American International (AIG) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	American International Group, Inc.
Entity Central Index Key	0000005272
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		861,290,649
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-8787
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	13-2592361
Entity Address Address Line 1	175 Water Street
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10038
City Area Code	212
Local Phone Number	770-7000
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Entity Listings [Line Items]
Security 12b Title	Common Stock, Par Value $2.50 Per Share
Trading Symbol	AIG
Security Exchange Name	NYSE
Warrants
Entity Listings [Line Items]
Security 12b Title	Warrants (expiring January 19, 2021)
Trading Symbol	AIG WS
Security Exchange Name	NYSE
5.75% Series A-2 Junior Sebordinated Debentures
Entity Listings [Line Items]
Security 12b Title	5.75% Series A-2 Junior Subordinated Debentures
Trading Symbol	AIG 67BP
Security Exchange Name	NYSE
4.875% Series A-3 Junior Subordinated Debentures
Entity Listings [Line Items]
Security 12b Title	4.875% Series A-3 Junior Subordinated Debentures
Trading Symbol	AIG 67EU
Security Exchange Name	NYSE
Stock Purchase Rights
Entity Listings [Line Items]
Security 12b Title	Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Depository Shares Each Representing 1/1,000th Interest in a Share of Series A 5.85% Non-Cumulative Perpetual Preferred Stock
Entity Listings [Line Items]
Security 12b Title	Depositary Shares 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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $211 in 2020 (amortized cost: 2020 - $234,586; 2019 - $233,230)	$ 241,776	$ 251,086
Other bond securities, at fair value (See Note 6)	5,353	6,682
Equity Securities, at fair value (See Note 6)	624	841
Mortgage and other loans receivable, net of allowance for credit losses of $787 in 2020 and $438 in 2019	46,844	46,984
Other invested assets (portion measured at fair value: 2020 - $6,576; 2019 - $6,827)	17,966	18,792
Short-term investments, including restricted cash of $324 in 2020 and $188 in 2019 (portion measured at fair value: 2020 - $8,186; 2019 - $5,343)	19,773	13,230
Total investments	332,336	337,615
Cash	2,738	2,856
Accrued investment income	2,312	2,334
Premiums and other receivables, net of allowance for credit losses and disputes of $210 in 2020 and $178 in 2019	12,072	10,274
Reinsurance assets, net of allowance for credit losses and disputes of $310 in 2020 and $151 in 2019	39,927	37,977
Deferred income taxes	13,975	13,146
Deferred policy acquisition costs	11,889	11,207
Other assets, net of allowance for credit losses of $52 in 2020, including restricted cash of $257 in 2020 and $243 in 2019 (portion measured at fair value: 2020 - $3,311; 2019 - $3,151)	16,392	16,383
Separate account assets, at fair value	78,836	93,272
Total assets	510,477	525,064
Liabilities:
Liability for unpaid losses and loss adjustment expenses, net of allowance for credit losses of $14 in 2020	77,747	78,328
Unearned premiums	20,128	18,269
Future policy benefits for life and accident and health insurance contracts	49,803	50,512
Policyholder contract deposits (portion measured at fair value: 2020 - $8,153; 2019 - $6,910)	154,067	151,869
Other policyholder funds	3,460	3,428
Other liabilities (portion measured at fair value: 2020 - $637; 2019 - $1,100)	29,183	26,609
Long-term debt (portion measured at fair value: 2020 - $2,276; 2019 - $2,062)	25,268	25,479
Separate account liabilities	78,836	93,272
Total liabilities	448,634	457,637
Contingencies, commitments and guarantees (see Note 11)
AIG shareholders' equity:
Series A Non-cumulative preferred stock and additional paid in capital, $5.00 par value; 100,000,000 shares authorized; shares issued: 2020 - 20,000 and 2019 - 20,000; liquidation preference $500	485	485
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2020 - 1,906,671,492 and 2019 - 1,906,671,492	4,766	4,766
Treasury stock, at cost; 2020 - 1,045,380,884 shares; 2019 - 1,036,672,461 shares of common stock	(49,334)	(48,987)
Additional paid-in capital	81,188	81,345
Retained earnings	24,062	23,084
Accumulated other comprehensive income (loss)	(994)	4,982
Total AIG shareholders' equity	60,173	65,675
Non-redeemable noncontrolling interests	1,670	1,752
Total equity	61,843	67,427
Total liabilities and equity	510,477	525,064
Debt of consolidated investments
Liabilities:
Long-term debt (portion measured at fair value: 2020 - $2,276; 2019 - $2,062)	$ 10,142	$ 9,871

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical - assets and liabilities) - USD ($) $ in Millions	Mar. 31, 2020		Dec. 31, 2019
Assets:
Bonds available for sale, allowance for credit losses	$ 211		$ 0
Bonds available for sale, amortized cost	234,586		233,230
Mortgage and other loans receivable, allowance for credit losses	787		438
Other invested assets, portion measured at fair value	6,576		6,827
Short-term investments, portion measured at fair value	8,186		5,343
Premiums and other receivables, allowance for credit losses and disputes	210		178
Reinsurance assets, allowance for credit losses and disputes	310		151
Other assets, allowance for credit losses	52
Other assets, portion measured at fair value	3,311		3,151
Liabilities:
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14		0
Policyholder contract deposits, portion measured at fair value	8,153		6,910
Other liabilities, portion measured at fair value	637		1,100
Long-term debt, portion measured at fair value	2,276		2,062
Other assets
Assets:
Short-term investments, restricted cash	257	[1]	243
Short-term investments
Assets:
Short-term investments, restricted cash	$ 324	[1]	$ 188
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (Parenthetical - equity) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
AIG shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 5	$ 5
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	20,000	20,000
Preferred stock liquidation preference	$ 500	$ 500
Common stock, par value (in dollars per share)	$ 2.50	$ 2.5
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	1,906,671,492	1,906,671,492
Treasury stock, shares of common stock	1,045,380,884	1,036,672,461

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Premiums	$ 7,443	$ 8,070
Policy fees	755	735
Net investment income	2,508	3,879
Net realized capital gains (losses)	3,519	(446)
Other income	218	218
Total revenues	14,443	12,456
Benefits, losses and expenses:
Policyholder benefits and losses incurred	6,325	6,679
Interest credited to policyholder account balances	957	940
Amortization of deferred policy acquisition costs	1,862	1,289
General operating and other expenses	2,153	2,053
Interest expense	355	349
(Gains) losses on extinguishment of debt	17	(2)
Net (gain) loss on sale of divested businesses	216	(6)
Total benefits, losses and expenses	11,885	11,302
Income from continuing operations before income tax expense	2,558	1,154
Income tax expense	904	217
Income from continuing operations	1,654	937
Income (loss) from discontinued operations, net of income taxes	0	0
Net income	1,654	937
Less:
Net income (loss) from continuing operations attributable to noncontrolling interests	(95)	283
Net income attributable to AIG	1,749	654
Less: Dividends on peferred stock	7	0
Net income attributable to AIG common shareholders	$ 1,742	$ 654
Basic:
Income from continuing operations	$ 1.99	$ 0.75
Income from discontinued operations	0	0
Net income attributable to AIG common shareholders	1.99	0.75
Diluted:
Income from continuing operations	1.98	0.75
Income from discontinued operations	0	0
Net income attributable to AIG common shareholders	$ 1.98	$ 0.75
Weighted average shares outstanding:
Basic	874,213,630	875,383,084
Diluted	878,866,213	877,512,244

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 1,654	$ 937
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken	(359)	0
Change in unrealized appreciation of fixed maturity securities on which other-than-temporary credit impairments were taken	0	676
Change in unrealized appreciation (depreciation) of all other investments	(5,542)	2,708
Change in foreign currency translation adjustments	(85)	164
Change in retirement plan liabilities adjustment	(7)	(1)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	3	0
Other comprehensive income (loss)	(5,990)	3,547
Comprehensive income (loss)	(4,336)	4,484
Comprehensive income (loss) attributable to noncontrolling interests	(109)	289
Comprehensive income (loss) attributable to AIG	$ (4,227)	$ 4,195

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative effect of change in accounting principle	Total AIG Shareholders' Equity	Total AIG Shareholders' EquityCumulative effect of change in accounting principle	Preferred Stock and Additional Paid-In Capital	Preferred Stock and Additional Paid-In CapitalCumulative effect of change in accounting principle	Common Stock	Common StockCumulative effect of change in accounting principle	Treasury Stock	Treasury StockCumulative effect of change in accounting principle	Additional Paid-in Capital	Additional Paid-in CapitalCumulative effect of change in accounting principle	Retained Earnings	Retained EarningsCumulative 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	Non redeemable Non-controlling InterestsCumulative effect of change in accounting principle
Balance at Dec. 31, 2018	$ 57,309		$ 56,361		$ 0		$ 4,766		$ (49,144)		$ 81,268		$ 20,884		$ (1,413)		$ 948
Preferred stock issued	485		485		485		0		0		0		0		0		0
Common stock issued under stock plans	(77)		(77)		0		0		145		(222)		0		0		0
Purchase of common stock	0		0		0		0		0		0		0		0		0
Net income (loss) attributable to AIG or other noncontrolling interests	937		654		0		0		0		0		654		0		283
Dividends on preferred stock	0		0		0		0		0		0		0		0		0
Dividends on common stock	(278)		(278)		0		0		0		0		(278)		0		0
Other comprehensive income (loss)	3,547		3,541		0		0		0		0		0		3,541		6
Current and deferred income taxes	(1)		(1)		0		0		0		(1)		0		0		0
Net increase (decrease) due to acquisitions and consolidations	108		0		0		0		0		0		0		0		108
Contributions from noncontrolling interests	12		0		0		0		0		0		0		0		12
Distributions to noncontrolling interests	(59)		0		0		0		0		0		0		0		(59)
Other	110		102		0		0		0		103		(1)		0		8
Balance at Mar. 31, 2019	62,093		60,787		485		4,766		(48,999)		81,148		21,259		2,128		1,306
Balance at Dec. 31, 2019	67,427	$ (487)	65,675	$ (487)	485	$ 0	4,766	$ 0	(48,987)	$ 0	81,345	$ 0	23,084	$ (487)	4,982	$ 0	1,752	$ 0
Preferred stock issued	0		0		0		0		0		0		0		0		0
Common stock issued under stock plans	(95)		(95)		0		0		160		(255)		0		0		0
Purchase of common stock	(500)		(500)		0		0		(500)		0		0		0		0
Net income (loss) attributable to AIG or other noncontrolling interests	1,654		1,749		0		0		0		0		1,749		0		(95)
Dividends on preferred stock	(7)		(7)		0		0		0		0		(7)		0		0
Dividends on common stock	(276)		(276)		0		0		0		0		(276)		0		0
Other comprehensive income (loss)	(5,990)		(5,976)		0		0		0		0		0		(5,976)		(14)
Net increase (decrease) due to acquisitions and consolidations	48		0		0		0		0		0		0		0		48
Contributions from noncontrolling interests	1		0		0		0		0		0		0		0		1
Distributions to noncontrolling interests	(22)		0		0		0		0		0		0		0		(22)
Other	90		90		0		0		(7)		98		(1)		0		0
Balance at Mar. 31, 2020	$ 61,843		$ 60,173		$ 485		$ 4,766		$ (49,334)		$ 81,188		$ 24,062		$ (994)		$ 1,670

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 1,654	$ 937
(Income) loss from discontinued operations	0	0
Noncash revenues, expenses, gains and losses included in income (loss):
Net gains on sales of securities available for sale and other assets	(265)	(22)
Net (gain) loss on sale of divested businesses	216	(6)
(Gains) losses on extinguishment of debt	17	(2)
Unrealized (gains) losses in earnings - net	(2,549)	367
Equity in (income) loss from equity method investments, net of dividends or distributions	167	(83)
Depreciation and other amortization	1,878	1,299
Impairments of assets	25	125
Changes in operating assets and liabilities:
Insurance reserves	1,651	596
Premiums and other receivables and payables - net	(62)	315
Reinsurance assets and funds held under reinsurance treaties	(2,131)	(2,495)
Capitalization of deferred policy acquisition costs	(1,379)	(1,420)
Current and deferred income taxes - net	842	167
Other, net	(78)	(754)
Total adjustments	(1,668)	(1,913)
Net cash used in operating activities	(14)	(976)
Sales or distribution of:
Available for sale securities	7,040	6,370
Other securities	1,577	1,034
Other invested assets	1,447	1,118
Maturities of fixed maturity securities available for sale	6,768	4,957
Principal payments received on and sales of mortgage and other loans receivable	1,014	861
Purchases of:
Available for sale securities	(15,121)	(12,757)
Other securities	(317)	(287)
Other invested assets	(717)	(567)
Mortgage and other loans receivable	(1,733)	(1,504)
Net change in short-term investments	(6,023)	(1,221)
Other, net	5,432	17
Net cash used in investing activities	(633)	(1,979)
Proceeds from (payments for)
Policyholder contract deposits	4,979	5,629
Policyholder contract withdrawals	(4,337)	(4,195)
Issuance of long-term debt and debt of consolidated investment entities	673	1,449
Repayments of long-term debt and debt of consolidated investment entities	(884)	(589)
Borrowings under syndicated credit facility	1,300	0
Issuance of preferred stock, net of issuance costs	0	485
Purchase of common stock	(500)	0
Dividends paid on preferred stock	(7)	0
Dividends paid on common stock	(276)	(278)
Other, net	(288)	263
Net cash provided by financing activities	660	2,764
Effect of exchange rate changes on cash and restricted cash	10	12
Net increase (decrease) in cash and restricted cash	23	(179)
Cash and restricted cash at beginning of year	3,287	3,358
Change in cash of businesses held for sale	9	0
Cash and restricted cash at end of year	$ 3,319	$ 3,179

Supplementary Disclosure of Con

Supplementary Disclosure of Consolidated Cash Flow Information - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019		Dec. 31, 2019
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash	$ 2,738		$ 2,565		$ 2,856
Total cash and restricted cash shown in the Condensed Consolidated Cash Flows	3,319		3,179		3,287
Cash paid during the period for:
Interest	323		315
Taxes	62		50
Cash Flow, Noncash Investing Activities Disclosure
Fixed maturity securities available for sale received in connection with pension risk transfer transactions	553		0
Cash Flow, Noncash Financing Activities Disclosure
Interest credited to policyholder contract deposits included in financing activities	869		878
Other assets
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	257	[1]	363	[1]	243
Short-term investments
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	$ 324	[1]	$ 251	[1]	$ 188
[1]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 80 countries and jurisdictions. AIG companies serve commercial and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG Common Stock, par value $ 2.50 per share (AIG Common Stock), is listed on the New York Stock Exchange (NYSE: AIG). Unless the context indicates otherwise, the terms “AIG,” “we,” “us” or “our” mean American International Group, Inc. and its consolidated subsidiaries and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries. These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2019 (the 2019 Annual Report). The condensed consolidated financial information as of December 31, 2019 included herein has been derived from the audited Consolidated Financial Statements in the 2019 Annual Report. Certain of our foreign subsidiaries included in the Condensed Consolidated Financial Statements report on the basis of fiscal period ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries through the date of each of the periods presented in these Condensed Consolidated Financial Statements has been considered for adjustment and/or disclosure. In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the year ended December 31, 2020, especially when considering the risks and uncertainties associated COVID-19 and the impact it may have on our business, results of operations and financial condition. We evaluated the need to recognize or disclose events that occurred subsequent to March 31, 2020 and prior to the issuance of these Condensed Consolidated Financial Statements. Sales/disposals of Businesses Fortitude Holdings On November 13, 2018, AIG completed the sale of a 19.9 percent ownership interest in Fortitude Group Holdings, LLC (Fortitude Holdings) to TC Group Cayman Investments Holdings, L.P. (TCG), an affiliate of The Carlyle Group L.P. (Carlyle) (2018 Fortitude Sale). Upon completion of the 2018 Fortitude Sale, Fortitude Holdings owned 100 percent of the outstanding common shares of Fortitude Reinsurance Company Ltd (Fortitude Re) and AIG had an 80.1 percent ownership interest in Fortitude Holdings. We received $ 381 million in cash and will receive up to $ 95 million of deferred compensation following December 31, 2023, which is subject to a purchase price adjustment wherein AIG will reimburse TCG for adverse development in property casualty related reserves, based on an agreed methodology, that occurs on or prior to December 31, 2023, up to the value of TCG’s investment in Fortitude. Any amount due to TCG in respect of this purchase price adjustment will be offset by the amount of the $ 95 million otherwise due from TCG to AIG. To the extent we do not receive all or a portion of the planned distributions by May 13, 2020, TCG will pay us up to an additional $ 100 million, which amount shall adjust in proportion with the amount of the dividend received by AIG. In connection with the 2018 Fortitude Sale, we agreed to certain investment commitment targets into various Carlyle strategies and to certain minimum investment management fee payments within 36 months following the closing. We also will be required to pay a proportionate amount of an agreed make-whole fee to the extent we fail to satisfy such investment commitment targets. On November 25, 2019, AIG entered into a membership interest purchase agreement with Fortitude Holdings, Carlyle, Carlyle FRL, an investment fund advised by an affiliate of Carlyle (Carlyle FRL), T&D United Capital Co., Ltd. (T&D) and T&D Holdings, Inc., pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Carlyle FRL will purchase from AIG a 51.6 percent ownership interest in Fortitude Holdings and T&D will purchase from AIG a 25 percent ownership interest in Fortitude Holdings (Majority Interest Fortitude Sale). Upon closing of the Majority Interest Fortitude Sale, AIG will have a 3.5 percent ownership interest in Fortitude Holdings. The purchase price under the Majority Interest Fortitude Sale is subject to a post-closing purchase price adjustment pursuant to which AIG will pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur on or prior to December 31, 2023, up to a maximum payment of $ 500 million. In connection with the Majority Interest Fortitude Sale agreement, AIG, Fortitude Holdings and TCG have agreed that, effective as of the closing of the Majority Interest Fortitude Sale, (i) AIG’s aforementioned investment commitment targets will be assumed by Fortitude Holdings and AIG will be released therefrom, (ii) the purchase price adjustment that AIG had agreed to provide TCG in the 2018 Fortitude Sale will be terminated, and (iii) Carlyle will remain obligated to pay AIG $ 95 million of deferred compensation at December 31, 2023 and up to an additional $ 100 million to the extent AIG does not receive all or a portion of the planned distributions by May 13, 2020, which amount shall adjust in proportion with the amount of the dividend received by AIG. We expect to contribute approximately $ 1.45 billion of the proceeds of the Majority Interest Fortitude Sale to certain of our insurance company subsidiaries for a period of time following the closing of the transaction. There can be no guarantee that we will receive the required regulatory approvals or that closing conditions will be satisfied in order to consummate the Majority Interest Fortitude Sale. For further details on this transaction see Note 4 to the Condensed Consolidated Financial Statements. Blackboard At the end of March 2020, AIG decided to place Blackboard U.S. Holdings, Inc. (Blackboard), AIG’s technology-driven subsidiary, into run-off. As a result of this decision, AIG recognized a pre-tax loss of $ 210 million, primarily consisting of asset impairment charges. 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:  liability for unpaid losses and loss adjustment expenses (loss reserves);  valuation of future policy benefit liabilities and timing and extent of loss recognition;  valuation of liabilities for guaranteed benefit features of variable annuity products;  valuation of embedded derivatives for fixed index annuity and life products;  estimated gross profits to value deferred policy acquisition costs for investment-oriented products;  reinsurance assets;  impairment charges, including impairments on other invested assets and goodwill impairment;  allowances for credit losses primarily on loans, available for sale fixed maturity securities, reinsurance assets and premiums and other receivables;  liability for legal contingencies;  fair value measurements of certain financial assets and liabilities; and  income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Cuts and Jobs Act (the Tax Act). These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Summary of Significant Accounting Policies Accounting Standards Adopted During 2020 Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that changed how entities account for current expected credit losses (CECL) for most financial assets, premiums receivable, trade receivables, off-balance sheet exposures and reinsurance receivables (the Financial Instruments Credit Losses Standard We adopted the standard on its effective date of January 1, 2020 using a modified retrospective method, which requires a cumulative effect adjustment to retained earnings. As of January 1, 2020, the impact of the adoption of the standard was a reduction in opening retained earnings of $ 487 million (after-tax) primarily driven by commercial mortgage loans, and, to a lesser extent, reinsurance receivables and recoverables. The following table provides a rollforward of our allowance, including credit losses, in connection with the adoption of the Financial Instruments Credit Losses Standard as well as cross references to the applicable notes herein for additional information: Three Months Ended March 31, 2020 Balance, Cumulative Effect Purchased Credit Balance, Beginning Adjustment as of Deteriorated Initial Increase End of (in millions) of Year January 1, 2020 Allowance (Decrease) Period Securities available for sale (a) $ - $ - $ 13 $ 198 $ 211 Mortgage and other loan receivables (b) 438 318 - 31 787 Reinsurance recoverables (inclusive of deposit accounted assets) (c) 151 224 - ( 13) 362 Premiums and other receivables (d) 178 34 - ( 2) 210 Contractual deductible recoverables (e) - 14 - - 14 Commercial mortgage loan commitments (f) - 51 - 7 58 Total $ 767 $ 641 $ 13 $ 221 $ 1,642 Secondary impacts to certain long-duration insurance contracts (g) ( 27) Tax impact ( 127) Total cumulative effect adjustment $ 487 (a) The allowance for credit losses is reported in Bonds available for sale in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 6 for additional information. (b) The allowance for credit losses is reported in Mortgage and other loans receivable in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (c) The allowance for credit losses is reported for Reinsurance assets for reinsurance contracts that contain sufficient insurance risk, and reported in Other assets for insurance and reinsurance contracts that do not contain sufficient insurance risk in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred for reinsurance contracts that do contain sufficient insurance risk and Premiums for contracts that do not contain sufficient insurance risk in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (d) The allowance for credit losses is reported in Premiums and other receivables in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in General operating and other expenses in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (e) The allowance for credit losses is reported in Liability for unpaid losses and loss adjustment expenses in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. Refer to Note 10 for additional information. (f) The allowance for credit losses is reported in Other liabilities in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (g) This reflects adjustments to the amortization of DAC, unearned revenue reserve and sales inducement assets as well as impacts on the future policy benefits for certain universal life and variable annuity contracts. The following presents the impact of the adoption of the standard on reinsurance recoverables and premiums and other receivables. Reinsurance — Credit Losses The estimation of reinsurance recoverable involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverable on unpaid losses and loss adjustment expenses that are estimated as part of our loss reserving process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross loss reserves. Similarly, Other assets include reinsurance recoverable for contracts which are accounted for as deposits. 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 uncollectable reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, the reinsurance recoverable balances). 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 determined by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; insurers 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 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 rating. 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 March 31, 2020 were $ 42.2 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 87 percent of the reinsurance recoverables are investment grade, of which 82 percent relate to General Insurance and 5 percent relate to Life and Retirement; (ii) approximately 12 percent of the reinsurance recoverables are non-investment grade, the majority of which relates to General Insurance; (iii) less than one one As of March 31, 2020, approximately 76 percent of our non-investment grade reinsurance exposure relates to captive insurers. These arrangements are typically collateralized by letters of credit, funds held or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended March 31, 2020 General Life and (in millions) Insurance Retirement Total Balance, beginning of year $ 111 $ 40 $ 151 Initial allowance upon CECL adoption 202 22 224 Current period provision for expected credit losses and disputes ( 4) 2 ( 2) Write-offs charged against the allowance for credit losses and disputes ( 3) ( 4) ( 7) Other changes ( 4) - ( 4) Balance, end of period $ 302 $ 60 $ 362 There were no Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. Past due balances were not significant for any of the periods presented. Premiums and other receivables — Credit Losses Premiums and other receivables, net of allowance for credit losses include premium balances receivable, amounts due from agents and brokers and policyholders, trade receivables for the Direct Investment book and Global Capital Markets (GCM) and other receivables. Trade receivables for GCM include cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities. The allowance for credit losses and disputes for premiums and other receivables was $ 210 million at March 31, 2020. Our allowance for credit losses for premium receivables considers a combination of internal and external information relating to past events, current conditions and reasonable and supportable forecasts. Our allowance contemplates our contractual provisions. Upon default or delinquency of the policyholder we may be able to cease coverage for the remaining period. In certain jurisdictions we are unable to cancel coverage even in the event of delinquency or default by the policyholder. We consider premium and other receivable balances to be past due if the payment is not received after 90 days from the contractual obligation due date and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. For further information regarding the impacts of the adoption of this standard see Notes 5, 6, 7, 10 and 12 to the Condensed Consolidated Financial Statements. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. We adopted the standard on its effective date of January 1, 2020. The adoption of the standard did not have a material impact on our financial position, results of operations or cash flows. Cloud Computing Arrangements In August 2018, the FASB issued an accounting standard that aligns the requirements for capitalizing implementation costs incurred in a cloud computing (or hosting) arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Capitalized implementation costs must be amortized over the term of the hosting arrangement. The accounting for the service element is not affected by the amendments in this update. We adopted the standard prospectively on its effective date of January 1, 2020. The adoption of the standard did not have a material impact on our consolidated financial position, results of operations or cash flows. Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates In March 2020, the Securities and Exchange Commission (SEC) adopted amendments to simplify and streamline the disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered. Currently, the SEC permits the omission of separate financial statements of subsidiary issuers and guarantors when certain conditions are met and the parent company provides summarized financial information of the subsidiary issuers and guarantors. The amendments, among other things, allow companies to cease providing summarized financial information if the subsidiary issuer’s or guarantor’s reporting obligation has been suspended. The amendments are effective January 4, 2021, with early adoption permitted. Effective March 31, 2020, AIG early adopted the amendment and ceased providing the summarized information for the subsidiary issuers and guarantors because the subsidiaries issuer’s reporting obligations have been suspended. Future Application of Accounting Standards Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below:  Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement.  Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income.  Simplifies the amortization of deferred policy acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test.  Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income.  Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. In October 2019, the FASB affirmed its decision to defer the effective date of the standard to January 1, 2022. We plan to adopt the standard on its effective date. We have started our implementation efforts and we are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. Income Tax On December 18, 2019, the FASB issued an accounting standard that simplifies the accounting for income taxes by eliminating certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendments also simplified other areas including the accounting for franchise taxes and enacted tax laws or rates, and clarified the accounting for transactions that result in the step-up in the tax basis of goodwill. The standard is effective on January 1, 2021, with early adoption permitted. We are assessing the impact of the standard on our consolidated financial condition, results of operations and cash flows. Reference Rate Reform On March 12, 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. We have started our implementation efforts and we are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. Clarification of Accounting for Certain Equity Method Investments On January 16, 2020, the FASB issued an accounting standard to clarify how a previously issued standard regarding a company’s ability to measure the fair value of certain equity securities without a readily determinable fair value should interact with equity method investments standards. The previously issued standard provides that such equity securities could be measured at cost, minus impairment, if any, unless an observable transaction for an identical or similar security occurs (measurement alternative). The new standard clarifies that a company should consider observable transactions that require the company to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with the equity method immediately before applying or upon discontinuing the equity method. The standard further clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The standard is effective for interim and annual reporting periods beginning after December 15, 2020. We are evaluating the impact adoption of this standard will have on our consolidated financial condition, results of operations, cash flows and required disclosures.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
SEGMENT INFORMATION
SEGMENT INFORMATION	3. Segment Information We report our results of operations consistent with the manner in which our chief operating decision makers review the business to assess performance and allocate resources, as follows: General Insurance General Insurance business is presented as two operating segments:  North America — consists of insurance businesses in the United States, Canada and Bermuda. This also includes the results of Validus Reinsurance, Ltd. (Validus), Western World Insurance Group, Inc. and Glatfelter Insurance Group (Glatfelter).  International — consists of regional insurance businesses in Japan, the UK, Europe, Asia Pacific, Latin America and Caribbean, Middle East and Africa, and China. This also includes the results of Talbot Holdings, Ltd. Results are presented before internal reinsurance transactions. North America and International operating segments consist of the following products: – Commercial Lines — consists of Liability, Financial Lines, Property and Special Risks. – Personal Insurance — consists of Personal Lines and Accident and Health. Life and Retirement Life and Retirement business is presented as four operating segments:  Individual Retirement — consists of fixed annuities, fixed index annuities, variable annuities and retail mutual funds.  Group Retirement — consists of group mutual funds, group annuities, individual annuity and investment products, and financial planning and advisory services.  Life Insurance — primary products in the U.S. include term life and universal life insurance. International operations include distribution of life and health products in the UK and Ireland.  Institutional Markets — consists of stable value wrap products, structured settlement and pension risk transfer annuities, corporate- and bank-owned life insurance and guaranteed investment contracts (GICs). Other Operations Other Operations consists primarily of:  Income from assets held by AIG Parent and other corporate subsidiaries.  General operating expenses not attributable to AIG reporting segments.  Certain compensation expenses attributable to Other Operations and reporting segments.  Amortization of value of distribution network acquired related to the Validus and Glatfelter acquisitions.  Interest expense attributable to AIG long-term debt as well as debt associated with consolidated investment entities.  Results also include Blackboard U.S. Holdings, Inc. — and its subsidiaries which are focused on delivering commercial insurance solutions using digital technology, data analytics and automation. At the end of March 2020, AIG decided to place Blackboard into run-off. Legacy Portfolio Legacy Portfolio represents exited or discontinued product lines, policy forms or distribution channels. Effective February 2018, our Bermuda domiciled composite reinsurer, Fortitude Re, is included in our Legacy Portfolio.  Legacy Life and Retirement Run-Off Lines — Reserves consist of certain structured settlements, pension risk transfer annuities and single premium immediate annuities written prior to April 2012. Also includes exposures to whole life, long-term care and exited accident & health product lines.  Legacy General Insurance Run-Off Lines — Reserves consist of excess workers’ compensation, environmental exposures and exposures to other products within General Insurance that are no longer actively marketed. Also includes the remaining reserves in Eaglestone Reinsurance Company.  Legacy Investments — Includes investment classes that we have placed into run-off including holdings in direct investments as well as investments in global capital markets and global real estate. We evaluate segment performance based on adjusted revenues and adjusted pre-tax income (loss). Adjusted revenues and adjusted pre-tax income (loss) are derived by excluding certain items from total revenues and net income (loss) attributable to AIG, respectively. 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. For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below. The following table presents AIG’s continuing operations by operating segment: Three Months Ended March 31, 2020 2019 Adjusted Adjusted Total Pre-tax Total Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 3,414 $ 409 $ 4,098 $ 934 International 3,253 92 3,704 334 Total General Insurance 6,667 501 7,802 1,268 Life and Retirement Individual Retirement 1,370 306 1,351 508 Group Retirement 694 143 709 232 Life Insurance 1,091 55 1,073 116 Institutional Markets 1,017 70 1,071 68 Total Life and Retirement 4,172 574 4,204 924 Other Operations 162 ( 451) 139 ( 387) Legacy Portfolio 264 ( 368) 706 112 AIG Consolidation and elimination ( 145) ( 84) ( 97) ( 70) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 11,120 172 12,754 1,847 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 14 ( 7) 105 96 Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - ( 538) - 99 Changes in the fair value of equity securities ( 191) ( 191) 79 79 Professional fees related to regulatory or accounting changes - ( 13) - - Other income (expense) - net 9 - 7 - Gain (loss) on extinguishment of debt - ( 17) - 2 Net realized capital gains (losses) * 3,485 3,502 ( 489) ( 474) Income (loss) from divested businesses - ( 216) - 6 Non-operating litigation reserves and settlements 6 6 - ( 1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 8 - 27 Net loss reserve discount charge - ( 56) - ( 473) Integration and transaction costs associated with acquired businesses - ( 2) - ( 7) Restructuring and other costs - ( 90) - ( 47) Revenues and Pre-tax income $ 14,443 $ 2,558 $ 12,456 $ 1,154 * Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

HELD-FOR-SALE CLASSIFICATION

HELD-FOR-SALE CLASSIFICATION	3 Months Ended
	Mar. 31, 2020
HELD-FOR-SALE CLASSIFICATION
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 Held-For-Sale Business are reported in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets beginning in the period in which the business is classified as held-for-sale. At March 31, 2020, the following business was reported and classified as held-for-sale: Fortitude Holdings Fortitude Re was established during the first quarter of 2018 in connection with a series of affiliated reinsurance transactions related to our Legacy Portfolio. Those reinsurance transactions were designed to consolidate most of our Legacy Insurance Run-Off Lines into a single legal entity. As of March 31, 2020, the affiliated transactions included the cession of approximately $30.1 billion of reserves from our Legacy Life and Retirement Run-Off Lines and approximately $3.8 billion of reserves from our Legacy General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries. Fortitude Re has approximately $ 2.7 billion of total assets after elimination of intercompany balances, primarily managed by AIG, and is AIG’s main run-off reinsurer with its own dedicated management team. In the second quarter of 2018, the Company formed Fortitude Holdings as the holding company for Fortitude Re. On November 13, 2018, AIG completed the sale of a 19.9 percent ownership interest in Fortitude Holdings to TCG, an affiliate of Carlyle. Upon completion of the 2018 Fortitude Sale, Fortitude Holdings owned 100 percent of the outstanding common shares of Fortitude Re and AIG had an 80.1 percent ownership interest in Fortitude Holdings. We received $ 381 million in cash and will receive up to $ 95 million of deferred compensation following December 31, 2023, which is subject to a purchase price adjustment wherein AIG will reimburse TCG for adverse development in property casualty related reserves, based on an agreed methodology, that occurs on or prior to December 31, 2023, up to the value of TCG’s investment in Fortitude. Any amount due to TCG in respect of this purchase price adjustment will be offset by the amount of the $ 95 million otherwise due from TCG to AIG. To the extent we do not receive all or a portion of the planned distributions by May 13, 2020, TCG will pay us up to an additional $ 100 million, which amount shall adjust in proportion with the amount of the dividend received by AIG. In connection with the 2018 Fortitude Sale, we agreed to certain investment commitment targets into various Carlyle strategies and to certain minimum investment management fee payments within thirty-six months following the closing. We also will be required to pay a proportionate amount of an agreed make-whole fee to the extent we fail to satisfy such investment commitment targets. On November 25, 2019, AIG entered into a membership interest purchase agreement with Fortitude Holdings, Carlyle, Carlyle FRL, T&D and T&D Holdings, Inc., pursuant to which, subject to the satisfaction or waiver of certain conditions set forth therein, Carlyle FRL will purchase from AIG a 51.6 percent ownership interest in Fortitude Holdings and T&D will purchase from AIG a 25 percent ownership interest in Fortitude Holdings. Upon closing of the Majority Interest Fortitude Sale, AIG will have a 3.5 percent ownership interest in Fortitude Holdings. The purchase price under the Majority Interest Fortitude Sale is subject to a post-closing purchase price adjustment pursuant to which AIG will pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur on or prior to December 31, 2023, up to a maximum payment of $ 500 million. In connection with the Majority Interest Fortitude Sale agreement, AIG, Fortitude Holdings and TCG have agreed that, effective as of the closing of the Majority Interest Fortitude Sale, (i) AIG’s aforementioned investment commitment targets will be assumed by Fortitude Holdings and AIG will be released therefrom, (ii) the purchase price adjustment that AIG had agreed to provide TCG in the 2018 Fortitude Sale will be terminated, and (iii) Carlyle will remain obligated to pay AIG $ 95 million of deferred compensation at December 31, 2023 and up to an additional $ 100 million to the extent AIG does not receive all or a portion of the planned distributions by May 13, 2020, which amount shall adjust in proportion with the amount of the dividend received by AIG. We expect to contribute approximately $ 1.45 billion of the proceeds of the Majority Interest Fortitude Sale to certain of our insurance company subsidiaries for a period of time following the closing of the transaction. There can be no guarantee that we will receive the required regulatory approvals or that closing conditions will be satisfied in order to consummate the Majority Interest Fortitude Sale. We recorded a loss of $ 98 million in 2019 in respect of our interest in Fortitude Holdings, which was recorded as a contra-asset within assets held for sale line below. The transaction is expected to close in mid-2020, subject to required regulatory approvals and other customary closing conditions. The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets after elimination of intercompany balances: March 31, December 31, (in millions) 2020 2019 Assets: Bonds available for sale $ 2,308 $ 2,187 Other bond securities 13 13 Other invested assets 58 45 Short-term investments 63 107 Cash 54 63 Accrued investment income 20 19 Deferred income taxes ( 11) ( 22) Other assets 152 106 Assets of business held for sale 2,657 2,518 Less: Loss accrual ( 98) ( 98) Total assets held for sale $ 2,559 $ 2,420 Liabilities: Other liabilities $ 14 $ 15 Total liabilities held for sale $ 14 $ 15 The affiliated reinsurance transactions executed in the first quarter of 2018 with Fortitude Re resulted in prepaid insurance assets on the ceding subsidiaries’ balance sheets of approximately $ 2.5 billion (after-tax) and related deferred acquisition costs of $ 0.5 billion (after-tax) at inception of the contract. The prepaid insurance assets have been eliminated in AIG’s consolidated financial statements since the counterparties were wholly owned. Upon closing of the Majority Interest Fortitude Sale, AIG will recognize a loss for the portion of the unamortized balance of these assets that are not recoverable, if any, when AIG is no longer a controlling shareholder in Fortitude Holdings. As of March 31, 2020, the unamortized balances of the aforementioned prepaid insurance assets and related deferred acquisition costs were $ 2.2 billion (after-tax) and $ 0.4 billion (after-tax), respectively. As of December 31, 2019, the unamortized balances of the aforementioned prepaid insurance assets and related deferred acquisition costs were $ 2.3 billion (after-tax) and $ 0.4 billion (after-tax), respectively. The combined loss of $ 2.6 billion for the three-month period ended March 31, 2020 would be incremental to any gain or loss recognized on the Majority Interest Fortitude Sale. The incremental gain or loss we will recognize on the Majority Interest Fortitude Sale would be impacted, perhaps significantly, by market conditions existing at the time the Majority Interest Fortitude Sale closes.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	5. Fair Value Measurements Fair Value Measurements on a Recurring Basis Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:  Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.  Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.  Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: March 31, 2020 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 239 $ 5,450 $ - $ - $ - $ 5,689 Obligations of states, municipalities and political subdivisions - 13,338 2,102 - - 15,440 Non-U.S. governments 48 14,119 6 - - 14,173 Corporate debt - 143,107 1,215 - - 144,322 RMBS - 19,170 11,687 - - 30,857 CMBS - 13,080 1,146 - - 14,226 CDO/ABS - 8,301 8,768 - - 17,069 Total bonds available for sale 287 216,565 24,924 - - 241,776 Other bond securities: U.S. government and government sponsored entities 6 2,051 - - - 2,057 Non-U.S. governments - - - - - - Corporate debt - 16 - - - 16 RMBS - 318 149 - - 467 CMBS - 229 42 - - 271 CDO/ABS - 164 2,378 - - 2,542 Total other bond securities 6 2,778 2,569 - - 5,353 Equity securities 582 23 19 - - 624 Other invested assets (b) - 80 1,467 - - 1,547 Derivative assets: Interest rate contracts 2 6,621 - - - 6,623 Foreign exchange contracts - 2,337 1 - - 2,338 Equity contracts 87 1,003 150 - - 1,240 Credit contracts - - 133 - - 133 Other contracts - - 15 - - 15 Counterparty netting and cash collateral - - - ( 4,645) ( 4,840) ( 9,485) Total derivative assets 89 9,961 299 ( 4,645) ( 4,840) 864 Short-term investments 1,732 6,454 - - - 8,186 Other assets 176 2,180 91 - - 2,447 Separate account assets 74,591 4,245 - - - 78,836 Total $ 77,463 $ 242,286 $ 29,369 $ ( 4,645) $ ( 4,840) $ 339,633 Liabilities: Policyholder contract deposits $ - $ - $ 8,153 $ - $ - $ 8,153 Derivative liabilities: Interest rate contracts 2 4,224 - - - 4,226 Foreign exchange contracts - 1,028 4 - - 1,032 Equity contracts 8 62 7 - - 77 Credit contracts - 24 57 - - 81 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 4,645) ( 147) ( 4,792) Total derivative liabilities 10 5,338 81 ( 4,645) ( 147) 637 Other liabilities - - - - - - Long-term debt - 2,276 - - - 2,276 Total $ 10 $ 7,614 $ 8,234 $ ( 4,645) $ ( 147) $ 11,066 December 31, 2019 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 135 $ 5,245 $ - $ - $ - $ 5,380 Obligations of states, municipalities and political subdivisions - 13,197 2,121 - - 15,318 Non-U.S. governments 60 14,809 - - - 14,869 Corporate debt - 147,973 1,663 - - 149,636 RMBS - 19,397 13,408 - - 32,805 CMBS - 13,377 1,053 - - 14,430 CDO/ABS - 10,962 7,686 - - 18,648 Total bonds available for sale 195 224,960 25,931 - - 251,086 Other bond securities: U.S. government and government sponsored entities - 2,121 - - - 2,121 Non-U.S. governments - - - - - - Corporate debt - 18 - - - 18 RMBS - 346 143 - - 489 CMBS - 272 50 - - 322 CDO/ABS - 187 3,545 - - 3,732 Total other bond securities - 2,944 3,738 - - 6,682 Equity securities 756 77 8 - - 841 Other invested assets (b) - 86 1,192 - - 1,278 Derivative assets: Interest rate contracts 1 3,199 - - - 3,200 Foreign exchange contracts - 1,034 6 - - 1,040 Equity contracts 5 593 171 - - 769 Credit contracts - - 3 - - 3 Other contracts - - 14 - - 14 Counterparty netting and cash collateral - - - ( 2,427) ( 1,806) ( 4,233) Total derivative assets 6 4,826 194 ( 2,427) ( 1,806) 793 Short-term investments 2,299 3,044 - - - 5,343 Other assets 57 2,212 89 - - 2,358 Separate account assets 89,069 4,203 - - - 93,272 Total $ 92,382 $ 242,352 $ 31,152 $ ( 2,427) $ ( 1,806) $ 361,653 Liabilities: Policyholder contract deposits $ - $ - $ 6,910 $ - $ - $ 6,910 Derivative liabilities: Interest rate contracts 4 2,745 - - - 2,749 Foreign exchange contracts - 1,025 - - - 1,025 Equity contracts 8 111 20 - - 139 Credit contracts - 24 65 - - 89 Other contracts - - 7 - - 7 Counterparty netting and cash collateral - - - ( 2,427) ( 527) ( 2,954) Total derivative liabilities 12 3,905 92 ( 2,427) ( 527) 1,055 Other liabilities - 45 - - - 45 Long-term debt - 2,062 - - - 2,062 Total $ 12 $ 6,012 $ 7,002 $ ( 2,427) $ ( 527) $ 10,072 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 5.0 billion and $ 5.5 billion as of March 31, 2020 and December 31, 2019, respectively. Changes in Level 3 Recurring Fair Value Measurements The following tables present changes during the three-month periods ended March 31, 2020 and 2019 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at March 31, 2020 and 2019: Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Three Months Ended March 31, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ ( 55) $ 137 $ 27 $ ( 133) $ - $ 2,102 $ - $ ( 51) Non-U.S. governments - - - - 6 - - 6 - - Corporate debt 1,663 ( 67) ( 81) 7 103 ( 410) - 1,215 - ( 29) RMBS 13,408 132 ( 1,623) ( 223) 19 ( 26) - 11,687 - ( 1,505) CMBS 1,053 7 19 44 23 - - 1,146 - 21 CDO/ABS 7,686 17 ( 557) 47 1,603 ( 28) - 8,768 - ( 536) Total bonds available for sale (b) 25,931 94 ( 2,297) 12 1,781 ( 597) - 24,924 - ( 2,100) Other bond securities: Corporate debt - - - - - - - - - - RMBS 143 ( 14) - 20 - - - 149 ( 14) - CMBS 50 ( 7) - ( 1) - - - 42 ( 8) - CDO/ABS 3,545 ( 173) - ( 994) - - - 2,378 ( 262) - Total other bond securities 3,738 ( 194) - ( 975) - - - 2,569 ( 284) - Equity securities 8 ( 1) 1 10 1 - - 19 - - Mortgage and other loans receivable - - - - - - - - - - Other invested assets 1,192 ( 4) - 129 150 - - 1,467 14 - Other assets 89 - - 5 - - ( 3) 91 - - Total $ 30,958 $ ( 105) $ ( 2,296) $ ( 819) $ 1,932 $ ( 597) $ ( 3) $ 29,070 $ ( 270) $ ( 2,100) Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 1,171 $ - $ 72 $ - $ - $ - $ 8,153 $ ( 884) $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 6) 3 - 6 - - - 3 1 - Equity contracts ( 151) ( 26) - 34 - - - ( 143) ( 14) - Credit contracts 62 ( 124) - ( 14) - - - ( 76) 118 - Other contracts ( 7) ( 10) - 15 - - - ( 2) 10 - Total derivative liabilities, net (c) ( 102) ( 157) - 41 - - - ( 218) 115 - Total $ 6,808 $ 1,014 $ - $ 113 $ - $ - $ - $ 7,935 $ ( 769) $ - Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Three Months Ended March 31, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 97 $ 24 $ 29 $ ( 13) $ - $ 2,136 $ - Non-U.S. governments 11 - - ( 4) - ( 4) - 3 - Corporate debt 864 ( 3) 38 34 654 ( 55) - 1,532 - RMBS 14,199 227 24 ( 412) 23 ( 16) - 14,045 - CMBS 917 1 17 146 - ( 189) - 892 - CDO/ABS 9,102 4 54 ( 45) 92 ( 367) - 8,840 - Total bonds available for sale 27,093 228 230 ( 257) 798 ( 644) - 27,448 - Other bond securities: Corporate debt - - - - - - - - - RMBS 1,290 17 - ( 41) - - - 1,266 - CMBS 77 4 - 3 - - - 84 3 CDO/ABS 4,478 68 - ( 201) - ( 96) - 4,249 24 Total other bond securities 5,845 89 - ( 239) - ( 96) - 5,599 27 Equity securities 27 - - - - ( 1) - 26 - Mortgage and other loans receivable - - - - - - - - - Other invested assets 587 - - 4 - - - 591 2 Other assets 58 - - 1 - - - 59 - Total $ 33,610 $ 317 $ 230 $ ( 491) $ 798 $ ( 741) $ - $ 33,723 $ 29 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 569 $ - $ 193 $ - $ - $ - $ 4,878 $ ( 521) Derivative liabilities, net: Interest rate contracts 15 1 - ( 1) - - - 15 ( 1) Foreign exchange contracts ( 5) ( 5) - 9 - - - ( 1) ( 1) Equity contracts ( 75) ( 16) - ( 5) - - - ( 96) 19 Credit contracts 227 ( 3) - ( 2) - - - 222 4 Other contracts ( 9) ( 17) - 18 - - - ( 8) 17 Total derivative liabilities, net (c) 153 ( 40) - 19 - - - 132 38 Total $ 4,269 $ 529 $ - $ 212 $ - $ - $ - $ 5,010 $ ( 483) (a) Reported in Other assets in the Condensed Consolidated Balance Sheets. (b) As a result of the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020, credit losses are included in net realized and unrealized (gains) losses included in income. (c) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income as follows: Net Net Realized Investment Capital Other (in millions) Income Gains (Losses) Income Total Three Months Ended March 31, 2020 Assets: Bonds available for sale * $ 198 $ ( 104) $ - $ 94 Other bond securities ( 462) 268 - ( 194) Equity securities - ( 1) - ( 1) Other invested assets ( 4) - - ( 4) Three Months Ended March 31, 2019 Assets: Bonds available for sale $ 242 $ ( 14) $ - $ 228 Other bond securities 87 2 - 89 Equity securities - - - - Other invested assets - - - - Net Net Realized Investment Capital Other (in millions) Income (Gains) Losses Income Total Three Months Ended March 31, 2020 Liabilities: Policyholder contract deposits $ - $ 1,171 $ - $ 1,171 Derivative liabilities, net - ( 143) ( 14) ( 157) Three Months Ended March 31, 2019 Liabilities: Policyholder contract deposits $ - $ 569 $ - $ 569 Derivative liabilities, net - ( 24) ( 16) ( 40) * As a result of the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020, credit losses are included in net realized capital gains (losses). The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three-month periods ended March 31, 2020 and 2019 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets: Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended March 31, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 145 $ ( 2) $ ( 6) $ 137 Non-U.S. governments - - - - Corporate debt 112 ( 5) ( 100) 7 RMBS 336 - ( 559) ( 223) CMBS 53 ( 2) ( 7) 44 CDO/ABS 225 ( 22) ( 156) 47 Total bonds available for sale 871 ( 31) ( 828) 12 Other bond securities: RMBS 25 - ( 5) 20 CMBS - - ( 1) ( 1) CDO/ABS 35 ( 579) ( 450) ( 994) Total other bond securities 60 ( 579) ( 456) ( 975) Equity securities 10 - - 10 Mortgage and other loans receivable - - - - Other invested assets 174 - ( 45) 129 Other assets - - 5 5 Total assets $ 1,115 $ ( 610) $ ( 1,324) $ ( 819) Liabilities: Policyholder contract deposits $ - $ 222 $ ( 150) $ 72 Derivative liabilities, net ( 15) 8 48 41 Total liabilities $ ( 15) $ 230 $ ( 102) $ 113 Three Months Ended March 31, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 47 $ ( 15) $ ( 8) $ 24 Non-U.S. governments - - ( 4) ( 4) Corporate debt 49 - ( 15) 34 RMBS 307 ( 26) ( 693) ( 412) CMBS 184 - ( 38) 146 CDO/ABS 198 ( 156) ( 87) ( 45) Total bonds available for sale 785 ( 197) ( 845) ( 257) Other bond securities: Corporate debt - - - - RMBS - - ( 41) ( 41) CMBS 4 - ( 1) 3 CDO/ABS - - ( 201) ( 201) Total other bond securities 4 - ( 243) ( 239) Equity securities - - - - Mortgage and other loans receivable - - - - Other invested assets 4 - - 4 Other assets - - 1 1 Total assets $ 793 $ ( 197) $ ( 1,087) $ ( 491) Liabilities: Policyholder contract deposits $ - $ 173 $ 20 $ 193 Derivative liabilities, net ( 13) - 32 19 Total liabilities $ ( 13) $ 173 $ 52 $ 212 (a) There were no issuances during the three-month periods ended March 31, 2020 and 2019. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2020 and 2019 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities). Transfers of Level 3 Assets and Liabilities The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $( 156) million and $( 55) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three-month periods ended March 31, 2020 and 2019, respectively, and includes $( 55) million and $( 1) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three-month periods ended March 31, 2020 and 2019, respectively. Transfers of Level 3 Assets During the three-month periods ended March 31, 2020 and 2019, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the three-month periods ended March 31, 2020 and 2019, transfers out of Level 3 assets primarily included private placement and other corporate debt, CMBS, RMBS, CDO/ABS and certain investments in municipal securities. Transfers of certain investments in municipal securities, corporate debt, RMBS, CMBS and CDO/ABS out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market. Transfers of Level 3 Liabilities There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three-month periods ended March 31, 2020 and 2019. QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers and from internal valuation models. Because input information from third-parties with respect to certain Level 3 instruments (primarily CDO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: Fair Value at March 31, Valuation Range (in millions) 2020 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,616 Discounted cash flow Yield 3.37% - 4.13% ( 3.75%) Corporate debt 982 Discounted cash flow Yield 2.11% - 6.18% ( 4.14%) RMBS (a) 10,762 Discounted cash flow Constant prepayment rate 4.46% - 13.12% ( 8.79%) Loss severity 30.78% - 76.29% ( 53.53%) Constant default rate 1.41% - 5.86% ( 3.63%) Yield 4.01% - 6.89% ( 5.45%) CDO/ABS (a) 6,914 Discounted cash flow Yield 3.93% - 7.94% ( 5.94%) CMBS 555 Discounted cash flow Yield 1.06% - 6.94% ( 4.00%) Liabilities: Embedded derivatives within Policyholder contract deposits: Guaranteed minimum withdrawal benefits (GMWB) 3,978 Discounted cash flow Equity volatility 7.00% - 57.00% Base lapse rate 0.00% - 13.00% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (c) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (d) 1.31% - 2.80% Index annuities 3,719 Discounted cash flow Lapse rate 0.31% - 50.00% Mortality multiplier (c) 24.00% - 180.00% Option budget 0.00% - 4.00% NPA (d) 1.31% - 2.80% Indexed life 434 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (d) 1.31% - 2.80% Fair Value at December 31, Valuation Range (in millions) 2019 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,633 Discounted cash flow Yield 3.35% - 3.95% ( 3.65%) Corporate debt 1,087 Discounted cash flow Yield 3.48% - 6.22% ( 4.85%) RMBS (a) 11,746 Discounted cash flow Constant prepayment rate 4.00% - 12.89% ( 8.44%) Loss severity 33.68% - 76.91% ( 55.29%) Constant default rate 1.68% - 6.17% ( 3.93%) Yield 2.52% - 4.53% ( 3.52%) CDO/ABS (a) 6,025 Discounted cash flow Yield 2.92% - 4.91% ( 3.91%) CMBS 476 Discounted cash flow Yield 2.77% - 5.18% ( 3.97%) Liabilities: Embedded derivatives within Policyholder contract deposits: GMWB 2,474 Discounted cash flow Equity volatility 6.15% - 48.85% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (c) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (d) 0.12% - 1.53% Index annuities 3,895 Discounted cash flow Lapse rate 0.31% - 50.00% Mortality multiplier (c) 24.00% - 180.00% Option budget 1.00% - 4.00% NPA (d) 0.12% - 1.53% Indexed life 510 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (d) 0.12% - 1.53% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (d) The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting. The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CDO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value-weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities. Interrelationships between Unobservable Inputs We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply. Fixed Maturity Securities The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments. Embedded derivatives within Policyholder contract deposits Embedded derivatives reported within Policyholder contract deposits include interest crediting rates based on market indices within index annuities, indexed life, and GICs as well as GMWB within variable annuity and certain index annuity products. For any given contract, assumptions for unobservable inputs vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. The following unobservable inputs are used for valuing embedded derivatives measured at fair value:  Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. Increases in assumed volatility will generally increase the fair value of both the projected cash flows from rider fees as well as the projected cash flows related to benefit payments. Therefore, the net change in the fair value of the liability may be either a decrease or an increase, depending on the relative changes in projected rider fees and projected benefit payments.  Equity / interest rate correlation estimates the relationship between changes in equity returns and interest rates in the economic scenario generator used to value our GMWB embedded derivatives. In general, a higher positive correlation assumes that equity markets and interest rates move in a more correlated fashion, which generally increases the fair value of the liability.  Base lapse rate assumptions are determined by company experience and are adjusted at the contract level using a dynamic lapse function, which reduces the base lapse rate when the contract is in-the-money (when the contract holder’s guaranteed value, as estimated by the company, is worth more than their underlying account value). Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. Increases in assumed lapse rates will generally decrease the fair value of the liability, as fewer policyholders would persist to collect guaranteed withdrawal amounts.  Mortality rate assumptions, which vary by age and gender, are based on company experience and include a mortality improvement assumption. Increases in assumed mortality rates will decrease the fair value of the liability, while lower mortality rate assumptions will generally increase the fair value of the liability, because guaranteed payments will be made for a longer period of time.  Utilization assumptions estimate the timing when policyholders with a GMWB will elect to utilize their benefit and begin taking withdrawals. The assumptions may vary by the type of guarantee, tax-qualified status, the contract’s withdrawal history and the age of the policyholder. Utilization assumptions are based on company experience, which includes partial withdrawal behavior. Increases in assumed utilization rates will generally increase the fair value of the liability.  Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price changes. The level of option budgets determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives. Investments in Certain Entities Carried at Fair Value Using 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. March 31, 2020 December 31, 2019 Fair Value Fair Value Using NAV Using NAV Per Share (or Unfunded Per Share (or Unfunded (in millions) Investment Category Includes its equivalent) Commitments its equivalent) Commitments Investment Category Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 1,245 $ 1,454 $ 1,189 $ 1,543 Real Estate / Infrastructure Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities 412 451 400 290 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 130 142 111 155 Growth Equity Funds that make investments in established companies for the purpose of growing their businesses 480 87 422 57 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 377 339 325 414 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 769 135 773 206 Total private equity funds 3,413 2,608 3,220 2,665 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 361 - 727 - Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 408 - 539 - Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 697 - 894 - Distressed Securities of companies that are in default, under bankruptcy protection or troubled - - 1 - 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 150 1 168 1 Total hedge funds 1,616 1 2,329 1 Total $ 5,029 $ 2,609 $ 5,549 $ 2,666 Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year one two-year The hedge fund investments included above, which are carried at fair value, are generally redeemable subject to the redemption notices period. The majority of our hedge fund investments are redeemable monthly or quarterly. 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: Three Months Ended March 31, Gain (Loss) (in millions) 2020 2019 Assets: Bonds $ ( 60) $ 355 Alternative investments (a) ( 139) 230 Liabilities: Long-term debt (b) ( 203) ( 60) Total gain (loss) $ ( 402) $ 525 (a) Includes certain hedge funds, private equity funds and other investment partnerships. (b) Includes GIAs, notes, bonds and mortgages payable. We calculate the effect of these credit spread changes using discounted cash flow techniques that incorporate current market interest rates, our observable credit spreads on these liabilities and other factors that mitigate the risk of nonperformance such as cash collateral posted. 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: March 31, 2020 December 31, 2019 Outstanding Outstanding (in millions) Fair Value Principal Amount Difference Fair Value Principal Amount Difference Liabilities: Long-term debt * $ 2,276 $ 1,543 $ 733 $ 2,062 $ 1,502 $ 560 * Includes GIAs, notes, bonds, loans and mortgages payable. FAIR VALUE MEASUREMENTS ON A NON-RECURRING BASIS 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 Three Months Ended March 31, (in millions) Leve

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2020
INVESTMENTS
INVESTMENTS	6. Investments Fixed Maturity Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 On January 1, 2020, AIG adopted the Financial Instruments Credit Losses Standard. Prior to the adoption of this standard, AIG did not record an allowance against the amortized cost basis of held to maturity securities. 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 PCD 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. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 RMBS, CMBS and CDO/ABS, (collectively, 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, effective yields are recalculated and adjusted prospectively based on changes in expected undiscounted future cash flows. For purchased credit impaired (PCI) securities, at acquisition, the difference between the undiscounted expected future cash flows and the recorded investment in the securities represents the initial accretable yield, which is to be accreted into net investment income over the securities’ remaining lives on an effective level-yield basis. Subsequently, effective yields recognized on PCI securities are recalculated and adjusted prospectively to reflect changes in the contractual benchmark interest rates on variable rate securities and any significant increases in undiscounted expected future cash flows arising due to reasons other than interest rate changes. Securities Available for Sale The following table presents the amortized cost or cost and fair value of our available for sale securities: Amortized Allowance Gross Gross Cost or for Credit Unrealized Unrealized Fair (in millions) Cost Losses (a) Gains Losses Value March 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 4,664 $ - $ 1,042 $ ( 17) $ 5,689 Obligations of states, municipalities and political subdivisions 14,140 - 1,375 ( 75) 15,440 Non-U.S. governments 13,737 ( 7) 676 ( 233) 14,173 Corporate debt 140,356 ( 167) 9,073 ( 4,940) 144,322 Mortgage-backed, asset-backed and collateralized: RMBS 29,433 ( 37) 2,069 ( 608) 30,857 CMBS 13,988 - 530 ( 292) 14,226 CDO/ABS 18,268 - 136 ( 1,335) 17,069 Total mortgage-backed, asset-backed and collateralized 61,689 ( 37) 2,735 ( 2,235) 62,152 Total bonds available for sale (c) $ 234,586 $ ( 211) $ 14,901 $ ( 7,500) $ 241,776 Other-Than- Amortized Gross Gross Temporary Cost or Unrealized Unrealized Fair Impairments (in millions) Cost Gains Losses Value in AOCI (b) December 31, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 5,108 $ 316 $ ( 44) $ 5,380 $ - Obligations of states, municipalities and political subdivisions 13,960 1,390 ( 32) 15,318 - Non-U.S. governments 14,042 884 ( 57) 14,869 ( 18) Corporate debt 138,046 12,090 ( 500) 149,636 7 Mortgage-backed, asset-backed and collateralized: RMBS 29,802 3,067 ( 64) 32,805 1,149 CMBS 13,879 576 ( 25) 14,430 34 CDO/ABS 18,393 348 ( 93) 18,648 14 Total mortgage-backed, asset-backed and collateralized 62,074 3,991 ( 182) 65,883 1,197 Total bonds available for sale (c) $ 233,230 $ 18,671 $ ( 815) $ 251,086 $ 1,186 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through the statements of income and are not recognized in other comprehensive income. (b) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income (loss). Amount includes unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date. (c) At March 31, 2020 and December 31, 2019, bonds available for sale held by us that were below investment grade or not rated totaled $ 25.1 billion and $ 27.8 billion, 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 Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses March 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 249 $ 17 $ 4 $ - $ 253 $ 17 Obligations of states, municipalities and political subdivisions 1,274 63 181 12 1,455 75 Non-U.S. governments 2,277 156 197 62 2,474 218 Corporate debt 45,529 4,213 1,171 485 46,700 4,698 RMBS 5,743 346 504 39 6,247 385 CMBS 4,653 282 104 10 4,757 292 CDO/ABS 11,229 950 2,734 385 13,963 1,335 Total bonds available for sale $ 70,954 $ 6,027 $ 4,895 $ 993 $ 75,849 $ 7,020 Securities Available for Sale in a Loss Position The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position: Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses December 31, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 1,461 $ 44 $ 63 $ - $ 1,524 $ 44 Obligations of states, municipalities and political subdivisions 672 21 246 11 918 32 Non-U.S. governments 1,105 12 343 45 1,448 57 Corporate debt 11,868 319 2,405 181 14,273 500 RMBS 3,428 28 1,367 36 4,795 64 CMBS 1,877 16 367 9 2,244 25 CDO/ABS 3,920 53 2,571 40 6,491 93 Total bonds available for sale $ 24,331 $ 493 $ 7,362 $ 322 $ 31,693 $ 815 At March 31, 2020, we held 14,067 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 1,041 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2019, we held 5,695 individual fixed maturity securities that were in an unrealized loss position, of which 1,254 individual fixed maturity securities were in a continuous unrealized loss position for 12 months or more. We did not recognize the unrealized losses in earnings on these fixed maturity securities at March 31, 2020 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: Total Fixed Maturity Securities Available for Sale Amortized Cost, (in millions) Net of Allowance Fair Value March 31, 2020 Due in one year or less $ 10,370 $ 10,517 Due after one year through five years 42,552 42,479 Due after five years through ten years 41,923 41,993 Due after ten years 77,878 84,635 Mortgage-backed, asset-backed and collateralized 61,652 62,152 Total $ 234,375 $ 241,776 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities: Three Months Ended March 31, 2020 2019 Gross Gross Gross Gross Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Fixed maturity securities $ 380 $ 166 $ 93 $ 124 For the three-month periods ended March 31, 2020 and 2019, the aggregate fair value of available for sale securities sold was $ 7.2 billion and $ 6.4 billion, respectively, which resulted in net realized capital gains (losses) of $ 214 million and $( 31) million, respectively. 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 and equity securities measured at fair value: March 31, 2020 December 31, 2019 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 2,057 34 % $ 2,121 28 % Corporate debt 16 - 18 - Mortgage-backed, asset-backed and collateralized: RMBS 467 8 489 7 CMBS 271 5 322 4 CDO/ABS and other collateralized 2,542 43 3,732 50 Total mortgage-backed, asset-backed and collateralized 3,280 56 4,543 61 Total fixed maturity securities 5,353 90 6,682 89 Equity securities 624 10 841 11 Total $ 5,977 100 % $ 7,523 100 % Other Invested Assets The following table summarizes the carrying amounts of other invested assets: March 31, December 31, (in millions) 2020 2019 Alternative investments (a) (b) $ 8,158 $ 8,845 Investment real estate (c) 8,348 8,491 All other investments 1,460 1,456 Total $ 17,966 $ 18,792 (a) At March 31, 2020, included hedge funds of $ 2.2 billion, private equity funds of $ 5.6 billion and affordable housing partnerships of $ 282 million. At December 31, 2019, included hedge funds of $ 3.3 billion, private equity funds of $ 5.2 billion and affordable housing partnerships of $ 331 million. (b) At March 31, 2020, approximately 78 percent of our hedge fund portfolio is available for redemption in 2020. The remaining 22 percent will be available for redemption between 2021 and 2027. (c) Net of accumulated depreciation of $ 720 million and $ 703 million at March 31, 2020 and December 31, 2019, respectively. Net Investment Income The following table presents the components of Net investment income: Three Months Ended March 31, (in millions) 2020 2019 Available for sale fixed maturity securities, including short-term investments $ 2,609 $ 2,653 Other fixed maturity securities (a) ( 60) 327 Equity securities ( 191) 79 Interest on mortgage and other loans 513 498 Alternative investments (b) ( 59) 419 Real estate 59 69 Other investments (c) ( 215) ( 52) Total investment income 2,656 3,993 Investment expenses 148 114 Net investment income $ 2,508 $ 3,879 (a) Included in the three-month periods ended March, 31 2020 and 2019 is income of $ 169 million and $ 28 million, respectively, for fixed maturity securities measured at fair value through income that economically hedge liabilities as described in (c) below. (b) Includes income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the three-month periods ended March, 31 2020 and 2019 are losses of $ 202 million and $ 15 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Net Realized Capital Gains and Losses Net realized capital gains and losses are determined by specific identification. The net realized capital gains and losses are generated primarily from the following sources:  Sales or full redemptions 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.  Changes in fair value of derivatives except for those instruments that are designated as hedging instruments when the change in the fair value of the hedged item is not reported in Net realized capital gains (losses).  Foreign exchange gains and losses resulting from foreign currency transactions. The following table presents the components of Net realized capital gains (losses): Three Months Ended March 31, (in millions) 2020 2019 Sales of fixed maturity securities $ 214 $ ( 31) Other-than-temporary impairments - ( 83) Change in intent * - - Change in allowance for credit losses on fixed maturity securities ( 198) - Change in allowance for credit losses on loans ( 38) ( 24) Foreign exchange transactions ( 254) ( 37) Variable annuity embedded derivatives, net of related hedges 2,192 ( 261) All other derivatives and hedge accounting 1,559 ( 72) Other 44 62 Net realized capital gains (losses) $ 3,519 $ ( 446) * For the three months ended March 31, 2019, the change in intent was included in Other-than-temporary impairments. Change in Unrealized Appreciation (Depreciation) of Investments The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Three Months Ended March 31, (in millions) 2020 2019 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ ( 10,455) $ 5,982 Other investments - ( 69) Total increase (decrease) in unrealized appreciation (depreciation) of investments $ ( 10,455) $ 5,913 The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date: Other Invested (in millions) Equities Assets Total Three Months Ended March 31, 2020 Net gains and losses recognized during the period on equity securities $ ( 191) $ ( 129) $ ( 320) Less: Net gains and losses recognized during the period on equity securities sold during the period 12 2 14 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ ( 203) $ ( 131) $ ( 334) Three Months Ended March 31, 2019 Net gains and losses recognized during the period on equity securities $ 79 $ 239 $ 318 Less: Net gains and losses recognized during the period on equity securities sold during the period 19 10 29 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 60 $ 229 $ 289 Evaluating Investments for AN ALLOWANCE FOR CREDIT LOSSES/OTHER-than-TEMPORARY IMPAIRMENTS Fixed Maturity Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 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 realized capital losses. No allowance is established in these situations. 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 realized capital 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 were recognized (a separate component of accumulated other comprehensive income). 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, CDO, 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. Credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to realized capital 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 decreasing realized capital losses. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 the fair value of the security is below amortized cost, an other-than-temporary impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized capital losses. 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 credit impairment has occurred, the amortized cost is written down to the estimated recoverable value with a corresponding charge to realized capital losses. 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 related to a credit impairment is presented in unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were recognized (a separate component of accumulated other comprehensive income). 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. In periods subsequent to the recognition of an other-than-temporary impairment charge for available for sale fixed maturity securities that is not foreign exchange related, we prospectively accrete into earnings the difference between the new amortized cost and the expected undiscounted recoverable value over the remaining expected holding period of the security. 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: Three Months Ended March 31, 2020 Non- (in millions) Structured Structured Total Balance, beginning of year * $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 24 174 198 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets 6 - 6 Reductions: Securities sold during the period - - - Intent to sell security or more likely than not will be required to sell the security before recovery of its amortized cost basis - - - Additional increases or decreases to 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 amortized cost basis - - - Write-offs charged against the allowance - - - Recoveries of amounts previously written off - - - Other - - - Balance, end of period $ 37 $ 174 $ 211 * The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020. The following table presents a rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings for available for sale fixed maturity securities: Three Months Ended March 31, 2019 (in millions) Balance, beginning of year $ - Increases due to: Credit impairments on new securities subject to impairment losses 68 Additional credit impairments on previously impaired securities 6 Reductions due to: Credit impaired securities fully disposed for which there was no prior intent or requirement to sell ( 21) Accretion on securities previously impaired due to credit * - Balance, end of period $ 53 Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time. Purchased Credit Deteriorated/Impaired Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. Subsequent to the adoption of the Financial Instruments Credit Losses Standard 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. During the three-month period ended March 31, 2020, we purchased certain securities which had more than insignificant credit deterioration since their origination. These PCD securities are held in the portfolio of bonds available for sale in their natural classes at March 31, 2020. The following table presents a reconciliation of the purchase price to the unpaid principal balance at the acquisition date of the PCD securities that were purchased with credit deterioration during the three-month period ended March 31, 2020: (in millions) March 31, 2020 Unpaid principal balance $ 187 Allowance for expected credit losses at acquisition ( 6) Purchase (discount) premium ( 48) Purchase price $ 133 Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 We purchase certain RMBS securities that have experienced deterioration in credit quality since their issuance. We determine whether it is probable at acquisition that we will not collect all contractually required payments for these purchased credit impaired (PCI) securities, including both principal and interest. At acquisition, the timing and amount of the undiscounted future cash flows expected to be received on each PCI security is determined based on our best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. At acquisition, the difference between the undiscounted expected future cash flows of the PCI securities and the recorded investment in the securities represents the initial accretable yield, which is accreted into Net investment income over their remaining lives on an effective yield basis. Additionally, the difference between the contractually required payments on the PCI securities and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. The accretable yield and the non-accretable difference will change over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, which are discussed further below. On a quarterly basis, the undiscounted expected future cash flows associated with PCI securities are re-evaluated based on updates to key assumptions. Declines in undiscounted expected future cash flows due to further credit deterioration as well as changes in the expected timing of the cash flows can result in the recognition of an other-than-temporary impairment charge, as PCI securities are subject to our policy for evaluating investments for other-than-temporary impairment. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI securities will change the accretable yield prospectively. Significant increases in undiscounted expected future cash flows for reasons other than interest rate changes are recognized prospectively as adjustments to the accretable yield. The following tables present information on our PCI securities, which are included in bonds available for sale as of December 31, 2019: (in millions) At Date of Acquisition Contractually required payments (principal and interest) $ 35,139 Cash flows expected to be collected * 28,720 Recorded investment in acquired securities 19,382 * Represents undiscounted expected cash flows, including both principal and interest. (in millions) December 31, 2019 Outstanding principal balance $ 10,476 Amortized cost 6,970 Fair value 8,664 The following table presents activity for the accretable yield on PCI securities: Three Months Ended March 31, 2019 (in millions) Balance, beginning of year $ 7,210 Newly purchased PCI securities 12 Accretion ( 172) Effect of changes in interest rate indices ( 134) Net reclassification from (to) non-accretable difference, including effects of prepayments ( 115) Activities related to businesses reclassified to held for sale - Balance, end of period $ 6,801 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) March 31, 2020 December 31, 2019 Fixed maturity securities available for sale $ 2,759 $ 3,030 At March 31, 2020 and December 31, 2019, amounts borrowed under repurchase and securities lending agreements totaled $ 2.9 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 and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total March 31, 2020 Bonds available for sale: Non-U.S. governments $ 4 $ 22 $ - $ - $ - $ 26 Corporate debt 19 104 - - - 123 Total $ 23 $ 126 $ - $ - $ - $ 149 December 31, 2019 Bonds available for sale: Non-U.S. governments $ 2 $ 71 $ - $ - $ - $ 73 Corporate debt 22 55 82 - - 159 Total $ 24 $ 126 $ 82 $ - $ - $ 232 The following table presents the fair value of securities pledged under our securities lending agree

LENDING ACTIVITIES

LENDING ACTIVITIES	3 Months Ended
	Mar. 31, 2020
LENDING ACTIVITIES
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. 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 March 31, 2020, $ 4 million and $ 304 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. Accrued interest is presented separately and is included in Other assets 18 million and $ 130 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. The following table presents the composition of Mortgage and other loans receivable, net: March 31, December 31, (in millions) 2020 2019 Commercial mortgages (a) $ 36,291 $ 36,170 Residential mortgages 6,718 6,683 Life insurance policy loans 2,061 2,065 Commercial loans, other loans and notes receivable 2,561 2,504 Total mortgage and other loans receivable 47,631 47,422 Allowance for credit losses (b) ( 787) ( 438) Mortgage and other loans receivable, net $ 46,844 $ 46,984 (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 23 percent and 11 percent, respectively, at March 31, 2020 and 23 percent and 10 percent, respectively, at December 31, 2019). (b) Does not include $ 58 million of expected credit loss liability at March 31, 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. 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 all periods presented. Credit Quality of Commercial Mortgages The following table presents debt service coverage ratios (a) March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total >1.2X $ 701 $ 5,557 $ 5,963 $ 4,309 $ 5,165 $ 10,745 $ 32,440 1.00 - 1.20X 115 255 505 338 162 2,072 3,447 <1.00X - 74 - - - 330 404 Total commercial mortgages $ 816 $ 5,886 $ 6,468 $ 4,647 $ 5,327 $ 13,147 $ 36,291 The following table presents loan-to-value ratios (b) March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total Less than 65% $ 567 $ 4,567 $ 4,508 $ 3,584 $ 4,032 $ 10,745 $ 28,003 65% to 75% 249 1,319 1,960 924 1,104 2,221 7,777 76% to 80% - - - - 191 5 196 Greater than 80% - - - 139 - 176 315 Total commercial mortgages $ 816 $ 5,886 $ 6,468 $ 4,647 $ 5,327 $ 13,147 $ 36,291 The following table presents debt service coverage ratios and loan-to-value ratios for commercial mortgages: December 31, 2019 Debt Service Coverage Ratios (a) (in millions) >1.20X 1.00X - 1.20X <1.00X Total Loan-to-Value Ratios (b) Less than 65% $ 23,013 $ 2,440 $ 245 $ 25,698 65% to 75% 9,007 899 40 9,946 76% to 80% 200 6 - 206 Greater than 80% 184 2 134 320 Total commercial mortgages $ 32,404 $ 3,347 $ 419 $ 36,170 (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 2.0X at both March 31, 2020 and December 31, 2019. The debt service coverage ratios have been updated within the last three months. (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 56 percent at both March 31, 2020 and December 31, 2019. The loan-to-value ratios have been updated within the last three months. The following table presents the credit quality performance indicators for commercial mortgages: Number Percent of Class of (dollars in millions) Loans Apartments Offices Retail Industrial Hotel Others Total (c) Total $ March 31, 2020 Credit Quality Performance Indicator: In good standing 718 $ 14,153 $ 10,478 $ 5,221 $ 3,574 $ 2,156 $ 438 $ 36,020 99 % Restructured (a) 5 - 87 25 - 101 - 213 1 90 days or less delinquent 1 1 - - - - - 1 - >90 days delinquent or in process of foreclosure 2 - 57 - - - - 57 - Total (b) 726 $ 14,154 $ 10,622 $ 5,246 $ 3,574 $ 2,257 $ 438 $ 36,291 100 % Allowance for credit losses $ 161 $ 315 $ 115 $ 66 $ 24 $ 8 $ 689 2 % December 31, 2019 Credit Quality Performance Indicator: In good standing 736 $ 13,698 $ 10,553 $ 5,332 $ 3,663 $ 2,211 $ 522 $ 35,979 99 % Restructured (a) 3 - 89 - - 101 - 190 1 90 days or less delinquent 1 1 - - - - - 1 - >90 days delinquent or in process of foreclosure - - - - - - - - - Total (b) 740 $ 13,699 $ 10,642 $ 5,332 $ 3,663 $ 2,312 $ 522 $ 36,170 100 % Allowance for credit losses: Specific $ - $ 2 $ 1 $ - $ 6 $ - $ 9 - % General 81 153 44 30 14 5 327 1 Total allowance for credit losses $ 81 $ 155 $ 45 $ 30 $ 20 $ 5 $ 336 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 8 to the Consolidated Financial Statements in the 2019 Annual Report. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. The following table presents credit quality performance indicators for residential mortgages by year of vintage: March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total FICO*: 780 and greater $ 116 $ 973 $ 638 $ 984 $ 996 $ 969 $ 4,676 720 - 779 128 496 190 265 282 285 1,646 660 - 719 6 77 43 55 65 85 331 600 - 659 1 8 7 8 7 16 47 Less than 600 - 1 1 2 3 11 18 Total residential mortgages $ 251 $ 1,555 $ 879 $ 1,314 $ 1,353 $ 1,366 $ 6,718 * 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 three months Methodology Used to Estimate the Allowance for Credit Losses Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 capital losses. This allowance reflects the risk of loss, even when that risk is remote, and reflects losses 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 /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, 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 Condensed 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 capital gains (losses) in the Condensed Consolidated Statements of Income. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 Mortgage and other loans receivable are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. Impairment of commercial mortgages is typically determined using the fair value of collateral while impairment of other loans is typically determined using the present value of cash flows or the loan’s observable market price. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past-due status, debt service coverage, loan-to-value ratio, property type and location, loan term, profile of the borrower and of the major property tenants, and loan seasoning. When all or a portion of a loan is deemed uncollectable, the uncollectable portion of the carrying amount of the loan is charged off against the allowance. The following table presents a rollforward of the changes in the allowance for losses on Mortgage and other loans receivable (a) Three Months Ended March 31, 2020 2019 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 336 $ 102 $ 438 $ 318 $ 79 $ 397 Initial allowance upon CECL adoption 311 7 318 - - - Loans charged off - - - - - - Recoveries of loans previously charged off - - - - - - Net charge-offs - - - - - - Provision for loan losses 42 ( 11) 31 5 20 25 Allowance, end of period $ 689 $ 98 $ 787 $ 323 (b) $ 99 $ 422 (a) Does not include $ 58 million of expected credit loss liability at March 31, 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) The March 31, 2019 total allowance was calculated prior to the adoption of ASC 326 on January 1, 2020. Of the total allowance, $ 3 million relates to individually assessed credit losses on $ 148 million of commercial mortgages at 2019. As a result of the COVID-19 crisis, including the significant global economic slowdown and general market decline, our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans have been updated to reflect the current economic environment. The full impact of COVID-19 on real estate valuations remains uncertain and we will continue to review our valuations as further information becomes available. During the three month period ended March 31, 2020, loans with a carrying value of $ 25 million were modified in troubled debt restructurings. There were no

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2020
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	8. Variable Interest Entities We enter into various arrangements with variable interest entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks the entity was designed to expose the variable interest holders to. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. Balance Sheet Classification and Exposure to Loss The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets: Real Estate and Affordable Investment Securitization Housing (in millions) Entities (d) Vehicles (e) Partnerships Other Total March 31, 2020 Assets: Bonds available for sale $ 256 $ 6,255 $ - $ - $ 6,511 Other bond securities - 2,266 - 1 2,267 Mortgage and other loans receivable - 4,025 - - 4,025 Other invested assets 5,180 - 3,635 42 8,857 Other (a) 500 1,915 483 42 2,940 Total assets (b) $ 5,936 $ 14,461 $ 4,118 $ 85 $ 24,600 Liabilities: Long-term debt $ 2,794 $ 4,515 $ 2,201 $ 4 $ 9,514 Other (c) 184 193 195 23 595 Total liabilities $ 2,978 $ 4,708 $ 2,396 $ 27 $ 10,109 December 31, 2019 Assets: Bonds available for sale $ 177 $ 7,239 $ - $ - $ 7,416 Other bond securities - 3,324 - 1 3,325 Mortgage and other loans receivable - 3,860 - - 3,860 Other invested assets 5,231 - 3,464 42 8,737 Other (a) 615 1,996 469 42 3,122 Total assets (b) $ 6,023 $ 16,419 $ 3,933 $ 85 $ 26,460 Liabilities: Long-term debt $ 2,810 $ 4,356 $ 2,074 $ 4 $ 9,244 Other (c) 236 359 195 24 814 Total liabilities $ 3,046 $ 4,715 $ 2,269 $ 28 $ 10,058 (a) Comprised primarily of Short-term investments and Other assets at March 31, 2020 and December 31, 2019. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at March 31, 2020 and December 31, 2019. (d) At March 31, 2020 and December 31, 2019, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $ 2.4 billion and $ 2.6 billion, respectively. (e) At March 31, 2020 and December 31, 2019, the company had contributed total assets of $ 13.7 billion and $ 15.6 billion, respectively, into consolidated securitization vehicles. We calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE. Interest holders in VIEs sponsored by us generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to us, except in limited circumstances when we have provided a guarantee to the VIE’s interest holders. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss Total VIE On-Balance Off-Balance (in millions) Assets Sheet (b) Sheet Total March 31, 2020 Real estate and investment entities (a) $ 288,131 $ 5,810 $ 3,546 $ 9,356 Affordable housing partnerships 3,064 397 - 397 Other 5,514 358 561 (c) 919 Total $ 296,709 $ 6,565 $ 4,107 $ 10,672 December 31, 2019 Real estate and investment entities (a) $ 283,349 $ 6,519 $ 3,286 $ 9,805 Affordable housing partnerships 3,351 453 - 453 Other 5,320 310 561 (c) 871 Total $ 292,020 $ 7,282 $ 3,847 $ 11,129 (a) Comprised primarily of hedge funds and private equity funds. (b) At March 31, 2020 and December 31, 2019, $ 6.4 billion and $ 7.0 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet. For additional information on VIEs see Note 11 to the Consolidated Financial Statements in the 2019 Annual Report.

DERIVATIVES AND HEDGE ACCOUNTIN

DERIVATIVES AND HEDGE ACCOUNTING	3 Months Ended
	Mar. 31, 2020
DERIVATIVES AND HEDGE ACCOUNTING
DERIVATIVES AND HEDGE ACCOUNTING	9. Derivatives and Hedge Accounting We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. For a discussion of our accounting policies and procedures regarding derivatives and hedge accounting see Note 12 to the Consolidated Financial Statements in the 2019 Annual Report . Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and 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 mitigate financial risk embedded in certain insurance liabilities and economically hedge certain investments. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative instruments with respect to investment operations, which may include, among other things, credit default swaps (CDSs) and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets: March 31, 2020 December 31, 2019 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Notional Fair Notional Fair Notional Fair Notional Fair (in millions) Amount Value Amount Value Amount Value Amount Value Derivatives designated as hedging instruments: (a) Interest rate contracts $ 735 $ 18 $ 316 $ 11 $ 495 $ 3 $ 410 $ 7 Foreign exchange contracts 7,592 843 1,929 88 4,328 342 5,230 162 Derivatives not designated as hedging instruments: (a) Interest rate contracts 50,409 6,605 36,573 4,215 52,437 3,197 35,231 2,742 Foreign exchange contracts 12,350 1,495 8,818 944 8,133 698 12,093 863 Equity contracts 22,291 1,240 4,313 77 18,533 769 7,539 139 Credit contracts (b) 7,617 133 923 81 8,457 3 923 89 Other contracts (c) 41,563 15 56 13 40,582 14 56 7 Total derivatives, gross $ 142,557 $ 10,349 $ 52,928 $ 5,429 $ 132,965 $ 5,026 $ 61,482 $ 4,009 Counterparty netting (d) ( 4,645) ( 4,645) ( 2,427) ( 2,427) Cash collateral (e) ( 4,840) ( 147) ( 1,806) ( 527) Total derivatives on condensed consolidated balance sheets (f) $ 864 $ 637 $ 793 $ 1,055 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of March 31, 2020 and December 31, 2019, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 146 million and $ 152 million (fair value liability of $ 56 million and $ 48 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio. (c) Consists primarily of stable value wraps and contracts with multiple underlying exposures. (d) Represents netting of derivative exposures covered by a qualifying master netting agreement. (e) Represents cash collateral posted and received that is eligible for netting. (f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero 8.2 billion and $ 6.9 billion, respectively, at March 31, 2020 and December 31, 2019. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components. Collateral We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. Collateral posted by us to third parties for derivative transactions was $ 1.9 billion at March 31, 2020 and $ 2.2 billion at December 31, 2019. 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 $ 5.5 billion and $ 2.2 billion at March 31, 2020 and December 31, 2019, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral. Offsetting We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement. Hedge Accounting We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates. We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three-month periods ended March 31, 2020 and 2019, we recognized gains of $ 99 million and $ 64 million, respectively, included in Change in foreign currency translation adjustment in Other comprehensive income related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in earnings on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income: Gains/(Losses) Recognized in Earnings for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended March 31, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 17 $ - $ ( 17) $ - Net investment income ( 3) - 3 - Foreign exchange contracts: Realized capital gains/(losses) 305 281 ( 305) 281 Three Months Ended March 31, 2019 Interest rate contracts: Interest credited to policyholder account balances $ 5 $ - $ ( 5) $ - Net investment income ( 1) - 1 - Foreign exchange contracts: Realized capital gains/(losses) ( 8) ( 14) 8 ( 14) (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis. Derivatives Not Designated as Hedging Instruments The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income: Gains (Losses) Three Months Ended March 31, Recognized in Earnings (in millions) 2020 2019 By Derivative Type: Interest rate contracts $ 2,573 $ 359 Foreign exchange contracts 1,025 ( 28) Equity contracts 1,103 ( 208) Credit contracts 122 ( 8) Other contracts 10 16 Embedded derivatives ( 1,052) ( 449) Total $ 3,781 $ ( 318) By Classification: Policy fees $ 15 $ 17 Net investment income ( 2) ( 5) Net realized capital gains (losses) 3,752 ( 334) Policyholder benefits and claims incurred 16 4 Total $ 3,781 $ ( 318) CREDIT RISK-RELATED CONTINGENT FEATURES We estimate that at March 31, 2020, 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 $ 44 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 $ 257 million and $ 336 million at March 31, 2020 and December 31, 2019, respectively. The aggregate fair value of assets posted as collateral under these contracts at March 31, 2020 and December 31, 2019, was approximately $ 399 million and $ 381 million, respectively. Hybrid Securities with Embedded Credit Derivatives We invest in hybrid securities (such as credit-linked notes) with the intent of generating income, and not specifically to acquire exposure to embedded derivative risk. As is the case with our other investments in RMBS, CMBS, CDOs and ABS, our investments in these hybrid securities are exposed to losses only up to the amount of our initial investment in the hybrid security. Other than our initial investment in the hybrid securities, we have no further obligation to make payments on the embedded credit derivatives in the related hybrid securities. We elect to account for our investments in these hybrid securities with embedded written credit derivatives at fair value, with changes in fair value recognized in Net investment income and Other income. Our investments in these hybrid securities are reported as Other bond securities in the Condensed Consolidated Balance Sheets. The fair values of these hybrid securities were $ 2.3 billion and $ 3.3 billion at March 31, 2020 and December 31, 2019, respectively. These securities have par amounts of $ 5.3 billion and $ 7.4 billion at March 31, 2020 and December 31, 2019, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

INSURANCE LIABILITIES	3 Months Ended
	Mar. 31, 2020
Insurance Liabilites
INSURANCE LIABILITIES	10. Insurance Liabilities Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves) Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported 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. Given the uncertainties around the impact from the COVID-19 crisis, including the significant global economic slowdown and general market decline, the full impact of COVID-19 and how it may ultimately impact the results of our insurance operations remains uncertain. In addition, in response to the crisis, new governmental, legislative and regulatory initiatives have been put in place and continue to be developed that could result in additional restrictions and requirements relating to our policies that may have a negative impact on our business operations. However, we have recorded our estimate of the ultimate liability for claims that have occurred as of the balance sheet date associated with COVID-19 which reflects our expectations given the current facts and circumstances. We will continue to monitor and review the impact. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development. Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $ 12.3 billion and $ 12.2 billion at March 31, 2020 and December 31, 2019, 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 both March 31, 2020 and December 31, 2019, we held collateral of approximately $ 8.9 billion, 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 March 31, 2020. The following table presents the roll-forward of activity in Loss Reserves: Three Months Ended March 31, (in millions) 2020 2019 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,328 $ 83,639 Reinsurance recoverable ( 31,069) ( 31,690) Initial allowance upon CECL adoption 164 - Net Liability for unpaid loss and loss adjustment expenses, beginning of period 47,423 51,949 Losses and loss adjustment expenses incurred : Current year 4,111 4,297 Prior years, excluding discount and amortization of deferred gain ( 1) ( 15) Prior years, discount charge (benefit) 76 497 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 75) ( 86) Total losses and loss adjustment expenses incurred 4,111 4,693 Losses and loss adjustment expenses paid : Current year ( 342) ( 317) Prior years ( 4,351) ( 5,639) Total losses and loss adjustment expenses paid ( 4,693) ( 5,956) Other changes : Foreign exchange effect ( 230) 216 Allowance for credit losses - - Retroactive reinsurance adjustment (net of discount) (b) 22 ( 190) Total other changes ( 208) 26 Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 46,633 50,712 Reinsurance recoverable 31,114 31,784 Total $ 77,747 $ 82,496 (a) Includes $ 8 million and $ 9 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three-month periods ended March 31, 2020 and 2019, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 72 million and $ 307 million for the three-month periods ended March 31, 2020 and 2019, respectively. On January 20, 2017, we entered into an adverse development reinsurance agreement 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. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $ 25 billion of net paid losses, up to an aggregate limit of $ 25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $ 20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $ 10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement. The total paid claims subject to the agreement as of March 31, 2020 were below the attachment point. Discounting of Loss Reserves At March 31, 2020 and December 31, 2019, the loss reserves reflect a net loss reserve discount of $ 1.6 billion and $ 1.5 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions: The discount for asbestos reserves has been fully amortized. The tabular workers’ compensation discount is calculated based on a 3.5 percent interest rate and the mortality rate used in the 2007 U.S. Life Table. The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York and Pennsylvania, and follows the statutory regulations (prescribed or permitted) for each state. For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns. For the Pennsylvania companies, the statute specifies discount factors for accident years 2001 and prior, which are based on a 6 percent interest rate and an industry payout pattern. For accident years 2002 and subsequent, the discount is based on the payout patterns and investment yields of the companies. In 2013 and in 2014, our Pennsylvania and Delaware regulators, respectively, approved use of a consistent discount rate (U.S. Treasury rate plus a liquidity premium) to all of our workers’ compensation reserves in our Pennsylvania-domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, these regulators also approved that the discount rate will be updated on an annual basis, with the next update being performed in the fourth quarter of 2020. At March 31, 2020 and December 31, 2019, the discount consists of $ 593 million and $ 582 million of tabular discount, respectively, and $ 972 million and $ 967 million of non-tabular discount for workers’ compensation, respectively. During the three-month periods ended March 31, 2020 and 2019, the benefit (charge) from changes in discount of $( 56) million and $( 473) million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. The following table presents the components of the loss reserve discount discussed above: March 31, 2020 December 31, 2019 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total U.S. workers' compensation $ 2,087 $ 657 $ 2,744 $ 2,134 $ 666 $ 2,800 Retroactive reinsurance ( 1,179) - ( 1,179) ( 1,251) - ( 1,251) Total reserve discount * $ 908 $ 657 $ 1,565 $ 883 $ 666 $ 1,549 * Excludes $ 170 million and $ 172 million of discount related to certain long tail liabilities in the UK at March 31, 2020 and December 31, 2019, respectively. The following table presents the net loss reserve discount benefit (charge): Three Months Ended March 31, 2020 2019 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 20 $ - $ 20 $ 24 $ - $ 24 Accretion and other adjustments to prior year discount ( 67) ( 9) ( 76) ( 251) ( 13) ( 264) Effect of interest rate changes - - - ( 167) ( 66) ( 233) Net reserve discount benefit (charge) ( 47) ( 9) ( 56) ( 394) ( 79) ( 473) Change in discount on loss reserves ceded under retroactive reinsurance 72 - 72 307 - 307 Net change in total reserve discount * $ 25 $ ( 9) $ 16 $ ( 87) $ ( 79) $ ( 166) * Excludes $( 2) million and $ 35 million discount related to certain long tail liabilities in the UK for the three-month periods ended March 31, 2020 and 2019, respectively.

CONTINGENCIES, COMMITMENTS AND

CONTINGENCIES, COMMITMENTS AND GUARANTEES	3 Months Ended
	Mar. 31, 2020
CONTINGENCIES, COMMITMENTS AND GUARANTEES
CONTINGENCIES, COMMITMENTS AND GUARANTEES	11. Contingencies, Commitments and Guarantees In the normal course of business, various contingent liabilities and commitments are entered into by AIG and our subsidiaries. In addition, AIG Parent guarantees various obligations of certain subsidiaries. Although AIG cannot currently quantify its ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on AIG’s consolidated financial condition or its consolidated results of operations or consolidated cash flows for an individual reporting period. Legal Contingencies Overview In the normal course of business, AIG and our subsidiaries are 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 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. For example, among other matters, we are currently responding to governmental investigations and examinations pertaining to certain sales and compensation practices and payments and related disclosures in connection with financial planning services and the sale and distribution of related products, including 403(b) and similar retirement plans, by the Individual and Group Retirement business segments. We have cooperated, and will continue to cooperate, in producing documents and other information with respect to these matters. Tax Litigation We are party to pending tax litigation before the Southern District of New York. For additional information see Note 15 to the Condensed Consolidated Financial Statements. Other Commitments In the normal course of business, we enter into commitments to invest in limited partnerships, private equity funds and hedge funds and to purchase and develop real estate in the U.S. and abroad. These commitments totaled $ 6.9 billion at March 31, 2020. Guarantees Subsidiaries We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIG Financial Products Corp. and related subsidiaries (collectively AIGFP) and of AIG Markets, Inc. (AIG Markets) arising from transactions entered into by AIG Markets. In connection with AIGFP’s business activities, AIGFP has issued, in a limited number of transactions, standby letters of credit or similar facilities to equity investors of structured leasing transactions in an amount equal to the termination value owing to the equity investor by the lessee in the event of a lessee default (the equity termination value). The total amount outstanding at March 31, 2020 was $ 79 million. In those transactions, AIGFP has agreed to pay such amount if the lessee fails to pay. The amount payable by AIGFP is, in certain cases, partially offset by amounts payable under other instruments typically equal to the present value of scheduled payments to be made by AIGFP. In the event that AIGFP is required to make a payment to the equity investor, the lessee is unconditionally obligated to reimburse AIGFP. To the extent that the equity investor is paid the equity termination value from the standby letter of credit and/or other sources, including payments by the lessee, AIGFP takes an assignment of the equity investor’s rights under the lease of the underlying property. Because the obligations of the lessee under the lease transactions are generally economically defeased, lessee bankruptcy is the most likely circumstance in which AIGFP would be required to pay without reimbursement. AIG Parent files a consolidated federal income tax return with certain subsidiaries and acts as an agent for the consolidated tax group when making payments to the Internal Revenue Service (IRS). AIG Parent and its subsidiaries have adopted, pursuant to a written agreement, a method of allocating consolidated federal income taxes. Under an Amended and Restated Tax Payment Allocation Agreement dated June 6, 2011 between AIG Parent and one of its Bermuda-domiciled insurance subsidiaries, AIG Life of Bermuda, Ltd. (AIGB), AIG Parent has agreed to indemnify AIGB for any tax liability (including interest and penalties) resulting from adjustments made by the IRS or other appropriate authorities to taxable income, special deductions or credits in connection with investments made by AIGB in certain affiliated entities. Asset Dispositions We are subject to financial guarantees and indemnity arrangements in connection with the completed sales of businesses pursuant to our asset disposition plan. The various arrangements may be triggered by, among other things, declines in asset values, the occurrence of specified business contingencies, the realization of contingent liabilities, developments in litigation or breaches of representations, warranties or covenants provided by us. These arrangements are typically subject to various time limitations, defined by the contract or by operation of law, such as statutes of limitation. In some cases, the maximum potential obligation is subject to contractual limitations, while in other cases such limitations are not specified or are not applicable. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe that it is unlikely we will have to make any material payments related to completed sales under these arrangements, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. Other  For additional discussion on commitments and guarantees associated with VIEs see Note 8 herein.  For additional disclosures about derivatives see Note 9 herein.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
EQUITY
EQUITY	12. 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, each representing a 1/1,000th interest in a share of Series A Preferred Stock), $ 5.00 par value and $ 25,000 liquidation preference per share (equivalent to $ 25 per Depositary Share). After underwriting discounts and expenses, we received net proceeds of approximately $ 485 million. We may redeem the Series A Preferred Stock at our option, (a) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Rating Agency Event,” at a redemption price equal to $ 25,500 per share of the Series A Preferred Stock (equivalent to $ 25.50 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date), or (b) (i) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a “Regulatory Capital Event,” or (ii) in whole or in part, from time to time, on or after March 15, 2024, in each case, at a redemption price equal to $ 25,000 per share of the Series A Preferred Stock (equivalent to $ 25.00 per Depositary Share), plus an amount equal to any dividends per share that have been declared but not paid prior to the redemption date (but no amount due in respect of any dividends that have not been declared prior to such date). A “Rating Agency Event” is generally defined to mean that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended (the Exchange Act) that then publishes a rating for us amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series A Preferred Stock, which amendment, clarification or change results in the shortening of the length of time the Series A Preferred Stock is assigned a particular level of equity credit by that rating agency as compared to the length of time it would have been assigned that level of equity credit by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock, or the lowering of the equity credit (including up to a lesser amount) assigned to the Series A Preferred Stock by that rating agency as compared to the equity credit assigned by that rating agency or its predecessor on the initial issuance of the Series A Preferred Stock. A “Regulatory Capital Event” is generally defined to mean our good faith determination that as a result of a change in law, rule or regulation, or a proposed change or an official judicial or administrative pronouncement, there is more than an insubstantial risk that the full liquidation preference of the Series A Preferred Stock would not qualify as capital (or a substantially similar concept) for purposes of any group capital standard to which we are or will be subject. Holders of the Series A Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our board of directors (or a duly authorized committee of the board). Dividends will be payable from the original date of issue at a rate of 5.85% per annum, payable quarterly, in arrears, on the fifteenth day of March, June, September and December of each year, beginning on June 15, 2019. Dividends on the Series A Preferred Stock will be non-cumulative. On February 12, 2020, our Board of Directors declared a cash dividend of $ 365.625 per share on AIG’s Series A Preferred Stock. Holders of Depositary Shares each representing a 1/1,000th interest in a share of Series A Preferred Stock received $ 0.365625 per Depositary Share. The dividend was paid on March 16, 2020 to holders of record at the close of business on February 28, 2020. In the event of any liquidation, dissolution or winding-up of the affairs of AIG, whether voluntary or involuntary, before any distribution or payment out of our assets may be made to or set aside for the holders of any junior stock, holders of the Series A Preferred Stock will be entitled to receive out of our assets legally available for distribution to our stockholders, an amount equal to $ 25,000 per share of Series A Preferred Stock (equivalent to $ 25.00 per Depositary Share), together with an amount equal to all declared and unpaid dividends (if any), but no amount in respect of any undeclared dividends prior to such payment date. Distributions will be made only to the extent of our assets that are available for distribution to stockholders (i.e., after satisfaction of all our liabilities to creditors, if any). The Series A Preferred Stock does not have voting rights, except in limited circumstances, including in the case of certain dividend non-payments. Common Stock The following table presents a rollforward of outstanding shares: Three Months Ended March 31, 2020 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,036,672,461) 869,999,031 Shares issued - 3,452,529 3,452,529 Shares repurchased - ( 12,160,952) ( 12,160,952) Shares, end of period 1,906,671,492 ( 1,045,380,884) 861,290,608 Dividends Dividends are payable on AIG Common Stock only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant. The payment of dividends is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which no dividends may be declared or paid on any AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for. The following table presents declaration date, record date, payment date and dividends paid per common share on AIG Common Stock: Dividends Paid Declaration Date Record Date Payment Date Per Common Share February 12, 2020 March 16, 2020 March 30, 2020 $ 0.32 February 13, 2019 March 15, 2019 March 29, 2019 0.32 For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries see Note 20 to the Consolidated Financial Statements in the 2019 Annual Report . Repurchase of AIG Common Stock The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock: Three Months Ended March 31, (in millions) 2020 2019 Aggregate repurchases of common stock $ 500 $ - Total number of common shares repurchased 12 - Aggregate repurchases of warrants $ - $ - Total number of warrants repurchased - - Our Board of Directors has authorized the repurchase of shares of AIG Common Stock and warrants to purchase shares of AIG Common Stock through a series of actions. On February 13, 2019, our Board of Directors authorized an additional increase of approximately $ 1.5 billion to its previous share repurchase authorization. As of March 31, 2020, $ 1.5 billion remained under our share repurchase authorization. Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise (including through the purchase of warrants). Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans. In the first quarter of 2020, we executed an accelerated stock repurchase (ASR) agreement with a third-party financial institution. The total number of shares of AIG Common Stock repurchased in the three months ended March 31, 2020, and the aggregate purchase price of those shares, reflect our payment of $ 500 million in the aggregate under the ASR agreement and the receipt of approximately 12 million shares of AIG Common Stock in the aggregate. The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors. The repurchase of AIG Common Stock is also subject to the terms of AIG’s outstanding Series A Preferred Stock, pursuant to which AIG may not (other than in limited circumstances) purchase, redeem or otherwise acquire AIG Common Stock unless the full dividends for the latest completed dividend period on all outstanding shares of Series A Preferred Stock have been declared and paid or provided for. Accumulated Other Comprehensive INCOME (LOSS) The following table presents a rollforward of Accumulated other comprehensive income (loss): Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Allowance (Depreciation) Currency Plan Attributable to for Credit Losses of All Other Translation Liabilities Changes in (in millions) Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized depreciation of investments ( 484) ( 9,971) - - - ( 10,455) Change in deferred policy acquisition costs adjustment and other (a) 30 1,377 - - - 1,407 Change in future policy benefits - 1,672 - - - 1,672 Change in foreign currency translation adjustments - - ( 69) - - ( 69) Change in net actuarial loss - - - 4 - 4 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 95 1,380 ( 16) ( 10) - 1,449 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 3 3 Total other comprehensive loss ( 359) ( 5,542) ( 85) ( 7) 3 ( 5,990) Noncontrolling interests - ( 10) ( 4) - - ( 14) Balance, March 31, 2020, net of tax $ ( 359) $ 3,190 $ ( 2,706) $ ( 1,129) $ 10 $ ( 994) Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, December 31, 2018, net of tax $ ( 38) $ 2,426 $ ( 2,725) $ ( 1,086) $ 10 $ ( 1,413) Change in unrealized appreciation of investments 849 5,064 - - - 5,913 Change in deferred policy acquisition costs adjustment and other ( 8) ( 856) - - - ( 864) Change in future policy benefits - ( 1,068) - - - ( 1,068) Change in foreign currency translation adjustments - - 188 - - 188 Change in net actuarial loss - - - 1 - 1 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax liability ( 165) ( 432) ( 24) ( 1) - ( 622) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income (loss) 676 2,708 164 ( 1) - 3,547 Noncontrolling interests - 5 1 - - 6 Balance, March 31, 2019, net of tax $ 638 $ 5,129 $ ( 2,562) $ ( 1,087) $ 10 $ 2,128 (a) Includes net unrealized gains and losses attributable to businesses held for sale at March 31, 2020. The following table presents the other comprehensive income (loss) reclassification adjustments for the three-month periods ended March 31, 2020 and 2019, respectively: Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Allowance (Depreciation) Currency Plan Attributable to for Credit Losses of All Other Translation Liabilities Changes in (in millions) Were Taken Investments Adjustments Adjustment Own Credit Risk Total March 31, 2020 Unrealized change arising during period $ ( 454) $ ( 6,708) $ ( 69) $ ( 7) $ 3 $ ( 7,235) Less: Reclassification adjustments included in net income - 214 - ( 10) - 204 Total other comprehensive income (loss), before income tax expense (benefit) ( 454) ( 6,922) ( 69) 3 3 ( 7,439) Less: Income tax expense (benefit) ( 95) ( 1,380) 16 10 - ( 1,449) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 359) $ ( 5,542) $ ( 85) $ ( 7) $ 3 $ ( 5,990) Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total March 31, 2019 Unrealized change arising during period $ 841 $ 3,109 $ 188 $ ( 5) $ - $ 4,133 Less: Reclassification adjustments included in net income - ( 31) - ( 5) - ( 36) Total other comprehensive income (loss), before income tax expense 841 3,140 188 - - 4,169 Less: Income tax expense 165 432 24 1 - 622 Total other comprehensive income (loss), net of income tax expense $ 676 $ 2,708 $ 164 $ ( 1) $ - $ 3,547 The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income: Amount Reclassified from Accumulated Other Comprehensive Income Three Months Ended March 31, Affected Line Item in the (in millions) 2020 2019 Condensed Consolidated Statements of Income Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken Investments $ - $ - Other realized capital gains Total - - Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments - - Other realized capital gains Total - - Unrealized appreciation (depreciation) of all other investments Investments 214 ( 31) Other realized capital gains Total 214 ( 31) Change in retirement plan liabilities adjustment Prior-service credit - - * Actuarial losses ( 10) ( 5) * Total ( 10) ( 5) Total reclassifications for the period $ 204 $ ( 36) * These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. For additional information see Note 14 herein .

EARNINGS PER COMMON SHARE (EPS)

EARNINGS PER COMMON SHARE (EPS)	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS)	13. Earnings Per Common Share (EPS) The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits. The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, (dollars in millions, except per common share data) 2020 2019 Numerator for EPS: Income from continuing operations $ 1,654 $ 937 Less: Net income (loss) from continuing operations attributable to noncontrolling interests ( 95) 283 Less: Preferred stock dividends 7 - Income attributable to AIG common shareholders from continuing operations 1,742 654 Income from discontinued operations, net of income tax expense - - Net income attributable to AIG common shareholders $ 1,742 $ 654 Denominator for EPS: Weighted average common shares outstanding — basic 874,213,630 875,383,084 Dilutive common shares 4,652,583 2,129,160 Weighted average common shares outstanding — diluted (a) 878,866,213 877,512,244 Income per common share attributable to AIG common shareholders: Basic: Income from continuing operations $ 1.99 $ 0.75 Income from discontinued operations $ - $ - Income attributable to AIG common shareholders $ 1.99 $ 0.75 Diluted: Income from continuing operations $ 1.98 $ 0.75 Income from discontinued operations $ - $ - Income attributable to AIG common shareholders $ 1.98 $ 0.75 (a) Dilutive common shares included our share-based employee compensation plans and a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of common shares excluded from diluted shares outstanding was 67.2 million and 64.3 million for the three-month periods ended March 31, 2020 and 2019, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive. For information about our repurchases of AIG Common Stock see Note 12 herein.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	3 Months Ended
	Mar. 31, 2020
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS	14. Employee Benefits We sponsor various defined benefit plans for eligible employees and retirees in the U.S. and certain non-U.S. countries. The following table presents the components of net periodic benefit cost (credit) with respect to pension benefits: Pension U.S. Non-U.S. (in millions) Plans Plans Total Three Months Ended March 31, 2020 Components of net periodic benefit cost: Service cost $ 1 $ 5 $ 6 Interest cost 34 3 37 Expected return on assets ( 60) ( 5) ( 65) Amortization of net loss 8 2 10 Net periodic benefit cost (credit) ( 17) 5 ( 12) Three Months Ended March 31, 2019 Components of net periodic benefit cost: Service cost $ 2 $ 6 $ 8 Interest cost 44 4 48 Expected return on assets ( 57) ( 5) ( 62) Amortization of net loss 8 1 9 Net periodic benefit cost (credit) ( 3) 6 3 Settlement (credit) charges - ( 4) ( 4) Net benefit cost (credit) $ ( 3) $ 2 $ ( 1) The service cost for our U.S. defined benefit plans only reflect administrative fees as the plans are frozen and no longer accrue benefits. We recognized net expense of $ 2 million for our U.S. and non-U.S. postretirement benefit plans for the three-month period ended March 31, 2020.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2020
INCOME TAXES
INCOME TAXES	15. Income Taxes RECENT U.S. Tax law changes On December 22, 2017, the U.S. enacted Public Law 115-97, known informally as the Tax Cuts and Jobs Act (the Tax Act). The Tax Act includes provisions for Global Intangible Low-Taxed Income (GILTI) under which taxes are imposed on the excess of a deemed return on tangible assets of certain foreign subsidiaries and for Base Erosion and Anti-Abuse Tax (BEAT) under which taxes are imposed on certain base eroding payments to affiliated foreign companies. While the U.S. tax authorities issued formal guidance, including recently issued proposed and final regulations for BEAT and other provisions of the Tax Act, there are still certain aspects of the Tax Act that remain unclear and subject to substantial uncertainties. Additional guidance is expected in future periods. Such guidance may result in changes to the interpretations and assumptions we made and actions we may take, which may impact amounts recorded with respect to international provisions of the Tax Act, possibly materially. Consistent with accounting guidance, we treat BEAT as a period tax charge in the period the tax is incurred and have made an accounting policy election to treat GILTI taxes in a similar manner. On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act to mitigate the economic impacts of the COVID-19 crisis. AIG does not expect the tax provisions of the CARES Act to have a material impact on AIG’s U.S. federal tax liabilities. RECLASSIFICATION OF CERTAIN TAX EFFECTS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME 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 from continuing operations. Interim Tax Calculation Method We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in the realizability of deferred tax assets and uncertain tax positions, and are recorded in the period in which the change occurs. While certain impacts of the Tax Act are included in our annual effective tax rate, we continue to refine our calculations as additional information becomes available, which may result in changes to the estimated annual effective tax rate. As of March 31, 2020, the annual effective tax rate includes the tax effects of actual and projected COVID-19 related losses and market developments. Interim Tax Expense (Benefit) For the three-month period ended March 31, 2020, the effective tax rate on income from continuing operations was 35.3 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards, accrual of interest associated with IRS and other tax authority matters, the effect of foreign operations, state and local income taxes, excess tax charges related to share based compensation payments recorded through the income statement, and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, and reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities. The effect of foreign operations is primarily related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three-month period ended March 31, 2019, the effective tax rate on income from continuing operations was 18.8 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with tax exempt income, reclassifications from accumulated other comprehensive income to income from continuing operations related to the disposal of available for sale securities, and valuation allowance activity related to certain foreign subsidiaries, partially offset by tax charges associated with the effect of foreign operations, state and local income taxes, a net tax charge related to the accrual of IRS interest, excess tax charges related to share based compensation payments recorded through the income statement, and non-deductible transfer pricing charges. The effect of foreign operations is primarily related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three-month period ended March 31, 2020, we consider our foreign earnings with respect to certain operations in Canada, South Africa, the Far East, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested. Given the uncertainties around the impact from the COVID-19 crisis, including the significant global economic slowdown and general market decline, we continue to monitor and review the impact on our reinvestment considerations, including regulatory oversight in the relevant jurisdictions. Assessment of Deferred Tax Asset Valuation Allowance The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed. Our framework for assessing the recoverability of the deferred tax asset requires us to consider all available evidence, including:  the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;  the sustainability of recent operating profitability of our subsidiaries;  the predictability of future operating profitability of the character necessary to realize the net deferred tax asset, including forecasts of future income for each of our businesses and actual and planned business and operational changes;  the carryforward periods for the net operating loss, capital loss and foreign tax credit carryforwards, including the effect of reversing taxable temporary differences; and  prudent and feasible actions and tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset. In performing our assessment of the recoverability of the deferred tax asset under this framework, we consider tax laws governing the utilization of the net operating loss, capital loss and foreign tax credit carryforwards in each applicable jurisdiction. Under U.S. tax law, a company generally must use its net operating loss carryforwards before it can use its foreign tax credit carryforwards, even though the carryforward period for the foreign tax credit is shorter than for the net operating loss. Our U.S. federal consolidated income tax group includes both life companies and non-life companies. While the U.S. taxable income of our non-life companies can be offset by our net operating loss carryforwards, only a portion (no more than 35 percent) of the U.S. taxable income of our life companies can be offset by those net operating loss carryforwards. The remaining tax liability of our life companies can be offset by the foreign tax credit carryforwards. Accordingly, we are able to utilize both the net operating loss and foreign tax credit carryforwards concurrently. Recent events, including the COVID-19 crisis, multiple reductions in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, impacted 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 macro-economic 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. The carryforward periods of our foreign tax credit carryforwards range from tax years 2020 through 2023. Carryforward periods for our net operating losses extend from 2028 forward. However, utilization of a portion of our net operating losses is limited under separate return limitation year (SRLY) rules. Based on first quarter of 2020 events and our analysis of their potential impact on utilization of our tax attributes, we concluded that a valuation allowance should be established on a portion of our foreign tax credit carryforwards and SRLY net operating losses that are no longer more-likely-than-not to be realized. To the extent that the valuation allowance is attributed to changes in forecast of current year taxable income, the impact is included in our estimated annualized effective tax rate. The valuation allowance related to changes in forecasts of income in future periods as well as other items not related to the current year was recorded discretely in the first quarter of 2020. Accordingly, as of March 31, 2020, we have recorded a $ 274 million valuation allowance through continuing operations. Notwithstanding the recent events, our forecasts of future taxable income, including prudent and feasible tax planning strategies, resulted in sufficient income to achieve realization of the U.S. federal net operating loss carryforwards prior to expiration. As of March 31, 2020, based on all available evidence, it is more likely than not that the U.S. federal net operating loss carryforwards will be utilized prior to expiration and, thus, no valuation allowance has been established. Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies, impact of settlements with taxing authorities, and any changes to interpretations and assumptions related to the impact of the Tax Act could change in the near term, perhaps materially, which may require us to consider any potential impact to our assessment of the recoverability of the deferred tax asset. Additionally, estimates of future taxable income, including prudent and feasible tax planning strategies, may be further impacted by market developments arising from the COVID-19 crisis and uncertainty regarding its outcome. Such potential impact could be material to our consolidated financial condition or results of operations for an individual reporting period. For the three-month period ended March 31, 2020, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Life Insurance Companies’ available for sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2020, based on all available evidence, we concluded that no valuation allowance is necessary in the U.S. Life Insurance Companies’ available for sale securities portfolio. For the three-month period ended March 31, 2020, recent changes in market conditions, including interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. non-life companies’ available for sale securities portfolio, resulting in a deferred tax asset related to net unrealized tax capital losses. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. As of March 31, 2020, based on all available evidence, we concluded that a valuation allowance should be established on a portion of the deferred tax asset related to unrealized losses that are not more-likely-than-not to be realized. For the three-month period ended March 31, 2020, we established $ 115 million of valuation allowance associated with the unrealized tax losses in the U.S. non-life companies’ available for sale securities portfolio, all of which was allocated to other comprehensive income. For the three-month period ended March 31, 2020, we recognized a net increase of $ 9 million, in our deferred tax asset valuation allowance associated with certain foreign subsidiaries and state jurisdictions, primarily attributable to current year activity. Tax Examinations and Litigation On August 1, 2012, we filed a motion for partial summary judgment related to the disallowance of foreign tax credits associated with cross border financing transactions in the Southern District of New York. The Southern District of New York denied our summary judgment motion and upon AIG’s appeal, the U.S. Court of Appeals for the Second Circuit (the Second Circuit) affirmed the denial. AIG’s petition for certiorari to the U.S. Supreme Court from the decision of the Second Circuit was denied on March 7, 2016. As a result, the case has been remanded back to the Southern District of New York for a jury trial. In January 2018, the parties reached non-binding agreements in principle on issues presented in the dispute and are currently reviewing the computations reflecting the settlement terms. The resolution is not final and is subject to various reviews. In 2019, we agreed with the IRS to execute an agreement for the tax years at issue in which AIG would waive restrictions on the assessment of additional tax related to the settlement of the underlying issues in those tax years. The litigation has been stayed pending the outcome of the review process. We can provide no assurance regarding the outcome of any such litigation or whether binding compromised settlements with the parties will ultimately be reached. We currently believe that we have adequate reserves for the potential liabilities that may result from these matters. Accounting for Uncertainty in Income Taxes At March 31, 2020 and December 31, 2019, our unrecognized tax benefits, excluding interest and penalties, were $ 4.8 billion. At March 31, 2020 and December 31, 2019, our unrecognized tax benefits related to tax positions that, if recognized, would not affect the effective tax rate because they relate to such factors as the timing, rather than the permissibility, of the deduction were $ 44 million and $ 43 million, respectively. Accordingly, at both March 31, 2020 and December 31, 2019, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $ 4.7 billion. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At March 31, 2020 and December 31, 2019, we had accrued liabilities of $ 2.5 billion and $ 2.4 billion, respectively, for the payment of interest (net of the federal benefit) and penalties. For the three-month periods ended March 31, 2020 and 2019, we accrued expense (benefit) of $ 49 million and $ 58 million, respectively, for the payment of interest and penalties. We believe it is reasonably possible that our unrecognized tax benefits could decrease within the next 12 months by as much as $ 3.6 billion, principally as a result of potential resolutions or settlements of prior years’ tax items. The prior years’ tax items include unrecognized tax benefits related to the deductibility of certain expenses and matters related to cross border financing transactions.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. Subsequent Events Dividends Declared On May 4, 2020, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.32 per share, payable on June 29, 2020 to shareholders of record on June 15, 2020. On May 4, 2020, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $ 365.625 per share, payable on June 15, 2020 to holders of record on May 29, 2020. LLOYD’S SYNDICATE 2019 On May 4, 2020, AIG announced the launch of Lloyd’s Syndicate 2019. This Syndicate will exclusively reinsure risks from AIG’s Private Client Group. Syndicate 2019 is managed by Talbot Underwriting Limited, the managing agency AIG acquired in 2018 as part of the Validus transaction.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
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:  liability for unpaid losses and loss adjustment expenses (loss reserves);  valuation of future policy benefit liabilities and timing and extent of loss recognition;  valuation of liabilities for guaranteed benefit features of variable annuity products;  valuation of embedded derivatives for fixed index annuity and life products;  estimated gross profits to value deferred policy acquisition costs for investment-oriented products;  reinsurance assets;  impairment charges, including impairments on other invested assets and goodwill impairment;  allowances for credit losses primarily on loans, available for sale fixed maturity securities, reinsurance assets and premiums and other receivables;  liability for legal contingencies;  fair value measurements of certain financial assets and liabilities; and  income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset and estimates associated with the Tax Cuts and Jobs Act (the Tax Act). These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNICFICANT ACCOUNT

SUMMARY OF SIGNICFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Standards Adopted	Accounting Standards Adopted During 2020 Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that changed how entities account for current expected credit losses (CECL) for most financial assets, premiums receivable, trade receivables, off-balance sheet exposures and reinsurance receivables (the Financial Instruments Credit Losses Standard We adopted the standard on its effective date of January 1, 2020 using a modified retrospective method, which requires a cumulative effect adjustment to retained earnings. As of January 1, 2020, the impact of the adoption of the standard was a reduction in opening retained earnings of $ 487 million (after-tax) primarily driven by commercial mortgage loans, and, to a lesser extent, reinsurance receivables and recoverables. The following table provides a rollforward of our allowance, including credit losses, in connection with the adoption of the Financial Instruments Credit Losses Standard as well as cross references to the applicable notes herein for additional information: Three Months Ended March 31, 2020 Balance, Cumulative Effect Purchased Credit Balance, Beginning Adjustment as of Deteriorated Initial Increase End of (in millions) of Year January 1, 2020 Allowance (Decrease) Period Securities available for sale (a) $ - $ - $ 13 $ 198 $ 211 Mortgage and other loan receivables (b) 438 318 - 31 787 Reinsurance recoverables (inclusive of deposit accounted assets) (c) 151 224 - ( 13) 362 Premiums and other receivables (d) 178 34 - ( 2) 210 Contractual deductible recoverables (e) - 14 - - 14 Commercial mortgage loan commitments (f) - 51 - 7 58 Total $ 767 $ 641 $ 13 $ 221 $ 1,642 Secondary impacts to certain long-duration insurance contracts (g) ( 27) Tax impact ( 127) Total cumulative effect adjustment $ 487 (a) The allowance for credit losses is reported in Bonds available for sale in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 6 for additional information. (b) The allowance for credit losses is reported in Mortgage and other loans receivable in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (c) The allowance for credit losses is reported for Reinsurance assets for reinsurance contracts that contain sufficient insurance risk, and reported in Other assets for insurance and reinsurance contracts that do not contain sufficient insurance risk in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred for reinsurance contracts that do contain sufficient insurance risk and Premiums for contracts that do not contain sufficient insurance risk in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (d) The allowance for credit losses is reported in Premiums and other receivables in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in General operating and other expenses in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (e) The allowance for credit losses is reported in Liability for unpaid losses and loss adjustment expenses in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. Refer to Note 10 for additional information. (f) The allowance for credit losses is reported in Other liabilities in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (g) This reflects adjustments to the amortization of DAC, unearned revenue reserve and sales inducement assets as well as impacts on the future policy benefits for certain universal life and variable annuity contracts. The following presents the impact of the adoption of the standard on reinsurance recoverables and premiums and other receivables. Reinsurance — Credit Losses The estimation of reinsurance recoverable involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverable on unpaid losses and loss adjustment expenses that are estimated as part of our loss reserving process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross loss reserves. Similarly, Other assets include reinsurance recoverable for contracts which are accounted for as deposits. 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 uncollectable reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, the reinsurance recoverable balances). 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 determined by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; insurers 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 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 rating. 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 March 31, 2020 were $ 42.2 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 87 percent of the reinsurance recoverables are investment grade, of which 82 percent relate to General Insurance and 5 percent relate to Life and Retirement; (ii) approximately 12 percent of the reinsurance recoverables are non-investment grade, the majority of which relates to General Insurance; (iii) less than one one As of March 31, 2020, approximately 76 percent of our non-investment grade reinsurance exposure relates to captive insurers. These arrangements are typically collateralized by letters of credit, funds held or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended March 31, 2020 General Life and (in millions) Insurance Retirement Total Balance, beginning of year $ 111 $ 40 $ 151 Initial allowance upon CECL adoption 202 22 224 Current period provision for expected credit losses and disputes ( 4) 2 ( 2) Write-offs charged against the allowance for credit losses and disputes ( 3) ( 4) ( 7) Other changes ( 4) - ( 4) Balance, end of period $ 302 $ 60 $ 362 There were no Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. Past due balances were not significant for any of the periods presented. Premiums and other receivables — Credit Losses Premiums and other receivables, net of allowance for credit losses include premium balances receivable, amounts due from agents and brokers and policyholders, trade receivables for the Direct Investment book and Global Capital Markets (GCM) and other receivables. Trade receivables for GCM include cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities. The allowance for credit losses and disputes for premiums and other receivables was $ 210 million at March 31, 2020. Our allowance for credit losses for premium receivables considers a combination of internal and external information relating to past events, current conditions and reasonable and supportable forecasts. Our allowance contemplates our contractual provisions. Upon default or delinquency of the policyholder we may be able to cease coverage for the remaining period. In certain jurisdictions we are unable to cancel coverage even in the event of delinquency or default by the policyholder. We consider premium and other receivable balances to be past due if the payment is not received after 90 days from the contractual obligation due date and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. For further information regarding the impacts of the adoption of this standard see Notes 5, 6, 7, 10 and 12 to the Condensed Consolidated Financial Statements. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued an accounting standard that eliminates the requirement to calculate the implied fair value of goodwill, through a hypothetical purchase price allocation, to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity should also consider income tax effects from tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. We adopted the standard on its effective date of January 1, 2020. The adoption of the standard did not have a material impact on our financial position, results of operations or cash flows. Cloud Computing Arrangements In August 2018, the FASB issued an accounting standard that aligns the requirements for capitalizing implementation costs incurred in a cloud computing (or hosting) arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Capitalized implementation costs must be amortized over the term of the hosting arrangement. The accounting for the service element is not affected by the amendments in this update. We adopted the standard prospectively on its effective date of January 1, 2020. The adoption of the standard did not have a material impact on our consolidated financial position, results of operations or cash flows. Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates In March 2020, the Securities and Exchange Commission (SEC) adopted amendments to simplify and streamline the disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered. Currently, the SEC permits the omission of separate financial statements of subsidiary issuers and guarantors when certain conditions are met and the parent company provides summarized financial information of the subsidiary issuers and guarantors. The amendments, among other things, allow companies to cease providing summarized financial information if the subsidiary issuer’s or guarantor’s reporting obligation has been suspended. The amendments are effective January 4, 2021, with early adoption permitted. Effective March 31, 2020, AIG early adopted the amendment and ceased providing the summarized information for the subsidiary issuers and guarantors because the subsidiaries issuer’s reporting obligations have been suspended.
Future Application of Accounting Standards	Future Application of Accounting Standards Targeted Improvements to the Accounting for Long-Duration Contracts In August 2018, the FASB issued an accounting standard update with the objective of making targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The standard prescribes significant and comprehensive changes to recognition, measurement, presentation and disclosure as summarized below:  Requires the review and if necessary update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted below) in the income statement.  Requires the discount rate assumption to be updated at the end of each reporting period using an upper medium grade (low-credit risk) fixed income instrument yield that maximizes the use of observable market inputs and recognizes the impact of changes to discount rates in other comprehensive income.  Simplifies the amortization of deferred policy acquisition costs (DAC) to a constant level basis over the expected term of the related contracts with adjustments for unexpected terminations, but no longer requires an impairment test.  Requires the measurement of all market risk benefits associated with deposit (or account balance) contracts at fair value through the income statement with the exception of instrument-specific credit risk changes, which will be recognized in other comprehensive income.  Increased disclosures of disaggregated roll-forwards of policy benefits, account balances, market risk benefits, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes. In October 2019, the FASB affirmed its decision to defer the effective date of the standard to January 1, 2022. We plan to adopt the standard on its effective date. We have started our implementation efforts and we are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. The adoption of this standard is expected to have a significant impact on our consolidated financial condition, results of operations, cash flows and required disclosures, as well as systems, processes and controls. Income Tax On December 18, 2019, the FASB issued an accounting standard that simplifies the accounting for income taxes by eliminating certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendments also simplified other areas including the accounting for franchise taxes and enacted tax laws or rates, and clarified the accounting for transactions that result in the step-up in the tax basis of goodwill. The standard is effective on January 1, 2021, with early adoption permitted. We are assessing the impact of the standard on our consolidated financial condition, results of operations and cash flows. Reference Rate Reform On March 12, 2020, the FASB issued an accounting standard that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The standard allows us to account for certain contract modifications that result from the discontinuation of the London Inter-Bank Offered Rate (LIBOR) or another reference rate as a continuation of the existing contract without additional analysis. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. We have started our implementation efforts and we are evaluating the method of adoption and impact of the standard on our reported consolidated financial condition, results of operations, cash flows and required disclosures. Clarification of Accounting for Certain Equity Method Investments On January 16, 2020, the FASB issued an accounting standard to clarify how a previously issued standard regarding a company’s ability to measure the fair value of certain equity securities without a readily determinable fair value should interact with equity method investments standards. The previously issued standard provides that such equity securities could be measured at cost, minus impairment, if any, unless an observable transaction for an identical or similar security occurs (measurement alternative). The new standard clarifies that a company should consider observable transactions that require the company to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with the equity method immediately before applying or upon discontinuing the equity method. The standard further clarifies that, when determining the accounting for certain forward contracts and purchased options a company should not consider, whether upon settlement or exercise, if the underlying securities would be accounted for under the equity method or fair value option. The standard is effective for interim and annual reporting periods beginning after December 15, 2020. We are evaluating the impact adoption of this standard will have on our consolidated financial condition, results of operations, cash flows and required disclosures.
Credit Losses	Financial Instruments - Credit Losses In June 2016, the FASB issued an accounting standard that changed how entities account for current expected credit losses (CECL) for most financial assets, premiums receivable, trade receivables, off-balance sheet exposures and reinsurance receivables (the Financial Instruments Credit Losses Standard We adopted the standard on its effective date of January 1, 2020 using a modified retrospective method, which requires a cumulative effect adjustment to retained earnings. As of January 1, 2020, the impact of the adoption of the standard was a reduction in opening retained earnings of $ 487 million (after-tax) primarily driven by commercial mortgage loans, and, to a lesser extent, reinsurance receivables and recoverables. The following table provides a rollforward of our allowance, including credit losses, in connection with the adoption of the Financial Instruments Credit Losses Standard as well as cross references to the applicable notes herein for additional information: Three Months Ended March 31, 2020 Balance, Cumulative Effect Purchased Credit Balance, Beginning Adjustment as of Deteriorated Initial Increase End of (in millions) of Year January 1, 2020 Allowance (Decrease) Period Securities available for sale (a) $ - $ - $ 13 $ 198 $ 211 Mortgage and other loan receivables (b) 438 318 - 31 787 Reinsurance recoverables (inclusive of deposit accounted assets) (c) 151 224 - ( 13) 362 Premiums and other receivables (d) 178 34 - ( 2) 210 Contractual deductible recoverables (e) - 14 - - 14 Commercial mortgage loan commitments (f) - 51 - 7 58 Total $ 767 $ 641 $ 13 $ 221 $ 1,642 Secondary impacts to certain long-duration insurance contracts (g) ( 27) Tax impact ( 127) Total cumulative effect adjustment $ 487 (a) The allowance for credit losses is reported in Bonds available for sale in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 6 for additional information. (b) The allowance for credit losses is reported in Mortgage and other loans receivable in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (c) The allowance for credit losses is reported for Reinsurance assets for reinsurance contracts that contain sufficient insurance risk, and reported in Other assets for insurance and reinsurance contracts that do not contain sufficient insurance risk in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred for reinsurance contracts that do contain sufficient insurance risk and Premiums for contracts that do not contain sufficient insurance risk in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (d) The allowance for credit losses is reported in Premiums and other receivables in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in General operating and other expenses in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (e) The allowance for credit losses is reported in Liability for unpaid losses and loss adjustment expenses in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. Refer to Note 10 for additional information. (f) The allowance for credit losses is reported in Other liabilities in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (g) This reflects adjustments to the amortization of DAC, unearned revenue reserve and sales inducement assets as well as impacts on the future policy benefits for certain universal life and variable annuity contracts. The following presents the impact of the adoption of the standard on reinsurance recoverables and premiums and other receivables. Reinsurance — Credit Losses The estimation of reinsurance recoverable involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverable on unpaid losses and loss adjustment expenses that are estimated as part of our loss reserving process and, consequently, are subject to similar judgments and uncertainties as the estimation of gross loss reserves. Similarly, Other assets include reinsurance recoverable for contracts which are accounted for as deposits. 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 uncollectable reinsurance that reduces the carrying amount of reinsurance and other assets on the consolidated balance sheets (collectively, the reinsurance recoverable balances). 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 determined by the Obligor Risk Ratings (ORRs) we assign to each reinsurer based upon our financial reviews; insurers 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 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 rating. 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 March 31, 2020 were $ 42.2 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 87 percent of the reinsurance recoverables are investment grade, of which 82 percent relate to General Insurance and 5 percent relate to Life and Retirement; (ii) approximately 12 percent of the reinsurance recoverables are non-investment grade, the majority of which relates to General Insurance; (iii) less than one one As of March 31, 2020, approximately 76 percent of our non-investment grade reinsurance exposure relates to captive insurers. These arrangements are typically collateralized by letters of credit, funds held or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended March 31, 2020 General Life and (in millions) Insurance Retirement Total Balance, beginning of year $ 111 $ 40 $ 151 Initial allowance upon CECL adoption 202 22 224 Current period provision for expected credit losses and disputes ( 4) 2 ( 2) Write-offs charged against the allowance for credit losses and disputes ( 3) ( 4) ( 7) Other changes ( 4) - ( 4) Balance, end of period $ 302 $ 60 $ 362 There were no Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. Past due balances were not significant for any of the periods presented. Premiums and other receivables — Credit Losses Premiums and other receivables, net of allowance for credit losses include premium balances receivable, amounts due from agents and brokers and policyholders, trade receivables for the Direct Investment book and Global Capital Markets (GCM) and other receivables. Trade receivables for GCM include cash collateral posted to derivative counterparties that is not eligible to be netted against derivative liabilities. The allowance for credit losses and disputes for premiums and other receivables was $ 210 million at March 31, 2020. Our allowance for credit losses for premium receivables considers a combination of internal and external information relating to past events, current conditions and reasonable and supportable forecasts. Our allowance contemplates our contractual provisions. Upon default or delinquency of the policyholder we may be able to cease coverage for the remaining period. In certain jurisdictions we are unable to cancel coverage even in the event of delinquency or default by the policyholder. We consider premium and other receivable balances to be past due if the payment is not received after 90 days from the contractual obligation due date and record an allowance for disputes when there is reasonable uncertainty of the collectability of a disputed amount during the reporting period. For further information regarding the impacts of the adoption of this standard see Notes 5, 6, 7, 10 and 12 to the Condensed Consolidated Financial Statements.
Investments	Fixed Maturity Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 On January 1, 2020, AIG adopted the Financial Instruments Credit Losses Standard. Prior to the adoption of this standard, AIG did not record an allowance against the amortized cost basis of held to maturity securities. 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 PCD 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. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 RMBS, CMBS and CDO/ABS, (collectively, 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, effective yields are recalculated and adjusted prospectively based on changes in expected undiscounted future cash flows. For purchased credit impaired (PCI) securities, at acquisition, the difference between the undiscounted expected future cash flows and the recorded investment in the securities represents the initial accretable yield, which is to be accreted into net investment income over the securities’ remaining lives on an effective level-yield basis. Subsequently, effective yields recognized on PCI securities are recalculated and adjusted prospectively to reflect changes in the contractual benchmark interest rates on variable rate securities and any significant increases in undiscounted expected future cash flows arising due to reasons other than interest rate changes. Evaluating Investments for AN ALLOWANCE FOR CREDIT LOSSES/OTHER-than-TEMPORARY IMPAIRMENTS Fixed Maturity Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 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 realized capital losses. No allowance is established in these situations. 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 realized capital 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 were recognized (a separate component of accumulated other comprehensive income). 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, CDO, 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. Credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to realized capital 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 decreasing realized capital losses. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 the fair value of the security is below amortized cost, an other-than-temporary impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized capital losses. 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 credit impairment has occurred, the amortized cost is written down to the estimated recoverable value with a corresponding charge to realized capital losses. 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 related to a credit impairment is presented in unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were recognized (a separate component of accumulated other comprehensive income). 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. In periods subsequent to the recognition of an other-than-temporary impairment charge for available for sale fixed maturity securities that is not foreign exchange related, we prospectively accrete into earnings the difference between the new amortized cost and the expected undiscounted recoverable value over the remaining expected holding period of the security. Purchased Credit Deteriorated/Impaired Securities Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. Subsequent to the adoption of the Financial Instruments Credit Losses Standard 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. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 We purchase certain RMBS securities that have experienced deterioration in credit quality since their issuance. We determine whether it is probable at acquisition that we will not collect all contractually required payments for these purchased credit impaired (PCI) securities, including both principal and interest. At acquisition, the timing and amount of the undiscounted future cash flows expected to be received on each PCI security is determined based on our best estimate using key assumptions, such as interest rates, default rates and prepayment speeds. At acquisition, the difference between the undiscounted expected future cash flows of the PCI securities and the recorded investment in the securities represents the initial accretable yield, which is accreted into Net investment income over their remaining lives on an effective yield basis. Additionally, the difference between the contractually required payments on the PCI securities and the undiscounted expected future cash flows represents the non-accretable difference at acquisition. The accretable yield and the non-accretable difference will change over time, based on actual payments received and changes in estimates of undiscounted expected future cash flows, which are discussed further below. On a quarterly basis, the undiscounted expected future cash flows associated with PCI securities are re-evaluated based on updates to key assumptions. Declines in undiscounted expected future cash flows due to further credit deterioration as well as changes in the expected timing of the cash flows can result in the recognition of an other-than-temporary impairment charge, as PCI securities are subject to our policy for evaluating investments for other-than-temporary impairment. Changes to undiscounted expected future cash flows due solely to the changes in the contractual benchmark interest rates on variable rate PCI securities will change the accretable yield prospectively. Significant increases in undiscounted expected future cash flows for reasons other than interest rate changes are recognized prospectively as adjustments to the accretable yield. 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. 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 March 31, 2020, $ 4 million and $ 304 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. Accrued interest is presented separately and is included in Other assets 18 million and $ 130 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. Methodology Used to Estimate the Allowance for Credit Losses Subsequent to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 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 capital losses. This allowance reflects the risk of loss, even when that risk is remote, and reflects losses 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 /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, 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 Condensed 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 capital gains (losses) in the Condensed Consolidated Statements of Income. Prior to the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020 Mortgage and other loans receivable are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. Impairment of commercial mortgages is typically determined using the fair value of collateral while impairment of other loans is typically determined using the present value of cash flows or the loan’s observable market price. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past-due status, debt service coverage, loan-to-value ratio, property type and location, loan term, profile of the borrower and of the major property tenants, and loan seasoning. When all or a portion of a loan is deemed uncollectable, the uncollectable portion of the carrying amount of the loan is charged off against the allowance.
Liability for unpaid claims and claims adjustment expense	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. Given the uncertainties around the impact from the COVID-19 crisis, including the significant global economic slowdown and general market decline, the full impact of COVID-19 and how it may ultimately impact the results of our insurance operations remains uncertain. In addition, in response to the crisis, new governmental, legislative and regulatory initiatives have been put in place and continue to be developed that could result in additional restrictions and requirements relating to our policies that may have a negative impact on our business operations. However, we have recorded our estimate of the ultimate liability for claims that have occurred as of the balance sheet date associated with COVID-19 which reflects our expectations given the current facts and circumstances. We will continue to monitor and review the impact. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Rollforward of allowance for credit losses and disputes in connection with the adoption of the Financial Instruments Credit Losses Standard	Three Months Ended March 31, 2020 Balance, Cumulative Effect Purchased Credit Balance, Beginning Adjustment as of Deteriorated Initial Increase End of (in millions) of Year January 1, 2020 Allowance (Decrease) Period Securities available for sale (a) $ - $ - $ 13 $ 198 $ 211 Mortgage and other loan receivables (b) 438 318 - 31 787 Reinsurance recoverables (inclusive of deposit accounted assets) (c) 151 224 - ( 13) 362 Premiums and other receivables (d) 178 34 - ( 2) 210 Contractual deductible recoverables (e) - 14 - - 14 Commercial mortgage loan commitments (f) - 51 - 7 58 Total $ 767 $ 641 $ 13 $ 221 $ 1,642 Secondary impacts to certain long-duration insurance contracts (g) ( 27) Tax impact ( 127) Total cumulative effect adjustment $ 487 (a) The allowance for credit losses is reported in Bonds available for sale in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 6 for additional information. (b) The allowance for credit losses is reported in Mortgage and other loans receivable in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (c) The allowance for credit losses is reported for Reinsurance assets for reinsurance contracts that contain sufficient insurance risk, and reported in Other assets for insurance and reinsurance contracts that do not contain sufficient insurance risk in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred for reinsurance contracts that do contain sufficient insurance risk and Premiums for contracts that do not contain sufficient insurance risk in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (d) The allowance for credit losses is reported in Premiums and other receivables in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in General operating and other expenses in the Condensed Consolidated Statements of Income. Refer to Note 2 for additional information. (e) The allowance for credit losses is reported in Liability for unpaid losses and loss adjustment expenses in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income. Refer to Note 10 for additional information. (f) The allowance for credit losses is reported in Other liabilities in the Condensed Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in Net realized capital gains (losses) in the Condensed Consolidated Statements of Income. Refer to Note 7 for additional information. (g) This reflects adjustments to the amortization of DAC, unearned revenue reserve and sales inducement assets as well as impacts on the future policy benefits for certain universal life and variable annuity contracts.
Rollfoward of the reinsurance recoverable allowance for credit losses and disputes	Three Months Ended March 31, 2020 General Life and (in millions) Insurance Retirement Total Balance, beginning of year $ 111 $ 40 $ 151 Initial allowance upon CECL adoption 202 22 224 Current period provision for expected credit losses and disputes ( 4) 2 ( 2) Write-offs charged against the allowance for credit losses and disputes ( 3) ( 4) ( 7) Other changes ( 4) - ( 4) Balance, end of period $ 302 $ 60 $ 362

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
SEGMENT INFORMATION
Schedule of continuing operations by operating segment including reconciling items	Three Months Ended March 31, 2020 2019 Adjusted Adjusted Total Pre-tax Total Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 3,414 $ 409 $ 4,098 $ 934 International 3,253 92 3,704 334 Total General Insurance 6,667 501 7,802 1,268 Life and Retirement Individual Retirement 1,370 306 1,351 508 Group Retirement 694 143 709 232 Life Insurance 1,091 55 1,073 116 Institutional Markets 1,017 70 1,071 68 Total Life and Retirement 4,172 574 4,204 924 Other Operations 162 ( 451) 139 ( 387) Legacy Portfolio 264 ( 368) 706 112 AIG Consolidation and elimination ( 145) ( 84) ( 97) ( 70) Total AIG Consolidated adjusted revenues and adjusted pre-tax income 11,120 172 12,754 1,847 Reconciling items from adjusted pre-tax income to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 14 ( 7) 105 96 Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses) - ( 538) - 99 Changes in the fair value of equity securities ( 191) ( 191) 79 79 Professional fees related to regulatory or accounting changes - ( 13) - - Other income (expense) - net 9 - 7 - Gain (loss) on extinguishment of debt - ( 17) - 2 Net realized capital gains (losses) * 3,485 3,502 ( 489) ( 474) Income (loss) from divested businesses - ( 216) - 6 Non-operating litigation reserves and settlements 6 6 - ( 1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 8 - 27 Net loss reserve discount charge - ( 56) - ( 473) Integration and transaction costs associated with acquired businesses - ( 2) - ( 7) Restructuring and other costs - ( 90) - ( 47) Revenues and Pre-tax income $ 14,443 $ 2,558 $ 12,456 $ 1,154 * Includes all net realized capital gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication.

HELD-FOR-SALE CLASSIFICATION (T

HELD-FOR-SALE CLASSIFICATION (Tables)	3 Months Ended
	Mar. 31, 2020
HELD-FOR-SALE CLASSIFICATION
Summary of assets and liabilities held for sale	March 31, December 31, (in millions) 2020 2019 Assets: Bonds available for sale $ 2,308 $ 2,187 Other bond securities 13 13 Other invested assets 58 45 Short-term investments 63 107 Cash 54 63 Accrued investment income 20 19 Deferred income taxes ( 11) ( 22) Other assets 152 106 Assets of business held for sale 2,657 2,518 Less: Loss accrual ( 98) ( 98) Total assets held for sale $ 2,559 $ 2,420 Liabilities: Other liabilities $ 14 $ 15 Total liabilities held for sale $ 14 $ 15

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value on a recurring basis	March 31, 2020 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 239 $ 5,450 $ - $ - $ - $ 5,689 Obligations of states, municipalities and political subdivisions - 13,338 2,102 - - 15,440 Non-U.S. governments 48 14,119 6 - - 14,173 Corporate debt - 143,107 1,215 - - 144,322 RMBS - 19,170 11,687 - - 30,857 CMBS - 13,080 1,146 - - 14,226 CDO/ABS - 8,301 8,768 - - 17,069 Total bonds available for sale 287 216,565 24,924 - - 241,776 Other bond securities: U.S. government and government sponsored entities 6 2,051 - - - 2,057 Non-U.S. governments - - - - - - Corporate debt - 16 - - - 16 RMBS - 318 149 - - 467 CMBS - 229 42 - - 271 CDO/ABS - 164 2,378 - - 2,542 Total other bond securities 6 2,778 2,569 - - 5,353 Equity securities 582 23 19 - - 624 Other invested assets (b) - 80 1,467 - - 1,547 Derivative assets: Interest rate contracts 2 6,621 - - - 6,623 Foreign exchange contracts - 2,337 1 - - 2,338 Equity contracts 87 1,003 150 - - 1,240 Credit contracts - - 133 - - 133 Other contracts - - 15 - - 15 Counterparty netting and cash collateral - - - ( 4,645) ( 4,840) ( 9,485) Total derivative assets 89 9,961 299 ( 4,645) ( 4,840) 864 Short-term investments 1,732 6,454 - - - 8,186 Other assets 176 2,180 91 - - 2,447 Separate account assets 74,591 4,245 - - - 78,836 Total $ 77,463 $ 242,286 $ 29,369 $ ( 4,645) $ ( 4,840) $ 339,633 Liabilities: Policyholder contract deposits $ - $ - $ 8,153 $ - $ - $ 8,153 Derivative liabilities: Interest rate contracts 2 4,224 - - - 4,226 Foreign exchange contracts - 1,028 4 - - 1,032 Equity contracts 8 62 7 - - 77 Credit contracts - 24 57 - - 81 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 4,645) ( 147) ( 4,792) Total derivative liabilities 10 5,338 81 ( 4,645) ( 147) 637 Other liabilities - - - - - - Long-term debt - 2,276 - - - 2,276 Total $ 10 $ 7,614 $ 8,234 $ ( 4,645) $ ( 147) $ 11,066 December 31, 2019 Counterparty Cash (in millions) Level 1 Level 2 Level 3 Netting (a) Collateral Total Assets: Bonds available for sale: U.S. government and government sponsored entities $ 135 $ 5,245 $ - $ - $ - $ 5,380 Obligations of states, municipalities and political subdivisions - 13,197 2,121 - - 15,318 Non-U.S. governments 60 14,809 - - - 14,869 Corporate debt - 147,973 1,663 - - 149,636 RMBS - 19,397 13,408 - - 32,805 CMBS - 13,377 1,053 - - 14,430 CDO/ABS - 10,962 7,686 - - 18,648 Total bonds available for sale 195 224,960 25,931 - - 251,086 Other bond securities: U.S. government and government sponsored entities - 2,121 - - - 2,121 Non-U.S. governments - - - - - - Corporate debt - 18 - - - 18 RMBS - 346 143 - - 489 CMBS - 272 50 - - 322 CDO/ABS - 187 3,545 - - 3,732 Total other bond securities - 2,944 3,738 - - 6,682 Equity securities 756 77 8 - - 841 Other invested assets (b) - 86 1,192 - - 1,278 Derivative assets: Interest rate contracts 1 3,199 - - - 3,200 Foreign exchange contracts - 1,034 6 - - 1,040 Equity contracts 5 593 171 - - 769 Credit contracts - - 3 - - 3 Other contracts - - 14 - - 14 Counterparty netting and cash collateral - - - ( 2,427) ( 1,806) ( 4,233) Total derivative assets 6 4,826 194 ( 2,427) ( 1,806) 793 Short-term investments 2,299 3,044 - - - 5,343 Other assets 57 2,212 89 - - 2,358 Separate account assets 89,069 4,203 - - - 93,272 Total $ 92,382 $ 242,352 $ 31,152 $ ( 2,427) $ ( 1,806) $ 361,653 Liabilities: Policyholder contract deposits $ - $ - $ 6,910 $ - $ - $ 6,910 Derivative liabilities: Interest rate contracts 4 2,745 - - - 2,749 Foreign exchange contracts - 1,025 - - - 1,025 Equity contracts 8 111 20 - - 139 Credit contracts - 24 65 - - 89 Other contracts - - 7 - - 7 Counterparty netting and cash collateral - - - ( 2,427) ( 527) ( 2,954) Total derivative liabilities 12 3,905 92 ( 2,427) ( 527) 1,055 Other liabilities - 45 - - - 45 Long-term debt - 2,062 - - - 2,062 Total $ 12 $ 6,012 $ 7,002 $ ( 2,427) $ ( 527) $ 10,072 (a) Represents netting of derivative exposures covered by qualifying master netting agreements. (b) Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $ 5.0 billion and $ 5.5 billion as of March 31, 2020 and December 31, 2019, respectively.
Changes in Level 3 recurring fair value measurements (Assets)	Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Three Months Ended March 31, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ ( 55) $ 137 $ 27 $ ( 133) $ - $ 2,102 $ - $ ( 51) Non-U.S. governments - - - - 6 - - 6 - - Corporate debt 1,663 ( 67) ( 81) 7 103 ( 410) - 1,215 - ( 29) RMBS 13,408 132 ( 1,623) ( 223) 19 ( 26) - 11,687 - ( 1,505) CMBS 1,053 7 19 44 23 - - 1,146 - 21 CDO/ABS 7,686 17 ( 557) 47 1,603 ( 28) - 8,768 - ( 536) Total bonds available for sale (b) 25,931 94 ( 2,297) 12 1,781 ( 597) - 24,924 - ( 2,100) Other bond securities: Corporate debt - - - - - - - - - - RMBS 143 ( 14) - 20 - - - 149 ( 14) - CMBS 50 ( 7) - ( 1) - - - 42 ( 8) - CDO/ABS 3,545 ( 173) - ( 994) - - - 2,378 ( 262) - Total other bond securities 3,738 ( 194) - ( 975) - - - 2,569 ( 284) - Equity securities 8 ( 1) 1 10 1 - - 19 - - Mortgage and other loans receivable - - - - - - - - - - Other invested assets 1,192 ( 4) - 129 150 - - 1,467 14 - Other assets 89 - - 5 - - ( 3) 91 - - Total $ 30,958 $ ( 105) $ ( 2,296) $ ( 819) $ 1,932 $ ( 597) $ ( 3) $ 29,070 $ ( 270) $ ( 2,100) Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 1,171 $ - $ 72 $ - $ - $ - $ 8,153 $ ( 884) $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 6) 3 - 6 - - - 3 1 - Equity contracts ( 151) ( 26) - 34 - - - ( 143) ( 14) - Credit contracts 62 ( 124) - ( 14) - - - ( 76) 118 - Other contracts ( 7) ( 10) - 15 - - - ( 2) 10 - Total derivative liabilities, net (c) ( 102) ( 157) - 41 - - - ( 218) 115 - Total $ 6,808 $ 1,014 $ - $ 113 $ - $ - $ - $ 7,935 $ ( 769) $ - Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Three Months Ended March 31, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 97 $ 24 $ 29 $ ( 13) $ - $ 2,136 $ - Non-U.S. governments 11 - - ( 4) - ( 4) - 3 - Corporate debt 864 ( 3) 38 34 654 ( 55) - 1,532 - RMBS 14,199 227 24 ( 412) 23 ( 16) - 14,045 - CMBS 917 1 17 146 - ( 189) - 892 - CDO/ABS 9,102 4 54 ( 45) 92 ( 367) - 8,840 - Total bonds available for sale 27,093 228 230 ( 257) 798 ( 644) - 27,448 - Other bond securities: Corporate debt - - - - - - - - - RMBS 1,290 17 - ( 41) - - - 1,266 - CMBS 77 4 - 3 - - - 84 3 CDO/ABS 4,478 68 - ( 201) - ( 96) - 4,249 24 Total other bond securities 5,845 89 - ( 239) - ( 96) - 5,599 27 Equity securities 27 - - - - ( 1) - 26 - Mortgage and other loans receivable - - - - - - - - - Other invested assets 587 - - 4 - - - 591 2 Other assets 58 - - 1 - - - 59 - Total $ 33,610 $ 317 $ 230 $ ( 491) $ 798 $ ( 741) $ - $ 33,723 $ 29 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 569 $ - $ 193 $ - $ - $ - $ 4,878 $ ( 521) Derivative liabilities, net: Interest rate contracts 15 1 - ( 1) - - - 15 ( 1) Foreign exchange contracts ( 5) ( 5) - 9 - - - ( 1) ( 1) Equity contracts ( 75) ( 16) - ( 5) - - - ( 96) 19 Credit contracts 227 ( 3) - ( 2) - - - 222 4 Other contracts ( 9) ( 17) - 18 - - - ( 8) 17 Total derivative liabilities, net (c) 153 ( 40) - 19 - - - 132 38 Total $ 4,269 $ 529 $ - $ 212 $ - $ - $ - $ 5,010 $ ( 483) (a) Reported in Other assets in the Condensed Consolidated Balance Sheets. (b) As a result of the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020, credit losses are included in net realized and unrealized (gains) losses included in income. (c) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Changes in Level 3 recurring fair value measurements (Liabilities)	Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Three Months Ended March 31, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ ( 55) $ 137 $ 27 $ ( 133) $ - $ 2,102 $ - $ ( 51) Non-U.S. governments - - - - 6 - - 6 - - Corporate debt 1,663 ( 67) ( 81) 7 103 ( 410) - 1,215 - ( 29) RMBS 13,408 132 ( 1,623) ( 223) 19 ( 26) - 11,687 - ( 1,505) CMBS 1,053 7 19 44 23 - - 1,146 - 21 CDO/ABS 7,686 17 ( 557) 47 1,603 ( 28) - 8,768 - ( 536) Total bonds available for sale (b) 25,931 94 ( 2,297) 12 1,781 ( 597) - 24,924 - ( 2,100) Other bond securities: Corporate debt - - - - - - - - - - RMBS 143 ( 14) - 20 - - - 149 ( 14) - CMBS 50 ( 7) - ( 1) - - - 42 ( 8) - CDO/ABS 3,545 ( 173) - ( 994) - - - 2,378 ( 262) - Total other bond securities 3,738 ( 194) - ( 975) - - - 2,569 ( 284) - Equity securities 8 ( 1) 1 10 1 - - 19 - - Mortgage and other loans receivable - - - - - - - - - - Other invested assets 1,192 ( 4) - 129 150 - - 1,467 14 - Other assets 89 - - 5 - - ( 3) 91 - - Total $ 30,958 $ ( 105) $ ( 2,296) $ ( 819) $ 1,932 $ ( 597) $ ( 3) $ 29,070 $ ( 270) $ ( 2,100) Changes in Unrealized Gains Net Changes in (Losses) Included in Realized and Unrealized Gains Other Comprehensive Unrealized Purchases, (Losses) Included Income (Loss) for Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 1,171 $ - $ 72 $ - $ - $ - $ 8,153 $ ( 884) $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 6) 3 - 6 - - - 3 1 - Equity contracts ( 151) ( 26) - 34 - - - ( 143) ( 14) - Credit contracts 62 ( 124) - ( 14) - - - ( 76) 118 - Other contracts ( 7) ( 10) - 15 - - - ( 2) 10 - Total derivative liabilities, net (c) ( 102) ( 157) - 41 - - - ( 218) 115 - Total $ 6,808 $ 1,014 $ - $ 113 $ - $ - $ - $ 7,935 $ ( 769) $ - Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value Gains (Losses) Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Three Months Ended March 31, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,000 $ ( 1) $ 97 $ 24 $ 29 $ ( 13) $ - $ 2,136 $ - Non-U.S. governments 11 - - ( 4) - ( 4) - 3 - Corporate debt 864 ( 3) 38 34 654 ( 55) - 1,532 - RMBS 14,199 227 24 ( 412) 23 ( 16) - 14,045 - CMBS 917 1 17 146 - ( 189) - 892 - CDO/ABS 9,102 4 54 ( 45) 92 ( 367) - 8,840 - Total bonds available for sale 27,093 228 230 ( 257) 798 ( 644) - 27,448 - Other bond securities: Corporate debt - - - - - - - - - RMBS 1,290 17 - ( 41) - - - 1,266 - CMBS 77 4 - 3 - - - 84 3 CDO/ABS 4,478 68 - ( 201) - ( 96) - 4,249 24 Total other bond securities 5,845 89 - ( 239) - ( 96) - 5,599 27 Equity securities 27 - - - - ( 1) - 26 - Mortgage and other loans receivable - - - - - - - - - Other invested assets 587 - - 4 - - - 591 2 Other assets 58 - - 1 - - - 59 - Total $ 33,610 $ 317 $ 230 $ ( 491) $ 798 $ ( 741) $ - $ 33,723 $ 29 Net Changes in Realized and Unrealized Gains Unrealized Purchases, (Losses) Included Fair Value (Gains) Losses Other Sales, Gross Gross Reclassification Fair Value in Income on Beginning Included Comprehensive Issuances and Transfers Transfers of Held End Instruments Held (in millions) of Period in Income Income (Loss) Settlements, Net In Out for Sale (a) of Period at End of Period Liabilities: Policyholder contract deposits $ 4,116 $ 569 $ - $ 193 $ - $ - $ - $ 4,878 $ ( 521) Derivative liabilities, net: Interest rate contracts 15 1 - ( 1) - - - 15 ( 1) Foreign exchange contracts ( 5) ( 5) - 9 - - - ( 1) ( 1) Equity contracts ( 75) ( 16) - ( 5) - - - ( 96) 19 Credit contracts 227 ( 3) - ( 2) - - - 222 4 Other contracts ( 9) ( 17) - 18 - - - ( 8) 17 Total derivative liabilities, net (c) 153 ( 40) - 19 - - - 132 38 Total $ 4,269 $ 529 $ - $ 212 $ - $ - $ - $ 5,010 $ ( 483) (a) Reported in Other assets in the Condensed Consolidated Balance Sheets. (b) As a result of the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020, credit losses are included in net realized and unrealized (gains) losses included in income. (c) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Schedule of net realized and unrealized gains and losses related to Level 3 items	Net Net Realized Investment Capital Other (in millions) Income Gains (Losses) Income Total Three Months Ended March 31, 2020 Assets: Bonds available for sale * $ 198 $ ( 104) $ - $ 94 Other bond securities ( 462) 268 - ( 194) Equity securities - ( 1) - ( 1) Other invested assets ( 4) - - ( 4) Three Months Ended March 31, 2019 Assets: Bonds available for sale $ 242 $ ( 14) $ - $ 228 Other bond securities 87 2 - 89 Equity securities - - - - Other invested assets - - - - Net Net Realized Investment Capital Other (in millions) Income (Gains) Losses Income Total Three Months Ended March 31, 2020 Liabilities: Policyholder contract deposits $ - $ 1,171 $ - $ 1,171 Derivative liabilities, net - ( 143) ( 14) ( 157) Three Months Ended March 31, 2019 Liabilities: Policyholder contract deposits $ - $ 569 $ - $ 569 Derivative liabilities, net - ( 24) ( 16) ( 40) * As a result of the adoption of the Financial Instruments Credit Losses Standard on January 1, 2020, credit losses are included in net realized capital gains (losses).
Gross components of purchases, sales, issuances and settlements, net	Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended March 31, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 145 $ ( 2) $ ( 6) $ 137 Non-U.S. governments - - - - Corporate debt 112 ( 5) ( 100) 7 RMBS 336 - ( 559) ( 223) CMBS 53 ( 2) ( 7) 44 CDO/ABS 225 ( 22) ( 156) 47 Total bonds available for sale 871 ( 31) ( 828) 12 Other bond securities: RMBS 25 - ( 5) 20 CMBS - - ( 1) ( 1) CDO/ABS 35 ( 579) ( 450) ( 994) Total other bond securities 60 ( 579) ( 456) ( 975) Equity securities 10 - - 10 Mortgage and other loans receivable - - - - Other invested assets 174 - ( 45) 129 Other assets - - 5 5 Total assets $ 1,115 $ ( 610) $ ( 1,324) $ ( 819) Liabilities: Policyholder contract deposits $ - $ 222 $ ( 150) $ 72 Derivative liabilities, net ( 15) 8 48 41 Total liabilities $ ( 15) $ 230 $ ( 102) $ 113 Three Months Ended March 31, 2019 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 47 $ ( 15) $ ( 8) $ 24 Non-U.S. governments - - ( 4) ( 4) Corporate debt 49 - ( 15) 34 RMBS 307 ( 26) ( 693) ( 412) CMBS 184 - ( 38) 146 CDO/ABS 198 ( 156) ( 87) ( 45) Total bonds available for sale 785 ( 197) ( 845) ( 257) Other bond securities: Corporate debt - - - - RMBS - - ( 41) ( 41) CMBS 4 - ( 1) 3 CDO/ABS - - ( 201) ( 201) Total other bond securities 4 - ( 243) ( 239) Equity securities - - - - Mortgage and other loans receivable - - - - Other invested assets 4 - - 4 Other assets - - 1 1 Total assets $ 793 $ ( 197) $ ( 1,087) $ ( 491) Liabilities: Policyholder contract deposits $ - $ 173 $ 20 $ 193 Derivative liabilities, net ( 13) - 32 19 Total liabilities $ ( 13) $ 173 $ 52 $ 212 (a) There were no issuances during the three-month periods ended March 31, 2020 and 2019.
Significant unobservable inputs used for recurring fair value measurements	Fair Value at March 31, Valuation Range (in millions) 2020 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,616 Discounted cash flow Yield 3.37% - 4.13% ( 3.75%) Corporate debt 982 Discounted cash flow Yield 2.11% - 6.18% ( 4.14%) RMBS (a) 10,762 Discounted cash flow Constant prepayment rate 4.46% - 13.12% ( 8.79%) Loss severity 30.78% - 76.29% ( 53.53%) Constant default rate 1.41% - 5.86% ( 3.63%) Yield 4.01% - 6.89% ( 5.45%) CDO/ABS (a) 6,914 Discounted cash flow Yield 3.93% - 7.94% ( 5.94%) CMBS 555 Discounted cash flow Yield 1.06% - 6.94% ( 4.00%) Liabilities: Embedded derivatives within Policyholder contract deposits: Guaranteed minimum withdrawal benefits (GMWB) 3,978 Discounted cash flow Equity volatility 7.00% - 57.00% Base lapse rate 0.00% - 13.00% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (c) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (d) 1.31% - 2.80% Index annuities 3,719 Discounted cash flow Lapse rate 0.31% - 50.00% Mortality multiplier (c) 24.00% - 180.00% Option budget 0.00% - 4.00% NPA (d) 1.31% - 2.80% Indexed life 434 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (d) 1.31% - 2.80% Fair Value at December 31, Valuation Range (in millions) 2019 Technique Unobservable Input (b) (Weighted Average) Assets: Obligations of states, municipalities and political subdivisions $ 1,633 Discounted cash flow Yield 3.35% - 3.95% ( 3.65%) Corporate debt 1,087 Discounted cash flow Yield 3.48% - 6.22% ( 4.85%) RMBS (a) 11,746 Discounted cash flow Constant prepayment rate 4.00% - 12.89% ( 8.44%) Loss severity 33.68% - 76.91% ( 55.29%) Constant default rate 1.68% - 6.17% ( 3.93%) Yield 2.52% - 4.53% ( 3.52%) CDO/ABS (a) 6,025 Discounted cash flow Yield 2.92% - 4.91% ( 3.91%) CMBS 476 Discounted cash flow Yield 2.77% - 5.18% ( 3.97%) Liabilities: Embedded derivatives within Policyholder contract deposits: GMWB 2,474 Discounted cash flow Equity volatility 6.15% - 48.85% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (c) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (d) 0.12% - 1.53% Index annuities 3,895 Discounted cash flow Lapse rate 0.31% - 50.00% Mortality multiplier (c) 24.00% - 180.00% Option budget 1.00% - 4.00% NPA (d) 0.12% - 1.53% Indexed life 510 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (d) 0.12% - 1.53% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (d) The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting.
Investments in certain entities carried at fair value using net asset value per share	March 31, 2020 December 31, 2019 Fair Value Fair Value Using NAV Using NAV Per Share (or Unfunded Per Share (or Unfunded (in millions) Investment Category Includes its equivalent) Commitments its equivalent) Commitments Investment Category Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 1,245 $ 1,454 $ 1,189 $ 1,543 Real Estate / Infrastructure Investments in real estate properties and infrastructure positions, including power plants and other energy generating facilities 412 451 400 290 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 130 142 111 155 Growth Equity Funds that make investments in established companies for the purpose of growing their businesses 480 87 422 57 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 377 339 325 414 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 769 135 773 206 Total private equity funds 3,413 2,608 3,220 2,665 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 361 - 727 - Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 408 - 539 - Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 697 - 894 - Distressed Securities of companies that are in default, under bankruptcy protection or troubled - - 1 - 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 150 1 168 1 Total hedge funds 1,616 1 2,329 1 Total $ 5,029 $ 2,609 $ 5,549 $ 2,666
Gains or losses related to the eligible instruments for which AIG elected the fair value option	Three Months Ended March 31, Gain (Loss) (in millions) 2020 2019 Assets: Bonds $ ( 60) $ 355 Alternative investments (a) ( 139) 230 Liabilities: Long-term debt (b) ( 203) ( 60) Total gain (loss) $ ( 402) $ 525 (a) Includes certain hedge funds, private equity funds and other investment partnerships. (b) Includes GIAs, notes, bonds and mortgages payable.
Difference between fair values and aggregate contractual principal amounts, fair value option	March 31, 2020 December 31, 2019 Outstanding Outstanding (in millions) Fair Value Principal Amount Difference Fair Value Principal Amount Difference Liabilities: Long-term debt * $ 2,276 $ 1,543 $ 733 $ 2,062 $ 1,502 $ 560 * Includes GIAs, notes, bonds, loans and mortgages payable.
Fair value assets measured on nonrecurring basis and impairment charges	Assets at Fair Value Impairment Charges Non-Recurring Basis Three Months Ended March 31, (in millions) Level 1 Level 2 Level 3 Total 2020 2019 March 31, 2020 Other investments $ - $ - $ 97 $ 97 $ 11 $ 41 Other assets - - - - 12 8 Total $ - $ - $ 97 $ 97 $ 23 $ 49 December 31, 2019 Other investments $ - $ - $ 329 $ 329 Other assets - - 1 1 Total $ - $ - $ 330 $ 330
Carrying values and estimated fair values of AIG's financial instruments	Estimated Fair Value Carrying (in millions) Level 1 Level 2 Level 3 Total Value March 31, 2020 Assets: Mortgage and other loans receivable $ - $ 100 $ 47,508 $ 47,608 $ 46,844 Other invested assets - 772 6 778 778 Short-term investments - 11,587 - 11,587 11,587 Cash 2,738 - - 2,738 2,738 Other assets 340 34 - 374 374 Liabilities: Policyholder contract deposits associated with investment-type contracts - 246 137,161 137,407 127,194 Other liabilities 14 4,333 - 4,347 4,347 Long-term debt and debt of consolidated investment entities - 24,765 9,114 33,879 33,134 Separate account liabilities - investment contracts - 74,711 - 74,711 74,711 December 31, 2019 Assets: Mortgage and other loans receivable $ - $ 101 $ 48,904 $ 49,005 $ 46,984 Other invested assets - 735 6 741 742 Short-term investments - 7,887 - 7,887 7,887 Cash 2,856 - - 2,856 2,856 Other assets 291 20 - 311 311 Liabilities: Policyholder contract deposits associated with investment-type contracts - 255 132,991 133,246 126,137 Other liabilities 15 3,048 - 3,063 3,063 Long-term debt and debt of consolidated investment entities - 27,024 8,883 35,907 33,288 Separate account liabilities - investment contracts - 88,770 - 88,770 88,770

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Line Items]
Amortized cost or cost and fair value of available for sale securities	Amortized Allowance Gross Gross Cost or for Credit Unrealized Unrealized Fair (in millions) Cost Losses (a) Gains Losses Value March 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 4,664 $ - $ 1,042 $ ( 17) $ 5,689 Obligations of states, municipalities and political subdivisions 14,140 - 1,375 ( 75) 15,440 Non-U.S. governments 13,737 ( 7) 676 ( 233) 14,173 Corporate debt 140,356 ( 167) 9,073 ( 4,940) 144,322 Mortgage-backed, asset-backed and collateralized: RMBS 29,433 ( 37) 2,069 ( 608) 30,857 CMBS 13,988 - 530 ( 292) 14,226 CDO/ABS 18,268 - 136 ( 1,335) 17,069 Total mortgage-backed, asset-backed and collateralized 61,689 ( 37) 2,735 ( 2,235) 62,152 Total bonds available for sale (c) $ 234,586 $ ( 211) $ 14,901 $ ( 7,500) $ 241,776 Other-Than- Amortized Gross Gross Temporary Cost or Unrealized Unrealized Fair Impairments (in millions) Cost Gains Losses Value in AOCI (b) December 31, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 5,108 $ 316 $ ( 44) $ 5,380 $ - Obligations of states, municipalities and political subdivisions 13,960 1,390 ( 32) 15,318 - Non-U.S. governments 14,042 884 ( 57) 14,869 ( 18) Corporate debt 138,046 12,090 ( 500) 149,636 7 Mortgage-backed, asset-backed and collateralized: RMBS 29,802 3,067 ( 64) 32,805 1,149 CMBS 13,879 576 ( 25) 14,430 34 CDO/ABS 18,393 348 ( 93) 18,648 14 Total mortgage-backed, asset-backed and collateralized 62,074 3,991 ( 182) 65,883 1,197 Total bonds available for sale (c) $ 233,230 $ 18,671 $ ( 815) $ 251,086 $ 1,186 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through the statements of income and are not recognized in other comprehensive income. (b) Represents the amount of other-than-temporary impairments recognized in Accumulated other comprehensive income (loss). Amount includes unrealized gains and losses on impaired securities relating to changes in the fair value of such securities subsequent to the impairment measurement date. (c) At March 31, 2020 and December 31, 2019, bonds available for sale held by us that were below investment grade or not rated totaled $ 25.1 billion and $ 27.8 billion, respectively.
Securities available for sale in a loss position	Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses March 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 249 $ 17 $ 4 $ - $ 253 $ 17 Obligations of states, municipalities and political subdivisions 1,274 63 181 12 1,455 75 Non-U.S. governments 2,277 156 197 62 2,474 218 Corporate debt 45,529 4,213 1,171 485 46,700 4,698 RMBS 5,743 346 504 39 6,247 385 CMBS 4,653 282 104 10 4,757 292 CDO/ABS 11,229 950 2,734 385 13,963 1,335 Total bonds available for sale $ 70,954 $ 6,027 $ 4,895 $ 993 $ 75,849 $ 7,020 Less than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in millions) Value Losses Value Losses Value Losses December 31, 2019 Bonds available for sale: U.S. government and government sponsored entities $ 1,461 $ 44 $ 63 $ - $ 1,524 $ 44 Obligations of states, municipalities and political subdivisions 672 21 246 11 918 32 Non-U.S. governments 1,105 12 343 45 1,448 57 Corporate debt 11,868 319 2,405 181 14,273 500 RMBS 3,428 28 1,367 36 4,795 64 CMBS 1,877 16 367 9 2,244 25 CDO/ABS 3,920 53 2,571 40 6,491 93 Total bonds available for sale $ 24,331 $ 493 $ 7,362 $ 322 $ 31,693 $ 815
Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity	Total Fixed Maturity Securities Available for Sale Amortized Cost, (in millions) Net of Allowance Fair Value March 31, 2020 Due in one year or less $ 10,370 $ 10,517 Due after one year through five years 42,552 42,479 Due after five years through ten years 41,923 41,993 Due after ten years 77,878 84,635 Mortgage-backed, asset-backed and collateralized 61,652 62,152 Total $ 234,375 $ 241,776
Gross realized gains and gross realized losses from sales or maturities of available for sale securities	Three Months Ended March 31, 2020 2019 Gross Gross Gross Gross Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Fixed maturity securities $ 380 $ 166 $ 93 $ 124
Value of other securities measured at fair value based on election of the fair value option	March 31, 2020 December 31, 2019 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 2,057 34 % $ 2,121 28 % Corporate debt 16 - 18 - Mortgage-backed, asset-backed and collateralized: RMBS 467 8 489 7 CMBS 271 5 322 4 CDO/ABS and other collateralized 2,542 43 3,732 50 Total mortgage-backed, asset-backed and collateralized 3,280 56 4,543 61 Total fixed maturity securities 5,353 90 6,682 89 Equity securities 624 10 841 11 Total $ 5,977 100 % $ 7,523 100 %
Carrying amounts values of other invested assets	March 31, December 31, (in millions) 2020 2019 Alternative investments (a) (b) $ 8,158 $ 8,845 Investment real estate (c) 8,348 8,491 All other investments 1,460 1,456 Total $ 17,966 $ 18,792 (a) At March 31, 2020, included hedge funds of $ 2.2 billion, private equity funds of $ 5.6 billion and affordable housing partnerships of $ 282 million. At December 31, 2019, included hedge funds of $ 3.3 billion, private equity funds of $ 5.2 billion and affordable housing partnerships of $ 331 million. (b) At March 31, 2020, approximately 78 percent of our hedge fund portfolio is available for redemption in 2020. The remaining 22 percent will be available for redemption between 2021 and 2027. (c) Net of accumulated depreciation of $ 720 million and $ 703 million at March 31, 2020 and December 31, 2019, respectively.
Components of net investment income	Three Months Ended March 31, (in millions) 2020 2019 Available for sale fixed maturity securities, including short-term investments $ 2,609 $ 2,653 Other fixed maturity securities (a) ( 60) 327 Equity securities ( 191) 79 Interest on mortgage and other loans 513 498 Alternative investments (b) ( 59) 419 Real estate 59 69 Other investments (c) ( 215) ( 52) Total investment income 2,656 3,993 Investment expenses 148 114 Net investment income $ 2,508 $ 3,879 (a) Included in the three-month periods ended March, 31 2020 and 2019 is income of $ 169 million and $ 28 million, respectively, for fixed maturity securities measured at fair value through income that economically hedge liabilities as described in (c) below. (b) Includes income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the three-month periods ended March, 31 2020 and 2019 are losses of $ 202 million and $ 15 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above.
Components of net realized capital gains (losses)	Three Months Ended March 31, (in millions) 2020 2019 Sales of fixed maturity securities $ 214 $ ( 31) Other-than-temporary impairments - ( 83) Change in intent * - - Change in allowance for credit losses on fixed maturity securities ( 198) - Change in allowance for credit losses on loans ( 38) ( 24) Foreign exchange transactions ( 254) ( 37) Variable annuity embedded derivatives, net of related hedges 2,192 ( 261) All other derivatives and hedge accounting 1,559 ( 72) Other 44 62 Net realized capital gains (losses) $ 3,519 $ ( 446) * For the three months ended March 31, 2019, the change in intent was included in Other-than-temporary impairments.
Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments	The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Three Months Ended March 31, (in millions) 2020 2019 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ ( 10,455) $ 5,982 Other investments - ( 69) Total increase (decrease) in unrealized appreciation (depreciation) of investments $ ( 10,455) $ 5,913 The following table summarizes the unrealized gains and losses recognized in Net Investment Income during the reporting period on equity securities still held at the reporting date: Other Invested (in millions) Equities Assets Total Three Months Ended March 31, 2020 Net gains and losses recognized during the period on equity securities $ ( 191) $ ( 129) $ ( 320) Less: Net gains and losses recognized during the period on equity securities sold during the period 12 2 14 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ ( 203) $ ( 131) $ ( 334) Three Months Ended March 31, 2019 Net gains and losses recognized during the period on equity securities $ 79 $ 239 $ 318 Less: Net gains and losses recognized during the period on equity securities sold during the period 19 10 29 Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date $ 60 $ 229 $ 289
Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major ivnvestment category	Three Months Ended March 31, 2020 Non- (in millions) Structured Structured Total Balance, beginning of year * $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 24 174 198 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets 6 - 6 Reductions: Securities sold during the period - - - Intent to sell security or more likely than not will be required to sell the security before recovery of its amortized cost basis - - - Additional increases or decreases to 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 amortized cost basis - - - Write-offs charged against the allowance - - - Recoveries of amounts previously written off - - - Other - - - Balance, end of period $ 37 $ 174 $ 211 * The beginning balance incorporates the Day 1 gross up on PCD assets held as of January 1, 2020.
Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings	Three Months Ended March 31, 2019 (in millions) Balance, beginning of year $ - Increases due to: Credit impairments on new securities subject to impairment losses 68 Additional credit impairments on previously impaired securities 6 Reductions due to: Credit impaired securities fully disposed for which there was no prior intent or requirement to sell ( 21) Accretion on securities previously impaired due to credit * - Balance, end of period $ 53 Represents both accretion recognized due to changes in cash flows expected to be collected over the remaining expected term of the credit impaired securities and the accretion due to the passage of time.
Reconciliation of purchase price to unpaid principal balance of securities purchased with credit deterioration	(in millions) March 31, 2020 Unpaid principal balance $ 187 Allowance for expected credit losses at acquisition ( 6) Purchase (discount) premium ( 48) Purchase price $ 133
Schedule of purchased credit impaired (PCI) securities, at acquisition date	(in millions) At Date of Acquisition Contractually required payments (principal and interest) $ 35,139 Cash flows expected to be collected * 28,720 Recorded investment in acquired securities 19,382 * Represents undiscounted expected cash flows, including both principal and interest.
Schedule of purchased credit impaired (PCI) securities, at reporting date	(in millions) December 31, 2019 Outstanding principal balance $ 10,476 Amortized cost 6,970 Fair value 8,664
Activity for accretable yield on purchased credit Impaired (PCI) securities	The following table presents activity for the accretable yield on PCI securities: Three Months Ended March 31, 2019 (in millions) Balance, beginning of year $ 7,210 Newly purchased PCI securities 12 Accretion ( 172) Effect of changes in interest rate indices ( 134) Net reclassification from (to) non-accretable difference, including effects of prepayments ( 115) Activities related to businesses reclassified to held for sale - Balance, end of period $ 6,801
Schedule of fair value of securities pledged to counterparties under secured financing transactions	(in millions) March 31, 2020 December 31, 2019 Fixed maturity securities available for sale $ 2,759 $ 3,030
Schedule of fair value of securities pledged under repurchase agreements by collateral type and by remaining contractual maturity	Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total March 31, 2020 Bonds available for sale: Non-U.S. governments $ 4 $ 22 $ - $ - $ - $ 26 Corporate debt 19 104 - - - 123 Total $ 23 $ 126 $ - $ - $ - $ 149 December 31, 2019 Bonds available for sale: Non-U.S. governments $ 2 $ 71 $ - $ - $ - $ 73 Corporate debt 22 55 82 - - 159 Total $ 24 $ 126 $ 82 $ - $ - $ 232 Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total March 31, 2020 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ 234 $ 136 $ - $ - $ 370 Non-U.S. governments - - 85 - - 85 Corporate debt - 1,083 740 - - 1,823 RMBS - - - 332 - 332 Total $ - $ 1,317 $ 961 $ 332 $ - $ 2,610 December 31, 2019 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 386 $ - $ - $ 386 Non-U.S. governments - - - - - - Corporate debt - 1,071 947 - - 2,018 RMBS - - - 394 - 394 Total $ - $ 1,071 $ 1,333 $ 394 $ - $ 2,798
Schedule of fair value of securities pledged to the entity under reverse repurchase agreements	(in millions) March 31, 2020 December 31, 2019 Securities collateral pledged to us $ 3,935 $ 2,567 Amount sold or repledged by us - 121

LENDING ACTIVITIES (Tables)

LENDING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2020
LENDING ACTIVITIES
Composition of Mortgages and other loans receivable	March 31, December 31, (in millions) 2020 2019 Commercial mortgages (a) $ 36,291 $ 36,170 Residential mortgages 6,718 6,683 Life insurance policy loans 2,061 2,065 Commercial loans, other loans and notes receivable 2,561 2,504 Total mortgage and other loans receivable 47,631 47,422 Allowance for credit losses (b) ( 787) ( 438) Mortgage and other loans receivable, net $ 46,844 $ 46,984 (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 23 percent and 11 percent, respectively, at March 31, 2020 and 23 percent and 10 percent, respectively, at December 31, 2019). (b) Does not include $ 58 million of expected credit loss liability at March 31, 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.
Schedule of debt service coverage ratio and loan-to-value ratio for the commercial mortgage loans	March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total >1.2X $ 701 $ 5,557 $ 5,963 $ 4,309 $ 5,165 $ 10,745 $ 32,440 1.00 - 1.20X 115 255 505 338 162 2,072 3,447 <1.00X - 74 - - - 330 404 Total commercial mortgages $ 816 $ 5,886 $ 6,468 $ 4,647 $ 5,327 $ 13,147 $ 36,291 March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total Less than 65% $ 567 $ 4,567 $ 4,508 $ 3,584 $ 4,032 $ 10,745 $ 28,003 65% to 75% 249 1,319 1,960 924 1,104 2,221 7,777 76% to 80% - - - - 191 5 196 Greater than 80% - - - 139 - 176 315 Total commercial mortgages $ 816 $ 5,886 $ 6,468 $ 4,647 $ 5,327 $ 13,147 $ 36,291 December 31, 2019 Debt Service Coverage Ratios (a) (in millions) >1.20X 1.00X - 1.20X <1.00X Total Loan-to-Value Ratios (b) Less than 65% $ 23,013 $ 2,440 $ 245 $ 25,698 65% to 75% 9,007 899 40 9,946 76% to 80% 200 6 - 206 Greater than 80% 184 2 134 320 Total commercial mortgages $ 32,404 $ 3,347 $ 419 $ 36,170 (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 2.0X at both March 31, 2020 and December 31, 2019. The debt service coverage ratios have been updated within the last three months. (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 56 percent at both March 31, 2020 and December 31, 2019. The loan-to-value ratios have been updated within the last three months.
Schedule of credit quality performance indicators for the commercial mortgages	Number Percent of Class of (dollars in millions) Loans Apartments Offices Retail Industrial Hotel Others Total (c) Total $ March 31, 2020 Credit Quality Performance Indicator: In good standing 718 $ 14,153 $ 10,478 $ 5,221 $ 3,574 $ 2,156 $ 438 $ 36,020 99 % Restructured (a) 5 - 87 25 - 101 - 213 1 90 days or less delinquent 1 1 - - - - - 1 - >90 days delinquent or in process of foreclosure 2 - 57 - - - - 57 - Total (b) 726 $ 14,154 $ 10,622 $ 5,246 $ 3,574 $ 2,257 $ 438 $ 36,291 100 % Allowance for credit losses $ 161 $ 315 $ 115 $ 66 $ 24 $ 8 $ 689 2 % December 31, 2019 Credit Quality Performance Indicator: In good standing 736 $ 13,698 $ 10,553 $ 5,332 $ 3,663 $ 2,211 $ 522 $ 35,979 99 % Restructured (a) 3 - 89 - - 101 - 190 1 90 days or less delinquent 1 1 - - - - - 1 - >90 days delinquent or in process of foreclosure - - - - - - - - - Total (b) 740 $ 13,699 $ 10,642 $ 5,332 $ 3,663 $ 2,312 $ 522 $ 36,170 100 % Allowance for credit losses: Specific $ - $ 2 $ 1 $ - $ 6 $ - $ 9 - % General 81 153 44 30 14 5 327 1 Total allowance for credit losses $ 81 $ 155 $ 45 $ 30 $ 20 $ 5 $ 336 1 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 8 to the Consolidated Financial Statements in the 2019 Annual Report. (b) Does not reflect allowance for credit losses. (c) Our commercial mortgage loan portfolio is current as to payments of principal and interest, for both periods presented. There were no significant amounts of nonperforming commercial mortgages (defined as those loans where payment of contractual principal or interest is more than 90 days past due) during any of the periods presented. The following table presents credit quality performance indicators for residential mortgages by year of vintage: March 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total FICO*: 780 and greater $ 116 $ 973 $ 638 $ 984 $ 996 $ 969 $ 4,676 720 - 779 128 496 190 265 282 285 1,646 660 - 719 6 77 43 55 65 85 331 600 - 659 1 8 7 8 7 16 47 Less than 600 - 1 1 2 3 11 18 Total residential mortgages $ 251 $ 1,555 $ 879 $ 1,314 $ 1,353 $ 1,366 $ 6,718 * 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 three months
Schedule of changes in the allowance for losses on Mortgage and other loans receivable	Three Months Ended March 31, 2020 2019 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 336 $ 102 $ 438 $ 318 $ 79 $ 397 Initial allowance upon CECL adoption 311 7 318 - - - Loans charged off - - - - - - Recoveries of loans previously charged off - - - - - - Net charge-offs - - - - - - Provision for loan losses 42 ( 11) 31 5 20 25 Allowance, end of period $ 689 $ 98 $ 787 $ 323 (b) $ 99 $ 422 (a) Does not include $ 58 million of expected credit loss liability at March 31, 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) The March 31, 2019 total allowance was calculated prior to the adoption of ASC 326 on January 1, 2020. Of the total allowance, $ 3 million relates to individually assessed credit losses on $ 148 million of commercial mortgages at 2019.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entity Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	Real Estate and Affordable Investment Securitization Housing (in millions) Entities (d) Vehicles (e) Partnerships Other Total March 31, 2020 Assets: Bonds available for sale $ 256 $ 6,255 $ - $ - $ 6,511 Other bond securities - 2,266 - 1 2,267 Mortgage and other loans receivable - 4,025 - - 4,025 Other invested assets 5,180 - 3,635 42 8,857 Other (a) 500 1,915 483 42 2,940 Total assets (b) $ 5,936 $ 14,461 $ 4,118 $ 85 $ 24,600 Liabilities: Long-term debt $ 2,794 $ 4,515 $ 2,201 $ 4 $ 9,514 Other (c) 184 193 195 23 595 Total liabilities $ 2,978 $ 4,708 $ 2,396 $ 27 $ 10,109 December 31, 2019 Assets: Bonds available for sale $ 177 $ 7,239 $ - $ - $ 7,416 Other bond securities - 3,324 - 1 3,325 Mortgage and other loans receivable - 3,860 - - 3,860 Other invested assets 5,231 - 3,464 42 8,737 Other (a) 615 1,996 469 42 3,122 Total assets (b) $ 6,023 $ 16,419 $ 3,933 $ 85 $ 26,460 Liabilities: Long-term debt $ 2,810 $ 4,356 $ 2,074 $ 4 $ 9,244 Other (c) 236 359 195 24 814 Total liabilities $ 3,046 $ 4,715 $ 2,269 $ 28 $ 10,058 (a) Comprised primarily of Short-term investments and Other assets at March 31, 2020 and December 31, 2019. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at March 31, 2020 and December 31, 2019. (d) At March 31, 2020 and December 31, 2019, off-balance sheet exposure primarily consisting of commitments to real estate and investment entities was $ 2.4 billion and $ 2.6 billion, respectively. (e) At March 31, 2020 and December 31, 2019, the company had contributed total assets of $ 13.7 billion and $ 15.6 billion, respectively, into consolidated securitization vehicles.
Variable Interest Entity Not Primary Beneficiary
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	Maximum Exposure to Loss Total VIE On-Balance Off-Balance (in millions) Assets Sheet (b) Sheet Total March 31, 2020 Real estate and investment entities (a) $ 288,131 $ 5,810 $ 3,546 $ 9,356 Affordable housing partnerships 3,064 397 - 397 Other 5,514 358 561 (c) 919 Total $ 296,709 $ 6,565 $ 4,107 $ 10,672 December 31, 2019 Real estate and investment entities (a) $ 283,349 $ 6,519 $ 3,286 $ 9,805 Affordable housing partnerships 3,351 453 - 453 Other 5,320 310 561 (c) 871 Total $ 292,020 $ 7,282 $ 3,847 $ 11,129 (a) Comprised primarily of hedge funds and private equity funds. (b) At March 31, 2020 and December 31, 2019, $ 6.4 billion and $ 7.0 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

DERIVATIVES AND HEDGE ACCOUNT_2

DERIVATIVES AND HEDGE ACCOUNTING (Tables)	3 Months Ended
	Mar. 31, 2020
DERIVATIVES AND HEDGE ACCOUNTING
Notional amounts and fair values of derivative instruments	March 31, 2020 December 31, 2019 Gross Derivative Assets Gross Derivative Liabilities Gross Derivative Assets Gross Derivative Liabilities Notional Fair Notional Fair Notional Fair Notional Fair (in millions) Amount Value Amount Value Amount Value Amount Value Derivatives designated as hedging instruments: (a) Interest rate contracts $ 735 $ 18 $ 316 $ 11 $ 495 $ 3 $ 410 $ 7 Foreign exchange contracts 7,592 843 1,929 88 4,328 342 5,230 162 Derivatives not designated as hedging instruments: (a) Interest rate contracts 50,409 6,605 36,573 4,215 52,437 3,197 35,231 2,742 Foreign exchange contracts 12,350 1,495 8,818 944 8,133 698 12,093 863 Equity contracts 22,291 1,240 4,313 77 18,533 769 7,539 139 Credit contracts (b) 7,617 133 923 81 8,457 3 923 89 Other contracts (c) 41,563 15 56 13 40,582 14 56 7 Total derivatives, gross $ 142,557 $ 10,349 $ 52,928 $ 5,429 $ 132,965 $ 5,026 $ 61,482 $ 4,009 Counterparty netting (d) ( 4,645) ( 4,645) ( 2,427) ( 2,427) Cash collateral (e) ( 4,840) ( 147) ( 1,806) ( 527) Total derivatives on condensed consolidated balance sheets (f) $ 864 $ 637 $ 793 $ 1,055 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of March 31, 2020 and December 31, 2019, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 146 million and $ 152 million (fair value liability of $ 56 million and $ 48 million), respectively. The net notional amount represents the maximum exposure to loss on the portfolio. (c) Consists primarily of stable value wraps and contracts with multiple underlying exposures. (d) Represents netting of derivative exposures covered by a qualifying master netting agreement. (e) Represents cash collateral posted and received that is eligible for netting. (f) Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero 8.2 billion and $ 6.9 billion, respectively, at March 31, 2020 and December 31, 2019. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to guarantee features in variable annuity products, which include equity and interest rate components.
Gain (loss) recognized in earnings on AIG's derivative instruments in fair value hedging relationships in the Consolidated Statements of Income	Gains/(Losses) Recognized in Earnings for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended March 31, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 17 $ - $ ( 17) $ - Net investment income ( 3) - 3 - Foreign exchange contracts: Realized capital gains/(losses) 305 281 ( 305) 281 Three Months Ended March 31, 2019 Interest rate contracts: Interest credited to policyholder account balances $ 5 $ - $ ( 5) $ - Net investment income ( 1) - 1 - Foreign exchange contracts: Realized capital gains/(losses) ( 8) ( 14) 8 ( 14) (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
Effect of AIG's derivative instruments not designated as hedging instruments in the Consolidated Statements of Income	Gains (Losses) Three Months Ended March 31, Recognized in Earnings (in millions) 2020 2019 By Derivative Type: Interest rate contracts $ 2,573 $ 359 Foreign exchange contracts 1,025 ( 28) Equity contracts 1,103 ( 208) Credit contracts 122 ( 8) Other contracts 10 16 Embedded derivatives ( 1,052) ( 449) Total $ 3,781 $ ( 318) By Classification: Policy fees $ 15 $ 17 Net investment income ( 2) ( 5) Net realized capital gains (losses) 3,752 ( 334) Policyholder benefits and claims incurred 16 4 Total $ 3,781 $ ( 318)

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Claims Development [Line Items]
Schedule of reconciliation of activity in the liability for unpaid claims and claims adjustment expense	The following table presents the roll-forward of activity in Loss Reserves: Three Months Ended March 31, (in millions) 2020 2019 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,328 $ 83,639 Reinsurance recoverable ( 31,069) ( 31,690) Initial allowance upon CECL adoption 164 - Net Liability for unpaid loss and loss adjustment expenses, beginning of period 47,423 51,949 Losses and loss adjustment expenses incurred : Current year 4,111 4,297 Prior years, excluding discount and amortization of deferred gain ( 1) ( 15) Prior years, discount charge (benefit) 76 497 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 75) ( 86) Total losses and loss adjustment expenses incurred 4,111 4,693 Losses and loss adjustment expenses paid : Current year ( 342) ( 317) Prior years ( 4,351) ( 5,639) Total losses and loss adjustment expenses paid ( 4,693) ( 5,956) Other changes : Foreign exchange effect ( 230) 216 Allowance for credit losses - - Retroactive reinsurance adjustment (net of discount) (b) 22 ( 190) Total other changes ( 208) 26 Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 46,633 50,712 Reinsurance recoverable 31,114 31,784 Total $ 77,747 $ 82,496 (a) Includes $ 8 million and $ 9 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three-month periods ended March 31, 2020 and 2019, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 72 million and $ 307 million for the three-month periods ended March 31, 2020 and 2019, respectively.
Schedule of loss reserve discount and loss reserve discount benefit (charge)	March 31, 2020 December 31, 2019 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total U.S. workers' compensation $ 2,087 $ 657 $ 2,744 $ 2,134 $ 666 $ 2,800 Retroactive reinsurance ( 1,179) - ( 1,179) ( 1,251) - ( 1,251) Total reserve discount * $ 908 $ 657 $ 1,565 $ 883 $ 666 $ 1,549 * Excludes $ 170 million and $ 172 million of discount related to certain long tail liabilities in the UK at March 31, 2020 and December 31, 2019, respectively. Three Months Ended March 31, 2020 2019 North North America America Commercial Legacy Commercial Legacy (in millions) Insurance Portfolio Total Insurance Portfolio Total Current accident year $ 20 $ - $ 20 $ 24 $ - $ 24 Accretion and other adjustments to prior year discount ( 67) ( 9) ( 76) ( 251) ( 13) ( 264) Effect of interest rate changes - - - ( 167) ( 66) ( 233) Net reserve discount benefit (charge) ( 47) ( 9) ( 56) ( 394) ( 79) ( 473) Change in discount on loss reserves ceded under retroactive reinsurance 72 - 72 307 - 307 Net change in total reserve discount * $ 25 $ ( 9) $ 16 $ ( 87) $ ( 79) $ ( 166) * Excludes $( 2) million and $ 35 million discount related to certain long tail liabilities in the UK for the three-month periods ended March 31, 2020 and 2019, respectively.

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
EQUITY
Rollforward of common stock outstanding	Three Months Ended March 31, 2020 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,036,672,461) 869,999,031 Shares issued - 3,452,529 3,452,529 Shares repurchased - ( 12,160,952) ( 12,160,952) Shares, end of period 1,906,671,492 ( 1,045,380,884) 861,290,608
Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per common share on AIG Common Stock: Dividends Paid Declaration Date Record Date Payment Date Per Common Share February 12, 2020 March 16, 2020 March 30, 2020 $ 0.32 February 13, 2019 March 15, 2019 March 29, 2019 0.32
Repurchases Of Common Stock and Warrant	The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock: Three Months Ended March 31, (in millions) 2020 2019 Aggregate repurchases of common stock $ 500 $ - Total number of common shares repurchased 12 - Aggregate repurchases of warrants $ - $ - Total number of warrants repurchased - -
Accumulated Other Comprehensive Income (Loss)	Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Allowance (Depreciation) Currency Plan Attributable to for Credit Losses of All Other Translation Liabilities Changes in (in millions) Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized depreciation of investments ( 484) ( 9,971) - - - ( 10,455) Change in deferred policy acquisition costs adjustment and other (a) 30 1,377 - - - 1,407 Change in future policy benefits - 1,672 - - - 1,672 Change in foreign currency translation adjustments - - ( 69) - - ( 69) Change in net actuarial loss - - - 4 - 4 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 95 1,380 ( 16) ( 10) - 1,449 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 3 3 Total other comprehensive loss ( 359) ( 5,542) ( 85) ( 7) 3 ( 5,990) Noncontrolling interests - ( 10) ( 4) - - ( 14) Balance, March 31, 2020, net of tax $ ( 359) $ 3,190 $ ( 2,706) $ ( 1,129) $ 10 $ ( 994) Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, December 31, 2018, net of tax $ ( 38) $ 2,426 $ ( 2,725) $ ( 1,086) $ 10 $ ( 1,413) Change in unrealized appreciation of investments 849 5,064 - - - 5,913 Change in deferred policy acquisition costs adjustment and other ( 8) ( 856) - - - ( 864) Change in future policy benefits - ( 1,068) - - - ( 1,068) Change in foreign currency translation adjustments - - 188 - - 188 Change in net actuarial loss - - - 1 - 1 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax liability ( 165) ( 432) ( 24) ( 1) - ( 622) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income (loss) 676 2,708 164 ( 1) - 3,547 Noncontrolling interests - 5 1 - - 6 Balance, March 31, 2019, net of tax $ 638 $ 5,129 $ ( 2,562) $ ( 1,087) $ 10 $ 2,128 (a) Includes net unrealized gains and losses attributable to businesses held for sale at March 31, 2020.
Other comprehensive income (loss) reclassification adjustments	Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Allowance (Depreciation) Currency Plan Attributable to for Credit Losses of All Other Translation Liabilities Changes in (in millions) Were Taken Investments Adjustments Adjustment Own Credit Risk Total March 31, 2020 Unrealized change arising during period $ ( 454) $ ( 6,708) $ ( 69) $ ( 7) $ 3 $ ( 7,235) Less: Reclassification adjustments included in net income - 214 - ( 10) - 204 Total other comprehensive income (loss), before income tax expense (benefit) ( 454) ( 6,922) ( 69) 3 3 ( 7,439) Less: Income tax expense (benefit) ( 95) ( 1,380) 16 10 - ( 1,449) Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 359) $ ( 5,542) $ ( 85) $ ( 7) $ 3 $ ( 5,990) Unrealized Appreciation Fair Value of (Depreciation) of Fixed Unrealized Liabilities Under Maturity Securities on Appreciation Foreign Retirement Fair Value Option Which Other-Than- (Depreciation) Currency Plan Attributable to Temporary Credit of All Other Translation Liabilities Changes in (in millions) Impairments Were Taken Investments Adjustments Adjustment Own Credit Risk Total March 31, 2019 Unrealized change arising during period $ 841 $ 3,109 $ 188 $ ( 5) $ - $ 4,133 Less: Reclassification adjustments included in net income - ( 31) - ( 5) - ( 36) Total other comprehensive income (loss), before income tax expense 841 3,140 188 - - 4,169 Less: Income tax expense 165 432 24 1 - 622 Total other comprehensive income (loss), net of income tax expense $ 676 $ 2,708 $ 164 $ ( 1) $ - $ 3,547
Schedule of effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Consolidated Statements of Income	Amount Reclassified from Accumulated Other Comprehensive Income Three Months Ended March 31, Affected Line Item in the (in millions) 2020 2019 Condensed Consolidated Statements of Income Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken Investments $ - $ - Other realized capital gains Total - - Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken Investments - - Other realized capital gains Total - - Unrealized appreciation (depreciation) of all other investments Investments 214 ( 31) Other realized capital gains Total 214 ( 31) Change in retirement plan liabilities adjustment Prior-service credit - - * Actuarial losses ( 10) ( 5) * Total ( 10) ( 5) Total reclassifications for the period $ 204 $ ( 36) * These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. For additional information see Note 14 herein .

EARNINGS PER COMMON SHARE (EP_2

EARNINGS PER COMMON SHARE (EPS) (Tables)	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE (EPS)
Computation of basic and diluted EPS	Three Months Ended March 31, (dollars in millions, except per common share data) 2020 2019 Numerator for EPS: Income from continuing operations $ 1,654 $ 937 Less: Net income (loss) from continuing operations attributable to noncontrolling interests ( 95) 283 Less: Preferred stock dividends 7 - Income attributable to AIG common shareholders from continuing operations 1,742 654 Income from discontinued operations, net of income tax expense - - Net income attributable to AIG common shareholders $ 1,742 $ 654 Denominator for EPS: Weighted average common shares outstanding — basic 874,213,630 875,383,084 Dilutive common shares 4,652,583 2,129,160 Weighted average common shares outstanding — diluted (a) 878,866,213 877,512,244 Income per common share attributable to AIG common shareholders: Basic: Income from continuing operations $ 1.99 $ 0.75 Income from discontinued operations $ - $ - Income attributable to AIG common shareholders $ 1.99 $ 0.75 Diluted: Income from continuing operations $ 1.98 $ 0.75 Income from discontinued operations $ - $ - Income attributable to AIG common shareholders $ 1.98 $ 0.75 (a) Dilutive common shares included our share-based employee compensation plans and a weighted average portion of the 10-year warrants issued to AIG shareholders as part of AIG’s recapitalization in January 2011. The number of common shares excluded from diluted shares outstanding was 67.2 million and 64.3 million for the three-month periods ended March 31, 2020 and 2019, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS (Tables)

EMPLOYEE BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Components of net periodic benefit cost	Pension U.S. Non-U.S. (in millions) Plans Plans Total Three Months Ended March 31, 2020 Components of net periodic benefit cost: Service cost $ 1 $ 5 $ 6 Interest cost 34 3 37 Expected return on assets ( 60) ( 5) ( 65) Amortization of net loss 8 2 10 Net periodic benefit cost (credit) ( 17) 5 ( 12) Three Months Ended March 31, 2019 Components of net periodic benefit cost: Service cost $ 2 $ 6 $ 8 Interest cost 44 4 48 Expected return on assets ( 57) ( 5) ( 62) Amortization of net loss 8 1 9 Net periodic benefit cost (credit) ( 3) 6 3 Settlement (credit) charges - ( 4) ( 4) Net benefit cost (credit) $ ( 3) $ 2 $ ( 1)

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions	Nov. 25, 2019	Nov. 13, 2018USD ($)	Mar. 31, 2020USD ($)item$ / shares	Mar. 31, 2019USD ($)	Dec. 31, 2019$ / shares
Basis of Presentation [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 2.50		$ 2.5
Income (loss) from divested businesses			$ (216)	$ 6
Fortitude Holdings | Fortitude RE
Basis of Presentation [Line Items]
Parent owneship interest		100.00%
American International Group, Inc. | Fortitude Holdings
Basis of Presentation [Line Items]
Percentage of common stock held after closing of transaction	3.50%
Carlyle FRL | Fortitude Holdings
Basis of Presentation [Line Items]
Voting interest in subsidiary, percent	51.60%
T&D | Fortitude Holdings
Basis of Presentation [Line Items]
Voting interest in subsidiary, percent	25.00%
Fortitude Holdings
Basis of Presentation [Line Items]
Consideration in cash		$ 381
Contingent considiration receivable			95
Contingent consideration receivable, maximum			$ 100
Planned distribution term			36 months
Expected payment to affiliates			$ 1,450
Maximum purchase price adjustment payable			500
Fortitude Holdings | TC Group Cayman
Basis of Presentation [Line Items]
Voting interest in subsidiary, percent		19.90%
Fortitude Holdings | American International Group, Inc.
Basis of Presentation [Line Items]
Percentage of common stock held after closing of transaction		80.10%
Blackboard U.S. Holdings, Inc
Basis of Presentation [Line Items]
Income (loss) from divested businesses			$ (210)
Minimum
Basis of Presentation [Line Items]
Number of countries in which the entity operates | item			80

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Rollforward of allowance for credit losses and disputes in connection with the adoption of the Financial Instruments Credit Losses Standard) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Summary of Significant Accounting Policies [Line Items]
Securities available for sale, balance, beginning of year	$ 0
Securities available for sale, purchased credit deteriorated initial allowance and purchases of available for sale debt securites accounted for as PCD assets	13
Securities available for sale, increase (decrease)	198	$ 0
Securities available for sale, balance, end of period	211
Mortgage and other loan receivables, balance, beginning of year	438	397
Mortgage and other loan receivables, increase (decrease)	31
Mortgage and other loan receivables, balance, end of period	787	$ 422
Reinsurance recoverables, balance, beginning of year	151
Reinsurance recoverables, increase (decrease)	(13)
Reinsurance recoverables, balance, end of period	362
Premiums and other receivables, balance, beginning of year	178
Premiums and other receivables, increase (decrease)	(2)
Premiums and other receivables, balance, end of period	210
Contractual deductible recoverables, balance, beginning of year	0
Contractual deductible recoverables, increase (decrease)	0
Contractual deductible recoverables, balance, end of period	14
Commercial mortgage loan commitments, balance, beginning of year	0
Commercial mortgage loan commitments, increase (decrease)	7
Commercial mortgage loan commitments, balance, end of period	58
Total, beginning of year	767
Total, increase (decrease)	221
Total, end of period	1,642
Retained earnings	(24,062)		$ (23,084)
Cumulative effect of change in accounting principle
Summary of Significant Accounting Policies [Line Items]
Securities available for sale, balance, beginning of year	0
Mortgage and other loan receivables, balance, beginning of year	318
Reinsurance recoverables, balance, beginning of year	224
Premiums and other receivables, balance, beginning of year	34
Contractual deductible recoverables, balance, beginning of year	14
Commercial mortgage loan commitments, balance, beginning of year	51
Total, beginning of year	641
Secondary impacts to certain long-duration insurance contracts	(27)
Tax impact	$ (127)
Retained earnings			$ 487

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Rollfoward of the reinsurance recoverable allowance for credit losses and disputes) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, balance, beginning of year	$ 151
Initial allowance upon adoption	224
Current period provision for expected credit losses and disputes	(2)
Write-offs charged against the allowance for credit losses and disputes	(7)
Other	(4)
Reinsurance recoverables, balance, end of period	362
General Insurance
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, balance, beginning of year	111
Initial allowance upon adoption	202
Current period provision for expected credit losses and disputes	(4)
Write-offs charged against the allowance for credit losses and disputes	(3)
Other	(4)
Reinsurance recoverables, balance, end of period	302
Life and Retirement
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, balance, beginning of year	40
Initial allowance upon adoption	22
Current period provision for expected credit losses and disputes	2
Write-offs charged against the allowance for credit losses and disputes	(4)
Other	0
Reinsurance recoverables, balance, end of period	$ 60

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details - Narratives) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies [Line Items]
Retained earnings	$ 24,062,000,000	$ 23,084,000,000
Accounting standards update	us-gaap:AccountingStandardsUpdate201613Member
Reinsurance recoverables	$ 42,200,000,000
Recoveries of amounts previously written off	0
Premiums and other receivables, allowance for credit losses	$ 210,000,000	178,000,000
Investment Grade
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	87.00%
Investment Grade | General Insurance
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	82.00%
Investment Grade | Life and Retirement
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	5.00%
Non-Investment Grade
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	12.00%
Non-Investment Grade | Captive Insurers
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	76.00%
Non-Investment Grade | Life and Retirement | Maximum
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	1.00%
Not Rated
Summary of Significant Accounting Policies [Line Items]
Reinsurance recoverables, percent	1.00%
Cumulative effect of change in accounting principle
Summary of Significant Accounting Policies [Line Items]
Retained earnings		(487,000,000)
Premiums and other receivables, allowance for credit losses		$ 34,000,000

SEGMENT INFORMATION (Details -

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total Revenues	$ 14,443	$ 12,456
Adjusted Pre-tax Income (Loss)	2,558	1,154
AIG Consolidation and Eliminations
Segment Reporting Information [Line Items]
Total Revenues	(145)	(97)
Adjusted Pre-tax Income (Loss)	(84)	(70)
Total AIG Consolidated adjusted revenues and adjusted pre-tax income (loss)
Segment Reporting Information [Line Items]
Total Revenues	11,120	12,754
Adjusted Pre-tax Income (Loss)	172	1,847
General Insurance | Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	6,667	7,802
Adjusted Pre-tax Income (Loss)	501	1,268
General Insurance | Reportable Segments | North America
Segment Reporting Information [Line Items]
Total Revenues	3,414	4,098
Adjusted Pre-tax Income (Loss)	409	934
General Insurance | Reportable Segments | International
Segment Reporting Information [Line Items]
Total Revenues	3,253	3,704
Adjusted Pre-tax Income (Loss)	92	334
Life and Retirement | Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	4,172	4,204
Adjusted Pre-tax Income (Loss)	574	924
Life and Retirement | Reportable Segments | Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,370	1,351
Adjusted Pre-tax Income (Loss)	306	508
Life and Retirement | Reportable Segments | Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	694	709
Adjusted Pre-tax Income (Loss)	143	232
Life and Retirement | Reportable Segments | Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,091	1,073
Adjusted Pre-tax Income (Loss)	55	116
Life and Retirement | Reportable Segments | Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	1,017	1,071
Adjusted Pre-tax Income (Loss)	70	68
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	162	139
Adjusted Pre-tax Income (Loss)	(451)	(387)
Legacy Portfolio
Segment Reporting Information [Line Items]
Total Revenues	264	706
Adjusted Pre-tax Income (Loss)	$ (368)	$ 112

SEGMENT INFORMATION (Details _2

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment, reconciling items) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Gain (loss) on extinguishment of debt	$ (17)	$ 2
Income (loss) from divested businesses	(216)	6
Net reserve discount benefit (charge)	(56)	(473)
Revenues	14,443	12,456
Adjusted Pre-tax Income (Loss)	2,558	1,154
Reconciling items from adjusted pre-tax income to pre-tax income | Total Revenues
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	14	105
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	0	0
Changes in fair value of equity securities	(191)	79
Professional fees related to regulatory or accounting changes	0	0
Other income (expense) - net	9	7
Gain (loss) on extinguishment of debt	0	0
Net realized capital gains (losses)	3,485	(489)
Income (loss) from divested businesses	0	0
Non-operating litigation reserves and settlements	6	0
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	0	0
Net reserve discount benefit (charge)	0	0
Integration and transaction costs associated with acquired business	0	0
Restructuring and other costs	0	0
Reconciling items from adjusted pre-tax income to pre-tax income | Adjusted Pre-Tax Income (loss)
Reconciling items from adjusted pre-tax income (loss) to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	(7)	96
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	(538)	99
Changes in fair value of equity securities	(191)	79
Professional fees related to regulatory or accounting changes	(13)	0
Other income (expense) - net	0	0
Gain (loss) on extinguishment of debt	(17)	2
Net realized capital gains (losses)	3,502	(474)
Income (loss) from divested businesses	(216)	6
Non-operating litigation reserves and settlements	6	(1)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	8	27
Net reserve discount benefit (charge)	(56)	(473)
Integration and transaction costs associated with acquired business	(2)	(7)
Restructuring and other costs	$ (90)	$ (47)

SEGMENT INFORMATION (Details _3

SEGMENT INFORMATION (Details - Narrative)	3 Months Ended
	Mar. 31, 2020segment
General Insurance
Segment Reporting Information [Line Items]
Number of operating segments	2
Life and Retirement
Segment Reporting Information [Line Items]
Number of operating segments	4

HELD-FOR-SALE CLASSIFICATION (D

HELD-FOR-SALE CLASSIFICATION (Details - Summary of assets and liabilities held for sale) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Assets:
Bonds available for sale	$ 241,776	$ 251,086
Other bond securities	5,353	6,682
Other invested assets	17,966	18,792
Short-term investments	19,773	13,230
Cash	2,738	2,856	$ 2,565
Accrued investment income	2,312	2,334
Other assets	16,392	16,383
Liabilities:
Other Liabilities	29,183	26,609
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Assets:
Bonds available for sale	2,308	2,187
Other bond securities	13	13
Other invested assets	58	45
Short-term investments	63	107
Cash	54	63
Accrued investment income	20	19
Deferred income taxes	(11)	(22)
Other assets	152	106
Assets of businesses held for sale	2,657	2,518
Less: Loss Accrual	(98)	(98)
Total assets held for sale	2,559	2,420
Liabilities:
Other Liabilities	14	15
Total liabilities held for sale	$ 14	$ 15

HELD-FOR-SALE CLASSIFICATION _2

HELD-FOR-SALE CLASSIFICATION (Details - Narrative) - USD ($) $ in Millions	Nov. 25, 2019	Nov. 13, 2018	Mar. 31, 2020	Mar. 31, 2018	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets			$ 510,477		$ 525,064
Incremental loss on sale of business			2,600
Fortitude Holdings | Fortitude RE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Parent owneship interest		100.00%
American International Group, Inc. | Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of common stock held after closing of transaction	3.50%
Carlyle FRL | Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, percent	51.60%
T&D | Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, percent	25.00%
Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss accrual			98		98
Fortitude
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration in cash		$ 381
Contingent considiration receivable			95
Contingent consideration receivable, maximum			$ 100
Planned distribution term			36 months
Expected payment to affiliates			$ 1,450
Loss accrual					98
Maximum purchase price adjustment payable			500
Fortitude | TC Group Cayman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Voting interest in subsidiary, percent		19.90%
Fortitude | American International Group, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of common stock held after closing of transaction		80.10%
Fortitude | Assets held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets			2,700
Fortitude | Assets held-for-sale | Fortitude RE
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Prepaid insurance			2,200	$ 2,500	2,300
Dispositions			$ (400)	$ (500)	$ (400)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	$ 241,776	$ 251,086
Other bond securities	5,353	6,682
Equity securities	624	841
Other invested assets	6,576	6,827
Derivative Assets, Fair Value, Gross	10,349	5,026
Derivative assets, Counterparty netting	(4,645)	(2,427)
Derivative assets, Cash collateral	(4,840)	(1,806)
Derivative assets	864	793
Short-term investments, portion measured at fair value	8,186	5,343
Other assets	3,311	3,151
Separate account assets, at fair value	78,836	93,272
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	8,153	6,910
Other policyholder funds	3,460	3,428
Derivative Liabilities, Fair Value, Gross	5,429	4,009
Derivative liabilities, Counterparty netting	(4,645)	(2,427)
Derivative liabilities, Cash collateral	(147)	(527)
Derivative liabilities	637	1,055
Other liabilities	637	1,100
Long-term debt	2,276	2,062
Fair Value Using Net Asset Value Per Share or its equivalent	5,029	5,549
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	241,776	251,086
Other bond securities	5,353	6,682
Equity securities	624	841
Other invested assets	1,547	1,278
Derivative assets, Counterparty netting	(4,645)	(2,427)
Derivative assets, Cash collateral	(4,840)	(1,806)
Derivative assets, Counterparty netting and cash collateral	(9,485)	(4,233)
Derivative assets	864	793
Short-term investments, portion measured at fair value	8,186	5,343
Other assets	2,447	2,358
Separate account assets, at fair value	78,836	93,272
Fair value assets measured on recurring basis, total	339,633	361,653
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	8,153	6,910
Derivative liabilities, Counterparty netting	(4,645)	(2,427)
Derivative liabilities, Cash collateral	(147)	(527)
Derivative liabilities, Counterparty netting and cash collateral	(4,792)	(2,954)
Derivative liabilities	637	1,055
Other liabilities	0	45
Long-term debt	2,276	2,062
Fair value liabilities measured on recurring basis, total	11,066	10,072
Recurring Basis | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	6,623	3,200
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	4,226	2,749
Recurring Basis | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	2,338	1,040
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,032	1,025
Recurring Basis | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,240	769
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	77	139
Recurring Basis | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	133	3
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	81	89
Recurring Basis | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	15	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	13	7
Recurring Basis | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	5,689	5,380
Other bond securities	2,057	2,121
Recurring Basis | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	15,440	15,318
Recurring Basis | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,173	14,869
Other bond securities	0	0
Recurring Basis | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	144,322	149,636
Other bond securities	16	18
Recurring Basis | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	30,857	32,805
Other bond securities	467	489
Recurring Basis | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,226	14,430
Other bond securities	271	322
Recurring Basis | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	17,069	18,648
Other bond securities	2,542	3,732
Recurring Basis | Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	287	195
Other bond securities	6	0
Equity securities	582	756
Other invested assets	0	0
Derivative Assets, Fair Value, Gross	89	6
Short-term investments, portion measured at fair value	1,732	2,299
Other assets	176	57
Separate account assets, at fair value	74,591	89,069
Fair value assets measured on recurring basis, total	77,463	92,382
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0	0
Derivative Liabilities, Fair Value, Gross	10	12
Other liabilities	0	0
Long-term debt	0	0
Fair value liabilities measured on recurring basis, total	10	12
Recurring Basis | Level 1 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	2	1
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	2	4
Recurring Basis | Level 1 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis | Level 1 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	87	5
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	8	8
Recurring Basis | Level 1 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis | Level 1 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis | Level 1 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	239	135
Other bond securities	6	0
Recurring Basis | Level 1 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Recurring Basis | Level 1 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	48	60
Other bond securities	0	0
Recurring Basis | Level 1 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis | Level 1 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis | Level 1 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis | Level 1 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis | Level 2
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	216,565	224,960
Other bond securities	2,778	2,944
Equity securities	23	77
Other invested assets	80	86
Derivative Assets, Fair Value, Gross	9,961	4,826
Short-term investments, portion measured at fair value	6,454	3,044
Other assets	2,180	2,212
Separate account assets, at fair value	4,245	4,203
Fair value assets measured on recurring basis, total	242,286	242,352
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	0	0
Derivative Liabilities, Fair Value, Gross	5,338	3,905
Other liabilities	0	45
Long-term debt	2,276	2,062
Fair value liabilities measured on recurring basis, total	7,614	6,012
Recurring Basis | Level 2 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	6,621	3,199
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	4,224	2,745
Recurring Basis | Level 2 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	2,337	1,034
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	1,028	1,025
Recurring Basis | Level 2 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1,003	593
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	62	111
Recurring Basis | Level 2 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	24	24
Recurring Basis | Level 2 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis | Level 2 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	5,450	5,245
Other bond securities	2,051	2,121
Recurring Basis | Level 2 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,338	13,197
Recurring Basis | Level 2 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	14,119	14,809
Other bond securities	0	0
Recurring Basis | Level 2 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	143,107	147,973
Other bond securities	16	18
Recurring Basis | Level 2 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	19,170	19,397
Other bond securities	318	346
Recurring Basis | Level 2 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	13,080	13,377
Other bond securities	229	272
Recurring Basis | Level 2 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	8,301	10,962
Other bond securities	164	187
Recurring Basis | Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	24,924	25,931
Other bond securities	2,569	3,738
Equity securities	19	8
Other invested assets	1,467	1,192
Derivative Assets, Fair Value, Gross	299	194
Short-term investments, portion measured at fair value	0	0
Other assets	91	89
Separate account assets, at fair value	0	0
Fair value assets measured on recurring basis, total	29,369	31,152
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value	8,153	6,910
Derivative Liabilities, Fair Value, Gross	81	92
Other liabilities	0	0
Long-term debt	0	0
Fair value liabilities measured on recurring basis, total	8,234	7,002
Recurring Basis | Level 3 | Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	0	0
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	0	0
Recurring Basis | Level 3 | Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	1	6
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	4	0
Recurring Basis | Level 3 | Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	150	171
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	7	20
Recurring Basis | Level 3 | Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	133	3
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	57	65
Recurring Basis | Level 3 | Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross	15	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross	13	7
Recurring Basis | Level 3 | U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	0	0
Other bond securities	0	0
Recurring Basis | Level 3 | Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	2,102	2,121
Recurring Basis | Level 3 | Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	6	0
Other bond securities	0	0
Recurring Basis | Level 3 | Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,215	1,663
Other bond securities	0	0
Recurring Basis | Level 3 | Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	11,687	13,408
Other bond securities	149	143
Recurring Basis | Level 3 | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	1,146	1,053
Other bond securities	42	50
Recurring Basis | Level 3 | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	8,768	7,686
Other bond securities	$ 2,378	$ 3,545

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	$ 30,958	$ 33,610
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(105)	317
Other Comprehensive Income (Loss), assets	(2,296)	230
Purchases, Sales, Issuances and Settlements, Net, assets	(819)	(491)
Gross Transfers In, assets	1,932	798
Gross Transfers Out, assets	(597)	(741)
Reclassification of Held for Sale, assets	(3)	0
Fair Value End of Period, assets	29,070	33,723
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	(270)	29
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(2,100)
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	6,808	4,269
Net realized and unrealized gains (losses) included in income, liabilities	1,014	529
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	113	212
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	7,935	5,010
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(769)	(483)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	6,910	4,116
Net realized and unrealized gains (losses) included in income, liabilities	1,171	569
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	72	193
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	8,153	4,878
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(884)	(521)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(102)	153
Net realized and unrealized gains (losses) included in income, liabilities	(157)	(40)
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	41	19
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	(218)	132
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	115	38
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	0	15
Net realized and unrealized gains (losses) included in income, liabilities	0	1
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	0	(1)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	0	15
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	0	(1)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(6)	(5)
Net realized and unrealized gains (losses) included in income, liabilities	3	(5)
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	6	9
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	3	(1)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	1	(1)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(151)	(75)
Net realized and unrealized gains (losses) included in income, liabilities	(26)	(16)
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	34	(5)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	(143)	(96)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(14)	19
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	62	227
Net realized and unrealized gains (losses) included in income, liabilities	(124)	(3)
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(14)	(2)
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	(76)	222
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	118	4
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(7)	(9)
Net realized and unrealized gains (losses) included in income, liabilities	(10)	(17)
Other Comprehensive Income (Loss), liabilities	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	15	18
Gross Transfers In, liabilities	0	0
Gross Transfers Out, liabilities	0	0
Reclassified to Held for Sale, liabilities	0	0
Fair Value End of Year, liabilities	(2)	(8)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	10	17
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	25,931	27,093
Net Realized and Unrealized Gains (Losses) Included in Income, assets	94	228
Other Comprehensive Income (Loss), assets	(2,297)	230
Purchases, Sales, Issuances and Settlements, Net, assets	12	(257)
Gross Transfers In, assets	1,781	798
Gross Transfers Out, assets	(597)	(644)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	24,924	27,448
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(2,100)
Bonds available for sale | Obligations of states, municipalities and political subdivisions
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	2,121	2,000
Net Realized and Unrealized Gains (Losses) Included in Income, assets	5	(1)
Other Comprehensive Income (Loss), assets	(55)	97
Purchases, Sales, Issuances and Settlements, Net, assets	137	24
Gross Transfers In, assets	27	29
Gross Transfers Out, assets	(133)	(13)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	2,102	2,136
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(51)
Bonds available for sale | Non-U.S. governments
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	0	11
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	(4)
Gross Transfers In, assets	6	0
Gross Transfers Out, assets	0	(4)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	6	3
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Bonds available for sale | Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	1,663	864
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(67)	(3)
Other Comprehensive Income (Loss), assets	(81)	38
Purchases, Sales, Issuances and Settlements, Net, assets	7	34
Gross Transfers In, assets	103	654
Gross Transfers Out, assets	(410)	(55)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	1,215	1,532
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(29)
Bonds available for sale | Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	13,408	14,199
Net Realized and Unrealized Gains (Losses) Included in Income, assets	132	227
Other Comprehensive Income (Loss), assets	(1,623)	24
Purchases, Sales, Issuances and Settlements, Net, assets	(223)	(412)
Gross Transfers In, assets	19	23
Gross Transfers Out, assets	(26)	(16)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	11,687	14,045
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(1,505)
Bonds available for sale | Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	1,053	917
Net Realized and Unrealized Gains (Losses) Included in Income, assets	7	1
Other Comprehensive Income (Loss), assets	19	17
Purchases, Sales, Issuances and Settlements, Net, assets	44	146
Gross Transfers In, assets	23	0
Gross Transfers Out, assets	0	(189)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	1,146	892
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	21
Bonds available for sale | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	7,686	9,102
Net Realized and Unrealized Gains (Losses) Included in Income, assets	17	4
Other Comprehensive Income (Loss), assets	(557)	54
Purchases, Sales, Issuances and Settlements, Net, assets	47	(45)
Gross Transfers In, assets	1,603	92
Gross Transfers Out, assets	(28)	(367)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	8,768	8,840
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	(536)
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	3,738	5,845
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(194)	89
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(975)	(239)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	(96)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	2,569	5,599
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	(284)	27
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other bond securities | Corporate debt
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	0	0
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other bond securities | Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	143	1,290
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(14)	17
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	20	(41)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	149	1,266
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	(14)	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other bond securities | Commercial mortgage-backed securities (CMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	50	77
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(7)	4
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(1)	3
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	42	84
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	(8)	3
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other bond securities | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	3,545	4,478
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(173)	68
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(994)	(201)
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	(96)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	2,378	4,249
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	(262)	24
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	8	27
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(1)	0
Other Comprehensive Income (Loss), assets	1	0
Purchases, Sales, Issuances and Settlements, Net, assets	10	0
Gross Transfers In, assets	1	0
Gross Transfers Out, assets	0	(1)
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	19	26
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Mortgage and other loans receivable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	0	0
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	1,192	587
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(4)	0
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	129	4
Gross Transfers In, assets	150	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	0	0
Fair Value End of Period, assets	1,467	591
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	14	2
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	89	58
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0
Other Comprehensive Income (Loss), assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	5	1
Gross Transfers In, assets	0	0
Gross Transfers Out, assets	0	0
Reclassification of Held for Sale, assets	(3)	0
Fair Value End of Period, assets	91	59
Changes in Unrealized Gains (Losses) Inlcuded in Income on Instruments Held at End of Period, assets	0	$ 0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	$ 0

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	$ (105)	$ 317
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	1,171	569
Policyholder contract deposits | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	0	0
Policyholder contract deposits | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	1,171	569
Policyholder contract deposits | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	0	0
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	(157)	(40)
Derivative liabilities, net | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	0	0
Derivative liabilities, net | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	(143)	(24)
Derivative liabilities, net | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	(14)	(16)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	94	228
Bonds available for sale | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	198	242
Bonds available for sale | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(104)	(14)
Bonds available for sale | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(194)	89
Other bond securities | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(462)	87
Other bond securities | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	268	2
Other bond securities | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(1)	0
Equity securities | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0
Equity securities | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(1)	0
Equity securities | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(4)	0
Other invested assets | Net investment income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	(4)	0
Other invested assets | Net realized capital gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0
Other invested assets | Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta_4

FAIR VALUE MEASUREMENTS (Details - Gross components of purchases, sales, issuances and settlements) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (819,000,000)	$ (491,000,000)
Issuances	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	(156,000,000)	(55,000,000)
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.	(55,000,000)	(1,000,000)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(15,000,000)	(13,000,000)
Sales, liabilities	230,000,000	173,000,000
Issuances and Settlements, liabilities	(102,000,000)	52,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	113,000,000	212,000,000
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0
Sales, liabilities	222,000,000	173,000,000
Issuances and Settlements, liabilities	(150,000,000)	20,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	72,000,000	193,000,000
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(15,000,000)	(13,000,000)
Sales, liabilities	8,000,000	0
Issuances and Settlements, liabilities	48,000,000	32,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	41,000,000	19,000,000
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,115,000,000	793,000,000
Sales, assets	(610,000,000)	(197,000,000)
Issuances and Settlements, assets	(1,324,000,000)	(1,087,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(819,000,000)	(491,000,000)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	871,000,000	785,000,000
Sales, assets	(31,000,000)	(197,000,000)
Issuances and Settlements, assets	(828,000,000)	(845,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	12,000,000	(257,000,000)
Bonds available for sale | Obligations of states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	145,000,000	47,000,000
Sales, assets	(2,000,000)	(15,000,000)
Issuances and Settlements, assets	(6,000,000)	(8,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	137,000,000	24,000,000
Bonds available for sale | Non-U.S. governments
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	0
Issuances and Settlements, assets	0	(4,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	0	(4,000,000)
Bonds available for sale | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	112,000,000	49,000,000
Sales, assets	(5,000,000)	0
Issuances and Settlements, assets	(100,000,000)	(15,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	7,000,000	34,000,000
Bonds available for sale | Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	336,000,000	307,000,000
Sales, assets	0	(26,000,000)
Issuances and Settlements, assets	(559,000,000)	(693,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(223,000,000)	(412,000,000)
Bonds available for sale | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	53,000,000	184,000,000
Sales, assets	(2,000,000)	0
Issuances and Settlements, assets	(7,000,000)	(38,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	44,000,000	146,000,000
Bonds available for sale | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	225,000,000	198,000,000
Sales, assets	(22,000,000)	(156,000,000)
Issuances and Settlements, assets	(156,000,000)	(87,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	47,000,000	(45,000,000)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	60,000,000	4,000,000
Sales, assets	(579,000,000)	0
Issuances and Settlements, assets	(456,000,000)	(243,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(975,000,000)	(239,000,000)
Other bond securities | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets		0
Sales, assets		0
Issuances and Settlements, assets		0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0
Other bond securities | Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	25,000,000	0
Sales, assets	0	0
Issuances and Settlements, assets	(5,000,000)	(41,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	20,000,000	(41,000,000)
Other bond securities | Commercial mortgage-backed securities (CMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	4,000,000
Sales, assets	0	0
Issuances and Settlements, assets	(1,000,000)	(1,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(1,000,000)	3,000,000
Other bond securities | Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	35,000,000	0
Sales, assets	(579,000,000)	0
Issuances and Settlements, assets	(450,000,000)	(201,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(994,000,000)	(201,000,000)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	10,000,000	0
Sales, assets	0	0
Issuances and Settlements, assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	10,000,000	0
Mortgage and other loans receivable, net of allowance
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	0
Issuances and Settlements, assets	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	0
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	174,000,000	4,000,000
Sales, assets	0	0
Issuances and Settlements, assets	(45,000,000)	0
Purchases, Sales, Issuances and Settlements, Net, assets	129,000,000	4,000,000
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0
Sales, assets	0	0
Issuances and Settlements, assets	5,000,000	1,000,000
Purchases, Sales, Issuances and Settlements, Net, assets	$ 5,000,000	$ 1,000,000

FAIR VALUE MEASUREMENTS (Deta_5

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Assets) $ in Millions	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Obligations of states, municipalities and political subdivisions | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0337	0.0335
Obligations of states, municipalities and political subdivisions | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0413	0.0395
Obligations of states, municipalities and political subdivisions | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0375	0.0365
Obligations of states, municipalities and political subdivisions | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,616	$ 1,633
Corporate debt | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0211	0.0348
Corporate debt | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0618	0.0622
Corporate debt | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0414	0.0485
Corporate debt | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 982	$ 1,087
Residential mortgage-backed securities | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0401	0.0252
Residential mortgage-backed securities | Minimum | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0446	0.0400
Residential mortgage-backed securities | Minimum | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.3078	0.3368
Residential mortgage-backed securities | Minimum | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0141	0.0168
Residential mortgage-backed securities | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0689	0.0453
Residential mortgage-backed securities | Maximum | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.1312	0.1289
Residential mortgage-backed securities | Maximum | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.7629	0.7691
Residential mortgage-backed securities | Maximum | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0586	0.0617
Residential mortgage-backed securities | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0545	0.0352
Residential mortgage-backed securities | Weighted-average | Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0879	0.0844
Residential mortgage-backed securities | Weighted-average | Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.5353	0.5529
Residential mortgage-backed securities | Weighted-average | Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0363	0.0393
Residential mortgage-backed securities | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 10,762	$ 11,746
Certain CDO/ABS | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0393	0.0292
Certain CDO/ABS | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0794	0.0491
Certain CDO/ABS | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0594	0.0391
Certain CDO/ABS | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 6,914	$ 6,025
Commercial mortgage backed securities | Minimum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0106	0.0277
Commercial mortgage backed securities | Maximum | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0694	0.0518
Commercial mortgage backed securities | Weighted-average | Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0400	0.0397
Commercial mortgage backed securities | Discounted cash flow | Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 555	$ 476

FAIR VALUE MEASUREMENTS (Deta_6

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Liabilities) $ in Millions	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
GMWB | Minimum | Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0700	0.0615
GMWB | Minimum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0.0016
GMWB | Minimum | Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5000	0.5000
GMWB | Minimum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3800	0.3800
GMWB | Minimum | Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.9000	0.9000
GMWB | Minimum | Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
GMWB | Minimum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0131	0.0012
GMWB | Maximum | Measurement Input Equity Volatility [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5700	0.4885
GMWB | Maximum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.1300	0.1260
GMWB | Maximum | Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.4300	1.4300
GMWB | Maximum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.4700	1.4700
GMWB | Maximum | Measurement Input Utilization Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
GMWB | Maximum | Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
GMWB | Maximum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0280	0.0153
GMWB | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 3,978	$ 2,474
Index Annuities | Minimum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2400	0.2400
Index Annuities | Minimum | Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0031	0.0031
Index Annuities | Minimum | Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0.0100
Index Annuities | Minimum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0131	0.0012
Index Annuities | Maximum | Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.8000	1.8000
Index Annuities | Maximum | Measurement Input Lapse Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5000	0.5000
Index Annuities | Maximum | Measurement Input Options Budget [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0400	0.0400
Index Annuities | Maximum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0280	0.0153
Index Annuities | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 3,719	$ 3,895
Indexed Life | Minimum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life | Minimum | Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life | Minimum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0131	0.0012
Indexed Life | Maximum | Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3797	0.3797
Indexed Life | Maximum | Measurement Input Mortality Rate [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
Indexed Life | Maximum | Measurement Input, NPA [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0280	0.0153
Indexed Life | Discounted cash flow | Level 3
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value	$ 434	$ 510

FAIR VALUE MEASUREMENTS (Deta_7

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 5,029	$ 5,549
Unfunded Commitments	2,609	2,666
Direct private equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	3,413	3,220
Unfunded Commitments	$ 2,608	2,665
Average original expected lives	10 years
Direct private equity | Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	2 years
Direct private equity | Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Average original expected lives, Increments	1 year
Leveraged buyout
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 1,245	1,189
Unfunded Commitments	1,454	1,543
Real Estate / Infrastructure
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	412	400
Unfunded Commitments	451	290
Venture capital
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	130	111
Unfunded Commitments	142	155
Growth equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	480	422
Unfunded Commitments	87	57
Mezzanine
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	377	325
Unfunded Commitments	339	414
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	769	773
Unfunded Commitments	135	206
Hedge funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	1,616	2,329
Unfunded Commitments	1	1
Event-driven
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	361	727
Unfunded Commitments	0	0
Long-short
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	408	539
Unfunded Commitments	0	0
Macro
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	697	894
Unfunded Commitments	0	0
Distressed
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	0	1
Unfunded Commitments	0	0
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	150	168
Unfunded Commitments	$ 1	$ 1

FAIR VALUE MEASUREMENTS (Deta_8

FAIR VALUE MEASUREMENTS (Details - Gains or losses recorded related to the eligible instruments for which we elected the fair value option) - Fair Value Option - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ (402)	$ 525
Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	(60)	355
Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	(139)	230
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ (203)	$ (60)

FAIR VALUE MEASUREMENTS (Deta_9

FAIR VALUE MEASUREMENTS (Details - Difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term borrowings for which the fair value option was elected) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage and other loans receivable, Difference	$ 47,631	$ 47,422
Long-term debt, Fair Value	2,276	2,062
Long-term debt, Outstanding Principal Amount	25,268	25,479
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	2,276	2,062
Long-term debt, Outstanding Principal Amount	1,543	1,502
Long-term debt, Difference	$ 733	$ 560

FAIR VALUE MEASUREMENTS (Det_10

FAIR VALUE MEASUREMENTS (Details - Assets measured at fair value on a non-recurring basis at the time of impairment and the related impairment charges recorded during the periods presented) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 97		$ 330
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	97		329
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		1
Level 1 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 3 | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	97		330
Level 3 | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	97		329
Level 3 | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		$ 1
Fair value on a non-recurring basis | Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	23	$ 49
Fair value on a non-recurring basis | Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	11	41
Fair value on a non-recurring basis | Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	$ 12	$ 8

FAIR VALUE MEASUREMENTS (Det_11

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Assets:
Mortgage and other loans receivable	$ 46,844	$ 46,984
Short-term investments	19,773	13,230
Cash	2,738	2,856	$ 2,565
Other assets	16,392	16,383
Liabilities:
Other liabilities	29,183	26,609
Long-term debt and debt of consolidated investment entities	25,268	25,479
Carrying Value
Assets:
Mortgage and other loans receivable	46,844	46,984
Other invested assets	778	742
Short-term investments	11,587	7,887
Cash	2,738	2,856
Other assets	374	311
Liabilities:
Policyholder contract deposits associated with investment-type contracts	127,194	126,137
Other liabilities	4,347	3,063
Long-term debt and debt of consolidated investment entities	33,134	33,288
Separate account liabilities - investment contracts	74,711	88,770
Total Fair Value
Assets:
Mortgage and other loans receivable	47,608	49,005
Other invested assets	778	741
Short-term investments	11,587	7,887
Cash	2,738	2,856
Other assets	374	311
Liabilities:
Policyholder contract deposits associated with investment-type contracts	137,407	133,246
Other liabilities	4,347	3,063
Long-term debt and debt of consolidated investment entities	33,879	35,907
Separate account liabilities - investment contracts	74,711	88,770
Level 1
Assets:
Mortgage and other loans receivable	0	0
Other invested assets	0	0
Short-term investments	0	0
Cash	2,738	2,856
Other assets	340	291
Liabilities:
Policyholder contract deposits associated with investment-type contracts	0	0
Other liabilities	14	15
Long-term debt and debt of consolidated investment entities	0	0
Separate account liabilities - investment contracts	0	0
Level 2
Assets:
Mortgage and other loans receivable	100	101
Other invested assets	772	735
Short-term investments	11,587	7,887
Cash	0	0
Other assets	34	20
Liabilities:
Policyholder contract deposits associated with investment-type contracts	246	255
Other liabilities	4,333	3,048
Long-term debt and debt of consolidated investment entities	24,765	27,024
Separate account liabilities - investment contracts	74,711	88,770
Level 3
Assets:
Mortgage and other loans receivable	47,508	48,904
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	137,161	132,991
Other liabilities	0	0
Long-term debt and debt of consolidated investment entities	9,114	8,883
Separate account liabilities - investment contracts	$ 0	$ 0

INVESTMENTS (Details - Amortize

INVESTMENTS (Details - Amortized cost or cost and fair value of available for sale securities) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	$ 234,586	$ 233,230
Available for sale securities, Allowance for Credit Losses	(211)	0
Available for sale securities, Fair Value	241,776	251,086
Bonds available for sale
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	234,586	233,230
Available for sale securities, Allowance for Credit Losses	(211)
Available for sale securities, Gross Unrealized Gains	14,901	18,671
Available for sale securities, Gross Unrealized Losses	(7,500)	(815)
Available for sale securities, Fair Value	241,776	251,086
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade	25,100	27,800
Bonds available for sale | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		1,186
Bonds available for sale | U.S. government and government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	4,664	5,108
Available for sale securities, Allowance for Credit Losses	0
Available for sale securities, Gross Unrealized Gains	1,042	316
Available for sale securities, Gross Unrealized Losses	(17)	(44)
Available for sale securities, Fair Value	5,689	5,380
Bonds available for sale | U.S. government and government sponsored entities | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		0
Bonds available for sale | Obligations of states, municipalities and political subdivisions
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	14,140	13,960
Available for sale securities, Allowance for Credit Losses	0
Available for sale securities, Gross Unrealized Gains	1,375	1,390
Available for sale securities, Gross Unrealized Losses	(75)	(32)
Available for sale securities, Fair Value	15,440	15,318
Bonds available for sale | Obligations of states, municipalities and political subdivisions | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		0
Bonds available for sale | Non-U.S. governments
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	13,737	14,042
Available for sale securities, Allowance for Credit Losses	(7)
Available for sale securities, Gross Unrealized Gains	676	884
Available for sale securities, Gross Unrealized Losses	(233)	(57)
Available for sale securities, Fair Value	14,173	14,869
Bonds available for sale | Non-U.S. governments | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		(18)
Bonds available for sale | Corporate debt
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	140,356	138,046
Available for sale securities, Allowance for Credit Losses	(167)
Available for sale securities, Gross Unrealized Gains	9,073	12,090
Available for sale securities, Gross Unrealized Losses	(4,940)	(500)
Available for sale securities, Fair Value	144,322	149,636
Bonds available for sale | Corporate debt | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		7
Bonds available for sale | Mortgage-backed, asset-backed and collateralized
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	61,689	62,074
Available for sale securities, Allowance for Credit Losses	(37)
Available for sale securities, Gross Unrealized Gains	2,735	3,991
Available for sale securities, Gross Unrealized Losses	(2,235)	(182)
Available for sale securities, Fair Value	62,152	65,883
Bonds available for sale | Mortgage-backed, asset-backed and collateralized | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		1,197
Bonds available for sale | Residential mortgage-backed securities (RMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	29,433	29,802
Available for sale securities, Allowance for Credit Losses	(37)
Available for sale securities, Gross Unrealized Gains	2,069	3,067
Available for sale securities, Gross Unrealized Losses	(608)	(64)
Available for sale securities, Fair Value	30,857	32,805
Bonds available for sale | Residential mortgage-backed securities (RMBS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		1,149
Bonds available for sale | Commercial mortgage-backed securities (CMBS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	13,988	13,879
Available for sale securities, Allowance for Credit Losses	0
Available for sale securities, Gross Unrealized Gains	530	576
Available for sale securities, Gross Unrealized Losses	(292)	(25)
Available for sale securities, Fair Value	14,226	14,430
Bonds available for sale | Commercial mortgage-backed securities (CMBS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		34
Bonds available for sale | Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance	18,268	18,393
Available for sale securities, Allowance for Credit Losses	0
Available for sale securities, Gross Unrealized Gains	136	348
Available for sale securities, Gross Unrealized Losses	(1,335)	(93)
Available for sale securities, Fair Value	$ 17,069	18,648
Bonds available for sale | Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS) | AOCI- OTTI
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Other-Than-Temporary Impairments in AOCI		$ 14

INVESTMENTS (Details - Securiti

INVESTMENTS (Details - Securities available for sale in a loss position) - Bonds available for sale $ in Millions	Mar. 31, 2020USD ($)security	Dec. 31, 2019USD ($)security
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 70,954	$ 24,331
Gross Unrealized Losses, Less than 12 Months	6,027	493
Fair Value, 12 Months or More	4,895	7,362
Gross Unrealized Losses, 12 Months or More	993	322
Fair Value, Total	75,849	31,693
Gross Unrealized Losses, Total	$ 7,020	$ 815
Number of securities in an unrealized loss position | security	14,067	5,695
Number of individual securities in continuous unrealized loss position for longer than twelve months | security	1,041	1,254
U.S. government and government sponsored entities
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 249	$ 1,461
Gross Unrealized Losses, Less than 12 Months	17	44
Fair Value, 12 Months or More	4	63
Gross Unrealized Losses, 12 Months or More	0	0
Fair Value, Total	253	1,524
Gross Unrealized Losses, Total	17	44
Obligations of states, municipalities and political subdivisions
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	1,274	672
Gross Unrealized Losses, Less than 12 Months	63	21
Fair Value, 12 Months or More	181	246
Gross Unrealized Losses, 12 Months or More	12	11
Fair Value, Total	1,455	918
Gross Unrealized Losses, Total	75	32
Non-U.S. governments
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	2,277	1,105
Gross Unrealized Losses, Less than 12 Months	156	12
Fair Value, 12 Months or More	197	343
Gross Unrealized Losses, 12 Months or More	62	45
Fair Value, Total	2,474	1,448
Gross Unrealized Losses, Total	218	57
Corporate debt
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	45,529	11,868
Gross Unrealized Losses, Less than 12 Months	4,213	319
Fair Value, 12 Months or More	1,171	2,405
Gross Unrealized Losses, 12 Months or More	485	181
Fair Value, Total	46,700	14,273
Gross Unrealized Losses, Total	4,698	500
Residential mortgage-backed securities (RMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	5,743	3,428
Gross Unrealized Losses, Less than 12 Months	346	28
Fair Value, 12 Months or More	504	1,367
Gross Unrealized Losses, 12 Months or More	39	36
Fair Value, Total	6,247	4,795
Gross Unrealized Losses, Total	385	64
Commercial mortgage-backed securities (CMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	4,653	1,877
Gross Unrealized Losses, Less than 12 Months	282	16
Fair Value, 12 Months or More	104	367
Gross Unrealized Losses, 12 Months or More	10	9
Fair Value, Total	4,757	2,244
Gross Unrealized Losses, Total	292	25
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	11,229	3,920
Gross Unrealized Losses, Less than 12 Months	950	53
Fair Value, 12 Months or More	2,734	2,571
Gross Unrealized Losses, 12 Months or More	385	40
Fair Value, Total	13,963	6,491
Gross Unrealized Losses, Total	$ 1,335	$ 93

INVESTMENTS (Details - Amorti_2

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 241,776	$ 251,086
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost Net of Allowance	10,370
Due after one year through five years, Amortized Cost Net of Allowance	42,552
Due after five years through ten years, Amortized Cost Net of Allowance	41,923
Due after ten years, Amortized Cost Net of Allowance	77,878
Mortgage-backed, asset-backed and collateralized, Amortized Cost Net of Allowance	61,652
Available for sale securities, Amortized Cost or Cost, Net of Allowance	234,375
Due in one year or less, Fair Value	10,517
Due after one year through five years, Fair Value	42,479
Due after five years through ten years, Fair Value	41,993
Due after ten years, Fair Value	84,635
Mortgage-backed, asset-backed and collateralized, Fair Value	62,152
Fixed Maturity Securities Available for Sale, Fair Value, Total	$ 241,776	$ 251,086

INVESTMENTS (Details - Gross re

INVESTMENTS (Details - Gross realized gains and gross realized losses from sales or maturities of available for sale securities) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Aggregate fair value of available for sale securities sold	$ 7,200	$ 6,400
Net realized capital gains (losses)	214	(31)
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	380	93
Gross Realized Losses	$ 166	$ 124

INVESTMENTS (Details - Value of

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 5,977	$ 7,523
Other Securities, Percent of Total	100.00%	100.00%
Fixed maturity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 5,353	$ 6,682
Other Securities, Percent of Total	90.00%	89.00%
Fixed maturity securities | U.S. government and government sponsored entities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 2,057	$ 2,121
Other Securities, Percent of Total	34.00%	28.00%
Fixed maturity securities | Corporate debt
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 16	$ 18
Other Securities, Percent of Total	0.00%	0.00%
Fixed maturity securities | Mortgage-backed, asset-backed and collateralized
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 3,280	$ 4,543
Other Securities, Percent of Total	56.00%	61.00%
Fixed maturity securities | Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 467	$ 489
Other Securities, Percent of Total	8.00%	7.00%
Fixed maturity securities | Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 271	$ 322
Other Securities, Percent of Total	5.00%	4.00%
Fixed maturity securities | Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 2,542	$ 3,732
Other Securities, Percent of Total	43.00%	50.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 624	$ 841
Other Securities, Percent of Total	10.00%	11.00%

INVESTMENTS (Details - Carrying

INVESTMENTS (Details - Carrying amounts of other invested assets) - USD ($) $ in Millions	3 Months Ended	84 Months Ended
	Mar. 31, 2020	Dec. 31, 2027	Dec. 31, 2019
Investments [Line Items]
Other invested assets	$ 17,966		$ 18,792
Alternative investments
Investments [Line Items]
Other invested assets	8,158		8,845
Investment real estate
Investments [Line Items]
Other invested assets	8,348		8,491
Net of accumulated depreciation on investment in real estate	720		703
All other investments
Investments [Line Items]
Other invested assets	1,460		1,456
Hedge Funds
Investments [Line Items]
Other invested assets	$ 2,200		3,300
Hedge Fund Fair Value Redemption, Additional Percentage	78.00%	22.00%
Direct private equity
Investments [Line Items]
Other invested assets	$ 5,600		5,200
Affordable Housing Partnerships
Investments [Line Items]
Other invested assets	$ 282		$ 331

INVESTMENTS (Details - Componen

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Line Items]
Total investment income	$ 2,656	$ 3,993
Investment expenses	148	114
Net investment income	2,508	3,879
Fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	2,609	2,653
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	(60)	327
Derivative Fair Value Hedge Included In Effectiveness Gain Loss	169	28
Equity securities
Net Investment Income [Line Items]
Total investment income	(191)	79
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	513	498
Alternative investments
Net Investment Income [Line Items]
Total investment income	(59)	419
Real estate
Net Investment Income [Line Items]
Total investment income	59	69
Other investments
Net Investment Income [Line Items]
Total investment income	(215)	(52)
Derivative Fair Value Hedge Included In Effectiveness Gain Loss	$ (202)	$ (15)

INVESTMENTS (Details - Compon_2

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Investments [Line Items]
Other-than-temporary impairments	$ 0	$ (83)
Change in intent	0	0
Change in allowance for credit losses on fixed maturity	(198)	0
Change in allowance for credit losses on loans	(38)	(24)
Foreign exchange transactions	(254)	(37)
Variable annuity embedded derivatives, net of related hedges	2,192	(261)
All other derivatives and hedge accounting	1,559	(72)
Other	44	62
Total net realized capital gains (losses)	3,519	(446)
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of of fixed maturity securities	$ 214	$ (31)

INVESTMENTS (Details - Schedule

INVESTMENTS (Details - Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	$ (320)	$ 318
Less: Net gains and losses recognized during the year on equity securities sold during the year	14	29
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	(334)	289
Change in unrealized appreciation (depreciation) of investments	(10,455)	5,913
Fixed maturity securities
Increase (decrease) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	(10,455)	5,982
Equity securities
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	(191)	79
Less: Net gains and losses recognized during the year on equity securities sold during the year	12	19
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	(203)	60
Other investments
Increase (decrease) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	0	(69)
Other invested assets
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains and losses recognized during the year on equity securities	(129)	239
Less: Net gains and losses recognized during the year on equity securities sold during the year	2	10
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$ (131)	$ 229

INVESTMENTS (Details - Rollforw

INVESTMENTS (Details - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major ivnvestment category) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of year	$ 0
Securities for which allowance for credit losses were not previously recorded	198
Purchases of available for sale debt securities accounted for as PCD assets	6
Securities sold during the period	0
Intent to sell security or more like than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases or drecreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intention to sell before recovery amortized cost basis	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other	0
Securities available for sale, balance, end of period	211
Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of year	7
Structured Finance [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities for which allowance for credit losses were not previously recorded	24
Purchases of available for sale debt securities accounted for as PCD assets	6
Securities sold during the period	0
Intent to sell security or more like than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases or drecreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intention to sell before recovery amortized cost basis	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other	0
Securities available for sale, balance, end of period	37
Structured Finance [Member] | Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of year	7
Non-structured [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities for which allowance for credit losses were not previously recorded	174
Purchases of available for sale debt securities accounted for as PCD assets	0
Securities sold during the period	0
Intent to sell security or more like than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases or drecreases to the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intention to sell before recovery amortized cost basis	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other	0
Securities available for sale, balance, end of period	174
Non-structured [Member] | Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of year	$ 0

INVESTMENTS (Details - Rollfo_2

INVESTMENTS (Details - Rollforward of the cumulative credit losses in other-than-temporary impairments recognized in earnings) - Fixed maturity securities $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Other Than Temporary Impairment Credit Losses Recognized in Earnings
Balance, beginning of year	$ 0
Increases due to:
Credit impairments on new securities subject to impairment losses	68
Additional credit impairments on previously impaired securities	6
Reductions due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	(21)
Accretion on securities previously impaired due to credit	0
Balance, end of year	$ 53

INVESTMENTS (Details - Reconcil

INVESTMENTS (Details - Reconciliation of purchase price to unpaid principal balance of securities purchased with credit deterioration) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
INVESTMENTS
Unpaid principal balance	$ 187
Allowance for expected credit losses at acquisition	(6)
Purchase (discount) premium	(48)
Purchase price	$ 133

INVESTMENTS (Details - Schedu_2

INVESTMENTS (Details - Schedule of purchased credit impaired (PCI) securities) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		$ 234,586	$ 233,230
Bonds available for sale, at fair value, net of allowance for credit losses of $211 in 2020 (amortized cost: 2020 - $234,586; 2019 - $233,230)		$ 241,776	251,086
Purchased Credit Impaired (PCI) Securities
Schedule of Available-for-sale Securities [Line Items]
Contractually required payments (principal and interest)			35,139
Cash flows expected to be collected			28,720
Recorded investment in acquired securities			19,382
Outstanding principal balance			10,476
Amortized cost			6,970
Bonds available for sale, at fair value, net of allowance for credit losses of $211 in 2020 (amortized cost: 2020 - $234,586; 2019 - $233,230)			$ 8,664
Available for sale securities | Purchased Credit Impaired (PCI) Securities
Changes in activity for the accretable yield on PCI securities:
Balance, beginning of year	$ 7,210
Newly purchased PCI securities	12
Accretion	(172)
Effect of changes in interest rate indices	(134)
Net reclassification from (to) non-accretable difference, including effects of prepayments	(115)
Activities related to businesses reclassified to held for sale	0
Balance, end of year	$ 6,801

INVESTMENTS (Details - Pledged

INVESTMENTS (Details - Pledged investments) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Investments [Line Items]
Fair value of securities collateral pledged	$ 3,935	$ 2,567
Fair value of amount sold or repledged	0	121
Securities Lending Agreements, Fair Value of Collateral	2,610	2,798
Short-term investments held in escrow	430	330
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	8,700	8,700
Overnight and continuous
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Up to 30 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	1,317	1,071
31 to 90 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	961	1,333
91 to 364 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	332	394
365 Days or Greater
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
FHLBs
Investments [Line Items]
Fair value of fixed maturities securities available for sale	5,800	4,300
Amount owned by subsidiaries	201	194
Residential loans pledged as collateral	2,200	1,800
Secured financing
Investments [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	2,900	3,100
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	149	232
Amounts Loaned under Reverse Repurchase Agreements	3,900	2,600
Secured financing | Fixed Maturities [Member]
Investments [Line Items]
Fair value of fixed maturities securities available for sale	2,759	3,030
Secured financing | Overnight and continuous
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	23	24
Secured financing | Up to 30 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	126	126
Secured financing | 31 to 90 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	82
Secured financing | 91 to 364 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | 365 Days or Greater
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	370	386
Secured financing | Bonds available for sale | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	26	73
Securities Lending Agreements, Fair Value of Collateral	85	0
Secured financing | Bonds available for sale | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	123	159
Securities Lending Agreements, Fair Value of Collateral	1,823	2,018
Secured financing | Bonds available for sale | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	332	394
Secured financing | Bonds available for sale | Overnight and continuous | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Overnight and continuous | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	4	2
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Overnight and continuous | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	19	22
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Overnight and continuous | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Up to 30 Days | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	234	0
Secured financing | Bonds available for sale | Up to 30 Days | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	22	71
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | Up to 30 Days | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	104	55
Securities Lending Agreements, Fair Value of Collateral	1,083	1,071
Secured financing | Bonds available for sale | Up to 30 Days | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 31 to 90 Days | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	136	386
Secured financing | Bonds available for sale | 31 to 90 Days | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	85	0
Secured financing | Bonds available for sale | 31 to 90 Days | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	82
Securities Lending Agreements, Fair Value of Collateral	740	947
Secured financing | Bonds available for sale | 31 to 90 Days | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 91 to 364 Days | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	332	394
Secured financing | Bonds available for sale | 365 Days or Greater | Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 365 Days or Greater | Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 365 Days or Greater | Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing | Bonds available for sale | 365 Days or Greater | Residential mortgage-backed securities (RMBS)
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	0	0
GIAs
Investments [Line Items]
Fair value of other bond securities	$ 1,600	$ 1,500

LENDING ACTIVITIES (Details - C

LENDING ACTIVITIES (Details - Composition of mortgages and other loans receivable) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 47,631	$ 47,422
Allowance for credit losses	(787)	(438)	$ (422)	$ (397)
Mortgage and other loans receivable, net	$ 46,844	46,984
Accrued interest receivable, balance sheet location	us-gaap:OtherAssets
Off-balance-sheet commitments	$ 58	0
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	36,291	36,170
Allowance for credit losses	(689)	$ (336)	$ (323)	$ (318)
Loans on nonacrrual status	304
Accrued interest receivable	130
Off-balance-sheet commitments	$ 58
Commercial mortgages | California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	11.00%	10.00%
Commercial mortgages | New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area	23.00%	23.00%
Residential mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 6,718	$ 6,683
Mortgage and other loans receivable, net	6,718
Loans on nonacrrual status	4
Accrued interest receivable	18
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	2,061	2,065
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable	$ 2,561	$ 2,504

LENDING ACTIVITIES (Details -_2

LENDING ACTIVITIES (Details - Credit quality of commercial mortgages) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 251
2019	1,555
2018	879
2017	1,314
2016	1,353
Prior	1,366
Mortgage and other loans receivable, net	47,631	$ 47,422
Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	816
2019	5,886
2018	6,468
2017	4,647
2016	5,327
Prior	13,147
Mortgage and other loans receivable, net	36,291	36,170
Less than 65% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	567
2019	4,567
2018	4,508
2017	3,584
2016	4,032
Prior	10,745
Mortgage and other loans receivable, net	28,003
65% to 75% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	249
2019	1,319
2018	1,960
2017	924
2016	1,104
Prior	2,221
Mortgage and other loans receivable, net	7,777
76% to 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	191
Prior	5
Mortgage and other loans receivable, net	196
Greater than 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	0
2018	0
2017	139
2016	0
Prior	176
Mortgage and other loans receivable, net	315
Greater than 1.2x | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	701
2019	5,557
2018	5,963
2017	4,309
2016	5,165
Prior	10,745
Mortgage and other loans receivable, net	32,440
Greater than 1.2x | Less than 65% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		23,013
Greater than 1.2x | 65% to 75% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		9,007
Greater than 1.2x | 76% to 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		200
Greater than 1.2x | Greater than 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		184
Greater than 1.2x | Total | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		32,404
1.00X - 1.20X | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	115
2019	255
2018	505
2017	338
2016	162
Prior	2,072
Mortgage and other loans receivable, net	3,447
1.00X - 1.20X | Less than 65% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		2,440
1.00X - 1.20X | 65% to 75% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		899
1.00X - 1.20X | 76% to 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		6
1.00X - 1.20X | Greater than 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		2
1.00X - 1.20X | Total | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		3,347
Less than 1.00X | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	74
2018	0
2017	0
2016	0
Prior	330
Mortgage and other loans receivable, net	$ 404
Less than 1.00X | Less than 65% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		245
Less than 1.00X | 65% to 75% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		40
Less than 1.00X | 76% to 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		0
Less than 1.00X | Greater than 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		134
Less than 1.00X | Total | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		419
Total | Less than 65% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		25,698
Total | 65% to 75% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		9,946
Total | 76% to 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		206
Total | Greater than 80% | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		320
Total | Total | Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net		$ 36,170

LENDING ACTIVITIES (Details -_3

LENDING ACTIVITIES (Details - Credit quality performance indicators for commercial mortgages) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	$ 46,844	$ 46,984
Allowance for credit losses	$ 787	$ 438	$ 422	$ 397
Debt Coverage Ratio	2	2
Average Loan to Value Ratio	56.00%	56.00%
Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	$ 14,153	$ 13,698
Restructured	0	0
90 days or less delinquent	1	1
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	14,154	13,699
Allowance for credit losses, Specific		0
Allowance for credit losses, General		81
Allowance for credit losses	161	81
Offices
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	10,478	10,553
Restructured	87	89
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	57	0
Mortgage and other loans receivable, net	10,622	10,642
Allowance for credit losses, Specific		2
Allowance for credit losses, General		153
Allowance for credit losses	315	155
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	5,221	5,332
Restructured	25	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	5,246	5,332
Allowance for credit losses, Specific		1
Allowance for credit losses, General		44
Allowance for credit losses	115	45
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	3,574	3,663
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	3,574	3,663
Allowance for credit losses, Specific		0
Allowance for credit losses, General		30
Allowance for credit losses	66	30
Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	2,156	2,211
Restructured	101	101
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	2,257	2,312
Allowance for credit losses, Specific		6
Allowance for credit losses, General		14
Allowance for credit losses	24	20
Others
Financing Receivable, Credit Quality Indicator [Line Items]
In good standing	438	522
Restructured	0	0
90 days or less delinquent	0	0
Greater than 90 days delinquent or in process of foreclosure	0	0
Mortgage and other loans receivable, net	438	522
Allowance for credit losses, Specific		0
Allowance for credit losses, General		5
Allowance for credit losses	$ 8	$ 5
Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans in good standing | loan	718	736
Number of loans restructured | loan	5	3
Number of loans 90 days or less delinquent | loan	1	1
Number of loans greater than 90 days delinquent or in process of foreclosure | loan	2	0
Number of Loans | loan	726	740
In good standing	$ 36,020	$ 35,979
Restructured	213	190
90 days or less delinquent	1	1
Greater than 90 days delinquent or in process of foreclosure	57	0
Mortgage and other loans receivable, net	36,291	36,170
Allowance for credit losses, Specific		9
Allowance for credit losses, General		327
Allowance for credit losses	$ 689	$ 336
Percentage of loans that are current as to payments of principal and interest	99.00%	99.00%
Percentage restructured	1.00%	1.00%
Percentage 90 days or less delinquent	0.00%	0.00%
Percentage greater than 90 days delinquent or in foreclosure	0.00%	0.00%
Percentage Total	100.00%	100.00%
Percentage of loans with valuation allowance, Specific		0.00%
Percentage of loans with valuation allowance, Genaral		1.00%
Percentage of loans with allowance for losses	2.00%	1.00%

LENDING ACTIVITIES (Details -_4

LENDING ACTIVITIES (Details - Credit quality of residential mortgages by year of vintage) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 251
2019	1,555
2018	879
2017	1,314
2016	1,353
Prior	1,366
Mortgage and other loans receivable, net	46,844	$ 46,984
Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	6,718
780 and greater
Financing Receivable, Credit Quality Indicator [Line Items]
2020	116
2019	973
2018	638
2017	984
2016	996
Prior	969
Mortgage and other loans receivable, net	4,676
720 - 779
Financing Receivable, Credit Quality Indicator [Line Items]
2020	128
2019	496
2018	190
2017	265
2016	282
Prior	285
Mortgage and other loans receivable, net	1,646
660 - 719
Financing Receivable, Credit Quality Indicator [Line Items]
2020	6
2019	77
2018	43
2017	55
2016	65
Prior	85
Mortgage and other loans receivable, net	331
600 - 659
Financing Receivable, Credit Quality Indicator [Line Items]
2020	1
2019	8
2018	7
2017	8
2016	7
Prior	16
Mortgage and other loans receivable, net	47
Less than 600
Financing Receivable, Credit Quality Indicator [Line Items]
2020	0
2019	1
2018	1
2017	2
2016	3
Prior	11
Mortgage and other loans receivable, net	$ 18

LENDING ACTIVITIES (Details - R

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for losses on Mortgage and other loans receivable) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	$ 438,000,000	$ 397,000,000
Initial allowance upon adoption	318,000,000	0
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	31,000,000	25,000,000
Mortgage and other loan receivables, balance, end of period	787,000,000	422,000,000
Loans modified in a troubled debt restructuring	25,000,000	0
Off-balance-sheet commitments	58,000,000		$ 0
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	336,000,000	318,000,000
Initial allowance upon adoption	311,000,000	0
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	42,000,000	5,000,000
Mortgage and other loan receivables, balance, end of period	689,000,000	323,000,000
Allowance related to individually assessed credit losses		3,000,000
Commercial mortgage loans		148,000,000
Off-balance-sheet commitments	58,000,000
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	102,000,000	79,000,000
Initial allowance upon adoption	7,000,000	0
Loans charged off	0	0
Recoveries of loans previously charged off	0	0
Net charge-offs	0	0
Provision for loan losses	(11,000,000)	20,000,000
Mortgage and other loan receivables, balance, end of period	$ 98,000,000	$ 99,000,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets:
Bonds available for sale	$ 241,776	$ 251,086
Other bond securities	5,353	6,682
Mortgage and other loans receivable	46,844	46,984
Other invested assets	17,966	18,792
Total assets	510,477	525,064
Liabilities:
Long-term debt	25,268	25,479
Total liabilities	448,634	457,637
Assets held-for-sale
Assets:
Bonds available for sale	2,308	2,187
Other bond securities	13	13
Other invested assets	58	45
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure	2,400	2,600
Consolidated VIE
Assets:
Bonds available for sale	6,511	7,416
Other bond securities	2,267	3,325
Mortgage and other loans receivable	4,025	3,860
Other invested assets	8,857	8,737
Other assets	2,940	3,122
Total assets	24,600	26,460
Liabilities:
Long-term debt	9,514	9,244
Other liabilities	595	814
Total liabilities	10,109	10,058
Consolidated VIE | Real Estate and Investment Entities
Assets:
Bonds available for sale	256	177
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	5,180	5,231
Other assets	500	615
Total assets	5,936	6,023
Liabilities:
Long-term debt	2,794	2,810
Other liabilities	184	236
Total liabilities	2,978	3,046
Consolidated VIE | Securitization Vehicles
Assets:
Bonds available for sale	6,255	7,239
Other bond securities	2,266	3,324
Mortgage and other loans receivable	4,025	3,860
Other invested assets	0	0
Other assets	1,915	1,996
Total assets	14,461	16,419
Liabilities:
Long-term debt	4,515	4,356
Other liabilities	193	359
Total liabilities	4,708	4,715
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total assets contributed into consolidated securitization vehicles	13,700	15,600
Consolidated VIE | Affordable Housing Partnerships
Assets:
Bonds available for sale	0	0
Other bond securities	0	0
Mortgage and other loans receivable	0	0
Other invested assets	3,635	3,464
Other assets	483	469
Total assets	4,118	3,933
Liabilities:
Long-term debt	2,201	2,074
Other liabilities	195	195
Total liabilities	2,396	2,269
Consolidated VIE | Other
Assets:
Bonds available for sale	0	0
Other bond securities	1	1
Mortgage and other loans receivable	0	0
Other invested assets	42	42
Other assets	42	42
Total assets	85	85
Liabilities:
Long-term debt	4	4
Other liabilities	23	24
Total liabilities	27	28
Unconsolidated VIE
Assets:
Other invested assets	6,400	7,000
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	296,709	292,020
Maximum Exposure to Loss, On-Balance Sheet	6,565	7,282
Maximum Exposure to Loss, Off-Balance Sheet	4,107	3,847
Total maximum exposure to loss	10,672	11,129
Unconsolidated VIE | Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	288,131	283,349
Maximum Exposure to Loss, On-Balance Sheet	5,810	6,519
Maximum Exposure to Loss, Off-Balance Sheet	3,546	3,286
Total maximum exposure to loss	9,356	9,805
Unconsolidated VIE | Affordable Housing Partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	3,064	3,351
Maximum Exposure to Loss, On-Balance Sheet	397	453
Maximum Exposure to Loss, Off-Balance Sheet	0	0
Total maximum exposure to loss	397	453
Unconsolidated VIE | Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets	5,514	5,320
Maximum Exposure to Loss, On-Balance Sheet	358	310
Maximum Exposure to Loss, Off-Balance Sheet	561	561
Total maximum exposure to loss	$ 919	$ 871

DERIVATIVES AND HEDGE ACCOUNT_3

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of our derivative instruments) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 142,557,000,000	$ 132,965,000,000
Gross Derivative Assets, Fair Value	10,349,000,000	5,026,000,000
Gross Derivative Liabilities, Notional Amount	52,928,000,000	61,482,000,000
Gross Derivative Liabilities, Fair Value	5,429,000,000	4,009,000,000
Derivative assets, Counterparty netting	(4,645,000,000)	(2,427,000,000)
Derivative assets, Cash collateral	(4,840,000,000)	(1,806,000,000)
Total derivative assets on consolidated balance sheet	864,000,000	793,000,000
Derivative liabilities, Counterparty netting	(4,645,000,000)	(2,427,000,000)
Derivative liabilities, Cash collateral	(147,000,000)	(527,000,000)
Total derivative liabilities on consolidated balance sheet	637,000,000	1,055,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	8,200,000,000	6,900,000,000
Derivatives designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	735,000,000	495,000,000
Gross Derivative Assets, Fair Value	18,000,000	3,000,000
Gross Derivative Liabilities, Notional Amount	316,000,000	410,000,000
Gross Derivative Liabilities, Fair Value	11,000,000	7,000,000
Derivatives designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	7,592,000,000	4,328,000,000
Gross Derivative Assets, Fair Value	843,000,000	342,000,000
Gross Derivative Liabilities, Notional Amount	1,929,000,000	5,230,000,000
Gross Derivative Liabilities, Fair Value	88,000,000	162,000,000
Derivatives not designated as hedging instruments | Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	50,409,000,000	52,437,000,000
Gross Derivative Assets, Fair Value	6,605,000,000	3,197,000,000
Gross Derivative Liabilities, Notional Amount	36,573,000,000	35,231,000,000
Gross Derivative Liabilities, Fair Value	4,215,000,000	2,742,000,000
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	12,350,000,000	8,133,000,000
Gross Derivative Assets, Fair Value	1,495,000,000	698,000,000
Gross Derivative Liabilities, Notional Amount	8,818,000,000	12,093,000,000
Gross Derivative Liabilities, Fair Value	944,000,000	863,000,000
Derivatives not designated as hedging instruments | Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	22,291,000,000	18,533,000,000
Gross Derivative Assets, Fair Value	1,240,000,000	769,000,000
Gross Derivative Liabilities, Notional Amount	4,313,000,000	7,539,000,000
Gross Derivative Liabilities, Fair Value	77,000,000	139,000,000
Derivatives not designated as hedging instruments | Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	7,617,000,000	8,457,000,000
Gross Derivative Assets, Fair Value	133,000,000	3,000,000
Gross Derivative Liabilities, Notional Amount	923,000,000	923,000,000
Gross Derivative Liabilities, Fair Value	81,000,000	89,000,000
Derivatives not designated as hedging instruments | Credit contracts | CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	146,000,000	152,000,000
Gross Derivative Liabilities, Fair Value	56,000,000	48,000,000
Derivatives not designated as hedging instruments | Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	41,563,000,000	40,582,000,000
Gross Derivative Assets, Fair Value	15,000,000	14,000,000
Gross Derivative Liabilities, Notional Amount	56,000,000	56,000,000
Gross Derivative Liabilities, Fair Value	$ 13,000,000	$ 7,000,000

DERIVATIVES AND HEDGE ACCOUNT_4

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Mar. 31, 2020	Dec. 31, 2019
Collateral
Collateral posted to third parties for derivative transactions	$ 1.9	$ 2.2
Collateral obtained from third parties for derivative transactions	$ 5.5	$ 2.2

DERIVATIVES AND HEDGE ACCOUNT_5

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ 99	$ 64
Derivatives designated as hedging instruments | Interest rate contracts | Fair value hedging | Interest credited to policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	17	5
Gain (loss) recognized in earnings on hedged items	(17)	(5)
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0
Net Impact	0	0
Derivatives designated as hedging instruments | Interest rate contracts | Fair value hedging | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(3)	(1)
Gain (loss) recognized in earnings on hedged items	3	1
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	0	0
Net Impact	0	0
Derivatives designated as hedging instruments | Foreign exchange contracts | Fair value hedging | Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	305	(8)
Gain (loss) recognized in earnings on hedged items	(305)	8
Gain (loss) recognized in earnings for amounts excluded from effectiveness testing	281	(14)
Net Impact	281	(14)
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	3,781	(318)
Derivatives not designated as hedging instruments | Net realized capital gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	3,752	(334)
Derivatives not designated as hedging instruments | Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	(2)	(5)
Derivatives not designated as hedging instruments | Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	15	17
Derivatives not designated as hedging instruments | Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	16	4
Derivatives not designated as hedging instruments | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	2,573	359
Derivatives not designated as hedging instruments | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	1,025	(28)
Derivatives not designated as hedging instruments | Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	1,103	(208)
Derivatives not designated as hedging instruments | Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	122	(8)
Derivatives not designated as hedging instruments | Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	10	16
Derivatives not designated as hedging instruments | Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in earnings on derivatives	$ (1,052)	$ (449)

DERIVATIVES AND HEDGE ACCOUNT_6

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Credit Derivatives [Line Items]
Collateral posted	$ 1,900	$ 2,200
Fair value of hybrid securities	2,300	3,300
Par value of hybrid securities	5,300	7,400
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	399	381
Aggregate fair value of net liability position	257	$ 336
Additional collateral postings and termination payments	$ 44

INSURANCE LIABILITIES (Details

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Contractual deductible recoverable amount	$ 12,300		$ 12,200
Collateral Held For Deductible Recoverable Amounts	8,900		8,900
Allowance for credit losses for unsecured reinsurance recoverable	14		$ 0
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of period	78,328	$ 83,639
Reinsurance recoverable, balance at the beginning of the period	(31,069)	(31,690)
Initial allowance upon adoption	164	0
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	47,423	51,949
Losses and loss adjustment expenses incurred
Current year	4,111	4,297
Prior years, excluding discount and amortization of deferred gain	(1)	(15)
Prior years, discount charge (benefit)	76	497
Prior years, amortization of deferred gain on retroactive reinsurance	(75)	(86)
Total losses and loss adjustment expenses incurred	4,111	4,693
Losses and loss adjustment expenses paid
Current year	(342)	(317)
Prior years	(4,351)	(5,639)
Total losses and loss adjustment expenses paid	(4,693)	(5,956)
Other changes
Foreign exchange effect	(230)	216
Allowance for credit losses	0	0
Retroactive reinsurance adjustment (net of discount)	22	(190)
Total other changes	(208)	26
Net liability for unpaid losses and loss adjustment expenses, balance at end of period	46,633	50,712
Reinsurance recoverable, balance at the end of the period	31,114	31,784
Total, balance at the end of period	77,747	82,496
Change in discount on loss reserves ceded under retroactive reinsurance	72	307
U.S. Commercial long-tail exposures | NICO | Accident Years 2015 and Prior
Other changes
Discount on retroactive reinsurance	$ 8	$ 9
Risk Transferred - U.S. Commercial long-tail exposures for accident years 2015 and prior, percent				80.00%
Reinsurance Percent Ceded on Paid Losses Percent				80.00%
Ceded to NICO net paid losses in excess				$ 25,000
Ceded to NICO net paid losses in excess, aggregate limit				25,000
NICO's limit of liability under the contract				20,000
Consideration paid, including interest				$ 10,200

INSURANCE LIABILITIES (Detail_2

INSURANCE LIABILITIES (Details - Discounting of Reserves) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Discounting of Reserves [Line Items]
Tabular Discount Rate	3.50%
Workers Compensation Tabular Discount Amount	$ 593		$ 582
Workers Compensation Non Tabular Discount Amount	972		967
U.S. Workers' compensation	2,744		2,800
Retroactive Reinsurance	(1,179)		(1,251)
Total reserve discount	1,565		1,549
Current accident year	20	$ 24
Accretion and other adjustments to prior year discount	(76)	(264)
Effect of interest rate changes	0	(233)
Net reserve discount benefit (charge)	(56)	(473)
Change in discount on loss reserves ceded under retroactive reinsurance	72	307
Net change in total reserve discount	16	(166)
North America Commerical Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	2,087		2,134
Retroactive Reinsurance	(1,179)		(1,251)
Total reserve discount	908		883
Current accident year	20	24
Accretion and other adjustments to prior year discount	(67)	(251)
Effect of interest rate changes	0	(167)
Net reserve discount benefit (charge)	(47)	(394)
Change in discount on loss reserves ceded under retroactive reinsurance	72	307
Net change in total reserve discount	25	(87)
Legacy General Insrance Run-Off Lines
Discounting of Reserves [Line Items]
U.S. Workers' compensation	657		666
Retroactive Reinsurance	0		0
Total reserve discount	657		666
Current accident year	0	0
Accretion and other adjustments to prior year discount	(9)	(13)
Effect of interest rate changes	0	(66)
Net reserve discount benefit (charge)	(9)	(79)
Change in discount on loss reserves ceded under retroactive reinsurance	0	0
Net change in total reserve discount	$ (9)	(79)
New York
Discounting of Reserves [Line Items]
Nontabular discount rate	5.00%
Pennsylvania
Discounting of Reserves [Line Items]
Nontabular discount rate	6.00%
United Kingdom
Discounting of Reserves [Line Items]
Net reserve discount benefit (charge)	$ 170		$ 172
Net change in total reserve discount	$ (2)	$ 35

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Contingencies, Commitments and Guarantees) $ in Millions	Mar. 31, 2020USD ($)
Future undiscounted cash flows under operating leases
Other commitments	$ 6,900
Amount outstanding under standby letters of credit at end of period	$ 79

EQUITY (Details - Preferred Sto

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions	Mar. 30, 2020	Mar. 16, 2020	Mar. 29, 2019	Mar. 14, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Class of Stock [Line Items]
Issuances (in shares)					3,452,529
Preferred stock, par value (in dollars per share)					$ 5		$ 5
Preferred stock liquidation preference					$ 500		$ 500
Issuance of preferred stock					$ 0	$ 485
Date dividends declared	Feb. 12, 2020		Feb. 13, 2019
Date dividends paid	Mar. 30, 2020		Mar. 29, 2019
Date of record	Mar. 16, 2020		Mar. 15, 2019
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)				20,000
Preferred stock, dividend rate (as a percent)				5.85%	5.85%
Preferred stock, par value (in dollars per share)				$ 5
Preferred stock liquidation preference				$ 25,000
Issuance of preferred stock				$ 485
Date dividends declared		Feb. 12, 2020
Preferred Stock Dividends Per Share Cash Paid		$ 365.625
Date dividends paid		Mar. 16, 2020
Date of record		Feb. 28, 2020
Series A Preferred Stock | Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms					90 days
Preferred stock redemption price per share				$ 25,500
Series A Preferred Stock | Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption terms					90 days
Preferred stock redemption price per share				$ 25,000
Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)				20,000,000
Preferred stock liquidation preference				$ 25
Preferred Stock Dividends Per Share Cash Paid		$ 0.365625
Depositary Shares | Rating Agency Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				25.50
Depositary Shares | Regulatory Capital Event [Member]
Class of Stock [Line Items]
Preferred stock redemption price per share				$ 25

EQUITY (Details - Common Stock

EQUITY (Details - Common Stock and Dividends) - USD ($) $ / shares in Units, $ in Millions	Mar. 30, 2020	Mar. 29, 2019	Mar. 31, 2020	Mar. 31, 2019	Feb. 13, 2019
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			(1,036,672,461)
Shares, beginning of year			1,906,671,492
Shares, beginning of year			869,999,031
Shares issued			3,452,529
Shares repurchased			(12,160,952)	0
Shares, end of period			(1,045,380,884)
Shares, end of period			1,906,671,492
Shares, end of period			861,290,608
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Dividend paid (in dollars per share)	$ 0.32	$ 0.32
Date of Shareholders of Record	Mar. 16, 2020	Mar. 15, 2019
Date Dividends Declared	Feb. 12, 2020	Feb. 13, 2019
Date Dividends To Be Paid	Mar. 30, 2020	Mar. 29, 2019
Authorized amount of common stock share repurchase					$ 1,500
Aggregate remaining authorization amount of common Stock share repurchase			$ 1,500
Aggregate repurchases of common stock			$ 500
Shares purchased			12,000,000
Aggregate repurchases of common stock			$ 500	$ 0
Aggregate repurchases of warrants			$ 0	$ 0
Total number of warrants repurchased			0	0
Common Stock Issued
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			1,906,671,492
Shares issued			0
Shares repurchased			0
Shares, end of period			1,906,671,492
Treasury Stock
The following table presents a roll forward of outstanding shares:
Shares, beginning of year			(1,036,672,461)
Shares issued			3,452,529
Shares repurchased			(12,160,952)
Shares, end of period			(1,045,380,884)

EQUITY (Details - Rollforward o

EQUITY (Details - Rollforward of Accumulated other comprehensive income (loss)) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	$ 4,982	$ (1,413)
Change in unrealized appreciation (depreciation) of investments	(10,455)	5,913
Change in deferred policy acquisition costs adjustment and other	1,407	(864)
Change in future policy benefits	1,672	(1,068)
Changes in foreign currency translation adjustments	(69)	188
Change in net actuarial loss	4	1
Change in prior service credit	(1)	(1)
Change in deferred tax asset (liability)	1,449	(622)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	3	0
Other comprehensive income (loss)	(5,990)	3,547
Noncontrolling interests	(14)	6
Balance, end of period, net of tax	(994)	2,128
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss)	(5,976)	3,541
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Were Taken
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	0
Change in unrealized appreciation (depreciation) of investments	(484)
Change in deferred policy acquisition costs adjustment and other	30
Change in future policy benefits	0
Changes in foreign currency translation adjustments	0
Change in net actuarial loss	0
Change in prior service credit	0
Change in deferred tax asset (liability)	95
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0
Other comprehensive income (loss)	(359)
Noncontrolling interests	0
Balance, end of period, net of tax	(359)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax		(38)
Change in unrealized appreciation (depreciation) of investments		849
Change in deferred policy acquisition costs adjustment and other		(8)
Change in future policy benefits		0
Changes in foreign currency translation adjustments		0
Change in net actuarial loss		0
Change in prior service credit		0
Change in deferred tax asset (liability)		(165)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk		0
Other comprehensive income (loss)		676
Noncontrolling interests		0
Balance, end of period, net of tax		638
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	8,722	2,426
Change in unrealized appreciation (depreciation) of investments	(9,971)	5,064
Change in deferred policy acquisition costs adjustment and other	1,377	(856)
Change in future policy benefits	1,672	(1,068)
Changes in foreign currency translation adjustments	0	0
Change in net actuarial loss	0	0
Change in prior service credit	0	0
Change in deferred tax asset (liability)	1,380	(432)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	(5,542)	2,708
Noncontrolling interests	(10)	5
Balance, end of period, net of tax	3,190	5,129
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(2,625)	(2,725)
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred policy acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	(69)	188
Change in net actuarial loss	0	0
Change in prior service credit	0	0
Change in deferred tax asset (liability)	(16)	(24)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	(85)	164
Noncontrolling interests	(4)	1
Balance, end of period, net of tax	(2,706)	(2,562)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	(1,122)	(1,086)
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred policy acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	0	0
Change in net actuarial loss	4	1
Change in prior service credit	(1)	(1)
Change in deferred tax asset (liability)	(10)	(1)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0
Other comprehensive income (loss)	(7)	(1)
Noncontrolling interests	0	0
Balance, end of period, net of tax	(1,129)	(1,087)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period, net of tax	7	10
Change in unrealized appreciation (depreciation) of investments	0	0
Change in deferred policy acquisition costs adjustment and other	0	0
Change in future policy benefits	0	0
Changes in foreign currency translation adjustments	0	0
Change in net actuarial loss	0	0
Change in prior service credit	0	0
Change in deferred tax asset (liability)	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	3	0
Other comprehensive income (loss)	3	0
Noncontrolling interests	0	0
Balance, end of period, net of tax	$ 10	$ 10

EQUITY (Details - Other compreh

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ (7,235)	$ 4,133
Less: Reclassification adjustments included in net income	204	(36)
Total other comprehensive income (loss), before income tax expense (benefit)	(7,439)	4,169
Less: Income tax expense (benefit)	(1,449)	622
Other comprehensive income (loss)	(5,990)	3,547
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Were Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(454)
Less: Reclassification adjustments included in net income	0
Total other comprehensive income (loss), before income tax expense (benefit)	(454)
Less: Income tax expense (benefit)	(95)
Other comprehensive income (loss)	(359)
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than-Temporary Credit Impairments Were Taken
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period		841
Less: Reclassification adjustments included in net income		0
Total other comprehensive income (loss), before income tax expense (benefit)		841
Less: Income tax expense (benefit)		165
Other comprehensive income (loss)		676
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(6,708)	3,109
Less: Reclassification adjustments included in net income	214	(31)
Total other comprehensive income (loss), before income tax expense (benefit)	(6,922)	3,140
Less: Income tax expense (benefit)	(1,380)	432
Other comprehensive income (loss)	(5,542)	2,708
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(69)	188
Less: Reclassification adjustments included in net income	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(69)	188
Less: Income tax expense (benefit)	16	24
Other comprehensive income (loss)	(85)	164
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(7)	(5)
Less: Reclassification adjustments included in net income	(10)	(5)
Total other comprehensive income (loss), before income tax expense (benefit)	3	0
Less: Income tax expense (benefit)	10	1
Other comprehensive income (loss)	(7)	(1)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3	0
Less: Reclassification adjustments included in net income	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	3	0
Less: Income tax expense (benefit)	0	0
Other comprehensive income (loss)	$ 3	$ 0

EQUITY (Details - Reclassificat

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	$ 204	$ (36)
Income from continuing operations before income tax expense	2,558	1,154
Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income tax expense	204	(36)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	0
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	0	0
Total	0	0
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total		0
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were taken | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	0	0
Total	0	0
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	214	(31)
Unrealized appreciation (depreciation) of all other investments | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investments	214	(31)
Total	214	(31)
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(10)	(5)
Change in retirement plan liabilities adjustment | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(10)	(5)
Prior-Service Credit | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	0	0
Actuarial Gains (Losses) | Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	$ (10)	$ (5)

EQUITY (Details - Narratives)

EQUITY (Details - Narratives) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
EQUITY
Payments for Repurchase of Stock	$ 500	$ 0
Shares purchased	12

EARNINGS PER COMMON SHARE (EP_3

EARNINGS PER COMMON SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator for EPS:
Income from continuing operations	$ 1,654	$ 937
Less: Net income (loss) from continuing operations attributable to noncontrolling interests	(95)	283
Less: Preferred stock dividends	7	0
Income attributable to AIG common shareholders from continuing operations	1,742	654
Income from discontinued operations, net of income tax expense	0	0
Net income attributable to AIG common shareholders	$ 1,742	$ 654
Denominator for EPS:
Weighted average common shares outstanding - basic	874,213,630	875,383,084
Dilutive common shares	4,652,583	2,129,160
Weighted average common shares outstanding - diluted	878,866,213	877,512,244
Basic:
Income from continuing operations	$ 1.99	$ 0.75
Income from discontinued operations	0	0
Income attributable to AIG common shareholders	1.99	0.75
Diluted:
Income from continuing operations	1.98	0.75
Income from discontinued operations	0	0
Income attributable to AIG common shareholders	$ 1.98	$ 0.75
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive	67,200,000	64,300,000

EMPLOYEE BENEFITS (Details - Co

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost with respect to pensions and other postretirement benefits) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Pensions
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6	$ 8
Interest cost	37	48
Expected return on assets	(65)	(62)
Amortization of net loss	10	9
Net periodic benefit cost (credit)	(12)	3
Settlement (credit) charges		(4)
Net benefit cost (credit)		(1)
Pensions | U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2
Interest cost	34	44
Expected return on assets	(60)	(57)
Amortization of net loss	8	8
Net periodic benefit cost (credit)	(17)	(3)
Settlement (credit) charges		0
Net benefit cost (credit)		(3)
Pensions | Non U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	6
Interest cost	3	4
Expected return on assets	(5)	(5)
Amortization of net loss	2	1
Net periodic benefit cost (credit)	5	6
Settlement (credit) charges		(4)
Net benefit cost (credit)		$ 2
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net benefit cost (credit)	$ 2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Effective tax rates on income from continuing operations (as a percent)	35.30%	18.80%
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%
U.S. taxable income from life companies offset by those net operating loss carryforwards	35.00%
Unrecognized tax benefits, excluding interest and penalties	$ 4,800		$ 4,800
Unrecognized tax positions that if recognized would not affect the effective tax rate	44		43
Unrecognized tax benefits, interest and penalties accrued	2,500		2,400
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties	49	$ 58
Deferred tax asset valuation allowance allocated to income from continuing operations	274
Deferred tax asset valuation allowance recognized related to certain state, local and foreign jurisdictions	9
Decrease in unrecognized tax benefits is reasonably possible in the next twelve months	3,600
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	4,700		$ 4,700
Non-life companies
Income Tax Disclosure [Line Items]
Deferred tax asset valuation allowance allocated to other comprehensive income	$ 115

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	May 04, 2020	Mar. 30, 2020	Mar. 29, 2019
Subsequent Event [Line Items]
Date dividends declared		Feb. 12, 2020	Feb. 13, 2019
Date dividends paid		Mar. 30, 2020	Mar. 29, 2019
Date of record		Mar. 16, 2020	Mar. 15, 2019
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.32
Dividends declared per preferred share	$ 365.625
Subsequent event | Common Stock
Subsequent Event [Line Items]
Date dividends declared	May 4, 2020
Date dividends paid	Jun. 29, 2020
Date of record	Jun. 15, 2020
Subsequent event | Preferred Stock
Subsequent Event [Line Items]
Date dividends declared	May 4, 2020
Date dividends paid	Jun. 15, 2020
Date of record	May 29, 2020