American International (AIG) 10-Q6 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 02, 2021
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Registrant Name	American International Group, Inc.
Entity Central Index Key	0000005272
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock Shares Outstanding		855,202,437
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	1271 Avenue of the Americas
Entity Address City Or Town	New York
Entity Address State Or Province	NY
Entity Address Postal Zip Code	10020
City Area Code	212
Local Phone Number	770-7000
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
5.75% Series A-2 Junior Subordinated 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		Jun. 30, 2021	Dec. 31, 2020
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $97 in 2021 and $186 in 2020 (amortized cost: 2021 - $251,620; 2020 - $244,337)	[1]	$ 273,070	$ 271,496
Other bond securities, at fair value (See Note 5)	[1]	4,866	5,291
Equity Securities, at fair value (See Note 5)	[1]	1,079	1,056
Mortgage and other loans receivable, net of allowance for credit losses of $701 in 2021 and $814 in 2020	[1]	45,216	45,562
Other invested assets (portion measured at fair value: 2021 - $9,580; 2020 - $8,422)	[1]	20,139	19,060
Short-term investments, including restricted cash of $59 in 2021 and $180 in 2020 (portion measured at fair value: 2021 - $5,523; 2020 - $5,968)	[1]	15,169	18,203
Total investments		359,539	360,668
Cash	[1]	2,760	2,827
Accrued investment income	[1]	2,288	2,271
Premiums and other receivables, net of allowance for credit losses and disputes of $198 in 2021 and $205 in 2020		14,303	11,333
Reinsurance assets, net of allowance for credit losses and disputes		41,344	38,963
Deferred income taxes		12,628	12,624
Deferred policy acquisition costs		10,723	9,805
Other assets, net of allowance for credit losses of $49 in 2021 and $49 in 2020, including restricted cash of $242 in 2021 and $223 in 2020 (portion measured at fair value: 2021 - $1,145; 2020 - $887)	[1]	13,267	13,122
Separate account assets, at fair value		107,306	100,290
Total assets		598,250	586,481
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2021 and $14 in 2020		78,981	77,720
Unearned premiums		21,487	18,660
Future policy benefits for life and accident and health insurance contracts		51,771	51,097
Policyholder contract deposits (portion measured at fair value: 2021 - $9,020; 2020 - $9,798)		161,112	160,251
Other policyholder funds		3,516	3,548
Fortitude Re funds withheld payable (portion measured at fair value: 2021 - $5,317; 2020 - $6,042)		41,403	43,060
Other liabilities (portion measured at fair value: 2021 - $741; 2020 - $570)	[1]	30,039	27,122
Long-term debt	[1]	26,161	28,103
Separate account liabilities		107,306	100,290
Total liabilities		531,342	519,282
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: 2021 - 20,000 and 2020 - 20,000; liquidation preference $500		485	485
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2021 - 1,906,671,492 and 2020 - 1,906,671,492		4,766	4,766
Treasury stock, at cost; 2021 - 1,051,743,562 shares; 2020 - 1,045,113,443 shares of common stock		(49,634)	(49,322)
Additional paid-in capital		81,322	81,418
Retained earnings		18,935	15,504
Accumulated other comprehensive income		10,209	13,511
Total AIG shareholders' equity		66,083	66,362
Non-redeemable noncontrolling interests		825	837
Total equity		66,908	67,199
Total liabilities and equity		598,250	586,481
Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes		34,092	34,578
Debt of consolidated investments
Liabilities:
Long-term debt	[1]	$ 9,566	$ 9,431

[1]	See Note 8 for details of balances associated with variable interest entities.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical - assets and liabilities) - USD ($) $ in Millions	Jun. 30, 2021		Dec. 31, 2020
Assets:
Bonds available for sale, allowance for credit losses	$ 97		$ 186
Bonds available for sale, amortized cost	251,620		244,337
Mortgage and other loans receivable, allowance for credit losses	701		814
Other invested assets, portion measured at fair value	9,580		8,422
Short-term investments, portion measured at fair value	5,523		5,968
Premiums and other receivables, allowance for credit losses and disputes	198		205
Reinsurance assets, allowance for credit losses and disputes	325		326
Other assets, allowance for credit losses	49		49
Other assets, portion measured at fair value	1,145		887
Liabilities:
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14		14
Policyholder contract deposits, portion measured at fair value	9,020		9,798
Fortitude Re funds withheld payable, portion measured at fair value	5,317		6,042
Other liabilities, portion measured at fair value	741		570
Long-term debt, portion measured at fair value	1,974		2,097
Fortitude
Assets:
Reinsurance assets, allowance for credit losses and disputes	0		0
Other assets
Assets:
Short-term investments, restricted cash	242	[1]	223
Short-term investments
Assets:
Short-term investments, restricted cash	$ 59	[1]	$ 180

[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	Jun. 30, 2021	Dec. 31, 2020
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	1,051,743,562	1,045,113,443

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Premiums	$ 7,914	$ 7,407	$ 14,421	$ 14,850
Policy fees	771	749	1,555	1,504
Net investment income	3,675	3,366	7,332	5,874
Net realized gains (losses)	(1,926)	(2,332)	1,324	1,187
Other income	247	206	503	424
Total revenues	10,681	9,396	25,135	23,839
Benefits, losses and expenses:
Policyholder benefits and losses incurred	6,084	6,521	11,223	12,846
Interest credited to policyholder account balances	872	918	1,740	1,875
Amortization of deferred policy acquisition costs	915	754	2,219	2,616
General operating and other expenses	2,218	2,087	4,306	4,240
Interest expense	338	365	680	720
(Gain) loss on extinguishment of debt	106	0	98	17
Net (gains) losses on sale or disposal of divested businesses	1	8,412	(6)	8,628
Total benefits, losses and expenses	10,534	19,057	20,260	30,942
Income (loss) from continuing operations before income tax benefit	147	(9,661)	4,875	(7,103)
Income tax expense (benefit)	(3)	(1,896)	795	(992)
Income (loss) from continuing operations	150	(7,765)	4,080	(6,111)
Loss from discontinued operations, net of income taxes	0	(1)	0	(1)
Net income (loss)	150	(7,766)	4,080	(6,112)
Less:
Net income from continuing operations attributable to noncontrolling interests	51	162	105	67
Net income (loss) attributable to AIG	99	(7,928)	3,975	(6,179)
Less: Dividends on preferred stock	8	8	15	15
Net income (loss) attributable to AIG common shareholders	$ 91	$ (7,936)	$ 3,960	$ (6,194)
Basic:
Income (loss) from continuing operations	$ 0.11	$ (9.15)	$ 4.58	$ (7.11)
Income (loss) from discontinued operations	0	0	0	0
Net (income) loss attributable to AIG common shareholders	0.11	(9.15)	4.58	(7.11)
Diluted:
Income (loss) from continuing operations	0.11	(9.15)	4.53	(7.11)
Income (loss) from discontinued operations	0	0	0	0
Net income (loss) attributable to AIG common shareholders	$ 0.11	$ (9.15)	$ 4.53	$ (7.11)
Weighted average shares outstanding:
Basic	862,930,931	866,968,305	865,508,343	870,590,968
Diluted	872,877,303	866,968,305	874,566,280	870,590,968
Excluding Fortitude Re funds withheld assets
Revenues:
Net investment income	$ 3,168	$ 3,250	$ 6,339	$ 5,758
Net realized gains (losses)	(43)	(1,591)	652	1,928
Fortitude Re funds withheld assets
Revenues:
Net investment income	507	116	993	116
Net realized gains (losses)	173	96	346	96
Benefits, losses and expenses:
Policyholder benefits and losses incurred	21
Fortitude Re funds withheld embedded derivative
Revenues:
Net realized gains (losses)	$ (2,056)	$ (837)	$ 326	$ (837)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 150	$ (7,766)	$ 4,080	$ (6,112)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	4	126	37	(233)
Change in unrealized appreciation (depreciation) of all other investments	3,710	10,082	(3,489)	4,540
Change in foreign currency translation adjustments	14	(61)	139	(146)
Change in retirement plan liabilities adjustment	14	9	11	2
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	(2)	(1)	1
Other comprehensive income (loss)	3,742	10,154	(3,303)	4,164
Comprehensive income (loss)	3,892	2,388	777	(1,948)
Comprehensive income attributable to noncontrolling interests	50	153	104	44
Comprehensive income (loss) attributable to AIG	$ 3,842	$ 2,235	$ 673	$ (1,992)

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, 2019	$ 67,427		$ 65,675		$ 485		$ 4,766		$ (48,987)		$ 81,345		$ 23,084		$ 4,982		$ 1,752
Common stock issued under stock plans	(97)		(97)		0		0		167		(264)		0		0		0
Purchase of common stock	(500)		(500)		0		0		(500)		0		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	(6,112)		(6,179)		0		0		0		0		(6,179)		0		67
Dividends on preferred stock	(15)		(15)		0		0		0		0		(15)		0		0
Dividends on common stock	(551)		(551)		0		0		0		0		(551)		0		0
Other comprehensive income (loss)	4,164		4,187		0		0		0		0		0		4,187		(23)
Net increase (decrease) due to divestitures and acquisitions	(1,171)		0		0		0		0		0		0		0		(1,171)
Contributions from noncontrolling interests	4		0		0		0		0		0		0		0		4
Distributions to noncontrolling interests	(42)		0		0		0		0		0		0		0		(42)
Other	198		201		0		0		(7)		213		(5)		0		(3)
Balance at Jun. 30, 2020	62,818		62,234		485		4,766		(49,327)		81,294		15,847		9,169		584
Balance at Mar. 31, 2020	61,843	$ (487)	60,173	$ (487)	485	$ 0	4,766	$ 0	(49,334)	$ 0	81,188	$ 0	24,062	$ (487)	(994)	$ 0	1,670	$ 0
Common stock issued under stock plans	(2)		(2)		0		0		7		(9)		0		0		0
Purchase of common stock	0		0		0		0		0		0		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	(7,766)		(7,928)		0		0		0		0		(7,928)		0		162
Dividends on preferred stock	(8)		(8)		0		0		0		0		(8)		0		0
Dividends on common stock	(275)		(275)		0		0		0		0		(275)		0		0
Other comprehensive income (loss)	10,154		10,163		0		0		0		0		0		10,163		(9)
Net increase (decrease) due to divestitures and acquisitions	(1,219)		0		0		0		0		0		0		0		(1,219)
Contributions from noncontrolling interests	3		0		0		0		0		0		0		0		3
Distributions to noncontrolling interests	(20)		0		0		0		0		0		0		0		(20)
Other	108		111		0		0		0		115		(4)		0		(3)
Balance at Jun. 30, 2020	62,818		62,234		485		4,766		(49,327)		81,294		15,847		9,169		584
Balance at Dec. 31, 2020	67,199		66,362		485		4,766		(49,322)		81,418		15,504		13,511		837
Common stock issued under stock plans	(82)		(82)		0		0		178		(260)		0		0		0
Purchase of common stock	(592)		(592)		0		0		(592)		0		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	4,080		3,975		0		0		0		0		3,975		0		105
Dividends on preferred stock	(15)		(15)		0		0		0		0		(15)		0		0
Dividends on common stock	(550)		(550)		0		0		0		0		(550)		0		0
Other comprehensive income (loss)	(3,303)		(3,302)		0		0		0		0		0		(3,302)		(1)
Net increase (decrease) due to divestitures and acquisitions	58		0		0		0		0		0		0		0		58
Contributions from noncontrolling interests	7		0		0		0		0		0		0		0		7
Distributions to noncontrolling interests	(181)		0		0		0		0		0		0		0		(181)
Other	287		287		0		0		102		164		21		0		0
Balance at Jun. 30, 2021	66,908		66,083		485		4,766		(49,634)		81,322		18,935		10,209		825
Balance at Mar. 31, 2021	63,560		62,679		485		4,766		(49,412)		81,253		19,121		6,466		881
Common stock issued under stock plans	2		2		0		0		7		(5)		0		0		0
Purchase of common stock	(230)		(230)		0		0		(230)		0		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	150		99		0		0		0		0		99		0		51
Dividends on preferred stock	(8)		(8)		0		0		0		0		(8)		0		0
Dividends on common stock	(274)		(274)		0		0		0		0		(274)		0		0
Other comprehensive income (loss)	3,742		3,743		0		0		0		0		0		3,743		(1)
Net increase (decrease) due to divestitures and acquisitions	(17)		0		0		0		0		0		0		0		(17)
Contributions from noncontrolling interests	2		0		0		0		0		0		0		0		2
Distributions to noncontrolling interests	(91)		0		0		0		0		0		0		0		(91)
Other	72		72		0		0		1		74		(3)		0		0
Balance at Jun. 30, 2021	$ 66,908		$ 66,083		$ 485		$ 4,766		$ (49,634)		$ 81,322		$ 18,935		$ 10,209		$ 825

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 4,080	$ (6,112)
Loss from discontinued operations	0	1
Noncash revenues, expenses, gains and losses included in income (loss):
Net gains on sales of securities available for sale and other assets	(579)	(418)
Net (gains) losses on sale or disposal of divested businesses	(6)	8,628
Losses on extinguishment of debt	98	17
Unrealized gains in earnings - net	(1,267)	(1,704)
Equity in loss from equity method investments, net of dividends or distributions	31	232
Depreciation and other amortization	2,370	2,560
Impairments of assets	25	66
Changes in operating assets and liabilities:
Insurance reserves	4,889	2,033
Premiums and other receivables and payables - net	(1,381)	1,778
Reinsurance assets and funds held under reinsurance contracts	(1,928)	(2,295)
Capitalization of deferred policy acquisition costs	(2,688)	(2,224)
Current and deferred income taxes - net	199	(1,732)
Other, net	(1,033)	(1,069)
Total adjustments	(1,270)	5,872
Net cash provided by (used in) operating activities	2,810	(239)
Sales or distribution of:
Available for sale securities	12,559	13,858
Other securities	465	2,037
Other invested assets	1,807	2,134
Divested businesses, net	0	2,119
Maturities of fixed maturity securities available for sale	17,749	12,761
Principal payments received on and sales of mortgage and other loans receivable	4,115	2,359
Purchases of:
Available for sale securities	(34,667)	(29,804)
Other securities	(95)	(519)
Other invested assets	(1,558)	(1,385)
Mortgage and other loans receivable	(3,719)	(2,653)
Net change in short-term investments	3,065	(7,857)
Other, net	(1,366)	4,047
Net cash used in investing activities	(1,645)	(2,903)
Proceeds from (payments for)
Policyholder contract deposits	13,172	9,912
Policyholder contract withdrawals	(11,214)	(8,505)
Issuance of long-term debt and debt of consolidated investment entities	54	4,139
Repayments of long-term debt and debt of consolidated investment entities	(1,839)	(513)
Purchase of common stock	(592)	(500)
Dividends paid on preferred stock	(15)	(15)
Dividends paid on common stock	(550)	(551)
Other, net	(298)	(269)
Net cash provided by (used in) financing activities	(1,300)	3,704
Effect of exchange rate changes on cash and restricted cash	(34)	3
Net increase (decrease) in cash and restricted cash	(169)	565
Cash and restricted cash at beginning of year	3,230	3,287
Cash and restricted cash at end of period	3,061	3,852
Debt of consolidated investments
Proceeds from (payments for)
Issuance of long-term debt and debt of consolidated investment entities	2,542	1,370
Repayments of long-term debt and debt of consolidated investment entities	$ (2,560)	$ (1,364)

Supplementary Disclosure of Con

Supplementary Disclosure of Condensed Consolidated Cash Flow Information - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021		Jun. 30, 2020		Dec. 31, 2020
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash	$ 2,760	[1]	$ 3,408		$ 2,827	[1]
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	3,061		3,852		3,230
Cash paid during the period for:
Interest	592		581
Taxes	596		741
Cash Flow, Noncash Investing Activities Disclosure
Fixed maturity securities available for sale received in connection with pension risk transfer transactions	477		1,008
Fixed maturity securities received in connection with reinsurance transactions	161		325
Fixed maturity securities transferred in connection with reinsurance transactions	(695)		0
Cash Flow, Noncash Financing Activities Disclosure
Interest credited to policyholder contract deposits included in financing activities	1,783		1,916
Fee income debited to policyholder contract deposits included in financing activities	(847)		(853)
Other assets
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	242	[2]	247	[2]	223
Short-term investments
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	$ 59	[2]	$ 197	[2]	$ 180

[1]	See Note 8 for details of balances associated with variable interest entities.
[2]	Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to our affordable housing investments.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2021
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. Basis of Presentation American International Group, Inc. (AIG) is a leading global insurance organization serving customers in approximately 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, 2020 (the 2020 Annual Report). The condensed consolidated financial information as of December 31, 2020 included herein has been derived from the audited Consolidated Financial Statements in the 2020 Annual Report. Certain of our foreign subsidiaries included in the Condensed Consolidated Financial Statements report on the basis of a fiscal year ending November 30. The effect on our consolidated financial condition and results of operations of all material events occurring at these subsidiaries 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 six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, especially when considering the risks and uncertainties associated with 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 June 30, 2021 and prior to the issuance of these Condensed Consolidated Financial Statements. Sales/disposals of Businesses Separation of Life and Retirement Business and Strategic Partnership with the Blackstone Group On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. On July 14, 2021, AIG and The Blackstone Group Inc. (Blackstone) announced that they have reached a definitive agreement for Blackstone to acquire a 9.9 percent equity stake in SAFG Retirement Services, Inc. (SAFG), which is the holding company for AIG’s Life and Retirement business, for $ 2.2 billion in an all cash transaction, subject to adjustment if the final pro forma adjusted book value is greater or lesser than the target pro forma adjusted book value. The transaction contemplates that most of AIG’s investment operations would be transferred to SAFG or its subsidiaries as part of the separation. As part of this agreement, AIG also agreed to enter into a long-term strategic asset management relationship with Blackstone to manage an initial $ 50 billion of Life and Retirement’s existing investment portfolio upon closing of the equity investment, with that amount increasing by increments of $ 8.5 billion per year for the next five years beginning in the third or fourth quarter of 2022, for an aggregate of $ 92.5 billion. Following the closing of the transaction, Blackstone will be entitled to designate one member of the board of directors of the Life and Retirement holding company, which will consist of 11 directors. Pursuant to the definitive agreement, Blackstone will be required to hold its ownership interest in SAFG following the completion of the separation of the Life and Retirement business, subject to exceptions permitting Blackstone to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the initial public offering of SAFG (the IPO), with the transfer restrictions terminating in full on the fifth anniversary of the IPO. In the event that the IPO of SAFG is not completed prior to the second anniversary of the closing of the transaction, Blackstone will have the right to require AIG to undertake the IPO, and in the event that the IPO has not been completed prior to the third anniversary of the closing, Blackstone will have the right to exchange all or a portion of its ownership interest in SAFG for shares of AIG’s common stock on the terms set forth in the definitive agreement. These transactions are subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the HSR Act), and are expected to close in the third quarter of 2021. While we currently believe the IPO is the next step in the separation of the Life and Retirement business from AIG, no assurance can be given regarding the form that future separation transactions may take or the specific terms or timing thereof, or that a separation will in fact occur. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission (SEC). On July 14, 2021, AIG and Blackstone Real Estate Income Trust (BREIT), a long-term, perpetual capital vehicle affiliated with Blackstone, announced that they have reached a definitive agreement for BREIT to acquire AIG’s interests in a U.S. affordable housing portfolio for approximately $ 5.1 billion, subject to certain adjustments, in an all cash transaction. This transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2021. Sale of Certain AIG Life and Retirement Retail Mutual Funds Business On February 8, 2021, AIG announced the execution of a definitive agreement with Touchstone Investments (Touchstone), an indirect wholly-owned subsidiary of Western & Southern Financial Group, to sell certain assets of AIG Life and Retirement’s Retail Mutual Funds business. As of June 30, 2021, AIG Life and Retirement’s Retail Mutual Funds business managed $ 7.1 billion in assets across eighteen funds. The transaction closed on July 16, 2021 at which time we received initial proceeds, and twelve retail mutual funds managed by SunAmerica Asset Management, LLC (SAAMCo), a member of AIG Life and Retirement, with $ 6.8 billion in assets, were reorganized into Touchstone funds. Additional proceeds may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. AIG Life and Retirement will retain its fund management platform and capabilities dedicated to its variable insurance products. For further discussion on the sale of certain AIG Life and Retirement Retail Mutual Funds business see Note 16 to the Condensed Consolidated Financial Statements. Fortitude Holdings On June 2, 2020, we completed the sale of a majority of the interests in Fortitude Group Holdings, LLC (Fortitude Holdings) to Carlyle FRL, L.P. (Carlyle FRL), an investment fund advised by an affiliate of The Carlyle Group Inc. (Carlyle), and T&D United Capital Co., Ltd. (T&D), a subsidiary of T&D Holdings, Inc., under the terms of a membership interest purchase agreement entered into on November 25, 2019 by and among AIG, Fortitude Holdings, Carlyle FRL, Carlyle, T&D and T&D Holdings, Inc. (the Majority Interest Fortitude Sale). AIG established Fortitude Reinsurance Company Ltd. (Fortitude Re), a wholly owned subsidiary of Fortitude Holdings, in 2018 in a series of reinsurance transactions related to AIG’s Run-Off operations. As of June 30, 2021, approximately $ 30.1 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 4.0 billion of reserves from AIG’s General Insurance Run-Off Lines, related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions and Fortitude Re is the reinsurer of the majority of AIG’s Run-Off operations. As these reinsurance transactions are structured as modified coinsurance and loss portfolio transfers with funds withheld, following the closing of the Majority Interest Fortitude Sale, AIG continues to reflect the invested assets, which consist mostly of available for sale securities, supporting Fortitude Re’s obligations, in AIG’s financial statements. AIG sold a 19.9 percent ownership interest in Fortitude Holdings to TC Group Cayman Investments Holdings, L.P. (TCG), an affiliate of Carlyle, in November 2018 (the 2018 Fortitude Sale). As a result of completion of the Majority Interest Fortitude Sale, Carlyle FRL purchased from AIG a 51.6 percent ownership interest in Fortitude Holdings and T&D purchased from AIG a 25 percent ownership interest in Fortitude Holdings; AIG retained a 3.5 percent ownership interest in Fortitude Holdings and one seat on its Board of Managers. The $ 2.2 billion of proceeds received by AIG at closing included (i) the $ 1.8 billion under the Majority Interest Fortitude Sale, subject to a post-closing purchase price adjustment pursuant to which AIG would pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur through December 31, 2023, up to a maximum payment of $ 500 million; and (ii) a $ 383 million purchase price adjustment from Carlyle FRL and T&D, corresponding to their respective portions of a proposed $ 500 million non-pro rata distribution from Fortitude Holdings that was not received by AIG prior to the closing. Effective in the second quarter of 2021, AIG, Fortitude Holdings, Carlyle FRL, T&D and Carlyle amended the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development. As a result of this amendment, during the three months ended June 30, 2021, AIG recorded a $ 21 million benefit through Policyholder benefits and losses incurred and eliminated further net exposure to adverse development on the reserves ceded to Fortitude Re. AIG recorded a total after-tax reduction to total AIG shareholders’ equity of $ 4.3 billion related to the sale of the majority interest in and deconsolidation of Fortitude Holdings in the second quarter of 2020. The impact to equity was primarily due to a $ 6.7 billion after-tax loss partially offset by a $ 2.4 billion increase in accumulated other comprehensive income (AOCI) due to the release of shadow adjustments primarily related to future policy benefits. The $ 6.7 billion after-tax loss was comprised of (i) a $ 2.7 billion loss related to the write-off of prepaid insurance assets and deferred policy acquisition costs (DAC) upon deconsolidation of Fortitude Holdings and (ii) $ 4.0 billion related to the loss on the sale primarily as a result of increases in Fortitude Holdings’ equity principally related to mark to market movements from the December 31, 2018 date as of which Fortitude Holdings’ equity was calculated for purposes of the purchase price determination, through the June 2, 2020 closing date. In connection with the Majority Interest Fortitude Sale, AIG, Fortitude Holdings, and TCG agreed that, effective as of the closing, (i) AIG’s investment commitment targets under the 2018 Fortitude Sale (whereby AIG had agreed to invest certain amounts into various Carlyle strategies and to make certain minimum investment management fee payments by November 2021) were assumed by Fortitude Holdings and AIG was released therefrom, (ii) the purchase price adjustment that AIG had agreed to provide TCG in the 2018 Fortitude Sale (whereby AIG had agreed to reimburse TCG for adverse development in property casualty related reserves, based on an agreed methodology, that may occur through December 31, 2023, up to the value of TCG’s investment in Fortitude Holdings) has been terminated, and (iii) TCG remains obligated to pay AIG $ 115 million of deferred consideration upon settlement of the post-closing purchase price adjustment referred to above. This latter amount is composed of $ 95 million of deferred consideration contemplated as part of the 2018 Fortitude Sale, together with $ 19.9 million in respect of TCG’s 19.9 percent share of the unpaid portion of the $ 500 million non-pro rata dividend to be paid to AIG under the 2018 Fortitude Sale (TCG paid $ 79.6 million to AIG on May 26, 2020). In addition, the 2018 capital maintenance agreement between AIG and Fortitude Re and the letters of credit issued in support of Fortitude Re and subject to reimbursement by AIG in the event of a drawdown were terminated as of the closing of the Majority Interest Fortitude Sale. Upon closing of the Majority Interest Fortitude Sale, AIG entered into a transition services agreement with Fortitude Holdings for the provision of transition services for a period after closing, and letter of credit agreements with certain financial institutions, which issued letters of credit in support of certain General Insurance subsidiaries that have reinsurance agreements in place with Fortitude Re in the amount of $ 600 million. These letters of credit are subject to reimbursement by AIG in the event of a drawdown by these insurance subsidiaries. Following closing, in the second quarter of 2020, AIG contributed $ 700 million of the proceeds of the Majority Interest Fortitude Sale to certain of its General Insurance subsidiaries and $ 135 million of the proceeds of the Majority Interest Fortitude Sale to certain of its Life and Retirement subsidiaries. For further discussion on the sale of Fortitude Holdings see Note 7 to the Condensed Consolidated Financial Statements . Blackboard At the end of March 2020, Blackboard U.S. Holdings, Inc. (Blackboard), AIG’s technology-driven subsidiary, was placed into run-off. As a result of this decision, during the three months ended March 31, 2020, 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, for example universal life, variable and fixed annuities, and fixed indexed annuities;  reinsurance assets, including the allowance for credit losses;  goodwill impairment;  allowances for credit losses primarily on loans and available for sale fixed maturity securities;  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. 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. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS During the fourth quarter of 2020, we identified certain cash flows that had been incorrectly classified in our Consolidated Statements of Cash Flows. Specifically, misclassifications were identified related to policyholder contract deposits that impacted several line items within the previously issued Consolidated Statements of Cash Flows. While these items affect the cash flows from operating and financing activities, they had no impact on the net increase (decrease) in cash and restricted cash for the previously reported periods. We assessed the materiality of the misclassification on prior period financial statements in accordance with SEC Staff Accounting Bulletin Number 99, Materiality, as codified in ASC 250-10, Accounting Changes and Error Corrections. We have determined that these misclassifications were not material to the financial statements of any prior annual or interim period. Accordingly, the six-month period ended June 30, 2020 has been corrected in the comparative Condensed Consolidated Statements of Cash Flows. Additionally, impacted prior interim periods will be revised within the Quarterly Reports on Form 10-Q to be filed for the period ending September 30, 2021. For the six months ended June 30, 2020, the unrealized (gains) losses in earnings – net and Insurance reserves line items in the Condensed Consolidated Statements of Cash Flows were adjusted by $( 1,740) million and $ 176 million, respectively. The total net cash provided by (used in) operating activities was adjusted by $( 1,564) million. Additionally, the Policyholder contract deposits and Policyholder contract withdrawals line items in the Condensed Consolidated Statements of Cash Flows were adjusted by $ 1,502 million and $ 62 million, respectively. The total net cash provided by financing activities was adjusted by $ 1,564 million. DEBT CASH TENDER OFFERS In the second quarter of 2021, we repurchased, through cash tender offers, and canceled approximately $ 254 million aggregate principal amount of certain notes and debentures issued or guaranteed by AIG for an aggregate purchase price of approximately $ 359 million and wrote off $ 4 million of unamortized debt issuance costs, resulting in a total loss on extinguishment of debt of approximately $ 109 million.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. Summary of Significant Accounting Policies Accounting Standards Adopted During 2021 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 incremental 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. We adopted the standard on its effective date of January 1, 2021. The impact of adoption was not material to our consolidated financial condition, results of operations and cash flows. 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. We adopted the standard prospectively on its effective date of January 1, 2021. The adoption of the standard did not have a material impact on our consolidated financial condition, results of operations or cash flows. 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 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 November 2020, the FASB issued ASU 2020-11, which deferred the effective date of the standard for all entities. Our implementation efforts are underway for the standard’s revised effective date of January 1, 2023; we continue to evaluate 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. 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. Where permitted by the guidance, we would account for the modification due to the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. The adoption of the standard is not expected to have a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
SEGMENT INFORMATION	Jun. 30, 2021
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, and our global reinsurance business, AIG Re. This also includes the results of Western World Insurance Group, Inc. and Glatfelter Insurance Group.  International – consists of regional insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Holdings, Ltd. as well as AIG’s Global Specialty business. North America and International operating segments consist of the following products: – Commercial Lines – consists of Liability, Financial Lines, Property and Global Specialty. – Personal Insurance – consists of Personal Lines and Accident & 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, financial planning and advisory services, and plan administrative and compliance 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, high net worth products and guaranteed investment contracts (GICs). For further discussion on the Life and Retirement business, see Note 1 to the Condensed Consolidated Financial Statements. Other Operations Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re. 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. Legal entities are attributed to each segment based upon the predominance of activity in that legal entity. For the items excluded from adjusted revenues and adjusted pre-tax income (loss) see the table below. The following table presents AIG’s continuing operations by operating segment: Three Months Ended June 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 2,685 $ 169 (a) $ 2,474 $ ( 439) (a) International 3,530 294 (a) 3,263 96 (a) Net investment income 731 731 518 518 Total General Insurance 6,946 1,194 6,255 175 Life and Retirement Individual Retirement 1,519 617 1,331 549 Group Retirement 820 347 712 214 Life Insurance 1,295 20 1,219 2 Institutional Markets 1,412 140 1,399 130 Total Life and Retirement 5,046 1,124 4,661 895 Other Operations Other Operations before consolidation and eliminations 259 ( 516) 607 ( 332) AIG consolidation and eliminations ( 125) ( 94) 35 53 Total Other Operations 134 ( 610) 642 ( 279) Total 12,126 1,708 11,558 791 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 14 13 14 16 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - 120 - 255 Changes in the fair value of equity securities ( 13) ( 13) 56 56 Other income (expense) - net ( 2) - 14 - Loss on extinguishment of debt - ( 106) - - Net investment income on Fortitude Re funds withheld assets 507 507 116 116 Net realized gains on Fortitude Re funds withheld assets 173 173 96 96 Net realized losses on Fortitude Re funds withheld embedded derivative ( 2,056) ( 2,056) ( 837) ( 837) Net realized losses (b) ( 68) ( 59) ( 1,621) ( 1,607) Loss from divested businesses - ( 1) - ( 8,412) Non-operating litigation reserves and settlements - - - - Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 65 - 33 Net loss reserve discount charge - ( 22) - ( 16) Integration and transaction costs associated with acquiring or divesting businesses - ( 35) - ( 4) Restructuring and other costs - ( 126) - ( 134) Non-recurring costs related to regulatory or accounting changes - ( 21) - ( 14) Revenues and pre-tax income (loss) $ 10,681 $ 147 $ 9,396 $ ( 9,661) Six Months Ended June 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 5,073 $ ( 33) (a) $ 5,205 $ ( 542) (a) International 7,008 569 (a) 6,611 112 (a) Net investment income 1,503 1,503 1,106 1,106 Total General Insurance 13,584 2,039 12,922 676 Life and Retirement Individual Retirement 2,996 1,149 2,699 854 Group Retirement 1,626 654 1,406 357 Life Insurance 2,628 ( 20) 2,419 80 Institutional Markets 1,776 282 2,423 205 Total Life and Retirement 9,026 2,065 8,947 1,496 Other Operations Other Operations before consolidation and eliminations 583 ( 870) 922 ( 1,167) AIG consolidation and eliminations ( 305) ( 270) ( 106) ( 34) Total Other Operations 278 ( 1,140) 816 ( 1,201) Total 22,888 2,964 22,685 971 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 32 35 28 9 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - ( 83) - ( 283) Changes in the fair value of equity securities 9 9 ( 135) ( 135) Other income (expense) - net ( 8) - 24 - Loss on extinguishment of debt - ( 98) - ( 17) Net investment income on Fortitude Re funds withheld assets 993 993 116 116 Net realized gains on Fortitude Re funds withheld assets 346 346 96 96 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 326 326 ( 837) ( 837) Net realized gains (b) 549 568 1,856 1,887 Income (loss) from divested businesses - 6 - ( 8,628) Non-operating litigation reserves and settlements - - 6 6 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 84 - 41 Net loss reserve discount benefit (charge) - 10 - ( 72) Integration and transaction costs associated with acquiring or divesting businesses - ( 44) - ( 6) Restructuring and other costs - ( 200) - ( 224) Non-recurring costs related to regulatory or accounting changes - ( 41) - ( 27) Revenues and pre-tax income (loss) $ 25,135 $ 4,875 $ 23,839 $ ( 7,103) (a) General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results. (b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	4. Fair Value Measurements Fair Value Measurements on a Recurring Basis Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:  Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.  Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.  Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: June 30, 2021 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 $ - $ 4,501 $ - $ - $ - $ 4,501 Obligations of states, municipalities and political subdivisions - 13,240 1,939 - - 15,179 Non-U.S. governments 55 15,956 10 - - 16,021 Corporate debt - 172,780 2,773 - - 175,553 RMBS - 17,499 11,085 - - 28,584 CMBS - 14,382 1,082 - - 15,464 CDO/ABS - 8,450 9,318 - - 17,768 Total bonds available for sale 55 246,808 26,207 - - 273,070 Other bond securities: U.S. government and government sponsored entities - 1,778 - - - 1,778 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 221 113 - - 334 CMBS - 254 46 - - 300 CDO/ABS - 163 2,279 - - 2,442 Total other bond securities - 2,428 2,438 - - 4,866 Equity securities 1,029 46 4 - - 1,079 Other invested assets (b) - 103 2,099 - - 2,202 Derivative assets (c) Interest rate contracts - 3,677 1 - - 3,678 Foreign exchange contracts - 1,156 1 - - 1,157 Equity contracts 7 356 368 - - 731 Commodity contracts - 6 - - - 6 Credit contracts - - 1 - - 1 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 2,833) ( 1,721) ( 4,554) Total derivative assets 7 5,195 384 ( 2,833) ( 1,721) 1,032 Short-term investments 2,839 2,684 - - - 5,523 Other assets - - 113 - - 113 Separate account assets 103,402 3,904 - - - 107,306 Total $ 107,332 $ 261,168 $ 31,245 $ ( 2,833) $ ( 1,721) $ 395,191 Liabilities: Policyholder contract deposits $ - $ - $ 9,020 $ - $ - $ 9,020 Derivative liabilities (c) Interest rate contracts 2 3,878 - - - 3,880 Foreign exchange contracts - 747 - - - 747 Equity contracts 4 57 11 - - 72 Credit contracts - 19 44 - - 63 Other contracts - - 3 - - 3 Counterparty netting and cash collateral - - - ( 2,833) ( 1,201) ( 4,034) Total derivative liabilities 6 4,701 58 ( 2,833) ( 1,201) 731 Fortitude Re funds withheld payable - - 5,317 - - 5,317 Other liabilities - 10 - - - 10 Long-term debt - 1,974 - - - 1,974 Total $ 6 $ 6,685 $ 14,395 $ ( 2,833) $ ( 1,201) $ 17,052 December 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 $ 73 $ 4,053 $ - $ - $ - $ 4,126 Obligations of states, municipalities and political subdivisions - 14,019 2,105 - - 16,124 Non-U.S. governments 28 15,312 5 - - 15,345 Corporate debt - 166,949 2,349 - - 169,298 RMBS - 19,771 11,694 - - 31,465 CMBS - 15,211 922 - - 16,133 CDO/ABS - 9,191 9,814 - - 19,005 Total bonds available for sale 101 244,506 26,889 - - 271,496 Other bond securities: U.S. government and government sponsored entities - 1,845 - - - 1,845 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 290 139 - - 429 CMBS - 273 47 - - 320 CDO/ABS - 173 2,512 - - 2,685 Total other bond securities - 2,593 2,698 - - 5,291 Equity securities 929 76 51 - - 1,056 Other invested assets (b) - 102 1,827 - - 1,929 Derivative assets (c) Interest rate contracts - 4,637 - - - 4,637 Foreign exchange contracts - 1,020 2 - - 1,022 Equity contracts 9 923 198 - - 1,130 Credit contracts - - 2 - - 2 Other contracts - - 14 - - 14 Counterparty netting and cash collateral - - - ( 3,812) ( 2,219) ( 6,031) Total derivative assets 9 6,580 216 ( 3,812) ( 2,219) 774 Short-term investments 2,379 3,589 - - - 5,968 Other assets - - 113 - - 113 Separate account assets 96,560 3,730 - - - 100,290 Total $ 99,978 $ 261,176 $ 31,794 $ ( 3,812) $ ( 2,219) $ 386,917 Liabilities: Policyholder contract deposits $ - $ - $ 9,798 $ - $ - $ 9,798 Derivative liabilities (c) Interest rate contracts 1 4,435 - - - 4,436 Foreign exchange contracts - 1,090 - - - 1,090 Equity contracts 14 162 47 - - 223 Credit contracts - 23 44 - - 67 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 3,812) ( 1,441) ( 5,253) Total derivative liabilities 15 5,710 97 ( 3,812) ( 1,441) 569 Fortitude Re funds withheld payable - - 6,042 - - 6,042 Other liabilities - 1 - - - 1 Long-term debt - 2,097 - - - 2,097 Total $ 15 $ 7,808 $ 15,937 $ ( 3,812) $ ( 1,441) $ 18,507 (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 $ 7.4 billion and $ 6.5 billion as of June 30, 2021 and December 31, 2020, respectively. (c) Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets. Changes in Level 3 Recurring Fair Value Measurements The following tables present changes during the three- and six-month periods ended June 30, 2021 and 2020 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2021 and 2020: Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,896 $ 5 $ 128 $ ( 65) $ - $ ( 25) $ - $ 1,939 $ - $ 244 Non-U.S. governments 6 - ( 1) 1 4 - - 10 - - Corporate debt 2,570 14 17 31 208 ( 67) - 2,773 - 50 RMBS 11,464 150 ( 39) ( 460) - ( 30) - 11,085 - 957 CMBS 1,104 7 23 85 - ( 137) - 1,082 - 18 CDO/ABS 9,602 ( 1) 44 ( 374) 384 ( 337) - 9,318 - 403 Total bonds available for sale 26,642 175 172 ( 782) 596 ( 596) - 26,207 - 1,672 Other bond securities: RMBS 126 1 - ( 14) - - - 113 12 - CMBS 46 - - - - - - 46 6 - CDO/ABS 2,346 45 - ( 112) - - - 2,279 253 - Total other bond securities 2,518 46 - ( 126) - - - 2,438 271 - Equity securities 128 - ( 3) ( 112) 1 ( 10) - 4 - - Other invested assets 1,897 114 ( 1) 89 - - - 2,099 122 - Other assets 113 - - - - - - 113 - - Total $ 31,298 $ 335 $ 168 $ ( 931) $ 597 $ ( 606) $ - $ 30,861 $ 393 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 7,617 $ 1,363 $ - $ 40 $ - $ - $ - $ 9,020 $ ( 1,018) $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 1 - Foreign exchange contracts - - - ( 1) - - - ( 1) ( 1) - Equity contracts ( 222) ( 71) - ( 69) - 5 - ( 357) 85 - Credit contracts 44 2 - ( 3) - - - 43 ( 1) - Other contracts ( 9) ( 16) - 15 - - - ( 10) 17 - Total derivative liabilities, net (a) ( 187) ( 87) - ( 57) - 5 - ( 326) 101 - Fortitude Re funds withheld payable 3,487 2,056 - ( 226) - - - 5,317 ( 1,452) - Total $ 10,917 $ 3,332 $ - $ ( 243) $ - $ 5 $ - $ 14,011 $ ( 2,369) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 8 $ ( 31) $ ( 118) $ - $ ( 25) $ - $ 1,939 $ - $ 234 Non-U.S. governments 5 - ( 1) 1 5 - - 10 - - Corporate debt 2,349 13 7 208 395 ( 199) - 2,773 - ( 109) RMBS 11,694 317 25 ( 891) - ( 60) - 11,085 - 943 CMBS 922 16 ( 33) 258 56 ( 137) - 1,082 - ( 38) CDO/ABS 9,814 15 30 ( 538) 838 ( 841) - 9,318 - 467 Total bonds available for sale 26,889 369 ( 3) ( 1,080) 1,294 ( 1,262) - 26,207 - 1,497 Other bond securities: RMBS 139 4 - ( 30) - - - 113 ( 86) - CMBS 47 ( 1) - ( 6) 6 - - 46 4 - CDO/ABS 2,512 34 - ( 267) - - - 2,279 255 - Total other bond securities 2,698 37 - ( 303) 6 - - 2,438 173 - Equity securities 51 11 - ( 123) 76 ( 11) - 4 3 - Other invested assets 1,827 256 ( 7) 23 - - - 2,099 245 - Other assets 113 - - - - - - 113 - - Total $ 31,578 $ 673 $ ( 10) $ ( 1,483) $ 1,376 $ ( 1,273) $ - $ 30,861 $ 421 $ 1,497 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 897) $ - $ 119 $ - $ - $ - $ 9,020 $ 1,553 $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 2 - Foreign exchange contracts ( 2) 1 - - - - - ( 1) ( 1) - Equity contracts ( 151) ( 97) - ( 154) - 45 - ( 357) 13 - Credit contracts 42 7 - ( 6) - - - 43 ( 1) - Other contracts ( 8) ( 33) - 31 - - - ( 10) 33 - Total derivative liabilities, net (a) ( 119) ( 124) - ( 128) - 45 - ( 326) 46 - Fortitude Re funds withheld payable 6,042 ( 326) - ( 399) - - - 5,317 1,503 - Total $ 15,721 $ ( 1,347) $ - $ ( 408) $ - $ 45 $ - $ 14,011 $ 3,102 $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,102 $ - $ 254 $ 20 $ - $ ( 97) $ - $ 2,279 $ - $ 244 Non-U.S. governments 6 - - 5 - ( 6) - 5 - - Corporate debt 1,215 ( 1) 72 113 519 ( 18) - 1,900 - 50 RMBS 11,687 208 947 ( 171) 7 - - 12,678 - 957 CMBS 1,146 4 15 ( 16) - - - 1,149 - 18 CDO/ABS 8,768 3 432 108 334 ( 184) - 9,461 - 403 Total bonds available for sale 24,924 214 1,720 59 860 ( 305) - 27,472 - 1,672 Other bond securities: RMBS 149 14 - 5 - - - 168 13 - CMBS 42 6 - ( 1) - - - 47 6 - CDO/ABS 2,378 274 - ( 121) - - - 2,531 253 - Total other bond securities 2,569 294 - ( 117) - - - 2,746 272 - Equity securities 19 - - - 25 ( 1) - 43 - - Other invested assets 1,467 ( 59) - 78 - - - 1,486 - - Other assets 91 - - 54 - - ( 34) 111 - - Total $ 29,070 $ 449 $ 1,720 $ 74 $ 885 $ ( 306) $ ( 34) $ 31,858 $ 272 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 8,153 $ 1,060 $ - $ 20 $ - $ - $ - $ 9,233 $ ( 825) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - - - Foreign exchange contracts 3 1 - ( 5) - - - ( 1) - - Equity contracts ( 143) 36 - 54 - - - ( 53) ( 15) - Credit contracts ( 76) 64 - 57 - - - 45 9 - Other contracts ( 2) ( 17) - 16 - - - ( 3) 17 - Total derivative liabilities, net (a) ( 218) 83 - 123 - - - ( 12) 11 - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 7,935 $ 1,980 $ - $ 143 $ - $ - $ 3,673 $ 13,731 $ ( 151) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ 199 $ 157 $ 27 $ ( 230) $ - $ 2,279 $ - $ 193 Non-U.S. governments - - - 5 6 ( 6) - 5 - - Corporate debt 1,663 ( 68) ( 9) 120 622 ( 428) - 1,900 - 21 RMBS 13,408 340 ( 676) ( 394) 26 ( 26) - 12,678 - ( 548) CMBS 1,053 11 34 28 23 - - 1,149 - 39 CDO/ABS 7,686 20 ( 125) 155 1,937 ( 212) - 9,461 - ( 134) Total bonds available for sale 25,931 308 ( 577) 71 2,641 ( 902) - 27,472 - ( 429) Other bond securities: RMBS 143 - - 25 - - - 168 ( 1) - CMBS 50 ( 1) - ( 2) - - - 47 ( 2) - CDO/ABS 3,545 101 - ( 1,115) - - - 2,531 ( 9) - Total other bond securities 3,738 100 - ( 1,092) - - - 2,746 ( 12) - Equity securities 8 ( 1) 1 10 26 ( 1) - 43 - - Other invested assets 1,192 ( 63) - 207 150 - - 1,486 ( 48) - Other assets 89 - - 59 - - ( 37) 111 - - Total $ 30,958 $ 344 $ ( 576) $ ( 745) $ 2,817 $ ( 903) $ ( 37) $ 31,858 $ ( 60) $ ( 429) Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 2,231 $ - $ 92 $ - $ - $ - $ 9,233 $ ( 1,709) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 4 - 1 - - - ( 1) 1 - Equity contracts ( 151) 10 - 88 - - - ( 53) ( 64) - Credit contracts 62 ( 60) - 43 - - - 45 6 - Other contracts ( 7) ( 27) - 31 - - - ( 3) 27 - Total derivative liabilities, net (a) ( 102) ( 74) - 164 - - - ( 12) ( 29) - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 6,808 $ 2,994 $ - $ 256 $ - $ - $ 3,673 $ 13,731 $ ( 1,075) $ - (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only. Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows: Net Investment Net Realized Other (in millions) Income Gains (Losses) Income Total Three Months Ended June 30, 2021 Assets: Bonds available for sale $ 163 $ 12 $ - $ 175 Other bond securities 47 ( 1) - 46 Equity securities - - - - Other invested assets 99 15 - 114 Six Months Ended June 30, 2021 Assets: Bonds available for sale $ 348 $ 21 $ - $ 369 Other bond securities 16 21 - 37 Equity securities 11 - - 11 Other invested assets 241 15 - 256 Three Months Ended June 30, 2020 Assets: Bonds available for sale $ 182 $ 32 $ - $ 214 Other bond securities 294 - - 294 Equity securities - - - - Other invested assets ( 59) - - ( 59) Six Months Ended June 30, 2020 Assets: Bonds available for sale $ 380 $ ( 72) $ - $ 308 Other bond securities ( 168) 268 - 100 Equity securities - ( 1) - ( 1) Other invested assets ( 63) - - ( 63) Net Investment Net Realized Other (in millions) Income (Gains) Losses Income Total Three Months Ended June 30, 2021 Liabilities: Policyholder contract deposits * $ - $ 1,363 $ - $ 1,363 Derivative liabilities, net - ( 72) ( 15) ( 87) Fortitude Re funds withheld payable - 2,056 - 2,056 Six Months Ended June 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 897) $ - $ ( 897) Derivative liabilities, net - ( 95) ( 29) ( 124) Fortitude Re funds withheld payable - ( 326) - ( 326) Three Months Ended June 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 1,060 $ - $ 1,060 Derivative liabilities, net - 97 ( 14) 83 Fortitude Re funds withheld payable - 837 - 837 Six Months Ended June 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 2,231 $ - $ 2,231 Derivative liabilities, net - ( 46) ( 28) ( 74) Fortitude Re funds withheld payable - 837 - 837 * Primarily embedded derivatives. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and six-month periods ended June 30, 2021 and 2020 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets: Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 3 $ ( 23) $ ( 45) $ ( 65) Non-U.S. governments 1 - - 1 Corporate debt 212 ( 32) ( 149) 31 RMBS 318 ( 115) ( 663) ( 460) CMBS 97 - ( 12) 85 CDO/ABS 780 119 ( 1,273) ( 374) Total bonds available for sale 1,411 ( 51) ( 2,142) ( 782) Other bond securities: RMBS 1 ( 9) ( 6) ( 14) CMBS - - - - CDO/ABS - - ( 112) ( 112) Total other bond securities 1 ( 9) ( 118) ( 126) Equity securities - ( 3) ( 109) ( 112) Other invested assets 194 - ( 105) 89 Other assets - - - - Total assets $ 1,606 $ ( 63) $ ( 2,474) $ ( 931) Liabilities: Policyholder contract deposits $ - $ 202 $ ( 162) $ 40 Derivative liabilities, net ( 71) 1 13 ( 57) Fortitude Re funds withheld payable - - ( 226) ( 226) Total liabilities $ ( 71) $ 203 $ ( 375) $ ( 243) Three Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 22 $ - $ ( 2) $ 20 Non-U.S. governments 5 - - 5 Corporate debt 121 - ( 8) 113 RMBS 365 - ( 536) ( 171) CMBS 1 ( 5) ( 12) ( 16) CDO/ABS 256 ( 3) ( 145) 108 Total bonds available for sale 770 ( 8) ( 703) 59 Other bond securities: RMBS 12 - ( 7) 5 CMBS - - ( 1) ( 1) CDO/ABS - - ( 121) ( 121) Total other bond securities 12 - ( 129) ( 117) Equity securities - - - - Other invested assets 78 - - 78 Other assets 55 - ( 1) 54 Total assets $ 915 $ ( 8) $ ( 833) $ 74 Liabilities: Policyholder contract deposits $ - $ 122 $ ( 102) $ 20 Derivative liabilities, net ( 9) - 132 123 Fortitude Re funds withheld payable - - - - Total liabilities $ ( 9) $ 122 $ 30 $ 143 Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Six Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 11 $ ( 43) $ ( 86) $ ( 118) Non-U.S. governments 1 - - 1 Corporate debt 953 ( 33) ( 712) 208 RMBS 482 ( 115) ( 1,258) ( 891) CMBS 290 - ( 32) 258 CDO/ABS 1,156 70 ( 1,764) ( 538) Total bonds available for sale 2,893 ( 121) ( 3,852) ( 1,080) Other bond securities: RMBS 1 ( 9) ( 22) ( 30) CMBS - ( 6) - ( 6) CDO/ABS - ( 39) ( 228) ( 267) Total other bond securities 1 ( 54) ( 250) ( 303) Equity securities - ( 3) ( 120) ( 123) Other invested assets 392 - ( 369) 23 Other assets - - - - Total assets $ 3,286 $ ( 178) $ ( 4,591) $ ( 1,483) Liabilities: Policyholder contract deposits $ - $ 393 $ ( 274) $ 119 Derivative liabilities, net ( 123) 2 ( 7) ( 128) Fortitude Re funds withheld payable - - ( 399) ( 399) Total liabilities $ ( 123) $ 395 $ ( 680) $ ( 408) Six Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 167 $ ( 2) $ ( 8) $ 157 Non-U.S. governments 5 - - 5 Corporate debt 233 ( 5) ( 108) 120 RMBS 701 - ( 1,095) ( 394) CMBS 54 ( 7) ( 19) 28 CDO/ABS 481 ( 25) ( 301) 155 Total bonds available for sale 1,641 ( 39) ( 1,531) 71 Other bond securities: RMBS 37 - ( 12) 25 CMBS - - ( 2) ( 2) CDO/ABS 35 ( 579) ( 571) ( 1,115) Total other bond securities 72 ( 579) ( 585) ( 1,092) Equity securities 10 - - 10 Other invested assets 252 - ( 45) 207 Other assets 55 - 4 59 Total assets $ 2,030 $ ( 618) $ ( 2,157) $ ( 745) Liabilities: Policyholder contract deposits $ - $ 344 $ ( 252) $ 92 Derivative liabilities, net ( 24) 8 180 164 Fortitude Re funds withheld payable - - - - Total liabilities $ ( 24) $ 352 $ ( 72) $ 256 (a) There were issuances during the three- and six-month periods ended June 30, 2021 and 2020. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2021 and 2020 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 $ 9 million and $ 28 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2021, respectively, and includes $ 1 million and $( 4) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2021, respectively. The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) as shown in the table above excludes $ 28 million and $( 128) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and six-month periods ended June 30, 2020, respectively, and includes $ 24 million and $( 31) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and six-month periods ended June 30, 2020, respectively. Transfers of Level 3 Assets During the three- and six-month periods ended June 30, 2021 and 2020, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS and CDO/ABS. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in RMBS, CMBS and CDO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types. During the three- and six-month periods ended June 30, 2021 and 2020, 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 corporate debt, RMBS, CMBS, CDO/ABS and certain investments in municipal securities out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt and certain ABS out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market. Transfers of Level 3 Liabilities There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three- and six-month periods ended June 30, 2021 and 2020. 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. Because input information from third-parties with respect to certain Level 3 instruments (primarily CDO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities: Fair Value at June 30, Valuation Range (in millions) 2021 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,588 Discounted cash flow Yield 2.89% - 3.39% ( 3.14%) Corporate debt 1,939 Discounted cash flow Yield 1.85% - 17.19% ( 7.64%) RMBS (a) 10,393 Discounted cash flow Constant prepayment rate 4.75% - 17.06% ( 10.90%) Loss severity 29.46% - 74.55% ( 52.00%) Constant default rate 1.42% - 6.22% ( 3.82%) Yield 1.57% - 4.10% ( 2.83%) CDO/ABS (a) 8,011 Discounted cash flow Yield 1.51% - 4.53% ( 3.02%) CMBS 579 Discounted cash flow Yield 0.90% - 5.42% ( 3.16%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 2,484 Discounted cash flow Equity volatility 6.55% - 51.55% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (f) 0.07% - 1.38% Index annuities including certain GMWB 5,788 Discounted cash flow Lapse rate 0.38% - 50.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 100.00% Option budget 0.00% - 4.00% NPA (f) 0.07% - 1.38% Indexed life 701 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.07% - 1.38% Fair Value at December 31, Valuation Range (in millions) 2020 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,670 Discounted cash flow Yield 2.82% - 3.39% ( 3.11%) Corporate debt 1,591 Discounted cash flow Yield 2.13% - 7.82% ( 4.97%) RMBS (a) 11,297 Discounted cash flow Constant prepayment rate 3.90% - 11.99% ( 7.94%) Loss severity 30.08% - 78.49% ( 54.29%) Constant default rate 1.45% - 6.19% ( 3.82%) Yield 1.69% - 4.25% ( 2.97%) CDO/ABS (a) 8,324 Discounted cash flow Yield 1.93% - 4.85% ( 3.39%) CMBS 541 Discounted cash flow Yield 0.92% - 5.89% ( 3.40%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: GMWB 3,572 Discounted cash flow Equity volatility 6.45% - 50.85% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (f) 0.06% - 1.48% Index annuities including certain GMWB 5,538 Discounted cash flow Lapse rate 0.38% - 50.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 100.00% Option budget 0.00% - 4.00% NPA (f) 0.06% - 1.48% Indexed life 649 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.06% - 1.48% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within Policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (d) The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modified coinsurance (modco) and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet. (e) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (f) The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting. (g) The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivativ

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2021
INVESTMENTS
INVESTMENTS	5. Investments Securities Available for Sale The following table presents the amortized cost and fair value of our available for sale securities: Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in millions) Cost Losses (a) Gains Losses Value June 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 4,205 $ - $ 317 $ ( 21) $ 4,501 Obligations of states, municipalities and political subdivisions 13,261 - 1,931 ( 13) 15,179 Non-U.S. governments 15,356 ( 2) 836 ( 169) 16,021 Corporate debt 160,673 ( 84) 15,965 ( 1,001) 175,553 Mortgage-backed, asset-backed and collateralized: RMBS 25,995 ( 11) 2,713 ( 113) 28,584 CMBS 14,710 - 797 ( 43) 15,464 CDO/ABS 17,420 - 403 ( 55) 17,768 Total mortgage-backed, asset-backed and collateralized 58,125 ( 11) 3,913 ( 211) 61,816 Total bonds available for sale (b) $ 251,620 $ ( 97) $ 22,962 $ ( 1,415) $ 273,070 December 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 3,640 $ - $ 503 $ ( 17) $ 4,126 Obligations of states, municipalities and political subdivisions 13,915 - 2,216 ( 7) 16,124 Non-U.S. governments 14,231 ( 4) 1,181 ( 63) 15,345 Corporate debt 150,111 ( 164) 19,905 ( 554) 169,298 Mortgage-backed, asset-backed and collateralized: RMBS 28,551 ( 16) 3,000 ( 70) 31,465 CMBS 15,182 ( 1) 1,023 ( 71) 16,133 CDO/ABS 18,707 ( 1) 425 ( 126) 19,005 Total mortgage-backed, asset-backed and collateralized 62,440 ( 18) 4,448 ( 267) 66,603 Total bonds available for sale (b) $ 244,337 $ ( 186) $ 28,253 $ ( 908) $ 271,496 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains and losses and are not recognized in other comprehensive income. (b) At June 30, 2021 and December 31, 2020, bonds available for sale held by us that were below investment grade or not rated totaled $ 27.9 billion and $ 28.2 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 June 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,610 $ 21 $ 1 $ - $ 1,611 $ 21 Obligations of states, municipalities and political subdivisions 464 10 87 3 551 13 Non-U.S. governments 3,528 80 460 84 3,988 164 Corporate debt 22,682 715 4,413 211 27,095 926 RMBS 3,594 71 869 37 4,463 108 CMBS 1,474 27 304 16 1,778 43 CDO/ABS 3,541 36 937 19 4,478 55 Total bonds available for sale $ 36,893 $ 960 $ 7,071 $ 370 $ 43,964 $ 1,330 December 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 649 $ 17 $ - $ - $ 649 $ 17 Obligations of states, municipalities and political subdivisions 267 4 78 3 345 7 Non-U.S. governments 1,287 28 262 33 1,549 61 Corporate debt 11,715 348 1,283 81 12,998 429 RMBS 3,486 40 282 18 3,768 58 CMBS 1,644 58 346 12 1,990 70 CDO/ABS 5,456 81 3,063 45 8,519 126 Total bonds available for sale $ 24,504 $ 576 $ 5,314 $ 192 $ 29,818 $ 768 At June 30, 2021, we held 9,292 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 1,408 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2020, we held 5,105 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 949 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 2021 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 June 30, 2021 Due in one year or less $ 8,599 $ 8,659 Due after one year through five years 44,357 46,029 Due after five years through ten years 45,309 48,668 Due after ten years 95,144 107,898 Mortgage-backed, asset-backed and collateralized 58,114 61,816 Total $ 251,523 $ 273,070 Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gross Gross Gross Gross Gross Gross Gross Gross Realized Realized Realized Realized Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Gains Losses Gains Losses Fixed maturity securities $ 290 $ 155 $ 541 $ 392 $ 750 $ 226 $ 921 $ 558 For the three- and six-month periods ended June 30, 2021, the aggregate fair value of available for sale securities sold was $ 6.0 billion and $ 12.4 billion, respectively, which resulted in net realized gains of $ 135 million and $ 524 million, respectively. Included within the net realized gains are $ 95 million and $ 390 million of net realized gains for the three- and six-month periods ended June 30, 2021, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains are included in Net realized gains (losses) on Fortitude Re funds withheld assets. For the three- and six-month periods ended June 30, 2020, the aggregate fair value of available for sale securities sold was $ 6.7 billion and $ 13.9 billion, respectively, which resulted in net realized gains of $ 149 million and $ 363 million, respectively. Included within the net realized gains (losses) are $ 122 million of net realized gains for the three- and six-month periods ended June 30, 2020, which relate to the Fortitude Re funds withheld assets for the period after deconsolidation of Fortitude Re. These net realized gains are included in Net realized gains (losses) on Fortitude Re funds withheld assets. Other Securities Measured at Fair Value The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value: June 30, 2021 December 31, 2020 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 1,778 30 % $ 1,845 29 % Corporate debt 12 - 12 - Mortgage-backed, asset-backed and collateralized: RMBS 334 6 429 7 CMBS 300 5 320 5 CDO/ABS and other collateralized 2,442 41 2,685 42 Total mortgage-backed, asset-backed and collateralized 3,076 52 3,434 54 Total fixed maturity securities 4,866 82 5,291 83 Equity securities 1,079 18 1,056 17 Total $ 5,945 100 % $ 6,347 100 % Other Invested Assets The following table summarizes the carrying amounts of other invested assets: June 30, December 31, (in millions) 2021 2020 Alternative investments (a) (b) $ 10,453 $ 9,572 Investment real estate (c) 7,921 7,930 All other investments (d) 1,765 1,558 Total $ 20,139 $ 19,060 (a) At June 30, 2021, included hedge funds of $ 2.0 billion, private equity funds of $ 8.2 billion and affordable housing partnerships of $ 196 million. At December 31, 2020, included hedge funds of $ 2.3 billion, private equity funds of $ 7.0 billion and affordable housing partnerships of $ 257 million. (b) At June 30, 2021, approximately 59 percent of our hedge fund portfolio is available for redemption in 2021. The remaining 41 percent will be available for redemption between 2022 and 2027. (c) Net of accumulated depreciation of $ 797 million and $ 756 million at June 30, 2021 and December 31, 2020, respectively. (d) Includes AIG’s 3.5 percent ownership interest in Fortitude Holdings which is recorded using the measurement alternative for equity securities and is carried at cost, which was $ 100 million as of June 30, 2021 and December 31, 2020. Net Investment Income The following table presents the components of Net investment income: Three Months Ended June 30, 2021 2020 Excluding Fortitude Fortitude Re Excluding Fortitude Fortitude Re Re Funds Funds Withheld Re Funds Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Available for sale fixed maturity securities, including short-term investments $ 2,130 $ 361 $ 2,491 $ 2,502 $ 86 $ 2,588 Other fixed maturity securities (a) 93 6 99 371 3 374 Equity securities ( 13) - ( 13) 56 - 56 Interest on mortgage and other loans 446 57 503 485 13 498 Alternative investments (b) 579 92 671 ( 87) 14 ( 73) Real estate 57 - 57 61 - 61 Other investments (c) ( 19) 1 ( 18) 1 - 1 Total investment income 3,273 517 3,790 3,389 116 3,505 Investment expenses 105 10 115 139 - 139 Net investment income $ 3,168 $ 507 $ 3,675 $ 3,250 $ 116 $ 3,366 Six Months Ended June 30, 2021 2020 Excluding Fortitude Fortitude Re Excluding Fortitude Fortitude Re Re Funds Funds Withheld Re Funds Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Available for sale fixed maturity securities, including short-term investments $ 4,308 $ 738 $ 5,046 $ 5,111 $ 86 $ 5,197 Other fixed maturity securities (a) ( 9) 6 ( 3) 311 3 314 Equity securities 9 - 9 ( 135) - ( 135) Interest on mortgage and other loans 860 104 964 998 13 1,011 Alternative investments (b) 1,151 161 1,312 ( 146) 14 ( 132) Real estate 116 - 116 120 - 120 Other investments (c) 121 2 123 ( 214) - ( 214) Total investment income 6,556 1,011 7,567 6,045 116 6,161 Investment expenses 217 18 235 287 - 287 Net investment income $ 6,339 $ 993 $ 7,332 $ 5,758 $ 116 $ 5,874 (a) Included in the three- and six-month periods ended June 30, 2021 were income of $ 35 million and losses of $ 46 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and six-month periods ended June 30, 2020 were income of $ 29 million and $ 198 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the three- and six-month periods ended June 30, 2021 were losses of $ 40 million and income of $ 43 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Included in the three- and six-month periods ended June 30, 2020 were losses of $ 13 million and $ 215 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Net Realized Gains and Losses The following table presents the components of Net realized gains (losses): Three Months Ended June 30, 2021 2020 Excluding Fortitude Re Excluding Fortitude Re Fortitude Re Funds Fortitude Re Funds Funds Withheld Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Sales of fixed maturity securities $ 40 $ 95 $ 135 $ 27 $ 122 $ 149 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 10 4 14 ( 24) ( 7) ( 31) Change in allowance for credit losses on loans 67 8 75 ( 22) 4 ( 18) Foreign exchange transactions 139 9 148 44 3 47 Variable annuity embedded derivatives, net of related hedges ( 53) - ( 53) ( 1,010) - ( 1,010) All other derivatives and hedge accounting ( 336) 60 ( 276) ( 568) ( 26) ( 594) Other 90 ( 3) 87 ( 35) - ( 35) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 43) 173 130 ( 1,591) 96 ( 1,495) Net realized losses on Fortitude Re funds withheld embedded derivative - ( 2,056) ( 2,056) - ( 837) ( 837) Net realized losses $ ( 43) $ ( 1,883) $ ( 1,926) $ ( 1,591) $ ( 741) $ ( 2,332) Six Months Ended June 30, 2021 2020 Excluding Fortitude Re Excluding Fortitude Re Fortitude Re Funds Fortitude Re Funds Funds Withheld Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Sales of fixed maturity securities $ 134 $ 390 $ 524 $ 241 $ 122 $ 363 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 61 6 67 ( 222) ( 7) ( 229) Change in allowance for credit losses on loans 108 3 111 ( 60) 4 ( 56) Foreign exchange transactions 90 3 93 ( 210) 3 ( 207) Variable annuity embedded derivatives, net of related hedges 36 - 36 1,182 - 1,182 All other derivatives and hedge accounting 15 ( 57) ( 42) 991 ( 26) 965 Other 208 1 209 9 - 9 Net realized gains – excluding Fortitude Re funds withheld embedded derivative 652 346 998 1,928 96 2,024 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative - 326 326 - ( 837) ( 837) Net realized gains (losses) $ 652 $ 672 $ 1,324 $ 1,928 $ ( 741) $ 1,187 Change in Unrealized Appreciation (Depreciation) of Investments The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 5,851 $ 13,957 $ ( 5,798) $ 3,502 Other investments ( 5) - ( 5) - Total increase (decrease) in unrealized appreciation (depreciation) of investments $ 5,846 $ 13,957 $ ( 5,803) $ 3,502 The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Three Months Ended June 30, 2021 2020 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ ( 13) $ 543 $ 530 $ 56 $ ( 71) $ ( 15) Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 179) ( 9) ( 188) 5 13 18 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 166 $ 552 $ 718 $ 51 $ ( 84) $ ( 33) Six Months Ended June 30, 2021 2020 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ 9 $ 1,013 $ 1,022 $ ( 135) $ ( 200) $ ( 335) Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 200) 15 ( 185) 17 15 32 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 209 $ 998 $ 1,207 $ ( 152) $ ( 215) $ ( 367) Evaluating Investments for AN ALLOWANCE FOR CREDIT LOSSES Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value . When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, 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. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). Credit Impairments The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category: Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period $ 14 $ 108 $ 122 $ 17 $ 169 $ 186 Additions: Securities for which allowance for credit losses were not previously recorded 6 15 21 8 28 36 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets - - - - - - Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets - - - - - - Reductions: Securities sold during the period ( 2) ( 3) ( 5) ( 3) ( 7) ( 10) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis ( 8) ( 27) ( 35) ( 12) ( 91) ( 103) Write-offs charged against the allowance - ( 6) ( 6) - ( 12) ( 12) Balance, end of period $ 10 $ 87 $ 97 $ 10 $ 87 $ 97 Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period* $ 37 $ 174 $ 211 $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 11 90 101 35 264 299 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets 20 - 20 26 - 26 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets 1 - 1 1 - 1 Reductions: Securities sold during the period ( 1) ( 5) ( 6) ( 1) ( 5) ( 6) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis ( 31) ( 33) ( 64) ( 31) ( 33) ( 64) Write-offs charged against the allowance - ( 65) ( 65) - ( 65) ( 65) Balance, end of period $ 37 $ 161 $ 198 $ 37 $ 161 $ 198 * The beginning balance incorporates the Day 1 gross up on purchased credit deteriorated (PCD) assets held as of January 1, 2020. Purchased Credit Deteriorated Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. We did not purchase securities with more than insignificant credit deterioration since their origination during the six-month period ended June 30, 2021. Pledged Investments Secured Financing and Similar Arrangements We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value. Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively. The following table presents the fair value of securities pledged to counterparties under secured financing transactions, including repurchase and securities lending agreements: (in millions) June 30, 2021 December 31, 2020 Fixed maturity securities available for sale $ 3,700 $ 3,636 At both June 30, 2021 and December 31, 2020, amounts borrowed under repurchase and securities lending agreements totaled $ 3.7 billion. The following table presents the fair value of securities pledged under our repurchase agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2021 Bonds available for sale: Non-U.S. governments $ 49 $ 10 $ - $ - $ - $ 59 Corporate debt 150 89 - - - 239 Total $ 199 $ 99 $ - $ - $ - $ 298 December 31, 2020 Bonds available for sale: Non-U.S. governments $ 63 $ - $ - $ - $ - $ 63 Corporate debt 96 97 - - - 193 Total $ 159 $ 97 $ - $ - $ - $ 256 The following table presents the fair value of securities pledged under our securities lending agreements by collateral type and by remaining contractual maturity: Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 69 $ - $ - $ 69 Non-U.S. governments - - 5 24 - 29 Corporate debt - 566 1,382 1,356 - 3,304 Total $ - $ 566 $ 1,456 $ 1,380 $ - $ 3,402 December 31, 2020 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 103 $ - $ - $ 103 Non-U.S. governments - - - - - - Corporate debt - 982 2,295 - - 3,277 Total $ - $ 982 $ 2,398 $ - $ - $ 3,380 We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received. The following table presents information on the fair value of securities pledged to us under reverse repurchase agreements: (in millions) June 30, 2021 December 31, 2020 Securities collateral pledged to us $ 2,018 $ 5,359 At June 30, 2021 and December 31, 2020, the carrying value of reverse repurchase agreements totaled $ 2.0 billion and $ 5.4 billion, respectively. We do not currently offset any secured financing transactions. All such transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. Insurance – Statutory and Other Deposits The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements, including certain annuity-related obligations and certain reinsurance contracts, was $ 11.4 billion and $ 11.2 billion at June 30, 2021 and December 31, 2020, respectively. Other Pledges and Restrictions Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $ 210 million and $ 191 million of stock in FHLBs at June 30, 2021 and December 31, 2020, respectively. In addition, our subsidiaries have pledged securities available for sale and residential loans associated with borrowings and funding agreements from FHLBs, with a fair value of $ 5.6 billion and $ 891 million, respectively, at June 30, 2021 and $ 5.7 billion and $ 1.2 billion, respectively, at December 31, 2020. Certain GIAs have provisions that require collateral to be posted or payments to be made by us upon a downgrade of our long-term debt ratings. The actual amount of collateral required to be posted to the counterparties in the event of such downgrades, and the aggregate amount of payments that we could be required to make, depend on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. The fair value of securities pledged as collateral with respect to these obligations was approximately $ 1.5 billion at both June 30, 2021 and December 31, 2020. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties. Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 533 million and $ 494 million, comprised of bonds available for sale and short-term investments at June 30, 2021 and December 31, 2020, respectively. Reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld. Following closing of the Majority Interest Fortitude Sale, a portion of the proceeds were contributed to AIG subsidiaries. For further discussion on the sale of Fortitude Holdings see Note 1 and Note 7 to the Condensed Consolidated Financial Statements.

LENDING ACTIVITIES

LENDING ACTIVITIES	6 Months Ended
LENDING ACTIVITIES	Jun. 30, 2021
LENDING ACTIVITIES
LENDING ACTIVITIES	6. Lending Activities The following table presents the composition of Mortgage and other loans receivable, net: June 30, December 31, (in millions) 2021 2020 Commercial mortgages (a) $ 36,415 $ 36,424 Residential mortgages 3,993 4,645 Life insurance policy loans 1,907 1,986 Commercial loans, other loans and notes receivable 3,602 3,321 Total mortgage and other loans receivable 45,917 46,376 Allowance for credit losses (b) ( 701) ( 814) Mortgage and other loans receivable, net $ 45,216 $ 45,562 (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 10 percent, respectively, at June 30, 2021 and 24 percent and 10 percent, respectively, at December 31, 2020). (b) Does not include allowance for credit losses of $ 81 million and $ 79 million, respectively, at June 30, 2021 and December 31, 2020, in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2021, $ 19 million and $ 241 million of residential mortgage loans and commercial mortgage loans, respectively, were placed on nonaccrual status. As of December 31, 2020, $ 14 million and $ 238 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 on the Condensed Consolidated Balance Sheets. As of June 30, 2021, accrued interest receivable was $ 10 million and $ 129 million associated with residential mortgage loans and commercial mortgage loans, respectively. As of December 31, 2020, accrued interest receivable was $ 14 million and $ 129 million associated with residential mortgage loans and commercial mortgage loans, respectively. A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan. Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented. Credit Quality of Commercial Mortgages The following table presents debt service coverage ratios (a) June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,220 $ 1,815 $ 5,404 $ 4,742 $ 3,794 $ 13,429 $ 30,404 1.00 - 1.20X 37 958 779 664 181 1,229 3,848 <1.00X - 28 - 976 88 1,071 2,163 Total commercial mortgages $ 1,257 $ 2,801 $ 6,183 $ 6,382 $ 4,063 $ 15,729 $ 36,415 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total >1.2X $ 1,914 $ 5,596 $ 5,649 $ 3,941 $ 4,592 $ 10,730 $ 32,422 1.00 - 1.20X 770 467 456 144 161 1,106 3,104 <1.00X 4 86 343 87 96 282 898 Total commercial mortgages $ 2,688 $ 6,149 $ 6,448 $ 4,172 $ 4,849 $ 12,118 $ 36,424 The following table presents loan-to-value ratios (b) June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 585 $ 2,443 $ 3,820 $ 4,390 $ 2,638 $ 10,453 $ 24,329 65% to 75% 333 358 2,344 1,992 1,096 4,114 10,237 76% to 80% - - 19 - 65 428 512 Greater than 80% 339 - - - 264 734 1,337 Total commercial mortgages $ 1,257 $ 2,801 $ 6,183 $ 6,382 $ 4,063 $ 15,729 $ 36,415 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total Less than 65% $ 2,382 $ 3,755 $ 3,855 $ 2,565 $ 2,852 $ 8,145 $ 23,554 65% to 75% 274 2,330 2,363 1,306 1,200 2,551 10,024 76% to 80% 28 45 30 - 70 515 688 Greater than 80% 4 19 200 301 727 907 2,158 Total commercial mortgages $ 2,688 $ 6,149 $ 6,448 $ 4,172 $ 4,849 $ 12,118 $ 36,424 (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 June 30, 2021 and 2.2X at December 31, 2020. 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 58 percent at June 30, 2021 and was 60 percent at December 31, 2020. The loan-to-value ratios have been updated within the last three to nine 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 Total June 30, 2021 Credit Quality Performance Indicator: In good standing 662 $ 14,304 $ 10,426 $ 5,018 $ 3,747 $ 2,006 $ 461 $ 35,962 99 % Restructured (a) 9 - 141 49 - 137 - 327 1 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 3 - 69 57 - - - 126 - Total (b) 674 $ 14,304 $ 10,636 $ 5,124 $ 3,747 $ 2,143 $ 461 $ 36,415 100 % Allowance for credit losses $ 116 $ 256 $ 129 $ 46 $ 33 $ 7 $ 587 2 % December 31, 2020 Credit Quality Performance Indicator: In good standing 688 $ 13,969 $ 10,506 $ 5,144 $ 3,766 $ 2,064 $ 460 $ 35,909 99 % Restructured (a) 5 - 52 50 - 4 - 106 - 90 days or less delinquent 3 - 87 - - 114 - 201 - >90 days delinquent or in process of foreclosure 4 - 67 55 - 86 - 208 1 Total (b) 700 $ 13,969 $ 10,712 $ 5,249 $ 3,766 $ 2,268 $ 460 $ 36,424 100 % Allowance for credit losses $ 145 $ 267 $ 145 $ 53 $ 65 $ 10 $ 685 2 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2020 Annual Report. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO: 780 and greater $ 391 $ 800 $ 431 $ 162 $ 269 $ 668 $ 2,721 720 - 779 318 269 120 54 87 204 1,052 660 - 719 8 46 30 14 24 62 184 600 - 659 - 1 2 3 2 15 23 Less than 600 - - 1 1 2 9 13 Total residential mortgages $ 717 $ 1,116 $ 584 $ 234 $ 384 $ 958 $ 3,993 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total FICO: 780 and greater $ 522 $ 619 $ 283 $ 469 $ 539 $ 484 $ 2,916 720 - 779 478 349 103 155 180 156 1,421 660 - 719 19 61 28 42 51 58 259 600 - 659 1 5 6 7 4 12 35 Less than 600 - - 1 2 2 9 14 Total residential mortgages $ 1,020 $ 1,034 $ 421 $ 675 $ 776 $ 719 $ 4,645 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months. Methodology Used to Estimate the Allowance for Credit Losses At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, 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 and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the 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 gains (losses) in the Condensed Consolidated Statements of Income (Loss). The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable (a) Three Months Ended June 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of period $ 662 $ 125 $ 787 $ 689 $ 98 $ 787 Loans charged off - - - ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 12) - ( 12) Addition to (release of) provision for loan losses ( 75) ( 11) ( 86) ( 10) 29 19 Allowance, end of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 Six Months Ended June 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 685 $ 129 $ 814 $ 336 $ 102 $ 438 Initial allowance upon CECL adoption - - - 311 7 318 Loans charged off - - - ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 12) - ( 12) Addition to (release of) provision for loan losses ( 98) ( 15) ( 113) 32 18 50 Allowance, end of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 (a) Does not include allowance for credit losses of $ 81 million and $ 58 million, respectively, at June 30, 2021 and 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. As a result of the COVID-19 crisis, including the significant global economic slowdown, 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. TROUBLED DEBT RESTRUCTURINGS We modify loans to optimize their returns and improve their collectability, among other things. When we undertake such a modification with a borrower that is experiencing financial difficulty and the modification involves us granting a concession to the troubled debtor, the modification is a troubled debt restructuring (TDR). We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and the borrower’s inability to access alternative third-party financing at an interest rate that would be reflective of current market conditions for a non-troubled debtor. Concessions granted may include extended maturity dates, interest rate changes, principal or interest forgiveness, payment deferrals and easing of loan covenants. In response to the COVID-19 pandemic, there was an increase in the volume of loan modifications in our commercial mortgage, residential mortgage and leveraged loan portfolios in 2020. The COVID-19 related modifications were primarily in the form of short term payment deferrals (one to six months). Short-term payment deferrals are not considered a concession and therefore these modifications are not considered a TDR. As of June 30, 2021, the number of loans in deferral or in the process of being modified have returned to pre-COVID-19 levels. During the six-month periods ended June 30, 2021 and 2020, loans with a carrying value of $ 46 million and $ 50 million, respectively, were modified in TDRs.

REINSURANCE

REINSURANCE	6 Months Ended
REINSURANCE	Jun. 30, 2021
REINSURANCE
REINSURANCE	7. Reinsurance Sale of Fortitude Holdings On June 2, 2020, we completed the Majority Interest Fortitude Sale. AIG established Fortitude Re, a wholly owned subsidiary of Fortitude Holdings, in 2018 in a series of reinsurance transactions related to AIG’s Run-Off operations. As of June 30, 2021, approximately $ 30.1 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 4.0 billion of reserves from AIG’s General Insurance Run-Off Lines, related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions and Fortitude Re is the reinsurer of the majority of AIG’s Run-Off operations. Additionally, the Majority Interest Fortitude Sale was subject to a post-closing purchase price adjustment pursuant to which AIG would pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur through December 31, 2023, up to a maximum payment of $ 500 million. Effective in the second quarter of 2021, AIG, Fortitude Holdings, Carlyle FRL, T&D and Carlyle amended the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development. As a result of this amendment, during the three months ended June 30, 2021, AIG recorded a $ 21 million benefit through Policyholder benefits and losses incurred and eliminated further net exposure to adverse development on the reserves ceded to Fortitude Re. These reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within other comprehensive income). As a result of the deconsolidation resulting from the Majority Interest Fortitude Sale, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair (in millions) Value Value Value Value Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 34,165 $ 34,165 $ 36,047 $ 36,047 Fair value through other comprehensive income Fixed maturity securities - fair value option 179 179 200 200 Fair value through net investment income Commercial mortgage loans 3,706 3,978 3,679 4,010 Amortized cost Real estate investments 304 553 358 585 Amortized cost Private equity funds / hedge funds 1,356 1,356 1,168 1,168 Fair value through net investment income Policy loans 395 395 413 413 Amortized cost Short-term Investments 94 94 34 34 Fair value through net investment income Funds withheld investment assets 40,199 40,720 41,899 42,457 Derivative assets, net (b) 51 51 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 632 632 604 604 Amortized cost Total $ 40,882 $ 41,403 $ 42,502 $ 43,060 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 1.6) billion ($( 1.3) billion after-tax) for the six months ended June 30, 2021 and $ 1.0 billion ($ 812 million after-tax) during the post deconsolidation period (June 2, 2020 - December 31, 2020). (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 308 million and $ 10 million, respectively, as of June 30, 2021. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 357 million as of December 31, 2020. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. The impact of the funds withheld arrangements with Fortitude Re was as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 507 116 993 116 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 173 96 346 96 Net realized gains (losses) - Fortitude Re embedded derivatives ( 2,056) ( 837) 326 ( 837) Net realized gains (losses) on Fortitude Re funds withheld assets ( 1,883) ( 741) 672 ( 741) Income (loss) from continuing operations before income tax expense (benefit) ( 1,376) ( 625) 1,665 ( 625) Income tax expense (benefit) (b) ( 289) ( 131) 350 ( 131) Net income (loss) ( 1,087) ( 494) 1,315 ( 494) Change in unrealized appreciation (depreciation) of all other investments (b) 1,055 438 ( 1,285) 438 Comprehensive income (loss) $ ( 32) $ ( 56) $ 30 $ ( 56) (a) Effective in the second quarter of 2021, an amendment was made to the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development and as a result, during the three months ended June 30, 2021, AIG recognized a $ 21 million benefit through Policyholder benefits and losses incurred. (b) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangements and the appreciation of these assets is the primary driver of the comprehensive income reflected above. Reinsurance – Credit Losses The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverables 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 recoverables 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 a significant allowance; and whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR 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 June 30, 2021 were $ 77.4 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 52 percent related to General Insurance and 40 percent related to Life and Retirement; (ii) approximately 6 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one one As of June 30, 2021, approximately 70 percent of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 291 $ 87 $ 378 $ 302 $ 60 $ 362 Addition to (release of) provision for expected credit losses and disputes, net ( 1) - ( 1) 6 1 7 Write-offs charged against the allowance for credit losses and disputes ( 3) - ( 3) ( 2) ( 1) ( 3) Other changes - - - ( 1) ( 1) ( 2) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Six Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of year $ 292 $ 83 $ 375 $ 111 $ 40 $ 151 Initial allowance upon CECL adoption - - - 202 22 224 Addition to (release of) provision for expected credit losses and disputes, net - 4 4 2 3 5 Write-offs charged against the allowance for credit losses and disputes ( 7) - ( 7) ( 5) ( 5) ( 10) Other changes 2 - 2 ( 5) ( 1) ( 6) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 There were no material recoveries of credit losses previously written off for either of the three- or six-month periods ended June 30, 2021. There were no recoveries of credit losses previously written off for either of the three- or six-month periods ended June 30, 2020. Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
VARIABLE INTEREST ENTITIES	Jun. 30, 2021
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 to which the entity was designed to expose the variable interest holders. The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE. Balance Sheet Classification and Exposure to Loss Creditors or beneficial interest holders of VIEs for which AIG is the primary beneficiary generally have recourse only to the assets and cash flows of the VIEs and do not have recourse to AIG, except in limited circumstances when AIG has provided a guarantee to the VIE’s interest holders. The following table presents the total assets and total liabilities associated with our variable interests in consolidated VIEs, as classified in the Condensed Consolidated Balance Sheets: Real Estate and Affordable Investment Securitization Housing (in millions) Entities (d) Vehicles Partnerships Other Total June 30, 2021 Assets: Bonds available for sale $ - $ 4,863 $ - $ - $ 4,863 Other bond securities - 2,081 - - 2,081 Equity securities 498 - - - 498 Mortgage and other loans receivable - 2,662 - - 2,662 Other invested assets Alternative investments (a) 3,243 - - - 3,243 Investment real estate 3,173 - 3,774 - 6,947 Short-term investments 89 139 - 20 248 Cash 122 - 261 - 383 Accrued investment income - 20 - - 20 Other assets 130 53 257 - 440 Other 25 - - 2 27 Total assets (b) $ 7,280 $ 9,818 $ 4,292 $ 22 $ 21,412 Liabilities: Debt of consolidated investment entities $ 2,374 $ 4,054 $ 2,514 $ - $ 8,942 Other (c) 168 241 187 9 605 Total liabilities $ 2,542 $ 4,295 $ 2,701 $ 9 $ 9,547 December 31, 2020 Assets: Bonds available for sale $ - $ 6,089 $ - $ - $ 6,089 Other bond securities - 2,367 - - 2,367 Equity securities 507 - - - 507 Mortgage and other loans receivable - 3,135 - - 3,135 Other invested assets Alternative investments (a) 2,689 - - - 2,689 Investment real estate 3,378 - 3,558 - 6,936 Short-term investments 365 1,534 - 27 1,926 Cash 129 - 203 - 332 Accrued investment income - 38 - - 38 Other assets 166 120 243 - 529 Other 3 - - 2 5 Total assets (b) $ 7,237 $ 13,283 $ 4,004 $ 29 $ 24,553 Liabilities: Debt of consolidated investment entities $ 2,559 $ 3,961 $ 2,287 $ 2 $ 8,809 Other (c) 180 187 187 10 564 Total liabilities $ 2,739 $ 4,148 $ 2,474 $ 12 $ 9,373 (a) Comprised primarily of investments in real estate joint ventures at June 30, 2021 and December 31, 2020. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at June 30, 2021 and December 31, 2020. (d) At June 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $ 2.1 billion and $ 2.4 billion, respectively, of which commitments to external parties were $ 0.7 billion and $ 0.7 billion, respectively. 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. Under the terms of six transactions entered into between 2012 and 2014, securitized portfolios of certain debt securities previously owned by AIG and its affiliates, an indirectly wholly-owned subsidiary of AIG was obligated to make certain capital contributions to such a securitization VIE in the event that the VIE was unable to redeem any rated notes it had in issue on the relevant redemption date. AIG had provided a guarantee to the six securitization VIEs of the obligations of its indirectly wholly-owned subsidiary to make such capital contributions when due. At June 30, 2021, all six transactions had been terminated. In aggregate, the termination of these six transactions resulted in a reduction of debt of consolidated investment entities of $ 175 million. There were no amounts paid related to the guarantees provided. SunAmerica Affordable Housing Partners, Inc. (SAAHP) provides a Base Internal Rate of Return (Base IRR) guarantee to its third party investors, so that on a specified date if the investor has not received distributions of cash and allocations of certain tax benefits required to achieve their Base IRR as provided for in the partnership agreement, SAAHP shall distribute cash to effectively generate the Base IRR to the investor. In addition, SAAHP has from time to time guaranteed certain debt issued by third parties related to its business activities. As of June 30, 2021, the off-balance sheet amount of that guarantee was approximately $ 3 million. The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss Total VIE On-Balance Off-Balance (in millions) Assets Sheet (b) Sheet Total June 30, 2021 Real estate and investment entities (a) $ 355,969 $ 6,920 $ 3,629 (d) $ 10,549 Affordable housing partnerships 2,445 295 (c) 3 298 Other 1,710 209 480 (e) 689 Total $ 360,124 $ 7,424 $ 4,112 $ 11,536 December 31, 2020 Real estate and investment entities (a) $ 321,716 $ 6,420 $ 3,273 (d) $ 9,693 Affordable housing partnerships 2,801 368 (c) 4 372 Other 1,733 195 546 (e) 741 Total $ 326,250 $ 6,983 $ 3,823 $ 10,806 (a) Comprised primarily of hedge funds and private equity funds. (b) At June 30, 2021 and December 31, 2020, $ 7.2 billion and $ 6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) At June 30, 2021, primarily included alternative equity investments of $ 196 million and other loans receivables of $ 83 million. At December 31, 2020, primarily included alternative equity investments of $ 257 million and other loans receivables of $ 97 million. (d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (e) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet. For additional information on VIEs see Note 10 to the Consolidated Financial Statements in the 2020 Annual Report.

DERIVATIVES AND HEDGE ACCOUNTIN

DERIVATIVES AND HEDGE ACCOUNTING	6 Months Ended
DERIVATIVES AND HEDGE ACCOUNTING	Jun. 30, 2021
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. 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. Commodity derivatives are used to hedge exposures within reinsurance contracts. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds. The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets: June 30, 2021 December 31, 2020 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 $ 877 $ 12 $ 445 $ 5 $ 815 $ 16 $ 356 $ 11 Foreign exchange contracts 7,557 430 3,613 239 3,468 256 7,424 379 Derivatives not designated as hedging instruments: (a) Interest rate contracts 48,284 3,666 42,669 3,875 62,259 4,621 48,732 4,425 Foreign exchange contracts 12,423 727 6,125 508 9,518 766 12,860 711 Equity contracts 24,456 731 6,736 72 22,924 1,130 7,076 223 Commodity contracts 193 6 583 - - - - - Credit contracts (b) 4,742 1 955 63 5,797 2 969 67 Other contracts (c) 42,502 13 54 3 43,441 14 54 6 Total derivatives, gross $ 141,034 $ 5,586 $ 61,180 $ 4,765 $ 148,222 $ 6,805 $ 77,471 $ 5,822 Counterparty netting (d) ( 2,833) ( 2,833) ( 3,812) ( 3,812) Cash collateral (e) ( 1,721) ( 1,201) ( 2,219) ( 1,441) Total derivatives on Condensed Consolidated Balance Sheets (f) $ 1,032 $ 731 $ 774 $ 569 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of June 30, 2021 and December 31, 2020, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 117 million and $ 137 million (fair value liability of $ 43 million and $ 44 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 Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2021 and December 31, 2020. Fair value of liabilities related to bifurcated embedded derivatives was $ 14.3 billion and $ 15.8 billion, respectively, at June 30, 2021 and December 31, 2020. 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, and the funds withheld arrangement with Fortitude Re. For additional information see Note 7 to the Condensed Consolidated Financial Statements . Collateral We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade. Collateral posted by us to third parties for derivative transactions was $ 2.9 billion at June 30, 2021 and $ 3.0 billion at December 31, 2020. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $ 2.0 billion and $ 2.3 billion at June 30, 2021 and December 31, 2020, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral. Offsetting We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement. Hedge Accounting We designated certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates. We also designated certain interest rate swaps entered into with third parties as fair value hedges of fixed rate GICs attributable to changes in benchmark interest rates. We use foreign currency denominated debt and cross-currency swaps as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For net investment hedge relationships that use derivatives as hedging instruments, we assess hedge effectiveness and measure hedge ineffectiveness using changes in forward rates. For the three- and six-month periods ended June 30, 2021, we recognized gains of $ 5 million and $ 106 million, respectively, and for the three- and six-month periods ended June 30, 2020, we recognized gains of $ 3 million and $ 102 million, respectively, included in Change in foreign currency translation adjustments 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 income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss): Gains/(Losses) Recognized in Income for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended June 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 3) $ - $ 1 $ ( 2) Net investment income ( 1) - - ( 1) Foreign exchange contracts: Net realized gains/(losses) ( 36) 107 36 107 Three Months Ended June 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 1 $ - $ ( 3) $ ( 2) Net investment income ( 4) - 3 ( 1) Foreign exchange contracts: Net realized gains/(losses) ( 132) ( 76) 132 ( 76) Six Months Ended June 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 7) $ - $ 7 $ - Net investment income 7 - ( 7) - Foreign exchange contracts: Net realized gains/(losses) ( 4) 78 4 78 Six Months Ended June 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 18 $ - $ ( 20) $ ( 2) Net investment income ( 7) - 6 ( 1) Foreign exchange contracts: Net realized gains/(losses) 173 205 ( 173) 205 (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 (Loss): Gains (Losses) Recognized in Income Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 By Derivative Type: Interest rate contracts $ 856 $ ( 7) $ ( 689) $ 2,566 Foreign exchange contracts 48 ( 124) ( 39) 901 Equity contracts ( 32) ( 471) ( 551) 632 Commodity contracts 1 - 1 - Credit contracts ( 4) ( 66) ( 9) 56 Other contracts 17 16 32 26 Embedded derivatives ( 3,242) ( 1,774) 1,597 ( 2,826) Total $ ( 2,356) $ ( 2,426) $ 342 $ 1,355 By Classification: Policy fees $ 15 $ 15 $ 30 $ 30 Net investment income 7 ( 1) ( 5) ( 3) Net realized gains (losses) - excluding Fortitude Re funds withheld assets ( 388) ( 1,579) 52 2,173 Net realized gains (losses) on Fortitude Re funds withheld assets (a) ( 1,996) ( 863) 269 ( 863) Policyholder benefits and claims incurred 6 2 ( 4) 18 Total $ ( 2,356) $ ( 2,426) $ 342 $ 1,355 (a) Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re. CREDIT RISK-RELATED CONTINGENT FEATURES We estimate that at June 30, 2021, 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 $ 41 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 $ 223 million and $ 257 million at June 30, 2021 and December 31, 2020, respectively. The aggregate fair value of assets posted as collateral under these contracts at June 30, 2021 and December 31, 2020, was approximately $ 244 million and $ 306 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 $ 2.2 billion and $ 2.4 billion at June 30, 2021 and December 31, 2020, respectively. These securities have par amounts of $ 4.8 billion and $ 5.0 billion at June 30, 2021 and December 31, 2020, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

INSURANCE LIABILITIES	6 Months Ended
INSURANCE LIABILITIES	Jun. 30, 2021
INSURANCE LIABILITIES
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, 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. We have recorded our estimate of the ultimate liability for losses 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 $ 12.5 billion and $ 12.6 billion at June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, we held collateral of approximately $ 9.3 billion and $ 9.2 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $ 14 million at both June 30, 2021 and December 31, 2020. The following table presents the rollforward of activity in Loss Reserves: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,832 $ 77,747 $ 77,720 $ 78,328 Reinsurance recoverable ( 35,271) ( 31,114) ( 34,431) ( 31,069) Initial allowance upon CECL adoption - - - 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of period 43,561 46,633 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 3,870 4,248 7,795 8,359 Prior years, excluding discount and amortization of deferred gain ( 29) ( 25) ( 13) ( 26) Prior years, discount charge (benefit) 34 34 16 110 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 22) ( 76) ( 94) ( 151) Total losses and loss adjustment expenses incurred 3,853 4,181 7,704 8,292 Losses and loss adjustment expenses paid: Current year ( 895) ( 910) ( 1,223) ( 1,252) Prior years ( 2,620) ( 3,790) ( 6,204) ( 8,141) Total losses and loss adjustment expenses paid ( 3,515) ( 4,700) ( 7,427) ( 9,393) Other changes: Foreign exchange effect 113 ( 39) 357 ( 269) Allowance for credit losses - - - - Retroactive reinsurance adjustment (net of discount) (b) 103 138 192 160 Fortitude sale (c) - ( 3,818) - ( 3,818) Total other changes 216 ( 3,719) 549 ( 3,927) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 44,115 42,395 44,115 42,395 Reinsurance recoverable 34,866 35,458 34,866 35,458 Total $ 78,981 $ 77,853 $ 78,981 $ 77,853 (a) Includes $ 1 million and $ 11 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 June 30, 2021 and 2020, respectively, and $ 18 million and $ 19 million for the six-month periods ended June 30, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 17 million and $( 14) million for the three-month periods ended June 30, 2021 and 2020, respectively, and $ 56 million and $ 58 million for the six-month periods ended June 30, 2021 and 2020, respectively. (c) On June 2, 2020, AIG completed the Majority Interest Fortitude Sale. Concurrent with the Majority Interest Fortitude Sale, AIG established a reinsurance recoverable. Refer to Note 1 for additional information. 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. Prior Year Development During the three-month period ended June 30, 2021, we recognized favorable prior year loss reserve development of $ 29 million excluding discount and amortization of deferred gain. During the six-month period ended June 30, 2021, we recognized favorable prior year loss reserve development of $ 13 million excluding discount and amortization of deferred gain. The development in these periods was primarily driven by favorable development on U.S. Workers Compensation high deductible business, partially offset by adverse development on runoff companies, especially Blackboard and U.S. Financial Lines. U.S. Workers Compensation favorable development was driven by better than expected loss emergence for many older accident years over the last twelve months and an updated reserve analysis that reduced the ultimate loss estimates for many accident years. Blackboard adverse emergence was driven by significant increases in case incurred claim severity, principally in accident years 2018 to 2020. During the three-month period ended June 30, 2020, we recognized favorable prior year loss reserve development of $ 25 million excluding discount and amortization of deferred gain. The development was primarily driven by favorable development on International Property and Special Risks and U.S. Workers Compensation partially offset by adverse development on U.S. Property and discontinued program business. During the six-month period ended June 30, 2020, we recognized favorable prior year loss reserve development of $ 26 million excluding discount and amortization of deferred gain. The development was primarily driven by favorable development on International Property and Special Risks and U.S. Workers Compensation partially offset by adverse development on U.S. Property, discontinued program business and U.S. Personal Lines. Discounting of Loss Reserves At June 30, 2021 and December 31, 2020, the loss reserves reflect a net loss reserve discount of $ 791 million and $ 725 million, respectively, including tabular and non-tabular calculations based upon the following assumptions:  The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, 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. – The Pennsylvania and Delaware regulators 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, the regulators also approved that the discount rate will be updated on an annual basis.  The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury plus liquidity rate). The discount for asbestos reserves has been fully accreted . At June 30, 2021 and December 31, 2020, the discount consists of $ 303 million and $ 285 million of tabular discount, respectively, and $ 488 million and $ 440 million of non-tabular discount for workers’ compensation, respectively. During the six-month periods ended June 30, 2021 and 2020, the benefit / (charge) from changes in discount of $ 10 million and $( 72) million, respectively, were recorded as part of the policyholder benefits and losses incurred in the Condensed Consolidated Statements of Income (Loss). The following table presents the components of the loss reserve discount discussed above: June 30, 2021 December 31, 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off (b) Total Insurance Run-Off (b) Total U.S. workers' compensation $ 1,646 $ - $ 1,646 $ 1,636 $ - $ 1,636 Retroactive reinsurance ( 855) - ( 855) ( 911) - ( 911) Total reserve discount (a) $ 791 $ - $ 791 $ 725 $ - $ 725 (a) Excludes $ 159 million and $ 151 million of discount related to certain long tail liabilities in the UK at June 30, 2021 and December 31, 2020, respectively. (b) Excludes $ 508 million and $ 493 million, respectively, of discount which was 100 percent ceded to Fortitude Re at June 30, 2021 and December 31, 2020. On June 2, 2020, we completed the Majority Interest Fortitude Sale. For additional information see Note 1 to the Condensed Consolidated Financial Statements. The following table presents the net loss reserve discount benefit (charge): Three Months Ended June 30, 2021 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off Total Insurance Run-Off (d) Total Current accident year $ 12 $ - $ 12 $ 18 $ - $ 18 Accretion and other adjustments to prior year discount ( 34) - ( 34) ( 25) ( 9) ( 34) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 22) - ( 22) ( 7) ( 9) ( 16) Change in discount on loss reserves ceded under retroactive reinsurance 17 - 17 ( 14) - ( 14) Net change in total reserve discount (b) $ ( 5) $ - $ ( 5) $ ( 21) $ ( 9) $ ( 30) Six Months Ended June 30, 2021 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off Total Insurance Run-Off (d) Total Current accident year $ 26 $ - $ 26 $ 38 $ - $ 38 Accretion and other adjustments to prior year discount ( 16) - ( 16) ( 92) ( 18) ( 110) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) 10 - 10 ( 54) ( 18) ( 72) Change in discount on loss reserves ceded under retroactive reinsurance 56 - 56 58 - 58 Net change in total reserve discount (c) $ 66 $ - $ 66 $ 4 $ ( 18) $ ( 14) (a) For the three- and six-month periods ended June 30, 2021 and June 30, 2020, the changes in net reserve discount benefit (charge) were primarily driven by accretion and changes to nominal reserves. (b) Excludes $ 2 million and $( 6) million discount related to certain long tail liabilities in the UK for the three-month periods ended June 30, 2021 and 2020, respectively. (c) Excludes $ 9 million and $( 8) million discount related to certain long tail liabilities in the UK for the six-month periods ended June 30, 2021 and 2020, respectively. (d) On June 2, 2020, we completed the Majority Interest Fortitude Sale. Refer to Note 1 for additional information. Change in discount prior to the sale is included in the above for the three- and six-month periods ended June 30, 2020. Following the sale, 100 percent of the discount is ceded to Fortitude Re. Amortization of Deferred Gain on Retroactive Reinsurance Amortization of deferred gain on retroactive reinsurance includes $ 21 million and $ 65 million related to the adverse development reinsurance cover with NICO for the three-month periods ended June 30, 2021 and 2020, respectively, and $ 76 million and $ 132 million for the six-month periods ended June 30, 2021 and 2020, respectively. Amounts recognized reflect the amortization of deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.

CONTINGENCIES, COMMITMENTS AND

CONTINGENCIES, COMMITMENTS AND GUARANTEES	6 Months Ended
CONTINGENCIES, COMMITMENTS AND GUARANTEES	Jun. 30, 2021
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 or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. Such investigations, inquiries or examinations could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses, limitations on certain business activities and reputational damage. Tax Litigation We were party to tax litigation before the Southern District of New York (Southern District), which was dismissed by the Southern District in October 2020 based upon the settlement reached between AIG and the government. 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 $ 6.7 billion at June 30, 2021. 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. arising from transactions entered into by AIG Markets, Inc. In connection with AIGFP’s business activities, AIGFP has issued, in a limited number of transactions, standby letters of credit or similar facilities to equity investors of structured leasing transactions in an amount equal to the termination value owing to the equity investor by the lessee in the event of a lessee default (the equity termination value). The total amount outstanding at June 30, 2021 was $ 75 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. 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. The Majority Interest Fortitude Sale was subject to a post-closing purchase price adjustment pursuant to which AIG would pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur through December 31, 2023, up to a maximum of $ 500 million. Effective in the second quarter of 2021, AIG, Fortitude Holdings, Carlyle FRL, T&D and Carlyle amended the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development. As a result of this amendment, during the three months ended June 30, 2021, AIG recorded a $ 21 million benefit through Policyholder benefits and losses incurred and eliminated further net exposure to adverse development on the reserves ceded to Fortitude Re. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets. For additional discussion on the Fortitude Re transaction, see Note 1 to the Condensed Consolidated Financial Statements. Other  For additional discussion on commitments and guarantees associated with VIEs, see Note 8 to the Condensed Consolidated Financial Statements.  For additional disclosures about derivatives, see Note 9 to the Condensed Consolidated Financial Statements.

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2021
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. The following table presents declaration date, record date, payment date and dividends paid per preferred share and per depository share on the Series A Preferred Stock in the six months ended June 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Preferred Share Per Depositary Share May 6, 2021 May 31, 2021 June 15, 2021 $ 365.625 $ 0.365625 February 16, 2021 February 26, 2021 March 15, 2021 365.625 0.365625 May 4, 2020 May 29, 2020 June 15, 2020 $ 365.625 $ 0.365625 February 12, 2020 February 28, 2020 March 16, 2020 365.625 0.365625 Common Stock The following table presents a rollforward of outstanding shares: Six Months Ended June 30, 2021 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,045,113,443) 861,558,049 Shares issued - 6,015,808 6,015,808 Shares repurchased - ( 12,645,927) ( 12,645,927) Shares, end of period 1,906,671,492 ( 1,051,743,562) 854,927,930 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 in the six months ended June 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Common Share May 6, 2021 June 15, 2021 June 29, 2021 $ 0.32 February 16, 2021 March 16, 2021 March 30, 2021 0.32 May 4, 2020 June 15, 2020 June 29, 2020 $ 0.32 February 12, 2020 March 16, 2020 March 30, 2020 0.32 For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries see Note 19 to the Consolidated Financial Statements in the 2020 Annual Report . Repurchase of AIG Common Stock The following table presents repurchases of AIG Common Stock: Six Months Ended June 30, (in millions) 2021 2020 Aggregate repurchases of common stock $ 592 $ 500 Total number of common shares repurchased 13 12 Aggregate repurchases of warrants $ - $ - Total number of warrants repurchased - - Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Securities Exchange Act of 1934 (Exchange Act) Rule 10b5-1 repurchase plans. Our warrants to purchase shares of AIG Common Stock expired on January 19, 2021. In February 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 six months ended June 30, 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. In the six months ended June 30, 2021, we repurchased approximately 13 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 592 million pursuant to Exchange Act Rule 10b5-1 repurchase plans. Approximately $ 92 million of these share repurchases were funded with proceeds received from warrant exercises that occurred prior to the expiration of warrants to purchase shares of AIG Common Stock on January 19, 2021. 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. For further discussion on the repurchases of AIG Common Stock see Note 16 to the Condensed Consolidated Financial Statement. Accumulated Other Comprehensive INCOME (LOSS) The following table presents a rollforward of Accumulated other comprehensive income (loss): Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2021, net of tax $ ( 62) $ 9,894 $ ( 2,142) $ ( 1,231) $ 7 $ 6,466 Change in unrealized appreciation of investments 10 5,836 - - - 5,846 Change in deferred policy acquisition costs adjustment and other ( 2) ( 691) - - - ( 693) Change in future policy benefits - ( 378) - - - ( 378) Change in foreign currency translation adjustments - - 25 - - 25 Change in net actuarial loss - - - 12 - 12 Change in prior service cost - - - 2 - 2 Change in deferred tax liability ( 4) ( 1,057) ( 11) - - ( 1,072) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income 4 3,710 14 14 - 3,742 Noncontrolling interests - ( 1) - - - ( 1) Balance, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Balance, December 31, 2020, net of tax $ ( 95) $ 17,093 $ ( 2,267) $ ( 1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 51 ( 5,854) - - - ( 5,803) Change in deferred policy acquisition costs adjustment and other ( 4) 702 - - - 698 Change in future policy benefits - 767 - - - 767 Change in foreign currency translation adjustments - - 195 - - 195 Change in net actuarial loss - - - 11 - 11 Change in prior service cost - - - 4 - 4 Change in deferred tax asset (liability) ( 10) 896 ( 56) ( 4) - 826 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) 37 ( 3,489) 139 11 ( 1) ( 3,303) Noncontrolling interests - ( 1) - - - ( 1) Balance, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2020, net of tax $ ( 359) $ 3,190 $ ( 2,706) $ ( 1,129) $ 10 $ ( 994) Change in unrealized appreciation of investments 171 13,786 - - - 13,957 Change in deferred policy acquisition costs adjustment and other ( 11) ( 1,736) - - - ( 1,747) Change in future policy benefits - 662 - - - 662 Change in foreign currency translation adjustments - - ( 59) - - ( 59) Change in net actuarial loss - - - 12 - 12 Change in prior service cost - - - - - - Change in deferred tax liability ( 34) ( 2,630) ( 2) ( 3) - ( 2,669) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 126 10,082 ( 61) 9 ( 2) 10,154 Noncontrolling interests - ( 9) - - - ( 9) Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169 Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments ( 313) 3,815 - - - 3,502 Change in deferred policy acquisition costs adjustment and other 19 ( 359) - - - ( 340) Change in future policy benefits - 2,334 - - - 2,334 Change in foreign currency translation adjustments - - ( 128) - - ( 128) Change in net actuarial loss - - - 16 - 16 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 61 ( 1,250) ( 18) ( 13) - ( 1,220) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) ( 233) 4,540 ( 146) 2 1 4,164 Noncontrolling interests - ( 19) ( 4) - - ( 23) Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169 The following table presents the other comprehensive income (loss) reclassification adjustments for the three- and six-month periods ended June 30, 2021 and 2020, respectively: Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2021 Unrealized change arising during period $ 4 $ 4,906 $ 25 $ 3 $ - $ 4,938 Less: Reclassification adjustments included in net income ( 4) 139 - ( 11) - 124 Total other comprehensive income, before income tax expense 8 4,767 25 14 - 4,814 Less: Income tax expense 4 1,057 11 - - 1,072 Total other comprehensive income, net of income tax expense $ 4 $ 3,710 $ 14 $ 14 $ - $ 3,742 Six Months Ended June 30, 2021 Unrealized change arising during period $ 41 $ ( 3,855) $ 195 $ ( 8) $ ( 1) $ ( 3,628) Less: Reclassification adjustments included in net income ( 6) 530 - ( 23) - 501 Total other comprehensive income (loss), before income tax expense (benefit) 47 ( 4,385) 195 15 ( 1) ( 4,129) Less: Income tax expense (benefit) 10 ( 896) 56 4 - ( 826) Total other comprehensive income (loss), net of income tax expense (benefit) $ 37 $ ( 3,489) $ 139 $ 11 $ ( 1) $ ( 3,303) Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2020 Unrealized change arising during period $ 157 $ 12,864 $ ( 59) $ 1 $ ( 2) $ 12,961 Less: Reclassification adjustments included in net income ( 3) 152 - ( 11) - 138 Total other comprehensive income (loss), before income tax expense 160 12,712 ( 59) 12 ( 2) 12,823 Less: Income tax expense 34 2,630 2 3 - 2,669 Total other comprehensive income (loss), net of income tax expense $ 126 $ 10,082 $ ( 61) $ 9 $ ( 2) $ 10,154 Six Months Ended June 30, 2020 Unrealized change arising during period $ ( 297) $ 6,156 $ ( 128) $ ( 6) $ 1 $ 5,726 Less: Reclassification adjustments included in net income ( 3) 366 - ( 21) - 342 Total other comprehensive income (loss), before income tax expense (benefit) ( 294) 5,790 ( 128) 15 1 5,384 Less: Income tax expense (benefit) ( 61) 1,250 18 13 - 1,220 Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 233) $ 4,540 $ ( 146) $ 2 $ 1 $ 4,164 The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss): Amount Reclassified from AOCI Affected Line Item in the Three Months Ended June 30, Condensed Consolidated (in millions) 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ ( 4) $ ( 3) Net realized gains Total ( 4) ( 3) Unrealized appreciation (depreciation) of all other investments Investments 139 152 Net realized gains Total 139 152 Change in retirement plan liabilities adjustment Prior-service credit ( 1) ( 1) * Actuarial losses ( 10) ( 10) * Total ( 11) ( 11) Total reclassifications for the period $ 124 $ 138 Amount Reclassified from AOCI Affected Line Item in the Six Months Ended June 30, Condensed Consolidated (in millions) 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ ( 6) $ ( 3) Net realized gains Total ( 6) ( 3) Unrealized appreciation (depreciation) of all other investments Investments 530 366 Net realized gains Total 530 366 Change in retirement plan liabilities adjustment Prior-service credit ( 2) ( 1) * Actuarial losses ( 21) ( 20) * Total ( 23) ( 21) Total reclassifications for the period $ 501 $ 342 * These AOCI components are included in the computation of net periodic pension cost. For additional information see Note 14 to the Condensed Consolidated Financial Statements.

EARNINGS PER COMMON SHARE (EPS)

EARNINGS PER COMMON SHARE (EPS)	6 Months Ended
EARNINGS PER COMMON SHARE (EPS)	Jun. 30, 2021
EARNINGS PER COMMON SHARE (EPS)
EARNINGS PER COMMON SHARE (EPS)	13. Earnings Per Common Share (EPS) The basic EPS computation is based on the weighted average number of common shares outstanding, adjusted to reflect all stock dividends and stock splits. The diluted EPS computation is based on those shares used in the basic EPS computation plus common shares that would have been outstanding assuming issuance of common shares for all dilutive potential common shares outstanding and adjusted to reflect all stock dividends and stock splits. The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, (dollars in millions, except per common share data) 2021 2020 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 150 $ ( 7,765) $ 4,080 $ ( 6,111) Less: Net income from continuing operations attributable to noncontrolling interests 51 162 105 67 Less: Preferred stock dividends 8 8 15 15 Income (loss) attributable to AIG common shareholders from continuing operations 91 ( 7,935) 3,960 ( 6,193) Loss from discontinued operations, net of income tax expense - ( 1) - ( 1) Net income (loss) attributable to AIG common shareholders $ 91 $ ( 7,936) $ 3,960 $ ( 6,194) Denominator for EPS: Weighted average common shares outstanding — basic 862,930,931 866,968,305 865,508,343 870,590,968 Dilutive common shares 9,946,372 - 9,057,937 - Weighted average common shares outstanding — diluted (a)(b) 872,877,303 866,968,305 874,566,280 870,590,968 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 0.11 $ ( 9.15) $ 4.58 $ ( 7.11) Income (loss) from discontinued operations $ - $ - $ - $ - Income (loss) attributable to AIG common shareholders $ 0.11 $ ( 9.15) $ 4.58 $ ( 7.11) Diluted: Income (loss) from continuing operations $ 0.11 $ ( 9.15) $ 4.53 $ ( 7.11) Income (loss) from discontinued operations $ - $ - $ - $ - Income (loss) attributable to AIG common shareholders $ 0.11 $ ( 9.15) $ 4.53 $ ( 7.11) (a) For the three- and six-month periods ended June 30, 2020, because we reported net losses attributable to AIG common shareholders, all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The number of common shares excluded from the calculation was 3,226,882 shares and 3,939,732 shares, respectively, for the three- and six-month periods ended June 30, 2020. (b) Dilutive common shares include 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, which expired in January 2021. The number of common shares excluded from diluted shares outstanding was 5.5 million and 7.4 million for the three- and six-month periods ended June 30, 2021, respectively, and 68.6 million and 67.9 million for the three- and six-month periods ended June 30, 2020, 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 to the Condensed Consolidated Financial Statements.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	6 Months Ended
EMPLOYEE BENEFITS	Jun. 30, 2021
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 June 30, 2021 Components of net periodic benefit cost: Service cost $ 1 $ 6 $ 7 Interest cost 23 2 25 Expected return on assets ( 61) ( 5) ( 66) Amortization of prior service cost - 1 1 Amortization of net loss 8 1 9 Net periodic benefit cost (credit) $ ( 29) $ 5 $ ( 24) Three Months Ended June 30, 2020 Components of net periodic benefit cost: Service cost $ 2 $ 5 $ 7 Interest cost 33 2 35 Expected return on assets ( 59) ( 5) ( 64) Amortization of prior service cost - 1 1 Amortization of net loss 8 2 10 Net periodic benefit cost (credit) $ ( 16) $ 5 $ ( 11) Six Months Ended June 30, 2021 Components of net periodic benefit cost: Service cost $ 2 $ 11 $ 13 Interest cost 45 5 50 Expected return on assets ( 122) ( 11) ( 133) Amortization of prior service cost - 2 2 Amortization of net loss 17 3 20 Net periodic benefit cost (credit) $ ( 58) $ 10 $ ( 48) Six Months Ended June 30, 2020 Components of net periodic benefit cost: Service cost $ 3 $ 10 $ 13 Interest cost 67 5 72 Expected return on assets ( 119) ( 10) ( 129) Amortization of prior service cost - 1 1 Amortization of net loss 16 4 20 Net periodic benefit cost (credit) $ ( 33) $ 10 $ ( 23) The service cost for our U.S. defined benefit plans only reflects administrative fees as the plans are frozen and no longer accrue benefits. We recognized net expense of $ 2 million and $ 4 million for our U.S. and non-U.S. postretirement benefit plans for the three- and six-month periods ended June 30, 2021, respectively. We recognized net expense of $ 2 million and $ 4 million for our U.S. and non-U.S. postretirement benefit plans for the three- and six-month periods ended June 30, 2020, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	15. Income Taxes U.S. Tax law changes On December 22, 2017, the U.S. enacted 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 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. The tax provisions of the CARES Act have not had and are currently not expected 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 uncertain tax positions and realizability of deferred tax assets, 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 June 30, 2021, 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 June 30, 2021, the effective tax rate on income from continuing operations was ( 2.0) 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 the release of reserves for uncertain tax positions and interest related to a New York State tax settlement based on the completion of recent audit activity, tax exempt income, remeasurement of deferred taxes as a result of the increase in the UK corporate statutory income tax rate, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. These tax benefits were partially offset by tax charges associated with the effect of foreign operations, state and local income taxes, and non-deductible transfer pricing charges. We also recognized a tax charge associated with reduction of net operating loss deferred tax assets in certain foreign jurisdictions, with a corresponding decrease in the related deferred tax asset valuation allowance. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the six-month period ended June 30, 2021, the effective tax rate on income from continuing operations was 16.3 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 the release of reserves for uncertain tax positions, penalties and interest related to the recent completion of audit activity by the IRS, release of reserves for uncertain tax positions and interest related to a New York State tax settlement based on the completion of recent audit activity, tax exempt income, remeasurement of deferred taxes as a result of an increase in the UK corporate income tax rate enacted during the second quarter, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. These tax benefits were partially offset by tax charges associated with the establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards, the effect of foreign operations, excess tax charges related to share based compensation payments recorded through the income statement, state and local income taxes, and non-deductible transfer pricing charges. We also recognized a tax charge associated with reduction of net operating loss deferred tax assets in certain foreign jurisdictions, with a corresponding decrease in the related deferred tax asset valuation allowance. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the three-month period ended June 30, 2020, the effective tax rate on loss from continuing operations was 19.6 percent. The effective tax rate on loss from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax effects of the Majority Interest Fortitude Sale, tax charges associated with the increase 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, and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. The effect of foreign operations is primarily related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the six-month period ended June 30, 2020, the effective tax rate on loss from continuing operations was 14.0 percent. The effective tax rate on loss from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax effects of the Majority Interest Fortitude Sale, 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, excess tax charges related to share based compensation payments recorded through the income statement, the effect of foreign operations, state and local income taxes, and non-deductible transfer pricing charges, partially offset by tax benefits associated with tax exempt income, and reclassifications from AOCI to income from continuing operations related to the disposal of available for sale securities. The effect of foreign operations is primarily related to income in our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation. For the six-month period ended June 30, 2021, 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, we continue to monitor and review its 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 impact of the recent completion of audit activity by the IRS, the COVID-19 crisis, changes in target interest rates by the Board of Governors of the Federal Reserve System, and significant market volatility, continue to impact actual and projected results of our business operations as well as our views on potential effectiveness of certain prudent and feasible tax planning strategies. In order to demonstrate the predictability and sufficiency of future taxable income necessary to support the realizability of the net operating losses and foreign tax credit carryforwards, we have considered forecasts of future income for each of our businesses, including assumptions about future 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 2021 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 rules. During the first quarter of 2021, the recent completion of audit activity by the IRS and subsequent release of certain reserves for uncertain tax positions resulted in an initial recognition of additional net operating loss and foreign tax credit carryforwards arising in prior years. Taking into account this initial recognition of additional carryforwards as well as other events and our analysis of their potential impact on utilization of our tax attributes, for the three months ended March 31, 2021, we recorded an increase of $ 700 million in valuation allowance related to a portion of our net operating loss carryforwards that are no longer more-likely-than-not to be realized. No additional activity was recorded for the three-month period ended June 30, 2021. Accordingly, during the six months ended June 30, 2021, we have recorded a $ 700 million valuation allowance through continuing operations. 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. As of June 30, 2021, the balance sheet reflects a valuation allowance of $ 850 million related to a portion of our foreign tax credit and net operating loss carryforwards that are no longer more-likely-than-not to be realized. 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 six-month period ended June 30, 2021, recent changes in market conditions, including the COVID-19 crisis and interest rate fluctuations, impacted the unrealized tax gains and losses in the U.S. Life Insurance companies’ available for sale securities portfolio, resulting in a deferred tax liability related to net unrealized tax capital gains. As of June 30, 2021, 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 six-month period ended June 30, 2021, 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 liability related to net unrealized tax capital gains. As of June 30, 2021, based on all available evidence, we concluded that no valuation allowance is necessary in the U.S. non-life companies’ available for sale securities portfolio. For the three- and six-month periods ended June 30, 2021, we recognized net increases (decreases) of $( 25) million and $( 39) million, respectively, in deferred tax asset valuation allowance associated with certain foreign and state jurisdictions, primarily attributable to current year activity. The decrease in valuation allowance includes a $ 16 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions, primarily attributable to a corresponding reduction in foreign net operating loss deferred tax assets as a result of the expiration of a portion of net operating losses prior to utilization in Japan which was recorded during the three-month period ended June 30, 2021. Tax Examinations and Litigation We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws. We are currently under examination by the IRS for the tax years 2011 through 2013. In September 2020, we received the IRS Revenue Agent Report containing agreed and disagreed issues for the audit of tax years 2007-2010. In October 2020, we filed a protest of the disagreed issues with the IRS Independent Office of Appeals (IRS Appeals). In March 2021, the IRS audit team issued their rebuttal to the protest of disagreed issues to IRS Appeals. We have also received notification that the disagreed issues were accepted for review by IRS Appeals. In 2009, after paying amounts due on a statutory notice of deficiency related to the disallowance of foreign tax credits associated with cross border financing transactions, we filed a refund lawsuit in the Southern District of New York (Southern District) with respect to tax year 1997. In January 2018, the parties reached non-binding agreements in principle on issues presented in the dispute with respect to other relevant tax years. 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 was stayed pending the outcome of the review process. During the fourth quarter of 2020, the parties concluded the review process and executed a binding settlement agreement with respect to the underlying issues. On October 22, 2020, the Southern District dismissed the case based upon the settlement reached between AIG and the government. The parties continue to review the related interest calculations based on the settlement agreement, which will become due upon the IRS’ issuance of a Notice and Demand for Payment. During June 2021, AIG made an additional payment of $ 354 million to the U.S. Treasury with respect to this matter. While we continue to finalize the interest calculations with the IRS, AIG expects to make the remaining payment as early as the third quarter of 2021. Accounting for Uncertainty in Income Taxes At June 30, 2021 and December 31, 2020, our unrecognized tax benefits, excluding interest and penalties, were $ 1.1 billion and $ 2.3 billion, respectively. At June 30, 2021 and December 31, 2020, 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 $ 11 million and $ 44 million, respectively. Accordingly, at June 30, 2021 and December 31, 2020, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $ 1.1 billion and $ 2.3 billion, respectively. The decrease in the six-month period ended June 30, 2021 is primarily attributable to the recent completion of audit activity by the IRS and New York State. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At June 30, 2021 and December 31, 2020, we had accrued liabilities of $ 73 million and $ 286 million, respectively, for the payment of interest (net of the federal benefit) and penalties. For the six-month periods ended June 30, 2021 and 2020, we accrued expense (benefit) of $( 203) million and $ 96 million, respectively, for the payment of interest and penalties. The activity in the six-month period ended June 30, 2021 is primarily related to the recent completion of audit activity by the IRS and New York State. We believe it is reasonably possible that our unrecognized tax benefits could decrease within the next 12 months by as much as $ 15 million, 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. Subsequent Events Dividends Declared On August 5, 2021, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.32 per share, payable on September 30, 2021 to shareholders of record on September 16, 2021. On August 5, 2021, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $ 365.625 per share, payable on September 15, 2021 to holders of record on August 31, 2021. INCREASE IN SHARE REPURCHASE AUTHORIZATION On August 3, 2021, our Board of Directors authorized a share repurchase authorization of AIG Common Stock of $ 6.0 billion (inclusive of the approximately $ 908 million remaining under the Board’s prior share repurchase authorization). SALE OF CERTAIN AIG LIFE AND RETIREMENT RETAIL MUTUAL FUNDS BUSINESS On July 16, 2021, AIG completed its previously announced sale of certain AIG Life and Retirement retail mutual funds business to Touchstone at which time we received initial proceeds, and twelve retail mutual funds managed by SAAMCo, a member of AIG Life and Retirement, with $ 6.8 billion in assets, were reorganized into Touchstone funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. AIG Life and Retirement will retain its fund management platform and capabilities dedicated to its variable insurance products. STRATEGIC PARTNERSHIP WITH THE BLACKSTONE GROUP On July 14, 2021, AIG and Blackstone announced that they have reached a definitive agreement for Blackstone to acquire a 9.9 percent equity stake in SAFG, which is the holding company for AIG’s Life and Retirement business, for $ 2.2 billion in an all cash transaction, subject to adjustment if the final pro forma adjusted book value is greater or lesser than the target pro forma adjusted book value. The transaction contemplates that most of AIG’s investment operations would be transferred to SAFG or its subsidiaries as part of the separation. As part of this agreement, AIG also agreed to enter into a long-term strategic asset management relationship with Blackstone to manage an initial $ 50 billion of Life and Retirement’s existing investment portfolio upon closing of the equity investment, with that amount increasing by increments of $ 8.5 billion per year for the next five years beginning in the third or fourth quarter of 2022, for an aggregate of $ 92.5 billion. Following the closing of the transaction, Blackstone will be entitled to designate one member of the board of directors of the Life and Retirement holding company, which will consist of 11 directors. Pursuant to the definitive agreement, Blackstone will be required to hold its ownership interest in SAFG following the completion of the separation of the Life and Retirement business, subject to exceptions permitting Blackstone to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the initial public offering of SAFG (the IPO), with the transfer restrictions terminating in full on the fifth anniversary of the IPO. In the event that the IPO of SAFG is not completed prior to the second anniversary of the closing of the transaction, Blackstone will have the right to require AIG to undertake the IPO, and in the event that the IPO has not been completed prior to the third anniversary of the closing, Blackstone will have the right to exchange all or a portion of its ownership interest in SAFG for shares of AIG’s common stock on the terms set forth in the definitive agreement. These transactions are subject to customary closing conditions, including the expiration or termination of the waiting period under the HSR Act, and are expected to close in the third quarter of 2021. On July 14, 2021, AIG and BREIT, a long-term, perpetual capital vehicle affiliated with Blackstone, announced that they have reached a definitive agreement for BREIT to acquire AIG’s interests in a U.S. affordable housing portfolio for approximately $ 5.1 billion, subject to certain adjustments, in an all cash transaction. This transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2021.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2021
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, for example universal life, variable and fixed annuities, and fixed indexed annuities;  reinsurance assets, including the allowance for credit losses;  goodwill impairment;  allowances for credit losses primarily on loans and available for sale fixed maturity securities;  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. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investments	Evaluating Investments for AN ALLOWANCE FOR CREDIT LOSSES Fixed Maturity Securities If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis and if the fair value of the security is below amortized cost, an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to Net realized gains (losses). No allowance is established in these situations and any previously recorded allowance is reversed. The new cost basis is not adjusted for subsequent increases in estimated fair value . When assessing our intent to sell a fixed maturity security, or whether it is more likely than not that we will be required to sell a fixed maturity security before recovery of its amortized cost basis, management evaluates relevant facts and circumstances including, but not limited to, decisions to reposition our investment portfolio, sales of securities to meet cash flow needs and sales of securities to take advantage of favorable pricing. For fixed maturity securities for which a decline in the fair value below the amortized cost is due to credit related factors, an allowance is established for the difference between the estimated recoverable value and amortized cost with a corresponding charge to Net realized gains (losses). The allowance for credit losses is limited to the difference between amortized cost and fair value. The estimated recoverable value is the present value of cash flows expected to be collected, as determined by management. The difference between fair value and amortized cost that is not associated with credit related factors is presented in unrealized appreciation (depreciation) of fixed maturity securities on which an allowance for credit losses was previously recognized (a separate component of AOCI). Accrued interest is excluded from the measurement of the allowance for credit losses. When estimating future cash flows for structured fixed maturity securities (e.g., RMBS, CMBS, 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. Under the current expected credit loss (CECL) model, credit losses are reassessed each period. The allowance for credit losses and the corresponding charge to Net realized gains (losses) can be reversed if conditions change, however, the allowance for credit losses will never be reduced below zero. When we determine that all or a portion of a fixed maturity security is uncollectable, the uncollectable amortized cost amount is written off with a corresponding reduction to the allowance for credit losses. If we collect cash flows that were previously written off, the recovery is recognized by recording a gain in Net realized gains (losses). Credit Impairments Purchased Credit Deteriorated Securities We purchase certain RMBS securities that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as PCD assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs: • Current delinquency rates; • Expected default rates and the timing of such defaults; • Loss severity and the timing of any recovery; and • Expected prepayment speeds. Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality. Methodology Used to Estimate the Allowance for Credit Losses At the time of origination or purchase, an allowance for credit losses is established for mortgage and other loan receivables and is updated each reporting period. Changes in the allowance for credit losses are recorded in realized losses. This allowance reflects the risk of loss, even when that risk is remote, 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 and loss given default model. Loss rate factors are determined based on historical data and adjusted for current and forecasted information. The loss rates are applied based on individual loan attributes and considering such data points as loan-to-value ratios, FICO scores, and debt service coverage. The estimate of credit losses also reflects management’s assumptions on certain macroeconomic factors that include, but are not limited to, gross domestic product growth, employment, inflation, housing price index, interest rates and credit spreads. Accrued interest is excluded from the measurement of the allowance for credit losses and accrued interest is reversed through interest income once a loan is placed on nonaccrual. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance. We also have off-balance sheet commitments related to our commercial mortgage loans. The liability for expected credit losses related to these commercial mortgage loan commitments is reported in Other liabilities in the 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 gains (losses) in the Condensed Consolidated Statements of Income (Loss).
Reinsurance	7. Reinsurance Sale of Fortitude Holdings On June 2, 2020, we completed the Majority Interest Fortitude Sale. AIG established Fortitude Re, a wholly owned subsidiary of Fortitude Holdings, in 2018 in a series of reinsurance transactions related to AIG’s Run-Off operations. As of June 30, 2021, approximately $ 30.1 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 4.0 billion of reserves from AIG’s General Insurance Run-Off Lines, related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. As of closing of the Majority Interest Fortitude Sale, these reinsurance transactions are no longer considered affiliated transactions and Fortitude Re is the reinsurer of the majority of AIG’s Run-Off operations. Additionally, the Majority Interest Fortitude Sale was subject to a post-closing purchase price adjustment pursuant to which AIG would pay Fortitude Re for certain adverse development in property casualty related reserves, based on an agreed methodology, that may occur through December 31, 2023, up to a maximum payment of $ 500 million. Effective in the second quarter of 2021, AIG, Fortitude Holdings, Carlyle FRL, T&D and Carlyle amended the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development. As a result of this amendment, during the three months ended June 30, 2021, AIG recorded a $ 21 million benefit through Policyholder benefits and losses incurred and eliminated further net exposure to adverse development on the reserves ceded to Fortitude Re. These reinsurance transactions between AIG and Fortitude Re were structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within other comprehensive income). As a result of the deconsolidation resulting from the Majority Interest Fortitude Sale, AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets: June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair (in millions) Value Value Value Value Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 34,165 $ 34,165 $ 36,047 $ 36,047 Fair value through other comprehensive income Fixed maturity securities - fair value option 179 179 200 200 Fair value through net investment income Commercial mortgage loans 3,706 3,978 3,679 4,010 Amortized cost Real estate investments 304 553 358 585 Amortized cost Private equity funds / hedge funds 1,356 1,356 1,168 1,168 Fair value through net investment income Policy loans 395 395 413 413 Amortized cost Short-term Investments 94 94 34 34 Fair value through net investment income Funds withheld investment assets 40,199 40,720 41,899 42,457 Derivative assets, net (b) 51 51 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 632 632 604 604 Amortized cost Total $ 40,882 $ 41,403 $ 42,502 $ 43,060 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 1.6) billion ($( 1.3) billion after-tax) for the six months ended June 30, 2021 and $ 1.0 billion ($ 812 million after-tax) during the post deconsolidation period (June 2, 2020 - December 31, 2020). (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 308 million and $ 10 million, respectively, as of June 30, 2021. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 357 million as of December 31, 2020. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income. The impact of the funds withheld arrangements with Fortitude Re was as follows: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 507 116 993 116 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 173 96 346 96 Net realized gains (losses) - Fortitude Re embedded derivatives ( 2,056) ( 837) 326 ( 837) Net realized gains (losses) on Fortitude Re funds withheld assets ( 1,883) ( 741) 672 ( 741) Income (loss) from continuing operations before income tax expense (benefit) ( 1,376) ( 625) 1,665 ( 625) Income tax expense (benefit) (b) ( 289) ( 131) 350 ( 131) Net income (loss) ( 1,087) ( 494) 1,315 ( 494) Change in unrealized appreciation (depreciation) of all other investments (b) 1,055 438 ( 1,285) 438 Comprehensive income (loss) $ ( 32) $ ( 56) $ 30 $ ( 56) (a) Effective in the second quarter of 2021, an amendment was made to the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development and as a result, during the three months ended June 30, 2021, AIG recognized a $ 21 million benefit through Policyholder benefits and losses incurred. (b) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent. Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangements and the appreciation of these assets is the primary driver of the comprehensive income reflected above. Reinsurance – Credit Losses The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverables 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 recoverables 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 a significant allowance; and whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR 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 June 30, 2021 were $ 77.4 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 52 percent related to General Insurance and 40 percent related to Life and Retirement; (ii) approximately 6 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one one As of June 30, 2021, approximately 70 percent of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.
Liability for Unpaid Losses and Loss Adjustment Expenses (Loss Reserves)	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, 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. We have recorded our estimate of the ultimate liability for losses 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.
Accounting Standards Adopted During 2021 and Future Application of Accounting Standards	Accounting Standards Adopted During 2021 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 incremental 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. We adopted the standard on its effective date of January 1, 2021. The impact of adoption was not material to our consolidated financial condition, results of operations and cash flows. 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. We adopted the standard prospectively on its effective date of January 1, 2021. The adoption of the standard did not have a material impact on our consolidated financial condition, results of operations or cash flows. 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 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 November 2020, the FASB issued ASU 2020-11, which deferred the effective date of the standard for all entities. Our implementation efforts are underway for the standard’s revised effective date of January 1, 2023; we continue to evaluate 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. 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. Where permitted by the guidance, we would account for the modification due to the discontinuation of LIBOR or another reference rate as a continuation of the existing contract. As part of our implementation efforts, we will continue to assess our operational readiness and current and alternative reference rates’ merits, limitations, risks and suitability for our investment and insurance processes. This standard may be elected and applied prospectively over time from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. The adoption of the standard is not expected to have a material impact on our reported consolidated financial condition, results of operations, cash flows and required disclosures.
Credit Losses	Reinsurance – Credit Losses The estimation of reinsurance recoverables involves a significant amount of judgment, particularly for latent exposures, such as asbestos, due to their long-tail nature. Reinsurance assets include reinsurance recoverables 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 recoverables 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 a significant allowance; and whether collateral and collateral arrangements exist. An estimate of the reinsurance recoverable’s lifetime expected credit losses is established utilizing a probability of default and loss given default method, which reflects the reinsurer’s ORR 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 June 30, 2021 were $ 77.4 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 92 percent of the reinsurance recoverables were investment grade, of which 52 percent related to General Insurance and 40 percent related to Life and Retirement; (ii) approximately 6 percent of the reinsurance recoverables were non-investment grade, the majority of which related to General Insurance; (iii) less than one one As of June 30, 2021, approximately 70 percent of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements. Reinsurance Recoverable Allowance The following table presents a rollforward of the reinsurance recoverable allowance: Three Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 291 $ 87 $ 378 $ 302 $ 60 $ 362 Addition to (release of) provision for expected credit losses and disputes, net ( 1) - ( 1) 6 1 7 Write-offs charged against the allowance for credit losses and disputes ( 3) - ( 3) ( 2) ( 1) ( 3) Other changes - - - ( 1) ( 1) ( 2) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Six Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of year $ 292 $ 83 $ 375 $ 111 $ 40 $ 151 Initial allowance upon CECL adoption - - - 202 22 224 Addition to (release of) provision for expected credit losses and disputes, net - 4 4 2 3 5 Write-offs charged against the allowance for credit losses and disputes ( 7) - ( 7) ( 5) ( 5) ( 10) Other changes 2 - 2 ( 5) ( 1) ( 6) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 There were no material recoveries of credit losses previously written off for either of the three- or six-month periods ended June 30, 2021. There were no recoveries of credit losses previously written off for either of the three- or six-month periods ended June 30, 2020. Past-Due Status We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2021
SEGMENT INFORMATION
Schedule of continuing operations by operating segment including reconciling items	Three Months Ended June 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 2,685 $ 169 (a) $ 2,474 $ ( 439) (a) International 3,530 294 (a) 3,263 96 (a) Net investment income 731 731 518 518 Total General Insurance 6,946 1,194 6,255 175 Life and Retirement Individual Retirement 1,519 617 1,331 549 Group Retirement 820 347 712 214 Life Insurance 1,295 20 1,219 2 Institutional Markets 1,412 140 1,399 130 Total Life and Retirement 5,046 1,124 4,661 895 Other Operations Other Operations before consolidation and eliminations 259 ( 516) 607 ( 332) AIG consolidation and eliminations ( 125) ( 94) 35 53 Total Other Operations 134 ( 610) 642 ( 279) Total 12,126 1,708 11,558 791 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 14 13 14 16 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - 120 - 255 Changes in the fair value of equity securities ( 13) ( 13) 56 56 Other income (expense) - net ( 2) - 14 - Loss on extinguishment of debt - ( 106) - - Net investment income on Fortitude Re funds withheld assets 507 507 116 116 Net realized gains on Fortitude Re funds withheld assets 173 173 96 96 Net realized losses on Fortitude Re funds withheld embedded derivative ( 2,056) ( 2,056) ( 837) ( 837) Net realized losses (b) ( 68) ( 59) ( 1,621) ( 1,607) Loss from divested businesses - ( 1) - ( 8,412) Non-operating litigation reserves and settlements - - - - Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 65 - 33 Net loss reserve discount charge - ( 22) - ( 16) Integration and transaction costs associated with acquiring or divesting businesses - ( 35) - ( 4) Restructuring and other costs - ( 126) - ( 134) Non-recurring costs related to regulatory or accounting changes - ( 21) - ( 14) Revenues and pre-tax income (loss) $ 10,681 $ 147 $ 9,396 $ ( 9,661) Six Months Ended June 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 5,073 $ ( 33) (a) $ 5,205 $ ( 542) (a) International 7,008 569 (a) 6,611 112 (a) Net investment income 1,503 1,503 1,106 1,106 Total General Insurance 13,584 2,039 12,922 676 Life and Retirement Individual Retirement 2,996 1,149 2,699 854 Group Retirement 1,626 654 1,406 357 Life Insurance 2,628 ( 20) 2,419 80 Institutional Markets 1,776 282 2,423 205 Total Life and Retirement 9,026 2,065 8,947 1,496 Other Operations Other Operations before consolidation and eliminations 583 ( 870) 922 ( 1,167) AIG consolidation and eliminations ( 305) ( 270) ( 106) ( 34) Total Other Operations 278 ( 1,140) 816 ( 1,201) Total 22,888 2,964 22,685 971 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 32 35 28 9 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - ( 83) - ( 283) Changes in the fair value of equity securities 9 9 ( 135) ( 135) Other income (expense) - net ( 8) - 24 - Loss on extinguishment of debt - ( 98) - ( 17) Net investment income on Fortitude Re funds withheld assets 993 993 116 116 Net realized gains on Fortitude Re funds withheld assets 346 346 96 96 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 326 326 ( 837) ( 837) Net realized gains (b) 549 568 1,856 1,887 Income (loss) from divested businesses - 6 - ( 8,628) Non-operating litigation reserves and settlements - - 6 6 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 84 - 41 Net loss reserve discount benefit (charge) - 10 - ( 72) Integration and transaction costs associated with acquiring or divesting businesses - ( 44) - ( 6) Restructuring and other costs - ( 200) - ( 224) Non-recurring costs related to regulatory or accounting changes - ( 41) - ( 27) Revenues and pre-tax income (loss) $ 25,135 $ 4,875 $ 23,839 $ ( 7,103) (a) General Insurance North America’s and General Insurance International’s Adjusted pre-tax income does not include Net investment income as the investment portfolio results are managed at the General Insurance level. Net investment income is shown separately as a component of General Insurance’s total Adjusted pre-tax income results. (b) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2021
FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value on a recurring basis	June 30, 2021 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 $ - $ 4,501 $ - $ - $ - $ 4,501 Obligations of states, municipalities and political subdivisions - 13,240 1,939 - - 15,179 Non-U.S. governments 55 15,956 10 - - 16,021 Corporate debt - 172,780 2,773 - - 175,553 RMBS - 17,499 11,085 - - 28,584 CMBS - 14,382 1,082 - - 15,464 CDO/ABS - 8,450 9,318 - - 17,768 Total bonds available for sale 55 246,808 26,207 - - 273,070 Other bond securities: U.S. government and government sponsored entities - 1,778 - - - 1,778 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 221 113 - - 334 CMBS - 254 46 - - 300 CDO/ABS - 163 2,279 - - 2,442 Total other bond securities - 2,428 2,438 - - 4,866 Equity securities 1,029 46 4 - - 1,079 Other invested assets (b) - 103 2,099 - - 2,202 Derivative assets (c) Interest rate contracts - 3,677 1 - - 3,678 Foreign exchange contracts - 1,156 1 - - 1,157 Equity contracts 7 356 368 - - 731 Commodity contracts - 6 - - - 6 Credit contracts - - 1 - - 1 Other contracts - - 13 - - 13 Counterparty netting and cash collateral - - - ( 2,833) ( 1,721) ( 4,554) Total derivative assets 7 5,195 384 ( 2,833) ( 1,721) 1,032 Short-term investments 2,839 2,684 - - - 5,523 Other assets - - 113 - - 113 Separate account assets 103,402 3,904 - - - 107,306 Total $ 107,332 $ 261,168 $ 31,245 $ ( 2,833) $ ( 1,721) $ 395,191 Liabilities: Policyholder contract deposits $ - $ - $ 9,020 $ - $ - $ 9,020 Derivative liabilities (c) Interest rate contracts 2 3,878 - - - 3,880 Foreign exchange contracts - 747 - - - 747 Equity contracts 4 57 11 - - 72 Credit contracts - 19 44 - - 63 Other contracts - - 3 - - 3 Counterparty netting and cash collateral - - - ( 2,833) ( 1,201) ( 4,034) Total derivative liabilities 6 4,701 58 ( 2,833) ( 1,201) 731 Fortitude Re funds withheld payable - - 5,317 - - 5,317 Other liabilities - 10 - - - 10 Long-term debt - 1,974 - - - 1,974 Total $ 6 $ 6,685 $ 14,395 $ ( 2,833) $ ( 1,201) $ 17,052 December 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 $ 73 $ 4,053 $ - $ - $ - $ 4,126 Obligations of states, municipalities and political subdivisions - 14,019 2,105 - - 16,124 Non-U.S. governments 28 15,312 5 - - 15,345 Corporate debt - 166,949 2,349 - - 169,298 RMBS - 19,771 11,694 - - 31,465 CMBS - 15,211 922 - - 16,133 CDO/ABS - 9,191 9,814 - - 19,005 Total bonds available for sale 101 244,506 26,889 - - 271,496 Other bond securities: U.S. government and government sponsored entities - 1,845 - - - 1,845 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 290 139 - - 429 CMBS - 273 47 - - 320 CDO/ABS - 173 2,512 - - 2,685 Total other bond securities - 2,593 2,698 - - 5,291 Equity securities 929 76 51 - - 1,056 Other invested assets (b) - 102 1,827 - - 1,929 Derivative assets (c) Interest rate contracts - 4,637 - - - 4,637 Foreign exchange contracts - 1,020 2 - - 1,022 Equity contracts 9 923 198 - - 1,130 Credit contracts - - 2 - - 2 Other contracts - - 14 - - 14 Counterparty netting and cash collateral - - - ( 3,812) ( 2,219) ( 6,031) Total derivative assets 9 6,580 216 ( 3,812) ( 2,219) 774 Short-term investments 2,379 3,589 - - - 5,968 Other assets - - 113 - - 113 Separate account assets 96,560 3,730 - - - 100,290 Total $ 99,978 $ 261,176 $ 31,794 $ ( 3,812) $ ( 2,219) $ 386,917 Liabilities: Policyholder contract deposits $ - $ - $ 9,798 $ - $ - $ 9,798 Derivative liabilities (c) Interest rate contracts 1 4,435 - - - 4,436 Foreign exchange contracts - 1,090 - - - 1,090 Equity contracts 14 162 47 - - 223 Credit contracts - 23 44 - - 67 Other contracts - - 6 - - 6 Counterparty netting and cash collateral - - - ( 3,812) ( 1,441) ( 5,253) Total derivative liabilities 15 5,710 97 ( 3,812) ( 1,441) 569 Fortitude Re funds withheld payable - - 6,042 - - 6,042 Other liabilities - 1 - - - 1 Long-term debt - 2,097 - - - 2,097 Total $ 15 $ 7,808 $ 15,937 $ ( 3,812) $ ( 1,441) $ 18,507 (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 $ 7.4 billion and $ 6.5 billion as of June 30, 2021 and December 31, 2020, respectively. (c) Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.
Changes in Level 3 recurring fair value measurements (Assets)	Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,896 $ 5 $ 128 $ ( 65) $ - $ ( 25) $ - $ 1,939 $ - $ 244 Non-U.S. governments 6 - ( 1) 1 4 - - 10 - - Corporate debt 2,570 14 17 31 208 ( 67) - 2,773 - 50 RMBS 11,464 150 ( 39) ( 460) - ( 30) - 11,085 - 957 CMBS 1,104 7 23 85 - ( 137) - 1,082 - 18 CDO/ABS 9,602 ( 1) 44 ( 374) 384 ( 337) - 9,318 - 403 Total bonds available for sale 26,642 175 172 ( 782) 596 ( 596) - 26,207 - 1,672 Other bond securities: RMBS 126 1 - ( 14) - - - 113 12 - CMBS 46 - - - - - - 46 6 - CDO/ABS 2,346 45 - ( 112) - - - 2,279 253 - Total other bond securities 2,518 46 - ( 126) - - - 2,438 271 - Equity securities 128 - ( 3) ( 112) 1 ( 10) - 4 - - Other invested assets 1,897 114 ( 1) 89 - - - 2,099 122 - Other assets 113 - - - - - - 113 - - Total $ 31,298 $ 335 $ 168 $ ( 931) $ 597 $ ( 606) $ - $ 30,861 $ 393 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 7,617 $ 1,363 $ - $ 40 $ - $ - $ - $ 9,020 $ ( 1,018) $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 1 - Foreign exchange contracts - - - ( 1) - - - ( 1) ( 1) - Equity contracts ( 222) ( 71) - ( 69) - 5 - ( 357) 85 - Credit contracts 44 2 - ( 3) - - - 43 ( 1) - Other contracts ( 9) ( 16) - 15 - - - ( 10) 17 - Total derivative liabilities, net (a) ( 187) ( 87) - ( 57) - 5 - ( 326) 101 - Fortitude Re funds withheld payable 3,487 2,056 - ( 226) - - - 5,317 ( 1,452) - Total $ 10,917 $ 3,332 $ - $ ( 243) $ - $ 5 $ - $ 14,011 $ ( 2,369) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 8 $ ( 31) $ ( 118) $ - $ ( 25) $ - $ 1,939 $ - $ 234 Non-U.S. governments 5 - ( 1) 1 5 - - 10 - - Corporate debt 2,349 13 7 208 395 ( 199) - 2,773 - ( 109) RMBS 11,694 317 25 ( 891) - ( 60) - 11,085 - 943 CMBS 922 16 ( 33) 258 56 ( 137) - 1,082 - ( 38) CDO/ABS 9,814 15 30 ( 538) 838 ( 841) - 9,318 - 467 Total bonds available for sale 26,889 369 ( 3) ( 1,080) 1,294 ( 1,262) - 26,207 - 1,497 Other bond securities: RMBS 139 4 - ( 30) - - - 113 ( 86) - CMBS 47 ( 1) - ( 6) 6 - - 46 4 - CDO/ABS 2,512 34 - ( 267) - - - 2,279 255 - Total other bond securities 2,698 37 - ( 303) 6 - - 2,438 173 - Equity securities 51 11 - ( 123) 76 ( 11) - 4 3 - Other invested assets 1,827 256 ( 7) 23 - - - 2,099 245 - Other assets 113 - - - - - - 113 - - Total $ 31,578 $ 673 $ ( 10) $ ( 1,483) $ 1,376 $ ( 1,273) $ - $ 30,861 $ 421 $ 1,497 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 897) $ - $ 119 $ - $ - $ - $ 9,020 $ 1,553 $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 2 - Foreign exchange contracts ( 2) 1 - - - - - ( 1) ( 1) - Equity contracts ( 151) ( 97) - ( 154) - 45 - ( 357) 13 - Credit contracts 42 7 - ( 6) - - - 43 ( 1) - Other contracts ( 8) ( 33) - 31 - - - ( 10) 33 - Total derivative liabilities, net (a) ( 119) ( 124) - ( 128) - 45 - ( 326) 46 - Fortitude Re funds withheld payable 6,042 ( 326) - ( 399) - - - 5,317 1,503 - Total $ 15,721 $ ( 1,347) $ - $ ( 408) $ - $ 45 $ - $ 14,011 $ 3,102 $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,102 $ - $ 254 $ 20 $ - $ ( 97) $ - $ 2,279 $ - $ 244 Non-U.S. governments 6 - - 5 - ( 6) - 5 - - Corporate debt 1,215 ( 1) 72 113 519 ( 18) - 1,900 - 50 RMBS 11,687 208 947 ( 171) 7 - - 12,678 - 957 CMBS 1,146 4 15 ( 16) - - - 1,149 - 18 CDO/ABS 8,768 3 432 108 334 ( 184) - 9,461 - 403 Total bonds available for sale 24,924 214 1,720 59 860 ( 305) - 27,472 - 1,672 Other bond securities: RMBS 149 14 - 5 - - - 168 13 - CMBS 42 6 - ( 1) - - - 47 6 - CDO/ABS 2,378 274 - ( 121) - - - 2,531 253 - Total other bond securities 2,569 294 - ( 117) - - - 2,746 272 - Equity securities 19 - - - 25 ( 1) - 43 - - Other invested assets 1,467 ( 59) - 78 - - - 1,486 - - Other assets 91 - - 54 - - ( 34) 111 - - Total $ 29,070 $ 449 $ 1,720 $ 74 $ 885 $ ( 306) $ ( 34) $ 31,858 $ 272 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 8,153 $ 1,060 $ - $ 20 $ - $ - $ - $ 9,233 $ ( 825) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - - - Foreign exchange contracts 3 1 - ( 5) - - - ( 1) - - Equity contracts ( 143) 36 - 54 - - - ( 53) ( 15) - Credit contracts ( 76) 64 - 57 - - - 45 9 - Other contracts ( 2) ( 17) - 16 - - - ( 3) 17 - Total derivative liabilities, net (a) ( 218) 83 - 123 - - - ( 12) 11 - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 7,935 $ 1,980 $ - $ 143 $ - $ - $ 3,673 $ 13,731 $ ( 151) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ 199 $ 157 $ 27 $ ( 230) $ - $ 2,279 $ - $ 193 Non-U.S. governments - - - 5 6 ( 6) - 5 - - Corporate debt 1,663 ( 68) ( 9) 120 622 ( 428) - 1,900 - 21 RMBS 13,408 340 ( 676) ( 394) 26 ( 26) - 12,678 - ( 548) CMBS 1,053 11 34 28 23 - - 1,149 - 39 CDO/ABS 7,686 20 ( 125) 155 1,937 ( 212) - 9,461 - ( 134) Total bonds available for sale 25,931 308 ( 577) 71 2,641 ( 902) - 27,472 - ( 429) Other bond securities: RMBS 143 - - 25 - - - 168 ( 1) - CMBS 50 ( 1) - ( 2) - - - 47 ( 2) - CDO/ABS 3,545 101 - ( 1,115) - - - 2,531 ( 9) - Total other bond securities 3,738 100 - ( 1,092) - - - 2,746 ( 12) - Equity securities 8 ( 1) 1 10 26 ( 1) - 43 - - Other invested assets 1,192 ( 63) - 207 150 - - 1,486 ( 48) - Other assets 89 - - 59 - - ( 37) 111 - - Total $ 30,958 $ 344 $ ( 576) $ ( 745) $ 2,817 $ ( 903) $ ( 37) $ 31,858 $ ( 60) $ ( 429) Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 2,231 $ - $ 92 $ - $ - $ - $ 9,233 $ ( 1,709) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 4 - 1 - - - ( 1) 1 - Equity contracts ( 151) 10 - 88 - - - ( 53) ( 64) - Credit contracts 62 ( 60) - 43 - - - 45 6 - Other contracts ( 7) ( 27) - 31 - - - ( 3) 27 - Total derivative liabilities, net (a) ( 102) ( 74) - 164 - - - ( 12) ( 29) - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 6,808 $ 2,994 $ - $ 256 $ - $ - $ 3,673 $ 13,731 $ ( 1,075) $ - (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Changes in Level 3 recurring fair value measurements (Liabilities)	Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,896 $ 5 $ 128 $ ( 65) $ - $ ( 25) $ - $ 1,939 $ - $ 244 Non-U.S. governments 6 - ( 1) 1 4 - - 10 - - Corporate debt 2,570 14 17 31 208 ( 67) - 2,773 - 50 RMBS 11,464 150 ( 39) ( 460) - ( 30) - 11,085 - 957 CMBS 1,104 7 23 85 - ( 137) - 1,082 - 18 CDO/ABS 9,602 ( 1) 44 ( 374) 384 ( 337) - 9,318 - 403 Total bonds available for sale 26,642 175 172 ( 782) 596 ( 596) - 26,207 - 1,672 Other bond securities: RMBS 126 1 - ( 14) - - - 113 12 - CMBS 46 - - - - - - 46 6 - CDO/ABS 2,346 45 - ( 112) - - - 2,279 253 - Total other bond securities 2,518 46 - ( 126) - - - 2,438 271 - Equity securities 128 - ( 3) ( 112) 1 ( 10) - 4 - - Other invested assets 1,897 114 ( 1) 89 - - - 2,099 122 - Other assets 113 - - - - - - 113 - - Total $ 31,298 $ 335 $ 168 $ ( 931) $ 597 $ ( 606) $ - $ 30,861 $ 393 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 7,617 $ 1,363 $ - $ 40 $ - $ - $ - $ 9,020 $ ( 1,018) $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 1 - Foreign exchange contracts - - - ( 1) - - - ( 1) ( 1) - Equity contracts ( 222) ( 71) - ( 69) - 5 - ( 357) 85 - Credit contracts 44 2 - ( 3) - - - 43 ( 1) - Other contracts ( 9) ( 16) - 15 - - - ( 10) 17 - Total derivative liabilities, net (a) ( 187) ( 87) - ( 57) - 5 - ( 326) 101 - Fortitude Re funds withheld payable 3,487 2,056 - ( 226) - - - 5,317 ( 1,452) - Total $ 10,917 $ 3,332 $ - $ ( 243) $ - $ 5 $ - $ 14,011 $ ( 2,369) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 8 $ ( 31) $ ( 118) $ - $ ( 25) $ - $ 1,939 $ - $ 234 Non-U.S. governments 5 - ( 1) 1 5 - - 10 - - Corporate debt 2,349 13 7 208 395 ( 199) - 2,773 - ( 109) RMBS 11,694 317 25 ( 891) - ( 60) - 11,085 - 943 CMBS 922 16 ( 33) 258 56 ( 137) - 1,082 - ( 38) CDO/ABS 9,814 15 30 ( 538) 838 ( 841) - 9,318 - 467 Total bonds available for sale 26,889 369 ( 3) ( 1,080) 1,294 ( 1,262) - 26,207 - 1,497 Other bond securities: RMBS 139 4 - ( 30) - - - 113 ( 86) - CMBS 47 ( 1) - ( 6) 6 - - 46 4 - CDO/ABS 2,512 34 - ( 267) - - - 2,279 255 - Total other bond securities 2,698 37 - ( 303) 6 - - 2,438 173 - Equity securities 51 11 - ( 123) 76 ( 11) - 4 3 - Other invested assets 1,827 256 ( 7) 23 - - - 2,099 245 - Other assets 113 - - - - - - 113 - - Total $ 31,578 $ 673 $ ( 10) $ ( 1,483) $ 1,376 $ ( 1,273) $ - $ 30,861 $ 421 $ 1,497 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 897) $ - $ 119 $ - $ - $ - $ 9,020 $ 1,553 $ - Derivative liabilities, net: Interest rate contracts - ( 2) - 1 - - - ( 1) 2 - Foreign exchange contracts ( 2) 1 - - - - - ( 1) ( 1) - Equity contracts ( 151) ( 97) - ( 154) - 45 - ( 357) 13 - Credit contracts 42 7 - ( 6) - - - 43 ( 1) - Other contracts ( 8) ( 33) - 31 - - - ( 10) 33 - Total derivative liabilities, net (a) ( 119) ( 124) - ( 128) - 45 - ( 326) 46 - Fortitude Re funds withheld payable 6,042 ( 326) - ( 399) - - - 5,317 1,503 - Total $ 15,721 $ ( 1,347) $ - $ ( 408) $ - $ 45 $ - $ 14,011 $ 3,102 $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Three Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,102 $ - $ 254 $ 20 $ - $ ( 97) $ - $ 2,279 $ - $ 244 Non-U.S. governments 6 - - 5 - ( 6) - 5 - - Corporate debt 1,215 ( 1) 72 113 519 ( 18) - 1,900 - 50 RMBS 11,687 208 947 ( 171) 7 - - 12,678 - 957 CMBS 1,146 4 15 ( 16) - - - 1,149 - 18 CDO/ABS 8,768 3 432 108 334 ( 184) - 9,461 - 403 Total bonds available for sale 24,924 214 1,720 59 860 ( 305) - 27,472 - 1,672 Other bond securities: RMBS 149 14 - 5 - - - 168 13 - CMBS 42 6 - ( 1) - - - 47 6 - CDO/ABS 2,378 274 - ( 121) - - - 2,531 253 - Total other bond securities 2,569 294 - ( 117) - - - 2,746 272 - Equity securities 19 - - - 25 ( 1) - 43 - - Other invested assets 1,467 ( 59) - 78 - - - 1,486 - - Other assets 91 - - 54 - - ( 34) 111 - - Total $ 29,070 $ 449 $ 1,720 $ 74 $ 885 $ ( 306) $ ( 34) $ 31,858 $ 272 $ 1,672 Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 8,153 $ 1,060 $ - $ 20 $ - $ - $ - $ 9,233 $ ( 825) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - - - Foreign exchange contracts 3 1 - ( 5) - - - ( 1) - - Equity contracts ( 143) 36 - 54 - - - ( 53) ( 15) - Credit contracts ( 76) 64 - 57 - - - 45 9 - Other contracts ( 2) ( 17) - 16 - - - ( 3) 17 - Total derivative liabilities, net (a) ( 218) 83 - 123 - - - ( 12) 11 - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 7,935 $ 1,980 $ - $ 143 $ - $ - $ 3,673 $ 13,731 $ ( 151) $ - Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive Gains Issuances (Losses) Included Income (Loss) for Fair Value (Losses) Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Six Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 5 $ 199 $ 157 $ 27 $ ( 230) $ - $ 2,279 $ - $ 193 Non-U.S. governments - - - 5 6 ( 6) - 5 - - Corporate debt 1,663 ( 68) ( 9) 120 622 ( 428) - 1,900 - 21 RMBS 13,408 340 ( 676) ( 394) 26 ( 26) - 12,678 - ( 548) CMBS 1,053 11 34 28 23 - - 1,149 - 39 CDO/ABS 7,686 20 ( 125) 155 1,937 ( 212) - 9,461 - ( 134) Total bonds available for sale 25,931 308 ( 577) 71 2,641 ( 902) - 27,472 - ( 429) Other bond securities: RMBS 143 - - 25 - - - 168 ( 1) - CMBS 50 ( 1) - ( 2) - - - 47 ( 2) - CDO/ABS 3,545 101 - ( 1,115) - - - 2,531 ( 9) - Total other bond securities 3,738 100 - ( 1,092) - - - 2,746 ( 12) - Equity securities 8 ( 1) 1 10 26 ( 1) - 43 - - Other invested assets 1,192 ( 63) - 207 150 - - 1,486 ( 48) - Other assets 89 - - 59 - - ( 37) 111 - - Total $ 30,958 $ 344 $ ( 576) $ ( 745) $ 2,817 $ ( 903) $ ( 37) $ 31,858 $ ( 60) $ ( 429) Net Changes in Realized Unrealized Gains and Purchases, Changes in (Losses) Included in Unrealized Sales, Unrealized Gains Other Comprehensive (Gains) Issuances (Losses) Included Income (Loss) for Fair Value Losses Other and Gross Gross Fair Value in Income on Recurring Level 3 Beginning Included Comprehensive Settlements, Transfers Transfers Divested End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Businesses of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 6,910 $ 2,231 $ - $ 92 $ - $ - $ - $ 9,233 $ ( 1,709) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 4 - 1 - - - ( 1) 1 - Equity contracts ( 151) 10 - 88 - - - ( 53) ( 64) - Credit contracts 62 ( 60) - 43 - - - 45 6 - Other contracts ( 7) ( 27) - 31 - - - ( 3) 27 - Total derivative liabilities, net (a) ( 102) ( 74) - 164 - - - ( 12) ( 29) - Fortitude Re funds withheld payable - 837 - - - - 3,673 4,510 663 - Total $ 6,808 $ 2,994 $ - $ 256 $ - $ - $ 3,673 $ 13,731 $ ( 1,075) $ - (a) Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.
Schedule of net realized and unrealized gains and losses related to Level 3 items	Net Investment Net Realized Other (in millions) Income Gains (Losses) Income Total Three Months Ended June 30, 2021 Assets: Bonds available for sale $ 163 $ 12 $ - $ 175 Other bond securities 47 ( 1) - 46 Equity securities - - - - Other invested assets 99 15 - 114 Six Months Ended June 30, 2021 Assets: Bonds available for sale $ 348 $ 21 $ - $ 369 Other bond securities 16 21 - 37 Equity securities 11 - - 11 Other invested assets 241 15 - 256 Three Months Ended June 30, 2020 Assets: Bonds available for sale $ 182 $ 32 $ - $ 214 Other bond securities 294 - - 294 Equity securities - - - - Other invested assets ( 59) - - ( 59) Six Months Ended June 30, 2020 Assets: Bonds available for sale $ 380 $ ( 72) $ - $ 308 Other bond securities ( 168) 268 - 100 Equity securities - ( 1) - ( 1) Other invested assets ( 63) - - ( 63) Net Investment Net Realized Other (in millions) Income (Gains) Losses Income Total Three Months Ended June 30, 2021 Liabilities: Policyholder contract deposits * $ - $ 1,363 $ - $ 1,363 Derivative liabilities, net - ( 72) ( 15) ( 87) Fortitude Re funds withheld payable - 2,056 - 2,056 Six Months Ended June 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 897) $ - $ ( 897) Derivative liabilities, net - ( 95) ( 29) ( 124) Fortitude Re funds withheld payable - ( 326) - ( 326) Three Months Ended June 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 1,060 $ - $ 1,060 Derivative liabilities, net - 97 ( 14) 83 Fortitude Re funds withheld payable - 837 - 837 Six Months Ended June 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 2,231 $ - $ 2,231 Derivative liabilities, net - ( 46) ( 28) ( 74) Fortitude Re funds withheld payable - 837 - 837 * Primarily embedded derivatives.
Gross components of purchases, sales, issuances and settlements, net	Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Three Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 3 $ ( 23) $ ( 45) $ ( 65) Non-U.S. governments 1 - - 1 Corporate debt 212 ( 32) ( 149) 31 RMBS 318 ( 115) ( 663) ( 460) CMBS 97 - ( 12) 85 CDO/ABS 780 119 ( 1,273) ( 374) Total bonds available for sale 1,411 ( 51) ( 2,142) ( 782) Other bond securities: RMBS 1 ( 9) ( 6) ( 14) CMBS - - - - CDO/ABS - - ( 112) ( 112) Total other bond securities 1 ( 9) ( 118) ( 126) Equity securities - ( 3) ( 109) ( 112) Other invested assets 194 - ( 105) 89 Other assets - - - - Total assets $ 1,606 $ ( 63) $ ( 2,474) $ ( 931) Liabilities: Policyholder contract deposits $ - $ 202 $ ( 162) $ 40 Derivative liabilities, net ( 71) 1 13 ( 57) Fortitude Re funds withheld payable - - ( 226) ( 226) Total liabilities $ ( 71) $ 203 $ ( 375) $ ( 243) Three Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 22 $ - $ ( 2) $ 20 Non-U.S. governments 5 - - 5 Corporate debt 121 - ( 8) 113 RMBS 365 - ( 536) ( 171) CMBS 1 ( 5) ( 12) ( 16) CDO/ABS 256 ( 3) ( 145) 108 Total bonds available for sale 770 ( 8) ( 703) 59 Other bond securities: RMBS 12 - ( 7) 5 CMBS - - ( 1) ( 1) CDO/ABS - - ( 121) ( 121) Total other bond securities 12 - ( 129) ( 117) Equity securities - - - - Other invested assets 78 - - 78 Other assets 55 - ( 1) 54 Total assets $ 915 $ ( 8) $ ( 833) $ 74 Liabilities: Policyholder contract deposits $ - $ 122 $ ( 102) $ 20 Derivative liabilities, net ( 9) - 132 123 Fortitude Re funds withheld payable - - - - Total liabilities $ ( 9) $ 122 $ 30 $ 143 Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Six Months Ended June 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 11 $ ( 43) $ ( 86) $ ( 118) Non-U.S. governments 1 - - 1 Corporate debt 953 ( 33) ( 712) 208 RMBS 482 ( 115) ( 1,258) ( 891) CMBS 290 - ( 32) 258 CDO/ABS 1,156 70 ( 1,764) ( 538) Total bonds available for sale 2,893 ( 121) ( 3,852) ( 1,080) Other bond securities: RMBS 1 ( 9) ( 22) ( 30) CMBS - ( 6) - ( 6) CDO/ABS - ( 39) ( 228) ( 267) Total other bond securities 1 ( 54) ( 250) ( 303) Equity securities - ( 3) ( 120) ( 123) Other invested assets 392 - ( 369) 23 Other assets - - - - Total assets $ 3,286 $ ( 178) $ ( 4,591) $ ( 1,483) Liabilities: Policyholder contract deposits $ - $ 393 $ ( 274) $ 119 Derivative liabilities, net ( 123) 2 ( 7) ( 128) Fortitude Re funds withheld payable - - ( 399) ( 399) Total liabilities $ ( 123) $ 395 $ ( 680) $ ( 408) Six Months Ended June 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 167 $ ( 2) $ ( 8) $ 157 Non-U.S. governments 5 - - 5 Corporate debt 233 ( 5) ( 108) 120 RMBS 701 - ( 1,095) ( 394) CMBS 54 ( 7) ( 19) 28 CDO/ABS 481 ( 25) ( 301) 155 Total bonds available for sale 1,641 ( 39) ( 1,531) 71 Other bond securities: RMBS 37 - ( 12) 25 CMBS - - ( 2) ( 2) CDO/ABS 35 ( 579) ( 571) ( 1,115) Total other bond securities 72 ( 579) ( 585) ( 1,092) Equity securities 10 - - 10 Other invested assets 252 - ( 45) 207 Other assets 55 - 4 59 Total assets $ 2,030 $ ( 618) $ ( 2,157) $ ( 745) Liabilities: Policyholder contract deposits $ - $ 344 $ ( 252) $ 92 Derivative liabilities, net ( 24) 8 180 164 Fortitude Re funds withheld payable - - - - Total liabilities $ ( 24) $ 352 $ ( 72) $ 256 (a) There were issuances during the three- and six-month periods ended June 30, 2021 and 2020.
Significant unobservable inputs used for recurring fair value measurements	Fair Value at June 30, Valuation Range (in millions) 2021 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,588 Discounted cash flow Yield 2.89% - 3.39% ( 3.14%) Corporate debt 1,939 Discounted cash flow Yield 1.85% - 17.19% ( 7.64%) RMBS (a) 10,393 Discounted cash flow Constant prepayment rate 4.75% - 17.06% ( 10.90%) Loss severity 29.46% - 74.55% ( 52.00%) Constant default rate 1.42% - 6.22% ( 3.82%) Yield 1.57% - 4.10% ( 2.83%) CDO/ABS (a) 8,011 Discounted cash flow Yield 1.51% - 4.53% ( 3.02%) CMBS 579 Discounted cash flow Yield 0.90% - 5.42% ( 3.16%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 2,484 Discounted cash flow Equity volatility 6.55% - 51.55% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (f) 0.07% - 1.38% Index annuities including certain GMWB 5,788 Discounted cash flow Lapse rate 0.38% - 50.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 100.00% Option budget 0.00% - 4.00% NPA (f) 0.07% - 1.38% Indexed life 701 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.07% - 1.38% Fair Value at December 31, Valuation Range (in millions) 2020 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,670 Discounted cash flow Yield 2.82% - 3.39% ( 3.11%) Corporate debt 1,591 Discounted cash flow Yield 2.13% - 7.82% ( 4.97%) RMBS (a) 11,297 Discounted cash flow Constant prepayment rate 3.90% - 11.99% ( 7.94%) Loss severity 30.08% - 78.49% ( 54.29%) Constant default rate 1.45% - 6.19% ( 3.82%) Yield 1.69% - 4.25% ( 2.97%) CDO/ABS (a) 8,324 Discounted cash flow Yield 1.93% - 4.85% ( 3.39%) CMBS 541 Discounted cash flow Yield 0.92% - 5.89% ( 3.40%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: GMWB 3,572 Discounted cash flow Equity volatility 6.45% - 50.85% Base lapse rate 0.16% - 12.60% Dynamic lapse multiplier 50.00% - 143.00% Mortality multiplier (e) 38.00% - 147.00% Utilization 90.00% - 100.00% Equity / interest rate correlation 20.00% - 40.00% NPA (f) 0.06% - 1.48% Index annuities including certain GMWB 5,538 Discounted cash flow Lapse rate 0.38% - 50.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 100.00% Option budget 0.00% - 4.00% NPA (f) 0.06% - 1.48% Indexed life 649 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.06% - 1.48% (a) Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CDO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points. (b) Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities. (c) The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities. Because the valuation methodology for embedded derivatives within Policyholder contract deposits uses a range of inputs that vary at the contract level over the cash flow projection period, management believes that presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation. (d) The Fortitude Re funds withheld payable has been excluded from the above table. As discussed in Note 7, the Fortitude Re funds withheld payable is created through modified coinsurance (modco) and funds withheld reinsurance arrangements where the investments supporting the reinsurance agreements are withheld by, and continue to reside on AIG’s balance sheet. This embedded derivative is valued as a total return swap with reference to the fair value of the invested assets held by AIG. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the reinsurance agreements that are held on AIG’s balance sheet. (e) Mortality inputs are shown as multipliers of the 2012 Individual Annuity Mortality Basic table. (f) The non-performance risk adjustment (NPA) applied as a spread over risk-free curve for discounting. (g) The partial withdrawal utilization unobservable input range shown applies only to policies with guaranteed minimum withdrawal benefit riders that are accounted for as an embedded derivative. The total embedded derivative liability at June 30, 2021 and December 31, 2020 was approximately $ 860 million and $ 726 million, respectively. The remaining guaranteed minimum riders on the index annuities are valued under the accounting guidance for certain nontraditional long-duration contracts.
Investments in certain entities carried at fair value using net asset value per share	June 30, 2021 December 31, 2020 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 $ 2,217 $ 1,796 $ 1,752 $ 1,960 Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 946 542 908 445 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 235 214 167 171 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 844 140 703 55 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 460 421 400 155 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 878 476 683 365 Total private equity funds 5,580 3,589 4,613 3,151 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 436 - 411 - Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 344 - 361 - Macro Investments that take long and short positions in financial instruments based on a top-down view of certain economic and capital market conditions 673 - 807 - 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 345 - 301 1 Total hedge funds 1,798 - 1,880 1 Total $ 7,378 $ 3,589 $ 6,493 $ 3,152
Gains or losses related to the eligible instruments for which AIG elected the fair value option	Gain (Loss) Three Months Ended June 30, Gain (Loss) Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Assets: Bond and equity securities $ 96 $ 374 $ ( 3) $ 314 Alternative investments (a) 428 ( 26) 845 ( 165) Liabilities: Long-term debt (b) ( 38) ( 18) 33 ( 221) Total gain (loss) $ 486 $ 330 $ 875 $ ( 72) (a) Includes certain hedge funds, private equity funds and other investment partnerships. (b) Includes guaranteed investment agreements (GIAs), notes, bonds and mortgages payable.
Difference between fair values and aggregate contractual principal amounts, fair value option	June 30, 2021 December 31, 2020 Outstanding Outstanding (in millions) Fair Value Principal Amount Difference Fair Value Principal Amount Difference Liabilities: Long-term debt * $ 1,974 $ 1,401 $ 573 $ 2,097 $ 1,479 $ 618 * Includes GIAs, notes, bonds, loans and mortgages payable.
Fair value assets measured on nonrecurring basis and impairment charges	Assets at Fair Value Impairment Charges Non-Recurring Basis Three Months Ended June 30, Six Months Ended June 30, (in millions) Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 June 30, 2021 Other investments $ - $ - $ 89 $ 89 $ - $ 37 $ 6 $ 48 Other assets - - - - - - - 12 Total $ - $ - $ 89 $ 89 $ - $ 37 $ 6 $ 60 December 31, 2020 Other investments $ - $ - $ 376 $ 376 Other assets - - 28 28 Total $ - $ - $ 404 $ 404
Carrying values and estimated fair values of AIG's financial instruments	Estimated Fair Value Carrying (in millions) Level 1 Level 2 Level 3 Total Value June 30, 2021 Assets: Mortgage and other loans receivable $ - $ 89 $ 47,619 $ 47,708 $ 45,216 Other invested assets - 844 6 850 850 Short-term investments - 9,646 - 9,646 9,646 Cash 2,760 - - 2,760 2,760 Other assets 229 13 - 242 242 Liabilities: Policyholder contract deposits associated with investment-type contracts - 189 143,620 143,809 132,367 Fortitude Re funds withheld payable - - 36,086 36,086 36,086 Other liabilities - 3,692 - 3,692 3,692 Long-term debt - 27,506 346 27,852 24,187 Debt of consolidated investment entities - 2,359 7,251 9,610 9,566 Separate account liabilities - investment contracts - 102,392 - 102,392 102,392 December 31, 2020 Assets: Mortgage and other loans receivable $ - $ 95 $ 48,541 $ 48,636 $ 45,562 Other invested assets - 837 6 843 843 Short-term investments - 12,235 - 12,235 12,235 Cash 2,827 - - 2,827 2,827 Other assets 209 14 - 223 223 Liabilities: Policyholder contract deposits associated with investment-type contracts - 214 144,357 144,571 130,435 Fortitude Re funds withheld payable - - 37,018 37,018 37,018 Other liabilities - 3,695 - 3,695 3,695 Long-term debt - 30,310 365 30,675 26,006 Debt of consolidated investment entities - 1,746 7,965 9,711 9,431 Separate account liabilities - investment contracts - 95,610 - 95,610 95,610

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2021
Investments [Line Items]
Amortized cost or cost and fair value of available for sale securities	Allowance Gross Gross Amortized for Credit Unrealized Unrealized Fair (in millions) Cost Losses (a) Gains Losses Value June 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 4,205 $ - $ 317 $ ( 21) $ 4,501 Obligations of states, municipalities and political subdivisions 13,261 - 1,931 ( 13) 15,179 Non-U.S. governments 15,356 ( 2) 836 ( 169) 16,021 Corporate debt 160,673 ( 84) 15,965 ( 1,001) 175,553 Mortgage-backed, asset-backed and collateralized: RMBS 25,995 ( 11) 2,713 ( 113) 28,584 CMBS 14,710 - 797 ( 43) 15,464 CDO/ABS 17,420 - 403 ( 55) 17,768 Total mortgage-backed, asset-backed and collateralized 58,125 ( 11) 3,913 ( 211) 61,816 Total bonds available for sale (b) $ 251,620 $ ( 97) $ 22,962 $ ( 1,415) $ 273,070 December 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 3,640 $ - $ 503 $ ( 17) $ 4,126 Obligations of states, municipalities and political subdivisions 13,915 - 2,216 ( 7) 16,124 Non-U.S. governments 14,231 ( 4) 1,181 ( 63) 15,345 Corporate debt 150,111 ( 164) 19,905 ( 554) 169,298 Mortgage-backed, asset-backed and collateralized: RMBS 28,551 ( 16) 3,000 ( 70) 31,465 CMBS 15,182 ( 1) 1,023 ( 71) 16,133 CDO/ABS 18,707 ( 1) 425 ( 126) 19,005 Total mortgage-backed, asset-backed and collateralized 62,440 ( 18) 4,448 ( 267) 66,603 Total bonds available for sale (b) $ 244,337 $ ( 186) $ 28,253 $ ( 908) $ 271,496 (a) Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains and losses and are not recognized in other comprehensive income. (b) At June 30, 2021 and December 31, 2020, bonds available for sale held by us that were below investment grade or not rated totaled $ 27.9 billion and $ 28.2 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 June 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,610 $ 21 $ 1 $ - $ 1,611 $ 21 Obligations of states, municipalities and political subdivisions 464 10 87 3 551 13 Non-U.S. governments 3,528 80 460 84 3,988 164 Corporate debt 22,682 715 4,413 211 27,095 926 RMBS 3,594 71 869 37 4,463 108 CMBS 1,474 27 304 16 1,778 43 CDO/ABS 3,541 36 937 19 4,478 55 Total bonds available for sale $ 36,893 $ 960 $ 7,071 $ 370 $ 43,964 $ 1,330 December 31, 2020 Bonds available for sale: U.S. government and government sponsored entities $ 649 $ 17 $ - $ - $ 649 $ 17 Obligations of states, municipalities and political subdivisions 267 4 78 3 345 7 Non-U.S. governments 1,287 28 262 33 1,549 61 Corporate debt 11,715 348 1,283 81 12,998 429 RMBS 3,486 40 282 18 3,768 58 CMBS 1,644 58 346 12 1,990 70 CDO/ABS 5,456 81 3,063 45 8,519 126 Total bonds available for sale $ 24,504 $ 576 $ 5,314 $ 192 $ 29,818 $ 768
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 June 30, 2021 Due in one year or less $ 8,599 $ 8,659 Due after one year through five years 44,357 46,029 Due after five years through ten years 45,309 48,668 Due after ten years 95,144 107,898 Mortgage-backed, asset-backed and collateralized 58,114 61,816 Total $ 251,523 $ 273,070
Gross realized gains and gross realized losses from sales or maturities of available for sale securities	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Gross Gross Gross Gross Gross Gross Gross Gross Realized Realized Realized Realized Realized Realized Realized Realized (in millions) Gains Losses Gains Losses Gains Losses Gains Losses Fixed maturity securities $ 290 $ 155 $ 541 $ 392 $ 750 $ 226 $ 921 $ 558
Value of other securities measured at fair value based on election of the fair value option	June 30, 2021 December 31, 2020 Fair Percent Fair Percent (in millions) Value of Total Value of Total Fixed maturity securities: U.S. government and government sponsored entities $ 1,778 30 % $ 1,845 29 % Corporate debt 12 - 12 - Mortgage-backed, asset-backed and collateralized: RMBS 334 6 429 7 CMBS 300 5 320 5 CDO/ABS and other collateralized 2,442 41 2,685 42 Total mortgage-backed, asset-backed and collateralized 3,076 52 3,434 54 Total fixed maturity securities 4,866 82 5,291 83 Equity securities 1,079 18 1,056 17 Total $ 5,945 100 % $ 6,347 100 %
Carrying amounts values of other invested assets	June 30, December 31, (in millions) 2021 2020 Alternative investments (a) (b) $ 10,453 $ 9,572 Investment real estate (c) 7,921 7,930 All other investments (d) 1,765 1,558 Total $ 20,139 $ 19,060 (a) At June 30, 2021, included hedge funds of $ 2.0 billion, private equity funds of $ 8.2 billion and affordable housing partnerships of $ 196 million. At December 31, 2020, included hedge funds of $ 2.3 billion, private equity funds of $ 7.0 billion and affordable housing partnerships of $ 257 million. (b) At June 30, 2021, approximately 59 percent of our hedge fund portfolio is available for redemption in 2021. The remaining 41 percent will be available for redemption between 2022 and 2027. (c) Net of accumulated depreciation of $ 797 million and $ 756 million at June 30, 2021 and December 31, 2020, respectively. (d) Includes AIG’s 3.5 percent ownership interest in Fortitude Holdings which is recorded using the measurement alternative for equity securities and is carried at cost, which was $ 100 million as of June 30, 2021 and December 31, 2020.
Components of net investment income	Three Months Ended June 30, 2021 2020 Excluding Fortitude Fortitude Re Excluding Fortitude Fortitude Re Re Funds Funds Withheld Re Funds Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Available for sale fixed maturity securities, including short-term investments $ 2,130 $ 361 $ 2,491 $ 2,502 $ 86 $ 2,588 Other fixed maturity securities (a) 93 6 99 371 3 374 Equity securities ( 13) - ( 13) 56 - 56 Interest on mortgage and other loans 446 57 503 485 13 498 Alternative investments (b) 579 92 671 ( 87) 14 ( 73) Real estate 57 - 57 61 - 61 Other investments (c) ( 19) 1 ( 18) 1 - 1 Total investment income 3,273 517 3,790 3,389 116 3,505 Investment expenses 105 10 115 139 - 139 Net investment income $ 3,168 $ 507 $ 3,675 $ 3,250 $ 116 $ 3,366 Six Months Ended June 30, 2021 2020 Excluding Fortitude Fortitude Re Excluding Fortitude Fortitude Re Re Funds Funds Withheld Re Funds Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Available for sale fixed maturity securities, including short-term investments $ 4,308 $ 738 $ 5,046 $ 5,111 $ 86 $ 5,197 Other fixed maturity securities (a) ( 9) 6 ( 3) 311 3 314 Equity securities 9 - 9 ( 135) - ( 135) Interest on mortgage and other loans 860 104 964 998 13 1,011 Alternative investments (b) 1,151 161 1,312 ( 146) 14 ( 132) Real estate 116 - 116 120 - 120 Other investments (c) 121 2 123 ( 214) - ( 214) Total investment income 6,556 1,011 7,567 6,045 116 6,161 Investment expenses 217 18 235 287 - 287 Net investment income $ 6,339 $ 993 $ 7,332 $ 5,758 $ 116 $ 5,874 (a) Included in the three- and six-month periods ended June 30, 2021 were income of $ 35 million and losses of $ 46 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and six-month periods ended June 30, 2020 were income of $ 29 million and $ 198 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. (b) Included income from hedge funds, private equity funds and affordable housing partnerships. Hedge funds are recorded as of the balance sheet date. Private equity funds are generally reported on a one-quarter lag. (c) Included in the three- and six-month periods ended June 30, 2021 were losses of $ 40 million and income of $ 43 million, respectively, related to liabilities measured at fair value that are economically hedged with fixed maturity securities as described in (a) above. Included in the three- and six-month periods ended June 30, 2020 were losses of $ 13 million and $ 215 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 gains (losses)	Three Months Ended June 30, 2021 2020 Excluding Fortitude Re Excluding Fortitude Re Fortitude Re Funds Fortitude Re Funds Funds Withheld Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Sales of fixed maturity securities $ 40 $ 95 $ 135 $ 27 $ 122 $ 149 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 10 4 14 ( 24) ( 7) ( 31) Change in allowance for credit losses on loans 67 8 75 ( 22) 4 ( 18) Foreign exchange transactions 139 9 148 44 3 47 Variable annuity embedded derivatives, net of related hedges ( 53) - ( 53) ( 1,010) - ( 1,010) All other derivatives and hedge accounting ( 336) 60 ( 276) ( 568) ( 26) ( 594) Other 90 ( 3) 87 ( 35) - ( 35) Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative ( 43) 173 130 ( 1,591) 96 ( 1,495) Net realized losses on Fortitude Re funds withheld embedded derivative - ( 2,056) ( 2,056) - ( 837) ( 837) Net realized losses $ ( 43) $ ( 1,883) $ ( 1,926) $ ( 1,591) $ ( 741) $ ( 2,332) Six Months Ended June 30, 2021 2020 Excluding Fortitude Re Excluding Fortitude Re Fortitude Re Funds Fortitude Re Funds Funds Withheld Funds Withheld (in millions) Withheld Assets Assets Total Withheld Assets Assets Total Sales of fixed maturity securities $ 134 $ 390 $ 524 $ 241 $ 122 $ 363 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 61 6 67 ( 222) ( 7) ( 229) Change in allowance for credit losses on loans 108 3 111 ( 60) 4 ( 56) Foreign exchange transactions 90 3 93 ( 210) 3 ( 207) Variable annuity embedded derivatives, net of related hedges 36 - 36 1,182 - 1,182 All other derivatives and hedge accounting 15 ( 57) ( 42) 991 ( 26) 965 Other 208 1 209 9 - 9 Net realized gains – excluding Fortitude Re funds withheld embedded derivative 652 346 998 1,928 96 2,024 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative - 326 326 - ( 837) ( 837) Net realized gains (losses) $ 652 $ 672 $ 1,324 $ 1,928 $ ( 741) $ 1,187
Schedule of increase (decrease) in unrealized appreciation (depreciation) of available for sale securities and other investments	The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ 5,851 $ 13,957 $ ( 5,798) $ 3,502 Other investments ( 5) - ( 5) - Total increase (decrease) in unrealized appreciation (depreciation) of investments $ 5,846 $ 13,957 $ ( 5,803) $ 3,502 The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date: Three Months Ended June 30, 2021 2020 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ ( 13) $ 543 $ 530 $ 56 $ ( 71) $ ( 15) Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 179) ( 9) ( 188) 5 13 18 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 166 $ 552 $ 718 $ 51 $ ( 84) $ ( 33) Six Months Ended June 30, 2021 2020 Other Other Invested Invested (in millions) Equities Assets Total Equities Assets Total Net gains (losses) recognized during the period on equity securities and other investments $ 9 $ 1,013 $ 1,022 $ ( 135) $ ( 200) $ ( 335) Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 200) 15 ( 185) 17 15 32 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 209 $ 998 $ 1,207 $ ( 152) $ ( 215) $ ( 367)
Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category	Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period $ 14 $ 108 $ 122 $ 17 $ 169 $ 186 Additions: Securities for which allowance for credit losses were not previously recorded 6 15 21 8 28 36 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets - - - - - - Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets - - - - - - Reductions: Securities sold during the period ( 2) ( 3) ( 5) ( 3) ( 7) ( 10) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis ( 8) ( 27) ( 35) ( 12) ( 91) ( 103) Write-offs charged against the allowance - ( 6) ( 6) - ( 12) ( 12) Balance, end of period $ 10 $ 87 $ 97 $ 10 $ 87 $ 97 Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period* $ 37 $ 174 $ 211 $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 11 90 101 35 264 299 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets 20 - 20 26 - 26 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets 1 - 1 1 - 1 Reductions: Securities sold during the period ( 1) ( 5) ( 6) ( 1) ( 5) ( 6) Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis ( 31) ( 33) ( 64) ( 31) ( 33) ( 64) Write-offs charged against the allowance - ( 65) ( 65) - ( 65) ( 65) Balance, end of period $ 37 $ 161 $ 198 $ 37 $ 161 $ 198 * The beginning balance incorporates the Day 1 gross up on purchased credit deteriorated (PCD) assets held as of January 1, 2020.
Schedule of fair value of securities pledged to counterparties under secured financing transactions	(in millions) June 30, 2021 December 31, 2020 Fixed maturity securities available for sale $ 3,700 $ 3,636
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 June 30, 2021 Bonds available for sale: Non-U.S. governments $ 49 $ 10 $ - $ - $ - $ 59 Corporate debt 150 89 - - - 239 Total $ 199 $ 99 $ - $ - $ - $ 298 December 31, 2020 Bonds available for sale: Non-U.S. governments $ 63 $ - $ - $ - $ - $ 63 Corporate debt 96 97 - - - 193 Total $ 159 $ 97 $ - $ - $ - $ 256 Remaining Contractual Maturity of the Agreements (in millions) Overnight and Continuous up to 30 days 31 - 90 days 91 - 364 days 365 days or greater Total June 30, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 69 $ - $ - $ 69 Non-U.S. governments - - 5 24 - 29 Corporate debt - 566 1,382 1,356 - 3,304 Total $ - $ 566 $ 1,456 $ 1,380 $ - $ 3,402 December 31, 2020 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 103 $ - $ - $ 103 Non-U.S. governments - - - - - - Corporate debt - 982 2,295 - - 3,277 Total $ - $ 982 $ 2,398 $ - $ - $ 3,380
Schedule of fair value of securities pledged to the entity under reverse repurchase agreements	(in millions) June 30, 2021 December 31, 2020 Securities collateral pledged to us $ 2,018 $ 5,359

LENDING ACTIVITIES (Tables)

LENDING ACTIVITIES (Tables)	6 Months Ended
LENDING ACTIVITIES (Tables)	Jun. 30, 2021
LENDING ACTIVITIES
Composition of Mortgages and other loans receivable	June 30, December 31, (in millions) 2021 2020 Commercial mortgages (a) $ 36,415 $ 36,424 Residential mortgages 3,993 4,645 Life insurance policy loans 1,907 1,986 Commercial loans, other loans and notes receivable 3,602 3,321 Total mortgage and other loans receivable 45,917 46,376 Allowance for credit losses (b) ( 701) ( 814) Mortgage and other loans receivable, net $ 45,216 $ 45,562 (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 10 percent, respectively, at June 30, 2021 and 24 percent and 10 percent, respectively, at December 31, 2020). (b) Does not include allowance for credit losses of $ 81 million and $ 79 million, respectively, at June 30, 2021 and December 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	June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,220 $ 1,815 $ 5,404 $ 4,742 $ 3,794 $ 13,429 $ 30,404 1.00 - 1.20X 37 958 779 664 181 1,229 3,848 <1.00X - 28 - 976 88 1,071 2,163 Total commercial mortgages $ 1,257 $ 2,801 $ 6,183 $ 6,382 $ 4,063 $ 15,729 $ 36,415 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total >1.2X $ 1,914 $ 5,596 $ 5,649 $ 3,941 $ 4,592 $ 10,730 $ 32,422 1.00 - 1.20X 770 467 456 144 161 1,106 3,104 <1.00X 4 86 343 87 96 282 898 Total commercial mortgages $ 2,688 $ 6,149 $ 6,448 $ 4,172 $ 4,849 $ 12,118 $ 36,424 June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 585 $ 2,443 $ 3,820 $ 4,390 $ 2,638 $ 10,453 $ 24,329 65% to 75% 333 358 2,344 1,992 1,096 4,114 10,237 76% to 80% - - 19 - 65 428 512 Greater than 80% 339 - - - 264 734 1,337 Total commercial mortgages $ 1,257 $ 2,801 $ 6,183 $ 6,382 $ 4,063 $ 15,729 $ 36,415 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total Less than 65% $ 2,382 $ 3,755 $ 3,855 $ 2,565 $ 2,852 $ 8,145 $ 23,554 65% to 75% 274 2,330 2,363 1,306 1,200 2,551 10,024 76% to 80% 28 45 30 - 70 515 688 Greater than 80% 4 19 200 301 727 907 2,158 Total commercial mortgages $ 2,688 $ 6,149 $ 6,448 $ 4,172 $ 4,849 $ 12,118 $ 36,424 (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 June 30, 2021 and 2.2X at December 31, 2020. 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 58 percent at June 30, 2021 and was 60 percent at December 31, 2020. The loan-to-value ratios have been updated within the last three to nine 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 Total June 30, 2021 Credit Quality Performance Indicator: In good standing 662 $ 14,304 $ 10,426 $ 5,018 $ 3,747 $ 2,006 $ 461 $ 35,962 99 % Restructured (a) 9 - 141 49 - 137 - 327 1 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 3 - 69 57 - - - 126 - Total (b) 674 $ 14,304 $ 10,636 $ 5,124 $ 3,747 $ 2,143 $ 461 $ 36,415 100 % Allowance for credit losses $ 116 $ 256 $ 129 $ 46 $ 33 $ 7 $ 587 2 % December 31, 2020 Credit Quality Performance Indicator: In good standing 688 $ 13,969 $ 10,506 $ 5,144 $ 3,766 $ 2,064 $ 460 $ 35,909 99 % Restructured (a) 5 - 52 50 - 4 - 106 - 90 days or less delinquent 3 - 87 - - 114 - 201 - >90 days delinquent or in process of foreclosure 4 - 67 55 - 86 - 208 1 Total (b) 700 $ 13,969 $ 10,712 $ 5,249 $ 3,766 $ 2,268 $ 460 $ 36,424 100 % Allowance for credit losses $ 145 $ 267 $ 145 $ 53 $ 65 $ 10 $ 685 2 % (a) Loans that have been modified in troubled debt restructurings and are performing according to their restructured terms. For additional discussion of troubled debt restructurings see Note 7 to the Consolidated Financial Statements in the 2020 Annual Report. (b) Does not reflect allowance for credit losses. The following table presents credit quality performance indicators for residential mortgages by year of vintage: June 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO: 780 and greater $ 391 $ 800 $ 431 $ 162 $ 269 $ 668 $ 2,721 720 - 779 318 269 120 54 87 204 1,052 660 - 719 8 46 30 14 24 62 184 600 - 659 - 1 2 3 2 15 23 Less than 600 - - 1 1 2 9 13 Total residential mortgages $ 717 $ 1,116 $ 584 $ 234 $ 384 $ 958 $ 3,993 December 31, 2020 (in millions) 2020 2019 2018 2017 2016 Prior Total FICO: 780 and greater $ 522 $ 619 $ 283 $ 469 $ 539 $ 484 $ 2,916 720 - 779 478 349 103 155 180 156 1,421 660 - 719 19 61 28 42 51 58 259 600 - 659 1 5 6 7 4 12 35 Less than 600 - - 1 2 2 9 14 Total residential mortgages $ 1,020 $ 1,034 $ 421 $ 675 $ 776 $ 719 $ 4,645 * Fair Isaac Corporation (FICO) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated within the last twelve months.
Schedule of changes in the allowance for credit losses on Mortgage and other loans receivable	Three Months Ended June 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of period $ 662 $ 125 $ 787 $ 689 $ 98 $ 787 Loans charged off - - - ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 12) - ( 12) Addition to (release of) provision for loan losses ( 75) ( 11) ( 86) ( 10) 29 19 Allowance, end of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 Six Months Ended June 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of year $ 685 $ 129 $ 814 $ 336 $ 102 $ 438 Initial allowance upon CECL adoption - - - 311 7 318 Loans charged off - - - ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs - - - ( 12) - ( 12) Addition to (release of) provision for loan losses ( 98) ( 15) ( 113) 32 18 50 Allowance, end of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 (a) Does not include allowance for credit losses of $ 81 million and $ 58 million, respectively, at June 30, 2021 and 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

REINSURANCE (Tables)

REINSURANCE (Tables)	6 Months Ended
REINSURANCE (Tables)	Jun. 30, 2021
Effects of Reinsurance [Line Items]
Summary of the composition of pool of assets	June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair (in millions) Value Value Value Value Corresponding Accounting Policy Fixed maturity securities - available for sale (a) $ 34,165 $ 34,165 $ 36,047 $ 36,047 Fair value through other comprehensive income Fixed maturity securities - fair value option 179 179 200 200 Fair value through net investment income Commercial mortgage loans 3,706 3,978 3,679 4,010 Amortized cost Real estate investments 304 553 358 585 Amortized cost Private equity funds / hedge funds 1,356 1,356 1,168 1,168 Fair value through net investment income Policy loans 395 395 413 413 Amortized cost Short-term Investments 94 94 34 34 Fair value through net investment income Funds withheld investment assets 40,199 40,720 41,899 42,457 Derivative assets, net (b) 51 51 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 632 632 604 604 Amortized cost Total $ 40,882 $ 41,403 $ 42,502 $ 43,060 (a) The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $( 1.6) billion ($( 1.3) billion after-tax) for the six months ended June 30, 2021 and $ 1.0 billion ($ 812 million after-tax) during the post deconsolidation period (June 2, 2020 - December 31, 2020). (b) The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 308 million and $ 10 million, respectively, as of June 30, 2021. The derivative assets supporting the Fortitude Re funds withheld arrangements had a fair market value of $ 357 million as of December 31, 2020. These derivative assets and liabilities are fully collateralized either by cash or securities. (c) Primarily comprised of Cash and Accrued investment income.
Summary of the impact of funds withheld arrangements with Fortitude Re	Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 507 116 993 116 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 173 96 346 96 Net realized gains (losses) - Fortitude Re embedded derivatives ( 2,056) ( 837) 326 ( 837) Net realized gains (losses) on Fortitude Re funds withheld assets ( 1,883) ( 741) 672 ( 741) Income (loss) from continuing operations before income tax expense (benefit) ( 1,376) ( 625) 1,665 ( 625) Income tax expense (benefit) (b) ( 289) ( 131) 350 ( 131) Net income (loss) ( 1,087) ( 494) 1,315 ( 494) Change in unrealized appreciation (depreciation) of all other investments (b) 1,055 438 ( 1,285) 438 Comprehensive income (loss) $ ( 32) $ ( 56) $ 30 $ ( 56) (a) Effective in the second quarter of 2021, an amendment was made to the purchase agreement to finalize the post-closing purchase price adjustment for adverse reserve development and as a result, during the three months ended June 30, 2021, AIG recognized a $ 21 million benefit through Policyholder benefits and losses incurred. (b) The income tax expense (benefit) and the tax impact in AOCI was computed using AIG’s U.S. statutory tax rate of 21 percent.
Schedule of rollforward of allowance for credit losses	Three Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 291 $ 87 $ 378 $ 302 $ 60 $ 362 Addition to (release of) provision for expected credit losses and disputes, net ( 1) - ( 1) 6 1 7 Write-offs charged against the allowance for credit losses and disputes ( 3) - ( 3) ( 2) ( 1) ( 3) Other changes - - - ( 1) ( 1) ( 2) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Six Months Ended June 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of year $ 292 $ 83 $ 375 $ 111 $ 40 $ 151 Initial allowance upon CECL adoption - - - 202 22 224 Addition to (release of) provision for expected credit losses and disputes, net - 4 4 2 3 5 Write-offs charged against the allowance for credit losses and disputes ( 7) - ( 7) ( 5) ( 5) ( 10) Other changes 2 - 2 ( 5) ( 1) ( 6) Balance, end of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
VARIABLE INTEREST ENTITIES (Tables)	Jun. 30, 2021
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 Partnerships Other Total June 30, 2021 Assets: Bonds available for sale $ - $ 4,863 $ - $ - $ 4,863 Other bond securities - 2,081 - - 2,081 Equity securities 498 - - - 498 Mortgage and other loans receivable - 2,662 - - 2,662 Other invested assets Alternative investments (a) 3,243 - - - 3,243 Investment real estate 3,173 - 3,774 - 6,947 Short-term investments 89 139 - 20 248 Cash 122 - 261 - 383 Accrued investment income - 20 - - 20 Other assets 130 53 257 - 440 Other 25 - - 2 27 Total assets (b) $ 7,280 $ 9,818 $ 4,292 $ 22 $ 21,412 Liabilities: Debt of consolidated investment entities $ 2,374 $ 4,054 $ 2,514 $ - $ 8,942 Other (c) 168 241 187 9 605 Total liabilities $ 2,542 $ 4,295 $ 2,701 $ 9 $ 9,547 December 31, 2020 Assets: Bonds available for sale $ - $ 6,089 $ - $ - $ 6,089 Other bond securities - 2,367 - - 2,367 Equity securities 507 - - - 507 Mortgage and other loans receivable - 3,135 - - 3,135 Other invested assets Alternative investments (a) 2,689 - - - 2,689 Investment real estate 3,378 - 3,558 - 6,936 Short-term investments 365 1,534 - 27 1,926 Cash 129 - 203 - 332 Accrued investment income - 38 - - 38 Other assets 166 120 243 - 529 Other 3 - - 2 5 Total assets (b) $ 7,237 $ 13,283 $ 4,004 $ 29 $ 24,553 Liabilities: Debt of consolidated investment entities $ 2,559 $ 3,961 $ 2,287 $ 2 $ 8,809 Other (c) 180 187 187 10 564 Total liabilities $ 2,739 $ 4,148 $ 2,474 $ 12 $ 9,373 (a) Comprised primarily of investments in real estate joint ventures at June 30, 2021 and December 31, 2020. (b) The assets of each VIE can be used only to settle specific obligations of that VIE. (c) Comprised primarily of Other liabilities at June 30, 2021 and December 31, 2020. (d) At June 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $ 2.1 billion and $ 2.4 billion, respectively, of which commitments to external parties were $ 0.7 billion and $ 0.7 billion, respectively.
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 June 30, 2021 Real estate and investment entities (a) $ 355,969 $ 6,920 $ 3,629 (d) $ 10,549 Affordable housing partnerships 2,445 295 (c) 3 298 Other 1,710 209 480 (e) 689 Total $ 360,124 $ 7,424 $ 4,112 $ 11,536 December 31, 2020 Real estate and investment entities (a) $ 321,716 $ 6,420 $ 3,273 (d) $ 9,693 Affordable housing partnerships 2,801 368 (c) 4 372 Other 1,733 195 546 (e) 741 Total $ 326,250 $ 6,983 $ 3,823 $ 10,806 (a) Comprised primarily of hedge funds and private equity funds. (b) At June 30, 2021 and December 31, 2020, $ 7.2 billion and $ 6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) At June 30, 2021, primarily included alternative equity investments of $ 196 million and other loans receivables of $ 83 million. At December 31, 2020, primarily included alternative equity investments of $ 257 million and other loans receivables of $ 97 million. (d) These amounts represent our unfunded commitments to invest in private equity funds and hedge funds. (e) These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.

DERIVATIVES AND HEDGE ACCOUNT_2

DERIVATIVES AND HEDGE ACCOUNTING (Tables)	6 Months Ended
DERIVATIVES AND HEDGE ACCOUNTING (Tables)	Jun. 30, 2021
DERIVATIVES AND HEDGE ACCOUNTING
Notional amounts and fair values of derivative instruments	June 30, 2021 December 31, 2020 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 $ 877 $ 12 $ 445 $ 5 $ 815 $ 16 $ 356 $ 11 Foreign exchange contracts 7,557 430 3,613 239 3,468 256 7,424 379 Derivatives not designated as hedging instruments: (a) Interest rate contracts 48,284 3,666 42,669 3,875 62,259 4,621 48,732 4,425 Foreign exchange contracts 12,423 727 6,125 508 9,518 766 12,860 711 Equity contracts 24,456 731 6,736 72 22,924 1,130 7,076 223 Commodity contracts 193 6 583 - - - - - Credit contracts (b) 4,742 1 955 63 5,797 2 969 67 Other contracts (c) 42,502 13 54 3 43,441 14 54 6 Total derivatives, gross $ 141,034 $ 5,586 $ 61,180 $ 4,765 $ 148,222 $ 6,805 $ 77,471 $ 5,822 Counterparty netting (d) ( 2,833) ( 2,833) ( 3,812) ( 3,812) Cash collateral (e) ( 1,721) ( 1,201) ( 2,219) ( 1,441) Total derivatives on Condensed Consolidated Balance Sheets (f) $ 1,032 $ 731 $ 774 $ 569 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of June 30, 2021 and December 31, 2020, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 117 million and $ 137 million (fair value liability of $ 43 million and $ 44 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 Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was zero at both June 30, 2021 and December 31, 2020. Fair value of liabilities related to bifurcated embedded derivatives was $ 14.3 billion and $ 15.8 billion, respectively, at June 30, 2021 and December 31, 2020. 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, and the funds withheld arrangement with Fortitude Re. For additional information see Note 7 to the Condensed Consolidated Financial Statements .
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 Income for: Hedging Excluded Hedged (in millions) Derivatives (a) Components (b) Items Net Impact Three Months Ended June 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 3) $ - $ 1 $ ( 2) Net investment income ( 1) - - ( 1) Foreign exchange contracts: Net realized gains/(losses) ( 36) 107 36 107 Three Months Ended June 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 1 $ - $ ( 3) $ ( 2) Net investment income ( 4) - 3 ( 1) Foreign exchange contracts: Net realized gains/(losses) ( 132) ( 76) 132 ( 76) Six Months Ended June 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 7) $ - $ 7 $ - Net investment income 7 - ( 7) - Foreign exchange contracts: Net realized gains/(losses) ( 4) 78 4 78 Six Months Ended June 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 18 $ - $ ( 20) $ ( 2) Net investment income ( 7) - 6 ( 1) Foreign exchange contracts: Net realized gains/(losses) 173 205 ( 173) 205 (a) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness. (b) Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in earnings on a mark-to-market basis.
Effect of AIG's derivative instruments not designated as hedging instruments in the Consolidated Statements of Income	Gains (Losses) Recognized in Income Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 By Derivative Type: Interest rate contracts $ 856 $ ( 7) $ ( 689) $ 2,566 Foreign exchange contracts 48 ( 124) ( 39) 901 Equity contracts ( 32) ( 471) ( 551) 632 Commodity contracts 1 - 1 - Credit contracts ( 4) ( 66) ( 9) 56 Other contracts 17 16 32 26 Embedded derivatives ( 3,242) ( 1,774) 1,597 ( 2,826) Total $ ( 2,356) $ ( 2,426) $ 342 $ 1,355 By Classification: Policy fees $ 15 $ 15 $ 30 $ 30 Net investment income 7 ( 1) ( 5) ( 3) Net realized gains (losses) - excluding Fortitude Re funds withheld assets ( 388) ( 1,579) 52 2,173 Net realized gains (losses) on Fortitude Re funds withheld assets (a) ( 1,996) ( 863) 269 ( 863) Policyholder benefits and claims incurred 6 2 ( 4) 18 Total $ ( 2,356) $ ( 2,426) $ 342 $ 1,355 (a) Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

INSURANCE LIABILITIES (Tables)

INSURANCE LIABILITIES (Tables)	6 Months Ended
INSURANCE LIABILITIES (Tables)	Jun. 30, 2021
Claims Development [Line Items]
Schedule of reconciliation of activity in the liability for unpaid claims and claims adjustment expense	The following table presents the rollforward of activity in Loss Reserves: Three Months Ended Six Months Ended June 30, June 30, (in millions) 2021 2020 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,832 $ 77,747 $ 77,720 $ 78,328 Reinsurance recoverable ( 35,271) ( 31,114) ( 34,431) ( 31,069) Initial allowance upon CECL adoption - - - 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of period 43,561 46,633 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 3,870 4,248 7,795 8,359 Prior years, excluding discount and amortization of deferred gain ( 29) ( 25) ( 13) ( 26) Prior years, discount charge (benefit) 34 34 16 110 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 22) ( 76) ( 94) ( 151) Total losses and loss adjustment expenses incurred 3,853 4,181 7,704 8,292 Losses and loss adjustment expenses paid: Current year ( 895) ( 910) ( 1,223) ( 1,252) Prior years ( 2,620) ( 3,790) ( 6,204) ( 8,141) Total losses and loss adjustment expenses paid ( 3,515) ( 4,700) ( 7,427) ( 9,393) Other changes: Foreign exchange effect 113 ( 39) 357 ( 269) Allowance for credit losses - - - - Retroactive reinsurance adjustment (net of discount) (b) 103 138 192 160 Fortitude sale (c) - ( 3,818) - ( 3,818) Total other changes 216 ( 3,719) 549 ( 3,927) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 44,115 42,395 44,115 42,395 Reinsurance recoverable 34,866 35,458 34,866 35,458 Total $ 78,981 $ 77,853 $ 78,981 $ 77,853 (a) Includes $ 1 million and $ 11 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 June 30, 2021 and 2020, respectively, and $ 18 million and $ 19 million for the six-month periods ended June 30, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 17 million and $( 14) million for the three-month periods ended June 30, 2021 and 2020, respectively, and $ 56 million and $ 58 million for the six-month periods ended June 30, 2021 and 2020, respectively. (c) On June 2, 2020, AIG completed the Majority Interest Fortitude Sale. Concurrent with the Majority Interest Fortitude Sale, AIG established a reinsurance recoverable. Refer to Note 1 for additional information.
Schedule of components of the loss reserve discount	June 30, 2021 December 31, 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off (b) Total Insurance Run-Off (b) Total U.S. workers' compensation $ 1,646 $ - $ 1,646 $ 1,636 $ - $ 1,636 Retroactive reinsurance ( 855) - ( 855) ( 911) - ( 911) Total reserve discount (a) $ 791 $ - $ 791 $ 725 $ - $ 725 (a) Excludes $ 159 million and $ 151 million of discount related to certain long tail liabilities in the UK at June 30, 2021 and December 31, 2020, respectively. (b) Excludes $ 508 million and $ 493 million, respectively, of discount which was 100 percent ceded to Fortitude Re at June 30, 2021 and December 31, 2020. On June 2, 2020, we completed the Majority Interest Fortitude Sale. For additional information see Note 1 to the Condensed Consolidated Financial Statements. The following table presents the net loss reserve discount benefit (charge):
Schedule of loss reserve discount and loss reserve discount benefit (charge)	Three Months Ended June 30, 2021 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off Total Insurance Run-Off (d) Total Current accident year $ 12 $ - $ 12 $ 18 $ - $ 18 Accretion and other adjustments to prior year discount ( 34) - ( 34) ( 25) ( 9) ( 34) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 22) - ( 22) ( 7) ( 9) ( 16) Change in discount on loss reserves ceded under retroactive reinsurance 17 - 17 ( 14) - ( 14) Net change in total reserve discount (b) $ ( 5) $ - $ ( 5) $ ( 21) $ ( 9) $ ( 30) Six Months Ended June 30, 2021 2020 North North America Other America Other Commercial Operations Commercial Operations (in millions) Insurance Run-Off Total Insurance Run-Off (d) Total Current accident year $ 26 $ - $ 26 $ 38 $ - $ 38 Accretion and other adjustments to prior year discount ( 16) - ( 16) ( 92) ( 18) ( 110) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) 10 - 10 ( 54) ( 18) ( 72) Change in discount on loss reserves ceded under retroactive reinsurance 56 - 56 58 - 58 Net change in total reserve discount (c) $ 66 $ - $ 66 $ 4 $ ( 18) $ ( 14) (a) For the three- and six-month periods ended June 30, 2021 and June 30, 2020, the changes in net reserve discount benefit (charge) were primarily driven by accretion and changes to nominal reserves. (b) Excludes $ 2 million and $( 6) million discount related to certain long tail liabilities in the UK for the three-month periods ended June 30, 2021 and 2020, respectively. (c) Excludes $ 9 million and $( 8) million discount related to certain long tail liabilities in the UK for the six-month periods ended June 30, 2021 and 2020, respectively. (d) On June 2, 2020, we completed the Majority Interest Fortitude Sale. Refer to Note 1 for additional information. Change in discount prior to the sale is included in the above for the three- and six-month periods ended June 30, 2020. Following the sale, 100 percent of the discount is ceded to Fortitude Re.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
EQUITY (Tables)	Jun. 30, 2021
Class of Stock [Line Items]
Rollforward of common stock outstanding	Six Months Ended June 30, 2021 Common Treasury Common Stock Stock Issued Stock Outstanding Shares, beginning of year 1,906,671,492 ( 1,045,113,443) 861,558,049 Shares issued - 6,015,808 6,015,808 Shares repurchased - ( 12,645,927) ( 12,645,927) Shares, end of period 1,906,671,492 ( 1,051,743,562) 854,927,930
Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per common share on AIG Common Stock in the six months ended June 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Common Share May 6, 2021 June 15, 2021 June 29, 2021 $ 0.32 February 16, 2021 March 16, 2021 March 30, 2021 0.32 May 4, 2020 June 15, 2020 June 29, 2020 $ 0.32 February 12, 2020 March 16, 2020 March 30, 2020 0.32
Repurchases Of Common Stock and Warrant	The following table presents repurchases of AIG Common Stock: Six Months Ended June 30, (in millions) 2021 2020 Aggregate repurchases of common stock $ 592 $ 500 Total number of common shares repurchased 13 12 Aggregate repurchases of warrants $ - $ - Total number of warrants repurchased - -
Accumulated Other Comprehensive Income (Loss)	Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2021, net of tax $ ( 62) $ 9,894 $ ( 2,142) $ ( 1,231) $ 7 $ 6,466 Change in unrealized appreciation of investments 10 5,836 - - - 5,846 Change in deferred policy acquisition costs adjustment and other ( 2) ( 691) - - - ( 693) Change in future policy benefits - ( 378) - - - ( 378) Change in foreign currency translation adjustments - - 25 - - 25 Change in net actuarial loss - - - 12 - 12 Change in prior service cost - - - 2 - 2 Change in deferred tax liability ( 4) ( 1,057) ( 11) - - ( 1,072) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income 4 3,710 14 14 - 3,742 Noncontrolling interests - ( 1) - - - ( 1) Balance, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Balance, December 31, 2020, net of tax $ ( 95) $ 17,093 $ ( 2,267) $ ( 1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 51 ( 5,854) - - - ( 5,803) Change in deferred policy acquisition costs adjustment and other ( 4) 702 - - - 698 Change in future policy benefits - 767 - - - 767 Change in foreign currency translation adjustments - - 195 - - 195 Change in net actuarial loss - - - 11 - 11 Change in prior service cost - - - 4 - 4 Change in deferred tax asset (liability) ( 10) 896 ( 56) ( 4) - 826 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) 37 ( 3,489) 139 11 ( 1) ( 3,303) Noncontrolling interests - ( 1) - - - ( 1) Balance, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Balance, March 31, 2020, net of tax $ ( 359) $ 3,190 $ ( 2,706) $ ( 1,129) $ 10 $ ( 994) Change in unrealized appreciation of investments 171 13,786 - - - 13,957 Change in deferred policy acquisition costs adjustment and other ( 11) ( 1,736) - - - ( 1,747) Change in future policy benefits - 662 - - - 662 Change in foreign currency translation adjustments - - ( 59) - - ( 59) Change in net actuarial loss - - - 12 - 12 Change in prior service cost - - - - - - Change in deferred tax liability ( 34) ( 2,630) ( 2) ( 3) - ( 2,669) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 2) ( 2) Total other comprehensive income (loss) 126 10,082 ( 61) 9 ( 2) 10,154 Noncontrolling interests - ( 9) - - - ( 9) Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169 Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments ( 313) 3,815 - - - 3,502 Change in deferred policy acquisition costs adjustment and other 19 ( 359) - - - ( 340) Change in future policy benefits - 2,334 - - - 2,334 Change in foreign currency translation adjustments - - ( 128) - - ( 128) Change in net actuarial loss - - - 16 - 16 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 61 ( 1,250) ( 18) ( 13) - ( 1,220) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) ( 233) 4,540 ( 146) 2 1 4,164 Noncontrolling interests - ( 19) ( 4) - - ( 23) Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169
Other comprehensive income (loss) reclassification adjustments	Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2021 Unrealized change arising during period $ 4 $ 4,906 $ 25 $ 3 $ - $ 4,938 Less: Reclassification adjustments included in net income ( 4) 139 - ( 11) - 124 Total other comprehensive income, before income tax expense 8 4,767 25 14 - 4,814 Less: Income tax expense 4 1,057 11 - - 1,072 Total other comprehensive income, net of income tax expense $ 4 $ 3,710 $ 14 $ 14 $ - $ 3,742 Six Months Ended June 30, 2021 Unrealized change arising during period $ 41 $ ( 3,855) $ 195 $ ( 8) $ ( 1) $ ( 3,628) Less: Reclassification adjustments included in net income ( 6) 530 - ( 23) - 501 Total other comprehensive income (loss), before income tax expense (benefit) 47 ( 4,385) 195 15 ( 1) ( 4,129) Less: Income tax expense (benefit) 10 ( 896) 56 4 - ( 826) Total other comprehensive income (loss), net of income tax expense (benefit) $ 37 $ ( 3,489) $ 139 $ 11 $ ( 1) $ ( 3,303) Fair Value of Unrealized Appreciation Unrealized Liabilities Under (Depreciation) of Fixed Appreciation Foreign Retirement Fair Value Option Maturity Securities on (Depreciation) Currency Plan Attributable to Which Allowance for of All Other Translation Liabilities Changes in (in millions) Credit Losses Was Taken Investments Adjustments Adjustment Own Credit Risk Total Three Months Ended June 30, 2020 Unrealized change arising during period $ 157 $ 12,864 $ ( 59) $ 1 $ ( 2) $ 12,961 Less: Reclassification adjustments included in net income ( 3) 152 - ( 11) - 138 Total other comprehensive income (loss), before income tax expense 160 12,712 ( 59) 12 ( 2) 12,823 Less: Income tax expense 34 2,630 2 3 - 2,669 Total other comprehensive income (loss), net of income tax expense $ 126 $ 10,082 $ ( 61) $ 9 $ ( 2) $ 10,154 Six Months Ended June 30, 2020 Unrealized change arising during period $ ( 297) $ 6,156 $ ( 128) $ ( 6) $ 1 $ 5,726 Less: Reclassification adjustments included in net income ( 3) 366 - ( 21) - 342 Total other comprehensive income (loss), before income tax expense (benefit) ( 294) 5,790 ( 128) 15 1 5,384 Less: Income tax expense (benefit) ( 61) 1,250 18 13 - 1,220 Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 233) $ 4,540 $ ( 146) $ 2 $ 1 $ 4,164
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 AOCI Affected Line Item in the Three Months Ended June 30, Condensed Consolidated (in millions) 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ ( 4) $ ( 3) Net realized gains Total ( 4) ( 3) Unrealized appreciation (depreciation) of all other investments Investments 139 152 Net realized gains Total 139 152 Change in retirement plan liabilities adjustment Prior-service credit ( 1) ( 1) * Actuarial losses ( 10) ( 10) * Total ( 11) ( 11) Total reclassifications for the period $ 124 $ 138 Amount Reclassified from AOCI Affected Line Item in the Six Months Ended June 30, Condensed Consolidated (in millions) 2021 2020 Statements of Income (Loss) Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken Investments $ ( 6) $ ( 3) Net realized gains Total ( 6) ( 3) Unrealized appreciation (depreciation) of all other investments Investments 530 366 Net realized gains Total 530 366 Change in retirement plan liabilities adjustment Prior-service credit ( 2) ( 1) * Actuarial losses ( 21) ( 20) * Total ( 23) ( 21) Total reclassifications for the period $ 501 $ 342 * These AOCI components are included in the computation of net periodic pension cost. For additional information see Note 14 to the Condensed Consolidated Financial Statements.
Preferred Stock
Class of Stock [Line Items]
Dividends Paid	Dividends Paid Declaration Date Record Date Payment Date Per Preferred Share Per Depositary Share May 6, 2021 May 31, 2021 June 15, 2021 $ 365.625 $ 0.365625 February 16, 2021 February 26, 2021 March 15, 2021 365.625 0.365625 May 4, 2020 May 29, 2020 June 15, 2020 $ 365.625 $ 0.365625 February 12, 2020 February 28, 2020 March 16, 2020 365.625 0.365625

EARNINGS PER COMMON SHARE (EP_2

EARNINGS PER COMMON SHARE (EPS) (Tables)	6 Months Ended
EARNINGS PER COMMON SHARE (EPS) (Tables)	Jun. 30, 2021
EARNINGS PER COMMON SHARE (EPS)
Computation of basic and diluted EPS	Three Months Ended Six Months Ended June 30, June 30, (dollars in millions, except per common share data) 2021 2020 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 150 $ ( 7,765) $ 4,080 $ ( 6,111) Less: Net income from continuing operations attributable to noncontrolling interests 51 162 105 67 Less: Preferred stock dividends 8 8 15 15 Income (loss) attributable to AIG common shareholders from continuing operations 91 ( 7,935) 3,960 ( 6,193) Loss from discontinued operations, net of income tax expense - ( 1) - ( 1) Net income (loss) attributable to AIG common shareholders $ 91 $ ( 7,936) $ 3,960 $ ( 6,194) Denominator for EPS: Weighted average common shares outstanding — basic 862,930,931 866,968,305 865,508,343 870,590,968 Dilutive common shares 9,946,372 - 9,057,937 - Weighted average common shares outstanding — diluted (a)(b) 872,877,303 866,968,305 874,566,280 870,590,968 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 0.11 $ ( 9.15) $ 4.58 $ ( 7.11) Income (loss) from discontinued operations $ - $ - $ - $ - Income (loss) attributable to AIG common shareholders $ 0.11 $ ( 9.15) $ 4.58 $ ( 7.11) Diluted: Income (loss) from continuing operations $ 0.11 $ ( 9.15) $ 4.53 $ ( 7.11) Income (loss) from discontinued operations $ - $ - $ - $ - Income (loss) attributable to AIG common shareholders $ 0.11 $ ( 9.15) $ 4.53 $ ( 7.11) (a) For the three- and six-month periods ended June 30, 2020, because we reported net losses attributable to AIG common shareholders, all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The number of common shares excluded from the calculation was 3,226,882 shares and 3,939,732 shares, respectively, for the three- and six-month periods ended June 30, 2020. (b) Dilutive common shares include 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, which expired in January 2021. The number of common shares excluded from diluted shares outstanding was 5.5 million and 7.4 million for the three- and six-month periods ended June 30, 2021, respectively, and 68.6 million and 67.9 million for the three- and six-month periods ended June 30, 2020, respectively, because the effect of including those common shares in the calculation would have been anti-dilutive.

EMPLOYEE BENEFITS (Tables)

EMPLOYEE BENEFITS (Tables)	6 Months Ended
EMPLOYEE BENEFITS (Tables)	Jun. 30, 2021
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 June 30, 2021 Components of net periodic benefit cost: Service cost $ 1 $ 6 $ 7 Interest cost 23 2 25 Expected return on assets ( 61) ( 5) ( 66) Amortization of prior service cost - 1 1 Amortization of net loss 8 1 9 Net periodic benefit cost (credit) $ ( 29) $ 5 $ ( 24) Three Months Ended June 30, 2020 Components of net periodic benefit cost: Service cost $ 2 $ 5 $ 7 Interest cost 33 2 35 Expected return on assets ( 59) ( 5) ( 64) Amortization of prior service cost - 1 1 Amortization of net loss 8 2 10 Net periodic benefit cost (credit) $ ( 16) $ 5 $ ( 11) Six Months Ended June 30, 2021 Components of net periodic benefit cost: Service cost $ 2 $ 11 $ 13 Interest cost 45 5 50 Expected return on assets ( 122) ( 11) ( 133) Amortization of prior service cost - 2 2 Amortization of net loss 17 3 20 Net periodic benefit cost (credit) $ ( 58) $ 10 $ ( 48) Six Months Ended June 30, 2020 Components of net periodic benefit cost: Service cost $ 3 $ 10 $ 13 Interest cost 67 5 72 Expected return on assets ( 119) ( 10) ( 129) Amortization of prior service cost - 1 1 Amortization of net loss 16 4 20 Net periodic benefit cost (credit) $ ( 33) $ 10 $ ( 23)

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions	Jul. 16, 2021USD ($)item	Jul. 14, 2021USD ($)	Jun. 02, 2020USD ($)	May 26, 2020USD ($)	Sep. 30, 2021item	Jun. 30, 2021USD ($)item$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item$ / shares	Jun. 30, 2020USD ($)	Dec. 31, 2026USD ($)	Dec. 31, 2020$ / shares	Nov. 13, 2018
Basis of Presentation [Line Items]
Common stock, par value (in dollars per share) \| $ / shares						$ 2.50		$ 2.50			$ 2.5
Net income (loss) on sale of divested businesses						$ (1)	$ (8,412)	$ 6	$ (8,628)
Unrealized gains (losses) in earnings - net								1,267	1,704
Insurance reserves								4,889	2,033
Net cash provided by (used in) operating activities								2,810	(239)
Policyholder contract deposits								13,172	9,912
Policyholder contract withdrawals								11,214	8,505
Net cash provided by (used in) financing activities								(1,300)	3,704
Repayment of debt								1,839	513
Gains (losses) on extinguishment of debt						(106)	$ 0	(98)	(17)
Certain Notes and Debentures
Basis of Presentation [Line Items]
Redeemed aggregate principal amount						254
Repayment of debt						359
Write off of unamortized debt issuance costs						4
Gains (losses) on extinguishment of debt						109
Subsequent event \| Affordable housing partnerships
Basis of Presentation [Line Items]
Total consideration		$ 5,100
Life and Retirement Retail Mutual Funds [Member]
Basis of Presentation [Line Items]
Assets under management						7,100		$ 7,100
Number of funds managed \| item								18
Life and Retirement Retail Mutual Funds [Member] \| Subsequent event
Basis of Presentation [Line Items]
Number of funds managed \| item	6
Life and Retirement Retail Mutual Funds [Member] \| Disposal Group \| Subsequent event
Basis of Presentation [Line Items]
Assets under management	$ 6,800
Number of funds managed \| item	12
Prior period reclassification adjustment
Basis of Presentation [Line Items]
Unrealized gains (losses) in earnings - net									(1,740)
Insurance reserves									176
Net cash provided by (used in) operating activities									(1,564)
Policyholder contract deposits									1,502
Policyholder contract withdrawals									62
Net cash provided by (used in) financing activities									1,564
Life and retirement subsidiaries \| Subsequent event
Basis of Presentation [Line Items]
Voting interest in subsidiary, percent		9.90%
Total consideration		$ 2,200
Assets under management		50,000
Assets under management, incremental increase amount		$ 8,500
Percent of ownership interest permitted to be sold after first anniversary		25.00%
Percent of ownership interest permitted to be sold after second anniversary		67.00%
Percent of ownership interest permitted to be sold after third anniversary		75.00%
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]
Total consideration			$ 2,200
Consideration in cash			1,800
Contingent consideration receivable						95		$ 95
Contingent consideration receivable, maximum			500
Benefit recorded related to purchase price adjustment						21
Decrease to stockholders' equity related to disposal			4,300
After tax loss on disposal			(6,700)
AOCI adjustment related to release of shadow adjustments			2,400
Write off of prepaid insurance			(2,700)
Gain (loss) on disposal related to mark to market adjustments			(4,000)
Maximum borrowing capacity						600		600
Fortitude Holdings \| General insurance subsidiaries
Basis of Presentation [Line Items]
Consideration contributed to subsidiaries			700
Fortitude Holdings \| Life and retirement subsidiaries
Basis of Presentation [Line Items]
Consideration contributed to subsidiaries			135
Fortitude Holdings \| Legacy life and retirement run-off lines
Basis of Presentation [Line Items]
Cession of reserves						30,100		30,100
Fortitude Holdings \| Legacy general insurance run-off lines
Basis of Presentation [Line Items]
Cession of reserves						$ 4,000		$ 4,000
Fortitude Holdings \| TC Group Cayman
Basis of Presentation [Line Items]
Voting interest in subsidiary, percent						19.90%		19.90%				19.90%
Contingent consideration receivable						$ 115		$ 115
Contingent consideration received				$ 79.6
Additional contingent consideration receivable						$ 19.9		$ 19.9
Fortitude Holdings \| Carlyle FRL and T&D
Basis of Presentation [Line Items]
Purchase price adjustment			383
Blackboard U.S. Holdings, Inc
Basis of Presentation [Line Items]
Net income (loss) on sale of divested businesses									$ (210)
AIG's Interest In US Affordable Housing Portfolio \| BREIT \| Subsequent event
Basis of Presentation [Line Items]
Total consideration		$ 5,100
Forecast \| Life and retirement subsidiaries
Basis of Presentation [Line Items]
Assets under management										$ 92,500
Forecast \| SAFG
Basis of Presentation [Line Items]
Number of directors \| item					11
Forecast \| Blackstone \| SAFG
Basis of Presentation [Line Items]
Number of directors \| item					1
Minimum
Basis of Presentation [Line Items]
Number of countries in which the entity operates \| item						80		80
Maximum \| Fortitude Holdings
Basis of Presentation [Line Items]
Purchase price adjustment			$ 500

SEGMENT INFORMATION (Details -

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 10,681	$ 9,396	$ 25,135	$ 23,839
Adjusted Pre-tax Income (Loss)	147	(9,661)	4,875	(7,103)
AIG Consolidation and Elimination
Segment Reporting Information [Line Items]
Total Revenues	(125)	35	(305)	(106)
Adjusted Pre-tax Income (Loss)	(94)	53	(270)	(34)
Total
Segment Reporting Information [Line Items]
Total Revenues	12,126	11,558	22,888	22,685
Adjusted Pre-tax Income (Loss)	1,708	791	2,964	971
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	6,946	6,255	13,584	12,922
Adjusted Pre-tax Income (Loss)	1,194	175	2,039	676
General Insurance \| Reportable Segments \| North America
Segment Reporting Information [Line Items]
Total Revenues	2,685	2,474	5,073	5,205
Adjusted Pre-tax Income (Loss)	169	(439)	(33)	(542)
General Insurance \| Reportable Segments \| International
Segment Reporting Information [Line Items]
Total Revenues	3,530	3,263	7,008	6,611
Adjusted Pre-tax Income (Loss)	294	96	569	112
General Insurance \| Reportable Segments \| Net Investment Income
Segment Reporting Information [Line Items]
Total Revenues	731	518	1,503	1,106
Adjusted Pre-tax Income (Loss)	731	518	1,503	1,106
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	5,046	4,661	9,026	8,947
Adjusted Pre-tax Income (Loss)	1,124	895	2,065	1,496
Life and Retirement \| Reportable Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,519	1,331	2,996	2,699
Adjusted Pre-tax Income (Loss)	617	549	1,149	854
Life and Retirement \| Reportable Segments \| Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	820	712	1,626	1,406
Adjusted Pre-tax Income (Loss)	347	214	654	357
Life and Retirement \| Reportable Segments \| Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,295	1,219	2,628	2,419
Adjusted Pre-tax Income (Loss)	20	2	(20)	80
Life and Retirement \| Reportable Segments \| Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	1,412	1,399	1,776	2,423
Adjusted Pre-tax Income (Loss)	140	130	282	205
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	134	642	278	816
Adjusted Pre-tax Income (Loss)	(610)	(279)	(1,140)	(1,201)
Other Operations \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	259	607	583	922
Adjusted Pre-tax Income (Loss)	$ (516)	$ (332)	$ (870)	$ (1,167)

SEGMENT INFORMATION (Details _2

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment, reconciling items) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reconciling items to pre-tax income (loss):
Changes in fair value of equity securities	$ 486	$ 330	$ 875	$ (72)
Loss on extinguishment of debt	(106)	0	(98)	(17)
Net Investment Income	3,675	3,366	7,332	5,874
Net realized capital gains (losses) on embedded derivatives	(1,926)	(2,332)	1,324	1,187
Loss from divested businesses	(1)	(8,412)	6	(8,628)
Net loss reserve discount charge	(22)	(16)	10	(72)
Revenues	10,681	9,396	25,135	23,839
Amortization of DAC	915	754	2,219	2,616
Adjusted Pre-tax Income (Loss)	147	(9,661)	4,875	(7,103)
Excluding Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	3,168	3,250	6,339	5,758
Net realized capital gains (losses) on embedded derivatives	(43)	(1,591)	652	1,928
Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	507	116	993	116
Net realized capital gains (losses) on embedded derivatives	173	96	346	96
Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized capital gains (losses) on embedded derivatives	(2,056)	(837)	326	(837)
Total Revenues
Reconciling items to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	14	14	32	28
Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses)	0	0	0	0
Changes in fair value of equity securities	(13)	56	9	(135)
Other income (expense) - net	(2)	14	(8)	24
Loss on extinguishment of debt	0	0	0	0
Net realized gains (losses)	(68)	(1,621)	549	1,856
Loss from divested businesses	0	0	0	0
Non-operating litigation reserves and settlements	0	0	0	6
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	0	0	0	0
Net loss reserve discount charge	0	0	0	0
Integration and transaction costs associated with acquiring or divesting businesses	0	0	0	0
Restructuring and other costs	0	0	0	0
Non-recurring costs related to regulatory or accounting changes	0	0	0	0
Total Revenues \| Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	507	116	993	116
Net realized capital gains (losses) on embedded derivatives	173	96	346	96
Total Revenues \| Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized capital gains (losses) on embedded derivatives	(2,056)	(837)	326	(837)
Adjusted Pre-tax Income (Loss)
Reconciling items to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	13	16	35	9
Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses)	120	255	(83)	(283)
Changes in fair value of equity securities	(13)	56	9	(135)
Other income (expense) - net	0	0	0	0
Loss on extinguishment of debt	(106)	0	(98)	(17)
Net realized gains (losses)	(59)	(1,607)	568	1,887
Loss from divested businesses	(1)	(8,412)	6	(8,628)
Non-operating litigation reserves and settlements	0	0	0	6
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	65	33	84	41
Net loss reserve discount charge	(22)	(16)	10	(72)
Integration and transaction costs associated with acquiring or divesting businesses	(35)	(4)	(44)	(6)
Restructuring and other costs	(126)	(134)	(200)	(224)
Non-recurring costs related to regulatory or accounting changes	(21)	(14)	(41)	(27)
Adjusted Pre-tax Income (Loss) \| Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	507	116	993	116
Net realized capital gains (losses) on embedded derivatives	173	96	346	96
Adjusted Pre-tax Income (Loss) \| Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized capital gains (losses) on embedded derivatives	$ (2,056)	$ (837)	$ 326	$ (837)

SEGMENT INFORMATION (Details _3

SEGMENT INFORMATION (Details - Narrative)	6 Months Ended
SEGMENT INFORMATION (Details - Narrative)	Jun. 30, 2021segment
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

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details - Assets and Liabilities Measured at Fair Value on a Recurring Basis) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	[1]	$ 273,070	$ 271,496
Other bond securities	[1]	4,866	5,291
Equity securities	[1]	1,079	1,056
Other invested assets		9,580	8,422
Derivative Assets, Fair Value, Gross		5,586	6,805
Derivative assets, Counterparty netting		(2,833)	(3,812)
Derivative assets, Cash collateral		(1,721)	(2,219)
Derivative assets		1,032	774
Short-term investments		5,523	5,968
Separate account assets, at fair value		107,306	100,290
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,020	9,798
Derivative Liabilities, Fair Value, Gross		4,765	5,822
Derivative liabilities, Counterparty netting		(2,833)	(3,812)
Derivative liabilities, Cash collateral		(1,201)	(1,441)
Derivative liabilities		731	569
Fortitude Re funds withheld payable		41,403	43,060
Other liabilities		741	570
Long-term debt		1,974	2,097
Fair Value Using Net Asset Value Per Share or its equivalent		7,378	6,493
Level 1
Fair Value, Liabilities Measured on Recurring Basis
Fortitude Re funds withheld payable		0	0
Level 2
Fair Value, Liabilities Measured on Recurring Basis
Fortitude Re funds withheld payable		0	0
Level 3
Fair Value, Liabilities Measured on Recurring Basis
Fortitude Re funds withheld payable		36,086	37,018
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		273,070	271,496
Other bond securities		4,866	5,291
Equity securities		1,079	1,056
Other invested assets		2,202	1,929
Derivative assets, Counterparty netting		(2,833)	(3,812)
Derivative assets, Cash collateral		(1,721)	(2,219)
Derivative assets, Counterparty netting and cash collateral		(4,554)	(6,031)
Derivative assets		1,032	774
Short-term investments		5,523	5,968
Other assets		113	113
Separate account assets, at fair value		107,306	100,290
Fair value assets measured on recurring basis, total		395,191	386,917
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,020	9,798
Derivative liabilities, Counterparty netting		(2,833)	(3,812)
Derivative liabilities, Cash collateral		(1,201)	(1,441)
Derivative liabilities, Counterparty netting and cash collateral		(4,034)	(5,253)
Derivative liabilities		731	569
Fortitude Re funds withheld payable		5,317	6,042
Other liabilities		10	1
Long-term debt		1,974	2,097
Fair value liabilities measured on recurring basis, total		17,052	18,507
Recurring Basis \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		3,678	4,637
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3,880	4,436
Recurring Basis \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1,157	1,022
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		747	1,090
Recurring Basis \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		731	1,130
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		72	223
Recurring Basis \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		6
Recurring Basis \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		63	67
Recurring Basis \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		13	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3	6
Recurring Basis \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		4,501	4,126
Other bond securities		1,778	1,845
Recurring Basis \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		15,179	16,124
Recurring Basis \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		16,021	15,345
Other bond securities		0	0
Recurring Basis \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		175,553	169,298
Other bond securities		12	12
Recurring Basis \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		28,584	31,465
Other bond securities		334	429
Recurring Basis \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		15,464	16,133
Other bond securities		300	320
Recurring Basis \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		17,768	19,005
Other bond securities		2,442	2,685
Recurring Basis \| Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		55	101
Other bond securities		0	0
Equity securities		1,029	929
Other invested assets		0	0
Derivative Assets, Fair Value, Gross		7	9
Short-term investments		2,839	2,379
Other assets		0	0
Separate account assets, at fair value		103,402	96,560
Fair value assets measured on recurring basis, total		107,332	99,978
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		0	0
Derivative Liabilities, Fair Value, Gross		6	15
Fortitude Re funds withheld payable		0	0
Other liabilities		0	0
Long-term debt		0	0
Fair value liabilities measured on recurring basis, total		6	15
Recurring Basis \| Level 1 \| 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		2	1
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		7	9
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		4	14
Recurring Basis \| Level 1 \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		0
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		0	73
Other bond securities		0	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		55	28
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		246,808	244,506
Other bond securities		2,428	2,593
Equity securities		46	76
Other invested assets		103	102
Derivative Assets, Fair Value, Gross		5,195	6,580
Short-term investments		2,684	3,589
Other assets		0	0
Separate account assets, at fair value		3,904	3,730
Fair value assets measured on recurring basis, total		261,168	261,176
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		0	0
Derivative Liabilities, Fair Value, Gross		4,701	5,710
Fortitude Re funds withheld payable		0	0
Other liabilities		10	1
Long-term debt		1,974	2,097
Fair value liabilities measured on recurring basis, total		6,685	7,808
Recurring Basis \| Level 2 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		3,677	4,637
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3,878	4,435
Recurring Basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1,156	1,020
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		747	1,090
Recurring Basis \| Level 2 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		356	923
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		57	162
Recurring Basis \| Level 2 \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		6
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		19	23
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		4,501	4,053
Other bond securities		1,778	1,845
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		13,240	14,019
Recurring Basis \| Level 2 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		15,956	15,312
Other bond securities		0	0
Recurring Basis \| Level 2 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		172,780	166,949
Other bond securities		12	12
Recurring Basis \| Level 2 \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		17,499	19,771
Other bond securities		221	290
Recurring Basis \| Level 2 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		14,382	15,211
Other bond securities		254	273
Recurring Basis \| Level 2 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		8,450	9,191
Other bond securities		163	173
Recurring Basis \| Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		26,207	26,889
Other bond securities		2,438	2,698
Equity securities		4	51
Other invested assets		2,099	1,827
Derivative Assets, Fair Value, Gross		384	216
Short-term investments		0	0
Other assets		113	113
Separate account assets, at fair value		0	0
Fair value assets measured on recurring basis, total		31,245	31,794
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,020	9,798
Derivative Liabilities, Fair Value, Gross		58	97
Fortitude Re funds withheld payable		5,317	6,042
Other liabilities		0	0
Long-term debt		0	0
Fair value liabilities measured on recurring basis, total		14,395	15,937
Recurring Basis \| Level 3 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1	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	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		0	0
Recurring Basis \| Level 3 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		368	198
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		11	47
Recurring Basis \| Level 3 \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		0
Recurring Basis \| Level 3 \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		44	44
Recurring Basis \| Level 3 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		13	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3	6
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		1,939	2,105
Recurring Basis \| Level 3 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		10	5
Other bond securities		0	0
Recurring Basis \| Level 3 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		2,773	2,349
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		11,085	11,694
Other bond securities		113	139
Recurring Basis \| Level 3 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		1,082	922
Other bond securities		46	47
Recurring Basis \| Level 3 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		9,318	9,814
Other bond securities		$ 2,279	$ 2,512

[1]	See Note 8 for details of balances associated with variable interest entities.

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details - Changes in Level 3 Recurring Fair Value Measurements) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	$ 31,298	$ 29,070	$ 31,578	$ 30,958
Net Realized and Unrealized Gains (Losses) Included in Income, assets	335	449	673	344
Other Comprehensive Income (Loss), assets	168	1,720	(10)	(576)
Purchases, Sales, Issuances and Settlements, Net, assets	(931)	74	(1,483)	(745)
Gross Transfers In, assets	597	885	1,376	2,817
Gross Transfers Out, assets	(606)	(306)	(1,273)	(903)
Divested Businesses	0	(34)	0	(37)
Fair Value End of Period, assets	30,861	31,858	30,861	31,858
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	393	272	421	(60)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	1,672	1,672	1,497	(429)
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	10,917	7,935	15,721	6,808
Net realized and unrealized gains (losses) included in income, liabilities	3,332	1,980	(1,347)	2,994
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(243)	143	(408)	256
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	5	0	45	0
Divested Businesses	0	3,673	0	3,673
Fair Value End of Year, liabilities	14,011	13,731	14,011	13,731
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(2,369)	(151)	3,102	(1,075)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Policyholder contract deposits
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	7,617	8,153	9,798	6,910
Net realized and unrealized gains (losses) included in income, liabilities	1,363	1,060	(897)	2,231
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	40	20	119	92
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	9,020	9,233	9,020	9,233
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(1,018)	(825)	1,553	(1,709)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Derivative liabilities, net
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(187)	(218)	(119)	(102)
Net realized and unrealized gains (losses) included in income, liabilities	(87)	83	(124)	(74)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(57)	123	(128)	164
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	5	0	45	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	(326)	(12)	(326)	(12)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	101	11	46	(29)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	0	0	0	0
Net realized and unrealized gains (losses) included in income, liabilities	(2)	(1)	(2)	(1)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	1	1	1	1
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	(1)	0	(1)	0
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	1	0	2	1
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Foreign exchange contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	0	3	(2)	(6)
Net realized and unrealized gains (losses) included in income, liabilities	0	1	1	4
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(1)	(5)	0	1
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	(1)	(1)	(1)	(1)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(1)	0	(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	0	0	0
Equity contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(222)	(143)	(151)	(151)
Net realized and unrealized gains (losses) included in income, liabilities	(71)	36	(97)	10
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(69)	54	(154)	88
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	5	0	45	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	(357)	(53)	(357)	(53)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	85	(15)	13	(64)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Credit contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	44	(76)	42	62
Net realized and unrealized gains (losses) included in income, liabilities	2	64	7	(60)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(3)	57	(6)	43
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	43	45	43	45
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(1)	9	(1)	6
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Other contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(9)	(2)	(8)	(7)
Net realized and unrealized gains (losses) included in income, liabilities	(16)	(17)	(33)	(27)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	15	16	31	31
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Year, liabilities	(10)	(3)	(10)	(3)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	17	17	33	27
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Fortitude Re funds withheld payable
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	3,487	0	6,042	0
Net realized and unrealized gains (losses) included in income, liabilities	2,056	837	(326)	837
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(226)	0	(399)	0
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses	0	3,673	0	3,673
Fair Value End of Year, liabilities	5,317	4,510	5,317	4,510
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(1,452)	663	1,503	663
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, liabilities	0	0	0	0
Bonds available for sale
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	26,642	24,924	26,889	25,931
Net Realized and Unrealized Gains (Losses) Included in Income, assets	175	214	369	308
Other Comprehensive Income (Loss), assets	172	1,720	(3)	(577)
Purchases, Sales, Issuances and Settlements, Net, assets	(782)	59	(1,080)	71
Gross Transfers In, assets	596	860	1,294	2,641
Gross Transfers Out, assets	(596)	(305)	(1,262)	(902)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	26,207	27,472	26,207	27,472
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	1,672	1,672	1,497	(429)
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	1,896	2,102	2,105	2,121
Net Realized and Unrealized Gains (Losses) Included in Income, assets	5	0	8	5
Other Comprehensive Income (Loss), assets	128	254	(31)	199
Purchases, Sales, Issuances and Settlements, Net, assets	(65)	20	(118)	157
Gross Transfers In, assets	0	0	0	27
Gross Transfers Out, assets	(25)	(97)	(25)	(230)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	1,939	2,279	1,939	2,279
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	244	244	234	193
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	6	6	5	0
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0	0	0
Other Comprehensive Income (Loss), assets	(1)	0	(1)	0
Purchases, Sales, Issuances and Settlements, Net, assets	1	5	1	5
Gross Transfers In, assets	4	0	5	6
Gross Transfers Out, assets	0	(6)	0	(6)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	10	5	10	5
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	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	0	0	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	2,570	1,215	2,349	1,663
Net Realized and Unrealized Gains (Losses) Included in Income, assets	14	(1)	13	(68)
Other Comprehensive Income (Loss), assets	17	72	7	(9)
Purchases, Sales, Issuances and Settlements, Net, assets	31	113	208	120
Gross Transfers In, assets	208	519	395	622
Gross Transfers Out, assets	(67)	(18)	(199)	(428)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	2,773	1,900	2,773	1,900
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	50	50	(109)	21
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	11,464	11,687	11,694	13,408
Net Realized and Unrealized Gains (Losses) Included in Income, assets	150	208	317	340
Other Comprehensive Income (Loss), assets	(39)	947	25	(676)
Purchases, Sales, Issuances and Settlements, Net, assets	(460)	(171)	(891)	(394)
Gross Transfers In, assets	0	7	0	26
Gross Transfers Out, assets	(30)	0	(60)	(26)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	11,085	12,678	11,085	12,678
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	957	957	943	(548)
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	1,104	1,146	922	1,053
Net Realized and Unrealized Gains (Losses) Included in Income, assets	7	4	16	11
Other Comprehensive Income (Loss), assets	23	15	(33)	34
Purchases, Sales, Issuances and Settlements, Net, assets	85	(16)	258	28
Gross Transfers In, assets	0	0	56	23
Gross Transfers Out, assets	(137)	0	(137)	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	1,082	1,149	1,082	1,149
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	18	18	(38)	39
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	9,602	8,768	9,814	7,686
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(1)	3	15	20
Other Comprehensive Income (Loss), assets	44	432	30	(125)
Purchases, Sales, Issuances and Settlements, Net, assets	(374)	108	(538)	155
Gross Transfers In, assets	384	334	838	1,937
Gross Transfers Out, assets	(337)	(184)	(841)	(212)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	9,318	9,461	9,318	9,461
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	0	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	403	403	467	(134)
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	2,518	2,569	2,698	3,738
Net Realized and Unrealized Gains (Losses) Included in Income, assets	46	294	37	100
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(126)	(117)	(303)	(1,092)
Gross Transfers In, assets	0	0	6	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	2,438	2,746	2,438	2,746
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	271	272	173	(12)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	0
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	126	149	139	143
Net Realized and Unrealized Gains (Losses) Included in Income, assets	1	14	4	0
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(14)	5	(30)	25
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	113	168	113	168
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	12	13	(86)	(1)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	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	46	42	47	50
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	6	(1)	(1)
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	(1)	(6)	(2)
Gross Transfers In, assets	0	0	6	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	46	47	46	47
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	6	6	4	(2)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	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	2,346	2,378	2,512	3,545
Net Realized and Unrealized Gains (Losses) Included in Income, assets	45	274	34	101
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(112)	(121)	(267)	(1,115)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	2,279	2,531	2,279	2,531
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	253	253	255	(9)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	0
Equity securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	128	19	51	8
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0	11	(1)
Other Comprehensive Income (Loss), assets	(3)	0	0	1
Purchases, Sales, Issuances and Settlements, Net, assets	(112)	0	(123)	10
Gross Transfers In, assets	1	25	76	26
Gross Transfers Out, assets	(10)	(1)	(11)	(1)
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	4	43	4	43
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	3	0
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	0
Other invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	1,897	1,467	1,827	1,192
Net Realized and Unrealized Gains (Losses) Included in Income, assets	114	(59)	256	(63)
Other Comprehensive Income (Loss), assets	(1)	0	(7)	0
Purchases, Sales, Issuances and Settlements, Net, assets	89	78	23	207
Gross Transfers In, assets	0	0	0	150
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	0	0	0
Fair Value End of Period, assets	2,099	1,486	2,099	1,486
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	122	0	245	(48)
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	0	0	0
Other assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	113	91	113	89
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0	0	0
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	0	54	0	59
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses	0	(34)	0	(37)
Fair Value End of Period, assets	113	111	113	111
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	0	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	$ 0	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta_3

FAIR VALUE MEASUREMENTS (Details - Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
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	$ 335	$ 449	$ 673	$ 344
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	1,363	1,060	(897)	2,231
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	0	0
Policyholder contract deposits \| Net realized 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	1,363	1,060	(897)	2,231
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	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	(87)	83	(124)	(74)
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	0	0
Derivative liabilities, net \| Net realized 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	(72)	97	(95)	(46)
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	(15)	(14)	(29)	(28)
Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	2,056	837	(326)	837
Fortitude Re funds withheld payable \| 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	0	0
Fortitude Re funds withheld payable \| Net realized 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	2,056	837	(326)	837
Fortitude Re funds withheld payable \| 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	0	0
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	175	214	369	308
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	163	182	348	380
Bonds available for sale \| Net realized 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	12	32	21	(72)
Bonds available for sale \| Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	46	294	37	100
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	47	294	16	(168)
Other bond securities \| Net realized 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	21	268
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	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	0	0	11	(1)
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	11	0
Equity securities \| Net realized gains (losses)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	(1)
Equity securities \| Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	0	0	0	0
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains and losses related to Level 3 items, assets	114	(59)	256	(63)
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	99	(59)	241	(63)
Other invested assets \| Net realized 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	15	0	15	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	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Deta_4

FAIR VALUE MEASUREMENTS (Details - Gross components of purchases, sales, issuances and settlements) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (931,000,000)	$ 74,000,000	$ (1,483,000,000)	$ (745,000,000)
Issuances	0	0	0	0
Transfers into Level 3 at end of reporting period, net gains (losses) not included in realized and unrealized gains and losses related to Level 3 for the period	9,000,000	28,000,000	28,000,000	(128,000,000)
Transfers out Level 3 at end of reporting period, net gains (losses) included in realized and unrealized gains and losses related to Level 3 for the period.	1,000,000	24,000,000	(4,000,000)	(31,000,000)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(71,000,000)	(9,000,000)	(123,000,000)	(24,000,000)
Sales, liabilities	203,000,000	122,000,000	395,000,000	352,000,000
Issuances and Settlements, liabilities	(375,000,000)	30,000,000	(680,000,000)	(72,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	(243,000,000)	143,000,000	(408,000,000)	256,000,000
Policyholder contract deposits
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0	0	0
Sales, liabilities	202,000,000	122,000,000	393,000,000	344,000,000
Issuances and Settlements, liabilities	(162,000,000)	(102,000,000)	(274,000,000)	(252,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	40,000,000	20,000,000	119,000,000	92,000,000
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(71,000,000)	(9,000,000)	(123,000,000)	(24,000,000)
Sales, liabilities	1,000,000	0	2,000,000	8,000,000
Issuances and Settlements, liabilities	13,000,000	132,000,000	(7,000,000)	180,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	(57,000,000)	123,000,000	(128,000,000)	164,000,000
Fortitude Re funds withheld payable
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	0	0	0	0
Sales, liabilities	0	0	0	0
Issuances and Settlements, liabilities	(226,000,000)	0	(399,000,000)	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(226,000,000)	0	(399,000,000)	0
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,606,000,000	915,000,000	3,286,000,000	2,030,000,000
Sales, assets	(63,000,000)	(8,000,000)	(178,000,000)	(618,000,000)
Issuances and Settlements, assets	(2,474,000,000)	(833,000,000)	(4,591,000,000)	(2,157,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(931,000,000)	74,000,000	(1,483,000,000)	(745,000,000)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,411,000,000	770,000,000	2,893,000,000	1,641,000,000
Sales, assets	(51,000,000)	(8,000,000)	(121,000,000)	(39,000,000)
Issuances and Settlements, assets	(2,142,000,000)	(703,000,000)	(3,852,000,000)	(1,531,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(782,000,000)	59,000,000	(1,080,000,000)	71,000,000
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	3,000,000	22,000,000	11,000,000	167,000,000
Sales, assets	(23,000,000)	0	(43,000,000)	(2,000,000)
Issuances and Settlements, assets	(45,000,000)	(2,000,000)	(86,000,000)	(8,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(65,000,000)	20,000,000	(118,000,000)	157,000,000
Bonds available for sale \| Non-U.S. governments
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,000,000	5,000,000	1,000,000	5,000,000
Sales, assets	0	0	0	0
Issuances and Settlements, assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	1,000,000	5,000,000	1,000,000	5,000,000
Bonds available for sale \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	212,000,000	121,000,000	953,000,000	233,000,000
Sales, assets	(32,000,000)	0	(33,000,000)	(5,000,000)
Issuances and Settlements, assets	(149,000,000)	(8,000,000)	(712,000,000)	(108,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	31,000,000	113,000,000	208,000,000	120,000,000
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	318,000,000	365,000,000	482,000,000	701,000,000
Sales, assets	(115,000,000)	0	(115,000,000)	0
Issuances and Settlements, assets	(663,000,000)	(536,000,000)	(1,258,000,000)	(1,095,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(460,000,000)	(171,000,000)	(891,000,000)	(394,000,000)
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	97,000,000	1,000,000	290,000,000	54,000,000
Sales, assets	0	(5,000,000)	0	(7,000,000)
Issuances and Settlements, assets	(12,000,000)	(12,000,000)	(32,000,000)	(19,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	85,000,000	(16,000,000)	258,000,000	28,000,000
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	780,000,000	256,000,000	1,156,000,000	481,000,000
Sales, assets	119,000,000	(3,000,000)	70,000,000	(25,000,000)
Issuances and Settlements, assets	(1,273,000,000)	(145,000,000)	(1,764,000,000)	(301,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(374,000,000)	108,000,000	(538,000,000)	155,000,000
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,000,000	12,000,000	1,000,000	72,000,000
Sales, assets	(9,000,000)	0	(54,000,000)	(579,000,000)
Issuances and Settlements, assets	(118,000,000)	(129,000,000)	(250,000,000)	(585,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(126,000,000)	(117,000,000)	(303,000,000)	(1,092,000,000)
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,000,000	12,000,000	1,000,000	37,000,000
Sales, assets	(9,000,000)	0	(9,000,000)	0
Issuances and Settlements, assets	(6,000,000)	(7,000,000)	(22,000,000)	(12,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(14,000,000)	5,000,000	(30,000,000)	25,000,000
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	0	0	0
Sales, assets	0	0	(6,000,000)	0
Issuances and Settlements, assets	0	(1,000,000)	0	(2,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	0	(1,000,000)	(6,000,000)	(2,000,000)
Other bond securities \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	35,000,000
Sales, assets	0	0	(39,000,000)	(579,000,000)
Issuances and Settlements, assets	(112,000,000)	(121,000,000)	(228,000,000)	(571,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(112,000,000)	(121,000,000)	(267,000,000)	(1,115,000,000)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	10,000,000
Sales, assets	(3,000,000)	0	(3,000,000)	0
Issuances and Settlements, assets	(109,000,000)	0	(120,000,000)	0
Purchases, Sales, Issuances and Settlements, Net, assets	(112,000,000)	0	(123,000,000)	10,000,000
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	194,000,000	78,000,000	392,000,000	252,000,000
Sales, assets	0	0	0	0
Issuances and Settlements, assets	(105,000,000)	0	(369,000,000)	(45,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	89,000,000	78,000,000	23,000,000	207,000,000
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	55,000,000	0	55,000,000
Sales, assets	0	0	0	0
Issuances and Settlements, assets	0	(1,000,000)	0	4,000,000
Purchases, Sales, Issuances and Settlements, Net, assets	$ 0	$ 54,000,000	$ 0	$ 59,000,000

FAIR VALUE MEASUREMENTS (Deta_5

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Assets) $ in Millions	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Obligations of states, municipalities and political subdivisions \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0289	0.0282
Obligations of states, municipalities and political subdivisions \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0339	0.0339
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	0.0314	0.0311
Obligations of states, municipalities and political subdivisions \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,588	$ 1,670
Corporate debt \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0185	0.0213
Corporate debt \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.1719	0.0782
Corporate debt \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0764	0.0497
Corporate debt \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,939	$ 1,591
Residential mortgage-backed securities \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0157	0.0169
Residential mortgage-backed securities \| Minimum \| Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0475	0.0390
Residential mortgage-backed securities \| Minimum \| Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.2946	0.3008
Residential mortgage-backed securities \| Minimum \| Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0142	0.0145
Residential mortgage-backed securities \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0410	0.0425
Residential mortgage-backed securities \| Maximum \| Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.1706	0.1199
Residential mortgage-backed securities \| Maximum \| Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.7455	0.7849
Residential mortgage-backed securities \| Maximum \| Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0622	0.0619
Residential mortgage-backed securities \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0283	0.0297
Residential mortgage-backed securities \| Weighted-average \| Measurement Input Constant Prepayment Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.1090	0.0794
Residential mortgage-backed securities \| Weighted-average \| Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.5200	0.5429
Residential mortgage-backed securities \| Weighted-average \| Measurement Input Constant Default Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0382	0.0382
Residential mortgage-backed securities \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 10,393	$ 11,297
Certain CDO/ABS \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0151	0.0193
Certain CDO/ABS \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0453	0.0485
Certain CDO/ABS \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0302	0.0339
Certain CDO/ABS \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 8,011	$ 8,324
Commercial mortgage backed securities \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0090	0.0092
Commercial mortgage backed securities \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0542	0.0589
Commercial mortgage backed securities \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0316	0.0340
Commercial mortgage backed securities \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 579	$ 541

FAIR VALUE MEASUREMENTS (Deta_6

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Liabilities) $ in Millions	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Equity Volatility [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0655	0.0645
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0016	0.0016
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5000	0.5000
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3800	0.3800
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.9000	0.9000
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2000	0.2000
Variable annuity guaranteed minimum withdrawal benefits \| Minimum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0007	0.0006
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Equity Volatility [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5155	0.5085
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.1260	0.1260
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.4300	1.4300
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.4700	1.4700
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input Equity Interest Rate Correlation [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.4000	0.4000
Variable annuity guaranteed minimum withdrawal benefits \| Maximum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0138	0.0148
Variable annuity guaranteed minimum withdrawal benefits \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 2,484	$ 3,572
Index annuities including certain GMWB \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability	$ 860	$ 726
Index annuities including certain GMWB \| Minimum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.2400	0.2400
Index annuities including certain GMWB \| Minimum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.8000	0.8000
Index annuities including certain GMWB \| Minimum \| Measurement Input Lapse Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0038	0.0038
Index annuities including certain GMWB \| Minimum \| Measurement Input Options Budget [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Index annuities including certain GMWB \| Minimum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0007	0.0006
Index annuities including certain GMWB \| Maximum \| Measurement Input Mortality Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.8000	1.8000
Index annuities including certain GMWB \| Maximum \| Measurement Input Utilization Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
Index annuities including certain GMWB \| Maximum \| Measurement Input Lapse Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.5000	0.5000
Index annuities including certain GMWB \| Maximum \| Measurement Input Options Budget [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0400	0.0400
Index annuities including certain GMWB \| Maximum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0138	0.0148
Index annuities including certain GMWB \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 5,788	$ 5,538
Indexed Life \| Minimum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life \| Minimum \| Measurement Input Mortality Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0	0
Indexed Life \| Minimum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0007	0.0006
Indexed Life \| Maximum \| Measurement Input Base Lapse Rates [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.3797	0.3797
Indexed Life \| Maximum \| Measurement Input Mortality Rate [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1	1
Indexed Life \| Maximum \| Measurement Input, NPA [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.0138	0.0148
Indexed Life \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 701	$ 649

FAIR VALUE MEASUREMENTS (Deta_7

FAIR VALUE MEASUREMENTS (Details - Investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	$ 7,378	$ 6,493
Unfunded Commitments	3,589	3,152
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	5,580	4,613
Unfunded Commitments	$ 3,589	3,151
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	$ 2,217	1,752
Unfunded Commitments	1,796	1,960
Real assets
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value Using Net Asset Value Per Share or its equivalent	946	908
Unfunded Commitments	542	445
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	235	167
Unfunded Commitments	214	171
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	844	703
Unfunded Commitments	140	55
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	460	400
Unfunded Commitments	421	155
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	878	683
Unfunded Commitments	476	365
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	1,798	1,880
Unfunded Commitments	0	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	436	411
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	344	361
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	673	807
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	345	301
Unfunded Commitments	$ 0	$ 1

FAIR VALUE MEASUREMENTS (Deta_8

FAIR VALUE MEASUREMENTS (Details - Gains or losses recorded related to the eligible instruments for which we elected the fair value option) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 486	$ 330	$ 875	$ (72)
Bonds and equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	96	374	(3)	314
Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	428	(26)	845	(165)
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ (38)	$ (18)	$ 33	$ (221)

FAIR VALUE MEASUREMENTS (Deta_9

FAIR VALUE MEASUREMENTS (Details - Difference between fair values and the aggregate contractual principal amounts of mortgage and other loans receivable and long-term borrowings for which the fair value option was elected) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value		$ 1,974	$ 2,097
Long-term debt, Outstanding Principal Amount	[1]	26,161	28,103
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value		1,974	2,097
Long-term debt, Outstanding Principal Amount		1,401	1,479
Long-term debt, Difference		$ 573	$ 618

[1]	See Note 8 for details of balances associated with variable interest entities.

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 89		$ 89		$ 376
Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		28
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]
Fair Value	89		89		404
Impairment Charges	0	$ 37	6	$ 60
Fair value on a non-recurring basis \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	0	37	6	48
Fair value on a non-recurring basis \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	0	$ 0	0	$ 12
Fair value on a non-recurring basis \| Level 1 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 1 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 1 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 2 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 2 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 2 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	0		0		0
Fair value on a non-recurring basis \| Level 3 \| Fair Value Assets Impairment Charges Measured on Nonrecurring Basis [Domain]
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	89		89		404
Fair value on a non-recurring basis \| Level 3 \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	89		89		376
Fair value on a non-recurring basis \| Level 3 \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Fair Value	$ 0		$ 0		$ 28

FAIR VALUE MEASUREMENTS (Det_11

FAIR VALUE MEASUREMENTS (Details - Carrying values and estimated fair values of our financial instruments not measured at fair value) - USD ($) $ in Millions		Jun. 30, 2021		Dec. 31, 2020		Jun. 30, 2020
Assets:
Mortgage and other loans receivable	[1]	$ 45,216		$ 45,562
Short-term investments	[1]	15,169		18,203
Cash		2,760	[1]	2,827	[1]	$ 3,408
Other assets	[1]	13,267		13,122
Liabilities:
Fortitude Re funds withheld payable		41,403		43,060
Other liabilities	[1]	30,039		27,122
Long-term debt	[1]	26,161		28,103
Debt of consolidated investments
Liabilities:
Long-term debt	[1]	9,566		9,431
Carrying Value
Assets:
Mortgage and other loans receivable		45,216		45,562
Other invested assets		850		843
Short-term investments		9,646		12,235
Cash		2,760		2,827
Other assets		242		223
Liabilities:
Policyholder contract deposits associated with investment-type contracts		132,367		130,435
Fortitude Re funds withheld payable		36,086		37,018
Other liabilities		3,692		3,695
Separate account liabilities - investment contracts		102,392		95,610
Carrying Value \| American International Group, Inc.
Liabilities:
Long-term debt		24,187		26,006
Carrying Value \| Debt of consolidated investments
Liabilities:
Long-term debt		9,566		9,431
Total Fair Value
Assets:
Mortgage and other loans receivable		47,708		48,636
Other invested assets		850		843
Short-term investments		9,646		12,235
Cash		2,760		2,827
Other assets		242		223
Liabilities:
Policyholder contract deposits associated with investment-type contracts		143,809		144,571
Fortitude Re funds withheld payable		36,086		37,018
Other liabilities		3,692		3,695
Separate account liabilities - investment contracts		102,392		95,610
Total Fair Value \| American International Group, Inc.
Liabilities:
Long-term debt		27,852		30,675
Total Fair Value \| Debt of consolidated investments
Liabilities:
Long-term debt		9,610		9,711
Level 1
Assets:
Mortgage and other loans receivable		0		0
Other invested assets		0		0
Short-term investments		0		0
Cash		2,760		2,827
Other assets		229		209
Liabilities:
Policyholder contract deposits associated with investment-type contracts		0		0
Fortitude Re funds withheld payable		0		0
Other liabilities		0		0
Separate account liabilities - investment contracts		0		0
Level 1 \| American International Group, Inc.
Liabilities:
Long-term debt		0		0
Level 1 \| Debt of consolidated investments
Liabilities:
Long-term debt		0		0
Level 2
Assets:
Mortgage and other loans receivable		89		95
Other invested assets		844		837
Short-term investments		9,646		12,235
Cash		0		0
Other assets		13		14
Liabilities:
Policyholder contract deposits associated with investment-type contracts		189		214
Fortitude Re funds withheld payable		0		0
Other liabilities		3,692		3,695
Separate account liabilities - investment contracts		102,392		95,610
Level 2 \| American International Group, Inc.
Liabilities:
Long-term debt		27,506		30,310
Level 2 \| Debt of consolidated investments
Liabilities:
Long-term debt		2,359		1,746
Level 3
Assets:
Mortgage and other loans receivable		47,619		48,541
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		143,620		144,357
Fortitude Re funds withheld payable		36,086		37,018
Other liabilities		0		0
Separate account liabilities - investment contracts		0		0
Level 3 \| American International Group, Inc.
Liabilities:
Long-term debt		346		365
Level 3 \| Debt of consolidated investments
Liabilities:
Long-term debt		$ 7,251		$ 7,965

[1]	See Note 8 for details of balances associated with variable interest entities.

INVESTMENTS (Details - Amortize

INVESTMENTS (Details - Amortized cost or cost and fair value of available for sale securities) - USD ($) $ in Millions		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	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		$ 251,620		$ 244,337
Available for sale securities, Allowance for Credit Losses		(97)	$ (122)	(186)	$ (198)	$ (211)	$ (7)
Available for sale securities, Fair Value	[1]	273,070		271,496
Bonds available for sale
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance		251,620		244,337
Available for sale securities, Allowance for Credit Losses		(97)		(186)
Available for sale securities, Gross Unrealized Gains		22,962		28,253
Available for sale securities, Gross Unrealized Losses		(1,415)		(908)
Available for sale securities, Fair Value		273,070		271,496
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade		27,900		28,200
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		4,205		3,640
Available for sale securities, Allowance for Credit Losses		0		0
Available for sale securities, Gross Unrealized Gains		317		503
Available for sale securities, Gross Unrealized Losses		(21)		(17)
Available for sale securities, Fair Value		4,501		4,126
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		13,261		13,915
Available for sale securities, Allowance for Credit Losses		0		0
Available for sale securities, Gross Unrealized Gains		1,931		2,216
Available for sale securities, Gross Unrealized Losses		(13)		(7)
Available for sale securities, Fair Value		15,179		16,124
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		15,356		14,231
Available for sale securities, Allowance for Credit Losses		(2)		(4)
Available for sale securities, Gross Unrealized Gains		836		1,181
Available for sale securities, Gross Unrealized Losses		(169)		(63)
Available for sale securities, Fair Value		16,021		15,345
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		160,673		150,111
Available for sale securities, Allowance for Credit Losses		(84)		(164)
Available for sale securities, Gross Unrealized Gains		15,965		19,905
Available for sale securities, Gross Unrealized Losses		(1,001)		(554)
Available for sale securities, Fair Value		175,553		169,298
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		58,125		62,440
Available for sale securities, Allowance for Credit Losses		(11)		(18)
Available for sale securities, Gross Unrealized Gains		3,913		4,448
Available for sale securities, Gross Unrealized Losses		(211)		(267)
Available for sale securities, Fair Value		61,816		66,603
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		25,995		28,551
Available for sale securities, Allowance for Credit Losses		(11)		(16)
Available for sale securities, Gross Unrealized Gains		2,713		3,000
Available for sale securities, Gross Unrealized Losses		(113)		(70)
Available for sale securities, Fair Value		28,584		31,465
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		14,710		15,182
Available for sale securities, Allowance for Credit Losses		0		(1)
Available for sale securities, Gross Unrealized Gains		797		1,023
Available for sale securities, Gross Unrealized Losses		(43)		(71)
Available for sale securities, Fair Value		15,464		16,133
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		17,420		18,707
Available for sale securities, Allowance for Credit Losses		0		(1)
Available for sale securities, Gross Unrealized Gains		403		425
Available for sale securities, Gross Unrealized Losses		(55)		(126)
Available for sale securities, Fair Value		$ 17,768		$ 19,005

[1]	See Note 8 for details of balances associated with variable interest entities.

INVESTMENTS (Details - Securiti

INVESTMENTS (Details - Securities available for sale in a loss position) - Bonds available for sale $ in Millions	Jun. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 36,893	$ 24,504
Gross Unrealized Losses, Less than 12 Months	960	576
Fair Value, 12 Months or More	7,071	5,314
Gross Unrealized Losses, 12 Months or More	370	192
Fair Value, Total	43,964	29,818
Gross Unrealized Losses, Total	$ 1,330	$ 768
Number of securities in an unrealized loss position \| security	9,292	5,105
Number of individual securities in continuous unrealized loss position for longer than twelve months \| security	1,408	949
U.S. government and government sponsored entities
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 1,610	$ 649
Gross Unrealized Losses, Less than 12 Months	21	17
Fair Value, 12 Months or More	1	0
Gross Unrealized Losses, 12 Months or More	0	0
Fair Value, Total	1,611	649
Gross Unrealized Losses, Total	21	17
Obligations of states, municipalities and political subdivisions
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	464	267
Gross Unrealized Losses, Less than 12 Months	10	4
Fair Value, 12 Months or More	87	78
Gross Unrealized Losses, 12 Months or More	3	3
Fair Value, Total	551	345
Gross Unrealized Losses, Total	13	7
Non-U.S. governments
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	3,528	1,287
Gross Unrealized Losses, Less than 12 Months	80	28
Fair Value, 12 Months or More	460	262
Gross Unrealized Losses, 12 Months or More	84	33
Fair Value, Total	3,988	1,549
Gross Unrealized Losses, Total	164	61
Corporate debt
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	22,682	11,715
Gross Unrealized Losses, Less than 12 Months	715	348
Fair Value, 12 Months or More	4,413	1,283
Gross Unrealized Losses, 12 Months or More	211	81
Fair Value, Total	27,095	12,998
Gross Unrealized Losses, Total	926	429
Residential mortgage-backed securities (RMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	3,594	3,486
Gross Unrealized Losses, Less than 12 Months	71	40
Fair Value, 12 Months or More	869	282
Gross Unrealized Losses, 12 Months or More	37	18
Fair Value, Total	4,463	3,768
Gross Unrealized Losses, Total	108	58
Commercial mortgage-backed securities (CMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	1,474	1,644
Gross Unrealized Losses, Less than 12 Months	27	58
Fair Value, 12 Months or More	304	346
Gross Unrealized Losses, 12 Months or More	16	12
Fair Value, Total	1,778	1,990
Gross Unrealized Losses, Total	43	70
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	3,541	5,456
Gross Unrealized Losses, Less than 12 Months	36	81
Fair Value, 12 Months or More	937	3,063
Gross Unrealized Losses, 12 Months or More	19	45
Fair Value, Total	4,478	8,519
Gross Unrealized Losses, Total	$ 55	$ 126

INVESTMENTS (Details - Amorti_2

INVESTMENTS (Details - Amortized cost and fair value of fixed maturity securities available for sale by contractual maturity) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturity Securities Available for Sale, Fair Value, Total	[1]	$ 273,070	$ 271,496
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost Net of Allowance		8,599
Due after one year through five years, Amortized Cost Net of Allowance		44,357
Due after five years through ten years, Amortized Cost Net of Allowance		45,309
Due after ten years, Amortized Cost Net of Allowance		95,144
Mortgage-backed, asset-backed and collateralized, Amortized Cost Net of Allowance		58,114
Available for sale securities, Amortized Cost or Cost, Net of Allowance		251,523
Due in one year or less, Fair Value		8,659
Due after one year through five years, Fair Value		46,029
Due after five years through ten years, Fair Value		48,668
Due after ten years, Fair Value		107,898
Mortgage-backed, asset-backed and collateralized, Fair Value		61,816
Fixed Maturity Securities Available for Sale, Fair Value, Total		$ 273,070	$ 271,496

[1]	See Note 8 for details of balances associated with variable interest entities.

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Aggregate fair value of available for sale securities sold	$ 6,000	$ 6,700	$ 12,400	$ 13,900
Net realized capital gains (losses)	135	149	524	363
Fortitude
Schedule of Available-for-sale Securities [Line Items]
Net realized capital gains (losses)	95	122	390	122
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	290	541	750	921
Gross Realized Losses	$ 155	$ 392	$ 226	$ 558

INVESTMENTS (Details - Value of

INVESTMENTS (Details - Value of other securities measured at fair value based on election of the fair value option) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 5,945	$ 6,347
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	$ 4,866	$ 5,291
Other Securities, Percent of Total	82.00%	83.00%
Fixed maturity securities \| U.S. government and government sponsored entities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,778	$ 1,845
Other Securities, Percent of Total	30.00%	29.00%
Fixed maturity securities \| Corporate debt
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 12	$ 12
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	$ 3,076	$ 3,434
Other Securities, Percent of Total	52.00%	54.00%
Fixed maturity securities \| Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 334	$ 429
Other Securities, Percent of Total	6.00%	7.00%
Fixed maturity securities \| Commercial mortgage-backed securities (CMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 300	$ 320
Other Securities, Percent of Total	5.00%	5.00%
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	$ 2,442	$ 2,685
Other Securities, Percent of Total	41.00%	42.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,079	$ 1,056
Other Securities, Percent of Total	18.00%	17.00%

INVESTMENTS (Details - Carrying

INVESTMENTS (Details - Carrying amounts of other invested assets) - USD ($) $ in Millions		Jun. 02, 2020	Jun. 30, 2021	Dec. 31, 2027	Dec. 31, 2020
Investments [Line Items]
Other invested assets	[1]		$ 20,139		$ 19,060
Fortitude \| American International Group Inc [Member]
Investments [Line Items]
Percentage of common stock held after closing of transaction		3.50%
Alternative investments
Investments [Line Items]
Other invested assets			10,453		9,572
Investment real estate
Investments [Line Items]
Other invested assets			7,921		7,930
Net of accumulated depreciation on investment in real estate			797		756
All other investments
Investments [Line Items]
Other invested assets			1,765		1,558
All other investments \| Fortitude
Investments [Line Items]
Other invested assets			100		100
Hedge Funds
Investments [Line Items]
Other invested assets			$ 2,000		2,300
Hedge Fund Fair Value Redemption, Additional Percentage			59.00%	41.00%
Direct private equity
Investments [Line Items]
Other invested assets			$ 8,200		7,000
Affordable Housing Partnerships
Investments [Line Items]
Other invested assets			$ 196		$ 257

[1]	See Note 8 for details of balances associated with variable interest entities.

INVESTMENTS (Details - Componen

INVESTMENTS (Details - Components of Net investment income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Line Items]
Total investment income	$ 3,790	$ 3,505	$ 7,567	$ 6,161
Investment expenses	115	139	235	287
Net investment income	3,675	3,366	7,332	5,874
Fortitude
Net Investment Income [Line Items]
Total investment income	517	116	1,011	116
Investment expenses	10	0	18	0
Net investment income	507	116	993	116
Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	3,273	3,389	6,556	6,045
Investment expenses	105	139	217	287
Net investment income	3,168	3,250	6,339	5,758
Fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	2,491	2,588	5,046	5,197
Fixed maturity securities, including short-term investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	361	86	738	86
Fixed maturity securities, including short-term investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	2,130	2,502	4,308	5,111
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	99	374	(3)	314
Derivative Fair Value Hedge Included In Effectiveness Gain (Loss)	35	29	(46)	198
Other fixed maturity securities \| Fortitude
Net Investment Income [Line Items]
Total investment income	6	3	6	3
Other fixed maturity securities \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	93	371	(9)	311
Equity securities
Net Investment Income [Line Items]
Total investment income	(13)	56	9	(135)
Equity securities \| Fortitude
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Equity securities \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	(13)	56	9	(135)
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	503	498	964	1,011
Interest on mortgage and other loans \| Fortitude
Net Investment Income [Line Items]
Total investment income	57	13	104	13
Interest on mortgage and other loans \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	446	485	860	998
Alternative investments
Net Investment Income [Line Items]
Total investment income	671	(73)	1,312	(132)
Alternative investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	92	14	161	14
Alternative investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	579	(87)	1,151	(146)
Real estate
Net Investment Income [Line Items]
Total investment income	57	61	116	120
Real estate \| Fortitude
Net Investment Income [Line Items]
Total investment income	0	0	0	0
Real estate \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	57	61	116	120
Other investments
Net Investment Income [Line Items]
Total investment income	(18)	1	123	(214)
Derivative Fair Value Hedge Included In Effectiveness Gain (Loss)	(40)	(13)	43	(215)
Other investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	1	0	2	0
Other investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	$ (19)	$ 1	$ 121	$ (214)

INVESTMENTS (Details - Compon_2

INVESTMENTS (Details - Components of net realized gains (losses)) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (Loss) on Investments [Line Items]
Intent to sell	$ 0	$ (3)	$ 0	$ (3)
Change in allowance for credit losses on fixed maturity securities	14	(31)	67	(229)
Change in allowance for credit losses on loans	75	(18)	111	(56)
Foreign exchange transactions	148	47	93	(207)
Variable annuity embedded derivatives, net of related hedges	(53)	(1,010)	36	1,182
All other derivatives and hedge accounting	(276)	(594)	(42)	965
Other	87	(35)	209	9
Total net realized gains (losses)	(1,926)	(2,332)	1,324	1,187
Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Intent to sell	0	(3)	0	(3)
Change in allowance for credit losses on fixed maturity securities	10	(24)	61	(222)
Change in allowance for credit losses on loans	67	(22)	108	(60)
Foreign exchange transactions	139	44	90	(210)
Variable annuity embedded derivatives, net of related hedges	(53)	(1,010)	36	1,182
All other derivatives and hedge accounting	(336)	(568)	15	991
Other	90	(35)	208	9
Total net realized gains (losses)	(43)	(1,591)	652	1,928
Fortitude
Gain (Loss) on Investments [Line Items]
Intent to sell	0	0	0	0
Change in allowance for credit losses on fixed maturity securities	4	(7)	6	(7)
Change in allowance for credit losses on loans	8	4	3	4
Foreign exchange transactions	9	3	3	3
Variable annuity embedded derivatives, net of related hedges	0	0	0	0
All other derivatives and hedge accounting	60	(26)	(57)	(26)
Other	(3)	0	1	0
Total net realized gains (losses)	(1,883)	(741)	672	(741)
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	135	149	524	363
Fixed maturity securities \| Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Sales of securities	40	27	134	241
Fixed maturity securities \| Fortitude
Gain (Loss) on Investments [Line Items]
Sales of securities	95	122	390	122
Excluding modified coinsurance and funds withheld embedded derivative
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	130	(1,495)	998	2,024
Excluding modified coinsurance and funds withheld embedded derivative \| Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	(43)	(1,591)	652	1,928
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	173	96	346	96
Fortitude Re funds withheld embedded derivative
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	(2,056)	(837)	326	(837)
Fortitude Re funds withheld embedded derivative \| Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	0	0	0	0
Fortitude Re funds withheld embedded derivative \| Fortitude
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	$ (2,056)	$ (837)	$ 326	$ (837)

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains (losses) recognized during the period on equity securities	$ 530	$ (15)	$ 1,022	$ (335)
Less: Net gains (losses) recognized during the year on equity securities sold during the period	(188)	18	(185)	32
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	718	(33)	1,207	(367)
Change in unrealized appreciation (depreciation) of investments	5,846	13,957	(5,803)	3,502
Fixed maturity securities
Increase (decrease) in unrealized appreciation (depreciation) of investments
Change in unrealized appreciation (depreciation) of investments	5,851	13,957	(5,798)	3,502
Equity securities
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains (losses) recognized during the period on equity securities	(13)	56	9	(135)
Less: Net gains (losses) recognized during the year on equity securities sold during the period	(179)	5	(200)	17
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	166	51	209	(152)
Other invested assets
Increase (decrease) in unrealized appreciation (depreciation) of investments
Net gains (losses) recognized during the period on equity securities	543	(71)	1,013	(200)
Less: Net gains (losses) recognized during the year on equity securities sold during the period	(9)	13	15	15
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	552	(84)	998	(215)
Change in unrealized appreciation (depreciation) of investments	$ (5)	$ 0	$ (5)	$ 0

INVESTMENTS (Details - Rollforw

INVESTMENTS (Details - Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	$ 122	$ 211	$ 186	$ 7
Securities for which allowance for credit losses were not previously recorded	21	101	36	299
Purchases of available for sale debt securities accounted for as PCD assets	0	20	0	26
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets	0	1	0	1
Securities sold during the period	(5)	(6)	(10)	(6)
Additional net 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 intention to sell before recovery amortized cost basis	(35)	(64)	(103)	(64)
Write-offs charged against the allowance	(6)	(65)	(12)	(65)
Securities available for sale, balance, end of period	97	198	97	198
Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period			186
Structured
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	14	37		7
Securities for which allowance for credit losses were not previously recorded	6	11	8	35
Purchases of available for sale debt securities accounted for as PCD assets	0	20	0	26
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets	0	1	0	1
Securities sold during the period	(2)	(1)	(3)	(1)
Additional net 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 intention to sell before recovery amortized cost basis	(8)	(31)	(12)	(31)
Write-offs charged against the allowance	0	0	0	0
Securities available for sale, balance, end of period	10	37	10	37
Structured \| Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period			17
Non-structured
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	108	174		0
Securities for which allowance for credit losses were not previously recorded	15	90	28	264
Purchases of available for sale debt securities accounted for as PCD assets	0	0	0	0
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets	0	0	0	0
Securities sold during the period	(3)	(5)	(7)	(5)
Additional net 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 intention to sell before recovery amortized cost basis	(27)	(33)	(91)	(33)
Write-offs charged against the allowance	(6)	(65)	(12)	(65)
Securities available for sale, balance, end of period	$ 87	$ 161	87	$ 161
Non-structured \| Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period			$ 169

INVESTMENTS (Details - Pledged

INVESTMENTS (Details - Pledged investments) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Line Items]
Fair value of securities collateral pledged	$ 2,018	$ 5,359
Securities Lending Agreements, Fair Value of Collateral	3,402	3,380
Bonds available for sale and short-term investments held in escrow	533	494
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	11,400	11,200
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	566	982
31 to 90 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	1,456	2,398
91 to 364 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	1,380	0
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	5,600	5,700
Amount owned by subsidiaries	210	191
Residential loans pledged as collateral	891	1,200
Secured financing
Investments [Line Items]
Amounts Borrowed Under Repurchase and Securities Lending Agreements	3,700	3,700
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	298	256
Amounts Loaned under Reverse Repurchase Agreements	2,000	5,400
Secured financing \| Fixed Maturities [Member]
Investments [Line Items]
Fair value of fixed maturities securities available for sale	3,700	3,636
Secured financing \| Overnight and continuous
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	199	159
Secured financing \| Up to 30 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	99	97
Secured financing \| 31 to 90 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
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	69	103
Secured financing \| Bonds available for sale \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	59	63
Securities Lending Agreements, Fair Value of Collateral	29	0
Secured financing \| Bonds available for sale \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	239	193
Securities Lending Agreements, Fair Value of Collateral	3,304	3,277
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	49	63
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	150	96
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	0	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	10	0
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	89	97
Securities Lending Agreements, Fair Value of Collateral	566	982
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	69	103
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	5	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	0
Securities Lending Agreements, Fair Value of Collateral	1,382	2,295
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	24	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	1,356	0
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
GIAs
Investments [Line Items]
Fair value of other bond securities	$ 1,500	$ 1,500

LENDING ACTIVITIES (Details - C

LENDING ACTIVITIES (Details - Composition of mortgages and other loans receivable) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 45,917	$ 46,376
Allowance for credit losses		(701)	(814)	$ (787)	$ (794)	$ (787)	$ (438)
Mortgage and other loans receivable, net	[1]	45,216	45,562
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		36,415	36,424
Allowance for credit losses		(587)	(685)	$ (662)	(667)	$ (689)	$ (336)
Loans on nonacrrual status		241	238
Accrued interest receivable		129	129
Off-balance-sheet commitments		$ 81	$ 79		$ 58
Commercial mortgages \| Geographic Concentration Risk \| Total Assets \| California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area		10.00%	10.00%
Commercial mortgages \| Geographic Concentration Risk \| Total Assets \| New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of mortgage loans in geographic area		23.00%	24.00%
Residential mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 3,993	$ 4,645
Loans on nonacrrual status		19	14
Accrued interest receivable		10	14
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		1,907	1,986
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 3,602	$ 3,321

[1]	See Note 8 for details of balances associated with variable interest entities.

LENDING ACTIVITIES (Details -_2

LENDING ACTIVITIES (Details - Credit quality of commercial mortgages) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	$ 45,917	$ 46,376
Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,257	2,688
Year prior	2,801	6,149
Two years prior	6,183	6,448
Three years prior	6,382	4,172
Four years prior	4,063	4,849
Five years prior	15,729	12,118
Mortgage and other loans receivable, net	36,415	36,424
Less than 65% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	585	2,382
Year prior	2,443	3,755
Two years prior	3,820	3,855
Three years prior	4,390	2,565
Four years prior	2,638	2,852
Five years prior	10,453	8,145
Mortgage and other loans receivable, net	24,329	23,554
65% to 75% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	333	274
Year prior	358	2,330
Two years prior	2,344	2,363
Three years prior	1,992	1,306
Four years prior	1,096	1,200
Five years prior	4,114	2,551
Mortgage and other loans receivable, net	10,237	10,024
76% to 80% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	0	28
Year prior	0	45
Two years prior	19	30
Three years prior	0	0
Four years prior	65	70
Five years prior	428	515
Mortgage and other loans receivable, net	512	688
Greater than 80% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	339	4
Year prior	0	19
Two years prior	0	200
Three years prior	0	301
Four years prior	264	727
Five years prior	734	907
Mortgage and other loans receivable, net	1,337	2,158
Greater than 1.2x \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,220	1,914
Year prior	1,815	5,596
Two years prior	5,404	5,649
Three years prior	4,742	3,941
Four years prior	3,794	4,592
Five years prior	13,429	10,730
Mortgage and other loans receivable, net	30,404	32,422
1.00X - 1.20X \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	37	770
Year prior	958	467
Two years prior	779	456
Three years prior	664	144
Four years prior	181	161
Five years prior	1,229	1,106
Mortgage and other loans receivable, net	3,848	3,104
Less than 1.00X \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	0	4
Year prior	28	86
Two years prior	0	343
Three years prior	976	87
Four years prior	88	96
Five years prior	1,071	282
Mortgage and other loans receivable, net	$ 2,163	$ 898

LENDING ACTIVITIES (Details -_3

LENDING ACTIVITIES (Details - Credit quality performance indicators for commercial mortgages) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit losses	$ 701	$ 814	$ 787	$ 794	$ 787	$ 438
Debt Coverage Ratio	2	2.2
Average Loan to Value Ratio	58.00%	60.00%
Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 14,304	$ 13,969
Allowance for credit losses	116	145
Apartments \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	14,304	13,969
Apartments \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Apartments \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Apartments \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Offices
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	10,636	10,712
Allowance for credit losses	256	267
Offices \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	10,426	10,506
Offices \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	141	52
Offices \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	87
Offices \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	69	67
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	5,124	5,249
Allowance for credit losses	129	145
Retail \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	5,018	5,144
Retail \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	49	50
Retail \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Retail \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	57	55
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,747	3,766
Allowance for credit losses	46	53
Industrial \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,747	3,766
Industrial \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Industrial \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Industrial \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Hotel
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,143	2,268
Allowance for credit losses	33	65
Hotel \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	2,006	2,064
Hotel \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	137	4
Hotel \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	114
Hotel \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	86
Others
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	461	460
Allowance for credit losses	7	10
Others \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	461	460
Others \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Others \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	0
Others \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 0	$ 0
Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Number of loans in good standing \| loan	662	688
Number of loans restructured \| loan	9	5
Number of loans 90 days or less delinquent \| loan	0	3
Number of loans greater than 90 days delinquent or in process of foreclosure \| loan	3	4
Number of Loans \| loan	674	700
Loans receivable	$ 36,415	$ 36,424
Allowance for credit losses	$ 587	$ 685
Percentage of loans that are current as to payments of principal and interest	99.00%	99.00%
Percentage restructured	1.00%	0.00%
Percentage 90 days or less delinquent	0.00%	0.00%
Percentage greater than 90 days delinquent or in foreclosure	0.00%	1.00%
Percentage Total	100.00%	100.00%
Percentage of loans with allowance for losses	2.00%	2.00%
Commercial mortgages \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 35,962	$ 35,909
Commercial mortgages \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	327	106
Commercial mortgages \| 90 days or less delinquent
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	0	201
Commercial mortgages \| >90 days delinquent or in process of foreclosure
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	$ 126	$ 208

LENDING ACTIVITIES (Details -_4

LENDING ACTIVITIES (Details - Credit quality of residential mortgages by year of vintage) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	$ 717	$ 1,020
Year prior	1,116	1,034
Two years prior	584	421
Three years prior	234	675
Four years prior	384	776
Five years prior	958	719
Mortgage and other loans receivable, net	3,993	4,645
780 and greater
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	391	522
Year prior	800	619
Two years prior	431	283
Three years prior	162	469
Four years prior	269	539
Five years prior	668	484
780 and greater \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	2,721	2,916
720 - 779
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	318	478
Year prior	269	349
Two years prior	120	103
Three years prior	54	155
Four years prior	87	180
Five years prior	204	156
720 - 779 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	1,052	1,421
660 - 719
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	8	19
Year prior	46	61
Two years prior	30	28
Three years prior	14	42
Four years prior	24	51
Five years prior	62	58
660 - 719 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	184	259
600 - 659
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	0	1
Year prior	1	5
Two years prior	2	6
Three years prior	3	7
Four years prior	2	4
Five years prior	15	12
600 - 659 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	23	35
Less than 600
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	0	0
Year prior	0	0
Two years prior	1	1
Three years prior	1	2
Four years prior	2	2
Five years prior	9	9
Less than 600 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	$ 13	$ 14

LENDING ACTIVITIES (Details - R

LENDING ACTIVITIES (Details - Rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	$ 787	$ 787	$ 814	$ 438
Initial allowance upon CECL adoption			0	318
Loans charged off	0	(12)	0	(12)
Recoveries of loans previously charged off	0	0	0	0
Net charge-offs	0	(12)	0	(12)
Strengthening (release) of provision loan losses	(86)	19	(113)	50
Mortgage and other loan receivables, balance, end of period	701	794	701	794
Loans modified in a troubled debt restructuring	46	50	46	50
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	662	689	685	336
Initial allowance upon CECL adoption			0	311
Loans charged off	0	(12)	0	(12)
Recoveries of loans previously charged off	0	0	0	0
Net charge-offs	0	(12)	0	(12)
Strengthening (release) of provision loan losses	(75)	(10)	(98)	32
Mortgage and other loan receivables, balance, end of period	587	667	587	667
Off-balance-sheet commitments	81	58	81	58	$ 79
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	125	98	129	102
Initial allowance upon CECL adoption			0	7
Loans charged off	0	0	0	0
Recoveries of loans previously charged off	0	0	0	0
Net charge-offs	0	0	0	0
Strengthening (release) of provision loan losses	(11)	29	(15)	18
Mortgage and other loan receivables, balance, end of period	$ 114	$ 127	$ 114	$ 127

REINSURANCE (Details - Summary

REINSURANCE (Details - Summary of the composition of pool of assets) - USD ($) $ in Millions		6 Months Ended	7 Months Ended
		Jun. 30, 2021	Dec. 31, 2020
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale, Carrying Value	[1]	$ 273,070	$ 271,496
Fixed maturity securities - fair value option, Carrying Value	[1]	4,866	5,291
Loans, Carrying Value		45,917	46,376
Investments, Carrying Value	[1]	20,139	19,060
Short-term investments, Carrying Value	[1]	15,169	18,203
Derivative assets, net, Carrying Value		1,032	774
Other, Carrying Value	[1]	13,267	13,122
Fixed maturity securities - available for sale, Fair Value	[1]	273,070	271,496
Fixed maturity securities - fair value option, Fair Value	[1]	4,866	5,291
Investments, Fair Value		9,580	8,422
Derivative assets, net, Fair Value		5,586	6,805
Commercial mortgages
Effects of Reinsurance [Line Items]
Loans, Carrying Value		36,415	36,424
Fortitude Holdings
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale, Carrying Value		34,165	36,047
Fixed maturity securities - fair value option, Carrying Value		179	200
Short-term investments, Carrying Value		94	34
Funds withheld investment assets, Carrying Value		40,199	41,899
Derivative assets, net, Carrying Value		51	(1)
Other, Carrying Value		632	604
Total, Carrying Value		40,882	42,502
Fixed maturity securities - available for sale, Fair Value		34,165	36,047
Fixed maturity securities - fair value option, Fair Value		179	200
Short-term investments, Fair Value		94	34
Funds withheld investment assets, Fair Value		40,720	42,457
Derivative assets, net, Fair Value		51	(1)
Other, Fair Value		632	604
Total		41,403	43,060
Change in net unrealized gains (losses), gross		(1,600)	1,000
Change in net unrealized gains (losses), net of tax		(1,300)	812
Derivative asset, Fair value of collateral		308	357
Derivative liability, Fair value of collateral		10
Fortitude Holdings \| Real Estate Funds
Effects of Reinsurance [Line Items]
Investments, Carrying Value		304	358
Investments, Fair Value		553	585
Fortitude Holdings \| Direct private equity
Effects of Reinsurance [Line Items]
Investments, Carrying Value		1,356	1,168
Investments, Fair Value		1,356	1,168
Fortitude Holdings \| Policy Loans
Effects of Reinsurance [Line Items]
Loans, Carrying Value		395	413
Loans, Fair Value		395	413
Fortitude Holdings \| Commercial mortgages
Effects of Reinsurance [Line Items]
Loans, Carrying Value		3,706	3,679
Loans, Fair Value		$ 3,978	$ 4,010

[1]	See Note 8 for details of balances associated with variable interest entities.

REINSURANCE (Details - Summar_2

REINSURANCE (Details - Summary of the impact of funds withheld arrangements with Fortitude Re) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effects of Reinsurance [Line Items]
Net investment income	$ 3,675	$ 3,366	$ 7,332	$ 5,874
Net realized gains (losses)	(1,926)	(2,332)	1,324	1,187
Income (loss) from continuing operations before income tax expense (benefit)	147	(9,661)	4,875	(7,103)
Income tax expense (benefit)	(3)	(1,896)	795	(992)
Net income (loss)	$ 150	$ (7,766)	$ 4,080	$ (6,112)
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Policyholder benefits and losses incurred	$ 6,084	$ 6,521	$ 11,223	$ 12,846
Fortitude [Member]
Effects of Reinsurance [Line Items]
Net investment income	507	116	993	116
Net realized gains (losses)	(1,883)	(741)	672	(741)
Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net investment income	507	116	993	116
Net realized gains (losses)	173	96	346	96
Policyholder benefits and losses incurred	21
Fortitude Holdings
Effects of Reinsurance [Line Items]
Net underwriting income	0	0	0	0
Net investment income	507	116	993	116
Net realized gains (losses)	(1,883)	(741)	672	(741)
Income (loss) from continuing operations before income tax expense (benefit)	(1,376)	(625)	1,665	(625)
Income tax expense (benefit)	(289)	(131)	350	(131)
Net income (loss)	(1,087)	(494)	1,315	(494)
Change in unrealized appreciation (depreciation) of all other investments	1,055	438	(1,285)	438
Comprehensive income	(32)	(56)	30	(56)
Fortitude Holdings \| Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net realized gains (losses)	173	96	346	96
Fortitude Holdings \| Fortitude Re funds withheld assets \| Embedded derivatives
Effects of Reinsurance [Line Items]
Net realized gains (losses)	$ (2,056)	$ (837)	$ 326	$ (837)

REINSURANCE (Details - Rollforw

REINSURANCE (Details - Rollforward of the reinsurance recoverable allowance for credit losses) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of period	$ 378	$ 362	$ 375	$ 151
Initial allowance upon CECL adoption			0	224
Current period provision for expected credit losses and disputes	(1)	7	4	5
Write-offs charged against the allowance for credit losses and disputes	(3)	(3)	(7)	(10)
Other changes	0	(2)	2	(6)
Reinsurance recoverables, balance, end of period	374	364	374	364
General Insurance
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of period	291	302	292	111
Initial allowance upon CECL adoption			0	202
Current period provision for expected credit losses and disputes	(1)	6	0	2
Write-offs charged against the allowance for credit losses and disputes	(3)	(2)	(7)	(5)
Other changes	0	(1)	2	(5)
Reinsurance recoverables, balance, end of period	287	305	287	305
Life and Retirement
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of period	87	60	83	40
Initial allowance upon CECL adoption			0	22
Current period provision for expected credit losses and disputes	0	1	4	3
Write-offs charged against the allowance for credit losses and disputes	0	(1)	0	(5)
Other changes	0	(1)	0	(1)
Reinsurance recoverables, balance, end of period	$ 87	$ 59	$ 87	$ 59

REINSURANCE (Details - Narrativ

REINSURANCE (Details - Narrative) - USD ($)	3 Months Ended		6 Months Ended
REINSURANCE (Details - Narrative) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverables	$ 77,400,000,000		$ 77,400,000,000
Reinsurance assets, paid loss recoveries	0		0
Future policy benefits	$ 6,084,000,000	$ 6,521,000,000	$ 11,223,000,000	$ 12,846,000,000
Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	92.00%		92.00%
Non-Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	6.00%		6.00%
Non-Investment Grade \| Captive Insurers
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	70.00%		70.00%
Not Rated
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	1.00%		1.00%
General Insurance \| Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	52.00%		52.00%
Life and Retirement \| Investment Grade
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	40.00%		40.00%
Life and Retirement \| Non-Investment Grade \| Maximum
Effects of Reinsurance [Line Items]
Reinsurance recoverables, percent	1.00%		1.00%
Fortitude
Effects of Reinsurance [Line Items]
Maximum purchase price adjustment payable	$ 500,000,000		$ 500,000,000
Benefit recorded related to purchase price adjustment	21,000,000
Fortitude \| Legacy life and retirement run-off lines
Effects of Reinsurance [Line Items]
Reserves ceded	30,100,000,000		30,100,000,000
Fortitude \| Legacy General Insurance Run Off Lines Segment
Effects of Reinsurance [Line Items]
Reserves ceded	$ 4,000,000,000		$ 4,000,000,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021		Jun. 30, 2020	Dec. 31, 2020
Assets:
Bonds available for sale	[1]	$ 273,070			$ 271,496
Other bond securities	[1]	4,866			5,291
Equity securities	[1]	1,079			1,056
Mortgage and other loans receivable	[1]	45,216			45,562
Other invested assets	[1]	20,139			19,060
Short-term investments	[1]	15,169			18,203
Accrued investment income	[1]	2,288			2,271
Cash		2,760	[1]	$ 3,408	2,827	[1]
Other	[1]	13,267			13,122
Total assets		598,250			586,481
Liabilities:
Long-term debt	[1]	26,161			28,103
Total liabilities		531,342			519,282
Off-balance sheet exposure		3
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Repayment of debt		1,839		513
Debt of consolidated investments
Liabilities:
Long-term debt	[1]	9,566			9,431
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Repayment of debt		2,560		$ 1,364
Alternative investments
Assets:
Other invested assets		10,453			9,572
Investment real estate
Assets:
Other invested assets		7,921			7,930
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure		2,100			2,400
Real Estate and Investment Entities \| External
Liabilities:
Off-balance sheet exposure		700			700
Consolidated VIE
Assets:
Bonds available for sale		4,863			6,089
Other bond securities		2,081			2,367
Equity securities		498			507
Mortgage and other loans receivable		2,662			3,135
Short-term investments		248			1,926
Accrued investment income		20			38
Cash		383			332
Other assets		440			529
Other		27			5
Total assets		21,412			24,553
Liabilities:
Long-term debt		8,942			8,809
Other liabilities		605			564
Total liabilities		9,547			9,373
Consolidated VIE \| Alternative investments
Assets:
Other invested assets		3,243			2,689
Consolidated VIE \| Investment real estate
Assets:
Other invested assets		6,947			6,936
Consolidated VIE \| Real Estate and Investment Entities
Assets:
Bonds available for sale		0			0
Other bond securities		0			0
Equity securities		498			507
Mortgage and other loans receivable		0			0
Short-term investments		89			365
Accrued investment income		0			0
Cash		122			129
Other assets		130			166
Other		25			3
Total assets		7,280			7,237
Liabilities:
Long-term debt		2,374			2,559
Other liabilities		168			180
Total liabilities		2,542			2,739
Consolidated VIE \| Real Estate and Investment Entities \| Alternative investments
Assets:
Other invested assets		3,243			2,689
Consolidated VIE \| Real Estate and Investment Entities \| Investment real estate
Assets:
Other invested assets		3,173			3,378
Consolidated VIE \| Securitization Vehicles
Assets:
Bonds available for sale		4,863			6,089
Other bond securities		2,081			2,367
Equity securities		0			0
Mortgage and other loans receivable		2,662			3,135
Short-term investments		139			1,534
Accrued investment income		20			38
Cash		0			0
Other assets		53			120
Other		0			0
Total assets		9,818			13,283
Liabilities:
Long-term debt		4,054			3,961
Other liabilities		241			187
Total liabilities		4,295			4,148
Consolidated VIE \| Securitization Vehicles \| Alternative investments
Assets:
Other invested assets		0			0
Consolidated VIE \| Securitization Vehicles \| Investment real estate
Assets:
Other invested assets		0			0
Consolidated VIE \| Affordable housing partnerships
Assets:
Bonds available for sale		0			0
Other bond securities		0			0
Equity securities		0			0
Mortgage and other loans receivable		0			0
Short-term investments		0			0
Accrued investment income		0			0
Cash		261			203
Other assets		257			243
Other		0			0
Total assets		4,292			4,004
Liabilities:
Long-term debt		2,514			2,287
Other liabilities		187			187
Total liabilities		2,701			2,474
Consolidated VIE \| Affordable housing partnerships \| Alternative investments
Assets:
Other invested assets		0			0
Consolidated VIE \| Affordable housing partnerships \| Investment real estate
Assets:
Other invested assets		3,774			3,558
Consolidated VIE \| Other
Assets:
Bonds available for sale		0			0
Other bond securities		0			0
Equity securities		0			0
Mortgage and other loans receivable		0			0
Short-term investments		20			27
Accrued investment income		0			0
Cash		0			0
Other assets		0			0
Other		2			2
Total assets		22			29
Liabilities:
Long-term debt		0			2
Other liabilities		9			10
Total liabilities		9			12
Consolidated VIE \| Other \| Alternative investments
Assets:
Other invested assets		0			0
Consolidated VIE \| Other \| Investment real estate
Assets:
Other invested assets		0			0
Unconsolidated VIE
Assets:
Other invested assets		7,200			6,800
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		360,124			326,250
Maximum Exposure to Loss, On-Balance Sheet		7,424			6,983
Maximum Exposure to Loss, Off-Balance Sheet		4,112			3,823
Total maximum exposure to loss		11,536			10,806
Unconsolidated VIE \| Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		355,969			321,716
Maximum Exposure to Loss, On-Balance Sheet		6,920			6,420
Maximum Exposure to Loss, Off-Balance Sheet		3,629			3,273
Total maximum exposure to loss		10,549			9,693
Unconsolidated VIE \| Affordable housing partnerships
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		2,445			2,801
Maximum Exposure to Loss, On-Balance Sheet		295			368
Maximum Exposure to Loss, Off-Balance Sheet		3			4
Total maximum exposure to loss		298			372
Unconsolidated VIE \| Affordable housing partnerships \| Alternative investments
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Maximum Exposure to Loss, On-Balance Sheet		196			257
Unconsolidated VIE \| Affordable housing partnerships \| Other loans receivables
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Maximum Exposure to Loss, On-Balance Sheet		83			97
Unconsolidated VIE \| Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		1,710			1,733
Maximum Exposure to Loss, On-Balance Sheet		209			195
Maximum Exposure to Loss, Off-Balance Sheet		480			546
Total maximum exposure to loss		689			$ 741
Indirectly wholly owned subsidiary \| Securitization Vehicles \| Debt of consolidated investments
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Repayment of debt		$ 175

[1]	See Note 8 for details of balances associated with variable interest entities.

DERIVATIVES AND HEDGE ACCOUNT_3

DERIVATIVES AND HEDGE ACCOUNTING (Details - Notional amounts and fair values of derivative instruments) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 141,034,000,000	$ 148,222,000,000
Gross Derivative Assets, Fair Value	5,586,000,000	6,805,000,000
Gross Derivative Liabilities, Notional Amount	61,180,000,000	77,471,000,000
Gross Derivative Liabilities, Fair Value	4,765,000,000	5,822,000,000
Derivative assets, Counterparty netting	(2,833,000,000)	(3,812,000,000)
Derivative assets, Cash collateral	(1,721,000,000)	(2,219,000,000)
Total derivative assets on consolidated balance sheet	1,032,000,000	774,000,000
Derivative liabilities, Counterparty netting	(2,833,000,000)	(3,812,000,000)
Derivative liabilities, Cash collateral	(1,201,000,000)	(1,441,000,000)
Total derivative liabilities on consolidated balance sheet	731,000,000	569,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	14,300,000,000	15,800,000,000
Derivatives designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	877,000,000	815,000,000
Gross Derivative Assets, Fair Value	12,000,000	16,000,000
Gross Derivative Liabilities, Notional Amount	445,000,000	356,000,000
Gross Derivative Liabilities, Fair Value	5,000,000	11,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	7,557,000,000	3,468,000,000
Gross Derivative Assets, Fair Value	430,000,000	256,000,000
Gross Derivative Liabilities, Notional Amount	3,613,000,000	7,424,000,000
Gross Derivative Liabilities, Fair Value	239,000,000	379,000,000
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	48,284,000,000	62,259,000,000
Gross Derivative Assets, Fair Value	3,666,000,000	4,621,000,000
Gross Derivative Liabilities, Notional Amount	42,669,000,000	48,732,000,000
Gross Derivative Liabilities, Fair Value	3,875,000,000	4,425,000,000
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	12,423,000,000	9,518,000,000
Gross Derivative Assets, Fair Value	727,000,000	766,000,000
Gross Derivative Liabilities, Notional Amount	6,125,000,000	12,860,000,000
Gross Derivative Liabilities, Fair Value	508,000,000	711,000,000
Derivatives not designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	24,456,000,000	22,924,000,000
Gross Derivative Assets, Fair Value	731,000,000	1,130,000,000
Gross Derivative Liabilities, Notional Amount	6,736,000,000	7,076,000,000
Gross Derivative Liabilities, Fair Value	72,000,000	223,000,000
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	193,000,000	0
Gross Derivative Assets, Fair Value	6,000,000	0
Gross Derivative Liabilities, Notional Amount	583,000,000	0
Gross Derivative Liabilities, Fair Value	0	0
Derivatives not designated as hedging instruments \| Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	4,742,000,000	5,797,000,000
Gross Derivative Assets, Fair Value	1,000,000	2,000,000
Gross Derivative Liabilities, Notional Amount	955,000,000	969,000,000
Gross Derivative Liabilities, Fair Value	63,000,000	67,000,000
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	117,000,000	137,000,000
Gross Derivative Liabilities, Fair Value	43,000,000	44,000,000
Derivatives not designated as hedging instruments \| Other contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	42,502,000,000	43,441,000,000
Gross Derivative Assets, Fair Value	13,000,000	14,000,000
Gross Derivative Liabilities, Notional Amount	54,000,000	54,000,000
Gross Derivative Liabilities, Fair Value	$ 3,000,000	$ 6,000,000

DERIVATIVES AND HEDGE ACCOUNT_4

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Jun. 30, 2021	Dec. 31, 2020
Collateral
Collateral posted to third parties for derivative transactions	$ 2.9	$ 3
Collateral obtained from third parties for derivative transactions	$ 2	$ 2.3

DERIVATIVES AND HEDGE ACCOUNT_5

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ 5	$ 3	$ 106	$ 102
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Interest credited to policyholder account balances
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(3)	1	(7)	18
Gain (loss) recognized in earnings on hedged items	1	(3)	7	(20)
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Net Impact	(2)	(2)	0	(2)
Derivatives designated as hedging instruments \| Interest rate contracts \| Fair value hedging \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(1)	(4)	7	(7)
Gain (loss) recognized in earnings on hedged items	0	3	(7)	6
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Net Impact	(1)	(1)	0	(1)
Derivatives designated as hedging instruments \| Foreign exchange contracts \| Fair value hedging \| Net realized gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(36)	(132)	(4)	173
Gain (loss) recognized in earnings on hedged items	36	132	4	(173)
Gains/(losses) recognized in earnings for excluded components	107	(76)	78	205
Net Impact	107	(76)	78	205
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(2,356)	(2,426)	342	1,355
Derivatives not designated as hedging instruments \| Net realized gains (losses) \| Excluding Fortitude Re funds withheld assets
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(388)	(1,579)	52	2,173
Derivatives not designated as hedging instruments \| Net realized gains (losses) \| Modified Coinsurance And Funds Withheld Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(1,996)	(863)	269	(863)
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	7	(1)	(5)	(3)
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	15	15	30	30
Derivatives not designated as hedging instruments \| Policyholder benefits and claims incurred
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	6	2	(4)	18
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	856	(7)	(689)	2,566
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	48	(124)	(39)	901
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(32)	(471)	(551)	632
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	1	0	1	0
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(4)	(66)	(9)	56
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	17	16	32	26
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	$ (3,242)	$ (1,774)	$ 1,597	$ (2,826)

DERIVATIVES AND HEDGE ACCOUNT_6

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Credit Derivatives [Line Items]
Collateral posted	$ 2,900	$ 3,000
Fair value of hybrid securities	2,200	2,400
Par value of hybrid securities	4,800	5,000
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	244	306
Aggregate fair value of net liability position	223	$ 257
Additional collateral postings and termination payments	$ 41

INSURANCE LIABILITIES (Details

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Contractual deductible recoverable amount	$ 12,500		$ 12,500		$ 12,600
Collateral Held For Deductible Recoverable Amounts	9,300		9,300		9,200
Allowance for credit losses for unsecured reinsurance recoverable	14		14		$ 14
Reconciliation of activity in the Liability for unpaid claims and claims adjustment expense:
Liability for unpaid loss and loss adjustment expenses, beginning of period	78,832	$ 77,747	77,720	$ 78,328
Reinsurance recoverable, balance at the beginning of the period	(35,271)	(31,114)	(34,431)	(31,069)
Initial allowance upon CECL adoption	0	0	0	164
Net Liability for unpaid loss and loss adjustment expenses, beginning of period	43,561	46,633	43,289	47,423
Losses and loss adjustment expenses incurred
Current year	3,870	4,248	7,795	8,359
Prior years, excluding discount and amortization of deferred gain	(29)	(25)	(13)	(26)
Prior years, discount charge (benefit)	34	34	16	110
Prior years, amortization of deferred gain on retroactive reinsurance	(22)	(76)	(94)	(151)
Total losses and loss adjustment expenses incurred	3,853	4,181	7,704	8,292
Losses and loss adjustment expenses paid
Current year	(895)	(910)	(1,223)	(1,252)
Prior years	(2,620)	(3,790)	(6,204)	(8,141)
Total losses and loss adjustment expenses paid	(3,515)	(4,700)	(7,427)	(9,393)
Other changes:
Foreign exchange effect	113	(39)	357	(269)
Allowance for credit losses	0	0	0	0
Retroactive reinsurance adjustment (net of discount)	103	138	192	160
Fortitude sale	0	(3,818)	0	(3,818)
Total other changes	216	(3,719)	549	(3,927)
Net liability for unpaid losses and loss adjustment expenses, end of period	44,115	42,395	44,115	42,395
Reinsurance recoverable, balance at the end of the period	34,866	35,458	34,866	35,458
Total, balance at the end of period	78,981	77,853	78,981	77,853
Change in discount on loss reserves ceded under retroactive reinsurance	17	(14)	56	58
U.S. Commercial long-tail exposures \| NICO \| Accident Years 2015 and Prior
Other changes:
Discount on retroactive reinsurance	$ 1	$ 11	$ 18	$ 19
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		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Discounting of Reserves [Line Items]
Workers Compensation Tabular Discount Amount	$ 303		$ 303		$ 285
Workers Compensation Non Tabular Discount Amount	488		488		440
U.S. Workers' compensation	1,646		1,646		1,636
Retroactive Reinsurance	(855)		(855)		(911)
Total reserve discount	791		791		725
Current accident year	12	$ 18	26	$ 38
Accretion and other adjustments to prior year discount	(34)	(34)	(16)	(110)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount charge	(22)	(16)	10	(72)
Change in discount on loss reserves ceded under retroactive reinsurance	17	(14)	56	58
Net change in total reserve discount	(5)	(30)	66	(14)
NICO
Discounting of Reserves [Line Items]
Amortization of deferred gain on retroactive reinsurance	21	65	76	132
Fortitude [Member]
Discounting of Reserves [Line Items]
Total reserve discount	$ 508		$ 508		$ 493
Percent of discount ceded on sale	100.00%		100.00%		100.00%
North America Commercial Insurance
Discounting of Reserves [Line Items]
U.S. Workers' compensation	$ 1,646		$ 1,646		$ 1,636
Retroactive Reinsurance	(855)		(855)		(911)
Total reserve discount	791		791		725
Current accident year	12	18	26	38
Accretion and other adjustments to prior year discount	(34)	(25)	(16)	(92)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount charge	(22)	(7)	10	(54)
Change in discount on loss reserves ceded under retroactive reinsurance	17	(14)	56	58
Net change in total reserve discount	(5)	(21)	66	4
Other Operations Run-Off
Discounting of Reserves [Line Items]
U.S. Workers' compensation	0		0		0
Retroactive Reinsurance	0		0		0
Total reserve discount	0		0		0
Current accident year	0	0	0	0
Accretion and other adjustments to prior year discount	0	(9)	0	(18)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount charge	0	(9)	0	(18)
Change in discount on loss reserves ceded under retroactive reinsurance	0	0	0	0
Net change in total reserve discount	0	(9)	$ 0	(18)
New York
Discounting of Reserves [Line Items]
Nontabular discount rate			5.00%
United Kingdom
Discounting of Reserves [Line Items]
Net loss reserve discount charge			$ 159		$ 151
Net change in total reserve discount	$ 2	$ (6)	$ 9	$ (8)

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Contingencies, Commitments and Guarantees) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Future undiscounted cash flows under operating leases
Other commitments	$ 6,700		$ 6,700
Amount outstanding under standby letters of credit at end of period	75		75
Policyholder benefits and losses incurred	6,084	$ 6,521	11,223	$ 12,846
Fortitude [Member]
Future undiscounted cash flows under operating leases
Maximum purchase price adjustment payable	500		$ 500
Benefit recorded related to purchase price adjustment	$ 21

EQUITY (Details - Preferred Sto

EQUITY (Details - Preferred Stock) - USD ($) $ / shares in Units, $ in Millions	Jun. 29, 2021	Jun. 15, 2021	Mar. 30, 2021	Mar. 15, 2021	Jun. 29, 2020	Jun. 15, 2020	Mar. 30, 2020	Mar. 16, 2020	Mar. 14, 2019	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Issuances (in shares)										6,015,808
Preferred stock, par value (in dollars per share)										$ 5	$ 5
Preferred stock liquidation preference										$ 500	$ 500
Date dividends declared	May 6, 2021		Feb. 16, 2021		May 4, 2020		Feb. 12, 2020
Date dividends paid	Jun. 29, 2021		Mar. 30, 2021		Jun. 29, 2020		Mar. 30, 2020
Date of record	Jun. 15, 2021		Mar. 16, 2021		Jun. 15, 2020		Mar. 16, 2020
Series A Preferred Stock
Class of Stock [Line Items]
Issuances (in shares)									20,000
Preferred stock, dividend rate (as a percent)									5.85%
Preferred stock, par value (in dollars per share)									$ 5
Preferred stock liquidation preference									$ 25,000
Issuance of preferred stock									$ 485
Date dividends declared		May 6, 2021		Feb. 16, 2021		May 4, 2020		Feb. 12, 2020
Preferred Stock Dividends Per Share Cash Paid		$ 365.625		$ 365.625		$ 365.625		$ 365.625
Date dividends paid		Jun. 15, 2021		Mar. 15, 2021		Jun. 15, 2020		Mar. 16, 2020
Date of record		May 31, 2021		Feb. 26, 2021		May 29, 2020		Feb. 28, 2020
Depositary Shares
Class of Stock [Line Items]
Issuances (in shares)									20,000,000
Preferred stock liquidation preference									$ 25
Date dividends declared		May 6, 2021		Feb. 16, 2021		May 4, 2020		Feb. 12, 2020
Preferred Stock Dividends Per Share Cash Paid		$ 0.365625		$ 0.365625		$ 0.365625		$ 0.365625
Date dividends paid		Jun. 15, 2021		Mar. 15, 2021		Jun. 15, 2020		Mar. 16, 2020
Date of record		May 31, 2021		Feb. 26, 2021		May 29, 2020		Feb. 28, 2020

EQUITY (Details - Common Stock

EQUITY (Details - Common Stock and Dividends) - USD ($) $ / shares in Units, $ in Millions	Jun. 29, 2021	Mar. 30, 2021	Jun. 29, 2020	Mar. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
The following table presents a roll forward of outstanding shares:
Shares, beginning of year					(1,045,113,443)
Shares, beginning of year					1,906,671,492
Shares, beginning of year					861,558,049
Shares issued					6,015,808
Shares repurchased					(12,645,927)	(12,000,000)
Shares, end of period					(1,051,743,562)
Shares, end of period					1,906,671,492
Shares, end of period					854,927,930
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Dividend paid (in dollars per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.32
Date of Shareholders of Record	Jun. 15, 2021	Mar. 16, 2021	Jun. 15, 2020	Mar. 16, 2020
Date Dividends Declared	May 6, 2021	Feb. 16, 2021	May 4, 2020	Feb. 12, 2020
Date Dividends To Be Paid	Jun. 29, 2021	Mar. 30, 2021	Jun. 29, 2020	Mar. 30, 2020
Aggregate repurchases of common stock						$ 500
Shares purchased					13,000,000	12,000,000
Aggregate repurchases of common stock					$ 592	$ 500
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					(1,045,113,443)
Shares issued					6,015,808
Shares repurchased					(12,645,927)
Shares, end of period					(1,051,743,562)

EQUITY (Details - Rollforward o

EQUITY (Details - Rollforward of Accumulated other comprehensive income (loss)) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	$ 6,466,000,000	$ (994,000,000)	$ 13,511,000,000	$ 4,982,000,000
Change in unrealized appreciation (depreciation) of investments	5,846,000,000	13,957,000,000	(5,803,000,000)	3,502,000,000
Change in deferred policy acquisition costs adjustment and other	(693,000,000)	(1,747,000,000)	698,000,000	(340,000,000)
Change in future policy benefits	(378,000,000)	662,000,000	767,000,000	2,334,000,000
Changes in foreign currency translation adjustments	25,000,000	(59,000,000)	195,000,000	(128,000,000)
Change in net actuarial loss	12,000,000	12,000,000	11,000,000	16,000,000
Change in prior service cost	2,000,000	0	4,000,000	(1,000,000)
Change in deferred tax asset (liability)	(1,072,000,000)	(2,669,000,000)	826,000,000	(1,220,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	(2,000,000)	(1,000,000)	1,000,000
Other comprehensive income (loss)	3,742,000,000	10,154,000,000	(3,303,000,000)	4,164,000,000
Noncontrolling interests	(1,000,000)	(9,000,000)	(1,000,000)	(23,000,000)
Balance, end of period, net of tax	10,209,000,000	9,169,000,000	10,209,000,000	9,169,000,000
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	3,743,000,000	10,163,000,000	(3,302,000,000)	4,187,000,000
Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Were Taken
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(62,000,000)	(359,000,000)	(95,000,000)	0
Change in unrealized appreciation (depreciation) of investments	10,000,000	171,000,000	51,000,000	(313,000,000)
Change in deferred policy acquisition costs adjustment and other	(2,000,000)	(11,000,000)	(4,000,000)	19,000,000
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial loss	0	0	0	0
Change in prior service cost	0	0	0	0
Change in deferred tax asset (liability)	(4,000,000)	(34,000,000)	(10,000,000)	61,000,000
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	4,000,000	126,000,000	37,000,000	(233,000,000)
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(58,000,000)	(233,000,000)	(58,000,000)	(233,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	9,894,000,000	3,190,000,000	17,093,000,000	8,722,000,000
Change in unrealized appreciation (depreciation) of investments	5,836,000,000	13,786,000,000	(5,854,000,000)	3,815,000,000
Change in deferred policy acquisition costs adjustment and other	(691,000,000)	(1,736,000,000)	702,000,000	(359,000,000)
Change in future policy benefits	(378,000,000)	662,000,000	767,000,000	2,334,000,000
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial loss	0	0	0	0
Change in prior service cost	0	0	0	0
Change in deferred tax asset (liability)	(1,057,000,000)	(2,630,000,000)	896,000,000	(1,250,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	3,710,000,000	10,082,000,000	(3,489,000,000)	4,540,000,000
Noncontrolling interests	(1,000,000)	(9,000,000)	(1,000,000)	(19,000,000)
Balance, end of period, net of tax	13,605,000,000	13,281,000,000	13,605,000,000	13,281,000,000
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(2,142,000,000)	(2,706,000,000)	(2,267,000,000)	(2,625,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred policy acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	25,000,000	(59,000,000)	195,000,000	(128,000,000)
Change in net actuarial loss	0	0	0	0
Change in prior service cost	0	0	0	0
Change in deferred tax asset (liability)	(11,000,000)	(2,000,000)	(56,000,000)	(18,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	14,000,000	(61,000,000)	139,000,000	(146,000,000)
Noncontrolling interests	0	0	0	(4,000,000)
Balance, end of period, net of tax	(2,128,000,000)	(2,767,000,000)	(2,128,000,000)	(2,767,000,000)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(1,231,000,000)	(1,129,000,000)	(1,228,000,000)	(1,122,000,000)
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred policy acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial loss	12,000,000	12,000,000	11,000,000	16,000,000
Change in prior service cost	2,000,000	0	4,000,000	(1,000,000)
Change in deferred tax asset (liability)	0	(3,000,000)	(4,000,000)	(13,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	14,000,000	9,000,000	11,000,000	2,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(1,217,000,000)	(1,120,000,000)	(1,217,000,000)	(1,120,000,000)
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	7,000,000	10,000,000	8,000,000	7,000,000
Change in unrealized appreciation (depreciation) of investments	0	0	0	0
Change in deferred policy acquisition costs adjustment and other	0	0	0	0
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial loss	0	0	0	0
Change in prior service cost	0	0	0	0
Change in deferred tax asset (liability)	0	0	0	0
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	(2,000,000)	(1,000,000)	1,000,000
Other comprehensive income (loss)	0	(2,000,000)	(1,000,000)	1,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	$ 7,000,000	$ 8,000,000	$ 7,000,000	$ 8,000,000

EQUITY (Details - Other compreh

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ 4,938,000,000	$ 12,961,000,000	$ (3,628,000,000)	$ 5,726,000,000
Less: Reclassification adjustments included in net income	124,000,000	138,000,000	501,000,000	342,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	4,814,000,000	12,823,000,000	(4,129,000,000)	5,384,000,000
Less: Income tax expense (benefit)	1,072,000,000	2,669,000,000	(826,000,000)	1,220,000,000
Other comprehensive income (loss)	3,742,000,000	10,154,000,000	(3,303,000,000)	4,164,000,000
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	4,000,000	157,000,000	41,000,000	(297,000,000)
Less: Reclassification adjustments included in net income	(4,000,000)	(3,000,000)	(6,000,000)	(3,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	8,000,000	160,000,000	47,000,000	(294,000,000)
Less: Income tax expense (benefit)	4,000,000	34,000,000	10,000,000	(61,000,000)
Other comprehensive income (loss)	4,000,000	126,000,000	37,000,000	(233,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	4,906,000,000	12,864,000,000	(3,855,000,000)	6,156,000,000
Less: Reclassification adjustments included in net income	139,000,000	152,000,000	530,000,000	366,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	4,767,000,000	12,712,000,000	(4,385,000,000)	5,790,000,000
Less: Income tax expense (benefit)	1,057,000,000	2,630,000,000	(896,000,000)	1,250,000,000
Other comprehensive income (loss)	3,710,000,000	10,082,000,000	(3,489,000,000)	4,540,000,000
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	25,000,000	(59,000,000)	195,000,000	(128,000,000)
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	25,000,000	(59,000,000)	195,000,000	(128,000,000)
Less: Income tax expense (benefit)	11,000,000	2,000,000	56,000,000	18,000,000
Other comprehensive income (loss)	14,000,000	(61,000,000)	139,000,000	(146,000,000)
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	3,000,000	1,000,000	(8,000,000)	(6,000,000)
Less: Reclassification adjustments included in net income	(11,000,000)	(11,000,000)	(23,000,000)	(21,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	14,000,000	12,000,000	15,000,000	15,000,000
Less: Income tax expense (benefit)	0	3,000,000	4,000,000	13,000,000
Other comprehensive income (loss)	14,000,000	9,000,000	11,000,000	2,000,000
Fair Value of Liabilities Under Fair Value Option Attributable to Changes in Own Credit Risk
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	0	(2,000,000)	(1,000,000)	1,000,000
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	0	(2,000,000)	(1,000,000)	1,000,000
Less: Income tax expense (benefit)	0	0	0	0
Other comprehensive income (loss)	$ 0	$ (2,000,000)	$ (1,000,000)	$ 1,000,000

EQUITY (Details - Reclassificat

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	$ 124	$ 138	$ 501	$ 342
Income (loss) from continuing operations before income tax benefit	147	(9,661)	4,875	(7,103)
Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before income tax benefit	124	138	501	342
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	(4)	(3)	(6)	(3)
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	(4)	(3)	(6)	(3)
Total	(4)	(3)	(6)	(3)
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	139	152	530	366
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	139	152	530	366
Total	139	152	530	366
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(11)	(11)	(23)	(21)
Change in retirement plan liabilities adjustment \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior-service credit	(1)	(1)	(2)	(1)
Actuarial gains (losses)	(10)	(10)	(21)	(20)
Total	$ (11)	$ (11)	$ (23)	$ (21)

EQUITY (Details - Narrative)

EQUITY (Details - Narrative) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
EQUITY
Payments for Repurchase of Stock	$ 592	$ 500
Shares purchased	13	12
Proceeds from warrant exercises	$ 92

EARNINGS PER COMMON SHARE (EP_3

EARNINGS PER COMMON SHARE (EPS) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for EPS:
Income (loss) from continuing operations	$ 150	$ (7,765)	$ 4,080	$ (6,111)
Less: Net income (loss) from continuing operations attributable to noncontrolling interests	51	162	105	67
Less: Preferred stock dividends	8	8	15	15
Income attributable to AIG common shareholders from continuing operations	91	(7,935)	3,960	(6,193)
Loss from discontinued operations, net of income taxes	0	(1)	0	(1)
Net income (loss) attributable to AIG common shareholders	$ 91	$ (7,936)	$ 3,960	$ (6,194)
Denominator for EPS:
Weighted average common shares outstanding - basic	862,930,931	866,968,305	865,508,343	870,590,968
Dilutive common shares	9,946,372	0	9,057,937	0
Weighted average common shares outstanding - diluted	872,877,303	866,968,305	874,566,280	870,590,968
Basic:
Income (loss) from continuing operations	$ 0.11	$ (9.15)	$ 4.58	$ (7.11)
Income (loss) from discontinued operations	0	0	0	0
Income (loss) attributable to AIG common shareholders	0.11	(9.15)	4.58	(7.11)
Diluted:
Income (loss) from continuing operations	0.11	(9.15)	4.53	(7.11)
Income (loss) from discontinued operations	0	0	0	0
Income (loss) attributable to AIG common shareholders	$ 0.11	$ (9.15)	$ 4.53	$ (7.11)
Dilutive shares excluded from computation of diluted earnings per share		3,226,882		3,939,732
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive	5,500,000	68,600,000	7,400,000	67,900,000

EMPLOYEE BENEFITS (Details - Co

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pensions
Components of net periodic benefit cost:
Service cost	$ 7	$ 7	$ 13	$ 13
Interest cost	25	35	50	72
Expected return on assets	(66)	(64)	(133)	(129)
Amortization of prior service cost	1	1	2	1
Amortization of net loss	9	10	20	20
Net periodic benefit cost (credit)	(24)	(11)	(48)	(23)
Pensions \| U.S.
Components of net periodic benefit cost:
Service cost	1	2	2	3
Interest cost	23	33	45	67
Expected return on assets	(61)	(59)	(122)	(119)
Amortization of prior service cost	0	0	0	0
Amortization of net loss	8	8	17	16
Net periodic benefit cost (credit)	(29)	(16)	(58)	(33)
Pensions \| Non U.S. Plans
Components of net periodic benefit cost:
Service cost	6	5	11	10
Interest cost	2	2	5	5
Expected return on assets	(5)	(5)	(11)	(10)
Amortization of prior service cost	1	1	2	1
Amortization of net loss	1	2	3	4
Net periodic benefit cost (credit)	5	5	10	10
Postretirement Plans
Components of net periodic benefit cost:
Net benefit cost (credit)	$ 2	$ 2	$ 4	$ 4

INCOME TAXES (Details - Narrati

INCOME TAXES (Details - Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			6 Months Ended
INCOME TAXES (Details - Narrative) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Effective tax rates on income from continuing operations (as a percent)		(2.00%)		19.60%	16.30%	14.00%
U.S. federal income tax at statutory rate (as a percent)		21.00%		21.00%	21.00%	21.00%
Valuation allowance related to certain tax attribute carryforward	$ 850	$ 850			$ 850
U.S. taxable income from life companies offset by those net operating loss carryforwards					35.00%
Unrecognized Tax Benefits	1,100	1,100			$ 1,100		$ 2,300
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate	1,100	1,100			1,100		2,300
Unrecognized tax benefits, if recognized would not affect the effective tax rate	11	11			11		44
Decrease in unrecognized tax benefits is reasonably possible in the next twelve months	15	15			15
Unrecognized tax benefits, interest and penalties accrued	73	73			73		$ 286
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties					(203)	$ 96
Deferred tax asset valuation allowance			$ 700		700
Deferred tax asset valuation allowance recognized related to certain state, local and foreign jurisdictions		(25)			$ (39)
Income tax examination, additional payment	$ 354
Foreign
Income Tax Disclosure [Line Items]
Deferred tax asset valuation allowance recognized related to certain state, local and foreign jurisdictions		$ 16

SUBSEQUENT EVENTS (Details - Na

SUBSEQUENT EVENTS (Details - Narrative) $ / shares in Units, $ in Millions	Aug. 05, 2021$ / shares	Jul. 16, 2021USD ($)item	Jul. 14, 2021USD ($)	Jun. 29, 2021	Mar. 30, 2021	Jun. 29, 2020	Mar. 30, 2020	Sep. 30, 2021item	Jun. 30, 2021USD ($)item	Dec. 31, 2026USD ($)	Aug. 03, 2021USD ($)
Subsequent Event [Line Items]
Date dividends declared				May 6, 2021	Feb. 16, 2021	May 4, 2020	Feb. 12, 2020
Date dividends paid				Jun. 29, 2021	Mar. 30, 2021	Jun. 29, 2020	Mar. 30, 2020
Date of record				Jun. 15, 2021	Mar. 16, 2021	Jun. 15, 2020	Mar. 16, 2020
Life and Retirement Retail Mutual Funds [Member]
Subsequent Event [Line Items]
Assets under management									$ 7,100
Number of funds managed \| item									18
Life and retirement subsidiaries \| Forecast
Subsequent Event [Line Items]
Assets under management										$ 92,500
SAFG \| Forecast
Subsequent Event [Line Items]
Number of directors \| item								11
SAFG \| Forecast \| Blackstone
Subsequent Event [Line Items]
Number of directors \| item								1
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share \| $ / shares	$ 0.32
Dividends declared per preferred share \| $ / shares	$ 365.625
Subsequent event \| August 3, 2021 Share Repurchase Authorization [Member]
Subsequent Event [Line Items]
Authorized amount of common stock share repurchase											$ 6,000
Subsequent event \| Prior share repurchase authorization
Subsequent Event [Line Items]
Aggregate remaining authorization amount of common Stock share repurchase											$ 908
Subsequent event \| Life and Retirement Retail Mutual Funds [Member]
Subsequent Event [Line Items]
Number of funds managed \| item		6
Subsequent event \| Life and Retirement Retail Mutual Funds [Member] \| Disposal Group
Subsequent Event [Line Items]
Assets under management		$ 6,800
Number of funds managed \| item		12
Subsequent event \| Affordable housing partnerships
Subsequent Event [Line Items]
Total consideration			$ 5,100
Subsequent event \| Life and retirement subsidiaries
Subsequent Event [Line Items]
Voting interest in subsidiary, percent			9.90%
Total consideration			$ 2,200
Assets under management			50,000
Assets under management, incremental increase amount			$ 8,500
Percent vesting on first anniversary			25.00%
Percent vesting on second anniversary			67.00%
Percent vesting on thrid anniversary			75.00%
Subsequent event \| Common Stock
Subsequent Event [Line Items]
Date dividends declared	Aug. 5, 2021
Date dividends paid	Sep. 30, 2021
Date of record	Sep. 16, 2021
Subsequent event \| Preferred Stock
Subsequent Event [Line Items]
Date dividends declared	Aug. 5, 2021
Date dividends paid	Sep. 15, 2021
Date of record	Aug. 31, 2021