63 * Certain contracts contain both guaranteed GMDB and GMWB features and are modeled together for the purposes of calculating the MRB. The following is a reconciliation of MRBs by amounts in an asset position and in a liability position to the MRBs amount in the Consolidated Balance Sheets: December 31, 2023 December 31, 2022 (in millions) Asset* Liability* Net Asset* Liability* Net Individual Retirement $ 740 $ 5,225 $ 4,485 $ 661 $ 4,305 $ 3,644 Group Retirement 172 480 308 135 431 296 Total $ 912 $ 5,705 $ 4,793 $ 796 $ 4,736 $ 3,940 * Cash flows and attributed fees for MRBs are determined on a policy level basis and are reported based on their asset or liability position at the balance sheet date. |
Separate Account Assets and L_2
Separate Account Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Fair Value, Separate Account Investment | The following table presents fair value of separate account investment options: December 31, 2023 December 31, 2022 (in millions) Individual Group Life Institutional Total Individual Group Life Institutional Total Equity Funds $ 25,451 $ 28,675 $ 819 $ 593 $ 55,538 $ 22,990 $ 24,608 $ 687 $ 581 $ 48,866 Bond Funds 4,037 3,292 44 1,303 8,676 3,802 4,081 46 1,321 9,250 Balanced Funds 17,711 5,479 53 1,923 25,166 17,663 5,113 49 1,939 24,764 Money Market Funds 694 742 16 173 1,625 723 559 17 674 1,973 Total $ 47,893 $ 38,188 $ 932 $ 3,992 $ 91,005 $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 |
Separate Account, Liability | The following table presents the balances and changes in Separate account liabilities: Year Ended December 31, 2023 Individual Group Life Institutional Total (in millions) Balance, beginning of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Premiums and deposits 1,408 1,374 36 41 2,859 Policy charges (1,241) (441) (49) (93) (1,824) Surrenders and withdrawals (3,744) (3,047) (25) (721) (7,537) Benefit payments (844) (557) (7) (68) (1,476) Investment performance 6,933 6,666 181 287 14,067 Net transfers from (to) general account and other 203 (168) (3) 31 63 Balance, end of year $ 47,893 $ 38,188 $ 932 $ 3,992 $ 91,005 Cash surrender value* $ 46,911 $ 37,992 $ 911 $ 3,994 $ 89,808 Year Ended December 31, 2022 Balance, beginning of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Premiums and deposits 2,420 1,611 37 69 4,137 Policy charges (1,325) (461) (51) (100) (1,937) Surrenders and withdrawals (3,320) (2,452) (22) (131) (5,925) Benefit payments (898) (613) (6) (59) (1,576) Investment performance (9,861) (8,479) (201) (319) (18,860) Net transfers from (to) general account and other 235 (383) (2) 53 (97) Balance, end of year $ 45,178 $ 34,361 $ 799 $ 4,515 $ 84,853 Cash surrender value* $ 44,124 $ 34,169 $ 777 $ 4,518 $ 83,588 Year Ended December 31, 2021 Balance, beginning of year $ 53,456 $ 41,310 $ 912 $ 4,612 $ 100,290 Premiums and deposits 4,081 1,979 49 76 6,185 Policy charges (1,368) (523) (52) (98) (2,041) Surrenders and withdrawals (4,261) (3,013) (32) (82) (7,388) Benefit payments (1,039) (615) (10) (23) (1,687) Investment performance 6,743 6,711 180 486 14,120 Net transfers from (to) general account and other 315 (711) (3) 31 (368) Balance, end of year $ 57,927 $ 45,138 $ 1,044 $ 5,002 $ 109,111 Cash surrender value* $ 56,727 $ 44,909 $ 1,026 $ 4,993 $ 107,655 * |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table lists our total debt outstanding at December 31, 2023 and 2022. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2023, including fixed and variable-rates: At December 31, 2023 Range of Maturity Balance at Balance at (in millions) Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable 0% - 6.82% 2024 - 2055 $ 9,079 $ 10,242 Junior subordinated debt 4.88% - 8.18% 2037 - 2058 992 991 AIG Japan Holdings Kabushiki Kaisha 0.27% - 0.35% 2025 267 273 Validus notes and bonds payable — 269 Total AIG general borrowings 10,338 11,775 AIG borrowings supported by assets: AIG notes and bonds payable 7.00% - 8.13% 2025 - 2026 19 81 Series AIGFP matched notes and bonds payable 0.00% - 5.48% 2024 - 2046 18 18 Total AIG borrowings supported by assets 37 99 Total debt issued or guaranteed by AIG 10,375 11,874 Corebridge debt: CRBGLH notes and bonds payable (a) 6.63% - 7.50% 2025 - 2029 200 200 CRBGLH junior subordinated debt (a) 7.57% - 8.50% 2030 - 2046 227 227 Corebridge senior unsecured notes - not guaranteed by AIG 3.50% - 6.05% 2025 - 2052 7,702 6,452 Corebridge junior subordinated debt - not guaranteed by AIG 6.88% 2052 989 989 DDTL facility - not guaranteed by AIG 3.00% - 5.50% 2025 250 1,500 Total Corebridge debt 9,368 9,368 GIAs, at fair value - supported by Corebridge assets (b) 4.88% - 5.04% 2037 - 2038 53 56 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG — 1 Total Short-term and long-term debt $ 19,796 $ 21,299 Debt of consolidated investment entities - not guaranteed by AIG (c) 0% - 4.45% 2024 - 2051 $ 2,591 $ 5,880 Total debt $ 22,387 $ 27,179 (a) We have entered into a guarantee reimbursement agreement with Corebridge and Corebridge Life Holdings, Inc. (CRBGLH) (formerly known as AIG Life Holdings, Inc.) which provides that Corebridge and CRBGLH will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant to AIG’s guarantee of the CRBGLH notes and junior subordinated debt. We have also entered into a collateral agreement with Corebridge and CRBGLH which provides that in the event of: (i) a ratings downgrade of Corebridge or CRBGLH long-term unsecured indebtedness below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the CRBGLH debt when due, Corebridge and CRBGLH must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest, and (iii) 100 percent of the net present value of scheduled interest payments. through the maturity dates of the CRBGLH debt. (b) Collateral posted to third parties was $63 million and $63 million at December 31, 2023 and 2022, 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. (c) At December 31, 2023, includes debt of consolidated investment entities primarily related to real estate investments of $1.5 billion and other securitization vehicles of $1.1 billion. At December 31, 2022, includes debt of consolidated investment entities related to real estate investments of $1.5 billion and other securitization vehicles of $4.4 billion. |
Schedule of Maturities of Long-Term Debt | The following table presents maturities of short-term and long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable): December 31, 2023 Year Ending (in millions) Total 2024 2025 2026 2027 2028 Thereafter Debt issued or guaranteed by AIG: AIG general borrowings: Notes and bonds payable $ 9,079 $ 459 $ 146 $ 268 $ 905 $ 340 $ 6,961 Junior subordinated debt 992 — — — — — 992 AIG Japan Holdings Kabushiki Kaisha (a) 267 — 267 — — — — Total AIG general borrowings 10,338 459 413 268 905 340 7,953 AIG borrowings supported by assets: AIG notes and bonds payable 19 — 12 7 — — — Series AIGFP matched notes and bonds payable 18 — — — — — 18 Total AIG borrowings supported by assets 37 — 12 7 — — 18 Total debt issued or guaranteed by AIG 10,375 459 425 275 905 340 7,971 Corebridge debt: CRBGLH notes and bonds payable 200 — 101 — — — 99 CRBGLH junior subordinated debt 227 — — — — — 227 Corebridge senior unsecured notes 7,702 — 997 — 1,243 — 5,462 Corebridge junior subordinated debt 989 — — — — — 989 DDTL facility (b) 250 250 — — — — — Total Corebridge debt 9,368 250 1,098 — 1,243 — 6,777 GIAs, at fair value - supported by Corebridge assets 53 — — — — — 53 Total (c) $ 19,796 $ 709 $ 1,523 $ 275 $ 2,148 $ 340 $ 14,801 (a) In May 2023, the AIG Japan Holdings Kabushiki Kaisha syndicated loan facility in the amount of JPY24.65 billion and with a maturity date of May 25, 2023, was refinanced, and will now mature on March 25, 2025. (b) Corebridge has the ability to further continue this borrowing through February 25, 2025. (c) Does not reflect $2.6 billion of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG. |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Undiscounted Cash Flows Under Operating Leases | The following table presents the future undiscounted cash flows under operating leases at December 31, 2023: (in millions) 2024 $ 164 2025 134 2026 93 2027 85 2028 77 Remaining years after 2028 576 Total undiscounted lease payments 1,129 Less: Present value adjustment 210 Net lease liabilities $ 919 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Rollforward of Common Stock Outstanding | The following table presents a rollforward of outstanding shares: Years Ended December 31, 2023 2022 2021 (in millions) Common Treasury Common Stock Common Treasury Common Stock Common Treasury Common Stock Shares, beginning of year 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 1,906.7 (1,045.1) 861.6 Shares issued — 5.5 5.5 — 5.5 5.5 — 6.8 6.8 Shares repurchased — (50.8) (50.8) — (90.1) (90.1) — (49.7) (49.7) Shares, end of year 1,906.7 (1,217.9) 688.8 1,906.7 (1,172.6) 734.1 1,906.7 (1,088.0) 818.7 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents a rollforward of Accumulated other comprehensive income (loss): (in millions) Unrealized Unrealized Change in Fair Change in the Foreign Retirement Fair Value of Total Balance, January 1, 2021, net of tax $ (95) $ 17,093 $ — $ — $ (2,267) $ (1,228) $ 8 $ 13,511 Cumulative effect of change in accounting principle, net of tax — 3,407 (1,839) (3,765) — — — (2,197) Change in unrealized appreciation (depreciation) of investments 58 (9,313) — — — — — (9,255) Change in other (3) (25) — — — — — (28) Change in fair value of market risk benefits, net — — 227 — — — — 227 Change in discount rates — — — 1,717 — — — 1,717 Change in future policy benefits — 380 — — — — — 380 Change in foreign currency translation adjustments — — — — (108) — — (108) Change in net actuarial loss — — — — — 417 — 417 Change in prior service cost — — — — — 8 — 8 Change in deferred tax asset (liability) (11) 1,807 (48) (356) (72) (100) — 1,220 Change in fair value of liabilities under fair value option attributable to changes in own credit risk — — — — — — (2) (2) Total other comprehensive income (loss) 44 (7,151) 179 1,361 (180) 325 (2) (5,424) Corebridge noncontrolling interests 3 (1,333) 171 243 (2) — — (918) Noncontrolling interests — (109) 7 6 (3) — — (99) Balance, December 31, 2021, net of tax $ (48) $ 12,125 $ (1,496) $ (2,167) $ (2,446) $ (903) $ 6 $ 5,071 Change in unrealized appreciation (depreciation) of investments (119) (47,647) — — — — — (47,766) Change in other — (12) — — — — — (12) Change in fair value of market risk benefits, net — — 1,635 — — — — 1,635 Change in discount rates — — — 6,993 — — — 6,993 Change in future policy benefits — 1,805 — — — — — 1,805 Change in foreign currency translation adjustments — — — — (593) — — (593) Change in net actuarial loss — — — — — (31) — (31) Change in prior service cost — — — — — 8 — 8 Change in deferred tax asset (liability) 25 7,446 (341) (1,449) (20) 3 — 5,664 Change in fair value of liabilities under fair value option attributable to changes in our own credit risk — — — — — — (6) (6) Total other comprehensive loss (94) (38,408) 1,294 5,544 (613) (20) (6) (32,303) Corebridge noncontrolling interests — 2,485 11 (393) 14 (1) — 2,116 Noncontrolling interests (6) (3,123) 93 525 11 — — (2,500) Balance, December 31, 2022, net of tax $ (136) $ (20,675) $ (284) $ 2,459 $ (3,056) $ (924) $ — $ (22,616) Change in unrealized appreciation (depreciation) of investments* 30 8,410 — — — — — 8,440 Change in other (10) 52 — — — — — 42 Change in fair value of market risk benefits, net — — (695) — — — — (695) Change in discount rates — — — (1,045) — — — (1,045) Change in future policy benefits — (254) — — — — — (254) Change in foreign currency translation adjustments — — — — 137 — — 137 Change in net actuarial loss — — — — — 143 — 143 Change in prior service cost — — — — — 4 — 4 Change in deferred tax asset (liability) (6) (1,074) 151 174 (35) (42) — (832) Total other comprehensive income 14 7,134 (544) (871) 102 105 — 5,940 Corebridge noncontrolling interests 13 4,524 153 (732) (18) (2) — 3,938 Noncontrolling interests (3) 1,871 (199) (377) 7 — — 1,299 Balance, December 31, 2023, net of tax $ (106) $ (10,888) $ (476) $ 1,233 $ (2,979) $ (821) $ — $ (14,037) * Includes net unrealized gains and losses attributable to businesses held for sale at December 31, 2023. |
Schedule of Other Comprehensive Income (Loss) Reclassification Adjustments | The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2023 and 2022 , respectively: (in millions) Unrealized Unrealized Change in Fair Change in the Foreign Retirement Fair Value of Total Year Ended December 31, 2023 Unrealized change arising during period $ (6) $ 7,172 $ (695) $ (1,045) $ 137 $ 118 $ — $ 5,681 Less: Reclassification adjustments included in net income (26) (1,036) — — — (29) — (1,091) Total other comprehensive income (loss), before of income tax expense (benefit) 20 8,208 (695) (1,045) 137 147 — 6,772 Less: Income tax expense (benefit) 6 1,074 (151) (174) 35 42 — 832 Total other comprehensive income (loss), net of income tax expense (benefit) $ 14 $ 7,134 $ (544) $ (871) $ 102 $ 105 $ — $ 5,940 Year Ended December 31, 2022 Unrealized change arising during period $ (112) $ (47,043) $ 1,635 $ 6,993 $ (593) $ (53) $ (6) $ (39,179) Less: Reclassification adjustments included in net income 7 (1,189) — — — (30) — (1,212) Total other comprehensive income (loss), before income tax expense (benefit) (119) (45,854) 1,635 6,993 (593) (23) (6) (37,967) Less: Income tax expense (benefit) (25) (7,446) 341 1,449 20 (3) — (5,664) Total other comprehensive income (loss), net of income tax expense (benefit) $ (94) $ (38,408) $ 1,294 $ 5,544 $ (613) $ (20) $ (6) $ (32,303) Year Ended December 31, 2021 Unrealized change arising during period $ 55 $ (8,030) $ 227 $ 1,717 $ (108) $ 379 $ (2) $ (5,762) Less: Reclassification adjustments included in net income — 928 — — — (46) — 882 Total other comprehensive income (loss), before income tax expense (benefit) 55 (8,958) 227 1,717 (108) 425 (2) (6,644) Less: Income tax expense (benefit) 11 (1,807) 48 356 72 100 — (1,220) Total other comprehensive income (loss), net of income tax expense (benefit) $ 44 $ (7,151) $ 179 $ 1,361 $ (180) $ 325 $ (2) $ (5,424) |
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 | The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Consolidated Statements of Income (Loss) (a) : Amount Reclassified from AOCI Affected Line Item in the Years Ended December 31, Consolidated (in millions) 2023 2022 2021 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ (26) $ 7 $ — Net realized gains (losses) Total (26) 7 — Unrealized appreciation (depreciation) of all other investments Investments (1,036) (1,189) 928 Net realized gains (losses) Total (1,036) (1,189) 928 Change in retirement plan liabilities adjustment Prior-service credit (2) (2) (3) (b) Actuarial losses (27) (28) (43) (b) Total (29) (30) (46) Total reclassifications for the period $ (1,091) $ (1,212) $ 882 (a) The following items are not reclassified out of AOCI and included in the Consolidated Statements of Income (Loss) and thus have been excluded from the table: (a) Change in fair value of market risk benefits attributable to changes in our own credit risk (b) Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts, and (c) Fair value of liabilities under fair value option attributable to changes in own credit risk. (b) These AOCI components are included in the computation of net periodic pension cost. For additional information, see Note 22 |
Schedule of Change in Ownership | The following table presents the effect of changes in our ownership interest in Corebridge on our equity: Years Ended December 31, (in millions) 2023 2022 2021 Net income attributable to AIG common shareholders $ 3,614 $ 10,198 $ 10,338 Changes in AIG equity for sale of interest in Corebridge and Corebridge share repurchases 145 497 (630) Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests $ 3,759 $ 10,695 $ 9,708 |
Earnings Per Common Share (EP_2
Earnings Per Common Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Years Ended December 31, (dollars in millions, except per common share data) 2023 2022 2021 Numerator for EPS: Income (loss) from continuing operations $ 3,878 $ 11,274 $ 10,906 Less: Net income from continuing operations attributable to noncontrolling interests 235 1,046 539 Less: Preferred stock dividends 29 29 29 Income (loss) attributable to AIG common shareholders from continuing operations 3,614 10,199 10,338 Income (loss) from discontinued operations, net of income tax expense — (1) — Net income (loss) attributable to AIG common shareholders $ 3,614 $ 10,198 $ 10,338 Denominator for EPS: Weighted average common shares outstanding - basic 719,506,291 778,621,118 854,320,449 Dilutive common shares 5,726,777 9,320,632 10,564,430 Weighted average common shares outstanding - diluted (a) 725,233,068 787,941,750 864,884,879 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 5.02 $ 13.10 $ 12.10 Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 5.02 $ 13.10 $ 12.10 Diluted: Income (loss) from continuing operations $ 4.98 $ 12.94 $ 11.95 Income from discontinued operations $ — $ — $ — Income (loss) attributable to AIG common shareholders $ 4.98 $ 12.94 $ 11.95 (a) Potential dilutive common shares include our share-based employee compensation plans and an option for Blackstone to exchange all or a portion of its ownership interest in Corebridge for AIG common shares in the event an IPO did not occur prior to 2024. As a result of the consummation of the IPO on September 19, 2022, this exchange right of Blackstone was terminated. The number of potential common shares excluded from diluted shares outstanding was 4.4 million, 24.1 million and 12.0 million for the years ended December 31, 2023, 2022 and 2021, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. |
Statutory Financial Data and _2
Statutory Financial Data and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Statutory Accounting Practices Disclosure | The following table presents statutory net income (loss) and capital and surplus for our General Insurance companies and our Life and Retirement companies in accordance with statutory accounting practices: (in millions) 2023 2022 2021 Years Ended December 31, Statutory net income (loss) (a)(b) : General Insurance companies: Domestic $ 1,912 $ 2,272 $ 2,649 Foreign 1,867 1,047 1,573 Total General Insurance companies $ 3,779 $ 3,319 $ 4,222 Life and Retirement companies: Domestic $ 3,354 $ 3,091 $ 2,588 Foreign (51) 5 5 Total Life and Retirement companies $ 3,303 $ 3,096 $ 2,593 At December 31, Statutory capital and surplus (a)(b) : General Insurance companies: Domestic $ 18,703 $ 19,563 Foreign 11,527 13,913 Total General Insurance companies $ 30,230 $ 33,476 Life and Retirement companies: Domestic $ 14,752 $ 12,229 Foreign 467 486 Total Life and Retirement companies $ 15,219 $ 12,715 Aggregate minimum required statutory capital and surplus: General Insurance companies: Domestic $ 3,625 $ 3,680 Foreign 6,041 7,314 Total General Insurance companies $ 9,666 $ 10,994 Life and Retirement companies: Domestic $ 4,025 $ 4,057 Foreign 223 194 Total Life and Retirement companies $ 4,248 $ 4,251 (a) Excludes discontinued operations and other divested businesses. (b) |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense recognized in Consolidated Statements of Income | The following table presents our total share-based compensation expense: Years Ended December 31, (in millions) 2023 2022 2021 Share-based compensation expense - pre-tax (a) $ 199 $ 288 $ 278 Share-based compensation expense - after tax (b) 157 228 220 (a) As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $58 million, $67 million and $67 million in 2023, 2022 and 2021, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur. Excludes share-based compensation expense of $60 million, $75 million and $88 million in 2023, 2022 and 2021, respectively, for units issued to Corebridge employees that will be settled in Corebridge common stock. (b) We also recognized $21 million of tax benefit due to share settlements occurring in 2023. |
Schedule of assumptions used to estimate the fair value of PSUs based on AIG's TSR | The following table presents the assumptions used to estimate the fair value of PSUs that vest based on AIG’s TSR (a) : 2023 2022 2021 Expected dividend yield (b) — % — % — % Expected volatility (c) 37.98 % 47.60 % 47.63 % Risk-free interest rate (d) 4.42 % 1.71 % 0.28 % (a) PSUs will be adjusted by +/-25 percent if AIG's TSR is in the top or bottom quartile of the peer group at the culmination of the performance period for the 2021 LTI award. (b) The award agreement provides that TSR for AIG and each member of the Peer Group will be calculated assuming dividends distributed are reinvested on the ex‑dividend date. (c) We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date. (d) We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield. |
Summary of outstanding share-settled LTI awards | The following table summarizes outstanding share-settled LTI awards (a) : Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2023 (b) 2023 LTI 2022 LTI 2021 LTI 2023 LTI 2022 LTI 2021 LTI Unvested, beginning of year — 2,280,431 2,696,264 $ — $ 61.86 $ 45.40 Granted 2,752,390 — — 59.98 — — Vested (c) (876,285) (969,438) (689,706) 59.92 61.75 45.97 Forfeited (141,136) (202,840) (278,707) 59.88 61.93 45.85 Unvested, end of year (d) 1,734,969 1,108,153 1,727,851 $ 60.02 $ 61.95 $ 45.08 (a) Excludes stock options, other RSUs and DSUs, which are discussed under Stock Options, Other RSU Grants and Non-Employee Plan, respectively. (b) PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends. (c) Also reflects units that vest as a result of an accelerated vesting event that occurred prior to the specified vesting date but for which share delivery has not yet occurred. (d) At December 31, 2023, the total unrecognized compensation cost for outstanding RSUs and PSUs was $111 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 1.01 years and 3 years. |
Schedule of weighted-average assumptions | The following weighted-average assumptions were used for stock options granted: 2023 2022 2021 Expected annual dividend yield (a) 2.14 % 2.08 % 2.89 % Expected volatility (b) 25.17 % 32.13 % 36.68 % Risk-free interest rate (c) 4.06 % 1.92 % 0.95 % Expected term (d) 6.00 years 6.00 years 6.43 years (a) The dividend yield is the last dividend from Bloomberg times 4 divided by stock price based on Bloomberg Professional service as of the valuation date. (b) The expected volatility is based on the implied volatility of 24 months stock option estimated by the Bloomberg Professional service as of the valuation date. (c) The risk-free interest rate is calculated as the interpolated zero rate as of the valuation date. (d) The contractual term is 10 years from the date of grant. |
Schedule of stock option activity | The following table provides a rollforward of stock option activity: As of or for the Year Ended December 31, 2023 Units Weighted Weighted Average Aggregate Outstanding, beginning of year 12,893,412 $ 48.94 6.95 Granted 1,352,039 59.72 Exercised (1,039,998) 41.29 Forfeited or expired (909,792) 50.13 Outstanding, end of year 12,295,661 $ 50.69 6.81 $ 210 Exercisable, end of year 9,810,882 $ 47.95 6.24 $ 194 |
Summary of outstanding share-settled RSU grants | The following table summarizes outstanding share-settled Other RSU grants. Number of Units Weighted Average Grant-Date Fair Value As of or for the Year Ended December 31, 2023 2022 2021 2023 2022 2021 Unvested, beginning of year 1,488,248 819,640 1,151,380 $ 54.77 $ 43.95 $ 46.18 Granted 208,641 1,070,458 493,140 62.42 60.16 49.36 Vested (252,635) (290,037) (699,067) 49.42 44.59 50.03 Converted (a) — (91,300) — — 52.90 — Forfeited (82,540) (20,513) (125,813) 40.70 55.89 51.80 Unvested, end of year 1,361,714 1,488,248 819,640 $ 57.79 $ 54.77 $ 43.95 (a) |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of funded status of the plans reconciled to the amount reported in the balance sheets | The following table presents the funded status of the plans reconciled to the amount reported in the Consolidated Balance Sheets. As of or for the Years Ended Pension Postretirement December 31, U.S. Plans (a) Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Change in projected benefit obligation: Benefit obligation, beginning of year $ 3,475 $ 4,795 $ 826 $ 1,157 $ 131 $ 174 $ 32 $ 47 Service cost 5 5 16 18 1 1 — — Interest cost 168 109 20 10 6 4 2 1 Actuarial (gain) loss (b) 75 (1,082) (8) (183) 3 (36) (2) (14) Benefits paid: AIG assets (16) (19) (10) (8) (12) (12) (1) (1) Plan assets (171) (174) (31) (26) — — — — Plan amendment — — (1) 1 — — — — Settlements (234) (157) (17) (3) — — — — Foreign exchange effect — — 9 (139) — — — (1) Other (1) (2) — (1) — — — — Projected benefit obligation, end of year $ 3,301 $ 3,475 $ 804 $ 826 $ 129 $ 131 $ 31 $ 32 Change in plan assets: Fair value of plan assets, beginning of year $ 3,345 $ 4,746 $ 731 $ 996 $ — $ — $ — $ — Actual return on plan assets, net of expenses 288 (1,070) 15 (133) — — — — AIG contributions 16 19 47 42 12 12 1 1 Benefits paid: AIG assets (16) (19) (10) (8) (12) (12) (1) (1) Plan assets (171) (174) (31) (26) — — — — Settlements (234) (157) (23) (3) — — — — Foreign exchange effect — — 5 (137) — — — — Fair value of plan assets, end of year $ 3,228 $ 3,345 $ 734 $ 731 $ — $ — $ — $ — Funded status, end of year $ (73) $ (130) $ (70) $ (95) $ (129) $ (131) $ (31) $ (32) Amounts recognized in the balance sheet: Assets $ 110 $ 55 $ 97 $ 78 $ — $ — $ — $ — Liabilities (183) (185) (167) (173) (129) (131) (31) (32) Total amounts recognized $ (73) $ (130) $ (70) $ (95) $ (129) $ (131) $ (31) $ (32) Pre-tax amounts recognized in AOCI: Net gain (loss) $ (1,142) $ (1,279) $ (79) $ (70) $ 31 $ 39 $ 23 $ 24 Prior service (cost) credit — — (21) (25) — — 1 1 Total amounts recognized $ (1,142) $ (1,279) $ (100) $ (95) $ 31 $ 39 $ 24 $ 25 (a) Includes non-qualified unfunded plans of which the aggregate projected benefit obligation was $184 million and $186 million for the U.S. at December 31, 2023 and 2022, respectively, and $140 million and $143 million for the non-U.S. at December 31, 2023 and 2022, respectively. (b) |
Schedule of accumulated benefit obligations | The following table presents the accumulated benefit obligations for U.S. and non-U.S. pension benefit plans: At December 31, (in millions) 2023 2022 U.S. pension benefit plans $ 3,301 $ 3,475 Non-U.S. pension benefit plans $ 792 $ 815 |
Schedule of periodic benefit costs with respect to pensions and other postretirement benefits | The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits: Years Ended December 31, Pension Postretirement U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost: Service cost* $ 5 $ 5 $ 5 $ 16 $ 18 $ 21 $ 1 $ 1 $ 1 $ — $ — $ 1 Interest cost 168 109 92 20 10 9 6 4 3 2 1 2 Expected return on assets (193) (213) (243) (21) (17) (21) — — — — — — Amortization of prior service cost (credit) — — — 3 3 3 — — — (1) — — Amortization of net (gain) loss 33 24 33 2 4 7 (5) — — (3) (1) 1 Net periodic benefit cost (credit) $ 13 $ (75) $ (113) $ 20 $ 18 $ 19 $ 2 $ 5 $ 4 $ (2) $ — $ 4 Settlement loss 84 60 34 — — 1 — — — — — — Net benefit cost (credit) $ 97 $ (15) $ (79) $ 20 $ 18 $ 20 $ 2 $ 5 $ 4 $ (2) $ — $ 4 Total recognized in AOCI $ 136 $ (117) $ 332 $ 5 $ 57 $ 65 $ (8) $ 36 $ 10 $ (2) $ 13 $ 27 Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 40 $ (102) $ 411 $ (14) $ 39 $ 45 $ (10) $ 31 $ 6 $ — $ 13 $ 23 * Reflects administrative fees for the U.S. pension plans. |
Schedule of projected benefit obligation in excess of the plan assets and the accumulated benefit obligation in excess of the plan assets | Defined benefit plan obligations in which the projected benefit obligation (PBO) was in excess of the related plan assets and the accumulated benefit obligation (ABO) was in excess of the related plan assets were as follows: At December 31, PBO Exceeds Fair Value of Plan Assets ABO Exceeds Fair Value of Plan Assets U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions) 2023 2022 2023 2022 2023 2022 2023 2022 Projected benefit obligation $ 184 $ 185 $ 287 $ 280 $ — $ — $ — $ — Accumulated benefit obligation — — — — 184 186 245 238 Fair value of plan assets — — 88 76 — — 88 76 |
Schedule of weighted average assumptions used to determine the benefit obligations | The following table summarizes the weighted average assumptions used to determine the benefit obligations: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) December 31, 2023 Discount rate 4.98 % 2.85 % 4.97 % 5.37 % Interest crediting rate 4.94 % 1.40 % (b) N/A N/A Rate of compensation increase N/A (c) 2.42 % N/A N/A December 31, 2022 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A (c) 2.38 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. (c) Compensation increases are no longer applicable as the plan is frozen effective January 1, 2016. |
Schedule of assumed health care cost trend rates | The following table summarizes assumed health care cost trend rates for the U.S. plans: At December 31, 2023 2022 Following year: Medical (before age 65) 5.78 % 6.01 % Medical (age 65 and older) 4.93 % 4.95 % Ultimate rate to which cost increase is assumed to decline 4.00 % 4.00 % Year in which the ultimate trend rate is reached: Medical (before age 65) 2046 2046 Medical (age 65 and older) 2046 2046 |
Schedule of weighted average assumptions used to determine the net periodic benefit costs | The following table presents the weighted average assumptions used to determine the net periodic benefit costs: Pension Postretirement U.S. Plans Non-U.S. Plans (a) U.S. Plans Non-U.S. Plans (a) For the Year Ended December 31, 2023 Discount rate 5.22 % 2.51 % 5.19 % 5.23 % Interest crediting rate 4.02 % 1.07 % (b) N/A N/A Rate of compensation increase N/A 2.38 % N/A N/A Expected return on assets 6.25 % 2.67 % N/A N/A For the Year Ended December 31, 2022 Discount rate 2.75 % 1.09 % 2.87 % 2.89 % Interest crediting rate 2.06 % 0.70 % (b) 2.20 % N/A Rate of compensation increase N/A 2.40 % N/A N/A Expected return on assets 4.65 % 1.84 % 2.78 % N/A For the Year Ended December 31, 2021 Discount rate 2.28 % 1.00 % 2.45 % 2.33 % Interest crediting rate 1.57 % 0.72 % (b) N/A N/A Rate of compensation increase N/A 2.28 % N/A N/A Expected return on assets 5.15 % 2.23 % N/A N/A (a) The non-U.S. plans reflect those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. (b) Represents the weighted average interest crediting rate of non-U.S. cash balance plans primarily in Japan and Switzerland. |
Schedule of asset allocation percentage by major asset class and target allocation | The following table presents the asset allocation percentage by major asset class for the U.S. qualified plan and the target allocation for 2024 based on the plan’s funded status at December 31, 2023: At December 31, Target 2024 Actual 2023 Actual 2022 Asset class: Equity securities 9 % 8 % 6 % Fixed maturity securities 80 77 77 Other investments 11 15 17 Total 100 % 100 % 100 % The following table presents the asset allocation percentage by major asset class for non-U.S. pension plans and the target allocation: At December 31, Target 2024 Actual 2023 Actual 2022 Asset class: Equity securities 21 % 19 % 24 % Fixed maturity securities 58 45 44 Other investments 17 21 23 Cash and cash equivalents 4 15 9 Total 100 % 100 % 100 % |
Schedule of plan assets based on the level within the fair value hierarchy in which the fair value measurement falls | The following table presents information about our plan assets and indicates the level of the fair value measurement based on the observability of the inputs used. The inputs and methodology used in determining the fair value of these assets are consistent with those used to measure our assets as discussed in Note 5 to the Consolidated Financial Statements. U.S. Plans Non-U.S. Plans (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total December 31, 2023 Assets: Cash and cash equivalents $ 54 $ — $ — $ 54 $ 108 $ — $ — $ 108 Equity securities: U.S. (a) 140 — — 140 — — — — International (b) 4 — — 4 104 35 — 139 Fixed maturity securities: U.S. investment grade (c) 24 2,230 10 2,264 — — — — International investment grade (c) — 125 — 125 — 138 — 138 U.S. and international high yield (d) — 33 — 33 — 192 — 192 Mortgage and other asset-backed securities — 59 1 60 — — — — Other fixed maturity securities — 12 — 12 — — — — Other investment types (e) : Futures 10 — — 10 — — — — Insurance contracts — 9 — 9 — — 138 138 Mutual funds (g) — — — — — 19 — 19 Total $ 232 $ 2,468 $ 11 $ 2,711 $ 212 $ 384 $ 138 $ 734 December 31, 2022 Assets: Cash and cash equivalents $ 119 $ — $ — $ 119 $ 64 $ — $ — $ 64 Equity securities: U.S. (a) 90 — — 90 — — — — International (b) 5 — — 5 130 44 — 174 Fixed maturity securities: U.S. investment grade (c) 45 2,213 10 2,268 — — — — International investment grade (c) — 177 — 177 — 140 — 140 U.S. and international high yield (d) — 58 — 58 — 184 — 184 Mortgage and other asset-backed securities — 43 5 48 — — — — Other investment types (e) : Futures (15) — — (15) — — — — Direct private equity (f) — — 5 5 — — — — Insurance contracts — 10 — 10 — — 134 134 Mutual funds (g) — — — — — 35 — 35 Total $ 244 $ 2,501 $ 20 $ 2,765 $ 194 $ 403 $ 134 $ 731 (a) Includes passive and active U.S. equity strategies. (b) Includes passive and active international equity strategies. (c) Includes investments in U.S. and non-U.S. government issued bonds, U.S. government agency or sponsored agency bonds, and investment grade corporate bonds. (d) Consists primarily of investments in securities or debt obligations that have a rating below investment grade. (e) Excludes investments that are measured at fair value using the NAV per share (or its equivalent), which totaled $517 million and $580 million at December 31, 2023 and 2022, respectively. (f) Comprised of private capital financing including private debt and private equity securities. (g) Comprised of mutual fund investing in variety of equity, derivatives, and bonds. |
Schedule of changes in Level 3 plan assets measured at fair value | The following table presents changes in our U.S. and non-U.S. Level 3 plan assets measured at fair value: December 31, 2023 Balance Net Purchases Sales Issuances Settlements Transfers Transfers Balance Changes in Changes in Unrealized (in millions) U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 10 $ 1 $ — $ (1) $ — $ — $ — $ — $ 10 $ 1 $ — Mortgage and other asset backed securities 5 — — (4) — — — — 1 1 — Direct private equity 5 (5) — — — — — — — (5) — Total $ 20 $ (4) $ — $ (5) $ — $ — $ — $ — $ 11 $ (3) $ — Non-U.S. Plan Assets: Insurance contracts $ 134 $ 6 $ 1 $ — $ — $ (3) $ — $ — $ 138 $ — $ — Total $ 134 $ 6 $ 1 $ — $ — $ (3) $ — $ — $ 138 $ — $ — December 31, 2022 U.S. Plan Assets: Fixed maturity securities U.S. investment grade $ 16 $ (4) $ 4 $ — $ — $ — $ — $ (6) $ 10 $ (4) $ — Mortgage and other asset backed securities 1 (1) 3 — — — 2 — 5 (1) — Direct private equity 8 (1) — (2) — — — — 5 (2) — Total $ 25 $ (6) $ 7 $ (2) $ — $ — $ 2 $ (6) $ 20 $ (7) $ — Non-U.S. Plan Assets: Insurance contracts $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — Total $ 171 $ (43) $ 4 $ — $ — $ — $ 2 $ — $ 134 $ — $ — |
Schedule of expected future benefit payments, net of participants' contributions | The expected future benefit payments, net of participants’ contributions, with respect to the defined benefit pension plans and other postretirement benefit plans, are as follows: Pension Postretirement (in millions) U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans 2024 $ 270 $ 43 $ 11 $ 1 2025 264 45 11 2 2026 267 47 10 2 2027 265 49 10 2 2028 265 53 9 2 2029-2033 1,216 255 43 10 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location | The following table presents income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location in which such pre-tax income (loss) was earned or incurred: Years Ended December 31, (in millions) 2023 2022 2021 U.S. $ 1,885 $ 12,431 $ 11,041 Foreign 1,973 1,868 2,306 Total $ 3,858 $ 14,299 $ 13,347 |
Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations | The following table presents the income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations: Years Ended December 31, (in millions) 2023 2022 2021 Foreign and U.S. components of actual income tax expense (benefit): U.S.: Current $ 68 $ 246 $ (216) Deferred (564) 2,363 2,443 Foreign: Current 423 271 171 Deferred 53 145 43 Total $ (20) $ 3,025 $ 2,441 |
Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate | Our actual income tax expense (benefit) differs from the statutory U.S. federal amount computed by applying the federal income tax rate due to the following: Years Ended December 31, 2023 2022 2021 (dollars in millions) Pre-Tax Tax Percent of Pre-Tax Tax Percent of Pre-Tax Tax Percent of U.S. federal income tax at statutory rate $ 3,858 $ 810 21.0 % $ 14,298 $ 3,003 21.0 % $ 13,347 $ 2,802 21.0 % Adjustments: Tax exempt interest (14) (0.4) (18) (0.1) (18) (0.1) Uncertain tax positions (a) 162 4.2 (17) (0.1) (9) (0.1) Reclassifications from AOCI (45) (1.2) (81) (0.6) (109) (0.8) Dispositions of subsidiaries (b) (382) (9.9) — — 11 0.1 Non-controlling interest 14 0.4 (31) (0.2) (97) (0.7) Non-deductible transfer pricing charges 16 0.4 12 0.1 16 0.1 Dividends received deduction (60) (1.6) (36) (0.3) (37) (0.3) Effect of foreign operations (c) 176 4.6 150 1.0 136 1.0 Share-based compensation payments excess tax effect (31) (0.8) (19) (0.1) 16 0.1 State and local income taxes 10 0.3 47 0.3 38 0.3 Expiration of tax attribute carryforwards — — — — 16 0.1 Tax audit resolution (a) (494) (12.8) — — (935) (7.0) Affiliated dividend income, net of dividends received deduction 59 1.5 — — — — Other (d) 116 3.1 40 0.4 (107) (0.8) Valuation allowance: Continuing operations (357) (9.3) (25) (0.2) 718 5.4 Consolidated total amounts 3,858 (20) (0.5) 14,298 3,025 21.2 $ 13,347 2,441 18.3 Amounts attributable to discontinued operations — — — (1) — — — — — Amounts attributable to continuing operations $ 3,858 $ (20) (0.5) % $ 14,299 $ 3,025 21.2 % $ 13,347 $ 2,441 18.3 % (a) Refer to the Accounting for Uncertainty in Income Taxes section below for further discussion on 2023 and 2021 tax audit resolution activity. (b) Tax implications of the sales of certain AIG and Corebridge subsidiaries, including Validus Re and Laya, as well as tax implications of Corebridge secondary offerings and the announced sale of AIG Life. (c) Effect of foreign operations is primarily related to income and losses in our foreign operations taxed at statutory tax rates different than 21 percent, and foreign income subject to U.S. taxation. (d) |
Schedule of components of the net deferred tax asset | The following table presents the components of the net deferred tax assets (liabilities): December 31, (in millions) 2023 2022 Deferred tax assets: Losses and tax credit carryforwards $ 6,107 $ 6,868 Basis differences on investments 3,441 2,652 Life policy reserves 1,589 1,622 Accruals not currently deductible, and other 89 392 Investments in foreign subsidiaries 66 — Loss reserve discount 424 352 Loan loss and other reserves 51 62 Unearned premium reserve reduction 87 294 Fixed assets and intangible assets 1,487 1,081 Unrealized losses related to available for sale debt securities 4,728 6,519 Employee benefits 344 382 Market risk benefit 1,010 827 Other 356 458 Total deferred tax assets 19,779 21,509 Deferred tax liabilities: Investments in foreign subsidiaries — (41) Deferred policy acquisition costs (1,853) (1,847) Fortitude Re funds withheld embedded derivative (711) (862) Total deferred tax liabilities (2,564) (2,750) Net deferred tax assets before valuation allowance 17,215 18,759 Valuation allowance (3,116) (4,250) Net deferred tax assets (liabilities) $ 14,099 $ 14,509 |
Schedule of consolidated income tax group credits carryforwards | The following table presents AIG's U.S. consolidated federal income tax group tax losses and credits carryforwards. December 31, 2023 Tax Carryforward Period Ending Tax Year (b) Unlimited Carryforward Period and Carryforward Periods (b) (in millions) Gross Effected 2024 2025 2026 2027 2028 2029 2030 - After Net operating loss carryforwards $ 21,968 $ 4,613 $ — $ — $ — $ — $ 2,660 $ 178 $ 1,775 Other carryforwards 67 — — — — — — 67 Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis (a) $ 4,680 $ — $ — $ — $ — $ 2,660 $ 178 $ 1,842 (a) Financial reporting basis reflects the impact of unrecognized tax benefits for tax years in which tax attributes can be realized through carryback upon settlement. (b) |
Schedule of net deferred tax assets (liabilities) | The following table presents the net deferred tax assets (liabilities) at December 31, 2023 and 2022 on a U.S. GAAP basis: December 31, (in millions) 2023 2022 Net U.S. deferred tax assets $ 11,317 $ 10,831 Net deferred tax assets (liabilities) in AOCI 4,286 5,881 Valuation allowance (2,006) (3,128) Subtotal 13,597 13,584 Net foreign, state and local deferred tax assets 1,958 2,342 Valuation allowance (1,110) (1,122) Subtotal 848 1,220 Subtotal - Net U.S., foreign, state and local deferred tax assets 14,445 14,804 Net foreign, state and local deferred tax liabilities (346) (295) Total AIG net deferred tax assets (liabilities) $ 14,099 $ 14,509 |
Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties: Years Ended December 31, (in millions) 2023 2022 2021 Gross unrecognized tax benefits, beginning of year $ 1,191 $ 1,157 $ 2,343 Increases in tax positions for prior years 200 29 22 Decreases in tax positions for prior years (4) (33) (1,233) Increases in tax positions for current year — 59 37 Lapse in statute of limitations — (21) — Settlements — — (12) Gross unrecognized tax benefits, end of year $ 1,387 $ 1,191 $ 1,157 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ / shares in Units, € in Millions, £ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||||||||||||
Nov. 01, 2023 USD ($) shares | Oct. 31, 2023 USD ($) | Oct. 31, 2023 EUR (€) | Jul. 03, 2023 USD ($) | Dec. 14, 2022 USD ($) | Sep. 19, 2022 USD ($) $ / shares shares | Dec. 15, 2021 USD ($) | Nov. 02, 2021 | Jul. 16, 2021 USD ($) mutualFund | Jun. 30, 2024 GBP (£) | Dec. 31, 2023 USD ($) stockOffering country shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 04, 2023 USD ($) | |
Basis of Presentation Information | ||||||||||||||
Number of countries in which the entity operates | country | 190 | |||||||||||||
Net income | $ 3,878 | $ 11,273 | $ 10,906 | |||||||||||
Contributions from noncontrolling interests | 49 | 133 | 22 | |||||||||||
Net gain (loss) on divestitures and other | $ 643 | (82) | 3,044 | |||||||||||
Number of retail mutual funds | mutualFund | 12 | |||||||||||||
Sale Of Stock, Number Of Secondary Offerings | stockOffering | 3 | |||||||||||||
Parent Company | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income | $ 3,643 | 10,209 | 10,367 | |||||||||||
Net gain (loss) on divestitures and other | $ (5) | (111) | 10 | |||||||||||
Pre-tax loss on deconsolidation | $ 114 | |||||||||||||
SAAMCo | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Assets under management | $ 6,800 | |||||||||||||
Annual increase period (in years) | 3 years | |||||||||||||
IPO | Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Shares issued in IPO (in shares) | shares | 80,000,000 | |||||||||||||
Gross proceeds from sale of stock | $ 1,700 | |||||||||||||
Price per share (in USD per share) | $ / shares | $ 21 | |||||||||||||
Percentage of stock sold (as a percent) | 12.40% | |||||||||||||
Secondary Offering, Corebridge Common Stock | Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Shares issued in IPO (in shares) | shares | 159,750,000 | |||||||||||||
Gross proceeds from sale of stock | $ 2,900 | |||||||||||||
Corebridge Common Stock | Corebridge Financial Inc | AIG | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Total number of warrants repurchased (in shares) | shares | 17,200,000 | |||||||||||||
Corebridge Common Stock | CoreBridge | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Total number of warrants repurchased (in shares) | shares | 26,500,000 | |||||||||||||
Aggregate purchase price of repurchased shares | $ 498 | |||||||||||||
Corebridge Common Stock | CoreBridge | AIG | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Aggregate purchase price of repurchased shares | $ 315 | |||||||||||||
Corebridge Financial Inc | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Ownership (as a percent) | 52.20% | |||||||||||||
Corebridge Financial Inc | Blackstone | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Ownership percentage by noncontrolling owners | 9.90% | |||||||||||||
Percent of ownership interest permitted to be sold after first anniversary | 25% | |||||||||||||
Percent of ownership interest permitted to be sold after second anniversary | 67% | |||||||||||||
Percent of ownership interest permitted to be sold after third anniversary | 75% | |||||||||||||
Aigs Interest In Us Affordable Housing Portfolio | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Disposal consideration | $ 4,900 | |||||||||||||
Net gain (loss) on divestitures and other | $ 3,000 | |||||||||||||
Sale of Assets | Other | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Cash consideration for divestiture of business | $ 731 | € 691 | ||||||||||||
Pre-tax gain on disposal of business | $ 652 | |||||||||||||
Sale of Assets | Validus Re | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Cash consideration for divestiture of business | $ 2,700 | |||||||||||||
Contingent consideration | $ 130 | |||||||||||||
Reimbursement to be received | 400 | |||||||||||||
Reserve balance | 3,043 | |||||||||||||
Expected premium to be paid | $ 80 | |||||||||||||
Share consideration received on transaction (in shares) | shares | 1,300,000 | |||||||||||||
Value of share consideration received on transaction | $ 290 | |||||||||||||
Pre-tax gain on disposal of business | $ (78) | |||||||||||||
Sale of Assets | Crop Risk Services | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Cash consideration for divestiture of business | $ 234 | |||||||||||||
Pre-tax gain on disposal of business | $ 72 | |||||||||||||
Forecast | Assets held-for-sale | AIG Life | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Cash consideration for divestiture of business | £ | £ 460 | |||||||||||||
Total AIG Shareholders' Equity | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income | $ 3,643 | 10,227 | 10,367 | |||||||||||
Contributions from noncontrolling interests | $ 497 | 145 | 497 | $ (630) | ||||||||||
Total AIG Shareholders' Equity | Secondary Offering, Corebridge Common Stock | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Contributions from noncontrolling interests | 332 | |||||||||||||
Total AIG Shareholders' Equity | Corebridge Common Stock | CoreBridge | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Decrease in shareholders' equity | $ 40 | |||||||||||||
Cumulative effect of change in accounting principle | Total AIG Shareholders' Equity | ||||||||||||||
Basis of Presentation Information | ||||||||||||||
Net income | $ 100 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ (51,301) | $ (43,454) | $ (69,034) | $ (65,935) | $ (67,199) |
Earning pattern of reinsurance contract extension (in years) | 24 months | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ 14,037 | 22,616 | (5,071) | (13,511) | |
Retained Earnings | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ (37,516) | $ (34,893) | $ (25,695) | (15,504) | |
Cumulative effect of change in accounting principle | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | 1,264 | ||||
Cumulative effect of change in accounting principle | Accumulated Other Comprehensive Income (Loss) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | 2,197 | ||||
Cumulative effect of change in accounting principle | Retained Earnings | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ (933) | ||||
Cumulative effect of change in accounting principle | Minimum | ASU 2018-12 | Accumulated Other Comprehensive Income (Loss) | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | (2,200) | ||||
Cumulative effect of change in accounting principle | Minimum | ASU 2018-12 | Retained Earnings | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' equity | $ (933) | ||||
Building | Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Useful life (in years) | 40 years | ||||
Furniture and Fixtures | Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Useful life (in years) | 10 years | ||||
Capitalized Software Costs | Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Useful life (in years) | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Adjusted Balance Sheet to Apply Adopted Guidance (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
Assets: | |||||||
Premiums and other receivables, net of allowance for credit losses and disputes of $139 in 2023 and $169 in 2022 | $ 10,561 | $ 13,243 | |||||
Deferred income taxes | 14,445 | 14,804 | $ 12,963 | ||||
Deferred policy acquisition costs | 12,085 | 12,857 | 12,955 | ||||
Market risk benefit assets, at fair value | 912 | 796 | 338 | $ 338 | |||
Other assets | 13,089 | [1] | 12,384 | [1] | 13,520 | ||
Total assets | 539,306 | 522,228 | 598,841 | ||||
Liabilities: | |||||||
Future policy benefits for life and accident and health insurance contracts | 58,576 | 51,914 | 67,364 | ||||
Policyholder contract deposits | 161,979 | 155,984 | 148,223 | ||||
Market risk benefit liabilities, at fair value | 5,705 | 4,736 | 8,739 | 8,739 | |||
Other policyholder funds | 3,356 | 3,463 | 3,796 | ||||
Other liabilities(c) | 25,958 | [1] | 26,757 | [1] | 27,520 | ||
Total liabilities | 488,005 | 478,774 | 532,906 | ||||
Additional paid-in capital | 75,810 | 79,915 | |||||
Retained earnings | 37,516 | 34,893 | 16,437 | ||||
Accumulated other comprehensive loss | (14,037) | (22,616) | 11,314 | ||||
Total AIG shareholders’ equity | 45,351 | 40,970 | 65,098 | ||||
Non-redeemable noncontrolling interests | 5,950 | 2,484 | |||||
Total equity | 51,301 | 43,454 | $ 69,034 | 65,935 | 67,199 | ||
Total liabilities and equity | 539,306 | 522,228 | 598,841 | ||||
Fortitude RE | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | 30,612 | 30,751 | 42,244 | 36,801 | |||
Excluding Fortitude | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 36,914 | 38,971 | 39,432 | 36,300 | |||
As Previously Reported | |||||||
Assets: | |||||||
Deferred income taxes | 15,144 | 12,624 | |||||
Deferred policy acquisition costs | 15,518 | 9,805 | |||||
Market risk benefit assets, at fair value | 0 | 0 | |||||
Other assets | 12,714 | 13,122 | |||||
Total assets | 526,634 | 586,481 | |||||
Liabilities: | |||||||
Future policy benefits for life and accident and health insurance contracts | 59,223 | 56,878 | |||||
Policyholder contract deposits | 158,891 | 154,470 | |||||
Market risk benefit liabilities, at fair value | 0 | 0 | |||||
Other policyholder funds | 3,909 | 3,548 | |||||
Other liabilities(c) | 26,456 | 27,122 | |||||
Total liabilities | 484,399 | 519,282 | |||||
Additional paid-in capital | 80,284 | ||||||
Retained earnings | 33,032 | 15,504 | |||||
Accumulated other comprehensive loss | (22,092) | 13,511 | |||||
Total AIG shareholders’ equity | 40,002 | 66,362 | |||||
Non-redeemable noncontrolling interests | 2,233 | ||||||
Total equity | 42,235 | 67,199 | |||||
Total liabilities and equity | 526,634 | 586,481 | |||||
As Previously Reported | Fortitude RE | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | 32,159 | 34,578 | $ 29,135 | ||||
As Previously Reported | Excluding Fortitude | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | 39,434 | 38,963 | |||||
Cumulative effect adjustments | |||||||
Assets: | |||||||
Deferred income taxes | (340) | 339 | |||||
Deferred policy acquisition costs | (2,661) | 3,150 | |||||
Market risk benefit assets, at fair value | 796 | 338 | |||||
Other assets | (330) | 398 | |||||
Total assets | (4,406) | 12,360 | |||||
Liabilities: | |||||||
Future policy benefits for life and accident and health insurance contracts | (7,309) | 10,486 | |||||
Policyholder contract deposits | (2,907) | (6,247) | |||||
Market risk benefit liabilities, at fair value | 4,736 | 8,739 | |||||
Other policyholder funds | (446) | 248 | |||||
Other liabilities(c) | 301 | 398 | |||||
Total liabilities | (5,625) | 13,624 | |||||
Additional paid-in capital | (369) | ||||||
Retained earnings | 1,861 | 933 | |||||
Accumulated other comprehensive loss | (524) | (2,197) | |||||
Total AIG shareholders’ equity | 968 | (1,264) | |||||
Non-redeemable noncontrolling interests | 251 | ||||||
Total equity | 1,219 | (1,264) | |||||
Total liabilities and equity | (4,406) | 12,360 | |||||
Cumulative effect adjustments | Fortitude RE | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | (1,408) | 7,666 | |||||
Cumulative effect adjustments | Excluding Fortitude | |||||||
Assets: | |||||||
Reinsurance assets, net of allowance for credit losses and disputes | $ (463) | $ 469 | |||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Adjusted Income Statement and Comprehensive Income to Apply Adopted Guidance (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Premiums | $ 33,254 | $ 31,856 | $ 31,285 |
Policy fees | 2,797 | 2,913 | 3,005 |
Total net realized gains (losses) | (4,608) | 7,064 | 2,271 |
Total revenues | 46,802 | 54,450 | 52,157 |
Policyholder benefits and losses incurred | 24,755 | 22,176 | 23,785 |
Change in the fair value of market risk benefits, net | 2 | (958) | (447) |
Interest credited to policyholder account balances | 4,424 | 3,744 | 3,570 |
Amortization of deferred policy acquisition costs | 4,808 | 4,557 | 4,524 |
General operating and other expenses | 8,499 | 9,122 | 8,728 |
Total benefits, losses and expenses | 42,944 | 40,151 | 38,810 |
Income from continuing operations before income tax expense (benefit) | 3,858 | 14,299 | 13,347 |
Income tax expense (benefit) | (20) | 3,025 | 2,441 |
Income from continuing operations | 3,878 | 11,274 | 10,906 |
Net income | 3,878 | 11,273 | 10,906 |
Net income from continuing operations attributable to noncontrolling interests | 235 | 1,046 | 539 |
Net income attributable to AIG | 3,643 | 10,227 | 10,367 |
Net income (loss) attributable to AIG common shareholders | $ 3,614 | $ 10,198 | $ 10,338 |
Income (loss) attributable to AIG common shareholders (in dollars per share) | $ 5.02 | $ 13.10 | $ 12.10 |
Net income attributable to AIG common shareholders (in dollars per share) | $ 4.98 | $ 12.94 | $ 11.95 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 3,878 | $ 11,273 | $ 10,906 |
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | 14 | (94) | 44 |
Change in unrealized appreciation (depreciation) of all other investments | 7,134 | (38,408) | (7,151) |
Change in fair value of market risk benefits attributable to changes in our own credit risk | (544) | 1,294 | 179 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | (871) | 5,544 | 1,361 |
Change in foreign currency translation adjustments | 102 | (613) | (180) |
Other comprehensive income (loss) | 5,940 | (32,303) | (5,424) |
Comprehensive income (loss) | 9,818 | (21,030) | 5,482 |
Comprehensive income (loss) attributable to noncontrolling interests | 1,534 | (1,454) | 440 |
Comprehensive income (loss) attributable to AIG | $ 8,284 | (19,576) | 5,042 |
As Previously Reported | |||
Income Statement [Abstract] | |||
Premiums | 31,857 | 31,259 | |
Policy fees | 2,972 | 3,051 | |
Total net realized gains (losses) | 8,991 | 2,151 | |
Total revenues | 56,437 | 52,057 | |
Policyholder benefits and losses incurred | 22,771 | 24,388 | |
Change in the fair value of market risk benefits, net | 0 | 0 | |
Interest credited to policyholder account balances | 3,709 | 3,557 | |
Amortization of deferred policy acquisition costs | 4,970 | 4,573 | |
General operating and other expenses | 9,195 | 8,790 | |
Total benefits, losses and expenses | 42,155 | 39,958 | |
Income from continuing operations before income tax expense (benefit) | 14,282 | 12,099 | |
Income tax expense (benefit) | 3,006 | 2,176 | |
Income from continuing operations | 11,276 | 9,923 | |
Net income | 11,275 | 9,923 | |
Net income from continuing operations attributable to noncontrolling interests | 999 | 535 | |
Net income attributable to AIG | 10,276 | 9,388 | |
Net income (loss) attributable to AIG common shareholders | $ 10,247 | $ 9,359 | |
Income (loss) attributable to AIG common shareholders (in dollars per share) | $ 13.16 | $ 10.95 | |
Net income attributable to AIG common shareholders (in dollars per share) | $ 13.01 | $ 10.82 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 11,275 | $ 9,923 | |
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (87) | 35 | |
Change in unrealized appreciation (depreciation) of all other investments | (32,775) | (6,001) | |
Change in fair value of market risk benefits attributable to changes in our own credit risk | 0 | 0 | |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 0 | 0 | |
Change in foreign currency translation adjustments | (514) | (187) | |
Other comprehensive income (loss) | (33,402) | (5,830) | |
Comprehensive income (loss) | (22,127) | 4,093 | |
Comprehensive income (loss) attributable to noncontrolling interests | (1,584) | 430 | |
Comprehensive income (loss) attributable to AIG | (20,543) | 3,663 | |
Effect of Change | |||
Income Statement [Abstract] | |||
Premiums | (1) | 26 | |
Policy fees | (59) | (46) | |
Total net realized gains (losses) | (1,927) | 120 | |
Total revenues | (1,987) | 100 | |
Policyholder benefits and losses incurred | (595) | (603) | |
Change in the fair value of market risk benefits, net | (958) | (447) | |
Interest credited to policyholder account balances | 35 | 13 | |
Amortization of deferred policy acquisition costs | (413) | (49) | |
General operating and other expenses | (73) | (62) | |
Total benefits, losses and expenses | (2,004) | (1,148) | |
Income from continuing operations before income tax expense (benefit) | 17 | 1,248 | |
Income tax expense (benefit) | 19 | 265 | |
Income from continuing operations | (2) | 983 | |
Net income | (2) | 983 | |
Net income from continuing operations attributable to noncontrolling interests | 47 | 4 | |
Net income attributable to AIG | (49) | 979 | |
Net income (loss) attributable to AIG common shareholders | $ (49) | $ 979 | |
Income (loss) attributable to AIG common shareholders (in dollars per share) | $ (0.06) | $ 1.15 | |
Net income attributable to AIG common shareholders (in dollars per share) | $ (0.07) | $ 1.13 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ (2) | $ 983 | |
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | (7) | 9 | |
Change in unrealized appreciation (depreciation) of all other investments | (5,633) | (1,150) | |
Change in fair value of market risk benefits attributable to changes in our own credit risk | 1,294 | 179 | |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | 5,544 | 1,361 | |
Change in foreign currency translation adjustments | (99) | 7 | |
Other comprehensive income (loss) | 1,099 | 406 | |
Comprehensive income (loss) | 1,097 | 1,389 | |
Comprehensive income (loss) attributable to noncontrolling interests | 130 | 10 | |
Comprehensive income (loss) attributable to AIG | $ 967 | $ 1,379 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Adjusted Cash Flows to Apply Adopted Guidance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 3,878 | $ 11,273 | $ 10,906 |
Noncash revenues, expenses, gains and losses included in income (loss): | |||
Unrealized (gains) losses in earnings - net | 1,674 | 1,094 | (873) |
Change in the fair value of market risk benefits in earnings, net | (348) | (1,481) | (1,427) |
Depreciation and other amortization | 4,214 | 4,409 | 4,542 |
Changes in operating assets and liabilities: | |||
Insurance reserves | 1,593 | (3,837) | 4,472 |
Premiums and other receivables and payables - net | 391 | (10,222) | (724) |
Reinsurance assets, net | 472 | 3,978 | (1,044) |
Capitalization of deferred policy acquisition costs | (5,419) | (4,722) | (4,969) |
Current and deferred income taxes - net | (1,003) | 2,279 | 1,579 |
Other, net | 418 | 156 | (1,534) |
Total adjustments | 2,365 | (7,140) | (4,683) |
Net cash provided by operating activities | 6,243 | 4,134 | 6,223 |
Cash flows from financing activities: | |||
Policyholder contract deposits | 33,015 | 26,582 | 25,480 |
Policyholder contract withdrawals | (27,957) | (20,722) | (22,481) |
Net cash provided by (used in) financing activities | $ 782 | (602) | (3,679) |
As Previously Reported | |||
Cash flows from operating activities: | |||
Net income | 11,275 | 9,923 | |
Noncash revenues, expenses, gains and losses included in income (loss): | |||
Unrealized (gains) losses in earnings - net | (1,392) | (1,889) | |
Change in the fair value of market risk benefits in earnings, net | 0 | 0 | |
Depreciation and other amortization | 4,848 | 4,633 | |
Changes in operating assets and liabilities: | |||
Insurance reserves | (2,332) | 5,127 | |
Premiums and other receivables and payables - net | (10,193) | (655) | |
Reinsurance assets, net | 2,843 | (1,241) | |
Capitalization of deferred policy acquisition costs | (4,649) | (4,906) | |
Current and deferred income taxes - net | 2,260 | 1,314 | |
Other, net | 340 | (1,322) | |
Total adjustments | (7,069) | (3,644) | |
Net cash provided by operating activities | 4,207 | 6,279 | |
Cash flows from financing activities: | |||
Policyholder contract deposits | 26,508 | 25,424 | |
Net cash provided by (used in) financing activities | (676) | (3,735) | |
Effect of Change | |||
Cash flows from operating activities: | |||
Net income | (2) | 983 | |
Noncash revenues, expenses, gains and losses included in income (loss): | |||
Unrealized (gains) losses in earnings - net | 2,486 | 1,016 | |
Change in the fair value of market risk benefits in earnings, net | (1,481) | (1,427) | |
Depreciation and other amortization | (439) | (91) | |
Changes in operating assets and liabilities: | |||
Insurance reserves | (1,505) | (655) | |
Premiums and other receivables and payables - net | (29) | (69) | |
Reinsurance assets, net | 1,135 | 197 | |
Capitalization of deferred policy acquisition costs | (73) | (63) | |
Current and deferred income taxes - net | 19 | 265 | |
Other, net | (184) | (212) | |
Total adjustments | (71) | (1,039) | |
Net cash provided by operating activities | (73) | (56) | |
Cash flows from financing activities: | |||
Policyholder contract deposits | 74 | 56 | |
Net cash provided by (used in) financing activities | $ 74 | $ 56 |
Segment Information - Narrative
Segment Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Net realized gains, adjusted revenues | $ (2,536) | $ (195) | $ 1,705 |
Net realized gains, adjusted net investment income | (227) | (244) | (156) |
Net realized gains, adjusted interest expense | (1) | (13) | |
Net realized gains, adjusted pre-tax income (loss) | (2,496) | (173) | $ 1,744 |
Net impact from elimination of international reporting lag, adjusted revenues | 4 | 978 | |
Net impact from elimination of international reporting lag, net investment income | 1 | 41 | |
Net impact from elimination of international reporting lag, adjusted pre-tax income (loss) | $ 12 | $ 127 | |
General Insurance | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Life and Retirement | |||
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 4 |
Segment Information - Schedule
Segment Information - Schedule of continuing operations by operating segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 46,802 | $ 54,450 | $ 52,157 |
Adjusted Pre-tax Income (Loss) | 3,858 | 14,299 | 13,347 |
Net Investment Income | 14,592 | 11,767 | 14,612 |
Interest expense | 1,136 | 1,125 | 1,305 |
Amortization of deferred policy acquisition costs | 4,808 | 4,557 | 4,524 |
Changes in fair value of securities used to hedge guaranteed living benefits, Adjusted Revenues | 55 | 55 | 60 |
Changes in fair value of securities used to hedge guaranteed living benefits | (16) | 30 | 61 |
Change in the fair value of market risk benefits, net | (2) | 958 | 447 |
Changes in benefit reserves related to net realized gains (losses) | 6 | 14 | (15) |
Changes in the fair value of equity securities | 94 | (53) | (237) |
Other income (expense) - net | (27) | (29) | (24) |
Other income (expense) - net, investment income | 31 | 28 | 33 |
Other income (expense) - net, interest expense | 31 | 28 | 33 |
Gain (loss) on extinguishment of debt | 37 | (303) | (389) |
Net realized gains (losses) | (4,608) | 7,064 | 2,271 |
Net realized gains, adjusted revenues | (2,536) | (195) | 1,705 |
Net realized gains, adjusted pre-tax income (loss) | (2,496) | (173) | 1,744 |
Net gain (loss) on divestitures and other | 643 | (82) | 3,044 |
Non-operating litigation reserves and settlements, adjustment to revenue | 1 | 49 | 0 |
Non-operating litigation reserves and settlements, pre-tax income (loss) | (1) | 41 | (3) |
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | 62 | 160 | 186 |
Net loss reserve discount benefit (charge) | (195) | 703 | 193 |
Pension expense related to a one-time lump sum payment to former employees | (84) | (60) | (34) |
Integration and transaction costs associated with acquiring or divesting businesses | (252) | (194) | (83) |
Restructuring and other costs | (553) | (570) | (433) |
Non-recurring costs related to regulatory or accounting changes | (40) | (37) | (68) |
Net impact from elimination of international reporting lag, adjusted revenues | 4 | 978 | |
Net impact from elimination of international reporting lag, net investment income | 1 | 41 | |
Net impact from elimination of international reporting lag, amortization Of DAC | 124 | ||
Net impact from elimination of international reporting lag, adjusted pre-tax income (loss) | 12 | 127 | |
Fortitude Re funds withheld assets | |||
Segment Reporting Information [Line Items] | |||
Net Investment Income | 1,544 | 943 | 1,971 |
Net realized gains (losses) | (295) | (486) | 1,003 |
Fortitude Re funds withheld embedded derivative | |||
Segment Reporting Information [Line Items] | |||
Net realized gains (losses) | (2,007) | 7,481 | (603) |
Total | |||
Segment Reporting Information [Line Items] | |||
Revenues | 49,969 | 45,707 | 48,282 |
Adjusted Pre-tax Income (Loss) | 7,401 | 5,800 | 6,563 |
Net Investment Income | 13,094 | 10,997 | 12,941 |
Interest expense | 1,105 | 1,098 | 1,285 |
Amortization of deferred policy acquisition costs | 4,684 | 4,557 | 4,524 |
Corporate Reconciling Items And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 375 | 392 | 347 |
Adjusted Pre-tax Income (Loss) | (1,775) | (1,947) | (2,350) |
Net Investment Income | 286 | 268 | 116 |
Interest expense | 1,101 | 1,075 | 1,155 |
Amortization of deferred policy acquisition costs | 3 | 36 | |
Other Operations before consolidation and eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 381 | 827 | 1,338 |
Adjusted Pre-tax Income (Loss) | (1,765) | (1,542) | (1,418) |
Net Investment Income | 287 | 714 | 1,112 |
Interest expense | 1,107 | 1,131 | 1,220 |
Amortization of deferred policy acquisition costs | 5 | 37 | |
Consolidation and eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (6) | (435) | (991) |
Adjusted Pre-tax Income (Loss) | (10) | (405) | (932) |
Net Investment Income | (1) | (446) | (996) |
Interest expense | (6) | (56) | (65) |
Amortization of deferred policy acquisition costs | (2) | (1) | |
General Insurance | Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 28,113 | 27,722 | 28,361 |
Adjusted Pre-tax Income (Loss) | 5,371 | 4,430 | 4,359 |
Net Investment Income | 3,022 | 2,382 | 3,304 |
Amortization of deferred policy acquisition costs | 3,623 | 3,533 | 3,530 |
General Insurance | Reportable Segments | North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,921 | 12,071 | 10,989 |
Adjusted Pre-tax Income (Loss) | 1,207 | 648 | (47) |
Amortization of deferred policy acquisition costs | 1,671 | 1,585 | 1,333 |
General Insurance | Reportable Segments | International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,170 | 13,269 | 14,068 |
Adjusted Pre-tax Income (Loss) | 1,142 | 1,400 | 1,102 |
Amortization of deferred policy acquisition costs | 1,952 | 1,948 | 2,197 |
General Insurance | Reportable Segments | Net investment income | |||
Segment Reporting Information [Line Items] | |||
Revenues | 3,022 | 2,382 | 3,304 |
Adjusted Pre-tax Income (Loss) | 3,022 | 2,382 | 3,304 |
Net Investment Income | 3,022 | 2,382 | 3,304 |
Amortization of deferred policy acquisition costs | 0 | 0 | |
Life and Retirement | Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 21,481 | 17,593 | 19,574 |
Adjusted Pre-tax Income (Loss) | 3,805 | 3,317 | 4,554 |
Net Investment Income | 9,786 | 8,347 | 9,521 |
Interest expense | 4 | 23 | 130 |
Amortization of deferred policy acquisition costs | 1,061 | 1,021 | 958 |
Life and Retirement | Reportable Segments | Individual Retirement | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6,264 | 5,325 | 5,922 |
Adjusted Pre-tax Income (Loss) | 2,310 | 1,676 | 2,297 |
Net Investment Income | 4,917 | 3,898 | 4,338 |
Interest expense | 2 | 11 | 61 |
Amortization of deferred policy acquisition costs | 567 | 519 | 447 |
Life and Retirement | Reportable Segments | Group Retirement | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,734 | 2,744 | 3,249 |
Adjusted Pre-tax Income (Loss) | 758 | 786 | 1,258 |
Net Investment Income | 1,999 | 2,005 | 2,410 |
Interest expense | 1 | 6 | 35 |
Amortization of deferred policy acquisition costs | 82 | 80 | 78 |
Life and Retirement | Reportable Segments | Life Insurance | |||
Segment Reporting Information [Line Items] | |||
Revenues | 5,092 | 5,364 | 5,286 |
Adjusted Pre-tax Income (Loss) | 358 | 521 | 453 |
Net Investment Income | 1,283 | 1,393 | 1,619 |
Interest expense | 4 | 25 | |
Amortization of deferred policy acquisition costs | 403 | 415 | 427 |
Life and Retirement | Reportable Segments | Institutional Markets | |||
Segment Reporting Information [Line Items] | |||
Revenues | 7,391 | 4,160 | 5,117 |
Adjusted Pre-tax Income (Loss) | 379 | 334 | 546 |
Net Investment Income | 1,587 | 1,051 | 1,154 |
Interest expense | 1 | 2 | 9 |
Amortization of deferred policy acquisition costs | $ 9 | $ 7 | $ 6 |
Segment Information - Schedul_2
Segment Information - Schedule of Identifiable assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 539,306 | $ 522,228 | $ 598,841 |
Capital Expenditures | 240 | 210 | |
General Insurance | Reportable Subsegments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 139,371 | 147,083 | |
Capital Expenditures | 158 | 68 | |
Life and Retirement | Reportable Subsegments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 375,197 | 352,694 | |
Capital Expenditures | 43 | 102 | |
Corporate and Other [Member] | Reportable Subsegments | |||
Segment Reporting Information [Line Items] | |||
Total assets | 24,738 | 22,451 | |
Capital Expenditures | $ 39 | $ 40 |
Segment Information - Schedul_3
Segment Information - Schedule of Revenues and Other Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 46,802 | $ 54,450 | $ 52,157 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 1,378 | 1,593 | 1,840 |
North America | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33,565 | 39,618 | 37,324 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | 1,006 | 1,206 | 1,230 |
International | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,237 | 14,832 | 14,833 |
Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | $ 372 | $ 387 | $ 610 |
Held-For-Sale Classification -
Held-For-Sale Classification - Schedule of Disposal Groups (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Assets held for sale | $ 2,268 | $ 0 |
Liabilities: | ||
Liabilities held for sale | 1,775 | $ 0 |
Assets held-for-sale | ||
Assets: | ||
Bonds available for sale | 181 | |
Other invested assets | 67 | |
Restricted cash included in short-term investments | 0 | |
Short-term investments, including restricted cash of | 12 | |
Cash | 3 | |
Accrued investment income | 3 | |
Premiums and other receivables, net of allowance for credit losses and disputes | 125 | |
Reinsurance assets - other, net of allowance for credit losses and disputes | 902 | |
Deferred income taxes | 47 | |
Deferred policy acquisition costs | 814 | |
Other assets, net of allowance for credit losses(a) | 114 | |
Assets held for sale | 2,268 | |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | 19 | |
Unearned premiums | 61 | |
Future policy benefits for life and accident and health insurance contracts | 838 | |
Other liabilities | 857 | |
Liabilities held for sale | 1,775 | |
AIG Life | Assets held-for-sale | ||
Assets: | ||
Bonds available for sale | 167 | |
Other invested assets | 0 | |
Short-term investments, including restricted cash of | 11 | |
Cash | 3 | |
Accrued investment income | 3 | |
Premiums and other receivables, net of allowance for credit losses and disputes | 116 | |
Reinsurance assets - other, net of allowance for credit losses and disputes | 899 | |
Deferred income taxes | 47 | |
Deferred policy acquisition costs | 814 | |
Other assets, net of allowance for credit losses(a) | 83 | |
Assets held for sale | 2,143 | |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | 0 | |
Unearned premiums | 54 | |
Future policy benefits for life and accident and health insurance contracts | 838 | |
Other liabilities | 854 | |
Liabilities held for sale | 1,746 | |
Goodwill | 23 | |
Intangible assets | 3 | |
Other | Assets held-for-sale | ||
Assets: | ||
Bonds available for sale | 14 | |
Other invested assets | 67 | |
Short-term investments, including restricted cash of | 1 | |
Cash | 0 | |
Accrued investment income | 0 | |
Premiums and other receivables, net of allowance for credit losses and disputes | 9 | |
Reinsurance assets - other, net of allowance for credit losses and disputes | 3 | |
Deferred income taxes | 0 | |
Deferred policy acquisition costs | 0 | |
Other assets, net of allowance for credit losses(a) | 31 | |
Assets held for sale | 125 | |
Liabilities: | ||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses | 19 | |
Unearned premiums | 7 | |
Future policy benefits for life and accident and health insurance contracts | 0 | |
Other liabilities | 3 | |
Liabilities held for sale | $ 29 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 | |
Assets: | |||||
Bonds available for sale | [1] | $ 231,733,000,000 | $ 226,156,000,000 | ||
Other bond securities, at fair value (See Note 5) | [1] | 5,241,000,000 | 4,485,000,000 | ||
Equity securities | [1] | 728,000,000 | 575,000,000 | ||
Derivative assets | 6,595,000,000 | 6,049,000,000 | |||
Counterparty netting | (3,864,000,000) | (3,895,000,000) | |||
Cash Collateral | $ (2,220,000,000) | $ (1,640,000,000) | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||
Total derivative assets | $ 511,000,000 | $ 514,000,000 | |||
Short-term investments | [1] | 17,200,000,000 | 12,376,000,000 | ||
Market risk benefit assets, at fair value | 912,000,000 | 796,000,000 | $ 338,000,000 | $ 338,000,000 | |
Separate account assets | 91,005,000,000 | 84,853,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 161,979,000,000 | 155,984,000,000 | 148,223,000,000 | ||
Market risk benefit liabilities, at fair value | 5,705,000,000 | 4,736,000,000 | $ 8,739,000,000 | $ 8,739,000,000 | |
Derivative liabilities | 5,309,000,000 | 6,043,000,000 | |||
Counterparty netting | (3,864,000,000) | (3,895,000,000) | |||
Cash Collateral | $ (1,050,000,000) | $ (1,917,000,000) | |||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities(c) | Other liabilities(c) | |||
Total derivative liabilities | $ 395,000,000 | $ 231,000,000 | |||
Fortitude Re funds withheld payable | (29,484,000,000) | (30,383,000,000) | |||
Fair Value Using NAV Per Share (or its equivalent) | 11,320,000,000 | 11,809,000,000 | |||
Short-term and long-term debt | 22,387,000,000 | 27,179,000,000 | |||
Estimated Fair Value | |||||
Assets: | |||||
Short-term investments | 6,428,000,000 | 6,668,000,000 | |||
Liabilities: | |||||
Fortitude Re funds withheld payable | (30,710,000,000) | (32,618,000,000) | |||
Carrying Value | |||||
Assets: | |||||
Short-term investments | 6,428,000,000 | 6,668,000,000 | |||
Liabilities: | |||||
Fortitude Re funds withheld payable | (30,710,000,000) | (32,618,000,000) | |||
Consolidated Entities, Excluding Consolidated Investments | |||||
Liabilities: | |||||
Short-term and long-term debt | 19,796,000,000 | 21,299,000,000 | |||
Consolidated Entities, Excluding Consolidated Investments | Estimated Fair Value | |||||
Liabilities: | |||||
Short-term and long-term debt | 18,862,000,000 | 19,603,000,000 | |||
Consolidated Entities, Excluding Consolidated Investments | Carrying Value | |||||
Liabilities: | |||||
Short-term and long-term debt | 19,743,000,000 | 21,243,000,000 | |||
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | |||||
Liabilities: | |||||
Short-term and long-term debt | [1] | 2,591,000,000 | 5,880,000,000 | ||
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | Estimated Fair Value | |||||
Liabilities: | |||||
Debt | 2,569,000,000 | 5,533,000,000 | |||
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | Carrying Value | |||||
Liabilities: | |||||
Debt | 2,591,000,000 | 5,880,000,000 | |||
U.S. government and government sponsored entities | |||||
Assets: | |||||
Bonds available for sale | 5,616,000,000 | 6,619,000,000 | |||
Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 10,663,000,000 | 12,099,000,000 | |||
Non-U.S. governments | |||||
Assets: | |||||
Bonds available for sale | 12,453,000,000 | 13,485,000,000 | |||
Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 138,432,000,000 | 137,839,000,000 | |||
RMBS | |||||
Assets: | |||||
Bonds available for sale | 20,444,000,000 | 18,817,000,000 | |||
CMBS | |||||
Assets: | |||||
Bonds available for sale | 14,128,000,000 | 14,193,000,000 | |||
CLO/ABS | |||||
Assets: | |||||
Bonds available for sale | 29,997,000,000 | 23,104,000,000 | |||
Level 1 | Estimated Fair Value | |||||
Assets: | |||||
Short-term investments | 0 | 0 | |||
Liabilities: | |||||
Fortitude Re funds withheld payable | 0 | 0 | |||
Level 1 | Consolidated Entities, Excluding Consolidated Investments | Estimated Fair Value | |||||
Liabilities: | |||||
Short-term and long-term debt | 0 | 0 | |||
Level 1 | Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | Estimated Fair Value | |||||
Liabilities: | |||||
Debt | 0 | 0 | |||
Level 2 | Estimated Fair Value | |||||
Assets: | |||||
Short-term investments | 6,428,000,000 | 6,668,000,000 | |||
Liabilities: | |||||
Fortitude Re funds withheld payable | 0 | 0 | |||
Level 2 | Consolidated Entities, Excluding Consolidated Investments | Estimated Fair Value | |||||
Liabilities: | |||||
Short-term and long-term debt | 18,595,000,000 | 19,328,000,000 | |||
Level 2 | Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | Estimated Fair Value | |||||
Liabilities: | |||||
Debt | 43,000,000 | 3,055,000,000 | |||
Level 3 | |||||
Liabilities: | |||||
Policyholder contract deposits | 1,500,000,000 | 1,100,000,000 | |||
Level 3 | Estimated Fair Value | |||||
Assets: | |||||
Short-term investments | 0 | 0 | |||
Liabilities: | |||||
Fortitude Re funds withheld payable | (30,710,000,000) | (32,618,000,000) | |||
Level 3 | Consolidated Entities, Excluding Consolidated Investments | Estimated Fair Value | |||||
Liabilities: | |||||
Short-term and long-term debt | 267,000,000 | 275,000,000 | |||
Level 3 | Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | Estimated Fair Value | |||||
Liabilities: | |||||
Debt | 2,526,000,000 | 2,478,000,000 | |||
Level 3 | Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 824,000,000 | 799,000,000 | |||
Level 3 | Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 1,803,000,000 | 2,527,000,000 | |||
Level 3 | RMBS | |||||
Assets: | |||||
Bonds available for sale | 4,656,000,000 | 5,235,000,000 | |||
Level 3 | CMBS | |||||
Assets: | |||||
Bonds available for sale | 587,000,000 | 587,000,000 | |||
Fair Value Measured at Net Asset Value Per Share | |||||
Liabilities: | |||||
Fair Value Using NAV Per Share (or its equivalent) | 9,500,000,000 | 9,800,000,000 | |||
Recurring Basis | |||||
Assets: | |||||
Counterparty netting | (3,864,000,000) | (3,895,000,000) | |||
Cash Collateral | (2,220,000,000) | (1,640,000,000) | |||
Counterparty netting and cash collateral | (6,084,000,000) | (5,535,000,000) | |||
Total derivative assets | 511,000,000 | 514,000,000 | |||
Short-term investments | 10,772,000,000 | 5,708,000,000 | |||
Market risk benefit assets, at fair value | 912,000,000 | 796,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 7,997,000,000 | 5,408,000,000 | |||
Market risk benefit liabilities, at fair value | 5,705,000,000 | 4,736,000,000 | |||
Counterparty netting | (3,864,000,000) | (3,895,000,000) | |||
Cash Collateral | (1,050,000,000) | (1,917,000,000) | |||
Counterparty netting and cash collateral | (4,914,000,000) | (5,812,000,000) | |||
Total derivative liabilities | 395,000,000 | 231,000,000 | |||
Fortitude Re funds withheld payable | (1,226,000,000) | (2,235,000,000) | |||
Other liabilities | 624,000,000 | 343,000,000 | |||
Long-term debt | 53,000,000 | 56,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | |||||
Assets: | |||||
Bonds available for sale | 231,733,000,000 | 226,156,000,000 | |||
Other bond securities, at fair value (See Note 5) | 5,241,000,000 | 4,485,000,000 | |||
Equity securities | 728,000,000 | 575,000,000 | |||
Other invested assets | 2,225,000,000 | 2,220,000,000 | |||
Short-term investments | 10,772,000,000 | 5,708,000,000 | |||
Other assets | 243,000,000 | 107,000,000 | |||
Separate account assets | 91,005,000,000 | 84,853,000,000 | |||
Total(d) | 343,370,000,000 | 325,414,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 7,997,000,000 | 5,408,000,000 | |||
Fortitude Re funds withheld payable | (1,226,000,000) | ||||
Fortitude Re funds withheld payable | (2,235,000,000) | ||||
Other liabilities | 229,000,000 | 112,000,000 | |||
Long-term debt | 53,000,000 | 56,000,000 | |||
Total | 13,153,000,000 | 8,308,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Discontinued Operations, Excluding Held-for-Sale | |||||
Assets: | |||||
Total(d) | 182,000,000 | ||||
Recurring Basis | Levels 1, 2 and 3 | Interest rate contracts | |||||
Assets: | |||||
Derivative assets | 3,286,000,000 | 3,722,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 3,631,000,000 | 4,838,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Foreign exchange contracts | |||||
Assets: | |||||
Derivative assets | 1,236,000,000 | 1,844,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 894,000,000 | 1,138,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Equity contracts | |||||
Assets: | |||||
Derivative assets | 2,019,000,000 | 428,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 745,000,000 | 26,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Commodity contracts | |||||
Assets: | |||||
Derivative assets | 9,000,000 | ||||
Recurring Basis | Levels 1, 2 and 3 | Credit contracts | |||||
Assets: | |||||
Derivative assets | 41,000,000 | 32,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 37,000,000 | 41,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Other contracts | |||||
Assets: | |||||
Derivative assets | 13,000,000 | 14,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 2,000,000 | ||||
Recurring Basis | Levels 1, 2 and 3 | U.S. government and government sponsored entities | |||||
Assets: | |||||
Bonds available for sale | 5,616,000,000 | 6,619,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 10,663,000,000 | 12,099,000,000 | |||
Other bond securities, at fair value (See Note 5) | 91,000,000 | 111,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Non-U.S. governments | |||||
Assets: | |||||
Bonds available for sale | 12,453,000,000 | 13,485,000,000 | |||
Other bond securities, at fair value (See Note 5) | 37,000,000 | 66,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 138,432,000,000 | 137,839,000,000 | |||
Other bond securities, at fair value (See Note 5) | 2,908,000,000 | 2,392,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | RMBS | |||||
Assets: | |||||
Bonds available for sale | 20,444,000,000 | 18,817,000,000 | |||
Other bond securities, at fair value (See Note 5) | 263,000,000 | 286,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | CMBS | |||||
Assets: | |||||
Bonds available for sale | 14,128,000,000 | 14,193,000,000 | |||
Other bond securities, at fair value (See Note 5) | 261,000,000 | 331,000,000 | |||
Recurring Basis | Levels 1, 2 and 3 | CLO/ABS | |||||
Assets: | |||||
Bonds available for sale | 29,997,000,000 | 23,104,000,000 | |||
Other bond securities, at fair value (See Note 5) | 1,681,000,000 | 1,299,000,000 | |||
Recurring Basis | Level 1 | |||||
Assets: | |||||
Bonds available for sale | 268,000,000 | 183,000,000 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Equity securities | 632,000,000 | 518,000,000 | |||
Other invested assets | 0 | 0 | |||
Derivative assets | 7,000,000 | 12,000,000 | |||
Short-term investments | 2,635,000,000 | 2,821,000,000 | |||
Market risk benefit assets, at fair value | 0 | 0 | |||
Other assets | 0 | 0 | |||
Separate account assets | 87,814,000,000 | 81,655,000,000 | |||
Total(d) | 91,356,000,000 | 85,189,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 0 | 0 | |||
Market risk benefit liabilities, at fair value | 0 | 0 | |||
Derivative liabilities | 2,000,000 | 2,000,000 | |||
Fortitude Re funds withheld payable | 0 | ||||
Fortitude Re funds withheld payable | 0 | ||||
Other liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Total | 2,000,000 | 2,000,000 | |||
Recurring Basis | Level 1 | Interest rate contracts | |||||
Assets: | |||||
Derivative assets | 0 | 1,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 0 | 0 | |||
Recurring Basis | Level 1 | Foreign exchange contracts | |||||
Assets: | |||||
Derivative assets | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 0 | 0 | |||
Recurring Basis | Level 1 | Equity contracts | |||||
Assets: | |||||
Derivative assets | 7,000,000 | 11,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 2,000,000 | 2,000,000 | |||
Recurring Basis | Level 1 | Commodity contracts | |||||
Assets: | |||||
Derivative assets | 0 | ||||
Recurring Basis | Level 1 | Credit contracts | |||||
Assets: | |||||
Derivative assets | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 0 | 0 | |||
Recurring Basis | Level 1 | Other contracts | |||||
Assets: | |||||
Derivative assets | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 0 | ||||
Recurring Basis | Level 1 | U.S. government and government sponsored entities | |||||
Assets: | |||||
Bonds available for sale | 35,000,000 | 25,000,000 | |||
Recurring Basis | Level 1 | Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 1 | Non-U.S. governments | |||||
Assets: | |||||
Bonds available for sale | 233,000,000 | 158,000,000 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 1 | Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 1 | RMBS | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 1 | CMBS | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 1 | CLO/ABS | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 2 | |||||
Assets: | |||||
Bonds available for sale | 204,621,000,000 | 201,074,000,000 | |||
Other bond securities, at fair value (See Note 5) | 3,685,000,000 | 2,958,000,000 | |||
Equity securities | 40,000,000 | 18,000,000 | |||
Other invested assets | 155,000,000 | 145,000,000 | |||
Derivative assets | 5,256,000,000 | 5,395,000,000 | |||
Short-term investments | 8,137,000,000 | 2,887,000,000 | |||
Market risk benefit assets, at fair value | 0 | 0 | |||
Other assets | 0 | 0 | |||
Separate account assets | 3,191,000,000 | 3,198,000,000 | |||
Total(d) | 225,085,000,000 | 215,675,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 55,000,000 | 41,000,000 | |||
Market risk benefit liabilities, at fair value | 0 | 0 | |||
Derivative liabilities | 5,206,000,000 | 5,995,000,000 | |||
Fortitude Re funds withheld payable | 0 | ||||
Fortitude Re funds withheld payable | 0 | ||||
Other liabilities | 107,000,000 | 0 | |||
Long-term debt | 53,000,000 | 56,000,000 | |||
Total | 5,421,000,000 | 6,092,000,000 | |||
Recurring Basis | Level 2 | Interest rate contracts | |||||
Assets: | |||||
Derivative assets | 2,826,000,000 | 3,410,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 3,631,000,000 | 4,838,000,000 | |||
Recurring Basis | Level 2 | Foreign exchange contracts | |||||
Assets: | |||||
Derivative assets | 1,235,000,000 | 1,844,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 891,000,000 | 1,138,000,000 | |||
Recurring Basis | Level 2 | Equity contracts | |||||
Assets: | |||||
Derivative assets | 1,187,000,000 | 132,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 680,000,000 | 10,000,000 | |||
Recurring Basis | Level 2 | Commodity contracts | |||||
Assets: | |||||
Derivative assets | 9,000,000 | ||||
Recurring Basis | Level 2 | Credit contracts | |||||
Assets: | |||||
Derivative assets | 8,000,000 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 4,000,000 | 9,000,000 | |||
Recurring Basis | Level 2 | Other contracts | |||||
Assets: | |||||
Derivative assets | 0 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 0 | ||||
Recurring Basis | Level 2 | U.S. government and government sponsored entities | |||||
Assets: | |||||
Bonds available for sale | 5,581,000,000 | 6,594,000,000 | |||
Recurring Basis | Level 2 | Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 9,816,000,000 | 11,275,000,000 | |||
Other bond securities, at fair value (See Note 5) | 90,000,000 | 111,000,000 | |||
Recurring Basis | Level 2 | Non-U.S. governments | |||||
Assets: | |||||
Bonds available for sale | 12,213,000,000 | 13,326,000,000 | |||
Other bond securities, at fair value (See Note 5) | 37,000,000 | 66,000,000 | |||
Recurring Basis | Level 2 | Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 136,753,000,000 | 134,992,000,000 | |||
Other bond securities, at fair value (See Note 5) | 2,697,000,000 | 1,976,000,000 | |||
Recurring Basis | Level 2 | RMBS | |||||
Assets: | |||||
Bonds available for sale | 12,804,000,000 | 11,264,000,000 | |||
Other bond securities, at fair value (See Note 5) | 105,000,000 | 113,000,000 | |||
Recurring Basis | Level 2 | CMBS | |||||
Assets: | |||||
Bonds available for sale | 13,495,000,000 | 13,267,000,000 | |||
Other bond securities, at fair value (See Note 5) | 244,000,000 | 303,000,000 | |||
Recurring Basis | Level 2 | CLO/ABS | |||||
Assets: | |||||
Bonds available for sale | 13,959,000,000 | 10,356,000,000 | |||
Other bond securities, at fair value (See Note 5) | 512,000,000 | 389,000,000 | |||
Recurring Basis | Level 3 | |||||
Assets: | |||||
Bonds available for sale | 26,844,000,000 | 24,899,000,000 | |||
Other bond securities, at fair value (See Note 5) | 1,556,000,000 | 1,527,000,000 | |||
Equity securities | 56,000,000 | 39,000,000 | |||
Other invested assets | 2,070,000,000 | 2,075,000,000 | |||
Derivative assets | 1,332,000,000 | 642,000,000 | |||
Short-term investments | 0 | 0 | |||
Market risk benefit assets, at fair value | 912,000,000 | 796,000,000 | |||
Other assets | 243,000,000 | 107,000,000 | |||
Separate account assets | 0 | 0 | |||
Total(d) | 33,013,000,000 | 30,085,000,000 | |||
Liabilities: | |||||
Policyholder contract deposits | 7,942,000,000 | 5,367,000,000 | |||
Market risk benefit liabilities, at fair value | 5,705,000,000 | 4,736,000,000 | |||
Derivative liabilities | 101,000,000 | 46,000,000 | |||
Fortitude Re funds withheld payable | (1,226,000,000) | ||||
Fortitude Re funds withheld payable | (2,235,000,000) | ||||
Other liabilities | 122,000,000 | 112,000,000 | |||
Long-term debt | 0 | 0 | |||
Total | 12,644,000,000 | 8,026,000,000 | |||
Recurring Basis | Level 3 | Interest rate contracts | |||||
Assets: | |||||
Derivative assets | 460,000,000 | 311,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 0 | 0 | |||
Recurring Basis | Level 3 | Foreign exchange contracts | |||||
Assets: | |||||
Derivative assets | 1,000,000 | 0 | |||
Liabilities: | |||||
Derivative liabilities | 3,000,000 | 0 | |||
Recurring Basis | Level 3 | Equity contracts | |||||
Assets: | |||||
Derivative assets | 825,000,000 | 285,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 63,000,000 | 14,000,000 | |||
Recurring Basis | Level 3 | Commodity contracts | |||||
Assets: | |||||
Derivative assets | 0 | ||||
Recurring Basis | Level 3 | Credit contracts | |||||
Assets: | |||||
Derivative assets | 33,000,000 | 32,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 33,000,000 | 32,000,000 | |||
Recurring Basis | Level 3 | Other contracts | |||||
Assets: | |||||
Derivative assets | 13,000,000 | 14,000,000 | |||
Liabilities: | |||||
Derivative liabilities | 2,000,000 | ||||
Recurring Basis | Level 3 | U.S. government and government sponsored entities | |||||
Assets: | |||||
Bonds available for sale | 0 | 0 | |||
Recurring Basis | Level 3 | Obligations of states, municipalities and political subdivisions | |||||
Assets: | |||||
Bonds available for sale | 847,000,000 | 824,000,000 | |||
Other bond securities, at fair value (See Note 5) | 1,000,000 | 0 | |||
Recurring Basis | Level 3 | Non-U.S. governments | |||||
Assets: | |||||
Bonds available for sale | 7,000,000 | 1,000,000 | |||
Other bond securities, at fair value (See Note 5) | 0 | 0 | |||
Recurring Basis | Level 3 | Corporate debt | |||||
Assets: | |||||
Bonds available for sale | 1,679,000,000 | 2,847,000,000 | |||
Other bond securities, at fair value (See Note 5) | 211,000,000 | 416,000,000 | |||
Recurring Basis | Level 3 | RMBS | |||||
Assets: | |||||
Bonds available for sale | 7,640,000,000 | 7,553,000,000 | |||
Other bond securities, at fair value (See Note 5) | 158,000,000 | 173,000,000 | |||
Recurring Basis | Level 3 | CMBS | |||||
Assets: | |||||
Bonds available for sale | 633,000,000 | 926,000,000 | |||
Other bond securities, at fair value (See Note 5) | 17,000,000 | 28,000,000 | |||
Recurring Basis | Level 3 | CLO/ABS | |||||
Assets: | |||||
Bonds available for sale | 16,038,000,000 | 12,748,000,000 | |||
Other bond securities, at fair value (See Note 5) | $ 1,169,000,000 | $ 910,000,000 | |||
[1] See Note 10 for details of balances associated with variable interest entities. |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in level 3 recurring fair value measurements, assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | $ 28,647 | $ 31,627 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 440 | 666 | ||||
Other Comprehensive Income (Loss) | 474 | (3,929) | ||||
Purchases, Sales, Issuances and Settlements, Net | 1,508 | 689 | ||||
Gross Transfers In | 1,819 | 3,785 | ||||
Gross Transfers Out | (2,342) | (4,191) | ||||
Other | 223 | 0 | ||||
Fair Value End of Period | $ 30,769 | $ 28,647 | 30,769 | 28,647 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (206) | 154 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 98 | $ (2,683) | ||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | ||
Gross Transfers Out | $ 0 | |||||
Market risk benefit assets, at fair value | $ 912 | $ 796 | $ 912 | $ 796 | $ 338 | $ 338 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | ||||
Recurring Basis | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Market risk benefit assets, at fair value | $ 912 | $ 796 | $ 912 | $ 796 | ||
Level 3 | Recurring Basis | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Market risk benefit assets, at fair value | $ 912 | $ 796 | $ 912 | $ 796 | ||
Net realized gains/(losses) | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | ||
Bonds available for sale | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | $ 24,899 | $ 26,862 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 530 | 612 | ||||
Other Comprehensive Income (Loss) | 463 | (3,907) | ||||
Purchases, Sales, Issuances and Settlements, Net | 1,132 | 1,704 | ||||
Gross Transfers In | 1,760 | 3,311 | ||||
Gross Transfers Out | (2,084) | (3,683) | ||||
Other | 144 | 0 | ||||
Fair Value End of Period | $ 26,844 | $ 24,899 | 26,844 | 24,899 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 98 | (2,683) | ||||
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 824 | 1,431 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (2) | 1 | ||||
Other Comprehensive Income (Loss) | 67 | (533) | ||||
Purchases, Sales, Issuances and Settlements, Net | (31) | (104) | ||||
Gross Transfers In | 0 | 40 | ||||
Gross Transfers Out | (11) | (11) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 847 | 824 | 847 | 824 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 35 | (223) | ||||
Bonds available for sale | Non-U.S. governments | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 1 | 7 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 1 | 1 | ||||
Other Comprehensive Income (Loss) | 1 | 3 | ||||
Purchases, Sales, Issuances and Settlements, Net | (5) | (10) | ||||
Gross Transfers In | 11 | 3 | ||||
Gross Transfers Out | (2) | (3) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 7 | 1 | 7 | 1 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 1 | (1) | ||||
Bonds available for sale | Corporate debt | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 2,847 | 2,641 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (104) | 37 | ||||
Other Comprehensive Income (Loss) | 24 | (238) | ||||
Purchases, Sales, Issuances and Settlements, Net | (595) | (87) | ||||
Gross Transfers In | 818 | 1,155 | ||||
Gross Transfers Out | (1,295) | (661) | ||||
Other | (16) | 0 | ||||
Fair Value End of Period | 1,679 | 2,847 | 1,679 | 2,847 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (24) | (217) | ||||
Bonds available for sale | RMBS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 7,553 | 10,378 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 430 | 452 | ||||
Other Comprehensive Income (Loss) | 12 | (1,319) | ||||
Purchases, Sales, Issuances and Settlements, Net | (249) | (1,511) | ||||
Gross Transfers In | 33 | 8 | ||||
Gross Transfers Out | (139) | (455) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 7,640 | 7,553 | 7,640 | 7,553 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (63) | (504) | ||||
Bonds available for sale | CMBS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 926 | 1,190 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (23) | 7 | ||||
Other Comprehensive Income (Loss) | (49) | (162) | ||||
Purchases, Sales, Issuances and Settlements, Net | (58) | 137 | ||||
Gross Transfers In | 223 | 102 | ||||
Gross Transfers Out | (386) | (348) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 633 | 926 | 633 | 926 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | (94) | (133) | ||||
Bonds available for sale | CLO/ABS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 12,748 | 11,215 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 228 | 114 | ||||
Other Comprehensive Income (Loss) | 408 | (1,658) | ||||
Purchases, Sales, Issuances and Settlements, Net | 2,070 | 3,279 | ||||
Gross Transfers In | 675 | 2,003 | ||||
Gross Transfers Out | (251) | (2,205) | ||||
Other | 160 | 0 | ||||
Fair Value End of Period | 16,038 | 12,748 | 16,038 | 12,748 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 243 | (1,605) | ||||
Other bond securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 1,527 | 2,697 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 59 | (283) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 123 | (1,009) | ||||
Gross Transfers In | 5 | 411 | ||||
Gross Transfers Out | (238) | (289) | ||||
Other | 80 | 0 | ||||
Fair Value End of Period | 1,556 | 1,527 | 1,556 | 1,527 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (56) | (200) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other bond securities | Obligations of states, municipalities and political subdivisions | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 0 | |||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 0 | |||||
Other Comprehensive Income (Loss) | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 1 | |||||
Gross Transfers In | 0 | |||||
Gross Transfers Out | 0 | |||||
Other | 0 | |||||
Fair Value End of Period | 1 | 0 | 1 | 0 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | |||||
Other bond securities | Corporate debt | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 416 | 134 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (14) | (5) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 158 | ||||
Gross Transfers In | 0 | 334 | ||||
Gross Transfers Out | (191) | (205) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 211 | 416 | 211 | 416 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (15) | (2) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other bond securities | RMBS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 173 | 196 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 9 | (39) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (24) | 16 | ||||
Gross Transfers In | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 158 | 173 | 158 | 173 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (5) | (38) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other bond securities | CMBS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 28 | 35 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (4) | (6) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | (7) | (1) | ||||
Gross Transfers In | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 17 | 28 | 17 | 28 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | (4) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other bond securities | CLO/ABS | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 910 | 2,332 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 68 | (233) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 153 | (1,182) | ||||
Gross Transfers In | 5 | 77 | ||||
Gross Transfers Out | (47) | (84) | ||||
Other | 80 | 0 | ||||
Fair Value End of Period | 1,169 | 910 | 1,169 | 910 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (36) | (156) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Equity securities | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 39 | 6 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 1 | (1) | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 27 | 27 | ||||
Gross Transfers In | 10 | 16 | ||||
Gross Transfers Out | (20) | (9) | ||||
Other | (1) | 0 | ||||
Fair Value End of Period | 56 | 39 | 56 | 39 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 1 | (1) | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other invested assets | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 2,075 | 1,948 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | (150) | 338 | ||||
Other Comprehensive Income (Loss) | 11 | (22) | ||||
Purchases, Sales, Issuances and Settlements, Net | 90 | (26) | ||||
Gross Transfers In | 44 | 47 | ||||
Gross Transfers Out | 0 | (210) | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | 2,070 | 2,075 | 2,070 | 2,075 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (151) | 355 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | ||||
Other assets | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Fair Value Beginning of Period | 107 | 114 | ||||
MRBs and Net Realized and Unrealized Gains (Losses) Included in Income | 0 | 0 | ||||
Other Comprehensive Income (Loss) | 0 | 0 | ||||
Purchases, Sales, Issuances and Settlements, Net | 136 | (7) | ||||
Gross Transfers In | 0 | 0 | ||||
Gross Transfers Out | 0 | 0 | ||||
Other | 0 | 0 | ||||
Fair Value End of Period | $ 243 | $ 107 | 243 | 107 | ||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | ||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | $ 0 | $ 0 |
Fair Value Measurements - Cha_2
Fair Value Measurements - Changes in level 3 recurring fair value measurements, liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Liabilities: | |||||||
Fair Value Beginning of Period | $ 5,607 | $ 2,648 | $ 5,607 | $ 2,648 | $ 11,066 | ||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 3,529 | (8,154) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (570) | (156) | |||||
Gross Transfers In | (81) | ||||||
Other | 0 | (32) | |||||
Fair Value End of Period | $ 5,607 | $ 2,648 | 5,607 | 2,648 | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (1,023) | 8,950 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Gross Transfers Out | $ 0 | ||||||
Gross Transfers Out | $ 5 | ||||||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | |||||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | Other comprehensive loss | |||
Market risk benefit liabilities, at fair value | $ 5,705 | $ 4,736 | $ 5,705 | $ 4,736 | $ 8,739 | $ 8,739 | |
Recurring Basis | |||||||
Derivative liabilities, net: | |||||||
Market risk benefit liabilities, at fair value | 5,705 | 4,736 | 5,705 | 4,736 | |||
Level 3 | Recurring Basis | |||||||
Derivative liabilities, net: | |||||||
Market risk benefit liabilities, at fair value | $ 5,705 | $ 4,736 | $ 5,705 | $ 4,736 | |||
Net realized gains/(losses) | |||||||
Derivative liabilities, net: | |||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) | |||
Policyholder contract deposits | |||||||
Liabilities: | |||||||
Fair Value Beginning of Period | $ 7,942 | $ 5,367 | $ 7,942 | $ 5,367 | 5,572 | ||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 1,464 | (1,107) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 1,111 | 902 | |||||
Gross Transfers In | 0 | 0 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | 7,942 | 5,367 | 7,942 | 5,367 | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (733) | 1,363 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Gross Transfers Out | 0 | 0 | |||||
Derivative liabilities, net | |||||||
Liabilities: | |||||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 48 | 434 | |||||
Purchases, Sales, Issuances and Settlements, Net | (683) | (494) | |||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 582 | (142) | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | (596) | (428) | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 48 | 434 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (683) | (494) | |||||
Gross Transfers In | 0 | (81) | |||||
Gross Transfers Out | 0 | 5 | |||||
Other | 0 | (32) | |||||
Fair Value End of Period | (1,231) | (596) | (1,231) | (596) | |||
Interest rate contracts | |||||||
Liabilities: | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 82 | 71 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | (311) | 0 | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 11 | 9 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (160) | (245) | |||||
Gross Transfers In | 0 | (81) | |||||
Gross Transfers Out | 0 | 6 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | (460) | (311) | (460) | (311) | |||
Foreign exchange contracts | |||||||
Liabilities: | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (2) | (1) | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | 0 | (1) | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 2 | 0 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 1 | |||||
Gross Transfers In | 0 | 0 | |||||
Gross Transfers Out | 0 | 0 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | 2 | 0 | 2 | 0 | |||
Equity contracts | |||||||
Liabilities: | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 438 | (246) | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | (271) | (444) | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 99 | 487 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (590) | (313) | |||||
Gross Transfers In | 0 | 0 | |||||
Gross Transfers Out | 0 | (1) | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | (762) | (271) | (762) | (271) | |||
Credit contracts | |||||||
Liabilities: | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (31) | ||||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | ||||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | 0 | 30 | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 3 | ||||||
Other Comprehensive Income (Loss) | 0 | ||||||
Purchases, Sales, Issuances and Settlements, Net | (1) | ||||||
Gross Transfers In | 0 | ||||||
Gross Transfers Out | 0 | ||||||
Other | (32) | ||||||
Fair Value End of Period | 0 | 0 | |||||
Other contracts | |||||||
Liabilities: | |||||||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 64 | 65 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Fair Value Beginning of Period | (14) | (13) | |||||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | (64) | (65) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 67 | 64 | |||||
Gross Transfers In | 0 | 0 | |||||
Gross Transfers Out | 0 | 0 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | (11) | (14) | (11) | (14) | |||
Fortitude Re funds withheld payable | |||||||
Liabilities: | |||||||
Fair Value Beginning of Period | (1,226) | (2,235) | (1,226) | (2,235) | 5,922 | ||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 2,007 | (7,481) | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | (998) | (676) | |||||
Gross Transfers In | 0 | 0 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | (1,226) | (2,235) | (1,226) | (2,235) | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | (872) | 7,729 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Gross Transfers Out | 0 | 0 | |||||
Other Liabilities | |||||||
Liabilities: | |||||||
Fair Value Beginning of Period | 122 | 112 | 122 | 112 | $ 0 | ||
MRBs and Net Realized and Unrealized (Gains) Losses Included in Income | 10 | 0 | |||||
Other Comprehensive Income (Loss) | 0 | 0 | |||||
Purchases, Sales, Issuances and Settlements, Net | 0 | 112 | |||||
Gross Transfers In | 0 | 0 | |||||
Other | 0 | 0 | |||||
Fair Value End of Period | $ 122 | $ 112 | 122 | 112 | |||
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period | 0 | 0 | |||||
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period | 0 | 0 | |||||
Derivative liabilities, net: | |||||||
Gross Transfers Out | $ 0 | $ 0 |
Fair Value Measurements - Net r
Fair Value Measurements - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ 440 | $ 666 | ||
Net realized gains (losses), liabilities | $ 3,529 | $ (8,154) | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | Revenues | Revenues |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | ||
Policyholder contract deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | $ 1,464 | $ (1,107) | ||
Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (1,128) | (2,344) | ||
Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 48 | 434 | ||
Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 2,007 | (7,481) | ||
Other Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 10 | 0 | ||
Bonds available for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 530 | 612 | ||
Other bond securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 59 | (283) | ||
Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 1 | (1) | ||
Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ (150) | $ 338 | ||
Net investment income - excluding Fortitude Re funds withheld assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income | Net Investment Income |
Net investment income - excluding Fortitude Re funds withheld assets | Policyholder contract deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | $ 0 | $ 0 | ||
Net investment income - excluding Fortitude Re funds withheld assets | Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Net investment income - excluding Fortitude Re funds withheld assets | Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Net investment income - excluding Fortitude Re funds withheld assets | Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Net investment income - excluding Fortitude Re funds withheld assets | Bonds available for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 592 | 694 | ||
Net investment income - excluding Fortitude Re funds withheld assets | Other bond securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 59 | (283) | ||
Net investment income - excluding Fortitude Re funds withheld assets | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 1 | (1) | ||
Net investment income - excluding Fortitude Re funds withheld assets | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (146) | 346 | ||
Net realized gains/(losses) | Policyholder contract deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 1,464 | (1,107) | ||
Net realized gains/(losses) | Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (3) | 0 | ||
Net realized gains/(losses) | Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 70 | 520 | ||
Net realized gains/(losses) | Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 2,007 | (7,481) | ||
Net realized gains/(losses) | Other Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 10 | |||
Net realized gains/(losses) | Bonds available for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | (62) | (82) | ||
Net realized gains/(losses) | Other bond securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Net realized gains/(losses) | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ (4) | $ (8) | ||
Change in the fair value of market risk benefits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Change in the fair value of market risk benefits, net | Change in the fair value of market risk benefits, net | Change in the fair value of market risk benefits, net | Change in the fair value of market risk benefits, net |
Change in the fair value of market risk benefits | Policyholder contract deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | $ 0 | $ 0 | ||
Change in the fair value of market risk benefits | Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (1,125) | (2,344) | ||
Change in the fair value of market risk benefits | Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 40 | (25) | ||
Change in the fair value of market risk benefits | Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Change in the fair value of market risk benefits | Other Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | |||
Change in the fair value of market risk benefits | Bonds available for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Change in the fair value of market risk benefits | Other bond securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Change in the fair value of market risk benefits | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Change in the fair value of market risk benefits | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Other Income | Policyholder contract deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Other Income | Market Risk Benefit Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Other Income | Derivative liabilities, net | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | (62) | (61) | ||
Other Income | Fortitude Re funds withheld payable | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | 0 | ||
Other Income | Other Liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), liabilities | 0 | |||
Other Income | Bonds available for sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Other Income | Other bond securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Other Income | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | 0 | 0 | ||
Other Income | Other invested assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized gains (losses), assets | $ 0 | $ 0 |
Fair Value Measurements - Gross
Fair Value Measurements - Gross components of purchases, sales, issuances and settlements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Assets: | ||
Purchases | $ 5,122,000,000 | $ 5,937,000,000 |
Sales | (659,000,000) | (1,806,000,000) |
Issuances and Settlements | (2,955,000,000) | (3,442,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 1,508,000,000 | 689,000,000 |
Liabilities: | ||
Purchases | (1,156,000,000) | (687,000,000) |
Sales | 1,456,000,000 | 935,000,000 |
Issuances and Settlements | (870,000,000) | (404,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (570,000,000) | (156,000,000) |
Issuances, assets | 0 | 0 |
Issuances, liabilities | 0 | 0 |
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period | 25,000,000 | (128,000,000) |
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. | (34,000,000) | (129,000,000) |
Policyholder contract deposits | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 1,428,000,000 | 923,000,000 |
Issuances and Settlements | (317,000,000) | (21,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 1,111,000,000 | 902,000,000 |
Derivative liabilities, net | ||
Liabilities: | ||
Purchases | (1,156,000,000) | (687,000,000) |
Sales | 28,000,000 | 12,000,000 |
Issuances and Settlements | 445,000,000 | 181,000,000 |
Purchases, Sales, Issuances and Settlements, Net | (683,000,000) | (494,000,000) |
Fortitude Re funds withheld payable | ||
Liabilities: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances and Settlements | (998,000,000) | (676,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (998,000,000) | (676,000,000) |
Other Liabilities | ||
Liabilities: | ||
Issuances and Settlements | 112,000,000 | |
Purchases, Sales, Issuances and Settlements, Net | 0 | 112,000,000 |
Bonds available for sale | ||
Assets: | ||
Purchases | 4,215,000,000 | 4,390,000,000 |
Sales | (628,000,000) | (269,000,000) |
Issuances and Settlements | (2,455,000,000) | (2,417,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 1,132,000,000 | 1,704,000,000 |
Bonds available for sale | Obligations of states, municipalities and political subdivisions | ||
Assets: | ||
Purchases | 1,000,000 | 6,000,000 |
Sales | (27,000,000) | (72,000,000) |
Issuances and Settlements | (5,000,000) | (38,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (31,000,000) | (104,000,000) |
Bonds available for sale | Corporate debt | ||
Assets: | ||
Purchases | 229,000,000 | 143,000,000 |
Sales | (34,000,000) | (79,000,000) |
Issuances and Settlements | (790,000,000) | (151,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (595,000,000) | (87,000,000) |
Bonds available for sale | RMBS | ||
Assets: | ||
Purchases | 935,000,000 | 391,000,000 |
Sales | (67,000,000) | (76,000,000) |
Issuances and Settlements | (1,117,000,000) | (1,826,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (249,000,000) | (1,511,000,000) |
Bonds available for sale | CMBS | ||
Assets: | ||
Purchases | 10,000,000 | 195,000,000 |
Sales | (50,000,000) | (17,000,000) |
Issuances and Settlements | (18,000,000) | (41,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (58,000,000) | 137,000,000 |
Bonds available for sale | CLO/ABS | ||
Assets: | ||
Purchases | 3,040,000,000 | 3,655,000,000 |
Sales | (450,000,000) | (25,000,000) |
Issuances and Settlements | (520,000,000) | (351,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 2,070,000,000 | 3,279,000,000 |
Bonds available for sale | Non-U.S. governments | ||
Assets: | ||
Purchases | 0 | 0 |
Sales | 0 | 0 |
Issuances and Settlements | (5,000,000) | (10,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (5,000,000) | (10,000,000) |
Other bond securities | ||
Assets: | ||
Purchases | 482,000,000 | 838,000,000 |
Sales | (29,000,000) | (1,536,000,000) |
Issuances and Settlements | (330,000,000) | (311,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 123,000,000 | (1,009,000,000) |
Other bond securities | Obligations of states, municipalities and political subdivisions | ||
Assets: | ||
Purchases | 3,000,000 | |
Sales | (2,000,000) | |
Issuances and Settlements | 0 | |
Purchases, Sales, Issuances and Settlements, Net | 1,000,000 | |
Other bond securities | Corporate debt | ||
Assets: | ||
Purchases | 204,000,000 | 26,000,000 |
Sales | 0 | 0 |
Issuances and Settlements | (204,000,000) | 132,000,000 |
Purchases, Sales, Issuances and Settlements, Net | 0 | 158,000,000 |
Other bond securities | RMBS | ||
Assets: | ||
Purchases | 6,000,000 | 62,000,000 |
Sales | 0 | (5,000,000) |
Issuances and Settlements | (30,000,000) | (41,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (24,000,000) | 16,000,000 |
Other bond securities | CMBS | ||
Assets: | ||
Sales | (7,000,000) | (1,000,000) |
Purchases, Sales, Issuances and Settlements, Net | (7,000,000) | (1,000,000) |
Other bond securities | CLO/ABS | ||
Assets: | ||
Purchases | 269,000,000 | 750,000,000 |
Sales | (20,000,000) | (1,530,000,000) |
Issuances and Settlements | (96,000,000) | (402,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 153,000,000 | (1,182,000,000) |
Equity securities | ||
Assets: | ||
Purchases | 32,000,000 | 27,000,000 |
Sales | (2,000,000) | (1,000,000) |
Issuances and Settlements | (3,000,000) | 1,000,000 |
Purchases, Sales, Issuances and Settlements, Net | 27,000,000 | 27,000,000 |
Other invested assets | ||
Assets: | ||
Purchases | 263,000,000 | 682,000,000 |
Sales | 0 | 0 |
Issuances and Settlements | (173,000,000) | (708,000,000) |
Purchases, Sales, Issuances and Settlements, Net | 90,000,000 | (26,000,000) |
Other assets | ||
Assets: | ||
Purchases | 130,000,000 | 0 |
Sales | 0 | 0 |
Issuances and Settlements | 6,000,000 | (7,000,000) |
Purchases, Sales, Issuances and Settlements, Net | $ 136,000,000 | $ (7,000,000) |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2021 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | [1] | $ 231,733 | $ 226,156 | |
Embedded derivatives within Policyholder contract deposits | 8,000 | 5,400 | ||
Policyholder contract deposits | 161,979 | 155,984 | $ 148,223 | |
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | 1,500 | 1,100 | ||
Policyholder contract deposits | 1,500 | 1,100 | ||
Obligations of states, municipalities and political subdivisions | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 10,663 | $ 12,099 | ||
Obligations of states, municipalities and political subdivisions | Minimum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0497 | 0.0528 | ||
Obligations of states, municipalities and political subdivisions | Maximum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0531 | 0.0594 | ||
Obligations of states, municipalities and political subdivisions | Weighted-average | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0514 | 0.0561 | ||
Obligations of states, municipalities and political subdivisions | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 824 | $ 799 | ||
Corporate debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 138,432 | $ 137,839 | ||
Corporate debt | Minimum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0519 | 0.0498 | ||
Corporate debt | Maximum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0848 | 0.0936 | ||
Corporate debt | Weighted-average | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0683 | 0.0717 | ||
Corporate debt | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 1,803 | $ 2,527 | ||
RMBS | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 20,444 | $ 18,817 | ||
RMBS | Minimum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0613 | 0.0598 | ||
RMBS | Minimum | Constant prepayment rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0434 | 0.0489 | ||
RMBS | Minimum | Loss severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.3356 | 0.4506 | ||
RMBS | Minimum | Constant default rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0076 | 0.0082 | ||
RMBS | Maximum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0741 | 0.0775 | ||
RMBS | Maximum | Constant prepayment rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0999 | 0.1049 | ||
RMBS | Maximum | Loss severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.8759 | 0.7687 | ||
RMBS | Maximum | Constant default rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0256 | 0.0272 | ||
RMBS | Weighted-average | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0677 | 0.0687 | ||
RMBS | Weighted-average | Constant prepayment rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0717 | 0.0769 | ||
RMBS | Weighted-average | Loss severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.6057 | 0.6097 | ||
RMBS | Weighted-average | Constant default rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0166 | 0.0177 | ||
RMBS | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 4,656 | $ 5,235 | ||
CLO/ABS | Minimum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0562 | 0.0600 | ||
CLO/ABS | Maximum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0789 | 0.0797 | ||
CLO/ABS | Weighted-average | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0676 | 0.0699 | ||
CLO/ABS | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 14,242 | $ 7,503 | ||
CMBS | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 14,128 | $ 14,193 | ||
CMBS | Minimum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0562 | 0.0406 | ||
CMBS | Maximum | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.1785 | 0.1314 | ||
CMBS | Weighted-average | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.1173 | 0.0860 | ||
CMBS | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 587 | $ 587 | ||
Market risk benefit assets | Minimum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0625 | 0.0645 | ||
Market risk benefit assets | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0016 | 0.0016 | ||
Market risk benefit assets | Minimum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.2000 | 0.2000 | ||
Market risk benefit assets | Minimum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.3825 | 0.3825 | ||
Market risk benefit assets | Minimum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.8000 | 0.8000 | ||
Market risk benefit assets | Minimum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0 | 0 | ||
Market risk benefit assets | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0 | 0 | ||
Market risk benefit assets | Maximum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.4975 | 0.5075 | ||
Market risk benefit assets | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.2880 | 0.2880 | ||
Market risk benefit assets | Maximum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 1.8618 | 1.8618 | ||
Market risk benefit assets | Maximum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 1.6001 | 1.6001 | ||
Market risk benefit assets | Maximum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 1 | 1 | ||
Market risk benefit assets | Maximum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.3000 | 0.3000 | ||
Market risk benefit assets | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative asset, measurement input | 0.0229 | 0.0203 | ||
Market risk benefit assets | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Bonds available for sale | $ 912 | $ 796 | ||
Variable annuities guaranteed benefits | Minimum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0625 | 0.0645 | ||
Variable annuities guaranteed benefits | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0016 | 0.0016 | ||
Variable annuities guaranteed benefits | Minimum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | ||
Variable annuities guaranteed benefits | Minimum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.3825 | 0.3825 | ||
Variable annuities guaranteed benefits | Minimum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.8000 | 0.8000 | ||
Variable annuities guaranteed benefits | Minimum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Variable annuities guaranteed benefits | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Variable annuities guaranteed benefits | Maximum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.4975 | 0.5075 | ||
Variable annuities guaranteed benefits | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2880 | 0.2880 | ||
Variable annuities guaranteed benefits | Maximum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.8618 | 1.8618 | ||
Variable annuities guaranteed benefits | Maximum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.6001 | 1.6001 | ||
Variable annuities guaranteed benefits | Maximum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1 | 1 | ||
Variable annuities guaranteed benefits | Maximum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | ||
Variable annuities guaranteed benefits | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0229 | 0.0203 | ||
Variable annuities guaranteed benefits | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | $ 2,174 | $ 2,358 | ||
Fixed annuities guaranteed benefits | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0020 | 0.0020 | ||
Fixed annuities guaranteed benefits | Minimum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | ||
Fixed annuities guaranteed benefits | Minimum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.4026 | 0.4026 | ||
Fixed annuities guaranteed benefits | Minimum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.9000 | 0.9000 | ||
Fixed annuities guaranteed benefits | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Fixed annuities guaranteed benefits | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.1575 | 0.1575 | ||
Fixed annuities guaranteed benefits | Maximum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.8618 | 1.8616 | ||
Fixed annuities guaranteed benefits | Maximum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.6843 | 1.6843 | ||
Fixed annuities guaranteed benefits | Maximum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.9750 | 0.9750 | ||
Fixed annuities guaranteed benefits | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0229 | 0.0203 | ||
Fixed annuities guaranteed benefits | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | $ 1,111 | $ 680 | ||
Fixed index annuities guaranteed benefits | Minimum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0625 | 0.0645 | ||
Fixed index annuities guaranteed benefits | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0020 | 0.0020 | ||
Fixed index annuities guaranteed benefits | Minimum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | ||
Fixed index annuities guaranteed benefits | Minimum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2400 | 0.2400 | ||
Fixed index annuities guaranteed benefits | Minimum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.6000 | 0.6000 | ||
Fixed index annuities guaranteed benefits | Minimum | Option budget | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Fixed index annuities guaranteed benefits | Minimum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Fixed index annuities guaranteed benefits | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Fixed index annuities guaranteed benefits | Maximum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.4975 | 0.5075 | ||
Fixed index annuities guaranteed benefits | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.5000 | 0.5000 | ||
Fixed index annuities guaranteed benefits | Maximum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.8618 | 1.8618 | ||
Fixed index annuities guaranteed benefits | Maximum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.4600 | 1.8000 | ||
Fixed index annuities guaranteed benefits | Maximum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.9750 | 0.9750 | ||
Fixed index annuities guaranteed benefits | Maximum | Option budget | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0600 | 0.0500 | ||
Fixed index annuities guaranteed benefits | Maximum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | ||
Fixed index annuities guaranteed benefits | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0229 | 0.0203 | ||
Fixed index annuities guaranteed benefits | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | $ 2,420 | $ 1,698 | ||
Index Credits On Fixed Index Annuities | Minimum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0625 | 0.0645 | ||
Index Credits On Fixed Index Annuities | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0020 | 0.0020 | ||
Index Credits On Fixed Index Annuities | Minimum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2000 | 0.2000 | ||
Index Credits On Fixed Index Annuities | Minimum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2400 | 0.2400 | ||
Index Credits On Fixed Index Annuities | Minimum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.6000 | 0.6000 | ||
Index Credits On Fixed Index Annuities | Minimum | Option budget | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index Credits On Fixed Index Annuities | Minimum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index Credits On Fixed Index Annuities | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index Credits On Fixed Index Annuities | Maximum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.4975 | 0.5075 | ||
Index Credits On Fixed Index Annuities | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.5000 | 0.5000 | ||
Index Credits On Fixed Index Annuities | Maximum | Dynamic lapse multiplier(e) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.8618 | 1.8618 | ||
Index Credits On Fixed Index Annuities | Maximum | Mortality multiplier | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1.4600 | 1.8000 | ||
Index Credits On Fixed Index Annuities | Maximum | Utilization(h) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.9750 | 0.9750 | ||
Index Credits On Fixed Index Annuities | Maximum | Option budget | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0600 | 0.0500 | ||
Index Credits On Fixed Index Annuities | Maximum | Equity / interest rate correlation | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.3000 | 0.3000 | ||
Index Credits On Fixed Index Annuities | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0229 | 0.0203 | ||
Index Credits On Fixed Index Annuities | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | $ 6,953 | $ 4,657 | ||
Index life | Minimum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0585 | 0.0575 | ||
Index life | Minimum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index life | Minimum | Mortality rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index life | Minimum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0 | 0 | ||
Index life | Maximum | Equity volatility | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.2036 | 0.2363 | ||
Index life | Maximum | Base lapse rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.3797 | 0.3797 | ||
Index life | Maximum | Mortality rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 1 | 1 | ||
Index life | Maximum | NPA | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivative liability, measurement input | 0.0229 | 0.0203 | ||
Index life | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Embedded derivatives within Policyholder contract deposits | $ 989 | $ 710 | ||
[1] See Note 10 for details of balances associated with variable interest entities. |
Fair Value Measurements - Inves
Fair Value Measurements - Investments in certain other invested assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | $ 11,320 | $ 11,809 |
Private Equity Funds and Hedge Funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 9,508 | 9,822 |
Unfunded Commitments | 3,748 | 4,064 |
Private equity funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 8,798 | 8,428 |
Unfunded Commitments | $ 3,748 | 4,064 |
Average original expected lives (in years) | 10 years | |
Private equity funds | Minimum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 1 year | |
Private equity funds | Maximum | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Extension period (in years) | 2 years | |
Leveraged buyout | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | $ 3,617 | 3,146 |
Unfunded Commitments | 2,313 | 2,448 |
Real assets | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 1,814 | 1,851 |
Unfunded Commitments | 782 | 840 |
Venture capital | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 270 | 272 |
Unfunded Commitments | 141 | 183 |
Growth equity | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 680 | 732 |
Unfunded Commitments | 117 | 60 |
Mezzanine | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 292 | 598 |
Unfunded Commitments | 98 | 142 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 2,125 | 1,829 |
Unfunded Commitments | 297 | 391 |
Hedge funds | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 710 | 1,394 |
Unfunded Commitments | 0 | 0 |
Event-driven | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 18 | 92 |
Unfunded Commitments | 0 | 0 |
Long-short | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 549 | 696 |
Unfunded Commitments | 0 | 0 |
Macro | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 69 | 414 |
Unfunded Commitments | 0 | 0 |
Other | ||
INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE | ||
Fair Value Using NAV Per Share (or its equivalent) | 74 | 192 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Measurements - Gains
Fair Value Measurements - Gains or losses recorded related to fair value option (Details) - Fair Value Option - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | $ 719 | $ (373) | $ 1,704 |
Other bond securities | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | 382 | (822) | (12) |
Alternative investments | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | 334 | 224 | 1,650 |
Long-term debt | |||
Fair Value, Option, Quantitative Disclosures | |||
Fair value option gain (loss) | $ 3 | $ 225 | $ 66 |
Fair Value Measurements - Diffe
Fair Value Measurements - Difference between fair values fair value option (Details) - Fair Value Option - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair Value | $ 53 | $ 56 |
Outstanding Principal Amount | 44 | 45 |
Difference | $ 9 | $ 11 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets measured at fair value on a non-recurring basis and related impairment charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | [1] | $ 16,217 | $ 15,953 | |
Impairment Charges | 90 | 26 | $ 46 | |
Fair value on a non-recurring basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 80 | 12 | ||
Other assets | 0 | |||
Total(d) | 80 | 12 | ||
Impairment Charges | 134 | 26 | 73 | |
Fair value on a non-recurring basis | Other investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 13 | 25 | 6 | |
Fair value on a non-recurring basis | Asset Class to Loans Held For Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total(d) | 163 | |||
Fair value on a non-recurring basis | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment Charges | 121 | 1 | $ 67 | |
Fair value on a non-recurring basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 0 | 0 | ||
Other assets | 0 | |||
Total(d) | 0 | 0 | ||
Fair value on a non-recurring basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 0 | 0 | ||
Other assets | 0 | |||
Total(d) | 0 | 0 | ||
Fair value on a non-recurring basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other invested assets | 80 | 12 | ||
Other assets | 0 | |||
Total(d) | $ 80 | $ 12 | ||
[1] See Note 10 for details of balances associated with variable interest entities. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying values and estimated fair values of our financial instruments not measured at fair value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||
Assets: | |||||||
Mortgage and other loans receivable | [1] | $ 51,553 | $ 49,605 | ||||
Other invested assets | [1] | 16,217 | 15,953 | ||||
Short-term investments | [1] | 17,200 | 12,376 | ||||
Cash | 2,155 | [1] | 2,043 | [1] | $ 2,198 | ||
Other assets | 13,089 | [1] | 12,384 | [1] | $ 13,520 | ||
Liabilities: | |||||||
Fortitude Re funds withheld payable | 29,484 | 30,383 | |||||
Other liabilities(c) | 25,958 | [1] | 26,757 | [1] | $ 27,520 | ||
Short-term and long-term debt | 22,387 | 27,179 | |||||
Assets held for sale | 2,268 | 0 | |||||
Liabilities held for sale | 1,775 | 0 | |||||
Assets held-for-sale | |||||||
Liabilities: | |||||||
Assets held for sale | 2,268 | ||||||
Liabilities held for sale | 1,775 | ||||||
Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 48,536 | 45,844 | |||||
Other invested assets | 919 | 854 | |||||
Short-term investments | 6,428 | 6,668 | |||||
Cash | 2,155 | 2,043 | |||||
Other assets | 45 | 33 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 130,184 | 129,293 | |||||
Fortitude Re funds withheld payable | 30,710 | 32,618 | |||||
Other liabilities(c) | 2,467 | 3,101 | |||||
Separate account liabilities - investment contracts | 87,215 | 80,649 | |||||
Carrying Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 51,553 | 49,442 | |||||
Other invested assets | 919 | 854 | |||||
Short-term investments | 6,428 | 6,668 | |||||
Cash | 2,155 | 2,043 | |||||
Other assets | 45 | 33 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 140,652 | 137,086 | |||||
Fortitude Re funds withheld payable | 30,710 | 32,618 | |||||
Other liabilities(c) | 2,467 | 3,101 | |||||
Separate account liabilities - investment contracts | 87,215 | 80,649 | |||||
Carrying Value | Assets held-for-sale | |||||||
Assets: | |||||||
Short-term investments | 11 | ||||||
Cash | 3 | ||||||
Liabilities: | |||||||
Other liabilities(c) | 45 | ||||||
Level 1 | Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 0 | 0 | |||||
Other invested assets | 0 | 0 | |||||
Short-term investments | 0 | 0 | |||||
Cash | 2,155 | 2,043 | |||||
Other assets | 45 | 24 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 0 | 0 | |||||
Fortitude Re funds withheld payable | 0 | 0 | |||||
Other liabilities(c) | 0 | 0 | |||||
Separate account liabilities - investment contracts | 0 | 0 | |||||
Level 2 | Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 272 | 89 | |||||
Other invested assets | 913 | 848 | |||||
Short-term investments | 6,428 | 6,668 | |||||
Cash | 0 | 0 | |||||
Other assets | 0 | 9 | |||||
Liabilities: | |||||||
Policyholder contract deposits associated with investment-type contracts | 90 | 119 | |||||
Fortitude Re funds withheld payable | 0 | 0 | |||||
Other liabilities(c) | 2,467 | 3,101 | |||||
Separate account liabilities - investment contracts | 87,215 | 80,649 | |||||
Level 3 | Estimated Fair Value | |||||||
Assets: | |||||||
Mortgage and other loans receivable | 48,264 | 45,755 | |||||
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 | 130,094 | 129,174 | |||||
Fortitude Re funds withheld payable | 30,710 | 32,618 | |||||
Other liabilities(c) | 0 | 0 | |||||
Separate account liabilities - investment contracts | $ 0 | $ 0 | |||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Amortized cost or
Investments - Amortized cost or cost and fair value of available for sale securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | $ 253,035 | $ 255,993 | |||
Allowance for credit losses | (162) | (186) | $ (98) | $ (186) | |
Gross Unrealized Gains | 3,261 | 2,222 | |||
Gross Unrealized Losses | (24,401) | (31,873) | |||
Bonds available for sale | [1] | 231,733 | 226,156 | ||
Non-Investment Grade | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Bonds available for sale | $ 17,100 | $ 22,300 | |||
Non-Investment Grade | Credit Concentration Risk | Bonds available for sale | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Concentration risk (as a percent) | 7% | 10% | |||
U.S. government and government sponsored entities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | $ 5,885 | $ 7,094 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 58 | 21 | |||
Gross Unrealized Losses | (327) | (496) | |||
Bonds available for sale | 5,616 | 6,619 | |||
Obligations of states, municipalities and political subdivisions | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 11,387 | 13,195 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 118 | 99 | |||
Gross Unrealized Losses | (842) | (1,195) | |||
Bonds available for sale | 10,663 | 12,099 | |||
Non-U.S. governments | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 13,668 | 15,133 | |||
Allowance for credit losses | (3) | (6) | |||
Gross Unrealized Gains | 137 | 91 | |||
Gross Unrealized Losses | (1,349) | (1,733) | |||
Bonds available for sale | 12,453 | 13,485 | |||
Corporate debt | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 154,674 | 160,242 | |||
Allowance for credit losses | (90) | (132) | |||
Gross Unrealized Gains | 1,898 | 1,152 | |||
Gross Unrealized Losses | (18,050) | (23,423) | |||
Bonds available for sale | 138,432 | 137,839 | |||
Mortgage-backed, asset-backed and collateralized | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 67,421 | 60,329 | |||
Allowance for credit losses | (69) | (48) | |||
Gross Unrealized Gains | 1,050 | 859 | |||
Gross Unrealized Losses | (3,833) | (5,026) | |||
Bonds available for sale | 64,569 | 56,114 | |||
RMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 20,875 | 19,584 | |||
Allowance for credit losses | (35) | (37) | |||
Gross Unrealized Gains | 821 | 807 | |||
Gross Unrealized Losses | (1,217) | (1,537) | |||
Bonds available for sale | 20,444 | 18,817 | |||
CMBS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 15,379 | 15,610 | |||
Allowance for credit losses | (34) | (11) | |||
Gross Unrealized Gains | 46 | 14 | |||
Gross Unrealized Losses | (1,263) | (1,420) | |||
Bonds available for sale | 14,128 | 14,193 | |||
CLO/ABS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Amortized Cost | 31,167 | 25,135 | |||
Allowance for credit losses | 0 | 0 | |||
Gross Unrealized Gains | 183 | 38 | |||
Gross Unrealized Losses | (1,353) | (2,069) | |||
Bonds available for sale | $ 29,997 | $ 23,104 | |||
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Securities availa
Investments - Securities available for sale in a loss position (Details) $ in Millions | Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Fair Value | ||
Fair Value, Less than 12 Months | $ 34,407 | $ 173,000 |
Fair Value, 12 Months or More | 136,774 | 23,486 |
Fair Value, Total | 171,181 | 196,486 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 2,958 | 26,605 |
Gross Unrealized Losses, 12 Months or More | 21,333 | 5,132 |
Gross Unrealized Losses, Total | $ 24,291 | $ 31,737 |
Number of securities in an unrealized loss position | security | 27,930 | 36,549 |
Number of individual securities in continuous unrealized loss position for longer than twelve months | security | 22,663 | 4,048 |
U.S. government and government sponsored entities | ||
Fair Value | ||
Fair Value, Less than 12 Months | $ 1,046 | $ 3,493 |
Fair Value, 12 Months or More | 1,550 | 1,816 |
Fair Value, Total | 2,596 | 5,309 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 12 | 368 |
Gross Unrealized Losses, 12 Months or More | 315 | 128 |
Gross Unrealized Losses, Total | 327 | 496 |
Obligations of states, municipalities and political subdivisions | ||
Fair Value | ||
Fair Value, Less than 12 Months | 1,994 | 8,697 |
Fair Value, 12 Months or More | 5,218 | 73 |
Fair Value, Total | 7,212 | 8,770 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 133 | 1,180 |
Gross Unrealized Losses, 12 Months or More | 709 | 15 |
Gross Unrealized Losses, Total | 842 | 1,195 |
Non-U.S. governments | ||
Fair Value | ||
Fair Value, Less than 12 Months | 1,901 | 10,702 |
Fair Value, 12 Months or More | 7,483 | 779 |
Fair Value, Total | 9,384 | 11,481 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 168 | 1,526 |
Gross Unrealized Losses, 12 Months or More | 1,175 | 191 |
Gross Unrealized Losses, Total | 1,343 | 1,717 |
Corporate debt | ||
Fair Value | ||
Fair Value, Less than 12 Months | 15,483 | 110,683 |
Fair Value, 12 Months or More | 93,649 | 13,778 |
Fair Value, Total | 109,132 | 124,461 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 1,936 | 19,756 |
Gross Unrealized Losses, 12 Months or More | 16,076 | 3,609 |
Gross Unrealized Losses, Total | 18,012 | 23,365 |
RMBS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 4,154 | 10,953 |
Fair Value, 12 Months or More | 7,246 | 1,005 |
Fair Value, Total | 11,400 | 11,958 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 288 | 1,293 |
Gross Unrealized Losses, 12 Months or More | 880 | 182 |
Gross Unrealized Losses, Total | 1,168 | 1,475 |
CMBS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 2,864 | 11,620 |
Fair Value, 12 Months or More | 8,192 | 1,728 |
Fair Value, Total | 11,056 | 13,348 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 219 | 1,094 |
Gross Unrealized Losses, 12 Months or More | 1,027 | 326 |
Gross Unrealized Losses, Total | 1,246 | 1,420 |
CLO/ABS | ||
Fair Value | ||
Fair Value, Less than 12 Months | 6,965 | 16,852 |
Fair Value, 12 Months or More | 13,436 | 4,307 |
Fair Value, Total | 20,401 | 21,159 |
Gross Unrealized Losses | ||
Gross Unrealized Losses, Less than 12 Months | 202 | 1,388 |
Gross Unrealized Losses, 12 Months or More | 1,151 | 681 |
Gross Unrealized Losses, Total | $ 1,353 | $ 2,069 |
Investments - Amortized cost an
Investments - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortized Cost, Net of Allowance | |||
Due in one year or less | $ 7,963 | ||
Due after one year through five years | 47,489 | ||
Due after five years through ten years | 40,869 | ||
Due after ten years | 89,200 | ||
Mortgage-backed, asset-backed and collateralized | 67,352 | ||
Total | 252,873 | ||
Fair Value | |||
Due in one year or less | 7,860 | ||
Due after one year through five years | 46,165 | ||
Due after five years through ten years | 38,202 | ||
Due after ten years | 74,937 | ||
Mortgage-backed, asset-backed and collateralized | 64,569 | ||
Total | [1] | $ 231,733 | $ 226,156 |
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Gross realized ga
Investments - Gross realized gains and gross realized losses from sales or maturities of available for sale securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross Realized Gains | $ 267 | $ 446 | $ 1,369 |
Gross Realized Losses | 1,329 | 1,628 | 441 |
Aggregate fair value of available for sale securities sold | 23,600 | 20,500 | 27,300 |
Net Investment Income [Line Items] | |||
Net realized gains (losses) | (1,100) | (1,200) | 928 |
Fortitude RE Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Net realized gains (losses) | $ (133) | $ (311) | $ 717 |
Investments - Value of other se
Investments - Value of other securities measured at fair value based on election of the fair value option (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | [1] | $ 5,241 | $ 4,485 |
Equity securities | [1] | 728 | 575 |
Fixed Maturities And Equity Securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Total | $ 5,969 | $ 5,060 | |
Fixed Maturities And Equity Securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 100% | 100% | |
Fixed maturity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 5,241 | $ 4,485 | |
Fixed maturity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 88% | 89% | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 91 | $ 111 | |
Fixed maturity securities | Obligations of states, municipalities and political subdivisions | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 2% | 2% | |
Fixed maturity securities | Non-U.S. governments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 37 | $ 66 | |
Fixed maturity securities | Non-U.S. governments | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 1% | 1% | |
Fixed maturity securities | Corporate debt | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 2,908 | $ 2,392 | |
Fixed maturity securities | Corporate debt | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 49% | 47% | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 2,205 | $ 1,916 | |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 36% | 39% | |
Fixed maturity securities | RMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 263 | $ 286 | |
Fixed maturity securities | RMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 4% | 6% | |
Fixed maturity securities | CMBS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 261 | $ 331 | |
Fixed maturity securities | CMBS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 4% | 7% | |
Fixed maturity securities | CLO/ABS | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Fair Value | $ 1,681 | $ 1,299 | |
Fixed maturity securities | CLO/ABS | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 28% | 26% | |
Equity securities | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 728 | $ 575 | |
Equity securities | Investment Concentration Risk | Investments | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Concentration risk (as a percent) | 12% | 11% | |
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Carrying amounts
Investments - Carrying amounts of other invested assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Investments [Line Items] | |||
Alternative investments | $ 11,320 | $ 11,809 | |
Investment real estate | 2,237 | 2,153 | |
All other investments | 2,660 | 1,991 | |
Other invested assets | [1] | 16,217 | 15,953 |
Accumulated depreciation on investment in real estate | 853 | 786 | |
Fortitude Re Funds Withheld Assets | |||
Investments [Line Items] | |||
Other invested assets | 156 | 156 | |
DaVinciRe Holdings Ltd | |||
Investments [Line Items] | |||
Other invested assets | 300 | ||
Hedge Funds | |||
Investments [Line Items] | |||
Other invested assets | 700 | 1,400 | |
Private equity funds | |||
Investments [Line Items] | |||
Alternative investments | 8,798 | 8,428 | |
Other invested assets | $ 10,600 | $ 10,400 | |
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Other Invested As
Investments - Other Invested Assets – Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||
Investments [Line Items] | |||||
Total revenues | $ 46,802 | $ 54,450 | $ 52,157 | ||
Net income | 3,643 | 10,227 | 10,367 | ||
Total assets | 539,306 | 522,228 | $ 598,841 | ||
Total liabilities | (488,005) | (478,774) | $ (532,906) | ||
Equity method investments | 5,500 | 6,000 | |||
Other invested assets | [1] | 16,217 | 15,953 | ||
DaVinciRe Holdings Ltd | |||||
Investments [Line Items] | |||||
Other invested assets | 300 | ||||
Equity Method Investee | |||||
Investments [Line Items] | |||||
Total revenues | 4,589 | 28,500 | 31,560 | ||
Total expenses | (2,212) | (2,789) | (2,241) | ||
Net income | 2,377 | 25,711 | $ 29,319 | ||
Total assets | 59,359 | 134,435 | |||
Total liabilities | $ (5,893) | $ (14,701) | |||
[1] See Note 10 for details of balances associated with variable interest entities. |
Investments - Components of net
Investments - Components of net investment income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 15,377 | $ 12,418 | $ 15,134 |
Investment expenses | 785 | 651 | 522 |
Net investment income | 14,592 | 11,767 | 14,612 |
Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 13,804 | 11,442 | 13,126 |
Investment expenses | 756 | 618 | 485 |
Net investment income | 13,048 | 10,824 | 12,641 |
Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 1,573 | 976 | 2,008 |
Investment expenses | 29 | 33 | 37 |
Net investment income | 1,544 | 943 | 1,971 |
Available for sale fixed maturity securities, including short-term investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 11,697 | 9,731 | 10,051 |
Available for sale fixed maturity securities, including short-term investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 10,780 | 8,664 | 8,583 |
Available for sale fixed maturity securities, including short-term investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 917 | 1,067 | 1,468 |
Other fixed maturity securities | |||
Net Investment Income [Line Items] | |||
Total investment income | 382 | (822) | (12) |
Gains/(losses) recognized in earnings on hedging derivatives | (195) | (49) | |
Other fixed maturity securities | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 43 | (363) | (19) |
Other fixed maturity securities | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 339 | (459) | 7 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Total investment income | 94 | (53) | (237) |
Equity securities | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 94 | (53) | (237) |
Equity securities | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Interest on mortgage and other loans | |||
Net Investment Income [Line Items] | |||
Total investment income | 2,687 | 2,162 | 1,952 |
Interest on mortgage and other loans | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 2,450 | 1,959 | 1,745 |
Interest on mortgage and other loans | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 237 | 203 | 207 |
Alternative investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 319 | 989 | 2,900 |
Alternative investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 233 | 819 | 2,579 |
Alternative investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 86 | 170 | 321 |
Real estate | |||
Net Investment Income [Line Items] | |||
Total investment income | 42 | 57 | 225 |
Real estate | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 42 | 57 | 225 |
Real estate | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 0 | 0 | 0 |
Other investments | |||
Net Investment Income [Line Items] | |||
Total investment income | 156 | 354 | 255 |
Gains/(losses) recognized in earnings on hedging derivatives | (9) | 186 | 65 |
Other investments | Excluding Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | 162 | 359 | 250 |
Other investments | Fortitude Re Funds Withheld Assets | |||
Net Investment Income [Line Items] | |||
Total investment income | $ (6) | $ (5) | $ 5 |
Investments - Components of n_2
Investments - Components of net realized gains (losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | $ (1,100) | $ (1,200) | $ 928 |
Change in allowance for credit losses on loans | 164 | ||
Net realized gains (losses) | (4,608) | 7,064 | 2,271 |
Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | (2,306) | 69 | 1,871 |
Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | (2,302) | 6,995 | 400 |
Excluding modified coinsurance and funds withheld embedded derivative | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (1,062) | (1,182) | 928 |
Intent to sell | 0 | (66) | 0 |
Change in allowance for credit losses on fixed maturity securities | (220) | (216) | 26 |
Foreign exchange transactions | 120 | (25) | 17 |
Index-linked interest credited embedded derivatives, net of related hedges | (784) | (119) | (5) |
All other derivatives and hedge accounting* | (479) | 1,096 | 288 |
Sales of alternative investments and real estate investments | 96 | 236 | 1,225 |
Other | (43) | (39) | 223 |
Net realized gains (losses) | (2,601) | (417) | 2,874 |
Excluding modified coinsurance and funds withheld embedded derivative | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (229) | (102) | 172 |
Excluding modified coinsurance and funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (929) | (871) | 211 |
Intent to sell | 0 | (66) | 0 |
Change in allowance for credit losses on fixed maturity securities | (211) | (184) | 19 |
Foreign exchange transactions | 101 | (20) | 22 |
Index-linked interest credited embedded derivatives, net of related hedges | (784) | (119) | (5) |
All other derivatives and hedge accounting* | (374) | 1,230 | 260 |
Sales of alternative investments and real estate investments | 98 | 193 | 988 |
Other | (40) | (39) | 213 |
Net realized gains (losses) | (2,306) | 69 | 1,871 |
Excluding modified coinsurance and funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (167) | (55) | 163 |
Excluding modified coinsurance and funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Sales of fixed maturity securities | (133) | (311) | 717 |
Intent to sell | 0 | 0 | |
Change in allowance for credit losses on fixed maturity securities | (9) | (32) | 7 |
Foreign exchange transactions | 19 | (5) | (5) |
Index-linked interest credited embedded derivatives, net of related hedges | 0 | 0 | 0 |
All other derivatives and hedge accounting* | (105) | (134) | 28 |
Sales of alternative investments and real estate investments | (2) | 43 | 237 |
Other | (3) | 0 | 10 |
Net realized gains (losses) | (295) | (486) | 1,003 |
Excluding modified coinsurance and funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | Loans Receivable | |||
Components of net realized capital gains (losses) | |||
Change in allowance for credit losses on loans | (62) | (47) | 9 |
Fortitude Re funds withheld embedded derivative | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | (2,007) | 7,481 | (603) |
Fortitude Re funds withheld embedded derivative | Excluding Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | 0 | 0 | 0 |
Fortitude Re funds withheld embedded derivative | Fortitude Re Funds Withheld Assets | |||
Components of net realized capital gains (losses) | |||
Net realized gains (losses) | $ (2,007) | $ 7,481 | $ (603) |
Investments - Schedule of chang
Investments - Schedule of changes in unrealized appreciation (depreciation) of available for sale securities and other investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | $ 8,440 | $ (47,766) | $ (9,255) |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | 583 | 302 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 143 | 73 | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | 440 | 229 | |
Continuing Operations, Excluding Held-For-Sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | 8,511 | (47,766) | |
Fixed maturity securities | Continuing Operations, Excluding Held-For-Sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | 8,511 | (47,741) | |
Other investments | Continuing Operations, Excluding Held-For-Sale | |||
Debt Securities, Available-for-sale [Line Items] | |||
Increase (decrease) in unrealized appreciation (depreciation) of investments | 0 | (25) | |
Equity securities | |||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | 94 | (53) | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | 163 | 96 | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | (69) | (149) | |
Other invested assets | |||
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | |||
Net gains (losses) recognized during the period on equity securities and other investments | 489 | 355 | |
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period | (20) | (23) | |
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date | $ 509 | $ 378 |
Investments - Rollforward of ch
Investments - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 186 | $ 98 | $ 186 |
Securities for which allowance for credit losses were not previously recorded | 199 | 307 | 65 |
Securities sold during the period | (40) | (95) | (33) |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis | 21 | (91) | (91) |
Write-offs charged against the allowance | (198) | (30) | (29) |
Other | (6) | (3) | |
Balance, end of year | 162 | 186 | 98 |
Structured | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 46 | 8 | 17 |
Securities for which allowance for credit losses were not previously recorded | 65 | 69 | 9 |
Securities sold during the period | (5) | (3) | (4) |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis | (10) | (27) | (14) |
Write-offs charged against the allowance | (30) | 0 | |
Other | 3 | (1) | |
Balance, end of year | 69 | 46 | 8 |
Non- Structured | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 140 | 90 | 169 |
Securities for which allowance for credit losses were not previously recorded | 134 | 238 | 56 |
Securities sold during the period | (35) | (92) | (29) |
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis | 31 | (64) | (77) |
Write-offs charged against the allowance | (168) | (30) | (29) |
Other | (9) | (2) | |
Balance, end of year | $ 93 | $ 140 | $ 90 |
Investments - Pledged investmen
Investments - Pledged investments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 14, 2022 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Fixed maturity securities available for sale | $ 2,723 | $ 2,968 | |
Amounts borrowed under repurchase and securities lending agreements | 2,600 | 3,100 | |
Securities pledged under repurchase agreements | 2,723 | 2,968 | |
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements | 16,500 | 13,600 | |
Bonds available for sale and short-term investments held in escrow | 164 | 301 | |
Securities collateral pledged to us | 1,200 | 0 | |
Carrying value of reverse repurchase agreements | 1,100 | ||
AIG Financial Products | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Loans | 37,600 | 37,600 | $ 37,600 |
Asset Pledged as Collateral | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Fixed maturity securities available for sale | 6,500 | 5,800 | |
Other bond securities, at fair value | 63 | 63 | |
Loans | 3,000 | 1,800 | |
Overnight and Continuous | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 38 | 0 | |
up to 30 days | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 2,685 | 2,391 | |
31 - 90 days | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 577 | |
91 - 364 days | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
365 days or greater | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 277 | 20 | |
Bonds available for sale | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 2,446 | 2,948 | |
Bonds available for sale | Overnight and Continuous | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | Overnight and Continuous | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 38 | 0 | |
Bonds available for sale | up to 30 days | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 277 | 20 | |
Bonds available for sale | up to 30 days | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 2,408 | 2,371 | |
Bonds available for sale | 31 - 90 days | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | 31 - 90 days | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 577 | |
Bonds available for sale | 91 - 364 days | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | 91 - 364 days | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | 365 days or greater | Non-U.S. governments | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
Bonds available for sale | 365 days or greater | Corporate debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Securities pledged under repurchase agreements | 0 | 0 | |
FHLBs | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Federal Home Loan Bank stock | $ 283 | $ 239 |
Lending Activities - Compositio
Lending Activities - Composition of mortgages and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Composition of Mortgages and other loans receivable | ||||||
Allowance for credit losses | $ (38,473) | $ (38,351) | $ (629) | $ (814) | ||
Mortgage and other loans receivable, net | [1] | 51,553 | 49,605 | |||
Commercial mortgage loans | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | 38,009 | 37,128 | ||||
Allowance for credit losses | (752) | (640) | (545) | $ (685) | ||
Off-balance-sheet commitments | 67 | 69 | 71 | |||
Loans on nonacrrual status | 492 | 703 | ||||
Accrued interest receivable | $ 183 | $ 147 | ||||
Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | New York | ||||||
Composition of Mortgages and other loans receivable | ||||||
Percentage of mortgage loans in geographic area | 18% | 19% | ||||
Commercial mortgage loans | Geographic Concentration Risk | Interest on mortgage and other loans | California | ||||||
Composition of Mortgages and other loans receivable | ||||||
Percentage of mortgage loans in geographic area | 11% | 11% | ||||
Residential mortgages | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | $ 8,689 | $ 6,130 | ||||
Loans on nonacrrual status | 27 | 5 | ||||
Accrued interest receivable | 20 | 15 | ||||
Life insurance policy loans | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | 1,753 | 1,758 | ||||
Commercial loans, other loans and notes receivable | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | 3,940 | 5,305 | ||||
Loans held for sale | 170 | |||||
Excluding AIGFP Operating | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | 52,391 | 50,321 | ||||
Allowance for credit losses | (838) | (716) | $ (629) | |||
Mortgage and other loans receivable, net | 51,553 | 49,605 | ||||
AIG Financial Products | ||||||
Composition of Mortgages and other loans receivable | ||||||
Total mortgage and other loans receivable | 37,600 | 37,600 | $ 37,600 | |||
Allowance for credit losses | $ (37,600) | $ (37,600) | ||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Lending Activities - Credit qua
Lending Activities - Credit quality of commercial mortgages (Details) $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 14, 2022 USD ($) |
Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 2,850 | $ 6,473 | |
Prior year | 7,408 | 3,355 | |
Two years prior | 3,923 | 2,206 | |
Three years prior | 1,756 | 5,453 | |
Four years prior | 5,146 | 5,431 | |
Five years & beyond prior | 16,926 | 14,210 | |
Total | $ 38,009 | $ 37,128 | |
Weighted average debt service coverage ratio | 1.9 | 1.9 | |
Weighted average loan-to-value ratio (as a percent) | 59% | 59% | |
Commercial mortgage loans | >90 days delinquent or in process of foreclosure(a) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 43 | $ 215 | |
Commercial mortgage loans | Fortitude RE Funds Withheld Assets | >90 days delinquent or in process of foreclosure(a) | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 156 | ||
AIG Financial Products | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 37,600 | 37,600 | $ 37,600 |
Less than 65% | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,446 | 5,425 | |
Prior year | 4,629 | 2,548 | |
Two years prior | 2,741 | 1,775 | |
Three years prior | 1,303 | 3,958 | |
Four years prior | 2,832 | 3,016 | |
Five years & beyond prior | 11,571 | 10,739 | |
Total | 25,522 | 27,461 | |
65% to 75% | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 290 | 998 | |
Prior year | 1,763 | 517 | |
Two years prior | 794 | 405 | |
Three years prior | 288 | 1,445 | |
Four years prior | 1,937 | 1,487 | |
Five years & beyond prior | 3,220 | 1,393 | |
Total | 8,292 | 6,245 | |
76% to 80% | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 50 | |
Prior year | 375 | 52 | |
Two years prior | 99 | 0 | |
Three years prior | 0 | 0 | |
Four years prior | 377 | 168 | |
Five years & beyond prior | 340 | 229 | |
Total | 1,191 | 499 | |
Greater than 80% | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 114 | 0 | |
Prior year | 641 | 238 | |
Two years prior | 289 | 26 | |
Three years prior | 165 | 50 | |
Four years prior | 0 | 760 | |
Five years & beyond prior | 1,795 | 1,849 | |
Total | 3,004 | 2,923 | |
Greater than 1.2X | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,555 | 5,518 | |
Prior year | 6,209 | 2,457 | |
Two years prior | 2,349 | 1,710 | |
Three years prior | 1,387 | 4,985 | |
Four years prior | 4,969 | 4,120 | |
Five years & beyond prior | 13,459 | 11,663 | |
Total | 30,928 | 30,453 | |
1.00 - 1.20X | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 295 | 910 | |
Prior year | 1,149 | 898 | |
Two years prior | 1,574 | 473 | |
Three years prior | 369 | 416 | |
Four years prior | 177 | 567 | |
Five years & beyond prior | 2,632 | 1,353 | |
Total | 6,196 | 4,617 | |
Less than 1.00X | Commercial mortgage loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 45 | |
Prior year | 50 | 0 | |
Two years prior | 0 | 23 | |
Three years prior | 0 | 52 | |
Four years prior | 0 | 744 | |
Five years & beyond prior | 835 | 1,194 | |
Total | $ 885 | $ 2,058 |
Lending Activities - Credit q_2
Lending Activities - Credit quality performance indicators for commercial mortgages (Details) $ in Millions | Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Allowance for credit losses | $ 38,473 | $ 38,351 | $ 629 | $ 814 |
Commercial mortgage loans | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 612 | 629 | ||
Total | $ 38,009 | $ 37,128 | ||
Allowance for credit losses | $ 752 | $ 640 | $ 545 | $ 685 |
Percent of Total | 100% | 100% | ||
Percentage of total, allowance for credit losses | 2% | 2% | ||
Commercial mortgage loans | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 610 | 625 | ||
Total | $ 37,937 | $ 36,913 | ||
Percent of Total | 100% | 99% | ||
Commercial mortgage loans | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 1 | 0 | ||
Total | $ 29 | $ 0 | ||
Percent of Total | 0% | 0% | ||
Commercial mortgage loans | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Loans | loan | 1 | 4 | ||
Total | $ 43 | $ 215 | ||
Percent of Total | 0% | 1% | ||
Commercial mortgage loans | Apartments | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 15,129 | $ 14,597 | ||
Allowance for credit losses | 94 | 100 | ||
Commercial mortgage loans | Apartments | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 15,129 | 14,597 | ||
Commercial mortgage loans | Apartments | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Apartments | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Offices | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 9,708 | 10,275 | ||
Allowance for credit losses | 415 | 351 | ||
Commercial mortgage loans | Offices | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 9,679 | 10,102 | ||
Commercial mortgage loans | Offices | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 29 | 0 | ||
Commercial mortgage loans | Offices | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 173 | ||
Commercial mortgage loans | Retail | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 4,306 | 3,816 | ||
Allowance for credit losses | 109 | 81 | ||
Commercial mortgage loans | Retail | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 4,263 | 3,774 | ||
Commercial mortgage loans | Retail | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Retail | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 43 | 42 | ||
Commercial mortgage loans | Industrial | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 6,367 | 6,006 | ||
Allowance for credit losses | 90 | 71 | ||
Commercial mortgage loans | Industrial | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 6,367 | 6,006 | ||
Commercial mortgage loans | Industrial | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Industrial | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Hotel | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,053 | 2,027 | ||
Allowance for credit losses | 38 | 29 | ||
Commercial mortgage loans | Hotel | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 2,053 | 2,027 | ||
Commercial mortgage loans | Hotel | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Hotel | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Others | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 446 | 407 | ||
Allowance for credit losses | 6 | 8 | ||
Commercial mortgage loans | Others | In good standing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 446 | 407 | ||
Commercial mortgage loans | Others | 90 days or less delinquent | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | 0 | 0 | ||
Commercial mortgage loans | Others | >90 days delinquent or in process of foreclosure(a) | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total | $ 0 | $ 0 |
Lending Activities - Credit q_3
Lending Activities - Credit quality of residential mortgages (Details) - Residential mortgages - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | $ 1,950 | $ 997 |
Prior year | 1,492 | 3,016 |
Two years prior | 2,969 | 852 |
Three years prior | 841 | 327 |
Four years prior | 389 | 120 |
Five years & beyond prior | 1,048 | 818 |
Total | 8,689 | 6,130 |
780 and greater | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 514 | 296 |
Prior year | 589 | 2,204 |
Two years prior | 2,283 | 654 |
Three years prior | 622 | 232 |
Four years prior | 240 | 77 |
Five years & beyond prior | 608 | 567 |
Total | 4,856 | 4,030 |
720 - 779 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 1,121 | 536 |
Prior year | 625 | 728 |
Two years prior | 560 | 168 |
Three years prior | 169 | 76 |
Four years prior | 99 | 32 |
Five years & beyond prior | 243 | 169 |
Total | 2,817 | 1,709 |
660 - 719 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 313 | 163 |
Prior year | 257 | 80 |
Two years prior | 113 | 28 |
Three years prior | 40 | 16 |
Four years prior | 37 | 9 |
Five years & beyond prior | 128 | 62 |
Total | 888 | 358 |
600 - 659 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2 | 2 |
Prior year | 20 | 4 |
Two years prior | 11 | 2 |
Three years prior | 8 | 2 |
Four years prior | 9 | 2 |
Five years & beyond prior | 53 | 14 |
Total | 103 | 26 |
Less than 600 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Prior year | 1 | 0 |
Two years prior | 2 | 0 |
Three years prior | 2 | 1 |
Four years prior | 4 | 0 |
Five years & beyond prior | 16 | 6 |
Total | $ 25 | $ 7 |
Lending Activities - Rollforwar
Lending Activities - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | $ 38,351 | $ 629 | $ 814 |
Loans charged off | (2) | ||
Net charge-offs | (2) | ||
Addition to (release of) allowance for loan losses | (164) | ||
Divestitures | 0 | 0 | (19) |
Allowance, end of period | 38,473 | 38,351 | 629 |
Loans modified in a troubled debt restructuring | 219 | ||
Commercial mortgage loans | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 640 | 545 | 685 |
Loans charged off | (109) | (17) | (2) |
Net charge-offs | (109) | (17) | (2) |
Addition to (release of) allowance for loan losses | 221 | 112 | (138) |
Divestitures | 0 | 0 | 0 |
Allowance, end of period | 752 | 640 | 545 |
Off-balance-sheet commitments | 67 | 69 | 71 |
Other loans | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 76 | 84 | 129 |
Loans charged off | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 |
Addition to (release of) allowance for loan losses | 10 | (8) | (26) |
Divestitures | 0 | 0 | (19) |
Allowance, end of period | 86 | 76 | 84 |
Excluding AIGFP Operating | |||
Changes in the allowance for losses on Mortgage and other loans receivable | |||
Allowance, beginning of period | 716 | 629 | |
Loans charged off | (109) | (17) | |
Net charge-offs | (109) | (17) | |
Addition to (release of) allowance for loan losses | 231 | 104 | |
Allowance, end of period | $ 838 | $ 716 | $ 629 |
Lending Activities - Loan Modif
Lending Activities - Loan Modifications (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) portfolioSegment | |
Allowance for losses on Mortgage and other loans receivable | ||
Financing Receivable, Number Of Portfolio Segments | portfolioSegment | 2 | |
Commercial Mortgage Loans | Extended Maturity | ||
Allowance for losses on Mortgage and other loans receivable | ||
Amortized cost | $ 87 | |
Commercial Mortgage Loans | Extended Maturity | Fortitude RE | ||
Allowance for losses on Mortgage and other loans receivable | ||
Amortized cost | 56 | |
Commercial Loans, Other Loans, And Notes Receivable | Extended Maturity | ||
Allowance for losses on Mortgage and other loans receivable | ||
Amortized cost | $ 168 | $ 168 |
Reinsurance - Supplemental info
Reinsurance - Supplemental information for loss and benefit reserves, gross and net of ceded reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
As Reported | |||||
Liability for unpaid losses and loss adjustment expenses | $ (70,393) | $ (75,167) | $ (79,026) | $ (77,720) | |
Future policy benefits for life and accident and health insurance contracts | (58,576) | (51,914) | $ (67,364) | ||
Policyholder contract deposits | (161,979) | (155,984) | (148,223) | ||
Unearned premiums | (17,387) | (18,338) | |||
Other policyholder funds | (3,356) | (3,463) | $ (3,796) | ||
Reinsurance assets | 62,587 | 64,810 | |||
Net of Reinsurance | |||||
Liability for unpaid losses and loss adjustment expenses | (39,994) | (42,955) | |||
Future policy benefits for life and accident and health insurance contracts | (35,005) | (27,836) | |||
Policyholder contract deposits | (158,171) | (152,375) | |||
Reserve for unearned premiums | (13,117) | (13,992) | |||
Other policyholder funds | (2,817) | (2,898) | |||
Reinsurance asset, allowance for credit loss | 236 | 295 | |||
Reserve for liability to unpaid losses | 110 | 110 | |||
Recoveries of amounts previously written off | 0 | 2 | |||
Loss Recoveries | |||||
Effects of Reinsurance [Line Items] | |||||
Contract claim recoverables | 4,879 | 4,662 | |||
Contract Claims Recoverable | |||||
Effects of Reinsurance [Line Items] | |||||
Contract claim recoverables | $ 296 | $ 545 |
Reinsurance - Schedule of premi
Reinsurance - Schedule of premiums written, earned and policy fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premiums earned: | |||
Premiums | $ 33,254 | $ 31,856 | $ 31,285 |
Policy Fees: | |||
Net | 2,797 | 2,913 | 3,005 |
Short-Duration Insurance | |||
Premiums written: | |||
Direct | 31,445 | 32,025 | 30,910 |
Assumed | 7,951 | 7,385 | 7,209 |
Ceded | (12,190) | (12,650) | (11,702) |
Net | 27,206 | 26,760 | 26,417 |
Premiums earned: | |||
Direct | 30,781 | 32,053 | 30,279 |
Assumed | 7,050 | 7,137 | 6,640 |
Ceded | (12,268) | (12,425) | (11,301) |
Premiums | 25,563 | 26,765 | 25,618 |
Long-Duration Insurance | |||
Premiums written: | |||
Direct | 4,706 | 4,739 | 4,604 |
Assumed | 4,111 | 1,318 | 2,265 |
Ceded | (1,126) | (966) | (1,202) |
Net | 7,691 | 5,091 | 5,667 |
Policy Fees: | |||
Direct | 2,873 | 2,991 | 3,090 |
Assumed | 0 | 0 | 0 |
Ceded | (76) | (78) | (85) |
Net | $ 2,797 | $ 2,913 | $ 3,005 |
Reinsurance - Summary of long-t
Reinsurance - Summary of long-term insurance (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Duration Insurance | |||
Effects of Reinsurance [Line Items] | |||
Long-duration insurance in force ceded | $ 363,471 | $ 346,879 | $ 363,008 |
Reinsurance - Rollforward of th
Reinsurance - Rollforward of the reinsurable allowance for credit losses before adoption (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Fortitude RE | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 30,612 | $ 30,751 | $ 42,244 | $ 36,801 |
Excluding Fortitude | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 36,914 | 38,971 | 39,432 | 36,300 |
As Previously Reported | Fortitude RE | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 32,159 | 34,578 | 29,135 | |
As Previously Reported | Excluding Fortitude | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 39,434 | $ 38,963 | ||
Adjustments for NPR* > 100% | Fortitude RE | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 55 | |||
Change due to the current upper-medium grade discount rate | Fortitude RE | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 7,611 | |||
General Insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 5,400 | |||
Life and Retirement | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 3,176 | |||
Life and Retirement | As Previously Reported | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 2,707 | |||
Life and Retirement | Reclassification of cost of reinsurance | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 416 | |||
Life and Retirement | Reclassification to Market risk benefits | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | (35) | |||
Life and Retirement | Adjustments for NPR* > 100% | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 9 | |||
Life and Retirement | Change due to the current upper-medium grade discount rate | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 79 | |||
Life and Retirement | Individual Retirement | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 274 | |||
Life and Retirement | Individual Retirement | As Previously Reported | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 309 | |||
Life and Retirement | Individual Retirement | Reclassification of cost of reinsurance | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Individual Retirement | Reclassification to Market risk benefits | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | (35) | |||
Life and Retirement | Individual Retirement | Adjustments for NPR* > 100% | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Individual Retirement | Change due to the current upper-medium grade discount rate | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Life Insurance | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 2,869 | |||
Life and Retirement | Life Insurance | As Previously Reported | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 2,370 | |||
Life and Retirement | Life Insurance | Reclassification of cost of reinsurance | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 416 | |||
Life and Retirement | Life Insurance | Reclassification to Market risk benefits | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Life Insurance | Adjustments for NPR* > 100% | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 9 | |||
Life and Retirement | Life Insurance | Change due to the current upper-medium grade discount rate | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 74 | |||
Life and Retirement | Institutional Markets | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 33 | |||
Life and Retirement | Institutional Markets | As Previously Reported | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 28 | |||
Life and Retirement | Institutional Markets | Reclassification of cost of reinsurance | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Institutional Markets | Reclassification to Market risk benefits | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Institutional Markets | Adjustments for NPR* > 100% | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | 0 | |||
Life and Retirement | Institutional Markets | Change due to the current upper-medium grade discount rate | ASU 2018-12 | ||||
Effects of Reinsurance [Line Items] | ||||
Reinsurance assets, net of allowance for credit losses and disputes | $ 5 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 09, 2022 | |
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 69,800,000,000 | $ 71,800,000,000 | |||
Due from reinsurers (as a percent) | 5% | ||||
Bilateral letters of credit outstanding | $ 125,000,000 | ||||
Secured | Reinsurer Concentration Risk [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 46,300,000,000 | 48,400,000,000 | |||
Unsecured | Reinsurer Concentration Risk [Member] | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | 3,200,000,000 | 3,600,000,000 | |||
Long-Duration Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 1,100,000,000 | $ 900,000,000 | $ 1,300,000,000 | ||
Assumed ratio on life insurance (as a percent) | 0.01% | 0.01% | 0.01% | ||
Premiums on life insurance (as a percent) | 46.60% | 21.80% | 33% | ||
Short-Duration Insurance | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverables | $ 8,100,000,000 | $ 7,100,000,000 | $ 7,200,000,000 | ||
Ceded loss reserves | 12,400,000,000 | 14,300,000,000 | |||
Deferred gain liability | 585,000,000 | 661,000,000 | |||
Amortization of deferred gain | $ 82,000,000 | $ 252,000,000 | $ 191,000,000 | ||
Short-Duration Insurance | NICO | |||||
Effects of Reinsurance [Line Items] | |||||
Reserve risk (as a percent) | 80% | ||||
Insurance contract losses | $ 25,000,000,000 | ||||
Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 90% | 92% | |||
Non-Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 9% | 7% | |||
Non-Investment Grade | Captive Insurers | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 83% | 77% | |||
Not Rated | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 1% | 1% | |||
Legacy Life And Retirement Run Off Lines Segment Member | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded reserves | $ 27,600,000,000 | ||||
Legacy General Insurance Run Off Lines Member | |||||
Effects of Reinsurance [Line Items] | |||||
Ceded reserves | $ 3,000,000,000 | ||||
General Insurance | Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 51% | 53% | |||
Life and Retirement | Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 39% | 39% | |||
Life and Retirement | Non-Investment Grade | |||||
Effects of Reinsurance [Line Items] | |||||
Reinsurance recoverable (as a percent) | 1% |
Reinsurance - Summary of the co
Reinsurance - Summary of the composition of pool of assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | ||||
Effects of Reinsurance [Line Items] | ||||||
Bonds available for sale | [1] | $ 231,733 | $ 226,156 | |||
Fixed maturity securities - fair value option | [1] | 5,241 | 4,485 | |||
Investment real estate | 2,237 | 2,153 | ||||
Fair Value Using NAV Per Share (or its equivalent) | 11,320 | 11,809 | ||||
Short-term investments | [1] | 17,200 | 12,376 | |||
Other assets | 13,089 | [1] | 12,384 | [1] | $ 13,520 | |
Total assets | 539,306 | 522,228 | $ 598,841 | |||
Carrying Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Short-term investments | 6,428 | 6,668 | ||||
Other assets | 45 | 33 | ||||
Commercial mortgage loans | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans | 38,009 | 37,128 | ||||
Policy loans | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans | 1,753 | 1,758 | ||||
Fortitude Holdings | ||||||
Effects of Reinsurance [Line Items] | ||||||
Change in net unrealized gains (losses), gross | 734 | (7,500) | ||||
Change in net unrealized gains (losses), net of tax | 580 | (5,900) | ||||
Derivative asset, Fair value of collateral | 63 | 192 | ||||
Derivative liability, Fair value of collateral | 34 | 28 | ||||
Fortitude Holdings | Carrying Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Bonds available for sale | 17,384 | 18,821 | ||||
Fixed maturity securities - fair value option | 4,867 | 4,182 | ||||
Investment real estate | 184 | 133 | ||||
Fair Value Using NAV Per Share (or its equivalent) | 1,910 | 1,893 | ||||
Short-term investments | 176 | 75 | ||||
Funds withheld investment assets | 28,772 | 29,566 | ||||
Derivative assets, net | 45 | 90 | ||||
Other assets | 758 | 782 | ||||
Total assets | 29,575 | 30,438 | ||||
Fortitude Holdings | Estimated Fair Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Bonds available for sale | 17,384 | 18,821 | ||||
Fixed maturity securities - fair value option | 4,867 | 4,182 | ||||
Investment real estate | 329 | 348 | ||||
Fair Value Using NAV Per Share (or its equivalent) | 1,910 | 1,893 | ||||
Short-term investments | 176 | 75 | ||||
Funds withheld investment assets | 28,681 | 29,511 | ||||
Derivative assets, net | 45 | 90 | ||||
Other assets | 758 | 782 | ||||
Total(d) | 29,484 | 30,383 | ||||
Fortitude Holdings | Commercial mortgage loans | Carrying Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans | 3,921 | 4,107 | ||||
Fortitude Holdings | Commercial mortgage loans | Estimated Fair Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans, fair value | 3,685 | 3,837 | ||||
Fortitude Holdings | Policy loans | Carrying Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans | 330 | 355 | ||||
Fortitude Holdings | Policy loans | Estimated Fair Value | ||||||
Effects of Reinsurance [Line Items] | ||||||
Loans, fair value | $ 330 | $ 355 | ||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Reinsurance - Summary of the im
Reinsurance - Summary of the impact of funds withheld (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effects of Reinsurance [Line Items] | |||
Total net investment income | $ 14,592 | $ 11,767 | $ 14,612 |
Total net realized gains (losses) | (4,608) | 7,064 | 2,271 |
Income from continuing operations before income tax expense (benefit) | 3,858 | 14,299 | 13,347 |
Income tax expense (benefit) | (20) | 3,025 | 2,441 |
Net income | 3,878 | 11,273 | 10,906 |
Change in unrealized depreciation of all other investments | (1,674) | (1,094) | 873 |
Comprehensive income (loss) | 9,818 | (21,030) | 5,482 |
Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Total net investment income | 1,544 | 943 | 1,971 |
Fortitude Holdings | |||
Effects of Reinsurance [Line Items] | |||
Total net investment income | 1,544 | 943 | 1,971 |
Total net realized gains (losses) | (2,302) | 6,995 | 400 |
Income from continuing operations before income tax expense (benefit) | (758) | 7,938 | 2,371 |
Income tax expense (benefit) | (159) | 1,667 | 499 |
Net income | (599) | 6,271 | 1,872 |
Comprehensive income (loss) | (19) | 371 | 112 |
Fortitude Holdings | Fortitude Re funds withheld assets | |||
Effects of Reinsurance [Line Items] | |||
Total net realized gains (losses) | (295) | (486) | 1,003 |
Fortitude Holdings | Fortitude Re funds withheld assets | Embedded derivatives | |||
Effects of Reinsurance [Line Items] | |||
Total net realized gains (losses) | (2,007) | 7,481 | (603) |
Fortitude Holdings | Other investments | |||
Effects of Reinsurance [Line Items] | |||
Change in unrealized depreciation of all other investments | $ 580 | $ (5,900) | $ (1,760) |
Reinsurance - Rollforward of _2
Reinsurance - Rollforward of the reinsurance recoverable allowance for credit losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | $ 344 | $ 382 | $ 375 |
Addition to (release of) allowance for expected credit losses and disputes, net | (10) | (39) | 24 |
Write-offs charged against the allowance for credit losses and disputes | (49) | (5) | (17) |
Recoveries of amounts previously written off | 0 | 2 | |
Other changes | 0 | 4 | |
Balance, end of period | 285 | 344 | 382 |
General Insurance | |||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 260 | 281 | 292 |
Addition to (release of) allowance for expected credit losses and disputes, net | (5) | (22) | 6 |
Write-offs charged against the allowance for credit losses and disputes | 0 | (5) | (17) |
Recoveries of amounts previously written off | 0 | 2 | |
Other changes | 0 | 4 | |
Balance, end of period | 255 | 260 | 281 |
Life and Retirement | |||
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |||
Balance, beginning of period | 84 | 101 | 83 |
Addition to (release of) allowance for expected credit losses and disputes, net | (5) | (17) | 18 |
Write-offs charged against the allowance for credit losses and disputes | (49) | 0 | |
Recoveries of amounts previously written off | 0 | 0 | |
Other changes | 0 | 0 | |
Balance, end of period | $ 30 | $ 84 | $ 101 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs - Rollforward of DAC and DSI Adoption Adjustments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 12,085 | $ 12,857 | $ 13,001 | $ 12,955 | |
Life and Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 10,466 | ||||
Deferred sale inducement cost | 497 | 558 | 619 | 679 | |
Life and Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 7,316 | ||||
Deferred sale inducement cost | 281 | ||||
Life and Retirement | Effect of Change | ASU 2018-12 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 3,150 | ||||
Deferred sale inducement cost | 398 | ||||
Life and Retirement | Individual Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,735 | 4,597 | 4,553 | 4,421 | 4,421 |
Deferred sale inducement cost | 333 | 381 | 428 | 474 | |
Life and Retirement | Individual Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 2,359 | ||||
Deferred sale inducement cost | 190 | ||||
Life and Retirement | Individual Retirement | Effect of Change | ASU 2018-12 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 2,062 | ||||
Deferred sale inducement cost | 284 | ||||
Life and Retirement | Group Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 1,056 | 1,060 | 1,078 | 1,094 | 1,094 |
Deferred sale inducement cost | 164 | 177 | 191 | 205 | |
Life and Retirement | Group Retirement | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 560 | ||||
Deferred sale inducement cost | 91 | ||||
Life and Retirement | Group Retirement | Effect of Change | ASU 2018-12 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 534 | ||||
Deferred sale inducement cost | 114 | ||||
Life and Retirement | Life Insurance | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,149 | 4,839 | 4,904 | 4,918 | 4,918 |
Life and Retirement | Life Insurance | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 4,371 | ||||
Life and Retirement | Life Insurance | Effect of Change | ASU 2018-12 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 547 | ||||
Life and Retirement | Institutional Markets | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 33 | ||||
Life and Retirement | Institutional Markets | As Previously Reported | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 26 | ||||
Life and Retirement | Institutional Markets | Effect of Change | ASU 2018-12 | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | 7 | ||||
General Insurance | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Deferred acquisition cost | $ 2,075 | $ 2,310 | $ 2,428 | $ 2,489 |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs - Rollforward of DAC (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | $ 12,857 | $ 13,001 | $ 12,955 |
Capitalization | 5,419 | 4,722 | 4,729 |
Amortization expense | (4,808) | (4,557) | (4,524) |
Other, including foreign exchange | 9 | (309) | (159) |
Dispositions | (578) | ||
Reclassified to held for sale | (814) | ||
Balance, end of year | 12,085 | 12,857 | 13,001 |
General Insurance | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 2,310 | 2,428 | 2,489 |
Capitalization | 4,135 | 3,648 | 3,658 |
Amortization expense | (3,747) | (3,536) | (3,566) |
Other, including foreign exchange | (45) | (230) | (153) |
Dispositions | (578) | ||
Reclassified to held for sale | 0 | ||
Balance, end of year | 2,075 | 2,310 | 2,428 |
Life and Retirement | Individual Retirement | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 4,597 | 4,553 | 4,421 |
Capitalization | 705 | 562 | 579 |
Amortization expense | (567) | (519) | (447) |
Other, including foreign exchange | 0 | 1 | 0 |
Dispositions | 0 | ||
Reclassified to held for sale | 0 | ||
Balance, end of year | 4,735 | 4,597 | 4,553 |
Life and Retirement | Group Retirement | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 1,060 | 1,078 | 1,094 |
Capitalization | 78 | 62 | 62 |
Amortization expense | (82) | (80) | (78) |
Other, including foreign exchange | 0 | 0 | 0 |
Dispositions | 0 | ||
Reclassified to held for sale | 0 | ||
Balance, end of year | 1,056 | 1,060 | 1,078 |
Life and Retirement | Life Insurance | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 4,839 | 4,904 | 4,918 |
Capitalization | 473 | 429 | 420 |
Amortization expense | (403) | (415) | (427) |
Other, including foreign exchange | 54 | (79) | (7) |
Dispositions | 0 | ||
Reclassified to held for sale | (814) | ||
Balance, end of year | 4,149 | 4,839 | 4,904 |
Life and Retirement | Institutional Markets | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Balance, beginning of year | 51 | 38 | 33 |
Capitalization | 28 | 21 | 10 |
Amortization expense | (9) | (7) | (6) |
Other, including foreign exchange | 0 | (1) | 1 |
Dispositions | 0 | ||
Reclassified to held for sale | 0 | ||
Balance, end of year | $ 70 | $ 51 | $ 38 |
Deferred Policy Acquisition C_5
Deferred Policy Acquisition Costs - Rollforward of DSI (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Aggregate carrying amount in the Condensed Consolidated Balance Sheets | $ 12,085 | $ 12,857 | $ 12,955 | ||
Other assets, excluding DSI | 12,600 | 11,800 | $ 14,000 | $ 12,800 | |
Life and Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Balance, beginning of year | 558 | 619 | 679 | ||
Capitalization | 8 | 9 | 10 | ||
Amortization expense | (69) | (70) | (70) | ||
Balance, end of period | 497 | 558 | 619 | ||
Life and Retirement | Individual Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Balance, beginning of year | 381 | 428 | 474 | ||
Capitalization | 7 | 9 | 10 | ||
Amortization expense | (55) | (56) | (56) | ||
Balance, end of period | 333 | 381 | 428 | ||
Life and Retirement | Group Retirement | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Balance, beginning of year | 177 | 191 | 205 | ||
Capitalization | 1 | 0 | 0 | ||
Amortization expense | (14) | (14) | (14) | ||
Balance, end of period | $ 164 | $ 177 | $ 191 |
Variable Interest Entities - Co
Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | ||||
Assets: | |||||||
Bonds available for sale | [1] | $ 231,733 | $ 226,156 | ||||
Other bond securities, at fair value (See Note 5) | [1] | 5,241 | 4,485 | ||||
Equity securities | [1] | 728 | 575 | ||||
Mortgage and other loans receivable | [1] | 51,553 | 49,605 | ||||
Alternative investments | 11,320 | 11,809 | |||||
Investment real estate | 2,237 | 2,153 | |||||
Short-term investments | [1] | 17,200 | 12,376 | ||||
Cash | 2,155 | [1] | 2,043 | [1] | $ 2,198 | ||
Accrued investment income | [1] | 2,588 | 2,376 | ||||
Other assets | 13,089 | [1] | 12,384 | [1] | $ 13,520 | ||
Total assets | 539,306 | 522,228 | 598,841 | ||||
Liabilities: | |||||||
Other | 25,958 | [1] | 26,757 | [1] | 27,520 | ||
Total liabilities | 488,005 | 478,774 | $ 532,906 | ||||
Real Estate and Investment Entities | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 1,900 | 2,100 | |||||
Real Estate and Investment Entities | External parties | |||||||
Liabilities: | |||||||
Off-balance sheet exposure associated with VIEs | 400 | 600 | |||||
Consolidated VIE | |||||||
Assets: | |||||||
Bonds available for sale | 184 | 3,672 | |||||
Other bond securities, at fair value (See Note 5) | 45 | ||||||
Equity securities | 8 | 51 | |||||
Mortgage and other loans receivable | 2,063 | 2,221 | |||||
Alternative investments | 2,695 | 2,842 | |||||
Investment real estate | 1,488 | 1,731 | |||||
Short-term investments | 135 | 472 | |||||
Cash | 61 | 71 | |||||
Accrued investment income | 9 | 9 | |||||
Other assets | 96 | 172 | |||||
Total assets | 6,784 | 11,241 | |||||
Liabilities: | |||||||
Debt | 2,200 | 5,694 | |||||
Other | 83 | 132 | |||||
Total liabilities | 2,283 | 5,826 | |||||
Consolidated VIE | Real Estate and Investment Entities | |||||||
Assets: | |||||||
Bonds available for sale | 36 | 0 | |||||
Other bond securities, at fair value (See Note 5) | 45 | ||||||
Equity securities | 8 | 51 | |||||
Mortgage and other loans receivable | 0 | 0 | |||||
Alternative investments | 2,695 | 2,842 | |||||
Investment real estate | 1,488 | 1,731 | |||||
Short-term investments | 125 | 191 | |||||
Cash | 61 | 71 | |||||
Accrued investment income | 2 | 0 | |||||
Other assets | 94 | 102 | |||||
Total assets | 4,554 | 4,988 | |||||
Liabilities: | |||||||
Debt | 1,094 | 1,358 | |||||
Other | 82 | 85 | |||||
Total liabilities | 1,176 | 1,443 | |||||
Consolidated VIE | Securitization Vehicles | |||||||
Assets: | |||||||
Bonds available for sale | 148 | 3,672 | |||||
Other bond securities, at fair value (See Note 5) | 0 | ||||||
Equity securities | 0 | 0 | |||||
Mortgage and other loans receivable | 2,063 | 2,221 | |||||
Alternative investments | 0 | 0 | |||||
Investment real estate | 0 | 0 | |||||
Short-term investments | 10 | 281 | |||||
Cash | 0 | 0 | |||||
Accrued investment income | 7 | 9 | |||||
Other assets | 2 | 70 | |||||
Total assets | 2,230 | 6,253 | |||||
Liabilities: | |||||||
Debt | 1,106 | 4,336 | |||||
Other | 1 | 47 | |||||
Total liabilities | 1,107 | 4,383 | |||||
Unconsolidated VIE | |||||||
Assets: | |||||||
Total assets | 9,183 | $ 9,392 | |||||
Unconsolidated VIE | Securitization Vehicles | |||||||
Assets: | |||||||
Total assets | 3,600 | ||||||
Liabilities: | |||||||
Total liabilities | 3,100 | ||||||
Pre-tax loss on deconsolidation | $ 14 | ||||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | |
VARIABLE INTEREST ENTITY | ||||
Maximum exposure to loss, On-Balance Sheet | $ 539,306 | $ 522,228 | $ 598,841 | |
Other invested assets | [1] | 16,217 | 15,953 | |
Unconsolidated VIE | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 529,080 | 505,521 | ||
Maximum exposure to loss, On-Balance Sheet | 9,183 | 9,392 | ||
Maximum exposure to loss, Off-Balance Sheet | 4,468 | 4,685 | ||
Exposure to loss | 13,651 | 14,077 | ||
Other invested assets | 9,100 | 9,300 | ||
Unconsolidated VIE | AIG Financial Products | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 1,971 | 2,057 | ||
Maximum exposure to loss, Off-Balance Sheet | 1,941 | 2,033 | ||
Unconsolidated VIE | Real Estate and Investment Entities | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 528,053 | 504,219 | ||
Maximum exposure to loss, On-Balance Sheet | 9,125 | 9,145 | ||
Maximum exposure to loss, Off-Balance Sheet | 3,720 | 3,938 | ||
Exposure to loss | 12,845 | 13,083 | ||
Unconsolidated VIE | Other Investment Companies | ||||
VARIABLE INTEREST ENTITY | ||||
Total VIE Assets | 1,027 | 1,302 | ||
Maximum exposure to loss, On-Balance Sheet | 58 | 247 | ||
Maximum exposure to loss, Off-Balance Sheet | 748 | 747 | ||
Exposure to loss | $ 806 | $ 994 | ||
[1] See Note 10 for details of balances associated with variable interest entities. |
Variable Interest Entities - Re
Variable Interest Entities - Real Estate and Investments Entities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
VARIABLE INTEREST ENTITY | |||
Total assets | $ 539,306 | $ 522,228 | $ 598,841 |
Unconsolidated VIE | |||
VARIABLE INTEREST ENTITY | |||
Unfunded commitments | 435 | ||
Total assets | 9,183 | 9,392 | |
Exposure to loss | 13,651 | $ 14,077 | |
Unconsolidated VIE | RMBS, CMBS, Oher ABS, And CLOs | |||
VARIABLE INTEREST ENTITY | |||
Total assets | 3,000 | ||
Exposure to loss | $ 2,400 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting - Notional amounts and fair values of derivative instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Gross Derivative Assets | ||
Notional Amount | $ 184,921 | $ 133,721 |
Fair Value | 6,595 | 6,049 |
Counterparty netting | (3,864) | (3,895) |
Cash Collateral | (2,220) | (1,640) |
Total derivative assets | 511 | 514 |
Gross Derivative Liabilities | ||
Notional Amount | 69,672 | 56,805 |
Fair Value | 5,309 | 6,043 |
Counterparty netting | (3,864) | (3,895) |
Cash Collateral | (1,050) | (1,917) |
Total derivative liabilities on consolidated balance sheet | 395 | 231 |
Bifurcated embedded derivatives assets, fair value | 1,200 | 2,200 |
Bifurcated embedded derivative liabilities, fair value | 8,000 | 5,400 |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 1,863 | 251 |
Fair Value | 230 | 355 |
Gross Derivative Liabilities | ||
Notional Amount | 752 | 1,688 |
Fair Value | 17 | 66 |
Derivatives designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 3,847 | 4,543 |
Fair Value | 416 | 642 |
Gross Derivative Liabilities | ||
Notional Amount | 6,402 | 4,899 |
Fair Value | 336 | 317 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Gross Derivative Assets | ||
Notional Amount | 42,549 | 39,833 |
Fair Value | 3,056 | 3,367 |
Gross Derivative Liabilities | ||
Notional Amount | 42,466 | 34,128 |
Fair Value | 3,614 | 4,772 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Gross Derivative Assets | ||
Notional Amount | 8,803 | 8,626 |
Fair Value | 820 | 1,202 |
Gross Derivative Liabilities | ||
Notional Amount | 9,900 | 10,397 |
Fair Value | 558 | 821 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 81,110 | 31,264 |
Fair Value | 2,019 | 428 |
Gross Derivative Liabilities | ||
Notional Amount | 9,595 | 4,740 |
Fair Value | 745 | 26 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Gross Derivative Assets | ||
Notional Amount | 0 | 212 |
Fair Value | 0 | 9 |
Gross Derivative Liabilities | ||
Notional Amount | 0 | 20 |
Fair Value | 0 | 0 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Gross Derivative Assets | ||
Notional Amount | 2,109 | 1,808 |
Fair Value | 41 | 32 |
Gross Derivative Liabilities | ||
Notional Amount | 509 | 933 |
Fair Value | 37 | 41 |
Derivatives not designated as hedging instruments | Credit contracts | CDS | ||
Gross Derivative Liabilities | ||
Notional Amount | 50 | 79 |
Fair Value | 32 | 32 |
Derivatives not designated as hedging instruments | Other contracts | ||
Gross Derivative Assets | ||
Notional Amount | 44,640 | 47,184 |
Fair Value | 13 | 14 |
Gross Derivative Liabilities | ||
Notional Amount | 48 | 0 |
Fair Value | $ 2 | $ 0 |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit derivatives: | |||
Collateral posted | $ 1,900 | $ 2,900 | |
Collateral obtained from third parties for derivative transactions | 2,800 | 2,000 | |
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships | (44) | 312 | $ 201 |
Par value of hybrid securities | 42 | 42 | |
Maximum | |||
Credit derivatives: | |||
Fair value of hybrid securities | 1 | 1 | |
Credit Risk Related Contingent Features | |||
Credit derivatives: | |||
Collateral posted | 34 | 34 | |
Additional collateral postings and termination payments | 6 | ||
Aggregate fair value of net liability position | $ 32 | $ 32 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting - Fair value hedging relationships (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest credited to policyholder account balances | |||
Derivative instruments gain (loss): | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest credited to policyholder account balances | Interest credited to policyholder account balances | Interest credited to policyholder account balances |
Net Investment Income | |||
Derivative instruments gain (loss): | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income |
Derivatives designated as hedging instruments | Fair value hedging | Interest rate contracts | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | $ 79 | ||
Gains/(losses) recognized in earnings for excluded components | 0 | ||
Gains/(losses) recognized in earnings for hedged items | (99) | ||
Net Impact | (20) | ||
Derivatives designated as hedging instruments | Fair value hedging | Interest rate contracts | Interest credited to policyholder account balances | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | $ (81) | $ (19) | |
Gains/(losses) recognized in earnings for excluded components | 0 | ||
Gains/(losses) recognized in earnings for hedged items | 83 | 17 | |
Net Impact | 2 | (2) | |
Derivatives designated as hedging instruments | Fair value hedging | Interest rate contracts | Net investment income | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 9 | ||
Gains/(losses) recognized in earnings for hedged items | (11) | ||
Net Impact | (2) | ||
Derivatives designated as hedging instruments | Fair value hedging | Interest rate contracts | Net Investment Income | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | 11 | ||
Gains/(losses) recognized in earnings for excluded components | 0 | ||
Gains/(losses) recognized in earnings for hedged items | (12) | ||
Net Impact | (1) | ||
Derivatives designated as hedging instruments | Fair value hedging | Foreign exchange contracts | |||
Derivative instruments gain (loss): | |||
Gains/(losses) recognized in earnings on hedging derivatives | (422) | 382 | 210 |
Gains/(losses) recognized in earnings for excluded components | (11) | 244 | 139 |
Gains/(losses) recognized in earnings for hedged items | 422 | (382) | (210) |
Net Impact | $ (11) | $ 244 | $ 139 |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting - Derivatives not designated as hedging instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (4,344) | $ 7,111 | $ (2,067) |
Excluding Fortitude Re Funds Withheld Assets | Laya | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 13 | ||
Policy fees | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 64 | 63 | 61 |
Net investment income - excluding Fortitude Re funds withheld assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 0 | $ 2 | $ 5 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income |
Net Investment Income - Fortitude Re Funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (11) | $ (10) | $ 0 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Investment Income | Net Investment Income | Net Investment Income |
Net realized gains (losses) - Excluding Fortitude Re Funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (1,158) | $ 1,111 | $ 263 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Net Realized Gains (Losses) On Fortitude Re funds Withheld Assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (2,112) | $ 7,347 | $ (575) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gains (losses) | Total net realized gains (losses) | Total net realized gains (losses) |
Policyholder benefits and claims incurred | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ 0 | $ (19) | $ (4) |
Change in the fair value of market risk benefits | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (1,127) | (1,383) | (1,817) |
Interest rate contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (404) | (2,190) | (573) |
Foreign exchange contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (384) | 1,149 | 278 |
Equity contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (142) | (497) | (736) |
Commodity contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 9 | (13) | (9) |
Credit contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | (2) | (4) | (12) |
Other contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | 64 | 100 | 64 |
Embedded derivatives | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Total | $ (3,485) | $ 8,566 | $ (1,079) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill - gross | $ 7,016 | $ 7,404 | $ 7,533 |
Accumulated impairments | (3,477) | (3,477) | (3,477) |
Net goodwill | 3,539 | 3,927 | 4,056 |
Dispositions* | (408) | ||
Reclassified to held for sale | (23) | ||
Other | 43 | (129) | |
North America | |||
Goodwill [Roll Forward] | |||
Goodwill - gross | 3,422 | 3,791 | 3,791 |
Accumulated impairments | (1,145) | (1,145) | (1,145) |
Net goodwill | 2,277 | 2,646 | 2,646 |
Dispositions* | (369) | ||
Reclassified to held for sale | 0 | ||
Other | 0 | 0 | |
International | |||
Goodwill [Roll Forward] | |||
Goodwill - gross | 3,393 | 3,351 | 3,443 |
Accumulated impairments | (2,255) | (2,255) | (2,255) |
Net goodwill | 1,138 | 1,096 | 1,188 |
Dispositions* | 0 | ||
Reclassified to held for sale | 0 | ||
Other | 42 | (92) | |
Life Insurance | |||
Goodwill [Roll Forward] | |||
Goodwill - gross | 170 | 223 | 239 |
Accumulated impairments | (67) | (67) | (67) |
Net goodwill | 103 | 156 | 172 |
Dispositions* | (30) | ||
Reclassified to held for sale | (23) | ||
Other | 0 | (16) | |
Other Operations | |||
Goodwill [Roll Forward] | |||
Goodwill - gross | 31 | 39 | 60 |
Accumulated impairments | (10) | (10) | (10) |
Net goodwill | 21 | 29 | $ 50 |
Dispositions* | (9) | ||
Reclassified to held for sale | 0 | ||
Other | $ 1 | $ (21) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Value of other intangible assets | $ 394 | $ 704 |
Insurance Liabilities - Narrati
Insurance Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Contractual deductible recoverable amount | $ 12,100 | $ 12,100 | |
Collateral held for deductible recoverable amounts | 8,700 | 8,600 | |
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses | 14 | 14 | |
Prior years, excluding discount and amortization of deferred gain | 392 | 530 | $ 171 |
Net loss reserve discount | $ 1,233 | 1,278 | |
Tabular discount rate (as a percent) | 45% | ||
Workers compensation tabular discount amount | $ 294 | 314 | |
Workers compensation non tabular discount amount | 939 | 964 | |
Net loss reserve discount benefit (charge) | (195) | 703 | 193 |
Net borrowing capacity under FHLB | 3,700 | ||
Borrowings pledged as collateral to FHLB | $ 8,700 | ||
New York | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Nontabular discount rate (as a percent) | 5% | ||
NICO | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Amortization of deferred gain on retroactive reinsurance | $ 48 | $ 189 | $ 137 |
Participating Life business | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments | Reinsurer Concentration Risk [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Concentration risk (as a percent) | 0.50% | 0.70% | |
Participating Life business | Reinsurance Recoverable Including Reinsurance Premium Paid | Reinsurer Concentration Risk [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Concentration risk (as a percent) | 0.90% | 1.30% | 1.70% |
Term Life Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Increase in reserves | $ (1) | $ 26 | $ 15 |
Insurance Liabilities - Liabili
Insurance Liabilities - Liability for unpaid losses and loss adjustment expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense: | |||
Liability for unpaid loss and loss adjustment expenses, beginning of year | $ 75,167 | $ 79,026 | $ 77,720 |
Reinsurance recoverable | (32,102) | (35,213) | (34,431) |
Net Liability for unpaid loss and loss adjustment expenses, beginning of year | 43,065 | 43,813 | 43,289 |
Losses and loss adjustment expenses incurred: | |||
Current year | 15,100 | 16,434 | 16,434 |
Prior years, excluding discount and amortization of deferred gain | (392) | (530) | (171) |
Prior years, discount charge (benefit) | 307 | (605) | (131) |
Prior years, amortization of deferred gain on retroactive reinsurance | (81) | (252) | (190) |
Total losses and loss adjustment expenses incurred | 14,934 | 15,047 | 15,942 |
Losses and loss adjustment expenses paid: | |||
Current year | (3,836) | (4,011) | (3,868) |
Prior years | (11,868) | (11,066) | (11,503) |
Total losses and loss adjustment expenses paid | (15,704) | (15,077) | (15,371) |
Other changes: | |||
Foreign exchange effect | 606 | (1,463) | (593) |
Losses and loss adjustment expenses recognized within gain on divestitures | 569 | 0 | 0 |
Retroactive reinsurance adjustment (net of discount) | 158 | 745 | 546 |
Dispositions(c) | (3,505) | 0 | 0 |
Reclassified to held for sale, net of reinsurance recoverables | (19) | 0 | 0 |
Total other changes | (2,191) | (718) | (47) |
Net liability for unpaid losses and loss adjustment expenses | 40,104 | 43,065 | 43,813 |
Reinsurance recoverable | 30,289 | 32,102 | 35,213 |
Total | 70,393 | 75,167 | 79,026 |
Change in discount on loss reserves ceded under retroactive reinsurance | 150 | (301) | (42) |
National Indemnity Company | |||
Losses and loss adjustment expenses incurred: | |||
Prior years, amortization of deferred gain on retroactive reinsurance | $ 33 | $ 63 | $ 53 |
Insurance Liabilities - Reconci
Insurance Liabilities - Reconciliation of the Net Incurred and Paid Claims Development (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | $ 40,104 | $ 43,065 | $ 43,813 | $ 43,289 |
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 30,289 | 32,102 | 35,213 | 34,431 |
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 70,393 | 75,167 | $ 79,026 | $ 77,720 |
Reinsurance recoverables | 69,800 | $ 71,800 | ||
Discount on workers' compensation lines | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | (2,337) | |||
Other Product Lines | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 6,000 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 14,739 | |||
Reinsurance recoverables | 8,700 | |||
Unallocated loss adjustment expenses | Reconciling Items | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 2,268 | |||
Reportable Subsegments | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 34,006 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 21,717 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 55,723 | |||
Reportable Subsegments | U.S. Workers' Compensation (before discount) | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 3,888 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 5,203 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 9,091 | |||
Reportable Subsegments | U.S. Excess Casualty | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 3,321 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 3,272 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 6,593 | |||
Reportable Subsegments | U.S. Other Casualty | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 4,112 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 3,676 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 7,788 | |||
Reportable Subsegments | U.S. Financial Lines | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 5,672 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,622 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 7,294 | |||
Reportable Subsegments | U.S. Property and Special Risks | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 4,403 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,494 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 5,897 | |||
Reportable Subsegments | U.S. Personal Insurance | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 767 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 2,163 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 2,930 | |||
Reportable Subsegments | UK/Europe Casualty and Financial lines | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 7,447 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,951 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 9,398 | |||
Reportable Subsegments | UK/Europe Property and Special Risks | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 2,913 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 1,665 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | 4,578 | |||
Reportable Subsegments | UK/Europe and Japan Personal Insurance | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Net liability for unpaid losses and loss adjustment expenses as presented in the disaggregated tables below | 1,483 | |||
Reinsurance recoverable on unpaid losses and loss adjustment expenses included in the disaggregated tables below | 671 | |||
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2023 and $14 in 2022 | $ 2,154 |
Insurance Liabilities - Undisco
Insurance Liabilities - Undiscounted, Incurred and Paid Losses and Allocated Loss Adjustment Expenses (Details) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) country | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($) | Dec. 31, 2014 USD ($) | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | $ (392) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (234) | |||||||||
U.S. Workers' Compensation (before discount) | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 8,589 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (267) | |||||||||
Incurred Impact of ADC | (4,301) | |||||||||
2023 (Net of Impact of ADC) | 7,802 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 4,727 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 4,327 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 8,189 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (114) | |||||||||
Paid Impact of ADC | $ (118) | |||||||||
Year 1 (as a percent) | 11.90% | |||||||||
Year 2 (as a percent) | 17.20% | |||||||||
Year 3 (as a percent) | 11% | |||||||||
Year 4 (as a percent) | 7.20% | |||||||||
Year 5 (as a percent) | 4.80% | |||||||||
Year 6 (as a percent) | 3.20% | |||||||||
Year 7 (as a percent) | 2% | |||||||||
Year 8 (as a percent) | 1.70% | |||||||||
Year 9 (as a percent) | 1.50% | |||||||||
Year 10 (as a percent) | 1.20% | |||||||||
U.S. Workers' Compensation (before discount) | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 118 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (3,632) | |||||||||
Unallocated loss adjustment expense prior year development | 32 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 153 | |||||||||
U.S. Workers' Compensation (before discount) | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,589 | $ 1,614 | $ 1,637 | $ 1,679 | $ 1,709 | $ 1,794 | $ 1,862 | $ 1,866 | $ 1,764 | $ 1,729 |
2023 Prior Year Development Excluding the Impact of ADC | (25) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 172 | |||||||||
Cumulative Number of Reported Claims | country | 41,529 | |||||||||
Incurred Impact of ADC | $ (349) | |||||||||
IBNR Impact of ADC | (143) | |||||||||
2023 (Net of Impact of ADC) | 1,240 | 1,243 | 1,171 | 1,223 | 1,329 | 1,309 | 1,310 | 1,311 | ||
Total of IBNR Liabilities Net of Impact of ADC | 29 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,226 | 1,207 | 1,180 | 1,137 | 1,096 | 1,030 | 930 | 786 | 558 | 231 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | (64) | |||||||||
U.S. Workers' Compensation (before discount) | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (349) | (371) | (466) | (456) | (380) | (485) | (552) | (555) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 22 | |||||||||
U.S. Workers' Compensation (before discount) | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,592 | 1,612 | 1,634 | 1,675 | 1,722 | 1,814 | 1,866 | 1,864 | 1,708 | |
2023 Prior Year Development Excluding the Impact of ADC | (20) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 355 | |||||||||
Cumulative Number of Reported Claims | country | 37,109 | |||||||||
Incurred Impact of ADC | $ (438) | |||||||||
IBNR Impact of ADC | (228) | |||||||||
2023 (Net of Impact of ADC) | 1,154 | 1,092 | 1,041 | 1,105 | 1,134 | 1,318 | 1,279 | 1,279 | ||
Total of IBNR Liabilities Net of Impact of ADC | 127 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,058 | 1,038 | 1,013 | 979 | 925 | 854 | 725 | 524 | 234 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 62 | |||||||||
Paid Impact of ADC | (54) | |||||||||
U.S. Workers' Compensation (before discount) | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (438) | (520) | (593) | (570) | (588) | (496) | (587) | (585) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 82 | |||||||||
U.S. Workers' Compensation (before discount) | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,025 | 1,036 | 1,075 | 1,090 | 1,140 | 1,318 | 1,346 | 1,299 | ||
2023 Prior Year Development Excluding the Impact of ADC | (11) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 224 | |||||||||
Cumulative Number of Reported Claims | country | 31,868 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,025 | 1,036 | 1,075 | 1,090 | 1,140 | 1,318 | 1,346 | 1,299 | ||
Total of IBNR Liabilities Net of Impact of ADC | 224 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 694 | 686 | 662 | 630 | 584 | 521 | 378 | 147 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (11) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 705 | 712 | 731 | 763 | 776 | 850 | 789 | |||
2023 Prior Year Development Excluding the Impact of ADC | (7) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 218 | |||||||||
Cumulative Number of Reported Claims | country | 27,695 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 705 | 712 | 731 | 763 | 776 | 850 | 789 | |||
Total of IBNR Liabilities Net of Impact of ADC | 218 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 395 | 389 | 367 | 333 | 294 | 224 | 93 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (7) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 875 | 896 | 911 | 961 | 1,021 | 998 | ||||
2023 Prior Year Development Excluding the Impact of ADC | (21) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 385 | |||||||||
Cumulative Number of Reported Claims | country | 22,222 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 875 | 896 | 911 | 961 | 1,021 | 998 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 385 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 409 | 388 | 359 | 296 | 215 | 85 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (21) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 788 | 801 | 812 | 873 | 887 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (13) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 285 | |||||||||
Cumulative Number of Reported Claims | country | 17,000 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 788 | 801 | 812 | 873 | 887 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 285 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 389 | 347 | 301 | 219 | 93 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (13) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 477 | 521 | 573 | 597 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | (44) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 106 | |||||||||
Cumulative Number of Reported Claims | country | 13,839 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 477 | 521 | 573 | 597 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 106 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 245 | 205 | 159 | 64 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (44) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 545 | 570 | 597 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (25) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 274 | |||||||||
Cumulative Number of Reported Claims | country | 10,982 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 545 | 570 | 597 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 274 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 171 | 128 | 60 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (25) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 493 | 523 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | (30) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 296 | |||||||||
Cumulative Number of Reported Claims | country | 9,339 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 493 | 523 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 296 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 102 | 45 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (30) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 500 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 397 | |||||||||
Cumulative Number of Reported Claims | country | 7,359 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 500 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 397 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 38 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Workers' Compensation (before discount) | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (196) | |||||||||
Incurred Impact of ADC | (787) | |||||||||
2023 (Net of Impact of ADC) | 7,802 | 7,394 | 6,911 | 6,612 | 6,287 | 5,793 | 4,724 | 3,889 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (92) | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (787) | (891) | (1,059) | (1,026) | (968) | (981) | (1,139) | (1,140) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 104 | |||||||||
U.S. Workers' Compensation (before discount) | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Workers' Compensation (before discount) | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 118 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (3,632) | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (65) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (48) | |||||||||
U.S. Workers' Compensation (before discount) | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 17 | |||||||||
U.S. Workers' Compensation (before discount) | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 4,609 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 695 | |||||||||
Unallocated loss adjustment expense prior year development | 26 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 3,888 | |||||||||
U.S. Workers' Compensation (before discount) | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (6) | |||||||||
U.S. Excess Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 8,084 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (32) | |||||||||
Incurred Impact of ADC | (2,083) | |||||||||
2023 (Net of Impact of ADC) | 7,238 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 4,724 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 2,044 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 5,404 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 18 | |||||||||
Paid Impact of ADC | $ (251) | |||||||||
Year 1 (as a percent) | 1.20% | |||||||||
Year 2 (as a percent) | 8.50% | |||||||||
Year 3 (as a percent) | 9.20% | |||||||||
Year 4 (as a percent) | 18.10% | |||||||||
Year 5 (as a percent) | 10.50% | |||||||||
Year 6 (as a percent) | 7.90% | |||||||||
Year 7 (as a percent) | 7.40% | |||||||||
Year 8 (as a percent) | 6.60% | |||||||||
Year 9 (as a percent) | 2.70% | |||||||||
Year 10 (as a percent) | 1.90% | |||||||||
U.S. Excess Casualty | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 251 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1,488) | |||||||||
Unallocated loss adjustment expense prior year development | 30 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 50 | |||||||||
U.S. Excess Casualty | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,245 | 1,259 | 1,269 | 1,248 | 1,283 | 1,339 | 1,260 | 1,275 | 1,069 | 938 |
2023 Prior Year Development Excluding the Impact of ADC | (14) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 277 | |||||||||
Cumulative Number of Reported Claims | country | 2,985 | |||||||||
Incurred Impact of ADC | $ (384) | |||||||||
IBNR Impact of ADC | (144) | |||||||||
2023 (Net of Impact of ADC) | 861 | 869 | 949 | 912 | 844 | 915 | 905 | 902 | ||
Total of IBNR Liabilities Net of Impact of ADC | 133 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 902 | 878 | 839 | 815 | 703 | 590 | 444 | 240 | 77 | 3 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (8) | |||||||||
Paid Impact of ADC | (80) | |||||||||
U.S. Excess Casualty | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (384) | (390) | (320) | (336) | (439) | (424) | (355) | (373) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 6 | |||||||||
U.S. Excess Casualty | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,658 | 1,686 | 1,721 | 1,694 | 1,656 | 1,603 | 1,440 | 1,463 | 989 | |
2023 Prior Year Development Excluding the Impact of ADC | (28) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 258 | |||||||||
Cumulative Number of Reported Claims | country | 3,142 | |||||||||
Incurred Impact of ADC | $ (462) | |||||||||
IBNR Impact of ADC | (116) | |||||||||
2023 (Net of Impact of ADC) | 1,196 | 1,174 | 1,231 | 1,211 | 1,163 | 1,139 | 1,015 | 1,027 | ||
Total of IBNR Liabilities Net of Impact of ADC | 142 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,291 | 1,253 | 1,124 | 1,061 | 935 | 718 | 391 | 210 | 9 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 22 | |||||||||
Paid Impact of ADC | (171) | |||||||||
U.S. Excess Casualty | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (462) | (512) | (490) | (483) | (493) | (464) | (425) | (436) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 50 | |||||||||
U.S. Excess Casualty | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,276 | 1,263 | 1,250 | 1,274 | 1,171 | 1,162 | 1,146 | 898 | ||
2023 Prior Year Development Excluding the Impact of ADC | 13 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 314 | |||||||||
Cumulative Number of Reported Claims | country | 2,813 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,276 | 1,263 | 1,250 | 1,274 | 1,171 | 1,162 | 1,146 | 898 | ||
Total of IBNR Liabilities Net of Impact of ADC | 314 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 798 | 670 | 566 | 502 | 388 | 204 | 80 | 28 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 13 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,182 | 1,200 | 1,157 | 1,153 | 1,097 | 1,002 | 856 | |||
2023 Prior Year Development Excluding the Impact of ADC | (18) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 264 | |||||||||
Cumulative Number of Reported Claims | country | 2,079 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,182 | 1,200 | 1,157 | 1,153 | 1,097 | 1,002 | 856 | |||
Total of IBNR Liabilities Net of Impact of ADC | 264 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 781 | 676 | 585 | 505 | 156 | 45 | 1 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (18) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 779 | 769 | 769 | 721 | 646 | 648 | ||||
2023 Prior Year Development Excluding the Impact of ADC | 10 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 155 | |||||||||
Cumulative Number of Reported Claims | country | 1,461 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 779 | 769 | 769 | 721 | 646 | 648 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 155 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 494 | 414 | 315 | 227 | 125 | 1 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 10 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 600 | 612 | 597 | 583 | 577 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (12) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 301 | |||||||||
Cumulative Number of Reported Claims | country | 1,347 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 600 | 612 | 597 | 583 | 577 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 301 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 216 | 157 | 79 | 43 | 7 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (12) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 420 | 410 | 413 | 406 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | 10 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 238 | |||||||||
Cumulative Number of Reported Claims | country | 1,284 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 420 | 410 | 413 | 406 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 238 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 128 | 33 | 15 | 4 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 10 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 274 | 277 | 278 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 100 | |||||||||
Cumulative Number of Reported Claims | country | 855 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 274 | 277 | 278 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 100 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 62 | 43 | 4 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 305 | 305 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | 0 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 189 | |||||||||
Cumulative Number of Reported Claims | country | 490 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 305 | 305 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 189 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 51 | 14 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 345 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 326 | |||||||||
Cumulative Number of Reported Claims | country | 303 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 345 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 326 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Excess Casualty | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (42) | |||||||||
Incurred Impact of ADC | (846) | |||||||||
2023 (Net of Impact of ADC) | 7,238 | 6,879 | 6,644 | 6,260 | 5,498 | 4,866 | 3,922 | 2,827 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 14 | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (846) | (902) | (810) | (819) | (932) | (888) | (780) | (809) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 56 | |||||||||
U.S. Excess Casualty | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Excess Casualty | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 251 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1,488) | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (75) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (111) | |||||||||
U.S. Excess Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (36) | |||||||||
U.S. Excess Casualty | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (4,473) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 556 | |||||||||
Unallocated loss adjustment expense prior year development | 115 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 3,321 | |||||||||
U.S. Excess Casualty | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 85 | |||||||||
U.S. Other Casualty | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 10,583 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (133) | |||||||||
Incurred Impact of ADC | (1,251) | |||||||||
2023 (Net of Impact of ADC) | 10,087 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 6,668 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 1,448 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 5,363 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (133) | |||||||||
Paid Impact of ADC | $ (298) | |||||||||
Year 1 (as a percent) | 5.80% | |||||||||
Year 2 (as a percent) | 11.30% | |||||||||
Year 3 (as a percent) | 14.20% | |||||||||
Year 4 (as a percent) | 14.40% | |||||||||
Year 5 (as a percent) | 13.70% | |||||||||
Year 6 (as a percent) | 9.40% | |||||||||
Year 7 (as a percent) | 6.70% | |||||||||
Year 8 (as a percent) | 4% | |||||||||
Year 9 (as a percent) | 2.80% | |||||||||
Year 10 (as a percent) | 0.50% | |||||||||
U.S. Other Casualty | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 298 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1,053) | |||||||||
Unallocated loss adjustment expense prior year development | 24 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,905 | 1,944 | 1,935 | 1,946 | 1,916 | 1,910 | 2,009 | 1,963 | 1,721 | 1,751 |
2023 Prior Year Development Excluding the Impact of ADC | (39) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 46 | |||||||||
Cumulative Number of Reported Claims | country | 38,546 | |||||||||
Incurred Impact of ADC | $ (214) | |||||||||
IBNR Impact of ADC | (29) | |||||||||
2023 (Net of Impact of ADC) | 1,691 | 1,718 | 1,722 | 1,701 | 1,694 | 1,634 | 1,678 | 1,667 | ||
Total of IBNR Liabilities Net of Impact of ADC | 17 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,805 | 1,795 | 1,719 | 1,653 | 1,572 | 1,392 | 1,150 | 868 | 620 | 210 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (27) | |||||||||
Paid Impact of ADC | (122) | |||||||||
U.S. Other Casualty | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (214) | (226) | (213) | (245) | (222) | (276) | (331) | (296) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 12 | |||||||||
U.S. Other Casualty | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,796 | 1,815 | 1,824 | 1,834 | 1,794 | 1,736 | 1,829 | 1,762 | 1,329 | |
2023 Prior Year Development Excluding the Impact of ADC | (19) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 23 | |||||||||
Cumulative Number of Reported Claims | country | 35,754 | |||||||||
Incurred Impact of ADC | $ (282) | |||||||||
IBNR Impact of ADC | (8) | |||||||||
2023 (Net of Impact of ADC) | 1,514 | 1,563 | 1,562 | 1,553 | 1,493 | 1,423 | 1,373 | 1,361 | ||
Total of IBNR Liabilities Net of Impact of ADC | 15 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,707 | 1,680 | 1,603 | 1,485 | 1,351 | 1,087 | 769 | 309 | 105 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (49) | |||||||||
Paid Impact of ADC | (176) | |||||||||
U.S. Other Casualty | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (282) | (252) | (262) | (281) | (301) | (313) | (456) | (401) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (30) | |||||||||
U.S. Other Casualty | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,297 | 1,293 | 1,323 | 1,340 | 1,391 | 1,321 | 1,343 | 1,339 | ||
2023 Prior Year Development Excluding the Impact of ADC | 4 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 162 | |||||||||
Cumulative Number of Reported Claims | country | 29,191 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,297 | 1,293 | 1,323 | 1,340 | 1,391 | 1,321 | 1,343 | 1,339 | ||
Total of IBNR Liabilities Net of Impact of ADC | 162 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,074 | 1,018 | 938 | 846 | 703 | 489 | 298 | 77 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 4 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 654 | 643 | 668 | 674 | 738 | 629 | 602 | |||
2023 Prior Year Development Excluding the Impact of ADC | 11 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 21 | |||||||||
Cumulative Number of Reported Claims | country | 21,266 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 654 | 643 | 668 | 674 | 738 | 629 | 602 | |||
Total of IBNR Liabilities Net of Impact of ADC | 21 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 592 | 527 | 455 | 314 | 216 | 111 | 51 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 11 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 810 | 824 | 870 | 837 | 845 | 802 | ||||
2023 Prior Year Development Excluding the Impact of ADC | (14) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 148 | |||||||||
Cumulative Number of Reported Claims | country | 16,967 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 810 | 824 | 870 | 837 | 845 | 802 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 148 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 565 | 470 | 360 | 227 | 122 | 43 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (14) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,039 | 1,062 | 1,053 | 1,058 | 1,059 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (23) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 526 | |||||||||
Cumulative Number of Reported Claims | country | 21,036 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,039 | 1,062 | 1,053 | 1,058 | 1,059 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 526 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 410 | 321 | 226 | 138 | 53 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (23) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 540 | 538 | 576 | 524 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | 2 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 277 | |||||||||
Cumulative Number of Reported Claims | country | 11,318 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 540 | 538 | 576 | 524 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 277 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 198 | 139 | 73 | 26 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 2 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 790 | 793 | 795 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 519 | |||||||||
Cumulative Number of Reported Claims | country | 10,572 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 790 | 793 | 795 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 519 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 169 | 87 | 32 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 819 | 793 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | 26 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 617 | |||||||||
Cumulative Number of Reported Claims | country | 12,457 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 819 | 793 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 617 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 112 | 38 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 26 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 933 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 848 | |||||||||
Cumulative Number of Reported Claims | country | 10,401 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 933 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 848 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 36 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Other Casualty | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (55) | |||||||||
Incurred Impact of ADC | (496) | |||||||||
2023 (Net of Impact of ADC) | 10,087 | 9,227 | 8,569 | 7,687 | 7,220 | 5,809 | 4,996 | 4,367 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (73) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (496) | (478) | (475) | (526) | (523) | (589) | (787) | (697) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (18) | |||||||||
U.S. Other Casualty | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Other Casualty | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 298 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1,053) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (67) | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (73) | |||||||||
U.S. Other Casualty | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (6) | |||||||||
U.S. Other Casualty | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (6,370) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 395 | |||||||||
Unallocated loss adjustment expense prior year development | 13 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 4,112 | |||||||||
U.S. Other Casualty | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (11) | |||||||||
U.S. Financial Lines | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 17,560 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | 94 | |||||||||
Incurred Impact of ADC | (514) | |||||||||
2023 (Net of Impact of ADC) | 16,768 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 11,645 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 271 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 6,186 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 50 | |||||||||
Paid Impact of ADC | $ (501) | |||||||||
Year 1 (as a percent) | 3.70% | |||||||||
Year 2 (as a percent) | 14.60% | |||||||||
Year 3 (as a percent) | 18.20% | |||||||||
Year 4 (as a percent) | 15.60% | |||||||||
Year 5 (as a percent) | 12.50% | |||||||||
Year 6 (as a percent) | 8.10% | |||||||||
Year 7 (as a percent) | 6.10% | |||||||||
Year 8 (as a percent) | 5.80% | |||||||||
Year 9 (as a percent) | 3.90% | |||||||||
Year 10 (as a percent) | 1.40% | |||||||||
U.S. Financial Lines | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 501 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (223) | |||||||||
Unallocated loss adjustment expense prior year development | 4 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (44) | |||||||||
U.S. Financial Lines | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,017 | 2,014 | 2,057 | 2,000 | 1,981 | 1,960 | 1,927 | 1,892 | 1,777 | 1,812 |
2023 Prior Year Development Excluding the Impact of ADC | 3 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 91 | |||||||||
Cumulative Number of Reported Claims | country | 17,650 | |||||||||
Incurred Impact of ADC | $ (297) | |||||||||
IBNR Impact of ADC | (68) | |||||||||
2023 (Net of Impact of ADC) | 1,720 | 1,738 | 1,761 | 1,759 | 1,741 | 1,753 | 1,729 | 1,733 | ||
Total of IBNR Liabilities Net of Impact of ADC | 23 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,849 | 1,820 | 1,758 | 1,658 | 1,573 | 1,387 | 1,158 | 849 | 366 | 66 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (18) | |||||||||
Paid Impact of ADC | (147) | |||||||||
U.S. Financial Lines | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (297) | (276) | (296) | (241) | (240) | (207) | (198) | (159) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (21) | |||||||||
U.S. Financial Lines | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,048 | 2,044 | 1,959 | 1,874 | 1,830 | 1,788 | 1,743 | 1,762 | 1,737 | |
2023 Prior Year Development Excluding the Impact of ADC | 4 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 78 | |||||||||
Cumulative Number of Reported Claims | country | 16,253 | |||||||||
Incurred Impact of ADC | $ (495) | |||||||||
IBNR Impact of ADC | (63) | |||||||||
2023 (Net of Impact of ADC) | 1,553 | 1,605 | 1,595 | 1,550 | 1,552 | 1,462 | 1,430 | 1,429 | ||
Total of IBNR Liabilities Net of Impact of ADC | 15 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,914 | 1,818 | 1,686 | 1,488 | 1,282 | 1,055 | 791 | 390 | 63 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (52) | |||||||||
Paid Impact of ADC | (354) | |||||||||
U.S. Financial Lines | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (495) | (439) | (364) | (324) | (278) | (326) | (313) | (333) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (56) | |||||||||
U.S. Financial Lines | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,308 | 2,325 | 2,281 | 2,139 | 2,064 | 1,993 | 1,855 | 1,605 | ||
2023 Prior Year Development Excluding the Impact of ADC | (17) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 133 | |||||||||
Cumulative Number of Reported Claims | country | 16,127 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,308 | 2,325 | 2,281 | 2,139 | 2,064 | 1,993 | 1,855 | 1,605 | ||
Total of IBNR Liabilities Net of Impact of ADC | 133 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,039 | 1,903 | 1,826 | 1,659 | 1,358 | 1,002 | 499 | 73 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (17) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,957 | 1,987 | 1,898 | 1,846 | 1,756 | 1,675 | 1,564 | |||
2023 Prior Year Development Excluding the Impact of ADC | (30) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 130 | |||||||||
Cumulative Number of Reported Claims | country | 15,269 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,957 | 1,987 | 1,898 | 1,846 | 1,756 | 1,675 | 1,564 | |||
Total of IBNR Liabilities Net of Impact of ADC | 130 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,653 | 1,515 | 1,396 | 1,118 | 761 | 391 | 64 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (30) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,322 | 2,225 | 2,063 | 1,882 | 1,766 | 1,640 | ||||
2023 Prior Year Development Excluding the Impact of ADC | 97 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 498 | |||||||||
Cumulative Number of Reported Claims | country | 14,833 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,322 | 2,225 | 2,063 | 1,882 | 1,766 | 1,640 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 498 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,601 | 1,415 | 1,126 | 835 | 486 | 86 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 97 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,912 | 1,926 | 1,627 | 1,536 | 1,503 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (14) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 513 | |||||||||
Cumulative Number of Reported Claims | country | 13,319 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,912 | 1,926 | 1,627 | 1,536 | 1,503 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 513 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,204 | 953 | 642 | 367 | 94 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (14) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,457 | 1,408 | 1,252 | 1,213 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | 49 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 331 | |||||||||
Cumulative Number of Reported Claims | country | 10,390 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,457 | 1,408 | 1,252 | 1,213 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 331 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 915 | 648 | 356 | 84 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 49 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,388 | 1,408 | 1,430 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (20) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 894 | |||||||||
Cumulative Number of Reported Claims | country | 7,117 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,388 | 1,408 | 1,430 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 894 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 315 | 151 | 43 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (20) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,108 | 1,130 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | (22) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 948 | |||||||||
Cumulative Number of Reported Claims | country | 5,809 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,108 | 1,130 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 948 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 109 | 30 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (22) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,043 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 950 | |||||||||
Cumulative Number of Reported Claims | country | 6,467 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,043 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 950 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 46 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Financial Lines | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | 50 | |||||||||
Incurred Impact of ADC | (792) | |||||||||
2023 (Net of Impact of ADC) | 16,768 | 15,752 | 13,907 | 11,925 | 10,382 | 8,523 | 6,578 | 4,767 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (27) | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (792) | (715) | (660) | (565) | (518) | (533) | (511) | (492) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (77) | |||||||||
U.S. Financial Lines | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Financial Lines | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 501 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (223) | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 27 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 56 | |||||||||
U.S. Financial Lines | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 29 | |||||||||
U.S. Financial Lines | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (11,144) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 48 | |||||||||
Unallocated loss adjustment expense prior year development | 21 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 5,672 | |||||||||
U.S. Financial Lines | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 17 | |||||||||
U.S. Property and Special Risks | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 28,412 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (10) | |||||||||
Incurred Impact of ADC | (211) | |||||||||
2023 (Net of Impact of ADC) | 28,260 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 24,207 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 409 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 4,614 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | $ (87) | |||||||||
Year 1 (as a percent) | 35.20% | |||||||||
Year 2 (as a percent) | 32.20% | |||||||||
Year 3 (as a percent) | 11.80% | |||||||||
Year 4 (as a percent) | 8.10% | |||||||||
Year 5 (as a percent) | 4.90% | |||||||||
Year 6 (as a percent) | 3.10% | |||||||||
Year 7 (as a percent) | 1.80% | |||||||||
Year 8 (as a percent) | 1.30% | |||||||||
Year 9 (as a percent) | 1.50% | |||||||||
Year 10 (as a percent) | 2.30% | |||||||||
U.S. Property and Special Risks | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 87 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (146) | |||||||||
Unallocated loss adjustment expense prior year development | 1 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 10 | |||||||||
U.S. Property and Special Risks | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,437 | 2,440 | 2,446 | 2,460 | 2,477 | 2,494 | 2,480 | 2,490 | 2,396 | 2,600 |
2023 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 4 | |||||||||
Cumulative Number of Reported Claims | country | 60,766 | |||||||||
Incurred Impact of ADC | $ (52) | |||||||||
IBNR Impact of ADC | (2) | |||||||||
2023 (Net of Impact of ADC) | 2,385 | 2,364 | 2,376 | 2,382 | 2,401 | 2,430 | 2,419 | 2,423 | ||
Total of IBNR Liabilities Net of Impact of ADC | 2 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,418 | 2,362 | 2,352 | 2,329 | 2,293 | 2,207 | 2,073 | 1,869 | 1,545 | 795 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 21 | |||||||||
Paid Impact of ADC | (20) | |||||||||
U.S. Property and Special Risks | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (52) | (76) | (70) | (78) | (76) | (64) | (61) | (67) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 24 | |||||||||
U.S. Property and Special Risks | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,493 | 2,490 | 2,479 | 2,471 | 2,466 | 2,492 | 2,489 | 2,506 | 2,567 | |
2023 Prior Year Development Excluding the Impact of ADC | 3 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 4 | |||||||||
Cumulative Number of Reported Claims | country | 59,513 | |||||||||
Incurred Impact of ADC | $ (100) | |||||||||
IBNR Impact of ADC | (1) | |||||||||
2023 (Net of Impact of ADC) | 2,393 | 2,375 | 2,372 | 2,372 | 2,372 | 2,405 | 2,391 | 2,365 | ||
Total of IBNR Liabilities Net of Impact of ADC | 3 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,457 | 2,391 | 2,344 | 2,308 | 2,240 | 2,121 | 1,878 | 1,572 | 844 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 18 | |||||||||
Paid Impact of ADC | (67) | |||||||||
U.S. Property and Special Risks | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (100) | (115) | (107) | (99) | (94) | (87) | (98) | (141) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 15 | |||||||||
U.S. Property and Special Risks | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,713 | 2,700 | 2,694 | 2,707 | 2,697 | 2,690 | 2,748 | 2,674 | ||
2023 Prior Year Development Excluding the Impact of ADC | 13 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 8 | |||||||||
Cumulative Number of Reported Claims | country | 54,821 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,713 | 2,700 | 2,694 | 2,707 | 2,697 | 2,690 | 2,748 | 2,674 | ||
Total of IBNR Liabilities Net of Impact of ADC | 8 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,647 | 2,616 | 2,539 | 2,464 | 2,296 | 2,076 | 1,747 | 821 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 13 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 4,175 | 4,212 | 4,173 | 4,153 | 4,127 | 4,239 | 4,673 | |||
2023 Prior Year Development Excluding the Impact of ADC | (37) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 15 | |||||||||
Cumulative Number of Reported Claims | country | 79,764 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 4,175 | 4,212 | 4,173 | 4,153 | 4,127 | 4,239 | 4,673 | |||
Total of IBNR Liabilities Net of Impact of ADC | 15 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 4,055 | 3,999 | 3,897 | 3,638 | 3,281 | 2,625 | 1,137 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (37) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,210 | 3,201 | 3,229 | 2,992 | 2,993 | 2,978 | ||||
2023 Prior Year Development Excluding the Impact of ADC | 9 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 112 | |||||||||
Cumulative Number of Reported Claims | country | 69,922 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 3,210 | 3,201 | 3,229 | 2,992 | 2,993 | 2,978 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 112 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,994 | 2,863 | 2,715 | 2,509 | 2,162 | 977 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 9 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,177 | 2,222 | 2,211 | 2,146 | 2,177 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (45) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 25 | |||||||||
Cumulative Number of Reported Claims | country | 78,848 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,177 | 2,222 | 2,211 | 2,146 | 2,177 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 25 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,083 | 2,037 | 1,906 | 1,673 | 1,039 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (45) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,238 | 3,280 | 3,320 | 3,391 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | (42) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 761 | |||||||||
Cumulative Number of Reported Claims | country | 68,644 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 3,238 | 3,280 | 3,320 | 3,391 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 761 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,190 | 1,874 | 1,613 | 844 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (42) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,160 | 2,213 | 2,339 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (53) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 101 | |||||||||
Cumulative Number of Reported Claims | country | 81,795 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,160 | 2,213 | 2,339 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 101 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,983 | 1,743 | 878 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (53) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 3,281 | 3,171 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | 110 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 690 | |||||||||
Cumulative Number of Reported Claims | country | 85,477 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 3,281 | 3,171 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 690 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 2,207 | 1,208 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 110 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,528 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 777 | |||||||||
Cumulative Number of Reported Claims | country | 88,129 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 2,528 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 777 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,173 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Property and Special Risks | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (45) | |||||||||
Incurred Impact of ADC | (152) | |||||||||
2023 (Net of Impact of ADC) | 28,260 | 25,738 | 22,714 | 20,143 | 16,767 | 14,742 | 12,231 | 7,462 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (6) | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (152) | (191) | (177) | (177) | (170) | (151) | (159) | (208) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 39 | |||||||||
U.S. Property and Special Risks | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Property and Special Risks | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 87 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (146) | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 39 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 9 | |||||||||
U.S. Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (30) | |||||||||
U.S. Property and Special Risks | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (24,120) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 263 | |||||||||
Unallocated loss adjustment expense prior year development | (3) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 4,403 | |||||||||
U.S. Property and Special Risks | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | (4) | |||||||||
U.S. Personal Insurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 12,876 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (64) | |||||||||
Incurred Impact of ADC | (1) | |||||||||
2023 (Net of Impact of ADC) | 12,860 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 12,060 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (48) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 768 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (65) | |||||||||
Paid Impact of ADC | $ (16) | |||||||||
Year 1 (as a percent) | 61.60% | |||||||||
Year 2 (as a percent) | 23.80% | |||||||||
Year 3 (as a percent) | 5.20% | |||||||||
Year 4 (as a percent) | 0.80% | |||||||||
Year 5 (as a percent) | 2.40% | |||||||||
Year 6 (as a percent) | 0.90% | |||||||||
Year 7 (as a percent) | 0.50% | |||||||||
Year 8 (as a percent) | 0.30% | |||||||||
Year 9 (as a percent) | 0.30% | |||||||||
Year 10 (as a percent) | 0.30% | |||||||||
U.S. Personal Insurance | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 16 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1) | |||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
U.S. Personal Insurance | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,592 | 1,592 | 1,587 | 1,588 | 1,584 | 1,583 | 1,572 | 1,572 | 1,562 | 1,552 |
2023 Prior Year Development Excluding the Impact of ADC | 0 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 5 | |||||||||
Cumulative Number of Reported Claims | country | 275,132 | |||||||||
Incurred Impact of ADC | $ (8) | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,584 | 1,584 | 1,582 | 1,584 | 1,580 | 1,571 | 1,564 | 1,564 | ||
Total of IBNR Liabilities Net of Impact of ADC | 5 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,584 | 1,579 | 1,572 | 1,568 | 1,555 | 1,536 | 1,507 | 1,463 | 1,380 | 959 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
Paid Impact of ADC | (8) | |||||||||
U.S. Personal Insurance | 2014 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (8) | (8) | (5) | (4) | (4) | (12) | (8) | (8) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,487 | 1,488 | 1,487 | 1,485 | 1,482 | 1,483 | 1,494 | 1,498 | 1,511 | |
2023 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 8 | |||||||||
Cumulative Number of Reported Claims | country | 261,176 | |||||||||
Incurred Impact of ADC | $ (8) | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,479 | 1,481 | 1,482 | 1,480 | 1,476 | 1,472 | 1,475 | 1,476 | ||
Total of IBNR Liabilities Net of Impact of ADC | 8 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,471 | 1,468 | 1,463 | 1,461 | 1,455 | 1,439 | 1,411 | 1,320 | 931 | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (2) | |||||||||
Paid Impact of ADC | (8) | |||||||||
U.S. Personal Insurance | 2015 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (8) | (7) | (5) | (5) | (6) | (11) | (19) | (22) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
U.S. Personal Insurance | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,541 | 1,544 | 1,544 | 1,542 | 1,540 | 1,533 | 1,533 | 1,536 | ||
2023 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 12 | |||||||||
Cumulative Number of Reported Claims | country | 247,479 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,541 | 1,544 | 1,544 | 1,542 | 1,540 | 1,533 | 1,533 | 1,536 | ||
Total of IBNR Liabilities Net of Impact of ADC | 12 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,521 | 1,518 | 1,512 | 1,501 | 1,460 | 1,422 | 1,344 | 857 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2016 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,896 | 1,916 | 1,924 | 2,057 | 2,011 | 2,137 | 1,878 | |||
2023 Prior Year Development Excluding the Impact of ADC | (20) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 15 | |||||||||
Cumulative Number of Reported Claims | country | 220,038 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,896 | 1,916 | 1,924 | 2,057 | 2,011 | 2,137 | 1,878 | |||
Total of IBNR Liabilities Net of Impact of ADC | 15 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,861 | 1,852 | 1,826 | 1,789 | 1,896 | 1,672 | 941 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (20) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2017 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,920 | 1,936 | 1,937 | 2,154 | 2,193 | 2,188 | ||||
2023 Prior Year Development Excluding the Impact of ADC | (16) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 33 | |||||||||
Cumulative Number of Reported Claims | country | 102,256 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,920 | 1,936 | 1,937 | 2,154 | 2,193 | 2,188 | ||||
Total of IBNR Liabilities Net of Impact of ADC | 33 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,849 | 1,832 | 1,789 | 1,973 | 1,939 | 1,227 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (16) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2018 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,578 | 1,596 | 1,646 | 1,664 | 1,593 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (18) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 43 | |||||||||
Cumulative Number of Reported Claims | country | 93,428 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 1,578 | 1,596 | 1,646 | 1,664 | 1,593 | |||||
Total of IBNR Liabilities Net of Impact of ADC | 43 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 1,491 | 1,416 | 1,379 | 1,295 | 884 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (18) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2019 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | 0 | |||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 894 | 913 | 906 | 954 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | (19) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 51 | |||||||||
Cumulative Number of Reported Claims | country | 55,101 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 894 | 913 | 906 | 954 | ||||||
Total of IBNR Liabilities Net of Impact of ADC | 51 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 824 | 725 | 679 | 667 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (19) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2020 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | 0 | ||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 762 | 765 | 748 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (3) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 70 | |||||||||
Cumulative Number of Reported Claims | country | 56,234 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 762 | 765 | 748 | |||||||
Total of IBNR Liabilities Net of Impact of ADC | 70 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 658 | 650 | 488 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (3) | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2021 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | 0 | |||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 529 | 517 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | 12 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 93 | |||||||||
Cumulative Number of Reported Claims | country | 51,983 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 529 | 517 | ||||||||
Total of IBNR Liabilities Net of Impact of ADC | 93 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 401 | 372 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 12 | |||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2022 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | 0 | ||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 677 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 248 | |||||||||
Cumulative Number of Reported Claims | country | 32,022 | |||||||||
Incurred Impact of ADC | $ 0 | |||||||||
IBNR Impact of ADC | 0 | |||||||||
2023 (Net of Impact of ADC) | 677 | |||||||||
Total of IBNR Liabilities Net of Impact of ADC | 248 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 400 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | ||||||||||
Paid Impact of ADC | 0 | |||||||||
U.S. Personal Insurance | 2023 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | 0 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (68) | |||||||||
Incurred Impact of ADC | (16) | |||||||||
2023 (Net of Impact of ADC) | 12,860 | 12,252 | 11,769 | 11,435 | 10,393 | 8,901 | 6,450 | 4,576 | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (69) | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred Impact of ADC | (16) | (15) | (10) | (9) | (10) | (23) | (27) | (30) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (1) | |||||||||
U.S. Personal Insurance | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
U.S. Personal Insurance | Incurred Impact Of Adverse Development Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 16 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (1) | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 4 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 4 | |||||||||
U.S. Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | Adverse Development Reinsurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | |||||||||
U.S. Personal Insurance | Net Of Impact Of Adverse Development Reinsurance Cover | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | (12,044) | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (49) | |||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 767 | |||||||||
U.S. Personal Insurance | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe Casualty and Financial lines | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 13,695 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | 165 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 7,109 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 861 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 7,447 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ 165 | |||||||||
Year 1 (as a percent) | 5.60% | |||||||||
Year 2 (as a percent) | 14.30% | |||||||||
Year 3 (as a percent) | 12.20% | |||||||||
Year 4 (as a percent) | 11.30% | |||||||||
Year 5 (as a percent) | 9.30% | |||||||||
Year 6 (as a percent) | 10.30% | |||||||||
Year 7 (as a percent) | 6.10% | |||||||||
Year 8 (as a percent) | 4.90% | |||||||||
Year 9 (as a percent) | 3.70% | |||||||||
Year 10 (as a percent) | 2.10% | |||||||||
UK/Europe Casualty and Financial lines | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 1,117 | 1,111 | 1,106 | 1,064 | 1,122 | 1,034 | 1,039 | 1,032 | 1,009 | 1,036 |
2023 Prior Year Development Excluding the Impact of ADC | 6 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 75 | |||||||||
Cumulative Number of Reported Claims | country | 102,063 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 883 | 859 | 818 | 757 | 695 | 629 | 529 | 409 | 258 | 72 |
UK/Europe Casualty and Financial lines | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,266 | 1,258 | 1,238 | 1,234 | 1,244 | 1,170 | 1,262 | 1,233 | 1,092 | |
2023 Prior Year Development Excluding the Impact of ADC | 8 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 74 | |||||||||
Cumulative Number of Reported Claims | country | 113,865 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,041 | 994 | 949 | 859 | 683 | 568 | 433 | 240 | 71 | |
UK/Europe Casualty and Financial lines | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,613 | 1,610 | 1,597 | 1,601 | 1,498 | 1,497 | 1,453 | 1,314 | ||
2023 Prior Year Development Excluding the Impact of ADC | 3 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 100 | |||||||||
Cumulative Number of Reported Claims | country | 142,721 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,260 | 1,168 | 1,059 | 930 | 775 | 586 | 379 | 119 | ||
UK/Europe Casualty and Financial lines | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,408 | 1,366 | 1,381 | 1,321 | 1,252 | 1,323 | 1,343 | |||
2023 Prior Year Development Excluding the Impact of ADC | 42 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 177 | |||||||||
Cumulative Number of Reported Claims | country | 149,665 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 964 | 896 | 753 | 602 | 447 | 280 | 96 | |||
UK/Europe Casualty and Financial lines | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,664 | 1,619 | 1,521 | 1,482 | 1,415 | 1,343 | ||||
2023 Prior Year Development Excluding the Impact of ADC | 45 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 245 | |||||||||
Cumulative Number of Reported Claims | country | 151,467 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,128 | 903 | 742 | 572 | 374 | 113 | ||||
UK/Europe Casualty and Financial lines | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,345 | 1,351 | 1,334 | 1,262 | 1,005 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (6) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 292 | |||||||||
Cumulative Number of Reported Claims | country | 142,426 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 760 | 658 | 478 | 310 | 98 | |||||
UK/Europe Casualty and Financial lines | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,202 | 1,216 | 1,271 | 1,219 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | (14) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 474 | |||||||||
Cumulative Number of Reported Claims | country | 85,762 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 507 | 367 | 228 | 60 | ||||||
UK/Europe Casualty and Financial lines | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,347 | 1,335 | 1,375 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | 12 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 723 | |||||||||
Cumulative Number of Reported Claims | country | 76,503 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 345 | 233 | 51 | |||||||
UK/Europe Casualty and Financial lines | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,261 | 1,300 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | (39) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 894 | |||||||||
Cumulative Number of Reported Claims | country | 71,630 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 185 | 57 | ||||||||
UK/Europe Casualty and Financial lines | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,472 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1,100 | |||||||||
Cumulative Number of Reported Claims | country | 57,306 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 36 | |||||||||
UK/Europe Casualty and Financial lines | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | 57 | |||||||||
UK/Europe Casualty and Financial lines | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe Casualty and Financial lines | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 108 | |||||||||
UK/Europe Casualty and Financial lines | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe Property and Special Risks | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 13,306 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | 81 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 10,479 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 86 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 2,913 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ 81 | |||||||||
Year 1 (as a percent) | 21.10% | |||||||||
Year 2 (as a percent) | 38.70% | |||||||||
Year 3 (as a percent) | 16.70% | |||||||||
Year 4 (as a percent) | 7.70% | |||||||||
Year 5 (as a percent) | 2.70% | |||||||||
Year 6 (as a percent) | 2.10% | |||||||||
Year 7 (as a percent) | 0.80% | |||||||||
Year 8 (as a percent) | 0.20% | |||||||||
Year 9 (as a percent) | 0.30% | |||||||||
Year 10 (as a percent) | 0.30% | |||||||||
UK/Europe Property and Special Risks | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 1,349 | 1,360 | 1,382 | 1,387 | 1,426 | 1,450 | 1,460 | 1,431 | 1,470 | 1,439 |
2023 Prior Year Development Excluding the Impact of ADC | (11) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ (2) | |||||||||
Cumulative Number of Reported Claims | country | 48,030 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,354 | 1,350 | 1,342 | 1,329 | 1,320 | 1,293 | 1,255 | 1,187 | 912 | 311 |
UK/Europe Property and Special Risks | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,442 | 1,455 | 1,421 | 1,434 | 1,444 | 1,463 | 1,531 | 1,469 | 1,552 | |
2023 Prior Year Development Excluding the Impact of ADC | (13) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 7 | |||||||||
Cumulative Number of Reported Claims | country | 54,639 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,362 | 1,363 | 1,362 | 1,354 | 1,331 | 1,295 | 1,193 | 920 | 346 | |
UK/Europe Property and Special Risks | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,604 | 1,609 | 1,674 | 1,678 | 1,682 | 1,678 | 1,685 | 1,536 | ||
2023 Prior Year Development Excluding the Impact of ADC | (5) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 10 | |||||||||
Cumulative Number of Reported Claims | country | 57,287 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,585 | 1,591 | 1,574 | 1,545 | 1,500 | 1,367 | 1,114 | 456 | ||
UK/Europe Property and Special Risks | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,565 | 1,566 | 1,600 | 1,616 | 1,609 | 1,614 | 1,649 | |||
2023 Prior Year Development Excluding the Impact of ADC | (1) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 12 | |||||||||
Cumulative Number of Reported Claims | country | 53,411 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,472 | 1,459 | 1,420 | 1,364 | 1,222 | 940 | 353 | |||
UK/Europe Property and Special Risks | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,463 | 1,468 | 1,520 | 1,533 | 1,555 | 1,505 | ||||
2023 Prior Year Development Excluding the Impact of ADC | (5) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 8 | |||||||||
Cumulative Number of Reported Claims | country | 44,183 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,339 | 1,303 | 1,289 | 1,161 | 978 | 316 | ||||
UK/Europe Property and Special Risks | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,086 | 1,090 | 1,101 | 1,100 | 1,138 | |||||
2023 Prior Year Development Excluding the Impact of ADC | (4) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 39 | |||||||||
Cumulative Number of Reported Claims | country | 33,637 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 944 | 907 | 820 | 649 | 264 | |||||
UK/Europe Property and Special Risks | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,218 | 1,200 | 1,241 | 1,301 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | 18 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 136 | |||||||||
Cumulative Number of Reported Claims | country | 25,822 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 912 | 819 | 668 | 249 | ||||||
UK/Europe Property and Special Risks | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 932 | 982 | 1,019 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (50) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 64 | |||||||||
Cumulative Number of Reported Claims | country | 22,306 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 691 | 504 | 189 | |||||||
UK/Europe Property and Special Risks | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,288 | 1,123 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | 165 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 220 | |||||||||
Cumulative Number of Reported Claims | country | 23,295 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 661 | 194 | ||||||||
UK/Europe Property and Special Risks | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,359 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 539 | |||||||||
Cumulative Number of Reported Claims | country | 15,946 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 159 | |||||||||
UK/Europe Property and Special Risks | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | 94 | |||||||||
UK/Europe Property and Special Risks | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe Property and Special Risks | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | (13) | |||||||||
UK/Europe Property and Special Risks | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | 0 | |||||||||
UK/Europe and Japan Personal Insurance | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 20,193 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | (57) | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 18,747 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 37 | |||||||||
Liabilities for losses and loss adjustment expenses and prior year loss development, net of reinsurance | 1,483 | |||||||||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | $ (57) | |||||||||
Year 1 (as a percent) | 57.90% | |||||||||
Year 2 (as a percent) | 26.20% | |||||||||
Year 3 (as a percent) | 7.20% | |||||||||
Year 4 (as a percent) | 3.60% | |||||||||
Year 5 (as a percent) | 1.80% | |||||||||
Year 6 (as a percent) | 1.30% | |||||||||
Year 7 (as a percent) | 0.50% | |||||||||
Year 8 (as a percent) | 0.40% | |||||||||
Year 9 (as a percent) | 0.30% | |||||||||
Year 10 (as a percent) | 0.20% | |||||||||
UK/Europe and Japan Personal Insurance | 2014 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | $ 2,224 | 2,220 | 2,197 | 2,199 | 2,197 | 2,197 | 2,204 | 2,207 | 2,220 | 2,210 |
2023 Prior Year Development Excluding the Impact of ADC | 4 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 2 | |||||||||
Cumulative Number of Reported Claims | country | 1,799,271 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,189 | 2,184 | 2,179 | 2,170 | 2,158 | 2,137 | 2,090 | 1,999 | 1,817 | $ 1,198 |
UK/Europe and Japan Personal Insurance | 2015 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,257 | 2,254 | 2,256 | 2,255 | 2,255 | 2,257 | 2,265 | 2,264 | 2,284 | |
2023 Prior Year Development Excluding the Impact of ADC | 3 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 0 | |||||||||
Cumulative Number of Reported Claims | country | 1,777,699 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,244 | 2,234 | 2,226 | 2,209 | 2,183 | 2,146 | 2,046 | 1,861 | $ 1,228 | |
UK/Europe and Japan Personal Insurance | 2016 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,212 | 2,209 | 2,216 | 2,219 | 2,221 | 2,226 | 2,240 | 2,241 | ||
2023 Prior Year Development Excluding the Impact of ADC | 3 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 1 | |||||||||
Cumulative Number of Reported Claims | country | 1,794,987 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,195 | 2,187 | 2,173 | 2,147 | 2,102 | 2,013 | 1,830 | $ 1,225 | ||
UK/Europe and Japan Personal Insurance | 2017 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,108 | 2,100 | 2,115 | 2,099 | 2,103 | 2,118 | 2,196 | |||
2023 Prior Year Development Excluding the Impact of ADC | 8 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 0 | |||||||||
Cumulative Number of Reported Claims | country | 1,718,502 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,077 | 2,078 | 2,056 | 2,020 | 1,950 | 1,791 | $ 1,200 | |||
UK/Europe and Japan Personal Insurance | 2018 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,448 | 2,450 | 2,431 | 2,458 | 2,461 | 2,555 | ||||
2023 Prior Year Development Excluding the Impact of ADC | (2) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 4 | |||||||||
Cumulative Number of Reported Claims | country | 1,915,683 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 2,404 | 2,352 | 2,309 | 2,225 | 2,063 | $ 1,520 | ||||
UK/Europe and Japan Personal Insurance | 2019 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 2,002 | 2,000 | 2,015 | 2,050 | 2,085 | |||||
2023 Prior Year Development Excluding the Impact of ADC | 2 | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 3 | |||||||||
Cumulative Number of Reported Claims | country | 1,673,976 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,950 | 1,916 | 1,854 | 1,726 | $ 1,219 | |||||
UK/Europe and Japan Personal Insurance | 2020 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,701 | 1,713 | 1,771 | 1,909 | ||||||
2023 Prior Year Development Excluding the Impact of ADC | (12) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 19 | |||||||||
Cumulative Number of Reported Claims | country | 1,389,704 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,619 | 1,576 | 1,470 | $ 1,020 | ||||||
UK/Europe and Japan Personal Insurance | 2021 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,689 | 1,719 | 1,776 | |||||||
2023 Prior Year Development Excluding the Impact of ADC | (30) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 32 | |||||||||
Cumulative Number of Reported Claims | country | 1,387,230 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,533 | 1,423 | $ 1,003 | |||||||
UK/Europe and Japan Personal Insurance | 2022 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,854 | 1,889 | ||||||||
2023 Prior Year Development Excluding the Impact of ADC | (35) | |||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 89 | |||||||||
Cumulative Number of Reported Claims | country | 2,050,657 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 1,572 | $ 1,100 | ||||||||
UK/Europe and Japan Personal Insurance | 2023 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Incurred losses and allocated loss adjustment expenses, undiscounted and net of reinsurance | 1,698 | |||||||||
2023 Prior Year Development Excluding the Impact of ADC | ||||||||||
Total of IBNR Liabilities Plus Expected Development on Reported Losses | $ 256 | |||||||||
Cumulative Number of Reported Claims | country | 1,275,686 | |||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | $ 964 | |||||||||
UK/Europe and Japan Personal Insurance | Short Duration Insurance Contracts Last Ten Accident Years | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
2023 Prior Year Development Excluding the Impact of ADC | (59) | |||||||||
UK/Europe and Japan Personal Insurance | Shortduration Insurance Contracts Accident Years Prior To Current Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Cumulative Paid Losses and Allocated Loss Adjustment Expenses, Net of Reinsurance from the table below | 0 | |||||||||
UK/Europe and Japan Personal Insurance | Short Duration Insurance Contracts Accident Years Prior To2012 | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Liabilities for losses and loss adjustment expenses and prior year development before accident year 2014, net of reinsurance | 2 | |||||||||
UK/Europe and Japan Personal Insurance | Unallocated To Accident Year | ||||||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||||||
Unallocated loss adjustment expense prior year development | $ 0 |
Insurance Liabilities - Recon_2
Insurance Liabilities - Reconciliation of change in net ultimates to prior year development (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | $ (392) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (234) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | (164) | ||
Prior Year Development After Amortization and Re-attribution | (398) | ||
Total, prior years, excluding discount and amortization of deferred gain | (392) | ||
Prior years, excluding discount and amortization of deferred gain | 392 | $ 530 | $ 171 |
Asbestos Loss Portfolio Transfer | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year development ceded | 0 | ||
Adverse Development Reinsurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior year development ceded | (158) | ||
U.S. Workers' Compensation (before discount) | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (267) | (644) | (617) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (114) | ||
Re-Attribution of ADC Recovery | (24) | ||
Amortization of Deferred Gain at Inception | (52) | ||
Prior Year Development After Amortization and Re-attribution | (190) | ||
Total, prior years, excluding discount and amortization of deferred gain | (267) | ||
U.S. Excess Casualty | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (32) | (116) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 18 | ||
Re-Attribution of ADC Recovery | (27) | ||
Amortization of Deferred Gain at Inception | (39) | ||
Prior Year Development After Amortization and Re-attribution | (48) | ||
Total, prior years, excluding discount and amortization of deferred gain | (32) | ||
U.S. Other Casualty | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (133) | (149) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (133) | ||
Re-Attribution of ADC Recovery | 36 | ||
Amortization of Deferred Gain at Inception | (37) | ||
Prior Year Development After Amortization and Re-attribution | (134) | ||
Total, prior years, excluding discount and amortization of deferred gain | (133) | ||
U.S. Financial Lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | 94 | 939 | 649 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 50 | ||
Re-Attribution of ADC Recovery | 13 | ||
Amortization of Deferred Gain at Inception | (26) | ||
Prior Year Development After Amortization and Re-attribution | 37 | ||
Total, prior years, excluding discount and amortization of deferred gain | 94 | ||
U.S. Property and Special Risks | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (10) | (81) | 172 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 0 | ||
Re-Attribution of ADC Recovery | 2 | ||
Amortization of Deferred Gain at Inception | (9) | ||
Prior Year Development After Amortization and Re-attribution | (7) | ||
Total, prior years, excluding discount and amortization of deferred gain | (10) | ||
U.S. Personal Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (64) | (412) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (65) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | (1) | ||
Prior Year Development After Amortization and Re-attribution | (66) | ||
Total, prior years, excluding discount and amortization of deferred gain | (64) | ||
UK/Europe Casualty and Financial lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | 165 | 82 | 210 |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 165 | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | 165 | ||
Total, prior years, excluding discount and amortization of deferred gain | 165 | ||
UK/Europe Property and Special Risks | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | 81 | (153) | (118) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | 81 | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | 81 | ||
Total, prior years, excluding discount and amortization of deferred gain | 81 | ||
UK/Europe and Japan Personal Insurance | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (57) | (111) | $ (173) |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (57) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | (57) | ||
Total, prior years, excluding discount and amortization of deferred gain | (57) | ||
Other Operations Run-Off | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (7) | ||
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (7) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | (7) | ||
Other Product Lines | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Prior Year Development Net of External Reinsurance Before ADC Cessions | (162) | $ (264) | |
Prior Year Development Net of External Reinsurance After ADC Cessions(a) | (172) | ||
Re-Attribution of ADC Recovery | 0 | ||
Amortization of Deferred Gain at Inception | 0 | ||
Prior Year Development After Amortization and Re-attribution | $ (172) |
Insurance Liabilities - Discoun
Insurance Liabilities - Discounting of reserves (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Discounting of Reserves [Line Items] | ||
U.S. workers' compensation | $ 2,337,000,000 | $ 2,532,000,000 |
Retroactive reinsurance | (1,104,000,000) | (1,254,000,000) |
Total reserve discount | 1,233,000,000 | 1,278,000,000 |
Fortitude RE | ||
Discounting of Reserves [Line Items] | ||
Total reserve discount | $ 687,000,000 | $ 763,000,000 |
Discount ceded on sale (as a percent) | 100% | 100% |
United Kingdom | ||
Discounting of Reserves [Line Items] | ||
Total reserve discount | $ 196,000,000 | $ 135,000,000 |
Insurance Liabilities - Net los
Insurance Liabilities - Net loss reserve discount benefit (charge) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Current accident year | $ 112 | $ 98 | $ 62 |
Accretion and other adjustments to prior year discount | (264) | (239) | (88) |
Net reserve discount benefit (charge) | (195) | 703 | 193 |
Change in discount on loss reserves ceded under retroactive reinsurance | 150 | (301) | (42) |
Net change in total reserve discount | (45) | 402 | 151 |
North America Commercial Insurance | |||
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Effect of interest rate changes | (43) | 844 | 219 |
United Kingdom | |||
Net Loss Reserve Discount Benefit (Charge) [Line Items] | |||
Net change in total reserve discount | $ 61 | $ 19 | $ (35) |
Insurance Liabilities - Future
Insurance Liabilities - Future Policy Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | $ 60,386 | $ 57,886 | $ 56,369 | ||
Adjustments | 125 | ||||
Fortitude RE | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | $ 11,000 | ||||
Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 1,769 | ||||
Deferred profit liability | 1,698 | ||||
Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 1,795 | ||||
Deferred profit liability | 248 | ||||
Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 1,322 | ||||
Individual Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 67 | ||||
Deferred profit liability | 65 | ||||
Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 279 | ||||
Group Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 8 | ||||
Deferred profit liability | 8 | ||||
Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 14,125 | ||||
Life Insurance | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 5 | ||||
Deferred profit liability | 0 | ||||
Life Insurance | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 1,661 | ||||
Deferred profit liability | 248 | ||||
Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 11,630 | ||||
Institutional Markets | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 830 | ||||
Deferred profit liability | 766 | ||||
Institutional Markets | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 2 | ||||
Deferred profit liability | 0 | ||||
Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | $ 29,013 | ||||
Other reconciling items | $ 1,500 | $ 1,600 | $ 1,700 | ||
Corporate and Other [Member] | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 859 | ||||
Deferred profit liability | 859 | ||||
Corporate and Other [Member] | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 132 | ||||
Deferred profit liability | 0 | ||||
Other reconciling items | 2,000 | ||||
As Previously Reported | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 45,955 | ||||
As Previously Reported | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 71 | ||||
As Previously Reported | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 1,547 | ||||
As Previously Reported | Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 1,309 | ||||
As Previously Reported | Individual Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 2 | ||||
As Previously Reported | Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 282 | ||||
As Previously Reported | Group Retirement | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 0 | ||||
As Previously Reported | Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 11,129 | ||||
As Previously Reported | Life Insurance | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 5 | ||||
As Previously Reported | Life Insurance | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 1,413 | ||||
As Previously Reported | Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 11,029 | ||||
As Previously Reported | Institutional Markets | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 64 | ||||
As Previously Reported | Institutional Markets | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 2 | ||||
As Previously Reported | Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Liability for future policy benefits | 22,206 | ||||
As Previously Reported | Corporate and Other [Member] | Long-Duration Insurance Contracts | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 0 | ||||
As Previously Reported | Corporate and Other [Member] | Unexpired Risk Reserve | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Deferred profit liability before reinsurance | 132 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (1,698) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (65) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (8) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 0 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (766) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Change In Deferred Profit Liability | Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (859) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 62 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (14) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 2 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 15 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 4 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Adjustments For Loss Contracts Under Modified Retrospective Approach | Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 55 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 12,462 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 156 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 63 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 2,977 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 1,655 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Remeasurement Of Liability At Current Single A Rate | Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 7,611 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (412) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | Individual Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (64) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | Group Retirement | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (60) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | Life Insurance | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | 4 | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | Institutional Markets | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | (292) | ||||
Effect Of Application Of Accounting Standards Update 2018-12, Effect Of Adjustments To The Removal Of Loss Recognition Balances Related To Securities | Corporate and Other [Member] | |||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||||
Adjustments | $ 0 |
Insurance Liabilities - Balance
Insurance Liabilities - Balances of changes in liability for future policy benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 14,574 | ||||
Effect of changes in discount rate assumptions (AOCI) | (2,200) | ||||
Beginning balance at original discount rate | 16,774 | ||||
Effect of changes in cash flow assumptions | $ 53 | ||||
Effect of actual variances from expected experience | 66 | ||||
Adjusted beginning of year balance | 16,893 | ||||
Issuances | 1,399 | ||||
Interest accrual | 526 | ||||
Net premium collected | (1,865) | ||||
Foreign exchange impact | 251 | ||||
Other | 2 | ||||
Ending balance at original discount rate | 17,206 | 16,774 | |||
Effect of changes in discount rate assumptions (AOCI) | (1,865) | (2,200) | |||
Reclassified to Liabilities held for sale | (4,287) | ||||
Balance, end of period | 11,054 | 14,574 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 57,886 | ||||
Effect of changes in discount rate assumptions (AOCI) | (7,672) | ||||
Beginning balance at original discount rate | 65,558 | ||||
Adjustments | 125 | ||||
Effect of actual variances from expected experience | 112 | ||||
Adjusted beginning of year balance | 65,795 | ||||
Issuances | 6,930 | ||||
Interest accrual | 2,716 | ||||
Benefit payments | (4,941) | ||||
Foreign exchange impact | 677 | ||||
Other | (14) | ||||
Ending balance at original discount rate | 71,163 | 65,558 | |||
Effect of changes in discount rate assumptions (AOCI) | (5,658) | (7,672) | |||
Reclassified to Liabilities held for sale | (5,119) | ||||
Ending balance | 60,386 | 57,886 | |||
Net liability for future policy benefits, end of period | 49,332 | ||||
Liability for future policy benefits for certain participating contracts | 1,313 | ||||
Liability for universal life policies with secondary guarantees and similar features | 3,786 | ||||
Deferred profit liability | 2,512 | ||||
Other reconciling items | 1,633 | ||||
Future policy benefits for life and accident and health insurance contracts | 58,576 | 51,914 | $ 67,364 | ||
Less: Reinsurance recoverable: | (23,571) | ||||
Net liability for future policy benefits after reinsurance recoverable | 35,005 | ||||
General Insurance | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 1,929 | ||||
Effect of changes in discount rate assumptions (AOCI) | (262) | ||||
Beginning balance at original discount rate | 2,191 | ||||
Effect of changes in cash flow assumptions | (2) | ||||
Effect of actual variances from expected experience | (16) | ||||
Adjusted beginning of year balance | 2,173 | ||||
Issuances | 122 | ||||
Interest accrual | 43 | ||||
Net premium collected | (283) | ||||
Foreign exchange impact | (14) | ||||
Other | 0 | ||||
Ending balance at original discount rate | 2,041 | 2,191 | |||
Effect of changes in discount rate assumptions (AOCI) | (339) | (262) | |||
Reclassified to Liabilities held for sale | 0 | ||||
Balance, end of period | 1,702 | 1,929 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 2,380 | ||||
Effect of changes in discount rate assumptions (AOCI) | (362) | ||||
Beginning balance at original discount rate | 2,742 | ||||
Adjustments | (13) | ||||
Effect of actual variances from expected experience | (18) | ||||
Adjusted beginning of year balance | 2,711 | ||||
Issuances | 130 | ||||
Interest accrual | 52 | ||||
Benefit payments | (276) | ||||
Foreign exchange impact | (27) | ||||
Other | 0 | ||||
Ending balance at original discount rate | 2,590 | 2,742 | |||
Effect of changes in discount rate assumptions (AOCI) | (441) | (362) | |||
Reclassified to Liabilities held for sale | 0 | ||||
Ending balance | 2,149 | 2,380 | |||
Net liability for future policy benefits, end of period | $ 447 | ||||
Weighted average liability duration of the liability for future policy benefits (in years) | 9 years 3 months 18 days | ||||
Life and Retirement | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 12,645 | 15,643 | $ 15,299 | ||
Effect of changes in discount rate assumptions (AOCI) | (1,938) | 856 | 1,623 | ||
Beginning balance at original discount rate | 14,583 | 14,787 | 13,676 | ||
Effect of changes in cash flow assumptions | 123 | $ 92 | |||
Effect of actual variances from expected experience | (72) | 385 | |||
Adjusted beginning of year balance | 14,838 | 14,153 | |||
Issuances | 1,358 | 1,727 | |||
Interest accrual | 445 | 446 | |||
Net premium collected | (1,541) | (1,493) | |||
Foreign exchange impact | (517) | (46) | |||
Other | 0 | 0 | |||
Ending balance at original discount rate | 14,583 | 14,787 | |||
Effect of changes in discount rate assumptions (AOCI) | (1,938) | 856 | |||
Balance, end of period | 12,645 | 15,643 | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 55,506 | 70,643 | 71,668 | ||
Effect of changes in discount rate assumptions (AOCI) | (7,310) | 9,401 | 14,086 | ||
Beginning balance at original discount rate | 62,816 | 61,242 | 57,582 | ||
Adjustments | 134 | 110 | |||
Effect of actual variances from expected experience | (122) | 289 | |||
Adjusted beginning of year balance | 61,254 | 57,981 | |||
Issuances | 4,393 | 5,287 | |||
Interest accrual | 2,620 | 2,393 | |||
Benefit payments | (4,203) | (4,336) | |||
Foreign exchange impact | (996) | (63) | |||
Other | (252) | (20) | |||
Ending balance at original discount rate | 62,816 | 61,242 | |||
Effect of changes in discount rate assumptions (AOCI) | (7,310) | 9,401 | |||
Ending balance | 55,506 | 70,643 | |||
Net liability for future policy benefits, end of period | 42,861 | 55,000 | |||
Liability for future policy benefits for certain participating contracts | 1,352 | 1,397 | |||
Liability for universal life policies with secondary guarantees and similar features | 3,355 | 5,007 | |||
Deferred profit liability | 2,303 | 2,236 | |||
Other reconciling items | 2,043 | 2,759 | |||
Future policy benefits for life and accident and health insurance contracts | 51,914 | 66,399 | |||
Less: Reinsurance recoverable: | (24,078) | (32,586) | |||
Net liability for future policy benefits after reinsurance recoverable | 27,836 | 33,813 | |||
Life and Retirement | Individual Retirement | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | 0 | 0 | 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Beginning balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in cash flow assumptions | 0 | 0 | 0 | ||
Effect of actual variances from expected experience | 0 | 0 | 0 | ||
Adjusted beginning of year balance | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Interest accrual | 0 | 0 | 0 | ||
Net premium collected | 0 | 0 | 0 | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Ending balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Balance, end of period | 0 | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 1,223 | 1,373 | 1,322 | ||
Effect of changes in discount rate assumptions (AOCI) | (167) | 95 | 156 | ||
Beginning balance at original discount rate | 1,390 | 1,278 | 1,166 | ||
Adjustments | 0 | 0 | 0 | ||
Effect of actual variances from expected experience | (5) | (30) | 1 | ||
Adjusted beginning of year balance | 1,385 | 1,248 | 1,167 | ||
Issuances | 173 | 216 | 172 | ||
Interest accrual | 55 | 42 | 41 | ||
Benefit payments | (128) | (116) | (101) | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | 0 | 0 | (1) | ||
Ending balance at original discount rate | 1,485 | 1,390 | 1,278 | ||
Effect of changes in discount rate assumptions (AOCI) | (132) | (167) | 95 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Ending balance | 1,353 | 1,223 | 1,373 | ||
Net liability for future policy benefits, end of period | $ 1,353 | $ 1,223 | $ 1,373 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 7 years 9 months 18 days | 7 years 7 months 6 days | 8 years 7 months 6 days | ||
Life and Retirement | Group Retirement | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 0 | $ 0 | $ 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Beginning balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in cash flow assumptions | 0 | 0 | 0 | ||
Effect of actual variances from expected experience | 0 | 0 | 0 | ||
Adjusted beginning of year balance | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Interest accrual | 0 | 0 | 0 | ||
Net premium collected | 0 | 0 | 0 | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Ending balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Balance, end of period | 0 | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 211 | 264 | 279 | ||
Effect of changes in discount rate assumptions (AOCI) | (2) | 46 | 63 | ||
Beginning balance at original discount rate | 213 | 218 | 216 | ||
Adjustments | 0 | 0 | 0 | ||
Effect of actual variances from expected experience | (2) | (2) | (1) | ||
Adjusted beginning of year balance | 211 | 216 | 215 | ||
Issuances | 18 | 12 | 21 | ||
Interest accrual | 11 | 10 | 11 | ||
Benefit payments | (26) | (26) | (28) | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | 0 | 1 | (1) | ||
Ending balance at original discount rate | 214 | 213 | 218 | ||
Effect of changes in discount rate assumptions (AOCI) | 3 | (2) | 46 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Ending balance | 217 | 211 | 264 | ||
Net liability for future policy benefits, end of period | $ 217 | $ 211 | $ 264 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 6 years 9 months 18 days | 6 years 10 months 24 days | 7 years 9 months 18 days | ||
Life and Retirement | Life Insurance | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 11,654 | $ 14,369 | $ 13,793 | ||
Effect of changes in discount rate assumptions (AOCI) | (1,872) | 706 | 1,374 | ||
Beginning balance at original discount rate | 13,526 | 13,663 | 12,419 | ||
Effect of changes in cash flow assumptions | 34 | 123 | 164 | ||
Effect of actual variances from expected experience | 62 | (79) | 371 | ||
Adjusted beginning of year balance | 13,622 | 13,707 | 12,954 | ||
Issuances | 1,277 | 1,358 | 1,727 | ||
Interest accrual | 437 | 397 | 392 | ||
Net premium collected | (1,464) | (1,418) | (1,364) | ||
Foreign exchange impact | 265 | (517) | (46) | ||
Other | 11 | (1) | 0 | ||
Ending balance at original discount rate | 14,148 | 13,526 | 13,663 | ||
Effect of changes in discount rate assumptions (AOCI) | (1,482) | (1,872) | 706 | ||
Reclassified to Liabilities held for sale | (4,287) | ||||
Balance, end of period | 8,379 | 11,654 | 14,369 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 21,179 | 27,442 | 27,918 | ||
Effect of changes in discount rate assumptions (AOCI) | (3,424) | 2,717 | 4,351 | ||
Beginning balance at original discount rate | 24,603 | 24,725 | 23,567 | ||
Adjustments | 62 | 140 | 193 | ||
Effect of actual variances from expected experience | 122 | (94) | 413 | ||
Adjusted beginning of year balance | 24,787 | 24,771 | 24,173 | ||
Issuances | 1,266 | 1,374 | 1,713 | ||
Interest accrual | 908 | 876 | 876 | ||
Benefit payments | (1,921) | (1,757) | (1,981) | ||
Foreign exchange impact | 345 | (657) | (60) | ||
Other | 10 | (4) | 4 | ||
Ending balance at original discount rate | 25,395 | 24,603 | 24,725 | ||
Effect of changes in discount rate assumptions (AOCI) | (2,745) | (3,424) | 2,717 | ||
Reclassified to Liabilities held for sale | (5,119) | ||||
Ending balance | 17,531 | 21,179 | 27,442 | ||
Net liability for future policy benefits, end of period | $ 9,152 | $ 9,525 | $ 13,073 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 12 years 9 months 18 days | 12 years 2 months 12 days | 14 years 4 months 24 days | ||
Life and Retirement | Institutional Markets | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 0 | $ 0 | $ 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Beginning balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in cash flow assumptions | 0 | 0 | 0 | ||
Effect of actual variances from expected experience | 0 | 0 | 0 | ||
Adjusted beginning of year balance | 0 | 0 | 0 | ||
Issuances | 0 | 0 | 0 | ||
Interest accrual | 0 | 0 | 0 | ||
Net premium collected | 0 | 0 | 0 | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Ending balance at original discount rate | 0 | 0 | 0 | ||
Effect of changes in discount rate assumptions (AOCI) | 0 | 0 | 0 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Balance, end of period | 0 | 0 | 0 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 12,464 | 13,890 | 11,630 | ||
Effect of changes in discount rate assumptions (AOCI) | (2,634) | 870 | 1,654 | ||
Beginning balance at original discount rate | 15,098 | 13,020 | 9,976 | ||
Adjustments | 0 | (6) | 0 | ||
Effect of actual variances from expected experience | 15 | 3 | (3) | ||
Adjusted beginning of year balance | 15,113 | 13,017 | 9,973 | ||
Issuances | 5,339 | 2,782 | 3,366 | ||
Interest accrual | 664 | 459 | 380 | ||
Benefit payments | (1,087) | (821) | (696) | ||
Foreign exchange impact | 359 | (339) | (3) | ||
Other | 0 | 0 | 0 | ||
Ending balance at original discount rate | 20,388 | 15,098 | 13,020 | ||
Effect of changes in discount rate assumptions (AOCI) | (1,906) | (2,634) | 870 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Ending balance | 18,482 | 12,464 | 13,890 | ||
Net liability for future policy benefits, end of period | $ 18,482 | $ 12,464 | $ 13,890 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 12 years 1 month 6 days | 10 years 9 months 18 days | 13 years | ||
Life and Retirement | Other | |||||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||||
Balance, beginning of year | $ 991 | $ 1,274 | $ 1,506 | ||
Effect of changes in discount rate assumptions (AOCI) | (66) | 150 | 249 | ||
Beginning balance at original discount rate | 1,057 | 1,124 | 1,257 | ||
Effect of changes in cash flow assumptions | 21 | 0 | (72) | ||
Effect of actual variances from expected experience | 20 | 7 | 14 | ||
Adjusted beginning of year balance | 1,098 | 1,131 | 1,199 | ||
Issuances | 0 | 0 | 0 | ||
Interest accrual | 46 | 48 | 54 | ||
Net premium collected | (118) | (123) | (129) | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | (9) | 1 | 0 | ||
Ending balance at original discount rate | 1,017 | 1,057 | 1,124 | ||
Effect of changes in discount rate assumptions (AOCI) | (44) | (66) | 150 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Balance, end of period | 973 | 991 | 1,274 | ||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||||
Beginning balance | 20,429 | 27,674 | 30,519 | ||
Effect of changes in discount rate assumptions (AOCI) | (1,083) | 5,673 | 7,862 | ||
Beginning balance at original discount rate | 21,512 | 22,001 | 22,657 | ||
Adjustments | 76 | 0 | (83) | ||
Effect of actual variances from expected experience | 0 | 1 | $ (121) | ||
Adjusted beginning of year balance | 21,588 | 22,002 | 22,453 | ||
Issuances | 4 | 9 | 15 | ||
Interest accrual | 1,026 | 1,233 | 1,085 | ||
Benefit payments | (1,503) | (1,483) | (1,530) | ||
Foreign exchange impact | 0 | 0 | 0 | ||
Other | (24) | (249) | (22) | ||
Ending balance at original discount rate | 21,091 | 21,512 | 22,001 | ||
Effect of changes in discount rate assumptions (AOCI) | (437) | (1,083) | 5,673 | ||
Reclassified to Liabilities held for sale | 0 | ||||
Ending balance | 20,654 | 20,429 | 27,674 | ||
Net liability for future policy benefits, end of period | $ 19,681 | $ 19,438 | $ 26,400 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 11 years 6 months | 11 years 4 months 24 days | 13 years 8 months 12 days |
Insurance Liabilities - Expecte
Insurance Liabilities - Expected future benefits, expenses, and gross premiums (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
General Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | $ 3,194 | $ 3,325 | $ 3,677 |
Undiscounted expected future gross premiums | 4,403 | 4,558 | 4,899 |
Discounted expected future gross premiums (at current discount rate) | 3,000 | ||
Individual Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 2,131 | 1,959 | 1,747 |
Undiscounted expected future gross premiums | 0 | 0 | 0 |
Group Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 313 | 321 | 328 |
Undiscounted expected future gross premiums | 0 | 0 | 0 |
Life Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 40,489 | 38,909 | 38,869 |
Undiscounted expected future gross premiums | 30,458 | 29,035 | 29,272 |
Discounted expected future gross premiums (at current discount rate) | 20,200 | ||
Institutional Markets | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 38,253 | 25,066 | 20,839 |
Undiscounted expected future gross premiums | 0 | 0 | 0 |
Other Operations | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Undiscounted expected future benefits and expense | 43,071 | 44,530 | 46,038 |
Undiscounted expected future gross premiums | 2,146 | $ 2,262 | $ 2,437 |
Discounted expected future gross premiums (at current discount rate) | $ 1,400 |
Insurance Liabilities - Income
Insurance Liabilities - Income statement information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | $ 8,944 | $ 6,236 | $ 7,127 |
Interest accretion | 2,190 | 2,183 | 1,954 |
Universal Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 1,146 | 1,232 | 1,226 |
Interest accretion | 134 | 128 | 138 |
General Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 477 | 487 | 547 |
Interest accretion | 9 | 8 | 7 |
Individual Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 202 | 224 | 186 |
Interest accretion | 55 | 42 | 41 |
Group Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 19 | 19 | 21 |
Interest accretion | 11 | 10 | 11 |
Life Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 2,393 | 2,342 | 2,319 |
Interest accretion | 471 | 479 | 484 |
Life Insurance | Universal Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 1,109 | 1,193 | 1,187 |
Interest accretion | 132 | 126 | 136 |
Institutional Markets | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 5,638 | 2,940 | 3,818 |
Interest accretion | 664 | 459 | 380 |
Corporate and Other [Member] | Universal Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 37 | 39 | 39 |
Interest accretion | 2 | 2 | 2 |
Legacy Insurance Lines Segment | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Gross premiums | 215 | 224 | 236 |
Interest accretion | $ 980 | $ 1,185 | $ 1,031 |
Insurance Liabilities - Weighte
Insurance Liabilities - Weighted-average interest rates (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
General Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 1.82% | 1.77% | 1.61% |
Weighted-average interest rate, current discount rate | 3.78% | 3.21% | 3.27% |
Individual Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 3.75% | 3.58% | 3.23% |
Weighted-average interest rate, current discount rate | 5.04% | 5.32% | 2.75% |
Group Retirement | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 5.15% | 5.17% | 4.96% |
Weighted-average interest rate, current discount rate | 5.02% | 5.30% | 2.68% |
Life Insurance | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 4.10% | 4.08% | 4.11% |
Weighted-average interest rate, current discount rate | 5.04% | 5.33% | 2.85% |
Life Insurance | Universal Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, current discount rate | 3.92% | 3.76% | 3.74% |
Institutional Markets | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 4.14% | 3.56% | 3.22% |
Weighted-average interest rate, current discount rate | 4.96% | 5.30% | 2.71% |
Corporate and Other [Member] | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, original discount rate | 4.86% | 4.88% | 4.83% |
Weighted-average interest rate, current discount rate | 5.08% | 5.36% | 3.08% |
Corporate and Other [Member] | Universal Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Weighted-average interest rate, current discount rate | 4.20% | 4.24% | 4.21% |
Insurance Liabilities - Schedul
Insurance Liabilities - Schedule of liabilities by product (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | $ 58,576 | $ 51,914 | $ 67,364 | ||
Effect of changes in cash flow assumptions | 53 | ||||
Effect of actual variances from expected experience | 66 | ||||
Adjusted beginning of year balance | 16,893 | ||||
Issuances | 1,399 | ||||
Interest accrual | 526 | ||||
Other | 2 | ||||
Less: Reinsurance recoverable: | (23,571) | ||||
Net liability for future policy benefits after reinsurance recoverable | 35,005 | ||||
As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 59,223 | $ 56,878 | |||
Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 3,786 | 3,355 | $ 5,007 | $ 5,172 | |
Effect of changes in cash flow assumptions | (41) | (24) | (116) | ||
Effect of actual variances from expected experience | 315 | 299 | 327 | ||
Adjusted beginning of year balance | 3,629 | 5,282 | 5,383 | ||
Assessments | 673 | 689 | 671 | ||
Excess benefits paid | (943) | (909) | (859) | ||
Interest accrual | 134 | 128 | 138 | ||
Other | (9) | (11) | 24 | ||
Changes related to unrealized appreciation (depreciation) of investments | 302 | (1,824) | (350) | ||
Less: Reinsurance recoverable: | (164) | (191) | (200) | ||
Net liability for future policy benefits after reinsurance recoverable | 3,622 | 3,164 | 4,807 | ||
Universal Life | Other Operations before consolidation and eliminations | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 55 | 55 | 55 | 55 | |
Effect of actual variances from expected experience | (4) | (4) | (4) | ||
Adjusted beginning of year balance | 51 | 51 | 51 | ||
Assessments | 2 | 2 | 2 | ||
Excess benefits paid | 0 | 0 | 0 | ||
Interest accrual | 2 | 2 | 2 | ||
Other | 0 | 0 | 0 | ||
Changes related to unrealized appreciation (depreciation) of investments | 0 | 0 | 0 | ||
Less: Reinsurance recoverable: | 0 | 0 | 0 | ||
Net liability for future policy benefits after reinsurance recoverable | $ 55 | $ 55 | $ 55 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 9 years 2 months 12 days | 9 years 6 months | 9 years 9 months 18 days | ||
Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 6,816 | ||||
Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (1,039) | ||||
Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (605) | ||||
Life Insurance | Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 5,117 | ||||
Life Insurance | Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 5,117 | ||||
Life Insurance | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Life Insurance | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Individual Retirement | Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Individual Retirement | Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 1,423 | ||||
Individual Retirement | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (907) | ||||
Individual Retirement | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (516) | ||||
Group Retirement | Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Group Retirement | Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 221 | ||||
Group Retirement | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (132) | ||||
Group Retirement | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | (89) | ||||
Institutional Markets | Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Institutional Markets | Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Institutional Markets | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Institutional Markets | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Corporate and Other [Member] | Universal Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 55 | ||||
Corporate and Other [Member] | Universal Life | As Previously Reported | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 55 | ||||
Corporate and Other [Member] | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Corporate and Other [Member] | Universal Life | Effect Of Application Of Accounting Standards Update 2018-12, Adjustments To Reclass URGL Impacts To Market Risk Benefits | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | 0 | ||||
Life and Retirement | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | $ 51,914 | $ 66,399 | |||
Effect of changes in cash flow assumptions | 123 | 92 | |||
Effect of actual variances from expected experience | (72) | 385 | |||
Adjusted beginning of year balance | 14,838 | 14,153 | |||
Issuances | 1,358 | 1,727 | |||
Interest accrual | 445 | 446 | |||
Other | 0 | 0 | |||
Less: Reinsurance recoverable: | (24,078) | (32,586) | |||
Net liability for future policy benefits after reinsurance recoverable | 27,836 | 33,813 | |||
Life and Retirement | Universal Life | Life Insurance | Reportable Segments | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefits for life and accident and health insurance contracts | $ 3,731 | 3,300 | 4,952 | 5,117 | |
Effect of changes in cash flow assumptions | (41) | (24) | (116) | ||
Effect of actual variances from expected experience | 319 | 303 | 331 | ||
Adjusted beginning of year balance | 3,578 | 5,231 | $ 5,332 | ||
Assessments | 671 | 687 | 669 | ||
Excess benefits paid | (943) | (909) | (859) | ||
Interest accrual | 132 | 126 | 136 | ||
Other | (9) | (11) | 24 | ||
Changes related to unrealized appreciation (depreciation) of investments | 302 | (1,824) | (350) | ||
Less: Reinsurance recoverable: | (164) | (191) | (200) | ||
Net liability for future policy benefits after reinsurance recoverable | $ 3,567 | $ 3,109 | $ 4,752 | ||
Weighted average liability duration of the liability for future policy benefits (in years) | 25 years 4 months 24 days | 26 years 3 months 18 days | 27 years 1 month 6 days |
Insurance Liabilities - Summary
Insurance Liabilities - Summary of separate accounts (Details) - Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Account value | $ 3,721 | $ 3,514 |
Net amount at risk | $ 72,422 | $ 69,335 |
Average attained age of contract holders | 53 years | 53 years |
Insurance Liabilities - Adjustm
Insurance Liabilities - Adjustments to Policyholder Contract Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | Dec. 31, 2020 |
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | $ 161,979 | $ 155,984 | $ 148,223 | |
Life And Retirement, Excluding Other Operations | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | $ 148,422 | |||
Life And Retirement, Excluding Other Operations | Individual Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 79,203 | |||
Life And Retirement, Excluding Other Operations | Group Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 43,229 | |||
Life And Retirement, Excluding Other Operations | Life Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 10,286 | |||
Life And Retirement, Excluding Other Operations | Institutional Markets | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 11,559 | |||
Life And Retirement, Excluding Other Operations | Other | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 4,145 | |||
Life And Retirement, Excluding Other Operations | Other Operations | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | (199) | |||
As Previously Reported | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | $ 158,891 | $ 154,470 | ||
As Previously Reported | Life And Retirement, Excluding Other Operations | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 154,669 | |||
As Previously Reported | Life And Retirement, Excluding Other Operations | Individual Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 84,874 | |||
As Previously Reported | Life And Retirement, Excluding Other Operations | Group Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 43,805 | |||
As Previously Reported | Life And Retirement, Excluding Other Operations | Life Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 10,286 | |||
As Previously Reported | Life And Retirement, Excluding Other Operations | Institutional Markets | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 11,559 | |||
As Previously Reported | Life And Retirement, Excluding Other Operations | Other | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 4,145 | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | (6,247) | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | Individual Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | (5,671) | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | Group Retirement | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | (576) | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | Life Insurance | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 0 | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | Institutional Markets | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | 0 | |||
Adjustment for the reclassification of the embedded derivative liability to market risk benefits, net of the host adjustment(s) | Life And Retirement, Excluding Other Operations | Other | ||||
Policyholder Account Balance [Line Items] | ||||
Policyholder contract deposits | $ 0 |
Insurance Liabilities - Policyh
Insurance Liabilities - Policyholder contract deposit (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Policyholder Account Balance [Roll Forward] | ||||
Legacy insurance lines ceded to Fortitude Re | $ 161,979 | $ 155,984 | $ 148,223 | |
Life and Retirement | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 158,494 | 152,809 | $ 148,924 | |
Issuances | 29,029 | 23,348 | 21,947 | |
Policy charges | (2,972) | (3,036) | (3,005) | |
Surrenders and withdrawals | (23,406) | (15,042) | (15,037) | |
Benefit payments | (9,274) | (7,666) | (8,927) | |
Net transfers from (to) separate account | 7,117 | 4,536 | 4,340 | |
Interest credited | 4,417 | 3,564 | 4,594 | |
Other | 3 | (19) | (27) | |
Policyholder Contract Deposits Account Balance, end of period | 163,408 | 158,494 | 152,809 | |
Other reconciling items | (1,429) | (2,510) | (1,423) | |
Legacy insurance lines ceded to Fortitude Re | 161,979 | 155,984 | 151,386 | |
Cash surrender value | 142,216 | 138,320 | 136,372 | |
Life and Retirement | Individual Retirement | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 89,554 | 84,097 | 80,012 | |
Issuances | 18,188 | 15,186 | 13,774 | |
Policy charges | (840) | (870) | (781) | |
Surrenders and withdrawals | (14,025) | (8,921) | (8,863) | |
Benefit payments | (3,770) | (3,798) | (4,031) | |
Net transfers from (to) separate account | 3,617 | 2,248 | 1,531 | |
Interest credited | 2,188 | 1,608 | 2,444 | |
Other | (16) | 4 | 11 | |
Policyholder Contract Deposits Account Balance, end of period | 94,896 | 89,554 | 84,097 | |
Other reconciling items | (1,429) | (2,136) | (1,289) | |
Legacy insurance lines ceded to Fortitude Re | $ 93,467 | $ 87,418 | $ 82,808 | |
Weighted average crediting rate | 2.68% | 2.43% | 2.42% | |
Cash surrender value | $ 88,685 | $ 83,278 | $ 79,787 | |
Life and Retirement | Group Retirement | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 43,395 | 43,902 | 43,406 | |
Issuances | 5,352 | 4,946 | 5,146 | |
Policy charges | (477) | (462) | (523) | |
Surrenders and withdrawals | (8,310) | (5,712) | (5,795) | |
Benefit payments | (2,518) | (2,528) | (2,329) | |
Net transfers from (to) separate account | 2,705 | 2,149 | 2,750 | |
Interest credited | 1,141 | 1,100 | 1,249 | |
Other | 11 | 0 | (2) | |
Policyholder Contract Deposits Account Balance, end of period | 41,299 | 43,395 | 43,902 | |
Other reconciling items | (230) | (319) | (259) | |
Legacy insurance lines ceded to Fortitude Re | $ 41,069 | $ 43,076 | $ 43,643 | |
Weighted average crediting rate | 2.91% | 2.77% | 2.79% | |
Cash surrender value | $ 40,210 | $ 41,831 | $ 43,359 | |
Life and Retirement | Life Insurance | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 10,224 | 10,183 | 10,012 | |
Issuances | 1,632 | 1,674 | 1,702 | |
Policy charges | (1,524) | (1,570) | (1,567) | |
Surrenders and withdrawals | (256) | (211) | (212) | |
Benefit payments | (281) | (216) | (245) | |
Net transfers from (to) separate account | 3 | (5) | (2) | |
Interest credited | 413 | 377 | 447 | |
Other | 20 | (8) | 48 | |
Policyholder Contract Deposits Account Balance, end of period | 10,231 | 10,224 | 10,183 | |
Other reconciling items | 208 | 34 | 117 | |
Legacy insurance lines ceded to Fortitude Re | $ 10,439 | $ 10,258 | $ 10,300 | |
Weighted average crediting rate | 4.41% | 4.29% | 4.28% | |
Cash surrender value | $ 9,026 | $ 8,866 | $ 8,826 | |
Life and Retirement | Institutional Markets | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 11,734 | 10,804 | 11,351 | |
Issuances | 3,813 | 1,494 | 1,272 | |
Policy charges | (67) | (69) | (65) | |
Surrenders and withdrawals | (722) | (134) | (91) | |
Benefit payments | (2,405) | (775) | (1,948) | |
Net transfers from (to) separate account | 792 | 144 | 61 | |
Interest credited | 507 | 301 | 263 | |
Other | (3) | (31) | (39) | |
Policyholder Contract Deposits Account Balance, end of period | 13,649 | 11,734 | 10,804 | |
Other reconciling items | 93 | (16) | 165 | |
Legacy insurance lines ceded to Fortitude Re | $ 13,742 | $ 11,718 | $ 10,969 | |
Weighted average crediting rate | 4.08% | 2.71% | 2.41% | |
Cash surrender value | $ 2,583 | $ 2,537 | $ 2,520 | |
Life and Retirement | Other | ||||
Policyholder Account Balance [Roll Forward] | ||||
Policyholder contract deposits account balance, beginning of year | 3,587 | 3,823 | 4,143 | |
Issuances | 44 | 48 | 53 | |
Policy charges | (64) | (65) | (69) | |
Surrenders and withdrawals | (93) | (64) | (76) | |
Benefit payments | (300) | (349) | (374) | |
Net transfers from (to) separate account | 0 | 0 | 0 | |
Interest credited | 168 | 178 | 191 | |
Other | (9) | 16 | (45) | |
Policyholder Contract Deposits Account Balance, end of period | 3,333 | 3,587 | 3,823 | |
Other reconciling items | (71) | (73) | (157) | |
Legacy insurance lines ceded to Fortitude Re | $ 3,262 | $ 3,514 | $ 3,666 | |
Weighted average crediting rate | 4.99% | 4.91% | 4.92% | |
Cash surrender value | $ 1,712 | $ 1,808 | $ 1,880 | |
Life and Retirement | Other Operations | ||||
Policyholder Account Balance [Roll Forward] | ||||
Other reconciling items | $ 71 | $ 75 | $ 158 |
Insurance Liabilities - Account
Insurance Liabilities - Account balances by guaranteed minimum interest rates (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 101,111 | $ 102,937 |
Account balance percentage | 100% | 100% |
At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 54,990 | $ 66,064 |
Account balance percentage | 55% | 65% |
1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 7,428 | $ 5,522 |
Account balance percentage | 7% | 5% |
More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 38,693 | $ 31,351 |
Account balance percentage | 38% | 30% |
Individual Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 57,137 | $ 56,749 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 35,449 | 32,629 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 5,542 | 6,427 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 9,029 | 9,519 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,652 | 7,676 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 430 | 461 |
Individual Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 35 | 37 |
Individual Retirement | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 25,361 | 30,595 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,498 | 8,766 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 3,749 | 4,208 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 8,046 | 9,502 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,610 | 7,630 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 426 | 456 |
Individual Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 32 | 33 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,148 | 2,225 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,078 | 2,161 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 22 | 24 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 11 | 0 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 37 | 40 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Individual Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 29,628 | 23,929 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 26,873 | 21,702 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,771 | 2,195 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 972 | 17 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 5 | 6 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4 | 5 |
Individual Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 3 | 4 |
Group Retirement | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 36,791 | 38,786 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 11,359 | 10,647 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 5,644 | 6,505 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 12,394 | 13,971 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 615 | 666 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,635 | 6,843 |
Group Retirement | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 144 | 154 |
Group Retirement | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 25,383 | 30,870 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,185 | 3,611 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 3,731 | 5,628 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 12,073 | 13,968 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 615 | 666 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,635 | 6,843 |
Group Retirement | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 144 | 154 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 3,797 | 2,157 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,344 | 1,427 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,242 | 727 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 211 | 3 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 7,611 | 5,759 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 6,830 | 5,609 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 671 | 150 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 110 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Group Retirement | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 7,183 | 7,402 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 478 | 482 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,946 | 1,979 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,692 | 1,744 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,851 | 2,974 |
Life Insurance | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 216 | 223 |
Life Insurance | At Guaranteed Minimum | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 4,246 | 4,599 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 1 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 9 | 32 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,170 | 1,369 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 2,851 | 2,974 |
Life Insurance | At Guaranteed Minimum | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 216 | 223 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,483 | 1,140 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 132 | 129 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 855 | 831 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 496 | 180 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | 1 Basis Point - 50 Basis Points Above | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,454 | 1,663 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range Less Than 1% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 1% To 2% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 346 | 352 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 2% To 3% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 1,082 | 1,116 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 3% To 4% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 26 | 195 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 4% To 5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
Life Insurance | More than 50 Basis Points Above Minimum Guarantee | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range From 5% To 5.5% | ||
Policyholder Account Balance [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Insurance Liabilities - Unearne
Insurance Liabilities - Unearned revenue liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Policyholder Funds Rollforward [Roll Forward] | |||
Balance, beginning of year | $ 1,834 | $ 1,811 | $ 1,795 |
Revenue deferred | 153 | 143 | 140 |
Amortization | (122) | (120) | (123) |
Other, including foreign exchange | (1) | ||
Balance, end of year | 1,865 | 1,834 | 1,811 |
Life Insurance | |||
Other Policyholder Funds Rollforward [Roll Forward] | |||
Balance, beginning of year | 1,727 | 1,693 | 1,661 |
Revenue deferred | 153 | 143 | 140 |
Amortization | (110) | (109) | (108) |
Other, including foreign exchange | 0 | ||
Balance, end of year | 1,770 | 1,727 | 1,693 |
Institutional Markets | |||
Other Policyholder Funds Rollforward [Roll Forward] | |||
Balance, beginning of year | 2 | 2 | 2 |
Revenue deferred | 0 | 0 | 0 |
Amortization | (1) | 0 | 0 |
Other, including foreign exchange | 0 | ||
Balance, end of year | 1 | 2 | 2 |
Corporate and Other [Member] | |||
Other Policyholder Funds Rollforward [Roll Forward] | |||
Balance, beginning of year | 105 | 116 | 132 |
Revenue deferred | 0 | 0 | 0 |
Amortization | (11) | (11) | (15) |
Other, including foreign exchange | (1) | ||
Balance, end of year | 94 | 105 | 116 |
Other reconciling items | $ 1,500 | $ 1,600 | $ 1,700 |
Insurance Liabilities - Funding
Insurance Liabilities - Funding Agreements (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Gross Amounts | $ 5,625 |
2024 | 146 |
2025-2026 | 401 |
2027-2028 | 4,557 |
Thereafter | 521 |
FHLB Dallas, DNU Auction | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Gross Amounts | 3,357 |
2024 | 52 |
2025-2026 | 254 |
2027-2028 | 3,051 |
Thereafter | $ 0 |
FHLB Dallas, DNU Auction | Minimum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 0.22% |
FHLB Dallas, DNU Auction | Maximum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 0.30% |
FHLB of Dallas | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Gross Amounts | $ 2,027 |
2024 | 0 |
2025-2026 | 0 |
2027-2028 | 1,506 |
Thereafter | $ 521 |
FHLB of Dallas | Minimum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 3.53% |
FHLB of Dallas | Maximum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 4.77% |
FHLB of New York | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Gross Amounts | $ 241 |
2024 | 94 |
2025-2026 | 147 |
2027-2028 | 0 |
Thereafter | $ 0 |
FHLB of New York | Minimum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 1.52% |
FHLB of New York | Maximum | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |
Stated interest rates (as a percent) | 2.70% |
Insurance Liabilities - Sched_2
Insurance Liabilities - Schedule of policyholder contract deposits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Policyholder contract deposits | $ 161,979 | $ 155,984 | $ 148,223 |
Market Risk Benefits - Balances
Market Risk Benefits - Balances and changes in market risk benefits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Market Risk Benefit [Line Items] | |||||
Market risk benefit in an asset position | $ 176 | ||||
Reinsured market risk benefit | 162 | ||||
Market risk benefit assets, at fair value | $ 912 | $ 796 | $ 338 | 338 | |
Market risk benefit liabilities, at fair value | 5,705 | 4,736 | 8,739 | 8,739 | |
Net | 4,793 | 3,940 | $ 6,889 | 8,401 | |
As Previously Reported | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefit assets, at fair value | 0 | 0 | |||
Market risk benefit liabilities, at fair value | 0 | $ 0 | |||
Net | 0 | ||||
Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment | |||||
Market Risk Benefit [Line Items] | |||||
Net | 6,247 | ||||
Adjustment for the reclassification of additional liabilities from Future policy benefits | |||||
Market Risk Benefit [Line Items] | |||||
Net | 1,609 | ||||
Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the transition date | |||||
Market Risk Benefit [Line Items] | |||||
Net | 2,327 | ||||
Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) | |||||
Market Risk Benefit [Line Items] | |||||
Net | (605) | ||||
Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB | |||||
Market Risk Benefit [Line Items] | |||||
Net | (1,177) | ||||
Individual Retirement | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefit in an asset position | 176 | ||||
Reinsured market risk benefit | 162 | ||||
Market risk benefit assets, at fair value | 338 | ||||
Market risk benefit liabilities, at fair value | 7,937 | ||||
Net | 4,485 | 3,644 | 6,307 | 7,599 | |
Individual Retirement | As Previously Reported | |||||
Market Risk Benefit [Line Items] | |||||
Net | 0 | ||||
Individual Retirement | Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment | |||||
Market Risk Benefit [Line Items] | |||||
Net | 5,671 | ||||
Individual Retirement | Adjustment for the reclassification of additional liabilities from Future policy benefits | |||||
Market Risk Benefit [Line Items] | |||||
Net | 1,388 | ||||
Individual Retirement | Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the transition date | |||||
Market Risk Benefit [Line Items] | |||||
Net | 2,140 | ||||
Individual Retirement | Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) | |||||
Market Risk Benefit [Line Items] | |||||
Net | (516) | ||||
Individual Retirement | Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB | |||||
Market Risk Benefit [Line Items] | |||||
Net | (1,084) | ||||
Group Retirement | |||||
Market Risk Benefit [Line Items] | |||||
Market risk benefit in an asset position | 0 | ||||
Reinsured market risk benefit | 0 | ||||
Market risk benefit assets, at fair value | 0 | ||||
Market risk benefit liabilities, at fair value | 802 | ||||
Net | $ 308 | $ 296 | $ 582 | 802 | |
Group Retirement | As Previously Reported | |||||
Market Risk Benefit [Line Items] | |||||
Net | 0 | ||||
Group Retirement | Adjustment for the reclassification of the embedded derivative liability from policyholder contract deposits, net of the host adjustment | |||||
Market Risk Benefit [Line Items] | |||||
Net | 576 | ||||
Group Retirement | Adjustment for the reclassification of additional liabilities from Future policy benefits | |||||
Market Risk Benefit [Line Items] | |||||
Net | 221 | ||||
Group Retirement | Adjustments for the cumulative effect of the changes to our own credit risk between the original contract issuance date and the transition date | |||||
Market Risk Benefit [Line Items] | |||||
Net | 187 | ||||
Group Retirement | Adjustment for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses) | |||||
Market Risk Benefit [Line Items] | |||||
Net | (89) | ||||
Group Retirement | Adjustment for the remaining difference (exclusive of our own credit risk change and host contract adjustments) between previous carrying amount and fair value measurement for the MRB | |||||
Market Risk Benefit [Line Items] | |||||
Net | $ (93) |
Market Risk Benefits - Rollforw
Market Risk Benefits - Rollforward of market risk benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Market Risk Benefit [Roll Forward] | ||||
Balance, beginning of year | $ 4,034 | $ 7,034 | $ 8,563 | |
Balance, beginning of year, before effect of changes in our own credit risk | 3,569 | 4,933 | 6,236 | |
Issuances | 718 | 288 | 275 | |
Interest accrual | 171 | 193 | 163 | |
Attributed fees | 866 | 934 | 879 | |
Expected claims | (94) | (85) | (56) | |
Effect of changes in interest rates | (152) | (4,458) | (1,205) | |
Effect of changes in interest rate volatility | (72) | 281 | 78 | |
Effect of changes in equity markets | (1,345) | 1,504 | (1,617) | |
Effect of changes in equity index volatility | (19) | (74) | 53 | |
Actual outcome different from model expected outcome | 195 | 161 | 114 | |
Effect of changes in future expected policyholder behavior | (20) | 17 | ||
Effect of changes in other future expected assumptions | (124) | (85) | 0 | |
Other, including foreign exchange | (3) | (3) | (4) | |
Balance, end of year, before effect of changes in our own credit risk | 3,710 | 3,569 | 4,933 | |
Effect of changes in our own credit risk | 1,160 | 465 | 2,101 | $ 2,327 |
Balance, end of year | 4,870 | 4,034 | 7,034 | |
Less: Reinsured MRB, end of period | (77) | (94) | (145) | |
Net | 4,793 | 3,940 | 6,889 | 8,401 |
Combined | ||||
Net amount at risk | ||||
Net amount at risk | 1,029 | 2,123 | 581 | |
GMDB | ||||
Net amount at risk | ||||
Net amount at risk | 918 | 1,986 | 843 | |
GMWB | ||||
Net amount at risk | ||||
Net amount at risk | 165 | 28 | 949 | |
Individual Retirement | ||||
Market Risk Benefit [Roll Forward] | ||||
Balance, beginning of year | 3,738 | 6,452 | 7,761 | |
Balance, beginning of year, before effect of changes in our own credit risk | 3,297 | 4,518 | 5,621 | |
Issuances | 681 | 263 | 247 | |
Interest accrual | 156 | 172 | 142 | |
Attributed fees | 803 | 864 | 805 | |
Expected claims | (91) | (83) | (54) | |
Effect of changes in interest rates | (139) | (4,087) | (1,098) | |
Effect of changes in interest rate volatility | (69) | 263 | 74 | |
Effect of changes in equity markets | (1,236) | 1,382 | (1,414) | |
Effect of changes in equity index volatility | (14) | (75) | 33 | |
Actual outcome different from model expected outcome | 188 | 164 | 106 | |
Effect of changes in future expected policyholder behavior | (1) | (2) | 53 | |
Effect of changes in other future expected assumptions | (85) | (85) | 0 | |
Other, including foreign exchange | 0 | 3 | 3 | |
Balance, end of year, before effect of changes in our own credit risk | 3,490 | 3,297 | 4,518 | |
Effect of changes in our own credit risk | 1,072 | 441 | 1,934 | 2,140 |
Balance, end of year | 4,562 | 3,738 | 6,452 | |
Less: Reinsured MRB, end of period | (77) | (94) | (145) | |
Net | $ 4,485 | $ 3,644 | $ 6,307 | 7,599 |
Net amount at risk | ||||
Average attained age of contract holders | 70 years | 70 years | 70 years | |
Individual Retirement | Combined | ||||
Net amount at risk | ||||
Net amount at risk | $ 1,011 | $ 2,084 | $ 567 | |
Individual Retirement | GMDB | ||||
Net amount at risk | ||||
Net amount at risk | 758 | 1,615 | 684 | |
Individual Retirement | GMWB | ||||
Net amount at risk | ||||
Net amount at risk | 152 | 27 | 831 | |
Group Retirement | ||||
Market Risk Benefit [Roll Forward] | ||||
Balance, beginning of year | 296 | 582 | 802 | |
Balance, beginning of year, before effect of changes in our own credit risk | 272 | 415 | 615 | |
Issuances | 37 | 25 | 28 | |
Interest accrual | 15 | 21 | 21 | |
Attributed fees | 63 | 70 | 74 | |
Expected claims | (3) | (2) | (2) | |
Effect of changes in interest rates | (13) | (371) | (107) | |
Effect of changes in interest rate volatility | (3) | 18 | 4 | |
Effect of changes in equity markets | (109) | 122 | (203) | |
Effect of changes in equity index volatility | (5) | 1 | 20 | |
Actual outcome different from model expected outcome | 7 | (3) | 8 | |
Effect of changes in future expected policyholder behavior | 1 | (18) | (36) | |
Effect of changes in other future expected assumptions | (39) | 0 | 0 | |
Other, including foreign exchange | (3) | (6) | (7) | |
Balance, end of year, before effect of changes in our own credit risk | 220 | 272 | 415 | |
Effect of changes in our own credit risk | 88 | 24 | 167 | 187 |
Balance, end of year | 308 | 296 | 582 | |
Less: Reinsured MRB, end of period | 0 | 0 | 0 | |
Net | $ 308 | $ 296 | $ 582 | $ 802 |
Net amount at risk | ||||
Average attained age of contract holders | 64 years | 64 years | 63 years | |
Group Retirement | Combined | ||||
Net amount at risk | ||||
Net amount at risk | $ 18 | $ 39 | $ 14 | |
Group Retirement | GMDB | ||||
Net amount at risk | ||||
Net amount at risk | 160 | 371 | 159 | |
Group Retirement | GMWB | ||||
Net amount at risk | ||||
Net amount at risk | $ 13 | $ 1 | $ 118 |
Market Risk Benefits - Schedule
Market Risk Benefits - Schedule of market risk benefits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Market Risk Benefit [Line Items] | ||||
Asset | $ 912 | $ 796 | ||
Liability | 5,705 | 4,736 | ||
Net | 4,793 | 3,940 | $ 6,889 | $ 8,401 |
Individual Retirement | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 740 | 661 | ||
Liability | 5,225 | 4,305 | ||
Net | 4,485 | 3,644 | 6,307 | 7,599 |
Group Retirement | ||||
Market Risk Benefit [Line Items] | ||||
Asset | 172 | 135 | ||
Liability | 480 | 431 | ||
Net | $ 308 | $ 296 | $ 582 | $ 802 |
Separate Account Assets and L_3
Separate Account Assets and Liabilities - Separate account assets (Details) - Life and Retirement - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | $ 91,005 | $ 84,853 |
Individual Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 47,893 | 45,178 |
Group Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 38,188 | 34,361 |
Life Insurance | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 932 | 799 |
Institutional Markets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 3,992 | 4,515 |
Equity Funds | Equity Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 55,538 | 48,866 |
Equity Funds | Equity Funds | Individual Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 25,451 | 22,990 |
Equity Funds | Equity Funds | Group Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 28,675 | 24,608 |
Equity Funds | Equity Funds | Life Insurance | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 819 | 687 |
Equity Funds | Equity Funds | Institutional Markets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 593 | 581 |
Bond Funds | Bond Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 8,676 | 9,250 |
Bond Funds | Bond Funds | Individual Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 4,037 | 3,802 |
Bond Funds | Bond Funds | Group Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 3,292 | 4,081 |
Bond Funds | Bond Funds | Life Insurance | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 44 | 46 |
Bond Funds | Bond Funds | Institutional Markets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 1,303 | 1,321 |
Balanced Funds | Balanced Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 25,166 | 24,764 |
Balanced Funds | Balanced Funds | Individual Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 17,711 | 17,663 |
Balanced Funds | Balanced Funds | Group Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 5,479 | 5,113 |
Balanced Funds | Balanced Funds | Life Insurance | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 53 | 49 |
Balanced Funds | Balanced Funds | Institutional Markets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 1,923 | 1,939 |
Money Market Funds | Money Market Funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 1,625 | 1,973 |
Money Market Funds | Money Market Funds | Individual Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 694 | 723 |
Money Market Funds | Money Market Funds | Group Retirement | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 742 | 559 |
Money Market Funds | Money Market Funds | Life Insurance | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | 16 | 17 |
Money Market Funds | Money Market Funds | Institutional Markets | ||
Fair Value, Separate Account Investment [Line Items] | ||
Value of investment options | $ 173 | $ 674 |
Separate Account Assets and L_4
Separate Account Assets and Liabilities - Separate account liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | $ 84,853 | ||
Balance, end of year | 91,005 | $ 84,853 | |
Life and Retirement | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | 84,853 | 109,111 | $ 100,290 |
Premiums and deposits | 2,859 | 4,137 | 6,185 |
Policy charges | (1,824) | (1,937) | (2,041) |
Surrenders and withdrawals | (7,537) | (5,925) | (7,388) |
Benefit payments | (1,476) | (1,576) | (1,687) |
Investment performance | 14,067 | (18,860) | 14,120 |
Net transfers from (to) general account and other | 63 | (97) | (368) |
Balance, end of year | 91,005 | 84,853 | 109,111 |
Cash surrender value | 89,808 | 83,588 | 107,655 |
Life and Retirement | Individual Retirement | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | 45,178 | 57,927 | 53,456 |
Premiums and deposits | 1,408 | 2,420 | 4,081 |
Policy charges | (1,241) | (1,325) | (1,368) |
Surrenders and withdrawals | (3,744) | (3,320) | (4,261) |
Benefit payments | (844) | (898) | (1,039) |
Investment performance | 6,933 | (9,861) | 6,743 |
Net transfers from (to) general account and other | 203 | 235 | 315 |
Balance, end of year | 47,893 | 45,178 | 57,927 |
Cash surrender value | 46,911 | 44,124 | 56,727 |
Life and Retirement | Group Retirement | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | 34,361 | 45,138 | 41,310 |
Premiums and deposits | 1,374 | 1,611 | 1,979 |
Policy charges | (441) | (461) | (523) |
Surrenders and withdrawals | (3,047) | (2,452) | (3,013) |
Benefit payments | (557) | (613) | (615) |
Investment performance | 6,666 | (8,479) | 6,711 |
Net transfers from (to) general account and other | (168) | (383) | (711) |
Balance, end of year | 38,188 | 34,361 | 45,138 |
Cash surrender value | 37,992 | 34,169 | 44,909 |
Life and Retirement | Life Insurance | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | 799 | 1,044 | 912 |
Premiums and deposits | 36 | 37 | 49 |
Policy charges | (49) | (51) | (52) |
Surrenders and withdrawals | (25) | (22) | (32) |
Benefit payments | (7) | (6) | (10) |
Investment performance | 181 | (201) | 180 |
Net transfers from (to) general account and other | (3) | (2) | (3) |
Balance, end of year | 932 | 799 | 1,044 |
Cash surrender value | 911 | 777 | 1,026 |
Life and Retirement | Institutional Markets | |||
Separate Account, Liability [Roll Forward] | |||
Balance, beginning of year | 4,515 | 5,002 | 4,612 |
Premiums and deposits | 41 | 69 | 76 |
Policy charges | (93) | (100) | (98) |
Surrenders and withdrawals | (721) | (131) | (82) |
Benefit payments | (68) | (59) | (23) |
Investment performance | 287 | (319) | 486 |
Net transfers from (to) general account and other | 31 | 53 | 31 |
Balance, end of year | 3,992 | 4,515 | 5,002 |
Cash surrender value | $ 3,994 | $ 4,518 | $ 4,993 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Short term debt | $ 250 | $ 1,500 | |
Short-term and long-term debt | 22,387 | 27,179 | |
Collateral posted to third parties for derivative transactions | 1,900 | 2,900 | |
Consolidated Entities, Excluding Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Short-term and long-term debt | 19,796 | 21,299 | |
Consolidated Investments, Including Variable Interest Entities, Primarily Beneficiary | |||
Debt Instrument [Line Items] | |||
Short-term and long-term debt | [1] | 2,591 | 5,880 |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt | 10,338 | 11,775 | |
Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Debt | 9,079 | 10,242 | |
Unsecured Debt | Notes and bonds payable | Validus Holdings Ltd | |||
Debt Instrument [Line Items] | |||
Debt | 0 | 269 | |
Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Debt | 992 | 991 | |
Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Debt | 267 | 273 | |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt | 37 | 99 | |
Collateral posted to third parties for derivative transactions | 63 | 63 | |
Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Debt | 18 | 18 | |
Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Debt | 19 | 81 | |
Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Debt | 53 | 56 | |
Debt Issued Or Guaranteed | |||
Debt Instrument [Line Items] | |||
Debt | 10,375 | 11,874 | |
Corebridge Debt | |||
Debt Instrument [Line Items] | |||
Debt | 9,368 | 9,368 | |
Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Debt | 200 | 200 | |
Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Debt | $ 227 | 227 | |
Debt Not Guaranteed | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.88% | ||
Debt | $ 989 | 989 | |
Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Debt | 7,702 | 6,452 | |
Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Short term debt | 250 | 1,500 | |
Debt Not Guaranteed | Other subsidiaries notes, bonds, loans and mortgages payable | |||
Debt Instrument [Line Items] | |||
Debt | 0 | 1 | |
Debt Not Guaranteed | Debt Of Consolidated Investments | Real Estate and Investment Entities | |||
Debt Instrument [Line Items] | |||
Debt | 1,500 | 1,500 | |
Debt Not Guaranteed | Debt Of Consolidated Investments | Other VIE | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,100 | $ 4,400 | |
Minimum | Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0% | ||
Minimum | Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.88% | ||
Minimum | Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.27% | ||
Minimum | Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0% | ||
Minimum | Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7% | ||
Minimum | Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.88% | ||
Minimum | Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.63% | ||
Minimum | Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7.57% | ||
Minimum | Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3.50% | ||
Minimum | Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 3% | ||
Minimum | Debt Not Guaranteed | Debt Of Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0% | ||
Maximum | Unsecured Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.82% | ||
Maximum | Unsecured Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.18% | ||
Maximum | Unsecured Debt | Loans And Mortgages Payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 0.35% | ||
Maximum | Secured Debt | Notes and bonds payable | AIGFP Operating | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.48% | ||
Maximum | Secured Debt | Notes and bonds payable | AIG | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.13% | ||
Maximum | Secured Debt | Guaranteed Investment Agreements | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.04% | ||
Maximum | Corebridge Debt | Notes and bonds payable | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 7.50% | ||
Maximum | Corebridge Debt | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.50% | ||
Maximum | Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 6.05% | ||
Maximum | Debt Not Guaranteed | DDTL Facility | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.50% | ||
Maximum | Debt Not Guaranteed | Debt Of Consolidated Investments | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.45% | ||
[1] See Note 10 for details of balances associated with variable interest entities. |
Debt - Maturity of Debt (Detail
Debt - Maturity of Debt (Details) ¥ in Millions, $ in Millions | Dec. 31, 2023 USD ($) | May 30, 2023 JPY (¥) | Dec. 31, 2022 USD ($) |
Long-Term Debt And Short-Term Debt Maturity | |||
Short-term and long-term debt | $ 22,387 | $ 27,179 | |
Consolidated Entities, Excluding Consolidated Investments | |||
Long-Term Debt And Short-Term Debt Maturity | |||
Short-term and long-term debt | 19,796 | 21,299 | |
2024 | 709 | ||
2025 | 1,523 | ||
2026 | 275 | ||
2027 | 2,148 | ||
2028 | 340 | ||
Thereafter | 14,801 | ||
Nonrecourse | |||
Long-Term Debt Maturity | |||
Debt | 2,600 | ||
Unsecured Debt | |||
Long-Term Debt Maturity | |||
Debt | 10,338 | ||
2024 | 459 | ||
2025 | 413 | ||
2026 | 268 | ||
2027 | 905 | ||
2028 | 340 | ||
Thereafter | 7,953 | ||
Secured Debt | |||
Long-Term Debt Maturity | |||
Debt | 37 | ||
2024 | 0 | ||
2025 | 12 | ||
2026 | 7 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 18 | ||
Notes And Bonds Payable | Unsecured Debt | |||
Long-Term Debt Maturity | |||
Debt | 9,079 | ||
2024 | 459 | ||
2025 | 146 | ||
2026 | 268 | ||
2027 | 905 | ||
2028 | 340 | ||
Thereafter | 6,961 | ||
Junior Subordinated Debt, General Borrowing | Unsecured Debt | |||
Long-Term Debt Maturity | |||
Debt | 992 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 992 | ||
AIG Japan Holdings Kabushiki Kaisha | Unsecured Debt | |||
Long-Term Debt Maturity | |||
Debt | 267 | ¥ 24,650 | |
2024 | 0 | ||
2025 | 267 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 0 | ||
AIG Notes And Bonds Payable | Secured Debt | |||
Long-Term Debt Maturity | |||
Debt | 19 | ||
2024 | 0 | ||
2025 | 12 | ||
2026 | 7 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 0 | ||
Series AIGFP Matched Notes And Bonds Payable | Secured Debt | |||
Long-Term Debt Maturity | |||
Debt | 18 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 18 | ||
Debt Issued Or Guaranteed | |||
Long-Term Debt Maturity | |||
Debt | 10,375 | 11,874 | |
2024 | 459 | ||
2025 | 425 | ||
2026 | 275 | ||
2027 | 905 | ||
2028 | 340 | ||
Thereafter | 7,971 | ||
Corebridge Debt | |||
Long-Term Debt Maturity | |||
Debt | 9,368 | 9,368 | |
2024 | 250 | ||
2025 | 1,098 | ||
2026 | 0 | ||
2027 | 1,243 | ||
2028 | 0 | ||
Thereafter | 6,777 | ||
Corebridge Debt | Notes and bonds payable | |||
Long-Term Debt Maturity | |||
Debt | 200 | 200 | |
2024 | 0 | ||
2025 | 101 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 99 | ||
Corebridge Debt | Junior subordinated debt | |||
Long-Term Debt Maturity | |||
Debt | 227 | 227 | |
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 227 | ||
Debt Not Guaranteed | Junior subordinated debt | |||
Long-Term Debt Maturity | |||
Debt | 989 | 989 | |
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 989 | ||
Debt Not Guaranteed | Corebridge senior unsecured notes | |||
Long-Term Debt Maturity | |||
Debt | 7,702 | $ 6,452 | |
2024 | 0 | ||
2025 | 997 | ||
2026 | 0 | ||
2027 | 1,243 | ||
2028 | 0 | ||
Thereafter | 5,462 | ||
Guaranteed Investment Agreements | Secured Debt | |||
Long-Term Debt Maturity | |||
Debt | 53 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | 53 | ||
DDTL Facility | Line of Credit | Secured Debt | |||
Long-Term Debt Maturity | |||
Debt | 250 | ||
2024 | 250 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | 0 | ||
2028 | 0 | ||
Thereafter | $ 0 |
Debt - Debt Issuance (Details)
Debt - Debt Issuance (Details) - Corebridge senior unsecured notes - USD ($) | Dec. 08, 2023 | Sep. 15, 2023 | Mar. 31, 2023 |
Senior Notes Due 2033 | |||
Debt Instrument [Line Items] | |||
Amount of debt issued | $ 500,000,000 | $ 750,000,000 | |
Interest rate (as a percent) | 6.05% | 5.125% | |
Senior Notes Due 2034 | |||
Debt Instrument [Line Items] | |||
Amount of debt issued | $ 750,000,000 | ||
Interest rate (as a percent) | 5.75% |
Debt - Debt Cash Tender Offers
Debt - Debt Cash Tender Offers and Redemptions (Details) £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 2,304 | $ 9,455 | $ 4,147 | |
Gain (loss) on extinguishment of debt | 37 | $ (303) | $ (389) | |
Certain Notes And Debentures Issued Or Guaranteed | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | 2,200 | |||
Debt redeemed, including accrued and unpaid interest | 2,200 | |||
Gain (loss) on extinguishment of debt | 37 | |||
5.00% Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 388 | £ 311 | ||
Interest rate (as a percent) | 5% | |||
Senior Notes Due 2040 | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 8.875% | |||
Senior Notes Due 2040 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Debt redeemed, including accrued and unpaid interest | $ 289 | |||
Debt redeemed | $ 199 | |||
Principal amount redeemed (as a percent) | 143.968% | 143.968% | ||
Certain Notes And Debentures Issued Or Guaranteed, Tender Offer | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 1,600 | |||
Debt redeemed, including accrued and unpaid interest | $ 1,500 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 15, 2022 | |
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 2,304,000,000 | $ 9,455,000,000 | $ 4,147,000,000 | |
Syndicated 4 Year Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Available increase in commitment | 500,000,000 | |||
Maximum borrowing capacity | 5,000,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 4,500,000,000 | |||
Revolving Credit Facility | Syndicated 4 Year Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 4,500,000,000 | |||
Revolving Credit Facility | Corebridge Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 2,500,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 2,500,000,000 | |||
Revolving Credit Facility | Certain Investment Entity Facility 1 | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | 250,000,000 | |||
Maximum borrowing capacity | 450,000,000 | |||
Line of credit | $ 43,000,000 | |||
Revolving Credit Facility | Certain Investment Entity Facility 1 | Line of Credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Term (in years) | 7 years | |||
Revolving Credit Facility | Certain Investment Entity Facility 2 | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 396,000,000 | |||
Line of credit | $ 231,000,000 | |||
Revolving Credit Facility | Certain Investment Entity Facility 2 | Line of Credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Term (in years) | 1 year | |||
Revolving Credit Facility | Certain Investment Entity Facility 2 | Line of Credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Term (in years) | 2 years | |||
Secured Debt | CoreBridge 3-Year DDTL Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Current borrowing capacity | $ 1,500,000,000 | |||
Term (in years) | 3 years | |||
Secured Debt | DDTL Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Repayments of long-term debt | $ 1,250,000,000 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Other commitments | $ 6,100 | $ 6,600 |
Affiliated Entity | ||
Other Commitments [Line Items] | ||
Contractual obligation | $ 102 |
Contingencies, Commitments an_3
Contingencies, Commitments and Guarantees - Lease Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease liability, balance sheet location | Other liabilities(c) | Other liabilities(c) | |
Right of use asset, balance sheet location | Other assets | Other assets | |
Lease liabilities | $ 919 | $ 1,100 | |
Right of use asset | 767 | 880 | |
Operating Lease, Lease Income, Lease Payments | $ 197 | 205 | |
Leases, weighted average discount rate | 2.96% | ||
Leases, weighted average lease term | 10 years 2 months 12 days | ||
Rent expense | $ 177 | $ 190 | $ 237 |
Contingencies, Commitments an_4
Contingencies, Commitments and Guarantees - Schedule of Future Undiscounted Cash Flows (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 164 | |
2025 | 134 | |
2026 | 93 | |
2027 | 85 | |
2028 | 77 | |
Remaining years after 2028 | 576 | |
Total undiscounted lease payments | 1,129 | |
Less: Present value adjustment | 210 | |
Lease liabilities | $ 919 | $ 1,100 |
Contingencies, Commitments an_5
Contingencies, Commitments and Guarantees - Other Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Other commitments | $ 6,100 | $ 6,600 |
Affiliated Entity | ||
Other Commitments [Line Items] | ||
Contractual obligation | $ 102 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||
Feb. 13, 2024 $ / shares | Sep. 19, 2022 shares | Mar. 14, 2019 USD ($) $ / shares shares | Feb. 08, 2024 USD ($) shares | Dec. 31, 2023 USD ($) stockOffering $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 15, 2024 $ / shares | Aug. 01, 2023 USD ($) | |
Class of Stock [Line Items] | |||||||||
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 | |||||||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | |||||||
Authorized repurchase amount | $ | $ 7,500,000,000 | ||||||||
Shares purchased (in shares) | shares | 50,800,000 | 90,100,000 | 49,700,000 | ||||||
Aggregate repurchases of common stock | $ | $ 3,014,000,000 | $ 5,149,000,000 | $ 2,643,000,000 | ||||||
Dividends declared, preferred stock (in dollars per share) | $ 1,462.5 | $ 1,462.5 | $ 1,462.5 | ||||||
Remaining authorized repurchase amount | $ | $ 2,150,000,000 | ||||||||
Sale Of Stock, Number Of Secondary Offerings | stockOffering | 3 | ||||||||
Corebridge Financial Inc | |||||||||
Class of Stock [Line Items] | |||||||||
Ownership (as a percent) | 52.20% | ||||||||
IPO | Corebridge Financial Inc | |||||||||
Class of Stock [Line Items] | |||||||||
Shares sold in secondary offering (in shares) | shares | 80,000,000 | ||||||||
Subsequent event | |||||||||
Class of Stock [Line Items] | |||||||||
Shares purchased (in shares) | shares | 10,000,000 | ||||||||
Aggregate repurchases of common stock | $ | $ 706,000,000 | ||||||||
Dividends declared, common stock (in dollars per share) | $ 0.36 | ||||||||
Dividends declared, preferred stock (in dollars per share) | $ 365.625 | ||||||||
Series A Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Issuances (in shares) | 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 (in dollars per share) | $ 25,000 | ||||||||
Issuance of preferred stock | $ | $ 485,000,000 | ||||||||
Preferred stock, redemption period (in days) | 90 days | ||||||||
Series A Preferred Stock | Rating Agency Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock redemption price per share (in USD per share) | $ 25,500 | ||||||||
Series A Preferred Stock | Regulatory Capital Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock redemption price per share (in USD per share) | $ 25,000 | $ 25,000 | |||||||
Series A Depositary Shares | |||||||||
Class of Stock [Line Items] | |||||||||
Issuances (in shares) | shares | 20,000,000 | ||||||||
Preferred stock liquidation preference (in dollars per share) | $ 25 | ||||||||
Series A Depositary Shares | Rating Agency Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock redemption price per share (in USD per share) | 25.50 | $ 25 | |||||||
Series A Depositary Shares | Regulatory Capital Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock redemption price per share (in USD per share) | $ 25 | $ 25 |
Equity - Rollforward of common
Equity - Rollforward of common stock outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued, beginning of year (in shares) | 1,906,671,492 | ||
Treasury stock, beginning of year (in shares) | (1,172,543,436) | ||
Shares outstanding, beginning of year (in shares) | 734,100,000 | 818,700,000 | 861,600,000 |
Shares issued (in shares) | 5,500,000 | 5,500,000 | 6,800,000 |
Shares repurchased (in shares) | (50,800,000) | (90,100,000) | (49,700,000) |
Shares issued, end of period (in shares) | 1,906,671,492 | 1,906,671,492 | |
Treasury stock, end of period (in shares) | (1,217,831,721) | (1,172,543,436) | |
Shares outstanding, end of period (in shares) | 688,800,000 | 734,100,000 | 818,700,000 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued, beginning of year (in shares) | 1,906,700,000 | 1,906,700,000 | 1,906,700,000 |
Shares issued (in shares) | 0 | ||
Shares repurchased (in shares) | 0 | ||
Shares issued, end of period (in shares) | 1,906,700,000 | 1,906,700,000 | 1,906,700,000 |
Treasury Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Treasury stock, beginning of year (in shares) | (1,172,600,000) | (1,088,000,000) | (1,045,100,000) |
Shares issued (in shares) | 5,500,000 | 5,500,000 | 6,800,000 |
Shares repurchased (in shares) | (50,800,000) | (90,100,000) | (49,700,000) |
Treasury stock, end of period (in shares) | (1,217,900,000) | (1,172,600,000) | (1,088,000,000) |
Equity - Schedule of accumulate
Equity - Schedule of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 43,454 | $ 69,034 | $ 67,199 |
Change in unrealized appreciation (depreciation) of investments* | 8,440 | (47,766) | (9,255) |
Change in other | 42 | (12) | (28) |
Change in fair value of market risk benefits, net | (695) | 1,635 | 227 |
Change in discount rates | (1,045) | 6,993 | 1,717 |
Change in future policy benefits | (254) | 1,805 | 380 |
Change in foreign currency translation adjustments | 137 | (593) | (108) |
Change in net actuarial loss | 143 | (31) | 417 |
Change in prior service cost | 4 | 8 | 8 |
Change in deferred tax asset (liability) | (832) | 5,664 | 1,220 |
Change in fair value of liabilities under fair value option attributable to changes in our own credit risk | (6) | (2) | |
Other comprehensive income (loss) | 5,940 | (32,303) | (5,424) |
Corebridge noncontrolling interests | 3,938 | 2,116 | (918) |
Balance, end of period | 51,301 | 43,454 | 69,034 |
Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (1,264) | ||
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (22,616) | 5,071 | 13,511 |
Other comprehensive income (loss) | 4,641 | (29,803) | (5,325) |
Balance, end of period | (14,037) | (22,616) | 5,071 |
Total | Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (2,197) | ||
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (136) | (48) | (95) |
Balance, end of period | (106) | (136) | (48) |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (20,675) | 12,125 | 17,093 |
Balance, end of period | (10,888) | (20,675) | 12,125 |
Unrealized Appreciation (Depreciation) of All Other Investments | Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 3,407 | ||
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (284) | (1,496) | 0 |
Other comprehensive income (loss) | (544) | 1,294 | 179 |
Balance, end of period | (476) | (284) | (1,496) |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (1,839) | ||
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 2,459 | (2,167) | 0 |
Other comprehensive income (loss) | (871) | 5,544 | 1,361 |
Balance, end of period | 1,233 | 2,459 | (2,167) |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | Cumulative effect of change in accounting principle | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (3,765) | ||
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (3,056) | (2,446) | (2,267) |
Balance, end of period | (2,979) | (3,056) | (2,446) |
Retirement Plan Liabilities Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (924) | (903) | (1,228) |
Balance, end of period | (821) | (924) | (903) |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 0 | 6 | 8 |
Balance, end of period | 0 | 0 | 6 |
Noncontrolling interests | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | 1,299 | (2,500) | (99) |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | (3) | (6) | 0 |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | 1,871 | (3,123) | (109) |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | (199) | 93 | 7 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | (377) | 525 | 6 |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | 7 | 11 | (3) |
Retirement Plan Liabilities Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | 0 | 0 | 0 |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Noncontrolling interests | 0 | 0 | 0 |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in fair value of market risk benefits, net | (695) | 1,635 | 227 |
Change in deferred tax asset (liability) | 151 | (341) | (48) |
Other comprehensive income (loss) | (544) | 1,294 | 179 |
Corebridge noncontrolling interests | 153 | 11 | 171 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in discount rates | (1,045) | 6,993 | 1,717 |
Change in deferred tax asset (liability) | 174 | (1,449) | (356) |
Other comprehensive income (loss) | (871) | 5,544 | 1,361 |
Corebridge noncontrolling interests | (732) | (393) | 243 |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in unrealized appreciation (depreciation) of investments* | 30 | (119) | 58 |
Change in other | (10) | 0 | (3) |
Change in deferred tax asset (liability) | (6) | 25 | (11) |
Other comprehensive income (loss) | 14 | (94) | 44 |
Corebridge noncontrolling interests | 13 | 0 | 3 |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in unrealized appreciation (depreciation) of investments* | 8,410 | (47,647) | (9,313) |
Change in other | 52 | (12) | (25) |
Change in future policy benefits | (254) | 1,805 | 380 |
Change in deferred tax asset (liability) | (1,074) | 7,446 | 1,807 |
Other comprehensive income (loss) | 7,134 | (38,408) | (7,151) |
Corebridge noncontrolling interests | 4,524 | 2,485 | (1,333) |
Foreign Currency Translation Adjustments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in foreign currency translation adjustments | 137 | (593) | (108) |
Change in deferred tax asset (liability) | (35) | (20) | (72) |
Other comprehensive income (loss) | 102 | (613) | (180) |
Corebridge noncontrolling interests | (18) | 14 | (2) |
Retirement Plan Liabilities Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in net actuarial loss | 143 | (31) | 417 |
Change in prior service cost | 4 | 8 | 8 |
Change in deferred tax asset (liability) | (42) | 3 | (100) |
Other comprehensive income (loss) | 105 | (20) | 325 |
Corebridge noncontrolling interests | (2) | (1) | |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Our Own Credit Risk | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Change in fair value of liabilities under fair value option attributable to changes in our own credit risk | (6) | (2) | |
Other comprehensive income (loss) | $ 0 | $ (6) | $ (2) |
Equity - Schedule of other comp
Equity - Schedule of other comprehensive income (loss) reclassification adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Other comprehensive income (loss) | $ 5,940 | $ (32,303) | $ (5,424) |
Noncontrolling interests | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | 5,681 | (39,179) | (5,762) |
Less: Reclassification adjustments included in net income | (1,091) | (1,212) | 882 |
Total other comprehensive income (loss), before of income tax expense (benefit) | 6,772 | (37,967) | (6,644) |
Less: Income tax expense (benefit) | 832 | (5,664) | (1,220) |
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (6) | (112) | 55 |
Less: Reclassification adjustments included in net income | (26) | 7 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | 20 | (119) | 55 |
Less: Income tax expense (benefit) | 6 | (25) | 11 |
Other comprehensive income (loss) | 14 | (94) | 44 |
Unrealized Appreciation (Depreciation) of All Other Investments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | 7,172 | (47,043) | (8,030) |
Less: Reclassification adjustments included in net income | (1,036) | (1,189) | 928 |
Total other comprehensive income (loss), before of income tax expense (benefit) | 8,208 | (45,854) | (8,958) |
Less: Income tax expense (benefit) | 1,074 | (7,446) | (1,807) |
Other comprehensive income (loss) | 7,134 | (38,408) | (7,151) |
Change in Fair Value of Market Risk Benefits Attributable to Changes in Our Own Credit Risk | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (695) | 1,635 | 227 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (695) | 1,635 | 227 |
Less: Income tax expense (benefit) | (151) | 341 | 48 |
Other comprehensive income (loss) | (544) | 1,294 | 179 |
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | (1,045) | 6,993 | 1,717 |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | (1,045) | 6,993 | 1,717 |
Less: Income tax expense (benefit) | (174) | 1,449 | 356 |
Other comprehensive income (loss) | (871) | 5,544 | 1,361 |
Foreign Currency Translation Adjustments | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | 137 | (593) | (108) |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | 137 | (593) | (108) |
Less: Income tax expense (benefit) | 35 | 20 | 72 |
Other comprehensive income (loss) | 102 | (613) | (180) |
Retirement Plan Liabilities Adjustment | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | 118 | (53) | 379 |
Less: Reclassification adjustments included in net income | (29) | (30) | (46) |
Total other comprehensive income (loss), before of income tax expense (benefit) | 147 | (23) | 425 |
Less: Income tax expense (benefit) | 42 | (3) | 100 |
Other comprehensive income (loss) | 105 | (20) | 325 |
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Our Own Credit Risk | |||
Other Comprehensive Income (Loss) Reclassification Adjustments | |||
Unrealized change arising during period | 0 | (6) | (2) |
Less: Reclassification adjustments included in net income | 0 | 0 | 0 |
Total other comprehensive income (loss), before of income tax expense (benefit) | 0 | (6) | (2) |
Less: Income tax expense (benefit) | 0 | 0 | 0 |
Other comprehensive income (loss) | $ 0 | $ (6) | $ (2) |
Equity - Schedule of effect of
Equity - 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 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ (4,608) | $ 7,064 | $ 2,271 |
Net income attributable to AIG | 3,643 | 10,227 | 10,367 |
Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Net income attributable to AIG | (1,091) | (1,212) | 882 |
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (26) | 7 | 0 |
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (1,036) | (1,189) | 928 |
Change in retirement plan liabilities adjustment | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (29) | (30) | (46) |
Prior-service credit | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | (2) | (2) | (3) |
Actuarial losses | Amount Reclassified from AOCI | |||
Reclassification of significant items out of Accumulated Other Comprehensive Income | |||
Total net realized gains (losses) | $ (27) | $ (28) | $ (43) |
Equity - Schedule of noncontrol
Equity - Schedule of noncontrolling interest (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 19, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Line Items] | ||||
Net income attributable to AIG common shareholders | $ 3,614 | $ 10,198 | $ 10,338 | |
Contributions from noncontrolling interests | 49 | 133 | 22 | |
Total AIG Shareholders' Equity | ||||
Noncontrolling Interest [Line Items] | ||||
Net income attributable to AIG common shareholders | 3,614 | 10,198 | 10,338 | |
Contributions from noncontrolling interests | $ 497 | 145 | 497 | (630) |
Change from Net income attributable to AIG common shareholders and changes in AIG's ownership interests | $ 3,759 | $ 10,695 | $ 9,708 |
Earnings Per Common Share (EP_3
Earnings Per Common Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator for EPS: | |||
Income (loss) from continuing operations | $ 3,878 | $ 11,274 | $ 10,906 |
Less: Net income from continuing operations attributable to noncontrolling interests | 235 | 1,046 | 539 |
Less: Preferred stock dividends | 29 | 29 | 29 |
Income (loss) attributable to AIG common shareholders from continuing operations | 3,614 | 10,199 | 10,338 |
Income (loss) from discontinued operations, net of income tax expense | 0 | (1) | 0 |
Net income (loss) attributable to AIG common shareholders | $ 3,614 | $ 10,198 | $ 10,338 |
Denominator for EPS: | |||
Weighted average common shares outstanding - basic (in shares) | 719,506,291 | 778,621,118 | 854,320,449 |
Dilutive common shares (in shares) | 5,726,777 | 9,320,632 | 10,564,430 |
Weighted average common shares outstanding - diluted (in shares) | 725,233,068 | 787,941,750 | 864,884,879 |
Basic: | |||
Income (loss) from continuing operations (in dollars per share) | $ 5.02 | $ 13.10 | $ 12.10 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Income (loss) attributable to AIG common shareholders (in dollars per share) | 5.02 | 13.10 | 12.10 |
Diluted: | |||
Income (loss) from continuing operations (in dollars per share) | 4.98 | 12.94 | 11.95 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0 |
Net income attributable to AIG common shareholders (in dollars per share) | $ 4.98 | $ 12.94 | $ 11.95 |
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive (in shares) | 4,400,000 | 24,100,000 | 12,000,000 |
Statutory Financial Data and _3
Statutory Financial Data and Restrictions - Schedule of Statutory Financial Data and Restrictions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General Insurance | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 3,779 | $ 3,319 | $ 4,222 |
Statutory capital and surplus | 30,230 | 33,476 | |
Aggregate minimum required statutory capital and surplus | 9,666 | 10,994 | |
General Insurance | Domestic | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,912 | 2,272 | 2,649 |
Statutory capital and surplus | 18,703 | 19,563 | |
Aggregate minimum required statutory capital and surplus | 3,625 | 3,680 | |
General Insurance | Foreign | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,867 | 1,047 | 1,573 |
Statutory capital and surplus | 11,527 | 13,913 | |
Aggregate minimum required statutory capital and surplus | 6,041 | 7,314 | |
Life Insurance Companies | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 3,303 | 3,096 | 2,593 |
Statutory capital and surplus | 15,219 | 12,715 | |
Aggregate minimum required statutory capital and surplus | 4,248 | 4,251 | |
Life Insurance Companies | Domestic | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 3,354 | 3,091 | 2,588 |
Statutory capital and surplus | 14,752 | 12,229 | |
Aggregate minimum required statutory capital and surplus | 4,025 | 4,057 | |
Life Insurance Companies | Foreign | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (51) | 5 | $ 5 |
Statutory capital and surplus | 467 | 486 | |
Aggregate minimum required statutory capital and surplus | $ 223 | $ 194 |
Statutory Financial Data and _4
Statutory Financial Data and Restrictions - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus considered insurance subsidiaries | $ 29,200 | |
Life Insurance Companies | ||
Statutory Accounting Practices [Line Items] | ||
Increase in statutory surplus due to permitted practice | $ 1,700 | $ 1,000 |
NY | ||
Statutory Accounting Practices [Line Items] | ||
Surplus not available for dividends (as a percent) | 10% | |
Adjusted net investment income not available for dividends (as a percent) | 100% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Schedule of share-based compensation expense recognized in Consolidated Statements of Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense - pre-tax | $ 199 | $ 288 | $ 278 |
Share-based compensation expense - after-tax | 157 | 228 | 220 |
Vested stock-settled awards related to accelerated vesting events | 58 | 67 | 67 |
Amount excluded from expense related to Corebridge employees | 60 | $ 75 | $ 88 |
Excess tax benefit due to share settlements | $ 21 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense - pre-tax, recognized | $ 199 | $ 288 | $ 278 |
RSU expense | 20 | ||
Unrecognized compensation cost related to grants | 54 | ||
Proceeds from stock options exercised | $ 43 | ||
Weighted Average Remaining Contractual Life, options exercisable, end of year (years) | 6 years 2 months 26 days | ||
Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock options, weighted average grant-date fair value | $ 11.43 | $ 10.77 | $ 10 |
Share-based compensation expense - pre-tax, recognized | $ 18 | ||
Share-based compensation expense - pre-tax, not yet recognized | $ 15 | ||
Share-based compensation expense, expected period for amortization | 2 years 3 months | ||
Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted (in shares) | 208,641 | 1,070,458 | 493,140 |
Converted (in shares) | 0 | (91,300) | 0 |
Restricted Stock Units (RSUs) | CoreBridge | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Converted (in shares) | 10,000,000 | ||
Deferred Stock Units (DSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense - pre-tax, recognized | $ 2.6 | $ 2.7 | $ 2.7 |
Granted (in shares) | 47,344 | 46,273 | 55,133 |
OtherRSU | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Share-based compensation expense, expected period for amortization | 4 years | ||
Vesting period (in years) | 1 year 9 months 14 days | ||
Minimum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Minimum | Awarded 2020 To 2022 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of performance period depending on which actual number of awards can be earned | 0% | ||
Maximum | Stock Options | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Contractual term of the option | 10 years | ||
Involuntary termination expiration period (in years) | 3 years | ||
Maximum | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years | ||
Maximum | Awarded 2020 To 2022 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of performance period depending on which actual number of awards can be earned | 200% | ||
AIG 2021 Omnibus Incentive Plan | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock reserved for future grant (in shares) | 8,100,000 | ||
Reduction in number of shares available for grants (in shares) | 1 | ||
Number of shares reserved for future grants (in shares) | 23,836,222 | ||
Long Term Incentive Plans | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Long Term Incentive Plans | Restricted Stock Units (RSUs) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Converted (in shares) | 4,000,000 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of assumptions used to estimate the fair value of PSUs based on AIG's TSR (Details) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 37.98% | 47.60% | 47.63% |
Risk-free interest rate | 4.42% | 1.71% | 0.28% |
Historic volatility term | 2 years 10 months 9 days | ||
Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Continuously compounded rates term | 2 years | ||
Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Continuously compounded rates term | 3 years |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Summary of outstanding share-settled LTI awards (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Long Term Incentive Plan 2023 | ||
Number of Units | ||
Unvested, beginning of year (in shares) | 0 | |
Granted (in shares) | 2,752,390 | |
Vested (in shares) | (876,285) | |
Forfeited (in shares) | (141,136) | |
Unvested, end of year (in shares) | 1,734,969 | 0 |
Weighted Average Grant-Date Fair Value | ||
Unvested, beginning of year (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 59.98 | |
Vested (in dollars per share) | 59.92 | |
Forfeited (in dollars per share) | 59.88 | |
Unvested, end of year (in dollars per share) | $ 60.02 | $ 0 |
Long Term Incentive Plan 2022 | ||
Number of Units | ||
Unvested, beginning of year (in shares) | 2,280,431 | |
Granted (in shares) | 0 | |
Vested (in shares) | (969,438) | |
Forfeited (in shares) | (202,840) | |
Unvested, end of year (in shares) | 1,108,153 | 2,280,431 |
Weighted Average Grant-Date Fair Value | ||
Unvested, beginning of year (in dollars per share) | $ 61.86 | |
Granted (in dollars per share) | 0 | |
Vested (in dollars per share) | 61.75 | |
Forfeited (in dollars per share) | 61.93 | |
Unvested, end of year (in dollars per share) | $ 61.95 | $ 61.86 |
Long Term Incentive Plan 2021 | ||
Number of Units | ||
Unvested, beginning of year (in shares) | 2,696,264 | |
Granted (in shares) | 0 | |
Vested (in shares) | (689,706) | |
Forfeited (in shares) | (278,707) | |
Unvested, end of year (in shares) | 1,727,851 | 2,696,264 |
Weighted Average Grant-Date Fair Value | ||
Unvested, beginning of year (in dollars per share) | $ 45.40 | |
Granted (in dollars per share) | 0 | |
Vested (in dollars per share) | 45.97 | |
Forfeited (in dollars per share) | 45.85 | |
Unvested, end of year (in dollars per share) | $ 45.08 | $ 45.40 |
Long Term Incentive Plans | ||
Weighted Average Grant-Date Fair Value | ||
Share-based compensation expense - pre-tax, not yet recognized | $ 111 | |
Vesting period (in years) | 1 year 3 days | |
Share-based compensation expense, expected period for amortization | 3 years |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Schedule of weighted-average assumptions (Details) - Stock Options | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected dividend yield | 2.14% | 2.08% | 2.89% |
Expected volatility | 25.17% | 32.13% | 36.68% |
Risk-free interest rate | 4.06% | 1.92% | 0.95% |
Expected term | 6 years | 6 years | 6 years 5 months 4 days |
Expected volatility term | 24 months | ||
Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Contractual term of the option | 10 years |
Share-Based Compensation Plan_7
Share-Based Compensation Plans - Schedule of stock option activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Units | ||
Outstanding, beginning of year (in shares) | 12,893,412 | |
Granted (in shares) | 1,352,039 | |
Exercised (in shares) | (1,039,998) | |
Forfeited or expired (in shares) | (909,792) | |
Outstanding, end of year (in shares) | 12,295,661 | 12,893,412 |
Exercisable, end of year (in shares) | 9,810,882 | |
Weighted Average Exercise Price | ||
Outstanding, beginning of year (in dollars per share) | $ 48.94 | |
Granted (in dollars per share) | 59.72 | |
Exercised (in dollars per share) | 41.29 | |
Forfeited or expired (in dollars per share) | 50.13 | |
Outstanding, end of year (in dollars per share) | 50.69 | $ 48.94 |
Exercisable, end of year (in dollars per share) | $ 47.95 | |
Stock Option Activity, Additional Disclosures | ||
Weighted Average Remining Contractual Life | 6 years 9 months 21 days | 6 years 11 months 12 days |
Weighted Average Remaining Contractual Life, options exercisable, end of year (years) | 6 years 2 months 26 days | |
Aggregate Intrinsic Value, options outstanding, end of year | $ 210 | |
Aggregate Intrinsic Value, options exercisable, end of year | $ 194 |
Share-Based Compensation Plan_8
Share-Based Compensation Plans - Summary of outstanding share-settled RSU grants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 1,488,248 | 819,640 | 1,151,380 |
Granted (in shares) | 208,641 | 1,070,458 | 493,140 |
Vested (in shares) | (252,635) | (290,037) | (699,067) |
Forfeited (in shares) | (82,540) | (20,513) | (125,813) |
Unvested, end of year (in shares) | 1,361,714 | 1,488,248 | 819,640 |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 54.77 | $ 43.95 | $ 46.18 |
Granted (in dollars per share) | 62.42 | 60.16 | 49.36 |
Vested (in dollars per share) | 49.42 | 44.59 | 50.03 |
Forfeited (in dollars per share) | 40.70 | 55.89 | 51.80 |
Unvested, end of year (in dollars per share) | $ 57.79 | $ 54.77 | $ 43.95 |
Converted (in shares) | 0 | (91,300) | 0 |
Converted (in dollars per share) | $ 0 | $ 52.90 | $ 0 |
Performance Shares | Long Term Incentive Plan 2022 | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 2,280,431 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (969,438) | ||
Forfeited (in shares) | (202,840) | ||
Unvested, end of year (in shares) | 1,108,153 | 2,280,431 | |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 61.86 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 61.75 | ||
Forfeited (in dollars per share) | 61.93 | ||
Unvested, end of year (in dollars per share) | $ 61.95 | $ 61.86 | |
Performance Shares | Long Term Incentive Plan 2021 | |||
Number of Units | |||
Unvested, beginning of year (in shares) | 2,696,264 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (689,706) | ||
Forfeited (in shares) | (278,707) | ||
Unvested, end of year (in shares) | 1,727,851 | 2,696,264 | |
Weighted Average Grant-Date Fair Value | |||
Unvested, beginning of year (in dollars per share) | $ 45.40 | ||
Granted (in dollars per share) | 0 | ||
Vested (in dollars per share) | 45.97 | ||
Forfeited (in dollars per share) | 45.85 | ||
Unvested, end of year (in dollars per share) | $ 45.08 | $ 45.40 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, maximum annual contributions per employee, percent | 6% | ||
AIG Incentive Saving Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer match to employee contribution (as a percent) | 100% | ||
Employer matching contribution,, percentage of employees' gross pay (as a percent) | 6% | ||
Additional employer matching contribution, actual matching percentage of participant's contribution (as a percent) | 3% | ||
Defined contribution plans, costs | $ 163 | $ 176 | $ 183 |
Corebridge Financial Inc. Retirement Savings 401(K) Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plans, costs | $ 68 | $ 76 | $ 74 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares of common stock included in pension plan assets (in shares) | 0 | 0 | |
Expected return on assets | 6.25% | 4.65% | |
Plan assets. actual allocation percentage | 100% | 100% | |
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Shares of common stock included in pension plan assets (in shares) | 0 | 0 | |
Plan assets. actual allocation percentage | 100% | 100% | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan effect of one hundred basis point increase in expected long term rate | $ 38 | ||
Defined benefit plan effect of one hundred basis point decrease in discount rate | 3 | ||
Defined benefit plan effect of one hundred basis point decrease in expected long term rate of return | 38 | ||
Expected annual pension contributions | 59 | ||
Defined Benefit Plan Effect Of One Hundred Basis Point Increase In Discount Rate | $ 2 | ||
Pension | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan maximum period for calculating unreduced benefits | 44 years | ||
Discount rate | 4.98% | 5.22% | |
Expected return on assets | 6.25% | 4.65% | 5.15% |
Pension | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.85% | 2.51% | |
Expected return on assets | 2.67% | 1.84% | 2.23% |
Pension | Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of projected benefit obligation to total projected benefit obligations | 54% | 54% | |
Defined benefit plan, weighted-average discount rate | 1.48% | 1.12% | |
Expected return on assets | 1.85% | 1.86% | |
Plan assets. actual allocation percentage | 67% | 65% | |
Postretirement benefit plans | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan eligibility age | 55 years | ||
Defined benefit plan requisite service period | 10 years | ||
Discount rate | 4.97% | 5.19% | |
Expected return on assets | 2.78% | ||
Postretirement benefit plans | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.37% | 5.23% | |
Postretirement Health Coverage | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan requisite service period | 5 years |
Employee Benefits - Schedule of
Employee Benefits - Schedule of funded status of the plans reconciled to the amount reported in the balance sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | Pension | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | $ 3,475 | $ 4,795 | |
Service cost | 5 | 5 | $ 5 |
Interest cost | 168 | 109 | 92 |
Actuarial gain (loss) | 75 | (1,082) | |
AIG assets | (16) | (19) | |
Plan assets | (171) | (174) | |
Plan amendment | 0 | 0 | |
Settlements | (234) | (157) | |
Foreign exchange effect | 0 | 0 | |
Other | (1) | (2) | |
Projected benefit obligation, end of year | 3,301 | 3,475 | 4,795 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 3,345 | 4,746 | |
Actual return on plan assets, net of expenses | 288 | (1,070) | |
AIG contributions | 16 | 19 | |
Settlements | (234) | (157) | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 3,228 | 3,345 | 4,746 |
Funded status, end of year | (73) | (130) | |
Amounts recognized in the balance sheet: | |||
Assets | 110 | 55 | |
Liabilities | (183) | (185) | |
Total amounts recognized | (73) | (130) | |
Pre-tax amounts recognized in AOCI: | |||
Net gain (loss) | (1,142) | (1,279) | |
Prior service (cost) credit | 0 | 0 | |
Total amounts recognized | (1,142) | (1,279) | |
U.S. Plans | Pension | Defined Benefit Plan, Unfunded Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 186 | ||
Projected benefit obligation, end of year | 184 | 186 | |
U.S. Plans | Postretirement benefit plans | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 131 | 174 | |
Service cost | 1 | 1 | 1 |
Interest cost | 6 | 4 | 3 |
Actuarial gain (loss) | 3 | (36) | |
AIG assets | (12) | (12) | |
Plan assets | 0 | 0 | |
Plan amendment | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign exchange effect | 0 | 0 | |
Other | 0 | 0 | |
Projected benefit obligation, end of year | 129 | 131 | 174 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets, net of expenses | 0 | 0 | |
AIG contributions | 12 | 12 | |
Settlements | 0 | 0 | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 0 | 0 | 0 |
Funded status, end of year | (129) | (131) | |
Amounts recognized in the balance sheet: | |||
Assets | 0 | 0 | |
Liabilities | (129) | (131) | |
Total amounts recognized | (129) | (131) | |
Pre-tax amounts recognized in AOCI: | |||
Net gain (loss) | 31 | 39 | |
Prior service (cost) credit | 0 | 0 | |
Total amounts recognized | 31 | 39 | |
Foreign Plan | Pension | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 826 | 1,157 | |
Service cost | 16 | 18 | 21 |
Interest cost | 20 | 10 | 9 |
Actuarial gain (loss) | (8) | (183) | |
AIG assets | (10) | (8) | |
Plan assets | (31) | (26) | |
Plan amendment | (1) | 1 | |
Settlements | (17) | (3) | |
Foreign exchange effect | 9 | (139) | |
Other | 0 | (1) | |
Projected benefit obligation, end of year | 804 | 826 | 1,157 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 731 | 996 | |
Actual return on plan assets, net of expenses | 15 | (133) | |
AIG contributions | 47 | 42 | |
Settlements | (23) | (3) | |
Foreign exchange effect | 5 | (137) | |
Fair value of plan assets, end of year | 734 | 731 | 996 |
Funded status, end of year | (70) | (95) | |
Amounts recognized in the balance sheet: | |||
Assets | 97 | 78 | |
Liabilities | (167) | (173) | |
Total amounts recognized | (70) | (95) | |
Pre-tax amounts recognized in AOCI: | |||
Net gain (loss) | (79) | (70) | |
Prior service (cost) credit | (21) | (25) | |
Total amounts recognized | (100) | (95) | |
Foreign Plan | Pension | Defined Benefit Plan, Unfunded Plan | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 143 | ||
Projected benefit obligation, end of year | 140 | 143 | |
Foreign Plan | Postretirement benefit plans | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning of year | 32 | 47 | |
Service cost | 0 | 0 | 1 |
Interest cost | 2 | 1 | 2 |
Actuarial gain (loss) | (2) | (14) | |
AIG assets | (1) | (1) | |
Plan assets | 0 | 0 | |
Plan amendment | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign exchange effect | 0 | (1) | |
Other | 0 | 0 | |
Projected benefit obligation, end of year | 31 | 32 | 47 |
Change in plan assets: | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets, net of expenses | 0 | 0 | |
AIG contributions | 1 | 1 | |
Settlements | 0 | 0 | |
Foreign exchange effect | 0 | 0 | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status, end of year | (31) | (32) | |
Amounts recognized in the balance sheet: | |||
Assets | 0 | 0 | |
Liabilities | (31) | (32) | |
Total amounts recognized | (31) | (32) | |
Pre-tax amounts recognized in AOCI: | |||
Net gain (loss) | 23 | 24 | |
Prior service (cost) credit | 1 | 1 | |
Total amounts recognized | $ 24 | $ 25 |
Employee Benefits - Schedule _2
Employee Benefits - Schedule of accumulated benefit obligations (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, accumulated benefit obligation | $ 3,301 | $ 3,475 |
Foreign Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined benefit plan, accumulated benefit obligation | $ 792 | $ 815 |
Employee Benefits - Schedule _3
Employee Benefits - Schedule of projected benefit obligation in excess of the plan assets and the accumulated benefit obligation in excess of the plan assets (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 184 | $ 185 |
Accumulated benefit obligation | 184 | 186 |
Fair value of plan assets | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Foreign Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | 287 | 280 |
Accumulated benefit obligation | 245 | 238 |
Fair value of plan assets | 88 | 76 |
Fair value of plan assets | $ 88 | $ 76 |
Employee Benefits - Schedule _4
Employee Benefits - Schedule of components of net periodic cost (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 |
Interest cost | 168,000,000 | 109,000,000 | 92,000,000 |
Expected return on assets | (193,000,000) | (213,000,000) | (243,000,000) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net (gain) loss | 33,000,000 | 24,000,000 | 33,000,000 |
Net periodic benefit cost (credit) | 13,000,000 | (75,000,000) | (113,000,000) |
Settlement loss | 84,000,000 | 60,000,000 | 34,000,000 |
Net benefit cost (credit) | 97,000,000 | (15,000,000) | (79,000,000) |
Total recognized in AOCI | 136,000,000 | (117,000,000) | 332,000,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 40,000,000 | (102,000,000) | 411,000,000 |
U.S. Plans | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1,000,000 | 1,000,000 | 1,000,000 |
Interest cost | 6,000,000 | 4,000,000 | 3,000,000 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net (gain) loss | (5,000,000) | 0 | 0 |
Net periodic benefit cost (credit) | 2,000,000 | 5,000,000 | 4,000,000 |
Settlement loss | 0 | 0 | 0 |
Net benefit cost (credit) | 2,000,000 | 5,000,000 | 4,000,000 |
Total recognized in AOCI | (8,000,000) | 36,000,000 | 10,000,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (10,000,000) | 31,000,000 | 6,000,000 |
Foreign Plan | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 16,000,000 | 18,000,000 | 21,000,000 |
Interest cost | 20,000,000 | 10,000,000 | 9,000,000 |
Expected return on assets | (21,000,000) | (17,000,000) | (21,000,000) |
Amortization of prior service cost | 3,000,000 | 3,000,000 | 3,000,000 |
Amortization of net (gain) loss | 2,000,000 | 4,000,000 | 7,000,000 |
Net periodic benefit cost (credit) | 20,000,000 | 18,000,000 | 19,000,000 |
Settlement loss | 0 | 0 | 1,000,000 |
Net benefit cost (credit) | 20,000,000 | 18,000,000 | 20,000,000 |
Total recognized in AOCI | 5,000,000 | 57,000,000 | 65,000,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | (14,000,000) | 39,000,000 | 45,000,000 |
Foreign Plan | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | 1,000,000 |
Interest cost | 2,000,000 | 1,000,000 | 2,000,000 |
Expected return on assets | 0 | 0 | 0 |
Amortization of prior service cost | (1,000,000) | 0 | 0 |
Amortization of net (gain) loss | (3,000,000) | (1,000,000) | 1,000,000 |
Net periodic benefit cost (credit) | (2,000,000) | 0 | 4,000,000 |
Settlement loss | 0 | 0 | 0 |
Net benefit cost (credit) | (2,000,000) | 0 | 4,000,000 |
Total recognized in AOCI | (2,000,000) | 13,000,000 | 27,000,000 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 0 | $ 13,000,000 | $ 23,000,000 |
Employee Benefits - Schedule _5
Employee Benefits - Schedule of weighted average assumptions used to determine the benefit obligations (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.98% | 5.22% |
Interest crediting rate | 4.94% | 4.02% |
Pension | Foreign Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 2.85% | 2.51% |
Interest crediting rate | 1.40% | 1.07% |
Rate of compensation increase | 2.42% | 2.38% |
Postretirement benefit plans | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.97% | 5.19% |
Postretirement benefit plans | Foreign Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 5.37% | 5.23% |
Employee Benefits - Schedule _6
Employee Benefits - Schedule of assumed health care cost trend rates (Details) - U.S. Plans - Pension | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Ultimate rate to which cost increase is assumed to decline | 4% | 4% |
Before age 65 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Following year | 5.78% | 6.01% |
Year in which the ultimate trend rate is reached | 2046 | 2046 |
Age 65 And Older | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Following year | 4.93% | 4.95% |
Year in which the ultimate trend rate is reached | 2046 | 2046 |
Employee Benefits - Schedule _7
Employee Benefits - Schedule of weighted average assumptions used to determine the net periodic benefit costs (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on assets | 6.25% | 4.65% | |
U.S. Plans | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.22% | 2.75% | 2.28% |
Interest crediting rate | 4.02% | 2.06% | 1.57% |
Expected return on assets | 6.25% | 4.65% | 5.15% |
U.S. Plans | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.19% | 2.87% | 2.45% |
Interest crediting rate | 2.20% | ||
Expected return on assets | 2.78% | ||
Foreign Plan | Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 2.51% | 1.09% | 1% |
Interest crediting rate | 1.07% | 0.70% | 0.72% |
Rate of compensation increase | 2.38% | 2.40% | 2.28% |
Expected return on assets | 2.67% | 1.84% | 2.23% |
Foreign Plan | Postretirement benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 5.23% | 2.89% | 2.33% |
Employee Benefits - Schedule _8
Employee Benefits - Schedule of asset allocation percentage by major asset class and target allocation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 100% | |
Plan assets. actual allocation percentage | 100% | 100% |
Foreign Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 100% | |
Plan assets. actual allocation percentage | 100% | 100% |
Equity securities | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 9% | |
Plan assets. actual allocation percentage | 8% | 6% |
Equity securities | Foreign Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 21% | |
Plan assets. actual allocation percentage | 19% | 24% |
Fixed maturity securities | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 80% | |
Plan assets. actual allocation percentage | 77% | 77% |
Fixed maturity securities | Foreign Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 58% | |
Plan assets. actual allocation percentage | 45% | 44% |
Other investments | U.S. Plans | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 11% | |
Plan assets. actual allocation percentage | 15% | 17% |
Other investments | Foreign Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 17% | |
Plan assets. actual allocation percentage | 21% | 23% |
Cash and cash equivalents | Foreign Plan | ||
Defined Benefit Plan, Plan Assets, Category [Line Items] | ||
Plan assets, target allocation percentage | 4% | |
Plan assets. actual allocation percentage | 15% | 9% |
Employee Benefits - Schedule _9
Employee Benefits - Schedule of plan assets based on the level within the fair value hierarchy in which the fair value measurement falls (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 3,228 | $ 3,345 | $ 4,746 |
Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 734 | 731 | 996 |
Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 232 | 244 | |
Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 212 | 194 | |
Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,468 | 2,501 | |
Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 384 | 403 | |
Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 11 | 20 | 25 |
Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 138 | 134 | 171 |
Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,711 | 2,765 | |
Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 734 | 731 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 54 | 119 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 108 | 64 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Cash and cash equivalents | Cash and Cash Equivalents | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 54 | 119 | |
Cash and cash equivalents | Cash and Cash Equivalents | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 108 | 64 | |
U.S. | U.S. | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 140 | 90 | |
U.S. | U.S. | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. | U.S. | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 140 | 90 | |
U.S. | U.S. | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 4 | 5 | |
International | U.S. | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 104 | 130 | |
International | U.S. | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 35 | 44 | |
International | U.S. | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International | U.S. | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 4 | 5 | |
International | U.S. | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 139 | 174 | |
U.S. investment grade | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 24 | 45 | |
U.S. investment grade | Fixed maturity securities | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,230 | 2,213 | |
U.S. investment grade | Fixed maturity securities | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | 10 | 16 |
U.S. investment grade | Fixed maturity securities | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. investment grade | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,264 | 2,268 | |
U.S. investment grade | Fixed maturity securities | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 125 | 177 | |
International investment grade | Fixed maturity securities | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 138 | 140 | |
International investment grade | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
International investment grade | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 125 | 177 | |
International investment grade | Fixed maturity securities | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 138 | 140 | |
U.S. and international high yield | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 33 | 58 | |
U.S. and international high yield | Fixed maturity securities | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 192 | 184 | |
U.S. and international high yield | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
U.S. and international high yield | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 33 | 58 | |
U.S. and international high yield | Fixed maturity securities | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 192 | 184 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 59 | 43 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 1 | 5 | 1 |
Mortgage and other asset-backed securities | Fixed maturity securities | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 60 | 48 | |
Mortgage and other asset-backed securities | Fixed maturity securities | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Other fixed maturity securities | Other fixed maturity securities | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 12 | ||
Other fixed maturity securities | Other fixed maturity securities | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 12 | ||
Futures | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | (15) | |
Futures | Other investments | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Futures | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 10 | (15) | |
Futures | Other investments | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Direct private equity | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 5 | $ 8 |
Direct private equity | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Direct private equity | Other investments | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Direct private equity | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Direct private equity | Other investments | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Direct private equity | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | ||
Direct private equity | Other investments | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Direct private equity | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | ||
Direct private equity | Other investments | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | ||
Insurance contracts | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 9 | 10 | |
Insurance contracts | Other investments | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Insurance contracts | Other investments | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 138 | 134 | |
Insurance contracts | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 9 | 10 | |
Insurance contracts | Other investments | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 138 | 134 | |
Mutual funds | Other investments | Level 1 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 1 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 2 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 2 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 19 | 35 | |
Mutual funds | Other investments | Level 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Level 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Levels 1, 2 and 3 | U.S. Plans | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 0 | 0 | |
Mutual funds | Other investments | Levels 1, 2 and 3 | Foreign Plan | Pension | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | 19 | 35 | |
Other Investment Types | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 517 | $ 580 |
Employee Benefits - Schedule_10
Employee Benefits - Schedule of changes in Level 3 plan assets measured at fair value (Details) - Pension - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 3,345 | $ 4,746 |
Fair value of plan assets, end of year | 3,228 | 3,345 |
Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 731 | 996 |
Fair value of plan assets, end of year | 734 | 731 |
Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 20 | 25 |
Net Realized and Unrealized Gains (Losses) | (4) | (6) |
Purchases | 0 | 7 |
Sales | (5) | (2) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 2 |
Transfers Out | 0 | (6) |
Fair value of plan assets, end of year | 11 | 20 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (3) | (7) |
Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Level 3 | Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 134 | 171 |
Net Realized and Unrealized Gains (Losses) | 6 | (43) |
Purchases | 1 | 4 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (3) | 0 |
Transfers In | 0 | 2 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 138 | 134 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Level 3 | Foreign Plan | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Direct private equity | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 5 | 8 |
Net Realized and Unrealized Gains (Losses) | (5) | (1) |
Purchases | 0 | 0 |
Sales | 0 | (2) |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 0 | 5 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | (5) | (2) |
Direct private equity | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | U.S. investment grade | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 10 | 16 |
Net Realized and Unrealized Gains (Losses) | 1 | (4) |
Purchases | 0 | 4 |
Sales | (1) | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 0 |
Transfers Out | 0 | (6) |
Fair value of plan assets, end of year | 10 | 10 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 1 | (4) |
Fixed maturity securities | U.S. investment grade | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | U.S. investment grade | Level 3 | Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 0 | |
Fair value of plan assets, end of year | 0 | 0 |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 5 | 1 |
Net Realized and Unrealized Gains (Losses) | 0 | (1) |
Purchases | 0 | 3 |
Sales | (4) | 0 |
Issuances | 0 | 0 |
Settlements | 0 | 0 |
Transfers In | 0 | 2 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 1 | 5 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 1 | (1) |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | U.S. Plans | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized | Level 3 | Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 0 | |
Fair value of plan assets, end of year | 0 | 0 |
Insurance contracts | Level 3 | Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 134 | 171 |
Net Realized and Unrealized Gains (Losses) | 6 | (43) |
Purchases | 1 | 4 |
Sales | 0 | 0 |
Issuances | 0 | 0 |
Settlements | (3) | 0 |
Transfers In | 0 | 2 |
Transfers Out | 0 | 0 |
Fair value of plan assets, end of year | 138 | 134 |
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | 0 | 0 |
Insurance contracts | Level 3 | Foreign Plan | Other Comprehensive Income (Loss) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Changes in Unrealized Gains (Losses) on Instruments Held at End of Year | $ 0 | $ 0 |
Employee Benefits - Schedule_11
Employee Benefits - Schedule of expected future benefit payments, net of participants' contributions (Details) $ in Millions | Dec. 31, 2023 USD ($) |
U.S. Plans | Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 270 |
2025 | 264 |
2026 | 267 |
2027 | 265 |
2028 | 265 |
2029-2033 | 1,216 |
U.S. Plans | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 11 |
2025 | 11 |
2026 | 10 |
2027 | 10 |
2028 | 9 |
2029-2033 | 43 |
Foreign Plan | Pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 43 |
2025 | 45 |
2026 | 47 |
2027 | 49 |
2028 | 53 |
2029-2033 | 255 |
Foreign Plan | Postretirement benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 1 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
2028 | 2 |
2029-2033 | $ 10 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 19, 2022 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent | (0.50%) | 21.20% | 18.30% | |||
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% | |||
Valuation allowance related to certain tax attribute carryforward | $ 300 | $ 300 | ||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | (405) | |||||
Gross unrecognized tax benefits, beginning of year | 1,387 | 1,387 | $ 1,191 | $ 1,157 | $ 2,343 | |
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate | 1,400 | 1,400 | 1,200 | 1,100 | ||
Unrecognized tax benefits, interest and penalties accrued | 52 | 52 | 63 | 69 | ||
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties | (11) | (2) | $ (207) | |||
Valuation allowance | 3,116 | 3,116 | $ 4,250 | |||
Foreign And State Jurisdictions | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | (413) | (44) | ||||
Corebridge Financial Inc | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 11 | |||||
Valuation allowance | 162 | 162 | ||||
U.S.. Life Insurance Companies | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 511 | 397 | ||||
Non U.S.. Life Insurance Companies | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 355 | |||||
U.S.. Life Insurance Companies, Available-for-Sale Portfolio | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Valuation allowance | 1,000 | 1,000 | ||||
Non U.S.. Life Insurance Companies, Available-for-Sale Portfolio | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 355 | |||||
Valuation allowance | $ 550 | $ 550 | ||||
Corebridge Financial Inc | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Ownership (as a percent) | 52.20% | 52.20% | ||||
Corebridge Financial Inc | Maximum | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Ownership (as a percent) | 80% |
Income Taxes - Basis of Present
Income Taxes - Basis of Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Sep. 19, 2022 | |
Valuation Allowance [Line Items] | ||
Deferred tax asset, increase (decrease) in valuation allowance recognized | $ (405) | |
Corebridge Financial Inc | ||
Valuation Allowance [Line Items] | ||
Ownership (as a percent) | 52.20% | |
Corebridge Financial Inc | Maximum | ||
Valuation Allowance [Line Items] | ||
Ownership (as a percent) | 80% |
Income Taxes - Schedule of inco
Income Taxes - Schedule of income (loss) from continuing operations before income tax expense (benefit) by U.S. and foreign location (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 1,885 | $ 12,431 | $ 11,041 |
Foreign | 1,973 | 1,868 | 2,306 |
Income from continuing operations before income tax expense (benefit) | $ 3,858 | $ 14,299 | $ 13,347 |
Income Taxes - Schedule of in_2
Income Taxes - Schedule of income tax expense (benefit) attributable to pre-tax income (loss) from continuing operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current federal tax expense (benefit) | $ 68 | $ 246 | $ (216) |
Deferred federal income tax expense (benefit) | (564) | 2,363 | 2,443 |
Current foreign tax expense (benefit) | 423 | 271 | 171 |
Deferred foreign income tax expense (benefit) | 53 | 145 | 43 |
Income tax expense (benefit) | $ (20) | $ 3,025 | $ 2,441 |
Income Taxes - Schedule of reco
Income Taxes - Schedule of reconciliation between actual income tax (benefit) expense and statutory U.S. federal amount computed by applying the federal income tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Consolidated total amount, pre-tax income (loss) | $ 3,858 | $ 14,298 | $ 13,347 |
U.S. federal income tax at statutory rate | $ 810 | $ 3,003 | $ 2,802 |
U.S. federal income tax at statutory rate (as a percent) | 21% | 21% | 21% |
Tax exempt interest | $ (14) | $ (18) | $ (18) |
Tax exempt interest (as a percent) | (0.40%) | (0.10%) | (0.10%) |
Uncertain tax positions | $ 162 | $ (17) | $ (9) |
Uncertain tax positions (as a percent) | 4.20% | (0.10%) | (0.10%) |
Reclassifications from AOCI | $ (45) | $ (81) | $ (109) |
Reclassifications from AOCI (as a percent) | (1.20%) | (0.60%) | (0.80%) |
Dispositions of subsidiaries(b) | $ (382) | $ 0 | $ 11 |
Dispositions of subsidiaries (as a percent) | (9.90%) | 0% | 0.10% |
Non-controlling interest | $ 14 | $ (31) | $ (97) |
Non-controlling interest income ( as a percent) | 0.40% | (0.20%) | (0.70%) |
Non-deductible transfer pricing charges | $ 16 | $ 12 | $ 16 |
Non-deductible transfer pricing charges (as a percent) | 0.40% | 0.10% | 0.10% |
Dividends received deduction | $ (60) | $ (36) | $ (37) |
Dividends received deduction (as a percent) | (1.60%) | (0.30%) | (0.30%) |
Effect of foreign operations(c) | $ 176 | $ 150 | $ 136 |
Effect of foreign operations (as a percent) | 4.60% | 1% | 1% |
Share-based compensation payments excess tax effect | $ (31) | $ (19) | $ 16 |
Share-based compensation payments excess tax effect (as a percent) | (0.80%) | (0.10%) | 0.10% |
State and local income taxes | $ 10 | $ 47 | $ 38 |
State income taxes (as a percent) | 0.30% | 0.30% | 0.30% |
Expiration of tax attribute carryforwards | $ 0 | $ 0 | $ 16 |
Expiration of tax attribute carryforwards (as a percent) | 0% | 0% | 0.10% |
Tax audit resolution(a) | $ (494) | $ 0 | $ (935) |
Tax audit resolution (as a percent) | (12.80%) | 0% | (7.00%) |
Affiliated dividend income, net of dividends received deduction | $ 59 | $ 0 | $ 0 |
Affiliated dividend income, net of dividends received deduction (as a percent) | 1.50% | 0% | 0% |
Other | $ 116 | $ 40 | $ (107) |
Other (as a percent) | 3.10% | 0.40% | (0.80%) |
Continuing operations | $ (357) | $ (25) | $ 718 |
Continuing operations (as a percent) | (9.30%) | (0.20%) | 5.40% |
Income (Loss) from Continuing and Discontinued Operations before Income Taxes Extraordinary Items Noncontrolling Interest | $ 3,858 | $ 14,298 | $ 13,347 |
Consolidated total amount, tax expense (benefit) | $ (20) | $ 3,025 | $ 2,441 |
Consolidated total amount (as a percent) | (0.50%) | 21.20% | 18.30% |
Amounts attributable to discontinued operations, pre-tax income (loss) | $ 0 | $ (1) | $ 0 |
Amounts attributable to discontinued operations, tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Amounts attributable to discontinued operations (as a percent) | 0% | 0% | 0% |
Income from continuing operations before income tax expense (benefit) | $ 3,858 | $ 14,299 | $ 13,347 |
Income tax expense (benefit) | $ (20) | $ 3,025 | $ 2,441 |
Effective tax rates on income from continuing operations (as a percent) | (0.50%) | 21.20% | 18.30% |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of the net deferred tax asset (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Losses and tax credit carryforwards | $ 6,107 | $ 6,868 |
Basis differences on investments | 3,441 | 2,652 |
Life policy reserves | 1,589 | 1,622 |
Accruals not currently deductible, and other | 89 | 392 |
Investments in foreign subsidiaries | 66 | |
Loss reserve discount | 424 | 352 |
Loan loss and other reserves | 51 | 62 |
Unearned premium reserve reduction | 87 | 294 |
Fixed assets and intangible assets | 1,487 | 1,081 |
Unrealized losses related to available for sale debt securities | 4,728 | 6,519 |
Employee benefits | 344 | 382 |
Market risk benefit | 1,010 | 827 |
Other | 356 | 458 |
Total deferred tax assets | 19,779 | 21,509 |
Deferred tax liabilities: | ||
Investments in foreign subsidiaries | 0 | (41) |
Deferred policy acquisition costs | (1,853) | (1,847) |
Fortitude Re funds withheld embedded derivative | (711) | (862) |
Deferred tax liabilities | (2,564) | (2,750) |
Net deferred tax assets before valuation allowance | 17,215 | 18,759 |
Valuation allowance | (3,116) | (4,250) |
Net deferred tax assets (liabilities) | $ 14,099 | $ 14,509 |
Income Taxes - Schedule of cons
Income Taxes - Schedule of consolidated income tax group credits carryforwards (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards, gross | $ 21,968 |
Net operating loss carryforwards | 4,613 |
Other carryforwards | 67 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 4,680 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2025 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 0 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 0 |
2028 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 2,660 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 2,660 |
2029 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 178 |
Other carryforwards | 0 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | 178 |
Unlimited Carryforwards And Tax Years 2029 And After | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforwards | 1,775 |
Other carryforwards | 67 |
Total AIG U.S. consolidated federal income tax group tax losses and credits carryforwards on a U.S. GAAP basis(a) | $ 1,842 |
Income Taxes - Assessment of De
Income Taxes - Assessment of Deferred Tax Asset Valuation Allowance (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation Allowance [Line Items] | |||
Valuation allowance related to certain tax attribute carryforward | $ 300 | $ 300 | |
Deferred tax asset, increase (decrease) in valuation allowance recognized | (405) | ||
Valuation allowance | 3,116 | 3,116 | $ 4,250 |
Write-Off Of Net Operating Loss Carryforwards | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | (8) | ||
Corebridge Financial Inc | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 11 | ||
Valuation allowance | 162 | 162 | |
U.S.. Life Insurance Companies | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 511 | 397 | |
Non U.S.. Life Insurance Companies | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 355 | ||
Non U.S.. Life Insurance Companies, Available-for-Sale Portfolio | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | 355 | ||
Valuation allowance | 550 | 550 | |
U.S. And Non-U.S. Life Insurance Companies, Available-for-Sale Portfolio | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 1,600 | 1,600 | |
Foreign And State Jurisdictions | |||
Valuation Allowance [Line Items] | |||
Deferred tax asset, increase (decrease) in valuation allowance recognized | $ (413) | $ (44) |
Income Taxes -Schedule of net d
Income Taxes -Schedule of net deferred tax assets (liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation Allowance [Line Items] | ||
Valuation allowance | $ (3,116) | $ (4,250) |
Net deferred tax assets (liabilities) | 14,099 | 14,509 |
Net deferred tax assets before valuation allowance | 17,215 | 18,759 |
Subtotal - Net U.S., foreign, state and local deferred tax assets | 14,445 | 14,804 |
Net foreign, state and local deferred tax liabilities | (2,564) | (2,750) |
Total AIG net deferred tax assets (liabilities) | 14,099 | 14,509 |
Foreign State And Local | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | (1,110) | (1,122) |
Net deferred tax assets (liabilities) | 848 | 1,220 |
Net deferred tax assets before valuation allowance | 1,958 | 2,342 |
Net foreign, state and local deferred tax liabilities | (346) | (295) |
Total AIG net deferred tax assets (liabilities) | 848 | 1,220 |
Domestic Tax Authority | ||
Valuation Allowance [Line Items] | ||
Net U.S. deferred tax assets | 11,317 | 10,831 |
Net deferred tax assets (liabilities) in AOCI | 4,286 | 5,881 |
Valuation allowance | (2,006) | (3,128) |
Net deferred tax assets (liabilities) | 13,597 | 13,584 |
Total AIG net deferred tax assets (liabilities) | $ 13,597 | $ 13,584 |
Income Taxes - Schedule of re_2
Income Taxes - Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Gross unrecognized tax benefits, beginning of year | $ 1,191 | $ 1,157 | $ 2,343 |
Increases in tax positions for prior years | 200 | 29 | 22 |
Decreases in tax positions for prior years | (4) | (33) | (1,233) |
Increases in tax positions for current year | 0 | 59 | 37 |
Lapse in statute of limitations | 0 | (21) | 0 |
Settlements | 0 | 0 | (12) |
Gross unrecognized tax benefits, end of year | $ 1,387 | $ 1,191 | $ 1,157 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Asset of U.S. Consolidated Federal Income Tax Group (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate | $ 1,400 | $ 1,200 | $ 1,100 |
Unrecognized tax benefits, interest and penalties accrued | 52 | 63 | 69 |
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties | $ (11) | $ (2) | $ (207) |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax years that remain subject to examination by major tax jurisdictions (Details) | 12 Months Ended |
Dec. 31, 2023 | |
United States | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2007 |
United States | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Australia | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2019 |
Australia | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Canada | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2019 |
Canada | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
France | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
France | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Japan | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2017 |
Japan | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Korea | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2015 |
Korea | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Singapore | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2019 |
Singapore | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
United Kingdom | Minimum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
United Kingdom | Maximum | |
Valuation Allowance [Line Items] | |
Open tax year | 2022 |
Schedule I (Details)
Schedule I (Details) $ in Millions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 345,335 |
Fair value | 320,166 |
Amount at which shown in the Balance sheet | 323,183 |
U.S. government and government sponsored entities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 5,885 |
Fair value | 5,616 |
Amount at which shown in the Balance sheet | 5,616 |
Obligations of states, municipalities and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 11,479 |
Fair value | 10,754 |
Amount at which shown in the Balance sheet | 10,754 |
Non-U.S. governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 13,705 |
Fair value | 12,490 |
Amount at which shown in the Balance sheet | 12,490 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 23,336 |
Fair value | 20,088 |
Amount at which shown in the Balance sheet | 20,088 |
All other corporate debt securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 134,244 |
Fair value | 121,252 |
Amount at which shown in the Balance sheet | 121,252 |
Mortgage-backed, asset-backed and collateralized | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 69,624 |
Fair value | 66,774 |
Amount at which shown in the Balance sheet | 66,774 |
Fixed maturity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 258,273 |
Fair value | 236,974 |
Amount at which shown in the Balance sheet | 236,974 |
Public utilities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1 |
Fair value | 1 |
Amount at which shown in the Balance sheet | 1 |
Banks, trust and insurance companies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 441 |
Fair value | 441 |
Amount at which shown in the Balance sheet | 441 |
Industrial, miscellaneous and all other | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 77 |
Fair value | 77 |
Amount at which shown in the Balance sheet | 77 |
Common Stock, Par Value $2.50 Per Share | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 519 |
Fair value | 519 |
Amount at which shown in the Balance sheet | 519 |
Preferred stock | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 57 |
Fair value | 57 |
Amount at which shown in the Balance sheet | 57 |
Mutual funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 152 |
Fair value | 152 |
Amount at which shown in the Balance sheet | 152 |
Equity Securities And Mutual Funds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 728 |
Fair value | 728 |
Amount at which shown in the Balance sheet | 728 |
Mortgage and other loans receivable, net of allowance | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 51,553 |
Fair value | 48,536 |
Amount at which shown in the Balance sheet | 51,553 |
Other invested assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 17,070 |
Fair value | 16,217 |
Amount at which shown in the Balance sheet | 16,217 |
Short-term investments, at cost (approximates fair value) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 17,200 |
Fair value | 17,200 |
Amount at which shown in the Balance sheet | 17,200 |
Derivative assets | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 511 |
Fair value | 511 |
Amount at which shown in the Balance sheet | $ 511 |
Schedule II - Balance Sheets (D
Schedule II - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||
Assets: | ||||||||
Short-term investments | [1] | $ 17,200 | $ 12,376 | |||||
Other invested assets | [1] | 16,217 | 15,953 | |||||
Total investments | 322,672 | 309,150 | ||||||
Cash | 2,155 | [1] | 2,043 | [1] | $ 2,198 | |||
Deferred income taxes | 14,445 | 14,804 | $ 12,963 | |||||
Other assets | 13,089 | [1] | 12,384 | [1] | 13,520 | |||
Total assets | 539,306 | 522,228 | 598,841 | |||||
Liabilities: | ||||||||
Total liabilities | 488,005 | 478,774 | 532,906 | |||||
AIG Shareholders’ equity: | ||||||||
Preferred stock | 485 | 485 | ||||||
Common stock | 4,766 | 4,766 | ||||||
Additional paid-in capital | 75,810 | 79,915 | ||||||
Retained earnings | 37,516 | 34,893 | 16,437 | |||||
Accumulated other comprehensive loss | (14,037) | (22,616) | 11,314 | |||||
Total AIG shareholders’ equity | 45,351 | 40,970 | 65,098 | |||||
Total liabilities and equity | 539,306 | 522,228 | $ 598,841 | |||||
Parent Company | ||||||||
Assets: | ||||||||
Short-term investments | 7,782 | 3,389 | ||||||
Other invested assets | 758 | 1,930 | ||||||
Total investments | 8,540 | 5,319 | ||||||
Cash | 10 | 5 | $ 3 | |||||
Loans to subsidiaries | 0 | 84 | ||||||
Intercompany tax receivable | 751 | 329 | ||||||
Deferred income taxes | 4,566 | 4,992 | ||||||
Investment in consolidated subsidiaries | 42,655 | 44,823 | ||||||
Other assets | 909 | 250 | ||||||
Total assets | 58,802 | 57,026 | ||||||
Liabilities: | ||||||||
Intercompany tax payable | 767 | 1,633 | ||||||
Other liabilities | 1,430 | 1,375 | ||||||
Total liabilities | 13,451 | 16,056 | ||||||
AIG Shareholders’ equity: | ||||||||
Preferred stock | 485 | 485 | ||||||
Common stock | 4,766 | 4,766 | ||||||
Treasury stock | (59,189) | (56,473) | ||||||
Additional paid-in capital | 75,810 | 79,915 | ||||||
Retained earnings | 37,516 | 34,893 | ||||||
Accumulated other comprehensive loss | (14,037) | (22,616) | ||||||
Total AIG shareholders’ equity | 45,351 | 40,970 | ||||||
Total liabilities and equity | 58,802 | 57,026 | ||||||
Deconsolidation, Gain (Loss), Amount | $ (114) | |||||||
Parent Company | Related Party | ||||||||
Assets: | ||||||||
Receivables, Net, Current | 1,371 | 1,224 | ||||||
Accounts Payable, Current | 703 | 1,195 | ||||||
Liabilities: | ||||||||
Notes Payable | 443 | 521 | ||||||
Parent Company | AIGFP Operating | ||||||||
Liabilities: | ||||||||
Debt | 18 | 18 | ||||||
Parent Company | Notes and bonds payable | ||||||||
Liabilities: | ||||||||
Debt | 9,098 | 10,323 | ||||||
Parent Company | Junior subordinated debt | ||||||||
Liabilities: | ||||||||
Debt | $ 992 | $ 991 | ||||||
[1] See Note 10 for details of balances associated with variable interest entities. |
Schedule II - Income Statement
Schedule II - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 14, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | ||||
Net realized gains (losses) | $ (4,608) | $ 7,064 | $ 2,271 | |
Other income | 767 | 850 | 984 | |
Expenses: | ||||
Interest expense | 1,136 | 1,125 | 1,305 | |
Gain (loss) on extinguishment of debt | (37) | 303 | 389 | |
Net (gain) loss on divestitures and other | (643) | 82 | (3,044) | |
Income from continuing operations before income tax expense (benefit) | 3,858 | 14,299 | 13,347 | |
Income tax expense (benefit) | (20) | 3,025 | 2,441 | |
Net income | 3,878 | 11,273 | 10,906 | |
Net income attributable to AIG | 3,643 | 10,227 | 10,367 | |
AIG Financial Products | ||||
Expenses: | ||||
Total | $ 37,600 | 37,600 | 37,600 | |
Parent Company | ||||
Revenues: | ||||
Equity in undistributed net income (loss) of consolidated subsidiaries | (4,508) | 7,875 | (2,391) | |
Dividend income from consolidated subsidiaries | 8,385 | 2,974 | 14,699 | |
Interest income | 226 | 936 | 169 | |
Net realized gains (losses) | (74) | (433) | (1) | |
Other income | 5 | 22 | (3) | |
Expenses: | ||||
Interest expense | 525 | 631 | 948 | |
Gain (loss) on extinguishment of debt | (58) | 301 | 304 | |
Net (gain) loss on divestitures and other | 5 | 111 | (10) | |
Other expenses | 778 | 960 | 1,214 | |
Income from continuing operations before income tax expense (benefit) | 2,784 | 9,371 | 10,017 | |
Income tax expense (benefit) | (859) | (838) | (350) | |
Net income | 3,643 | 10,209 | 10,367 | |
Loss from discontinued operations | 0 | 18 | 0 | |
Net income attributable to AIG | 3,643 | 10,227 | 10,367 | |
Deconsolidation, Gain (Loss), Amount | $ (114) | |||
Parent Company | Related Party | ||||
Expenses: | ||||
Interest Income, Other | $ 1 | $ 813 | $ 131 |
Schedule II - Comprehensive Inc
Schedule II - Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income attributable to AIG | $ 3,643 | $ 10,227 | $ 10,367 |
Other comprehensive loss | 5,940 | (32,303) | (5,424) |
Comprehensive income (loss) attributable to AIG | 8,284 | (19,576) | 5,042 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income attributable to AIG | 3,643 | 10,227 | 10,367 |
Other comprehensive loss | 4,641 | (29,803) | (5,325) |
Comprehensive income (loss) attributable to AIG | $ 8,284 | $ (19,576) | $ 5,042 |
Schedule II - Cash Flow Stateme
Schedule II - Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities | $ 6,243 | $ 4,134 | $ 6,223 | |||
Cash flows from investing activities: | ||||||
Sales and maturities of investments | 2,328 | 2,891 | 6,258 | |||
Sales of divested businesses | 3,315 | 0 | 4,683 | |||
Other, net | (1,320) | (443) | (995) | |||
Net cash used in investing activities | (7,021) | (3,626) | (3,280) | |||
Cash flows from financing activities: | ||||||
Issuance of long-term debt | 1,982 | 7,477 | 107 | |||
Repayments of debt | (2,304) | (9,455) | (4,147) | |||
Cash dividends paid on preferred stock | (29) | (29) | (29) | |||
Cash dividends paid on common stock | (997) | (982) | (1,083) | |||
Purchase of common stock | (2,961) | (5,200) | (2,592) | |||
Other, net | 1,664 | 545 | 1,222 | |||
Net cash provided by (used in) financing activities | 782 | (602) | (3,679) | |||
Cash and restricted cash at beginning of year | 2,216 | 2,427 | ||||
Cash and restricted cash at end of year | 2,204 | 2,216 | 2,427 | |||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | ||||||
Cash | 2,155 | [1] | 2,043 | [1] | 2,198 | |
Restricted cash included in Other assets* | 45 | [2] | 33 | [2] | 32 | |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 2,204 | 2,216 | 2,427 | $ 3,230 | ||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 2,204 | 2,216 | 2,427 | |||
Interest | 1,059 | 1,127 | 1,348 | |||
Taxes | 984 | 746 | 862 | |||
Short-term investments, at cost (approximates fair value) | ||||||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | ||||||
Restricted cash | 4 | 140 | ||||
Other assets | ||||||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | ||||||
Restricted cash | 45 | 33 | ||||
Parent Company | ||||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||||
Net cash provided by (used in) operating activities | 5,382 | 191 | 3,837 | |||
Cash flows from investing activities: | ||||||
Sales and maturities of investments | 3,367 | 5,205 | 4,228 | |||
Purchase of investments | (2,070) | (90) | (5,761) | |||
Net change in short-term investments | (4,393) | 945 | 2,647 | |||
Contributions from (to) subsidiaries - net | (47) | (330) | 403 | |||
Loans to subsidiaries - net | 84 | 8,427 | (104) | |||
Other, net | (48) | 45 | (41) | |||
Net cash used in investing activities | (3,107) | 14,202 | 1,372 | |||
Cash flows from financing activities: | ||||||
Issuance of long-term debt | 742 | 0 | 0 | |||
Repayments of debt | (2,037) | (9,364) | (3,703) | |||
Cash dividends paid on preferred stock | (29) | (29) | (29) | |||
Cash dividends paid on common stock | (997) | (982) | (1,083) | |||
Loans from subsidiaries - net | (97) | (224) | 3 | |||
Purchase of common stock | (2,961) | (5,200) | (2,598) | |||
Other, net | 3,108 | 1,408 | 2,201 | |||
Net cash provided by (used in) financing activities | (2,271) | (14,391) | (5,209) | |||
Change in cash and restricted cash | 4 | 2 | 0 | |||
Cash and restricted cash at beginning of year | 6 | 4 | 4 | |||
Cash and restricted cash at end of year | 10 | 6 | 4 | |||
Supplementary Disclosure of Condensed Consolidated Cash Flow Information | ||||||
Cash | 10 | 5 | 3 | |||
Restricted cash included in Other assets* | 0 | 1 | 1 | |||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 10 | 6 | 4 | |||
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows | 10 | 6 | 4 | $ 4 | ||
Interest | (455) | (716) | (941) | |||
Intercompany | (3) | 63 | 1 | |||
Taxes | (109) | (348) | (494) | |||
Intercompany | (95) | 1,120 | 1,950 | |||
Intercompany non-cash financing and investing activities: | ||||||
Capital contributions | 861 | 660 | 2,284 | |||
Return of capital | 0 | 0 | 1,365 | |||
Dividend received in the form of intercompany note | 0 | 0 | 8,300 | |||
Dividends received in the form of securities | $ 314 | $ 494 | $ 1,289 | |||
[1] See Note 10 for details of balances associated with variable interest entities. Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate. |
Schedule III (Details)
Schedule III (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | $ 12,085 | $ 12,857 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 128,969 | 127,081 | |
Unearned Premiums | 17,387 | 18,338 | |
Policy and Contract Claims | 1,006 | 1,456 | |
Premiums and Policy Fees | 36,051 | 34,769 | $ 34,290 |
Net Investment Income | 14,592 | 11,767 | 14,612 |
Losses and Loss Expenses Incurred, Benefits | 29,179 | 25,920 | 27,355 |
Amortization of Deferred Policy Acquisition Costs | 4,808 | 4,557 | 4,524 |
Other Operating Expenses | 8,499 | 9,122 | 8,728 |
Net Premium Written | 27,206 | 26,760 | 26,417 |
Corporate Reconciling Items And Eliminations | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 5,056 | 5,067 | |
Unearned Premiums | 2 | 26 | |
Policy and Contract Claims | (188) | 147 | |
Premiums and Policy Fees | 62 | 1,010 | 173 |
Net Investment Income | 1,784 | 1,038 | 1,787 |
Losses and Loss Expenses Incurred, Benefits | 202 | (288) | (101) |
Amortization of Deferred Policy Acquisition Costs | 124 | 3 | 36 |
Other Operating Expenses | 1,746 | 2,339 | 1,780 |
Net Premium Written | 487 | 1,248 | 527 |
General Insurance | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 2,075 | 2,310 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 66,805 | 71,495 | |
Unearned Premiums | 17,374 | 18,253 | |
Policy and Contract Claims | 0 | 0 | |
Premiums and Policy Fees | 25,091 | 25,340 | 25,057 |
Net Investment Income | 3,022 | 2,382 | 3,304 |
Losses and Loss Expenses Incurred, Benefits | 14,775 | 15,407 | 16,097 |
Amortization of Deferred Policy Acquisition Costs | 3,623 | 3,533 | 3,530 |
Other Operating Expenses | 4,344 | 4,352 | 4,375 |
Net Premium Written | 26,719 | 25,512 | 25,890 |
Life and Retirement | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 10,010 | 10,547 | |
Liability for Unpaid Losses and Loss Adjustment Expenses, Future Policy Benefits | 57,108 | 50,519 | |
Unearned Premiums | 11 | 59 | |
Policy and Contract Claims | 1,194 | 1,309 | |
Premiums and Policy Fees | 10,898 | 8,419 | 9,060 |
Net Investment Income | 9,786 | 8,347 | 9,521 |
Losses and Loss Expenses Incurred, Benefits | 14,202 | 10,801 | 11,359 |
Amortization of Deferred Policy Acquisition Costs | 1,061 | 1,021 | 958 |
Other Operating Expenses | 2,409 | 2,431 | 2,573 |
Net Premium Written | $ 0 | $ 0 | $ 0 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Premiums | $ 33,254 | $ 31,856 | $ 31,285 |
Reportable Segments | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | 35,487 | 36,792 | 34,883 |
Ceded Premiums Earned | 13,394 | 13,391 | 12,503 |
Assumed | 11,161 | 8,455 | 8,905 |
Premiums | $ 33,254 | $ 31,856 | $ 31,285 |
Percent of Amount Assumed to Net | 33.60% | 26.50% | 28.50% |
Reportable Segments | General Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 30,781 | $ 32,053 | $ 30,279 |
Ceded Premiums Earned | 12,268 | 12,425 | 11,301 |
Assumed | 7,050 | 7,137 | 6,640 |
Premiums | $ 25,563 | $ 26,765 | $ 25,618 |
Percent of Amount Assumed to Net | 27.60% | 26.70% | 25.90% |
Reportable Segments | Life and Retirement | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 4,706 | $ 4,739 | $ 4,604 |
Ceded Premiums Earned | 1,126 | 966 | 1,202 |
Assumed | 4,111 | 1,318 | 2,265 |
Premiums | $ 7,691 | $ 5,091 | $ 5,667 |
Percent of Amount Assumed to Net | 53.50% | 25.90% | 40% |
Long Duration Insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct | $ 1,308,474 | $ 1,280,831 | $ 1,280,090 |
Ceded Premiums Earned | 363,471 | 346,879 | 363,008 |
Assumed | 173 | 188 | 192 |
Premiums | $ 945,176 | $ 934,140 | $ 917,274 |
Percent of Amount Assumed to Net | 0% | 0% | 0% |
Schedule V (Details)
Schedule V (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for premiums and insurances balances receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of year | $ 169 | $ 185 | $ 205 |
Charged to Costs and Expenses | (7) | 0 | (15) |
Write Offs | (29) | (15) | (2) |
Reclassified to Assets Held for Sale | 0 | 0 | 0 |
Other Changes | 6 | (1) | (3) |
Balance, End of year | 139 | 169 | 185 |
Federal and foreign valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of year | 4,246 | 1,987 | 1,330 |
Charged to Costs and Expenses | (357) | (25) | 718 |
Write Offs | 0 | 0 | 0 |
Reclassified to Assets Held for Sale | (82) | 0 | 0 |
Other Changes | (691) | 2,284 | (61) |
Balance, End of year | $ 3,116 | $ 4,246 | $ 1,987 |