American International (AIG) 10-Q5 Nov 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 01, 2021
Entity Listings [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		830,297,608
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		Sep. 30, 2021	Dec. 31, 2020
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $66 in 2021 and $186 in 2020 (amortized cost: 2021 - $254,925; 2020 - $244,337)	[1]	$ 274,341	$ 271,496
Other bond securities, at fair value (See Note 5)	[1]	4,651	5,291
Equity Securities, at fair value (See Note 5)	[1]	1,035	1,056
Mortgage and other loans receivable, net of allowance for credit losses of $641 in 2021 and $814 in 2020	[1]	45,821	45,562
Other invested assets (portion measured at fair value: 2021 - $10.037; 2020 - $8,422)	[1]	15,977	19,060
Short-term investments, including restricted cash of $77 in 2021 and $180 in 2020 (portion measured at fair value: 2021 - $5,640; 2020 - $5,968)	[1]	13,771	18,203
Total investments		355,596	360,668
Cash	[1]	2,699	2,827
Accrued investment income	[1]	2,312	2,271
Premiums and other receivables, net of allowance for credit losses and disputes of $194 in 2021 and $205 in 2020		13,593	11,333
Deferred income taxes		12,385	12,624
Deferred policy acquisition costs		10,607	9,805
Other assets, net of allowance for credit losses of $49 in 2021 and $49 in 2020, including restricted cash of $58 in 2021 and $223 in 2020 (portion measured at fair value: 2021 - $998; 2020 - $887)	[1]	17,429	13,122
Separate account assets, at fair value		105,423	100,290
Total assets		594,800	586,481
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2021 and $14 in 2020		79,274	77,720
Unearned premiums		21,245	18,660
Future policy benefits for life and accident and health insurance contracts		57,777	56,878
Policyholder contract deposits (portion measured at fair value: 2021 - $9.273; 2020 - $9,798)		156,623	154,470
Other policyholder funds		3,542	3,548
Fortitude Re funds withheld payable (portion measured at fair value: 2021 - $5,443; 2020 - $6,042)		40,888	43,060
Other liabilities (portion measured at fair value: 2021 - $703; 2020 - $570)	[1]	32,819	27,122
Separate account liabilities		105,423	100,290
Total liabilities		529,141	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 - 1,070,875,441 shares; 2020 - 1,045,113,443 shares of common stock		(50,641)	(49,322)
Additional paid-in capital		81,327	81,418
Retained earnings		20,320	15,504
Accumulated other comprehensive income		8,606	13,511
Total AIG shareholders' equity		64,863	66,362
Non-redeemable noncontrolling interests		796	837
Total equity		65,659	67,199
Total liabilities and equity		594,800	586,481
Excluding Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes		41,062	38,963
Fortitude
Fixed maturity securities:
Reinsurance assets, net of allowance for credit losses and disputes		33,694	34,578
American International Group, Inc.
Liabilities:
Long-term debt		24,582	28,103
Debt of consolidated investments
Liabilities:
Long-term debt	[1]	$ 6,968	$ 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	Sep. 30, 2021		Dec. 31, 2020
Assets:
Bonds available for sale, allowance for credit losses	$ 66		$ 186
Bonds available for sale, amortized cost	254,925		244,337
Mortgage and other loans receivable, allowance for credit losses	641		814
Other invested assets, portion measured at fair value	10,037		8,422
Short-term investments, portion measured at fair value	5,640		5,968
Premiums and other receivables, allowance for credit losses and disputes	194		205
Reinsurance assets, allowance for credit losses and disputes	339		326
Other assets, allowance for credit losses	49		49
Other assets, portion measured at fair value	998		887
Liabilities:
Liability for unpaid losses and loss adjustment expenses, allowance for credit losses	14		14
Policyholder contract deposits, portion measured at fair value	9,273		9,798
Fortitude Re funds withheld payable, portion measured at fair value	5,433		6,042
Other liabilities, portion measured at fair value	703		570
Long-term debt, portion measured at fair value	1,964		2,097
Fortitude
Assets:
Reinsurance assets, allowance for credit losses and disputes	0		0
Other assets
Assets:
Short-term investments, restricted cash	58	[1]	223
Short-term investments
Assets:
Short-term investments, restricted cash	$ 77	[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	Sep. 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	1,070,875,441	1,045,113,443

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Premiums	$ 7,504	$ 6,677	$ 21,925	$ 21,527
Policy fees	714	648	2,269	2,152
Net investment income	3,715	3,800	11,047	9,674
Net realized gains (losses)	660	(1,122)	1,984	65
Other income	242	218	745	642
Total revenues	12,835	10,221	37,970	34,060
Benefits, losses and expenses:
Policyholder benefits and losses incurred	5,959	5,872	17,182	18,718
Interest credited to policyholder account balances	923	882	2,663	2,757
Amortization of deferred policy acquisition costs	1,260	707	3,479	3,323
General operating and other expenses	2,240	1,991	6,546	6,231
Interest expense	328	379	1,008	1,099
(Gain) loss on extinguishment of debt	51	(2)	149	15
Net (gain) loss on divestitures	(102)	24	(108)	8,652
Total benefits, losses and expenses	10,659	9,853	30,919	40,795
Income (loss) from continuing operations before income tax expense (benefit)	2,176	368	7,051	(6,735)
Income tax expense (benefit)	439	74	1,234	(918)
Income (loss) from continuing operations	1,737	294	5,817	(5,817)
Income from discontinued operations, net of income taxes	0	5	0	4
Net income (loss)	1,737	299	5,817	(5,813)
Less:
Net income from continuing operations attributable to noncontrolling interests	70	11	175	78
Net income (loss) attributable to AIG	1,667	288	5,642	(5,891)
Less: Dividends on preferred stock	7	7	22	22
Net income (loss) attributable to AIG common shareholders	$ 1,660	$ 281	$ 5,620	$ (5,913)
Basic:
Income (loss) from continuing operations	$ 1.95	$ 0.31	$ 6.53	$ (6.80)
Income (loss) from discontinued operations	0	0.01	0	0
Net income (loss) attributable to AIG common shareholders	1.95	0.32	6.53	(6.80)
Diluted:
Income (loss) from continuing operations	1.92	0.31	6.45	(6.80)
Income from discontinued operations	0	0.01	0	0
Net income (loss) attributable to AIG common shareholders	$ 1.92	$ 0.32	$ 6.45	$ (6.80)
Weighted average shares outstanding:
Basic	852,765,263	867,713,308	861,211,983	869,627,926
Diluted	864,019,494	873,130,950	871,002,018	869,627,926
Excluding Fortitude Re funds withheld assets
Revenues:
Net investment income	$ 3,220	$ 3,342	$ 9,559	$ 9,100
Net realized gains (losses)	679	(498)	1,331	1,430
Fortitude Re funds withheld assets
Revenues:
Net investment income	495	458	1,488	574
Net realized gains (losses)	190	32	536	128
Benefits, losses and expenses:
Policyholder benefits and losses incurred	21
Fortitude Re funds withheld embedded derivative
Revenues:
Net realized gains (losses)	$ (209)	$ (656)	$ 117	$ (1,493)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 1,737	$ 299	$ 5,817	$ (5,813)
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken	12	79	49	(154)
Change in unrealized appreciation (depreciation) of all other investments	(1,510)	1,385	(4,999)	5,925
Change in foreign currency translation adjustments	(135)	352	4	206
Change in retirement plan liabilities adjustment	31	(1)	42	1
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	1	(1)	2
Other comprehensive income (loss)	(1,602)	1,816	(4,905)	5,980
Comprehensive income	135	2,115	912	167
Comprehensive income attributable to noncontrolling interests	71	18	175	62
Comprehensive income attributable to AIG	$ 64	$ 2,097	$ 737	$ 105

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	Accumulated Other Comprehensive IncomeCumulative 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	$ (487)	$ 65,675	$ (487)	$ 485	$ 0	$ 4,766	$ 0	$ (48,987)	$ 0	$ 81,345	$ 0	$ 23,084	$ (487)	$ 4,982	$ 0	$ 1,752	$ 0
Common stock issued under stock plans	(98)		(98)		0		0		167		(265)		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	(5,813)		(5,891)		0		0		0		0		(5,891)		0		78
Dividends on preferred stock	(22)		(22)		0		0		0		0		(22)		0		0
Dividends on common stock	(827)		(827)		0		0		0		0		(827)		0		0
Other comprehensive income (loss)	5,980		5,996		0		0		0		0		0		5,996		(16)
Net increase due to divestitures and acquisitions	(1,199)		0		0		0		0		0		0		0		(1,199)
Contributions from noncontrolling interests	4		0		0		0		0		0		0		0		4
Distributions to noncontrolling interests	(113)		0		0		0		0		0		0		0		(113)
Other	255		262		0		0		(7)		288		(19)		0		(7)
Balance at Sep. 30, 2020	64,607		64,108		485		4,766		(49,327)		81,368		15,838		10,978		499
Balance at Jun. 30, 2020	62,818		62,234		485		4,766		(49,327)		81,294		15,847		9,169		584
Common stock issued under stock plans	(1)		(1)		0		0		0		(1)		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	299		288		0		0		0		0		288		0		11
Dividends on preferred stock	(7)		(7)		0		0		0		0		(7)		0		0
Dividends on common stock	(276)		(276)		0		0		0		0		(276)		0		0
Other comprehensive income (loss)	1,816		1,809		0		0		0		0		0		1,809		7
Net increase due to divestitures and acquisitions	(28)		0		0		0		0		0		0		0		(28)
Contributions from noncontrolling interests	0		0		0		0		0		0		0		0		0
Distributions to noncontrolling interests	(71)		0		0		0		0		0		0		0		(71)
Other	57		61		0		0		0		75		(14)		0		(4)
Balance at Sep. 30, 2020	64,607		64,108		485		4,766		(49,327)		81,368		15,838		10,978		499
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	(77)		(77)		0		0		202		(279)		0		0		0
Purchase of common stock	(1,651)		(1,651)		0		0		(1,622)		(29)		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	5,817		5,642		0		0		0		0		5,642		0		175
Dividends on preferred stock	(22)		(22)		0		0		0		0		(22)		0		0
Dividends on common stock	(819)		(819)		0		0		0		0		(819)		0		0
Other comprehensive income (loss)	(4,905)		(4,905)		0		0		0		0		0		(4,905)		0
Net increase due to divestitures and acquisitions	50		0		0		0		0		0		0		0		50
Contributions from noncontrolling interests	8		0		0		0		0		0		0		0		8
Distributions to noncontrolling interests	(279)		0		0		0		0		0		0		0		(279)
Other	338		333		0		0		101		217		15		0		5
Balance at Sep. 30, 2021	65,659		64,863		485		4,766		(50,641)		81,327		20,320		8,606		796
Balance at Jun. 30, 2021	66,908		66,083		485		4,766		(49,634)		81,322		18,935		10,209		825
Common stock issued under stock plans	5		5		0		0		24		(19)		0		0		0
Purchase of common stock	(1,059)		(1,059)		0		0		(1,030)		(29)		0		0		0
Net income (loss) attributable to AIG or noncontrolling interests	1,737		1,667		0		0		0		0		1,667		0		70
Dividends on preferred stock	(7)		(7)		0		0		0		0		(7)		0		0
Dividends on common stock	(269)		(269)		0		0		0		0		(269)		0		0
Other comprehensive income (loss)	(1,602)		(1,603)		0		0		0		0		0		(1,603)		1
Net increase due to divestitures and acquisitions	(8)		0		0		0		0		0		0		0		(8)
Contributions from noncontrolling interests	1		0		0		0		0		0		0		0		1
Distributions to noncontrolling interests	(98)		0		0		0		0		0		0		0		(98)
Other	51		46		0		0		(1)		53		(6)		0		5
Balance at Sep. 30, 2021	$ 65,659		$ 64,863		$ 485		$ 4,766		$ (50,641)		$ 81,327		$ 20,320		$ 8,606		$ 796

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 5,817	$ (5,813)
Income from discontinued operations	0	(4)
Noncash revenues, expenses, gains and losses included in income (loss):
Net gains on sales of securities available for sale and other assets	(1,141)	(675)
Net (gain) loss on divestitures	(108)	8,652
Losses on extinguishment of debt	149	15
Unrealized gains in earnings - net	(1,295)	(1,971)
Equity in loss from equity method investments, net of dividends or distributions	14	210
Depreciation and other amortization	3,590	3,223
Impairments of assets	19	79
Changes in operating assets and liabilities:
Insurance reserves	5,829	2,238
Premiums and other receivables and payables - net	(1,387)	2,152
Reinsurance assets and funds held under reinsurance contracts	(1,739)	(2,148)
Capitalization of deferred policy acquisition costs	(3,858)	(3,256)
Current and deferred income taxes - net	497	(1,793)
Other, net	(623)	(300)
Total adjustments	(53)	6,426
Net cash provided by operating activities	5,764	609
Sales or distribution of:
Available for sale securities	19,211	17,303
Other securities	703	2,256
Other invested assets	3,298	3,159
Divestitures, net	137	2,119
Maturities of fixed maturity securities available for sale	26,424	19,441
Principal payments received on and sales of mortgage and other loans receivable	5,684	5,177
Purchases of:
Available for sale securities	(53,220)	(43,228)
Other securities	(128)	(562)
Other invested assets	(2,134)	(2,197)
Mortgage and other loans receivable	(6,156)	(4,072)
Net change in short-term investments	4,569	(7,368)
Other, net	(1,312)	2,751
Net cash used in investing activities	(2,924)	(5,221)
Proceeds from (payments for)
Policyholder contract deposits	19,522	16,255
Policyholder contract withdrawals	(16,208)	(12,802)
Purchase of common stock	(1,651)	(500)
Dividends paid on preferred stock	(22)	(22)
Dividends paid on common stock	(819)	(827)
Other, net	(458)	425
Net cash provided by (used in) financing activities	(2,760)	4,905
Effect of exchange rate changes on cash and restricted cash	(40)	27
Net increase in cash and restricted cash	40	320
Cash and restricted cash at beginning of year	3,230	3,287
Cash and restricted cash at end of period	2,834	3,607
American International Group, Inc.
Proceeds from (payments for)
Issuance of long-term debt and debt of consolidated investment entities	79	4,166
Repayments of long-term debt and debt of consolidated investment entities	(3,451)	(1,207)
Debt of consolidated investments
Proceeds from (payments for)
Issuance of long-term debt and debt of consolidated investment entities	3,458	1,459
Repayments of long-term debt and debt of consolidated investment entities	$ (3,210)	$ (2,042)

Supplementary Disclosure of Con

Supplementary Disclosure of Condensed Consolidated Cash Flow Information - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020		Dec. 31, 2020
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Cash	$ 2,699	[1]	$ 3,191		$ 2,827	[1]
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows	2,834		3,607		3,230
Cash paid during the period for:
Interest	781		829
Taxes	737		875
Non-cash investing activities:
Fixed maturity securities available for sale received in connection with pension risk transfer transactions	797		1,008
Fixed maturity securities received in connection with reinsurance transactions	58		336
Fixed maturity securities transferred in connection with reinsurance transactions	(734)		0
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	2,691		2,826
Fee income debited to policyholder contract deposits included in financing activities	(1,267)		(1,278)
Change in cash of held for sale assets	(436)		0
Other assets
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	58	[2]	202	[2]	223
Short-term investments
Cash Equivalents, Restricted Cash and Restricted Cash Equivalents:
Restricted cash	$ 77	[2]	$ 214	[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	9 Months Ended
BASIS OF PRESENTATION	Sep. 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 nine months ended September 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 September 30, 2021 and prior to the issuance of these Condensed Consolidated Financial Statements. Sales/disposals of ASSETS AND Businesses Separation of Life and Retirement Business and Relationship with Blackstone Inc. On October 26, 2020, AIG announced its intention to separate its Life and Retirement business from AIG. On July 14, 2021, AIG and Blackstone 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 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 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 SAFG, 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 closed on November 2, 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. As of September 30, 2021, the assets, primarily Other invested assets (Investment real estate) and liabilities, primarily Debt of consolidated investment entities, related to the Affordable Housing portfolio, $ 4.3 billion and $ 2.7 billion, respectively, are classified as held for sale and are reported in Other assets and Other liabilities within our Condensed Consolidated Balance Sheets. 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. 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 annuity insurance products. 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 September 30, 2021, approximately $ 29.9 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 3.8 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 nine months ended September 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. For the nine months ended September 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 $( 2,043) million and $ 420 million, respectively. The total net cash provided by (used in) operating activities was adjusted by $( 1,623) million. Additionally, the Policyholder contract deposits and Policyholder contract withdrawals line items in the Condensed Consolidated Statements of Cash Flows were adjusted by $ 2,241 million and $( 618) million, respectively. The total net cash provided by financing activities was adjusted by $ 1,623 million. In the third quarter of 2021, we identified misclassifications related to the balance sheet presentation of certain of our universal life and variable annuity products which resulted in an overstatement of Policyholder contract deposits and an understatement of Future policyholder benefits for life and accident and health insurance contracts. These balance sheet-only items had no impact to total liabilities reported, the Condensed Consolidated Statements of Income (Loss) or the Condensed Consolidated Statements of Cash Flows in any prior period. Accordingly, the Policyholder contract deposits, and Future policy benefits for life and accident and health insurance contracts included within the Condensed Consolidated Balance Sheets were decreased and increased, respectively, by $ 5.8 billion on December 31, 2020 to $ 154.5 billion and $ 56.9 billion, respectively. We assessed the materiality of the misclassifications described above 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 nine-month period ended September 30, 2020 has been corrected in the comparative Condensed Consolidated Statements of Cash Flows to account for the misclassification of the policyholder contract deposits and the Condensed Consolidated Balance Sheets as of December 31, 2020 has been corrected to account for the misclassification of certain universal life and variable annuity products. Additionally, impacted prior periods will be revised within the Annual Report on Form 10-K to be filed for the period ending December 31, 2021. DEBT CASH TENDER OFFERS In the nine months ended September 30, 2021, we repurchased, through cash tender offers, and canceled approximately $ 262 million aggregate principal amount of certain notes and debentures issued or guaranteed by AIG for an aggregate purchase price of approximately $ 369 million and wrote off $ 4 million of unamortized debt issuance costs, resulting in a total loss on extinguishment of debt of approximately $ 111 million.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 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 (loss).  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 (loss).  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	9 Months Ended
SEGMENT INFORMATION	Sep. 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, Global Specialty and Crop Risk Services. – 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 primarily 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 September 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 2,907 $ ( 166) (a) $ 2,494 $ ( 370) (a) International 3,516 186 (a) 3,359 ( 53) (a) Net investment income 791 791 839 839 Total General Insurance 7,214 811 6,692 416 Life and Retirement Individual Retirement 1,560 292 1,479 532 Group Retirement 832 316 758 338 Life Insurance 1,211 134 1,189 32 Institutional Markets 841 135 564 106 Total Life and Retirement 4,444 877 3,990 1,008 Other Operations Other Operations before consolidation and eliminations 301 ( 370) 223 ( 368) AIG consolidation and eliminations ( 206) ( 192) ( 149) ( 140) Total Other Operations 95 ( 562) 74 ( 508) Total 11,753 1,126 10,756 916 Reconciling items to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 14 26 14 15 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - 9 - 78 Changes in the fair value of equity securities ( 45) ( 45) 119 119 Other income (expense) - net ( 6) - 22 - Gain (loss) on extinguishment of debt - ( 51) - 2 Net investment income on Fortitude Re funds withheld assets 495 495 458 458 Net realized gains on Fortitude Re funds withheld assets 190 190 32 32 Net realized losses on Fortitude Re funds withheld embedded derivative ( 209) ( 209) ( 656) ( 656) Net realized gains (losses) (b) 643 652 ( 524) ( 512) Income (loss) from divestitures - 102 - ( 24) Non-operating litigation reserves and settlements - ( 3) - ( 1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 115 - 30 Net loss reserve discount benefit (charge) - ( 72) - 31 Pension expense related to a one-time lump sum payment to former employees - ( 27) - - Integration and transaction costs associated with acquiring or divesting businesses - ( 11) - ( 1) Restructuring and other costs - ( 104) - ( 100) Non-recurring costs related to regulatory or accounting changes - ( 17) - ( 19) Revenues and pre-tax income $ 12,835 $ 2,176 $ 10,221 $ 368 Nine Months Ended September 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 7,980 $ ( 199) (a) $ 7,699 $ ( 912) (a) International 10,524 755 (a) 9,970 59 (a) Net investment income 2,294 2,294 1,945 1,945 Total General Insurance 20,798 2,850 19,614 1,092 Life and Retirement Individual Retirement 4,556 1,441 4,178 1,386 Group Retirement 2,458 970 2,164 695 Life Insurance 3,839 114 3,608 112 Institutional Markets 2,617 417 2,987 311 Total Life and Retirement 13,470 2,942 12,937 2,504 Other Operations Other Operations before consolidation and eliminations 884 ( 1,240) 1,145 ( 1,535) AIG consolidation and eliminations ( 511) ( 462) ( 255) ( 174) Total Other Operations 373 ( 1,702) 890 ( 1,709) Total 34,641 4,090 33,441 1,887 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 46 61 42 24 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - ( 74) - ( 205) Changes in the fair value of equity securities ( 36) ( 36) ( 16) ( 16) Other income (expense) - net ( 14) - 46 - Loss on extinguishment of debt - ( 149) - ( 15) Net investment income on Fortitude Re funds withheld assets 1,488 1,488 574 574 Net realized gains on Fortitude Re funds withheld assets 536 536 128 128 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 117 117 ( 1,493) ( 1,493) Net realized gains (b) 1,192 1,220 1,332 1,375 Income (loss) from divestitures - 108 - ( 8,652) Non-operating litigation reserves and settlements - ( 3) 6 5 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 199 - 71 Net loss reserve discount charge - ( 62) - ( 41) Pension expense related to a one-time lump sum payment to former employees - ( 27) - - Integration and transaction costs associated with acquiring or divesting businesses - ( 55) - ( 7) Restructuring and other costs - ( 304) - ( 324) Non-recurring costs related to regulatory or accounting changes - ( 58) - ( 46) Revenues and pre-tax income (loss) $ 37,970 $ 7,051 $ 34,060 $ ( 6,735) (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	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 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: September 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 $ 4,452 $ - $ - $ - $ 4,456 Obligations of states, municipalities and political subdivisions - 13,089 1,806 - - 14,895 Non-U.S. governments 34 16,158 7 - - 16,199 Corporate debt - 174,291 2,646 - - 176,937 RMBS - 17,354 11,098 - - 28,452 CMBS - 14,287 1,025 - - 15,312 CDO/ABS - 8,903 9,187 - - 18,090 Total bonds available for sale 38 248,534 25,769 - - 274,341 Other bond securities: U.S. government and government sponsored entities - 1,761 - - - 1,761 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 208 107 - - 315 CMBS - 238 36 - - 274 CDO/ABS - 104 2,185 - - 2,289 Total other bond securities - 2,323 2,328 - - 4,651 Equity securities 1,002 28 5 - - 1,035 Other invested assets (b) - 145 1,906 - - 2,051 Derivative assets (c) Interest rate contracts - 3,682 1 - - 3,683 Foreign exchange contracts - 1,347 1 - - 1,348 Equity contracts 26 251 310 - - 587 Commodity contracts - 8 - - - 8 Credit contracts - - 2 - - 2 Other contracts - - 12 - - 12 Counterparty netting and cash collateral - - - ( 2,698) ( 2,058) ( 4,756) Total derivative assets 26 5,288 326 ( 2,698) ( 2,058) 884 Short-term investments 3,635 2,005 - - - 5,640 Other assets - - 114 - - 114 Separate account assets 101,533 3,890 - - - 105,423 Total $ 106,234 $ 262,213 $ 30,448 $ ( 2,698) $ ( 2,058) $ 394,139 Liabilities: Policyholder contract deposits $ - $ - $ 9,273 $ - $ - $ 9,273 Derivative liabilities (c) Interest rate contracts 1 3,889 - - - 3,890 Foreign exchange contracts - 621 - - - 621 Equity contracts 4 52 3 - - 59 Credit contracts - 18 43 - - 61 Other contracts - - 1 - - 1 Counterparty netting and cash collateral - - - ( 2,698) ( 1,231) ( 3,929) Total derivative liabilities 5 4,580 47 ( 2,698) ( 1,231) 703 Fortitude Re funds withheld payable - - 5,433 - - 5,433 Other liabilities - - - - - - Long-term debt - 1,964 - - - 1,964 Total $ 5 $ 6,544 $ 14,753 $ ( 2,698) $ ( 1,231) $ 17,373 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 $ 8.0 billion and $ 6.5 billion as of September 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 nine-month periods ended September 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 September 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Three Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,939 $ 6 $ ( 9) $ ( 7) $ - $ ( 61) $ ( 62) $ 1,806 $ - $ - Non-U.S. governments 10 - - - - ( 3) - 7 - - Corporate debt 2,773 ( 1) 2 ( 173) 57 ( 12) - 2,646 - - RMBS 11,085 118 ( 8) ( 86) 8 ( 19) - 11,098 - - CMBS 1,082 4 ( 6) ( 13) - ( 42) - 1,025 - - CDO/ABS 9,318 22 ( 41) 180 64 ( 356) - 9,187 - - Total bonds available for sale 26,207 149 ( 62) ( 99) 129 ( 493) ( 62) 25,769 - - Other bond securities: RMBS 113 2 - ( 8) - - - 107 - - CMBS 46 ( 1) - ( 9) - - - 36 - - CDO/ABS 2,279 40 - ( 134) - - - 2,185 - - Total other bond securities 2,438 41 - ( 151) - - - 2,328 - - Equity securities 4 - 1 ( 1) 1 - - 5 - - Other invested assets 2,099 161 ( 3) ( 351) - - - 1,906 141 - Other assets 113 - - 1 - - - 114 - - Total $ 30,861 $ 351 $ ( 64) $ ( 601) $ 130 $ ( 493) $ ( 62) $ 30,122 $ 141 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,020 $ ( 26) $ - $ 279 $ - $ - $ - $ 9,273 $ 362 $ - Derivative liabilities, net: Interest rate contracts ( 1) ( 2) - 2 - - - ( 1) 2 - Foreign exchange contracts ( 1) ( 1) - 1 - - - ( 1) 1 - Equity contracts ( 357) 99 - ( 50) - 1 - ( 307) ( 90) - Credit contracts 43 - - ( 2) - - - 41 1 - Other contracts ( 10) ( 17) - 16 - - - ( 11) 16 - Total derivative liabilities, net (a) ( 326) 79 - ( 33) - 1 - ( 279) ( 70) - Fortitude Re funds withheld payable 5,317 209 - ( 93) - - - 5,433 414 - Total $ 14,011 $ 262 $ - $ 153 $ - $ 1 $ - $ 14,427 $ 706 $ - 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 September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,279 $ 3 $ ( 4) $ ( 30) $ - $ ( 65) $ - $ 2,183 $ - $ - Non-U.S. governments 5 - 1 - 1 - - 7 - - Corporate debt 1,900 ( 33) 52 ( 25) 452 ( 231) - 2,115 - 38 RMBS 12,678 192 301 ( 412) 3 ( 107) - 12,655 - 335 CMBS 1,149 3 36 ( 11) - ( 196) - 981 - 27 CDO/ABS 9,461 5 180 ( 174) 125 ( 244) - 9,353 - 172 Total bonds available for sale 27,472 170 566 ( 652) 581 ( 843) - 27,294 - 572 Other bond securities: RMBS 168 16 - ( 16) - - - 168 4 - CMBS 47 1 - - - - - 48 1 - CDO/ABS 2,531 124 - ( 100) - - - 2,555 34 - Total other bond securities 2,746 141 - ( 116) - - - 2,771 39 - Equity securities 43 - 2 1 7 ( 27) - 26 1 - Other invested assets 1,486 74 ( 2) 25 - - - 1,583 - - Other assets 111 - - 2 - - ( 1) 112 - - Total $ 31,858 $ 385 $ 566 $ ( 740) $ 588 $ ( 870) $ ( 1) $ 31,786 $ 40 $ 572 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 $ 9,233 $ 19 $ - $ 70 $ - $ - $ - $ 9,322 $ 273 $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 1) ( 2) - - - - - ( 3) 2 - Equity contracts ( 53) 9 - ( 65) ( 1) 5 - ( 105) - - Credit contracts 45 1 - ( 2) - - - 44 ( 7) - Other contracts ( 3) ( 19) - 16 - - - ( 6) 18 - Total derivative liabilities, net (a) ( 12) ( 11) - ( 51) ( 1) 5 - ( 70) 13 - Fortitude Re funds withheld payable 4,510 656 - ( 30) - - - 5,136 ( 256) - Total $ 13,731 $ 664 $ - $ ( 11) $ ( 1) $ 5 $ - $ 14,388 $ 30 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Nine Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 14 $ ( 40) $ ( 125) $ - $ ( 86) $ ( 62) $ 1,806 $ - $ 225 Non-U.S. governments 5 - ( 1) 1 5 ( 3) - 7 - - Corporate debt 2,349 12 9 35 452 ( 211) - 2,646 - ( 106) RMBS 11,694 435 17 ( 977) 8 ( 79) - 11,098 - 934 CMBS 922 20 ( 39) 245 56 ( 179) - 1,025 - ( 45) CDO/ABS 9,814 37 ( 11) ( 358) 902 ( 1,197) - 9,187 - 425 Total bonds available for sale 26,889 518 ( 65) ( 1,179) 1,423 ( 1,755) ( 62) 25,769 - 1,433 Other bond securities: RMBS 139 6 - ( 38) - - - 107 ( 86) - CMBS 47 ( 2) - ( 15) 6 - - 36 2 - CDO/ABS 2,512 74 - ( 401) - - - 2,185 235 - Total other bond securities 2,698 78 - ( 454) 6 - - 2,328 151 - Equity securities 51 11 1 ( 124) 77 ( 11) - 5 3 - Other invested assets 1,827 417 ( 10) ( 328) - - - 1,906 386 - Other assets 113 - - 1 - - - 114 - - Total $ 31,578 $ 1,024 $ ( 74) $ ( 2,084) $ 1,506 $ ( 1,766) $ ( 62) $ 30,122 $ 540 $ 1,433 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 923) $ - $ 398 $ - $ - $ - $ 9,273 $ 1,914 $ - Derivative liabilities, net: Interest rate contracts - ( 4) - 3 - - - ( 1) 4 - Foreign exchange contracts ( 2) - - 1 - - - ( 1) - - Equity contracts ( 151) 2 - ( 204) - 46 - ( 307) ( 58) - Credit contracts 42 7 - ( 8) - - - 41 2 - Other contracts ( 8) ( 50) - 47 - - - ( 11) 50 - Total derivative liabilities, net (a) ( 119) ( 45) - ( 161) - 46 - ( 279) ( 2) - Fortitude Re funds withheld payable 6,042 ( 117) - ( 492) - - - 5,433 1,917 - Total $ 15,721 $ ( 1,085) $ - $ ( 255) $ - $ 46 $ - $ 14,427 $ 3,829 $ - 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 Nine Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 8 $ 195 $ 127 $ 27 $ ( 295) $ - $ 2,183 $ - $ 193 Non-U.S. governments - - 1 5 7 ( 6) - 7 - - Corporate debt 1,663 ( 101) 43 95 1,074 ( 659) - 2,115 - 59 RMBS 13,408 532 ( 375) ( 806) 29 ( 133) - 12,655 - ( 213) CMBS 1,053 14 70 17 23 ( 196) - 981 - 66 CDO/ABS 7,686 25 55 ( 19) 2,062 ( 456) - 9,353 - 38 Total bonds available for sale 25,931 478 ( 11) ( 581) 3,222 ( 1,745) - 27,294 - 143 Other bond securities: RMBS 143 16 - 9 - - - 168 3 - CMBS 50 - - ( 2) - - - 48 ( 1) - CDO/ABS 3,545 225 - ( 1,215) - - - 2,555 25 - Total other bond securities 3,738 241 - ( 1,208) - - - 2,771 27 - Equity securities 8 ( 1) 3 11 33 ( 28) - 26 1 - Other invested assets 1,192 11 ( 2) 232 150 - - 1,583 ( 13) - Other assets 89 - - 61 - - ( 38) 112 - - Total $ 30,958 $ 729 $ ( 10) $ ( 1,485) $ 3,405 $ ( 1,773) $ ( 38) $ 31,786 $ 15 $ 143 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 $ 2,250 $ - $ 162 $ - $ - $ - $ 9,322 $ ( 1,436) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 2 - 1 - - - ( 3) 2 - Equity contracts ( 151) 19 - 23 ( 1) 5 - ( 105) ( 62) - Credit contracts 62 ( 59) - 41 - - - 44 8 - Other contracts ( 7) ( 46) - 47 - - - ( 6) 45 - Total derivative liabilities, net (a) ( 102) ( 85) - 113 ( 1) 5 - ( 70) ( 6) - Fortitude Re funds withheld payable - 1,493 - ( 30) - - 3,673 5,136 ( 919) - Total $ 6,808 $ 3,658 $ - $ 245 $ ( 1) $ 5 $ 3,673 $ 14,388 $ ( 2,361) $ - (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 September 30, 2021 Assets: Bonds available for sale $ 155 $ ( 6) $ - $ 149 Other bond securities 41 - - 41 Equity securities - - - - Other invested assets 165 ( 4) - 161 Three Months Ended September 30, 2020 Assets: Bonds available for sale $ 177 $ ( 7) $ - $ 170 Other bond securities 143 ( 2) - 141 Equity securities - - - - Other invested assets 74 - - 74 Nine Months Ended September 30, 2021 Assets: Bonds available for sale $ 503 $ 15 $ - $ 518 Other bond securities 78 - - 78 Equity securities 11 - - 11 Other invested assets 406 11 - 417 Nine Months Ended September 30, 2020 Assets: Bonds available for sale $ 557 $ ( 79) $ - $ 478 Other bond securities ( 25) 266 - 241 Equity securities - ( 1) - ( 1) Other invested assets 11 - - 11 Net Investment Net Realized Other (in millions) Income (Gains) Losses Income Total Three Months Ended September 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 26) $ - $ ( 26) Derivative liabilities, net - 93 ( 14) 79 Fortitude Re funds withheld payable - 209 - 209 Three Months Ended September 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 19 $ - $ 19 Derivative liabilities, net - 5 ( 16) ( 11) Fortitude Re funds withheld payable - 656 - 656 Nine Months Ended September 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 923) $ - $ ( 923) Derivative liabilities, net - ( 2) ( 43) ( 45) Fortitude Re funds withheld payable - ( 117) - ( 117) Nine Months Ended September 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 2,250 $ - $ 2,250 Derivative liabilities, net - ( 41) ( 44) ( 85) Fortitude Re funds withheld payable - 1,493 - 1,493 * Primarily embedded derivatives. The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three- and nine-month periods ended September 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 September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 40 $ ( 16) $ ( 31) $ ( 7) Non-U.S. governments - - - - Corporate debt 23 ( 61) ( 135) ( 173) RMBS 704 ( 164) ( 626) ( 86) CMBS 7 ( 3) ( 17) ( 13) CDO/ABS 849 - ( 669) 180 Total bonds available for sale 1,623 ( 244) ( 1,478) ( 99) Other bond securities: RMBS - ( 2) ( 6) ( 8) CMBS - ( 9) - ( 9) CDO/ABS - - ( 134) ( 134) Total other bond securities - ( 11) ( 140) ( 151) Equity securities - - ( 1) ( 1) Other invested assets 32 - ( 383) ( 351) Other assets - - 1 1 Total $ 1,655 $ ( 255) $ ( 2,001) $ ( 601) Liabilities: Policyholder contract deposits $ - $ 214 $ 65 $ 279 Derivative liabilities, net ( 75) 2 40 ( 33) Fortitude Re funds withheld payable - - ( 93) ( 93) Total $ ( 75) $ 216 $ 12 $ 153 Three Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 34 $ ( 18) $ ( 46) $ ( 30) Non-U.S. governments - - - - Corporate debt 23 ( 2) ( 46) ( 25) RMBS 182 - ( 594) ( 412) CMBS 2 ( 10) ( 3) ( 11) CDO/ABS 234 ( 78) ( 330) ( 174) Total bonds available for sale 475 ( 108) ( 1,019) ( 652) Other bond securities: RMBS - - ( 16) ( 16) CMBS - - - - CDO/ABS - - ( 100) ( 100) Total other bond securities - - ( 116) ( 116) Equity securities 1 - - 1 Other invested assets 25 - - 25 Other assets - - 2 2 Total $ 501 $ ( 108) $ ( 1,133) $ ( 740) Liabilities: Policyholder contract deposits $ - $ 170 $ ( 100) $ 70 Derivative liabilities, net ( 19) - ( 32) ( 51) Fortitude Re funds withheld payable - - ( 30) ( 30) Total $ ( 19) $ 170 $ ( 162) $ ( 11) Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Nine Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 51 $ ( 59) $ ( 117) $ ( 125) Non-U.S. governments 1 - - 1 Corporate debt 976 ( 94) ( 847) 35 RMBS 1,186 ( 279) ( 1,884) ( 977) CMBS 297 ( 3) ( 49) 245 CDO/ABS 2,005 70 ( 2,433) ( 358) Total bonds available for sale 4,516 ( 365) ( 5,330) ( 1,179) Other bond securities: RMBS 1 ( 11) ( 28) ( 38) CMBS - ( 15) - ( 15) CDO/ABS - ( 39) ( 362) ( 401) Total other bond securities 1 ( 65) ( 390) ( 454) Equity securities - ( 3) ( 121) ( 124) Other invested assets 424 - ( 752) ( 328) Other assets - - 1 1 Total $ 4,941 $ ( 433) $ ( 6,592) $ ( 2,084) Liabilities: Policyholder contract deposits $ - $ 607 $ ( 209) $ 398 Derivative liabilities, net ( 198) 4 33 ( 161) Fortitude Re funds withheld payable - - ( 492) ( 492) Total $ ( 198) $ 611 $ ( 668) $ ( 255) Nine Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 201 $ ( 20) $ ( 54) $ 127 Non-U.S. governments 5 - - 5 Corporate debt 256 ( 7) ( 154) 95 RMBS 883 - ( 1,689) ( 806) CMBS 56 ( 17) ( 22) 17 CDO/ABS 715 ( 103) ( 631) ( 19) Total bonds available for sale 2,116 ( 147) ( 2,550) ( 581) Other bond securities: RMBS 37 - ( 28) 9 CMBS - - ( 2) ( 2) CDO/ABS 35 ( 579) ( 671) ( 1,215) Total other bond securities 72 ( 579) ( 701) ( 1,208) Equity securities 11 - - 11 Other invested assets 277 - ( 45) 232 Other assets 55 - 6 61 Total $ 2,531 $ ( 726) $ ( 3,290) $ ( 1,485) Liabilities: Policyholder contract deposits $ - $ 514 $ ( 352) $ 162 Derivative liabilities, net ( 43) 8 148 113 Fortitude Re funds withheld payable - - ( 30) ( 30) Total $ ( 43) $ 522 $ ( 234) $ 245 (a) There were issuances during the three- and nine-month periods ended September 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 September 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 $ 1 million and $ 28 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and nine-month periods ended September 30, 2021, respectively, and includes $ 10 million and $ 7 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and nine-month periods ended September 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 $( 79) million and $( 207) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three- and nine-month periods ended September 30, 2020, respectively, and includes $ 18 million and $( 13) million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three- and nine-month periods ended September 30, 2020, respectively. Transfers of Level 3 Assets During the three- and nine-month periods ended September 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 nine-month periods ended September 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 nine-month periods ended September 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 September 30, Valuation Range (in millions) 2021 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,548 Discounted cash flow Yield 2.83% - 3.46% ( 3.15%) Corporate debt 1,607 Discounted cash flow Yield 2.31% - 6.97% ( 4.64%) RMBS (a) 10,058 Discounted cash flow Constant prepayment rate 4.95% - 17.76% ( 11.36%) Loss severity 28.09% - 73.42% ( 50.76%) Constant default rate 1.31% - 6.11% ( 3.71%) Yield 1.51% - 3.93% ( 2.72%) CDO/ABS (a) 8,306 Discounted cash flow Yield 1.51% - 4.50% ( 3.01%) CMBS 550 Discounted cash flow Yield 1.37% - 5.52% ( 3.33%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 2,551 Discounted cash flow Equity volatility 6.45% - 51.15% 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% - 1.37% Index annuities including certain GMWB 5,973 Discounted cash flow Base lapse rate 0.38% - 50.00% Dynamic lapse multiplier 19.00% - 178.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 95.00% Option budget 0.00% - 4.00% NPA (f) 0.07% - 1.37% Indexed life 701 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.07% - 1.37% 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 Base lapse rate 0.38% - 50.00% Dynamic lapse multiplier 19.00% - 178.00% 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

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 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 September 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 4,169 $ - $ 304 $ ( 17) $ 4,456 Obligations of states, municipalities and political subdivisions 13,084 - 1,826 ( 15) 14,895 Non-U.S. governments 15,677 ( 3) 753 ( 228) 16,199 Corporate debt 163,614 ( 55) 14,665 ( 1,287) 176,937 Mortgage-backed, asset-backed and collateralized: RMBS 25,965 ( 8) 2,612 ( 117) 28,452 CMBS 14,630 - 727 ( 45) 15,312 CDO/ABS 17,786 - 360 ( 56) 18,090 Total mortgage-backed, asset-backed and collateralized 58,381 ( 8) 3,699 ( 218) 61,854 Total bonds available for sale (b) $ 254,925 $ ( 66) $ 21,247 $ ( 1,765) $ 274,341 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 (losses) and are not recognized in Other comprehensive income (loss). (b) At September 30, 2021 and December 31, 2020, bonds available for sale held by us that were below investment grade or not rated totaled $ 27.5 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 September 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,340 $ 10 $ 287 $ 7 $ 1,627 $ 17 Obligations of states, municipalities and political subdivisions 702 11 84 4 786 15 Non-U.S. governments 4,250 123 604 100 4,854 223 Corporate debt 30,283 915 5,058 317 35,341 1,232 RMBS 5,605 74 1,041 37 6,646 111 CMBS 1,739 29 294 16 2,033 45 CDO/ABS 4,501 35 834 21 5,335 56 Total bonds available for sale $ 48,420 $ 1,197 $ 8,202 $ 502 $ 56,622 $ 1,699 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 September 30, 2021 we held 11,524 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 1,591 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 September 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 September 30, 2021 Due in one year or less $ 7,788 $ 7,853 Due after one year through five years 44,190 45,730 Due after five years through ten years 46,916 49,930 Due after ten years 97,592 108,974 Mortgage-backed, asset-backed and collateralized 58,373 61,854 Total $ 254,859 $ 274,341 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 September 30, Nine Months Ended September 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 $ 348 $ 123 $ 258 $ 83 $ 1,098 $ 349 $ 1,179 $ 641 For the three- and nine-month periods ended September 30, 2021, the aggregate fair value of available for sale securities sold was $ 13.1 billion and $ 19.1 billion, respectively, which resulted in net realized gains of $ 225 million and $ 749 million, respectively. Included within the net realized gains are $ 159 million and $ 549 million of net realized gains for the three- and nine-month periods ended September 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 nine-month periods ended September 30, 2020, the aggregate fair value of available for sale securities sold was $ 3.1 billion and $ 17.0 billion, respectively, which resulted in net realized gains of $ 175 million and $ 538 million, respectively. Included within the net realized gains (losses) are $ 147 million and $ 269 million of net realized gains for the three- and nine-month periods ended September 30, 2020, respectively, 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: September 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 $ 1,761 31 % $ 1,845 29 % Corporate debt 12 - 12 - Mortgage-backed, asset-backed and collateralized: RMBS 315 6 429 7 CMBS 274 5 320 5 CDO/ABS and other collateralized 2,289 40 2,685 42 Total mortgage-backed, asset-backed and collateralized 2,878 51 3,434 54 Total fixed maturity securities 4,651 82 5,291 83 Equity securities 1,035 18 1,056 17 Total $ 5,686 100 % $ 6,347 100 % Other Invested Assets The following table summarizes the carrying amounts of other invested assets: September 30, December 31, (in millions) 2021 2020 Alternative investments (a) (b) $ 10,708 $ 9,572 Investment real estate (c) 3,492 7,930 All other investments (d) 1,777 1,558 Total $ 15,977 $ 19,060 (a) At September 30, 2021, included hedge funds of $ 2.0 billion and private equity funds of $ 8.7 billion. At December 31, 2020, included hedge funds of $ 2.3 billion, private equity funds of $ 7.0 billion and unconsolidated affordable housing partnerships of $ 257 million. (b) At September 30, 2021, approximately 58 percent of our hedge fund portfolio is available for redemption in 2021. The remaining 42 percent will be available for redemption between 2022 and 2027. (c) Represents values net of accumulated depreciation. At September 30, 2021 and December 31, 2020, the accumulated depreciation was $ 701 million and $ 756 million, respectively, excluding depreciation related to our affordable housing portfolio. (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 September 30, 2021 and December 31, 2020. Net Investment Income The following table presents the components of Net investment income: Three Months Ended September 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 $ 2,173 $ 374 $ 2,547 $ 2,209 $ 373 $ 2,582 Other fixed maturity securities (a) 32 3 35 164 7 171 Equity securities ( 45) - ( 45) 119 - 119 Interest on mortgage and other loans 435 50 485 443 46 489 Alternative investments (b) 616 77 693 455 40 495 Real estate 99 - 99 22 - 22 Other investments (c) 41 1 42 55 - 55 Total investment income 3,351 505 3,856 3,467 466 3,933 Investment expenses 131 10 141 125 8 133 Net investment income $ 3,220 $ 495 $ 3,715 $ 3,342 $ 458 $ 3,800 Nine Months Ended September 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 $ 6,481 $ 1,112 $ 7,593 $ 7,320 $ 459 $ 7,779 Other fixed maturity securities (a) 23 9 32 475 10 485 Equity securities ( 36) - ( 36) ( 16) - ( 16) Interest on mortgage and other loans 1,295 154 1,449 1,441 59 1,500 Alternative investments (b) 1,767 238 2,005 309 54 363 Real estate 215 - 215 142 - 142 Other investments (c) 162 3 165 ( 159) - ( 159) Total investment income 9,907 1,516 11,423 9,512 582 10,094 Investment expenses 348 28 376 412 8 420 Net investment income $ 9,559 $ 1,488 $ 11,047 $ 9,100 $ 574 $ 9,674 (a) Included in the three- and nine-month periods ended September 30, 2021 were losses of $ 3 million and $ 49 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and nine-month periods ended September 30, 2020 were income of $ 8 million and $ 206 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 nine-month periods ended September 30, 2021 were income of $ 9 million and $ 52 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 nine-month periods ended September 30, 2020 were income of $ 21 million and losses of $ 195 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 September 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 $ 66 $ 159 $ 225 $ 28 $ 147 $ 175 Intent to sell - - - - - - Change in allowance for credit losses on fixed maturity securities 3 1 4 ( 77) ( 4) ( 81) Change in allowance for credit losses on loans 22 3 25 ( 13) 2 ( 11) Foreign exchange transactions ( 127) ( 9) ( 136) 250 7 257 Variable annuity embedded derivatives, net of related hedges ( 39) - ( 39) ( 148) - ( 148) All other derivatives and hedge accounting 317 ( 15) 302 ( 626) ( 120) ( 746) Other * 437 51 488 88 - 88 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 679 190 869 ( 498) 32 ( 466) Net realized losses on Fortitude Re funds withheld embedded derivative - ( 209) ( 209) - ( 656) ( 656) Net realized gains (losses) $ 679 $ ( 19) $ 660 $ ( 498) $ ( 624) $ ( 1,122) Nine Months Ended September 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 $ 200 $ 549 $ 749 $ 269 $ 269 $ 538 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 64 7 71 ( 299) ( 11) ( 310) Change in allowance for credit losses on loans 130 6 136 ( 73) 6 ( 67) Foreign exchange transactions ( 37) ( 6) ( 43) 40 10 50 Variable annuity embedded derivatives, net of related hedges ( 3) - ( 3) 1,034 - 1,034 All other derivatives and hedge accounting 332 ( 72) 260 365 ( 146) 219 Other* 645 52 697 97 - 97 Net realized gains – excluding Fortitude Re funds withheld embedded derivative 1,331 536 1,867 1,430 128 1,558 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative - 117 117 - ( 1,493) ( 1,493) Net realized gains (losses) $ 1,331 $ 653 $ 1,984 $ 1,430 $ ( 1,365) $ 65 * In the three- and nine-month periods ended September 30, 2021, primarily includes gains from sale of global real estate investments of $ 292 million and $ 341 million, respectively, and gains from affordable housing partnerships of $ 80 million and $ 210 million, respectively. 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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ ( 2,065) $ 2,373 $ ( 7,863) $ 5,875 Other investments - 1 ( 5) 1 Total increase (decrease) in unrealized appreciation (depreciation) of investments $ ( 2,065) $ 2,374 $ ( 7,868) $ 5,876 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 September 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 $ ( 45) $ 471 $ 426 $ 119 $ 464 $ 583 Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period 8 23 31 ( 3) ( 5) ( 8) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ ( 53) $ 448 $ 395 $ 122 $ 469 $ 591 Nine Months Ended September 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 $ ( 36) $ 1,484 $ 1,448 $ ( 16) $ 264 $ 248 Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 192) 38 ( 154) 14 10 24 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 156 $ 1,446 $ 1,602 $ ( 30) $ 254 $ 224 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 September 30, 2021 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period $ 10 $ 87 $ 97 $ 37 $ 161 $ 198 Additions: Securities for which allowance for credit losses were not previously recorded - 20 20 1 30 31 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 - ( 21) ( 21) ( 2) ( 5) ( 7) 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 ( 3) ( 21) ( 24) ( 10) 67 57 Write-offs charged against the allowance - ( 6) ( 6) - ( 43) ( 43) Balance, end of period $ 7 $ 59 $ 66 $ 26 $ 210 $ 236 Nine Months Ended September 30, 2021 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period* $ 17 $ 169 $ 186 $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 8 48 56 36 294 330 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets - - - 26 - 26 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets - - - 1 - 1 Reductions: Securities sold during the period ( 3) ( 28) ( 31) ( 3) ( 10) ( 13) 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 ( 15) ( 112) ( 127) ( 41) 34 ( 7) Write-offs charged against the allowance - ( 18) ( 18) - ( 108) ( 108) Balance, end of period $ 7 $ 59 $ 66 $ 26 $ 210 $ 236 * 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 nine-month period ended September 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) September 30, 2021 December 31, 2020 Fixed maturity securities available for sale $ 3,546 $ 3,636 At both September 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 September 30, 2021 Bonds available for sale: Non-U.S. governments $ 39 $ - $ - $ - $ - $ 39 Corporate debt 147 78 8 - 3 236 Total $ 186 $ 78 $ 8 $ - $ 3 $ 275 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 September 30, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 93 $ - $ - $ 93 Non-U.S. governments - - - - - - Corporate debt - 495 2,492 191 - 3,178 Total $ - $ 495 $ 2,585 $ 191 $ - $ 3,271 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) September 30, 2021 December 31, 2020 Securities collateral pledged to us $ 977 $ 5,359 At September 30, 2021 and December 31, 2020, the carrying value of reverse repurchase agreements totaled $ 1.0 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 $ 11.6 billion and $ 11.2 billion at September 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 September 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 $ 5.3 billion and $ 0.9 billion, respectively, at September 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 $ 1.4 billion and $ 1.5 billion, at September 30, 2021 and December 31, 2020, respectively. This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties. Investments held in escrow accounts or otherwise subject to restriction as to their use were $ 582 million and $ 494 million, comprised of bonds available for sale and short-term investments at September 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	9 Months Ended
LENDING ACTIVITIES	Sep. 30, 2021
LENDING ACTIVITIES
LENDING ACTIVITIES	6. Lending Activities The following table presents the composition of Mortgage and other loans receivable, net: September 30, December 31, (in millions) 2021 2020 Commercial mortgages (a) $ 35,980 $ 36,424 Residential mortgages 4,808 4,645 Life insurance policy loans 1,876 1,986 Commercial loans, other loans and notes receivable 3,798 3,321 Total mortgage and other loans receivable 46,462 46,376 Allowance for credit losses (b) ( 641) ( 814) Mortgage and other loans receivable, net $ 45,821 $ 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 22 percent and 10 percent, respectively, at September 30, 2021 and 24 percent and 10 percent, respectively, at December 31, 2020). (b) Does not include allowance for credit losses of $ 83 million and $ 79 million, respectively, at September 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 September 30, 2021, $ 8 million and $ 251 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 September 30, 2021, accrued interest receivable was $ 11 million and $ 131 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) September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,466 $ 1,827 $ 5,082 $ 4,592 $ 3,709 $ 12,977 $ 29,653 1.00 - 1.20X 526 868 752 667 181 1,219 4,213 <1.00X 1 27 - 957 88 1,041 2,114 Total commercial mortgages $ 1,993 $ 2,722 $ 5,834 $ 6,216 $ 3,978 $ 15,237 $ 35,980 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) September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 1,304 $ 2,365 $ 3,484 $ 4,232 $ 2,641 $ 10,780 $ 24,806 65% to 75% 355 331 2,331 1,984 1,010 3,346 9,357 76% to 80% - - 19 - 153 531 703 Greater than 80% 334 26 - - 174 580 1,114 Total commercial mortgages $ 1,993 $ 2,722 $ 5,834 $ 6,216 $ 3,978 $ 15,237 $ 35,980 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 September 30, 2021 and 2.2X at December 31, 2020. The debt service coverage ratios have been updated within the last 12 months. The debt service coverage ratios are updated when additional relevant information becomes available. (b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 58 percent at September 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 September 30, 2021 Credit Quality Performance Indicator: In good standing 646 $ 14,084 $ 10,405 $ 4,872 $ 3,774 $ 1,932 $ 451 $ 35,518 99 % Restructured (a) 9 - 141 49 - 136 - 326 1 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 5 - 81 55 - - - 136 - Total (b) 660 $ 14,084 $ 10,627 $ 4,976 $ 3,774 $ 2,068 $ 451 $ 35,980 100 % Allowance for credit losses $ 104 $ 262 $ 114 $ 42 $ 29 $ 6 $ 557 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: September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO: 780 and greater $ 1,066 $ 752 $ 355 $ 133 $ 227 $ 570 $ 3,103 720 - 779 830 255 102 51 69 177 1,484 660 - 719 29 44 25 13 21 55 187 600 - 659 - 1 2 3 2 13 21 Less than 600 - - 1 1 2 9 13 Total residential mortgages $ 1,925 $ 1,052 $ 485 $ 201 $ 321 $ 824 $ 4,808 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 September 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 Loans charged off ( 2) - ( 2) - - - Recoveries of loans previously charged off - - - - - - Net charge-offs ( 2) - ( 2) - - - Addition to (release of) allowance for loan losses ( 28) 1 ( 27) ( 8) 11 3 Reclassified to held for sale (b) - ( 31) ( 31) - - - Allowance, end of period $ 557 $ 84 $ 641 $ 659 $ 138 $ 797 Nine Months Ended September 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 ( 2) - ( 2) ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs ( 2) - ( 2) ( 12) - ( 12) Addition to (release of) allowance for loan losses ( 126) ( 14) ( 140) 24 29 53 Reclassified to held for sale (b) - ( 31) ( 31) - - - Allowance, end of period $ 557 $ 84 $ 641 $ 659 $ 138 $ 797 (a) Does not include allowance for credit losses of $ 83 million and $ 66 million, respectively, at September 30, 2021 and 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) Reported in Other assets in the Condensed Consolidated Balance Sheets. 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 September 30, 2021, the number of loans in deferral or in the process of being modified have returned to pre-COVID-19 levels. During the nine-month periods ended September 30, 2021 and 2020, loans with a carrying value of $ 45 million and $ 50 million, respectively, were modified in TDRs.

REINSURANCE

REINSURANCE	9 Months Ended
REINSURANCE	Sep. 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 September 30, 2021, approximately $ 29.9 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 3.8 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 nine months ended September 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 (loss)). 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: September 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) $ 33,457 $ 33,457 $ 36,047 $ 36,047 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 158 158 200 200 Fair value through net investment income Commercial mortgage loans 3,732 3,968 3,679 4,010 Amortized cost Real estate investments 245 508 358 585 Amortized cost Private equity funds / hedge funds 1,465 1,465 1,168 1,168 Fair value through net investment income Policy loans 384 384 413 413 Amortized cost Short-term investments 55 55 34 34 Fair value through net investment income Funds withheld investment assets 39,496 39,995 41,899 42,457 Derivative assets, net (b) 47 47 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 846 846 604 604 Amortized cost Total $ 40,389 $ 40,888 $ 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 $( 2.1) billion ($( 1.6) billion after-tax) for the nine months ended September 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 $ 304 million and $ 12 million, respectively, as of September 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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 495 458 1,488 574 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 190 32 536 128 Net realized gains (losses) - Fortitude Re embedded derivatives ( 209) ( 656) 117 ( 1,493) Net realized gains (losses) on Fortitude Re funds withheld assets ( 19) ( 624) 653 ( 1,365) Income (loss) from continuing operations before income tax expense (benefit) 476 ( 166) 2,141 ( 791) Income tax expense (benefit) (b) 99 ( 35) 449 ( 166) Net income (loss) 377 ( 131) 1,692 ( 625) Change in unrealized appreciation (depreciation) of all other investments (b) ( 360) 132 ( 1,645) 570 Comprehensive income (loss) $ 17 $ 1 $ 47 $ ( 55) (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 nine months ended September 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 (loss) 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, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as 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 September 30, 2021 were $ 76.8 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 September 30, 2021, approximately 74 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 September 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Addition to (release of) allowance for expected credit losses and disputes, net 5 15 20 ( 2) 2 - Write-offs charged against the allowance for credit losses and disputes ( 8) - ( 8) - - - Other changes 2 - 2 5 1 6 Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370 Nine Months Ended September 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) allowance for expected credit losses and disputes, net 5 19 24 - 5 5 Write-offs charged against the allowance for credit losses and disputes ( 15) - ( 15) ( 5) ( 5) ( 10) Other changes 4 - 4 - - - Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370 There were no material recoveries of credit losses previously written off for either of the three- or nine-month periods ended September 30, 2021. There were no recoveries of credit losses previously written off for either of the three- or nine-month periods ended September 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	9 Months Ended
VARIABLE INTEREST ENTITIES	Sep. 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 (e) Other Total September 30, 2021 Assets: Bonds available for sale $ - $ 5,104 $ - $ - $ 5,104 Other bond securities - 1,985 - - 1,985 Equity securities 449 - - - 449 Mortgage and other loans receivable - 2,875 - - 2,875 Other invested assets Alternative investments (a) 3,167 - - - 3,167 Investment real estate 3,026 - - - 3,026 Short-term investments 388 176 - 20 584 Cash 137 - - - 137 Accrued investment income - 20 - - 20 Other assets (e) 152 70 3,898 - 4,120 Other 28 - - 2 30 Total (b) $ 7,347 $ 10,230 $ 3,898 $ 22 $ 21,497 Liabilities: Debt of consolidated investment entities $ 2,285 $ 4,519 $ - $ - $ 6,804 Other (c)(e) 166 317 2,570 9 3,062 Total $ 2,451 $ 4,836 $ 2,570 $ 9 $ 9,866 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 (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 $ 2,739 $ 4,148 $ 2,474 $ 12 $ 9,373 (a) Comprised primarily of investments in real estate joint ventures at September 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 September 30, 2021 and December 31, 2020. (d) At September 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $ 2.7 billion and $ 2.4 billion, respectively, of which commitments to external parties were $ 0.8 billion and $ 0.7 billion, respectively. (e) Includes Affordable Housing portfolio classified as held for sale and reported in Other assets and Other liabilities. 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 or prior to September 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 September 30, 2021, the off-balance sheet amount of that guarantee was approximately $ 1 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 September 30, 2021 Real estate and investment entities (a) $ 421,901 $ 7,557 $ 3,545 (d) $ 11,102 Affordable housing partnerships 2,445 292 (c) 1 293 Other 1,717 203 479 (e) 682 Total $ 426,063 $ 8,052 $ 4,025 $ 12,077 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 September 30, 2021 and December 31, 2020, $ 7.7 billion and $ 6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) At September 30, 2021, primarily included alternative equity investments of $ 6 million, other loans receivables of $ 33 million, and other assets of $ 246 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	9 Months Ended
DERIVATIVES AND HEDGE ACCOUNTING	Sep. 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: September 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 $ 807 $ 11 $ 895 $ 4 $ 815 $ 16 $ 356 $ 11 Foreign exchange contracts 8,504 499 2,842 164 3,468 256 7,424 379 Derivatives not designated as hedging instruments: (a) Interest rate contracts 45,446 3,672 41,617 3,886 62,259 4,621 48,732 4,425 Foreign exchange contracts 13,834 849 4,789 457 9,518 766 12,860 711 Equity contracts 25,448 587 3,767 59 22,924 1,130 7,076 223 Commodity contracts 340 8 216 - - - - - Credit contracts (b) 3,790 2 950 61 5,797 2 969 67 Other contracts (c) 43,377 12 54 1 43,441 14 54 6 Total derivatives, gross $ 141,546 $ 5,640 $ 55,130 $ 4,632 $ 148,222 $ 6,805 $ 77,471 $ 5,822 Counterparty netting (d) ( 2,698) ( 2,698) ( 3,812) ( 3,812) Cash collateral (e) ( 2,058) ( 1,231) ( 2,219) ( 1,441) Total derivatives on Condensed Consolidated Balance Sheets (f) $ 884 $ 703 $ 774 $ 569 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of September 30, 2021 and December 31, 2020, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 111 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 September 30, 2021 and December 31, 2020. Fair value of liabilities related to bifurcated embedded derivatives was $ 14.7 billion and $ 15.8 billion, respectively, at September 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 September 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 $ 2.3 billion and $ 2.3 billion at September 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 nine-month periods ended September 30, 2021, we recognized gains of $ 57 million and $ 163 million, respectively, and for the three- and nine-month periods ended September 30, 2020, we recognized losses of $ 107 million and $ 5 million, respectively, included in Change in foreign currency translation adjustments in Other comprehensive income (loss) related to the net investment hedge relationships. A qualitative methodology is utilized to assess hedge effectiveness for net investment hedges, while regression analysis is employed for all other hedges. The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the 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 September 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 3) $ - $ 6 $ 3 Net investment income 1 - ( 2) ( 1) Foreign exchange contracts: Net realized gains/(losses) 205 30 ( 205) 30 Three Months Ended September 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ ( 2) $ - $ 5 $ 3 Net investment income 1 - - 1 Foreign exchange contracts: Net realized gains/(losses) ( 250) ( 50) 250 ( 50) Nine Months Ended September 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 10) $ - $ 13 $ 3 Net investment income 8 - ( 9) ( 1) Foreign exchange contracts: Net realized gains/(losses) 201 108 ( 201) 108 Nine Months Ended September 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 16 $ - $ ( 15) $ 1 Net investment income ( 6) - 6 - Foreign exchange contracts: Net realized gains/(losses) ( 77) 155 77 155 (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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 By Derivative Type: Interest rate contracts $ ( 172) $ ( 462) $ ( 861) $ 2,104 Foreign exchange contracts 310 ( 535) 271 366 Equity contracts ( 55) ( 46) ( 606) 586 Commodity contracts ( 5) - ( 4) - Credit contracts - ( 1) ( 9) 55 Other contracts 17 18 49 44 Embedded derivatives ( 28) ( 507) 1,569 ( 3,333) Total $ 67 $ ( 1,533) $ 409 $ ( 178) By Classification: Policy fees $ 16 $ 16 $ 46 $ 46 Net investment income ( 1) 4 ( 6) 1 Net realized gains (losses) - excluding Fortitude Re funds withheld assets 277 ( 775) 329 1,398 Net realized gains (losses) on Fortitude Re funds withheld assets (a) ( 224) ( 776) 45 ( 1,639) Policyholder benefits and claims incurred ( 1) ( 2) ( 5) 16 Total $ 67 $ ( 1,533) $ 409 $ ( 178) (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 September 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 $ 39 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 $ 213 million and $ 257 million at September 30, 2021 and December 31, 2020, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2021 and December 31, 2020, was approximately $ 243 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 $ 2.1 billion and $ 2.4 billion at September 30, 2021 and December 31, 2020, respectively. These securities have par amounts of $ 4.7 billion and $ 5.0 billion at September 30, 2021 and December 31, 2020, respectively, and have remaining stated maturity dates that extend to 2052.

INSURANCE LIABILITIES

INSURANCE LIABILITIES	9 Months Ended
INSURANCE LIABILITIES	Sep. 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 $ 12.3 billion and $ 12.6 billion at September 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 September 30, 2021 and December 31, 2020, we held collateral of approximately $ 8.6 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 September 30, 2021 and December 31, 2020. The following table presents the rollforward of activity in Loss Reserves: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,981 $ 77,853 $ 77,720 $ 78,328 Reinsurance recoverable ( 34,866) ( 35,458) ( 34,431) ( 31,069) Initial allowance upon CECL adoption - - - 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of period 44,115 42,395 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 4,467 4,324 12,262 12,683 Prior years, excluding discount and amortization of deferred gain ( 153) 20 ( 166) ( 6) Prior years, discount charge (benefit) 83 25 99 135 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 13) ( 36) ( 107) ( 187) Total losses and loss adjustment expenses incurred 4,384 4,333 12,088 12,625 Losses and loss adjustment expenses paid: Current year ( 1,147) ( 1,316) ( 2,370) ( 2,568) Prior years ( 2,449) ( 3,115) ( 8,653) ( 11,256) Total losses and loss adjustment expenses paid ( 3,596) ( 4,431) ( 11,023) ( 13,824) Other changes: Foreign exchange effect ( 414) 925 ( 57) 656 Allowance for credit losses - - - - Retroactive reinsurance adjustment (net of discount) (b) 159 80 351 240 Fortitude sale (c) - - - ( 3,818) Total other changes ( 255) 1,005 294 ( 2,922) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 44,648 43,302 44,648 43,302 Reinsurance recoverable 34,626 35,282 34,626 35,282 Total $ 79,274 $ 78,584 $ 79,274 $ 78,584 (a) Includes $ 5 million and $ 6 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 September 30, 2021 and 2020, respectively, and $ 23 million and $ 26 million for the nine-month periods ended September 30, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 22 million and $ 20 million for the three-month periods ended September 30, 2021 and 2020, respectively, and $ 78 million and $ 78 million for the nine-month periods ended September 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. For additional information see Note 1 to the Condensed Consolidated Financial Statements. 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 September 30, 2021, we recognized favorable prior year loss reserve development of $ 153 million excluding discount and amortization of deferred gain. During the nine-month period ended September 30, 2021, we recognized favorable prior year loss reserve development of $ 166 million excluding discount and amortization of deferred gain. The development in these periods was largely driven by favorable development on U.S. Workers Compensation, global short-tailed Commercial Lines and Personal Insurance, including catastrophes, partially offset by unfavorable development in Financial Lines (U.S. and International). During the three-month period ended September 30, 2020, we recognized unfavorable prior year loss reserve development of $ 20 million excluding discount and amortization of deferred gain. During the nine-month period ended September 30, 2020, we recognized favorable prior year loss reserve development of $ 6 million excluding discount and amortization of deferred gain. The development in these periods was primarily driven by favorable development on U.S. Workers Compensation, short-tailed Commercial Lines, and International Personal Property, offset by unfavorable development in global Financial Lines and Europe Casualty Lines. Discounting of Loss Reserves At September 30, 2021 and December 31, 2020, the loss reserves reflect a net loss reserve discount of $ 741 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 September 30, 2021 and December 31, 2020, the discount consists of $ 261 million and $ 285 million of tabular discount, respectively, and $ 480 million and $ 440 million of non-tabular discount for workers’ compensation, respectively. During the nine-month periods ended September 30, 2021 and 2020, the benefit / (charge) from changes in discount of $( 62) million and $( 41) 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: September 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 $ 1,574 $ - $ 1,574 $ 1,636 $ - $ 1,636 Retroactive reinsurance ( 833) - ( 833) ( 911) - ( 911) Total reserve discount (a) $ 741 $ - $ 741 $ 725 $ - $ 725 (a) Excludes $ 121 million and $ 151 million of discount related to certain long-tail liabilities in the UK at September 30, 2021 and December 31, 2020, respectively. (b) Excludes $ 502 million and $ 493 million, respectively, of discount which was percent ceded to Fortitude Re at September 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 September 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 $ 11 $ - $ 11 $ 56 $ - $ 56 Accretion and other adjustments to prior year discount ( 83) - ( 83) ( 25) - ( 25) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 72) - ( 72) 31 - 31 Change in discount on loss reserves ceded under retroactive reinsurance 22 - 22 20 - 20 Net change in total reserve discount (b) $ ( 50) $ - $ ( 50) $ 51 $ - $ 51 Nine Months Ended September 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 $ 37 $ - $ 37 $ 94 $ - $ 94 Accretion and other adjustments to prior year discount ( 99) - ( 99) ( 117) ( 18) ( 135) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 62) - ( 62) ( 23) ( 18) ( 41) Change in discount on loss reserves ceded under retroactive reinsurance 78 - 78 78 - 78 Net change in total reserve discount (c) $ 16 $ - $ 16 $ 55 $ ( 18) $ 37 (a) For the three- and nine-month periods ended September 30, 2021 and September 30, 2020, the changes in net reserve discount benefit (charge) were primarily driven by accretion and changes to nominal reserves. (b) Excludes $( 39) million and $( 12) million discount related to certain long-tail liabilities in the UK for the three-month periods ended September 30, 2021 and 2020, respectively. (c) Excludes $( 30) million and $( 20) million discount related to certain long-tail liabilities in the UK for the nine-month periods ended September 30, 2021 and 2020, respectively. (d) On June 2, 2020, we completed the Majority Interest Fortitude Sale. For additional information see Note 1 to the Condensed Consolidated Financial Statements. Change in discount prior to the sale is included in the above for the three- and nine-month periods ended September 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 $ 8 million and $ 29 million related to the adverse development reinsurance cover with NICO for the three-month periods ended September 30, 2021 and 2020, respectively, and $ 84 million and $ 161 million for the nine-month periods ended September 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	9 Months Ended
CONTINGENCIES, COMMITMENTS AND GUARANTEES	Sep. 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. Moriarty Litigation Effective January 1, 2013, the California legislature enacted AB 1747 (the Act), which amended the Insurance Code to mandate that life insurance policies issued and delivered in California contain a 60-day grace period during which time the policies must remain in force after a premium payment is missed, and that life insurers provide both a 30-day minimum notification of lapse and the right of policy owners to designate a secondary recipient for lapse and termination notices. Following guidance from the California Department of Insurance and certain industry trade groups, American General Life Insurance Company (AGL) interpreted the Act to be prospective in nature, applying only to policies issued and delivered on or after the Act’s January 1, 2013, effective date. On July 18, 2017, AGL was sued in a putative class action captioned Moriarty v. American General Life Insurance Company, No. 17-cv-1709 (S.D. Cal.), challenging AGL’s prospective application of the Act. Plaintiff’s complaint, which is similar to complaints filed against other insurers, argues that policies issued and delivered prior to January 1, 2013, like the $ 1 million policy issued to Plaintiff’s husband do not lapse—despite nonpayment of premiums—if the insurer has not complied with the Act’s terms. On August 30, 2021, the California Supreme Court issued an opinion in McHugh v. Protective Life Insurance, 12 Cal. 5th 213 (2021), ruling that the Act applies to all policies in force on January 1, 2013, regardless of when the policies were issued. The District Court in Moriarty reached effectively the same result on October 2, 2020, when it held that the Act applied to Plaintiff’s husband’s 25-year term life insurance policy under the theory that the payment of premiums “renewed” Plaintiff’s policy after the effective date of the Act. However, the District Court in Moriarty also ruled on October 2, 2020 that various fact issues precluded a final determination as to AGL’s liability and what (if any) corresponding damages may have resulted. In addition, the District Court denied Plaintiff’s motion for class certification without prejudice on November 25, 2020. Proceedings are ongoing in the District Court in the Moriarty case and in other California cases that raise similar industry-wide issues. We have accrued our current estimate of probable loss with respect to this litigation. 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 $ 7.8 billion at September 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 September 30, 2021 was $ 74 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 nine months ended September 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	9 Months Ended
EQUITY	Sep. 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 nine months ended September 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Preferred Share Per Depositary Share August 5, 2021 August 31, 2021 September 15, 2021 $ 365.625 $ 0.365625 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 August 3, 2020 August 31, 2020 September 15, 2020 $ 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: Nine Months Ended September 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 - 6,532,595 6,532,595 Shares repurchased - ( 32,294,593) ( 32,294,593) Shares, end of period 1,906,671,492 ( 1,070,875,441) 835,796,051 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 nine months ended September 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Common Share August 5, 2021 September 16, 2021 September 30, 2021 $ 0.32 May 6, 2021 June 15, 2021 June 29, 2021 0.32 February 16, 2021 March 16, 2021 March 30, 2021 0.32 August 3, 2020 September 17, 2020 September 30, 2020 $ 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: Nine Months Ended September 30, (in millions) 2021 2020 Aggregate repurchases of common stock $ 1,651 $ 500 Total number of common shares repurchased 32 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 August 2021, 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 nine months ended September 30, 2021, and the aggregate purchase price of those shares, reflect our payment of $ 1.0 billion in the aggregate under the ASR agreement and the receipt of approximately 18 million shares of AIG Common Stock in the aggregate. In February 2020, we executed an ASR agreement with a third-party financial institution. The total number of shares of AIG Common Stock repurchased in the nine months ended September 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. Additionally, in the nine months ended September 30, 2021, we repurchased approximately 14 million shares of AIG Common Stock for an aggregate purchase price of approximately $ 651 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. Accumulated Other Comprehensive INCOME The following table presents a rollforward of Accumulated other comprehensive income: 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, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Change in unrealized appreciation (depreciation) of investments 21 ( 2,086) - - - ( 2,065) Change in deferred policy acquisition costs adjustment and other ( 6) 138 - - - 132 Change in future policy benefits - 72 - - - 72 Change in foreign currency translation adjustments - - ( 132) - - ( 132) Change in net actuarial loss - - - 40 - 40 Change in prior service cost - - - 1 - 1 Change in deferred tax asset (liability) ( 3) 366 ( 3) ( 10) - 350 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income (loss) 12 ( 1,510) ( 135) 31 - ( 1,602) Noncontrolling interests - 1 - - - 1 Balance, September 30, 2021, net of tax $ ( 46) $ 12,094 $ ( 2,263) $ ( 1,186) $ 7 $ 8,606 Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169 Change in unrealized appreciation of investments 101 2,273 - - - 2,374 Change in deferred policy acquisition costs adjustment and other ( 5) ( 296) - - - ( 301) Change in future policy benefits - ( 147) - - - ( 147) Change in foreign currency translation adjustments - - 297 - - 297 Change in net actuarial loss - - - 2 - 2 Change in prior service cost - - - - - - Change in deferred tax asset (liability) ( 17) ( 445) 55 ( 3) - ( 410) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) 79 1,385 352 ( 1) 1 1,816 Noncontrolling interests - 2 5 - - 7 Balance, September 30, 2020, net of tax $ ( 154) $ 14,664 $ ( 2,420) $ ( 1,121) $ 9 $ 10,978 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, December 31, 2020, net of tax $ ( 95) $ 17,093 $ ( 2,267) $ ( 1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 72 ( 7,940) - - - ( 7,868) Change in deferred policy acquisition costs adjustment and other ( 10) 840 - - - 830 Change in future policy benefits - 839 - - - 839 Change in foreign currency translation adjustments - - 63 - - 63 Change in net actuarial loss - - - 51 - 51 Change in prior service cost - - - 5 - 5 Change in deferred tax asset (liability) ( 13) 1,262 ( 59) ( 14) - 1,176 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) 49 ( 4,999) 4 42 ( 1) ( 4,905) Noncontrolling interests - - - - - - Balance, September 30, 2021, net of tax $ ( 46) $ 12,094 $ ( 2,263) $ ( 1,186) $ 7 $ 8,606 Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments ( 212) 6,088 - - - 5,876 Change in deferred policy acquisition costs adjustment and other 14 ( 655) - - - ( 641) Change in future policy benefits - 2,187 - - - 2,187 Change in foreign currency translation adjustments - - 169 - - 169 Change in net actuarial loss - - - 18 - 18 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 44 ( 1,695) 37 ( 16) - ( 1,630) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 2 2 Total other comprehensive income (loss) ( 154) 5,925 206 1 2 5,980 Noncontrolling interests - ( 17) 1 - - ( 16) Balance, September 30, 2020, net of tax $ ( 154) $ 14,664 $ ( 2,420) $ ( 1,121) $ 9 $ 10,978 The following table presents the other comprehensive income (loss) reclassification adjustments for the three- and nine-month periods ended September 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 September 30, 2021 Unrealized change arising during period $ 21 $ ( 1,657) $ ( 132) $ 30 $ - $ ( 1,738) Less: Reclassification adjustments included in net income 6 219 - ( 11) - 214 Total other comprehensive income (loss), before income tax expense (benefit) 15 ( 1,876) ( 132) 41 - ( 1,952) Less: Income tax expense (benefit) 3 ( 366) 3 10 - ( 350) Total other comprehensive income (loss), net of income tax expense (benefit) $ 12 $ ( 1,510) $ ( 135) $ 31 $ - $ ( 1,602) Three Months Ended September 30, 2020 Unrealized change arising during period $ 99 $ 2,002 $ 297 $ ( 9) $ 1 $ 2,390 Less: Reclassification adjustments included in net income 3 172 - ( 11) - 164 Total other comprehensive income (loss), before income tax expense (benefit) 96 1,830 297 2 1 2,226 Less: Income tax expense (benefit) 17 445 ( 55) 3 - 410 Total other comprehensive income (loss), net of income tax expense (benefit) $ 79 $ 1,385 $ 352 $ ( 1) $ 1 $ 1,816 Nine Months Ended September 30, 2021 Unrealized change arising during period $ 62 $ ( 5,512) $ 63 $ 22 $ ( 1) $ ( 5,366) Less: Reclassification adjustments included in net income - 749 - ( 34) - 715 Total other comprehensive income (loss), before income tax expense (benefit) 62 ( 6,261) 63 56 ( 1) ( 6,081) Less: Income tax expense (benefit) 13 ( 1,262) 59 14 - ( 1,176) Total other comprehensive income (loss), net of income tax expense (benefit) $ 49 $ ( 4,999) $ 4 $ 42 $ ( 1) $ ( 4,905) Nine Months Ended September 30, 2020 Unrealized change arising during period $ ( 198) $ 8,158 $ 169 $ ( 15) $ 2 $ 8,116 Less: Reclassification adjustments included in net income - 538 - ( 32) - 506 Total other comprehensive income (loss), before income tax expense (benefit) ( 198) 7,620 169 17 2 7,610 Less: Income tax expense (benefit) ( 44) 1,695 ( 37) 16 - 1,630 Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 154) $ 5,925 $ 206 $ 1 $ 2 $ 5,980 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 September 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 219 172 Net realized gains Total 219 172 Change in retirement plan liabilities adjustment Prior-service credit ( 1) - * Actuarial losses ( 10) ( 11) * Total ( 11) ( 11) Total reclassifications for the period $ 214 $ 164 Amount Reclassified from AOCI Affected Line Item in the Nine Months Ended September 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 $ - $ - Net realized gains Total - - Unrealized appreciation (depreciation) of all other investments Investments 749 538 Net realized gains Total 749 538 Change in retirement plan liabilities adjustment Prior-service credit ( 3) ( 1) * Actuarial losses ( 31) ( 31) * Total ( 34) ( 32) Total reclassifications for the period $ 715 $ 506 * 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)	9 Months Ended
EARNINGS PER COMMON SHARE (EPS)	Sep. 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 Nine Months Ended September 30, September 30, (dollars in millions, except per common share data) 2021 2020 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 1,737 $ 294 $ 5,817 $ ( 5,817) Less: Net income from continuing operations attributable to noncontrolling interests 70 11 175 78 Less: Preferred stock dividends 7 7 22 22 Income (loss) attributable to AIG common shareholders from continuing operations 1,660 276 5,620 ( 5,917) Income from discontinued operations, net of income tax expense - 5 - 4 Net income (loss) attributable to AIG common shareholders $ 1,660 $ 281 $ 5,620 $ ( 5,913) Denominator for EPS: Weighted average common shares outstanding — basic 852,765,263 867,713,308 861,211,983 869,627,926 Dilutive common shares 11,254,231 5,417,642 9,790,035 - Weighted average common shares outstanding — diluted (a)(b) 864,019,494 873,130,950 871,002,018 869,627,926 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 1.95 $ 0.31 $ 6.53 $ ( 6.80) Income from discontinued operations $ - $ 0.01 $ - $ - Income (loss) attributable to AIG common shareholders $ 1.95 $ 0.32 $ 6.53 $ ( 6.80) Diluted: Income (loss) from continuing operations $ 1.92 $ 0.31 $ 6.45 $ ( 6.80) Income from discontinued operations $ - $ 0.01 $ - $ - Income (loss) attributable to AIG common shareholders $ 1.92 $ 0.32 $ 6.45 $ ( 6.80) (a) For the nine-month period ended September 30, 2020, because we reported a net loss 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 4,432,369 shares for the nine-month period ended September 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 5.2 million and 6.6 million for the three- and nine-month periods ended September 30, 2021, respectively, and 70.9 million and 68.9 million for the three- and nine-month periods ended September 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	9 Months Ended
EMPLOYEE BENEFITS	Sep. 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 (in millions) U.S. Plans Non-U.S. Plans Total Three Months Ended September 30, 2021 Components of net periodic benefit cost: Service cost $ 2 $ 4 $ 6 Interest cost 22 2 24 Expected return on assets ( 62) ( 5) ( 67) Amortization of prior service cost - 1 1 Amortization of net loss 8 2 10 Net periodic benefit cost (credit) $ ( 30) $ 4 $ ( 26) Settlement charges 27 - 27 Net benefit cost (credit) $ ( 3) $ 4 $ 1 Three Months Ended September 30, 2020 Components of net periodic benefit cost: Service cost $ 1 $ 5 $ 6 Interest cost 33 3 36 Expected return on assets ( 60) ( 5) ( 65) Amortization of prior service cost - 1 1 Amortization of net loss 9 1 10 Net periodic benefit cost (credit) $ ( 17) $ 5 $ ( 12) Nine Months Ended September 30, 2021 Components of net periodic benefit cost: Service cost $ 4 $ 15 $ 19 Interest cost 67 7 74 Expected return on assets ( 184) ( 16) ( 200) Amortization of prior service cost - 3 3 Amortization of net loss 25 5 30 Net periodic benefit cost (credit) $ ( 88) $ 14 $ ( 74) Settlement charges 27 - 27 Net benefit cost (credit) $ ( 61) $ 14 $ ( 47) Nine Months Ended September 30, 2020 Components of net periodic benefit cost: Service cost $ 4 $ 15 $ 19 Interest cost 100 8 108 Expected return on assets ( 179) ( 15) ( 194) Amortization of prior service cost - 2 2 Amortization of net loss 25 5 30 Net periodic benefit cost (credit) $ ( 50) $ 15 $ ( 35) 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 $ million and $ million for our U.S. and non-U.S. postretirement benefit plans for both the three- and nine-month periods ended September 30, 2021 and 2020, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 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 (LOSS) 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 September 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 September 30, 2021, the effective tax rate on income from continuing operations was 20.2 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to tax benefits associated with tax adjustments related to prior year returns, tax exempt income, 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, valuation allowance activity related to certain foreign subsidiaries, state and local income taxes, and non-deductible transfer pricing charges. 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 nine-month period ended September 30, 2021, the effective tax rate on income from continuing operations was 17.5 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 adjustments related to prior year returns, 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 September 30, 2020, the effective tax rate on income from continuing operations was 20.1 percent. The effective tax rate on income from continuing operations differs from the statutory tax rate of 21 percent primarily due to the effect of foreign operations, accrual of interest associated with IRS and other tax authority matters, state and local income taxes, and nondeductible 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 nine-month period ended September 30, 2020, the effective tax rate on loss from continuing operations was 13.6 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 establishment of U.S. federal valuation allowance related to certain tax attribute carryforwards, accrual of interest associated with IRS and other tax authority matters, the effect of foreign operations, 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, 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 nine-month period ended September 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 periods ended June 30, and September 30, 2021. Accordingly, during the nine months ended September 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 September 30, 2021, the balance sheet reflects a valuation allowance of $ 850 million related to a portion of our tax attribute 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 nine-month period ended September 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 September 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 nine-month period ended September 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 September 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 nine-month periods ended September 30, 2021, we recognized net increases of $ 45 million and $ 6 million, respectively, in deferred tax asset valuation allowance associated with certain foreign and state jurisdictions, primarily attributable to current year activity. The third quarter increase in valuation allowance is primarily attributable to a corresponding increase in foreign net operating loss deferred tax assets as a result of tax benefits expected to be realized in certain tax jurisdictions. The nine-month period also 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. 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 fourth quarter of 2021. Accounting for Uncertainty in Income Taxes At September 30, 2021 and December 31, 2020, our unrecognized tax benefits, excluding interest and penalties, were $ 1.1 billion and $ 2.3 billion, respectively. At September 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 $ 10 million and $ 44 million, respectively. Accordingly, at September 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 nine-month period ended September 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 September 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 nine-month periods ended September 30, 2021 and 2020, we accrued expense (benefit) of $( 203) million and $ 126 million, respectively, for the payment of interest and penalties. The activity in the nine-month period ended September 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	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. Subsequent Events Dividends Declared On November 4, 2021, our Board of Directors declared a cash dividend on AIG Common Stock of $ 0.32 per share, payable on December 30, 2021 to shareholders of record on December 16, 2021. On November 4, 2021, our Board of Directors declared a cash dividend on AIG’s Series A Preferred Stock of $ 365.625 per share, payable on December 15, 2021 to holders of record on November 30, 2021. CLOSING OF BLACKSTONE TRANSACTION 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 closed on November 2, 2021. On November 1, 2021, SAFG declared a dividend payable to AIG in the amount of $ 8.3 billion. In connection with such dividend, SAFG issued a promissory note to AIG in the amount of $ 8.3 billion, which will be required to be paid to AIG prior to the initial public offering of SAFG. For more information on the separation of Life and Retirement business and relationship with Blackstone see Note 1 to the Condensed Consolidated Financial Statements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 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)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 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 September 30, 2021, approximately $ 29.9 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately $ 3.8 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 nine months ended September 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 (loss)). 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: September 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) $ 33,457 $ 33,457 $ 36,047 $ 36,047 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 158 158 200 200 Fair value through net investment income Commercial mortgage loans 3,732 3,968 3,679 4,010 Amortized cost Real estate investments 245 508 358 585 Amortized cost Private equity funds / hedge funds 1,465 1,465 1,168 1,168 Fair value through net investment income Policy loans 384 384 413 413 Amortized cost Short-term investments 55 55 34 34 Fair value through net investment income Funds withheld investment assets 39,496 39,995 41,899 42,457 Derivative assets, net (b) 47 47 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 846 846 604 604 Amortized cost Total $ 40,389 $ 40,888 $ 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 $( 2.1) billion ($( 1.6) billion after-tax) for the nine months ended September 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 $ 304 million and $ 12 million, respectively, as of September 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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 495 458 1,488 574 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 190 32 536 128 Net realized gains (losses) - Fortitude Re embedded derivatives ( 209) ( 656) 117 ( 1,493) Net realized gains (losses) on Fortitude Re funds withheld assets ( 19) ( 624) 653 ( 1,365) Income (loss) from continuing operations before income tax expense (benefit) 476 ( 166) 2,141 ( 791) Income tax expense (benefit) (b) 99 ( 35) 449 ( 166) Net income (loss) 377 ( 131) 1,692 ( 625) Change in unrealized appreciation (depreciation) of all other investments (b) ( 360) 132 ( 1,645) 570 Comprehensive income (loss) $ 17 $ 1 $ 47 $ ( 55) (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 nine months ended September 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 (loss) 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, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as 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 September 30, 2021 were $ 76.8 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 September 30, 2021, approximately 74 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 (loss).  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 (loss).  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, reinsurance recoverables). This estimate requires significant judgment for which key considerations include: • paid and unpaid amounts recoverable; • whether the balance is in dispute or subject to legal collection; • the relative financial health of the reinsurer as 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 September 30, 2021 were $ 76.8 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 September 30, 2021, approximately 74 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 September 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Addition to (release of) allowance for expected credit losses and disputes, net 5 15 20 ( 2) 2 - Write-offs charged against the allowance for credit losses and disputes ( 8) - ( 8) - - - Other changes 2 - 2 5 1 6 Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370 Nine Months Ended September 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) allowance for expected credit losses and disputes, net 5 19 24 - 5 5 Write-offs charged against the allowance for credit losses and disputes ( 15) - ( 15) ( 5) ( 5) ( 10) Other changes 4 - 4 - - - Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370 There were no material recoveries of credit losses previously written off for either of the three- or nine-month periods ended September 30, 2021. There were no recoveries of credit losses previously written off for either of the three- or nine-month periods ended September 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)	9 Months Ended
SEGMENT INFORMATION (Tables)	Sep. 30, 2021
SEGMENT INFORMATION
Schedule of continuing operations by operating segment including reconciling items	Three Months Ended September 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 2,907 $ ( 166) (a) $ 2,494 $ ( 370) (a) International 3,516 186 (a) 3,359 ( 53) (a) Net investment income 791 791 839 839 Total General Insurance 7,214 811 6,692 416 Life and Retirement Individual Retirement 1,560 292 1,479 532 Group Retirement 832 316 758 338 Life Insurance 1,211 134 1,189 32 Institutional Markets 841 135 564 106 Total Life and Retirement 4,444 877 3,990 1,008 Other Operations Other Operations before consolidation and eliminations 301 ( 370) 223 ( 368) AIG consolidation and eliminations ( 206) ( 192) ( 149) ( 140) Total Other Operations 95 ( 562) 74 ( 508) Total 11,753 1,126 10,756 916 Reconciling items to pre-tax income: Changes in fair value of securities used to hedge guaranteed living benefits 14 26 14 15 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - 9 - 78 Changes in the fair value of equity securities ( 45) ( 45) 119 119 Other income (expense) - net ( 6) - 22 - Gain (loss) on extinguishment of debt - ( 51) - 2 Net investment income on Fortitude Re funds withheld assets 495 495 458 458 Net realized gains on Fortitude Re funds withheld assets 190 190 32 32 Net realized losses on Fortitude Re funds withheld embedded derivative ( 209) ( 209) ( 656) ( 656) Net realized gains (losses) (b) 643 652 ( 524) ( 512) Income (loss) from divestitures - 102 - ( 24) Non-operating litigation reserves and settlements - ( 3) - ( 1) Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 115 - 30 Net loss reserve discount benefit (charge) - ( 72) - 31 Pension expense related to a one-time lump sum payment to former employees - ( 27) - - Integration and transaction costs associated with acquiring or divesting businesses - ( 11) - ( 1) Restructuring and other costs - ( 104) - ( 100) Non-recurring costs related to regulatory or accounting changes - ( 17) - ( 19) Revenues and pre-tax income $ 12,835 $ 2,176 $ 10,221 $ 368 Nine Months Ended September 30, 2021 2020 Adjusted Adjusted Adjusted Pre-tax Adjusted Pre-tax (in millions) Revenues Income (Loss) Revenues Income (Loss) General Insurance North America $ 7,980 $ ( 199) (a) $ 7,699 $ ( 912) (a) International 10,524 755 (a) 9,970 59 (a) Net investment income 2,294 2,294 1,945 1,945 Total General Insurance 20,798 2,850 19,614 1,092 Life and Retirement Individual Retirement 4,556 1,441 4,178 1,386 Group Retirement 2,458 970 2,164 695 Life Insurance 3,839 114 3,608 112 Institutional Markets 2,617 417 2,987 311 Total Life and Retirement 13,470 2,942 12,937 2,504 Other Operations Other Operations before consolidation and eliminations 884 ( 1,240) 1,145 ( 1,535) AIG consolidation and eliminations ( 511) ( 462) ( 255) ( 174) Total Other Operations 373 ( 1,702) 890 ( 1,709) Total 34,641 4,090 33,441 1,887 Reconciling items to pre-tax income (loss): Changes in fair value of securities used to hedge guaranteed living benefits 46 61 42 24 Changes in benefit reserves and DAC, VOBA and SIA related to net realized gains (losses) - ( 74) - ( 205) Changes in the fair value of equity securities ( 36) ( 36) ( 16) ( 16) Other income (expense) - net ( 14) - 46 - Loss on extinguishment of debt - ( 149) - ( 15) Net investment income on Fortitude Re funds withheld assets 1,488 1,488 574 574 Net realized gains on Fortitude Re funds withheld assets 536 536 128 128 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative 117 117 ( 1,493) ( 1,493) Net realized gains (b) 1,192 1,220 1,332 1,375 Income (loss) from divestitures - 108 - ( 8,652) Non-operating litigation reserves and settlements - ( 3) 6 5 Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements - 199 - 71 Net loss reserve discount charge - ( 62) - ( 41) Pension expense related to a one-time lump sum payment to former employees - ( 27) - - Integration and transaction costs associated with acquiring or divesting businesses - ( 55) - ( 7) Restructuring and other costs - ( 304) - ( 324) Non-recurring costs related to regulatory or accounting changes - ( 58) - ( 46) Revenues and pre-tax income (loss) $ 37,970 $ 7,051 $ 34,060 $ ( 6,735) (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)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Assets and liabilities measured at fair value on a recurring basis	September 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 $ 4,452 $ - $ - $ - $ 4,456 Obligations of states, municipalities and political subdivisions - 13,089 1,806 - - 14,895 Non-U.S. governments 34 16,158 7 - - 16,199 Corporate debt - 174,291 2,646 - - 176,937 RMBS - 17,354 11,098 - - 28,452 CMBS - 14,287 1,025 - - 15,312 CDO/ABS - 8,903 9,187 - - 18,090 Total bonds available for sale 38 248,534 25,769 - - 274,341 Other bond securities: U.S. government and government sponsored entities - 1,761 - - - 1,761 Non-U.S. governments - - - - - - Corporate debt - 12 - - - 12 RMBS - 208 107 - - 315 CMBS - 238 36 - - 274 CDO/ABS - 104 2,185 - - 2,289 Total other bond securities - 2,323 2,328 - - 4,651 Equity securities 1,002 28 5 - - 1,035 Other invested assets (b) - 145 1,906 - - 2,051 Derivative assets (c) Interest rate contracts - 3,682 1 - - 3,683 Foreign exchange contracts - 1,347 1 - - 1,348 Equity contracts 26 251 310 - - 587 Commodity contracts - 8 - - - 8 Credit contracts - - 2 - - 2 Other contracts - - 12 - - 12 Counterparty netting and cash collateral - - - ( 2,698) ( 2,058) ( 4,756) Total derivative assets 26 5,288 326 ( 2,698) ( 2,058) 884 Short-term investments 3,635 2,005 - - - 5,640 Other assets - - 114 - - 114 Separate account assets 101,533 3,890 - - - 105,423 Total $ 106,234 $ 262,213 $ 30,448 $ ( 2,698) $ ( 2,058) $ 394,139 Liabilities: Policyholder contract deposits $ - $ - $ 9,273 $ - $ - $ 9,273 Derivative liabilities (c) Interest rate contracts 1 3,889 - - - 3,890 Foreign exchange contracts - 621 - - - 621 Equity contracts 4 52 3 - - 59 Credit contracts - 18 43 - - 61 Other contracts - - 1 - - 1 Counterparty netting and cash collateral - - - ( 2,698) ( 1,231) ( 3,929) Total derivative liabilities 5 4,580 47 ( 2,698) ( 1,231) 703 Fortitude Re funds withheld payable - - 5,433 - - 5,433 Other liabilities - - - - - - Long-term debt - 1,964 - - - 1,964 Total $ 5 $ 6,544 $ 14,753 $ ( 2,698) $ ( 1,231) $ 17,373 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 $ 8.0 billion and $ 6.5 billion as of September 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Three Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,939 $ 6 $ ( 9) $ ( 7) $ - $ ( 61) $ ( 62) $ 1,806 $ - $ - Non-U.S. governments 10 - - - - ( 3) - 7 - - Corporate debt 2,773 ( 1) 2 ( 173) 57 ( 12) - 2,646 - - RMBS 11,085 118 ( 8) ( 86) 8 ( 19) - 11,098 - - CMBS 1,082 4 ( 6) ( 13) - ( 42) - 1,025 - - CDO/ABS 9,318 22 ( 41) 180 64 ( 356) - 9,187 - - Total bonds available for sale 26,207 149 ( 62) ( 99) 129 ( 493) ( 62) 25,769 - - Other bond securities: RMBS 113 2 - ( 8) - - - 107 - - CMBS 46 ( 1) - ( 9) - - - 36 - - CDO/ABS 2,279 40 - ( 134) - - - 2,185 - - Total other bond securities 2,438 41 - ( 151) - - - 2,328 - - Equity securities 4 - 1 ( 1) 1 - - 5 - - Other invested assets 2,099 161 ( 3) ( 351) - - - 1,906 141 - Other assets 113 - - 1 - - - 114 - - Total $ 30,861 $ 351 $ ( 64) $ ( 601) $ 130 $ ( 493) $ ( 62) $ 30,122 $ 141 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,020 $ ( 26) $ - $ 279 $ - $ - $ - $ 9,273 $ 362 $ - Derivative liabilities, net: Interest rate contracts ( 1) ( 2) - 2 - - - ( 1) 2 - Foreign exchange contracts ( 1) ( 1) - 1 - - - ( 1) 1 - Equity contracts ( 357) 99 - ( 50) - 1 - ( 307) ( 90) - Credit contracts 43 - - ( 2) - - - 41 1 - Other contracts ( 10) ( 17) - 16 - - - ( 11) 16 - Total derivative liabilities, net (a) ( 326) 79 - ( 33) - 1 - ( 279) ( 70) - Fortitude Re funds withheld payable 5,317 209 - ( 93) - - - 5,433 414 - Total $ 14,011 $ 262 $ - $ 153 $ - $ 1 $ - $ 14,427 $ 706 $ - 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 September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,279 $ 3 $ ( 4) $ ( 30) $ - $ ( 65) $ - $ 2,183 $ - $ - Non-U.S. governments 5 - 1 - 1 - - 7 - - Corporate debt 1,900 ( 33) 52 ( 25) 452 ( 231) - 2,115 - 38 RMBS 12,678 192 301 ( 412) 3 ( 107) - 12,655 - 335 CMBS 1,149 3 36 ( 11) - ( 196) - 981 - 27 CDO/ABS 9,461 5 180 ( 174) 125 ( 244) - 9,353 - 172 Total bonds available for sale 27,472 170 566 ( 652) 581 ( 843) - 27,294 - 572 Other bond securities: RMBS 168 16 - ( 16) - - - 168 4 - CMBS 47 1 - - - - - 48 1 - CDO/ABS 2,531 124 - ( 100) - - - 2,555 34 - Total other bond securities 2,746 141 - ( 116) - - - 2,771 39 - Equity securities 43 - 2 1 7 ( 27) - 26 1 - Other invested assets 1,486 74 ( 2) 25 - - - 1,583 - - Other assets 111 - - 2 - - ( 1) 112 - - Total $ 31,858 $ 385 $ 566 $ ( 740) $ 588 $ ( 870) $ ( 1) $ 31,786 $ 40 $ 572 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 $ 9,233 $ 19 $ - $ 70 $ - $ - $ - $ 9,322 $ 273 $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 1) ( 2) - - - - - ( 3) 2 - Equity contracts ( 53) 9 - ( 65) ( 1) 5 - ( 105) - - Credit contracts 45 1 - ( 2) - - - 44 ( 7) - Other contracts ( 3) ( 19) - 16 - - - ( 6) 18 - Total derivative liabilities, net (a) ( 12) ( 11) - ( 51) ( 1) 5 - ( 70) 13 - Fortitude Re funds withheld payable 4,510 656 - ( 30) - - - 5,136 ( 256) - Total $ 13,731 $ 664 $ - $ ( 11) $ ( 1) $ 5 $ - $ 14,388 $ 30 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Nine Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 14 $ ( 40) $ ( 125) $ - $ ( 86) $ ( 62) $ 1,806 $ - $ 225 Non-U.S. governments 5 - ( 1) 1 5 ( 3) - 7 - - Corporate debt 2,349 12 9 35 452 ( 211) - 2,646 - ( 106) RMBS 11,694 435 17 ( 977) 8 ( 79) - 11,098 - 934 CMBS 922 20 ( 39) 245 56 ( 179) - 1,025 - ( 45) CDO/ABS 9,814 37 ( 11) ( 358) 902 ( 1,197) - 9,187 - 425 Total bonds available for sale 26,889 518 ( 65) ( 1,179) 1,423 ( 1,755) ( 62) 25,769 - 1,433 Other bond securities: RMBS 139 6 - ( 38) - - - 107 ( 86) - CMBS 47 ( 2) - ( 15) 6 - - 36 2 - CDO/ABS 2,512 74 - ( 401) - - - 2,185 235 - Total other bond securities 2,698 78 - ( 454) 6 - - 2,328 151 - Equity securities 51 11 1 ( 124) 77 ( 11) - 5 3 - Other invested assets 1,827 417 ( 10) ( 328) - - - 1,906 386 - Other assets 113 - - 1 - - - 114 - - Total $ 31,578 $ 1,024 $ ( 74) $ ( 2,084) $ 1,506 $ ( 1,766) $ ( 62) $ 30,122 $ 540 $ 1,433 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 923) $ - $ 398 $ - $ - $ - $ 9,273 $ 1,914 $ - Derivative liabilities, net: Interest rate contracts - ( 4) - 3 - - - ( 1) 4 - Foreign exchange contracts ( 2) - - 1 - - - ( 1) - - Equity contracts ( 151) 2 - ( 204) - 46 - ( 307) ( 58) - Credit contracts 42 7 - ( 8) - - - 41 2 - Other contracts ( 8) ( 50) - 47 - - - ( 11) 50 - Total derivative liabilities, net (a) ( 119) ( 45) - ( 161) - 46 - ( 279) ( 2) - Fortitude Re funds withheld payable 6,042 ( 117) - ( 492) - - - 5,433 1,917 - Total $ 15,721 $ ( 1,085) $ - $ ( 255) $ - $ 46 $ - $ 14,427 $ 3,829 $ - 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 Nine Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 8 $ 195 $ 127 $ 27 $ ( 295) $ - $ 2,183 $ - $ 193 Non-U.S. governments - - 1 5 7 ( 6) - 7 - - Corporate debt 1,663 ( 101) 43 95 1,074 ( 659) - 2,115 - 59 RMBS 13,408 532 ( 375) ( 806) 29 ( 133) - 12,655 - ( 213) CMBS 1,053 14 70 17 23 ( 196) - 981 - 66 CDO/ABS 7,686 25 55 ( 19) 2,062 ( 456) - 9,353 - 38 Total bonds available for sale 25,931 478 ( 11) ( 581) 3,222 ( 1,745) - 27,294 - 143 Other bond securities: RMBS 143 16 - 9 - - - 168 3 - CMBS 50 - - ( 2) - - - 48 ( 1) - CDO/ABS 3,545 225 - ( 1,215) - - - 2,555 25 - Total other bond securities 3,738 241 - ( 1,208) - - - 2,771 27 - Equity securities 8 ( 1) 3 11 33 ( 28) - 26 1 - Other invested assets 1,192 11 ( 2) 232 150 - - 1,583 ( 13) - Other assets 89 - - 61 - - ( 38) 112 - - Total $ 30,958 $ 729 $ ( 10) $ ( 1,485) $ 3,405 $ ( 1,773) $ ( 38) $ 31,786 $ 15 $ 143 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 $ 2,250 $ - $ 162 $ - $ - $ - $ 9,322 $ ( 1,436) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 2 - 1 - - - ( 3) 2 - Equity contracts ( 151) 19 - 23 ( 1) 5 - ( 105) ( 62) - Credit contracts 62 ( 59) - 41 - - - 44 8 - Other contracts ( 7) ( 46) - 47 - - - ( 6) 45 - Total derivative liabilities, net (a) ( 102) ( 85) - 113 ( 1) 5 - ( 70) ( 6) - Fortitude Re funds withheld payable - 1,493 - ( 30) - - 3,673 5,136 ( 919) - Total $ 6,808 $ 3,658 $ - $ 245 $ ( 1) $ 5 $ 3,673 $ 14,388 $ ( 2,361) $ - (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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Three Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 1,939 $ 6 $ ( 9) $ ( 7) $ - $ ( 61) $ ( 62) $ 1,806 $ - $ - Non-U.S. governments 10 - - - - ( 3) - 7 - - Corporate debt 2,773 ( 1) 2 ( 173) 57 ( 12) - 2,646 - - RMBS 11,085 118 ( 8) ( 86) 8 ( 19) - 11,098 - - CMBS 1,082 4 ( 6) ( 13) - ( 42) - 1,025 - - CDO/ABS 9,318 22 ( 41) 180 64 ( 356) - 9,187 - - Total bonds available for sale 26,207 149 ( 62) ( 99) 129 ( 493) ( 62) 25,769 - - Other bond securities: RMBS 113 2 - ( 8) - - - 107 - - CMBS 46 ( 1) - ( 9) - - - 36 - - CDO/ABS 2,279 40 - ( 134) - - - 2,185 - - Total other bond securities 2,438 41 - ( 151) - - - 2,328 - - Equity securities 4 - 1 ( 1) 1 - - 5 - - Other invested assets 2,099 161 ( 3) ( 351) - - - 1,906 141 - Other assets 113 - - 1 - - - 114 - - Total $ 30,861 $ 351 $ ( 64) $ ( 601) $ 130 $ ( 493) $ ( 62) $ 30,122 $ 141 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,020 $ ( 26) $ - $ 279 $ - $ - $ - $ 9,273 $ 362 $ - Derivative liabilities, net: Interest rate contracts ( 1) ( 2) - 2 - - - ( 1) 2 - Foreign exchange contracts ( 1) ( 1) - 1 - - - ( 1) 1 - Equity contracts ( 357) 99 - ( 50) - 1 - ( 307) ( 90) - Credit contracts 43 - - ( 2) - - - 41 1 - Other contracts ( 10) ( 17) - 16 - - - ( 11) 16 - Total derivative liabilities, net (a) ( 326) 79 - ( 33) - 1 - ( 279) ( 70) - Fortitude Re funds withheld payable 5,317 209 - ( 93) - - - 5,433 414 - Total $ 14,011 $ 262 $ - $ 153 $ - $ 1 $ - $ 14,427 $ 706 $ - 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 September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,279 $ 3 $ ( 4) $ ( 30) $ - $ ( 65) $ - $ 2,183 $ - $ - Non-U.S. governments 5 - 1 - 1 - - 7 - - Corporate debt 1,900 ( 33) 52 ( 25) 452 ( 231) - 2,115 - 38 RMBS 12,678 192 301 ( 412) 3 ( 107) - 12,655 - 335 CMBS 1,149 3 36 ( 11) - ( 196) - 981 - 27 CDO/ABS 9,461 5 180 ( 174) 125 ( 244) - 9,353 - 172 Total bonds available for sale 27,472 170 566 ( 652) 581 ( 843) - 27,294 - 572 Other bond securities: RMBS 168 16 - ( 16) - - - 168 4 - CMBS 47 1 - - - - - 48 1 - CDO/ABS 2,531 124 - ( 100) - - - 2,555 34 - Total other bond securities 2,746 141 - ( 116) - - - 2,771 39 - Equity securities 43 - 2 1 7 ( 27) - 26 1 - Other invested assets 1,486 74 ( 2) 25 - - - 1,583 - - Other assets 111 - - 2 - - ( 1) 112 - - Total $ 31,858 $ 385 $ 566 $ ( 740) $ 588 $ ( 870) $ ( 1) $ 31,786 $ 40 $ 572 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 $ 9,233 $ 19 $ - $ 70 $ - $ - $ - $ 9,322 $ 273 $ - Derivative liabilities, net: Interest rate contracts - - - - - - - - - - Foreign exchange contracts ( 1) ( 2) - - - - - ( 3) 2 - Equity contracts ( 53) 9 - ( 65) ( 1) 5 - ( 105) - - Credit contracts 45 1 - ( 2) - - - 44 ( 7) - Other contracts ( 3) ( 19) - 16 - - - ( 6) 18 - Total derivative liabilities, net (a) ( 12) ( 11) - ( 51) ( 1) 5 - ( 70) 13 - Fortitude Re funds withheld payable 4,510 656 - ( 30) - - - 5,136 ( 256) - Total $ 13,731 $ 664 $ - $ ( 11) $ ( 1) $ 5 $ - $ 14,388 $ 30 $ - 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Nine Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,105 $ 14 $ ( 40) $ ( 125) $ - $ ( 86) $ ( 62) $ 1,806 $ - $ 225 Non-U.S. governments 5 - ( 1) 1 5 ( 3) - 7 - - Corporate debt 2,349 12 9 35 452 ( 211) - 2,646 - ( 106) RMBS 11,694 435 17 ( 977) 8 ( 79) - 11,098 - 934 CMBS 922 20 ( 39) 245 56 ( 179) - 1,025 - ( 45) CDO/ABS 9,814 37 ( 11) ( 358) 902 ( 1,197) - 9,187 - 425 Total bonds available for sale 26,889 518 ( 65) ( 1,179) 1,423 ( 1,755) ( 62) 25,769 - 1,433 Other bond securities: RMBS 139 6 - ( 38) - - - 107 ( 86) - CMBS 47 ( 2) - ( 15) 6 - - 36 2 - CDO/ABS 2,512 74 - ( 401) - - - 2,185 235 - Total other bond securities 2,698 78 - ( 454) 6 - - 2,328 151 - Equity securities 51 11 1 ( 124) 77 ( 11) - 5 3 - Other invested assets 1,827 417 ( 10) ( 328) - - - 1,906 386 - Other assets 113 - - 1 - - - 114 - - Total $ 31,578 $ 1,024 $ ( 74) $ ( 2,084) $ 1,506 $ ( 1,766) $ ( 62) $ 30,122 $ 540 $ 1,433 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 End Instruments Held Instruments Held (in millions) of Period in Income Income (Loss) Net In Out Other of Period at End of Period at End of Period Liabilities: Policyholder contract deposits $ 9,798 $ ( 923) $ - $ 398 $ - $ - $ - $ 9,273 $ 1,914 $ - Derivative liabilities, net: Interest rate contracts - ( 4) - 3 - - - ( 1) 4 - Foreign exchange contracts ( 2) - - 1 - - - ( 1) - - Equity contracts ( 151) 2 - ( 204) - 46 - ( 307) ( 58) - Credit contracts 42 7 - ( 8) - - - 41 2 - Other contracts ( 8) ( 50) - 47 - - - ( 11) 50 - Total derivative liabilities, net (a) ( 119) ( 45) - ( 161) - 46 - ( 279) ( 2) - Fortitude Re funds withheld payable 6,042 ( 117) - ( 492) - - - 5,433 1,917 - Total $ 15,721 $ ( 1,085) $ - $ ( 255) $ - $ 46 $ - $ 14,427 $ 3,829 $ - 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 Nine Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 2,121 $ 8 $ 195 $ 127 $ 27 $ ( 295) $ - $ 2,183 $ - $ 193 Non-U.S. governments - - 1 5 7 ( 6) - 7 - - Corporate debt 1,663 ( 101) 43 95 1,074 ( 659) - 2,115 - 59 RMBS 13,408 532 ( 375) ( 806) 29 ( 133) - 12,655 - ( 213) CMBS 1,053 14 70 17 23 ( 196) - 981 - 66 CDO/ABS 7,686 25 55 ( 19) 2,062 ( 456) - 9,353 - 38 Total bonds available for sale 25,931 478 ( 11) ( 581) 3,222 ( 1,745) - 27,294 - 143 Other bond securities: RMBS 143 16 - 9 - - - 168 3 - CMBS 50 - - ( 2) - - - 48 ( 1) - CDO/ABS 3,545 225 - ( 1,215) - - - 2,555 25 - Total other bond securities 3,738 241 - ( 1,208) - - - 2,771 27 - Equity securities 8 ( 1) 3 11 33 ( 28) - 26 1 - Other invested assets 1,192 11 ( 2) 232 150 - - 1,583 ( 13) - Other assets 89 - - 61 - - ( 38) 112 - - Total $ 30,958 $ 729 $ ( 10) $ ( 1,485) $ 3,405 $ ( 1,773) $ ( 38) $ 31,786 $ 15 $ 143 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 $ 2,250 $ - $ 162 $ - $ - $ - $ 9,322 $ ( 1,436) $ - Derivative liabilities, net: Interest rate contracts - ( 1) - 1 - - - - 1 - Foreign exchange contracts ( 6) 2 - 1 - - - ( 3) 2 - Equity contracts ( 151) 19 - 23 ( 1) 5 - ( 105) ( 62) - Credit contracts 62 ( 59) - 41 - - - 44 8 - Other contracts ( 7) ( 46) - 47 - - - ( 6) 45 - Total derivative liabilities, net (a) ( 102) ( 85) - 113 ( 1) 5 - ( 70) ( 6) - Fortitude Re funds withheld payable - 1,493 - ( 30) - - 3,673 5,136 ( 919) - Total $ 6,808 $ 3,658 $ - $ 245 $ ( 1) $ 5 $ 3,673 $ 14,388 $ ( 2,361) $ - (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 September 30, 2021 Assets: Bonds available for sale $ 155 $ ( 6) $ - $ 149 Other bond securities 41 - - 41 Equity securities - - - - Other invested assets 165 ( 4) - 161 Three Months Ended September 30, 2020 Assets: Bonds available for sale $ 177 $ ( 7) $ - $ 170 Other bond securities 143 ( 2) - 141 Equity securities - - - - Other invested assets 74 - - 74 Nine Months Ended September 30, 2021 Assets: Bonds available for sale $ 503 $ 15 $ - $ 518 Other bond securities 78 - - 78 Equity securities 11 - - 11 Other invested assets 406 11 - 417 Nine Months Ended September 30, 2020 Assets: Bonds available for sale $ 557 $ ( 79) $ - $ 478 Other bond securities ( 25) 266 - 241 Equity securities - ( 1) - ( 1) Other invested assets 11 - - 11 Net Investment Net Realized Other (in millions) Income (Gains) Losses Income Total Three Months Ended September 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 26) $ - $ ( 26) Derivative liabilities, net - 93 ( 14) 79 Fortitude Re funds withheld payable - 209 - 209 Three Months Ended September 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 19 $ - $ 19 Derivative liabilities, net - 5 ( 16) ( 11) Fortitude Re funds withheld payable - 656 - 656 Nine Months Ended September 30, 2021 Liabilities: Policyholder contract deposits * $ - $ ( 923) $ - $ ( 923) Derivative liabilities, net - ( 2) ( 43) ( 45) Fortitude Re funds withheld payable - ( 117) - ( 117) Nine Months Ended September 30, 2020 Liabilities: Policyholder contract deposits * $ - $ 2,250 $ - $ 2,250 Derivative liabilities, net - ( 41) ( 44) ( 85) Fortitude Re funds withheld payable - 1,493 - 1,493 * 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 September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 40 $ ( 16) $ ( 31) $ ( 7) Non-U.S. governments - - - - Corporate debt 23 ( 61) ( 135) ( 173) RMBS 704 ( 164) ( 626) ( 86) CMBS 7 ( 3) ( 17) ( 13) CDO/ABS 849 - ( 669) 180 Total bonds available for sale 1,623 ( 244) ( 1,478) ( 99) Other bond securities: RMBS - ( 2) ( 6) ( 8) CMBS - ( 9) - ( 9) CDO/ABS - - ( 134) ( 134) Total other bond securities - ( 11) ( 140) ( 151) Equity securities - - ( 1) ( 1) Other invested assets 32 - ( 383) ( 351) Other assets - - 1 1 Total $ 1,655 $ ( 255) $ ( 2,001) $ ( 601) Liabilities: Policyholder contract deposits $ - $ 214 $ 65 $ 279 Derivative liabilities, net ( 75) 2 40 ( 33) Fortitude Re funds withheld payable - - ( 93) ( 93) Total $ ( 75) $ 216 $ 12 $ 153 Three Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 34 $ ( 18) $ ( 46) $ ( 30) Non-U.S. governments - - - - Corporate debt 23 ( 2) ( 46) ( 25) RMBS 182 - ( 594) ( 412) CMBS 2 ( 10) ( 3) ( 11) CDO/ABS 234 ( 78) ( 330) ( 174) Total bonds available for sale 475 ( 108) ( 1,019) ( 652) Other bond securities: RMBS - - ( 16) ( 16) CMBS - - - - CDO/ABS - - ( 100) ( 100) Total other bond securities - - ( 116) ( 116) Equity securities 1 - - 1 Other invested assets 25 - - 25 Other assets - - 2 2 Total $ 501 $ ( 108) $ ( 1,133) $ ( 740) Liabilities: Policyholder contract deposits $ - $ 170 $ ( 100) $ 70 Derivative liabilities, net ( 19) - ( 32) ( 51) Fortitude Re funds withheld payable - - ( 30) ( 30) Total $ ( 19) $ 170 $ ( 162) $ ( 11) Issuances Purchases, Sales, and Issuances and (in millions) Purchases Sales Settlements (a) Settlements, Net (a) Nine Months Ended September 30, 2021 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 51 $ ( 59) $ ( 117) $ ( 125) Non-U.S. governments 1 - - 1 Corporate debt 976 ( 94) ( 847) 35 RMBS 1,186 ( 279) ( 1,884) ( 977) CMBS 297 ( 3) ( 49) 245 CDO/ABS 2,005 70 ( 2,433) ( 358) Total bonds available for sale 4,516 ( 365) ( 5,330) ( 1,179) Other bond securities: RMBS 1 ( 11) ( 28) ( 38) CMBS - ( 15) - ( 15) CDO/ABS - ( 39) ( 362) ( 401) Total other bond securities 1 ( 65) ( 390) ( 454) Equity securities - ( 3) ( 121) ( 124) Other invested assets 424 - ( 752) ( 328) Other assets - - 1 1 Total $ 4,941 $ ( 433) $ ( 6,592) $ ( 2,084) Liabilities: Policyholder contract deposits $ - $ 607 $ ( 209) $ 398 Derivative liabilities, net ( 198) 4 33 ( 161) Fortitude Re funds withheld payable - - ( 492) ( 492) Total $ ( 198) $ 611 $ ( 668) $ ( 255) Nine Months Ended September 30, 2020 Assets: Bonds available for sale: Obligations of states, municipalities and political subdivisions $ 201 $ ( 20) $ ( 54) $ 127 Non-U.S. governments 5 - - 5 Corporate debt 256 ( 7) ( 154) 95 RMBS 883 - ( 1,689) ( 806) CMBS 56 ( 17) ( 22) 17 CDO/ABS 715 ( 103) ( 631) ( 19) Total bonds available for sale 2,116 ( 147) ( 2,550) ( 581) Other bond securities: RMBS 37 - ( 28) 9 CMBS - - ( 2) ( 2) CDO/ABS 35 ( 579) ( 671) ( 1,215) Total other bond securities 72 ( 579) ( 701) ( 1,208) Equity securities 11 - - 11 Other invested assets 277 - ( 45) 232 Other assets 55 - 6 61 Total $ 2,531 $ ( 726) $ ( 3,290) $ ( 1,485) Liabilities: Policyholder contract deposits $ - $ 514 $ ( 352) $ 162 Derivative liabilities, net ( 43) 8 148 113 Fortitude Re funds withheld payable - - ( 30) ( 30) Total $ ( 43) $ 522 $ ( 234) $ 245 (a) There were issuances during the three- and nine-month periods ended September 30, 2021 and 2020.
Significant unobservable inputs used for recurring fair value measurements	Fair Value at September 30, Valuation Range (in millions) 2021 Technique Unobservable Input (b) (Weighted Average) (c) Assets: Obligations of states, municipalities and political subdivisions $ 1,548 Discounted cash flow Yield 2.83% - 3.46% ( 3.15%) Corporate debt 1,607 Discounted cash flow Yield 2.31% - 6.97% ( 4.64%) RMBS (a) 10,058 Discounted cash flow Constant prepayment rate 4.95% - 17.76% ( 11.36%) Loss severity 28.09% - 73.42% ( 50.76%) Constant default rate 1.31% - 6.11% ( 3.71%) Yield 1.51% - 3.93% ( 2.72%) CDO/ABS (a) 8,306 Discounted cash flow Yield 1.51% - 4.50% ( 3.01%) CMBS 550 Discounted cash flow Yield 1.37% - 5.52% ( 3.33%) Liabilities (d) Embedded derivatives within Policyholder contract deposits: Variable annuity guaranteed minimum withdrawal benefits (GMWB) 2,551 Discounted cash flow Equity volatility 6.45% - 51.15% 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% - 1.37% Index annuities including certain GMWB 5,973 Discounted cash flow Base lapse rate 0.38% - 50.00% Dynamic lapse multiplier 19.00% - 178.00% Mortality multiplier (e) 24.00% - 180.00% Utilization (g) 80.00% - 95.00% Option budget 0.00% - 4.00% NPA (f) 0.07% - 1.37% Indexed life 701 Discounted cash flow Base lapse rate 0.00% - 37.97% Mortality rate 0.00% - 100.00% NPA (f) 0.07% - 1.37% 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 Base lapse rate 0.38% - 50.00% Dynamic lapse multiplier 19.00% - 178.00% 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 September 30, 2021 and December 31, 2020 was approximately $ 1.0 billion 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	September 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 $ 2,517 $ 1,670 $ 1,752 $ 1,960 Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 1,020 528 908 445 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 257 200 167 171 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 913 128 703 55 Mezzanine Funds that make investments in the junior debt and equity securities of leveraged companies 526 357 400 155 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 923 431 683 365 Total private equity funds 6,156 3,314 4,613 3,151 Hedge funds: Event-driven Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations 412 - 411 - Long-short Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk 383 - 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 680 - 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 355 - 301 1 Total hedge funds 1,830 - 1,880 1 Total $ 7,986 $ 3,314 $ 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 September 30, Gain (Loss) Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Assets: Bond and equity securities $ 35 $ 171 $ 32 $ 485 Alternative investments (a) 403 407 1,248 242 Liabilities: Long-term debt (b) 6 18 39 ( 203) Total gain $ 444 $ 596 $ 1,319 $ 524 (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	September 30, 2021 December 31, 2020 Outstanding Outstanding (in millions) Fair Value Principal Amount Difference Fair Value Principal Amount Difference Liabilities: Long-term debt * $ 1,964 $ 1,365 $ 599 $ 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 September 30, Nine Months Ended September 30, (in millions) Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 September 30, 2021 Other investments $ - $ - $ 89 $ 89 $ - $ 12 $ 6 $ 60 Other assets - - - - 13 2 13 14 Total $ - $ - $ 89 $ 89 $ 13 $ 14 $ 19 $ 74 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 September 30, 2021 Assets: Mortgage and other loans receivable $ - $ 87 $ 47,880 $ 47,967 $ 45,821 Other invested assets - 810 6 816 816 Short-term investments - 8,131 - 8,131 8,131 Cash 2,699 - - 2,699 2,699 Other assets 47 11 - 58 58 Liabilities: Policyholder contract deposits associated with investment-type contracts - 181 146,110 146,291 133,395 Fortitude Re funds withheld payable - - 35,455 35,455 35,455 Other liabilities - 3,702 - 3,702 3,702 Long-term debt - 25,851 345 26,196 22,618 Debt of consolidated investment entities - 2,655 4,476 7,131 6,968 Separate account liabilities - investment contracts - 100,515 - 100,515 100,515 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)	9 Months Ended
INVESTMENTS (Tables)	Sep. 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 September 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 4,169 $ - $ 304 $ ( 17) $ 4,456 Obligations of states, municipalities and political subdivisions 13,084 - 1,826 ( 15) 14,895 Non-U.S. governments 15,677 ( 3) 753 ( 228) 16,199 Corporate debt 163,614 ( 55) 14,665 ( 1,287) 176,937 Mortgage-backed, asset-backed and collateralized: RMBS 25,965 ( 8) 2,612 ( 117) 28,452 CMBS 14,630 - 727 ( 45) 15,312 CDO/ABS 17,786 - 360 ( 56) 18,090 Total mortgage-backed, asset-backed and collateralized 58,381 ( 8) 3,699 ( 218) 61,854 Total bonds available for sale (b) $ 254,925 $ ( 66) $ 21,247 $ ( 1,765) $ 274,341 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 (losses) and are not recognized in Other comprehensive income (loss). (b) At September 30, 2021 and December 31, 2020, bonds available for sale held by us that were below investment grade or not rated totaled $ 27.5 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 September 30, 2021 Bonds available for sale: U.S. government and government sponsored entities $ 1,340 $ 10 $ 287 $ 7 $ 1,627 $ 17 Obligations of states, municipalities and political subdivisions 702 11 84 4 786 15 Non-U.S. governments 4,250 123 604 100 4,854 223 Corporate debt 30,283 915 5,058 317 35,341 1,232 RMBS 5,605 74 1,041 37 6,646 111 CMBS 1,739 29 294 16 2,033 45 CDO/ABS 4,501 35 834 21 5,335 56 Total bonds available for sale $ 48,420 $ 1,197 $ 8,202 $ 502 $ 56,622 $ 1,699 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 September 30, 2021 Due in one year or less $ 7,788 $ 7,853 Due after one year through five years 44,190 45,730 Due after five years through ten years 46,916 49,930 Due after ten years 97,592 108,974 Mortgage-backed, asset-backed and collateralized 58,373 61,854 Total $ 254,859 $ 274,341
Gross realized gains and gross realized losses from sales or maturities of available for sale securities	Three Months Ended September 30, Nine Months Ended September 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 $ 348 $ 123 $ 258 $ 83 $ 1,098 $ 349 $ 1,179 $ 641
Value of other securities measured at fair value based on election of the fair value option	September 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 $ 1,761 31 % $ 1,845 29 % Corporate debt 12 - 12 - Mortgage-backed, asset-backed and collateralized: RMBS 315 6 429 7 CMBS 274 5 320 5 CDO/ABS and other collateralized 2,289 40 2,685 42 Total mortgage-backed, asset-backed and collateralized 2,878 51 3,434 54 Total fixed maturity securities 4,651 82 5,291 83 Equity securities 1,035 18 1,056 17 Total $ 5,686 100 % $ 6,347 100 %
Carrying amounts values of other invested assets	September 30, December 31, (in millions) 2021 2020 Alternative investments (a) (b) $ 10,708 $ 9,572 Investment real estate (c) 3,492 7,930 All other investments (d) 1,777 1,558 Total $ 15,977 $ 19,060 (a) At September 30, 2021, included hedge funds of $ 2.0 billion and private equity funds of $ 8.7 billion. At December 31, 2020, included hedge funds of $ 2.3 billion, private equity funds of $ 7.0 billion and unconsolidated affordable housing partnerships of $ 257 million. (b) At September 30, 2021, approximately 58 percent of our hedge fund portfolio is available for redemption in 2021. The remaining 42 percent will be available for redemption between 2022 and 2027. (c) Represents values net of accumulated depreciation. At September 30, 2021 and December 31, 2020, the accumulated depreciation was $ 701 million and $ 756 million, respectively, excluding depreciation related to our affordable housing portfolio. (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 September 30, 2021 and December 31, 2020.
Components of net investment income	Three Months Ended September 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 $ 2,173 $ 374 $ 2,547 $ 2,209 $ 373 $ 2,582 Other fixed maturity securities (a) 32 3 35 164 7 171 Equity securities ( 45) - ( 45) 119 - 119 Interest on mortgage and other loans 435 50 485 443 46 489 Alternative investments (b) 616 77 693 455 40 495 Real estate 99 - 99 22 - 22 Other investments (c) 41 1 42 55 - 55 Total investment income 3,351 505 3,856 3,467 466 3,933 Investment expenses 131 10 141 125 8 133 Net investment income $ 3,220 $ 495 $ 3,715 $ 3,342 $ 458 $ 3,800 Nine Months Ended September 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 $ 6,481 $ 1,112 $ 7,593 $ 7,320 $ 459 $ 7,779 Other fixed maturity securities (a) 23 9 32 475 10 485 Equity securities ( 36) - ( 36) ( 16) - ( 16) Interest on mortgage and other loans 1,295 154 1,449 1,441 59 1,500 Alternative investments (b) 1,767 238 2,005 309 54 363 Real estate 215 - 215 142 - 142 Other investments (c) 162 3 165 ( 159) - ( 159) Total investment income 9,907 1,516 11,423 9,512 582 10,094 Investment expenses 348 28 376 412 8 420 Net investment income $ 9,559 $ 1,488 $ 11,047 $ 9,100 $ 574 $ 9,674 (a) Included in the three- and nine-month periods ended September 30, 2021 were losses of $ 3 million and $ 49 million, respectively, related to fixed maturity securities measured at fair value that economically hedge liabilities described in (c) below. Included in the three- and nine-month periods ended September 30, 2020 were income of $ 8 million and $ 206 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 nine-month periods ended September 30, 2021 were income of $ 9 million and $ 52 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 nine-month periods ended September 30, 2020 were income of $ 21 million and losses of $ 195 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 September 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 $ 66 $ 159 $ 225 $ 28 $ 147 $ 175 Intent to sell - - - - - - Change in allowance for credit losses on fixed maturity securities 3 1 4 ( 77) ( 4) ( 81) Change in allowance for credit losses on loans 22 3 25 ( 13) 2 ( 11) Foreign exchange transactions ( 127) ( 9) ( 136) 250 7 257 Variable annuity embedded derivatives, net of related hedges ( 39) - ( 39) ( 148) - ( 148) All other derivatives and hedge accounting 317 ( 15) 302 ( 626) ( 120) ( 746) Other * 437 51 488 88 - 88 Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative 679 190 869 ( 498) 32 ( 466) Net realized losses on Fortitude Re funds withheld embedded derivative - ( 209) ( 209) - ( 656) ( 656) Net realized gains (losses) $ 679 $ ( 19) $ 660 $ ( 498) $ ( 624) $ ( 1,122) Nine Months Ended September 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 $ 200 $ 549 $ 749 $ 269 $ 269 $ 538 Intent to sell - - - ( 3) - ( 3) Change in allowance for credit losses on fixed maturity securities 64 7 71 ( 299) ( 11) ( 310) Change in allowance for credit losses on loans 130 6 136 ( 73) 6 ( 67) Foreign exchange transactions ( 37) ( 6) ( 43) 40 10 50 Variable annuity embedded derivatives, net of related hedges ( 3) - ( 3) 1,034 - 1,034 All other derivatives and hedge accounting 332 ( 72) 260 365 ( 146) 219 Other* 645 52 697 97 - 97 Net realized gains – excluding Fortitude Re funds withheld embedded derivative 1,331 536 1,867 1,430 128 1,558 Net realized gains (losses) on Fortitude Re funds withheld embedded derivative - 117 117 - ( 1,493) ( 1,493) Net realized gains (losses) $ 1,331 $ 653 $ 1,984 $ 1,430 $ ( 1,365) $ 65 * In the three- and nine-month periods ended September 30, 2021, primarily includes gains from sale of global real estate investments of $ 292 million and $ 341 million, respectively, and gains from affordable housing partnerships of $ 80 million and $ 210 million, respectively.
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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Increase (decrease) in unrealized appreciation (depreciation) of investments: Fixed maturity securities $ ( 2,065) $ 2,373 $ ( 7,863) $ 5,875 Other investments - 1 ( 5) 1 Total increase (decrease) in unrealized appreciation (depreciation) of investments $ ( 2,065) $ 2,374 $ ( 7,868) $ 5,876 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 September 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 $ ( 45) $ 471 $ 426 $ 119 $ 464 $ 583 Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period 8 23 31 ( 3) ( 5) ( 8) Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ ( 53) $ 448 $ 395 $ 122 $ 469 $ 591 Nine Months Ended September 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 $ ( 36) $ 1,484 $ 1,448 $ ( 16) $ 264 $ 248 Less: Net gains (losses) recognized during the period on equity securities and other investment sold during the period ( 192) 38 ( 154) 14 10 24 Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date $ 156 $ 1,446 $ 1,602 $ ( 30) $ 254 $ 224
Rollforward of changes in allowance for credit losses on available for sale fixed maturity securities by major investment category	Three Months Ended September 30, 2021 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period $ 10 $ 87 $ 97 $ 37 $ 161 $ 198 Additions: Securities for which allowance for credit losses were not previously recorded - 20 20 1 30 31 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 - ( 21) ( 21) ( 2) ( 5) ( 7) 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 ( 3) ( 21) ( 24) ( 10) 67 57 Write-offs charged against the allowance - ( 6) ( 6) - ( 43) ( 43) Balance, end of period $ 7 $ 59 $ 66 $ 26 $ 210 $ 236 Nine Months Ended September 30, 2021 2020 Non- Non- (in millions) Structured Structured Total Structured Structured Total Balance, beginning of period* $ 17 $ 169 $ 186 $ 7 $ - $ 7 Additions: Securities for which allowance for credit losses were not previously recorded 8 48 56 36 294 330 Purchases of available for sale debt securities accounted for as purchased credit deteriorated assets - - - 26 - 26 Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets - - - 1 - 1 Reductions: Securities sold during the period ( 3) ( 28) ( 31) ( 3) ( 10) ( 13) 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 ( 15) ( 112) ( 127) ( 41) 34 ( 7) Write-offs charged against the allowance - ( 18) ( 18) - ( 108) ( 108) Balance, end of period $ 7 $ 59 $ 66 $ 26 $ 210 $ 236 * 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) September 30, 2021 December 31, 2020 Fixed maturity securities available for sale $ 3,546 $ 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 September 30, 2021 Bonds available for sale: Non-U.S. governments $ 39 $ - $ - $ - $ - $ 39 Corporate debt 147 78 8 - 3 236 Total $ 186 $ 78 $ 8 $ - $ 3 $ 275 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 September 30, 2021 Bonds available for sale: Obligations of states, municipalities and political subdivisions $ - $ - $ 93 $ - $ - $ 93 Non-U.S. governments - - - - - - Corporate debt - 495 2,492 191 - 3,178 Total $ - $ 495 $ 2,585 $ 191 $ - $ 3,271 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) September 30, 2021 December 31, 2020 Securities collateral pledged to us $ 977 $ 5,359

LENDING ACTIVITIES (Tables)

LENDING ACTIVITIES (Tables)	9 Months Ended
LENDING ACTIVITIES (Tables)	Sep. 30, 2021
LENDING ACTIVITIES
Composition of Mortgages and other loans receivable	September 30, December 31, (in millions) 2021 2020 Commercial mortgages (a) $ 35,980 $ 36,424 Residential mortgages 4,808 4,645 Life insurance policy loans 1,876 1,986 Commercial loans, other loans and notes receivable 3,798 3,321 Total mortgage and other loans receivable 46,462 46,376 Allowance for credit losses (b) ( 641) ( 814) Mortgage and other loans receivable, net $ 45,821 $ 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 22 percent and 10 percent, respectively, at September 30, 2021 and 24 percent and 10 percent, respectively, at December 31, 2020). (b) Does not include allowance for credit losses of $ 83 million and $ 79 million, respectively, at September 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	September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total >1.2X $ 1,466 $ 1,827 $ 5,082 $ 4,592 $ 3,709 $ 12,977 $ 29,653 1.00 - 1.20X 526 868 752 667 181 1,219 4,213 <1.00X 1 27 - 957 88 1,041 2,114 Total commercial mortgages $ 1,993 $ 2,722 $ 5,834 $ 6,216 $ 3,978 $ 15,237 $ 35,980 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 September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total Less than 65% $ 1,304 $ 2,365 $ 3,484 $ 4,232 $ 2,641 $ 10,780 $ 24,806 65% to 75% 355 331 2,331 1,984 1,010 3,346 9,357 76% to 80% - - 19 - 153 531 703 Greater than 80% 334 26 - - 174 580 1,114 Total commercial mortgages $ 1,993 $ 2,722 $ 5,834 $ 6,216 $ 3,978 $ 15,237 $ 35,980 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 September 30, 2021 and 2.2X at December 31, 2020. The debt service coverage ratios have been updated within the last 12 months. The debt service coverage ratios are updated when additional relevant information becomes available. (b) The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 58 percent at September 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 September 30, 2021 Credit Quality Performance Indicator: In good standing 646 $ 14,084 $ 10,405 $ 4,872 $ 3,774 $ 1,932 $ 451 $ 35,518 99 % Restructured (a) 9 - 141 49 - 136 - 326 1 90 days or less delinquent - - - - - - - - - >90 days delinquent or in process of foreclosure 5 - 81 55 - - - 136 - Total (b) 660 $ 14,084 $ 10,627 $ 4,976 $ 3,774 $ 2,068 $ 451 $ 35,980 100 % Allowance for credit losses $ 104 $ 262 $ 114 $ 42 $ 29 $ 6 $ 557 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: September 30, 2021 (in millions) 2021 2020 2019 2018 2017 Prior Total FICO: 780 and greater $ 1,066 $ 752 $ 355 $ 133 $ 227 $ 570 $ 3,103 720 - 779 830 255 102 51 69 177 1,484 660 - 719 29 44 25 13 21 55 187 600 - 659 - 1 2 3 2 13 21 Less than 600 - - 1 1 2 9 13 Total residential mortgages $ 1,925 $ 1,052 $ 485 $ 201 $ 321 $ 824 $ 4,808 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 September 30, 2021 2020 Commercial Other Commercial Other (in millions) Mortgages Loans Total Mortgages Loans Total Allowance, beginning of period $ 587 $ 114 $ 701 $ 667 $ 127 $ 794 Loans charged off ( 2) - ( 2) - - - Recoveries of loans previously charged off - - - - - - Net charge-offs ( 2) - ( 2) - - - Addition to (release of) allowance for loan losses ( 28) 1 ( 27) ( 8) 11 3 Reclassified to held for sale (b) - ( 31) ( 31) - - - Allowance, end of period $ 557 $ 84 $ 641 $ 659 $ 138 $ 797 Nine Months Ended September 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 ( 2) - ( 2) ( 12) - ( 12) Recoveries of loans previously charged off - - - - - - Net charge-offs ( 2) - ( 2) ( 12) - ( 12) Addition to (release of) allowance for loan losses ( 126) ( 14) ( 140) 24 29 53 Reclassified to held for sale (b) - ( 31) ( 31) - - - Allowance, end of period $ 557 $ 84 $ 641 $ 659 $ 138 $ 797 (a) Does not include allowance for credit losses of $ 83 million and $ 66 million, respectively, at September 30, 2021 and 2020 in relation to off-balance-sheet commitments to fund commercial mortgage loans, which is recorded in Other liabilities. (b) Reported in Other assets in the Condensed Consolidated Balance Sheets.

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
REINSURANCE (Tables)	Sep. 30, 2021
Effects of Reinsurance [Line Items]
Summary of the composition of pool of assets	September 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) $ 33,457 $ 33,457 $ 36,047 $ 36,047 Fair value through other comprehensive income (loss) Fixed maturity securities - fair value option 158 158 200 200 Fair value through net investment income Commercial mortgage loans 3,732 3,968 3,679 4,010 Amortized cost Real estate investments 245 508 358 585 Amortized cost Private equity funds / hedge funds 1,465 1,465 1,168 1,168 Fair value through net investment income Policy loans 384 384 413 413 Amortized cost Short-term investments 55 55 34 34 Fair value through net investment income Funds withheld investment assets 39,496 39,995 41,899 42,457 Derivative assets, net (b) 47 47 ( 1) ( 1) Fair value through net realized gains (losses) Other (c) 846 846 604 604 Amortized cost Total $ 40,389 $ 40,888 $ 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 $( 2.1) billion ($( 1.6) billion after-tax) for the nine months ended September 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 $ 304 million and $ 12 million, respectively, as of September 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 modco and funds withheld	Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Net underwriting income (a) $ - $ - $ - $ - Net investment income - Fortitude Re funds withheld assets 495 458 1,488 574 Net realized gains (losses) on Fortitude Re funds withheld assets: Net realized gains - Fortitude Re funds withheld assets 190 32 536 128 Net realized gains (losses) - Fortitude Re embedded derivatives ( 209) ( 656) 117 ( 1,493) Net realized gains (losses) on Fortitude Re funds withheld assets ( 19) ( 624) 653 ( 1,365) Income (loss) from continuing operations before income tax expense (benefit) 476 ( 166) 2,141 ( 791) Income tax expense (benefit) (b) 99 ( 35) 449 ( 166) Net income (loss) 377 ( 131) 1,692 ( 625) Change in unrealized appreciation (depreciation) of all other investments (b) ( 360) 132 ( 1,645) 570 Comprehensive income (loss) $ 17 $ 1 $ 47 $ ( 55) (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 nine months ended September 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 September 30, 2021 2020 General Life and General Life and (in millions) Insurance Retirement Total Insurance Retirement Total Balance, beginning of period $ 287 $ 87 $ 374 $ 305 $ 59 $ 364 Addition to (release of) allowance for expected credit losses and disputes, net 5 15 20 ( 2) 2 - Write-offs charged against the allowance for credit losses and disputes ( 8) - ( 8) - - - Other changes 2 - 2 5 1 6 Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370 Nine Months Ended September 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) allowance for expected credit losses and disputes, net 5 19 24 - 5 5 Write-offs charged against the allowance for credit losses and disputes ( 15) - ( 15) ( 5) ( 5) ( 10) Other changes 4 - 4 - - - Balance, end of period $ 286 $ 102 $ 388 $ 308 $ 62 $ 370

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
VARIABLE INTEREST ENTITIES (Tables)	Sep. 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 (e) Other Total September 30, 2021 Assets: Bonds available for sale $ - $ 5,104 $ - $ - $ 5,104 Other bond securities - 1,985 - - 1,985 Equity securities 449 - - - 449 Mortgage and other loans receivable - 2,875 - - 2,875 Other invested assets Alternative investments (a) 3,167 - - - 3,167 Investment real estate 3,026 - - - 3,026 Short-term investments 388 176 - 20 584 Cash 137 - - - 137 Accrued investment income - 20 - - 20 Other assets (e) 152 70 3,898 - 4,120 Other 28 - - 2 30 Total (b) $ 7,347 $ 10,230 $ 3,898 $ 22 $ 21,497 Liabilities: Debt of consolidated investment entities $ 2,285 $ 4,519 $ - $ - $ 6,804 Other (c)(e) 166 317 2,570 9 3,062 Total $ 2,451 $ 4,836 $ 2,570 $ 9 $ 9,866 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 (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 $ 2,739 $ 4,148 $ 2,474 $ 12 $ 9,373 (a) Comprised primarily of investments in real estate joint ventures at September 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 September 30, 2021 and December 31, 2020. (d) At September 30, 2021 and December 31, 2020, off-balance sheet exposure primarily consisting of our insurance companies’ commitments to real estate and investment entities were $ 2.7 billion and $ 2.4 billion, respectively, of which commitments to external parties were $ 0.8 billion and $ 0.7 billion, respectively. (e) Includes Affordable Housing portfolio classified as held for sale and reported in Other assets and Other liabilities.
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 September 30, 2021 Real estate and investment entities (a) $ 421,901 $ 7,557 $ 3,545 (d) $ 11,102 Affordable housing partnerships 2,445 292 (c) 1 293 Other 1,717 203 479 (e) 682 Total $ 426,063 $ 8,052 $ 4,025 $ 12,077 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 September 30, 2021 and December 31, 2020, $ 7.7 billion and $ 6.8 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets. (c) At September 30, 2021, primarily included alternative equity investments of $ 6 million, other loans receivables of $ 33 million, and other assets of $ 246 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)	9 Months Ended
DERIVATIVES AND HEDGE ACCOUNTING (Tables)	Sep. 30, 2021
DERIVATIVES AND HEDGE ACCOUNTING
Notional amounts and fair values of derivative instruments	September 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 $ 807 $ 11 $ 895 $ 4 $ 815 $ 16 $ 356 $ 11 Foreign exchange contracts 8,504 499 2,842 164 3,468 256 7,424 379 Derivatives not designated as hedging instruments: (a) Interest rate contracts 45,446 3,672 41,617 3,886 62,259 4,621 48,732 4,425 Foreign exchange contracts 13,834 849 4,789 457 9,518 766 12,860 711 Equity contracts 25,448 587 3,767 59 22,924 1,130 7,076 223 Commodity contracts 340 8 216 - - - - - Credit contracts (b) 3,790 2 950 61 5,797 2 969 67 Other contracts (c) 43,377 12 54 1 43,441 14 54 6 Total derivatives, gross $ 141,546 $ 5,640 $ 55,130 $ 4,632 $ 148,222 $ 6,805 $ 77,471 $ 5,822 Counterparty netting (d) ( 2,698) ( 2,698) ( 3,812) ( 3,812) Cash collateral (e) ( 2,058) ( 1,231) ( 2,219) ( 1,441) Total derivatives on Condensed Consolidated Balance Sheets (f) $ 884 $ 703 $ 774 $ 569 (a) Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral. (b) As of September 30, 2021 and December 31, 2020, included CDSs on super senior multi-sector CDOs with a net notional amount of $ 111 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 September 30, 2021 and December 31, 2020. Fair value of liabilities related to bifurcated embedded derivatives was $ 14.7 billion and $ 15.8 billion, respectively, at September 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 September 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 3) $ - $ 6 $ 3 Net investment income 1 - ( 2) ( 1) Foreign exchange contracts: Net realized gains/(losses) 205 30 ( 205) 30 Three Months Ended September 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ ( 2) $ - $ 5 $ 3 Net investment income 1 - - 1 Foreign exchange contracts: Net realized gains/(losses) ( 250) ( 50) 250 ( 50) Nine Months Ended September 30, 2021 Interest rate contracts: Interest credited to policyholder account balances $ ( 10) $ - $ 13 $ 3 Net investment income 8 - ( 9) ( 1) Foreign exchange contracts: Net realized gains/(losses) 201 108 ( 201) 108 Nine Months Ended September 30, 2020 Interest rate contracts: Interest credited to policyholder account balances $ 16 $ - $ ( 15) $ 1 Net investment income ( 6) - 6 - Foreign exchange contracts: Net realized gains/(losses) ( 77) 155 77 155 (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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 By Derivative Type: Interest rate contracts $ ( 172) $ ( 462) $ ( 861) $ 2,104 Foreign exchange contracts 310 ( 535) 271 366 Equity contracts ( 55) ( 46) ( 606) 586 Commodity contracts ( 5) - ( 4) - Credit contracts - ( 1) ( 9) 55 Other contracts 17 18 49 44 Embedded derivatives ( 28) ( 507) 1,569 ( 3,333) Total $ 67 $ ( 1,533) $ 409 $ ( 178) By Classification: Policy fees $ 16 $ 16 $ 46 $ 46 Net investment income ( 1) 4 ( 6) 1 Net realized gains (losses) - excluding Fortitude Re funds withheld assets 277 ( 775) 329 1,398 Net realized gains (losses) on Fortitude Re funds withheld assets (a) ( 224) ( 776) 45 ( 1,639) Policyholder benefits and claims incurred ( 1) ( 2) ( 5) 16 Total $ 67 $ ( 1,533) $ 409 $ ( 178) (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)	9 Months Ended
INSURANCE LIABILITIES (Tables)	Sep. 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 Nine Months Ended September 30, September 30, (in millions) 2021 2020 2021 2020 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 78,981 $ 77,853 $ 77,720 $ 78,328 Reinsurance recoverable ( 34,866) ( 35,458) ( 34,431) ( 31,069) Initial allowance upon CECL adoption - - - 164 Net Liability for unpaid loss and loss adjustment expenses, beginning of period 44,115 42,395 43,289 47,423 Losses and loss adjustment expenses incurred: Current year 4,467 4,324 12,262 12,683 Prior years, excluding discount and amortization of deferred gain ( 153) 20 ( 166) ( 6) Prior years, discount charge (benefit) 83 25 99 135 Prior years, amortization of deferred gain on retroactive reinsurance (a) ( 13) ( 36) ( 107) ( 187) Total losses and loss adjustment expenses incurred 4,384 4,333 12,088 12,625 Losses and loss adjustment expenses paid: Current year ( 1,147) ( 1,316) ( 2,370) ( 2,568) Prior years ( 2,449) ( 3,115) ( 8,653) ( 11,256) Total losses and loss adjustment expenses paid ( 3,596) ( 4,431) ( 11,023) ( 13,824) Other changes: Foreign exchange effect ( 414) 925 ( 57) 656 Allowance for credit losses - - - - Retroactive reinsurance adjustment (net of discount) (b) 159 80 351 240 Fortitude sale (c) - - - ( 3,818) Total other changes ( 255) 1,005 294 ( 2,922) Liability for unpaid loss and loss adjustment expenses, end of period: Net liability for unpaid losses and loss adjustment expenses 44,648 43,302 44,648 43,302 Reinsurance recoverable 34,626 35,282 34,626 35,282 Total $ 79,274 $ 78,584 $ 79,274 $ 78,584 (a) Includes $ 5 million and $ 6 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 September 30, 2021 and 2020, respectively, and $ 23 million and $ 26 million for the nine-month periods ended September 30, 2021 and 2020, respectively. (b) Includes benefit (charge) from change in discount on retroactive reinsurance in the amount of $ 22 million and $ 20 million for the three-month periods ended September 30, 2021 and 2020, respectively, and $ 78 million and $ 78 million for the nine-month periods ended September 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. For additional information see Note 1 to the Condensed Consolidated Financial Statements.
Schedule of components of the loss reserve discount	September 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 $ 1,574 $ - $ 1,574 $ 1,636 $ - $ 1,636 Retroactive reinsurance ( 833) - ( 833) ( 911) - ( 911) Total reserve discount (a) $ 741 $ - $ 741 $ 725 $ - $ 725 (a) Excludes $ 121 million and $ 151 million of discount related to certain long-tail liabilities in the UK at September 30, 2021 and December 31, 2020, respectively. (b) Excludes $ 502 million and $ 493 million, respectively, of discount which was percent ceded to Fortitude Re at September 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.
Schedule of loss reserve discount and loss reserve discount benefit (charge)	Three Months Ended September 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 $ 11 $ - $ 11 $ 56 $ - $ 56 Accretion and other adjustments to prior year discount ( 83) - ( 83) ( 25) - ( 25) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 72) - ( 72) 31 - 31 Change in discount on loss reserves ceded under retroactive reinsurance 22 - 22 20 - 20 Net change in total reserve discount (b) $ ( 50) $ - $ ( 50) $ 51 $ - $ 51 Nine Months Ended September 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 $ 37 $ - $ 37 $ 94 $ - $ 94 Accretion and other adjustments to prior year discount ( 99) - ( 99) ( 117) ( 18) ( 135) Effect of interest rate changes - - - - - - Net reserve discount benefit (charge) (a) ( 62) - ( 62) ( 23) ( 18) ( 41) Change in discount on loss reserves ceded under retroactive reinsurance 78 - 78 78 - 78 Net change in total reserve discount (c) $ 16 $ - $ 16 $ 55 $ ( 18) $ 37 (a) For the three- and nine-month periods ended September 30, 2021 and September 30, 2020, the changes in net reserve discount benefit (charge) were primarily driven by accretion and changes to nominal reserves. (b) Excludes $( 39) million and $( 12) million discount related to certain long-tail liabilities in the UK for the three-month periods ended September 30, 2021 and 2020, respectively. (c) Excludes $( 30) million and $( 20) million discount related to certain long-tail liabilities in the UK for the nine-month periods ended September 30, 2021 and 2020, respectively. (d) On June 2, 2020, we completed the Majority Interest Fortitude Sale. For additional information see Note 1 to the Condensed Consolidated Financial Statements. Change in discount prior to the sale is included in the above for the three- and nine-month periods ended September 30, 2020. Following the sale, 100 percent of the discount is ceded to Fortitude Re.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
EQUITY (Tables)	Sep. 30, 2021
Class of Stock [Line Items]
Rollforward of common stock outstanding	Nine Months Ended September 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 - 6,532,595 6,532,595 Shares repurchased - ( 32,294,593) ( 32,294,593) Shares, end of period 1,906,671,492 ( 1,070,875,441) 835,796,051
Dividends Paid	The following table presents declaration date, record date, payment date and dividends paid per common share on AIG Common Stock in the nine months ended September 30, 2021 and 2020: Dividends Paid Declaration Date Record Date Payment Date Per Common Share August 5, 2021 September 16, 2021 September 30, 2021 $ 0.32 May 6, 2021 June 15, 2021 June 29, 2021 0.32 February 16, 2021 March 16, 2021 March 30, 2021 0.32 August 3, 2020 September 17, 2020 September 30, 2020 $ 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: Nine Months Ended September 30, (in millions) 2021 2020 Aggregate repurchases of common stock $ 1,651 $ 500 Total number of common shares repurchased 32 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, June 30, 2021, net of tax $ ( 58) $ 13,605 $ ( 2,128) $ ( 1,217) $ 7 $ 10,209 Change in unrealized appreciation (depreciation) of investments 21 ( 2,086) - - - ( 2,065) Change in deferred policy acquisition costs adjustment and other ( 6) 138 - - - 132 Change in future policy benefits - 72 - - - 72 Change in foreign currency translation adjustments - - ( 132) - - ( 132) Change in net actuarial loss - - - 40 - 40 Change in prior service cost - - - 1 - 1 Change in deferred tax asset (liability) ( 3) 366 ( 3) ( 10) - 350 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - - - Total other comprehensive income (loss) 12 ( 1,510) ( 135) 31 - ( 1,602) Noncontrolling interests - 1 - - - 1 Balance, September 30, 2021, net of tax $ ( 46) $ 12,094 $ ( 2,263) $ ( 1,186) $ 7 $ 8,606 Balance, June 30, 2020, net of tax $ ( 233) $ 13,281 $ ( 2,767) $ ( 1,120) $ 8 $ 9,169 Change in unrealized appreciation of investments 101 2,273 - - - 2,374 Change in deferred policy acquisition costs adjustment and other ( 5) ( 296) - - - ( 301) Change in future policy benefits - ( 147) - - - ( 147) Change in foreign currency translation adjustments - - 297 - - 297 Change in net actuarial loss - - - 2 - 2 Change in prior service cost - - - - - - Change in deferred tax asset (liability) ( 17) ( 445) 55 ( 3) - ( 410) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 1 1 Total other comprehensive income (loss) 79 1,385 352 ( 1) 1 1,816 Noncontrolling interests - 2 5 - - 7 Balance, September 30, 2020, net of tax $ ( 154) $ 14,664 $ ( 2,420) $ ( 1,121) $ 9 $ 10,978 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, December 31, 2020, net of tax $ ( 95) $ 17,093 $ ( 2,267) $ ( 1,228) $ 8 $ 13,511 Change in unrealized appreciation (depreciation) of investments 72 ( 7,940) - - - ( 7,868) Change in deferred policy acquisition costs adjustment and other ( 10) 840 - - - 830 Change in future policy benefits - 839 - - - 839 Change in foreign currency translation adjustments - - 63 - - 63 Change in net actuarial loss - - - 51 - 51 Change in prior service cost - - - 5 - 5 Change in deferred tax asset (liability) ( 13) 1,262 ( 59) ( 14) - 1,176 Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - ( 1) ( 1) Total other comprehensive income (loss) 49 ( 4,999) 4 42 ( 1) ( 4,905) Noncontrolling interests - - - - - - Balance, September 30, 2021, net of tax $ ( 46) $ 12,094 $ ( 2,263) $ ( 1,186) $ 7 $ 8,606 Balance, December 31, 2019, net of tax $ - $ 8,722 $ ( 2,625) $ ( 1,122) $ 7 $ 4,982 Change in unrealized appreciation (depreciation) of investments ( 212) 6,088 - - - 5,876 Change in deferred policy acquisition costs adjustment and other 14 ( 655) - - - ( 641) Change in future policy benefits - 2,187 - - - 2,187 Change in foreign currency translation adjustments - - 169 - - 169 Change in net actuarial loss - - - 18 - 18 Change in prior service credit - - - ( 1) - ( 1) Change in deferred tax asset (liability) 44 ( 1,695) 37 ( 16) - ( 1,630) Change in fair value of liabilities under fair value option attributable to changes in own credit risk - - - - 2 2 Total other comprehensive income (loss) ( 154) 5,925 206 1 2 5,980 Noncontrolling interests - ( 17) 1 - - ( 16) Balance, September 30, 2020, net of tax $ ( 154) $ 14,664 $ ( 2,420) $ ( 1,121) $ 9 $ 10,978
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 September 30, 2021 Unrealized change arising during period $ 21 $ ( 1,657) $ ( 132) $ 30 $ - $ ( 1,738) Less: Reclassification adjustments included in net income 6 219 - ( 11) - 214 Total other comprehensive income (loss), before income tax expense (benefit) 15 ( 1,876) ( 132) 41 - ( 1,952) Less: Income tax expense (benefit) 3 ( 366) 3 10 - ( 350) Total other comprehensive income (loss), net of income tax expense (benefit) $ 12 $ ( 1,510) $ ( 135) $ 31 $ - $ ( 1,602) Three Months Ended September 30, 2020 Unrealized change arising during period $ 99 $ 2,002 $ 297 $ ( 9) $ 1 $ 2,390 Less: Reclassification adjustments included in net income 3 172 - ( 11) - 164 Total other comprehensive income (loss), before income tax expense (benefit) 96 1,830 297 2 1 2,226 Less: Income tax expense (benefit) 17 445 ( 55) 3 - 410 Total other comprehensive income (loss), net of income tax expense (benefit) $ 79 $ 1,385 $ 352 $ ( 1) $ 1 $ 1,816 Nine Months Ended September 30, 2021 Unrealized change arising during period $ 62 $ ( 5,512) $ 63 $ 22 $ ( 1) $ ( 5,366) Less: Reclassification adjustments included in net income - 749 - ( 34) - 715 Total other comprehensive income (loss), before income tax expense (benefit) 62 ( 6,261) 63 56 ( 1) ( 6,081) Less: Income tax expense (benefit) 13 ( 1,262) 59 14 - ( 1,176) Total other comprehensive income (loss), net of income tax expense (benefit) $ 49 $ ( 4,999) $ 4 $ 42 $ ( 1) $ ( 4,905) Nine Months Ended September 30, 2020 Unrealized change arising during period $ ( 198) $ 8,158 $ 169 $ ( 15) $ 2 $ 8,116 Less: Reclassification adjustments included in net income - 538 - ( 32) - 506 Total other comprehensive income (loss), before income tax expense (benefit) ( 198) 7,620 169 17 2 7,610 Less: Income tax expense (benefit) ( 44) 1,695 ( 37) 16 - 1,630 Total other comprehensive income (loss), net of income tax expense (benefit) $ ( 154) $ 5,925 $ 206 $ 1 $ 2 $ 5,980
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 September 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 219 172 Net realized gains Total 219 172 Change in retirement plan liabilities adjustment Prior-service credit ( 1) - * Actuarial losses ( 10) ( 11) * Total ( 11) ( 11) Total reclassifications for the period $ 214 $ 164 Amount Reclassified from AOCI Affected Line Item in the Nine Months Ended September 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 $ - $ - Net realized gains Total - - Unrealized appreciation (depreciation) of all other investments Investments 749 538 Net realized gains Total 749 538 Change in retirement plan liabilities adjustment Prior-service credit ( 3) ( 1) * Actuarial losses ( 31) ( 31) * Total ( 34) ( 32) Total reclassifications for the period $ 715 $ 506 * 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 August 5, 2021 August 31, 2021 September 15, 2021 $ 365.625 $ 0.365625 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 August 3, 2020 August 31, 2020 September 15, 2020 $ 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)	9 Months Ended
EARNINGS PER COMMON SHARE (EPS) (Tables)	Sep. 30, 2021
EARNINGS PER COMMON SHARE (EPS)
Computation of basic and diluted EPS	Three Months Ended Nine Months Ended September 30, September 30, (dollars in millions, except per common share data) 2021 2020 2021 2020 Numerator for EPS: Income (loss) from continuing operations $ 1,737 $ 294 $ 5,817 $ ( 5,817) Less: Net income from continuing operations attributable to noncontrolling interests 70 11 175 78 Less: Preferred stock dividends 7 7 22 22 Income (loss) attributable to AIG common shareholders from continuing operations 1,660 276 5,620 ( 5,917) Income from discontinued operations, net of income tax expense - 5 - 4 Net income (loss) attributable to AIG common shareholders $ 1,660 $ 281 $ 5,620 $ ( 5,913) Denominator for EPS: Weighted average common shares outstanding — basic 852,765,263 867,713,308 861,211,983 869,627,926 Dilutive common shares 11,254,231 5,417,642 9,790,035 - Weighted average common shares outstanding — diluted (a)(b) 864,019,494 873,130,950 871,002,018 869,627,926 Income (loss) per common share attributable to AIG common shareholders: Basic: Income (loss) from continuing operations $ 1.95 $ 0.31 $ 6.53 $ ( 6.80) Income from discontinued operations $ - $ 0.01 $ - $ - Income (loss) attributable to AIG common shareholders $ 1.95 $ 0.32 $ 6.53 $ ( 6.80) Diluted: Income (loss) from continuing operations $ 1.92 $ 0.31 $ 6.45 $ ( 6.80) Income from discontinued operations $ - $ 0.01 $ - $ - Income (loss) attributable to AIG common shareholders $ 1.92 $ 0.32 $ 6.45 $ ( 6.80) (a) For the nine-month period ended September 30, 2020, because we reported a net loss 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 4,432,369 shares for the nine-month period ended September 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 5.2 million and 6.6 million for the three- and nine-month periods ended September 30, 2021, respectively, and 70.9 million and 68.9 million for the three- and nine-month periods ended September 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)	9 Months Ended
EMPLOYEE BENEFITS (Tables)	Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Components of net periodic benefit cost	Pension (in millions) U.S. Plans Non-U.S. Plans Total Three Months Ended September 30, 2021 Components of net periodic benefit cost: Service cost $ 2 $ 4 $ 6 Interest cost 22 2 24 Expected return on assets ( 62) ( 5) ( 67) Amortization of prior service cost - 1 1 Amortization of net loss 8 2 10 Net periodic benefit cost (credit) $ ( 30) $ 4 $ ( 26) Settlement charges 27 - 27 Net benefit cost (credit) $ ( 3) $ 4 $ 1 Three Months Ended September 30, 2020 Components of net periodic benefit cost: Service cost $ 1 $ 5 $ 6 Interest cost 33 3 36 Expected return on assets ( 60) ( 5) ( 65) Amortization of prior service cost - 1 1 Amortization of net loss 9 1 10 Net periodic benefit cost (credit) $ ( 17) $ 5 $ ( 12) Nine Months Ended September 30, 2021 Components of net periodic benefit cost: Service cost $ 4 $ 15 $ 19 Interest cost 67 7 74 Expected return on assets ( 184) ( 16) ( 200) Amortization of prior service cost - 3 3 Amortization of net loss 25 5 30 Net periodic benefit cost (credit) $ ( 88) $ 14 $ ( 74) Settlement charges 27 - 27 Net benefit cost (credit) $ ( 61) $ 14 $ ( 47) Nine Months Ended September 30, 2020 Components of net periodic benefit cost: Service cost $ 4 $ 15 $ 19 Interest cost 100 8 108 Expected return on assets ( 179) ( 15) ( 194) Amortization of prior service cost - 2 2 Amortization of net loss 25 5 30 Net periodic benefit cost (credit) $ ( 50) $ 15 $ ( 35)

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions		Nov. 02, 2021item	Jul. 16, 2021USD ($)item	Jul. 14, 2021USD ($)	Jun. 02, 2020USD ($)	May 26, 2020USD ($)	Sep. 30, 2021USD ($)item$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item$ / shares	Sep. 30, 2020USD ($)	Dec. 31, 2026USD ($)	Dec. 31, 2020USD ($)$ / 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							$ 102	$ (24)	$ 108	$ (8,652)
Unrealized gains (losses) in earnings - net									1,295	1,971
Insurance reserves									5,829	2,238
Net cash provided by (used in) operating activities									5,764	609
Policyholder contract deposits									19,522	16,255
Policyholder contract withdrawals									16,208	12,802
Net cash provided by (used in) financing activities									(2,760)	4,905
Gain (loss) on extinguishment of debt							(51)	$ 2	(149)	(15)
Policyholder contract deposits							156,623		156,623			$ 154,470
Future policy benefits for life and accident and health insurance contracts							57,777		57,777			56,878
Other assets	[1]						17,429		17,429			13,122
Other liabilities	[1]						32,819		32,819			27,122
Certain Notes and Debentures
Basis of Presentation [Line Items]
Redeemed aggregate principal amount							262
Repayment of debt							369
Write off of unamortized debt issuance costs							4
Gain (loss) on extinguishment of debt							111
Affordable Housing Partnerships
Basis of Presentation [Line Items]
Total consideration				$ 5,100
Other assets							4,300		4,300
Other liabilities							2,700		2,700
Life and Retirement Retail Mutual Funds
Basis of Presentation [Line Items]
Number of funds managed \| item			6
Life and Retirement Retail Mutual Funds \| Disposal Group
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										(2,043)
Insurance reserves										420
Net cash provided by (used in) operating activities										(1,623)
Policyholder contract deposits										2,241
Policyholder contract withdrawals										(618)
Net cash provided by (used in) financing activities										1,623
Policyholder contract deposits and future policy benefits for life and accident and health insurance contracts												$ 5,800
Life and retirement subsidiaries
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 owneship interest permitted to be sold after third anniversary				75.00%
SAFG \| Subsequent Event [Member]
Basis of Presentation [Line Items]
Number of directors \| item		11
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%
Blackstone \| SAFG \| Subsequent Event [Member]
Basis of Presentation [Line Items]
Number of directors \| item		1
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							29,900		29,900
Fortitude Holdings \| Legacy general insurance run-off lines
Basis of Presentation [Line Items]
Cession of reserves							$ 3,800		$ 3,800
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)
Forecast \| Life and retirement subsidiaries
Basis of Presentation [Line Items]
Assets under management											$ 92,500
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

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

SEGMENT INFORMATION (Details -

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 12,835	$ 10,221	$ 37,970	$ 34,060
Adjusted Pre-tax Income (Loss)	2,176	368	7,051	(6,735)
AIG Consolidation and Elimination
Segment Reporting Information [Line Items]
Total Revenues	(206)	(149)	(511)	(255)
Adjusted Pre-tax Income (Loss)	(192)	(140)	(462)	(174)
Total
Segment Reporting Information [Line Items]
Total Revenues	11,753	10,756	34,641	33,441
Adjusted Pre-tax Income (Loss)	1,126	916	4,090	1,887
General Insurance \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	7,214	6,692	20,798	19,614
Adjusted Pre-tax Income (Loss)	811	416	2,850	1,092
General Insurance \| Reportable Segments \| North America
Segment Reporting Information [Line Items]
Total Revenues	2,907	2,494	7,980	7,699
Adjusted Pre-tax Income (Loss)	(166)	(370)	(199)	(912)
General Insurance \| Reportable Segments \| International
Segment Reporting Information [Line Items]
Total Revenues	3,516	3,359	10,524	9,970
Adjusted Pre-tax Income (Loss)	186	(53)	755	59
General Insurance \| Reportable Segments \| Net Investment Income
Segment Reporting Information [Line Items]
Total Revenues	791	839	2,294	1,945
Adjusted Pre-tax Income (Loss)	791	839	2,294	1,945
Life and Retirement \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	4,444	3,990	13,470	12,937
Adjusted Pre-tax Income (Loss)	877	1,008	2,942	2,504
Life and Retirement \| Reportable Segments \| Individual Retirement
Segment Reporting Information [Line Items]
Total Revenues	1,560	1,479	4,556	4,178
Adjusted Pre-tax Income (Loss)	292	532	1,441	1,386
Life and Retirement \| Reportable Segments \| Group Retirement
Segment Reporting Information [Line Items]
Total Revenues	832	758	2,458	2,164
Adjusted Pre-tax Income (Loss)	316	338	970	695
Life and Retirement \| Reportable Segments \| Life Insurance
Segment Reporting Information [Line Items]
Total Revenues	1,211	1,189	3,839	3,608
Adjusted Pre-tax Income (Loss)	134	32	114	112
Life and Retirement \| Reportable Segments \| Institutional Markets
Segment Reporting Information [Line Items]
Total Revenues	841	564	2,617	2,987
Adjusted Pre-tax Income (Loss)	135	106	417	311
Other Operations
Segment Reporting Information [Line Items]
Total Revenues	95	74	373	890
Adjusted Pre-tax Income (Loss)	(562)	(508)	(1,702)	(1,709)
Other Operations \| Reportable Segments
Segment Reporting Information [Line Items]
Total Revenues	301	223	884	1,145
Adjusted Pre-tax Income (Loss)	$ (370)	$ (368)	$ (1,240)	$ (1,535)

SEGMENT INFORMATION (Details _2

SEGMENT INFORMATION (Details - Schedule of continuing operations by operating segment, reconciling items) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciling items to pre-tax income (loss):
Changes in fair value of equity securities	$ 444	$ 596	$ 1,319	$ 524
Gain (loss) on extinguishment of debt	(51)	2	(149)	(15)
Net Investment Income	3,715	3,800	11,047	9,674
Net realized gains (losses) on embedded derivatives	660	(1,122)	1,984	65
Income (loss) from divestitures	102	(24)	108	(8,652)
Net loss reserve discount benefit (charge)	(72)	31	(62)	(41)
Revenues	12,835	10,221	37,970	34,060
Amortization of DAC	1,260	707	3,479	3,323
Adjusted Pre-tax Income (Loss)	2,176	368	7,051	(6,735)
Excluding Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	3,220	3,342	9,559	9,100
Net realized gains (losses) on embedded derivatives	679	(498)	1,331	1,430
Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	495	458	1,488	574
Net realized gains (losses) on embedded derivatives	190	32	536	128
Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized gains (losses) on embedded derivatives	(209)	(656)	117	(1,493)
Total Revenues
Reconciling items to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	14	14	46	42
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	0	0	0	0
Changes in fair value of equity securities	(45)	119	(36)	(16)
Other income (expense) - net	(6)	22	(14)	46
Gain (loss) on extinguishment of debt	0	0	0	0
Net realized gains (losses)	643	(524)	1,192	1,332
Income (loss) from divestitures	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 benefit (charge)	0	0	0	0
Pension expense related to a one-time lump sum payment to former employees	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	495	458	1,488	574
Net realized gains (losses) on embedded derivatives	190	32	536	128
Total Revenues \| Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized gains (losses) on embedded derivatives	(209)	(656)	117	(1,493)
Adjusted Pre-tax Income (Loss)
Reconciling items to pre-tax income (loss):
Changes in fair values of securities used to hedge guaranteed living benefits	26	15	61	24
Changes in benefit reserves and DAC, VOBA and SIA related to net realized capital gains (losses)	9	78	(74)	(205)
Changes in fair value of equity securities	(45)	119	(36)	(16)
Other income (expense) - net	0	0	0	0
Gain (loss) on extinguishment of debt	(51)	2	(149)	(15)
Net realized gains (losses)	652	(512)	1,220	1,375
Income (loss) from divestitures	102	(24)	108	(8,652)
Non-operating litigation reserves and settlements	(3)	(1)	(3)	5
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements	115	30	199	71
Net loss reserve discount benefit (charge)	(72)	31	(62)	(41)
Pension expense related to a one-time lump sum payment to former employees	(27)	0	(27)	0
Integration and transaction costs associated with acquiring or divesting businesses	(11)	(1)	(55)	(7)
Restructuring and other costs	(104)	(100)	(304)	(324)
Non-recurring costs related to regulatory or accounting changes	(17)	(19)	(58)	(46)
Adjusted Pre-tax Income (Loss) \| Fortitude Re funds withheld assets
Reconciling items to pre-tax income (loss):
Net Investment Income	495	458	1,488	574
Net realized gains (losses) on embedded derivatives	190	32	536	128
Adjusted Pre-tax Income (Loss) \| Fortitude Re funds withheld embedded derivative
Reconciling items to pre-tax income (loss):
Net realized gains (losses) on embedded derivatives	$ (209)	$ (656)	$ 117	$ (1,493)

SEGMENT INFORMATION (Details _3

SEGMENT INFORMATION (Details - Narrative)	9 Months Ended
SEGMENT INFORMATION (Details - Narrative)	Sep. 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		Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale	[1]	$ 274,341	$ 271,496
Other bond securities	[1]	4,651	5,291
Equity securities	[1]	1,035	1,056
Other invested assets		10,037	8,422
Derivative Assets, Fair Value, Gross		5,640	6,805
Derivative assets, Counterparty netting		(2,698)	(3,812)
Derivative assets, Cash collateral		(2,058)	(2,219)
Derivative assets		884	774
Short-term investments		5,640	5,968
Separate account assets, at fair value		105,423	100,290
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,273	9,798
Other policyholder funds		3,542	3,548
Derivative Liabilities, Fair Value, Gross		4,632	5,822
Derivative liabilities, Counterparty netting		(2,698)	(3,812)
Derivative liabilities, Cash collateral		(1,231)	(1,441)
Derivative liabilities		703	569
Fortitude Re funds withheld payable		40,888	43,060
Other liabilities		703	570
Long-term debt		1,964	2,097
Fair Value Using Net Asset Value Per Share or its equivalent		7,986	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		35,455	37,018
Recurring Basis
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		274,341	271,496
Other bond securities		4,651	5,291
Equity securities		1,035	1,056
Other invested assets		2,051	1,929
Derivative assets, Counterparty netting		(2,698)	(3,812)
Derivative assets, Cash collateral		(2,058)	(2,219)
Derivative assets, Counterparty netting and cash collateral		(4,756)	(6,031)
Derivative assets		884	774
Short-term investments		5,640	5,968
Other assets		114	113
Separate account assets, at fair value		105,423	100,290
Fair value assets measured on recurring basis, total		394,139	386,917
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,273	9,798
Derivative liabilities, Counterparty netting		(2,698)	(3,812)
Derivative liabilities, Cash collateral		(1,231)	(1,441)
Derivative liabilities, Counterparty netting and cash collateral		(3,929)	(5,253)
Derivative liabilities		703	569
Fortitude Re funds withheld payable		5,433	6,042
Other liabilities		0	1
Long-term debt		1,964	2,097
Fair value liabilities measured on recurring basis, total		17,373	18,507
Recurring Basis \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		3,683	4,637
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3,890	4,436
Recurring Basis \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1,348	1,022
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		621	1,090
Recurring Basis \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		587	1,130
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		59	223
Recurring Basis \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		8
Recurring Basis \| Credit contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		2	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		61	67
Recurring Basis \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		12	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		1	6
Recurring Basis \| U.S. government and government sponsored entities
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		4,456	4,126
Other bond securities		1,761	1,845
Recurring Basis \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		14,895	16,124
Recurring Basis \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		16,199	15,345
Other bond securities		0	0
Recurring Basis \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		176,937	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		28,452	31,465
Other bond securities		315	429
Recurring Basis \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		15,312	16,133
Other bond securities		274	320
Recurring Basis \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		18,090	19,005
Other bond securities		2,289	2,685
Recurring Basis \| Level 1
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		38	101
Other bond securities		0	0
Equity securities		1,002	929
Other invested assets		0	0
Derivative Assets, Fair Value, Gross		26	9
Short-term investments		3,635	2,379
Other assets		0	0
Separate account assets, at fair value		101,533	96,560
Fair value assets measured on recurring basis, total		106,234	99,978
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		0	0
Derivative Liabilities, Fair Value, Gross		5	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		5	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		1	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		26	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		4	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		34	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		248,534	244,506
Other bond securities		2,323	2,593
Equity securities		28	76
Other invested assets		145	102
Derivative Assets, Fair Value, Gross		5,288	6,580
Short-term investments		2,005	3,589
Other assets		0	0
Separate account assets, at fair value		3,890	3,730
Fair value assets measured on recurring basis, total		262,213	261,176
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		0	0
Derivative Liabilities, Fair Value, Gross		4,580	5,710
Fortitude Re funds withheld payable		0	0
Other liabilities		0	1
Long-term debt		1,964	2,097
Fair value liabilities measured on recurring basis, total		6,544	7,808
Recurring Basis \| Level 2 \| Interest rate contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		3,682	4,637
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3,889	4,435
Recurring Basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		1,347	1,020
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		621	1,090
Recurring Basis \| Level 2 \| Equity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		251	923
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		52	162
Recurring Basis \| Level 2 \| Commodity contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		8
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		18	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		4,452	4,053
Other bond securities		1,761	1,845
Recurring Basis \| Level 2 \| Obligations of states, municipalities and political subdivisions
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		13,089	14,019
Recurring Basis \| Level 2 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		16,158	15,312
Other bond securities		0	0
Recurring Basis \| Level 2 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		174,291	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		17,354	19,771
Other bond securities		208	290
Recurring Basis \| Level 2 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		14,287	15,211
Other bond securities		238	273
Recurring Basis \| Level 2 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		8,903	9,191
Other bond securities		104	173
Recurring Basis \| Level 3
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		25,769	26,889
Other bond securities		2,328	2,698
Equity securities		5	51
Other invested assets		1,906	1,827
Derivative Assets, Fair Value, Gross		326	216
Short-term investments		0	0
Other assets		114	113
Separate account assets, at fair value		0	0
Fair value assets measured on recurring basis, total		30,448	31,794
Fair Value, Liabilities Measured on Recurring Basis
Policyholder contract deposits, portion measured at fair value		9,273	9,798
Derivative Liabilities, Fair Value, Gross		47	97
Fortitude Re funds withheld payable		5,433	6,042
Other liabilities		0	0
Long-term debt		0	0
Fair value liabilities measured on recurring basis, total		14,753	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		310	198
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		3	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		2	2
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		43	44
Recurring Basis \| Level 3 \| Other contracts
Fair Value, Assets Measured on Recurring Basis
Derivative Assets, Fair Value, Gross		12	14
Fair Value, Liabilities Measured on Recurring Basis
Derivative Liabilities, Fair Value, Gross		1	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		1,806	2,105
Recurring Basis \| Level 3 \| Non-U.S. governments
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		7	5
Other bond securities		0	0
Recurring Basis \| Level 3 \| Corporate debt
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		2,646	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		11,098	11,694
Other bond securities		107	139
Recurring Basis \| Level 3 \| Commercial mortgage-backed securities (CMBS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		1,025	922
Other bond securities		36	47
Recurring Basis \| Level 3 \| Collateralized Debt Obligations/Asset Backed Securities (CDO/ABS)
Fair Value, Assets Measured on Recurring Basis
Bonds available for sale		9,187	9,814
Other bond securities		$ 2,185	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	$ 30,861	$ 31,858	$ 31,578	$ 30,958
Net Realized and Unrealized Gains (Losses) Included in Income, assets	351	385	1,024	729
Other Comprehensive Income (Loss), assets	(64)	566	(74)	(10)
Purchases, Sales, Issuances and Settlements, Net, assets	(601)	(740)	(2,084)	(1,485)
Gross Transfers In, assets	130	588	1,506	3,405
Gross Transfers Out, assets	(493)	(870)	(1,766)	(1,773)
Divested Businesses		(1)		(38)
Other	(62)		(62)
Fair Value End of Period, assets	30,122	31,786	30,122	31,786
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	141	40	540	15
Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss) for Recurring Level 3 Instruments Held at End of Period, assets	0	572	1,433	143
Liabilities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	14,011	13,731	15,721	6,808
Net realized and unrealized gains (losses) included in income, liabilities	262	664	(1,085)	3,658
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	153	(11)	(255)	245
Gross Transfers In, liabilities	0	(1)	0	(1)
Gross Transfers Out, liabilities	1	5	46	5
Divested Businesses		0		3,673
Other	0		0
Fair Value End of Year, liabilities	14,427	14,388	14,427	14,388
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	706	30	3,829	(2,361)
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	9,020	9,233	9,798	6,910
Net realized and unrealized gains (losses) included in income, liabilities	(26)	19	(923)	2,250
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	279	70	398	162
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	9,273	9,322	9,273	9,322
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	362	273	1,914	(1,436)
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	(326)	(12)	(119)	(102)
Net realized and unrealized gains (losses) included in income, liabilities	79	(11)	(45)	(85)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(33)	(51)	(161)	113
Gross Transfers In, liabilities	0	(1)	0	(1)
Gross Transfers Out, liabilities	1	5	46	5
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	(279)	(70)	(279)	(70)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(70)	13	(2)	(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
Interest rate contracts
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, liabilities	(1)	0	0	0
Net realized and unrealized gains (losses) included in income, liabilities	(2)	0	(4)	(1)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	2	0	3	1
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		0
Other	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	2	0	4	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	(1)	(1)	(2)	(6)
Net realized and unrealized gains (losses) included in income, liabilities	(1)	(2)	0	2
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	1	0	1	1
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	(1)	(3)	(1)	(3)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	1	2	0	2
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	(357)	(53)	(151)	(151)
Net realized and unrealized gains (losses) included in income, liabilities	99	9	2	19
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(50)	(65)	(204)	23
Gross Transfers In, liabilities	0	(1)	0	(1)
Gross Transfers Out, liabilities	1	5	46	5
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	(307)	(105)	(307)	(105)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	(90)	0	(58)	(62)
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	43	45	42	62
Net realized and unrealized gains (losses) included in income, liabilities	0	1	7	(59)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(2)	(2)	(8)	41
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	41	44	41	44
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	1	(7)	2	8
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	(10)	(3)	(8)	(7)
Net realized and unrealized gains (losses) included in income, liabilities	(17)	(19)	(50)	(46)
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	16	16	47	47
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Year, liabilities	(11)	(6)	(11)	(6)
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	16	18	50	45
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	5,317	4,510	6,042	0
Net realized and unrealized gains (losses) included in income, liabilities	209	656	(117)	1,493
Other Comprehensive Income (Loss), liabilities	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, liabilities	(93)	(30)	(492)	(30)
Gross Transfers In, liabilities	0	0	0	0
Gross Transfers Out, liabilities	0	0	0	0
Divested Businesses		0		3,673
Other	0		0
Fair Value End of Year, liabilities	5,433	5,136	5,433	5,136
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, liabilities	414	(256)	1,917	(919)
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	26,207	27,472	26,889	25,931
Net Realized and Unrealized Gains (Losses) Included in Income, assets	149	170	518	478
Other Comprehensive Income (Loss), assets	(62)	566	(65)	(11)
Purchases, Sales, Issuances and Settlements, Net, assets	(99)	(652)	(1,179)	(581)
Gross Transfers In, assets	129	581	1,423	3,222
Gross Transfers Out, assets	(493)	(843)	(1,755)	(1,745)
Divested Businesses		0		0
Other	(62)		(62)
Fair Value End of Period, assets	25,769	27,294	25,769	27,294
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	572	1,433	143
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	1,939	2,279	2,105	2,121
Net Realized and Unrealized Gains (Losses) Included in Income, assets	6	3	14	8
Other Comprehensive Income (Loss), assets	(9)	(4)	(40)	195
Purchases, Sales, Issuances and Settlements, Net, assets	(7)	(30)	(125)	127
Gross Transfers In, assets	0	0	0	27
Gross Transfers Out, assets	(61)	(65)	(86)	(295)
Divested Businesses		0		0
Other	(62)		(62)
Fair Value End of Period, assets	1,806	2,183	1,806	2,183
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	225	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	10	5	5	0
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0	0	0
Other Comprehensive Income (Loss), assets	0	1	(1)	1
Purchases, Sales, Issuances and Settlements, Net, assets	0	0	1	5
Gross Transfers In, assets	0	1	5	7
Gross Transfers Out, assets	(3)	0	(3)	(6)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	7	7	7	7
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	2,773	1,900	2,349	1,663
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(1)	(33)	12	(101)
Other Comprehensive Income (Loss), assets	2	52	9	43
Purchases, Sales, Issuances and Settlements, Net, assets	(173)	(25)	35	95
Gross Transfers In, assets	57	452	452	1,074
Gross Transfers Out, assets	(12)	(231)	(211)	(659)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	2,646	2,115	2,646	2,115
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	38	(106)	59
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	11,085	12,678	11,694	13,408
Net Realized and Unrealized Gains (Losses) Included in Income, assets	118	192	435	532
Other Comprehensive Income (Loss), assets	(8)	301	17	(375)
Purchases, Sales, Issuances and Settlements, Net, assets	(86)	(412)	(977)	(806)
Gross Transfers In, assets	8	3	8	29
Gross Transfers Out, assets	(19)	(107)	(79)	(133)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	11,098	12,655	11,098	12,655
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	335	934	(213)
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	1,082	1,149	922	1,053
Net Realized and Unrealized Gains (Losses) Included in Income, assets	4	3	20	14
Other Comprehensive Income (Loss), assets	(6)	36	(39)	70
Purchases, Sales, Issuances and Settlements, Net, assets	(13)	(11)	245	17
Gross Transfers In, assets	0	0	56	23
Gross Transfers Out, assets	(42)	(196)	(179)	(196)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	1,025	981	1,025	981
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	27	(45)	66
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	9,318	9,461	9,814	7,686
Net Realized and Unrealized Gains (Losses) Included in Income, assets	22	5	37	25
Other Comprehensive Income (Loss), assets	(41)	180	(11)	55
Purchases, Sales, Issuances and Settlements, Net, assets	180	(174)	(358)	(19)
Gross Transfers In, assets	64	125	902	2,062
Gross Transfers Out, assets	(356)	(244)	(1,197)	(456)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	9,187	9,353	9,187	9,353
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	172	425	38
Other bond securities
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	2,438	2,746	2,698	3,738
Net Realized and Unrealized Gains (Losses) Included in Income, assets	41	141	78	241
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(151)	(116)	(454)	(1,208)
Gross Transfers In, assets	0	0	6	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	2,328	2,771	2,328	2,771
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	39	151	27
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	113	168	139	143
Net Realized and Unrealized Gains (Losses) Included in Income, assets	2	16	6	16
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(8)	(16)	(38)	9
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	107	168	107	168
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	4	(86)	3
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	47	47	50
Net Realized and Unrealized Gains (Losses) Included in Income, assets	(1)	1	(2)	0
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(9)	0	(15)	(2)
Gross Transfers In, assets	0	0	6	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	36	48	36	48
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	1	2	(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 \| 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	2,279	2,531	2,512	3,545
Net Realized and Unrealized Gains (Losses) Included in Income, assets	40	124	74	225
Other Comprehensive Income (Loss), assets	0	0	0	0
Purchases, Sales, Issuances and Settlements, Net, assets	(134)	(100)	(401)	(1,215)
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	2,185	2,555	2,185	2,555
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	34	235	25
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	4	43	51	8
Net Realized and Unrealized Gains (Losses) Included in Income, assets	0	0	11	(1)
Other Comprehensive Income (Loss), assets	1	2	1	3
Purchases, Sales, Issuances and Settlements, Net, assets	(1)	1	(124)	11
Gross Transfers In, assets	1	7	77	33
Gross Transfers Out, assets	0	(27)	(11)	(28)
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	5	26	5	26
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	0	1	3	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 invested assets
Fair value assets and liabilities measured on recurring basis, unobservable input reconciliation calculation
Fair Value Beginning of Period, assets	2,099	1,486	1,827	1,192
Net Realized and Unrealized Gains (Losses) Included in Income, assets	161	74	417	11
Other Comprehensive Income (Loss), assets	(3)	(2)	(10)	(2)
Purchases, Sales, Issuances and Settlements, Net, assets	(351)	25	(328)	232
Gross Transfers In, assets	0	0	0	150
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		0		0
Other	0		0
Fair Value End of Period, assets	1,906	1,583	1,906	1,583
Changes in Unrealized Gains (Losses) Included in Income on Instruments Held at End of Period, assets	141	0	386	(13)
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	111	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	1	2	1	61
Gross Transfers In, assets	0	0	0	0
Gross Transfers Out, assets	0	0	0	0
Divested Businesses		(1)		(38)
Other	0		0
Fair Value End of Period, assets	114	112	114	112
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 351	$ 385	$ 1,024	$ 729
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	(26)	19	(923)	2,250
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	(26)	19	(923)	2,250
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	79	(11)	(45)	(85)
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	93	5	(2)	(41)
Derivative liabilities, net \| Other Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized and unrealized gains (losses) included in income, liabilities	(14)	(16)	(43)	(44)
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	209	656	(117)	1,493
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	209	656	(117)	1,493
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	149	170	518	478
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	155	177	503	557
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	(6)	(7)	15	(79)
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	41	141	78	241
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	41	143	78	(25)
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	0	(2)	0	266
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	161	74	417	11
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	165	74	406	11
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	(4)	0	11	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, Sales, Issuances and Settlements, Net, assets	$ (601,000,000)	$ (740,000,000)	$ (2,084,000,000)	$ (1,485,000,000)
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	1,000,000	(79,000,000)	28,000,000	(207,000,000)
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.	10,000,000	18,000,000	7,000,000	(13,000,000)
Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(75,000,000)	(19,000,000)	(198,000,000)	(43,000,000)
Sales, liabilities	216,000,000	170,000,000	611,000,000	522,000,000
Issuances and Settlements, liabilities	12,000,000	(162,000,000)	(668,000,000)	(234,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	153,000,000	(11,000,000)	(255,000,000)	245,000,000
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	214,000,000	170,000,000	607,000,000	514,000,000
Issuances and Settlements, liabilities	65,000,000	(100,000,000)	(209,000,000)	(352,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	279,000,000	70,000,000	398,000,000	162,000,000
Derivative liabilities, net
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, liabilities	(75,000,000)	(19,000,000)	(198,000,000)	(43,000,000)
Sales, liabilities	2,000,000	0	4,000,000	8,000,000
Issuances and Settlements, liabilities	40,000,000	(32,000,000)	33,000,000	148,000,000
Purchases, Sales, Issuances and Settlements, Net, liabilities	(33,000,000)	(51,000,000)	(161,000,000)	113,000,000
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	(93,000,000)	(30,000,000)	(492,000,000)	(30,000,000)
Purchases, Sales, Issuances and Settlements, Net, liabilities	(93,000,000)	(30,000,000)	(492,000,000)	(30,000,000)
Assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,655,000,000	501,000,000	4,941,000,000	2,531,000,000
Sales, assets	(255,000,000)	(108,000,000)	(433,000,000)	(726,000,000)
Issuances and Settlements, assets	(2,001,000,000)	(1,133,000,000)	(6,592,000,000)	(3,290,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(601,000,000)	(740,000,000)	(2,084,000,000)	(1,485,000,000)
Bonds available for sale
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	1,623,000,000	475,000,000	4,516,000,000	2,116,000,000
Sales, assets	(244,000,000)	(108,000,000)	(365,000,000)	(147,000,000)
Issuances and Settlements, assets	(1,478,000,000)	(1,019,000,000)	(5,330,000,000)	(2,550,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(99,000,000)	(652,000,000)	(1,179,000,000)	(581,000,000)
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	40,000,000	34,000,000	51,000,000	201,000,000
Sales, assets	(16,000,000)	(18,000,000)	(59,000,000)	(20,000,000)
Issuances and Settlements, assets	(31,000,000)	(46,000,000)	(117,000,000)	(54,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(7,000,000)	(30,000,000)	(125,000,000)	127,000,000
Bonds available for sale \| Non-U.S. governments
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	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	0	0	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	23,000,000	23,000,000	976,000,000	256,000,000
Sales, assets	(61,000,000)	(2,000,000)	(94,000,000)	(7,000,000)
Issuances and Settlements, assets	(135,000,000)	(46,000,000)	(847,000,000)	(154,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(173,000,000)	(25,000,000)	35,000,000	95,000,000
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	704,000,000	182,000,000	1,186,000,000	883,000,000
Sales, assets	(164,000,000)	0	(279,000,000)	0
Issuances and Settlements, assets	(626,000,000)	(594,000,000)	(1,884,000,000)	(1,689,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(86,000,000)	(412,000,000)	(977,000,000)	(806,000,000)
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	7,000,000	2,000,000	297,000,000	56,000,000
Sales, assets	(3,000,000)	(10,000,000)	(3,000,000)	(17,000,000)
Issuances and Settlements, assets	(17,000,000)	(3,000,000)	(49,000,000)	(22,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(13,000,000)	(11,000,000)	245,000,000	17,000,000
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	849,000,000	234,000,000	2,005,000,000	715,000,000
Sales, assets	0	(78,000,000)	70,000,000	(103,000,000)
Issuances and Settlements, assets	(669,000,000)	(330,000,000)	(2,433,000,000)	(631,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	180,000,000	(174,000,000)	(358,000,000)	(19,000,000)
Other bond securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	1,000,000	72,000,000
Sales, assets	(11,000,000)	0	(65,000,000)	(579,000,000)
Issuances and Settlements, assets	(140,000,000)	(116,000,000)	(390,000,000)	(701,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(151,000,000)	(116,000,000)	(454,000,000)	(1,208,000,000)
Other bond securities \| Residential mortgage-backed securities (RMBS)
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	1,000,000	37,000,000
Sales, assets	(2,000,000)	0	(11,000,000)	0
Issuances and Settlements, assets	(6,000,000)	(16,000,000)	(28,000,000)	(28,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(8,000,000)	(16,000,000)	(38,000,000)	9,000,000
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	(9,000,000)	0	(15,000,000)	0
Issuances and Settlements, assets	0	0	0	(2,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(9,000,000)	0	(15,000,000)	(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	(134,000,000)	(100,000,000)	(362,000,000)	(671,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(134,000,000)	(100,000,000)	(401,000,000)	(1,215,000,000)
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	1,000,000	0	11,000,000
Sales, assets	0	0	(3,000,000)	0
Issuances and Settlements, assets	(1,000,000)	0	(121,000,000)	0
Purchases, Sales, Issuances and Settlements, Net, assets	(1,000,000)	1,000,000	(124,000,000)	11,000,000
Other invested assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	32,000,000	25,000,000	424,000,000	277,000,000
Sales, assets	0	0	0	0
Issuances and Settlements, assets	(383,000,000)	0	(752,000,000)	(45,000,000)
Purchases, Sales, Issuances and Settlements, Net, assets	(351,000,000)	25,000,000	(328,000,000)	232,000,000
Other assets
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases, assets	0	0	0	55,000,000
Sales, assets	0	0	0	0
Issuances and Settlements, assets	1,000,000	2,000,000	1,000,000	6,000,000
Purchases, Sales, Issuances and Settlements, Net, assets	$ 1,000,000	$ 2,000,000	$ 1,000,000	$ 61,000,000

FAIR VALUE MEASUREMENTS (Deta_5

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Assets) $ in Millions	Sep. 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	0.0283	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	0.0346	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	0.0315	0.0311
Obligations of states, municipalities and political subdivisions \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,548	$ 1,670
Corporate debt \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0231	0.0213
Corporate debt \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0697	0.0782
Corporate debt \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0464	0.0497
Corporate debt \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,607	$ 1,591
Residential mortgage-backed securities \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0151	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	0.0495	0.0390
Residential mortgage-backed securities \| Minimum \| Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.2809	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	0.0131	0.0145
Residential mortgage-backed securities \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0393	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	0.1776	0.1199
Residential mortgage-backed securities \| Maximum \| Measurement Input Loss Severity [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.7342	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	0.0611	0.0619
Residential mortgage-backed securities \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0272	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	0.1136	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	0.5076	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	0.0371	0.0382
Residential mortgage-backed securities \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 10,058	$ 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	0.0450	0.0485
Certain CDO/ABS \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0301	0.0339
Certain CDO/ABS \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 8,306	$ 8,324
Commercial mortgage backed securities \| Minimum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0137	0.0092
Commercial mortgage backed securities \| Maximum \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0552	0.0589
Commercial mortgage backed securities \| Weighted-average \| Measurement Input Yield [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Debt instrument, measurement input	0.0333	0.0340
Commercial mortgage backed securities \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 550	$ 541

FAIR VALUE MEASUREMENTS (Deta_6

FAIR VALUE MEASUREMENTS (Details - Quantitative Information about Level 3 Fair Value Measurements, Liabilities) $ in Millions	Sep. 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	0.0645	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	0.5115	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	0.0137	0.0148
Variable annuity guaranteed minimum withdrawal benefits \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 2,551	$ 3,572
Index annuities including certain GMWB \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability	$ 1,000	$ 726
Index annuities including certain GMWB \| Minimum \| Measurement Input Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	0.1900	0.1900
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 Dynamic Lapse Multiplier [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Embedded derivative liability, measurement input	1.7800	1.7800
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	0.9500	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	0.0137	0.0148
Index annuities including certain GMWB \| Discounted cash flow \| Level 3
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value	$ 5,973	$ 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	0.0137	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	9 Months Ended
	Sep. 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	$ 7,986	$ 6,493
Unfunded Commitments	3,314	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	6,156	4,613
Unfunded Commitments	$ 3,314	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	$ 2,517	1,752
Unfunded Commitments	1,670	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	1,020	908
Unfunded Commitments	528	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	257	167
Unfunded Commitments	200	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	913	703
Unfunded Commitments	128	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	526	400
Unfunded Commitments	357	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	923	683
Unfunded Commitments	431	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	1,830	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	412	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	383	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	680	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	355	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 444	$ 596	$ 1,319	$ 524
Bonds and equity securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	35	171	32	485
Alternative investments
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	403	407	1,248	242
Long-term debt
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value option gain (loss)	$ 6	$ 18	$ 39	$ (203)

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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	$ 1,964	$ 2,097
Fair Value Option
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair Value	1,964	2,097
Long-term debt, Outstanding Principal Amount	1,365	1,479
Long-term debt, Difference	$ 599	$ 618

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	13	$ 14	19	$ 74
Fair value on a non-recurring basis \| Other investments
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	0	12	6	60
Fair value on a non-recurring basis \| Other assets
Fair Value Assets Measured on Nonrecurring Basis [Line Items]
Impairment Charges	13	$ 2	13	$ 14
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		Sep. 30, 2021		Dec. 31, 2020		Sep. 30, 2020
Assets:
Mortgage and other loans receivable	[1]	$ 45,821		$ 45,562
Short-term investments	[1]	13,771		18,203
Cash		2,699	[1]	2,827	[1]	$ 3,191
Other assets	[1]	17,429		13,122
Liabilities:
Fortitude Re funds withheld payable		40,888		43,060
Other liabilities	[1]	32,819		27,122
Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities	[1]	6,968		9,431
Carrying Value
Assets:
Mortgage and other loans receivable		45,821		45,562
Other invested assets		816		843
Short-term investments		8,131		12,235
Cash		2,699		2,827
Other assets		58		223
Liabilities:
Policyholder contract deposits associated with investment-type contracts		133,395		130,435
Fortitude Re funds withheld payable		35,455		37,018
Other liabilities		3,702		3,695
Separate account liabilities - investment contracts		100,515		95,610
Carrying Value \| American International Group, Inc.
Liabilities:
Long-term debt and debt of consolidated investment entities		22,618		26,006
Carrying Value \| Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities		6,968		9,431
Total Fair Value
Assets:
Mortgage and other loans receivable		47,967		48,636
Other invested assets		816		843
Short-term investments		8,131		12,235
Cash		2,699		2,827
Other assets		58		223
Liabilities:
Policyholder contract deposits associated with investment-type contracts		146,291		144,571
Fortitude Re funds withheld payable		35,455		37,018
Other liabilities		3,702		3,695
Separate account liabilities - investment contracts		100,515		95,610
Total Fair Value \| American International Group, Inc.
Liabilities:
Long-term debt and debt of consolidated investment entities		26,196		30,675
Total Fair Value \| Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities		7,131		9,711
Level 1
Assets:
Mortgage and other loans receivable		0		0
Other invested assets		0		0
Short-term investments		0		0
Cash		2,699		2,827
Other assets		47		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 and debt of consolidated investment entities		0		0
Level 1 \| Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities		0		0
Level 2
Assets:
Mortgage and other loans receivable		87		95
Other invested assets		810		837
Short-term investments		8,131		12,235
Cash		0		0
Other assets		11		14
Liabilities:
Policyholder contract deposits associated with investment-type contracts		181		214
Fortitude Re funds withheld payable		0		0
Other liabilities		3,702		3,695
Separate account liabilities - investment contracts		100,515		95,610
Level 2 \| American International Group, Inc.
Liabilities:
Long-term debt and debt of consolidated investment entities		25,851		30,310
Level 2 \| Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities		2,655		1,746
Level 3
Assets:
Mortgage and other loans receivable		47,880		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		146,110		144,357
Fortitude Re funds withheld payable		35,455		37,018
Other liabilities		0		0
Separate account liabilities - investment contracts		0		0
Level 3 \| American International Group, Inc.
Liabilities:
Long-term debt and debt of consolidated investment entities		345		365
Level 3 \| Debt of consolidated investments
Liabilities:
Long-term debt and debt of consolidated investment entities		$ 4,476		$ 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		Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, Amortized Cost or Cost, Net of Allowance		$ 254,925		$ 244,337
Available for sale securities, Allowance for Credit Losses		(66)	$ (97)	(186)	$ (236)	$ (198)
Available for sale securities, Fair Value	[1]	274,341		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		254,925		244,337
Available for sale securities, Allowance for Credit Losses		(66)		(186)
Available for sale securities, Gross Unrealized Gains		21,247		28,253
Available for sale securities, Gross Unrealized Losses		(1,765)		(908)
Available for sale securities, Fair Value		274,341		271,496
Other details of available for sale securities
Available for sale securities not rated or rated below investment grade		27,500		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		4,169		3,640
Available for sale securities, Allowance for Credit Losses		0		0
Available for sale securities, Gross Unrealized Gains		304		503
Available for sale securities, Gross Unrealized Losses		(17)		(17)
Available for sale securities, Fair Value		4,456		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		13,084		13,915
Available for sale securities, Allowance for Credit Losses		0		0
Available for sale securities, Gross Unrealized Gains		1,826		2,216
Available for sale securities, Gross Unrealized Losses		(15)		(7)
Available for sale securities, Fair Value		14,895		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		15,677		14,231
Available for sale securities, Allowance for Credit Losses		(3)		(4)
Available for sale securities, Gross Unrealized Gains		753		1,181
Available for sale securities, Gross Unrealized Losses		(228)		(63)
Available for sale securities, Fair Value		16,199		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		163,614		150,111
Available for sale securities, Allowance for Credit Losses		(55)		(164)
Available for sale securities, Gross Unrealized Gains		14,665		19,905
Available for sale securities, Gross Unrealized Losses		(1,287)		(554)
Available for sale securities, Fair Value		176,937		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		58,381		62,440
Available for sale securities, Allowance for Credit Losses		(8)		(18)
Available for sale securities, Gross Unrealized Gains		3,699		4,448
Available for sale securities, Gross Unrealized Losses		(218)		(267)
Available for sale securities, Fair Value		61,854		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		25,965		28,551
Available for sale securities, Allowance for Credit Losses		(8)		(16)
Available for sale securities, Gross Unrealized Gains		2,612		3,000
Available for sale securities, Gross Unrealized Losses		(117)		(70)
Available for sale securities, Fair Value		28,452		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		14,630		15,182
Available for sale securities, Allowance for Credit Losses		0		(1)
Available for sale securities, Gross Unrealized Gains		727		1,023
Available for sale securities, Gross Unrealized Losses		(45)		(71)
Available for sale securities, Fair Value		15,312		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		17,786		18,707
Available for sale securities, Allowance for Credit Losses		0		(1)
Available for sale securities, Gross Unrealized Gains		360		425
Available for sale securities, Gross Unrealized Losses		(56)		(126)
Available for sale securities, Fair Value		$ 18,090		$ 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	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 48,420	$ 24,504
Gross Unrealized Losses, Less than 12 Months	1,197	576
Fair Value, 12 Months or More	8,202	5,314
Gross Unrealized Losses, 12 Months or More	502	192
Fair Value, Total	56,622	29,818
Gross Unrealized Losses, Total	$ 1,699	$ 768
Number of securities in an unrealized loss position \| security	11,524	5,105
Number of individual securities in continuous unrealized loss position for longer than twelve months \| security	1,591	949
U.S. government and government sponsored entities
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	$ 1,340	$ 649
Gross Unrealized Losses, Less than 12 Months	10	17
Fair Value, 12 Months or More	287	0
Gross Unrealized Losses, 12 Months or More	7	0
Fair Value, Total	1,627	649
Gross Unrealized Losses, Total	17	17
Obligations of states, municipalities and political subdivisions
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	702	267
Gross Unrealized Losses, Less than 12 Months	11	4
Fair Value, 12 Months or More	84	78
Gross Unrealized Losses, 12 Months or More	4	3
Fair Value, Total	786	345
Gross Unrealized Losses, Total	15	7
Non-U.S. governments
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	4,250	1,287
Gross Unrealized Losses, Less than 12 Months	123	28
Fair Value, 12 Months or More	604	262
Gross Unrealized Losses, 12 Months or More	100	33
Fair Value, Total	4,854	1,549
Gross Unrealized Losses, Total	223	61
Corporate debt
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	30,283	11,715
Gross Unrealized Losses, Less than 12 Months	915	348
Fair Value, 12 Months or More	5,058	1,283
Gross Unrealized Losses, 12 Months or More	317	81
Fair Value, Total	35,341	12,998
Gross Unrealized Losses, Total	1,232	429
Residential mortgage-backed securities (RMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	5,605	3,486
Gross Unrealized Losses, Less than 12 Months	74	40
Fair Value, 12 Months or More	1,041	282
Gross Unrealized Losses, 12 Months or More	37	18
Fair Value, Total	6,646	3,768
Gross Unrealized Losses, Total	111	58
Commercial mortgage-backed securities (CMBS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	1,739	1,644
Gross Unrealized Losses, Less than 12 Months	29	58
Fair Value, 12 Months or More	294	346
Gross Unrealized Losses, 12 Months or More	16	12
Fair Value, Total	2,033	1,990
Gross Unrealized Losses, Total	45	70
Collateralized Debt Obligations/Asset-Backed Securities (CDO/ABS)
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Fair Value, Less than 12 Months	4,501	5,456
Gross Unrealized Losses, Less than 12 Months	35	81
Fair Value, 12 Months or More	834	3,063
Gross Unrealized Losses, 12 Months or More	21	45
Fair Value, Total	5,335	8,519
Gross Unrealized Losses, Total	$ 56	$ 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		Sep. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed Maturity Securities Available for Sale, Fair Value, Total	[1]	$ 274,341	$ 271,496
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, Amortized Cost Net of Allowance		7,788
Due after one year through five years, Amortized Cost Net of Allowance		44,190
Due after five years through ten years, Amortized Cost Net of Allowance		46,916
Due after ten years, Amortized Cost Net of Allowance		97,592
Mortgage-backed, asset-backed and collateralized, Amortized Cost Net of Allowance		58,373
Available for sale securities, Amortized Cost or Cost, Net of Allowance		254,859
Due in one year or less, Fair Value		7,853
Due after one year through five years, Fair Value		45,730
Due after five years through ten years, Fair Value		49,930
Due after ten years, Fair Value		108,974
Mortgage-backed, asset-backed and collateralized, Fair Value		61,854
Fixed Maturity Securities Available for Sale, Fair Value, Total		$ 274,341	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Aggregate fair value of available for sale securities sold	$ 13,100	$ 3,100	$ 19,100	$ 17,000
Sales of fixed maturity securities	225	175	749	538
Fortitude
Schedule of Available-for-sale Securities [Line Items]
Sales of fixed maturity securities	159	147	549	269
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Gross Realized Gains	348	258	1,098	1,179
Gross Realized Losses	$ 123	$ 83	$ 349	$ 641

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	Sep. 30, 2021	Dec. 31, 2020
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 5,686	$ 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	$ 4,651	$ 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	$ 1,761	$ 1,845
Other Securities, Percent of Total	31.00%	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	$ 2,878	$ 3,434
Other Securities, Percent of Total	51.00%	54.00%
Fixed maturity securities \| Residential mortgage-backed securities (RMBS)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 315	$ 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	$ 274	$ 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	$ 2,289	$ 2,685
Other Securities, Percent of Total	40.00%	42.00%
Equity securities
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Securities, Fair Value	$ 1,035	$ 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	Sep. 30, 2021	Dec. 31, 2027	Dec. 31, 2020
Investments [Line Items]
Other invested assets	[1]		$ 15,977		$ 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			10,708		9,572
Investment real estate
Investments [Line Items]
Other invested assets			3,492		7,930
Net of accumulated depreciation on investment in real estate			701		756
All other investments
Investments [Line Items]
Other invested assets			1,777		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			58.00%	42.00%
Direct private equity
Investments [Line Items]
Other invested assets			$ 8,700		7,000
Affordable Housing Partnerships
Investments [Line Items]
Other invested assets					$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Investment Income [Line Items]
Total investment income	$ 3,856	$ 3,933	$ 11,423	$ 10,094
Investment expenses	141	133	376	420
Net investment income	3,715	3,800	11,047	9,674
Fortitude
Net Investment Income [Line Items]
Total investment income	505	466	1,516	582
Investment expenses	10	8	28	8
Net investment income	495	458	1,488	574
Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	3,351	3,467	9,907	9,512
Investment expenses	131	125	348	412
Net investment income	3,220	3,342	9,559	9,100
Fixed maturity securities, including short-term investments
Net Investment Income [Line Items]
Total investment income	2,547	2,582	7,593	7,779
Fixed maturity securities, including short-term investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	374	373	1,112	459
Fixed maturity securities, including short-term investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	2,173	2,209	6,481	7,320
Other fixed maturity securities
Net Investment Income [Line Items]
Total investment income	35	171	32	485
Derivative Fair Value Hedge Included In Effectiveness Gain Loss	(3)	8	(49)	206
Other fixed maturity securities \| Fortitude
Net Investment Income [Line Items]
Total investment income	3	7	9	10
Other fixed maturity securities \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	32	164	23	475
Equity securities
Net Investment Income [Line Items]
Total investment income	(45)	119	(36)	(16)
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	(45)	119	(36)	(16)
Interest on mortgage and other loans
Net Investment Income [Line Items]
Total investment income	485	489	1,449	1,500
Interest on mortgage and other loans \| Fortitude
Net Investment Income [Line Items]
Total investment income	50	46	154	59
Interest on mortgage and other loans \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	435	443	1,295	1,441
Alternative investments
Net Investment Income [Line Items]
Total investment income	693	495	2,005	363
Alternative investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	77	40	238	54
Alternative investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	616	455	1,767	309
Real estate
Net Investment Income [Line Items]
Total investment income	99	22	215	142
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	99	22	215	142
Other investments
Net Investment Income [Line Items]
Total investment income	42	55	165	(159)
Derivative Fair Value Hedge Included In Effectiveness Gain Loss	9	21	52	(195)
Other investments \| Fortitude
Net Investment Income [Line Items]
Total investment income	1	0	3	0
Other investments \| Excluding Fortitude Re funds withheld assets
Net Investment Income [Line Items]
Total investment income	$ 41	$ 55	$ 162	$ (159)

INVESTMENTS (Details - Compon_2

INVESTMENTS (Details - Components of Net realized capital gains (losses)) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gain (Loss) on Investments [Line Items]
Sales of securities	$ 225	$ 175	$ 749	$ 538
Intent to sell	0	0	0	(3)
Change in allowance for credit losses on fixed maturity securities	4	(81)	71	(310)
Change in allowance for credit losses on loans	25	(11)	136	(67)
Foreign exchange transactions	(136)	257	(43)	50
Variable annuity embedded derivatives, net of related hedges	(39)	(148)	(3)	1,034
All other derivatives and hedge accounting	302	(746)	260	219
Other	488	88	697	97
Total net realized gains (losses)	660	(1,122)	1,984	65
Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Intent to sell	0	0	0	(3)
Change in allowance for credit losses on fixed maturity securities	3	(77)	64	(299)
Change in allowance for credit losses on loans	22	(13)	130	(73)
Foreign exchange transactions	(127)	250	(37)	40
Variable annuity embedded derivatives, net of related hedges	(39)	(148)	(3)	1,034
All other derivatives and hedge accounting	317	(626)	332	365
Other	437	88	645	97
Total net realized gains (losses)	679	(498)	1,331	1,430
Fortitude
Gain (Loss) on Investments [Line Items]
Sales of securities	159	147	549	269
Intent to sell	0	0	0	0
Change in allowance for credit losses on fixed maturity securities	1	(4)	7	(11)
Change in allowance for credit losses on loans	3	2	6	6
Foreign exchange transactions	(9)	7	(6)	10
Variable annuity embedded derivatives, net of related hedges	0	0	0	0
All other derivatives and hedge accounting	(15)	(120)	(72)	(146)
Other	51	0	52	0
Total net realized gains (losses)	(19)	(624)	653	(1,365)
Fixed maturity securities
Gain (Loss) on Investments [Line Items]
Sales of securities	225	175	749	538
Fixed maturity securities \| Excluding Fortitude Re funds withheld assets
Gain (Loss) on Investments [Line Items]
Sales of securities	66	28	200	269
Fixed maturity securities \| Fortitude
Gain (Loss) on Investments [Line Items]
Sales of securities	159	147	549	269
Excluding modified coinsurance and funds withheld embedded derivative
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	869	(466)	1,867	1,558
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)	679	(498)	1,331	1,430
Excluding modified coinsurance and funds withheld embedded derivative \| Fortitude
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	190	32	536	128
Fortitude Re funds withheld embedded derivative
Gain (Loss) on Investments [Line Items]
Total net realized gains (losses)	(209)	(656)	117	(1,493)
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)	(209)	$ (656)	117	$ (1,493)
Real Estate Funds
Gain (Loss) on Investments [Line Items]
Gains from sale of investments	292		341
Affordable Housing Partnerships
Gain (Loss) on Investments [Line Items]
Gains from sale of investments	$ 80		$ 210

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation) of investments	$ (2,065)	$ 2,374	$ (7,868)	$ 5,876
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities	426	583	1,448	248
Less: Net gains (losses) recognized during the year on equity securities sold during the year	31	(8)	(154)	24
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	395	591	1,602	224
Fixed maturity securities
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation) of investments	(2,065)	2,373	(7,863)	5,875
Equity securities
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities	(45)	119	(36)	(16)
Less: Net gains (losses) recognized during the year on equity securities sold during the year	8	(3)	(192)	14
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	(53)	122	156	(30)
Other invested assets
Schedule of Available-for-sale Securities [Line Items]
Change in unrealized appreciation (depreciation) of investments	0	1	(5)	1
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date
Net gains (losses) recognized during the period on equity securities	471	464	1,484	264
Less: Net gains (losses) recognized during the year on equity securities sold during the year	23	(5)	38	10
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$ 448	$ 469	$ 1,446	$ 254

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	$ 97	$ 198	$ 186
Securities for which allowance for credit losses were not previously recorded	20	31	56	$ 330
Purchases of available for sale debt securities accounted for as PCD assets	0	0	0	26
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets	0	0	0	1
Securities sold during the period	(21)	(7)	(31)	(13)
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	(24)	57	(127)	(7)
Write-offs charged against the allowance	(6)	(43)	(18)	(108)
Securities available for sale, balance, end of period	66	236	66	236
Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period				7
Structured
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	10	37	17
Securities for which allowance for credit losses were not previously recorded	0	1	8	36
Purchases of available for sale debt securities accounted for as PCD assets	0	0	0	26
Accretion of available for sale debt securities accounted for as purchased credit deteriorated assets	0	0	0	1
Securities sold during the period	0	(2)	(3)	(3)
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	(3)	(10)	(15)	(41)
Write-offs charged against the allowance	0	0	0	0
Securities available for sale, balance, end of period	7	26	7	26
Structured \| Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period				7
Non-structured
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period	87	161	169
Securities for which allowance for credit losses were not previously recorded	20	30	48	294
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	(21)	(5)	(28)	(10)
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	(21)	67	(112)	34
Write-offs charged against the allowance	(6)	(43)	(18)	(108)
Securities available for sale, balance, end of period	$ 59	$ 210	$ 59	210
Non-structured \| Adjusted balance
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, balance, beginning of period				$ 0

INVESTMENTS (Details - Schedu_2

INVESTMENTS (Details - Schedule of purchased credit impaired (PCI) securities) - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Amortized cost		$ 254,925	$ 244,337
Bonds available for sale	[1]	$ 274,341	$ 271,496

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

INVESTMENTS (Details - Pledged

INVESTMENTS (Details - Pledged investments) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Investments [Line Items]
Fair value of securities collateral pledged	$ 977	$ 5,359
Securities Lending Agreements, Fair Value of Collateral	3,271	3,380
Bonds available for sale and short-term investments held in escrow	582	494
Total carrying values of cash and securities deposited under requirements of regulatory authorities or other insurance-related arrangements	11,600	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	495	982
31 to 90 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	2,585	2,398
91 to 364 Days
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	191	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	5,300	5,700
Amount owned by subsidiaries	210	191
Residential loans pledged as collateral	900	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	275	256
Amounts Loaned under Reverse Repurchase Agreements	1,000	5,400
Secured financing \| Fixed Maturities [Member]
Investments [Line Items]
Fair value of fixed maturities securities available for sale	3,546	3,636
Secured financing \| Overnight and continuous
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	186	159
Secured financing \| Up to 30 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	78	97
Secured financing \| 31 to 90 Days
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	8	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	3	0
Secured financing \| Bonds available for sale \| Obligations of states, municipalities and political subdivisions
Investments [Line Items]
Securities Lending Agreements, Fair Value of Collateral	93	103
Secured financing \| Bonds available for sale \| Non-U.S. governments
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	39	63
Securities Lending Agreements, Fair Value of Collateral	0	0
Secured financing \| Bonds available for sale \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	236	193
Securities Lending Agreements, Fair Value of Collateral	3,178	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	39	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	147	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	0	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	78	97
Securities Lending Agreements, Fair Value of Collateral	495	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	93	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	0	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	8	0
Securities Lending Agreements, Fair Value of Collateral	2,492	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	0	0
Secured financing \| Bonds available for sale \| 91 to 364 Days \| Corporate debt
Investments [Line Items]
Securities Sold under Agreements to Repurchase, Fair Value of Collateral	0	0
Securities Lending Agreements, Fair Value of Collateral	191	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	3	0
Securities Lending Agreements, Fair Value of Collateral	0	0
GIAs
Investments [Line Items]
Fair value of other bond securities	$ 1,400	$ 1,500

LENDING ACTIVITIES (Details - C

LENDING ACTIVITIES (Details - Composition of mortgages and other loans receivable) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 46,462	$ 46,376
Allowance for credit losses		(641)	(814)	$ (701)	$ (797)	$ (794)	$ (438)
Mortgage and other loans receivable, net	[1]	45,821	45,562
Commercial mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		35,980	36,424
Allowance for credit losses		(557)	(685)	$ (587)	(659)	$ (667)	$ (336)
Loans on nonacrrual status		251	238
Accrued interest receivable		131	129
Off-balance-sheet commitments		$ 83	$ 79		$ 66
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		22.00%	24.00%
Residential mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 4,808	$ 4,645
Loans on nonacrrual status		8	14
Accrued interest receivable		11	14
Life insurance policy loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		1,876	1,986
Commercial loans, other loans and notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total mortgage and other loans receivable		$ 3,798	$ 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	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	$ 46,462	$ 46,376
Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,993	2,688
Year prior	2,722	6,149
Two years prior	5,834	6,448
Three years prior	6,216	4,172
Four years prior	3,978	4,849
Five years prior	15,237	12,118
Mortgage and other loans receivable, net	35,980	36,424
Less than 65% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,304	2,382
Year prior	2,365	3,755
Two years prior	3,484	3,855
Three years prior	4,232	2,565
Four years prior	2,641	2,852
Five years prior	10,780	8,145
Mortgage and other loans receivable, net	24,806	23,554
65% to 75% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	355	274
Year prior	331	2,330
Two years prior	2,331	2,363
Three years prior	1,984	1,306
Four years prior	1,010	1,200
Five years prior	3,346	2,551
Mortgage and other loans receivable, net	9,357	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	153	70
Five years prior	531	515
Mortgage and other loans receivable, net	703	688
Greater than 80% \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	334	4
Year prior	26	19
Two years prior	0	200
Three years prior	0	301
Four years prior	174	727
Five years prior	580	907
Mortgage and other loans receivable, net	1,114	2,158
Greater than 1.2x \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,466	1,914
Year prior	1,827	5,596
Two years prior	5,082	5,649
Three years prior	4,592	3,941
Four years prior	3,709	4,592
Five years prior	12,977	10,730
Mortgage and other loans receivable, net	29,653	32,422
1.00X - 1.20X \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	526	770
Year prior	868	467
Two years prior	752	456
Three years prior	667	144
Four years prior	181	161
Five years prior	1,219	1,106
Mortgage and other loans receivable, net	4,213	3,104
Less than 1.00X \| Commercial mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1	4
Year prior	27	86
Two years prior	0	343
Three years prior	957	87
Four years prior	88	96
Five years prior	1,041	282
Mortgage and other loans receivable, net	$ 2,114	$ 898

LENDING ACTIVITIES (Details -_3

LENDING ACTIVITIES (Details - Credit quality performance indicators for commercial mortgages) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Jun. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit losses	$ 641	$ 814	$ 701	$ 797	$ 794	$ 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	$ 14,084	$ 13,969
Allowance for credit losses	104	145
Apartments \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	14,084	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	10,627	10,712
Allowance for credit losses	262	267
Offices \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	10,405	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	81	67
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	4,976	5,249
Allowance for credit losses	114	145
Retail \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	4,872	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	55	55
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,774	3,766
Allowance for credit losses	42	53
Industrial \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	3,774	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	2,068	2,268
Allowance for credit losses	29	65
Hotel \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	1,932	2,064
Hotel \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	136	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	451	460
Allowance for credit losses	6	10
Others \| In good standing
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	451	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	646	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	5	4
Number of Loans \| loan	660	700
Loans receivable	$ 35,980	$ 36,424
Allowance for credit losses	$ 557	$ 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	$ 35,518	$ 35,909
Commercial mortgages \| Restructured
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable	326	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	$ 136	$ 208

LENDING ACTIVITIES (Details -_4

LENDING ACTIVITIES (Details - Credit quality of residential mortgages by year of vintage) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	$ 1,925	$ 1,020
Year prior	1,052	1,034
Two years prior	485	421
Three years prior	201	675
Four years prior	321	776
Five years prior	824	719
Mortgage and other loans receivable, net	4,808	4,645
780 and greater
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	1,066	522
Year prior	752	619
Two years prior	355	283
Three years prior	133	469
Four years prior	227	539
Five years prior	570	484
780 and greater \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	3,103	2,916
720 - 779
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	830	478
Year prior	255	349
Two years prior	102	103
Three years prior	51	155
Four years prior	69	180
Five years prior	177	156
720 - 779 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	1,484	1,421
660 - 719
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	29	19
Year prior	44	61
Two years prior	25	28
Three years prior	13	42
Four years prior	21	51
Five years prior	55	58
660 - 719 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	187	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	13	12
600 - 659 \| Residential mortgages
Financing Receivable, Credit Quality Indicator [Line Items]
Mortgage and other loans receivable, net	21	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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	$ 701	$ 794	$ 814	$ 438
Initial allowance upon CECL adoption			0	318
Loans charged off	(2)	0	(2)	(12)
Recoveries of loans previously charged off	0	0	0	0
Net charge-offs	(2)	0	(2)	(12)
Addition to (release of) allowance for loan losses	(27)	3	(140)	53
Reclassified to held for sale	(31)	0	(31)	0
Mortgage and other loan receivables, balance, end of period	641	797	641	797
Loans modified in a troubled debt restructuring	45	50	45	50
Commercial mortgages
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	587	667	685	336
Initial allowance upon CECL adoption			0	311
Loans charged off	(2)	0	(2)	(12)
Recoveries of loans previously charged off	0	0	0	0
Net charge-offs	(2)	0	(2)	(12)
Addition to (release of) allowance for loan losses	(28)	(8)	(126)	24
Reclassified to held for sale	0	0	0	0
Mortgage and other loan receivables, balance, end of period	557	659	557	659
Off-balance-sheet commitments	83	66	83	66	$ 79
Other Loans
Changes in the allowance for losses on Mortgage and other loans receivable
Mortgage and other loan receivables, balance, beginning of year	114	127	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
Addition to (release of) allowance for loan losses	1	11	(14)	29
Reclassified to held for sale	(31)	0	(31)	0
Mortgage and other loan receivables, balance, end of period	$ 84	$ 138	$ 84	$ 138

REINSURANCE (Details - Summary

REINSURANCE (Details - Summary of the composition of pool of assets) - USD ($) $ in Millions		7 Months Ended	9 Months Ended
		Dec. 31, 2020	Sep. 30, 2021
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale, Carrying Value	[1]	$ 271,496	$ 274,341
Fixed maturity securities - fair value option, Carrying Value	[1]	5,291	4,651
Loans, Carrying Value		46,376	46,462
Investments, Carrying Value	[1]	19,060	15,977
Short-term investments, Carrying Value	[1]	18,203	13,771
Derivative assets, net, Carrying Value		774	884
Other, Carrying Value	[1]	13,122	17,429
Fixed maturity securities - available for sale, Fair Value	[1]	271,496	274,341
Fixed maturity securities - fair value option, Fair Value	[1]	5,291	4,651
Investments, Fair Value		8,422	10,037
Derivative assets, net, Fair Value		6,805	5,640
Commercial mortgages
Effects of Reinsurance [Line Items]
Loans, Carrying Value		36,424	35,980
Fortitude Holdings
Effects of Reinsurance [Line Items]
Fixed maturity securities - available for sale, Carrying Value		36,047	33,457
Fixed maturity securities - fair value option, Carrying Value		200	158
Short-term investments, Carrying Value		34	55
Funds withheld investment assets, Carrying Value		41,899	39,496
Derivative assets, net, Carrying Value		(1)	47
Other, Carrying Value		604	846
Total, Carrying Value		42,502	40,389
Fixed maturity securities - available for sale, Fair Value		36,047	33,457
Fixed maturity securities - fair value option, Fair Value		200	158
Short-term investments, Fair Value		34	55
Funds withheld investment assets, Fair Value		42,457	39,995
Derivative assets, net, Fair Value		(1)	47
Other, Fair Value		604	846
Total		43,060	40,888
Change in net unrealized gains (losses), gross		1,000	(2,100)
Change in net unrealized gains (losses), net of tax		812	(1,600)
Derivative asset, Fair value of collateral		357	304
Derivative liability, Fair value of collateral			12
Fortitude Holdings \| Real Estate Funds
Effects of Reinsurance [Line Items]
Investments, Carrying Value		358	245
Investments, Fair Value		585	508
Fortitude Holdings \| Direct private equity
Effects of Reinsurance [Line Items]
Investments, Carrying Value		1,168	1,465
Investments, Fair Value		1,168	1,465
Fortitude Holdings \| Policy Loans
Effects of Reinsurance [Line Items]
Loans, Carrying Value		413	384
Loans, Fair Value		413	384
Fortitude Holdings \| Commercial mortgages
Effects of Reinsurance [Line Items]
Loans, Carrying Value		3,679	3,732
Loans, Fair Value		$ 4,010	$ 3,968

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

REINSURANCE (Details - Summar_2

REINSURANCE (Details - Summary of the impact of modco and funds withheld) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effects of Reinsurance [Line Items]
Net investment income	$ 3,715	$ 3,800	$ 11,047	$ 9,674
Net realized gains (losses)	660	(1,122)	1,984	65
Income from continuing operations before income tax benefit	2,176	368	7,051	(6,735)
Income tax expense	439	74	1,234	(918)
Net income (loss)	$ 1,737	$ 299	$ 5,817	$ (5,813)
U.S. federal income tax at statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Policyholder benefits and losses incurred	$ 5,959	$ 5,872	$ 17,182	$ 18,718
Fortitude
Effects of Reinsurance [Line Items]
Net investment income	495	458	1,488	574
Net realized gains (losses)	(19)	(624)	653	(1,365)
Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net investment income	495	458	1,488	574
Net realized gains (losses)	190	32	536	128
Policyholder benefits and losses incurred	21
Fortitude Holdings
Effects of Reinsurance [Line Items]
Net underwriting income	0	0	0	0
Net investment income	495	458	1,488	574
Net realized gains (losses)	(19)	(624)	653	(1,365)
Income from continuing operations before income tax benefit	476	(166)	2,141	(791)
Income tax expense	99	(35)	449	(166)
Net income (loss)	377	(131)	1,692	(625)
Change in unrealized appreciation of all other investments	(360)	132	(1,645)	570
Comprehensive income	17	1	47	(55)
Fortitude Holdings \| Fortitude Re funds withheld assets
Effects of Reinsurance [Line Items]
Net realized gains (losses)	190	32	536	128
Fortitude Holdings \| Fortitude Re funds withheld assets \| Embedded derivatives
Effects of Reinsurance [Line Items]
Net realized gains (losses)	$ (209)	$ (656)	$ 117	$ (1,493)

REINSURANCE (Details - Rollforw

REINSURANCE (Details - Rollforward of the reinsurance recoverable allowance for credit losses) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of year	$ 374	$ 364	$ 375	$ 151
Initial allowance upon CECL adoption			0	224
Current period provision for expected credit losses and disputes	20	0	24	5
Write-offs charged against the allowance for credit losses and disputes	(8)	0	(15)	(10)
Other changes	2	6	4	0
Reinsurance recoverables, balance, end of period	388	370	388	370
General Insurance
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of year	287	305	292	111
Initial allowance upon CECL adoption			0	202
Current period provision for expected credit losses and disputes	5	(2)	5	0
Write-offs charged against the allowance for credit losses and disputes	(8)	0	(15)	(5)
Other changes	2	5	4	0
Reinsurance recoverables, balance, end of period	286	308	286	308
Life and Retirement
Effects of Reinsurance [Line Items]
Reinsurance recoverables, balance, beginning of year	87	59	83	40
Initial allowance upon CECL adoption			0	22
Current period provision for expected credit losses and disputes	15	2	19	5
Write-offs charged against the allowance for credit losses and disputes	0	0	0	(5)
Other changes	0	1	0	0
Reinsurance recoverables, balance, end of period	$ 102	$ 62	$ 102	$ 62

REINSURANCE (Details - Narrativ

REINSURANCE (Details - Narrative) - USD ($)	3 Months Ended		9 Months Ended
REINSURANCE (Details - Narrative) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Effects of Reinsurance [Line Items]
Reinsurance recoverables	$ 76,800,000,000		$ 76,800,000,000
Reinsurance assets, paid loss recoveries	0		0
Future policy benefits	$ 5,959,000,000	$ 5,872,000,000	$ 17,182,000,000	$ 18,718,000,000
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	74.00%		74.00%
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 Holdings
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 Holdings \| Legacy life and retirement run-off lines
Effects of Reinsurance [Line Items]
Reserves ceded	29,900,000,000		29,900,000,000
Fortitude Holdings \| Legacy General Insurance Run Off Lines Segment
Effects of Reinsurance [Line Items]
Reserves ceded	$ 3,800,000,000		$ 3,800,000,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021		Sep. 30, 2020	Dec. 31, 2020
Assets:
Bonds available for sale	[1]	$ 274,341			$ 271,496
Other bond securities	[1]	4,651			5,291
Equity securities	[1]	1,035			1,056
Mortgage and other loans receivable	[1]	45,821			45,562
Other invested assets	[1]	15,977			19,060
Short-term investments	[1]	13,771			18,203
Accrued investment income	[1]	2,312			2,271
Cash		2,699	[1]	$ 3,191	2,827	[1]
Other	[1]	17,429			13,122
Total assets		594,800			586,481
Liabilities:
Total liabilities		529,141			519,282
Debt of consolidated investments
Liabilities:
Long-term debt	[1]	6,968			9,431
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Repayment of debt		3,210		$ 2,042
Alternative investments
Assets:
Other invested assets		10,708			9,572
Investment real estate
Assets:
Other invested assets		3,492			7,930
Real Estate and Investment Entities
Liabilities:
Off-balance sheet exposure		2,700			2,400
Real Estate and Investment Entities \| External
Liabilities:
Off-balance sheet exposure		800			700
Consolidated VIE
Assets:
Bonds available for sale		5,104			6,089
Other bond securities		1,985			2,367
Equity securities		449			507
Mortgage and other loans receivable		2,875			3,135
Short-term investments		584			1,926
Accrued investment income		20			38
Cash		137			332
Other assets		4,120			529
Other		30			5
Total assets		21,497			24,553
Liabilities:
Long-term debt		6,804			8,809
Other liabilities		3,062			564
Total liabilities		9,866			9,373
Consolidated VIE \| Alternative investments
Assets:
Other invested assets		3,167			2,689
Consolidated VIE \| Investment real estate
Assets:
Other invested assets		3,026			6,936
Consolidated VIE \| Real Estate and Investment Entities
Assets:
Bonds available for sale		0			0
Other bond securities		0			0
Equity securities		449			507
Mortgage and other loans receivable		0			0
Short-term investments		388			365
Accrued investment income		0			0
Cash		137			129
Other assets		152			166
Other		28			3
Total assets		7,347			7,237
Liabilities:
Long-term debt		2,285			2,559
Other liabilities		166			180
Total liabilities		2,451			2,739
Consolidated VIE \| Real Estate and Investment Entities \| Alternative investments
Assets:
Other invested assets		3,167			2,689
Consolidated VIE \| Real Estate and Investment Entities \| Investment real estate
Assets:
Other invested assets		3,026			3,378
Consolidated VIE \| Securitization Vehicles
Assets:
Bonds available for sale		5,104			6,089
Other bond securities		1,985			2,367
Equity securities		0			0
Mortgage and other loans receivable		2,875			3,135
Short-term investments		176			1,534
Accrued investment income		20			38
Cash		0			0
Other assets		70			120
Other		0			0
Total assets		10,230			13,283
Liabilities:
Long-term debt		4,519			3,961
Other liabilities		317			187
Total liabilities		4,836			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		0			203
Other assets		3,898			243
Other		0			0
Total assets		3,898			4,004
Liabilities:
Long-term debt		0			2,287
Other liabilities		2,570			187
Total liabilities		2,570			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		0			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		7,700			6,800
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		426,063			326,250
Maximum Exposure to Loss, On-Balance Sheet		8,052			6,983
Maximum Exposure to Loss, Off-Balance Sheet		4,025			3,823
Total maximum exposure to loss		12,077			10,806
Unconsolidated VIE \| Real Estate and Investment Entities
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		421,901			321,716
Maximum Exposure to Loss, On-Balance Sheet		7,557			6,420
Maximum Exposure to Loss, Off-Balance Sheet		3,545			3,273
Total maximum exposure to loss		11,102			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		292			368
Maximum Exposure to Loss, Off-Balance Sheet		1			4
Total maximum exposure to loss		293			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		6			257
Unconsolidated VIE \| Affordable Housing Partnerships \| Other loans receivable
Liabilities:
Off-balance sheet exposure		1
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Maximum Exposure to Loss, On-Balance Sheet		33			97
Unconsolidated VIE \| Affordable Housing Partnerships \| Other assets
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Maximum Exposure to Loss, On-Balance Sheet		246
Unconsolidated VIE \| Other
Total assets of unconsolidated VIEs as well as maximum exposure to loss
Total VIE Assets		1,717			1,733
Maximum Exposure to Loss, On-Balance Sheet		203			195
Maximum Exposure to Loss, Off-Balance Sheet		479			546
Total maximum exposure to loss		682			$ 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 ($)	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	$ 141,546,000,000	$ 148,222,000,000
Gross Derivative Assets, Fair Value	5,640,000,000	6,805,000,000
Gross Derivative Liabilities, Notional Amount	55,130,000,000	77,471,000,000
Gross Derivative Liabilities, Fair Value	4,632,000,000	5,822,000,000
Derivative assets, Counterparty netting	(2,698,000,000)	(3,812,000,000)
Derivative assets, Cash collateral	(2,058,000,000)	(2,219,000,000)
Total derivative assets on consolidated balance sheet	884,000,000	774,000,000
Derivative liabilities, Counterparty netting	(2,698,000,000)	(3,812,000,000)
Derivative liabilities, Cash collateral	(1,231,000,000)	(1,441,000,000)
Total derivative liabilities on consolidated balance sheet	703,000,000	569,000,000
Bifurcated embedded derivatives
Derivative [Line Items]
Bifurcated embedded derivatives assets, fair value	0	0
Bifurcated embedded derivative liabilities, fair value	14,700,000,000	15,800,000,000
Derivatives designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	807,000,000	815,000,000
Gross Derivative Assets, Fair Value	11,000,000	16,000,000
Gross Derivative Liabilities, Notional Amount	895,000,000	356,000,000
Gross Derivative Liabilities, Fair Value	4,000,000	11,000,000
Derivatives designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	8,504,000,000	3,468,000,000
Gross Derivative Assets, Fair Value	499,000,000	256,000,000
Gross Derivative Liabilities, Notional Amount	2,842,000,000	7,424,000,000
Gross Derivative Liabilities, Fair Value	164,000,000	379,000,000
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	45,446,000,000	62,259,000,000
Gross Derivative Assets, Fair Value	3,672,000,000	4,621,000,000
Gross Derivative Liabilities, Notional Amount	41,617,000,000	48,732,000,000
Gross Derivative Liabilities, Fair Value	3,886,000,000	4,425,000,000
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	13,834,000,000	9,518,000,000
Gross Derivative Assets, Fair Value	849,000,000	766,000,000
Gross Derivative Liabilities, Notional Amount	4,789,000,000	12,860,000,000
Gross Derivative Liabilities, Fair Value	457,000,000	711,000,000
Derivatives not designated as hedging instruments \| Equity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	25,448,000,000	22,924,000,000
Gross Derivative Assets, Fair Value	587,000,000	1,130,000,000
Gross Derivative Liabilities, Notional Amount	3,767,000,000	7,076,000,000
Gross Derivative Liabilities, Fair Value	59,000,000	223,000,000
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	340,000,000	0
Gross Derivative Assets, Fair Value	8,000,000	0
Gross Derivative Liabilities, Notional Amount	216,000,000	0
Gross Derivative Liabilities, Fair Value	0	0
Derivatives not designated as hedging instruments \| Credit contracts
Derivative [Line Items]
Gross Derivative Assets, Notional Amount	3,790,000,000	5,797,000,000
Gross Derivative Assets, Fair Value	2,000,000	2,000,000
Gross Derivative Liabilities, Notional Amount	950,000,000	969,000,000
Gross Derivative Liabilities, Fair Value	61,000,000	67,000,000
Derivatives not designated as hedging instruments \| Credit contracts \| CDS
Derivative [Line Items]
Gross Derivative Liabilities, Notional Amount	111,000,000	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	43,377,000,000	43,441,000,000
Gross Derivative Assets, Fair Value	12,000,000	14,000,000
Gross Derivative Liabilities, Notional Amount	54,000,000	54,000,000
Gross Derivative Liabilities, Fair Value	$ 1,000,000	$ 6,000,000

DERIVATIVES AND HEDGE ACCOUNT_4

DERIVATIVES AND HEDGE ACCOUNTING (Details - Fair values of derivative assets and liabilities) - USD ($) $ in Billions	Sep. 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	$ 2.3	$ 2.3

DERIVATIVES AND HEDGE ACCOUNT_5

DERIVATIVES AND HEDGE ACCOUNTING (Details - Hedge Accounting) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency translation gain (loss) adjustment related to net investment hedge relationships	$ 57	$ 107	$ 163	$ 5
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)	(2)	(10)	16
Gain (loss) recognized in earnings on hedged items	6	5	13	(15)
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Net Impact	3	3	3	1
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	1	8	(6)
Gain (loss) recognized in earnings on hedged items	(2)	0	(9)	6
Gains/(losses) recognized in earnings for excluded components	0	0	0	0
Net Impact	(1)	1	(1)	0
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	205	(250)	201	(77)
Gain (loss) recognized in earnings on hedged items	(205)	250	(201)	77
Gains/(losses) recognized in earnings for excluded components	30	(50)	108	155
Net Impact	30	(50)	108	155
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	67	(1,533)	409	(178)
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	277	(775)	329	1,398
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	(224)	(776)	45	(1,639)
Derivatives not designated as hedging instruments \| Net investment income
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(1)	4	(6)	1
Derivatives not designated as hedging instruments \| Policy fees
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	16	16	46	46
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	(1)	(2)	(5)	16
Derivatives not designated as hedging instruments \| Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(172)	(462)	(861)	2,104
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	310	(535)	271	366
Derivatives not designated as hedging instruments \| Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(55)	(46)	(606)	586
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	(5)	0	(4)	0
Derivatives not designated as hedging instruments \| Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	0	(1)	(9)	55
Derivatives not designated as hedging instruments \| Other contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	17	18	49	44
Derivatives not designated as hedging instruments \| Embedded derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Gains/(losses) recognized in earnings on hedging derivatives	$ (28)	$ (507)	$ 1,569	$ (3,333)

DERIVATIVES AND HEDGE ACCOUNT_6

DERIVATIVES AND HEDGE ACCOUNTING (Details - Additional Information) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Credit Derivatives [Line Items]
Collateral posted	$ 2,900	$ 3,000
Fair value of hybrid securities	2,100	2,400
Par value of hybrid securities	4,700	5,000
Credit Risk Related Contingent Features [Member]
Credit Derivatives [Line Items]
Collateral posted	243	306
Aggregate fair value of net liability position	213	$ 257
Additional collateral postings and termination payments	$ 39

INSURANCE LIABILITIES (Details

INSURANCE LIABILITIES (Details - Liability for Unpaid Losses and Loss Adjustment Expenses) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 20, 2017
Supplementary Insurance Information, by Segment [Line Items]
Contractual deductible recoverable amount	$ 12,300		$ 12,300		$ 12,600
Collateral Held For Deductible Recoverable Amounts	8,600		8,600		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	78,981	$ 77,853	77,720	$ 78,328
Reinsurance recoverable, balance at the beginning of the period	(34,866)	(35,458)	(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	44,115	42,395	43,289	47,423
Losses and loss adjustment expenses incurred
Current year	4,467	4,324	12,262	12,683
Prior years, excluding discount and amortization of deferred gain	(153)	20	(166)	(6)
Prior years, discount charge (benefit)	83	25	99	135
Prior years, amortization of deferred gain on retroactive reinsurance	(13)	(36)	(107)	(187)
Total losses and loss adjustment expenses incurred	4,384	4,333	12,088	12,625
Losses and loss adjustment expenses paid
Current year	(1,147)	(1,316)	(2,370)	(2,568)
Prior years	(2,449)	(3,115)	(8,653)	(11,256)
Total losses and loss adjustment expenses paid	(3,596)	(4,431)	(11,023)	(13,824)
Other changes:
Foreign exchange effect	(414)	925	(57)	656
Allowance for credit losses	0	0	0	0
Retroactive reinsurance adjustment (net of discount)	159	80	351	240
Fortitude sale	0	0	0	(3,818)
Total other changes	(255)	1,005	294	(2,922)
Net liability for unpaid losses and loss adjustment expenses, end of period	44,648	43,302	44,648	43,302
Reinsurance recoverable, balance at the end of the period	34,626	35,282	34,626	35,282
Total, balance at the end of period	79,274	78,584	79,274	78,584
Change in discount on loss reserves ceded under retroactive reinsurance	22	20	78	78
U.S. Commercial long-tail exposures \| NICO \| Accident Years 2015 and Prior
Other changes:
Discount on retroactive reinsurance	$ 5	$ 6	$ 23	$ 26
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		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Discounting of Reserves [Line Items]
Workers Compensation Tabular Discount Amount	$ 261		$ 261		$ 285
Workers Compensation Non Tabular Discount Amount	480		480		440
U.S. Workers' compensation	1,574		1,574		1,636
Retroactive Reinsurance	(833)		(833)		(911)
Total reserve discount	741		741		725
Current accident year	11	$ 56	37	$ 94
Accretion and other adjustments to prior year discount	(83)	(25)	(99)	(135)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount benefit (charge)	(72)	31	(62)	(41)
Change in discount on loss reserves ceded under retroactive reinsurance	22	20	78	78
Net change in total reserve discount	(50)	51	16	37
NICO [Member]
Discounting of Reserves [Line Items]
Amortization of deferred gain on retroactive reinsurance	8	29	84	161
Fortitude [Member]
Discounting of Reserves [Line Items]
Total reserve discount	$ 502		$ 502		$ 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	$ 1,574		$ 1,574		$ 1,636
Retroactive Reinsurance	(833)		(833)		(911)
Total reserve discount	741		741		725
Current accident year	11	56	37	94
Accretion and other adjustments to prior year discount	(83)	(25)	(99)	(117)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount benefit (charge)	(72)	31	(62)	(23)
Change in discount on loss reserves ceded under retroactive reinsurance	22	20	78	78
Net change in total reserve discount	(50)	51	16	55
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	0	0	(18)
Effect of interest rate changes	0	0	0	0
Net loss reserve discount benefit (charge)	0	0	0	(18)
Change in discount on loss reserves ceded under retroactive reinsurance	0	0	0	0
Net change in total reserve discount	0	0	$ 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 benefit (charge)			$ 121		$ 151
Net change in total reserve discount	$ (39)	$ (12)	$ (30)	$ (20)

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND GUARANTEES (Details - Contingencies, Commitments and Guarantees) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Future undiscounted cash flows under operating leases
Other commitments	$ 7,800		$ 7,800
Amount outstanding under standby letters of credit at end of period	74		74
Policyholder benefits and losses incurred	5,959	$ 5,872	17,182	$ 18,718
Amount of policy issued to plaintiff's			1
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

Sep. 15, 2021

Jun. 29, 2021

Jun. 15, 2021

Mar. 30, 2021

Mar. 15, 2021

Sep. 15, 2020

Jun. 29, 2020

Jun. 15, 2020

Mar. 30, 2020

Mar. 16, 2020

Mar. 14, 2019

Sep. 30, 2021

Dec. 31, 2020

Class of Stock [Line Items]

Issuances (in shares)

6,532,595

Preferred stock, par value (in dollars per share)

$ 5

Preferred stock liquidation preference

$ 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

Aug. 5,
2021

May 6,
2021

Feb. 16,
2021

Aug. 3,
2020

May 4,
2020

Feb. 12,
2020

Preferred Stock Dividends Per Share Cash Paid

$ 365.625

Date dividends paid

Sep. 15,
2021

Jun. 15,
2021

Mar. 15,
2021

Sep. 15,
2020

Jun. 15,
2020

Mar. 16,
2020

Date of record

Aug. 31,
2021

May 31,
2021

Feb. 26,
2021

Aug. 31,
2020

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

Aug. 5,
2021

May 6,
2021

Feb. 16,
2021

Aug. 3,
2020

May 4,
2020

Feb. 12,
2020

Preferred Stock Dividends Per Share Cash Paid

$ 0.365625

Date dividends paid

Sep. 15,
2021

Jun. 15,
2021

Mar. 15,
2021

Sep. 15,
2020

Jun. 15,
2020

Mar. 16,
2020

Date of record

Aug. 31,
2021

May 31,
2021

Feb. 26,
2021

Aug. 31,
2020

May 29,
2020

Feb. 28,
2020

EQUITY (Details - Common Stock

EQUITY (Details - Common Stock and Dividends) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2021	Jun. 29, 2021	Mar. 30, 2021	Sep. 30, 2020	Jun. 29, 2020	Mar. 30, 2020	Sep. 30, 2021	Sep. 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							6,532,595
Shares repurchased							(32,294,593)	(12,000,000)
Shares, end of period	(1,070,875,441)						(1,070,875,441)
Shares, end of period	1,906,671,492						1,906,671,492
Shares, end of period	835,796,051						835,796,051
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							$ 1,651	$ 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						1,906,671,492
The following table presents record date, payment date and dividends paid per share on AIG Common Stock:
Dividend paid (in dollars per share)	$ 0.32			$ 0.32
Date of Shareholders of Record	Sep. 16, 2021			Sep. 17, 2020
Date Dividends Declared	Aug. 5, 2021			Aug. 3, 2020
Date Dividends To Be Paid	Sep. 30, 2021			Sep. 30, 2020
Treasury Stock
The following table presents a roll forward of outstanding shares:
Shares, beginning of year							(1,045,113,443)
Shares issued							6,532,595
Shares repurchased							(32,294,593)
Shares, end of period	(1,070,875,441)						(1,070,875,441)

EQUITY (Details - Rollforward o

EQUITY (Details - Rollforward of Accumulated other comprehensive income (loss)) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	$ 10,209,000,000	$ 9,169,000,000	$ 13,511,000,000	$ 4,982,000,000
Change in unrealized appreciation (depreciation) of investments	(2,065,000,000)	2,374,000,000	(7,868,000,000)	5,876,000,000
Change in deferred policy acquisition costs adjustment and other	132,000,000	(301,000,000)	830,000,000	(641,000,000)
Change in future policy benefits	72,000,000	(147,000,000)	839,000,000	2,187,000,000
Changes in foreign currency translation adjustments	(132,000,000)	297,000,000	63,000,000	169,000,000
Change in net actuarial (gain) loss	40,000,000	2,000,000	51,000,000	18,000,000
Change in prior service cost (credit)	1,000,000	0	5,000,000	(1,000,000)
Change in deferred tax asset (liability)	350,000,000	(410,000,000)	1,176,000,000	(1,630,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	1,000,000	(1,000,000)	2,000,000
Other comprehensive income (loss)	(1,602,000,000)	1,816,000,000	(4,905,000,000)	5,980,000,000
Noncontrolling interests	1,000,000	7,000,000	0	(16,000,000)
Balance, end of period, net of tax	8,606,000,000	10,978,000,000	8,606,000,000	10,978,000,000
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	(1,603,000,000)	1,809,000,000	(4,905,000,000)	5,996,000,000
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	(58,000,000)	(233,000,000)	(95,000,000)	0
Change in unrealized appreciation (depreciation) of investments	21,000,000	101,000,000	72,000,000	(212,000,000)
Change in deferred policy acquisition costs adjustment and other	(6,000,000)	(5,000,000)	(10,000,000)	14,000,000
Change in future policy benefits	0	0	0	0
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial (gain) loss	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Change in deferred tax asset (liability)	(3,000,000)	(17,000,000)	(13,000,000)	44,000,000
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)	12,000,000	79,000,000	49,000,000	(154,000,000)
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(46,000,000)	(154,000,000)	(46,000,000)	(154,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	13,605,000,000	13,281,000,000	17,093,000,000	8,722,000,000
Change in unrealized appreciation (depreciation) of investments	(2,086,000,000)	2,273,000,000	(7,940,000,000)	6,088,000,000
Change in deferred policy acquisition costs adjustment and other	138,000,000	(296,000,000)	840,000,000	(655,000,000)
Change in future policy benefits	72,000,000	(147,000,000)	839,000,000	2,187,000,000
Changes in foreign currency translation adjustments	0	0	0	0
Change in net actuarial (gain) loss	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Change in deferred tax asset (liability)	366,000,000	(445,000,000)	1,262,000,000	(1,695,000,000)
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)	(1,510,000,000)	1,385,000,000	(4,999,000,000)	5,925,000,000
Noncontrolling interests	1,000,000	2,000,000	0	(17,000,000)
Balance, end of period, net of tax	12,094,000,000	14,664,000,000	12,094,000,000	14,664,000,000
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(2,128,000,000)	(2,767,000,000)	(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	(132,000,000)	297,000,000	63,000,000	169,000,000
Change in net actuarial (gain) loss	0	0	0	0
Change in prior service cost (credit)	0	0	0	0
Change in deferred tax asset (liability)	(3,000,000)	55,000,000	(59,000,000)	37,000,000
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)	(135,000,000)	352,000,000	4,000,000	206,000,000
Noncontrolling interests	0	5,000,000	0	1,000,000
Balance, end of period, net of tax	(2,263,000,000)	(2,420,000,000)	(2,263,000,000)	(2,420,000,000)
Retirement Plan Liabilities Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(1,217,000,000)	(1,120,000,000)	(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 (gain) loss	40,000,000	2,000,000	51,000,000	18,000,000
Change in prior service cost (credit)	1,000,000	0	5,000,000	(1,000,000)
Change in deferred tax asset (liability)	(10,000,000)	(3,000,000)	(14,000,000)	(16,000,000)
Change in fair value of liabilities under fair value option attributable to changes in own credit risk	0	0	0	0
Other comprehensive income (loss)	31,000,000	(1,000,000)	42,000,000	1,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	(1,186,000,000)	(1,121,000,000)	(1,186,000,000)	(1,121,000,000)
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	8,000,000	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 (gain) loss	0	0	0	0
Change in prior service cost (credit)	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	1,000,000	(1,000,000)	2,000,000
Other comprehensive income (loss)	0	1,000,000	(1,000,000)	2,000,000
Noncontrolling interests	0	0	0	0
Balance, end of period, net of tax	$ 7,000,000	$ 9,000,000	$ 7,000,000	$ 9,000,000

EQUITY (Details - Other compreh

EQUITY (Details - Other comprehensive income reclassification adjustments) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	$ (1,738,000,000)	$ 2,390,000,000	$ (5,366,000,000)	$ 8,116,000,000
Less: Reclassification adjustments included in net income	214,000,000	164,000,000	715,000,000	506,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	(1,952,000,000)	2,226,000,000	(6,081,000,000)	7,610,000,000
Less: Income tax expense (benefit)	(350,000,000)	410,000,000	(1,176,000,000)	1,630,000,000
Other comprehensive income (loss)	(1,602,000,000)	1,816,000,000	(4,905,000,000)	5,980,000,000
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	21,000,000	99,000,000	62,000,000	(198,000,000)
Less: Reclassification adjustments included in net income	6,000,000	3,000,000	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	15,000,000	96,000,000	62,000,000	(198,000,000)
Less: Income tax expense (benefit)	3,000,000	17,000,000	13,000,000	(44,000,000)
Other comprehensive income (loss)	12,000,000	79,000,000	49,000,000	(154,000,000)
Unrealized Appreciation (Depreciation) of All Other Investments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(1,657,000,000)	2,002,000,000	(5,512,000,000)	8,158,000,000
Less: Reclassification adjustments included in net income	219,000,000	172,000,000	749,000,000	538,000,000
Total other comprehensive income (loss), before income tax expense (benefit)	(1,876,000,000)	1,830,000,000	(6,261,000,000)	7,620,000,000
Less: Income tax expense (benefit)	(366,000,000)	445,000,000	(1,262,000,000)	1,695,000,000
Other comprehensive income (loss)	(1,510,000,000)	1,385,000,000	(4,999,000,000)	5,925,000,000
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	(132,000,000)	297,000,000	63,000,000	169,000,000
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	(132,000,000)	297,000,000	63,000,000	169,000,000
Less: Income tax expense (benefit)	3,000,000	(55,000,000)	59,000,000	(37,000,000)
Other comprehensive income (loss)	(135,000,000)	352,000,000	4,000,000	206,000,000
Retirement Plan Liabilities Adjustment
Other Comprehensive Income (Loss) Reclassification Adjustments
Unrealized change arising during period	30,000,000	(9,000,000)	22,000,000	(15,000,000)
Less: Reclassification adjustments included in net income	(11,000,000)	(11,000,000)	(34,000,000)	(32,000,000)
Total other comprehensive income (loss), before income tax expense (benefit)	41,000,000	2,000,000	56,000,000	17,000,000
Less: Income tax expense (benefit)	10,000,000	3,000,000	14,000,000	16,000,000
Other comprehensive income (loss)	31,000,000	(1,000,000)	42,000,000	1,000,000
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	1,000,000	(1,000,000)	2,000,000
Less: Reclassification adjustments included in net income	0	0	0	0
Total other comprehensive income (loss), before income tax expense (benefit)	0	1,000,000	(1,000,000)	2,000,000
Less: Income tax expense (benefit)	0	0	0	0
Other comprehensive income (loss)	$ 0	$ 1,000,000	$ (1,000,000)	$ 2,000,000

EQUITY (Details - Reclassificat

EQUITY (Details - Reclassification of significant items out of Accumulated other comprehensive income) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains	$ 660	$ (1,122)	$ 1,984	$ 65
Total	214	164	715	506
Income (loss) from continuing operations before income tax expense (benefit)	2,176	368	7,051	(6,735)
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 expense (benefit)	214	164	715	506
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	6	3	0	0
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses were taken \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains	6	3	0	0
Total	6	3	0	0
Unrealized appreciation (depreciation) of all other investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	219	172	749	538
Unrealized appreciation (depreciation) of all other investments \| Amount Reclassified from Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized gains	219	172	749	538
Total	219	172	749	538
Change in retirement plan liabilities adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total	(11)	(11)	(34)	(32)
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)	0	(3)	(1)
Actuarial gains (losses)	(10)	(11)	(31)	(31)
Total	$ (11)	$ (11)	$ (34)	$ (32)

EQUITY (Details - Narratives)

EQUITY (Details - Narratives) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity Class Of Treasury Stock [Line Items]
Payments for Repurchase of Stock	$ 1,651	$ 500
Accelerated stock repurchase agreement
Equity Class Of Treasury Stock [Line Items]
Shares purchased	18	12
Aggregate repurchases of common stock	$ 1,000	$ 500
Exchange Act 10b5-1 Plan
Equity Class Of Treasury Stock [Line Items]
Payments for Repurchase of Stock	$ 651
Shares purchased	14
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator for EPS:
Income (loss) from continuing operations	$ 1,737	$ 294	$ 5,817	$ (5,817)
Less: Net income from continuing operations attributable to noncontrolling interests	70	11	175	78
Less: Preferred stock dividends	7	7	22	22
Income (loss) attributable to AIG common shareholders from continuing operations	1,660	276	5,620	(5,917)
Income from discontinued operations, net of income tax expense	0	5	0	4
Net income (loss) attributable to AIG common shareholders	$ 1,660	$ 281	$ 5,620	$ (5,913)
Denominator for EPS:
Weighted average common shares outstanding - basic	852,765,263	867,713,308	861,211,983	869,627,926
Dilutive common shares	11,254,231	5,417,642	9,790,035	0
Weighted average common shares outstanding - diluted	864,019,494	873,130,950	871,002,018	869,627,926
Basic:
Income (loss) from continuing operations	$ 1.95	$ 0.31	$ 6.53	$ (6.80)
Income from discontinued operations	0	0.01	0	0
Income (loss) attributable to AIG common shareholders	1.95	0.32	6.53	(6.80)
Diluted:
Income (loss) from continuing operations	1.92	0.31	6.45	(6.80)
Income from discontinued operations	0	0.01	0	0
Income (loss) attributable to AIG common shareholders	$ 1.92	$ 0.32	$ 6.45	$ (6.80)
Dilutive shares excluded from computation of diluted earnings per share				4,432,369
Number of shares excluded from diluted shares outstanding because the effect would have been anti-dilutive	5,200,000	70,900,000	6,600,000	68,900,000

EMPLOYEE BENEFITS (Details - Co

EMPLOYEE BENEFITS (Details - Components of net periodic benefit cost) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pensions
Components of net periodic benefit cost:
Service cost	$ 6	$ 6	$ 19	$ 19
Interest cost	24	36	74	108
Expected return on assets	(67)	(65)	(200)	(194)
Amortization of prior service cost (credit)	1	1	3	2
Amortization of net (gain) loss	10	10	30	30
Net periodic benefit cost (credit)	(26)	(12)	(74)	(35)
Settlement (credit) charges	27		27
Net benefit cost (credit)	1		(47)
Pensions \| U.S.
Components of net periodic benefit cost:
Service cost	2	1	4	4
Interest cost	22	33	67	100
Expected return on assets	(62)	(60)	(184)	(179)
Amortization of prior service cost (credit)	0	0	0	0
Amortization of net (gain) loss	8	9	25	25
Net periodic benefit cost (credit)	(30)	(17)	(88)	(50)
Settlement (credit) charges	27		27
Net benefit cost (credit)	(3)		(61)
Pensions \| Non U.S. Plans
Components of net periodic benefit cost:
Service cost	4	5	15	15
Interest cost	2	3	7	8
Expected return on assets	(5)	(5)	(16)	(15)
Amortization of prior service cost (credit)	1	1	3	2
Amortization of net (gain) loss	2	1	5	5
Net periodic benefit cost (credit)	4	5	14	15
Settlement (credit) charges	0		0
Net benefit cost (credit)	4		14
Postretirement Plans
Components of net periodic benefit cost:
Net benefit cost (credit)	$ 2	$ 2	$ 6	$ 6

INCOME TAXES (Details - Narrati

INCOME TAXES (Details - Narrative) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
INCOME TAXES (Details - Narrative) - USD ($) $ in Millions	Jun. 30, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Effective tax rates on income from continuing operations (as a percent)		20.20%		20.10%	17.50%	13.60%
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
U.S. taxable income from life companies offset by those net operating loss carryforwards					35.00%
Unrecognized Tax Benefits		1,100			$ 1,100		$ 2,300
Unrecognized tax benefits, if recognized would favorably affect the effective tax rate		1,100			1,100		2,300
Unrecognized tax benefits, if recognized would not affect the effective tax rate		10			10		44
Decrease in unrecognized tax benefits is reasonably possible in the next twelve months		15			15
Unrecognized tax benefits, interest and penalties accrued		73			73		$ 286
Unrecognized tax benefits, interest net of the federal (benefit) expense and penalties					(203)	$ 126
Deferred tax asset valuation allowance			$ 700		700
Deferred tax asset valuation allowance recognized related to certain state, local and foreign jurisdictions		$ 45			6
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)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Billions	Nov. 04, 2021	Nov. 01, 2021	Jun. 29, 2021	Mar. 30, 2021	Jun. 29, 2020	Mar. 30, 2020	Jul. 14, 2021
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 Subsidiaries [Member]
Subsequent Event [Line Items]
Total consideration							$ 2.2
Voting interest in subsidiary, percent							9.90%
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share	$ 0.32
Dividends declared per preferred share	$ 365.625
Subsequent event \| Life And Retirement Subsidiaries [Member]
Subsequent Event [Line Items]
Dividend declared		$ 8.3
Notes issued		$ 8.3
Subsequent event \| Common Stock
Subsequent Event [Line Items]
Date dividends declared	Nov. 4, 2021
Date dividends paid	Dec. 30, 2021
Date of record	Dec. 16, 2021
Subsequent event \| Preferred Stock
Subsequent Event [Line Items]
Date dividends declared	Nov. 4, 2021
Date dividends paid	Dec. 15, 2021
Date of record	Nov. 30, 2021